Business
Mister Car Wash Announces Third Quarter Fiscal 2022 Financial Results
Net revenues increased 12.0% Comparable stores sales increased 2.9% Unlimited Wash Club memberships increased 18.9% Opened eight new greenfield locations and
About this update from Mister Car Wash, Inc.
[{"type":"text","content":"\nNet revenues increased 12.0%\n\nComparable stores sales increased 2.9%\n\nUnlimited Wash Club memberships increased 18.9%\n\nOpened eight new greenfield locations and three 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 September 30, 2022.\n\n“We are pleased with our third quarter results and believe it speaks to the resiliency and long-term opportunity of our business,” stated John Lai, Chairperson and CEO of Mister Car Wash. “Similar to the trends in the previous quarter, demand remained steady, and retention of Unlimited Wash Club members remained consistent. We continue to balance long-term growth investments while being mindful of the realities of the current macroeconomic environment.”\n\nHighlights for the Third Quarter Ended September 30, 2022\n\n\nNet revenues increased 12.0% to $217.6 million from $194.3 million in the third quarter of 2021.\n\n\nComparable stores sales increased 2.9% compared to a 21.3% increase in the third quarter of 2021.\n\n\nThe Company added more than 19,000 Unlimited Wash Club® (“UWC”) Members in the third quarter. As of September 30, 2022, the Company had approximately 1.860 million UWC Members, which represented an 18.9% increase over the same time last year. UWC sales represented approximately 69% of total wash sales in the third quarter of 2022 compared to approximately 66% in the third quarter of 2021.\n\n\nThe Company opened eight new greenfield locations and three acquired locations in the third quarter of 2022, bringing the total number of car wash locations operated to 420 on September 30, 2022, compared to 360 car wash locations on September 30, 2021, an increase of 16.7%.\n\n\nNet income and net income per diluted share were $24.0 million and $0.07, respectively.\n\n\nAdjusted net income(1) and diluted adjusted net income per share(1) were $30.0 million and $0.09, respectively.\n\n\nAdjusted EBITDA(1) increased 5.9% to $66.1 million from $62.5 million in the third quarter of 2021.\n\n\nHighlights for the Nine-Months Ended September 30, 2022\n\n\nNet revenues increased 16.8% to $662.2 million from $566.9 million in the comparable period last year.\n\n\nComparable stores sales increased 5.3% compared to a 38.6% increase in the c...