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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 149,093 $ 25,816
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,645 27,540
Equity-based compensation 7,494 6,579
Loss on lease termination 1,452  
Long-lived asset impairment 6,569  
Loss on disposal of assets 783 2,160
Provision for losses on accounts receivable 531 379
Non-cash lease expense 28,638 27,182
Accretion of original debt issuance discount 531 532
Non-cash interest 2,104 2,348
Deferred income taxes 4,068 16,615
Tax Receivable Agreement liability adjustment   (8,477)
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (129,725) (79,823)
Inventories 306,428 25,752
Prepaid expenses and other assets 1,214 7,082
Accounts payable and other accrued expenses 139,913 80,744
Payment pursuant to Tax Receivable Agreement (6,563) (9,425)
Accrued rent for cease-use locations   542
Deferred revenue 1,042 1,088
Operating lease liabilities (34,379) (27,174)
Other, net 10,075 719
Net cash provided by operating activities 515,913 100,179
Investing activities    
Purchases of property and equipment (13,660) (27,848)
Purchase of real property   (25,093)
Proceeds from the sale of real property   10,117
Purchases of businesses, net of cash acquired   (38,608)
Proceeds from sale of property and equipment 491 910
Purchase of intangible assets (150)  
Net cash used in investing activities (13,319) (80,522)
Financing activities    
Proceeds from long-term debt   11,662
Payments on long-term debt (18,359) (3,409)
Net payments on notes payable - floor plan, net (316,492) (29,426)
Borrowings on revolving line of credit   14,029
Payments on revolving line of credit (20,000)  
Payments of principal on finance lease obligations   (23)
Payment of debt issuance costs   (47)
Dividends on Class A common stock (11,537) (11,410)
Proceeds from exercise of stock options 159  
RSU shares withheld for tax (559) (273)
Members' distributions (55,425) (38,057)
Net cash used in financing activities (422,213) (56,954)
Increase (decrease) in cash and cash equivalents 80,381 (37,297)
Cash and cash equivalents at beginning of the period 147,521 138,557
Cash and cash equivalents at end of the period $ 227,902 $ 101,260