Charlotte, North Carolina — Driven Brands is reporting growth in its full-year 2022 and Q4 2022 financial results, announced Wednesday morning.
For the whole of 2022, Driven Brands reported 39 percent increases in revenue, which grew to US$2 billion driven by same-store sales and location acquisitions, said the company.
The company’s paint, collision and glass segment reported US$410.9 million in revenue for 2022.
Net income for 2022 increased to US$38.9 million, up from US$33.6 million. Adjusted net income was up 41 percent, compared to 2021, to US$207.9 million.
Adjusted EBITDA for the year was reported to increase 42 percent to US$513.8 million.
Driven Brands added a total of 393 new locations to its network in 2022; 98 of those locations were added in Q4 2022.
In the fourth quarter of 2022, the company saw revenues increase 38 percent compared to Q4 2021, reporting US$539.7 million driven by an 11 percent increase in same-store sales and the addition of new locations.
The company also issued guidance for the full year 2023, where it anticipates revenues of US$2.35 billion—a 16 percent increase over 2022—and same-store sale growth of five to seven percent.
Driven Brands estimates it will add 365 new stores in 2023, or eight percent more than in 2022; it predicts 130 stores will fall into the paint, collision and glass segment, of which 25 percent will be franchised and 75 percent will be company-operated.