Fri, Aug 2, 10:19 AM (88 days ago)
Mister Car Wash, Inc. reported an 8% increase in net revenues to $255 million for Q2 2024, driven by UWC membership growth and the addition of 42 new locations. Operating income rose to $55 million, maintaining a 22% margin. Store operating costs increased slightly due to higher labor costs and inflationary pressures. General and administrative expenses decreased by 10%, attributed to lower marketing and travel costs. Interest expense rose by 11% due to higher debt levels and interest rates. The income tax provision increased significantly, impacting net income, which fell to $22 million from $27 million in Q2 2023. Adjusted EBITDA grew to $89 million, reflecting a 34.8% margin. Cash flow from operations remained strong at $119 million, supporting ongoing investments in new locations and equipment. The company remains well-positioned with $3.6 million in cash and $292 million in available credit.