XML 25 R8.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (39,111,000) $ 152,611,000 $ 116,413,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,789,000 16,296,000 5,411,000
Equity-based compensation 8,962,000 10,013,000 5,741,000
Loss (gain) on asset disposals 221,000 (135,000) (94,000)
Loss on disposal of a business 750,000 0 0
Loss on impairment 147,402,000 0 0
Loss on extinguishment of debt 0 356,000 0
Non-cash interest expense 10,129,000 3,250,000 659,000
Deferred income tax provision (23,030,000) 5,741,000 3,728,000
Change in fair value of contingent consideration (1,604,000) 10,380,000 2,872,000
Loss on equity investments 446,000 1,228,000 0
(Increase) decrease in assets:      
Accounts receivable (10,051,000) (3,711,000) (9,531,000)
Inventories (232,285,000) (167,183,000) 25,289,000
Prepaid expenses and other current assets 10,308,000 (34,357,000) (18,924,000)
Other assets (3,188,000) (1,940,000) (173,000)
Increase (decrease) in liabilities:      
Accounts payable 197,000 6,424,000 (26,000)
Other payables and accrued expenses (7,643,000) 4,140,000 4,010,000
Tax receivable agreement liability (3,227,000) (67,000) 0
Customer deposits (14,825,000) 4,401,000 24,048,000
Net cash (used in) provided by operating activities (129,760,000) 7,447,000 159,423,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (21,251,000) (11,403,000) (9,896,000)
Proceeds from disposal of property and equipment 567,000 345,000 233,000
Purchases of equity investments 0 (2,000,000) 0
Cash used for additions to intangible assets (2,823,000) (4,246,000) 0
Cash used in acquisitions (28,882,000) (459,540,000) (107,467,000)
Proceeds from disposal of a business 788,000 0 0
Net cash used in investing activities (51,601,000) (476,844,000) (117,130,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net borrowings (payments) from floor plan 219,688,000 152,874,000 (23,497,000)
Proceeds from long-term debt 30,000,000 412,492,000 30,000,000
Payments on long-term debt (18,338,000) (88,033,000) (8,878,000)
Payments of debt issuance costs 0 (9,095,000) (701,000)
Payments of September Offering costs 0 0 (540,000)
Payments of contingent consideration (12,574,000) (371,000) 0
Proceeds from issuance of Class A common stock as part of employee stock purchase plan 2,092,000 0 0
Payments of tax withholdings for equity-based awards (1,971,000) (1,628,000) (802,000)
Dividends and distributions 0 0 (27,070,000)
Distributions to members (3,603,000) (9,482,000) (5,009,000)
Repurchase and retirement of Class A common stock (1,579,000) (354,000) 0
Net cash provided by (used in) financing activities 213,715,000 456,403,000 (36,497,000)
Effect of exchange rate changes on cash and restricted cash 9,000 (8,000) 0
Net change in cash and restricted cash 32,363,000 (13,002,000) 5,796,000
Cash and restricted cash at beginning of period 60,947,000 73,949,000 68,153,000
Cash and restricted cash at end of period 93,310,000 60,947,000 73,949,000
Supplemental cash flow disclosures      
Cash paid for interest 49,508,000 14,598,000 6,251,000
Cash paid for income taxes 23,322,000 35,229,000 28,537,000
Noncash items      
Acquisition purchase price funded by seller notes payable 0 1,126,000 2,056,000
Acquisition purchase price funded by contingent consideration 2,550,000 15,321,000 9,200,000
Acquisition purchase price funded by issuance of Class A common stock 0 14,627,000 1,495,000
Accrued purchase consideration 0 0 1,889,000
Purchase of property and equipment funded by long-term debt 1,122,000 2,087,000 1,820,000
Dividends payable 0 0 1,035,000
Distributions payable 0 0 4,964,000
Initial operating lease right-of-use-assets for adoption of Topic 842 0 0 71,823,000
Acquisition purchase price funded by affiliate financing 10,600,000 0 0
Settlement of affiliate financing with proceeds from sale and leaseback $ 10,600,000 $ 0 $ 0