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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 107,299 $ 147,425
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 25,535 12,701
Equity-based compensation 11,674 6,109
Loss on lease termination 178 1,756
Long-lived asset impairment 0 546
Loss (gain) on sale or disposal of assets 49 (99)
Provision for losses on accounts receivable (74) 242
Non-cash lease expense 15,320 15,059
Accretion of original debt issuance discount 516 270
Non-cash interest 484 872
Deferred income taxes 3,438 (15,531)
Tax Receivable Agreement liability adjustment 0 3,520
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (92,645) (123,902)
Inventories (348,374) (50,169)
Prepaid expenses and other assets 6,327 9,037
Accounts payable and other accrued expenses 78,091 94,366
Deferred revenue (1,842) 2,544
Operating lease liabilities (15,529) (17,192)
Other, net (501) 278
Net cash (used in) provided by operating activities (210,054) 87,832
Investing activities    
Purchases of property and equipment (31,665) (14,906)
Proceeds from sale of property and equipment 199 213
Purchase of real property (17,018) (21,366)
Proceeds from the sale of real property 0 600
Purchases of businesses, net of cash acquired (34,808) (10,406)
Purchase of other investments 0 (350)
Purchases of intangible assets (715) 0
Net cash used in investing activities (84,007) (46,215)
Financing activities    
Payments on long-term debt (3,954) (3,038)
Net proceeds on notes payable - floor plan, net 275,296 78,139
Payments on finance leases (1,021) (401)
Proceeds from sale-leaseback arrangement 27,951 0
Payments on sale-leaseback arrangement (36) 0
Dividends on Class A common stock (26,427) (10,353)
Proceeds from exercise of stock options 231 1,974
RSU shares withheld for tax (1,238) (214)
Repurchases of Class A common stock to treasury stock (79,757) 0
Distributions to holders of LLC common units (24,836) (16,926)
Net cash provided by financing activities 166,209 49,181
(Decrease) increase in cash and cash equivalents (127,852) 90,798
Cash and cash equivalents at beginning of the period 267,332 166,072
Cash and cash equivalents at end of the period $ 139,480 $ 256,870