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Jun 30, 2021
Mister Car Wash Q2 2021 Earnings Report
Mister Car Wash achieved record revenue growth driven by comparable store sales and UWC member increases.
Key Takeaways
Mister Car Wash reported a strong second quarter with a 93% increase in net revenues to $197.1 million compared to Q2 2020. Comparable store sales increased by 93%, and the company added approximately 143,000 new Unlimited Wash Club (UWC) members. However, the company reported a net loss of $110.3 million due to a one-time, non-cash charge related to the vesting of legacy performance-vesting options in connection with the IPO.
Net revenues increased by 93% to $197.1 million compared to Q2 2020.
Comparable stores sales increased by 93% compared to Q2 2020.
UWC members increased by 39% year-over-year, reaching 1.5 million members.
The company operated 351 car wash locations as of June 30, 2021, compared to 327 locations as of June 30, 2020.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company provided guidance for the fiscal year ended December 31, 2021.
Positive Outlook
- Revenues, net growth ~30%
- Comparable stores sales growth 29% to 33%
- Adjusted net income $120 to $135 million
- Adjusted EBITDA $247 to $252 million
- Adjusted net income per share, diluted $0.39 to $0.44
Challenges Ahead
- GAAP net income (loss) $(45) to $(30) million
- Revenue, net growth considers the $23.8 million loss of revenue associated with the divestiture of our quick lube facilities in December 2020.
- Annual unit growth High single digits
- Acquired locations 50 over 5 years
- Comparable stores sales growth Mid single digits