XML 21 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed consolidated statements of cash flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 31,639 $ 23,493
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,907 8,465
Amortization of deferred financing costs 1,356 484
Amortization of favorable leases 0 92
Amortization of asset retirement obligations 221 1
Amortization of interest rate caps 0 195
Deferred tax expense 2,165 4,909
Loss (gain) on re-measurement of tax benefit arrangement 3,373 (396)
Provision for bad debts 2 (14)
Loss on reacquired franchise rights 0 350
Loss on disposal of property and equipment 0 650
Equity-based compensation 1,315 998
Changes in operating assets and liabilities, excluding effects of acquisitions:    
Accounts receivable 20,032 18,637
Due to and due from related parties (269) 165
Inventory 1,677 (1,364)
Other assets and other current assets (2,648) (1,341)
National advertising fund (6,500) (4,586)
Accounts payable and accrued expenses (14,640) (16,758)
Other liabilities and other current liabilities 214 83
Income taxes 1,768 1,898
Equipment deposits 4,594 7,784
Deferred revenue 3,668 3,536
Leases and deferred rent 60 853
Net cash provided by operating activities 57,934 48,134
Cash flows from investing activities:    
Additions to property and equipment (7,471) (2,036)
Acquisition of franchises 0 (28,503)
Proceeds from sale of property and equipment 21 40
Net cash used in investing activities (7,450) (30,499)
Cash flows from financing activities:    
Principal payments on capital lease obligations (12) (11)
Repayment of long-term debt (3,000) (1,796)
Proceeds from issuance of Class A common stock 607 242
Dividend equivalent payments (20) (20)
Distributions to Continuing LLC Members (1,842) (1,734)
Net cash used in financing activities (4,267) (3,319)
Effects of exchange rate changes on cash and cash equivalents 250 (250)
Net increase in cash, cash equivalents and restricted cash 46,467 14,066
Cash, cash equivalents and restricted cash, beginning of period 320,139 113,080
Cash, cash equivalents and restricted cash, end of period 366,606 127,146
Supplemental cash flow information:    
Net cash paid for income taxes 1,479 106
Cash paid for interest 13,477 8,146
Non-cash investing activities:    
Non-cash additions to property and equipment $ 4,151 $ 453