Financial Data and Key Metrics Changes - The company reported a strong comp store sales growth of 6% and record revenues, with adjusted EBITDA increasing by 914% [5][13] - Net revenues increased by 9%, driven by a combination of 6% comparable store sales growth and contributions from new store openings [18][21] - Adjusted EBITDA grew by 14% to $86 million, with an EBITDA margin increase of 130 basis points to 32.7% [21][19] Business Line Data and Key Metrics Changes - The subscription business (UWC) represented 73% of total wash sales, with UWC membership increasing by approximately 5% year over year [18][19] - Titanium membership accounted for 23% of the membership mix, contributing to a 6% increase in Express revenue per member during Q1 [15][19] - The average Express revenue per member increased to $28.78, driven primarily by the success of the Titanium membership tier [19] Market Data and Key Metrics Changes - The competitive environment has seen a decrease in new competitor builds within a three-mile radius, with only seven new competitors in Q1 2025 compared to 30 in Q1 2023 [52][6] - The company noted a steady demand for express car wash services, indicating resilience in its service offering despite increased competition [50][51] Company Strategy and Development Direction - The company is focused on four strategic pillars: expanding its footprint, increasing innovative solutions, driving traffic and growing membership, and building a best-in-class team [7][11] - Plans to open 30 to 35 new stores in 2025, with a data-driven approach to site selection aimed at maximizing ROI [7][8] - The company is also pursuing price increases on its base membership to align with competitors and enhance revenue [9][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a somewhat uncertain macro environment, citing the resilience of the subscription model [12][24] - The company anticipates a cautious consumer backdrop but remains optimistic about its positioning in the marketplace [24][25] - Management highlighted the importance of delivering exceptional customer experiences to retain and grow its member base [51][80] Other Important Information - The company paid down approximately $62 million of debt during the quarter, maintaining a strong cash position [16][23] - Total operating expenses decreased as a percentage of revenue, reflecting effective expense management [19][20] Q&A Session Summary Question: Can you elaborate on the comp guidance? - Management indicated that while they are pleased with the current performance, they are cautious about the consumer environment and have adjusted guidance accordingly [30][33] Question: What factors contributed to the UWC member growth? - The increase in retail traffic directly correlated with the growth in UWC membership, demonstrating effective conversion strategies [40][41] Question: How does the company view the competitive landscape? - Management noted a peak in competitive intrusion in 2023, with fewer new competitors entering the market, which positions the company favorably [52][54] Question: What is the impact of the recent price increase on churn? - Management expects a slight uptick in churn due to the price increase but anticipates it will stabilize after a month [70][71] Question: How does the company plan to measure the effectiveness of marketing investments? - The company is using traditional return on advertising spend metrics while also considering the long-term value of new members [89][90]

[Mister Car Wash First Quarter 2025 Results](index=1&type=section&id=Mister%20Car%20Wash%20Announces%20First%20Quarter%202025%20Results) [First Quarter 2025 Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Highlights) Mister Car Wash reported strong Q1 2025 results, with net revenues up 9% and Adjusted EBITDA increasing 14% Q1 2025 Key Financial Metrics vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $261.7 million | $239.2 million | +9% | | Comparable-Store Sales Growth | 6.0% | N/A | N/A | | Net Income | $27.0 million | $16.6 million | +62% | | Adjusted EBITDA | $85.6 million | $75.2 million | +14% | | Diluted EPS | $0.08 | $0.05 | +60% | | Adjusted Diluted EPS | $0.11 | $0.08 | +37.5% | - Opened **4 new greenfield locations** in Q1 2025, reaching a total of **518 locations**, a **7% increase** from 482 locations in Q1 2024[1](index=1&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) - Unlimited Wash Club® (UWC) memberships grew by **5% year-over-year**, adding a net of **103,000 members** in the quarter to reach **over 2.2 million total members**[1](index=1&type=chunk)[6](index=6&type=chunk) - UWC sales constituted **73% of total wash sales**, a slight decrease from **74%** in the first quarter of 2024[6](index=6&type=chunk) [2025 Full Year Outlook](index=2&type=section&id=2025%20Outlook) The company updated its full-year 2025 guidance, raising the lower end for net revenues and Adjusted EBITDA Updated Full-Year 2025 Guidance | Metric | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | Net Revenues | $1,046 to $1,064 million | $1,038 to $1,064 million | | Comparable-Store Sales Growth | 1.5% to 3.0% | 1.0% to 3.0% | | Adjusted EBITDA | $338 to $346 million | $334 to $346 million | | Adjusted Net Income (new def.) | $140 to $147 million | N/A | | Adjusted Net Income per Share (new def.) | $0.42 to $0.44 | N/A | | New Greenfield Locations | 30 to 35 | 30 to 35 | | Capital Expenditures | $275 to $305 million | $275 to $305 million | - The company introduced guidance based on a **new 2025 definition** for adjusted net income and adjusted net income per diluted share, which **no longer excludes non-cash rent expense**[7](index=7&type=chunk)[15](index=15&type=chunk) [Financial Condition and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) Cash and cash equivalents decreased to $39.1 million, while operating cash flow significantly increased to $87.6 million - Cash and cash equivalents totaled **$39.1 million** as of March 31, 2025, down from **$67.5 million** as of December 31, 2024[11](index=11&type=chunk)[30](index=30&type=chunk) - Net cash provided by operating activities increased to **$87.6 million** in Q1 2025 from **$58.0 million** in Q1 2024[11](index=11&type=chunk)[28](index=28&type=chunk) - Rent expense increased by **12%** to **$29.8 million** compared to Q1 2024, driven by an increase in leased locations from **435 to 474**[11](index=11&type=chunk) - Total liabilities decreased slightly to **$2.06 billion** from **$2.10 billion** at the end of 2024, primarily due to a reduction in long-term debt[30](index=30&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's detailed financial performance, position, and cash flows for the first quarter of 2025 [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Net revenues grew 9% to $261.7 million, leading to increased operating income and net income for Q1 2025 Q1 2025 Statement of Operations (in thousands) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net revenues | $261,656 | $239,183 | | Total costs and expenses | $208,689 | $196,638 | | Operating income | $52,967 | $42,545 | | Interest expense, net | $16,023 | $20,024 | | Income before taxes | $36,944 | $25,828 | | Net income | $27,000 | $16,637 | | Diluted EPS | $0.08 | $0.05 | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $3.09 billion, while total liabilities decreased to $2.06 billion, increasing stockholders' equity Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $39,133 | $67,463 | | Total current assets | $65,714 | $99,090 | | Property and equipment, net | $843,704 | $814,600 | | Total assets | $3,090,584 | $3,101,796 | | Long-term debt, net | $853,881 | $909,094 | | Total liabilities | $2,056,689 | $2,103,444 | | Total stockholders' equity | $1,033,895 | $998,352 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $87.6 million, offsetting cash used in investing and financing activities Cash Flow Summary (in thousands) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $87,550 | $57,990 | | Net cash used in investing activities | ($54,961) | ($76,944) | | Net cash provided by (used in) financing activities | ($60,913) | $10,652 | | Net change in cash | ($28,324) | ($8,302) | [GAAP to Non-GAAP Reconciliations](index=10&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliations) This section reconciles GAAP net income to non-GAAP measures, including Adjusted EBITDA and Adjusted Net Income under a new 2025 definition Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $27,000 | $16,637 | | Interest expense, net | $16,023 | $20,024 | | Income tax provision | $9,944 | $9,191 | | Depreciation and amortization | $20,917 | $19,595 | | Stock-based compensation | $7,116 | $6,802 | | Other adjustments | $4,649 | $(1,147) | | **Adjusted EBITDA** | **$85,649** | **$75,172** | - Beginning in fiscal 2025, the company **no longer includes non-cash rent expense** in its calculation of adjusted net income and adjusted net income per diluted share, which **impacts comparability to prior periods**[15](index=15&type=chunk)[32](index=32&type=chunk) Reconciliation of Net Income to Adjusted Net Income (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $27,000 | $16,637 | | Adjustments (as per old def.) | $9,561 | $9,950 | | Adjusted net income (old def.) | $36,561 | $26,587 | | Non-cash rent expense adjustment | ($1,966) | ($1,487) | | Tax impact of adjustment | $454 | $347 | | **Adjusted net income (new def.)** | **$35,049** | **$25,447** |

Core Viewpoint - Mister Car Wash (MCW) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - For Mister Car Wash, the recent upgrade reflects an improvement in the company's underlying business, suggesting that investor sentiment may drive the stock price higher [5][10]. Earnings Estimate Revisions - Mister Car Wash is projected to earn $0.44 per share for the fiscal year ending December 2025, marking an 18.9% year-over-year increase [8]. - Over the past three months, the Zacks Consensus Estimate for Mister Car Wash has risen by 14.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system categorizes stocks based on earnings estimates, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, highlighting their potential for market-beating returns [9][10]. - The upgrade of Mister Car Wash to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting favorable conditions for price appreciation in the near term [10].

Group 1 - Mister Car Wash (MCW) shows a noticeable improvement in earnings outlook, making it an attractive investment option [1][7] - Analysts are increasingly optimistic about the earnings prospects of Mister Car Wash, leading to higher earnings estimates which are expected to positively impact the stock price [2][6] - The Zacks Rank system indicates strong agreement among analysts in raising earnings estimates, with a significant increase in consensus estimates for both the current quarter and the full year [3][5] Group 2 - For the current quarter, Mister Car Wash is expected to earn $0.10 per share, reflecting a 25% increase from the previous year [4] - The full-year earnings estimate is projected at $0.44 per share, representing an 18.92% year-over-year change, with a positive revision trend observed [5] - Mister Car Wash currently holds a Zacks Rank 2 (Buy), indicating strong potential for outperformance compared to the S&P 500 [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ___to___ Commission File Number 001-40542 Mister Car Wash, Inc. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation or organi ...

February 20th was an interesting day for shareholders of Mister Car Wash, Inc. (NASDAQ: MCW ). As the company's name suggests, it is an owner and operator of a network of car washes. This may not seem like theCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P fir ...

Financial Data and Key Metrics Changes - The company reported a record revenue growth of 7% for the full year 2024, with adjusted EBITDA increasing by 12% and adjusted earnings per share growing by 16% [25][36] - In Q4 2024, the company achieved a strong comp store sales growth of 6%, marking the seventh consecutive quarter of comp growth [9][10] - Adjusted EBITDA for Q4 was $78 million, representing a 13% increase, with an EBITDA margin of 31.2% [35][36] Business Line Data and Key Metrics Changes - The subscription business remained resilient, contributing significantly to revenue, with UWC sales accounting for 75% of total wash sales [31][28] - The Titanium membership accounted for 23% of the membership mix, driving a 10% increase in Express revenue per member during Q4 [29][32] Market Data and Key Metrics Changes - The company opened 40 new locations in 2024, surpassing the 500-store milestone, with 13 net new Express car washes opened in Q4 alone [10][29] - The number of UWC members increased by 46,000 year-over-year, reaching over 2.1 million members [31][32] Company Strategy and Development Direction - The company plans to continue expanding its footprint by opening 30 to 35 new stores in key metro areas in 2025 [14][41] - The focus remains on disciplined growth and operational excellence, with an emphasis on enhancing customer experience through innovation and marketing [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautiously optimistic view for retail trends in the upcoming year, acknowledging the unpredictability of consumer behavior and sensitivity to weather [11][39] - The competitive landscape is expected to rationalize, with the company well-positioned to capitalize on market share opportunities [12][136] Other Important Information - The company anticipates continued headwinds in retail for 2025, projecting comparable store sales growth of 1% to 3% [47][78] - The company plans to take a base membership price increase in select markets where it believes it has earned it through superior customer experience [42][125] Q&A Session Summary Question: What percent of the car wash base are you taking the base pricing up in? - Management indicated that they anticipate taking price increases in markets where they see opportunities, having held the line on pricing for over 15 years [52][53] Question: Can you talk about your pipeline for new store openings? - Management confirmed plans to open 30 to 35 new stores while remaining opportunistic regarding potential M&A opportunities [56][59] Question: Can you help bridge the delta between Q4 comp growth and guidance for next year? - Management noted that Q4 had strong performance driven by favorable weather, while they expect a mid-single-digit decline in retail for 2025 [64][78] Question: What is the outlook for Titanium membership penetration? - Management acknowledged a slight decrease in Titanium penetration but remains optimistic about long-term growth opportunities [70][72] Question: How do you view the impact of competition and consumer behavior on retail sales? - Management indicated that both inflation and competition have impacted retail sales, with competition being a more significant factor [87][88] Question: What is the company's appetite for additional leverage in M&A? - Management expressed willingness to take on additional leverage for strategic acquisitions, provided there is a clear path to deleveraging [94][95] Question: How do you expect to manage expenses amid labor cost pressures? - Management expressed confidence in expense control and highlighted ongoing initiatives to optimize costs [130][132]

For the quarter ended December 2024, Mister Car Wash (MCW) reported revenue of $251.17 million, up 9.1% over the same period last year. EPS came in at $0.09, compared to $0.07 in the year-ago quarter.The reported revenue represents a surprise of +1.23% over the Zacks Consensus Estimate of $248.11 million. With the consensus EPS estimate being $0.07, the EPS surprise was +28.57%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Mister Car Wash (MCW) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this car wash operator would post earnings of $0.08 per share when it actually produced earnings of $0.09, delivering a surprise of 12.50%.Over the last four quarters, the ...

"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 sa ...