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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 117,829 $ 92,093
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 129,618 142,648
Loss (gain) on sale of property and equipment 12 (159)
Stock-based compensation expense related to stock options and employee stock purchases 15,803 15,850
Provision for deferred income tax expense 21,603 12,125
Change in accounts receivable, net (29,153) 6,172
Change in inventories, net 5,709 (200,662)
Change in prepaid expenses and other, net (13,928) 1,241
Change in trade accounts payable 9,848 26,238
(Payments) draws on floor plan notes payable – trade, net (14,148) 87,548
Change in customer deposits (2,630) 13,219
Change in accrued expenses (18,715) 6,710
Other, net (227) 0
Net cash provided by operating activities 221,621 203,023
Cash flows from investing activities:    
Acquisition of property and equipment (230,595) (176,221)
Proceeds from the sale of property and equipment 2,100 5,822
Proceeds from the sale of available for sale securities 0 6,375
Business acquisitions (10,168) 0
Purchase of equity method investment and call option (22,499) 0
Change in other assets 2,412 (1,803)
Net cash used in investing activities (258,750) (165,827)
Cash flows from financing activities:    
Draws on floor plan notes payable – non-trade, net 42,370 124,485
Proceeds from long-term debt 162,039 115,216
Draws on line of credit 135,000 0
Principal payments on long-term debt (141,844) (127,354)
Principal payments on finance lease obligations (7,508) (9,511)
Payments on line of credit (135,000) 0
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 4,536 3,764
Payments of cash dividends (13,578) (4,692)
Common stock repurchased (53,764) (58,076)
Debt issuance costs (731) 0
Net cash (used in) provided by financing activities (8,480) 43,832
Net (decrease) increase in cash and cash equivalents (45,609) 81,028
Cash and cash equivalents, beginning of period 131,726 124,541
Cash and cash equivalents, end of period 86,117 205,569
Supplemental disclosure of cash flow information:    
Interest 43,909 31,002
Income taxes, net of refunds 41,197 15,990
Assets acquired under finance leases 24,754 3,241
Common stock repurchased 435 0
Guaranty agreement $ 5,025 $ 0