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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 172,776 $ 73,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,691 134,001
Gain on sale of property and equipment (1,157) (1,807)
Stock-based compensation expense related to stock options and employee stock purchases 18,347 15,463
Deferred income tax benefit (23,029) (11,597)
Change in accounts receivable, net 23,200 28,027
Change in inventories, net 147,254 439,226
Change in prepaid expenses and other, net (107) 7,413
Change in trade accounts payable 16,676 (24,883)
Payments on floor plan notes payable – trade, net   (62,329)
Change in customer deposits (30,386) (6,111)
Change in accrued expenses (8,403) 2,985
Other, net (3,217) (3,781)
Net cash provided by operating activities 438,645 590,469
Cash flows from investing activities:    
Acquisition of property and equipment (122,318) (107,839)
Proceeds from the sale of property and equipment 2,576 5,663
Change in other assets (1,610) 3,278
Net cash used in investing activities (121,352) (98,898)
Cash flows from financing activities:    
Payments on floor plan notes payable – non-trade, net (157,440) (320,307)
Proceeds from long-term debt 66,430 139,870
Principal payments on long-term debt (222,216) (202,690)
Principal payments on finance lease obligations (10,620) (9,539)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 6,423 16,103
Payments of cash dividends (30,499) (14,680)
Common stock repurchased (21,726) (22,405)
Net cash used in financing activities (369,648) (413,648)
Net (decrease) increase in cash and cash equivalents (52,355) 77,923
Cash and cash equivalents, beginning of period 312,048 181,620
Cash and cash equivalents, end of period 259,693 259,543
Supplemental disclosure of cash flow information:    
Interest 19,805 31,153
Income taxes, net of refunds 92,795 26,934
Assets acquired under finance leases $ 21,442 $ 34,839