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Mar 31, 2022
Mister Car Wash Q1 2022 Earnings Report
Mister Car Wash reported strong sales and membership growth, driven by greenfield performance and team member service.
Key Takeaways
Mister Car Wash announced its Q1 2022 financial results, with net revenues increasing by 25.0% to $219.4 million compared to Q1 2021. Comparable store sales also increased by 11.0%. The company had 1.781 million Unlimited Wash Club members, a 28.1% increase year-over-year.
Net revenues increased 25.0% to $219.4 million compared to the first quarter of 2021.
Comparable stores sales increased 11.0% compared to the first quarter of 2021.
Unlimited Wash Club memberships increased 28.1% year-over-year, reaching 1.781 million members.
The company opened three new greenfield locations, bringing the total to 399 locations.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company reiterates the guidance for the fiscal year ending December 31, 2022:
Positive Outlook
- Net revenues $875 to $895 million
- Comparable stores sales growth % 5.0% to 7.0%
- GAAP net income $139 to $149 million
- Adjusted net income $144 to $153 million
- Adjusted EBITDA $284 to $297 million
Challenges Ahead
- Adjusted net income per share, diluted $0.44 to $0.47
- Weighted average common shares outstanding, diluted, full year 329 million
- New greenfield locations Approx. 30
- Capital expenditures $285 to $315 million
- Sale leasebacks $140 to $150 million