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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 4,903 $ 107,299
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,637 25,535
Equity-based compensation 6,358 11,674
Loss on lease termination 0 178
Long-lived asset impairment 7,045 0
(Gain) loss on sale or disposal of assets (4,987) 49
Provision for losses on accounts receivable (414) (74)
Non-cash lease expense 15,039 15,320
Accretion of original debt issuance discount 503 516
Non-cash interest 658 484
Deferred income taxes 4,126 3,438
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (50,078) (92,645)
Inventories 143,675 (348,374)
Prepaid expenses and other assets 7,961 6,327
Accounts payable and other accrued expenses 64,699 78,091
Deferred revenue (3,086) (1,842)
Operating lease liabilities (14,609) (15,529)
Other, net 2,787 (501)
Net cash provided by (used in) operating activities 199,217 (210,054)
Investing activities    
Purchases of property and equipment (25,314) (31,665)
Proceeds from sale of property and equipment 183 199
Purchases of real property (18,236) (17,018)
Proceeds from the sale of real property 22,703 0
Purchases of businesses, net of cash acquired 0 (34,808)
Purchases of intangible assets (23) (715)
Net cash used in investing activities (20,687) (84,007)
Financing activities    
Proceeds from long-term debt 59,227 0
Payments on long-term debt (9,058) (3,954)
Net (payments) proceeds on notes payable - floor plan, net (249,822) 275,296
Payments on finance leases (1,233) (1,021)
Proceeds from sale-leaseback arrangement 0 27,951
Payments on sale-leaseback arrangement (46) (36)
Payment of debt issuance costs (767) 0
Dividends on Class A common stock (27,791) (26,427)
Proceeds from exercise of stock options 41 231
RSU shares withheld for tax (338) (1,238)
Repurchases of Class A common stock to treasury stock 0 (79,757)
Distributions to holders of LLC common units (6,046) (24,836)
Net cash (used in) provided by financing activities (235,833) 166,209
Decrease in cash and cash equivalents (57,303) (127,852)
Cash and cash equivalents at beginning of the period 130,131 267,332
Cash and cash equivalents at end of the period $ 72,828 $ 139,480