0000950170-24-119789 | 10-Q | XBRL Viewer

Income Taxes	9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The effective income tax rates on continuing operations for the nine months ended September 30, 2024 and 2023 were 31.8% and 21.3%, respectively. In general, the effective tax rates differed from the U.S. federal statutory income tax rate primarily due to state income taxes, non-deductible expenses such as those related to certain executive compensation, and other discrete tax adjustments recorded during the period. The year-to-date provision for income taxes for the nine months ended September 30, 2024 included taxes on earnings at an anticipated annual effective tax rate of 25.5% and a net, unfavorable tax impact of $5,652 related primarily to discrete tax expense originating from stock options exercised during the nine months ended September 30, 2024. The year-to-date provision for income taxes for the nine months ended September 30, 2023 included taxes on earnings at an anticipated annual effective tax rate of 25.6% and a net, favorable tax impact of $3,638 related primarily to discrete tax benefits originating from stock options exercised during the nine months ended September 30, 2023. On August 9, 2022, the Creating Helpful Incentives to Produce Semiconductors (“CHIPS”) Act of 2022 was signed into law. The CHIPS Act is designed to boost domestic semiconductor manufacturing and encourage U.S. research activities. Also in 2022, the Inflation Reduction Act (“IRA”) of 2022 was signed into law. The IRA created a new book-minimum tax on certain large corporations and an excise tax on stock buybacks while also providing incentives to address climate change mitigation and clean energy, among other items. Most of these changes became effective for the 2023 tax year and after initial evaluation, and similar to the prior quarter, we do not currently expect these laws to have a material effect on the consolidated financial statements. For the nine months ended September 30, 2024 and 2023, we recorded $406 and $0 related to unrecognized tax benefits or interest and penalties related to any uncertain tax positions.

Income Taxes

9 Months Ended

Sep. 30, 2024

7. Income Taxes

The effective income tax rates on continuing operations for the nine months ended September 30, 2024 and 2023 were 31.8% and 21.3%, respectively. In general, the effective tax rates differed from the U.S. federal statutory income tax rate primarily due to state income taxes, non-deductible expenses such as those related to certain executive compensation, and other discrete tax adjustments recorded during the period.

The year-to-date provision for income taxes for the nine months ended September 30, 2024 included taxes on earnings at an anticipated annual effective tax rate of 25.5% and a net, unfavorable tax impact of $5,652 related primarily to discrete tax expense originating from stock options exercised during the nine months ended September 30, 2024.

The year-to-date provision for income taxes for the nine months ended September 30, 2023 included taxes on earnings at an anticipated annual effective tax rate of 25.6% and a net, favorable tax impact of $3,638 related primarily to discrete tax benefits originating from stock options exercised during the nine months ended September 30, 2023.

On August 9, 2022, the Creating Helpful Incentives to Produce Semiconductors (“CHIPS”) Act of 2022 was signed into law. The CHIPS Act is designed to boost domestic semiconductor manufacturing and encourage U.S. research activities. Also in 2022, the Inflation Reduction Act (“IRA”) of 2022 was signed into law. The IRA created a new book-minimum tax on certain large corporations and an excise tax on stock buybacks while also providing incentives to address climate change mitigation and clean energy, among other items. Most of these changes became effective for the 2023 tax year and after initial evaluation, and similar to the prior quarter, we do not currently expect these laws to have a material effect on the consolidated financial statements.

For the nine months ended September 30, 2024 and 2023, we recorded $406 and $0 related to unrecognized tax benefits or interest and penalties related to any uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Other Receivables

Other receivables consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Construction receivable	$	7,660	$	6,480
Income tax receivable		1,046		3,051
Insurance receivable		3,634		3,686
Other		3,082		1,497
Total other receivables	$	15,422	$	14,714

Schedule of Inventory

Inventory consisted of the following for the periods presented:


	As of
	September 30, 2024			December 31, 2023
Chemical washing solutions	$	5,607		$	9,135
Reserve for obsolescence		(116	)		(183	)
Total inventory, net	$	5,491		$	8,952

Schedule of Composition of Revenue

The following table summarizes the composition of our net revenues for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Recognized over time	$	184,725	$	167,670	$	545,066	$	489,294
Recognized at a point in time		64,441		66,320		198,148		207,319
Other revenue		163		86		341		317
Net revenues	$	249,329	$	234,076	$	743,555	$	696,930

Schedule of Reconciliations of Numerators and Denominators of Basic and Diluted Earnings Per Share

Reconciliations of the numerators and denominators of the basic and diluted earnings per share calculations for the periods presented are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	22,342	$	19,485	$	61,070	$	67,753

Denominator:
Weighted-average common shares outstanding - basic		321,917,525		312,883,586		319,067,596		309,850,600
Effect of potentially dilutive securities:
Stock options		5,562,479		15,573,984		8,585,621		17,912,009
Restricted stock units		1,763,531		289,840		1,540,123		463,687
Employee stock purchase plan		55,791		97,159		29,301		39,582
Weighted-average common shares outstanding - diluted		329,299,326		328,844,569		329,222,641		328,265,878

Earnings per share - basic	$	0.07	$	0.06	$	0.19	$	0.22
Earnings per share - diluted	$	0.07	$	0.06	$	0.19	$	0.21

Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings Per Share

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options		5,209,783		3,798,034		4,343,090		3,343,733
Restricted stock units		-		8,049		445,641		199,888
Employee stock purchase plan		-		-		32,905		30,594

Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating right of use assets, net	$ 857,861	$ 833,547
Total lease assets	870,477	846,862
Current
Current maturities of operating lease liability	47,195	43,979
Current maturities of finance lease liability	811	746
Long-term
Operating lease liability	826,213	809,409
Financing lease liability	13,473	14,033
Total lease laibilities	887,692	868,167
Finance Lease [Member]
Assets
Property and equipment, net	$ 12,616	$ 13,315
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			1,621,444
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value			$ 8,771,000
Stock based compensation expense	$ 6,691,000	$ 6,289,000	$ 18,843,000	$ 17,643,000
Stock based compensation expense estimated forfeiture rate			10.03%
Restricted Stock Shares, Granted			2,996,219
Restricted Stock grant date fair value			$ 7.03
Time Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			1,621,444
Stock based compensation expense	1,607,000	1,749,000	$ 4,566,000	5,119,000
Unrecognized compensation expense, total	7,070,000		7,070,000
Share based compensation arrangement by share based payment award options total grant date fair value			$ 4,945,000
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 1 month 9 days
Performance Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			0
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, weighted average remaining contractual term			9 years 1 month 2 days
Stock based compensation expense	4,897,000	$ 4,344,000	$ 13,652,000	$ 11,784,000
Unrecognized compensation expense, total	21,576,000		21,576,000
Restricted stock units vested upon grant			$ 8,908,000
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 3 months 3 days
Restricted Stock Shares, Granted			2,996,219
Restricted Stock grant date fair value			$ 21,054
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, weighted average remaining contractual term			5 years 6 months 7 days
Initial Public Offering \| Performance Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense			$ 0
Two Thousand And Twenty One Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense, total	$ 107,000		$ 107,000
Weighted-average period for recognition of compensation expense related to unvested awards			1 month 17 days

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Retained Earnings
Beginning Balance at Dec. 31, 2022	$ 801,128	$ 3,072	$ 783,579	$ 14,477
Beginning Balance , Shares at Dec. 31, 2022		306,626,530
Stock-based compensation expense	5,361		5,361
Vesting of restricted stock units, shares		4,296
Exercise of stock options	1,116	$ 15	1,101
Exercise of stock options , shares		1,471,021
Net income	21,136			21,136
Ending Balance at Mar. 31, 2023	828,741	$ 3,087	790,041	35,613
Ending Balance , Shares at Mar. 31, 2023		308,101,847
Beginning Balance at Dec. 31, 2022	801,128	$ 3,072	783,579	14,477
Beginning Balance , Shares at Dec. 31, 2022		306,626,530
Net income	67,753
Ending Balance at Sep. 30, 2023	892,717	$ 3,145	807,342	82,230
Ending Balance , Shares at Sep. 30, 2023		313,970,741
Beginning Balance at Mar. 31, 2023	828,741	$ 3,087	790,041	35,613
Beginning Balance , Shares at Mar. 31, 2023		308,101,847
Stock-based compensation expense	5,993		5,993
Issuance of common stock under employee plans	1,593	$ 2	1,591
Issuance of common stock under employee plans, shares		207,042
Vesting of restricted stock units		$ 6	(6)
Vesting of restricted stock units, shares		634,069
Exercise of stock options	1,907	$ 28	1,879
Exercise of stock options , shares		2,815,372
Net income	27,132			27,132
Ending Balance at Jun. 30, 2023	865,366	$ 3,123	799,498	62,745
Ending Balance , Shares at Jun. 30, 2023		311,758,330
Stock-based compensation expense	6,289		6,289
Exercise of stock options	1,577	$ 22	1,555
Exercise of stock options , shares		2,212,411
Net income	19,485			19,485
Ending Balance at Sep. 30, 2023	892,717	$ 3,145	807,342	82,230
Ending Balance , Shares at Sep. 30, 2023		313,970,741
Beginning Balance at Dec. 31, 2023	915,035	$ 3,157	817,271	94,607
Beginning Balance , Shares at Dec. 31, 2023		315,192,401
Stock-based compensation expense	6,246		6,246
Vesting of restricted stock units		$ 1	(1)
Vesting of restricted stock units, shares		139,409
Exercise of stock options	746	$ 42	704
Exercise of stock options , shares		4,116,291
Shares repurchased	(9,940)	$ (16)	(9,924)
Shares repurchased, shares		(1,613,019)
Net income	16,637			16,637
Ending Balance at Mar. 31, 2024	928,724	$ 3,184	814,296	111,244
Ending Balance , Shares at Mar. 31, 2024		317,835,082
Beginning Balance at Dec. 31, 2023	$ 915,035	$ 3,157	817,271	94,607
Beginning Balance , Shares at Dec. 31, 2023		315,192,401
Exercise of stock options , shares	8,559,782
Shares repurchased, shares	(2,998,694)
Net income	$ 61,070
Ending Balance at Sep. 30, 2024	979,403	$ 3,228	820,498	155,677
Ending Balance , Shares at Sep. 30, 2024		322,239,140
Beginning Balance at Mar. 31, 2024	928,724	$ 3,184	814,296	111,244
Beginning Balance , Shares at Mar. 31, 2024		317,835,082
Stock-based compensation expense	5,906		5,906
Issuance of common stock under employee plans	1,413	$ 2	1,411
Issuance of common stock under employee plans, shares		232,136
Vesting of restricted stock units		$ 11	(11)
Vesting of restricted stock units, shares		1,114,106
Exercise of stock options	661	$ 36	625
Exercise of stock options , shares		3,599,539
Shares repurchased	(9,395)	$ (13)	(9,382)
Shares repurchased, shares		(1,385,675)
Net income	22,091			22,091
Ending Balance at Jun. 30, 2024	949,400	$ 3,220	812,845	133,335
Ending Balance , Shares at Jun. 30, 2024		321,395,188
Stock-based compensation expense	6,691		6,691
Exercise of stock options	970	$ 8	962
Exercise of stock options , shares		843,952
Net income	22,342			22,342
Ending Balance at Sep. 30, 2024	$ 979,403	$ 3,228	$ 820,498	$ 155,677
Ending Balance , Shares at Sep. 30, 2024		322,239,140

Business Combinations

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Business Combinations

13. Business Combinations

From time to time, we may pursue acquisitions of conveyorized car washes that either strategically fit with the business or expand our presence in new and attractive markets.

We account for business combinations under the acquisition method of accounting. The assets acquired and liabilities assumed in connection with business acquisitions are recorded at the date of acquisition at their estimated fair values, with any excess of the purchase price over the estimated fair values of the net assets acquired and intangible assets assigned, recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired and liabilities assumed and in assigning their respective useful lives. Accordingly, we may engage third-party valuation specialists to assist in these determinations. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management; but are inherently uncertain.

The consolidated financial statements reflect the operations of an acquired business starting from the effective date of the acquisition. We expensed $0 and $195 of acquisition-related costs for the three months ended September 30, 2024 and 2023, respectively. We expensed $0 and $228 of acquisition-related costs for the nine months ended September 30, 2024 and 2023, respectively. Acquisition-related costs are expensed as incurred and are included in general and administrative expenses in the accompanying consolidated statements of operations.

2024 Acquisitions

We did not consummate any acquisitions during the nine months ended September 30, 2024.

2023 Acquisitions

For the year ended December 31, 2023, we acquired the assets and liabilities of six conveyorized car washes in two acquisitions for total consideration of approximately $51,217, which was paid in cash. These acquisitions resulted in the preliminary recognition of $24,919 of goodwill, $22,555 of property and equipment, $3,580 of right of use assets, $640 of intangible assets, $101 of other net liabilities, and $376 of a bargain purchase gain. The bargain purchase gain is not material and is recorded within (gain) loss on sale of assets, net on the consolidated statements of operations. We do not believe these acquisitions are material to our overall consolidated financial statements.

The acquisitions were located in the following markets:


Location (Seller)	Number of Washes	Month Acquired
Arizona (Dynamite Car Wash)	1	April
California (Cruizers Car Wash)	5	July

Leases - Summary of Components of Total Lease Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Leases [Abstract]

Operating lease expense

^[1]

$ 28,126

$ 26,361

$ 82,997

$ 75,680

Amortization of lease assets

254

251

756

753

Interest on lease liabilities

258

271

782

820

Short-term lease expense

155

Variable lease expense

^[2]

3,548

2,949

13,568

11,765

Total

$ 32,238

$ 29,844

$ 98,258

$ 89,056

[1]	Operating lease expense includes an immaterial amount of sublease income and is included in other store operating expenses and general and administrative expenses in the accompanying consolidated statements of operations.
[2]	Variable lease costs consist of property taxes, property insurance, and common area or other maintenance costs for our leases of land and buildings and is included in other store operating expenses in the accompanying consolidated statements of operations.

Nature of Business - Additional Information (Details)	9 Months Ended
Nature of Business - Additional Information (Details)	Sep. 30, 2024 CarWash State
Nature Of Business [Line Items]
Disposal date of operations	Sep. 30, 2024
Number of states in entity operates \| State	21
Retail Site
Nature Of Business [Line Items]
Number of operating segments \| CarWash	501

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Long-term portion of debt, net	$ 931,046	$ 897,424

Stock-Based Compensation - Summary of Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Unvested Restricted Stock Shares, Beginning Balance \| shares	3,718,505
Unvested Restricted Stock Shares, Granted \| shares	2,996,219
Unvested Restricted Stock Shares, Vested \| shares	(1,253,515)
Unvested Restricted Stock Shares, Forfeited \| shares	(427,367)
Unvested Restricted Stock Shares, Ending Balance \| shares	5,033,842
Unvested Restricted Stock Weighted-average grant date fair value per share Beginning Balance \| $ / shares	$ 9.98
Unvested Restricted Stock Weighted-average grant date fair value per share [Granted] \| $ / shares	7.03
Unvested Restricted Stock Weighted-average grant date fair value per share [Vested] \| $ / shares	10.62
Unvested Restricted Stock Weighted-average grant date fair value per share [Forfeited] \| $ / shares	8.75
Unvested Restricted Stock Weighted-average grant date fair value per share Ending Balance \| $ / shares	$ 8.16

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

10. Leases

Balance sheet information related to leases consisted of the following for the periods presented:


		As of
	Classification	September 30, 2024		December 31, 2023
Assets
Operating	Operating right of use assets, net	$	857,861	$	833,547
Finance	Property and equipment, net		12,616		13,315
Total lease assets		$	870,477	$	846,862

Liabilities
Current
Operating	Current maturities of operating lease liability	$	47,195	$	43,979
Finance	Current maturities of finance lease liability		811		746
Long-term
Operating	Operating lease liability		826,213		809,409
Finance	Financing lease liability		13,473		14,033
Total lease liabilities		$	887,692	$	868,167

Components of total lease cost, net, consisted of the following for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Operating lease expense (a)	$	28,126	$	26,361	$	82,997	$	75,680
Finance lease expense
Amortization of lease assets		254		251		756		753
Interest on lease liabilities		258		271		782		820
Short-term lease expense		52		12		155		38
Variable lease expense (b)		3,548		2,949		13,568		11,765
Total	$	32,238	$	29,844	$	98,258	$	89,056

Operating lease expense includes an immaterial amount of sublease income and is included in other store operating expenses and general and administrative expenses in the accompanying consolidated statements of operations.

Variable lease costs consist of property taxes, property insurance, and common area or other maintenance costs for our leases of land and buildings and is included in other store operating expenses in the accompanying consolidated statements of operations.

The following includes supplemental information for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Operating cash flows from operating leases	$	27,091		$	25,758		$	80,451		$	74,458
Operating cash flows from finance leases	$	258		$	271		$	782		$	820
Financing cash flows from finance leases	$	190		$	168		$	552		$	492

Operating lease right of use assets obtained in exchange for lease liabilities	$	25,821		$	27,365		$	60,768		$	86,420
Finance lease right of use assets obtained in exchange for lease liabilities	$	57		$	-		$	57		$	-

Weighted-average remaining operating lease term		13.63			13.97			13.63			13.97
Weighted-average remaining finance lease term		14.96			15.77			14.96			15.77

Weighted-average operating lease discount rate		8.09	%		7.98	%		8.09	%		7.98	%
Weighted-average finance lease discount rate		7.33	%		7.33	%		7.33	%		7.33	%

As of September 30, 2024, lease obligation maturities were as follows:


Fiscal Year Ending:	Operating Leases			Finance Leases
2024 (remaining three months)	$	27,723		$	454
2025		112,224			1,802
2026		111,383			1,809
2027		107,638			1,835
2028		101,494			1,856
Thereafter		1,025,386			18,424
Total future minimum obligations		1,485,848			26,180
Less: present value discount		(612,440	)		(11,896	)
Present value of net future minimum lease obligations		873,408			14,284
Less: current portion		(47,195	)		(811	)
Long-term obligations	$	826,213		$	13,473

Forward-Starting Leases

As of September 30, 2024, we entered into 13 leases that had not yet commenced related to build-to-suit arrangements for car wash locations. These leases will commence in years 2024 through 2026 with initial lease terms of 15 to 20 years.

As of December 31, 2023, we entered into 14 leases that had not yet commenced related to build-to-suit arrangements for car wash locations. These leases will commence in years 2024 through 2026 with initial lease terms of 15 to 20 years.

Sale-Leaseback Transactions

During the three months ended September 30, 2024 and 2023, we completed four and two sale-leaseback transactions related to car wash locations, respectively, with aggregate consideration of $18,636 and $10,455, respectively, resulting in a net gain of $2,514 and a net loss of $373, respectively, which are included in (gain) loss on sale of assets in the accompanying consolidated statements of operations. Contemporaneously with the closing of the sales, we entered into lease agreements for the properties for initial 20-year terms. For the sale-leaseback transactions consummated in the three months ended September 30, 2024 and 2023, the cumulative initial annual rent for the properties was approximately $1,239 and $640, respectively, subject to annual escalations. These leases are accounted for as operating leases.

During the nine months ended September 30, 2024 and 2023, we completed eight and 14 sale-leaseback transactions related to car wash locations, respectively, with aggregate consideration of $37,381 and $99,710, respectively, resulting in a net gain of $1,553 and $4,893, respectively, which are included in (gain) loss on sale of assets in the accompanying consolidated statements of operations. Contemporaneously with the closing of the sales, we entered into lease agreements for the properties for initial 20-year terms. For the sale-leaseback transactions consummated in the nine months ended September 30, 2024 and 2023, the cumulative initial annual rent for the properties was approximately $2,426 and $6,227, respectively, subject to annual escalations. These leases are accounted for as operating leases.

Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,183,914	$ 999,116
Less: accumulated depreciation	(308,966)	(270,706)
Less: accumulated amortization - finance leases	(4,045)	(3,289)
Property and equipment, net	870,903	725,121
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	140,461	121,960
Buildings and Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	341,545	263,468
Finance Leases [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	16,661	16,604
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	147,506	135,861
Vehicles and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	324,735	285,127
Furniture, Fixtures and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	102,595	100,457
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 110,411	$ 75,639

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 6,691	$ 6,289	$ 18,843	$ 17,643
Time Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	1,607	1,749	4,566	5,119
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	4,897	4,344	13,652	11,784
Two Thousand And Twenty One Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	187	196	625	740
Cost of Labor and Chemicals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	2,719	2,330	7,657	6,474
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense	$ 3,972	$ 3,959	$ 11,186	$ 11,169

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Accrued Expenses

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Other Accrued Expenses

6. Other Accrued Expenses

Other accrued expenses consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Utilities	$	6,245	$	6,130
Accrued other tax expense		12,135		9,482
Insurance expense		4,197		4,355
Greenfield development accruals		-		13,343
Other		4,216		5,428
Total other accrued expenses	$	26,793	$	38,738

Greenfield development accruals represent an obligation to pay for invoices not yet received, primarily related to land and buildings and improvements, on properties which we have taken control of as of September 30, 2024 and December 31, 2023.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount1	0		0		$ 0
Fair value, assets transfers into level 3, amount	0	0	0	0
Fair value, assets transfers out of level 3, amount	0	0	0	0
Cash and cash equivalents fair value investment	0		$ 0		0
Deferred Compensation Arrangement with Individual, Description			The plan allows eligible participants to defer up to 90% of their base salary and/or incentive plan compensation as well as any refunds from our 401(k) Plan. Participants may elect investment funds selected by the Company in whole percentages
Fair value, liabilities transfers into level 3, amount			$ 0
Payment made upon receipts of certificate of occupancy	0	$ 0	0	$ 500
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0		0		0
Liabilities, fair value disclosure	$ 0		$ 0		$ 0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities measured at Fair Value on a Recurring Basis

The following table presents financial liabilities which are measured at fair value on a recurring basis as of September 30, 2024:


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan	$	6,547	$	6,547	$	-	$	-
Liabilities:
Deferred compensation plan	$	4,537	$	4,537	$	-	$	-
Contingent consideration	$	4,750	$	-	$	-	$	4,750

The following table presents financial liabilities which are measured at fair value on a recurring basis as of December 31, 2023:


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan	$	5,553	$	5,553	$	-	$	-
Liabilities:
Deferred compensation plan	$	3,961	$	3,961	$	-	$	-
Contingent consideration	$	4,750	$	-	$	-	$	4,750

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Balance at beginning of period	$	1,134,734	$	1,109,815
Current period acquisitions		-		24,919
Balance at end of period	$	1,134,734	$	1,134,734

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Nature of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

1. Nature of Business

Mister Car Wash, Inc., a Delaware corporation, together with its subsidiaries (collectively, “we,” “us,” “our” or the “Company”), is based in Tucson, Arizona and is a provider of conveyorized car wash services. We primarily operate Express Exterior Locations, which offer express exterior cleaning services along with free vacuum services, and interior cleaning services at select locations. As of September 30, 2024, we operated 501 car washes in 21 states.

Other Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of Intangible Assets	$ 1,246	$ 1,715	$ 4,528	$ 5,098

Stock-Based Compensation - Schedule of Estimated Grant-Date Fair Values of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Time Vesting Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected votatility	45.98%
Risk-free interest rate	4.52%
Expected term (in years)	6 years
Expected dividend yield	0.00%	0.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected votatility	50.14%	53.90%
Risk-free interest rate	5.41%	5.26%
Expected term (in years)	6 months	6 months
Maximum \| Time Vesting Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected votatility		44.68%
Risk-free interest rate		4.21%
Expected term (in years)		6 years 3 months 3 days
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected votatility	49.59%	36.30%
Risk-free interest rate	5.38%	4.53%
Expected term (in years)	5 months 26 days	5 months 26 days
Minimum \| Time Vesting Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected votatility		43.74%
Risk-free interest rate		3.68%
Expected term (in years)		6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Tax Credit Carryforward [Line Items]
Restricted Cash	$ 146	$ 146	$ 72	$ 107
Allowance for doubtful accounts	95	95	$ 68
Employee retention credit, qualified amount	0	5,189
Tax Advisory Costs		526
General and Administrative
Tax Credit Carryforward [Line Items]
Tax Advisory Costs	$ 0	$ 526

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 19,682	$ 15,633	$ 55,754	$ 45,567
Amortization expense	$ 254	$ 251	$ 756	$ 753

Other Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Other Accrued Expenses

Other accrued expenses consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Utilities	$	6,245	$	6,130
Accrued other tax expense		12,135		9,482
Insurance expense		4,197		4,355
Greenfield development accruals		-		13,343
Other		4,216		5,428
Total other accrued expenses	$	26,793	$	38,738

Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets, Net

4. Other Intangible Assets, Net

Other intangibles assets, net consisted of the following as of the periods presented:


	September 30, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Trade names and trademarks	$	107,000	$	-	$	107,000	$	-
CPC unity system		42,900		42,900		42,900		40,040
Customer relationships		9,700		6,745		9,700		6,430
Covenants not to compete		13,230		10,046		13,230		8,693
Other intangible assets, net	$	172,830	$	59,691	$	172,830	$	55,163

For the three months ended September 30, 2024 and 2023, amortization expense associated with our finite-lived intangible assets was $1,246 and $1,715, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense associated with our finite-lived intangible assets was $4,528 and $5,098, respectively.

As of September 30, 2024, estimated future amortization expense was as follows:


Fiscal Year Ending:
2024 (remaining three months)	$	475
2025		1,827
2026		1,585
2027		741
2028		501
Thereafter		1,010
Total estimated future amortization expense	$	6,139

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

Balance sheet information related to leases consisted of the following for the periods presented:


		As of
	Classification	September 30, 2024		December 31, 2023
Assets
Operating	Operating right of use assets, net	$	857,861	$	833,547
Finance	Property and equipment, net		12,616		13,315
Total lease assets		$	870,477	$	846,862

Liabilities
Current
Operating	Current maturities of operating lease liability	$	47,195	$	43,979
Finance	Current maturities of finance lease liability		811		746
Long-term
Operating	Operating lease liability		826,213		809,409
Finance	Financing lease liability		13,473		14,033
Total lease liabilities		$	887,692	$	868,167

Summary of Components of Total Lease Cost

Components of total lease cost, net, consisted of the following for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Operating lease expense (a)	$	28,126	$	26,361	$	82,997	$	75,680
Finance lease expense
Amortization of lease assets		254		251		756		753
Interest on lease liabilities		258		271		782		820
Short-term lease expense		52		12		155		38
Variable lease expense (b)		3,548		2,949		13,568		11,765
Total	$	32,238	$	29,844	$	98,258	$	89,056

Summary of Supplemental Information of Leases

The following includes supplemental information for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Operating cash flows from operating leases	$	27,091		$	25,758		$	80,451		$	74,458
Operating cash flows from finance leases	$	258		$	271		$	782		$	820
Financing cash flows from finance leases	$	190		$	168		$	552		$	492

Operating lease right of use assets obtained in exchange for lease liabilities	$	25,821		$	27,365		$	60,768		$	86,420
Finance lease right of use assets obtained in exchange for lease liabilities	$	57		$	-		$	57		$	-

Weighted-average remaining operating lease term		13.63			13.97			13.63			13.97
Weighted-average remaining finance lease term		14.96			15.77			14.96			15.77

Weighted-average operating lease discount rate		8.09	%		7.98	%		8.09	%		7.98	%
Weighted-average finance lease discount rate		7.33	%		7.33	%		7.33	%		7.33	%

Schedule of Lease Obligation Maturities

As of September 30, 2024, lease obligation maturities were as follows:


Fiscal Year Ending:	Operating Leases			Finance Leases
2024 (remaining three months)	$	27,723		$	454
2025		112,224			1,802
2026		111,383			1,809
2027		107,638			1,835
2028		101,494			1,856
Thereafter		1,025,386			18,424
Total future minimum obligations		1,485,848			26,180
Less: present value discount		(612,440	)		(11,896	)
Present value of net future minimum lease obligations		873,408			14,284
Less: current portion		(47,195	)		(811	)
Long-term obligations	$	826,213		$	13,473

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate	31.80%	21.30%
Year to provision for income tax effective tax rate	25.50%	25.60%
Favourable tax impact	$ 5,652	$ 3,638
Unrecognized tax benefits	$ 406	$ 0

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	328,412,061	318,366,628
Common stock, shares, outstanding	322,239,140	315,192,401
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock shares, issued	0	0
Preferred stock shares, outstanding	0	0
Shares repurchased, shares	2,998,694
Treasury Stock, Common, Shares	6,172,921	3,174,227
Treasury Stock, Value	$ 28,895	$ 6,091

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Litigation

From time to time, we are party to pending or threatened lawsuits arising out of or incident to the ordinary course of business. We carry professional and general liability insurance coverage and other insurance coverages in amounts that we believe are appropriate for our business. In the opinion of management and upon consultation with legal counsel, none of the pending or threatened lawsuits will have a material effect upon the consolidated financial position, operations, or cash flows of the Company.

Class Action Litigation

On February 14, 2023, a plaintiff filed a purported class action lawsuit in the Stanislaus County Superior Court, California, on behalf of all non-exempt employees employed by Defendants Prime Shine LLC, a wholly-owned subsidiary of the Company, in California any time between February 14, 2019, and the present, against Prime Shine, LLC and Does 1 – 20 inclusive. Plaintiff alleges eight claims for violations of the California Labor Code and one claim for violation of the California Business & Professions Code. On June 13, 2023, Plaintiff filed a First Amended Complaint to add a claim for penalties pursuant to the Private Attorneys General Act. Plaintiff seeks, among other things, an unspecified amount for unpaid wages, actual, consequential, and incidental losses, penalties, and attorneys’ fees and costs. The parties agreed to an informal exchange of information in lieu of formal discovery prior to mediation with an experienced wage-and-hour mediator. In October 2023, following mediation, both parties agreed to settle the lawsuit. A financial amount was accrued that was not material to our consolidated financial statements. A formal written settlement agreement has been executed by the parties and the Court granted preliminary approval of settlement. No putative class members objected or opted out of the settlement during the class action settlement notice period. The Court entered final approval of the class action settlement on July 19, 2024. In August 2024, the Company made the settlement payment in accordance with the Court's final approval, fulfilling our financial obligation under the terms of the settlement agreement. By mid-2025, the court clerk is expected to administratively close the case.

Insurance

We carry a broad range of insurance coverage, including general and business auto liability, commercial property, workers’ compensation, cyber risk, and general umbrella policies. As of September 30, 2024 and December 31, 2023, we accrued $4,179 and $4,311, respectively, for assessments on insurance claims filed, which are included in other accrued expenses in the accompanying consolidated balance sheets. As of September 30, 2024 and December 31, 2023, we recorded $3,634 and $3,686, respectively, in receivables from its non-healthcare insurance carriers related to these insurance claims, which are included in other receivables in the accompanying consolidated balance sheets. The receivables are paid when the claim is finalized and the reserved amounts on these claims are expected to be paid within one year.

Environmental Matters

Operations at certain facilities currently or previously owned or leased by us utilize, or in the past have utilized, hazardous substances generally in compliance with applicable law. Periodically, we have had minor claims asserted against it by regulatory agencies or private parties for environmental matters relating to the handling of hazardous substances by us, and we have incurred obligations for

investigations or remedial actions with respect to certain of these matters. There can be no assurances that activities at these facilities, or future facilities owned or operated by us, may not result in additional environmental claims being asserted against us or additional investigations or remedial actions being required. We are not aware of any significant remediation matters as of September 30, 2024. Because of various factors including the difficulty of identifying the responsible parties for any particular site, the complexity of determining the relative liability among them, the uncertainty as to the most desirable remediation techniques and the amount of damages and clean-up costs and the time period during which such costs may be incurred, we are unable to reasonably estimate the ultimate cost of claims asserted against us related to environmental matters; however, we do not believe such costs will be material to our consolidated financial statements.

In addition to potential claims asserted against us, there are certain regulatory obligations associated with these facilities. We also have a third-party specialist to review the sites subject to these regulations annually, for the purpose of assigning future cost. A third party has conducted a preliminary assessment of site restoration provisions arising from these regulations and we have recognized a provisional amount. As of September 30, 2024 and December 31, 2023, our accrual for environmental remediation was $15, which is included in other accrued expenses in the accompanying consolidated balance sheets.

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, outstanding	322,239,140	315,192,401

Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ 6,444			$ 6,444		$ 4,030
Accumulated amortization of discount and debt issuance costs	3,746			3,746		$ 6,145
Amortization of deferred debt issuance costs	248		$ 428	961	$ 1,270
Loss on extinguishment of debt	0		$ 0	$ (1,882)	$ 0
Maturity date		Mar. 31, 2031
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.25%		0.25%
2024 Term Loan
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (1,882)
Maximum Available Borrowing Capacity		$ 925,000
Debt Instrument, Frequency of Periodic Payment				The SOFR rate has a floor of 0.00%. Starting September 30, 2024, the loans will be amortized in equal quarterly installments at an annual rate of 1.00% of the original principal amount.
Standby Letters of Credit
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	215			$ 215		$ 807
Available Standby Letters of Credit	90,000			$ 90,000
Letter of Credit, Expiration				Any letter of credit issued under the Amended and Restated Credit Agreement has an expiration date which is the earlier of (i) no later than 12 months from the date of issuance or (ii) five business days prior to the maturity date of the Revolving Commitments, as amended under Amendment No. 2 to the Amended and Restated First Lien Credit Agreement.
First Lien Term Loan \| Line of Credit
Debt Instrument [Line Items]
Revolving Commitment	300,000			$ 300,000
Amended and Restated First Lien Credit Agreement
Debt Instrument [Line Items]
Long-term Debt, Description				The Credit Agreement requires the Borrower to maintain a Rent Adjusted Total Net Leverage Ratio no greater than 6.50 to 1.00, tested quarterly beginning with the quarter ending September 30, 2024, for the benefit of lenders holding the Revolving Commitments.
Rent adjusted total net leverage ratio		6.50 to 1.00
Amended and Restated First Lien Credit Agreement \| Minimum
Debt Instrument [Line Items]
Maximum Available Borrowing Capacity		$ 150,000
Amended and Restated First Lien Credit Agreement \| Maximum
Debt Instrument [Line Items]
Maximum Available Borrowing Capacity		300,000
Outstanding Term Loans \| 2024 Term Loan
Debt Instrument [Line Items]
Maximum Available Borrowing Capacity		901,201
Incremental Term Commitments \| 2024 Term Loan
Debt Instrument [Line Items]
Maximum Available Borrowing Capacity		$ 23,799
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Available Borrowing Capacity	$ 277,785			$ 277,785		$ 149,193
SOFR
Debt Instrument [Line Items]
Floor Interest Rate		0.00%
SOFR \| 2024 Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.00%
SOFR \| Minimum \| 2024 Term Loan
Debt Instrument [Line Items]
Increase (Decrease) in Interest rate		2.50%
SOFR \| Maximum \| 2024 Term Loan
Debt Instrument [Line Items]
Increase (Decrease) in Interest rate		2.75%
SOFR \| Amended and Restated First Lien Credit Agreement
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Base Rate \| 2024 Term Loan
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Base Rate \| Minimum \| 2024 Term Loan
Debt Instrument [Line Items]
Increase (Decrease) in Interest rate		1.50%
Base Rate \| Maximum \| 2024 Term Loan
Debt Instrument [Line Items]
Increase (Decrease) in Interest rate		1.75%
Base Rate \| Amended and Restated First Lien Credit Agreement
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 249,329	$ 234,076	$ 743,555	$ 696,930
Cost of labor and chemicals	73,617	72,760	217,966	210,376
Other store operating expenses	102,607	90,514	298,953	270,317
General and administrative	25,436	26,426	80,058	78,438
(Gain) loss on sale of assets, net	(1,916)	1,321	(552)	(3,470)
Total costs and expenses	199,744	191,021	596,425	555,661
Operating income	49,585	43,055	147,130	141,269
Other (income) expense:
Interest expense, net	20,653	19,100	60,931	55,143
Loss on extinguishment of debt	0	0	1,882	0
Other income	0	0	(5,189)	0
Total other expense, net	20,653	19,100	57,624	55,143
Income before taxes	28,932	23,955	89,506	86,126
Income tax provision	6,590	4,470	28,436	18,373
Net income	$ 22,342	$ 19,485	$ 61,070	$ 67,753
Earnings per share:
Basic	$ 0.07	$ 0.06	$ 0.19	$ 0.22
Diluted	$ 0.07	$ 0.06	$ 0.19	$ 0.21
Weighted-average common shares outstanding:
Basic	321,917,525	312,883,586	319,067,596	309,850,600
Diluted	329,299,326	328,844,569	329,222,641	328,265,878

Other Accrued Expenses - Schedule of Other Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Utilities	$ 6,245	$ 6,130
Accrued other tax expense	12,135	9,482
Insurance expense	4,197	4,355
Greenfield development accruals	0	13,343
Other	4,216	5,428
Total other accrued expenses	$ 26,793	$ 38,738

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Estimated Grant-Date Fair Value of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of stock purchase rights granted under the 2021 ESPP during the periods presented:


	Nine Months Ended September 30,
	2024	2023
Expected volatility	49.59% - 50.14%	36.30% - 53.9%
Risk-free interest rate	5.38% - 5.41%	4.53% - 5.26%
Expected term (in years)	0.49 - 0.50	0.49 - 0.50
Expected dividend yield	None	None

Summary of Stock Option Activity

A summary of our stock option activity during the period presented is as follows:


	Time Vesting Options			Performance Vesting Options			Total Number of Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2023		11,744,894			7,705,114			19,450,008		$	3.21
Granted		1,621,444			-			1,621,444		$	7.03
Exercised		(3,488,524	)		(5,071,258	)		(8,559,782	)	$	0.68
Forfeited		(173,284	)		-			(173,284	)	$	9.23
Outstanding as of September 30, 2024		9,704,530			2,633,856			12,338,386		$	5.39
Options vested or expected to vest as of September 30, 2024		9,014,595			2,633,856			11,648,451		$	9.68
Options exercisable as of September 30, 2024		5,767,352			2,633,856			8,401,208		$	3.90

Schedule of Weighted Average Grant Date Fair Value of Stock Options

The number and weighted-average grant date fair value of stock options during the period presented are as follows:


	Number of Stock Options			Weighted-Average Grant Date Fair Value
	Time Vesting Options		Performance Vesting Options	Time Vesting Options		Performance Vesting Options
Non-vested as of December 31, 2023		3,629,454	-	$	4.39	-
Non-vested as of September 30, 2024		3,937,178	-	$	3.87	-
Granted during the period		1,621,444	-	$	3.05	-
Vested during the period		1,187,832	-	$	4.40	-
Forfeited/canceled during the period		125,888	-	$	4.07	-

Summary of Restricted Stock Activity

A summary of our RSU activity during the period presented is as follows:


	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2023		3,718,505		$	9.98
Granted		2,996,219		$	7.03
Vested		(1,253,515	)	$	10.62
Forfeited		(427,367	)	$	8.75
Unvested as of September 30, 2024		5,033,842		$	8.16

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations for the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of labor and chemicals	$	2,719	$	2,330	$	7,657	$	6,474
General and administrative		3,972		3,959		11,186		11,169
Total stock-based compensation expense	$	6,691	$	6,289	$	18,843	$	17,643

Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations for the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Time Vesting Options	$	1,607	$	1,749	$	4,566	$	5,119
RSUs		4,897		4,344		13,652		11,784
2021 ESPP		187		196		625		740
Total stock-based compensation expense	$	6,691	$	6,289	$	18,843	$	17,643

Time Vesting Options [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Schedule of Estimated Grant-Date Fair Value of Stock-Based Awards Using Black-Scholes Option Pricing Model Assumptions

The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant date fair value of Time Vesting Options granted under the 2021 Plan during the periods presented:


	Nine Months Ended September 30,
	2024	2023
Expected volatility	45.98%	43.74% - 44.68%
Risk-free interest rate	4.52%	3.68% - 4.21%
Expected term (in years)	6.0	6.0 - 6.26
Expected dividend yield	None	None

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary Of Weighted-Average Grant Date Fair Value Of Stock Options (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	1,621,444
Time Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested as of December 31, 2023	3,629,454
Non-vested as of September 30, 2024	3,937,178
Granted	1,621,444
Vested during the period	1,187,832
Forfeited/canceled during the period	125,888
Weighted-Average non-vested exercise price as of as of December 31, 2023 \| $ / shares	$ 4.39
Weighted-Average non-vested exercise price as of as of September 30, 2024 \| $ / shares	3.87
Granted during the period \| $ / shares	3.05
Vested during the period \| $ / shares	4.4
Forfeited/canceled during the period \| $ / shares	$ 4.07
Performance Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested as of December 31, 2023	0
Non-vested as of September 30, 2024	0
Granted	0
Vested during the period	0
Forfeited/canceled during the period	0
Weighted-Average non-vested exercise price as of as of December 31, 2023 \| $ / shares	$ 0
Weighted-Average non-vested exercise price as of as of September 30, 2024 \| $ / shares	0
Granted during the period \| $ / shares	0
Vested during the period \| $ / shares	0
Forfeited/canceled during the period \| $ / shares	$ 0

Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Chemical washing solutions	$ 5,607	$ 9,135
Reserve for obsolescence	(116)	(183)
Total inventory, net	$ 5,491	$ 8,952

Debt - Schedule of Annual Maturities of Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining three months)	$ 2,313
2025	9,250
2026	9,250
2027	9,250
2028	9,250
Thereafter	905,375
Total maturities of debt	$ 944,688

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	MCW
Entity Registrant Name	Mister Car Wash, Inc.
Entity Central Index Key	0001853513
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Entity File Number	001-40542
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1393909
Entity Address, Address Line One	222 E. 5th Street
Entity Address, City or Town	Tucson
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85705
City Area Code	520
Local Phone Number	615-4000
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		322,249,966

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

We recognize stock-based compensation expense associated with stock options and restricted stock units ("RSUs"), and stock purchase rights. Stock options and RSUs are granted under the 2014 Stock Option Plan of Hotshine Holdings, Inc. (the “2014 Plan”) and 2021 Incentive Award Plan (the “2021 Plan”) while stock purchase rights are granted under the 2021 Employee Stock Purchase Plan (“2021 ESPP”).

Refer to our 2023 Form 10-K for additional details on employee stock incentive plans.

Share-Based Payment Valuation

The grant date fair value of Time Vesting Options granted is determined using the Black-Scholes option-pricing model. The grant date fair value of stock purchase rights granted under the 2021 ESPP is determined using the Black-Scholes option-pricing model.

2021 ESPP


	Nine Months Ended September 30,
	2024	2023
Expected volatility	49.59% - 50.14%	36.30% - 53.9%
Risk-free interest rate	5.38% - 5.41%	4.53% - 5.26%
Expected term (in years)	0.49 - 0.50	0.49 - 0.50
Expected dividend yield	None	None

Time Vesting Options


	Nine Months Ended September 30,
	2024	2023
Expected volatility	45.98%	43.74% - 44.68%
Risk-free interest rate	4.52%	3.68% - 4.21%
Expected term (in years)	6.0	6.0 - 6.26
Expected dividend yield	None	None

Stock Options

A summary of our stock option activity during the period presented is as follows:


	Time Vesting Options			Performance Vesting Options			Total Number of Stock Options			Weighted-Average Exercise Price
Outstanding as of December 31, 2023		11,744,894			7,705,114			19,450,008		$	3.21
Granted		1,621,444			-			1,621,444		$	7.03
Exercised		(3,488,524	)		(5,071,258	)		(8,559,782	)	$	0.68
Forfeited		(173,284	)		-			(173,284	)	$	9.23
Outstanding as of September 30, 2024		9,704,530			2,633,856			12,338,386		$	5.39
Options vested or expected to vest as of September 30, 2024		9,014,595			2,633,856			11,648,451		$	9.68
Options exercisable as of September 30, 2024		5,767,352			2,633,856			8,401,208		$	3.90

The number and weighted-average grant date fair value of stock options during the period presented are as follows:


	Number of Stock Options			Weighted-Average Grant Date Fair Value
	Time Vesting Options		Performance Vesting Options	Time Vesting Options		Performance Vesting Options
Non-vested as of December 31, 2023		3,629,454	-	$	4.39	-
Non-vested as of September 30, 2024		3,937,178	-	$	3.87	-
Granted during the period		1,621,444	-	$	3.05	-
Vested during the period		1,187,832	-	$	4.40	-
Forfeited/canceled during the period		125,888	-	$	4.07	-

We granted 1,621,444 Time Vesting Options with a grant date fair value of $4,945 during the nine months ended September 30, 2024. There were no Performance Vesting Options granted during the nine months ended September 30, 2024.

The fair value of shares attributable to stock options that vested during the nine months ended September 30, 2024 was $8,771.

As of September 30, 2024, the weighted-average remaining contractual life of outstanding stock options was approximately 5.52 years.

Restricted Stock Units

A summary of our RSU activity during the period presented is as follows:


	Restricted Stock Units			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2023		3,718,505		$	9.98
Granted		2,996,219		$	7.03
Vested		(1,253,515	)	$	10.62
Forfeited		(427,367	)	$	8.75
Unvested as of September 30, 2024		5,033,842		$	8.16

We granted 2,996,219 RSUs with a grant date fair value of $21,054 during the nine months ended September 30, 2024.

The fair value of shares attributable to RSUs that vested during the nine months ended September 30, 2024 was $8,908.

As of September 30, 2024, the weighted-average remaining contractual life of outstanding RSUs was approximately 9.09 years.

Stock-Based Compensation Expense

We estimated a forfeiture rate of 10.03% for awards with service-based vesting conditions based on historical experience and future expectations of the vesting of these share-based payments. We used this rate as an assumption in calculating stock-based compensation expense for Time Vesting Options, RSUs, and stock purchase rights granted under the 2021 ESPP.

Total stock-based compensation expense, by caption, recorded in the consolidated statements of operations for the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of labor and chemicals	$	2,719	$	2,330	$	7,657	$	6,474
General and administrative		3,972		3,959		11,186		11,169
Total stock-based compensation expense	$	6,691	$	6,289	$	18,843	$	17,643

Total stock-based compensation expense, by award type, recorded in the consolidated statements of operations for the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Time Vesting Options	$	1,607	$	1,749	$	4,566	$	5,119
RSUs		4,897		4,344		13,652		11,784
2021 ESPP		187		196		625		740
Total stock-based compensation expense	$	6,691	$	6,289	$	18,843	$	17,643

As of September 30, 2024, total unrecognized compensation expense related to unvested Time Vesting Options was $7,070, which is expected to be recognized over a weighted-average period of 2.11 years.

As of September 30, 2024, there was no unrecognized compensation expense related to unvested Performance Vesting Options as the completion of the IPO satisfied the performance condition and as a result, all outstanding Performance Vesting Options vested.

As of September 30, 2024, total unrecognized compensation expense related to unvested RSUs was $21,576, which is expected to be recognized over a weighted-average period of 2.26 years.

As of September 30, 2024, total unrecognized compensation expense related to unvested stock purchase rights under the 2021 ESPP was $107, which is expected to be recognized over a weighted-average period of 0.13 years.

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

8. Debt

Long-term debt consisted of the following as of the periods presented:


	As of
	September 30, 2024			December 31, 2023
First lien term loan	$	922,688		$	901,201
Revolving line of credit		22,000			-
Total debt		944,688			901,201
Less: unamortized discount and debt issuance costs		(4,392	)		(3,777	)
Less: current maturities of long-term debt		(9,250	)		-
Total long-term portion of debt, net	$	931,046		$	897,424

As of September 30, 2024, annual maturities of debt were as follows:


Fiscal Year Ending:
2024 (remaining three months)	$	2,313
2025		9,250
2026		9,250
2027		9,250
2028		9,250
Thereafter		905,375
Total maturities of debt	$	944,688

As of September 30, 2024 and December 31, 2023, unamortized discount and debt issuance costs were $6,444 and $4,030, respectively, and accumulated amortization of debt issuance costs was $3,746 and $6,145, respectively.

For the three months ended September 30, 2024 and 2023, the amortization of debt issuance costs in interest expense, net in the consolidated statements of operations was approximately $248 and $428, respectively.

For the nine months ended September 30, 2024 and 2023, the amortization of debt issuance costs in interest expense, net in the consolidated statements of operations was approximately $961 and $1,270, respectively.

Amended and Restated First Lien Credit Agreement

On August 21, 2014, we entered into a Credit Agreement (“Credit Agreement”) which was originally comprised of a term loan (“First Lien Term Loan”) and a revolving commitment (“Revolving Commitment”). The Credit Agreement was collateralized by substantially all personal property (including cash, inventory, property and equipment, and intangible assets), real property, and equity interests owned by us.

First Lien Term Loan

In March 2024, we entered into Amendment No. 5 to the Amended and Restated First Lien Credit Agreement with the lenders party thereto, and Bank of America, N.A. ("BofA") as the successor administrative agent and collateral agent. This amendment further modified the credit agreement by providing $925,000 in first lien term commitments, consisting of $901,201 to refinance outstanding term loans and $23,799 in additional incremental term commitments (collectively, the "2024 Term Loans"). The 2024 Term Loans have an interest rate of Term SOFR or Base Rate, at our option, plus an applicable margin (3.00% for SOFR Loans or 2.00% for Base Rate Loans), subject to step-downs based on the First Lien Net Leverage Ratio. For SOFR Loans, the margin starts at 3.00% and can decrease to 2.75% and 2.50% based on the First Lien Net Leverage Ratio. For Base Rate Loans, the margin begins at 2.00% and can decrease to 1.75% and 1.50%, depending on the First Lien Net Leverage Ratio. The SOFR rate has a floor of 0.00%. Starting September 30, 2024, the loans will be amortized in equal quarterly installments at an annual rate of 1.00% of the original principal amount. As a result of this amendment, the loans are scheduled to mature in March 2031. In connection with Amendment No. 5, we expensed $1,882 of previously unamortized debt issuance costs as a loss on extinguishment of debt in the consolidated statements of operations.

Revolving Commitment

In March 2024, we entered into Amendment No. 5 to our Amended and Restated First Lien Credit Agreement to increase our borrowing capacity from $150,000 to $300,000. The amendment also updates the interest rate for these loans to SOFR or Base Rate, at our option, plus an applicable margin (2.50% for SOFR Loans or 1.50% for Base Rate Loans), subject to step-ups and step-downs based on the First Lien Net Leverage Ratio. Any unused commitment fee is also payable based on the First Lien Net Leverage Ratio. The Credit Agreement requires the Borrower to maintain a Rent Adjusted Total Net Leverage Ratio no greater than 6.50 to 1.00, tested quarterly beginning with the quarter ending September 30, 2024, for the benefit of lenders holding the Revolving Commitments. The Amendment also extends the time in which we can draw revolving loans under the Revolving Commitments until the earliest of March 2029, permanent reduction of commitments to zero or termination of the commitment.

The maximum available borrowing capacity under the Revolving Commitments is reduced by outstanding letters of credit under the Revolving Commitments. As of September 30, 2024 and December 31, 2023, the available borrowing capacity under the Revolving Commitments was $277,785 and $149,193, respectively.

In addition, an unused commitment fee based on our First Lien Net Leverage Ratio is payable on the average of the unused borrowing capacity under the Revolving Commitments. As of September 30, 2024 and December 31, 2023, the unused commitment fee was 0.25%.

Standby Letters of Credit

As of September 30, 2024, we have a letter of credit sublimit of $90,000 under the Revolving Commitments, provided that the total utilization of revolving commitments under the Revolving Commitment does not exceed $300,000. Any letter of credit issued under the Amended and Restated Credit Agreement has an expiration date which is the earlier of (i) no later than 12 months from the date of issuance or (ii) five business days prior to the maturity date of the Revolving Commitments, as amended under Amendment No. 2 to the Amended and Restated First Lien Credit Agreement. Letters of credit under the Revolving Commitments reduce the maximum available borrowing capacity under the Revolving Commitment. As of September 30, 2024 and December 31, 2023, the amounts associated with outstanding letters of credit were $215 and $807, respectively.

Credit Agreement

We were in compliance with all covenants related to our long-term debt as of September 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company. All material intercompany balances and transactions have been eliminated in consolidation.

Reclassification

Within the consolidated financial statements certain immaterial amounts have been reclassified to conform with current period presentation. We reclassified Restricted cash of $146 and $72 from an individual line item on the consolidated balance sheets at September 30, 2024 and December 31, 2023, respectively, to Prepaid expenses and other current assets to conform with the current period presentation.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenue and expenses during the periods reported. Some of the significant estimates that we have made pertain to the determination of deferred tax assets and liabilities; estimates utilized to determine the fair value of assets acquired and liabilities assumed in business combinations and the related goodwill and intangibles; and certain assumptions used related to the evaluation of goodwill, intangibles, and property and equipment asset impairment. Actual results could differ from those estimates.

Accounts Receivable, Net

Accounts receivable are presented net of an allowance for doubtful accounts of $95 and $68 as of September 30, 2024 and December 31, 2023, respectively. The activity in the allowance for doubtful accounts was immaterial for the three and nine months ended September 30, 2024 and 2023.

Other Receivables

Other receivables consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Construction receivable	$	7,660	$	6,480
Income tax receivable		1,046		3,051
Insurance receivable		3,634		3,686
Other		3,082		1,497
Total other receivables	$	15,422	$	14,714

Inventory, Net

Inventory consisted of the following for the periods presented:


	As of
	September 30, 2024			December 31, 2023
Chemical washing solutions	$	5,607		$	9,135
Reserve for obsolescence		(116	)		(183	)
Total inventory, net	$	5,491		$	8,952

The activity in the reserve for obsolescence was immaterial for the three and nine months ended September 30, 2024 and 2023.

Revenue Recognition

The following table summarizes the composition of our net revenues for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Recognized over time	$	184,725	$	167,670	$	545,066	$	489,294
Recognized at a point in time		64,441		66,320		198,148		207,319
Other revenue		163		86		341		317
Net revenues	$	249,329	$	234,076	$	743,555	$	696,930

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted-average shares outstanding for the period and includes the dilutive impact of potential new shares issuable upon vesting and exercise of stock options, vesting of restricted stock units, and stock purchase rights granted under an employee stock purchase plan. Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is antidilutive. Reconciliations of the numerators and denominators of the basic and diluted earnings per share calculations for the periods presented are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	22,342	$	19,485	$	61,070	$	67,753

Denominator:
Weighted-average common shares outstanding - basic		321,917,525		312,883,586		319,067,596		309,850,600
Effect of potentially dilutive securities:
Stock options		5,562,479		15,573,984		8,585,621		17,912,009
Restricted stock units		1,763,531		289,840		1,540,123		463,687
Employee stock purchase plan		55,791		97,159		29,301		39,582
Weighted-average common shares outstanding - diluted		329,299,326		328,844,569		329,222,641		328,265,878

Earnings per share - basic	$	0.07	$	0.06	$	0.19	$	0.22
Earnings per share - diluted	$	0.07	$	0.06	$	0.19	$	0.21

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options		5,209,783		3,798,034		4,343,090		3,343,733
Restricted stock units		-		8,049		445,641		199,888
Employee stock purchase plan		-		-		32,905		30,594

Employee Retention Credit

In response to the COVID-19 pandemic, the Employee Retention Credit (“ERC”), was established under the Coronavirus Aid, Relief, and Economic Security Act. The ERC is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer paid to employees from March 13, 2020 to December 31, 2020. Companies who meet the eligibility requirements can claim the ERC on an original or adjusted employment tax return for a period within those dates.

In March 2024, we determined that we qualify for $5,189 in relief for the period from March 13, 2020 to December 31, 2020. Upon receipt of the credit, we will owe $526 in tax advisory costs associated with the assessment of the tax credit. This amount was expensed within General and administrative expenses in the amount of $0 and $526 during the three and nine months ended September 30, 2024, respectively. As there is no authoritative guidance under U.S. GAAP for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standards 20, or IAS 20, Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, management determined it has reasonable assurance of receipt of the identified ERC amount and recorded the credit in the amount of $0 and $5,189 in Other income on our consolidated statements of operations during the three and nine months ended September 30, 2024, respectively. A corresponding accrual of the tax credit receivable was recorded under Other assets on our consolidated balance sheet as of September 30, 2024.

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU No. 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures regarding significant segment expenses and other segment items for public entities on both an annual and interim basis. Specifically, the update requires that entities provide, during interim periods, all disclosures related to a reportable segment's profit or loss and assets that were previously required only on an annual basis. Additionally, this guidance necessitates the disclosure of the title and position of the Chief Operating Decision Maker ("CODM"). The new guidance does not modify how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years starting after December 15, 2024. This ASU must be applied retrospectively to all prior periods presented. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on our consolidated financial statements.

Leases - Summary of Supplemental Information of Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 27,091	$ 25,758	$ 80,451	$ 74,458
Operating cash flows from finance leases	258	271	782	820
Financing cash flows from finance leases	190	168	552	492
Operating lease right of use assets obtained in exchange for lease liabilities	25,821	27,365	60,768	86,420
Finance lease right of use assets obtained in exchange for lease liabilities	$ 57	$ 0	$ 57	$ 0
Weighted-average remaining operating lease term	13 years 7 months 17 days	13 years 11 months 19 days	13 years 7 months 17 days	13 years 11 months 19 days
Weighted-average remaining finance lease term	14 years 11 months 15 days	15 years 9 months 7 days	14 years 11 months 15 days	15 years 9 months 7 days
Weighted-average operating lease discount rate	8.09%	7.98%	8.09%	7.98%
Weighted-average finance lease discount rate	7.33%	7.33%	7.33%	7.33%

Business Combinations - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) CarWash	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) CarWash	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition costs	$ 0	$ 195	$ 0	$ 228
Number of car washes \| CarWash			0
Goodwill	$ 1,134,734		$ 1,134,734		$ 1,134,734	$ 1,109,815
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]					Gain (Loss) on Disposition of Property Plant Equipment
Two Thousand Twenty Three Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred					$ 51,217
Goodwill					24,919
Property and equipment					22,555
ROU assets					3,580
Intangible assets related to covenants not to compete					640
Other assets and liabilities					101
Bargain purchase gain					$ 376
Two Thousand Twenty Three Acquisitions [Member] \| Retail Site
Business Acquisition [Line Items]
Number of car washes \| CarWash					6

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,342	$ 22,091	$ 16,637	$ 19,485	$ 27,132	$ 21,136	$ 61,070	$ 67,753

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
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+ Details

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
First lien term loan	$ 944,688
Less: current maturities of long-term debt	(9,250)	$ 0
Total long-term portion of debt, net	931,046	897,424
Senior Notes [Member]
Debt Instrument [Line Items]
First lien term loan	922,688	901,201
Revolving line of credit	22,000	0
Total debt	944,688	901,201
Less: unamortized discount and debt issuance costs	(4,392)	(3,777)
Less: current maturities of long-term debt	$ (9,250)	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Leases - Schedule of Lease Obligation Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining three months)	$ 27,723
2025	112,224
2026	111,383
2027	107,638
2028	101,494
Thereafter	1,025,386
Total future minimum obligations	1,485,848
Less: Present value discount	(612,440)
Present value of net future minimum lease obligations	873,408
Less: current portion	(47,195)	$ (43,979)
Long-term obligations	826,213	809,409
2024 (remaining three months)	454
2025	1,802
2026	1,809
2027	1,835
2028	1,856
Thereafter	18,424
Total future minimum obligations	26,180
Less: Present value discount	(11,896)
Present value of net future minimum lease obligations	14,284
Less: current portion	(811)	(746)
Long-term obligations	$ 13,473	$ 14,033

Other Intangible Assets, Net - Summary of Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2024 (remaining three months)	$ 475
2025	1,827
2026	1,585
2027	741
2028	501
Thereafter	1,010
Total estimated future amortization expense	$ 6,139

Summary of Significant Accounting Policies - Schedule of Other Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Construction receivable	$ 7,660	$ 6,480
Income tax receivable	1,046	3,051
Insurance receivable	3,634	3,686
Other	3,082	1,497
Total other receivables	$ 15,422	$ 14,714

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2024

Two Thousand Twenty Three Acquisitions

Schedule of Business Acquisitions

The acquisitions were located in the following markets:


Location (Seller)	Number of Washes	Month Acquired
Arizona (Dynamite Car Wash)	1	April
California (Cruizers Car Wash)	5	July

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 16,478	$ 19,047
Accounts receivable, net	2,835	6,304
Other receivables	15,422	14,714
Inventory, net	5,491	8,952
Prepaid expenses and other current assets	12,559	11,877
Total current assets	52,785	60,894
Property and equipment, net	870,903	725,121
Operating lease right of use assets, net	857,861	833,547
Other intangible assets, net	113,139	117,667
Goodwill	1,134,734	1,134,734
Other assets	16,450	9,573
Total assets	3,045,872	2,881,536
Current liabilities:
Accounts payable	44,715	33,641
Accrued payroll and related expenses	30,265	19,771
Other accrued expenses	26,793	38,738
Less: current maturities of long-term debt	9,250	0
Current maturities of operating lease liability	47,195	43,979
Current maturities of finance lease liability	811	746
Deferred revenue	34,639	32,686
Total current liabilities	193,668	169,561
Long-term portion of debt, net	931,046	897,424
Operating lease liability	826,213	809,409
Financing lease liability	13,473	14,033
Deferred tax liability	97,499	71,657
Other long-term liabilities	4,570	4,417
Total liabilities	2,066,469	1,966,501
Stockholders’ equity:
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 322,239,140 and 315,192,401 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	3,228	3,157
Additional paid-in capital	820,498	817,271
Retained earnings	155,677	94,607
Total stockholders’ equity	979,403	915,035
Total liabilities and stockholders’ equity	$ 3,045,872	$ 2,881,536

Other Intangible Assets, Net - Summary of Components of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 172,830	$ 172,830
Accumulated Amortization	59,691	55,163
Trade names and trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	107,000	107,000
Accumulated Amortization	0	0
CPC unity system
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	42,900	42,900
Accumulated Amortization	42,900	40,040
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,700	9,700
Accumulated Amortization	6,745	6,430
Covenants Not to Compete
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,230	13,230
Accumulated Amortization	$ 10,046	$ 8,693

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Schedule of Composition of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Net revenues	$ 249,329	$ 234,076	$ 743,555	$ 696,930
Recognized Over Time
Disaggregation Of Revenue [Line Items]
Net revenues	184,725	167,670	545,066	489,294
Recognized at a Point in Time
Disaggregation Of Revenue [Line Items]
Net revenues	64,441	66,320	198,148	207,319
Other Revenue
Disaggregation Of Revenue [Line Items]
Net revenues	$ 163	$ 86	$ 341	$ 317

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Business Combinations - Schedule of Business Acquisitions (Details) - CarWash	1 Months Ended		9 Months Ended
	Jul. 31, 2023	Apr. 30, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Number of car washes			0
Arizona \| Two Thousand Twenty Three Acquisitions
Business Acquisition [Line Items]
Number of car washes		1
California \| Two Thousand Twenty Three Acquisitions
Business Acquisition [Line Items]
Number of car washes	5

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of period	$ 1,134,734	$ 1,109,815
Current period acquisitions	0	24,919
Balance at end of period	$ 1,134,734	$ 1,134,734

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

5. Goodwill

Goodwill consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Balance at beginning of period	$	1,134,734	$	1,109,815
Current period acquisitions		-		24,919
Balance at end of period	$	1,134,734	$	1,134,734

Goodwill is generally deductible for tax purposes, except for the portion related to purchase accounting step-up goodwill.

Fair Value Measurements - Schedule of Financial Liabilities measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Compensation Plan [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	$ 6,547	$ 5,553
Liabilities:
Liabilities, fair value disclosure	4,537	3,961
Contingent consideration [Member]
Liabilities:
Liabilities, fair value disclosure	4,750	4,750
Level 1 \| Deferred Compensation Plan [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	6,547	5,553
Liabilities:
Liabilities, fair value disclosure	4,537	3,961
Level 1 \| Contingent consideration [Member]
Liabilities:
Liabilities, fair value disclosure	0	0
Level 2 \| Deferred Compensation Plan [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Liabilities:
Liabilities, fair value disclosure	0	0
Level 2 \| Contingent consideration [Member]
Liabilities:
Liabilities, fair value disclosure	0	0
Level 3
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Liabilities:
Liabilities, fair value disclosure	0	0
Level 3 \| Deferred Compensation Plan [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, fair value disclosure	0	0
Liabilities:
Liabilities, fair value disclosure	0	0
Level 3 \| Contingent consideration [Member]
Liabilities:
Liabilities, fair value disclosure	$ 4,750	$ 4,750

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($) Transaction Lease	Sep. 30, 2023 USD ($) Transaction	Sep. 30, 2024 USD ($) Transaction Lease	Sep. 30, 2023 USD ($) Transaction	Dec. 31, 2023 Lease
Lessor Lease Description [Line Items]
Number of Leases \| Lease	13		13		14
Number of sale leaseback transaction \| Transaction	4	2	8	14
Sale and leaseback transaction, aggregate consideration	$ 18,636	$ 10,455	$ 37,381	$ 99,710
Sale and leaseback transaction, gain (loss), net	2,514	(373)	$ 1,553	4,893
Sale leaseback transaction, lease term			20-year
Sale and lease back transaction, annual rent	$ 1,239	$ 640	$ 2,426	$ 6,227
Minimum [Member]
Lessor Lease Description [Line Items]
Lease not yet commenced, term of contract	15 years		15 years		15 years
Maximum [Member]
Lessor Lease Description [Line Items]
Lease not yet commenced, term of contract	20 years		20 years		20 years

Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Components of Other Intangible Assets, Net

Other intangibles assets, net consisted of the following as of the periods presented:


	September 30, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Trade names and trademarks	$	107,000	$	-	$	107,000	$	-
CPC unity system		42,900		42,900		42,900		40,040
Customer relationships		9,700		6,745		9,700		6,430
Covenants not to compete		13,230		10,046		13,230		8,693
Other intangible assets, net	$	172,830	$	59,691	$	172,830	$	55,163

Summary of Estimated Amortization Expense

As of September 30, 2024, estimated future amortization expense was as follows:


Fiscal Year Ending:
2024 (remaining three months)	$	475
2025		1,827
2026		1,585
2027		741
2028		501
Thereafter		1,010
Total estimated future amortization expense	$	6,139

Summary of Significant Accounting Policies - Schedule of Reconciliations of Numerators and Denominators of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 22,342	$ 22,091	$ 16,637	$ 19,485	$ 27,132	$ 21,136	$ 61,070	$ 67,753
Denominator:
Weighted-average common shares outstanding - basic	321,917,525			312,883,586			319,067,596	309,850,600
Effect of potentially dilutive securities:
Weighted-average common shares outstanding - diluted	329,299,326			328,844,569			329,222,641	328,265,878
Earnings per share - basic	$ 0.07			$ 0.06			$ 0.19	$ 0.22
Earnings per share - diluted	$ 0.07			$ 0.06			$ 0.19	$ 0.21
Employee Stock Option
Effect of potentially dilutive securities:
Weighted-average common shares outstanding - diluted	5,562,479			15,573,984			8,585,621	17,912,009
Restricted Stock Units
Effect of potentially dilutive securities:
Weighted-average common shares outstanding - diluted	1,763,531			289,840			1,540,123	463,687
Employee Stock Purchase Plan
Effect of potentially dilutive securities:
Weighted-average common shares outstanding - diluted	55,791			97,159			29,301	39,582

Summary of Significant Accounting Policies - Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,209,783	3,798,034	4,343,090	3,343,733
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	8,049	445,641	199,888
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	0	32,905	30,594

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Beginning Balance	19,450,008
Granted	1,621,444
Exercised	(8,559,782)
Forfeited	(173,284)
Outstanding Ending Balance	12,338,386
Options vested or expected to vest as of September 30, 2024	11,648,451
Options exercisable as of September 30, 2024	8,401,208
Outstanding Beginning Balance	$ 3.21
Granted	7.03
Exercised	0.68
Forfeited	9.23
Outstanding Ending Balance	5.39
Options vested or expected to vest as of September 30, 2024	9.68
Options exercisable as of September 30, 2024	$ 3.9
Time Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Beginning Balance	11,744,894
Granted	1,621,444
Exercised	(3,488,524)
Forfeited	(173,284)
Outstanding Ending Balance	9,704,530
Options vested or expected to vest as of September 30, 2024	9,014,595
Options exercisable as of September 30, 2024	5,767,352
Performance Vesting Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Beginning Balance	7,705,114
Granted	0
Exercised	(5,071,258)
Forfeited	0
Outstanding Ending Balance	2,633,856
Options vested or expected to vest as of September 30, 2024	2,633,856
Options exercisable as of September 30, 2024	2,633,856

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss contingency, receivable, current	$ 3,634	$ 3,686
Loss contingency, amount of insurance-related assessment liability, payment period	one year
Environmental remediation expense	$ 15	15
Other Accrued Expenses [Member]
Loss Contingencies [Line Items]
Loss contingency, amount of insurance-related assessment accrued liability	4,179	4,311
Other Receivable [Member]
Loss Contingencies [Line Items]
Loss contingency, receivable, current	$ 3,634	$ 3,686

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	As of
	September 30, 2024			December 31, 2023
Land	$	140,461		$	121,960
Buildings and improvements		341,545			263,468
Finance leases		16,661			16,604
Leasehold improvements		147,506			135,861
Vehicles and equipment		324,735			285,127
Furniture, fixtures and equipment		102,595			100,457
Construction in progress		110,411			75,639
Property and equipment, gross		1,183,914			999,116
Less: accumulated depreciation		(308,966	)		(270,706	)
Less: accumulated amortization - finance leases		(4,045	)		(3,289	)
Property and equipment, net	$	870,903		$	725,121

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

As of September 30, 2024, there were 1,000,000,000 shares of common stock authorized, 328,412,061 shares of common stock issued, and 322,239,140 shares of common stock outstanding.

As of December 31, 2023, there were 1,000,000,000 shares of common stock authorized, 318,366,628 shares of common stock issued, and 315,192,401 shares of common stock outstanding.

As of September 30, 2024 and December 31, 2023, there were 5,000,000 shares of preferred stock authorized and none were issued or outstanding.

During the nine months ended September 30, 2024, we withheld a total of 2,998,694 shares in order to satisfy payroll tax withholdings to settle cashless stock option exercises.

We use the cost method to account for treasury stock. As of September 30, 2024 and December 31, 2023, we had 6,172,921 and 3,174,227 shares, respectively, of treasury stock. As of September 30, 2024 and December 31, 2023, the cost of treasury stock included in additional paid-in capital in the accompanying consolidated balance sheets was $28,895 and $6,091, respectively.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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-Section 50
-Paragraph 13
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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following as of the periods presented:


	As of
	September 30, 2024			December 31, 2023
First lien term loan	$	922,688		$	901,201
Revolving line of credit		22,000			-
Total debt		944,688			901,201
Less: unamortized discount and debt issuance costs		(4,392	)		(3,777	)
Less: current maturities of long-term debt		(9,250	)		-
Total long-term portion of debt, net	$	931,046		$	897,424

Schedule of Annual Maturities of Debt

As of September 30, 2024, annual maturities of debt were as follows:


Fiscal Year Ending:
2024 (remaining three months)	$	2,313
2025		9,250
2026		9,250
2027		9,250
2028		9,250
Thereafter		905,375
Total maturities of debt	$	944,688

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 61,070	$ 67,753
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	61,038	51,418
Stock-based compensation expense	18,843	17,643
Gain on sale of assets, net	(552)	(3,470)
Loss on extinguishment of debt	1,882	0
Amortization of debt issuance costs	961	1,270
Non-cash lease expense	36,557	33,337
Deferred income tax	25,842	14,748
Changes in assets and liabilities:
Accounts receivable, net	3,469	(1,874)
Other receivables	(7,012)	212
Inventory, net	3,461	88
Prepaid expenses and other current assets	(605)	(408)
Accounts payable	11,629	3,777
Accrued expenses	11,850	8,170
Deferred revenue	1,954	3,288
Operating lease liability	(31,811)	(29,689)
Other noncurrent assets and liabilities	264	(777)
Net cash provided by operating activities	198,840	165,486
Cash flows from investing activities:
Purchases of property and equipment	(259,896)	(218,692)
Acquisition of car wash operations, net of cash acquired	0	(51,890)
Proceeds from sale of property and equipment	36,431	96,930
Net cash used in investing activities	(223,465)	(173,652)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee plans	3,742	6,176
Payments of tax withholding on option exercises	(19,290)	0
Proceeds from debt borrowings	925,000	0
Proceeds from revolving line of credit	186,000	0
Payments on debt borrowings	(903,513)	0
Payments on revolving line of credit	(164,000)	0
Payments of deferred financing costs	(5,257)	0
Principal payments on finance lease obligations	(552)	(492)
Other financing activities	0	(500)
Net cash provided by financing activities	22,130	5,184
Net change in cash and cash equivalents, and restricted cash during period	(2,495)	(2,982)
Cash and cash equivalents and restricted cash at beginning of period	19,119	65,222
Cash and cash equivalents and restricted cash at end of period	16,624	62,240
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	16,478	62,133
Restricted cash, included in prepaid expenses and other current assets	146	107
Total cash, cash equivalents, and restricted cash	16,624	62,240
Supplemental disclosure of cash flow information:
Cash paid for interest	60,436	56,164
Cash paid for income taxes	2,267	2,409
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment in accounts payable	17,352	15,167
Property and equipment in other accrued expenses	0	16,439
Stock option exercise proceeds in other receivables	$ 1	$ 17

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the 2023 Form 10-K.

The consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the included disclosures are adequate, and the accompanying consolidated financial statements contain all adjustments which are necessary for a fair presentation of our consolidated financial position as of September 30, 2024, consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, and consolidated cash flows for the nine months ended September 30, 2024 and 2023. Such adjustments are of a normal and recurring nature. The consolidated results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the consolidated results of operations that may be expected for any other future interim or annual period.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company. All material intercompany balances and transactions have been eliminated in consolidation.

Reclassification

Use of Estimates

Accounts Receivable, Net

Other Receivables

Other receivables consisted of the following for the periods presented:


	As of
	September 30, 2024		December 31, 2023
Construction receivable	$	7,660	$	6,480
Income tax receivable		1,046		3,051
Insurance receivable		3,634		3,686
Other		3,082		1,497
Total other receivables	$	15,422	$	14,714

Inventory, Net

Inventory consisted of the following for the periods presented:


	As of
	September 30, 2024			December 31, 2023
Chemical washing solutions	$	5,607		$	9,135
Reserve for obsolescence		(116	)		(183	)
Total inventory, net	$	5,491		$	8,952

The activity in the reserve for obsolescence was immaterial for the three and nine months ended September 30, 2024 and 2023.

Revenue Recognition

The following table summarizes the composition of our net revenues for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Recognized over time	$	184,725	$	167,670	$	545,066	$	489,294
Recognized at a point in time		64,441		66,320		198,148		207,319
Other revenue		163		86		341		317
Net revenues	$	249,329	$	234,076	$	743,555	$	696,930

Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	22,342	$	19,485	$	61,070	$	67,753

Denominator:
Weighted-average common shares outstanding - basic		321,917,525		312,883,586		319,067,596		309,850,600
Effect of potentially dilutive securities:
Stock options		5,562,479		15,573,984		8,585,621		17,912,009
Restricted stock units		1,763,531		289,840		1,540,123		463,687
Employee stock purchase plan		55,791		97,159		29,301		39,582
Weighted-average common shares outstanding - diluted		329,299,326		328,844,569		329,222,641		328,265,878

Earnings per share - basic	$	0.07	$	0.06	$	0.19	$	0.22
Earnings per share - diluted	$	0.07	$	0.06	$	0.19	$	0.21

The following potentially dilutive shares were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock options		5,209,783		3,798,034		4,343,090		3,343,733
Restricted stock units		-		8,049		445,641		199,888
Employee stock purchase plan		-		-		32,905		30,594

Employee Retention Credit

Recent Accounting Pronouncements

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

The following table presents financial liabilities which are measured at fair value on a recurring basis as of September 30, 2024:


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan	$	6,547	$	6,547	$	-	$	-
Liabilities:
Deferred compensation plan	$	4,537	$	4,537	$	-	$	-
Contingent consideration	$	4,750	$	-	$	-	$	4,750

The following table presents financial liabilities which are measured at fair value on a recurring basis as of December 31, 2023:


	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation plan	$	5,553	$	5,553	$	-	$	-
Liabilities:
Deferred compensation plan	$	3,961	$	3,961	$	-	$	-
Contingent consideration	$	4,750	$	-	$	-	$	4,750

We measure the fair value of our financial assets and liabilities using the highest level of inputs that are available as of the measurement date. The carrying amounts of cash, accounts receivable, and accounts payable approximate their fair value due to the immediate or short-term maturity of these financial instruments.

We maintain a deferred compensation plan for a certain group of our highly compensated employees, in which certain of our executive officers participate in. The plan allows eligible participants to defer up to 90% of their base salary and/or incentive plan compensation as well as any refunds from our 401(k) Plan. Participants may elect investment funds selected by the Company in whole percentages. Changes in the value of compensation deferred under these plans are recognized each period based on the fair value of the underlying measurement funds. These investment funds consist primarily of equity securities, such as common stock and mutual funds, and fixed income securities and are valued at the closing price reported on the active market on which the individual securities are traded and are classified as Level 1. These investment options do not represent actual ownership of or ownership rights in the applicable funds; they serve the purpose of valuing the account and the corresponding obligation of the Company.

As of September 30, 2024 and December 31, 2023, the fair value of our First Lien Term Loan approximated its carrying value due to the debt’s variable interest rate terms.

As of September 30, 2024 and December 31, 2023, we held no assets in cash investments.

We recognized a Level 3 contingent consideration liability in connection with the Downtowner Car Wash acquisition in December 2021. We measured its contingent consideration liability using Level 3 unobservable inputs. The contingent consideration liability is associated with the achievement of certain targets and is estimated at each balance sheet date by considering among other factors, results of completed periods and our most recent financial projection for future periods subject to earn-out payments. There are two components to the contingent consideration: a payment when we obtained the certificate of occupancy for the car wash and opened it to the public in 2023 and an annual payment based on certain financial metrics of the acquired business. A change in the forecasted revenue or projected opening dates could result in a significantly lower or higher fair value measurement. We determined that there were no significant changes to the unobservable inputs that would have resulted in a change in fair value of this contingent consideration liability at September 30, 2024. During the three and nine months ended September 30, 2023, a payment was made upon receipt of certificate of occupancy of $0 and $500, respectively. No payments were made during the three and nine months ended September 30, 2024.

During the three and nine months ended September 30, 2024 and 2023, there were no transfers between fair value measurement levels.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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-Paragraph 107
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

3. Property and Equipment, Net

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


	As of
	September 30, 2024			December 31, 2023
Land	$	140,461		$	121,960
Buildings and improvements		341,545			263,468
Finance leases		16,661			16,604
Leasehold improvements		147,506			135,861
Vehicles and equipment		324,735			285,127
Furniture, fixtures and equipment		102,595			100,457
Construction in progress		110,411			75,639
Property and equipment, gross		1,183,914			999,116
Less: accumulated depreciation		(308,966	)		(270,706	)
Less: accumulated amortization - finance leases		(4,045	)		(3,289	)
Property and equipment, net	$	870,903		$	725,121

For the three months ended September 30, 2024 and 2023, depreciation expense was $19,682 and $15,633, respectively. For the nine months ended September 30, 2024 and 2023, depreciation expense was $55,754 and $45,567, respectively.

For the three months ended September 30, 2024 and 2023, amortization expense on finance leases was $254 and $251, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense on finance leases was $756 and $753, respectively.