Mister Car Wash Announces Fourth Quarter and Full Year 2024 Results
Net revenues increased 9%
Comparable-store sales increased 6.0%
Unlimited Wash Club® ("UWC") memberships increased 2% year-over-year
Opened 14 new greenfield locations
Tucson, Ariz., February 19, 2025 - Mister Car Wash, Inc. (the "Company") (Nasdaq: MCW), the nation's largest car wash brand, today announced its financial results for the quarter and year ended December 31, 2024.
"I am pleased with the strength of our fourth quarter and full year 2024 performance. Against a challenging consumer backdrop and increased competition, we delivered record revenue and EBITDA with our results improving as the year progressed. None of it would've been possible without the execution and passion of our exceptional team," commented John Lai, Chairperson and CEO of Mister Car Wash. "In addition, our subscription business remained a highlight, led by our premium Titanium offering, while retail sales trends showed meaningful improvement. Looking ahead, I'm confident that our approach to scaling the business will drive sustained growth and market share gains over the long term and deliver increased value for our shareholders."
Fourth Quarter 2024 Highlights:
Full Year 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.
Location Count
|
Three Months Ended December 31, |
Year Ended December 31, |
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|
2024 |
2023 |
2024 |
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Beginning location count |
501 |
462 |
476 |
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Greenfield locations opened |
14 |
14 |
39 |
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Relocations |
1 |
- |
1 |
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|
Closures |
(2 |
) |
- |
(2 |
) |
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Ending location count |
514 |
476 |
514 |
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Balance Sheet and Cash Flow Highlights
Sale-Leasebacks and Rent Expense
2025 Outlook
The Company's outlook for the year ending December 31, 2025 compared to actual results of 2024 is as follows:
|
2025 Outlook |
2024 Actual |
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|
Net revenues |
$1,038 to $1,064 million |
$994.7 million |
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|
Comparable-store sales growth % |
1.0% to 3.0% |
3.0% |
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Adjusted net income |
$141 to $149 million |
$122.8 million |
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|
Adjusted EBITDA |
$334 to $346 million |
$320.9 million |
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|
Adjusted net income per diluted share |
$0.43 to $0.45 |
$0.37 |
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|
Interest expense, net |
$63 million |
$79.5 million |
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|
Rent expense, net |
Approx. $123 million |
$109.7 million |
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Weighted average common shares outstanding, diluted, full year |
Approx. 330 million |
329.5 million |
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New greenfield locations |
30 to 35 |
39 |
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|
Capital expenditures(1) |
$275 to $305 million |
$330.1 million |
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|
Sale leasebacks |
$40 to $50 million |
$134.9 million |
Conference Call Details
A conference call to discuss the Company's financial results for the fourth quarter and year ended December 31, 2024 and to provide a business update is scheduled for today, February 19, 2025, 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. (NASDAQ: MCW) operates over 500 locations and has the largest car wash subscription program in North America. 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, debt refinancing costs, 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, debt refinancing costs, 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, debt refinancing costs, 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 2025 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.
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Disclaimer
Mister Car Wash Inc. published this content on February 19, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 19, 2025 at 21:31:18.674.
