Business
Mister Car Wash Announces First Quarter Fiscal 2023 Financial Results
Net revenues increased 3.0% Unlimited Wash Club memberships increased 12.6% and exceeded 2.0 million members Opened four new greenfield locations Fiscal 2023
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 3.0%\n\n\nUnlimited Wash Club memberships increased 12.6% and exceeded 2.0 million members\n\n\nOpened four new greenfield locations\n\n\nFiscal 2023 guidance reiterated\n\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, 2023.\n\n\n“Our Unlimited Wash Club® (“UWC”) proved resilient during the first quarter fueled by good member retention and signup levels. Despite some weather-related headwinds to retail sales in the first quarter, we added 122 thousand net new UWC Members and surpassed two million members marking another milestone for the Company,” commented John Lai, Chairperson and CEO of Mister Car Wash. “We remain committed to the ongoing investments in our business to drive sustainable long-term growth and remain confident in our 2023 full year outlook.”\n\n\nFirst Quarter Highlights\n\n\n\nNet revenues increased 3.0% to $226.0 million from $219.4 million in the first quarter of 2022.\n\n\n\nComparable stores sales decreased 1.6%, compared to an 11.0% increase in the first quarter of 2022.\n\n\n\nThe Company added 122 thousand net new UWC Members in the first quarter. As of March 31, 2023, the Company had more than 2.0 million UWC Members, which represented a 12.6% increase over the same time last year. UWC sales represented approximately 69.3% of total wash sales in the first quarter of 2023 compared to approximately 64.3% in the first quarter of 2022.\n\n\n\nThe Company opened four new greenfield locations in the first quarter of 2023, bringing the total number of car wash locations operated to 439 as of March 31, 2023, compared to 399 car wash locations as of March 31, 2022, an increase of 10.0%.\n\n\n\nNet income and net income per diluted share were $21.1 million and $0.06, respectively.\n\n\n\nAdjusted net income(1) and diluted adjusted net income per share(1) were $26.7 million and $0.08, respectively.\n\n\n\nAdjusted EBITDA(1) decreased 5.2% to $71.0 million from $74.8 million in the first quarter of 2022.\n\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\n\nStore Count\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n...