MCW Mister Car Wash Inc

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:

• Net revenues increased 7% to $249.3 million, up from $234.1 million in the third quarter of 2023.
• Comparable-store sales increased 2.9% during the quarter.
• UWC sales represented 74% of total wash sales compared to 71% in the third quarter of 2023.
• The Company added approximately 39 thousand or 2% net new UWC members year-over-year, with approximately 2.1 million members as of September 30, 2024.
• The Company opened 10 new greenfield locations, bringing the total number of car wash locations operated to 501 as of September 30, 2024, compared to 462 car wash locations as of September 30, 2023, an increase of 8%.
• Net income and net income per diluted share were $22.3 million and $0.07, respectively.
• Adjusted net income(1) and adjusted net income per diluted share(1) were $28.8 million and $0.09, respectively.
• Adjusted EBITDA(1) increased 10% to $78.8 million from $71.6 million in the third quarter of 2023.

Nine Month 2024 Highlights:

• Net revenues increased 7% to $743.6 million, up from $696.9 million in 2023.
• Comparable-store sales increased 2.1%.
• The Company opened 25 new greenfield locations.
• Net income and net income per diluted share were $61.1 million and $0.19, respectively.
• Adjusted net income(1) and adjusted net income per diluted share(1) were $92.2 million and $0.28, respectively.
• Adjusted EBITDA(1) increased 12% to $242.7 million from $216.4 million in 2023.

(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

• As of September 30, 2024, cash and cash equivalents totaled $16.5 million, and there were $22.0 million of borrowings under the Company's Revolving Commitment, compared to cash and cash equivalents of $19.0 million and no borrowings under the Company’s Revolving Commitment as of December 31, 2023.
• Net cash provided by operating activities totaled $198.8 million during the first nine months of 2024, compared to $165.5 million in the first nine months of 2023.

Sale-Leasebacks and Rent Expense

• In the third quarter of 2024, the Company completed four sale-leaseback transactions involving four car wash locations for aggregate consideration of $18.6 million.
• With 447 car wash leases at the end of the third quarter versus 422 leases at the end of the third quarter 2023, rent expense, net increased 7% to $27.4 million, compared to the third quarter of 2023.

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