Business
Mister Car Wash Announces Fourth Quarter and Fiscal Year 2022 Financial Results
Net revenues increased 12.0% Comparable stores sales increased 4.0% Unlimited Wash Club memberships increased 13.8% Opened 13 new greenfield locations and
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 12.0%\nComparable stores sales increased 4.0%\nUnlimited Wash Club memberships increased 13.8%\nOpened 13 new greenfield locations and acquired three locations\nProvides Fiscal 2023 Outlook\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 and fiscal year ended December 31, 2022.\n\n“We reported another strong quarter, capping off an excellent year for our company,” said John Lai, Chairperson and CEO of Mister Car Wash. “Demand for our services remained steady and our retention of Unlimited Wash Club members remained consistent in the fourth quarter. We opened thirteen new greenfield locations in the fourth quarter, a record quarterly number for the company. This is a testament to the resiliency of our business and execution of our winning team.”\n\nFourth Quarter Highlights:\n\n\nNet revenues increased 12.0% to $214.3 million from $191.5 million in the fourth quarter of 2021.\n\n\nComparable stores sales increased 4.0% compared to 14.6% increase in the fourth quarter of 2021.\n\n\nThe Company added 24 thousand Unlimited Wash Club® (“UWC”) Members in the fourth quarter. As of December 31, 2022, the Company had approximately 1.884 million UWC Members, which represented a 13.8% increase over the same time last year. UWC sales represented approximately 71% of total wash sales in the fourth quarter of 2022 compared to approximately 67% in the fourth quarter of 2021.\n\n\nThe Company opened 13 new greenfield locations and acquired three locations in the fourth quarter of 2022, bringing the total number of car wash locations operated to 436 as of December 31, 2022, compared to 396 car wash locations as of December 31, 2021, an increase of 10.1%.\n\n\nNet income and net income per diluted share were $17.8 million and $0.05, respectively.\n\n\nAdjusted net income(1) and diluted adjusted net income per share(1) were $25.9 million and $0.08, respectively.\n\n\nAdjusted EBITDA(1) increased 15.4% to $66.2 million from $57.3 million in the fourth quarter of 2021.\n\n\nFull Year Highlights:\n\n\nNet revenues increased 15.6% to $876.5 million from $758.4 million in the comparable period last year.\n\n\nComparable stores sales increased 5.0% compared to a 31.7% increase in the comparable peri...