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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 408,232 $ 582,809
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 61,369 49,297
Equity-based compensation 27,434 19,069
Loss on lease termination 1,122 2,085
Loss on debt restructure 0 1,390
Long-lived asset impairment 3,505 1,398
Loss on sale or disposal of assets 390 7
Provision for losses on accounts receivable 168 767
Non-cash lease expense 44,757 45,175
Accretion of original debt issuance discount 1,650 930
Non-cash interest 1,470 2,053
Deferred income taxes 10,245 (9,463)
Tax Receivable Agreement liability adjustment 0 3,520
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (45,766) (87,667)
Inventories (77,388) (198,310)
Prepaid expenses and other assets 16,876 14,821
Accounts payable and other accrued expenses 112,167 164,617
Payment pursuant to Tax Receivable Agreement (11,322) (8,089)
Deferred revenue 10,719 23,672
Operating lease liabilities (47,388) (47,895)
Other, net 5,679 11,690
Net cash provided by operating activities 523,919 571,876
Investing activities    
Purchases of property and equipment (118,445) (88,560)
Proceeds from sale of property and equipment 1,105 2,253
Purchase of real property (41,696) (61,056)
Proceeds from the sale of real property 6,809 1,360
Purchases of businesses, net of cash acquired (83,227) (99,749)
Purchase of other investments (3,000) (7,983)
Purchases of intangible assets (851) (2,580)
Net cash used in investing activities (239,305) (256,315)
Financing activities    
Proceeds from long-term debt 0 124,893
Payments on long-term debt (11,869) (174,148)
Net (payments) proceeds on notes payable - floor plan, net (99,802) 19,199
Proceeds from landlord funded construction on finance leases 6,028 0
Payments on finance leases (4,541) (2,169)
Payment of debt issuance costs 0 (1,827)
Proceeds from sale-leaseback arrangement 27,951 0
Payments on sale-leaseback arrangement (87) 0
Dividends on Class A common stock (78,866) (44,846)
Proceeds from exercise of stock options 317 3,775
RSU shares withheld for tax (6,474) (7,166)
Repurchases of Class A common stock to treasury stock (79,757) (86,824)
Distributions to holders of LLC common units (156,611) (179,725)
Net cash used in financing activities (403,711) (348,838)
Decrease in cash and cash equivalents (119,097) (33,277)
Cash and cash equivalents at beginning of the period 267,332 166,072
Cash and cash equivalents at end of the period $ 148,235 $ 132,795