Business
Mister Car Wash Announces Second Quarter 2024 Financial Results
Net revenues increased 8% Comparable-store sales increased 2.4% Unlimited Wash Club® (“UWC”) memberships increased 3% year-over-year Opened nine new
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 8%\n\n\nComparable-store sales increased 2.4%\n\n\nUnlimited Wash Club® (“UWC”) memberships increased 3% year-over-year\n\n\nOpened nine new greenfield locations\n\n\nReiterating previously provided Fiscal 2024 outlook figures\n\n\n TUCSON, Ariz.--(BUSINESS WIRE)--\nMister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended June 30, 2024.\n\n\n“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 20% increase in adjusted EBITDA to $88.7 million for the quarter.”\n\n\nSecond Quarter 2024 Highlights:\n\n\n\nNet revenues increased 8% to $255.0 million, up from $236.9 million in the second quarter of 2023.\n\n\n\nComparable-store sales increased 2.4% during the quarter.\n\n\n\nUWC sales represented 72% of total wash sales compared to 69% 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.\n\n\n\nThe 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%.\n\n\n\nNet income and net income per diluted share were $22.1 million and $0.07, respectively.\n\n\n\nAdjusted net income(1) and adjusted net income per diluted share(1) were $36.8 million and $0.11, respectively.\n\n\n\nAdjusted EBITDA(1) increased 20% to $88.7 million from $73.9 million in the second quarter of 2023.\n\n\n\nSix Month 2024 Highlights:\n\n\n\nNet revenues increased 7% to $494.2 million, up from $462.9 million in 2023.\n\n\n\nComparable-store sales increased 1.6%.\n\n\n\nThe Company added approximately 61 thousand UWC members and UWC membership increased 3% on a year-over-year basis.\n\n\n\nThe Company opened 15 new greenfield locations.\n\n\n\nNet income and net income per diluted share were...