XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 189,314 $ 203,126
Adjustments to reconcile net income to net cash provided by operating activities-    
Depreciation and amortization 108,557 95,122
Gain on sale of property and equipment, net (377) (224)
Gain on joint venture transaction   (12,500)
Gain on business acquisition   (6,958)
Stock-based compensation expense related to employee equity awards and employee stock purchases 19,032 17,996
Deferred income tax expense 2,854 4,116
Change in accounts and notes receivable, net (15,911) (85,110)
Change in inventories, net (174,353) (193,046)
Change in prepaid expenses and other, net (5,057) (1,922)
Change in trade accounts payable 12,813 33,307
Change in customer deposits (14,868) (8,773)
Change in accrued expenses (7,354) 18,572
Other, net (634) (5,527)
Net cash provided by operating activities 114,016 58,179
Cash flows from investing activities:    
Acquisition of property and equipment (186,000) (107,226)
Proceeds from the sale of property and equipment 1,142 2,772
Business disposition   27,500
Business acquisition, net of cash acquired   (15,051)
Other (4,088) (2,189)
Net cash used in investing activities (188,946) (94,194)
Cash flows from financing activities:    
Draws on floor plan notes payable – non-trade, net 191,002 190,483
Proceeds from long-term debt 653,445 571,302
Principal payments on long-term debt (684,803) (574,165)
Principal payments on finance lease obligations (9,341) (8,110)
Proceeds from issuance of shares relating to equity awards 9,724 8,068
Taxes paid related to net share settlement of equity awards (7,017) (8,637)
Payments of cash dividends (23,449) (21,589)
Common stock repurchased (63,857) (52,789)
Net cash provided by financing activities 65,704 104,563
Net (decrease) increase in cash and cash equivalents (9,226) 68,548
Effect of exchange rate on cash 79 0
Cash and cash equivalents, beginning of period 201,044 148,146
Cash and cash equivalents, end of period 191,897 216,694
Supplemental disclosure of cash flow information:    
Interest 25,033 5,964
Assets acquired under finance leases $ 29,401 $ 5,749