Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 111

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 111
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ffecting the Comparability of Our Results of Operations

Our results have been affected by, and may in the future be affected by, the following factors, which must be understood in order to assess the comparability of our period-to-period financial performance and condition.

Greenfield Location Development

More recently, we have grown through greenfield development of Mister Car Wash locations, with particular focus on Express Exterior Locations, and anticipate continued pursuit of this strategy in the future. During 2024, we successfully opened a total of 39 greenfield locations, with the expectation of driving the majority of our future location growth through greenfield development. We believe such a strategy will drive a more controllable pipeline of unit growth for future locations in existing and adjacent markets.

The comparability of our results may be impacted by the inclusion of financial performance of greenfield locations that have not delivered a full fiscal year of financial results nor matured to average unit volumes, which we typically expect after approximately three full years of operation.

Key Performance Indicators

We prepare and analyze various operating and financial data to assess the performance of our business and to help in the allocation of our resources. The key operating performance and financial metrics and indicators we use are set forth below, as of and for the years ended December 31, 2024 and 2023.

22 

    Year Ended December 31,

    (Dollars in thousands)
     
    2024

    2023

    Financial and Operating Data:

    Location count (end of period)

    514

    476

    Comparable store sales growth

    3.0
    %

    0.3
    %

    UWC Members (in thousands, end of period)

    2,124

    2,077

    UWC sales as a percentage of total wash sales

    74
    %

    71
    %

    Net income
     
    $
    70,239

    $
    80,130

    Net income margin

    7.1
    %

    8.6
    %

    Adjusted EBITDA
     
    $
    320,946

    $
    285,924

    Adjusted EBITDA margin

    32.3
    %

    30.8
    %

Location Count (end of period)

Our location count refers to the total number of car wash locations operating at the end of a period, inclusive of new greenfield