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Jun 30, 2022
Mister Car Wash Q2 2022 Earnings Report
Mister Car Wash's financial performance demonstrated resilience with revenue growth and UWC membership increase.
Key Takeaways
Mister Car Wash reported a 14.2% increase in net revenues, reaching $225.2 million, and a 2.4% increase in comparable store sales. The company added over 59,000 Unlimited Wash Club members, bringing the total to 1.841 million, a 20% increase year-over-year. Net income was $35.7 million, or $0.11 per diluted share.
Net revenues increased by 14.2% to $225.2 million.
Comparable stores sales increased by 2.4%.
Unlimited Wash Club memberships increased by 20.0%, reaching 1.841 million members.
Net income was $35.7 million, with earnings per diluted share at $0.11.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company is adjusting its outlook for the fiscal year ending December 31, 2022.
Positive Outlook
- Net revenues are expected to be $860 to $880 million.
- Comparable stores sales growth % is expected to be 3.0% to 5.0%.
- Adjusted net income is expected to be $118 to $128 million.
- Adjusted EBITDA is expected to be $268 to $278 million.
- Sale leasebacks are expected to be $140 to $150 million.
Challenges Ahead
- Previous net revenues were expected to be $875 to $895 million.
- Previous comparable stores sales growth % was expected to be 5.0% to 7.0%.
- Previous adjusted net income was expected to be $144 to $153 million.
- Previous adjusted EBITDA was expected to be $284 to $297 million.
- Capital expenditures are expected to be $235 to $285 million.