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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 392,085 $ 241,415 $ 114,887
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 199,149 169,497 177,347
Gain on sale of property and equipment, net (2,467) (1,432) (1,852)
Gain on joint venture transaction (12,500) 0 0
Gain on business acquisition (6,958) 0 0
Stock-based compensation expense related to employee stock options and employee stock purchases 25,315 22,246 19,356
Provision (benefit) for deferred income tax expense 4,261 14,034 (37,858)
Change in accounts receivable, net (74,607) 32,312 11,223
Change in inventories (324,508) (33,572) 536,682
Change in prepaid expenses and other, net 1,340 (252) 5,822
Change in trade accounts payable 31,438 12,053 (23,336)
Payments on floor plan notes payable – trade, net 0 0 (114,958)
Change in customer deposits 34,121 2,993 31,514
Change in accrued expenses 32,789 (31,337) 48,974
Other, net (5,058) (5,611) (4,819)
Net cash provided by operating activities 294,400 422,346 762,982
Cash flows from investing activities:      
Acquisition of property and equipment (243,060) (167,177) (136,200)
Proceeds from the sale of property and equipment 7,124 3,447 5,783
Business disposition 27,500 0 0
Business acquisitions, net of cash (20,762) (269,332) 0
Other (11,732) 157 2,960
Net cash used in investing activities (240,930) (432,905) (127,457)
Cash flows from financing activities:      
Draws (payments) on floor plan notes payable – non-trade, net 273,906 118,945 (369,592)
Proceeds from long-term debt 958,328 260,336 157,255
Principal payments on long-term debt (1,084,465) (455,064) (255,279)
Principal payments on finance lease obligations (14,780) (13,774) (11,192)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 13,255 18,313 23,498
Taxes paid related to net share settlement of equity awards (8,669) (7,443) (2,461)
Payments of cash dividends (44,556) (41,060) (22,461)
Common stock repurchased (93,709) (33,596) (24,865)
Net cash used in financing activities (690) (153,343) (505,097)
Net increase (decrease) in cash and cash equivalents 52,780 (163,902) 130,428
Effect of exchange rate on cash 118 0 0
Cash and cash equivalents, beginning of year 148,146 312,048 181,620
Cash and cash equivalents, end of year 201,044 148,146 312,048
Supplemental disclosure of cash flow information:      
Interest 21,694 22,224 38,806
Income taxes paid, net 102,038 101,987 36,364
Assets acquired under finance leases $ 33,654 $ 29,044 $ 49,523