Driven Brands Holdings Inc. (NASDAQ:DRVN) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET

Company Participants

Kristine Moser - Vice President of Investor Relations

Jonathan Fitzpatrick - President and Chief Executive Officer

Tiffany Mason - Executive Vice President and Chief Financial Officer

Conference Call Participants

Michael Kessler - Morgan Stanley

Christopher Horvers - JPMorgan

Kate McShane - Goldman Sachs

Liz Suzuki - Bank of America

Karen Short - Credit Suisse

Patrick Johnson - Stifel

Seth Sigman - Barclays

Sharon Zackfia - William Blair

Brian McNamara - Canaccord Genuity

Peter Benedict - Baird

Peter Keith - Piper Sandler

Operator

Good morning, and welcome to Driven Brands First Quarter 2023 Earnings Conference Call. My name is Sylvie, and I will be your conference operator today. As a reminder, this call is being recorded. I would now like to turn the conference over to Kristy Moser, Vice President of Investor Relations.

Kristine Moser

Thanks very much, and welcome, everybody, to Driven Brands first quarter 2023 earnings conference call. In addition to the earnings release, there's a leverage ratio reconciliation and infographic available for download on our website at investorrelations.drivenbrands.com, summarizing our first quarter results.

On the call with me today are Jonathan Fitzpatrick, President and Chief Executive Officer; and Tiffany Mason, Executive Vice President and Chief Financial Officer. In a moment, Jonathan and Tiffany will walk you through our financial and operating performance for the quarter.

Before we begin our remarks, I'd like to remind you that management will refer to certain non-GAAP financial measures. You can find reconciliations of the most directly comparable GAAP financial measures on the company's Investor Relations website and in its filings with the Securities and Exchange Commission. During the course of this call, management may also make forward-looking statements in regards to our current plans, beliefs and expectations. These statements are not guarantees of our future performance and are subject to a number of risks and uncertainties and other factors that could cause actual results and events to differ materially from the results and events contemplated by these forward-looking statements. Please see our earnings release and our filings with the Securities and Exchange Commission for more information.

Today's prepared remarks will be followed by a question-and-answer session. We kindly ask that you limit yourself to one question and one follow-up. With that, I'll now turn it over to Jonathan.

Jonathan Fitzpatrick

Thank you, and good morning. In the first quarter, Driven Brands continued to deliver strong results. We gained significant share leveraging our proven playbook to drive long-term sustainable growth and tailwinds from our network benefits that provide a significant and compounding advantage across our business. With continued resilience in the needs-based automotive services category, the quarter unfolded much like we anticipated.