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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income $ 393,501 $ 149,093
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,745 26,645
Equity-based compensation 12,156 7,494
Loss on lease termination 1,756 1,452
Loss on debt restructure 1,390 0
Long-lived asset impairment 1,082 6,569
(Gain) loss on disposal of assets (89) 783
Provision for losses on accounts receivable 606 531
Non-cash lease expense 29,974 28,638
Accretion of original debt issuance discount 563 531
Non-cash interest 1,735 2,104
Deferred income taxes (11,017) 4,068
Tax Receivable Agreement liability adjustment 3,520 0
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (115,302) (129,725)
Inventories (34,676) 306,428
Prepaid expenses and other assets 4,816 1,214
Accounts payable and other accrued expenses 161,331 139,913
Payment pursuant to Tax Receivable Agreement (8,089) (6,563)
Deferred revenue 14,585 1,042
Operating lease liabilities (32,152) (34,379)
Other, net 8,694 10,075
Net cash provided by operating activities 460,129 515,913
Investing activities    
Purchases of property and equipment (47,184) (13,660)
Proceeds from sale of property and equipment 1,788 491
Purchase of real property (48,318) 0
Proceeds from the sale of real property 1,360 0
Purchases of businesses, net of cash acquired (99,016) 0
Purchase of other investments (350) 0
Purchases of intangible assets (2,580) (150)
Net cash used in investing activities (194,300) (13,319)
Financing activities    
Proceeds from long-term debt 115,893  
Payments on long-term debt (171,328) (16,634)
Net proceeds (payments) on notes payable - floor plan, net 7,414 (316,492)
Payments on revolving line of credit   (20,000)
Payments on finance leases (1,629) (1,725)
Payment of debt issuance costs (1,746)  
Dividends on Class A common stock (21,913) (11,537)
Proceeds from exercise of stock options 2,517 159
RSU shares withheld for tax (285) (559)
Repurchases of Class A common stock to treasury stock (45,470)  
Distributions to holders of LLC common units (123,847) (55,425)
Net cash used in financing activities (240,394) (422,213)
Increase in cash and cash equivalents 25,435 80,381
Cash and cash equivalents at beginning of the period 166,072 147,521
Cash and cash equivalents at end of the period $ 191,507 $ 227,902