Mister Car Wash Investor Presentation Deck
Appendix - Reconciliations
(Dollars in thousands)
Net income (loss)
Interest expense, net
Income tax (benefit) expense
Depreciation & amortization
(Gain) loss on sale of assets (¹)
(Gain) on sale of quick lube facilities (2)
Dividend recapitalization fees & payments (³)
Loss on early debt extinguishment (4)
Stock-based compensation expense (5)
Acquisition expenses (6)
Management fees (7)
Non-cash rent expense (8)
Leonard Green Partners Acquisition (9)
Expenses associated with initial public offering (10)
Expenses associated with secondary public offering (11)
Other (12)
Adjusted EBITDA
2010
2011
$ 3,684 $ 5,379
5,104
4,223
3,799
2,284
5,189
5,022
(95)
0
75
173
344
1,353
45
748
436
1,483
2012
$ 6,813
2,552
4,048
5,594
327
355
228
2,198
635
1,943
2013
$ 10,956
2,032
7,803
8,132
713
403
305
1,239
798
3,186
(927)
190
1,257
1,495
$ 17,183 $ 21,324 $ 25,950 $ 37,062
2014
$ (8,277)
8,465
(2,280)
12,629
734
2,495
1,597
981
3,488
20,753
2,444
$ 43,028
Year Ended December 31,
2015
6,271
19,608
4,181
17,861
2,626
4,080
2,403
1,015
3,611
917
$ 62,573
1) Consists of (gains) or losses on the disposition of assets associated with sale leaseback transactions, store closures or the sale of property and equipment.
2) Consists of the gain on sale of the 27 quick lube facilities in December 2020.
2016
$ 5,812
21,630
4,079
20,489
2,302
7,718
3,139
4,274
1,000
4,175
$
2017
22,880
42,434
(14,082)
30,732
2,509
1,895
1,832
6,466
1,000
5,684
2018
2019
$ 14,348 $ 920
46,669
7,089
33,516
2,975
1,348
1,553
9,037
1,000
4,888
4,404
3,763
4,551
$ 79,021 $ 105,113 $ 126,975
67,610
(2,636)
39,468
1,345
3) Represents payments to holders of our stock options made pursuant to antidilution provisions in connection with dividends paid to holders of our common stock and legal fees related to dividend recapitalizations.
4) Represents expensing of previously unamortized deferred financing fees at time of debt amendments.
5) Represents non-cash expense associated with stock-based compensation.
6) Represents professional fees and expenses associated with strategic acquisitions.
7) Represents management fees paid to LGP in accordance with our management services agreement, which will terminate on the consummation of this offering.
8) Represents the difference between cash paid for rent and GAAP rent expense (per ASC 840 for 2010-2019 and per ASC 842 for 2020-2021).
9) Represents costs incurred related to the Leonard Green Partners acquisition of the Company including incentive payments to employees
10) Represents nonrecurring expenses associated with the consummation of our IPO in June 2021.
11) Represents nonrecurring expenses incurred by us in connection with the secondary public offering in August 2021.
29,346
9,169
2,365
4,887
1,000
4,217
2020
$ 60,403
64,009
16,768
45,289
(8,115)
(29,773)
650
1,918
1,493
2,163
250
3,695
5,527
2,334
$ 163,217 $ 161,084
2021
$ (22,045)
39,424
(25,093)
50,559
(23,188)
3,204
216,579
4,617
500
1,659
1,599
498
6,035
$ 254,348
12) Consists of other nonrecurring or discrete items as determined by management not to be reflective of our ongoing operating performance, such as costs associated with our one-time rebranding initiative costs, severance pay, non-deferred legal
fees and other expenses related to credit agreement amendments, legal settlements and legal fees related to contract terminations, and nonrecurring strategic project costs.
Mister
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