Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 38,728 $ 48,268
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 39,856 33,819
Stock-based compensation expense 12,152 11,354
(Gain) loss on sale of assets, net 1,364 (4,791)
Loss on extinguishment of debt 1,882 0
Amortization of debt issuance costs 713 842
Non-cash lease expense 24,037 21,838
Deferred income tax 19,903 11,058
Changes in assets and liabilities:    
Accounts receivable, net (2,222) 1,145
Other receivables (5,846) (2,219)
Inventory, net 3,093 905
Prepaid expenses and other current assets (1,267) 133
Accounts payable 3,251 5,593
Accrued expenses 3,022 6,525
Deferred revenue 2,070 2,966
Operating lease liability (21,025) (19,591)
Other noncurrent assets and liabilities (829) (723)
Net cash provided by operating activities 118,882 117,122
Cash flows from investing activities:    
Purchases of property and equipment (163,096) (127,868)
Acquisition of car wash operations, net of cash acquired 0 (4,985)
Proceeds from sale of property and equipment 18,454 82,622
Net cash used in investing activities (144,642) (50,231)
Cash flows from financing activities:    
Proceeds from issuance of common stock under employee plans 2,773 4,444
Payments of tax withholding on option exercises (19,290) 0
Proceeds from debt borrowings 925,000 0
Proceeds from revolving line of credit 92,000 0
Payments on debt borrowings (901,201) 0
Payments on revolving line of credit (84,000) 0
Payments of deferred financing costs (4,525) 0
Principal payments on finance lease obligations (362) (324)
Net cash provided (used) by financing activities 10,395 4,120
Net change in cash and cash equivalents, and restricted cash during period (15,365) 71,011
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 3,754 136,233
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents 3,609 136,095
Restricted Cash 145 138
Total cash, cash equivalents, and restricted cash 3,754 136,233
Supplemental disclosure of cash flow information:    
Cash paid for interest 39,646 30,281
Cash paid for income taxes 2,181 1,500
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment in accounts payable 21,119 14,686
Property and equipment in other accrued expenses 0 29,718
Proceeds from sale of property and equipment in other receivables 0 4,149
Payment of debt financing costs in other accrued expenses 735 0
Stock option exercise proceeds in other receivables $ 0 $ 172