# EDGAR Filing Document

**Accession Number:** 0001853513
**File Stem:** 0001193125-26-191483
**Filing Date:** 2026-4
**Character Count:** 26081
**Document Hash:** 0d105c8de060c1539bbd4c461876bdf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-191483.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-191483

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260429

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mister Car Wash, Inc.
- **CENTRAL INDEX KEY:** 0001853513
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40542
- **FILM NUMBER:** 26915803

**BUSINESS ADDRESS:**
- **STREET 1:** 222 E. 5TH STREET
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85705
- **BUSINESS PHONE:** 520-615-4000

**MAIL ADDRESS:**
- **STREET 1:** 222 E. 5TH STREET
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85705

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## FORM 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** April 29, 2026<br>

------

![img268057452_0.gif](img268057452_0.gif)

Mister Car Wash, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-40542 | 47-1393909 |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)**<br>| **(IRS Employer<br>Identification No.)** |
| 222 E. 5th Street |  |  |
| Tucson**,** Arizona |  | 85705 |
| **(Address of principal executive offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (520) 615-4000<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share | MCW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

## Item 2.02 Results of Operations and Financial Condition.
On April 29, 2026, Mister Car Wash, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| <br>**Exhibit No.** | <br>**Description** |
| 99.1 | [<u>Press Release issued by Mister Car Wash, Inc., dated April 29, 2026</u>](mcw-ex99_1.htm) |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline Instance XBRL document |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Mister Car Wash, Inc. |
| Date: | April 29, 2026 | By:  | /s/ Jedidiah Gold |
|  |  |  | Jedidiah Gold<br>Chief Financial Officer  |

---

------

## Exhibit 99.1

**Exhibit 99.1**

# ![img104522020_0.gif](img104522020_0.gif)

# Mister Car Wash Announces First Quarter 2026 Results
*Net revenues increased 6%*

*Comparable-store sales increased 3.9%*

*Unlimited Wash Club*® ("UWC") *memberships increased 11%*

*Opened 2 new greenfield locations*

Tucson, Ariz., April 29, 2026 – Mister Car Wash, Inc. (the "Company") (Nasdaq: MCW), the nation's leading car wash brand, today announced its financial results for the quarter ended March 31, 2026.

## First Quarter 2026 Highlights:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net revenues increased 6% to $277.9 million, up from $261.7 million in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Comparable-store sales increased 3.9% during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•UWC sales represented 76% of total wash sales compared to 73% in the first quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Ended the quarter with approximately 2.5 million UWC members, representing a year-over-year increase of 241 thousand members or 11%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Opened 2 new greenfield locations, bringing the total net number of car wash locations operated to 549 as of March 31, 2026, an increase of 6% compared to 518 car wash locations as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income increased 26.7% to $34.2 million from $27.0 and net income per diluted share increased 25.5% to $0.10 from $0.08.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income<sup>(1)</sup> and adjusted net income per diluted share<sup>(1)</sup> were $44.3 million and $0.13, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA<sup>(1)</sup> increased 13% to $96.7 million from $85.6 million in the first quarter of 2025.

<sup>(1)</sup> Adjusted net income, adjusted EBITDA and adjusted net income per diluted share are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.

## Location Count

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Beginning location count** | 548 | 514 |
| &nbsp;&nbsp;Greenfield locations opened | 2 | 4 |
| &nbsp;&nbsp;Closures | (1) |  |
| **Ending location count** | 549 | 518 |

---

## Balance Sheet and Cash Flow Highlights:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As of March 31, 2026, cash and cash equivalents totaled $54.6 million, compared to $28.5 million as of December 31, 2025. There were no borrowings under the Company's Revolving Commitment as of March 31, 2026 and December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net cash provided by operating activities totaled $79.7 million compared to $87.6 million for the three months ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Free cash flow<sup>(2)</sup> totaled $33.0 million compared to $32.5 million for the three months ended March 31, 2026 and 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Free cash flow excluding growth capital expenditures<sup>(2)</sup> totaled $74.1 million compared to $77.1 million for the three months ended March 31, 2026 and 2025, respectively.

<sup>(2)</sup> Free cash flow and free cash flow excluding growth capital expenditures are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and GAAP to Non-GAAP Reconciliations disclosures included below in this press release.

------

## Sale-Leasebacks and Rent Expense:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the first quarter of 2026, the Company had no sale-leaseback transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With 493 car wash leases as of March 31, 2026, versus 474 car wash leases as of March 31, 2025, rent expense increased 7% to $31.8 million, compared to the first quarter of 2025.

## Conference Call Details
In light of the separately announced transaction with Leonard Green & Partners, the Company will not be hosting an earnings conference call to discuss the Company's financial results for the first quarter of fiscal 2026.

## About Mister Car Wash® \| Inspiring People to Shine®
Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (Nasdaq: MCW) operates approximately 550 locations and has the largest car wash subscription program in North America. With a passionate team of professionals, advanced technology, and a commitment to exceptional customer experiences, Mister Car Wash is dedicated to providing a clean, shiny, and dry vehicle every time. The Mister brand is deeply rooted in delivering quality service, fostering friendliness, and demonstrating a genuine commitment to the communities it serves while prioritizing responsible environmental practices and resource management. To learn more, visit www.mistercarwash.com.

## Use of Non-GAAP Financial Measures
This press release includes references to non-GAAP financial measures, including adjusted EBITDA, adjusted net income, adjusted net income per diluted share, free cash flow, and free cash flow excluding growth capital expenditures (the "Company's Non-GAAP Financial Measures"). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, the Company's Non-GAAP Financial Measures should be read in conjunction with the Company's financial statements prepared in accordance with GAAP. The reconciliations of the Company's Non-GAAP Financial Measures to the corresponding GAAP measures should be carefully evaluated.

Adjusted EBITDA is defined as net income before interest expense, net, income tax provision, depreciation and amortization expense, (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, non-cash rent expense, debt refinancing costs, and other nonrecurring charges.

Adjusted net income is defined as net income before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to net income. Adjusted net income per share is defined as basic net income per share before (gain) loss on sale of assets, net, stock-based compensation expense and related taxes, acquisition expenses, loss on extinguishment of debt, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share. Adjusted net income per diluted share is defined as diluted net income per share before (gain) loss on sale of assets, net, stock-based compensation expense, acquisition expenses, debt refinancing costs, other nonrecurring charges, income tax impact of stock award exercises and the tax impact of adjustments to basic net income per share.

Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment in a period. Free cash flow excluding growth capital expenditures is defined as operating cash flows less purchases of maintenance property and equipment. Free cash flow includes the impact of capital expenditures, providing a supplemental view of cash generation. Free cash flow excluding growth capital expenditures includes purchases of maintenance property and equipment, which are uses of cash that are necessary to maintain the Company's existing business operations, including its washes and support functions. Free cash flow excluding growth capital expenditures provides a supplemental view of cash flow generation before investments in growth capital, which expand future business operations, including the opening or improvement of washes and service capabilities. Free cash flow and free cash flow excluding growth capital expenditures have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as debt repayments or payments made for business acquisitions.

Management believes the Company's Non-GAAP Financial Measures assist investors and analysts in comparing the Company's operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company's ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the Company's Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company's presentation of the Company's Non-GAAP Financial Measures. There can be no assurance that the Company will not modify the presentation of the Company's Non-GAAP Financial Measures in future periods, and any such modification may be material.

Management believes that the Company's Non-GAAP Financial Measures are helpful in highlighting trends in the Company's core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which the Company operates, and capital investments. Management also uses

------

adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company's business strategies; to make budgeting decisions, and because the Company's credit agreement uses measures similar to adjusted EBITDA to measure the Company's compliance with certain covenants.

The Company's Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company's results as reported under U.S. GAAP. Some of these limitations include, for example, adjusted EBITDA does not reflect: the Company's cash expenditure or future requirements for capital expenditures or contractual commitments; the Company's cash requirements for the Company's working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company's debt, cash requirements for replacement of assets that are being depreciated and amortized, and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company's ongoing operations. Free cash flow and discretionary free cash flow also have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash expenditures, such as mandatory debt repayments or payments made for business acquisitions.

**Contacts**

*Investor Relations*

IR@mistercarwash.com<br>

*Media*

media@mistercarwash.com

------

# Consolidated Statements of Operations and Comprehensive Income

# (Amounts in thousands, except share and per share data)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Net revenues** | $277913 | $261656 |
| **Costs and expenses** |  |  |
| &nbsp;&nbsp;Cost of labor and chemicals | 76702 | 74252 |
| &nbsp;&nbsp;Other store operating expenses | 113319 | 109667 |
| &nbsp;&nbsp;General and administrative | 28756 | 24659 |
| &nbsp;&nbsp;Loss on sale of assets, net | 125 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | 218902 | 208689 |
| **Operating income** | 59011 | 52967 |
| **Other expense** |  |  |
| &nbsp;&nbsp;Interest expense, net | 12283 | 16023 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other expense** | 12283 | 16023 |
| Income before taxes | 46728 | 36944 |
| Income tax provision | 12546 | 9944 |
| **Net income** | $34182 | $27000 |
| Other comprehensive income, net of tax |  |  |
| Gain on interest rate swap | 785 |  |
| Total comprehensive income | $34967 | $27000 |
| **Earnings per share** |  |  |
| &nbsp;&nbsp;Basic | $0.10 | $0.08 |
| &nbsp;&nbsp;Diluted | $0.10 | $0.08 |
| **Weighted-average common shares outstanding** |  |  |
| &nbsp;&nbsp;Basic | 328477910 | 324200282 |
| &nbsp;&nbsp;Diluted | 334309927 | 331479048 |

---

------

# Consolidated Statements of Cash Flows

# (Amounts in thousands)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;Net income | $34182 | $27000 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 23434 | 20917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 6838 | 6843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets, net | 125 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 262 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 14652 | 13535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 10978 | 7484 |
| &nbsp;&nbsp;Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (211) | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (2069) | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory, net | 430 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (315) | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2002) | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 4069 | 10480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1821 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | (12791) | (11604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 257 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | $79660 | $87550 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment | (46686) | (55081) |
| &nbsp;&nbsp;Proceeds from sale of property and equipment | 187 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | $(46499) | $(54961) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of common stock under employee plans | 372 | 1587 |
| &nbsp;&nbsp;Payments on debt borrowings | (7000) | (62307) |
| &nbsp;&nbsp;Principal payments on finance lease obligations | (212) | (193) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | $(6840) | $(60913) |
| Net change in cash and cash equivalents, and restricted cash during period | 26321 | (28324) |
| Cash and cash equivalents, and restricted cash at beginning of period | 28511 | 67612 |
| **Cash and cash equivalents, and restricted cash at end of period** | $54832 | $39288 |
| **Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 54627 | 39133 |
| &nbsp;&nbsp;Restricted cash, included in prepaid expenses and other current assets | 205 | 155 |
| **Total cash, cash equivalents, and restricted cash** | $54832 | $39288 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $12327 | $7032 |
| &nbsp;&nbsp;Cash paid for income taxes | $40 | $60 |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;Property and equipment in accounts payable | $5833 | $11416 |
| &nbsp;&nbsp;Property and equipment accrued in other accrued expenses | $4453 | $4223 |
| &nbsp;&nbsp;Stock option exercise proceeds in other receivables | $— | $113 |

---

------

# Consolidated Balance Sheets

# (Amounts in thousands, except share and per share data)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $54627 | $28450 |
| &nbsp;&nbsp;Accounts receivable, net | 850 | 639 |
| &nbsp;&nbsp;Other receivables | 17554 | 15485 |
| &nbsp;&nbsp;Inventory, net | 5054 | 5485 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 10700 | 9619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 88785 | 59678 |
| Property and equipment, net | 930371 | 914022 |
| Operating lease right of use assets, net | 930870 | 942664 |
| Other intangible assets, net | 110385 | 110822 |
| Goodwill | 1134830 | 1134830 |
| Other assets | 10801 | 11122 |
| **Total assets** | $3206042 | $3173138 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable | $25742 | $27824 |
| &nbsp;&nbsp;Accrued payroll and related expenses | 27116 | 25074 |
| &nbsp;&nbsp;Other accrued expenses | 36709 | 41540 |
| &nbsp;&nbsp;Current maturities of operating lease liability | 54543 | 53625 |
| &nbsp;&nbsp;Current maturities of finance lease liability | 903 | 879 |
| &nbsp;&nbsp;Deferred revenue | 37725 | 35904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 182738 | 184846 |
| Long-term debt, net | 790043 | 796893 |
| Operating lease liability | 895298 | 906371 |
| Financing lease liability | 12109 | 12344 |
| Deferred tax liabilities, net | 148787 | 137547 |
| Other long-term liabilities | 1877 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2030852 | 2040125 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value, 1,000,000,000 shares authorized,<br> 328,685,816 and 328,282,533 shares outstanding as of<br> March 31, 2026 and December 31, 2025, respectively | 3292 | 3288 |
| &nbsp;&nbsp;Additional paid-in capital | 869301 | 862095 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 492 | (293) |
| &nbsp;&nbsp;Retained earnings | 302105 | 267923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1175190 | 1133013 |
| **Total liabilities and stockholders' equity** | $3206042 | $3173138 |

---

------

# GAAP to Non-GAAP Reconciliations

# (Amounts in thousands, except share and per share data)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Reconciliation of net income to adjusted EBITDA** |  |  |
| &nbsp;&nbsp;Net income | $34182 | $27000 |
| &nbsp;&nbsp;Interest expense, net | 12283 | 16023 |
| &nbsp;&nbsp;Income tax provision | 12546 | 9944 |
| &nbsp;&nbsp;Depreciation and amortization expense | 23434 | 20917 |
| &nbsp;&nbsp;Loss on sale of assets, net | 125 | 111 |
| &nbsp;&nbsp;Stock-based compensation expense | 6932 | 7116 |
| &nbsp;&nbsp;Acquisition expenses | 864 | 1414 |
| &nbsp;&nbsp;Non-cash rent expense | 1819 | 1966 |
| &nbsp;&nbsp;Other | 4478 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $96663 | $85649 |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Reconciliation of net income to adjusted net income** |  |  |
| &nbsp;&nbsp;Net income | $34182 | $27000 |
| &nbsp;&nbsp;Loss on sale of assets, net | 125 | 111 |
| &nbsp;&nbsp;Stock-based compensation expense | 6932 | 7116 |
| &nbsp;&nbsp;Acquisition expenses | 864 | 1414 |
| &nbsp;&nbsp;Other | 4478 | 1158 |
| &nbsp;&nbsp;Income tax impact of stock award exercises | 229 | 328 |
| &nbsp;&nbsp;Tax impact of adjustments to net income | (2548) | (2078) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjusted net income** | $44262 | $35049 |
| &nbsp;&nbsp;Diluted adjusted net income per Share | $0.13 | $0.11 |
| &nbsp;&nbsp;Adjusted weighted-average common shares outstanding - diluted | 334309927 | 331479048 |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Free cash flow** |  |  |
| &nbsp;&nbsp;Net cash provided by operating activities | $79660 | $87550 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (46686) | (55081) |
| &nbsp;&nbsp;**Free cash flow** | $32974 | $32469 |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Free cash flow excluding growth capital expenditures** |  |  |
| &nbsp;&nbsp;Net cash provided by operating activities | $79660 | $87550 |
| &nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of maintenance property and equipment | (5542) | (10461) |
| &nbsp;&nbsp;**Free cash flow excluding growth capital expenditures** | $74118 | $77089 |

---

------