Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net Income (Loss) $ 48,268 $ 71,147
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 33,819 30,081
Stock-based compensation expense 11,354 11,498
Gain on sale of assets, net (4,791) (2,687)
Amortization of debt issuance costs 842 842
Non-cash lease expense 21,838 19,433
Deferred income tax 11,058 13,983
Changes in assets and liabilities:    
Accounts receivable, net 1,145 (1,017)
Other receivables (2,219) 8,455
Inventory, net 905 (692)
Prepaid expenses and other current assets 133 (3,129)
Accounts payable 5,593 6,137
Accrued expenses 6,525 (1,119)
Deferred revenue 2,966 1,416
Operating lease liability (19,591) (18,374)
Other noncurrent assets and liabilities (723) (1,359)
Net cash provided by operating activities 117,122 134,615
Cash flows from investing activities:    
Purchases of property and equipment (127,868) (76,399)
Acquisition of car wash operations, net of cash (4,985) (47,039)
Proceeds from sale of property and equipment 82,622 3,672
Net cash used in investing activities (50,231) (119,766)
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee plans 4,444 5,436
Payments on debt borrowings 0 (2,100)
Principal payments on finance lease obligations (324) (274)
Net cash provided by financing activities 4,120 3,062
Net change in cash and cash equivalents, and restricted cash during period 71,011 17,911
Cash and cash equivalents and restricted cash at beginning of period 65,222 19,858
Cash and cash equivalents and restricted cash at end of period 136,233 37,769
Supplemental disclosure of cash flow information:    
Cash paid for interest 30,281 16,134
Cash paid for income taxes 1,500 1,791
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 14,686 9,182
Property and equipment in other accrued expenses 29,718 5,687
Proceeds from sale of property and equipment in other receivables 4,149 0
Stock option exercise proceeds in other receivables $ 172 $ 2