The following is a summary of the Driven Brands Holdings Inc. (DRVN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Driven Brands Holdings Inc. reported Q3 2024 revenue of $592 million, up 2% year-over-year.

• Adjusted EBITDA was $138.8 million with diluted adjusted EPS of $0.26 per share.

• Achieved 15th consecutive quarter of positive same-store sales growth, with a 1.1% increase.

• Operating income was reported at $40 million for Q3. Adjusted EBITDA margin grew approximately 250 basis points to 23.5% for Q3.

Business Progress:

• Driven Brands continued expansion with 56 net new stores, including 45 new units for Take 5 Oil Change.

• Closed on the sale of PH Vitres, leveraging the proceeds to pay down debt.

• Transitioned all stores affected by Hurricane Milton back to operational status.

• Driven Advantage platform sees significant use, with 80% of eligible locations participating.

• Achieved over 1 million members in the U.S. Car Wash segment.

Opportunities:

• Expansion and growth in Take 5 Oil Change, marked by robust franchise development and new store openings.

• Significant growth in franchise businesses across maintenance, PC&G, and platform services segments.

• Potential in the glass business, Auto Glass Now, with new national and regional partnerships.

Risks:

• Ongoing consumer uncertainty and major weather events impacted Q3 and may affect Q4 performance.

• Continued inflationary pressures expected to impact consumer spending, particularly among lower-income households.

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