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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 681.3 $ 461.1
Adjustments to reconcile net income to net cash used for operating activities:    
Depreciation and amortization 80.2 57.1
Stock-based compensation 23.1 17.2
(Gain) loss on disposal of other assets (0.6) 0.1
(Gain) loss on disposal of franchise (13.1) 5.2
Unrealized investment loss (gain) 33.0 (0.9)
Deferred income taxes 16.6 31.8
Amortization of operating lease right-of-use assets 19.3 16.5
(Increase) decrease (net of acquisitions and dispositions):    
Accounts receivable, net (76.4) (185.0)
Inventories (507.0) 663.1
Other assets (628.3) (95.5)
Increase (decrease) (net of acquisitions and dispositions):    
Floor plan notes payable 56.9 47.0
Trade payables 32.6 97.4
Accrued liabilities (16.8) 144.3
Other long-term liabilities and deferred revenue 36.1 11.6
Net cash provided by (used in) operating activities (263.1) 1,271.0
Cash flows from investing activities:    
Capital expenditures (136.6) (113.0)
Proceeds from sales of assets 16.5 0.0
Cash paid for other investments (9.3) (9.9)
Cash paid for acquisitions, net of cash acquired (706.0) (1,741.9)
Proceeds from sales of stores 52.7 43.7
Net cash used in investing activities (782.7) (1,821.1)
Cash flows from financing activities:    
Borrowings (repayments) on floor plan notes payable, net: non-trade 243.5 (571.6)
Borrowings on lines of credit 6,047.8 1,454.9
Repayments on lines of credit (4,543.9) (1,519.5)
Principal payments on long-term debt and finance lease liabilities, scheduled (96.0) (12.6)
Principal payments on long-term debt and finance lease liabilities, other (60.3) (65.0)
Proceeds from issuance of long-term debt 26.7 817.5
Payment of debt issuance costs (1.5) (10.6)
Proceeds from issuance of common stock 18.7 1,120.0
Repurchase of common stock (623.4) (15.9)
Dividends paid (22.2) (17.5)
Payment of contingent consideration related to acquisitions (3.7) (1.4)
Other financing activity (1.1) 0.0
Net cash provided by financing activities 984.6 1,178.3
Effect of exchange rate changes on cash and cash equivalents (0.4) 0.0
Increase (decrease) in cash, restricted cash, and cash equivalents (61.6) 628.3
Cash, restricted cash, and cash equivalents at beginning of year 178.5 162.4
Cash, restricted cash, and cash equivalents at end of period 116.9 790.7
Reconciliation of cash, restricted cash, and cash equivalents to the consolidated balance sheets    
Cash, restricted cash, and cash equivalents 64.4 780.9
Restricted cash from collections on auto loans receivable and customer deposits 48.8 9.8
Cash, restricted cash, and cash equivalents 113.2 790.7
Restricted cash on deposit in reserve accounts, included in other non-current assets 3.7 0.0
Total cash, restricted cash, and cash equivalents reported in the Consolidated Statements of Cash Flows 116.9 790.7
Supplemental cash flow information:    
Cash paid during the period for interest 71.9 57.2
Cash paid during the period for income taxes, net 259.2 129.3
Floor plan debt paid in connection with store disposals 0.0 8.7
Non-cash activities:    
Debt issued in connection with acquisitions 0.0 225.6
Debt assumed in connection with acquisitions 0.0 4.0
Acquisition of finance leases in connection with acquisitions 59.0 0.0
Right-of-use assets obtained in exchange for lease liabilities 16.5 8.1
Unsettled repurchases of common stock $ 2.2 $ 0.0