CORRECTING and REPLACING Mister Car Wash Announces Third Quarter Fiscal 2021 Financial Results


Net revenues increased 24.7%

Comparable store sales increased 21.3%

Unlimited Wash Club memberships increased 31.5%

Opened 9 new locations in the quarter

Raising full year 2021 revenue and adjusted EBITDA guidance

TUCSON, Ariz.–(BUSINESS WIRE)–In the Fiscal 2021 Outlook table of the release dated November 11, 2021, Current GAAP net income (loss) should read: $(40) to $(30) million (instead of $(45) to $(40) million). Current Adjusted net income (loss) should now read: $125 to $135 million (instead of $125 to $130 million).

The updated release reads:

MISTER CAR WASH ANNOUNCES THIRD QUARTER FISCAL 2021 FINANCIAL RESULTS

Net revenues increased 24.7%

Comparable store sales increased 21.3%

Unlimited Wash Club memberships increased 31.5%

Opened 9 new locations in the quarter

Raising full year 2021 revenue and adjusted EBITDA guidance

Mister Car Wash, Inc. (the “Company”) (NYSE: MCW), the nation’s largest car wash brand, today announced its financial results for the quarter ended September 30, 2021.

“Our third quarter results reflect continued strong top and bottom line performance fueled by our growing, Unlimited Wash Club® (“UWC”) subscription program and increased operational efficiencies, even as we invest to drive sustainable long-term growth,” stated John Lai, Chairperson and CEO of Mister Car Wash. “As we look ahead, we see significant growth runway to continue to expand our footprint and grow our UWC program. We will remain focused on our commitment to our culture and operational excellence as we service our customers with professionalism, convenience and efficiency.”

Highlights for the Third Quarter 2021

  • Net revenues increased 24.7% to $194.3 million for the third quarter of 2021 from $155.8 million in third quarter of 2020 and increased 19.7% from the third quarter of 2019.
  • Excluding $6.8 million of oil change revenue that was included in net revenues in the third quarter of 2020 and generated from the Company’s quick lube facilities that were divested in December 2020, net revenues increased 30%.
  • Comparable stores sales increased 21.3% for the third quarter of 2021 compared to the third quarter of 2020.
    • Compounded two-year comparable stores sales* increased 14.5% from the third quarter of 2019.
  • As of September 30, 2021, the Company had 1.564 million UWC members, which represented a 31.5% increase over the prior year period. UWC sales represented approximately 66% of total washes in the third quarter of 2021 compared to 62% in the third quarter of 2020.
  • The Company opened 9 new car wash locations in the third quarter of 2021 and operated a total of 360 car wash locations as of September 30, 2021, compared to 338 locations as of September 30, 2020, an increase of 6.5%.
  • Net income increased 37.7% to $27.4 million in the third quarter of 2021 compared to $19.9 million in the third quarter of 2020. Net income per diluted share increased 14.3% to $0.08 from $0.07 for the same respective periods.
  • Adjusted net income(1) increased 204.7% to $34.8 million in the third quarter of 2021 from $11.4 million in the prior year period. Adjusted net income per share(1) increased 155.2% to $0.11 from $0.04 for the same respective periods.
  • Adjusted EBITDA(1) increased 43.9% to $62.5 million for the third quarter of 2021 from $43.4 million in the third quarter of 2020.
  • Highlights for the Nine-Months Ended September 30, 2021

    • Net revenues increased 37.3% to $566.9 million from $412.9 million in the first nine months of 2020. Compared to the first nine months of 2019, net revenues increased 20.3%.
    • Comparable stores sales increased 38.6% for the first nine months of 2021 compared to the prior year period.
      • Compounded two-year comparable stores sales* increased 18.1% from the nine-month period of 2019.
    • Net loss was $58.4 million compared to net income of $20.0 million in the first nine months of 2020.
    • Adjusted net income(1) increased 312.8% to $103.0 million from $25.0 million in the prior year period.
    • Adjusted EBITDA(1) increased 76.5% to $197.0 million from $111.6 million in the first nine months of 2020.

    *Compounded two-year comparable stores sales growth is calculated as the compounded growth rate of 2021 comparable stores sales growth and 2020 comparable stores sales growth for the three- month and nine- month periods ending September 30, 2021 and September 30, 2020.

    (1) See Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures disclosures included below in this press release.

    Store Count

     

     

    Three Months Ended September 30,

     

     

    Nine Months Ended September 30, 2021

     

     

     

    2020

     

     

    2021

     

     

     

     

    Beginning location count

     

     

    327

     

     

     

    351

     

     

     

    342

     

    Locations acquired

     

     

    7

     

     

     

    2

     

     

     

    7

     

    Greenfield locations opened

     

     

    4

     

     

     

    7

     

     

     

    11

     

    Closures

     

     

     

     

     

     

     

     

     

    Divestitures and other

     

     

     

     

     

     

     

     

     

    Ending location count

     

     

    338

     

     

     

    360

     

     

     

    360

     

    Balance Sheet and Cash Flow Highlights

    • Cash and cash equivalents totaled $162.2 million and there were no borrowings under the Company’s Revolving Commitment as of September 30, 2021 compared to cash and cash equivalents of $58.3 million and no borrowings as of September 30, 2020.
    • Net cash provided by operating activities totaled $153.3 million during the first nine months of 2021, compared to $77.9 million for the same period of fiscal 2020.

    Fiscal 2021 Outlook

    The Company is raising its previously provided revenue and adjusted EBITDA guidance for the fiscal year ending December 31, 2021, as follows:

    2021 Outlook

     

    Current

     

    Previous

    Revenues†/c

     

    $751 to $756 million

     

    ~30% growth, or $747 million

    Comparable stores sales growth %

     

    31% to 33%

     

    29% to 33%

    GAAP net income (loss)

     

    $(40) to $(30) million

     

    $(45) to $(30) million

    Adjusted net income (loss)

     

    $125 to $135 million

     

    $120 to $135 million

    Adjusted EBITDA

     

    $251 to $253 million

     

    $247 to $252 million

    Adjusted net income per share, diluted

     

    $0.40 to $0.44

     

    $0.39 to $0.44

    Common shares outstanding, diluted, at year end

     

    330 million

     

    330 million

    New greenfield locations

     

    16 to 18 locations

     

    16 to 18 locations

    Capital Expenditures, net of sale leasebacks

     

    $76 million

     

    $83 million

    †Revenue, net growth % excludes the $23.8 million loss of revenue associated with the divestiture of our quick lube facilities in December 2020.

     

     

    Conference Call Details

    A conference call to discuss the Company’s financial results for the third quarter of fiscal 2021 and to provide a business update is scheduled for today, November 11, 2021 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-300-8521 (international callers please dial 1-412-317-6026) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.mistercarwash.com/.

    A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.mistercarwash.com/ for 90 days.

    About Mister Car Wash® | Inspiring People to Shine®

    Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (NYSE: MCW) operates 360 car washes nationwide and has the largest car wash subscription program in North America. With over 25 years of car wash experience, the Mister team is focused on operational excellence and delivering a memorable customer experience through elevated hospitality. The Mister brand is anchored in quality, friendliness and a commitment to the communities we serve as good stewards of the environment and the resources we use. We believe that when you take care of your people, they will take care of your customers. To learn more visit: https://mistercarwash.com.

    Use of Non-GAAP Financial Measures

    This press release includes references to non-GAAP financial measures, including Adjusted EBITDA, Adjusted net income (loss), Adjusted net income (loss) per share and Adjusted net income (loss) per share, on a diluted basis (the “Company’s Non-GAAP Financial Measures”). These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures should be read in conjunction with the Company’s financial statements prepared in accordance with GAAP. The reconciliations of the Company’s non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.

    The Company’s Non-GAAP Financial Measures are non-GAAP measures of the Company’s financial performance and should not be considered as an alternative to net income as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and should not be construed as an inference that the Company’s future results will be unaffected by unusual or nonrecurring items. Adjusted EBITDA is defined as net (loss) income before interest expense, net, income tax (benefit) expense, depreciation and amortization expense, (gain) loss on sale of assets, gain on sale of quick lube facilities, dividend recapitalization fees and payments, loss on early debt extinguishment, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, and other nonrecurring charges. Adjusted net income (loss) is defined as net income (loss) before interest expense, (gain) loss on sale of assets, dividend recapitalization fees and payments, loss on debt extinguishment, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, other nonrecurring charges and the tax impact of adjustments to net (loss) income. Adjusted net (loss) income per share is defined as basic net (loss) income per share before (gain) loss on sale of assets, gain on sale of quick lube facilities, dividend recapitalization fees and payments, loss on debt extinguishment, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, other nonrecurring charges and the tax impact of adjustments to basic net (loss) income per share. Diluted adjusted net income per share is defined as diluted net (loss) income per share before (gain) loss on sale of assets, gain on sale of quick lube facilities, dividend recapitalization fees and payments, loss on debt extinguishment, stock-based compensation expense, acquisition expenses, management fees, non-cash rent expense, expenses associated with the IPO, other nonrecurring charges and the tax impact of adjustments to basic net (loss) income per share.

    The Company presents the Company’s Non-GAAP Financial Measures because management believes that these measures assist investors and analysts in comparing the Company’s operating performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the Company’s ongoing operating performance. Investors are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating Company’s Non-GAAP Financial Measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in the Company’s presentation of Company’s Non-GAAP Financial Measures. The Company’s presentation of Company’s Non-GAAP Financial Measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or nonrecurring items. There can be no assurance that the Company will not modify the presentation of the Company’s Non-GAAP Financial Measures in future periods, and any such modification may be material. In addition, the Company’s Non-GAAP Financial Measures may not be comparable to similarly titled measures used by other companies in the Company’s industry or across different industries.

    Management believes that the Company’s Non-GAAP Financial Measures are helpful in highlighting trends in the Company’s core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Management also uses Adjusted EBITDA in connection with establishing discretionary annual incentive compensation; to supplement U.S. GAAP measures of performance in the evaluation of the effectiveness of the Company’s business strategies; to make budgeting decisions; and because the Company’s credit facilities use measures similar to Adjusted EBITDA to measure the Company’s compliance with certain covenants.

    The Company’s Non-GAAP Financial Measures have limitations as analytical tools, and investors should not consider these measures in isolation or as substitutes for analysis of the Company’s results as reported under U.S. GAAP. Some of these limitations include, for example, Adjusted EBITDA does not reflect: the Company’s cash expenditure or future requirements for capital expenditures or contractual commitments; the Company’s cash requirements for the Company’s working capital needs; the interest expense and the cash requirements necessary to service interest or principal payments on the Company’s debt; cash requirements for replacement of assets that are being depreciated and amortized; and the impact of certain cash charges or cash receipts resulting from matters management does not find indicative of the Company’s ongoing operations. In addition, other companies in the Company’s industry may calculate similarly titled non-GAAP financial measures differently than the Company.

    A reconciliation of the Company’s full year guidance for Adjusted EBITDA, Adjusted net income (loss) and Adjusted net income per share, diluted, for full year 2021 to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including acquisition expenses, other nonrecurring and the other adjustments reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which, could be material.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to Mister Car Wash’s expansion efforts and expected growth and financial results for fiscal 2021. Words including “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

    These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: developments involving the Company’s competitors and its industry; the Company’s ability to attract new customers, retain existing customers and maintain or grow its number of subscription members; potential future impacts of the COVID-19 pandemic, including from variants thereof; the Company’s ability to open and operate new locations on a timely and cost-effective manner; the Company’s ability to identify suitable acquisition targets and consummate such acquisitions on attractive terms; the Company’s ability to maintain and enhance its brand reputation; the Company’s reliance on and relationships with third-party suppliers; risk related to the Company’s indebtedness and capital requirements; risk related to governmental laws and regulations applicable to the Company and its business; the Company’s ability to maintain data and information security and prevent unauthorized access to electronic and other confidential information; and the other important factors discussed under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and Investors Relations section of the Company’s website at www.mistercarwash.com.

    These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not have any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

    Condensed Consolidated Statements of Operations

    (Amounts in thousands, except share and per share amounts)

    (Unaudited)

     

    Three Months Ended September 30,

     

     

    Nine Months Ended September 30,

     

     

    2021

     

     

    2020

     

     

    2021

     

     

    2020

     

    Revenues, net

    $

    194,310

     

     

    $

    155,796

     

     

    $

    566,898

     

     

    $

    412,904

     

    Cost of labor and chemicals

     

    63,438

     

     

     

    50,245

     

     

     

    203,051

     

     

     

    141,874

     

    Other store operating expenses

     

    68,435

     

     

     

    56,127

     

     

     

    194,889

     

     

     

    164,352

     

    General and administrative

     

    22,166

     

     

     

    10,476

     

     

     

    226,015

     

     

     

    37,069

     

    Loss (gain) on sale of assets

     

    748

     

     

     

    (4,283

    )

     

     

    (5,559

    )

     

     

    (3,773

    )

    Total costs and expenses

     

    154,787

     

     

     

    112,565

     

     

     

    618,396

     

     

     

    339,522

     

    Operating income (loss)

     

    39,523

     

     

     

    43,231

     

     

     

    (51,498

    )

     

     

    73,382

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other expense:

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    5,717

     

     

     

    15,917

     

     

     

    33,416

     

     

     

    49,341

     

    Loss on extinguishment of debt

     

     

     

     

     

     

     

    3,183

     

     

     

    1,918

     

    Total other expense

     

    5,717

     

     

     

    15,917

     

     

     

    36,599

     

     

     

    51,259

     

    Income (loss) before taxes

     

    33,806

     

     

     

    27,314

     

     

     

    (88,097

    )

     

     

    22,123

     

    Income tax provision (benefit)

     

    6,440

     

     

     

    7,445

     

     

     

    (29,747

    )

     

     

    2,148

     

    Net income (loss)

    $

    27,366

     

     

    $

    19,869

     

     

    $

    (58,350

    )

     

    $

    19,975

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other comprehensive income (loss), net of tax:

     

     

     

     

     

     

     

     

     

     

     

    Gain (loss) on interest rate swap

     

    54

     

     

     

    (288

    )

     

     

    401

     

     

     

    (1,189

    )

    Total comprehensive income (loss)

    $

    27,420

     

     

    $

    19,581

     

     

    $

    (57,949

    )

     

    $

    18,786

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss) per share:

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    0.09

     

     

    $

    0.08

     

     

    $

    (0.21

    )

     

    $

    0.08

     

    Diluted

    $

    0.08

     

     

    $

    0.07

     

     

    $

    (0.21

    )

     

    $

    0.07

     

    Weighted-average common shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    296,360,660

     

     

     

    261,863,586

     

     

     

    274,387,532

     

     

     

    261,784,795

     

    Diluted

     

    327,320,169

     

     

     

    274,111,695

     

     

     

    274,387,532

     

     

     

    273,994,569

     

    Condensed Consolidated Balance Sheets

    (Amounts in thousands, except share and per share amounts)

    (Unaudited)

     

    As of

     

     

    September 30, 2021

     

     

    December 31, 2020

     

    Assets

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash and cash equivalents

    $

    162,232

     

     

    $

    114,647

     

    Restricted cash

     

    272

     

     

     

    3,227

     

    Accounts receivable, net

     

    8,986

     

     

     

    4,613

     

    Inventory

     

    5,633

     

     

     

    6,415

     

    Prepaid expenses and other current assets

     

    12,879

     

     

     

    6,068

     

    Total current assets

     

    190,002

     

     

     

    134,970

     

     

     

     

     

     

     

    Property and equipment, net

     

    300,676

     

     

     

    263,034

     

    Operating lease right of use assets, net

     

    699,274

     

     

     

    681,538

     

    Other intangible assets, net

     

    124,522

     

     

     

    127,019

     

    Goodwill

     

    759,770

     

     

     

    737,415

     

    Other assets

     

    5,328

     

     

     

    4,477

     

    Total assets

    $

    2,079,572

     

     

    $

    1,948,453

     

     

     

     

     

     

     

    Liabilities and stockholders’ equity

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable

    $

    26,716

     

     

    $

    24,374

     

    Accrued payroll and related expenses

     

    19,943

     

     

     

    11,424

     

    Other accrued expenses

     

    18,799

     

     

     

    20,264

     

    Current maturities of debt

     

    8,400

     

     

     

    8,400

     

    Current maturities of operating lease liability

     

    36,218

     

     

     

    33,485

     

    Current maturities of finance lease liability

     

    542

     

     

     

    495

     

    Deferred revenue

     

    26,195

     

     

     

    24,505

     

    Total current liabilities

     

    136,813

     

     

     

    122,947

     

     

     

     

     

     

     

    Long-term portion of debt, net

     

    601,723

     

     

     

    1,054,820

     

    Operating lease liability

     

    700,548

     

     

     

    685,479

     

    Financing lease liability

     

    15,507

     

     

     

    15,917

     

    Long-term deferred tax liability

     

    12,571

     

     

     

    46,082

     

    Other long-term liabilities

     

    4,222

     

     

     

    6,558

     

    Total liabilities

     

    1,471,384

     

     

     

    1,931,803

     

     

     

     

     

     

     

    Commitments and contingencies (Note 15)

     

     

     

     

     

     

     

     

     

     

     

    Stockholders’ equity:

     

     

     

     

     

    Common stock, $0.01 par value, 1,000,000,000 shares authorized, 296,794,199 and 261,907,622 shares outstanding as of September 30, 2021 and December 31, 2020, respectively

     

    2,975

     

     

     

    2,622

     

    Additional paid-in capital

     

    740,657

     

     

     

    91,523

     

    Accumulated other comprehensive loss

     

    (716

    )

     

     

    (1,117

    )

    Accumulated deficit

     

    (134,728

    )

     

     

    (76,378

    )

    Total stockholders’ equity

     

    608,188

     

     

     

    16,650

     

    Total liabilities and stockholders’ equity

    $

    2,079,572

     

     

    $

    1,948,453

     

    Condensed Consolidated Statements of Cash Flows

    (Amounts in thousands)

    (Unaudited)

     

    Nine Months Ended September 30,

     

     

    2021

     

     

    2020

     

    Cash flows from operating activities:

     

     

     

     

     

    Net (loss) income

    $

    (58,350

    )

     

    $

    19,975

     

    Adjustments to reconcile net (loss) income to net cash provided by operating activities:

     

     

     

     

     

    Depreciation and amortization expense

     

    36,530

     

     

     

    33,504

     

    Stock-based compensation expense

     

    210,292

     

     

     

    1,187

     

    (Gain) loss on disposal of property and equipment

     

    (5,559

    )

     

     

    (3,773

    )

    Loss on extinguishment of debt

     

    3,183

     

     

     

    1,918

     

    Amortization of deferred financing costs

     

    898

     

     

     

    1,241

     

    Non-cash lease expense

     

    26,535

     

     

     

    25,376

     

    Deferred income tax

     

    (33,247

    )

     

     

    10,913

     

    Changes in assets and liabilities:

     

     

     

     

     

    Accounts receivable

     

    (4,374

    )

     

     

    (331

    )

    Inventory

     

    850

     

     

     

    689

     

    Prepaid expenses and other current assets

     

    (6,812

    )

     

     

    (183

    )

    Accounts payable

     

    4,025

     

     

     

    (3,707

    )

    Accrued expenses

     

    6,874

     

     

     

    11,882

     

    Deferred revenue

     

    1,531

     

     

     

    1,163

     

    Operating lease liability

     

    (26,468

    )

     

     

    (21,684

    )

    Other noncurrent assets and liabilities

     

    (2,599

    )

     

     

    (251

    )

    Net cash provided by operating activities

    $

    153,309

     

     

    $

    77,919

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

     

    Purchases of property and equipment

     

    (86,330

    )

     

     

    (41,504

    )

    Acquisition of car wash operations, net of cash acquired

     

    (55,072

    )

     

     

    (21,958

    )

    Proceeds from sale of property and equipment

     

    50,944

     

     

     

    12,356

     

    Net cash used in investing activities

    $

    (90,458

    )

     

    $

    (51,106

    )

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

     

    Proceeds from issuance of common stock pursuant to initial public offering

     

    468,750

     

     

     

     

    Proceeds from exercise of stock options

     

    121

     

     

     

    40

     

    Payments for repurchases of common stock

     

    (308

    )

     

     

    (381

    )

    Proceeds from secondary offering for employee tax withholdings

     

    20,859

     

     

     

     

    Tax withholdings paid on behalf of employees for secondary offering

     

    (20,859

    )

     

     

     

    Proceeds from debt borrowings

     

     

     

     

    45,625

     

    Proceeds from revolving line of credit

     

     

     

     

    111,681

     

    Payments on debt borrowings

     

    (456,972

    )

     

     

    (6,300

    )

    Payments on revolving line of credit

     

     

     

     

    (125,681

    )

    Payments of debt extinguishment costs

     

    (28

    )

     

     

     

    Payments of deferred financing costs

     

    (226

    )

     

     

     

    Principal payments on finance lease obligations

     

    (364

    )

     

     

    (106

    )

    Payments of issuance costs pursuant to initial public offering

     

    (29,194

    )

     

     

     

    Net cash (used in) provided by financing activities

    $

    (18,221

    )

     

    $

    24,878

     

     

     

     

     

     

     

    Net change in cash and cash equivalents, and restricted cash during period

     

    44,630

     

     

     

    51,691

     

    Cash and cash equivalents, and restricted cash at beginning of period

     

    117,874

     

     

     

    6,705

     

    Cash and cash equivalents, and restricted cash at end of period

    $

    162,504

     

     

    $

    58,396

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow information:

     

     

     

     

     

    Cash paid for interest

    $

    33,134

     

     

    $

    34,412

     

    Cash paid for income taxes

    $

    8,029

     

     

    $

     

     

     

     

     

     

     

    Supplemental disclosure of non-cash investing and financing activities:

     

     

     

     

     

    Property and equipment in accounts payable

    $

    14,817

     

     

    $

    15,588

     

    Contacts

    Investors
    Farah Soi/Caitlin Churchill

    ICR

    [email protected]

    Media
    Megan Everett

    [email protected]

    Read full story here

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