The following is a summary of the Driven Brands Holdings Inc. (DRVN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Driven Brands reported Q1 2024 revenue growth of 1.7% with system-wide sales of $1.6 billion.

• Total Q1 revenue was $572.2 million and adjusted EBITDA was $131 million, an increase of 1.7% and 6.1%, respectively.

• In Q1, the maintenance segment showed growth, with revenue of $261.7 million and adjusted EBITDA of $91.4 million, representing growth of 15% and 26.6%.

• The Car Wash segment recorded a 7.4% decline in same-store sales, with revenue of $144.7 million and adjusted EBITDA of $29.1 million.

• The PC&G segment experienced an 11.9% and 13.1% drop in revenue and EBITDA respectively, largely due to refranchising initiatives.

• Platform Services segment delivered revenue of $53.8 million and adjusted EBITDA of $19.9 million, for an increase of 3.4% and 16.8% respectively.

• The net income for Q1 decreased significantly to $4.3 million as compared to $29.7 million in Q1 2023.

Business Progress:

• Despite challenging conditions, Driven Brands opened 28 new stores in Q1 and plans to open around 150 new locations every year.

• The company is positive about the progress of the online marketplace 'Driven Advantage', with approximately 75% of eligible locations purchasing from the platform.

• Driven Brands plans a focus on improving the U.S. Car Wash and Glass business, targeting a robust second half of 2024.

• Their Maintenance segment will expand, with the majority of new stores scheduled for the latter half of the year.

• Despite a decline in the Car Wash segment, the company is looking to expand membership base by offering more value deals and testing new pricing strategies.

• The company sees potential growth in the PC&G segment especially in the Glass business and intends to undertake initiatives to boost the top and bottom lines.

• Driven Brands has confirmed its fiscal 2024 outlook with revenue expected between $2.35 billion and $2.45 billion.

More details: Driven Brands IR

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