XML 16 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 50,428 $ 36,478
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 101,020 77,653
(Gain) loss on sale of property and equipment (368) 31
Stock-based compensation expense related to stock options and employee stock purchases 13,842 8,660
Deferred income tax expense 4,750 2,594
Change in accounts receivable, net (22,776) 7,067
Change in inventories, net (65,639) (52,425)
Change in prepaid expenses and other, net (834) (1,143)
Change in trade accounts payable 41,242 14,506
Draws on floor plan notes payable – trade, net 71,303 20,994
Change in customer deposits 4,686 11,330
Change in accrued expenses (7,671) 4,977
Net cash provided by operating activities 189,983 130,722
Cash flows from investing activities:    
Acquisition of property and equipment (116,218) (79,572)
Proceeds from the sale of property and equipment 4,239 3,192
Proceeds from the sale of available for sale securities 350 325
Change in other assets (918) 4,887
Net cash used in investing activities (112,547) (71,168)
Cash flows from financing activities:    
Draws on floor plan notes payable – non-trade, net 18,128 24,186
Proceeds from long-term debt 68,269 51,108
Principal payments on long-term debt (89,311) (74,326)
Principal payments on capital lease obligations (6,398) (6,647)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 1,557 12,840
Common stock repurchased (45,906) (24,411)
Debt issuance costs (523)
Net cash used in financing activities (53,661) (17,773)
Net increase in cash and cash equivalents 23,775 41,781
Cash and cash equivalents, beginning of period 124,541 82,026
Cash and cash equivalents, end of period 148,316 123,807
Supplemental disclosure of cash flow information:    
Interest 20,463 16,565
Income taxes, net of refunds 11,977 17,012
Assets acquired under capital leases 1,534 5,513
Common stock repurchased $ 216 $ 1,798