Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 46

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 46
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 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 related to contract terminations, and nonrecurring strategic project costs.

25 

Results of Operations

The results of operations data for the years ended December 31, 2024 and 2023 have been derived from the consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

    Year Ended December 31,

    2024

    2023

    (Dollars in thousands)
     
    Amount

    % ofRevenue

    Amount

    % ofRevenue

    Net revenues
     
    $
    994,727

    100
    %
     
    $
    927,070

    100
    %

    Costs and expenses: