Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 71,147 $ (85,716)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 30,081 23,550
Stock-based compensation expense 11,498 203,541
Gain on sale of assets (2,687) (6,307)
Loss on extinguishment of debt 0 3,183
Amortization of deferred financing costs 842 698
Non-cash lease expense 19,433 17,182
Deferred income tax 13,983 (38,440)
Changes in assets and liabilities:    
Accounts receivable, net (1,017) (1,783)
Other receivables 8,455 (1,998)
Inventory, net (692) 41
Prepaid expenses and other current assets (3,129) (2,196)
Accounts payable 6,137 14,926
Accrued expenses (1,119) 8,614
Deferred revenue 1,416 1,838
Operating lease liability (18,374) (16,446)
Other noncurrent assets and liabilities (1,359) (1,012)
Net cash provided by operating activities 134,615 119,675
Cash flows from investing activities:    
Purchases of property and equipment (76,399) (44,194)
Acquisition of car wash operations, net of cash (47,039) (44,652)
Proceeds from sale of property and equipment 3,672 22,201
Net cash used in investing activities (119,766) (66,645)
Cash flows from financing activities:    
Proceeds from issuance of common stock pursuant to initial public offering 0 468,750
Proceeds from issuance of common stock under employee plans 5,436 121
Payments for repurchases of common stock 0 (308)
Tax withholding received on behalf of employees for secondary public offering 0 14,874
Tax withholdings paid on behalf of employees for secondary public offering 0 (14,874)
Payments on debt borrowings (2,100) (454,872)
Payments of debt extinguishment costs 0 (28)
Payments of deferred debt issuance costs 0 (226)
Principal payments on finance lease obligations (274) (240)
Payments of issuance costs pursuant to initial public offering 0 (25,761)
Net cash (used in) provided by financing activities 3,062 (12,564)
Net change in cash and cash equivalents, and restricted cash during period 17,911 40,466
Cash and cash equivalents, and restricted cash at beginning of period 19,858 117,874
Cash and cash equivalents, and restricted cash at end of period 37,769 158,340
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,134 27,577
Cash paid for income taxes 1,791 5,594
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 9,182 8,782
Property and equipment accrued in other accrued expenses 5,687  
Proceeds from issuance of common stock under employee plans in other receivables 2 0
Deferred offering costs in accounts payable and other accrued expenses $ 0 $ 3,433