Business
Mister Car Wash Announces Second Quarter Fiscal 2022 Financial Results
Net revenues increased 14.2% Comparable stores sales increased 2.4% Unlimited Wash Club memberships increased 20.0% Opened four new greenfield locations and
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 14.2%\nComparable stores sales increased 2.4%\nUnlimited Wash Club memberships increased 20.0%\nOpened four new greenfield locations and opened six acquired 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 June 30, 2022.\n\n“We think our second quarter results demonstrate the resilience of our business. Demand throughout the quarter remained relatively consistent and we did not see a meaningful change in cancellation rates or the make-up of our Unlimited Wash Club subscription business,” commented John Lai, Chairperson and CEO of Mister Car Wash. “While inflationary pressures, rising interest rates, public company costs, and investments to continue growing and scaling the business have created some near-term pressure on our margins, we are focused on the long-term growth and health of the business.”\n\nHighlights for the Second Quarter 2022\n\n\nNet revenues increased 14.2% to $225.2 million for the second quarter of 2022 from $197.1 million in the second quarter of 2021.\n\n\nComparable stores sales increased 2.4% for the second quarter of 2022, compared to a 93.0% increase in the second quarter of 2021.\n\n\nThe Company added more than 59 thousand Unlimited Wash Club (“UWC”) Members in the second quarter. As of June 30, 2022, the Company had approximately 1.841 million UWC Members, which represented a 20.0% increase over the same time last year. UWC sales represented approximately 66.2% of total wash sales in the second quarter of 2022 compared to approximately 62.3% in the second quarter of 2021.\n\n\nThe Company opened four new greenfield locations and opened six acquired locations in the second quarter of 2022, bringing the total number of car wash locations operated to 409 on June 30, 2022, compared to 351 on June 30, 2021, an increase of 16.5%.\n\n\nNet income and net income per diluted share were $35.7 million and $0.11, respectively, for the second quarter of 2022 compared to net loss and net loss per diluted share of $110.3 million and ($0.42), respectively, for the second quarter of 2021.\n\n\nAdjusted net income(1) decreased 9.5% to $37.2 million in the second quarter of 2022 from $41.4 million in the second quarter of 2021. Adjusted net income per...