Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 115

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 115
---
    80,130

    Interest expense, net

    79,488

    75,104

    Income tax provision

    32,428

    22,911

    Depreciation and amortization expense

    81,366

    69,991

    Loss on sale of assets, net (a)

    12,435

    125

    Stock-based compensation expense (b)

    27,259

    24,310

    Acquisition expenses (c)

    3,357

    3,471

    Non-cash rent expense (d)

    6,405

    5,043

    Debt refinancing costs (e)

    6,711

    —

    Employee retention credit

    (5,189
    )

    —

    Other (f)

    6,447

    4,839

    Adjusted EBITDA
     
    $
    320,946

    $
    285,924

    Net revenues
     
    $
    994,727

    $
    927,070

    Net income margin

    7.1
    %

    8.6
    %

    Adjusted EBITDA margin

    32.3
    %

    30.8
    %

(a)Consists of (gains) and losses on the disposition of assets associated with sale leaseback transactions, the sale of property and equipment, and store closures or the impairments associated with store closures and relocations.

(b)Represents non-cash expense associated with our share-based payments as well as related taxes.

(c)Represents expenses incurred in strategic acquisitions and greenfield development. Expenses include professional fees for accounting and auditing services, appraisals, legal fees and financial services, dead deal costs, one-time costs associated with supplies for rebranding the acquired stores, and distinct travel expenses for related, distinct integration efforts by team members who are not part of our dedicated integration team.

(d)Represents the difference between cash paid for rent expense and U.S. GAAP rent expense.

(e)Represents non-deferred legal fees and other expenses related to credit agreement amendments, and loss on extinguishment of debt associated with amendments to the debt facilities.

(f)Consists of other items as determined by management not to be reflective of our ongoing operating performance, such as costs associated with severance pay, legal settlements and legal fees