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Sep 30, 2022
Mister Car Wash Q3 2022 Earnings Report
Mister Car Wash's financial performance for Q3 2022 reflected revenue growth and continued expansion.
Key Takeaways
Mister Car Wash reported a 12.0% increase in net revenues, reaching $217.6 million. Comparable store sales increased by 2.9%, and the company expanded its Unlimited Wash Club memberships by 18.9%, reaching 1.860 million members. The company opened eight new greenfield locations and acquired three locations, increasing the total number of car wash locations to 420.
Net revenues increased by 12.0% to $217.6 million compared to Q3 2021.
Comparable stores sales increased by 2.9% compared to a 21.3% increase in Q3 2021.
Unlimited Wash Club memberships increased by 18.9%, with over 19,000 new members added in Q3.
The company expanded its operations to 420 locations, including eight new greenfield and three acquired locations.
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 $865 to $880 million
- Comparable stores sales growth % 4.0% to 5.0%
- Adjusted net income $123 to $128 million
- Adjusted EBITDA $273 to $278 million
- Diluted adjusted net income per share $0.38 to $0.39
Challenges Ahead
- Interest Expense $43 million
- Weighted average common shares outstanding, diluted, full year 328 million
- New greenfield locations At least 25
- Capital expenditures(1) $200 to $240 million
- Sale leasebacks $90 to $95 million