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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net (loss) income $ (50,806) $ 4,903
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,290 14,637
Equity-based compensation 5,197 6,358
Long-lived asset impairment 5,827 7,045
Loss (gain) on sale or disposal of assets 1,585 (4,987)
Provision for losses on accounts receivable 47 (414)
Non-cash lease expense 14,037 15,039
Accretion of original debt issuance discount 584 503
Non-cash interest 746 658
Deferred income taxes 3,610 4,126
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (66,222) (50,078)
Inventories 6,026 143,675
Prepaid expenses and other assets (20,713) 7,961
Accounts payable and other accrued expenses 25,194 64,699
Deferred revenue 2,678 (3,086)
Operating lease liabilities (14,440) (14,609)
Other, net (622) 2,787
Net cash (used in) provided by operating activities (67,982) 199,217
Investing activities    
Purchases of property and equipment (25,927) (25,314)
Proceeds from sale of property and equipment 143 183
Purchases of real property (1,243) (18,236)
Proceeds from the sale of real property 23,853 22,703
Purchases of businesses, net of cash acquired (58,800) 0
Purchases of intangible assets (119) (23)
Proceeds from sale of intangible assets 2,595 0
Net cash used in investing activities (59,498) (20,687)
Financing activities    
Proceeds from long-term debt 55,624 59,227
Payments on long-term debt (23,406) (9,058)
Net proceeds (payments) on notes payable - floor plan, net 93,273 (249,822)
Borrowings on revolving line of credit 43,000 0
Payments on revolving line of credit (32,000) 0
Payments on finance leases (1,828) (1,233)
Payments on sale-leaseback arrangement (48) (46)
Payment of debt issuance costs (876) (767)
Dividends on Class A common stock (5,634) (27,791)
Proceeds from exercise of stock options 51 41
RSU shares withheld for tax (658) (338)
Distributions to holders of LLC common units (9,947) (6,046)
Net cash provided by (used in) financing activities 117,551 (235,833)
Decrease in cash and cash equivalents (9,929) (57,303)
Cash and cash equivalents at beginning of the period 39,647 130,131
Cash and cash equivalents at end of the period $ 29,718 $ 72,828