Q4 2024 Mister Car Wash Inc Earnings Call Transcript
Key Points
- Mister Car Wash Inc (MCW) reported a strong fourth quarter with comp store sales growth of 6%, marking the seventh consecutive quarter of comp growth.
- The company achieved record revenues and EBITDA for the full year 2024, with sales up 7% and adjusted EBITDA growing by 12%.
- Mister Car Wash Inc (MCW) successfully opened 40 new locations in 2024, surpassing the 500-store milestone.
- The introduction of the premium Titanium service exceeded expectations, with 23% of UWC membership penetration.
- The company maintained strong cost discipline, resulting in adjusted EBITDA and adjusted net income that exceeded guidance.
- Consumer behavior remains difficult to predict, and the non-subscription business is sensitive to weather, leading to a cautiously optimistic view for retail trends.
- The competitive environment remains crowded, with new entrants expected to continue entering the market, albeit at a slower pace.
- Retail sales are anticipated to face continued headwinds in 2025, with a mid-single-digit decline expected.
- The company is experiencing increased labor rates and higher rent expenses due to new store growth and sale leasebacks.
- Mister Car Wash Inc (MCW) is cautious about extrapolating current trends due to unpredictable consumer patterns and external factors like inflation.
Good afternoon and welcome to the Mister Car Wash fourth-quarter 2024 conference call. (Operator Instructions) Please note that today's call is being recorded and a reproduction of this call in whole or in part is not permitted without written authorization from the company. I would now like to turn the call over to Mr. Eddie Plank, Vice President of Investor relations. Please go ahead, sir.
Good afternoon everyone, and thank you for joining us to discuss our fourth-quarter and full year 2024 financial results. With me on the call today are John Lai, Chairman and Chief Executive Officer; and Jed Gold, Chief Financial Officer. After John and Jed have made their formal remarks, we will open the call to questions.
During this conference call, references to non-gap financial measures will be made. The complete reconciliation of these measures to the most comparable GAAP measures have been included in the company's earnings press release issued earlier today and posted to the investor
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