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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income $ 240,021 $ 189,602
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,819 18,144
Equity-based compensation 2,792 60
(Gain) loss on sale of assets (292) (227)
Provision for (recovery of) losses on accounts receivable (23) 1,701
Accretion of original issue discount 706 915
Non-cash interest expense 3,210 3,698
Deferred income taxes 3,256 3,089
Loss on remeasurement of tax receivable agreement 79  
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (64,211) (38,415)
Inventories (150,653) 68,316
Prepaid expenses and other assets (6,381) (8,324)
Checks in excess of bank balance   (7,478)
Accounts payable and other accrued expenses 105,154 67,935
Payment pursuant to tax receivable agreement (203)  
Accrued rent for cease-use locations (91) 286
Deferred revenue and gains 14,863 12,849
Other, net 37,053 3,876
Net cash provided by operating activities 208,099 316,027
Investing activities    
Purchases of property and equipment (49,759) (29,203)
Purchase of real property (16,820) (12,871)
Proceeds from the sale of real property 6,000 7,291
Purchases of businesses, net of cash acquired (345,140) (67,690)
Proceeds from sale of property and equipment 603 3,486
Net cash used in investing activities (405,116) (98,987)
Financing activities    
Proceeds from long-term debt 94,762 134,325
Payments on long-term debt (5,550) (43,615)
Net borrowings on notes payable - floor plan, net 174,497 (65,967)
Borrowings on revolver   12,000
Payments on revolver   (12,000)
Payments of principal on capital lease obligations (950) (1,111)
Payments of principal on right to use liability (112) (164)
Payment of debt issuance costs (1,176) (2,685)
Proceeds from issuance of Class A common stock sold in a public offering net of underwriter discounts, commissions and offering expenses 121,445  
Dividends on Class A common stock (11,874)  
Members' distributions (124,996) (214,782)
Net cash provided by (used in) financing activities 246,046 (193,999)
Increase in cash 49,029 23,041
Cash at beginning of the period 114,196 92,025
Cash at end of the period $ 163,225 $ 115,066