Business
Mister Car Wash Announces Third Quarter 2023 Financial Results
Net revenues increased 7.6% Unlimited Wash Club memberships increased 11.3% Opened eight new greenfield locations and acquired five locations Adjusting
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 7.6%\nUnlimited Wash Club memberships increased 11.3%\nOpened eight new greenfield locations and acquired five locations\nAdjusting capital expenditure range and reiterating outlook for all other financial projections for 2023\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 September 30, 2023.\n\n\n“We had a solid third quarter and feel good about the upward momentum in our business. Comparable store sales were positive and continued to move in the right direction, our new build openings are on schedule and performing nicely, the implementation of our Titanium and other tunnel enhancements is moving full steam ahead and we are encouraged by the early results, and our Unlimited Wash Club® (“UWC”) program remains our most loyal and steadfast customer base,” commented John Lai, Chairperson and CEO of Mister Car Wash. “We continue to manage our expenses while simultaneously investing for the future, and are on track to hit our full-year store opening target of approximately 35 new greenfields.”\n\n\nThird Quarter 2023 Highlights:\n\n\n\nNet revenues increased 7.6% to $234.1 million from $217.6 million in the third quarter of 2022.\n\n\n\nComparable stores sales increased 1.7%, compared to a 2.9% increase in the third quarter of 2022.\n\n\n\nUWC sales represented 71.5% of total wash sales and UWC membership increased 11.3% on a year-over-year basis. The Company added six thousand net new UWC members in the third quarter and had approximately 2.1 million members as of September 30, 2023.\n\n\n\nThe Company opened eight new greenfield locations and acquired five locations in the third quarter of 2023, bringing the total number of car wash locations operated to 462 as of September 30, 2023, compared to 420 car wash locations as of September 30, 2022, an increase of 10.0%.\n\n\n\nNet income and net income per diluted share were $19.5 million and $0.06, respectively.\n\n\n\nAdjusted net income(1) and diluted adjusted net income per share(1) were $25.5 million and $0.08, respectively.\n\n\n\nAdjusted EBITDA(1) increased 8.3% to $71.6 million from $66.1 million in the third quarter of 2022.\n\n\n\nNine Month 2023 Highlights:\n\n\n\nNet revenues increased 5.3% to $696.9 million f...