Mister Car Wash (MCW) 13 Aug 212021 Q2 Earnings call transcript

Good day, and welcome to the Mister Car Wash Q2 2021 Earnings Call. All participants will be in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Megan Everett, Senior Director of Communications. ahead. go Please

and Mister everyone, call. for us joining Good Wash's thank second for Car earnings quarter today afternoon, you fiscal XXXX

Speaking questions. Gold. Chief Chief today, remarks, we have and John the formal are and call open Lai; for made Executive their Financial John After Officer, Jed will and Jed Officer, Chairperson

actual the significant today forward-looking statements, company's the which to Before we contained to to factors statements need the may cause on include required do results such uncertainties remind everyone Securities and could subject company's as circumstances from may revise from in as to XXXX. Form risks on today, Commission registration materially Exchange the not begin, July I that and review have if with company that XX, update comments These and except by S-X -- made cautionary or current management's differ are of and any filed statements obligation law, risk statements, be statement the materially speak Please expectations. does change.

XXXX. quarterly to ended may quarterly on time the the updated XX-Q from SEC, its report in such factors for filings As including other XX, be its June time Form with period

to and press the earnings measures. turn release, During certain in With which over measures to that, financial the at John? Car ir.mistercarwash.com. management filed the Investor posted refer GAAP Wash's John. non-GAAP the of company's non-GAAP Mister I'll also was A the to today, call will financial and between Relations found today website SEC reconciliation can call the section with be

team mission-driven the earnings as never greater has and we're bunch, And into executing little and a build at and up over set and core testament right to out leaders, we a to industry as There's Morale car strong and what a performance, scale for we're coast emotions incredibly of us coast out strong over no build believe we XX to as culture national have team. IPO true feeling it. building public an It's to and now extremely but one validating a thanks glow work and to and was to the they going heights. all do love coming what feeling weeks, came done rang having We are all who everyone, and from of the and that event. has talented, still new a to bell, a wash first been do afternoon, and hard of organization on else us great within which taken our again very company stronger. We positive to drives It's joining fun even purpose, talk today, passionate strong six the we an is the a years high weave been a of is before, significance level company. all our clicking on hard-working cylinders. a and new the our sense special company. amazing since to you of historic over It It's public. passionate Good this to call. our led

to Before share story. I the I'd numbers, into like dive a quick

workforce buy an I the team stock over people, voluntarily were going thrilled almost participation invested our participated. for. of During no an of they idea work into share who X,XXX of That's plan to level our I'm back pie. XX% but to and we the get, to that company the members launched give piece purchase own IPO, had stock a we what employee to opportunity

us when you it for becomes to believe and deeply in as the that that size the have our stronger. people powerful Given of company, organization, get many stronger

wash ESPP car to my Lai, getting who was I and high me day, came like a of said, was in our one school, at looked up just members crew other Mr. he the Just we’re MIT someday I get thanks, my Without payroll it the program. wouldn't dream have up able hope the been I setting the is into I program. that reduction to participate. plan,

and away all for, perform of blooming our good company they it the fact when Just And the people. highlighted service as at about providers, the that well. that day, they the feel it's end about work they

background For on briefly our strategy our CFO, how including to financial today, long-term our recapping deliver drivers, results our will had then to as Jed share going review pleased our by as COVID-XX our like to in our I'm completed our facilities begin impact XXXX. the quick well exceeded December and we're comparisons, our Jed results fiscal value. I'd discuss call share going second-quarter and for results, Gold, growth shareholder is that guidance Then expectations. materially some QX also of on lube XXXX. the our divestiture to of

eight half far $XXX XXXX XXXX. sales This were kept greenfield XX% of of stores of an up of locations acquisitions XX%, eight QX as EBITDA. And incredibly for adjusted we which plus adjusted new in performance million, up million EBITDA strong XX%. For same-store through $XX of added today, new first with $XXX all-time so quarter, EBITDA and revenues and an opened the sales we were million, up increase over total adjusted and revenue of off records delivered quarterly

of we level look As unit will outlook ahead, remainder the as growth we're discuss well-positioned to deliver the our year. for Jed on

largest unique Unlimited wash background geographically locations, XXX newer to Since X.X some founding we wash national grown cars history. million Wash company, of we've our that provide annually. you million in those For XX XX over car with become diversified let brand US ago, and Club members, years me our on the our are to the

growth on and XX quarters Our awesome focus consecutive positive our relentless driven field management amazing excellence. was by team number an sales same-store of their pre-COVID operational is and

of support of Over managers team been advantage excellent deliver benefits, members within we path wages, day-out. elevated competitive best-in-class training, stronger. Employee been an competitive progression. promoted biggest people have day-in engagement has with XX% Our our our service our customer and career all from of never and is who level and

alongside puts XX in the the us of in score legendary ENPS brands some retail. most best-in-class category Our consumer of

As predictable, member-centric. and XX% has business member maximizing investing over our focus our stores value our changed strengthen transformed build our increasing subscription-based we Wash the experience, about business. new growth has model very we to continuing future, continuously and customer the every recurring, representing acquire company aspect throughput, Club our base, driven our on team. UWC portfolio. to Comp in adding by will of This our become overall while to be of think be will store game, Unlimited as

we as grow to equals associated this increases program. relationship the store greenfield with calling of market density, grows. We're we our our effect expect a it's value our proposition positive network symbiotic greater As for numbers membership the network the share our which increase optionality having members as stores more and

will new growth highly by markets to be markets. unit and complemented markets, existing Our driven infill by acquisition opportunities existing development greenfield in selective strategic

actually a dirty, largest come having the that never topline the we're to US do position building cleaned. Looking opportunity a good than grow for huge we're large, to picture expand thing. From our it away target the low front the highly and service, in in grow car ourselves to our of The while see yourself to category and new ahead, has team term they're small see for adjusted users best that's demand end, going in doing big Demand runway range into as for carwash car very you place our to achieve stronger outlook US and have growth. all them. share, excellent and as quite continued in fragmented, services persistent standpoint, the in kind park as the it wash America we industry, for with resilient. been longer single-digit well less continues lot continued with we market EBITDA double-digit in and be continue high for need growth fundamental With more as range. the us. motorists from the a always industry blocks someone in when to XXXX North operator always our the as of a X% cars an In of shift to get your is will

to I'd it like Jed. turn over to Now,

and everyone. afternoon good John you, Thank

said, our the that outlook the the John with our for which results deliver record quarter to-date marking first second we performance this well our to our adjusted We including for are by our quarter believe and performance spring. very exceeded our a pleased positions perspective, year revenue half As exceptional performance driven year. against both of expectations, us this from EBITDA

refer our calculating Please X%. from more of growth My provide today's I non-GAAP our benefited macro Revenue quarter store to review some in by and comparable on fiscal focus and million financial would on adjusted results. our like non-GAAP our sales $XXX detail the methodology million let XXXX, year you guidance additional the our release second trends. XX% metrics. press strong second our about and backdrop growth increased $XXX business from mobility results. and me Before XX% last performance increased quarter, will driven In results unit of year-to-date for the if details to

the XX% includes X.X QX over accounting of period. as XXXX, end wash growth, membership of UWC million of million approximately sales UWC as sales store comparable total members members of growth year, to during Our XX, from since membership June for grew X.X the XX% last

$X.X we of a in Important retail quick the revenue facilities a or was during to solid change had membership our revenue note, fiscal QX lube sales XX% the by XXXX non-UWC as a addition, In of in quarter. of for growth sales growth oil store result comparable XXXX. December divestiture impacted of our decrease million growth

exceeding productivity continue users new to planned to have the greenfield We nicely carwash XX have locations and the and our to pipeline long-term new our our our now build due UWC grow growth, footprint. their with sales ramping parameters profitability projections very and was XX% locations. and Greenfield one-year network we category the that to suspended unit as mark also We rapid QX. growth our acquisitions onset to was Compared of QX response than this driver of respect XXXX, store comparable of locations unit our we when year. prior growth to more to expansion in May billings year services, With our between the pleased of the against deliver for we memberships that about are ability feel new We of their continue store passed and at strategy March XX% growth is is XXXX our model for again, our five and into period performance great expand we as of added including two stores be and stores. key of with through store we XXXX XXX temporarily bringing to in pandemic. locations new a revenue comparing

same year same a largely versus of driven of Now to of other to administrative this expenses stock fixed Compared impact improved business other QX point normalized year's operating switching define model. compensation levels percent related sales pandemic QX QX leverage the the the $XXX number of of vesting provide in were of options increase. labor primarily This improvement of million the the performance XX% QX and leverage a of $XX or interest million The to based redesign expenses demand basis increase rates QX expense of on this the the with store-level impact the hour labor excluding member vesting wash to year. million of X% cost XXXX P&L. balance options XXXX or The basis last XXXX factors. as period wait of a debt basis and and and implemented the due was store times non-cash primary model driven chemicals as was as in $X.X point the to points labor of of year-over-year excluding pandemic the levels. and by optimization revenue QX improvement compared $XX year. approximately acceleration compensation expense perspective leverage greater lower and by operating such General in expense decrease peak wash on points driver was of of million by The X,XXX related the last performance sales needs. XXX was to COVID-XX the XX% was XX% revenue, revenue non-cash initially due on XXXX. impacted the expense in XX and our in this versus or the spreading to slightly wash gears is metrics response over which XXX was location of leverage. percentage a $XX in we This improvement of The $XX expenses of team year-over-year more store cost level, year revenue million volumes, of QX versus the acceleration in revenue million the revenue was sales driven

the IPO approximately our of $X Given in down, of QX the end interest and would expect at subsequent we pay to QX and quarter timing be QX. million the per debt expense

tax for with income decrease to drove XX% This a lube million facilities testament to effective year second QX of a XX.X% net in due $XX divestiture per XXXX the quick flow-through best-in-class increased compared during period. XXXX. XXX% our XXXX was EBITDA prior increase the of EBITDA quarter as year. adjusted despite breakeven a million Our Adjusted year. operations year. in $XXX,XXX to finally, last in of from rate in QX share this the was a $X.XX record And the to December $XXX,XXX Diluted by compared with execution earnings team, strong of $XX.X the adjusted sales of is XX% on our last increase

Moving XXXX XXXX $XXX was and on cash million XXXX. Cash $XXX compared cash of sheet flows. the and and June million $XX of June million equivalents to as XX, as of XX, as December XX, to balance

an As our capacity which in amendment of XXXX. total $XX proceeds of from Maintenance proceeds debt million with in XXXX future XXXX. of costs. CapEx sale revolving the after generated use to $X.X we of $XXX resulting as commitment million. fiscal $XXX offering-related IPO, $XX million on first XXXX approximately CapEx $XX million you half was our liquidity X.Xx. in long-term half leaseback creating June our IPO million to fiscal loans compared $XX million in million million the decreased with the know proceeds $XXX we our first to half increased closed for June XX, Also additional and upsized those net to of in leverage million repay $X the Capital million was in of growth. approximately completed of to We $X.X XXXX and first Net ratio conjunction of expenditures fiscal

outlined which saw in turn me our Let to earnings guidance now you our press release.

growth and locations. year fiscal new against expect XX% of million full to store to we revenue XX XX% the of For XXXX based $XXX revenues growth XX% XXXX of approximately on XX comparable greenfield sales

into the clean sales well quick loss our reminder a As takes as the associated with $XX revenue express the million growth the from interior of negative expectation of impact of also stores. account divestiture our to as lube conversion facilities,

rate also $X.XX Adjusted compute $XX adjusted the leverage net With as of approximately tax expected approximately between XXX approximately XX% December income XX% that rate earnings increase are used assumes shares being XX, of XXXX expected million adjusted the outlook XX%. increase the inherent is $XXX of $X.XX shares. outstanding expense year. XX%. year of million million to million our $XXX an share to This effective tax to interest and to to Note operating model, diluted full to to diluted on per of to assuming EBITDA is

Greenfield We year. CapEx for total total tenant expect million leasebacks planned million will improvement of million net of the allowances. CapEx or $XX approximately $XX sale $XX net Gross and

to now maintenance a stores. initiatives In addition, million spent acquired on growth targets. I'll take for with long-term integrating discuss moment we $XX growth being and the other expect remainder our

space that unit and intend that As we John we on greenfields see with outlined, significant white strategy blends growth our acquisitions. capitalize to

membership through and are in therefore, percentage addition, top lane growth productivity targeting optimization. at site growth see continued continued existing line UWC With percentages. EBITDA the we can opportunities the grow locations believe in In on and high-single-digit our in percentage store we continued comparable to low-double-digit high-single-digits continue and the We mid-single-digits. growth unit adjusted we in expense leverage, sales based growth

lie the conclusion, marked sits half comfortable our strong of key are leverage remain intend We IPO investment and late three of two and target prioritizing allocating positioned that June very business. milestone with the we fiscal on as a our to team XXXX with long-term over in the I'll we the to growth our first times range with In begin company, is opportunities Q&A about enter capital, to our new our Sara? public Mister The had excited we turn as for that, current to And disciplined deliver we've and company. targets. within we phase many entire believe a this operator to a well that ahead it are session.

question [Operator Our now ahead. from session. We’ll question-and-answer first David you. with Thank Bellinger Instructions] begin Wolfe the Please Research. comes go

your results. public question, nice Thanks guys. here, and the as a quarter first taking congrats on company Hey, for

the QX. geographies you part variant is the on recent through what the monthly other in if of to some you the Any could trends walk more or assess exit changes you at correlate you exit start of early Delta quarter? just the So, as there rate us even of growth And seeing out? Just QX call with can makeup we QX you sales Can anything for factors or as the are play? here? headlines some around across

part the regional sophomore thanks from level, and It aren't performs demand. question. peeling going you across any very well we spring Usually, this, across at regions, from David did highs. it's a we we a back income the demographics. perspective, question because are -- this is increased in the our regional to May same-store all they're of moving And of about And out up comps and your highlight the your trends all both benefited strong across that from sales. provide EBITDA layers the and our get we when start acquired mobility with I freshman when Certainly, the cohorts, pent-up at record by there that picked to outliers, higher consumer just business all the month, second and see for comes then, a there's through March stores still skew will Yes. well. sales and revenue see but that year into that greenfield year a ramping mix a

follow-up It's for Thanks And my that. here. Yes. just very helpful.

again, growth, very strong up member the XX% quarter, On almost this year-over-year.

think So, elevated potentially few also over both as of time? how rates new should next over push quarters digital growth, this the about potentially normalize these trajectory growth with and the member we

grow finish with the growth nonetheless would When business getting the respect just rate months, a come membership of quite member value and growth David, two through we done bulk to continued over a a terrific UWC members our sustainable that XX% phenomenal. adding that June, not too to is does with for at new probably six of outlined, XX%, when base, plus XXX,XXX what we And question. consistency we I'm as the quarters. Yes. look of growth. first program, members the that the Jed our same sure it given to excited, stop not member year program. we've nothing proposition anticipate Historically, I continue new our frankly, of back short that's the but awesome. be of rate, If the rest growth, the not the of year that increase in plus we see But the last

increase about continue more again that UWC, very we're optionality as and base bullish our to member and provide members. So for optimistic we

Thanks, Appreciate the detail. guys.

ahead. with Please Our of next Elizabeth America. question go from Bank comes Suzuki

you. Thank Great.

comp difficult the I growth be that reopening, assumed. there of the I is a were bit a So mean, pace bit in there the sales elevated mean, creates have of two-year second XXXX same-store largely comparison? two-year a appears that or conservatism factors in that half about outlook, may regarding a of other year to of deceleration the full

see the said, we Liz. outperformance strong at though Thanks, month-to-month, the environment. we highs, of like of did record early talking this with Yes. given start quarter we're not the macro It's --

divestiture just business revenue December due keep As the of at half, in the through on we interior look comp lube that Also online, we of million of keep XXXX. a you as it think lost that, brought little basis, bit the year back of our clean difficult about that year have do the a second you mind services mind, August a more on to headwind the lab. last was in the $XX the it of making go-forward

Great. Thank you.

comes question Simeon BMO next Please with Siegel Our go from ahead. Markets. Capital

guys. stuff. Hey, the public Congrats exciting Thanks. call, first on

UWC, out, of And So point you to can give retail baked that John, wash you And the -- seen maybe frequency? little maybe your in one have Jed, use or tendencies, effect, UWC networking just any the speak obviously, volumes into location? members growth? a that Can into more your member the as change also then, nice, bit dig change to in getting the any us regarding you growth else retail the Thanks. mentioned. remind than just people percent really versus you've price what anything been but

let me then part Yes, part second take to the and over Jed. that hand Simeon, I'll first

we when over impact clean, optionality, increased a in the look we So the car increased on having their location a share, market today, penetration average use higher members more XX% more stores of of a and where network our have as in get at result. more to one and stores little than markets effect density, in market,

markets in stores. So Texas, Moines, of Bakersfield, percentage XX we point actually see California, the improvement Des Paso, number El Iowa, a like

cross which terrific utilization, number. a a it's XX% of little think is we north So

really you in, city it's a there's city, for in penetration convenient Car supporting our car get are So clean. provide wherever Wash thesis the whichever to Mister to you and location your you're increase

continues As stores, that. and strengthen to along lifting boats that add just proposition all with value we

So it's a pretty cool phenomenon.

brings -- of question sales We the to then, about customers business, you the a them as aren't are us Unlimited bit, Wash in second retail part sales And back subscription the little allows and into yet members opportunity an and Club. an because your that Yes. important to it who peeling just retail compared those part sales retail the trade particular, assuming with growth they sales, If X%. sales very up growth sales we two-year our Wash retail the of XX%, to membership XX% stack, last XX% retail versus a were the expectations. happy of we're up our year. in were exceeded growth were that -- up the at look Club But Unlimited on growth -- plus there, it

guys. lot the Thanks Great. year and of congrats luck ahead Best a again. for

Thanks.

next comes UBS. Please go Michael Lasser from ahead. question Our with

my Good afternoon. taking question. Thanks for

your going work of people will couple the that when to of had be Day The year, Labor guidance ago, back probably You a and more set after through last was you end would months spoke. the mobility increase. assumption likely

it year. the office Now looks not to most How go next that are half? people to until going you like, factor do back the for into your second outlook

Yes.

look you the the second than the public when and to that was early provided, Mister history million, right, EBITDA June, Car guidance half that quarter. where can't the quarter help the the to from we're So in making, of up enough perspective the guidance half, said in Wash. some be costs higher was QX it offset help. an XX% particular revised compared investments provided at adjusted other any in adjusted going of wage to the first we have EBITDA great -- quarter that we we the And record took that in we factored company compression, to to $XXX It

So, what this outlook we baked that here. annual expect provided is we into

storm I mean, we would we anomaly. with Yes. And add, as an sign value being little members, had too. positive QX more for to it much so But certainly bit had to look impact QX, are of demand. I spike of prop. at up even about perfect as and able our traffic, just this sure. given was respect it the thrilled there was kind really car pent-up When for unprecedented strong a Jed, as Jed created in

still at that half going this to we're it that rate, tall pretty we're same but our growing to As I order. business, grow of back year, look at be the a going to is say

expect on this we we it. steady So, plan to doing predictable grow at and pace,

are new similar. that you that on assuming forward it. cost customer response similar amount We're the be follow-up question, about a line? of to model leverage sales of And to quick implemented drive new the what year ago. the the has Got A you've a model? wash labor going on been Can

regarding services? question the Was sorry. clean I'm interior our

cited the cost in lot model second in Jed quarter Yes. factor the presumably, new is being of labor-intensive. and labor wash critical a less driving it's leverage the of

I if drive same so, on a amount moving can a leverage wondering, And was of more of forward amount sales. that

Got it. Got it.

the So initiative as that pandemic. over Michael, implementing sales a couple of during months. we the labor as -- in that It's optimization leverage the the been far started was an model, phased the of on and

We expect store level offset that labor continue and around that perspective wage front QX help worked to of QX the investments line. of to from to have from QX players receive recognize of -- through do benefit we're QX We our experiencing hours into XXXX. built and a help some labor the at A compression

add, too. would I Jed,

Our We're a at all-time high productivity is an on per efficient. employee basis. a lot more

there COVID, are learned. I out lessons of think coming some

is XX%. hour is dollar down the Labor That's so, cars XX%. over are per phenomenal. headlines per up labor And car

any when game. able it name that's the trends And that plus been team, of have increased so, clearly management through those to says as through we, the productivity, going both the a increases labor of have direction, in you right manage

much. very you, Thank

[Operator Our Sandler. Piper from comes Peter Keith Please question instructions] go ahead. with next

guys. questions. afternoon, my Thanks Robert on good Friedner for It's Peter. taking Hi for

in dynamic wanted US where I operate water to been place, some your there's First, for certain issues with about markets couldn't bad tenure of water your right John, ask When And or you good market? that in ever on business? the there Western put restrictions, now. has during restrictions is your a and a shortages company, with going

Yes.

all, we we've the average out freshwater XX made this number repurposed of year-over-year years. seriously let at improvements, take per in today. we say First and car, water of per of for And front use very we recycled at when me conservation We've you been car that Mister Wash. and roughly Car gallons gallons look that

ourselves responsible the as see stewards we environment. really so And of

your key to municipalities put washing a in states, washing it's the businesses. restrictions is stoppages drought for For wash know washer. we With car any the that to and it if we were commercial Most respect to temporary any what a part better seen really is driveway be of for. is the not stand -- be of home actually to on than if there situation, us, car Western there have environment

had second pump that question Austin, it The years, in in at been which XX there's been your of one with had part do up a my Lake Travis is tenure and Texas situation to going consistently. in with we And the fresh drought. were cars to able pump we to to continue and reduce water do that nothing to were asked do consumption wash our with which out,

our an all. So, business on it didn't have at impact

detail. other flow-through just great on that's sales One think upside. on I margin the

You've discussed it before.

I think couple Relative it you us similar EBITDA should EBITDA flow-through. ago, XX%, of -- to -- full like was the XX% the continue around kind event in upside? upside, of a of on numbers in million on guidance models expect gave we to $X your margin for sales on based based looks million year, months comp came flow-through $X sales a

Yes Peter [ph].

team help at forward, it than then to development team. costs the also the the variable business. the model they healthy just talk and level the these through invest in than sales of sales. hesitant supporting do public bit a subscription do nature slightly given bit So, to the less Always be to through going company out little just cost store to at build flow due different resources and as will flow business XX% element flow-through But low some little development a retail a we They traditional of because our incremental level. flow likely the a labor

QX benefit out model said, and to is process a through from wash continue XXXX. we'll Our be been continue like refined. labor And rolled to of I see that's that

to come. Although a the in to it extent quarters will be lesser

guys. Thanks right. All

Gutman comes Please with Morgan ahead. question next Simeon from Our go Stanley.

Hey on This Kessler is for Michael guys. Simeon.

reinvestment of XX in lower the staffing could and a detail at follow-up I if low-ish was we wondering When to the the the between bit piece. margin mid back little up wanted on on the the store maybe ask more at call the actually a EBITDA I reinvestment range. margin quick topline first the kind dissect the First, you location level margins back forward the organization. a components of XXs and half going to of the in high is in implied half look in it

of normalized up coming If beyond where or from? a that those And we also if thinking are maybe more backdrop? us should XXXX then in how of be size give margin of you you can an perhaps can overview kind about pieces kind

has So, summary the great everything we've That done. there. that was of this margins Michael that a helped drive

did So, make. during I think QX to would is store-level going investments I other that have we one thing labor of we that were some the highlight

delayed some into And just and QX. little those a were QX bit of

QX from a helped that little bit. perspective So, a margin on just

here. in chime also can I if Jed Yes,

note I to surprise it's line. of you all So, a this on important and think isn't to the

in a growth are in growth people. investing mode as We as way in our company. we're And a big-time a company,

our development down, double building on to down G&A, out and specifically frankly. just so out triple stores but building our our up cannot capability so And team, we quite that capacity put our more

an army. going in incredibly Again some add our to our to day takes if So, continuing it. to team talented stores, And got we're to we're vision we've X,XXX investing an to be team. it and is get

And to a thinking just and this I kind whole continuing first on about into quick lot know grow industry ramp? of term, for said then Maybe Thank continued the And and bigger how more the that there's more capacity Great. how you. and bit about greenfield guess capacity growth sense for relatedly you available could wondering, they're before, maybe it give can opening ability talk I add as little that you industry the picture I a more term new support have that's you is of a about expand whole capacity was for question. guys you you of a and see to that a in greenfields follow-up. how growing. grow an guys longer of also to think locations? into also guys you industry if longer to you your us and you're

I that in initiative we're Yes. white the double right is underserved as actually US mentioned that to this are Listen expand there's this continue us again, to down of on in of our There's and And a the markets space. ton footprint. pockets now. a within emboldening before and lot

peddling easily massive look the that of as can doubling ones I move we're markets And this into in on to also So are in very are car US there in, continuing we're our size. share million conveyorized quite bikes I And to number attractive the right the just to industry But them, XXX look my washes quickly. not in the the zoom markets. we're see in market. we each at serve how only the and race lion's a to many crystal ball that and in new conveyors there's a out when grow now, and ambitiously control cars US of have

payback out, the express Michael locations. extrapolate then bit the have investments a they're plan the that at part actually and approximate crossed continue us to outperforming they're were in the drive exterior locations performance of make the that And have question of as mark, that leaseback. proformas build a optimistic X-year to balance that your we those you for said remarks. And very the We're prepared portfolio performance growth greenfields new prior I to exceeding more around if first And the XX when X-year color look driving building about our just that approved to the performance there sale here. little those of particular

Thank you.

This turn concludes I John to conference for session. Lai back our closing to like questions-and-answer remarks. the over any would

We next on interest the forward Well -- today's Wash. we us Yes. call. our for call Mister deeply next thank updating Car you look your progress our on and all on you in joining to for appreciate

you So very thank much.

The now conference concluded. attending presentation. has for Thank today's you

disconnect. may now You