Driven Brands Holdings Inc. Files 10-K/A Amendment

TL;DR

<b>Driven Brands Holdings Inc. has filed an amendment to its 2023 10-K report.</b>

AI Summary

Driven Brands Holdings Inc. (DRVN) filed a Amended Annual Report (10-K/A) with the SEC on February 29, 2024. Driven Brands Holdings Inc. filed an amendment to its 10-K for the fiscal year ended December 30, 2023. The filing is an amended report, indicating updates or corrections to the original filing. The company's principal business address is 440 S. Church Street, Suite 700, Charlotte, NC 28202. Driven Brands Holdings Inc. was formerly known as RC Driven Holdings LLC, with a name change date of February 26, 2020. The company operates within the Services-Automotive Repair, Services & Parking industry (SIC code 7500).

Why It Matters

For investors and stakeholders tracking Driven Brands Holdings Inc., this filing contains several important signals. This 10-K/A filing suggests that Driven Brands is providing updated or corrected information to its previous annual report, which could impact investor understanding of its financial position and operations. As a company operating in the automotive services sector, any amendments to its financial disclosures are crucial for stakeholders to assess its performance and future outlook accurately.

Risk Assessment

Risk Level: — Driven Brands Holdings Inc. shows moderate risk based on this filing. The risk is low as this is an amendment to a 10-K filing, which is a standard procedure for providing updated or corrected information, rather than indicating new material adverse events.

Analyst Insight

Review the specific changes made in this 10-K/A filing to understand any updated financial details or disclosures from Driven Brands Holdings Inc.

Key Players & Entities

• Driven Brands Holdings Inc. (company) — Filer name
• RC Driven Holdings LLC (company) — Former company name
• 440 S. Church Street, Suite 700, Charlotte, NC 28202 (company) — Business address

FAQ

Industry Context

Driven Brands Holdings Inc. operates in the automotive repair, services, and parking sector, a segment of the broader automotive industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the specific amendments made in the 10-K/A filing.
2. Compare the updated information with the original 10-K filing to identify key changes.
3. Assess the impact of any disclosed corrections or additions on Driven Brands' financial health and operational performance.

Key Dates

• 2024-02-29T00:00:00.000Z: Filing Date — Date the 10-K/A amendment was filed.
• 2023-12-30T00:00:00.000Z: Fiscal Year End — The end date of the reporting fiscal year.
• 2020-02-26T00:00:00.000Z: Name Change Date — Date Driven Brands Holdings Inc. changed its name from RC Driven Holdings LLC.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating that it supplements or corrects information previously provided in the original 10-K filing for the fiscal year ended December 30, 2023.

Key Financial Figures

• $0.01 — 55 Title of each class Common Stock, $0.01 par value Trading Symbol DRVN Name
• $1.46 billion — nts, the Company's goodwill balance was $1.46 billion as of December 30, 2023, and the goodwi
• $482.0 million — ce and Car Wash reportable segments was $482.0 million and $217.4 million, respectively. Manag
• $217.4 m — ortable segments was $482.0 million and $217.4 million, respectively. Management has det
• $851 million — ecorded a goodwill impairment charge of $851 million. Management uses the income approach me

Filing Documents

• drvn-20231230.htm (10-K/A) — 2138KB
• a231gt2023drivenconsent1.htm (EX-23.1) — 1KB
• exhibit311-ye2023ceo302cer.htm (EX-31.1) — 10KB
• exhibit312-ye2023cfo302cer.htm (EX-31.2) — 10KB
• exhibit321-ye2023ceo906cer.htm (EX-32.1) — 5KB
• exhibit322-ye2023cfo906cer.htm (EX-32.2) — 5KB
• a231gt2023drivenconsent1001.jpg (GRAPHIC) — 52KB
• drvn-20231230_g1.jpg (GRAPHIC) — 117KB
• 0001804745-24-000008.txt (&nbsp;) — 15090KB
• drvn-20231230.xsd (EX-101.SCH) — 89KB
• drvn-20231230_cal.xml (EX-101.CAL) — 160KB
• drvn-20231230_def.xml (EX-101.DEF) — 480KB
• drvn-20231230_lab.xml (EX-101.LAB) — 1167KB
• drvn-20231230_pre.xml (EX-101.PRE) — 784KB
• drvn-20231230_htm.xml (XML) — 2886KB

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data Index to Consolidated Financial Statements Page Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 5 Report of Independent Registered Public Accounting Firm (PCAOB ID 248 ) 7 Consolidated Statements of Operations for the Years Ended December 30, 2023, December 31, 2022, and December 25, 2021 8 Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 30, 2023, December 31, 2022, and December 25, 2021 9 Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022 10 Consolidated Statements of Shareholders' / Members' Equity for the Years Ended December 30, 2023, December 31, 2022, and December 25, 2021 11 Consolidated Statements of Cash Flows for the Years Ended December 30, 2023, December 31, 2022, and December 25, 2021 12 Notes to the Consolidated Financial Statements 14 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Driven Brands Holdings Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Driven Brands Holdings Inc. and its subsidiaries (the "Company") as of December 30, 2023 and December 31, 2022, and the related consolidated statements of operations, comprehensive income (loss), shareholders'/members' equity and cash flows for each of the two years in the period ended December 30, 2023, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 30, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the finan

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View this 10-K/A filing on SEC EDGAR