Mister Car Wash Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following for the periods presented:


	As of
	December 31, 2023			December 31, 2022
Land	$	121,960		$	94,594
Buildings and improvements		263,468			189,998
Finance leases		16,604			16,604
Leasehold improvements		135,861			115,811
Vehicles and equipment		285,127			229,453
Furniture, fixtures and equipment		100,457			86,613
Construction in progress		75,639			53,373
Property and equipment, gross		999,116			786,446
Less: accumulated depreciation		(270,706	)		(223,288	)
Less: accumulated amortization - finance leases		(3,289	)		(2,284	)
Property and equipment, net	$	725,121		$	560,874

Depreciation expense was $62,214, $52,715 and $43,970 for the years ended December 31, 2023, 2022 and 2021, respectively. Amortization expense on finance leases was $1,005, $991 and $970 for the years ended December 31, 2023, 2022 and 2021, respectively. There were no impairments recognized in 2023 or 2021. In December 2022, we recorded $6,252 of impairment losses primarily related to the land and building of two locations, using independent third-party appraisals to determine the change in market values. These losses are recorded in (gain) loss on sale of assets, net on the consolidated statements of operations and comprehensive income (loss).