| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
271,500 | 265,700 | 245,200 | 197,100 | 182,999 | 138,720 | 106,000 | 80,362 | 58,860 | 13,719 | 9,151 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Asset impairments | ||||||||||
2,600 | 1,300 | 0 | 14,000 | 20,124 | 1,853 | 0 | 115 | 1,376 | 15,301 | 7,972 |
Depreciation and amortization | ||||||||||
82,400 | 75,400 | 57,700 | 49,300 | 41,600 | 26,363 | - | 17,128 | - | - | - |
Amortization of debt discount | ||||||||||
- | - | - | - | - | - | - | - | - | - | 48 |
Stock-based compensation | ||||||||||
16,200 | 13,300 | 11,300 | 11,000 | 11,871 | 7,436 | 6,565 | 3,116 | 2,001 | 2,419 | 2,054 |
Gain on early extinguishment of debt | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1,317 |
Loss on disposal of other assets | ||||||||||
100 | -200 | 400 | 4,300 | -203 | -270 | 2,339 | 747 | 6,495 | 107 | 476 |
(Gain) loss on disposal of franchise | ||||||||||
9,700 | 15,100 | 5,100 | 1,100 | 5,919 | 5,744 | 0 | - | - | - | - |
Deferred income taxes | ||||||||||
40,100 | 33,000 | -2,800 | 10,100 | 12,341 | 13,355 | 14,477 | 14,172 | 8,093 | -2,131 | 5,627 |
(Gain) loss from disposal activities within discontinued operations | ||||||||||
- | - | - | - | - | - | - | -621 | 4,396 | -301 | 9,910 |
Excess tax benefit from share-based payment arrangements | ||||||||||
- | - | - | - | - | 6,186 | 5,994 | 2,802 | 525 | 264 | -45 |
(Increase) decrease (net of acquisitions and dispositions): | ||||||||||
Accounts receivable, net | ||||||||||
-24,400 | -4,700 | 57,400 | 106,000 | 13,047 | 59,474 | 37,370 | 33,704 | 22,503 | 22,881 | -17,780 |
Inventories | ||||||||||
19,700 | 108,900 | 193,100 | 168,800 | 197,079 | 76,002 | 106,896 | 230,442 | 78,202 | 68,305 | -120,785 |
Other current assets | ||||||||||
- | - | - | - | - | - | - | - | 13,111 | 1,633 | -15,992 |
Other assets | ||||||||||
-12,000 | 16,000 | 3,100 | 13,300 | 31,290 | 30,534 | 5,655 | 10,370 | 1,108 | 2,029 | 4,347 |
Floor plan notes payable | ||||||||||
-100,700 | -196,900 | -20,300 | -16,400 | -7,035 | 647 | -5,300 | -82,109 | 13,510 | 10,550 | -179,893 |
Trade payables | ||||||||||
-1,800 | 15,100 | 20,000 | 16,400 | 674 | -3,105 | 8,480 | 8,001 | 5,998 | 4,960 | -2,789 |
Accrued liabilities | ||||||||||
-38,000 | 28,900 | 37,200 | 42,900 | 16,273 | -13,471 | 12,304 | 10,538 | 11,605 | 10,029 | -4,318 |
Other long-term liabilities and deferred revenue | ||||||||||
18,900 | 25,200 | 19,100 | 27,200 | 33,766 | 38,133 | 17,152 | 13,459 | 7,183 | 1,155 | 14,714 |
Net cash provided by operating activities | ||||||||||
499,500 | 519,700 | 148,900 | 90,900 | 79,551 | 30,967 | 32,059 | -212,476 | -766 | -21,330 | 9,939 |
Cash flows from investing activities: | ||||||||||
Notes receivable issued | ||||||||||
12,500 | 0 | 0 | - | - | - | - | - | - | - | - |
Principal payments received on notes receivable | ||||||||||
- | - | - | - | - | 2,882 | 91 | 946 | 121 | 85 | - |
Capital expenditures | ||||||||||
124,900 | 158,000 | 105,400 | 100,800 | 83,244 | 85,983 | 50,025 | 64,584 | 31,673 | 7,589 | 21,131 |
Proceeds from sales of assets | ||||||||||
1,500 | 3,100 | 15,300 | 2,200 | 270 | 4,896 | 4,632 | 6,027 | 29,677 | 10,288 | 14,524 |
Cash paid for other investments | ||||||||||
7,200 | 62,700 | 8,600 | 30,300 | 28,110 | 9,110 | 3,915 | 3,288 | - | - | - |
Payments for life insurance policies | ||||||||||
- | - | - | - | - | - | - | - | 900 | - | - |
Cash paid for acquisitions, net of cash acquired | ||||||||||
366,600 | 373,800 | 460,400 | 234,700 | 71,615 | 659,634 | 81,105 | 44,716 | 60,485 | 23,691 | - |
Proceeds from sales of stores | ||||||||||
46,700 | 34,300 | 20,900 | 11,900 | 12,966 | 10,617 | 0 | 6,618 | 23,838 | 941 | 27,697 |
Net cash used in investing activities | ||||||||||
-438,000 | -557,100 | -538,200 | -351,700 | -169,733 | -736,332 | -130,322 | -98,997 | -39,422 | -19,966 | 21,090 |
Cash flows from financing activities: | ||||||||||
(Repayments) borrowings on floor plan notes payable, net: non-trade | ||||||||||
-54,600 | -21,900 | 241,500 | 252,900 | 136,201 | 440,341 | 128,636 | 348,477 | 63,145 | 24,090 | 31,417 |
Borrowings on lines of credit | ||||||||||
3,167,000 | 2,691,400 | 1,754,500 | 1,244,300 | 1,261,597 | 1,435,144 | 800,000 | 592,623 | 56,000 | 40,000 | 48,000 |
Repayments on lines of credit | ||||||||||
3,481,600 | 2,499,600 | 1,836,200 | 1,123,100 | 1,298,120 | 1,251,375 | 814,355 | 580,269 | 9,000 | 24,000 | 110,000 |
Principal payments on long-term debt and capital leases, scheduled | ||||||||||
26,000 | 26,500 | 18,200 | 16,700 | 15,404 | - | - | - | - | - | - |
Principal payments on long-term debt and capital leases, other | ||||||||||
11,000 | 26,100 | 50,300 | 27,700 | 9,189 | - | - | - | - | - | - |
Proceeds from issuance of long-term debt | ||||||||||
420,300 | 62,100 | 395,900 | 66,500 | 75,675 | 124,902 | 4,720 | 42,333 | 25,674 | 47,219 | 47,838 |
Payments of debt issuance costs | ||||||||||
5,800 | 400 | 4,700 | 0 | 0 | - | - | - | - | - | - |
Proceeds from issuance of common stock | ||||||||||
11,000 | 10,100 | 7,500 | 6,900 | 6,065 | 4,590 | 4,973 | 8,652 | 5,654 | 4,192 | 45,576 |
Repurchase of common stock | ||||||||||
3,200 | 148,900 | 33,800 | 112,900 | 31,548 | 22,968 | 7,903 | - | 13,568 | 1,626 | 1 |
Excess tax benefit from share-based payment arrangements | ||||||||||
- | - | - | - | - | 6,186 | - | 2,802 | 525 | 264 | -45 |
Decrease in restricted cash | ||||||||||
- | - | - | - | - | - | - | 3,300 | -3,300 | - | - |
Dividends paid | ||||||||||
27,600 | 27,700 | 26,500 | 24,100 | 19,985 | 15,929 | 10,085 | 12,066 | 6,822 | 3,919 | - |
Payments of contingent consideration related to acquisitions | ||||||||||
0 | 800 | 0 | 0 | - | - | - | - | - | - | - |
Other financing activity | ||||||||||
2,400 | 0 | -33,400 | 0 | 0 | - | - | - | - | - | - |
Net cash used in financing activities | ||||||||||
-9,100 | 11,700 | 396,300 | 266,100 | 105,292 | 711,577 | 79,110 | 333,461 | 51,733 | 37,826 | -29,127 |
(Decrease) increase in cash and cash equivalents | ||||||||||
52,400 | -25,700 | 7,000 | 5,300 | 15,110 | 6,212 | -19,153 | 21,988 | 11,545 | -3,470 | 1,902 |
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid during the period for interest | ||||||||||
135,800 | 117,100 | 68,900 | 49,700 | 41,098 | 24,610 | 21,002 | 22,976 | 24,961 | 25,357 | 29,741 |
Cash paid during the period for income taxes, net | ||||||||||
38,400 | 32,900 | 127,300 | 57,200 | 86,533 | 63,827 | 42,682 | 36,579 | 33,722 | 8,000 | -14,996 |
Floor plan debt paid in connection with store disposals | ||||||||||
18,600 | 33,100 | 3,700 | 5,300 | 4,400 | 3,311 | 0 | 6,712 | 1,784 | 2,134 | - |
Supplemental schedule of non-cash activities: | ||||||||||
Debt issued in connection with acquisitions | ||||||||||
26,400 | 125,100 | 1,800 | 0 | 2,160 | 55,693 | 0 | 2,609 | - | 63 | - |
Non-cash assets transferred in connection with acquisitions | ||||||||||
- | - | - | 2,600 | 0 | 0 | - | - | - | - | - |
Debt forgiven in connection with acquisitions | ||||||||||
- | - | - | - | 1,374 | - | 0 | - | - | - | - |
Debt assumed in connection with acquisitions | ||||||||||
0 | 10,800 | 84,300 | 48,100 | 0 | 0 | 0 | - | 19,348 | 1,856 | - |
Acquisition of assets with capital leases | ||||||||||
- | - | - | 8,900 | 0 | 0 | - | - | - | 77 | - |
Issuance of Class A common stock in connection with acquisition | ||||||||||
0 | 0 | 2,100 | 0 | 0 | - | 0 | - | - | - | - |
ROU assets obtained in exchange for lease liabilities | ||||||||||
260,300 | - | - | - | - | - | - | - | - | - | - |