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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 100,519 $ 408,232
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 49,462 61,369
Equity-based compensation 18,316 27,434
Loss on lease termination 375 1,122
Long-lived asset impairment 9,269 3,505
(Gain) loss on sale or disposal of assets (5,001) 390
Provision for losses on accounts receivable (533) 168
Non-cash lease expense 45,593 44,757
Accretion of original debt issuance discount 1,628 1,650
Non-cash interest 2,139 1,470
Deferred income taxes 7,071 10,245
Tax Receivable Agreement liability adjustment (1,680) 0
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (72,681) (45,766)
Inventories 339,187 (77,388)
Prepaid expenses and other assets 25,703 16,876
Accounts payable and other accrued expenses 72,437 112,167
Payment pursuant to Tax Receivable Agreement (10,937) (11,322)
Deferred revenue 4,084 10,719
Operating lease liabilities (44,932) (47,388)
Other, net 3,254 5,679
Net cash provided by operating activities 543,273 523,919
Investing activities    
Purchases of property and equipment (95,641) (118,445)
Proceeds from sale of property and equipment 2,723 1,105
Purchases of real property (64,302) (41,696)
Proceeds from the sale of real property 35,603 6,809
Purchases of businesses, net of cash acquired (150,475) (83,227)
Purchases of and loans to other investments (3,444) (3,000)
Purchases of intangible assets (1,999) (851)
Net cash used in investing activities (277,535) (239,305)
Financing activities    
Proceeds from long-term debt 59,227 0
Payments on long-term debt (26,556) (11,869)
Net payments on notes payable - floor plan, net (273,478) (99,802)
Proceeds from landlord funded construction on finance leases 0 6,028
Payments on finance leases (4,160) (4,541)
Proceeds from sale-leaseback arrangement 0 27,951
Payments on sale-leaseback arrangement (139) (87)
Payment of debt issuance costs (881) 0
Dividends on Class A common stock (61,207) (78,866)
Proceeds from exercise of stock options 319 317
RSU shares withheld for tax (4,083) (6,474)
Repurchases of Class A common stock to treasury stock 0 (79,757)
Distributions to holders of LLC common units (31,593) (156,611)
Net cash used in financing activities (342,551) (403,711)
Decrease in cash and cash equivalents (76,813) (119,097)
Cash and cash equivalents at beginning of the period 130,131 267,332
Cash and cash equivalents at end of the period $ 53,318 $ 148,235