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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 114,887 $ 141,583 $ 139,062
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 177,347 175,484 185,122
(Gain) loss on sale of property and equipment, net (1,852) 102 (297)
Stock-based compensation expense related to employee stock options and employee stock purchases 19,356 19,005 18,059
(Benefit) provision for deferred income tax expense (37,858) 22,989 5,997
Change in accounts receivable, net 11,223 19,831 (7,746)
Change in inventories 536,682 81,722 (255,040)
Change in prepaid expenses and other, net 5,822 (10,237) 1,907
Change in trade accounts payable (23,336) 2,241 18,490
(Payments) draws on floor plan notes payable – trade, net (114,958) (26,579) 76,646
Change in customer deposits 31,514 6,512 8,833
Change in accrued expenses 48,974 (12,757) 24,331
Other, net (4,819) 1,376 0
Net cash provided by operating activities 762,982 421,272 215,364
Cash flows from investing activities:      
Acquisition of property and equipment (136,200) (293,493) (238,260)
Proceeds from the sale of property and equipment 5,783 2,310 6,325
Business acquisitions 0 (10,168) 0
Purchase of equity method investment and call option 0 (22,499) 0
Proceeds from the sale of available for sale securities 0 0 6,375
Other 2,960 3,394 (1,683)
Net cash used in investing activities (127,457) (320,456) (227,243)
Cash flows from financing activities:      
(Payments) draws on floor plan notes payable – non-trade, net (369,592) (104) 167,812
Proceeds from long-term debt 157,255 210,043 156,751
Principal payments on long-term debt (255,279) (183,538) (167,106)
Principal payments on finance lease obligations (11,192) (8,331) (12,429)
Draws on line of credit 0 135,000 0
Payments on line of credit 0 (135,000) 0
Proceeds from issuance of shares relating to employee stock options and employee stock purchases 21,037 8,244 3,926
Payments of cash dividends (22,461) (18,317) (9,332)
Common stock repurchased (24,865) (58,188) (120,558)
Debt issuance costs 0 (731) 0
Net cash (used in) provided by financing activities (505,097) (50,922) 19,064
Net increase (decrease) in cash and cash equivalents 130,428 49,894 7,185
Cash and cash equivalents, beginning of year 181,620 131,726 124,541
Cash and cash equivalents, end of year 312,048 181,620 131,726
Supplemental disclosure of cash flow information:      
Interest 38,806 57,373 42,752
Income taxes paid, net 36,364 42,440 28,674
Assets acquired under finance leases $ 49,523 44,904 $ 4,914
Guaranty agreement   $ 5,025