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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 286.1 $ 329.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 52.0 45.5
Change in operating lease assets 11.9 12.7
Deferred income taxes (0.6) 2.7
Asset impairments 0.0 2.9
Stock-based compensation 14.2 10.5
Amortization of debt discount and issuance costs 1.7 1.5
Gain on disposition of assets (55.7) (11.8)
Unrealized gain on derivative instruments (0.3) (4.5)
Other (0.8) (1.6)
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 4.1 85.8
Accounts and notes receivable (21.3) (15.0)
Inventories (329.0) (283.8)
Contracts-in-transit and vehicle receivables 18.3 9.9
Prepaid expenses and other assets 4.4 (2.2)
Floorplan notes payable — manufacturer affiliates 157.6 70.1
Deferred revenues (0.4) (0.2)
Operating lease liabilities (12.5) (12.6)
Net cash provided by operating activities 129.8 239.0 Close
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $50.3 and $64.9, respectively (690.3) (363.5)
Proceeds from disposition of franchises, property and equipment 201.1 80.8
Purchases of property and equipment (102.9) (86.7)
Escrow payments for acquisitions (86.4) 0.0
Other 9.4 0.2
Net cash used in investing activities (669.0) (369.1) Close
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 6,490.7 5,005.9
Repayments on credit facility — floorplan line and other (6,112.8) (4,928.1)
Borrowings on credit facility — acquisition line 464.2 200.0
Repayments on credit facility — acquisition line (495.0) (53.2)
Debt issuance costs (3.8) (0.1)
Borrowings on other debt 377.0 88.2
Principal payments on other debt (67.7) (134.1)
Proceeds from employee stock purchase plan 13.0 11.4
Payments of tax withholding for stock-based compensation (6.9) (8.3)
Repurchases of common stock, amounts based on settlement date (99.8) (66.0)
Dividends paid (12.7) (12.7)
Net cash provided by financing activities 546.4 103.0 Close
Effect of exchange rate changes on cash 0.0 2.1 Close
Net increase (decrease) in cash and cash equivalents 7.2 (25.1) Close
CASH AND CASH EQUIVALENTS, beginning of period 57.2 47.9
CASH AND CASH EQUIVALENTS, end of period $ 64.4 $ 22.8