Driven Brands Holdings Inc
For the period ended Sep 28, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Nov 7, 2024
DRVN$12.10-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine Months Ended | ||
|---|---|---|
| (in thousands) | September 28, 2024 | September 30, 2023 |
| Net income (loss) | $19,473 | $(731,813) |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 131,219 | 129,256 |
| Goodwill impairment | — | 850,970 |
| Share-based compensation expense | 35,641 | 9,730 |
| Loss on foreign denominated transactions | 8,744 | 3,706 |
| Gain on foreign currency derivatives | (2,977) | (3,704) |
| (Gain) loss on sale and disposal of businesses, fixed assets, and sale leaseback transactions | (7,928) | 1,730 |
| Reclassification of interest rate hedge to income | (1,560) | (1,358) |
| Bad debt expense | 5,759 | 1,244 |
| Asset impairment charges and lease terminations | 55,934 | 117,450 |
| Amortization of deferred financing costs and bond discounts | 7,240 | 6,287 |
| Amortization of cloud computing | 3,436 | 991 |
| Provision for deferred income taxes | 13,571 | (134,266) |
| Loss on extinguishment of debt | 205 | — |
| Other, net | 3,219 | 23,441 |
| Changes in assets and liabilities, net of acquisitions: | ||
| Accounts and notes receivable, net | (37,752) | 2,464 |
| Inventory | 1,337 | (12,531) |
| Prepaid and other assets | 7,648 | (3,909) |
| Advertising fund assets and liabilities, restricted | (4,209) | (10,923) |
| Other assets | (63,015) | (29,210) |
| Deferred commissions | 642 | 658 |
| Deferred revenue | 1,248 | 1,961 |
| Accounts payable | 11,504 | 24,913 |
| Accrued expenses and other liabilities | 27,359 | (29,442) |
| Income tax receivable | (8,230) | (5,612) |
| Cash provided by operating activities | 208,508 | 212,033 |
| Cash flows from investing activities: | ||
| Capital expenditures | (219,307) | (482,633) |
| Cash used in business acquisitions, net of cash acquired | (2,759) | (53,641) |
| Proceeds from sale leaseback transactions | 17,944 | 172,230 |
| Proceeds from sale or disposal of businesses and fixed assets | 255,548 | 2,837 |
| Cash provided by (used in) investing activities | 51,426 | (361,207) |
| Cash flows from financing activities: | ||
| Payment of debt extinguishment and issuance costs | (9,646) | — |
| Proceeds from the issuance of long-term debt | 274,794 | — |
| Repayment of long-term debt | (422,492) | (20,969) |
| Proceeds from revolving lines of credit and short-term debt | 46,000 | 335,000 |
| Repayment of revolving lines of credit and short-term debt | (71,000) | (120,000) |
| Repayment of principal portion of finance lease liability | (4,301) | (2,020) |
| Payment of Tax Receivable Agreement | (38,374) | — |
| Acquisition of non-controlling interest | (644) | — |
| Share repurchases | — | (49,956) |
| Tax obligations for share-based compensation | (998) | — |
| Stock option exercises | — | 6,117 |
| Other, net | — | (322) |
| Cash (used in) provided by financing activities | (226,661) | 147,850 |
| Effect of exchange rate changes on cash | 71 | 365 |
| Net change in cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted | 33,344 | (959) |
| Cash and cash equivalents, beginning of period | 176,522 | 227,110 |
|---|---|---|
| Cash included in advertising fund assets, restricted, beginning of period | 38,537 | 32,871 |
| Restricted cash, beginning of period | 657 | 792 |
| Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, beginning of period | 215,716 | 260,773 |
| Cash and cash equivalents, end of period | 204,181 | 211,280 |
| Cash included in advertising fund assets, restricted, end of period | 40,465 | 47,877 |
| Restricted cash, end of period | 4,414 | 657 |
| Cash, cash equivalents, restricted cash, and cash included in advertising fund assets, restricted, end of period | $249,060 | $259,814 |
| Supplemental cash flow disclosures - non-cash items: | ||
|---|---|---|
| Capital expenditures included in accrued expenses and other liabilities | $16,742 | $24,855 |
| Deferred consideration included in accrued expenses and other liabilities | 1,705 | 9,275 |
| Supplemental cash flow disclosures - cash paid for: | ||
| Interest | $111,304 | $120,261 |
| Income taxes | 27,771 | 18,586 |
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