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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net (loss) income $ (27,392) $ 69,626
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39,322 31,843
Equity-based compensation 10,594 12,850
Loss on lease termination 40 0
Long-lived asset impairment 10,411 7,522
Loss (gain) on sale or disposal of assets 9,530 (5,132)
Provision for losses on accounts receivable 491 605
Non-cash lease expense 28,286 30,237
Accretion of original debt issuance discount 1,178 1,057
Non-cash interest 1,567 1,421
Deferred income taxes 7,221 8,306
Change in assets and liabilities, net of acquisitions:    
Receivables and contracts in transit (106,160) (89,495)
Inventories 39,353 87,259
Prepaid expenses and other assets (19,515) 9,152
Accounts payable and other accrued expenses 121,073 98,781
Payment pursuant to Tax Receivable Agreement (12,943) (10,937)
Deferred revenue 6,879 717
Operating lease liabilities (29,145) (29,885)
Other, net 3,551 4,037
Net cash provided by operating activities 84,341 227,964
Investing activities    
Purchases of property and equipment (48,553) (53,053)
Proceeds from sale of property and equipment 3,583 2,034
Purchases of real property (1,243) (36,981)
Proceeds from the sale of real property 31,195 35,603
Purchases of businesses, net of cash acquired (62,323) (74,414)
Proceeds from divestiture of business 19,957 0
Purchases of and loans to other investments 0 (3,444)
Purchases of intangible assets (142) (1,652)
Proceeds from sale of intangible assets 2,595 0
Net cash used in investing activities (54,931) (131,907)
Financing activities    
Proceeds from long-term debt 55,624 59,227
Payments on long-term debt (57,351) (22,776)
Net payments on notes payable - floor plan, net (19,160) (131,462)
Borrowings on revolving line of credit 43,000 0
Payments on revolving line of credit (32,000) 0
Payments on finance leases (3,682) (2,847)
Payments on sale-leaseback arrangement (97) (92)
Payment of debt issuance costs (876) (858)
Dividends on Class A common stock (11,274) (55,610)
Proceeds from exercise of stock options 51 143
RSU shares withheld for tax (754) (625)
Distributions to holders of LLC common units (18,795) (16,830)
Net cash used in financing activities (45,314) (171,730)
Decrease in cash and cash equivalents (15,904) (75,673)
Cash and cash equivalents at beginning of the period 39,647 130,131
Cash and cash equivalents at end of the period $ 23,743 $ 54,458