Operator
Good morning, and welcome to Driven Brands second-quarter 2021 earnings conference call. My name is Tamia, and I will be your operator today. As a reminder, this call is being recorded. Joining the call this morning are Jonathan Fitzpatrick, president and chief executive officer; Tiffany Mason, executive vice president and chief financial officer; and Rachel Webb, vice president of investor relations.
During today s call, management will refer to certain non-GAAP financial measures. You can find the reconciliations to the most directly comparable GAAP financial measures on the company s Investor Relations website and in its filings with the Securities Exchange Commission. Please be advised that during the course of this call, management may also make forward-looking statements that reflect expectations for the future. These statements are based on current information, and actual results may differ materially from these expectations.
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Benzinga s Top Ratings Upgrades, Downgrades For June 29, 2021
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Is Driven Brands Holdings (DRVN) A Smart Long-Term Buy?
Baron Funds, an asset management firm, published its “Baron Small Cap Fund” first quarter 2021 investor letter – a copy of which can be downloaded here. A return of 2.67% was delivered by the fund’s institutional shares for the Q1 of 2021, trailing the S&P 500 Index, which appreciated 6.17%, and modestly underperforming the Russell 2000 Growth Index which rose 4.88% for the same period. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Baron Small Cap Fund, in its Q1 2021 investor letter, mentioned Driven Brands Holdings Inc. (NASDAQ: DRVN), and shared their insights on the company. Driven Brands Holdings Inc. is a Charlotte, North Carolina-based automotive repair center that currently has a $4.7 billion market capitalization. Since the beginning of the year, DRVN delivered a 71.00% return, and as of May 14, 2021, the stock closed at $28.13 per share.
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CHARLOTTE, N.C. Driven Brands Holdings Inc., operator and franchisor of multiple vehicle maintenance and repair businesses, reported a 35.3% gain in operating income for the year ended Dec. 26 on 50.6% higher sales, but the net result was a $4.22 million loss due primarily to higher interest expenses.
The Charlotte-based company, which went public in 2020, reported $94.7 million in operating income on revenue of $904.2 million, yielding a 10.5% operating ratio. Revenue from company-operated stores represented 54% of the firm s sales last year, with a measurable portion of the increase attributed to Driven Brand s purchase of International Car Wash Group.
Among the company s franchise brands are Meineke Car Care Centers, Take 5 Oil Change and 1-800-Radiator & A/C. Besides Meineke and Take 5, Driven Brands properties include: Carstar Auto Body Repair; MAACO auto body; International Car Wash; and Merlin s 200,000 Mile Shops.