# Driven Brands Holdings Inc.: Form 10-Q for the period ended Sep 28, 2024

- Company: [Driven Brands Holdings Inc.](/companies/drvn.md) (CIK 1804745)
- Form: 10-Q
- Filed: 2024-11-07
- Accepted by EDGAR: Nov 7, 2024, 16:36 ET
- Period: 2024-09-28
- Accession: 0001804745-24-000029
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1804745/000180474524000029/drvn-20240928.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1804745/000180474524000029/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2024-09-28.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2024-06-30 to 2024-09-28 | $591.7m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 9 months, 2023-12-31 to 2024-09-28 | $1.78bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Selling, general and administrative | 3 months, 2024-06-30 to 2024-09-28 | $149.8m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months, 2023-12-31 to 2024-09-28 | $387.3m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2024-06-30 to 2024-09-28 | $39.5m | us-gaap:OperatingIncomeLoss |
| Operating income | 9 months, 2023-12-31 to 2024-09-28 | $178.5m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2024-06-30 to 2024-09-28 | $43.7m | us-gaap:InterestExpenseNonoperating |
| Interest expense | 9 months, 2023-12-31 to 2024-09-28 | $119.2m | us-gaap:InterestExpenseNonoperating |
| Income tax | 3 months, 2024-06-30 to 2024-09-28 | $9.8m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months, 2023-12-31 to 2024-09-28 | $33.8m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2024-06-30 to 2024-09-28 | −$14.9m | us-gaap:NetIncomeLoss |
| Net income | 9 months, 2023-12-31 to 2024-09-28 | $19.5m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2024-06-30 to 2024-09-28 | −$0.09 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months, 2023-12-31 to 2024-09-28 | $0.12 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2024-06-30 to 2024-09-28 | −$0.09 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months, 2023-12-31 to 2024-09-28 | $0.12 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2024-06-30 to 2024-09-28 | 159,804,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months, 2023-12-31 to 2024-09-28 | 160,713,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months, 2023-12-31 to 2024-09-28 | $208.5m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 9 months, 2023-12-31 to 2024-09-28 | $219.3m | us-gaap:PaymentsToAcquireProductiveAssets |
| Share repurchases | 9 months, 2023-12-31 to 2024-09-28 | $0 | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2024-09-28 | $204.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2024-09-28 | $747.2m | us-gaap:AssetsCurrent |
| Total assets | at 2024-09-28 | $5.76bn | us-gaap:Assets |
| Current liabilities | at 2024-09-28 | $393.7m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2024-09-28 | $4.80bn | us-gaap:Liabilities |
| Long-term debt | at 2024-09-28 | $2.73bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2024-09-28 | $32.9m | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2024-09-28 | $962.8m | us-gaap:StockholdersEquity |

## Market risk

As filed, 280 characters.

Refer to the Company’s annual report for the year ended December 30, 2023 for a complete discussion of the Company’s market risk. There have been no material changes in the Company’s market risk from those disclosed in the Company’s Form 10-K for the year ended December 30, 2023.

## Controls and procedures

As filed, 2,849 characters.

### Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our CEO and CFO, has evaluated the design effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Exchange Act), as of September 28, 2024. The term “disclosure controls and procedures,” means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on evaluation of the design of our disclosure controls and procedures as of September 28, 2024, our CEO and CFO have concluded that as of such date, our disclosure controls and procedures were designed effectively and will provide a reasonable level of assurance.

### Changes in Internal Control over Financial Reporting

During the three months ended September 28, 2024, the Company implemented a new cloud-based enterprise resource planning (“ERP”) system including modules for general ledger, accounts receivable, accounts payable, fixed assets, cash management, indirect procurement, supply chain and inventory management, and consolidations for the majority of our business operations. We will continue to evaluate business units and processes utilizing systems other than the new ERP system for transition in future periods. As a result of the ERP implementation, certain internal controls over financial reporting have been automated, modified, or implemented to address the new control environment and processes associated with the ERP system.

With the exception of the implementation of the ERP modules outlined above, there were no changes in our internal control over financial reporting that occurred during the most recently completed quarter ended September 28, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 286 characters.

For a discussion of risk factors that could adversely affect our results of operations, financial condition, business reputation or business prospects, we refer you to Part I, Item 1A "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023.

Filed Nov 7, 2024.
Source: SEC EDGAR, the filing index for accession 0001804745-24-000029. Last ingested by Listed: Nov 6, 2026, 11:59 ET. No prices; not investment advice.