Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 116

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 116
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 $
    70,239

    7
    %
     
    $
    80,130

    9
    %

Net Revenues

    Year Ended December 31,

    (Dollars in thousands)
     
    2024

    2023

    $ Change

    % Change

    Net revenues
     
    $
    994,727

    $
    927,070

    $
    67,657

    7
    %

The increase in net revenues was primarily attributable to growth in UWC Members, the year-over-year addition of 38 net locations, as well as price optimization and wash package mix with the introduction of our new premium Titanium wash package, which expanded our wash packages offered to UWC Members and Retail customers.

Cost of Labor and Chemicals

    Year Ended December 31,

    (Dollars in thousands)
     
    2024

    2023

    $ Change

    % Change

    Cost of labor and chemicals
     
    $
    290,705

    $
    279,375

    $
    11,330

    4
    %

    Percentage of net revenues

    29
    %

    30
    %

The increase in the cost of labor and chemicals was primarily attributable to an increase in volume and the year-over-year addition of 38 net locations, as well as some inflationary pressures on store labor, partially offset by labor optimization and lower chemical costs due to new formulations and cost savings from strategic partnerships between periods. Locations opened during 2024 accounted for $8.0 million of the increase.

Other Store Operating Expenses

    Year Ended December 31,

    (Dollars in thousands)
     
    2024

    2023

    $ Change

    % Change

    Other store operating expenses
     
    $
    404,675

    $
    363,717

    $
    40,958

    11
    %

    Percentage of net revenues

    41
    %

    39
    %

26 

The increase in other store operating expenses was primarily attributable to the year-over-year addition of 38 net locations, as well as additional rent expense related to our sale-leaseback activity in the current year. Locations opened during 2024 accounted for $15.3 million of the increase.

General and Administrative

    Year Ended December 31,

    (