Mister Car Wash Announces Third Quarter Fiscal 2022 Financial Results

Rhea-AI Summary

Mister Car Wash (NYSE: MCW) reported a 12.0% increase in net revenues to $217.6 million for Q3 2022, compared to $194.3 million in Q3 2021. Comparable store sales rose 2.9%, while Unlimited Wash Club memberships grew 18.9% to approximately 1.86 million members. The company opened eight new locations and acquired three locations, bringing total locations to 420. Net income for the quarter was $24.0 million with an adjusted EBITDA of $66.1 million. The 2022 outlook now predicts revenues of $865 to $880 million.

Positive

• Net revenues increased 12.0% to $217.6 million.
• Unlimited Wash Club memberships increased 18.9% to 1.86 million.
• Opened eight new locations, bringing the total to 420.
• Adjusted net income expected to be between $123 to $128 million.

Negative

• Comparable store sales growth slowed to 2.9% from 21.3% in the prior year.
• Adjusted EBITDA growth decreased to 5.9% compared to previous periods.

Net revenues increased 12.0%

Comparable stores sales increased 2.9%

Unlimited Wash Club memberships increased 18.9%

Opened eight new greenfield locations and three acquired locations

TUCSON, Ariz.--(BUSINESS WIRE)-- Mister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended September 30, 2022.

“We are pleased with our third quarter results and believe it speaks to the resiliency and long-term opportunity of our business,” stated John Lai, Chairperson and CEO of Mister Car Wash. “Similar to the trends in the previous quarter, demand remained steady, and retention of Unlimited Wash Club members remained consistent. We continue to balance long-term growth investments while being mindful of the realities of the current macroeconomic environment.”

Highlights for the Third Quarter Ended September 30, 2022

• Net revenues increased 12.0% to $217.6 million from $194.3 million in the third quarter of 2021.
• Comparable stores sales increased 2.9% compared to a 21.3% increase in the third quarter of 2021.
• The Company added more than 19,000 Unlimited Wash Club® (“UWC”) Members in the third quarter. As of September 30, 2022, the Company had approximately 1.860 million UWC Members, which represented an 18.9% increase over the same time last year. UWC sales represented approximately 69% of total wash sales in the third quarter of 2022 compared to approximately 66% in the third quarter of 2021.
• The Company opened eight new greenfield locations and three acquired locations in the third quarter of 2022, bringing the total number of car wash locations operated to 420 on September 30, 2022, compared to 360 car wash locations on September 30, 2021, an increase of 16.7%.
• Net income and net income per diluted share were $24.0 million and $0.07, respectively.
• Adjusted net income⁽¹⁾ and diluted adjusted net income per share⁽¹⁾ were $30.0 million and $0.09, respectively.
• Adjusted EBITDA⁽¹⁾ increased 5.9% to $66.1 million from $62.5 million in the third quarter of 2021.

Highlights for the Nine-Months Ended September 30, 2022

• Net revenues increased 16.8% to $662.2 million from $566.9 million in the comparable period last year.
• Comparable stores sales increased 5.3% compared to a 38.6% increase in the comparable period last year.
• The Company added approximately 204 thousand UWC Members.
• Net income and net income per diluted share were $95.1 million and $0.29, respectively.
• Adjusted net income⁽¹⁾ increased 14.6% to $104.9 million from $91.5 million and diluted adjusted net income per share⁽¹⁾ increased 6.7% to $0.32 from $0.30 in the comparable period last year.
• Adjusted EBITDA⁽¹⁾ increased 9.4% to $215.5 million from $197.0 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.

Store Count

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022
Beginning location count		409				351				396
Locations acquired		3				2				9
Greenfield locations opened		8				7				15
Closures		-				-				-
Ending location count		420				360				420

Balance Sheet and Cash Flow Highlights

• As of September 30, 2022, cash and cash equivalents totaled $74.9 million, and there were no borrowings under the Company’s Revolving Commitment, compared to cash and cash equivalents of $19.7 million and no borrowings under the Revolving Commitment as of September 30, 2021.
• Net cash provided by operating activities totaled $185.5 million during the first nine months of 2022, compared to $153.3 million for the same period of fiscal 2021.

Sale-Leasebacks

• In the third quarter 2022, the Company completed two separate sale-leaseback transactions involving a total of 14 car wash locations for aggregate consideration of $60.9 million.
• Subsequent to the end of the third quarter 2022, the Company completed three separate sale-leaseback transactions involving a total of five car wash locations for aggregate consideration of $25.2 million, bringing the year-to-date aggregate proceeds from sale-leasebacks to $89.9 million.

Fiscal 2022 Outlook

The Company is adjusting its outlook for the fiscal year ending December 31, 2022, as follows:

	Current		Previous
Net revenues	$865 to $880 million		$860 to $880 million
Comparable stores sales growth %	4.0% to 5.0%		3.0% to 5.0%
Adjusted net income	$123 to $128 million		$118 to $128 million
Adjusted EBITDA	$273 to $278 million		$268 to $278 million
Diluted adjusted net income per share	$0.38 to $0.39		$0.36 to $0.39
Interest Expense	$43 million		$42 million
Weighted average common shares outstanding, diluted, full year	328 million		329 million
New greenfield locations	At least 25		Approx. 30
Capital expenditures(1)	$200 to $240 million		$235 to $285 million
Sale leasebacks	$90 to $95 million		$140 to $150 million

⁽¹⁾ Total capital expenditures for the fiscal year ending December 31, 2022 are expected to consist of approximately $160 to $190 million of growth capital expenditures related to the opening of new stores and $40 million to $50 million of other capital expenditures related to store maintenance, growth and the expenditures to integrate acquired locations.

Conference Call Details

A conference call to discuss the Company’s financial results for the third quarter of fiscal 2022 and to provide a business update is scheduled for today, November 10, 2022 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 855-209-8213 (international callers please dial 1-412-542-4146) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.mistercarwash.com/.

A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.mistercarwash.com/ for 90 days.

About Mister Car Wash^® | Inspiring People to Shine^®

Headquartered in Tucson, AZ, Mister Car Wash, Inc. (NYSE: MCW) operates 420 car washes nationwide and has the largest car wash subscription program in North America. With over 25 years of car wash experience, the Mister team is focused on operational excellence and delivering a memorable customer experience through elevated hospitality. The Mister brand is anchored in quality, friendliness and a commitment to the communities we serve as good stewards of the environment and the resources we use. We believe that when you take care of your people, they will take care of your customers. To learn more visit: www.mistercarwash.com.

Use of Non-GAAP Financial Measures

This press release includes references to non-GAAP financial measures, including Adjusted EBITDA, Adjusted net income (loss), Adjusted net income (loss) per share and Adjusted net income (loss) per share, on a diluted basis (the “Company’s Non-GAAP Financial Measures”). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. The reconciliations of the Company’s non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.

The Company’s Non-GAAP Financial Measures are non-GAAP measures of the Company’s financial performance and should not be considered as an alternative to net income as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and should not be construed as an inference that the Company’s future results will be unaffected by unusual or nonrecurring items. Adjusted EBITDA is defined as net income (loss) before interest expense, net, income tax provision (benefit), depreciation and amortization expense, (gain) loss on sale of assets, loss on extinguishment of debt, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, expenses associated with the secondary public offering, and other nonrecurring charges. Adjusted net income (loss) is defined as net income (loss) before (gain) loss on sale of assets, loss on extinguishment of debt, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, expenses associated with the secondary public offering, other nonrecurring charges, tax benefits related to stock awards exercised and the tax impact of adjustments to net income (loss). Adjusted net income (loss) per share is defined as basic net income (loss) per share before (gain) loss on sale of assets, loss on extinguishment of debt, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, expenses associated with the secondary public offering, other nonrecurring charges, tax benefits related to stock awards exercised and the tax impact of adjustments to basic net income (loss) per share. Diluted adjusted net income per share is defined as diluted net income (loss) per share before (gain) loss on sale of assets, loss on extinguishment of debt, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, expenses associated with the secondary public offering, other nonrecurring charges, tax benefits related to stock awards exercised and the tax impact of adjustments to basic net income (loss) per share.

The Company presents the Company’s Non-GAAP Financial Measures because management believes that these measures assist investors and analysts in comparing the Company’s operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company’s ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating Company’s Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company’s presentation of Company’s Non-GAAP Financial Measures. The Company’s presentation of Company’s Non-GAAP Financial Measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or nonrecurring items. There can be no assurance that the Company will not modify the presentation of the Company’s Non-GAAP Financial Measures in future periods, and any such modification may be material. In addition, the Company’s Non-GAAP Financial Measures may not be comparable to similarly titled measures used by other companies in the Company’s industry or across different industries.

Management believes that the Company’s Non-GAAP Financial Measures are helpful in highlighting trends in the Company’s core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Management also uses Adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company’s business strategies; to make budgeting decisions; and because the Company’s credit facilities use measures similar to Adjusted EBITDA to measure the Company’s compliance with certain covenants.

The Company’s Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include, for example, Adjusted EBITDA does not reflect: the Company’s cash expenditure or future requirements for capital expenditures or contractual commitments; the Company’s cash requirements for the Company’s working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company’s debt; cash requirements for replacement of assets that are being depreciated and amortized; and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company’s ongoing operations. In addition, other companies in the Company’s industry may calculate similarly titled non-GAAP financial measures differently than the Company.

A reconciliation of the Company’s full year guidance for Adjusted EBITDA, Adjusted net income (loss) and Diluted adjusted net income per share, for fiscal 2022 to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including acquisition expenses, other expenses and the other adjustments reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which, could be material.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding Mister Car Wash’s expansion efforts and expected growth and financial and operational results for fiscal 2022. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, though not all forward-looking statements use these words or expressions.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our inability to attract new customers, retain existing customers and maintain or grow the number of Unlimited Wash Club® (“UWC”) members, which could adversely affect our business, financial condition and results of operations and rate of growth; our failure to acquire, or open and operate new locations in a timely and cost-effective manner, and enter into new markets or leverage new technologies, may materially and adversely affect our competitive advantage or financial performance; our inability to successfully implement our growth strategies on a timely basis or at all; we are subject to a number of risks and regulations related to credit card and debit card payments we accept; an overall decline in the health of the economy and other factors impacting consumer spending, such as natural disasters and fluctuations in inflation, may affect consumer purchases, reduce demand for our services and materially and adversely affect our business, results of operations and financial condition; growing inflation, supply chain disruption and other increased operating costs could materially and adversely affect our results of operations; our locations may experience difficulty hiring and retaining qualified personnel, resulting in higher labor costs; we lease or sublease the land and buildings where a number of our locations are situated, which could expose us to possible liabilities and losses; our indebtedness could adversely affect our financial health and competitive position; our business is subject to various laws and regulations and changes in such laws and regulations, or failure to comply with existing or future laws and regulations, may result in litigation, investigation or claims by third parties or employees that could adversely affect our business; our locations are subject to certain environmental laws and regulations; we are subject to data security and privacy risks that could negatively impact our results of operations or reputation; we may be unable to adequately protect, and we may incur significant costs in enforcing or defending, our intellectual property and other proprietary rights; stockholders’ ability to influence corporate matters may be limited because a small number of stockholders beneficially own a substantial amount of our common stock and continue to have substantial control over us; our stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors purchasing shares of our common stock; and the other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC accessible on the SEC’s website at www.sec.gov and Investors Relations section of the Company’s website at www.mistercarwash.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not have any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Amounts in thousands, except share and per share data) (Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Net revenues	$	217,576			$	194,310			$	662,154			$	566,898
Cost of labor and chemicals		68,228				63,438				203,117				203,051
Other store operating expenses		82,343				68,435				239,173				194,889
General and administrative		24,743				22,166				74,040				226,015
(Gain) loss on sale of assets		(649	)			748				(3,336	)			(5,559	)
Total costs and expenses		174,665				154,787				512,994				618,396
Operating income (loss)		42,911				39,523				149,160				(51,498	)
Other expense:
Interest expense, net		10,100				5,717				27,028				33,416
Loss on extinguishment of debt		-				-				-				3,183
Total other expense		10,100				5,717				27,028				36,599
Income (loss) before taxes		32,811				33,806				122,132				(88,097	)
Income tax provision (benefit)		8,814				6,440				26,988				(29,747	)
Net income (loss)	$	23,997			$	27,366			$	95,144			$	(58,350	)
Other comprehensive income (loss), net of tax:
(Loss) gain on interest rate swap		(1,795	)			54				375				401
Total comprehensive income (loss)	$	22,202			$	27,420			$	95,519			$	(57,949	)
Net income (loss) per share:
Basic	$	0.08			$	0.09			$	0.31			$	(0.21	)
Diluted	$	0.07			$	0.08			$	0.29			$	(0.21	)
Weighted-average common shares outstanding:
Basic		304,290,590				296,360,660				302,641,749				274,387,532
Diluted		326,881,152				327,320,169				327,773,344				274,387,532

Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) (Unaudited)
	As of
	September 30, 2022				December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	74,885			$	19,738
Restricted cash		62				120
Accounts receivable, net		2,937				1,090
Other receivables		14,441				22,796
Inventory, net		8,888				6,334
Prepaid expenses and other current assets		11,247				8,766
Total current assets		112,460				58,844
Property and equipment, net		514,357				472,448
Operating lease right of use assets, net		763,427				718,533
Other intangible assets, net		125,781				129,820
Goodwill		1,107,072				1,060,221
Other assets		8,394				8,236
Total assets	$	2,631,491			$	2,448,102
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	27,589			$	27,346
Accrued payroll and related expenses		19,976				16,963
Other accrued expenses		25,460				20,201
Current maturities of operating lease liability		39,336				37,345
Current maturities of finance lease liability		648				559
Deferred revenue		28,814				27,815
Total current liabilities		141,823				130,229
Long-term portion of debt, net		895,428				896,336
Operating lease liability		750,929				717,552
Financing lease liability		14,955				15,359
Long-term deferred tax liability		45,741				22,603
Other long-term liabilities		7,043				8,871
Total liabilities		1,855,919				1,790,950
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 304,624,334 and 300,120,451 shares outstanding as of September 30, 2022 and December 31, 2021, respectively		3,052				3,007
Additional paid-in capital		775,199				752,343
Accumulated other comprehensive income		600				225
Accumulated deficit		(3,279	)			(98,423	)
Total stockholders’ equity		775,572				657,152
Total liabilities and stockholders’ equity	$	2,631,491			$	2,448,102

Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited)
	Nine Months Ended September 30,
	2022				2021
Cash flows from operating activities:
Net income (loss)	$	95,144			$	(58,350	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		45,274				36,530
Stock-based compensation expense		16,959				210,292
(Gain) loss on sale of assets		(3,336	)			(5,559	)
Loss on extinguishment of debt		-				3,183
Amortization of deferred debt issuance costs		1,270				898
Non-cash lease expense		29,602				26,535
Deferred income tax		21,526				(33,247	)
Changes in assets and liabilities:
Accounts receivable, net		(1,663	)			(549	)
Other receivables		8,355				(5,595	)
Inventory, net		(2,431	)			850
Prepaid expenses and other current assets		(2,458	)			(5,042	)
Accounts payable		6,424				4,025
Accrued expenses		4,295				6,874
Deferred revenue		660				1,531
Operating lease liability		(32,103	)			(26,468	)
Other noncurrent assets and liabilities		(2,065	)			(2,599	)
Net cash provided by operating activities	$	185,453			$	153,309
Cash flows from investing activities:
Purchases of property and equipment		(132,014	)			(86,330	)
Acquisition of car wash operations, net of cash		(65,533	)			(55,072	)
Proceeds from sale of property and equipment		63,763				50,944
Net cash used in investing activities	$	(133,784	)		$	(90,458	)
Cash flows from financing activities:
Proceeds from issuance of common stock pursuant to initial public offering		-				468,750
Proceeds from issuance of common stock under employee plans		5,941				121
Payments for repurchases of common stock		-				(308	)
Proceeds from secondary public offering for employee tax withholdings		-				20,859
Tax withholdings paid on behalf of employees for secondary public offering		-				(20,859	)
Payments on debt borrowings		(2,100	)			(456,972	)
Payments of debt extinguishment costs		-				(28	)
Payments of deferred debt issuance costs		-				(226	)
Principal payments on finance lease obligations		(421	)			(364	)
Payments of issuance costs pursuant to initial public offering		-				(29,194	)
Net cash provided by (used in) financing activities	$	3,420			$	(18,221	)
Net change in cash and cash equivalents and restricted cash during period		55,089				44,630
Cash and cash equivalents and restricted cash at beginning of period		19,858				117,874
Cash and cash equivalents and restricted cash at end of period	$	74,947			$	162,504
Supplemental disclosure of cash flow information:
Cash paid for interest	$	25,900			$	33,134
Cash paid for income taxes	$	2,416			$	8,029
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment in accounts payable	$	10,965			$	14,817
Property and equipment accrued in other accrued expenses	$	3,886			$	-

GAAP to Non-GAAP Reconciliations (Amounts in thousands, except share and per share data) (Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Reconciliation of net income to Adjusted EBITDA:
Net income (loss)	$	23,997			$	27,366			$	95,144			$	(58,350	)
Interest expense, net		10,100				5,717				27,028				33,416
Income tax provision (benefit)		8,814				6,440				26,988				(29,747	)
Depreciation and amortization expense		15,193				12,980				45,274				36,530
(Gain) loss on sale of assets		(649	)			748				(3,336	)			(5,559	)
Loss on extinguishment of debt		-				-				-				3,183
Stock-based compensation expense		5,461				6,751				16,959				210,292
Acquisition expenses		1,303				968				2,541				1,977
Management fees		-				-				-				500
Non-cash rent expense		745				380				1,820				1,136
Expenses associated with initial public offering		-				124				272				1,574
Expenses associated with secondary public offering						498								498
Other		1,168				478				2,767				1,550
Adjusted EBITDA	$	66,132			$	62,450			$	215,457			$	197,000

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Reconciliation of weighted-average common shares outstanding - diluted to Adjusted weighted-average common shares outstanding - diluted:
Weighted-average common shares outstanding - diluted		326,881,152				327,320,169				327,773,344				274,387,532
Adjustments for potentially dilutive securities		-				-				-				25,943,005
Adjusted weighted-average common shares outstanding - diluted		326,881,152				327,320,169				327,773,344				300,330,537

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Reconciliation of net income to Adjusted Net Income:
Net income (loss)	$	23,997			$	27,366			$	95,144			$	(58,350	)
(Gain) loss on sale of assets		(649	)			748				(3,336	)			(5,559	)
Loss on extinguishment of debt		-				-				-				3,183
Stock-based compensation expense		5,461				6,751				16,959				210,292
Acquisition expenses		1,303				968				2,541				1,977
Management fees		-				-				-				500
Non-cash rent expense		745				380				1,820				1,136
Expenses associated with initial public offering		-				124				272				1,574
Expenses associated with secondary public offering		-				498				-				498
Other		1,168				478				2,767				1,550
Income tax impact of stock award exercises		(38	)			(2,555	)			(5,996	)			(11,466	)
Tax impact of adjustments to net income (loss)		(2,007	)			(2,487	)			(5,256	)			(53,788	)
Adjusted Net Income	$	29,980			$	32,271			$	104,915			$	91,547
Diluted Adjusted Net Income per Share	$	0.09			$	0.10			$	0.32			$	0.30
Adjusted weighted-average common shares outstanding - diluted		326,881,152				327,320,169				327,773,344				300,330,537

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005884/en/

Investors:

John Rouleau

ICR

IR@mistercarwash.com

Media:

Jill Adams

media@mistercarwash.com

Source: Mister Car Wash, Inc.

FAQ

What were Mister Car Wash's Q3 2022 net revenues?

Mister Car Wash reported net revenues of $217.6 million for Q3 2022, a 12.0% increase from the previous year.

How many Unlimited Wash Club members does Mister Car Wash have as of September 30, 2022?

As of September 30, 2022, Mister Car Wash had approximately 1.86 million Unlimited Wash Club members, reflecting an 18.9% increase year-over-year.

What is the adjusted EBITDA for Mister Car Wash in Q3 2022?

The adjusted EBITDA for Mister Car Wash in Q3 2022 was $66.1 million, showing a growth of 5.9% from the previous year.

What is Mister Car Wash's revenue outlook for 2022?

Mister Car Wash's revenue outlook for the fiscal year 2022 is projected between $865 to $880 million.

What was the comparable store sales growth for Mister Car Wash in Q3 2022?

Comparable store sales growth for Mister Car Wash in Q3 2022 was 2.9%, a significant decrease from 21.3% in the same quarter last year.