Mister Car Wash(MCW)

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Compared to Estimates, Mister Car Wash (MCW) Q1 Earnings: A Look at Key Metrics
Zacks Investment Research· 2024-05-02 00:36
For the quarter ended March 2024, Mister Car Wash (MCW) reported revenue of $239.18 million, up 5.9% over the same period last year. EPS came in at $0.08, compared to $0.08 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $244.06 million, representing a surprise of -2.00%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.08.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...
Mister Car Wash (MCW) Meets Q1 Earnings Estimates
Zacks Investment Research· 2024-05-01 23:21
Mister Car Wash (MCW) came out with quarterly earnings of $0.08 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this car wash operator would post earnings of $0.07 per share when it actually produced earnings of $0.07, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Mister Car Wash, which belongs ...
Mister Car Wash(MCW) - 2024 Q1 - Quarterly Results
2024-05-01 20:08
Exhibit 99.1 Mister Car Wash Announces First Quarter 2024 Financial Results Net revenues increased 6% Comparable-store sales increased 0.9% Unlimited Wash Club® ("UWC") memberships increased 5% year-over-year Opened six new greenfield locations Reiterating previously provided Fiscal 2024 outlook figures Tucson, Ariz., May 1, 2024 – Mister Car Wash, Inc. (the "Company") (NYSE: MCW), the nation's largest car wash brand, today announced its financial results for the quarter ended March 31, 2024. "Our overall r ...
PTVE vs. MCW: Which Stock Is the Better Value Option?
Zacks Investment Research· 2024-04-29 16:45
Investors with an interest in Consumer Services - Miscellaneous stocks have likely encountered both Pactiv Evergreen Inc. (PTVE) and Mister Car Wash (MCW) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate ...
Mister Car Wash Shines In Profitability, While Shares Appear Fairly Valued
Seeking Alpha· 2024-04-20 08:43
tirc83/E+ via Getty Images Investment Thesis Mister Car Wash (NYSE:MCW) is the largest publicly traded machine car wash operator in the U.S. Since the early 2000s, the firm has grown rapidly to become a nationwide chain of wash centres. Since their IPO, profitability has failed to match lofty valuations. However, solid fiscal improvements in 2023 have coincided with a much fairer share price which, given a base-case outlook for 2024, may suggest a 15% undervaluation in shares. Nevertheless, significant ...
Mister Car Wash(MCW) - 2023 Q4 - Annual Report
2024-02-23 11:32
Company Operations - As of December 31, 2023, Mister Car Wash operates 476 locations across 21 states, with 406 Express Exterior Locations and 70 Interior Cleaning Locations[22][44]. - During 2023, Mister Car Wash successfully opened 35 greenfield locations and plans to continue this growth strategy in existing and adjacent markets[29]. - The company has integrated over 100 acquisitions throughout its history, employing a disciplined approach to select and upgrade new locations[30]. - Mister Car Wash's workforce increased by 4% in 2023, reaching approximately 6,600 team members, primarily due to the addition of new locations[44]. - The company operates in a fragmented industry, competing with various operators, but believes its scale and operational consistency provide a competitive advantage[33]. Financial Performance - Net revenues increased by 6% to $927.1 million in 2023 from $876.5 million in 2022, primarily due to growth in car wash sales and the addition of 40 net locations[168]. - Net income for 2023 was $80.13 million, with a net income margin of 8.6%, down from a net income of $112.9 million and a margin of 12.9% in 2022[152][156]. - Adjusted EBITDA for 2023 was $285.92 million, with an adjusted EBITDA margin of 30.8%, compared to $281.65 million and a margin of 32.1% in 2022[152][159]. - Total costs and expenses increased to $748.9 million in 2023, representing 81% of net revenues, compared to 79% in 2022[167]. - Interest expense rose significantly to $75.1 million in 2023, up from $41.9 million in 2022, primarily due to higher average interest rates[173]. Unlimited Wash Club (UWC) - In 2023, the company increased its Unlimited Wash Club (UWC) penetration from 68% to 71% of total wash sales, with UWC Members spending over four times more than retail customers[28][55]. - Mister Car Wash's UWC subscription program accounted for 71% of total wash sales in 2023, highlighting its importance for revenue growth[55]. - The number of Unlimited Wash Club (UWC) Members grew to approximately 2.1 million in 2023, up by about 10.2% from 1.9 million in 2022[157]. - UWC sales accounted for 71% of total wash sales in 2023, an increase from 68% in 2022, reflecting the growing penetration of the subscription model[158]. Challenges and Risks - The company faces challenges in hiring and retaining qualified personnel, which may lead to increased labor costs and negatively affect customer service[72]. - The company is subject to various risks related to credit card and debit card payments, including potential increases in processing fees that could impact operating results[67]. - The company relies on a limited number of suppliers for car wash equipment, which poses risks of supply chain disruptions and increased costs[71]. - Changes in applicable tax laws could adversely affect the company's financial condition and effective tax rate[78]. - The company may face difficulties in negotiating lease renewals on commercially acceptable terms, potentially leading to location closures[75]. Cash Flow and Liquidity - For the year ended December 31, 2023, the net cash provided by operating activities was $204.7 million[83]. - As of December 31, 2023, the company had $19.0 million in cash and cash equivalents for working capital purposes[83]. - Cash and cash equivalents decreased to $19.0 million as of December 31, 2023, from $65.2 million in 2022, indicating a need for improved liquidity management[175]. - Net cash provided by operating activities was $204.7 million in 2023, down from $229.2 million in 2022, with changes in working capital negatively impacting cash flow[178]. Corporate Governance - Leonard Green & Partners, L.P. holds more than 50% of the voting power, classifying the company as a "controlled company" under NYSE rules[109]. - The board of directors is responsible for overall risk oversight, supported by the Audit Committee which reviews cybersecurity policies[123]. - The company has established advance notice requirements for board nominations and actions, which could limit stockholder influence[119]. - The company has provisions in its charter that may discourage or delay potential acquisitions, impacting stockholder interests[116]. Environmental and Regulatory Factors - The company has ceased dispensing gasoline and diesel fuels at all locations as of December 31, 2023, but faces ongoing environmental risks from historical operations[94]. - The company is subject to evolving global climate change regulations that may adversely affect operations and financial performance[95]. - Governmental restrictions on water use may result in decreased access to water supplies, impacting financial condition and results of operations[99]. - The company faces significant costs in complying with various federal, state, and local laws and regulations, which may materially increase operational costs[88]. Stock Performance and Dividends - The company's stock performance since its IPO in June 2021 shows a decline, with the stock value at $43.00 as of December 31, 2023, down from $100.00 at the IPO[140]. - The company does not intend to pay dividends for the foreseeable future, focusing on retaining earnings for business operations and expansion[119]. - Approximately 71% of the outstanding common stock has rights to require the company to file registration statements for public sales, which could adversely affect stock price[115].
Mister Car Wash(MCW) - 2023 Q4 - Earnings Call Transcript
2024-02-22 01:26
Mister Car Wash, Inc. (NYSE:MCW) Q4 2023 Earnings Conference Call February 21, 2024 4:30 PM ET Company Participants John Lai - Chairperson and Chief Executive Officer Jedidiah Gold - Chief Financial Officer Conference Call Participants Peter Keith - Piper Sandler Justin Kleber - Baird John Heinbockel - Guggenheim Jason Haas - Bank of America Phillip Blee - William Blair Michael Lasser - UBS Tristan Thomas-Martin - BMO Capital Markets Christian Carlino - JPMorgan Simeon Gutman - Morgan Stanley Operator Good ...
Mister Car Wash(MCW) - 2023 Q4 - Annual Results
2024-02-21 21:12
Mister Car Wash Announces Fourth Quarter and Fiscal Year 2023 Financial Results Net revenues increased 7.4% during the quarter Comparable-store sales increased 0.7% during the quarter Unlimited Wash Club memberships increased 10.3% Opened a record 35 new greenfield locations in 2023 Provides Fiscal 2024 Initial Outlook Tucson, Ariz., February 21, 2024 – Mister Car Wash, Inc. (the "Company") (NYSE: MCW), the nation's largest car wash brand, today announced its financial results for the quarter and fiscal yea ...
Mister Car Wash(MCW) - 2023 Q3 - Earnings Call Transcript
2023-11-04 13:12
Mister Car Wash, Inc. (NYSE:MCW) Q3 2023 Earnings Conference Call November 2, 2023 4:30 PM ET Company Participants John Lai - Chairperson, Chief Executive Officer Jed Gold - Chief Financial Officer Conference Call Participants Michael Kessler - Morgan Stanley Justin Kleber - Baird John Heinbockel - Guggenheim Michael Lasser - UBS Randy Konik - Jefferies Chris O'Cull - Stifel Tristan Thomas-Martin - BMO Capital Markets Operator Good afternoon, and welcome to Mister Car Wash's Conference Call to Discuss Finan ...
Mister Car Wash(MCW) - 2023 Q3 - Quarterly Report
2023-11-03 12:03
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Tucson, Arizona 85705 (Address of principal executive offices) (Zip Code) Delaware 47-1393909 (I.R.S. Employer Identification No.) For the quarterly period ended September 30, 2023 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 ...