XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 21,039 $ 14,479
Adjustments to reconcile net income to net cash provided by operating activities-    
Depreciation and amortization 51,056 38,724
Loss on sale of property and equipment, net 28 163
Stock-based compensation expense related to employee stock options and employee stock purchases 7,893 4,759
Provision for deferred income tax expense 755 1,408
Change in accounts receivable, net (7,140) (12,901)
Change in inventories 5,706 (19,376)
Change in prepaid expenses and other, net (2,103) (609)
Change in trade accounts payable 12,912 1,690
Draws on floor plan notes payable – trade, net 35,380 18,552
Change in customer deposits 38 (2,201)
Change in accrued expenses (7,900) (7,163)
Net cash provided by operating activities 117,664 37,525
Cash flows from investing activities:    
Acquisition of property and equipment (48,215) (39,209)
Proceeds from the sale of property and equipment 2,231 1,600
Other (1,098) 5,160
Net cash used in investing activities (47,082) (32,449)
Cash flows from financing activities:    
(Payments) draws on floor plan notes payable – non-trade, net (8,410) 19,098
Proceeds from long-term debt 32,137 25,555
Principal payments on long-term debt (46,278) (38,113)
Principal payments on capital lease obligations (3,224) (3,337)
Issuance of shares relating to employee stock options and employee stock purchases 501 6,851
Common stock repurchased (38,137) (7,560)
Debt issuance costs (523)
Net cash (used in) provided by financing activities (63,411) 1,971
Net decrease in cash and cash equivalents 7,171 7,047
Cash and cash equivalents, beginning of period 124,541 82,026
Cash and cash equivalents, end of period 131,712 89,073
Supplemental disclosure of cash flow information:    
Interest 9,943 8,211
Income taxes paid, net 1,500 6,201
Noncash investing and financing activities:    
Assets acquired under capital leases $ 401 $ 2,073