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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 305,284 $ 393,501
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 43,162 25,745
Equity-based compensation 20,642 12,156
Loss on lease termination 1,122 1,756
Loss on debt restructure 0 1,390
Long-lived asset impairment 2,618 1,082
Loss (gain) on sale or disposal of assets 430 (89)
Provision for losses on accounts receivable (37) 606
Non-cash lease expense 30,315 29,974
Accretion of original debt issuance discount 1,041 563
Non-cash interest 986 1,735
Deferred income taxes 6,841 (11,017)
Tax Receivable Agreement liability adjustment 0 3,520
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (117,531) (115,302)
Inventories (192,093) (34,676)
Prepaid expenses and other assets 2,594 4,816
Accounts payable and other accrued expenses 118,045 161,331
Payment pursuant to Tax Receivable Agreement (11,322) (8,089)
Deferred revenue 4,314 14,585
Operating lease liabilities (32,772) (32,152)
Other, net 355 8,694
Net cash provided by operating activities 183,994 460,129
Investing activities    
Purchases of property and equipment (69,004) (47,184)
Proceeds from sale of property and equipment 654 1,788
Purchase of real property (28,033) (48,318)
Proceeds from the sale of real property 6,809 1,360
Purchases of businesses, net of cash acquired (38,188) (99,016)
Purchase of other investments (3,000) (350)
Purchases of intangible assets (743) (2,580)
Net cash used in investing activities (131,505) (194,300)
Financing activities    
Proceeds from long-term debt 0 115,893
Payments on long-term debt (7,913) (171,328)
Net proceeds on notes payable - floor plan, net 40,372 7,414
Proceeds from landlord funded construction on finances leases 6,028 0
Payments on finance leases (3,042) (1,629)
Payment of debt issuance costs 0 (1,746)
Proceeds from sale-leaseback arrangement 27,951 0
Payments on sale-leaseback arrangement (42) 0
Dividends on Class A common stock (52,538) (21,913)
Proceeds from exercise of stock options 272 2,517
RSU shares withheld for tax (1,517) (285)
Repurchases of Class A common stock to treasury stock (79,757) (45,470)
Distributions to holders of LLC common units (115,678) (123,847)
Net cash used in financing activities (185,864) (240,394)
(Decrease) increase in cash and cash equivalents (133,375) 25,435
Cash and cash equivalents at beginning of the period 267,332 166,072
Cash and cash equivalents at end of the period $ 133,957 $ 191,507