Q2 2024 Driven Brands Holdings Inc Earnings Call Transcript
Key Points
- Driven Brands Holdings Inc (DRVN) reported revenue of $612 million for Q2 2024, up 1% from the previous year.
- The company achieved its 14th consecutive quarter of positive same-store sales growth, with a 0.5% increase.
- Take Five Oil Change, the company's largest and fastest-growing business, delivered a two-year comp of 23.5% and saw a 22% increase in EBITDA.
- The company successfully refinanced $258 million of WBS notes and increased liquidity with $400 million of variable funding notes.
- Driven Brands Holdings Inc (DRVN) has made significant progress in divesting U.S. car wash properties, generating $107 million in proceeds year-to-date, surpassing their initial target.
- The ongoing inflationary environment is expected to continue pressuring consumer spending, particularly affecting lower-income households.
- The U.S. car wash business experienced a 4.1% decline in same-store sales due to retail softness and inclement weather.
- The collision business faced a decrease in same-store sales, driven by lower industry claims and increased frequency of total losses.
- The company adjusted its full-year same-store sales growth outlook to 1%-3%, down from the previous 3%-5% range.
- Net income for Q2 2024 was $30.2 million, down from $37.7 million in Q2 2023.
Please standby for live streaming. No, I know.
Yes, good morning, ladies and gentlemen, and welcome to the Driven Brands Inc. Q2 24 earnings call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. If at anytime during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on August first, 2024. I would now like to turn the conference over to Mr. Chris assumptions, Senior Director of Treasury and Investor Relations. Please go ahead.
Good morning, and welcome to Driven Brands second quarter of 2024 earnings conference call. The earnings release and the leverage ratio reconciliation are available for download on our website at investors dot Driven Brands.com. On the call with me today are Jonathan Fitzpatrick, President and Chief Executive Officer, Danny Rivera, Executive Vice President
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