Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net (loss) income $ (58,350) $ 19,975
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization expense 36,530 33,504
Stock-based compensation expense 210,292 1,187
(Gain) loss on disposal of property and equipment (5,559) (3,773)
Loss on extinguishment of debt 3,183 1,918
Amortization of deferred financing costs 898 1,241
Non-cash lease expense 26,535 25,376
Deferred income tax (33,247) 10,913
Changes in assets and liabilities:    
Accounts receivable (4,374) (331)
Inventory 850 689
Prepaid expenses and other current assets (6,812) (183)
Accounts payable 4,025 (3,707)
Accrued expenses 6,874 11,882
Deferred revenue 1,531 1,163
Operating lease liability (26,468) (21,684)
Other noncurrent assets and liabilities (2,599) (251)
Net cash provided by operating activities 153,309 77,919
Cash flows from investing activities:    
Purchases of property and equipment (86,330) (41,504)
Acquisition of car wash operations, net of cash acquired (55,072) (21,958)
Proceeds from sale of property and equipment 50,944 12,356
Net cash used in investing activities (90,458) (51,106)
Cash flows from financing activities:    
Proceeds from issuance of common stock pursuant to initial public offering 468,750  
Proceeds from exercise of stock options 121 40
Payments for repurchases of common stock (308) (381)
Proceeds from secondary offering for employee tax withholdings 20,859  
Tax withholdings paid on behalf of employees for secondary offering (20,859)  
Proceeds from debt borrowings 0 45,625
Proceeds from revolving line of credit 0 111,681
Payments on debt borrowings (456,972) (6,300)
Payments on revolving line of credit 0 (125,681)
Payments of debt extinguishment costs (28) 0
Payments of deferred financing costs (226) 0
Principal payments on finance lease obligations (364) (106)
Payments of issuance costs pursuant to initial public offering (29,194) 0
Net cash provided by (used in) financing activities (18,221) 24,878
Net change in cash and cash equivalents during period 44,630 51,691
Cash and cash equivalents, and restricted cash at beginning of period 117,874 6,705
Cash and cash equivalents, and restricted cash at end of period 162,504 58,396
Supplemental disclosure of cash flow information:    
Cash paid for interest 33,134 34,412
Cash paid for income taxes 8,029 0
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable $ 14,817 $ 15,588