Business
Mister Car Wash Announces First Quarter Fiscal 2022 Financial Results
Net revenues increased 25.0% Comparable stores sales increased 11.0% Unlimited Wash Club memberships increased 28.1% Opened 3 new greenfield locations
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 25.0%\n\nComparable stores sales increased 11.0%\n\nUnlimited Wash Club memberships increased 28.1%\n\nOpened 3 new greenfield locations\n\n TUCSON, Ariz.--(BUSINESS WIRE)--\nMister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended March 31, 2022.\n\n“We had another great quarter highlighted by strong sales and membership growth, greenfield performance, and our extraordinary team’s consistent service delivery,” commented John Lai, Chairperson and CEO of Mister Car Wash. “We remain committed to the ongoing investments in our team members as we scale the nation’s premier car wash brand.”\n\nHighlights for the First Quarter 2022\n\n\nNet revenues increased 25.0% to $219.4 million for the first quarter of 2022 from $175.5 million in the first quarter of 2021.\n\n\nComparable stores sales increased 11.0% for the first quarter of 2022 compared to the first quarter of 2021.\n\n\nAs of March 31, 2022, the Company had 1.781 million Unlimited Wash Club (“UWC”) Members, which represented a 28.1% increase over the same time last year. UWC sales represented approximately 64.3% of total wash sales in the first quarter of 2022 compared to 61.9% in the first quarter of 2021.\n\n\nThe Company opened three new greenfield locations in the first quarter of 2022 bringing our total car wash locations operated as of March 31, 2022 to 399, compared to 344 locations as of March 31, 2021, an increase of 16.0%.\n\n\nNet income and net income per diluted share were $35.5 million and $0.11, respectively, for the first quarter of 2022 compared to $24.6 million and $0.09, respectively, for the first quarter of 2021.\n\n\nAdjusted net income(1) increased 43.1% to $37.8 million in the first quarter of 2022 from $26.4 million in the first quarter of 2021. Adjusted net income per share(1) increased to $0.11 from $0.09 for the same respective periods.\n\n\nAdjusted EBITDA(1) increased 21.8% to $74.8 million for the first quarter of 2022 from $61.5 million in the first quarter of 2021.\n\n\n(1) See Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures disclosures included below in this press release.\n\nStore Count\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\...