Driven Brands : Reports Fourth Quarter and Fiscal Year 2021 Results - Form 8-K

Reports Fourth Quarter and Fiscal Year 2021 Results

Delivers Strong Same-Store Sales and Net Store Growth

Reports Robust Operating Income and Earnings per Share Growth

Provides Fiscal 2022 Guidance

Charlotte, N.C. (February 16, 2022) - Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or "the Company") today reported financial results for the fourth quarter and fiscal year ended December 25, 2021.

For the fourth quarter, revenue was $391.9 million, an increase of 36% versus the prior year. System-wide sales were $1.2 billion, an increase of 26% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 16.4%.

The $(0.23) loss per diluted share in the fourth quarter was driven by a $56 million one-time transaction expense associated with the acquisition of Auto Glass Now ("AGN"), which closed on December 30, 2021.

Adjusted earnings per diluted share² was $0.18 for the fourth quarter.

For fiscal year 2021, revenue was $1.5 billion, an increase of 62% versus the prior year. System-wide sales were $4.5 billion, an increase of 35% versus the prior year, with 6% net store growth and an increase in consolidated same-store sales of 17.1%.

Earnings per diluted share was $0.06 for the fiscal year.

Adjusted earnings per diluted share² was $0.88 for the fiscal year.

"Our results are a testament to the strength and diversity of the Driven Brands portfolio and the hard work the team has demonstrated throughout 2021," said Jonathan Fitzpatrick, president and chief executive officer. "Our employees and franchisees continued to adapt to an ever-changing landscape, exceeding our expectations and delivering industry-leading results.

"We are pleased to release our fiscal 2022 guidance⁵ of approximately $465 million of Adjusted EBITDA. With our scale, the significant whitespace in this fragmented and needs-based industry, and our robust cash generation, we are well positioned to maximize long-term value for all of our stakeholders."

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⁵ See Disclosure Regarding Non-GAAP Financial Measures

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Fourth Quarter Highlights

•	Revenue increased 36% versus the prior year, driven by same-store sales growth and net store growth.

•	Consolidated same-store sales increased 16.4% for the quarter and all segments posted positive same-store sales.

•	The Company added 102 net new stores during the quarter.

•	The Company recorded a net loss in the fourth quarter of $(38.8) million, driven by a $56 million one-time transaction expense associated with the acquisition of AGN.

•	Adjusted Net Income1 was $31.2 million.

•	Adjusted EBITDA3 was $85.0 million.

Fourth Quarter 2021 Key Performance Indicators by Segment

		System-wide Sales (in millions)		Store Count*		Same-Store Sales		Revenue (in millions)		Segment Adjusted EBITDA4 (in millions)
Maintenance		$	330.8				1,505				25.7	%		$	159.5			$	46.2
Car Wash			124.0				1,058				6.2	%			125.3				37.8
Paint, Collision & Glass			643.4				1,648				11.4	%			59.6				21.2
Platform Services			84.0				201				35.2	%			40.3				12.1
Corporate / Other			N/A				N/A				N/A				7.2
Total		$	1,182.2				4,412				16.4	%		$	391.9

*Drive N Style is currently held for sale. As a result, 62 stores have been removed from Maintenance store count. Net store growth percentages reflect this change in both current and prior year periods.

Capital and Liquidity

During the fourth quarter, the Company closed on a $500 million term loan. The proceeds from this issuance will be used for general corporate purposes, including acquisitions.

The Company ended the fourth quarter with total liquidity of $920.6 million, which included $523.4 million in cash and cash equivalents and $397.2 million of undrawn capacity on its variable funding securitization senior notes and revolving credit facility.

Fiscal Year 2022 Guidance

The Company is providing the following guidance⁵ for the fiscal year ending December 31, 2022:

•	Revenue of approximately $1.9 billion.

•	Adjusted EBITDA3 of approximately $465 million.

•	Adjusted Earnings per Share2 of approximately $1.04.

The above guidance includes the impact of the 79 acquired AGN stores and the impact of the 53rd week in fiscal year 2022. The impact of the extra week is expected to yield approximately

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$16 million in revenue, $4 million in Adjusted EBITDA³ and approximately $0.02 in Adjusted Earnings Per Share².

The Company also expects:

•	Mid-single-digit same-store sales growth.

•	Net store growth of approximately 225:

◦	Maintenance: approximately 145 stores of which 65% will be franchised and 35% will be company-operated

◦	Car Wash: approximately 45 stores which will be company-operated

◦	Paint, Collision & Glass: approximately 35 stores which will be company-operated.

The Company has not included future M&A in its guidance for fiscal year 2022.

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⁵ See Disclosure Regarding Non-GAAP Financial Measures

Conference Call

Driven Brands will host a conference call to discuss fourth quarter and fiscal year 2021 results and its guidance for fiscal year 2022 today, Wednesday, February 16, 2022 at 9:00am ET. The call will be available by webcast and can be accessed by visiting Driven Brands' Investor Relations website at investors.drivenbrands.com. A replay of the call will be available until April 26, 2022.

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®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,400 locations across 15 countries, and services over 50 million vehicles annually. Driven Brands' network generates more than $1 billion in revenue from more than $4 billion in system-wide sales.

Contacts
Shareholder/Analyst inquiries:	Media inquiries:
Rachel Webb	Taylor Blanchard
[e-mail]	[e-mail]
[phone]	[phone]

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Disclosure 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 our 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) our strategy, outlook and growth prospects; (ii) our 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 our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other important factors that may cause our 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 our Annual Report on Form 10-K for the fiscal year ended December 26, 2020, as supplemented by the "Risk Factors" section in our Quarterly Report on Form 10-Q for the quarter ended September 25, 2021, and in our 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 we undertake 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.

Disclosure Regarding Non-GAAP Financial Measures

In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company has included certain non-GAAP financial measures in this release, including Adjusted Net Income¹, Adjusted Earnings Per Share², and Adjusted EBITDA³. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company and its segments. Please refer to the Reconciliation of Non-GAAP Financial Information tables located in the financial supplement in this release.

This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted Earnings Per Share² and Adjusted EBITDA³. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the

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reconciliations at the end of this release. We do not provide guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA³ to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.

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¹ "Adjusted Net Income" is calculated by eliminating from net income (loss) the adjustments described for Adjusted EBITDA, amortization related to acquired intangible assets and the tax effect of the adjustments. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.

² "Adjusted Earnings Per Share" represents Adjusted Net Income divided by weighted average shares (basic and diluted). Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.

³ "Adjusted EBITDA" represents earnings before interest expense, income tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation, loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges. Please refer to Non-GAAP reconciliation tables located in the financial supplement in this release.

⁴ "Segment Adjusted EBITDA" is defined as Adjusted EBITDA with a further adjustment for store opening costs. Corporate & Other costs are not allocated across segments. Segment Adjusted EBITDA is a supplemental measure of operating performance of our segments and may not be comparable to similar measures reported by other companies. Please refer to reconciliation to Adjusted EBITDA located in the financial supplement in this release.

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three Months Ended		Year Ended
(in thousands, except per share amounts)		December 25, 2021		December 26, 2020		December 25, 2021		December 26, 2020
Revenue:
Franchise royalties and fees		$	37,173			$	22,912			$	144,413			$	117,126
Company-operated store sales			239,838				165,928				843,646				489,267
Independently-operated store sales			43,763				36,598				204,246				67,193
Advertising contributions			18,934				17,243				75,599				59,672
Supply and other revenue			52,177				45,827				199,376				170,942
Total revenue			391,885				288,508				1,467,280				904,200
Operating expenses:
Company-operated store expenses			148,742				103,575				515,837				305,908
Independently-operated store expenses			24,451				23,056				114,115				41,051
Advertising expenses			18,100				19,560				74,765				61,989
Supply and other expenses			31,901				23,213				112,318				93,380
Selling, general and administrative expenses			73,714				65,170				292,263				218,277
Acquisition costs			59,712				2,395				62,386				15,682
Store opening costs			1,137				1,007				2,497				2,928
Depreciation and amortization			34,055				29,458				112,777				62,114
Asset impairment charges			96				1,410				3,257				8,142
Total operating expenses			391,908				268,844				1,290,215				809,471
Operating income (loss)			(23	)			19,664				177,065				94,729
Other income (expense), net:
Interest expense, net			23,524				30,673				75,914				95,646
Loss (gain) on foreign currency transactions, net			14,327				(13,618	)			20,683				(13,563	)
Loss on debt extinguishment			-				4,817				45,576				5,490
Total other expenses, net			37,851				21,872				142,173				87,573
Income (loss) before taxes			(37,874	)			(2,208	)			34,892				7,156
Income tax expense			911				5,263				25,356				11,372
Net income (loss)			(38,785	)			(7,471	)			9,536				(4,216	)
Net income (loss) attributable to non-controlling interests			(28	)			17				(96	)			(17	)
Net income (loss) attributable to Driven Brands Holdings Inc.		$	(38,757	)		$	(7,488	)		$	9,632			$	(4,199	)
Earnings (loss) per share(1)
Basic		$	(0.23	)		$	(0.06	)		$	0.06			$	(0.04	)
Diluted		$	(0.23	)		$	(0.06	)		$	0.06			$	(0.04	)
Weighted average shares outstanding(1)
Basic			162,646				127,256				160,684				104,318
Diluted			162,646				127,256				164,644				104,318

(1)	Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)		December 25, 2021		December 26, 2020
Assets
Current assets:
Cash and cash equivalents		$	523,414			$	172,611
Restricted cash			792				15,827
Accounts and notes receivable, net			117,903				84,805
Inventory			46,990				43,039
Prepaid and other assets			24,326				25,070
Income tax receivable			1,539				3,055
Assets held for sale			3,275				-
Advertising fund assets, restricted			45,360				29,276
Total current assets			763,599				373,683
Notes receivable, net			3,182				3,828
Property and equipment, net			1,350,984				827,392
Operating lease right-of-use assets			995,625				884,927
Deferred commissions			10,567				8,661
Intangibles, net			816,183				829,308
Goodwill			1,910,392				1,727,351
Total assets		$	5,850,532			$	4,655,150
Liabilities and shareholders' equity
Current liabilities:
Accounts payable		$	83,033			$	67,802
Accrued expenses and other liabilities			297,620				190,867
Income taxes payable			5,726				3,513
Current portion of long-term debt			23,040				22,988
Advertising fund liabilities			26,441				20,276
Total current liabilities			435,860				305,446
Long-term debt, net			2,359,324				2,102,219
Operating lease liabilities			931,604				818,001
Deferred tax liabilities			255,558				249,043
Deferred revenue			37,576				20,757
Income tax receivable liability			155,970				-
Long-term accrued expenses and other liabilities			29,398				53,324
Total liabilities			4,205,290				3,548,790
Common stock			1,674				565
Additional paid-in capital			1,605,890				1,055,172
Retained earnings			41,607				31,975
Accumulated other comprehensive income (loss)			(5,028	)			16,528
Total shareholders' equity attributable to Driven Brands Holdings Inc.			1,644,143				1,104,240
Non-controlling interests			1,099				2,120
Total shareholders' equity			1,645,242				1,106,360
Total liabilities and shareholders' equity		$	5,850,532			$	4,655,150

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Fiscal year ended
(in thousands)		December 25, 2021		December 26, 2020
Net income (loss)		$	9,536			$	(4,216	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			112,777				62,114
Noncash lease cost			70,143				49,348
Loss (gain) on foreign denominated transactions			25,324				(23,245	)
Bad debt expense			1,854				7,059
Asset impairment costs			3,257				8,142
Amortization of deferred financing costs and bond discounts			7,002				10,890
Loss (gain) on foreign currency derivative			(4,642	)			10,033
Provision for deferred income taxes			9,866				3,936
Loss on extinguishment of debt			45,576				5,490
Other, net			(9,235	)			1,408
Changes in assets and liabilities:
Accounts and notes receivable, net			(35,912	)			(11,782	)
Inventory			(5,723	)			(2,904	)
Prepaid and other assets			(30,260	)			(5,658	)
Advertising fund assets and liabilities, restricted			9,386				(369	)
Deferred commissions			(1,899	)			(1,927	)
Deferred revenue			6,678				6,278
Accounts payable			6,905				(4,454	)
Accrued expenses and other liabilities			119,051				15,956
Income tax receivable			4,466				3,734
Operating lease liabilities			(60,323	)			(45,847	)
Cash provided by operating activities			283,827				83,986
Cash flows from investing activities:
Capital expenditures			(160,760	)			(52,459	)
Cash used in business acquisitions, net of cash acquired			(800,829	)			(105,031	)
Proceeds from sale-leaseback transactions			144,134				100,174
Proceeds from disposition of business			1,529				-
Proceeds from disposal of fixed assets			990				-
Cash used in investing activities			(814,936	)			(57,316	)
Cash flows from financing activities:
Payment of contingent consideration related to acquisitions			-				(2,783	)
Payment of debt issuance cost			(19,756	)			(22,932	)
Proceeds from the issuance of long-term debt			950,000				625,000
Repayment of long-term debt			(721,500	)			(448,213	)
Proceeds from revolving lines of credit and short-term debt			526,800				391,301
Repayments of revolving lines of credit and short-term debt			(544,800	)			(432,800	)
Repayment of principal portion of finance lease liability			(2,199	)			(595	)
Proceeds from failed sale-leaseback transactions			538				5,633
Proceeds from initial public offering, net of underwriting discounts			661,500				-
Net proceeds from follow-on public offering			99,225				-
Repurchases of common stock			(43,040	)			-
Proceeds from stock option exercises			505				-
Payments for termination of interest rate swaps			(21,826	)			-
Proceeds from issuance of equity shares			-				2,609
Other, net			89				1,423
Cash provided by financing activities			885,536				118,643
Effect of exchange rate changes on cash			558				4,468
Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted			354,985				149,781
Cash and cash equivalents, beginning of period			172,611				34,935
Cash included in advertising fund assets, restricted, beginning of period			19,369				23,091
Restricted cash, beginning of period			15,827				-
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period			207,807				58,026
Cash and cash equivalents, end of period			523,414				172,611
Cash included in advertising fund assets, restricted, end of period			38,586				19,369
Restricted cash, end of period			792				15,827
Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period		$	562,792			$	207,807

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted Net Income/Adjusted Earnings Per Share
		Three Months Ended		Year Ended
(in thousands, except per share amounts)		December 25, 2021		December 26, 2020		December 25, 2021		December 26, 2020
Net income (loss)		$	(38,785	)		$	(7,471	)		$	9,536			$	(4,216	)
Acquisition related costs(a)			59,712				2,395				62,386				15,682
Non-core items and project costs, net(b)			1,746				6,962				5,656				6,036
Sponsor management fees(c)			-				543				-				5,900
Straight-line rent adjustment(d)			3,228				4,026				11,619				7,150
Equity-based compensation expense(e)			1,357				815				4,301				1,323
Foreign currency transaction loss (gain), net(f)			14,327				(13,618	)			20,683				(13,563	)
Bad debt expense (recovery)(g)			(3,183	)			359				(3,183	)			3,201
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)			(11,940	)			1,690				(8,935	)			9,311
Loss on debt extinguishment(i)			-				4,817				45,576				5,490
Amortization related to acquired intangible assets(j)			4,676				5,507				18,551				17,200
Provision for uncertain tax positions(k)			(62	)			(696	)			(313	)			2,114
Valuation allowance for deferred tax asset(l)			4,400				668				4,400				668
Adjusted net income before tax impact of adjustments			35,476				5,997				170,277				56,296
Tax impact of adjustments(m)			(4,314	)			(4,429	)			(23,282	)			(12,890	)
Adjusted net income			31,162				1,568				146,995				43,406
Net income (loss) attributable to non-controlling interest			(28	)			17				(96	)			(17	)
Adjusted net income attributable to Driven Brands Holdings Inc.		$	31,190			$	1,551			$	147,091			$	43,423
Adjusted earnings per share(1)
Basic		$	0.19			$	0.01			$	0.90			$	0.42
Diluted			0.18				0.01				0.88				0.42
Weighted average shares outstanding(1)
Basic			162,646				127,256				160,684				104,318
Diluted			166,671				127,256				164,644				104,318

(1)	Share and per share amounts have been adjusted to reflect an implied 88,990-for-one stock split that became effective on January 14, 2021.

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION (UNAUDITED)

Adjusted EBITDA
		Three Months Ended		Year Ended
(in thousands)		December 25, 2021		December 26, 2020		December 25, 2021		December 26, 2020
Net income (loss)		$	(38,785	)		$	(7,471	)		$	9,536			$	(4,216	)
Income tax expense (benefit)			911				5,263				25,356				11,372
Interest expense, net			23,524				30,673				75,914				95,646
Depreciation and amortization			34,055				29,458				112,777				62,114
EBITDA			19,705				57,923				223,583				164,916
Acquisition related costs(a)			59,712				2,395				62,386				15,682
Non-core items and project costs, net(b)			1,746				6,962				5,656				6,036
Sponsor management fees(c)			-				543				-				5,900
Straight-line rent adjustment(d)			3,228				4,026				11,619				7,150
Equity-based compensation expense(e)			1,357				815				4,301				1,323
Foreign currency transaction loss (gain), net(f)			14,327				(13,618	)			20,683				(13,563	)
Bad debt expense (recovery)(g)			(3,183	)			359				(3,183	)			3,201
Asset sale leaseback (gain) loss, impairment and closed store expenses(h)			(11,940	)			1,690				(8,935	)			9,311
Loss on debt extinguishment(i)			-				4,817				45,576				5,490
Adjusted EBITDA		$	84,952			$	65,912			$	361,686			$	205,446

a.

Consists of acquisition costs as reflected within the consolidated statement of operations, including legal, consulting and other fees and expenses incurred in connection with acquisitions completed during the applicable period, as well as inventory rationalization expenses incurred in connection with acquisitions. We expect to incur similar costs in connection with other acquisitions in the future and, under U.S. GAAP, such costs relating to acquisitions are expensed as incurred and not capitalized.

b.

Consists of discrete items and project costs, including (i) third-party consulting and professional fees associated with strategic transformation initiatives, (ii) wage subsidies received directly attributable to the COVID-19 pandemic and (iii) other miscellaneous expenses, including non-capitalizable expenses relating to the Company's initial public offering and other strategic transactions.

c.	Includes management fees paid to Roark Capital Management, LLC.

d.	Consists of the non-cash portion of rent expense, which reflects the extent to which our straight-line rent expense recognized under U.S. GAAP exceeds or is less than our cash rent payments.

e.	Represents non-cash equity-based compensation expense.

f.	Represents foreign currency transaction loss (gains), net that primarily related to the remeasurement of our intercompany loans which are partially offset by unrealized loss (gains) on remeasurement of cross currency swaps.

g.	Represents bad debt expense (recovery) related to uncollectible receivables outside of normal operations.

h.

Relates to (gain) loss on sale leasebacks, the discontinuation of the use of the Pro Oil trade name as those locations were transitioned to the Take 5 trade name, as well as impairment of certain fixed assets and operating lease right-of-use assets related to closed locations. Also represents lease exit costs and other costs associated with stores that were closed prior to their respective lease termination dates.

i.	Represents the write-off of debt issuance costs and prepayment penalties associated with early termination of debt.

j.	Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the consolidated statements of operations.

k.	Represents uncertain tax positions recorded for prior year Canadian tax positions, inclusive of interest and penalties.

l.	Represents the establishment of a valuation allowance for certain deferred tax assets negatively impacted by strategic transactions.

m.

Represents the tax impact of adjustments associated with the reconciling items between net income and Adjusted Net Income, excluding the provision for uncertain tax positions and valuation allowance for certain deferred tax assets. To determine the tax impact of the deductible reconciling items, we utilized statutory income tax rates ranging from 9% to 38%, depending upon the tax attributes of each adjustment and the applicable jurisdiction.

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA RECONCILIATION (UNAUDITED)

		Three Months Ended		Year Ended
(in thousands)		December 25, 2021		December 26, 2020		December 25, 2021		December 26, 2020
Segment Adjusted EBITDA:
Maintenance		$	46,178			$	32,185			$	179,073			$	114,764
Car Wash			37,841				25,398				153,064				43,137
Paint, Collision & Glass			21,197				16,157				82,731				66,276
Platform Services			12,090				12,668				56,954				49,408
Corporate and other			(31,217	)			(19,489	)			(107,639	)			(65,211	)
Store opening costs			(1,137	)			(1,007	)			(2,497	)			(2,928	)
Adjusted EBITDA		$	84,952			$	65,912			$	361,686			$	205,446

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DRIVEN BRANDS HOLDINGS INC. AND SUBSIDIARIES

ADDITIONAL INFORMATION ON KEY PERFORMANCE INDICATORS (UNAUDITED)

		Three Months Ended December 25, 2021
(in thousands)		Maintenance		Car Wash		Paint, Collision & Glass		Platform Services		Total
System-wide Sales
Franchise stores		$	192,769			$	-				622,649			$	82,922			$	898,340
Company-operated stores			138,000				80,260				20,746				1,126				240,132
Independently-operated stores			-				43,763				-				-				43,763
Total System-wide Sales		$	330,769			$	124,023			$	643,395			$	84,048			$	1,182,235
Store Count (in whole numbers)
Franchise stores			962				-				1,608				200				2,770
Company-operated stores			543				330				40				1				914
Independently-operated stores			-				728				-				-				728
Total Store Count			1,505				1,058				1,648				201				4,412
			Three Months Ended December 26, 2020
(in thousands)			Maintenance				Car Wash				Paint, Collision & Glass				Platform Services				Total
System-wide Sales
Franchise stores		$	149,836			$	-			$	521,456			$	61,234			$	732,526
Company-operated stores			97,927				51,383			$	15,788			$	935				166,033
Independently-operated stores			-				36,598				-				-				36,598
Total System-wide Sales		$	247,763			$	87,981			$	537,244			$	62,169			$	935,157
Store Count (in whole numbers)
Franchise stores			903				-				1,652				198				2,753
Company-operated stores			491				216				30				1				738
Independently-operated stores			-				736				-				-				736
Total Store Count			1,394				952				1,682				199				4,227

The 62 Drive N Style stores are included in the Maintenance store count for the three months ended December 26, 2020 as previously reported, but are not included in store count for the three months ended December 25, 2021 as they are held for sale.

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