XML 21 R9.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 594.6 $ 465.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66.9 57.9
Change in operating lease assets 22.6 18.1
Deferred income taxes 17.4 7.7
Asset impairments 7.1 1.7
Stock-based compensation 21.2 19.0
Amortization of debt discount and issuance costs 2.3 1.8
Gain on disposition of assets (40.8) (2.1)
Loss on extinguishment of debt 0.0 3.8
Unrealized loss on derivative instruments 0.0 1.4
Other 1.3 2.0
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 51.0 (21.6)
Accounts and notes receivable (7.3) 19.2
Inventories (156.6) 643.0
Contracts-in-transit and vehicle receivables (6.6) 43.1
Prepaid expenses and other assets 6.4 (10.0)
Floorplan notes payable — manufacturer affiliates (23.9) (112.5)
Deferred revenues (0.3) (1.1)
Operating lease liabilities (21.9) (18.9)
Net cash provided by operating activities 533.4 1,117.5
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $7.7 and $5.3, respectively (424.2) (74.6)
Proceeds from disposition of franchises, property and equipment 132.6 19.8
Purchases of property and equipment (93.3) (88.4)
Proceeds from sale of discontinued operations, net 59.4 0.0
Other (0.5) (20.4)
Net cash used in investing activities (325.9) (163.5)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 7,548.3 5,796.1
Repayments on credit facility — floorplan line and other (7,294.2) (6,479.2)
Borrowings on credit facility — acquisition line 286.0 67.3
Repayments on credit facility — acquisition line (411.3) (59.9)
Debt issuance costs (4.6) 0.0
Borrowings on other debt 296.0 110.0
Principal payments on other debt (246.5) (143.7)
Proceeds from employee stock purchase plan 15.9 11.9
Payments of tax withholding for stock-based compensation (9.1) (8.3)
Repurchases of common stock, amounts based on settlement date (359.5) (18.6)
Dividends paid (18.1) (17.9)
Other (1.2) 0.0
Net cash used in financing activities (198.4) (742.2)
Effect of exchange rate changes on cash (7.2) (2.1)
Net increase in cash and cash equivalents 1.9 209.7
CASH AND CASH EQUIVALENTS, beginning of period 18.7 87.3
CASH AND CASH EQUIVALENTS, end of period $ 20.5 $ 296.9