Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 42

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 42
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 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 locations, acquired locations and offset by closed locations. The total number of locations that we operate, as well as the timing of location openings, acquisitions and closings, have, and will continue to have, an impact on our performance. In fiscal year 2024, we increased our location count by 38 net new locations, including 39 greenfield locations and one location that was relocated, offset by two locations that were closed. In fiscal year 2023, we increased our location count by 40 net locations, including 35 greenfield locations and six business acquisition locations, offset by one location that was closed. 

Our Express Exterior Locations, which offer express exterior cleaning services, comprise 450 of our current locations and