DRVN Driven Brands Holdings Inc

CHARLOTTE, N.C., May 18, 2023 /PRNewswire/ -- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company") today announced it is rescheduling its Investor Day, originally planned for May 23, 2023. The Company will hold the event in September 2023.

The change in timing is primarily due to the Company's recent CFO transition. As previously announced, Gary W. Ferrera was appointed as Chief Financial Officer, effective May 10, 2023, bringing approximately 20 years of financial leadership experience and M&A expertise to Driven Brands. In light of this, the Company believes it is appropriate to postpone its Investor Day to enable the management team to consider additional upside potential in the business.

The Company today is also reiterating its fiscal 2023 guidance provided on May 3, 2023, reflecting strong operating performance, momentum in the business, and continued market share gains driven by robust same-store sales and net store growth. For the full year, Driven Brands expects to achieve:          

• Revenue of approximately $2.35 billion;
• Adjusted EBITDA¹ of approximately $590 million; and
• Adjusted Earnings Per Share¹ of approximately $1.21.

About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change^®, Take 5 Car Wash^®, Meineke Car Care Centers^®, Maaco^®, 1-800-Radiator & A/C^®, Auto Glass Now^®, and CARSTAR^®. Driven Brands has more than 4,800 locations across 14 countries, and services over 70 million vehicles annually. Driven Brands' network generates approximately $2.1 billion in annual revenue from more than $5.8 billion in system-wide sales.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this press release, including statements regarding the Company's strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. In particular, forward-looking statements include, among other things, statements relating to: (i) the Company's strategy, outlook and growth prospects; (ii) the Company's operational and financial targets and dividend policy; (iii) general economic trends and trends in the industry and markets; and (iv) the competitive environment in which we operate. Forward-looking statements are not based on historical facts but instead represent the Company's current expectations and assumptions regarding the Company's business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in its other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Forward-looking statements represent our estimates and assumptions only as of the date on which they are made, and the Company undertakes no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact
Gary W. Ferrera
Chief Financial Officer
gary.ferrera@drivenbrands.com

¹ Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share are non-GAAP financial measures. See "Reconciliation of Non-GAAP Financial Measures" in the Company's Form 10-Q for the quarter ended April 1, 2023 filed with the U.S. Securities and Exchange Commission on May 9, 2023 for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA and Adjusted Earnings Per Share are made in a manner consistent with the relevant definitions and assumptions noted therein.

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SOURCE Driven Brands