Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 112,900 $ (22,045) $ 60,403
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization expense 61,580 50,559 45,289
Stock-based compensation expense 22,305 216,579 1,493
Gain on sale of assets,net 949 23,188 37,888
Loss on extinguishment of debt 0 3,204 1,918
Amortization of deferred debt issuance costs 1,698 1,155 1,139
Non-cash lease expense 41,099 36,005 34,280
Non-cash interest income (302) 0 0
Deferred income tax 29,382 (27,330) 21,640
Changes in assets and liabilities:      
Accounts receivable, net (2,668) 540 1,031
Other receivables 7,640 (17,956) (742)
Inventory, net (2,661) 540 935
Prepaid expenses and other current assets (4,324) (3,531) (58)
Accounts payable 5,633 1,827 (2,813)
Accrued expenses 2,387 (6,336) 4,844
Deferred revenue 1,129 1,697 (4,297)
Operating lease liability (42,637) (34,266) (30,784)
Other noncurrent assets and liabilities (3,011) (4,100) 5,456
Net cash provided by operating activities 229,201 173,354 101,846
Cash flows from investing activities:      
Purchases of property and equipment (191,615) (125,764) (58,744)
Acquisition of car wash operations, net of cash (86,703) (514,003) (33,584)
Proceeds from sale of property and equipment 88,187 95,935 23,589
Proceeds from sale of Oil Change Express 0 0 55,386
Net cash used in investing activities (190,131) (543,832) (13,353)
Cash flows from financing activities:      
Proceeds from issuance of common stock pursuant to initial public offering 0 468,750 0
Proceeds from issuance of common stock under employee plans 8,971 4,972 46
Payments for repurchases of common stock 0 (308) (372)
Proceeds from secondary public offering for employee tax withholdings 0 20,859 0
Tax withholdings paid on behalf of employees for secondary public offering 0 (20,859) 0
Proceeds from debt borrowings 0 290,000 45,625
Proceeds from revolving line of credit 0 0 111,681
Payments on debt borrowings (2,100) (456,972) (8,400)
Payments on revolving line of credit 0 0 (125,681)
Payments of debt extinguishment costs 0 (28) 0
Payments of debt issuance costs 0 (4,263) 0
Principal payments on finance lease obligations (577) (495) (223)
Payments of issuance costs pursuant to initial public offering 0 (29,194) 0
Net cash provided by financing activities 6,294 272,462 22,676
Net change in cash and cash equivalents, and restricted cash during period 45,364 (98,016) 111,169
Cash and cash equivalents, and restricted cash at beginning of period 19,858 117,874 6,705
Cash and cash equivalents, and restricted cash at end of period 65,222 19,858 117,874
Supplemental disclosure of cash flow information:      
Cash paid for interest 40,605 39,126 56,669
Cash paid for income taxes 2,221 8,889 7,437
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment in accounts payable 9,816 17,280 16,625
Property and equipment accrued in other accrued expenses 18,772 0 0
Stock option exercise proceeds in other receivables 25 582 0
Non-cash property and equipment additions from financing obligations $ 0 $ 0 $ 15,597