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Jun 30, 2023
Mister Car Wash Q2 2023 Earnings Report
Mister Car Wash's financial performance remained solid with revenue growth and UWC membership increase.
Key Takeaways
Mister Car Wash reported a 5.2% increase in net revenues, reaching $236.9 million. The Unlimited Wash Club (UWC) memberships grew by 12.2%, and comparable store sales increased by 0.3%. The company opened nine new greenfield locations and acquired one location, expanding its total car wash locations to 449. Net income was reported at $27.1 million, or $0.08 per diluted share.
Net revenues increased by 5.2% to $236.9 million compared to Q2 2022.
Comparable stores sales increased 0.3% compared to a 2.4% increase in Q2 2022.
UWC Memberships increased by 12.2% with 2.1 million members as of June 30, 2023.
Opened nine new greenfield locations and acquired one location, bringing the total to 449 locations.
Mister Car Wash
Mister Car Wash
Forward Guidance
The Company revises the guidance previously provided for the fiscal year ending December 31, 2023:
Positive Outlook
- Net revenues $913 to $936 million
- Comparable stores sales growth % -1.0% to 1.0%
- Adjusted net income $94 to $103 million
- Adjusted EBITDA $270 to $283 million
- Diluted adjusted net income per share $0.28 to $0.32
Challenges Ahead
- Net revenues previous $925 to $960 million
- Comparable stores sales growth % previous 0.0% to 3.0%
- Adjusted net income previous $100 to $115 million
- Adjusted EBITDA previous $277 to $297 million
- Diluted adjusted net income per share previous $0.30 to $0.35