Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 95,144 $ (58,350)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 45,274 36,530
Stock-based compensation expense 16,959 210,292
(Gain) loss on sale of assets (3,336) (5,559)
Loss on extinguishment of debt 0 3,183
Amortization of deferred financing costs 1,270 898
Non-cash lease expense 29,602 26,535
Deferred income tax 21,526 (33,247)
Changes in assets and liabilities:    
Accounts receivable, net (1,663) (549)
Other receivables 8,355 (5,595)
Inventory, net (2,431) 850
Prepaid expenses and other current assets (2,458) (5,042)
Accounts payable 6,424 4,025
Accrued expenses 4,295 6,874
Deferred revenue 660 1,531
Operating lease liability (32,103) (26,468)
Other noncurrent assets and liabilities (2,065) (2,599)
Net cash provided by operating activities 185,453 153,309
Cash flows from investing activities:    
Purchases of property and equipment (132,014) (86,330)
Acquisition of car wash operations, net of cash (65,533) (55,072)
Proceeds from sale of property and equipment 63,763 50,944
Net cash used in investing activities (133,784) (90,458)
Cash flows from financing activities:    
Proceeds from issuance of common stock pursuant to initial public offering 0 468,750
Proceeds from issuance of common stock under employee plans 5,941 121
Payments for repurchases of common stock 0 (308)
Tax withholding received on behalf of employees for secondary public offering 0 20,859
Tax withholdings paid on behalf of employees for secondary public offering 0 (20,859)
Payments on debt borrowings (2,100) (456,972)
Payments of debt extinguishment costs 0 (28)
Payments of deferred debt issuance costs 0 (226)
Principal payments on finance lease obligations (421) (364)
Payments of issuance costs pursuant to initial public offering 0 (29,194)
Net cash (used in) provided by financing activities 3,420 (18,221)
Net change in cash and cash equivalents, and restricted cash during period 55,089 44,630
Cash and cash equivalents, and restricted cash at beginning of period 19,858 117,874
Cash and cash equivalents, and restricted cash at end of period 74,947 162,504
Supplemental disclosure of cash flow information:    
Cash paid for interest 25,900 33,134
Cash paid for income taxes 2,416 8,029
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 10,965 14,817
Property and equipment accrued in other accrued expenses $ 3,886 $ 0