Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.22.4
Property and Equipment, Net
12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following for the periods presented:

 

 

 

As of

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Land

 

$

94,594

 

 

$

81,911

 

Buildings and improvements

 

 

189,998

 

 

 

171,540

 

Finance leases

 

 

16,604

 

 

 

16,497

 

Leasehold improvements

 

 

115,811

 

 

 

92,821

 

Vehicles and equipment

 

 

229,453

 

 

 

188,053

 

Furniture, fixtures and equipment

 

 

86,613

 

 

 

73,213

 

Construction in progress

 

 

53,373

 

 

 

24,724

 

Property and equipment, gross

 

 

786,446

 

 

 

648,759

 

Less: accumulated depreciation

 

 

(223,288

)

 

 

(175,017

)

Less: accumulated amortization - finance leases

 

 

(2,284

)

 

 

(1,294

)

Property and equipment, net

 

$

560,874

 

 

$

472,448

 

 

Depreciation expense was $52,715, $43,970 and $38,010 for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense on finance leases was $991, $970 and $336 for the years ended December 31, 2022, 2021 and 2020, respectively. In December 2022, the Company recorded $6,252 of impairment losses primarily related to the land and building of two locations, using independent third-party appraisals to determine the change in market values. These losses are recorded in gain on sale of assets, net on the consolidated statements of operations and comprehensive income (loss).