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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 69,626 $ 305,284
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31,843 43,162
Equity-based compensation 12,850 20,642
Loss on lease termination 0 1,122
Long-lived asset impairment 7,522 2,618
(Gain) loss on sale or disposal of assets (5,132) 430
Provision for losses on accounts receivable 605 (37)
Non-cash lease expense 30,237 30,315
Accretion of original debt issuance discount 1,057 1,041
Non-cash interest 1,421 986
Deferred income taxes 8,306 6,841
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (89,495) (117,531)
Inventories 87,259 (192,093)
Prepaid expenses and other assets 9,152 2,594
Accounts payable and other accrued expenses 98,781 118,045
Payment pursuant to Tax Receivable Agreement (10,937) (11,322)
Deferred revenue 717 4,314
Operating lease liabilities (29,885) (32,772)
Other, net 4,037 355
Net cash provided by operating activities 227,964 183,994
Investing activities    
Purchases of property and equipment (53,053) (69,004)
Proceeds from sale of property and equipment 2,034 654
Purchases of real property (36,981) (28,033)
Proceeds from the sale of real property 35,603 6,809
Purchases of businesses, net of cash acquired (74,414) (38,188)
Purchases of and loans to other investments (3,444) (3,000)
Purchases of intangible assets (1,652) (743)
Net cash used in investing activities (131,907) (131,505)
Financing activities    
Proceeds from long-term debt 59,227 0
Payments on long-term debt (22,776) (7,913)
Net (payments) proceeds on notes payable - floor plan, net (131,462) 40,372
Proceeds from landlord funded construction on finance leases 0 6,028
Payments on finance leases (2,847) (3,042)
Proceeds from sale-leaseback arrangement 0 27,951
Payments on sale-leaseback arrangement (92) (42)
Payment of debt issuance costs (858) 0
Dividends on Class A common stock (55,610) (52,538)
Proceeds from exercise of stock options 143 272
RSU shares withheld for tax (625) (1,517)
Repurchases of Class A common stock to treasury stock 0 (79,757)
Distributions to holders of LLC common units (16,830) (115,678)
Net cash used in financing activities (171,730) (185,864)
Decrease in cash and cash equivalents (75,673) (133,375)
Cash and cash equivalents at beginning of the period 130,131 267,332
Cash and cash equivalents at end of the period $ 54,458 $ 133,957