Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 27,000 $ 16,637
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 20,917 19,595
Stock-based compensation expense 6,843 6,246
(Gain) loss on sale of assets, net 111 (1,533)
Loss on extinguishment of debt 0 1,882
Amortization of deferred debt issuance costs 285 410
Non-cash lease expense 13,535 11,917
Deferred income tax 7,484 7,849
Changes in assets and liabilities:    
Accounts receivable, net 354 (172)
Other receivables 1,965 (4,096)
Inventory, net 490 1,305
Prepaid expenses and other current assets 2,356 1,703
Accounts payable 5,677 2,344
Accrued expenses 10,480 3,615
Deferred revenue 1,266 1,214
Operating lease liability (11,604) (10,499)
Other noncurrent assets and liabilities 391 (427)
Net cash provided by operating activities 87,550 57,990
Cash flows from investing activities:    
Purchases of property and equipment (55,081) (81,844)
Proceeds from sale of property and equipment 120 4,900
Net cash used in investing activities (54,961) (76,944)
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee plans 1,587 729
Payments of tax withholding on option exercises 0 (9,924)
Proceeds from debt borrowings 0 925,000
Proceeds from revolving line of credit 0 23,000
Payments on debt borrowings (62,307) (901,201)
Payments on revolving line of credit 0 (23,000)
Payments of deferred debt issuance costs 0 (3,772)
Principal payments on finance lease obligations (193) (180)
Net cash provided by (used in) financing activities (60,913) 10,652
Net change in cash and cash equivalents, and restricted cash during period (28,324) (8,302)
Cash and cash equivalents and restricted cash at beginning of period 67,612 19,119
Cash and cash equivalents and restricted cash at end of period 39,288 10,817
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets    
Cash and cash equivalents 39,133 10,701
Restricted cash, included in prepaid expenses and other current assets 155 116
Total cash, cash equivalents, and restricted cash 39,288 10,817
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,032 19,233
Cash paid for income taxes 60 264
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 11,416 15,596
Property and equipment accrued in other accrued expenses 4,223 4,234
Payment of debt financing costs in other accrued expenses 0 1,503
Stock option exercise proceeds in other receivables $ 113 $ 0