Mister Car Wash Announces Second Quarter 2024 Financial Results
Mister Car Wash (NYSE: MCW) reported strong Q2 2024 financial results, with net revenues increasing 8% to $255.0 million and comparable-store sales rising 2.4%. The company's Unlimited Wash Club® (UWC) memberships grew 3% year-over-year, reaching approximately 2.1 million members. Adjusted EBITDA increased 20% to $88.7 million. MCW opened nine new greenfield locations, bringing its total to 491 car wash locations, a 9% increase from the previous year. The company reiterated its fiscal 2024 outlook, projecting net revenues between $988 million and $1,016 million, and comparable-store sales growth of 0.5% to 2.5%.
Mister Car Wash (NYSE: MCW) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con entrate nette aumentate dell'8% a 255,0 milioni di dollari e vendite comparabili aumentate del 2,4%. Gli aderenti al Unlimited Wash Club® (UWC) sono cresciuti del 3% rispetto all'anno precedente, raggiungendo circa 2,1 milioni di membri. L'EBITDA rettificato è aumentato del 20% a 88,7 milioni di dollari. MCW ha aperto nove nuove sedi greenfield, portando il totale a 491 località per il lavaggio auto, con un aumento del 9% rispetto all'anno scorso. L'azienda ha ribadito le sue previsioni fiscali per il 2024, prevedendo entrate nette tra 988 milioni e 1.016 milioni di dollari, e una crescita delle vendite comparabili dal 0,5% al 2,5%.
Mister Car Wash (NYSE: MCW) reportó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos netos que aumentaron un 8% a 255,0 millones de dólares y ventas comparables que crecieron un 2,4%. Las membresías del Unlimited Wash Club® (UWC) crecieron un 3% interanual, alcanzando aproximadamente 2,1 millones de miembros. El EBITDA ajustado aumentó un 20% a 88,7 millones de dólares. MCW abrió nueve nuevas ubicaciones en terreno virgen, llevando el total a 491 ubicaciones de lavado de autos, un aumento del 9% en comparación con el año anterior. La compañía reiteró su perspectiva fiscal para 2024, proyectando ingresos netos entre 988 millones y 1,016 millones de dólares, y un crecimiento en ventas comparables del 0,5% al 2,5%.
미스터 카 워시 (NYSE: MCW)는 2024년 2분기 강력한 재무 결과를 보고하며, 순수익이 8% 증가하여 2억 5,500만 달러에 이르고 비교 가능한 매장 판매가 2.4% 증가했다고 발표했습니다. 회사의 언리미티드 워시 클럽® (UWC) 회원 수는 전년 대비 3% 증가하여 약 210만 명에 도달했습니다. 조정된 EBITDA는 20% 증가하여 8,870만 달러에 이릅니다. MCW는 아홉 개의 새로운 녹지 지역을 오픈하여 총 491개의 세차 매장으로 증가했으며, 이는 전년도 대비 9% 증가한 수치입니다. 회사는 2024 회계연도 전망을 재확인하며, 순수익은 9억 8,800만 달러에서 10억 1,600만 달러 사이로 예상하고, 비교 가능한 매장 판매 성장은 0.5%에서 2.5%로 예상하고 있습니다.
Mister Car Wash (NYSE: MCW) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec des revenus nets en hausse de 8% à 255 millions de dollars et des ventes comparables en hausse de 2,4%. Les adhésions au Unlimited Wash Club® (UWC) ont augmenté de 3% d'une année sur l'autre, atteignant environ 2,1 millions de membres. L'EBITDA ajusté a augmenté de 20% à 88,7 millions de dollars. MCW a ouvert neuf nouveaux lieux en terrain vierge, portant le total à 491 emplacements de lavage de voiture, ce qui représente une augmentation de 9% par rapport à l'année précédente. L'entreprise a réitéré ses prévisions fiscales pour 2024, projetant des revenus nets entre 988 millions et 1,016 milliard de dollars, et une croissance des ventes comparables de 0,5% à 2,5%.
Mister Car Wash (NYSE: MCW) hat starke Finanzdaten für das zweite Quartal 2024 gemeldet, mit netto Einnahmen, die um 8% auf 255,0 Millionen Dollar gestiegen sind und vergleichbaren Verkaufszahlen, die um 2,4% zugenommen haben. Die Mitgliedschaften im Unlimited Wash Club® (UWC) stiegen im Jahresvergleich um 3% und erreichten etwa 2,1 Millionen Mitglieder. Das bereinigte EBITDA erhöhte sich um 20% auf 88,7 Millionen Dollar. MCW eröffnete neun neue Standorte im Neuland und brachte die Gesamtzahl auf 491 Waschstationen, was einem Anstieg von 9% im Vergleich zum Vorjahr entspricht. Das Unternehmen bekräftigte seine Prognose für das Geschäftsjahr 2024 und erwartet netto Einnahmen zwischen 988 Millionen und 1,016 Millionen Dollar sowie ein Wachstum der vergleichbaren Verkaufszahlen von 0,5% bis 2,5%.
- Net revenues increased 8% to $255.0 million in Q2 2024
- Comparable-store sales increased 2.4% during the quarter
- Adjusted EBITDA increased 20% to $88.7 million
- UWC memberships grew 3% year-over-year, reaching 2.1 million members
- Opened nine new greenfield locations, expanding total locations to 491
- UWC sales represented 72% of total wash sales, up from 69% in Q2 2023
- Cash and cash equivalents decreased to $3.6 million from $19 million at the end of 2023
- Borrowings under the Company's Revolving Commitment increased to $8.0 million
Insights
Mister Car Wash's Q2 2024 results demonstrate solid growth and operational efficiency. The 8% increase in net revenues to
The 20% jump in adjusted EBITDA to
However, investors should note the decrease in cash and cash equivalents from
The company's reiteration of its fiscal 2024 outlook indicates confidence in its business model and growth strategy. With projected net revenues of
Mister Car Wash's Q2 results reveal interesting trends in consumer behavior and market dynamics. The
The addition of approximately 15,000 net new UWC members in Q2, bringing the total to about 2.1 million, demonstrates strong customer acquisition and retention. This subscription-based model not only provides stable revenue but also enhances customer loyalty and lifetime value.
The company's expansion strategy, with 42 new locations added year-over-year, shows a bullish outlook on market demand. However, this rapid expansion could potentially lead to market saturation in some areas and investors should monitor the performance of new locations closely.
The introduction of the Titanium offering, which drove an increase in revenue per member, showcases the company's ability to upsell and innovate within its service offerings. This strategy of premium services could be key in maintaining growth and profitability in a competitive market.
Overall, Mister Car Wash's performance indicates a robust and growing market for professional car wash services, with a trend towards subscription-based models and premium offerings.
Net revenues increased
Comparable-store sales increased
Unlimited Wash Club® (“UWC”) memberships increased
Opened nine new greenfield locations
Reiterating previously provided Fiscal 2024 outlook figures
“We delivered record revenue and adjusted EBITDA in the second quarter. Our subscription business continued to prove its resilience, and the strength of our new Titanium offering drove a healthy increase in revenue per member,” said John Lai, Chairman and CEO of Mister Car Wash. “This combined with great expense management and further optimization of our operations, while remaining committed to investing in our facilities and people, resulted in a
Second Quarter 2024 Highlights:
-
Net revenues increased
8% to , up from$255.0 million in the second quarter of 2023.$236.9 million -
Comparable-store sales increased
2.4% during the quarter. -
UWC sales represented
72% of total wash sales compared to69% in the second quarter of 2023. The Company added approximately 15 thousand net new UWC members in the second quarter and had approximately 2.1 million members as of June 30, 2024. -
The Company opened nine new greenfield locations, bringing the total number of car wash locations operated to 491 as of June 30, 2024, compared to 449 car wash locations as of June 30, 2023, an increase of
9% . -
Net income and net income per diluted share were
and$22.1 million , respectively.$0.07 -
Adjusted net income(1) and adjusted net income per diluted share(1) were
and$36.8 million , respectively.$0.11 -
Adjusted EBITDA(1) increased
20% to from$88.7 million in the second quarter of 2023.$73.9 million
Six Month 2024 Highlights:
-
Net revenues increased
7% to , up from$494.2 million in 2023.$462.9 million -
Comparable-store sales increased
1.6% . -
The Company added approximately 61 thousand UWC members and UWC membership increased
3% on a year-over-year basis. - The Company opened 15 new greenfield locations.
-
Net income and net income per diluted share were
and$38.7 million , respectively.$0.12 -
Adjusted net income(1) and adjusted net income per diluted share(1) were
and$63.4 million , respectively.$0.19 -
Adjusted EBITDA(1) increased
13% to from$163.9 million in 2023.$144.8 million
(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 June 30, |
|
|
Six Months Ended June 30, 2024 |
|
||||||
|
|
2024 |
|
|
2023 |
|
|
|
|
|||
Beginning location count |
|
|
482 |
|
|
|
439 |
|
|
|
476 |
|
Locations acquired |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
Greenfield locations opened |
|
|
9 |
|
|
|
9 |
|
|
|
15 |
|
Ending location count |
|
|
491 |
|
|
|
449 |
|
|
|
491 |
|
Balance Sheet and Cash Flow Highlights
-
As of June 30, 2024, cash and cash equivalents totaled
, and there were$3.6 million of borrowings under the Company's Revolving Commitment, compared to cash and cash equivalents of$8.0 million and no borrowings under the Company’s Revolving Commitment as of December 31, 2023.$19 million -
Net cash provided by operating activities totaled
during the first six months of 2024, compared to$118.9 million in the first six months of 2023.$117.1 million
Sale-Leasebacks and Rent Expense
-
In the second quarter of 2024, the Company completed three sale-leaseback transactions involving three car wash locations for aggregate consideration of
.$13.8 million -
With 439 car wash leases at the end of the second quarter versus 408 leases at the end of the second quarter 2023, rent expense, net increased
9% to , compared to the second quarter of 2023.$27.1 million
Fiscal 2024 Outlook
The Company reiterates the guidance previously provided for the fiscal year ending December 31, 2024:
|
|
2024 Outlook |
Net revenues |
|
|
Comparable-store sales growth % |
|
|
Adjusted net income |
|
|
Adjusted EBITDA |
|
|
Adjusted net income per diluted share |
|
|
Interest expense, net |
|
|
Rent expense, net |
|
Approx. |
Weighted average common shares outstanding, diluted, full year |
|
330 million |
New greenfield locations |
|
Approx. 40 |
Capital expenditures(1) |
|
|
Sale leasebacks |
|
|
(1) |
Total capital expenditures for the fiscal year ending December 31, 2024 are expected to consist of approximately |
Conference Call Details
A conference call to discuss the Company’s financial results for the second quarter of fiscal 2024 and to provide a business update is scheduled for today, July 31, 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
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
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
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
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.
Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net revenues |
$ |
255,043 |
|
|
$ |
236,894 |
|
|
$ |
494,226 |
|
|
$ |
462,854 |
|
Cost of labor and chemicals |
|
72,691 |
|
|
|
70,824 |
|
|
|
144,349 |
|
|
|
137,616 |
|
Other store operating expenses |
|
99,543 |
|
|
|
90,337 |
|
|
|
196,346 |
|
|
|
179,803 |
|
General and administrative |
|
24,912 |
|
|
|
27,829 |
|
|
|
54,622 |
|
|
|
52,012 |
|
(Gain) loss on sale of assets, net |
|
2,897 |
|
|
|
(4,728 |
) |
|
|
1,364 |
|
|
|
(4,791 |
) |
Total costs and expenses |
|
200,043 |
|
|
|
184,262 |
|
|
|
396,681 |
|
|
|
364,640 |
|
Operating income |
|
55,000 |
|
|
|
52,632 |
|
|
|
97,545 |
|
|
|
98,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
20,254 |
|
|
|
18,295 |
|
|
|
40,278 |
|
|
|
36,043 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
1,882 |
|
|
|
- |
|
Other income |
|
- |
|
|
|
- |
|
|
|
(5,189 |
) |
|
|
- |
|
Total other expense, net |
|
20,254 |
|
|
|
18,295 |
|
|
|
36,971 |
|
|
|
36,043 |
|
Income before taxes |
|
34,746 |
|
|
|
34,337 |
|
|
|
60,574 |
|
|
|
62,171 |
|
Income tax provision |
|
12,655 |
|
|
|
7,205 |
|
|
|
21,846 |
|
|
|
13,903 |
|
Net income |
$ |
22,091 |
|
|
$ |
27,132 |
|
|
$ |
38,728 |
|
|
$ |
48,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
$ |
0.07 |
|
|
$ |
0.09 |
|
|
$ |
0.12 |
|
|
$ |
0.16 |
|
Diluted |
$ |
0.07 |
|
|
$ |
0.08 |
|
|
$ |
0.12 |
|
|
$ |
0.15 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
319,415,156 |
|
|
|
309,314,858 |
|
|
|
317,626,972 |
|
|
|
308,308,972 |
|
Diluted |
|
328,325,135 |
|
|
|
328,283,353 |
|
|
|
329,168,640 |
|
|
|
327,951,399 |
|
Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (Unaudited) |
|||||||
|
As of |
|
|||||
(Amounts in thousands, except share and per share data) |
June 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
3,609 |
|
|
$ |
19,047 |
|
Accounts receivable, net |
|
8,525 |
|
|
|
6,304 |
|
Other receivables |
|
19,443 |
|
|
|
14,714 |
|
Inventory, net |
|
5,859 |
|
|
|
8,952 |
|
Prepaid expenses and other current assets |
|
13,220 |
|
|
|
11,877 |
|
Total current assets |
|
50,656 |
|
|
|
60,894 |
|
|
|
|
|
|
|
||
Property and equipment, net |
|
816,429 |
|
|
|
725,121 |
|
Operating lease right of use assets, net |
|
844,564 |
|
|
|
833,547 |
|
Other intangible assets, net |
|
114,385 |
|
|
|
117,667 |
|
Goodwill |
|
1,134,734 |
|
|
|
1,134,734 |
|
Other assets |
|
12,378 |
|
|
|
9,573 |
|
Total assets |
$ |
2,973,146 |
|
|
$ |
2,881,536 |
|
|
|
|
|
|
|
||
Liabilities and stockholders’ equity |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
40,103 |
|
|
$ |
33,641 |
|
Accrued payroll and related expenses |
|
21,105 |
|
|
|
19,771 |
|
Other accrued expenses |
|
27,858 |
|
|
|
38,738 |
|
Current maturities of long-term debt |
|
9,250 |
|
|
|
– |
|
Current maturities of operating lease liability |
|
46,091 |
|
|
|
43,979 |
|
Current maturities of finance lease liability |
|
787 |
|
|
|
746 |
|
Deferred revenue |
|
34,756 |
|
|
|
32,686 |
|
Total current liabilities |
|
179,950 |
|
|
|
169,561 |
|
|
|
|
|
|
|
||
Long-term portion of debt, net |
|
919,224 |
|
|
|
897,424 |
|
Operating lease liability |
|
814,905 |
|
|
|
809,409 |
|
Financing lease liability |
|
13,630 |
|
|
|
14,033 |
|
Deferred tax liability |
|
91,560 |
|
|
|
71,657 |
|
Other long-term liabilities |
|
4,477 |
|
|
|
4,417 |
|
Total liabilities |
|
2,023,746 |
|
|
|
1,966,501 |
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
||
Common stock, |
|
3,220 |
|
|
|
3,157 |
|
Additional paid-in capital |
|
812,845 |
|
|
|
817,271 |
|
Retained earnings |
|
133,335 |
|
|
|
94,607 |
|
Total stockholders’ equity |
|
949,400 |
|
|
|
915,035 |
|
Total liabilities and stockholders’ equity |
$ |
2,973,146 |
|
|
$ |
2,881,536 |
|
Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) |
|||||||
|
Six Months Ended June 30, |
|
|||||
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
||
Net income |
$ |
38,728 |
|
|
$ |
48,268 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
Depreciation and amortization expense |
|
39,856 |
|
|
|
33,819 |
|
Stock-based compensation expense |
|
12,152 |
|
|
|
11,354 |
|
(Gain) loss on sale of assets, net |
|
1,364 |
|
|
|
(4,791 |
) |
Loss on extinguishment of debt |
|
1,882 |
|
|
|
- |
|
Amortization of debt issuance costs |
|
713 |
|
|
|
842 |
|
Non-cash lease expense |
|
24,037 |
|
|
|
21,838 |
|
Deferred income tax |
|
19,903 |
|
|
|
11,058 |
|
Changes in assets and liabilities: |
|
|
|
|
|
||
Accounts receivable, net |
|
(2,222 |
) |
|
|
1,145 |
|
Other receivables |
|
(5,846 |
) |
|
|
(2,219 |
) |
Inventory, net |
|
3,093 |
|
|
|
905 |
|
Prepaid expenses and other current assets |
|
(1,267 |
) |
|
|
133 |
|
Accounts payable |
|
3,251 |
|
|
|
5,593 |
|
Accrued expenses |
|
3,022 |
|
|
|
6,525 |
|
Deferred revenue |
|
2,070 |
|
|
|
2,966 |
|
Operating lease liability |
|
(21,025 |
) |
|
|
(19,591 |
) |
Other noncurrent assets and liabilities |
|
(829 |
) |
|
|
(723 |
) |
Net cash provided by operating activities |
|
118,882 |
|
|
|
117,122 |
|
|
|
|
|
|
|
||
Cash flows from investing activities: |
|
|
|
|
|
||
Purchases of property and equipment |
|
(163,096 |
) |
|
|
(127,868 |
) |
Acquisition of car wash operations, net of cash acquired |
|
- |
|
|
|
(4,985 |
) |
Proceeds from sale of property and equipment |
|
18,454 |
|
|
|
82,622 |
|
Net cash used in investing activities |
|
(144,642 |
) |
|
|
(50,231 |
) |
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
||
Proceeds from issuance of common stock under employee plans |
|
2,773 |
|
|
|
4,444 |
|
Payments of tax withholding on option exercises |
|
(19,290 |
) |
|
|
- |
|
Proceeds from debt borrowings |
|
925,000 |
|
|
|
- |
|
Proceeds from revolving line of credit |
|
92,000 |
|
|
|
- |
|
Payments on debt borrowings |
|
(901,201 |
) |
|
|
- |
|
Payments on revolving line of credit |
|
(84,000 |
) |
|
|
- |
|
Payments of deferred financing costs |
|
(4,525 |
) |
|
|
- |
|
Principal payments on finance lease obligations |
|
(362 |
) |
|
|
(324 |
) |
Net cash provided by financing activities |
|
10,395 |
|
|
|
4,120 |
|
|
|
|
|
|
|
||
Net change in cash and cash equivalents and restricted cash during period |
|
(15,365 |
) |
|
|
71,011 |
|
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 |
$ |
3,754 |
|
|
$ |
136,233 |
|
|
|
|
|
|
|
||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets |
|
||||||
Cash and cash equivalents |
|
3,609 |
|
|
|
136,095 |
|
Restricted cash, included in prepaid expenses and other current assets |
|
145 |
|
|
|
138 |
|
Total cash, cash equivalents, and restricted cash |
$ |
3,754 |
|
|
$ |
136,233 |
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
||
Cash paid for interest |
$ |
39,646 |
|
|
$ |
30,281 |
|
Cash paid for income taxes |
$ |
2,181 |
|
|
$ |
1,500 |
|
|
|
|
|
|
|
||
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
||
Property and equipment in accounts payable |
$ |
21,119 |
|
|
$ |
14,686 |
|
Property and equipment in other accrued expenses |
$ |
- |
|
|
$ |
29,718 |
|
Proceeds from sale of property and equipment in other receivables |
$ |
- |
|
|
$ |
4,149 |
|
Payment of debt financing costs in other accrued expenses |
$ |
735 |
|
|
$ |
- |
|
Stock option exercise proceeds in other receivables |
$ |
- |
|
|
$ |
172 |
|
GAAP to Non-GAAP Reconciliations (Amounts in thousands, except share and per share data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Reconciliation of net income to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
22,091 |
|
|
$ |
27,132 |
|
|
$ |
38,728 |
|
|
$ |
48,268 |
|
Interest expense, net |
|
|
20,254 |
|
|
|
18,295 |
|
|
|
40,278 |
|
|
|
36,043 |
|
Income tax provision |
|
|
12,655 |
|
|
|
7,205 |
|
|
|
21,846 |
|
|
|
13,903 |
|
Depreciation and amortization expense |
|
|
20,261 |
|
|
|
16,512 |
|
|
|
39,856 |
|
|
|
33,819 |
|
(Gain) loss on sale of assets, net |
|
|
2,897 |
|
|
|
(4,728 |
) |
|
|
1,364 |
|
|
|
(4,791 |
) |
Stock-based compensation expense |
|
|
6,791 |
|
|
|
5,993 |
|
|
|
13,593 |
|
|
|
11,354 |
|
Acquisition expenses |
|
|
548 |
|
|
|
1,280 |
|
|
|
1,113 |
|
|
|
1,739 |
|
Non-cash rent expense |
|
|
1,495 |
|
|
|
1,184 |
|
|
|
2,982 |
|
|
|
2,214 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
1,882 |
|
|
|
- |
|
Employee retention credit |
|
|
- |
|
|
|
- |
|
|
|
(5,189 |
) |
|
|
- |
|
Other |
|
|
1,700 |
|
|
|
987 |
|
|
|
7,411 |
|
|
|
2,287 |
|
Adjusted EBITDA |
|
$ |
88,692 |
|
|
$ |
73,860 |
|
|
$ |
163,864 |
|
|
$ |
144,836 |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Reconciliation of net income to adjusted net income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
22,091 |
|
|
$ |
27,132 |
|
|
$ |
38,728 |
|
|
$ |
48,268 |
|
(Gain) loss on sale of assets, net |
|
|
2,897 |
|
|
|
(4,728 |
) |
|
|
1,364 |
|
|
|
(4,791 |
) |
Stock-based compensation expense |
|
|
6,791 |
|
|
|
5,993 |
|
|
|
13,593 |
|
|
|
11,354 |
|
Acquisition expenses |
|
|
548 |
|
|
|
1,280 |
|
|
|
1,113 |
|
|
|
1,739 |
|
Non-cash rent expense |
|
|
1,495 |
|
|
|
1,184 |
|
|
|
2,982 |
|
|
|
2,214 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
1,882 |
|
|
|
- |
|
Employee retention credit |
|
|
- |
|
|
|
- |
|
|
|
(5,189 |
) |
|
|
- |
|
Other |
|
|
1,700 |
|
|
|
987 |
|
|
|
7,411 |
|
|
|
2,287 |
|
Income tax impact of stock award exercises |
|
|
3,742 |
|
|
|
(1,657 |
) |
|
|
6,002 |
|
|
|
(2,173 |
) |
Tax impact of adjustments to net income |
|
|
(2,480 |
) |
|
|
(1,179 |
) |
|
|
(4,515 |
) |
|
|
(3,201 |
) |
Adjusted net income |
|
$ |
36,784 |
|
|
$ |
29,012 |
|
|
$ |
63,371 |
|
|
$ |
55,697 |
|
Adjusted net income per diluted share |
|
$ |
0.11 |
|
|
$ |
0.09 |
|
|
$ |
0.19 |
|
|
$ |
0.17 |
|
Adjusted weighted-average common shares outstanding - diluted |
|
|
328,325,135 |
|
|
|
328,283,353 |
|
|
|
329,168,640 |
|
|
|
327,951,399 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731013238/en/
Investors
John Rouleau
ICR
IR@mistercarwash.com
Media
media@mistercarwash.com
Source: Mister Car Wash, Inc.
FAQ
What was Mister Car Wash's (MCW) revenue growth in Q2 2024?
How many new locations did MCW open in Q2 2024?
What is MCW's projected net revenue for fiscal 2024?