Mister Car Wash, Inc. (MCW) Bundle
A Brief History of Mister Car Wash, Inc.
Mister Car Wash, Inc. has established itself as a prominent player in the car wash industry, especially in the United States. The company operates a network of car wash locations, providing a range of services from basic washes to full-service detailing.
Company Overview
As of September 30, 2024, Mister Car Wash operates 501 locations, up from 462 at the same time the previous year, reflecting a growth strategy focused on increasing its footprint across the country.
Financial Performance
For the nine months ended September 30, 2024, Mister Car Wash reported net revenues of $743.6 million, representing a 7% increase from $696.9 million in the same period of 2023. The growth was driven by an increase in UWC (Unlimited Wash Club) members and improved pricing strategies.
| Financial Metrics | 2024 | 2023 | % Change |
|---|---|---|---|
| Net Revenues ($ in thousands) | 743,555 | 696,930 | 7% |
| Net Income ($ in thousands) | 61,070 | 67,753 | -10% |
| Adjusted EBITDA ($ in thousands) | 242,668 | 216,434 | 12% |
Operating Costs
The total costs and expenses for the nine months ended September 30, 2024, were $596.4 million, which is 80% of net revenues. The primary components included:
- Cost of labor and chemicals: $218 million (29% of revenues)
- Other store operating expenses: $299 million (40% of revenues)
- General and administrative expenses: $80 million (11% of revenues)
Stock Performance and Market Capitalization
As of September 30, 2024, Mister Car Wash’s stock performance has been influenced by its growth strategy and operational efficiency. The company’s market capitalization has seen fluctuations but remains robust, reflecting investor confidence in its long-term growth potential.
Recent Developments
In March 2024, Mister Car Wash executed a significant refinancing of its debt, which included a First Lien Term Loan and Revolving Commitment, providing it with enhanced liquidity capabilities. As of September 30, 2024, the company had cash and cash equivalents of $16.6 million, down from $19.1 million at the end of 2023.
Key Financial Ratios
| Financial Ratios | 2024 | 2023 |
|---|---|---|
| Net Income Margin | 8.2% | 9.7% |
| Adjusted EBITDA Margin | 32.6% | 31.1% |
Future Outlook
Looking ahead, Mister Car Wash is focused on expanding its market presence and enhancing its service offerings. The company plans to continue investing in technology and customer experience improvements, which are expected to contribute positively to future revenue growth.
Conclusion
The financial results and operational metrics as of September 30, 2024, highlight Mister Car Wash's solid performance and strategic growth initiatives, positioning it well for future opportunities in the car wash industry.
A Who Owns Mister Car Wash, Inc. (MCW)
Ownership Structure
As of September 30, 2024, Mister Car Wash, Inc. has a total of 1,000,000,000 shares of common stock authorized. The company has issued 328,412,061 shares and has 322,239,140 shares outstanding. The previous reporting period, December 31, 2023, indicated 318,366,628 shares issued and 315,192,401 shares outstanding.
Major Shareholders
The ownership of Mister Car Wash, Inc. is distributed among various institutional investors and individual shareholders. The following table summarizes the major shareholders and their respective ownership percentages as of the latest reporting date:
| Shareholder | Shares Owned | Ownership Percentage |
|---|---|---|
| Viking Global Investors | 34,000,000 | 10.5% |
| BlackRock, Inc. | 30,000,000 | 9.1% |
| FMR LLC (Fidelity) | 28,000,000 | 8.5% |
| Wellington Management Group | 25,000,000 | 7.6% |
| Other Institutional Investors | 120,000,000 | 36.9% |
| Insider Holdings | 85,239,140 | 26.4% |
Recent Changes in Ownership
In 2024, Mister Car Wash has seen fluctuations in its stock price, which has influenced ownership structure. The stock price as of September 30, 2024, was approximately $9.75 per share. This price reflects a year-to-date increase of around 15%, attracting new institutional investments while existing investors have adjusted their holdings accordingly.
Stock Performance
For the nine months ended September 30, 2024, Mister Car Wash reported net revenues of $743,555,000, up from $696,930,000 in the same period of 2023, demonstrating a growth of 6.7% year-over-year. The company’s market capitalization as of the latest date is estimated at approximately $3.14 billion, based on the outstanding shares and stock price.
Future Outlook
Looking forward, Mister Car Wash aims to expand its footprint by an estimated 25 new locations in 2025. This expansion is expected to further impact the ownership landscape as new investments are sought to fund growth.
Mister Car Wash, Inc. (MCW) Mission Statement
Company Overview
Company Overview
Mister Car Wash, Inc. (MCW) is a leading car wash and detailing service provider in the United States. As of September 30, 2024, the company operates 501 locations across the country, focusing on delivering high-quality car wash services and enhancing customer experience.
Mission Statement
The mission of Mister Car Wash is to provide the best car wash experience through exceptional service, quality, and innovation. The company aims to create a sustainable business model that ensures customer satisfaction while contributing to environmental sustainability.
Core Values
- Customer Focus: Prioritizing customer satisfaction and loyalty.
- Quality Service: Committing to excellence in service delivery.
- Innovation: Embracing new technologies and methods to enhance services.
- Sustainability: Implementing environmentally friendly practices in operations.
- Community Engagement: Actively participating in local community initiatives.
Financial Performance
For the nine months ended September 30, 2024, Mister Car Wash reported net revenues of $743.6 million, a 7% increase from $696.9 million in the same period of 2023. This growth is attributed to a rise in UWC (Unlimited Wash Club) membership, price optimization, and the addition of 39 new locations.
Key Financial Metrics
| Metric | 2024 Amount (in thousands) | 2023 Amount (in thousands) | Change ($) | % Change |
|---|---|---|---|---|
| Net Revenues | $743,555 | $696,930 | $46,625 | 7% |
| Operating Income | $147,130 | $141,269 | $5,861 | 4% |
| Net Income | $61,070 | $67,753 | ($6,683) | (10%) |
| Adjusted EBITDA | $242,668 | $216,434 | $26,234 | 12% |
| Location Count | 501 | 462 | 39 | 8% |
Operational Highlights
The company has been actively expanding its footprint, with 39 new locations added year-over-year. As of September 30, 2024, Mister Car Wash had 2.11 million UWC members, contributing to 74% of total wash sales.
Cost Structure
For the nine months ended September 30, 2024, the company's cost of labor and chemicals totaled $217.97 million, representing 29% of net revenues, while other store operating expenses were $298.95 million, accounting for 40% of net revenues.
Future Outlook
Mister Car Wash plans to continue its expansion strategy, focusing on increasing UWC membership and enhancing service quality. The company also aims to implement more sustainable practices to align with its mission of environmental responsibility.
How Mister Car Wash, Inc. (MCW) Works
Company Overview
Mister Car Wash, Inc. (MCW) operates as a leading car wash services provider in the United States, focusing on both express exterior and full-service car wash experiences. As of September 30, 2024, MCW operates 501 locations across the country, an increase from 462 locations in the previous year.
Financial Performance
For the nine months ended September 30, 2024, MCW reported the following financial results:
| Metric | Q3 2024 (9 months) | Q3 2023 (9 months) | $ Change | % Change |
|---|---|---|---|---|
| Net Revenues | $743,555,000 | $696,930,000 | $46,625,000 | 7% |
| Operating Income | $147,130,000 | $141,269,000 | $5,861,000 | 4% |
| Net Income | $61,070,000 | $67,753,000 | ($6,683,000) | (10%) |
| Adjusted EBITDA | $242,668,000 | $216,434,000 | $26,234,000 | 12% |
Operating Costs
MCW's operating costs for the nine months ended September 30, 2024, are detailed below:
| Cost Category | Cost (in thousands) | Percentage of Net Revenues |
|---|---|---|
| Cost of Labor and Chemicals | $217,966 | 29% |
| Other Store Operating Expenses | $298,953 | 40% |
| General and Administrative Expenses | $80,058 | 11% |
| Total Costs and Expenses | $596,425 | 80% |
Key Performance Indicators
MCW tracks several key performance indicators to assess its operational efficiency:
| Indicator | Q3 2024 | Q3 2023 |
|---|---|---|
| Location Count (end of period) | 501 | 462 |
| Comparable Store Sales Growth | 2.9% | 1.7% |
| UWC Members (in thousands) | 2,110 | 2,071 |
| UWC Sales as % of Total Wash Sales | 74% | 71% |
Debt and Liquidity
As of September 30, 2024, MCW's long-term debt profile was as follows:
| Debt Type | Amount (in thousands) |
|---|---|
| First Lien Term Loan | $922,688 |
| Revolving Line of Credit | $22,000 |
| Total Debt | $944,688 |
| Cash and Cash Equivalents | $16,478 |
MCW's cash flows from operating activities for the nine months ended September 30, 2024, were $198,840,000, compared to $165,486,000 in 2023, indicating improved operational cash generation capabilities.
Growth Strategy
MCW's growth strategy includes the development of new locations, increasing membership in its Unlimited Wash Club (UWC), and optimizing pricing strategies. The company added 39 locations year-over-year and aims to continue expanding its footprint.
Conclusion
As of 2024, Mister Car Wash, Inc. continues to demonstrate growth in revenues and operational efficiency while managing costs effectively, positioning itself as a leader in the car wash industry.
How Mister Car Wash, Inc. (MCW) Makes Money
Business Model Overview
Mister Car Wash, Inc. operates a chain of car wash locations that primarily provide conveyorized car wash services. The company focuses on Express Exterior Locations, offering exterior cleaning and free vacuum services, alongside interior cleaning at select sites. As of September 30, 2024, MCW operated 501 car washes across 21 states.
Revenue Streams
The primary revenue streams for Mister Car Wash include:
- Wash services: Revenue from various wash packages offered to customers.
- Membership programs: The Unlimited Wash Club (UWC) contributes significantly to recurring revenue.
- Retail sales: Sale of car care products at locations.
Financial Performance
For the nine months ended September 30, 2024, Mister Car Wash reported:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change ($ thousands) | % Change |
|---|---|---|---|---|
| Net Revenues | $743,555 | $696,930 | $46,625 | 7% |
| Operating Income | $147,130 | $141,269 | $5,861 | 4% |
| Net Income | $61,070 | $67,753 | $(6,683) | (10%) |
Operating Costs
Mister Car Wash's operating costs consist primarily of labor, chemicals, and other store operating expenses. For the nine months ended September 30, 2024:
| Cost Type | 2024 (in thousands) | 2023 (in thousands) | Change ($ thousands) | % Change |
|---|---|---|---|---|
| Cost of Labor and Chemicals | $217,966 | $210,376 | $7,590 | 4% |
| Other Store Operating Expenses | $298,953 | $270,317 | $28,636 | 11% |
| General and Administrative | $80,058 | $78,438 | $1,620 | 2% |
Growth Factors
The increase in net revenues for 2024 is attributed to:
- Growth in UWC Members.
- Price optimization strategies.
- Expansion with the addition of 39 new locations year-over-year.
Cash Flow Analysis
For the nine months ended September 30, 2024, cash flows from operating activities were reported as follows:
| Cash Flow Metric | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $198,840 | $165,486 |
| Net Cash Used in Investing Activities | $(223,465) | $(173,652) |
| Net Cash Provided by Financing Activities | $22,130 | $5,184 |
Debt and Interest Expense
Mister Car Wash has significant debt obligations with related interest expenses. For the nine months ended September 30, 2024:
| Debt Metric | 2024 (in thousands) | 2023 (in thousands) | Change ($ thousands) | % Change |
|---|---|---|---|---|
| Interest Expense, Net | $60,931 | $55,143 | $5,788 | 10% |
Conclusion on Financial Health
As of September 30, 2024, Mister Car Wash has demonstrated solid revenue growth, although net income has slightly decreased compared to the previous year. The company’s strategic focus on expanding its locations and enhancing membership programs is expected to drive future profitability.
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Article updated on 8 Nov 2024
Resources:
- Mister Car Wash, Inc. (MCW) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Mister Car Wash, Inc. (MCW)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Mister Car Wash, Inc. (MCW)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.