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Mar 31, 2024
Mister Car Wash Q1 2024 Earnings Report
Mister Car Wash's financial performance was in line with expectations, driven by resilient subscription business and new location openings.
Key Takeaways
Mister Car Wash reported a 6% increase in net revenues to $239.2 million. Comparable-store sales increased by 0.9%, and the Unlimited Wash Club memberships grew by 5% year-over-year, reaching 2.1 million members. The company opened six new greenfield locations and managed expenses to deliver strong cash flow and $75.2 million of adjusted EBITDA.
Net revenues increased by 6% to $239.2 million.
Comparable-store sales increased by 0.9%.
Unlimited Wash Club (UWC) memberships increased by 5% year-over-year, totaling 2.1 million members.
Six new greenfield locations were opened, bringing the total to 482 locations.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company reiterates the guidance previously provided for the fiscal year ending December 31, 2024:
Positive Outlook
- Net revenues $988 to $1,016 million
- Comparable-store sales growth % 0.5% to 2.5%
- Adjusted net income $99 to $111 million
- Adjusted EBITDA $291.5 to $308 million
- Diluted adjusted net income per share $0.30 to $0.34
Challenges Ahead
- Interest expense, net $81 million
- Rent expense, net Approx. $111 million
- Weighted average common shares outstanding, diluted, full year 330 million
- New greenfield locations Approx. 40
- Capital expenditures(1) $364 to $405 million