Driven Brands Holdings Inc. has announced a change in its segment reporting, effective from the first quarter of 2025. The new reporting structure now showcases Take 5 Oil Change as a stand-alone segment, emphasizing its significance as the company's flagship growth driver. Additionally, the company has consolidated its stable franchise businesses into one segment.
As a result of this realignment, the company has recast its previously reported quarterly segment financial information for fiscal year 2024 to reflect the new reportable segments. The segment change has no impact on consolidated historical U.S. GAAP financial results.
Driven Brands, headquartered in Charlotte, NC, is the largest automotive services company in North America, with approximately 5,200 locations across 14 countries, servicing around 70 million vehicles annually. The company's network generates approximately $2.3 billion in annual revenue from roughly $6.5 billion in system-wide sales.
The specific financial metrics and changes in performance since the last period have not been included in the press release. As a result of these announcements, the company's shares have moved 1.5% on the market, and are now trading at a price of $16.5. For more information, read the company's full 8-K submission here.
