Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net Income (Loss) $ 80,130 $ 112,900 $ (22,045)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization expense 69,991 61,580 50,559
Stock-based compensation expense 24,001 22,305 216,579
(Gain) loss on sale of assets, net 125 (949) (23,188)
Loss on extinguishment of debt 0 0 3,204
Amortization of deferred debt issuance costs 1,698 1,698 1,155
Non-cash lease expense 45,084 41,099 36,005
Non-cash interest income 0 (302) 0
Deferred income tax 18,137 29,382 (27,330)
Changes in assets and liabilities:      
Accounts receivable, net (2,363) (2,668) 540
Other receivables 960 7,640 (17,956)
Inventory, net 357 (2,661) 540
Prepaid expenses and other current assets 810 (4,324) (3,531)
Accounts payable (113) 5,633 1,827
Accrued expenses 6,065 2,387 (6,336)
Deferred revenue 3,195 1,129 1,697
Operating lease liability (40,434) (42,637) (34,266)
Other noncurrent assets and liabilities (2,990) (3,011) (4,100)
Net cash provided by operating activities 204,653 229,201 173,354
Cash flows from investing activities:      
Purchases of property and equipment (328,124) (191,615) (125,764)
Acquisition of car wash operations, net of cash (51,218) (86,703) (514,003)
Proceeds from sale of property and equipment 119,977 88,187 95,935
Net cash used in investing activities (259,365) (190,131) (543,832)
Cash flows from financing activities:      
Proceeds from issuance of common stock pursuant to initial public offering 0 0 468,750
Proceeds from issuance of common stock under employee plans 9,777 8,971 4,972
Payments for repurchases of common stock 0 0 (308)
Proceeds from secondary public offering for employee tax withholdings 0 0 20,859
Tax withholdings paid on behalf of employees for secondary public offering 0 0 (20,859)
Proceeds from debt borrowings 0 0 290,000
Payments on debt borrowings 0 (2,100) (456,972)
Payments of debt extinguishment costs 0 0 (28)
Payments of debt issuance costs 0 0 (4,263)
Principal payments on finance lease obligations (668) (577) (495)
Payments of issuance costs pursuant to initial public offering 0 0 (29,194)
Other financing activities (500) 0 0
Net cash provided by financing activities 8,609 6,294 272,462
Net change in cash and cash equivalents, and restricted cash during period (46,103) 45,364 (98,016)
Cash and cash equivalents, and restricted cash at beginning of period 65,222 19,858 117,874
Cash and cash equivalents, and restricted cash at end of period 19,119 65,222 19,858
Supplemental disclosure of cash flow information:      
Cash paid for interest 75,737 40,605 39,126
Cash paid for income taxes 4,221 2,221 8,889
Supplemental disclosure of non-cash investing and financing activities:      
Property and equipment in accounts payable 17,907 9,816 17,280
Property and equipment accrued in other accrued expenses 13,303 18,772 0
Stock option exercise proceeds in other receivables $ 0 $ 25 $ 582