XML 26 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ 344,215 $ (120,301) $ 65,581
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 51,981 59,932 49,322
Equity-based compensation 20,661 13,145 14,088
Loss on debt restructure     1,676
Loss (gain) on lease termination 4,547 (686)  
Goodwill impairment     40,046
Long-lived asset impairment 12,353 66,270  
Loss on disposal of assets 1,332 11,492 2,810
Provision for losses on accounts receivable 1,068 (20) 2,444
Non-cash lease expense 57,536 54,921  
Accretion of original debt issuance discount 1,079 1,038 1,034
Non-cash interest 4,306 4,585 5,068
Deferred income taxes 6,606 14,897 11,364
Tax Receivable Agreement liability adjustment (141) (10,005) 1,324
Change in assets and liabilities, net of acquisitions:      
Receivables and contracts in transit (2,777) 12,217 (16,550)
Inventories 239,334 216,111 (99,610)
Prepaid expenses and other assets (3,016) (7,951) (8,290)
Accounts payable and other accrued expenses 39,846 (15,350) 49,172
Payment pursuant to Tax Receivable Agreement (6,563) (9,425) (8,914)
Accrued rent for cease-use locations     (488)
Deferred revenue 4,560 708 12,448
Operating lease liabilities (68,951) (54,403)  
CARES Act deferral of payroll taxes 29,231    
Other, net 10,462 14,759 13,767
Net cash provided by operating activities 747,669 251,934 136,292
Investing activities      
Purchases of property and equipment (31,845) (56,789) (133,557)
Purchase of real property (53,078) (31,567) (120,802)
Proceeds from the sale of real property 7,484 28,169 56,932
Purchases of businesses, net of cash acquired (47,571) (48,418) (99,240)
Purchase of equity securities (2,500)    
Proceeds from sale of property and equipment 1,751 4,068 3,978
Purchases of intangible assets (176)    
Net cash used in investing activities (125,935) (104,537) (292,689)
Financing activities      
Proceeds from long-term debt   11,663 329,775
Payments on long-term debt (39,070) (13,658) (83,825)
Net payments on notes payable - floor plan, net (324,485) (43,989) (85,446)
Borrowings on revolving line of credit   14,029 45,164
Payments on revolving line of credit (20,000) (11,883) (6,425)
Payment of debt issuance costs   (47) (3,345)
Dividends on Class A common stock (61,025) (22,878) (22,697)
Proceeds from exercise of stock options 4,635   153
RSU shares withheld for tax (4,742) (1,478) (1,365)
Repurchases of Class A common stock to treasury stock (21,522)    
Disgorgement of short-swing profits by Section 16 officer     557
Distributions to holders of LLC common units (136,974) (70,192) (101,755)
Net cash (used in) provided by financing activities (603,183) (138,433) 70,791
Increase (decrease) in cash and cash equivalents 18,551 8,964 (85,606)
Cash and cash equivalents at beginning of the period 147,521 138,557 224,163
Cash and cash equivalents at end of the period $ 166,072 $ 147,521 $ 138,557