“Our overall results in the first quarter were in line with expectations, and we are executing against our strategic initiatives to drive profitable growth. In the first quarter, our subscription business remained incredibly resilient, growth in our new Titanium membership package was very strong, and we opened a record number of new greenfields for any first quarter in our history,” said John Lai, chairman and CEO of Mister Car Wash. “Finally, we are finding ways to do more with less and managing our expense structure to deliver strong cash flow and more than $75 million of adjusted EBITDA for the first quarter.”
First Quarter 2024 Highlights:
- Net revenues increased 6% to $239.2 million, up from $226.0 million in the first quarter of 2023.
- Comparable-store sales increased 0.9% during the quarter.
- UWC sales represented 74% of total wash sales compared to 69% in the first quarter of 2023. The company added 35 thousand net new UWC members in the first quarter and had approximately 2.1 million members as of March 31, 2024.
- The company opened six new greenfield locations in the first quarter of 2024, bringing the total number of carwash locations operated to 482 as of March 31, 2024, compared to 439 carwash locations as of March 31, 2023, an increase of 10%.
- Net income and net income per diluted share were $16.6 million and $0.05, respectively.
- Adjusted net income(1) and diluted adjusted net income per share(1) were $26.6 million and $0.08, respectively.
- Adjusted EBITDA(1) increased 6% to $75.2 million from $71.0 million in the first quarter of 2023.
(1) Adjusted net income, Adjusted EBITDA and diluted adjusted net income per 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.
