On November 2, 2023, Mister Car Wash Inc (MCW, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a solid third quarter with positive comparable store sales and an upward momentum in business.
Financial Highlights
Net revenues for the quarter increased by 7.6% to $234.1 million from $217.6 million in the third quarter of 2022. The company's Unlimited Wash Club (UWC) program, which represents 71.5% of total wash sales, saw an 11.3% increase in membership on a year-over-year basis. The company added six thousand net new UWC members in the third quarter and had approximately 2.1 million members as of September 30, 2023.
Net income and net income per diluted share were $19.5 million and $0.06, respectively. Adjusted net income and diluted adjusted net income per share were $25.5 million and $0.08, respectively. Adjusted EBITDA increased 8.3% to $71.6 million from $66.1 million in the third quarter of 2022.
Operational Highlights
Mister Car Wash Inc (MCW, Financial) opened eight new greenfield locations and acquired five locations in the third quarter of 2023, bringing the total number of car wash locations operated to 462 as of September 30, 2023, compared to 420 car wash locations as of September 30, 2022, an increase of 10.0%.
Balance Sheet and Cash Flow
As of September 30, 2023, cash and cash equivalents totaled $62.1 million, compared to cash and cash equivalents of $65.2 million as of December 31, 2022. Net cash provided by operating activities totaled $165.5 million during the first nine months of 2023, compared to $185.5 million during the first nine months of 2022.
Fiscal 2023 Outlook
For the fiscal year ending December 31, 2023, the company is reiterating its outlook for all financial projections, except for capital expenditures. The company expects net revenues to be between $913 to $936 million, adjusted net income to be between $94 to $103 million, and adjusted EBITDA to be between $270 to $283 million.
However, the company revised its capital expenditures guidance for the fiscal year ending December 31, 2023, from $227 to $312 million to $312 to $335 million.
Explore the complete 8-K earnings release (here) from Mister Car Wash Inc for further details.
