All right, we're going to go ahead and get started. Good morning, everyone. Thank you for joining us. My name is Phillip Blee. I'm a Consumer Analyst here at William Blair, covering Mister Car Wash. As a reminder, for a full list of disclosures, please visit our website. I'm very happy to have the Mister team here today. I'm just going to leave it there and kick it right over to John Lai, CEO. Thank you very much.
Thank you. Good morning, everybody. How's everyone doing? Seems like a very serious group here. There's an old saying that if you can't tell your story in 20 minutes or 10 slides, you're not a good storyteller. We have 30 minutes, and I have 11 slides, so we'll see how well we do. But I'm happy to share our story with you. I characterize myself as a consummate insider. I've been with the company for 22 years, been the CEO for 11 years, been in the industry for 30 years, so have been washing a lot of cars over that time span. Joining me today is Jed Gold, our CFO. Jed, say hello. We're excited to share with you kind of who we are, what we do, and where we're going.
I'm going to kind of break this into three chunks, just to contextualize and kind of give you guys, for those of you that are unfamiliar with who we are, kind of, the sizing of our business and then the TAM, and talk about the growth opportunity, talk a little bit about who we are and kind of how we go about doing it, and what is our secret sauce, and then, more importantly, talk about the future vision and, and where we're going. So, to put this in perspective, we're the number one car wash player in a very fragmented industry. We have 488 locations, so I round up always, so close to 500 locations, but we've been at this for over 28 years now. So definitely not an overnight success story.
It's been one car wash at a time to get to close to 500 stores. I think the headline here is that while we're number one in a very large category, we actually see ourselves as really, really small. And so internally, we say we're a little tiny speck on a little tiny dot in the outermost reaches of the stratosphere because our growth potential is immense. It's under 5%, but if I were to be more precise, I would probably guesstimate that we're close to 3.5% market share on a national basis. I'm just talking about U.S. share. And so the potential for us to continue to grow is right in front of us. We're going to do close to $1 billion in revenue. And again, I'm rounding up just slightly, $300 million in EBITDA.
So this is a very quantitative audience, so that means we're generating 30% net margins. God, not even a facial reaction. 30% margins in retail services is pretty cool, we think. Four-wall... This is going to get some exchange here. Four-wall margins are close to 45%, which is pretty cool. Then your next question is, well, where's the spread between 45% and 30%, and are you guys fat from an overhead standpoint? But we'll talk about the investments we're making to accelerate growth to continue on this current trajectory.
One of the cool things which we're going to spend some time talking about is that 70% of our business is subscription, so we launched a subscription-based business model almost 18 years ago, and there was very much a launch and learn and figuring it out, but it's now grown to close to 70% of our business. So when I said that you, if you can't tell your story in 10 slides or less, and we had to get an 11th slide in, this is the obligatory up and to the right slide that I think every company has to show. But if anything, this highlights that, again, we've had this steady track record of continuous growth year-over-year. The overall CAGR back in the early days and using just the global average has been 17% year-over-year.
We've recalibrated a little since we've gone public, and the competition has gotten more intense, and so we're not growing at that same rate, but we're still growing. But this, if anything, demonstrates consistency in our growth trajectory and the fact that we do what we say we're going to do, and it's been very much a one-store-at-a-time growth trend. So to drill down into the Unlimited Wash Club program, because really, that's, for us, the thing that has changed who we are, fundamentally transformed our business. So back in the day, when we first started, it was pay for services rendered, and our focus was on increasing ticket average and revenue per transaction and how we can try to extract more out of each customer visit.
What was missing in that whole equation was frequency, so how often people wash their cars, and we started looking into how often does the average American consumer get their car washed? Does anyone want to guess? I'm going to make this I'm going to try to make this interactive with you guys. What do you think that the average motorist in the United States, there's north of 280 million vehicles on the road today, how often they wash their car at a professional car wash? Huh?
Once a month.
Once a month? Yeah, you guys are way off, and you guys are making big bets on big companies? No, so it's a loaded question, so it's... The reason why I set that up, it's two times a year, which blows everybody away. They're like: "Wait a second. No, that's not right." Everyone thinks about their own behavior, and they're like: "I wash way off, way more often than that." The reality is, you don't. In our world, we had a loyalty reward program that measured frequency, and it was 4x, so once a quarter. So if you just hang on that number for a second and look at... So once every 90 days, people were coming in to get their car washed, and we were on average, and I'm just going to meld the ticket average, $15 per visit-ish.
Then we were enjoying roughly $50 from that customer over the course of a year. And so we said: Well, wait a second, what if we offered an unlimited model where you can wash as often as you like? And so for $19.99 or $32.99 or now $39.99, depending upon the package and the goodies that you get inside those packages, you can come in every single day. Your car is always clean. Irresistible value proposition for the consumer. But the question that we faced internally was, we're going to get killed. Guys are going to come in every single day, and we're going to lose money on this business, and it was like an all-you-can-eat. Can I do an all-you-can-eat shrimp, or is that too soon? Too soon? Okay. But, but, what was behavior going to look like?
So another quiz for you all: What do you think our average frequency of our average members are today on a per month basis? Two times? A little north of that, so a little bit north of 3x per month. So that's the cost side, where guys are looking at, okay, what's the incremental cost and how much—what does that contribution margin look like? But I want to hang on the, the LTV side, and when I talk to Jed about LTV, he'll say, "John, lifetime value is not a GAAP-recognized metric." And I, I say, "I don't care!" Right? This is the Holy Grail for consumer marketing, which is: How can you lift the value of your consumer?
And so back to that $50 per year number, we have transformed you as a $50 per year valuable customer into a $330 a year customer. That's a 6x lift. Okay, here's... I just dropped my mic. This is a really tough audience. That was my drop-the-mic moment. So if we're the—again, the Holy Grail of consumer marketing, consumer services: Can I take you as a customer that is doing something relatively infrequently and have you adopt our service as part of your regular purchasing pattern? And so we have changed the way people care for their vehicles.
Went from a once-in-a-while treat to now it's part of their weekly routine, and most importantly, we've increased the value 6x, and now it represents 70% of our revenues, where I tease Jed, he's got the easiest CFO's job in America 'cause we've got this predictable, recurring revenue stream that's super high value, super sticky, super loyalty. We've actually killed our loyalty reward program because why? This is our loyalty reward program, and this is everything that we focus on right now, which is taking retail customers, converting them into membership, and then trying to create that membership program and make it even more - make that membership program even more valuable. So I'll talk about that in a second. Any questions on UWC? Please.
So is the problem that you can't get the right geography? If you were sitting in a Walmart parking lot or a Costco parking lot, people would come every week.
Yep.
Is that the primary problem?
So in science, they say the problem is the opportunity, and so, I wouldn't characterize it as a problem. So we have an opportunity to provide more distribution points, a more convenient series of stores across our entire footprint.
Right.
Let me hold on that question. So his question was really, if you're near a Walmart and near-
Yeah, if you're in the Walmart parking lot.
Yeah. Would we generate even more traffic? The answer is yes.
Show up every week, right?
Yeah. Yeah. So we, we technically, I guess, are a destination, but we're what we call a planned impulse, which is an oxymoron. So you know you need to get your car cleaned, but you want to make it convenient. So for us, convenience is, is the primary factor. But let me hold on that because I want to talk about the value proposition and kind of how we differentiate and what is our competitive advantage. So how we're enjoying 2 million members, and, and I got a little ahead of myself. Let me zoom back out for a second. So on the $1 billion in revenue, we're going to wash almost 100 million vehicles a year, which is a big number for us.
It may look like a drop in the bucket for you guys, you guys, but if we have a 2 million member base, what is the size of our overall customer universe? So if 70% of our revenues are membership, and that represents 2 million members, the other 30% of our business, what does that represent back to the frequency card and what, how many uniques we have? We guesstimate that we have roughly 8 million customers, so, in that are regular retail. So collectively, we have about 10 million customers in our universe, and our opportunity, again, to drive membership from retail into membership, is right in front of us.
And so when folks talk to us about customer acquisition costs and what are you guys doing to drive membership, we say: Hey, for us, it's, you know, that old adage in sales, before you go try to acquire a new customer, try to increase the value of the existing customers that you have. That has been our primary focus as our company, and quite frankly, we don't spend a lot on advertising or promotions because, you know, when you have this installed base of 8 million customers that can be members, that has been our focus. But why do we enjoy such a strong customer base overall? It's 'cause we execute on all the fundamentals, which sounds very basic and easy, but hard to deliver, hard to execute upon consistently at scale across a wide geography.
So if I were to drill down and say, what makes us special, again, this is very basic, but it's really, really important. So quality and our ability to deliver a clean, dry, shiny car, again, quickly, is not for the faint of heart. There are roughly 250 makes and models on the road today. There's different soil conditions, different water quality, different ambient temperatures. And then inside of our portfolio, we have longer tracks, we have shorter tracks, and due to all of those variabilities, delivering consistency, unlike a restaurant where you can control your inputs, we have different levels of cars that are coming in different shapes and sizes, and it's very, very difficult to do that. So how we do that is by embracing technology, so mechanization, chemistry. We automate almost every function of our business.
So our model is what we call an express exterior, where you sit in your vehicle, and I think the bulk of you have probably tried this, where you're sitting in the vehicle. It's a blend of kind of do it for me, do it yourself, where we're washing the outside of your vehicle for you. Then if you want the inside services done, we have a series of free vacs. We're not the only ones that offer this, but that model has proven to be hugely popular among consumers. And the why is because you can get in and out really quickly, right? So back in the day, for those of us-...
Of a different generation, it was the full-service model, where you would pull in, there was the inside, outside services, and that would take typically an hour, sometimes longer, sometimes shorter, but an hour is kind of the number. Most consumers today don't want to give an hour of their time up for anything, and their time is probably the most precious commodity, the most precious thing they have. So in our world, you can get in and out in five minutes or less, and that speed card has become really, really critical. So inside the speed card and how we make it even quicker than the average car wash, is that we're operators at the core, and we're kind of myopically, almost insanely focused on looking at every pinch point, every bottleneck, any friction that can happen in that transaction.
And we use a lot of music metaphors, where we talk about rhythm and pacing and tempo. But when you look at a well-run operation in our world, it's like poetry in motion. Everything is flowing, and when you visit one of our stores, it's almost as if we're not busy 'cause everything is run so efficiently. But how we got there was not by accident. So we have a term internally called PFO, which is Process Flow Optimization. Every company's got their own acronyms, but for us, it's looking again at every one of those bottlenecks and saying: What can we do to get cars through? And everything from turning radiuses. And let me give you an example. If you guys are parking your car, and you're turning right into a parking spot, it's more difficult because we're on the left-hand side driving.
We're on the left-hand side, right? Versus when you're pulling into a, the left into a parking lot. So when you're loading onto a conveyor yourself, you wanna turn left, not right. And it's little things like that, how we bullnose our curbs so that you're not scraping your rims as you're making that turn. You'd be surprised, given the length of some of these vehicles, how everything from turning radius to how you're stacking and staging vehicles can really create problems and/or allow for a very smooth flow. So we have 10 stores in Bakersfield, California. I'd love to use this as a case study, that on average are processing 400,000 cars per store across all 10 stores.
The unique thing about that design was that we are lining cars up five car lengths deep with a straight shot on, and that allows the consumer, the motorist, to line up their vehicle smoothly and elegantly and not tap their brakes as they're entering onto the conveyor. 'Cause every time you're tapping your brakes, and consumers, motorists, can be distracted, they're error-prone. All of those things can add seconds to your transaction times, which can then lead to minutes, which can lead to hours. So today, what we're probably most proud of is that we can process very easily 150 cars per hour during peak capacity, where many of our competitors struggle at 100. It's like chaos, and really, it's 50 cars per hour is where things start to melt down for them.
We're kind of—can I use my Porsche on the Autobahn analogy, where we're just starting to feel good at 90 miles per hour, right? And when below that, we're like: "Oh, this is not fast enough," right? And then at 100, we're feeling really, really good 'cause that is our rhythm, and that is our pace, and our customers are comfortable with that. Where in other operations, you get stressed out because you're worried about the car in front of you, the car behind you. Is the attendant gonna know what's gonna happen? So for us, the processing speeds have become kind of our calling card, and then where we differentiate is on the customer service side. So we see ourselves, and you might roll your eyes on this one, but we're in the hospitality business.
We're service providers, so customer service is a critical piece of our value prop. And so how do we deliver exceptional customer service? We borrow from the Danny Meyer at Union Square Hospitality of the world, where you are an honored guest visiting our home, and we're gonna welcome you in with a cup of coffee. We can't offer you coffee on every visit, but a biscuit. But we treat you as if you're this valued member that we haven't seen in a long time, and we're doing that in a way where the windows are up. So we live in also a world where a lot of consumers don't want to interact with anybody, and they don't want to talk to anybody.
So with windows up, everything is kind of non-verbal, and so how I communicate to you non-verbally, if I'm giving you one of these, and I'm uninspired and unmotivated, and I look like I could care less, versus I'm at O'Hare Airport, and you're a Boeing 777, and I'm bringing you onto the track, right? And I'm getting you on, and then I'm giving you this, right? Thanking you. Those little subtle acts of appreciation and kindness, people have come to appreciate. So we have a service culture inside our organization, and how we deliver that is through our people. We have almost 7,000 team members that are our probably biggest competitive advantage. For us, this is not just words or lip service. When we talk about mission, we talk about principles, we talk about culture.
I roll my eyes when I hear other management teams with slogans on the wall, and I look around their organization, I see a lot of long faces, right? So we look at things like eNPS, which again, Jed's gonna say: "John, nobody gets eNPS." Does anybody want a definition of eNPS? I'll give you a definition anyway. So Net Promoter Score, right, which is that one customer sat metric, which is: Would you recommend Mister or In-N-Out Burger or Chick-fil-A to your friend? An eNPS is the employee Net Promoter Score, and that is: Would you recommend Mister as a good place to work? That's one metric in a mosaic of different data points to say: How engaged are our team members? How happy are they? How fulfilled are they? Do they feel good about themselves?
But before we start talking about culture, in our world, our Maslow's hierarchy of needs are starting with the basics. So pay people well. And I remember one time I was talking to Walter Robb at Whole Foods, back when he was with Whole Foods, and I was talking about culture, and he stopped me mid-sentence and goes, "What do you pay your people? What is your average hourly rate?" Because it's completely disingenuous for someone to talk about culture, and they're paying people crumbs, right? So I'm happy to share with you what our average non-managerial hourly wage is, absent of tip income, and where we sit vis-à-vis the marketplace right now, but we're paying top of market for frontline folks. And then we have more slides that I can share with you on the career path progression and what a site manager can make inside of our business.
But paying people well, offering comprehensive benefits, and then treating them well, for us, is the recipe for success. Costco is widely hailed as one of the best companies to work for, and their engagement scores are through the roof. We ask Costco employees, "What makes it great?" They say, "They'll start with $17 an hour, and they treat us well." It sounds like such a basic model, but it's hard to do, so we focus more on the EQ than the IQ and do a lot of training with respect to how to have a conversation with a team member, how to coach, how to mentor, how to inspire, how to motivate. Hugely powerful. But when we first started, it was management by crack the whip and effective immediately, and the beatings will start at 8:00 A.M.
That's the school that Jed and I came up through, and we said, "There's a better way, and you can extract way more better performance out of your team members," which again, so back to the virtuous cycle and what we see as our stakeholder universe. When you take care of your employees, they take care of the customers, and the customer is more satisfied. So I'm not going to continue to drone on, but this is one that we get really, really excited about. Okay, so where are we going? We have five key, five key growth pillars. First and foremost is to expand our footprint. So to your earlier question, we have 500 stores today. Whoop-dee-doo! We're a tiny little dot. What is our opportunity? We believe we can triple our footprint, if not quadruple our footprint, in our lifetime, and in the...
So this is a tangible, real goal, and I'll tell you in a second, we have a slide on our geographic footprint and how we're going to go about it. But simplifying it, we're going to densify existing markets while we continue to look at new markets. We're in 21 states today, 73 MSAs. We have this immense opportunity inside of our existing portfolio and existing markets to almost double our share. So on average, we believe that our current market share in our existing markets is roughly 15%. And what's a realistic number? Our goal is to get to 50%, and where do we come up with 50%?
So famously, we have an internal, not skeptic, but, and it's not a cynic, but one that is one of those truth tellers that says, "Hey, 100% market share is not the objective." So where'd you get the 50% goal? Well, we have three markets today: El Paso, Texas, Des Moines, Iowa, and Bakersfield, California, where we have, like, a 45% share, and we absolutely crush it in those markets. We have elevated AUVs. We'll spend a little time on AUVs, but in a nutshell, we're doing $2 million a box, and again, about $1 million in EBITDA per store. And in those markets, it's at least 20% higher, if not more. And that's supporting our thesis that the more options that we have for our existing members, the more convenient it is, the stronger our value proposition is.
So it's emboldening us to say, "Hey, we need a store," and in our world, within a 7.5-minute drive time of any one of our other stores. And so today, if we're at a 15% share, we want to just double that, if not triple that, and that's where we get to our 500 stores can get to 1,500. But then we're also going to be expanding into new markets as we adjacently build out. And if you look at the map, and we'll get to the map here in a second, there's some very clear markets that we're not in or where we're in in a very small way. A real quick side story: Houston, Texas, when I first started, we had 11 stores, and we had a 25 share.
Today, we have 50 stores in Houston, and we have a 15% share. So what does that mean? That means the market has grown exponentially. Our rate of growth has not kept up with the market explosion that has been Houston, but you look at other markets like a Phoenix, et cetera, that have just gone through these, Salt Lake City, just Salt Lake City is on fire right now. And again, we were 25% share in Salt Lake City. We've devolved, if that's the right way to say it, to a 12.5% share. So for us, the gun to our head, if you will, is we need to turn up the knob and get there even quicker. So our current pace through greenfields is about 50 stores a year. That's not fast enough, right?
We need to grow at an even quicker clip. We're introducing new products to continue to differentiate. We just launched a Titanium product, which we have a special slide for that we're going to talk about in a second. But it's all about innovation and providing more services that are differentiated and unique. Driving retail traffic is a priority for us, strengthening our Unlimited Wash Club lifetime value, which, if I were to connect the dots, introducing new products and strengthening our membership program go hand in hand. Then the hardest piece of the equation for us is building out our team. For anyone that's scaled a company and has been on this kind of trajectory, there's always a team infrastructure slide, but it's the most important.
At the end of the day, if you were to say, "Hey, boil it all down, what have you learned over the last 22 years?" Is that it's all about people. Now, the people thing doesn't fit into your algorithm as you start to quantify how I can make money on this stock. But for us, we're making front-end investments in people. With Jed's permission, we got to go big for his sign-off that, "Hey, this is a front-end load, okay? We have 150 managers and trainee that are not productive right now, that are on our payroll, but we have to get them ready to run a high-volume shop." Has anyone seen the documentary Jiro Dreams of Sushi? Highly recommend it. It's a great documentary, and it really is at the core about the apprenticeship model, right?
Where, in Japan and Germany, they have this seven years to master your craft world. In America, we expect everyone to be ready, and we try to compress that curve. But the key is you need repetition. So you're working in the back room, getting the rice ready for three years before you can elevate to massaging the octopus. You got to watch the documentary to get it. But in our world, we're taking new guys, externals off the street and saying: "Okay, you're going to run. You thought your job was hard." I don't know why I'm picking on you. I'm going to pick on you now. You thought your job was hard, right?
But can you imagine running a store that's washing 1,000 cars a day, the average cost of that vehicle is north of $50,000, and customers, they're very particular, they're very finicky, and God forbid, you miss a spot, or God forbid, they've got to wait a little bit longer than the next guy. But things can happen when you're washing 1,000 cars per day, and you got to be in on every play. So running a high-volume store, and all of our stores are super high volume, not for the faint of heart. So we're making huge investments in people, and the answer to my rhetorical question, it takes a person about a year, and that's if all things work out great, for that person to be able to be promoted into running a store.
So if we're building out our bench right now, we've got 150 guys in the hopper, guys and gals, and we're doing 50 stores a year. You're saying, "Well, you got excess capacity from a leadership standpoint, well, your bench is never as strong as you need it to be," because from a growth trajectory standpoint, there's also going to be, and I'm getting ahead of myself here, some M&A opportunities coming down the turnpike. And when we acquire a business, depending upon the size of the business, sometimes the leadership that's currently in place are willing to embrace change and, buy into the new program. Some are not, or some are not up to our standards, and so we need to have enough people ready to plug in because we do our evaluation matrix on the why behind a deal.
There's the quality of the asset, there's the valuation piece, which is always important. We look at our internal bandwidth, and then we look at, you know, how much human capital is this going to take for us to actually do it right? And I think companies notoriously are guilty of underestimating the complexity of the people side of the equation and what can happen when you try to mush two cultures together. So how are we doing on time? I'm running short, and I've got to move quickly here. Here's my time cop. I spent too much time on culture. I knew that was going to happen. So Titanium Dioxide, Titanium 360, it's our newest product. Again, developed in-house. It took us three years to develop. It provides this 360 degrees of protection.
We use the word online, it's not digital, it's on our tracks, so it takes no additional labor. It's done automatically, and the level of shine is unparalleled. It creates a mirror-like finish on our vehicle. We've positioned it in our premium package, which on the retail side, for an express, is $25, but it also allowed us to launch a super premium membership plan. So back to our Unlimited Wash Club program, we had a $19.99 and a $29.99 program that represented the 2.1 million. We just launched, over the last 12 months, this Titanium program, which is our good, better, best. I hate that phrase, but it works here. And in that premium package, marketers refer to that as the top side anchor. We had guesstimated in our projections that we were going to enjoy, perhaps...
I mean, trying to figure out what a target should be for a brand-new product is very, very difficult. So we conservatively said, "Hey, 10% is a really good number." And then trying to get Jed to commit to a bigger number because he's all about under-promising and over-delivering. We stretched that to 15%. Today, we're happy to report that we have, we're now at a 20% adoption rate for this plan. So 20% of our 2.1 million members are now being billed at $39.99, and what that represents for us from a increase in revenue per member is at least $2. Listen, if I was Netflix right now, and I told this audience that we just increased our membership by $2, you guys would be hoisting me on my shoulder, your shoulders.
Okay, well, we're going to pat ourselves on the back because $2 lift is huge, and we're just now enjoying that, and it's going to roll for the next 18-24 months. And this is just part of our ongoing evolution to increase the value of our membership, but we're super thrilled about that. Real quick, and now I've got two minutes to tell our growth story, but we have this multi-pronged approach, so early in the day, in a fragmented mom-and-pop industry, and I'm giving air quotes, it was all about consolidate, roll up, and buy independent car washes, and, you know, scale your way to greatness through M&A. Well, we were one of the first out of the box that did this, again, at scale. It attracted a lot of attention.
Private equity looked at this similarly and said, "Hey, there's an opportunity for more than just one or two players to come in and do something similarly." So, you know, I share this story, but then I have some trepidation because it just draws even more attention to the space. But literally, there's been, over the last seven years, 30 private equity firms that have come barreling in with a similar strategy. The benefit that we have is that we've been at it just purely time, right? We're operators at the core, and so we've been at it for 28 years. We've made 10,000 mistakes. They're just now starting to make all the early-stage mistakes, but we've learned from every single one of those mistakes, and it's been very much an iterative process.
But what we have done, unlike most of the others, is when we buy, the post-acquisition. So any monkey can buy a business. It's what you do with it after you buy the business. So we have integrated, and post-acquisition integration is not for the faint of heart, and there's all the physical stuff that you do to get a new business, an acquired business, I should say, up to your standards. And again, the hardest part is getting the people to buy into the new program, and that can take almost a year post-acquisition to show improvements, which again, when we're buying a business, we actually take a store backwards to take two steps forward. Some investors are like: "Wait a second, we want to see immediate lift." So a lot of folks-...
are just buying and throwing it into a pile and trying to retrade that to some other dumbass. Did I say that? Is that on? And we're like, "No, we're in this thing for the long haul, right?" So for us, that's the hard part. We've pivoted to greenfield development because as prices got too expensive, more private equity was bidding on more things, so more demand than there was supply. Multiples got wonky. People were paying $10 million, $15 million, in some cases, $20 million for a car wash. This is a good lead into my next slide.
We said, "Hey, we can build our own." So we went from, let's scale through M&A, to about five years ago, we pivoted, and partly, it was partly due to just how insane the prices were getting, to say, "Hey, we can build our own." The most important piece of this story right now is that we have acquired almost 400 businesses. We did over 100 deals to get to close to 500. We've learned from every single one of the acquisitions that we've acquired. We definitely take a stop, look, and listen thing, and evaluate what are the good things that this business is doing. We've learned from every single business and have baked that into our operating model, and our operating model, again, is all about speed, throughput, and super high volume.
So what we do is, today, we're building a store. It costs us gross about $6.5 million. We'll do a sale-leaseback, so our net cash investment is about $2 million. Our AUVs for a store at year three, just to round up again, are about $2 million a store in rev, close to $1 million in EBITDA, so we're seeing a full payback on our $2 million investment in under three years. Can I do another drop-the-mic thing? No, you guys, enough of my showmanship. And again, I share this with some trepidation because a quarter of you are going to say: Why are you on this side of the fence? I should be washing cars.
This is a beautiful business, and by the way, this has attracted a whole lot of attention, these kind of metrics. But we're also kind of leading players in this category, so we're definitely in the top quartile. But if there's kind of a key takeaway slide, it's this greenfield model right now. So really, what's the future for Mister Car Wash? We have a two-pronged approach to growth, both M&A and greenfield. We are the biggest player in our industry, but we see ourselves as actually super tiny, and our opportunity to triple, if not quadruple our footprint, is right in front of us. How am I doing on time?
You're there.
Are we at time?
Yeah.
So, thank you for your interest in Mister Car Wash, and we're happy to... We don't have time for Q&A?