Company: MCW
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024533
Chunk: 45

Company: Mister Car Wash, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 45
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 not reflect our cash expenditure or future requirements for capital expenditures or contractual commitments;

•Adjusted EBITDA does not reflect changes in our cash requirements for our working capital needs;

•Adjusted EBITDA does not reflect the interest expense and the cash requirements necessary to service interest or principal payments on our debt;

•Adjusted EBITDA does not reflect cash requirements for replacement of assets that are being depreciated and amortized;

•Adjusted EBITDA does not reflect non-cash compensation, which is a key element of our overall long-term compensation;

•Adjusted EBITDA does not reflect the impact of certain cash charges or cash receipts resulting from matters we do not find indicative of our ongoing operations; and

•other companies in our industry may calculate Adjusted EBITDA differently than we do.

Our Adjusted EBITDA was approximately $320.9 million and $285.9 million for the years ended December 31, 2024 and 2023, respectively. Our Adjusted EBITDA margin was 32% and 31% for the years ended December 31, 2024 and 2023, respectively.  The increase experienced in the year ended December 31, 2024 compared to the prior year is primarily attributable to an increase in car wash sales due to growth in UWC Members and the year-over-year addition of 38 net locations, offset by an increase in operating costs and expenses. 

The following is a reconciliation of our net income to Adjusted EBITDA for the periods presented.

24 

    Year Ended December 31,

    (Dollars in thousands)
     
    2024

    2023

    Reconciliation of net income to adjusted EBITDA:

    Net income
     
    $
    70,239

    $
    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