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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income (loss) $ (22,045) $ 60,403 $ 920
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization expense 50,559 45,289 39,468
Stock-based compensation expense 216,579 1,493 2,365
Deferred rent 0 0 5,884
(Gain) loss on sale of assets (23,188) (37,888) 1,345
Loss on extinguishment of debt 3,204 1,918 9,169
Amortization of deferred debt issuance costs 1,155 1,139 2,151
Accretion of interest 0 0 743
Amortization of lease incentive obligation 0 0 (150)
Non-cash lease expense 36,005 34,280 0
Deferred income tax (27,330) 21,640 (4,426)
Changes in assets and liabilities:      
Accounts receivable, net 540 1,031 (467)
Other receivables (17,956) (742) 5,201
Inventory, net 540 935 (215)
Prepaid expenses and other current assets (3,531) (58) (1,022)
Accounts payable 1,827 (2,813) 5,015
Accrued expenses (6,336) 4,844 4,261
Deferred revenue 1,697 (4,297) 1,412
Operating lease liability (34,266) (30,784) 0
Other noncurrent assets and liabilities (4,100) 5,456 (1,582)
Net cash provided by operating activities 173,354 101,846 70,072
Cash flows from investing activities:      
Purchases of property and equipment (125,764) (58,744) (74,580)
Acquisition of car wash operations, net of cash acquired (514,003) (33,584) (82,495)
Proceeds from sale of property and equipment 95,935 23,589 43,254
Proceeds from sale of Oil Change Express 0 55,386 0
Net cash used in investing activities (543,832) (13,353) (113,821)
Cash flows from financing activities:      
Proceeds from issuance of common stock pursuant to initial public offering 468,750 0 0
Proceeds from exercise of stock options 4,972 46 713
Payments for repurchases of common stock (308) (372) (619)
Payments of dividends 0 0 (194,728)
Proceeds from secondary offering for employee tax withholdings 20,859 0 0
Tax withholdings paid on behalf of employees for secondary offering (20,859) 0 0
Proceeds from debt borrowings 290,000 45,625 1,085,000
Proceeds from revolving line of credit 0 111,681 96,400
Payments on debt borrowings (456,972) (8,400) (818,667)
Payments on revolving line of credit 0 (125,681) (110,650)
Payments of debt extinguishment costs (28) 0 0
Payments of debt issuance costs (4,263) 0 (11,062)
Principal payments on capital lease obligations 0 0 (116)
Principal payments on finance lease obligations (495) (223) 0
Principal payments on financing obligations 0 0 (872)
Payments of issuance costs pursuant to initial public offering (29,194) 0 0
Net cash provided by financing activities 272,462 22,676 45,399
Net change in cash and cash equivalents, and restricted cash during period (98,016) 111,169 1,650
Cash and cash equivalents, and restricted cash at beginning of period 117,874 6,705 5,055
Cash and cash equivalents, and restricted cash at end of period 19,858 117,874 6,705
Supplemental disclosure of cash flow information:      
Cash paid for interest 39,126 56,669 61,051
Cash paid for income taxes 8,889 7,437 1,648
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment in accounts payable 17,280 16,625 5,247
Stock option exercise costs in other receivables 582 0 0
Non-cash property and equipment additions from financing obligations $ 0 $ 15,597 $ 947