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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 73,862 $ 117,829
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 134,001 129,618
(Gain) loss on sale of property and equipment (1,807) 12
Stock-based compensation expense related to stock options and employee stock purchases 15,463 15,803
Deferred income tax (benefit) expense (11,597) 21,603
Change in accounts receivable, net 28,027 (29,153)
Change in inventories, net 439,226 5,709
Change in prepaid expenses and other, net 7,413 (13,928)
Change in trade accounts payable (24,883) 9,848
Payments on floor plan notes payable – trade, net (62,329) (14,148)
Change in customer deposits (6,111) (2,630)
Change in accrued expenses 2,985 (18,715)
Other, net (3,781) (227)
Net cash provided by operating activities 590,469 221,621
Cash flows from investing activities:    
Acquisition of property and equipment (107,839) (230,595)
Proceeds from the sale of property and equipment 5,663 2,100
Business acquisitions 0 (10,168)
Purchase of equity method investment and call option 0 (22,499)
Change in other assets 3,278 2,412
Net cash used in investing activities (98,898) (258,750)
Cash flows from financing activities:    
(Payments) draws on floor plan notes payable – non-trade, net (320,307) 42,370
Proceeds from long-term debt 139,870 162,039
Draws on line of credit 0 135,000
Principal payments on long-term debt (202,690) (141,844)
Principal payments on finance lease obligations (9,539) (7,508)
Payments on line of credit 0 (135,000)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 16,103 4,536
Payments of cash dividends (14,680) (13,578)
Common stock repurchased (22,405) (53,764)
Debt issuance costs 0 (731)
Net cash used in financing activities (413,648) (8,480)
Net increase (decrease) in cash and cash equivalents 77,923 (45,609)
Cash and cash equivalents, beginning of period 181,620 131,726
Cash and cash equivalents, end of period 259,543 86,117
Supplemental disclosure of cash flow information:    
Interest 31,153 43,909
Income taxes, net of refunds 26,934 41,197
Assets acquired under finance leases 34,839 24,754
Common stock repurchased 246 435
Guaranty agreement $ 0 $ 5,025