Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 70,239 $ 80,130 $ 112,900
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 81,366 69,991 61,580
Stock-based compensation expense 25,563 24,001 22,305
(Gain) loss on sale of assets, net 12,435 125 (949)
Loss on extinguishment of debt 1,976 0 0
Amortization of deferred debt issuance costs 1,256 1,698 1,698
Non-cash lease expense 49,855 45,084 41,099
Non-cash interest income 0 0 (302)
Deferred income tax 30,084 18,137 29,382
Changes in assets and liabilities:      
Accounts receivable, net 5,513 (2,363) (2,668)
Other receivables 373 960 7,640
Inventory, net 3,224 357 (2,661)
Prepaid expenses and other current assets 365 810 (4,324)
Accounts payable 3,373 (113) 5,633
Accrued expenses 9,157 6,065 2,387
Deferred revenue 1,274 3,195 1,129
Operating lease liability (42,753) (40,434) (42,637)
Other noncurrent assets and liabilities (4,680) (2,990) (3,011)
Net cash provided by operating activities 248,620 204,653 229,201
Cash flows from investing activities:      
Purchases of property and equipment (330,079) (328,124) (191,615)
Acquisition of car wash operations, net of cash 0 (51,218) (86,703)
Proceeds from sale of property and equipment 130,227 119,977 88,187
Net cash used in investing activities (199,852) (259,365) (190,131)
Cash flows from financing activities:      
Proceeds from issuance of common stock under employee plans 6,510 9,777 8,971
Payments of tax withholding on option exercises (19,290) 0 0
Proceeds from debt borrowings 925,000 0 0
Proceeds from revolving line of credit 217,000 0 0
Payments on debt borrowings (905,820) 0 (2,100)
Payments on revolving line of credit (217,000) 0 0
Payments of deferred debt issuance costs (5,505) 0 0
Principal payments on finance lease obligations (748) (668) (577)
Other financing activities (422) (500) 0
Net cash provided by (used in) financing activities (275) 8,609 6,294
Net change in cash and cash equivalents and restricted cash during period 48,493 (46,103) 45,364
Cash and cash equivalents and restricted cash at beginning of period 19,119 65,222 19,858
Cash and cash equivalents and restricted cash at end of period 67,612 19,119 65,222
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets:      
Cash and cash equivalents 67,463 19,047 65,152
Restricted cash, included in prepaid expenses and other current assets 149 72 70
Total cash, cash equivalents, and restricted cash 67,612 19,119 65,222
Supplemental disclosure of cash flow information:      
Cash paid for interest 78,122 75,737 40,605
Cash paid for income taxes 2,529 4,221 2,221
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment in accounts payable 10,914 17,907 9,816
Property and equipment accrued in other accrued expenses 9,653 13,303 18,772
Stock option exercise proceeds in other receivables $ 294 $ 0 $ 25