Business
CORRECTING and REPLACING Mister Car Wash Announces Third Quarter Fiscal 2021 Financial Results
Net revenues increased 24.7% Comparable store sales increased 21.3% Unlimited Wash Club memberships increased 31.5% Opened 9 new locations in the quarter
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 24.7%\nComparable store sales increased 21.3%\nUnlimited Wash Club memberships increased 31.5%\nOpened 9 new locations in the quarter\nRaising full year 2021 revenue and adjusted EBITDA guidance\n\n TUCSON, Ariz.--(BUSINESS WIRE)--\nIn the Fiscal 2021 Outlook table of the release dated November 11, 2021, Current GAAP net income (loss) should read: $(40) to $(30) million (instead of $(45) to $(40) million). Current Adjusted net income (loss) should now read: $125 to $135 million (instead of $125 to $130 million).\n\nThe updated release reads:\n\nMISTER CAR WASH ANNOUNCES THIRD QUARTER FISCAL 2021 FINANCIAL RESULTS\n\nNet revenues increased 24.7%\nComparable store sales increased 21.3%\nUnlimited Wash Club memberships increased 31.5%\nOpened 9 new locations in the quarter\nRaising full year 2021 revenue and adjusted EBITDA guidance\n\nMister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended September 30, 2021.\n\n“Our third quarter results reflect continued strong top and bottom line performance fueled by our growing, Unlimited Wash Club® (“UWC”) subscription program and increased operational efficiencies, even as we invest to drive sustainable long-term growth,\" stated John Lai, Chairperson and CEO of Mister Car Wash. \"As we look ahead, we see significant growth runway to continue to expand our footprint and grow our UWC program. We will remain focused on our commitment to our culture and operational excellence as we service our customers with professionalism, convenience and efficiency.\"\n\nHighlights for the Third Quarter 2021\n\n\nNet revenues increased 24.7% to $194.3 million for the third quarter of 2021 from $155.8 million in third quarter of 2020 and increased 19.7% from the third quarter of 2019.\n\n\nExcluding $6.8 million of oil change revenue that was included in net revenues in the third quarter of 2020 and generated from the Company’s quick lube facilities that were divested in December 2020, net revenues increased 30%.\n\n\n\n\nComparable stores sales increased 21.3% for the third quarter of 2021 compared to the third quarter of 2020.\n\n\nCompounded two-year comparable stores sales* increased 14.5% from the third quarter of 2019.\n\n\n\n\nAs of September 30, 2021, the Company had 1.564 million UWC ...