Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net Income (Loss) $ 67,753 $ 95,144
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 51,418 45,274
Stock-based compensation expense 17,643 16,959
Gain on sale of assets, net (3,470) (3,336)
Amortization of debt issuance costs 1,270 1,270
Non-cash lease expense 33,337 29,602
Deferred income tax 14,748 21,526
Changes in assets and liabilities:    
Accounts receivable, net (1,874) (1,663)
Other receivables 212 8,355
Inventory, net 88 (2,431)
Prepaid expenses and other current assets (408) (2,458)
Accounts payable 3,777 6,424
Accrued expenses 8,170 4,295
Deferred revenue 3,288 660
Operating lease liability (29,689) (32,103)
Other noncurrent assets and liabilities (777) (2,065)
Net cash provided by operating activities 165,486 185,453
Cash flows from investing activities:    
Purchases of property and equipment (218,692) (132,014)
Acquisition of car wash operations, net of cash (51,890) (65,533)
Proceeds from sale of property and equipment 96,930 63,763
Net cash used in investing activities (173,652) (133,784)
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee plans 6,176 5,941
Payments on debt borrowings 0 (2,100)
Principal payments on finance lease obligations (492) (421)
Other financing activities (500) 0
Net cash provided by financing activities 5,184 3,420
Net change in cash and cash equivalents, and restricted cash during period (2,982) 55,089
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 62,240 74,947
Supplemental disclosure of cash flow information:    
Cash paid for interest 56,164 25,900
Cash paid for income taxes 2,409 2,416
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 15,167 10,965
Property and equipment in other accrued expenses 16,439 3,886
Stock option exercise proceeds in other receivables $ 17 $ 0