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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Mister Car Wash Inc | NYSE:MCW | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.07 | -0.99% | 6.97 | 7.115 | 6.87 | 6.93 | 2,070,452 | 22:56:32 |
From Oct 2024 to Dec 2024
Net revenues increased 7% Comparable-store sales increased 2.9% Unlimited Wash Club® (“UWC”) memberships increased 2% year-over-year Opened 10 new greenfield locations surpassing 500 locations Raising 2024 adjusted net income and adjusted EBITDA guidance
Mister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended September 30, 2024.
“We are pleased with our strong third quarter performance and momentum in the business. Our subscription business remained incredibly resilient, our new premium Titanium offering ramped ahead of expectations, retail sales trends moved in the right direction, and we managed expenses. All of this drove strong sales and profit growth in the third quarter,” commented John Lai, Chairperson and CEO of Mister Car Wash. “In the third quarter, we also opened our 500th store – marking another incredible milestone in Mister Car Wash’s 28-year history. With so much growth still ahead of us, we remain committed to expanding our footprint and investing in our team members while providing top-notch car wash services to customers as we scale the nation’s premier car wash brand.”
Third Quarter 2024 Highlights:
Nine Month 2024 Highlights:
(1) Adjusted net income, adjusted EBITDA and adjusted net income per diluted share are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.
Store Count
Three Months Ended September 30,
Nine Months Ended September 30, 2024
2024
2023
Beginning location count
491
449
476
Locations acquired
-
5
-
Greenfield locations opened
10
8
25
Ending location count
501
462
501
Balance Sheet and Cash Flow Highlights
Sale-Leasebacks and Rent Expense
Fiscal 2024 Outlook
The Company revises the guidance previously provided for the full fiscal year ending December 31, 2024:
Current
Previous
Net revenues
$988 to $995 million
$988 to $1,016 million
Comparable-store sales growth %
2.0% to 2.5%
0.5% to 2.5%
Adjusted net income
$114 to $117 million
$99 to $111 million
Adjusted EBITDA
$313 to $318 million
$291.5 to $308 million
Adjusted earnings per diluted share
$0.35 to $0.36
$0.30 to $0.34
Interest expense, net
Approx. $81 million
$81 million
Rent expense, net
Approx. $110 million
Approx. $111 million
Weighted average common shares outstanding, diluted, full year
Approx. 330 million
330 million
New greenfield locations
Approx. 40
Approx. 40
Capital expenditures(1)
$330 to $350 million
$364 to $405 million
Sale leasebacks
$120 to $135 million
$135 to $150 million
(1)
Total capital expenditures for the fiscal year ending December 31, 2024 are expected to consist of approximately $280 million to $295 million of new store growth capital expenditures and $50 million to $55 million of other capital expenditures related to store-level maintenance, productivity improvements and the integration of acquired locations.
Conference Call Details
A conference call to discuss the Company’s financial results for the third quarter of fiscal 2024 and to provide a business update is scheduled for today, October 30, 2024, at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 855-209-8213 (international callers please dial 1-412-542-4146) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.mistercarwash.com/.
A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.mistercarwash.com/ for 90 days.
About Mister Car Wash® | Inspiring People to Shine®
Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (NYSE: MCW) operates over 500 locations and has North America's largest car wash subscription program. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more visit www.mistercarwash.com.
Use of Non-GAAP Financial Measures
This press release includes references to non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and adjusted net income per diluted share (the “Company’s Non-GAAP Financial Measures”). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, the Company’s Non-GAAP Financial Measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. The reconciliations of the Company’s Non-GAAP Financial Measures to the corresponding GAAP measures should be carefully evaluated.
The Company’s Non-GAAP Financial Measures are non-GAAP measures of the Company’s operating performance and should not be considered as an alternative to net income as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP and should not be construed as an inference that the Company’s future results will be unaffected by unusual or nonrecurring items. Adjusted EBITDA is defined as net income before interest expense, net, income tax provision, depreciation and amortization expense, (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, non-cash rent expense, loss on extinguishment of debt, and other nonrecurring charges. Adjusted net income is defined as net income before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, non-cash rent expense, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to net income. Adjusted net income per share is defined as basic net income per share before (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, non-cash rent expense, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share. Adjusted net income per diluted share is defined as diluted net income per share before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, non-cash rent expense, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share.
Management believes the Company’s Non-GAAP Financial Measures assist investors and analysts in comparing the Company’s operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company’s ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the Company’s Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company’s presentation of the Company’s Non-GAAP Financial Measures. There can be no assurance that the Company will not modify the presentation of the Company’s Non-GAAP Financial Measures in future periods, and any such modification may be material.
Management believes that the Company’s Non-GAAP Financial Measures are helpful in highlighting trends in the Company’s core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which the Company operates, and capital investments. Management also uses adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company’s business strategies; to make budgeting decisions, and because the Company’s credit facilities use measures similar to adjusted EBITDA to measure the Company’s compliance with certain covenants.
The Company’s Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include, for example, adjusted EBITDA does not reflect: the Company’s cash expenditure or future requirements for capital expenditures or contractual commitments; the Company’s cash requirements for the Company’s working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company’s debt, cash requirements for replacement of assets that are being depreciated and amortized, and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company’s ongoing operations.
The Company is not providing a reconciliation of the fiscal 2024 outlook for adjusted EBITDA, adjusted net income, and adjusted net income per diluted share because we are unable to predict with reasonable certainty the reconciling items that may affect the most directly comparable GAAP financial measures without unreasonable efforts. The amounts that are necessary for such reconciliations, including acquisition expenses, other expenses, and the other adjustments reflected, are uncertain, depend on various factors, and could significantly impact, either individually or in the aggregate, the GAAP measures.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding Mister Car Wash’s expansion efforts and expected growth and financial and operational results for fiscal 2024 are forward-looking statements. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including, but not limited to: our inability to attract new customers, retain existing customers and maintain or grow the number of UWC members, which could adversely affect our business, financial condition and results of operations and rate of growth; our failure to acquire, or open and operate new locations in a timely and cost-effective manner, and enter into new markets or leverage new technologies, may materially and adversely affect our competitive advantage or financial performance; our inability to successfully implement our growth strategies on a timely basis or at all; we are subject to a number of risks and regulations related to credit card and debit card payments we accept; an overall decline in the health of the economy and other factors impacting consumer spending, such as natural disasters and fluctuations in inflation, may affect consumer purchases, reduce demand for our services and materially and adversely affect our business, results of operations and financial condition; inflation, supply chain disruption and other increased operating costs could materially and adversely affect our results of operations; our locations may experience difficulty hiring and retaining qualified personnel, resulting in higher labor costs; we lease or sublease the land and buildings where a number of our locations are situated, which could expose us to possible liabilities and losses; our indebtedness could adversely affect our financial health and competitive position; our business is subject to various laws and regulations and changes in such laws and regulations, or failure to comply with existing or future laws and regulations, may result in litigation, investigation or claims by third parties or employees that could adversely affect our business; our locations are subject to certain environmental laws and regulations; we are subject to data security and privacy risks that could negatively impact our results of operations or reputation; we may be unable to adequately protect, and we may incur significant costs in enforcing or defending, our intellectual property and other proprietary rights; stockholders’ ability to influence corporate matters may be limited because a small number of stockholders beneficially own a substantial amount of our common stock and continue to have substantial control over us; our stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors purchasing shares of our common stock; and the other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in its other filings with the SEC accessible on the SEC’s website at www.sec.gov and the Investors Relations section of the Company’s website at www.mistercarwash.com.
Any forward-looking statement that the Company makes in this press release speaks only as of the date hereof. Except as required by law, the Company does not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net revenues
$
249,329
$
234,076
$
743,555
$
696,930
Cost of labor and chemicals
73,617
72,760
217,966
210,376
Other store operating expenses
102,607
90,514
298,953
270,317
General and administrative
25,436
26,426
80,058
78,438
(Gain) loss on sale of assets, net
(1,916
)
1,321
(552
)
(3,470
)
Total costs and expenses
199,744
191,021
596,425
555,661
Operating income
49,585
43,055
147,130
141,269
Other (income) expense:
Interest expense, net
20,653
19,100
60,931
55,143
Loss on extinguishment of debt
-
-
1,882
-
Other income
-
-
(5,189
)
-
Total other expense, net
20,653
19,100
57,624
55,143
Income before taxes
28,932
23,955
89,506
86,126
Income tax provision
6,590
4,470
28,436
18,373
Net income
$
22,342
$
19,485
$
61,070
$
67,753
Earnings per share:
Basic
$
0.07
$
0.06
$
0.19
$
0.22
Diluted
$
0.07
$
0.06
$
0.19
$
0.21
Weighted-average common shares outstanding:
Basic
321,917,525
312,883,586
319,067,596
309,850,600
Diluted
329,299,326
328,844,569
329,222,641
328,265,878
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(Unaudited)
As of
(Amounts in thousands, except share and per share data)
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
16,478
$
19,047
Accounts receivable, net
2,835
6,304
Other receivables
15,422
14,714
Inventory, net
5,491
8,952
Prepaid expenses and other current assets
12,559
11,877
Total current assets
52,785
60,894
Property and equipment, net
870,903
725,121
Operating lease right of use assets, net
857,861
833,547
Other intangible assets, net
113,139
117,667
Goodwill
1,134,734
1,134,734
Other assets
16,450
9,573
Total assets
$
3,045,872
$
2,881,536
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
44,715
$
33,641
Accrued payroll and related expenses
30,265
19,771
Other accrued expenses
26,793
38,738
Current maturities of long-term debt
9,250
–
Current maturities of operating lease liability
47,195
43,979
Current maturities of finance lease liability
811
746
Deferred revenue
34,639
32,686
Total current liabilities
193,668
169,561
Long-term portion of debt, net
931,046
897,424
Operating lease liability
826,213
809,409
Financing lease liability
13,473
14,033
Deferred tax liability
97,499
71,657
Other long-term liabilities
4,570
4,417
Total liabilities
2,066,469
1,966,501
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 322,239,140 and 315,192,401 shares outstanding as of September 30, 2024 and December 31, 2023, respectively
3,228
3,157
Additional paid-in capital
820,498
817,271
Retained earnings
155,677
94,607
Total stockholders’ equity
979,403
915,035
Total liabilities and stockholders’ equity
$
3,045,872
$
2,881,536
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net income
$
61,070
$
67,753
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
61,038
51,418
Stock-based compensation expense
18,843
17,643
Gain on sale of assets, net
(552
)
(3,470
)
Loss on extinguishment of debt
1,882
-
Amortization of debt issuance costs
961
1,270
Non-cash lease expense
36,557
33,337
Deferred income tax
25,842
14,748
Changes in assets and liabilities:
Accounts receivable, net
3,469
(1,874
)
Other receivables
(7,012
)
212
Inventory, net
3,461
88
Prepaid expenses and other current assets
(605
)
(408
)
Accounts payable
11,629
3,777
Accrued expenses
11,850
8,170
Deferred revenue
1,954
3,288
Operating lease liability
(31,811
)
(29,689
)
Other noncurrent assets and liabilities
264
(777
)
Net cash provided by operating activities
198,840
165,486
Cash flows from investing activities:
Purchases of property and equipment
(259,896
)
(218,692
)
Acquisition of car wash operations, net of cash acquired
-
(51,890
)
Proceeds from sale of property and equipment
36,431
96,930
Net cash used in investing activities
(223,465
)
(173,652
)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee plans
3,742
6,176
Payments of tax withholding on option exercises
(19,290
)
-
Proceeds from debt borrowings
925,000
-
Proceeds from revolving line of credit
186,000
-
Payments on debt borrowings
(903,513
)
-
Payments on revolving line of credit
(164,000
)
-
Payments of deferred financing costs
(5,257
)
-
Principal payments on finance lease obligations
(552
)
(492
)
Other financing activities
-
(500
)
Net cash provided by financing activities
22,130
5,184
Net change in cash and cash equivalents and restricted cash during period
(2,495
)
(2,982
)
Cash and cash equivalents and restricted cash at beginning of period
19,119
65,222
Cash and cash equivalents and restricted cash at end of period
$
16,624
$
62,240
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents
16,478
62,133
Restricted cash, included in prepaid expenses and other current assets
146
107
Total cash, cash equivalents, and restricted cash
$
16,624
$
62,240
Supplemental disclosure of cash flow information:
Cash paid for interest
$
60,436
$
56,164
Cash paid for income taxes
$
2,267
$
2,409
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment in accounts payable
$
17,352
$
15,167
Property and equipment in other accrued expenses
$
-
$
16,439
Stock option exercise proceeds in other receivables
$
1
$
17
GAAP to Non-GAAP Reconciliations
(Amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Reconciliation of net income to adjusted EBITDA:
Net income
$
22,342
$
19,485
$
61,070
$
67,753
Interest expense, net
20,653
19,100
60,931
55,143
Income tax provision
6,590
4,470
28,436
18,373
Depreciation and amortization expense
21,182
17,599
61,038
51,418
(Gain) loss on sale of assets, net
(1,916
)
1,321
(552
)
(3,470
)
Stock-based compensation expense
6,774
6,522
20,367
17,876
Acquisition expenses
863
912
1,976
2,651
Non-cash rent expense
1,560
1,409
4,542
3,623
Loss on extinguishment of debt
-
-
1,882
-
Employee retention credit
-
-
(5,189
)
-
Other
756
780
8,167
3,067
Adjusted EBITDA
$
78,804
$
71,598
$
242,668
$
216,434
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Reconciliation of net income to adjusted net income:
Net income
$
22,342
$
19,485
$
61,070
$
67,753
(Gain) loss on sale of assets, net
(1,916
)
1,321
(552
)
(3,470
)
Stock-based compensation expense
6,774
6,522
20,367
17,876
Acquisition expenses
863
912
1,976
2,651
Non-cash rent expense
1,560
1,409
4,542
3,623
Loss on extinguishment of debt
-
-
1,882
-
Employee retention credit
-
-
(5,189
)
-
Other
756
780
8,167
3,067
Income tax impact of stock award exercises
4
(2,159
)
6,006
(4,332
)
Tax impact of adjustments to net income
(1,567
)
(2,736
)
(6,083
)
(5,937
)
Adjusted net income
$
28,816
$
25,534
$
92,186
$
81,231
Adjusted earnings per diluted share
$
0.09
$
0.08
$
0.28
$
0.25
Adjusted weighted-average common shares outstanding - diluted
329,299,326
328,844,569
329,222,641
328,265,878
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030778673/en/
Investors John Rouleau ICR IR@mistercarwash.com
Media media@mistercarwash.com
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