v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 61,070 $ 67,753
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 61,038 51,418
Stock-based compensation expense 18,843 17,643
Gain on sale of assets, net (552) (3,470)
Loss on extinguishment of debt 1,882 0
Amortization of debt issuance costs 961 1,270
Non-cash lease expense 36,557 33,337
Deferred income tax 25,842 14,748
Changes in assets and liabilities:    
Accounts receivable, net 3,469 (1,874)
Other receivables (7,012) 212
Inventory, net 3,461 88
Prepaid expenses and other current assets (605) (408)
Accounts payable 11,629 3,777
Accrued expenses 11,850 8,170
Deferred revenue 1,954 3,288
Operating lease liability (31,811) (29,689)
Other noncurrent assets and liabilities 264 (777)
Net cash provided by operating activities 198,840 165,486
Cash flows from investing activities:    
Purchases of property and equipment (259,896) (218,692)
Acquisition of car wash operations, net of cash acquired 0 (51,890)
Proceeds from sale of property and equipment 36,431 96,930
Net cash used in investing activities (223,465) (173,652)
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee plans 3,742 6,176
Payments of tax withholding on option exercises (19,290) 0
Proceeds from debt borrowings 925,000 0
Proceeds from revolving line of credit 186,000 0
Payments on debt borrowings (903,513) 0
Payments on revolving line of credit (164,000) 0
Payments of deferred financing costs (5,257) 0
Principal payments on finance lease obligations (552) (492)
Other financing activities 0 (500)
Net cash provided by financing activities 22,130 5,184
Net change in cash and cash equivalents, and restricted cash during period (2,495) (2,982)
Cash and cash equivalents and restricted cash at beginning of period 19,119 65,222
Cash and cash equivalents and restricted cash at end of period 16,624 62,240
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets    
Cash and cash equivalents 16,478 62,133
Restricted cash, included in prepaid expenses and other current assets 146 107
Total cash, cash equivalents, and restricted cash 16,624 62,240
Supplemental disclosure of cash flow information:    
Cash paid for interest 60,436 56,164
Cash paid for income taxes 2,267 2,409
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 17,352 15,167
Property and equipment in other accrued expenses 0 16,439
Stock option exercise proceeds in other receivables $ 1 $ 17

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