驱动品牌控股有限公司2025年季度报告

Commission file number:001-39898 Consolidated Statements of OperationsConsolidated Statements of Comprehensive Income (Loss) Consolidated Balance SheetsConsolidated Statements of Shareholders’ EquityConsolidated Statements of Cash FlowsNotes to the Consolidated Financial StatementsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market Risk Three Months Ended(in thousands)March 29, 2025March 30, 2024$5,506$ Depreciation and amortization Share-based compensation expense11,788(Gain) loss on foreign denominated transactions(132)Loss (gain) on foreign currency derivatives342Loss (gain) on sale and disposal of businesses, fixed assets, and sale leaseback transactions12,933Reclassification of interest rate hedge to income(514) Amortization of cloud computing1,881Provision (benefit) for deferred income taxes4,540(6,985)Changes in operating assets and liabilities, net of acquisitions: 3,310Prepaid and other assets(5,079)Advertising fund assets and liabilities, restricted(4,091)(2,584) Accrued expenses and other liabilities18,122Income tax receivable(6,885)Cash provided by operating activities75,131 Cash used in investing activitiesCash flows from financing activities: Repayment of long-term debt Proceeds from revolving lines of credit and short-term debtRepayment of revolving lines of credit and short-term debt Repayment of principal portion of finance lease liability(1,353)Payment of Tax Receivable Agreement—Tax obligations for share-based compensation(2,582) Net change in cash, cash equivalents, restricted cash, and cash included in advertising fundassets, restricted(15,099)Cash and cash equivalents, beginning of period169,954 Restricted cash, beginning of periodCash, cash equivalents, restricted cash, and cash included in advertising fund assets, Cash and cash equivalents, end of period155,584 Restricted cash, end of periodCash, cash equivalents, restricted cash, and cash included in advertising fund assets, Capital expenditures included in accrued expenses and other liabilities$8,092$Deferred consideration included in accrued expenses and other liabilities1,596Supplemental cash flow disclosures - cash paid for:$34,194$Income taxes5,798 Note 1—Description of Business Driven Brands Holdings Inc. together with its subsidiaries (collectively, the “Company”) is a Delaware corporation and is the parentholding company of Driven Brands, Inc. and Shine Holdco (UK) Limited (collectively, “Driven Brands”). Driven Brands is the largestautomotive services company in North America with a growing and highly-franchised base of approximately4,800franchised,independently-operated, and company-operated locations across49states in the U.S. and13other countries. The Company has a Tax Receivable AgreementThe Company expects to be able to utilize certain tax benefits which are related to periods prior to the effective date of the Company’sIPO and are attributed to our pre-IPO shareholders. The Company previously entered into a Tax Receivable Agreement whichprovides our pre-IPO shareholders with the right to receive payment of85% of the amount of cash savings, if any, in U.S. and Canadian federal, state, local, and provincial income tax that the Company will actually realize or divests. The Tax ReceivableAgreement was effective as of the date of the Company’s IPO. The Company recorded a current income tax receivable liability of $23million as of March29, 2025 and December28, 2024, and a non-current income tax receivable liability of $111million as ofMarch29, 2025 and December28, 2024, on the consolidated balance sheets. We made payments of approximately $25million underthe Tax Receivable Agreement in January 2024.Nopayments were made during the three months ended March29, 2025. December and fiscal quarters ending on the 13th Saturday of each quarter (or 14th Saturday when applicable with respect to the fourthfiscal quarter). The three months ended March29, 2025 and March30, 2024 each consisted of 13 weeks. The Car Wash segment is (in thousands)Carrying valueEstimated fairvalueCarrying valueEstimated fairvalueLong-term debt$2,680,272$2,611,744$2,727,770$ Recently Issued Accounting StandardsIn December 2023, the FASB issued ASU 2023-09,Improvements to Income Tax Disclosures.This ASU improves the transparency of as disaggregation of income taxes paid by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. TheCompany is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03,Income Statement-Reporting Comprehensive Income-Expense Disaggregation bifurcate specified expense line items on the income statement into underlying components, including purchases of invent