10-Q Filing

MISTER CAR WASH, INC. CIK: 1853513 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-016884`
Period End Date	20230331
Filing Date	20230503
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	mcw-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 17

Balance Sheet 71 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`	$69.90M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	308.10M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	306.63M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.15M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$70.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$70.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.94M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$933.00K	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$15.18M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$14.12M	USD	Point-in-time
Inventory, net	`InventoryNet`	$8.23M	USD	Point-in-time
Inventory, net	`InventoryNet`	$9.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.62M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$106.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$560.87M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$596.70M	USD	Point-in-time
Operating right of use assets, net	`OperatingLeaseRightOfUseAsset`	$776.69M	USD	Point-in-time
Operating right of use assets, net	`OperatingLeaseRightOfUseAsset`	$776.50M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$123.61M	USD	Point-in-time
Other intangible assets, net	`OtherIntangibleAssetsNet`	$122.12M	USD	Point-in-time
Goodwill	`Goodwill`	$1.11B	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Goodwill	`Goodwill`	$1.11B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.10M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.19M	USD	Point-in-time
Total assets	`Assets`	$2.69B	USD	Point-in-time
Total assets	`Assets`	$2.72B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.38M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$20.04M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$17.22M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$30.73M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$41.20M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$40.37M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$41.28M	USD	Point-in-time
Current maturities of finance lease liability	`FinanceLeaseLiabilityCurrent`	$687.00K	USD	Point-in-time
Current maturities of finance lease liability	`FinanceLeaseLiabilityCurrent`	$668.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$30.51M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$29.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$154.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$153.62M	USD	Point-in-time
Long-term portion of debt, net	`LongTermDebtNoncurrent`	$896.22M	USD	Point-in-time
Long-term portion of debt, net	`LongTermDebtNoncurrent`	$895.83M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$758.75M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$759.77M	USD	Point-in-time
Financing lease liability	`FinanceLeaseLiabilityNoncurrent`	$14.78M	USD	Point-in-time
Financing lease liability	`FinanceLeaseLiabilityNoncurrent`	$14.60M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$53.40M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$58.82M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.58M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.89B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.89B	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 308,101,847 and 306,626,530 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$3.09M	USD	Point-in-time
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 308,101,847 and 306,626,530 shares outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$3.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$783.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$790.04M	USD	Point-in-time
Retained earnings (Accumulated Deficit)	`RetainedEarningsAccumulatedDeficit`	$35.61M	USD	Point-in-time
Retained earnings (Accumulated Deficit)	`RetainedEarningsAccumulatedDeficit`	$14.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$657.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$828.74M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$801.13M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$701.35M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.69B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.72B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$225.96M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$219.42M	USD	1 Quarter
Cost of labor and chemicals	`OperatingCostsAndExpenses`	$66.79M	USD	1 Quarter
Cost of labor and chemicals	`OperatingCostsAndExpenses`	$65.54M	USD	1 Quarter
Other store operating expenses	`OtherCostAndExpenseOperating`	$89.47M	USD	1 Quarter
Other store operating expenses	`OtherCostAndExpenseOperating`	$77.80M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$24.18M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.69M	USD	1 Quarter
(Gain) loss on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$63.00K	USD	1 Quarter
(Gain) loss on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-459.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$167.49M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$180.38M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$51.93M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$45.58M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$8.17M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$17.75M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-8.17M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-17.75M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$43.77M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$27.83M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$6.70M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.28M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	-	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$1.87M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$37.36M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$21.14M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	307.29M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	300.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	327.61M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	329.17M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$17.31M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$14.95M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.36M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.52M	USD	1 Quarter
(Gain) loss on sale of assets, net	`GainLossOnDispositionOfAssets1`	$63.00K	USD	1 Quarter
(Gain) loss on sale of assets, net	`GainLossOnDispositionOfAssets1`	$-459.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$419.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$419.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$10.74M	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$9.61M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$5.02M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$5.43M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-146.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-3.01M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-10.11M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-1.13M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$665.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-946.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-901.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.55M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.68M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.63M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.16M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$1.11M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$648.00K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-9.70M	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-9.09M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-631.00K	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$1.27M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$81.54M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$67.02M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.02M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$72.06M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.90M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-30.01M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-63.16M	USD	1 Quarter
Proceeds from issuance of common stock under employee plans	`ProceedsFromStockPlans`	$1.05M	USD	1 Quarter
Proceeds from issuance of common stock under employee plans	`ProceedsFromStockPlans`	$1.28M	USD	1 Quarter
Payments on debt borrowings	`RepaymentsOfDebt`	$2.10M	USD	1 Quarter
Payments on debt borrowings	`RepaymentsOfDebt`	-	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$161.00K	USD	1 Quarter
Principal payments on finance lease obligations	`FinanceLeasePrincipalPayments`	$134.00K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$894.00K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-953.00K	USD	1 Quarter
Net change in cash and cash equivalents, and restricted cash during period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$50.58M	USD	1 Quarter
Net change in cash and cash equivalents, and restricted cash during period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.75M	USD	1 Quarter
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`	$69.97M	USD	Point-in-time
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`	$65.22M	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`	$69.97M	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`	$65.22M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$11.70M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$7.82M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$151.00K	USD	1 Quarter
Property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$11.99M	USD	1 Quarter
Property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$18.12M	USD	1 Quarter
Property and equipment in other accrued expenses	`PropertyAndEquipmentInOtherAccruedExpenses`	-	USD	1 Quarter
Property and equipment in other accrued expenses	`PropertyAndEquipmentInOtherAccruedExpenses`	$5.97M	USD	1 Quarter
Stock option exercise proceeds in other receivables	`StockOptionExerciseCostsInOtherReceivables`	$45.00K	USD	1 Quarter
Stock option exercise proceeds in other receivables	`StockOptionExerciseCostsInOtherReceivables`	$61.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$657.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$828.74M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$801.13M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$701.35M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.36M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.52M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.33M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.12M	USD	1 Quarter
Exercise of stock options , Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.43M	shares	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	-	USD	1 Quarter
Gain on interest rate swap	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$1.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.49M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$657.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$828.74M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$801.13M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$701.35M	USD	Point-in-time

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