TUCSON, Ariz. — Mister Car Wash, Inc. recently announced its financial results for the quarter and fiscal year ended Dec. 31, 2022, in a press release.
“We reported another strong quarter, capping off an excellent year for our company,” said John Lai, chairperson and CEO of Mister Car Wash. “Demand for our services remained steady and our retention of Unlimited Wash Club members remained consistent in the fourth quarter. We opened 13 new greenfield locations in the fourth quarter, a record quarterly number for the company. This is a testament to the resiliency of our business and execution of our winning team.”
Fourth Quarter Highlights:
- Net revenues increased 12.0% to $214.3 million from $191.5 million in the fourth quarter of 2021.
- Comparable stores sales increased 4.0% compared to 14.6% increase in the fourth quarter of 2021.
- The company added 24,000 Unlimited Wash Club (UWC) Members in the fourth quarter. As of Dec. 31, 2022, the company had approximately 1.884 million UWC members, which represented a 13.8% increase over the same time last year. UWC sales represented approximately 71% of total wash sales in the fourth quarter of 2022 compared to approximately 67% in the fourth quarter of 2021.
- The company opened 13 new greenfield locations and acquired three locations in the fourth quarter of 2022, bringing the total number of carwash locations operated to 436 as of Dec. 31, 2022, compared to 396 carwash locations as of Dec. 31, 2021, an increase of 10.1%.
- Net income and net income per diluted share were $17.8 million and $0.05, respectively.
- Adjusted net income(1) and diluted adjusted net income per share(1) were $25.9 million and $0.08, respectively.
- Adjusted EBITDA(1) increased 15.4% to $66.2 million from $57.3 million in the fourth quarter of 2021.
Full Year Highlights:
- Net revenues increased 15.6% to $876.5 million from $758.4 million in the comparable period last year.
- Comparable stores sales increased 5.0% compared to a 31.7% increase in the comparable period last year.
- The company added approximately 228,000 UWC members.
- Net income and net income per diluted share were $112.9 million and $0.34, respectively.
- Adjusted net income(1) increased 9.9% to $130.8 million from $119.0 million and diluted adjusted net income per share(1) increased to $0.40 from $0.39 in the comparable period last year.
- Adjusted EBITDA(1) increased 10.7% to $281.6 million from $254.3 million in the comparable period last year.
(1) See Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures disclosures included below in this press release.
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