10-Q Filing

MISTER CAR WASH, INC. CIK: 1853513 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-009801`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	mcw-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 36 Cash Flow Statement 74 Stockholders Equity 18

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.74M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	301.61M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	300.12M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$70.26M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$120.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$174.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.13M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.09M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$22.80M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$12.73M	USD	Point-in-time
Inventory, net	`InventoryNet`	$6.33M	USD	Point-in-time
Inventory, net	`InventoryNet`	$7.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.77M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$58.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$101.15M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$487.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$472.45M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$718.53M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$716.75M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$128.05M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$129.82M	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Goodwill	`Goodwill`	$737.41M	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.27M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.24M	USD	Point-in-time
Total assets	`Assets`	$2.45B	USD	Point-in-time
Total assets	`Assets`	$2.50B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$33.87M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$27.35M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$20.48M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$16.96M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$20.20M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$20.41M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$37.89M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$37.34M	USD	Point-in-time
Current maturities of finance lease liability	`FinanceLeaseLiabilityCurrent`	$577.00K	USD	Point-in-time
Current maturities of finance lease liability	`FinanceLeaseLiabilityCurrent`	$559.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$28.46M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$27.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$130.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$141.69M	USD	Point-in-time
Long-term portion of debt, net	`LongTermDebtNoncurrent`	$896.34M	USD	Point-in-time
Long-term portion of debt, net	`LongTermDebtNoncurrent`	$894.63M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$714.10M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$717.55M	USD	Point-in-time
Financing lease liability	`FinanceLeaseLiabilityNoncurrent`	$15.21M	USD	Point-in-time
Financing lease liability	`FinanceLeaseLiabilityNoncurrent`	$15.36M	USD	Point-in-time
Long-term deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$22.60M	USD	Point-in-time
Long-term deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$28.25M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$7.66M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$8.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.80B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.79B	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 301,607,178 and 300,120,451 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$3.01M	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 301,607,178 and 300,120,451 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$3.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$752.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$759.17M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$225.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-98.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-62.94M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$16.65M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$701.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$657.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$41.60M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.45B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.50B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$219.42M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$175.51M	USD	1 Quarter
Cost of labor and chemicals	`OperatingCostsAndExpenses`	$51.75M	USD	1 Quarter
Cost of labor and chemicals	`OperatingCostsAndExpenses`	$65.54M	USD	1 Quarter
Other store operating expenses	`OtherCostAndExpenseOperating`	$77.80M	USD	1 Quarter
Other store operating expenses	`OtherCostAndExpenseOperating`	$61.08M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.69M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$14.96M	USD	1 Quarter
Loss on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-790.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-459.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$128.58M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$167.49M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$46.92M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$51.93M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$13.96M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$8.17M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-13.96M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-8.17M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$43.77M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.97M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.28M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.38M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.58M	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$319.00K	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$1.87M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$24.90M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$37.36M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	300.93M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	262.15M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	329.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	278.35M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.58M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$14.95M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$11.65M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.52M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$310.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-459.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-790.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$419.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$356.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$8.61M	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$9.61M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$7.10M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$5.02M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$318.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-146.00K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-10.11M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$262.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-289.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$665.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-901.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$242.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.68M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.14M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$2.80M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.63M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$648.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.25M	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-8.24M	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-9.09M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$1.27M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$232.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$51.59M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$81.54M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.02M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$32.30M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.59M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.01M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$121.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.28M	USD	1 Quarter
Payments for repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$199.00K	USD	1 Quarter
Payments on debt borrowings	`RepaymentsOfDebt`	$2.10M	USD	1 Quarter
Payments on debt borrowings	`RepaymentsOfDebt`	$2.10M	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$119.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$134.00K	USD	1 Quarter
Payments of issuance costs pursuant to initial public offering	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Payments of issuance costs pursuant to initial public offering	`PaymentsOfStockIssuanceCosts`	$35.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-953.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.33M	USD	1 Quarter
Net change in cash and cash equivalents, and restricted cash during period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$20.55M	USD	1 Quarter
Net change in cash and cash equivalents, and restricted cash during period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$50.58M	USD	1 Quarter
Cash and cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.86M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.44M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$117.87M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$138.42M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.86M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.44M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$117.87M	USD	Point-in-time
Cash and cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$138.42M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$7.82M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$14.15M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$109.00K	USD	1 Quarter
Property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$18.12M	USD	1 Quarter
Property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$6.36M	USD	1 Quarter
Stock option exercise proceeds in other receivables	`StockOptionExerciseCostsInOtherReceivables`	$45.00K	USD	1 Quarter
Stock option exercise proceeds in other receivables	`StockOptionExerciseCostsInOtherReceivables`	-	USD	1 Quarter
Repurchase of Common Stock in Other Accrued Expenses	`RepurchaseOfCommonStockInOtherAccruedExpenses`	$15.00K	USD	1 Quarter
Repurchase of Common Stock in Other Accrued Expenses	`RepurchaseOfCommonStockInOtherAccruedExpenses`	-	USD	1 Quarter
Deferred offering costs in accounts payable and other accrued expenses	`DeferredOfferingCostsInAccountsPayableAndOtherAccruedExpenses`	-	USD	1 Quarter
Deferred offering costs in accounts payable and other accrued expenses	`DeferredOfferingCostsInAccountsPayableAndOtherAccruedExpenses`	$1.03M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$16.65M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$701.35M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$657.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$41.60M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.52M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$310.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$267.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.33M	USD	1 Quarter
Exercise of stock options , Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.49M	shares	1 Quarter
Shares repurchased	`StockRepurchasedDuringPeriodValue`	$534.00K	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$319.00K	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$1.87M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$24.58M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$16.65M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$701.35M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$657.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$41.60M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.