2022 Annual Report

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Dear Stockholders,

2022 was a defining year for Driven Brands, proving that our diversified platform could outperform even in a challenging macroeconomic environment.

We delivered record financial performance, market share gains in each of our segments, and made significant strategic progress across Driven Brands. We deepened our competitive moat by expanding our network benefits and our differentiated offerings continue to resonate with our expanding customer base. I could not be prouder of our dedicated team of over 11,000 employees and our incredible franchisees who remained nimble, innovative and resilient to deliver exceptional value to our customers.

While it’s not possible to know exactly what the next year will hold, we do know that our customers will depend on us more than ever to keep one of their most valuable assets, their vehicles, in good working order so they can get to work, take care of their families and focus on the road ahead. As the largest provider ofautomotive services in North America with over 4,800 global locations, serving more than 70 million vehicles annually, we are a trusted partner and we take that responsibility very seriously.

Over the past few years, we’ve expanded our needs-based offering, with a service for almost any auto care occasion. We are redefining the industry by embracing simplicity and a customer-first mindset to make car care faster, friendlier and more convenient for consumers and commercial customers alike. Leveraging our national account structure, commercial sales have grown to roughly half of total sales as customers enjoy the synergies of meeting all their auto care needs with a single company.

Large and Growing, Needs-Based Category

We continue to gain significant share in this needs-based category by leveraging our proven playbook to drive long-term sustainable growth. This over $350 billion category has delivered steady, 4% growth over the last 15 years driven by growth in Vehicles Miles Traveled (“VMT”), increases in the average age of vehicles and vehicle complexity.


Has grown at a 4% Compound Annual Growth Rate (“CAGR”) since 2007, driven by a 2% CAGR in VMT, increase in the average age of vehicles and increasing vehicle complexity.


Source: 2023 Auto Care Factbook, digital.autocare.org, U.S. Department of Transportation and S&P Global Mobility


Car parc


Average age of vehicles


Independents market share

+2% CAGR


The category remains highly fragmented. Even as the largest provider of automotive services in North America, we still have less than 5% of the market share. Approximately 80% of the category is comprised of smaller chains and independent shops, providing significant white space and creating a long runway for unit growth, same-store sales growth and market share expansion in the future. Powered by our proven playbook for growth, we believe no one is better positioned to capitalize on that opportunity than Driven Brands.

Importantly, there has been more innovation in the automotive industry in the last decade than in the last century. That creates opportunities for sophisticated companies, like Driven Brands, that are able to support their customers with more complicated repairs and new services like Advanced Driver Assistance Systems (“ADAS”) calibration. There will continue to be significant opportunities in the changing automotive landscape and an opportunity to evolve to meet consumers’ needs. While we have not yet seen standardization of electric vehicles, we continue to monitor for attractive entry points where we can capitalize on new opportunities. One example of that is our choice to enter into the U.S. glass business last year, which is expected to see multi-year category tailwinds from the rise of calibration.

Diversified and Differentiated Platform

Whether our customers need an oil change, car wash, paint job, collision repair, glass replacement or more, we’re focused on simplifying car care so they can focus on the road ahead. Building on a 50-year history in the category, with some of the most recognizable brands in the industry, our diversified platform caters to almost any automotive service occasion.

Our carefully curated portfolio of automotive services not only enables us to provide our customers exceptional service, but they each serve an important purpose in our growth journey. Our more mature brands such as Carstar®, Maaco®, Meineke® and 1-800 Radiator® are primarily franchised businesses that provide predictable performance, growth as well as significant cash flow for Driven Brands. We use that cash flow generation to reinvest in the flywheel of growth in our three growth priorities: Take 5 Oil Change®, Take 5 Car Wash® and Auto Glass Now®.

Take 5 Oil Change®
Take 5 Car Wash®
Auto Glass Now®

The diversification and breadth of our offering provide significant benefits of scale as well as a natural balance and added resilience to our business. That balance also provides multiple levers to sustain our significant growth trajectory and to deliver on our operational and financial targets and outperform the market.

We remain well-positioned to continue our long track record of market share gains through same-store sales growth, organic unit growth and acquisitions in these highly fragmented service categories. Our pipeline of approximately 1,600 units provides us with a long runway of sustainable predictable unit growth.

Network Benefits

Beyond the breadth and depth of our brands, the unmatched scale and sophistication of our shared service capabilities generates significant network benefits that deepen our competitive moat and differentiate our business.

The network benefits deliver tangible results across our business, including:

More value for and sales from our commercial customers, including insurance and fleet customers

Revenue growth and cost savings from procurement

Accelerated, profitable growth through real estate development and complementary M&A

Share of wallet opportunity from the largest database in the category with 30 million unique customers

These network benefits continue to compound as we grow our diversified platform, driving further unit growth, same-store sales growth and incremental profits. We are still in the early innings of fully harnessing these capabilities, and the value creation opportunity we see ahead gives us further confidence in our ability to deliver on our short, medium and long-term goals.

Track Record of Strong Financial Results Continued in 2022

Our 2022 results are a testament to the resilience of our business model and growing magnitude of the network benefits across our platform. We gained significant market share with 39% revenue growth supported by 14% same-store sales growth and 9% new store growth. That translated to 42% Adjusted EBITDA1 growth as we realize operating leverage on our revenue growth. We delivered Adjusted EBITDA1 10% ahead of our expectations entering the year.

Net new units


Net new units

We drove 9% net new store growth focused in our 3 growth categories

Same-store sales growth


Same-store sales growth

We delivered seven consecutive quarters of double digit same store sales growth translating to 14% growth for full year 2022

Revenue growth


Revenue growth

We gained significant share through both same-store sales and unit growth

Adjusted ebitda1 growth


Adjusted ebitda1 growth

Our significant top-line growth translated to even greater bottom-line Adjusted EBITDA1 growth

Adjusted ebitda1 margin


Adjusted ebitda1 margin

+62bps from the prior year as we benefited from leverage on our growth

Operating cash flow


Operating cash flow

Our strong operating performance during the year generated significant cash flow that allowed us to continue to invest in the business



Of liquidity

Comprised of $227M of cash and cash equivalents and $391M of undrawn capacity on our revolving credit facilities

We are growing, taking share and generating cash, which we are reinvesting into the flywheel of growth. Our scale gives us a competitive and compounding advantage. We have a proven playbook and multi-year visibility into unit growth that give us confidence in the significant opportunities ahead of us.

Our People are Our Greatest Asset

Our Driven Brands team members are critical to the delivery of strategic growth plans and are our most important asset. We’ve built an open culture and an environment in which great people have the opportunity to achieve great things.

Results focus is a core value of Driven Brands rewarding skill, innovation and consistent execution. We are building a culture that fosters teamwork and drives diversity of thought. We encourage calculated risk taking and the courage to overcome challenges that others shy away from.

By empowering our team members to deliver against our mission, we provide our team members with a significant opportunity for personal growth. One of the programs that I’m most proud of is our “Pit Tech to President” program. The program is designed to bring in entry-level technicians and provide training, career pathing and opportunities that enable our team members to reach their full potential. This program started in our Take 5 Oil Change business and today over 75% of our field leaders from Store Managers to Regional Directors of Operations started at the Technician level. I am passionate about this program, and we are in the process of replicating this program in both our U.S. Car Wash and Glass businesses.

Importantly, we believe that cultivating an environment built on diversity, equity and inclusion is not only the right thing to do, but it makes our business stronger. By embracing our diverse backgrounds, skills and perspectives, we can foster greater innovation and deliver a superior experience for the diverse communities that we serve. We strive to help our team members reach their full potential—no matter their age, background, race, ethnicity, ability, religion, gender or sexual orientation. At Driven Brands, diversity is more than metrics, it’s about every associate sharing a sense of possibility if they “Dream Big and Work Hard.”


The Communities We Serve

In addition to helping our people thrive, we are committed to positively contributing to the communities we serve and preserving the planet we share, now and in the future. We are proud of the progress we’ve made across our business, although we are in the early stages of formalizing our program. Our progress is tangible and our strategy prioritizes initiatives that both benefit the world and deliver shareholder value:

  • Enabling us to service more imported vehicles in our quick lube business and enabling a higher percentage of used oil reclamation
  • Migrating our car wash tunnels to biodegradable and ozone safe chemicals at the time of service
  • Implementing power-saving devices in new car wash stores to lower power usage on equipment during non-peak times
  • Transitioning our collision facilities to water-based paint compounds
  • Raising over $2M in 2022 for children’s hospital charities, veterans organizations and other causes through our Charitable Foundation, which create a sense of community and common purpose

As a category leader, we have a responsibility to demonstrate how this industry can contribute to creating a better, more sustainable world. We look forward to sharing future updates with you on our progress and execution against our goals.


In 2022, Driven Brands continued to deliver strong growth and profitability powered by a diversified platform, expanding network benefits and a balanced customer base. We are uniquely positioned to capitalize on the significant opportunity in our industry with tangible and compounding competitive advantages. Our team is executing and delivering share gains with a proven playbook and multi-year visibility into unit growth that give us further confidence in the significant opportunities ahead of us.

We have a clear path to achieving our Dream Big Plan of at least $850M of Adjusted EBITDA1 by the end of 2026, and we remain confident in our ability to deliver sustainable, profitable, long-term growth and enhanced shareholder value over time.


1. Please see a reconciliation of our non-GAAP metrics in the back of the attached Annual Report.

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