Business
Mister Car Wash Announces Second Quarter 2023 Financial Results
Net revenues increased 5.2% Unlimited Wash Club memberships increased 12.2% Opened nine new greenfield locations and acquired one location Fiscal 2023
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 5.2%\n\n\nUnlimited Wash Club memberships increased 12.2%\n\n\nOpened nine new greenfield locations and acquired one location\n\n\nFiscal 2023 guidance revised\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 June 30, 2023.\n\n\n“We had a solid second quarter. Our Unlimited Wash subscription business remained strong and stable, comparable store sales returned to positive territory, operating margin improved sequentially from the first quarter, we generated $74 million in adjusted EBITDA and net income of $27 million, and we are pleased with the Titanium rollout and implementation process,” commented John Lai, Chairperson and CEO of Mister Car Wash. “Our foot is firmly on the pedal of greenfield expansion, as we opened 13 new stores year to date and remain comfortable with our full year target of approximately 35. Lastly, we continue to manage expenses and optimize investments in our facilities and our people. From our Manager in Training program to our close coverage in house facility maintenance team, to our new build install teams, to IT support, we’ve invested in human capital across the board knowing that in the end, we have a culture that values people, and our biggest competitive advantage is our team.”\n\n\nSecond Quarter 2023 Highlights:\n\n\n\nNet revenues increased 5.2% to $236.9 million from $225.2 million in the second quarter of 2022.\n\n\n\nComparable stores sales increased 0.3%, compared to a 2.4% increase in the second quarter of 2022.\n\n\n\nThe Company added 59 thousand net new UWC Members in the second quarter. As of June 30, 2023, the Company had approximately 2.1 million UWC Members, which represented a 12.2% increase over the same time last year. UWC sales represented approximately 69.4% of total wash sales in the second quarter of 2023 compared to approximately 66.2% in the second quarter of 2022.\n\n\n\nThe Company opened nine new greenfield locations and acquired one location in the second quarter of 2023, bringing the total number of car wash locations operated to 449 as of June 30, 2023, compared to 409 car wash locations as of June 30, 2022, an increase of 9.8%.\n\n\n\nNet income and net income per diluted share were $27.1 million and $0.08...