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, 2022

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, 2022			December 31, 2021
Land	$	94,594		$	81,911
Buildings and improvements		189,998			171,540
Finance leases		16,604			16,497
Leasehold improvements		115,811			92,821
Vehicles and equipment		229,453			188,053
Furniture, fixtures and equipment		86,613			73,213
Construction in progress		53,373			24,724
Property and equipment, gross		786,446			648,759
Less: accumulated depreciation		(223,288	)		(175,017	)
Less: accumulated amortization - finance leases		(2,284	)		(1,294	)
Property and equipment, net	$	560,874		$	472,448

Depreciation expense was $52,715, $43,970 and $38,010 for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense on finance leases was $991, $970 and $336 for the years ended December 31, 2022, 2021 and 2020, respectively. In December 2022, the Company 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 on sale of assets, net on the consolidated statements of operations and comprehensive income (loss).