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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 403.3 $ 492.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 81.6 68.6
Change in operating lease assets 19.4 19.1
Deferred income taxes 7.7 8.2
Asset impairments 0.0 7.7
Stock-based compensation 20.0 15.5
Amortization of debt discount and issuance costs 2.8 2.2
Gain on disposition of assets (56.2) (20.1)
Unrealized gain on derivative instruments 0.7 (4.9)
Other (0.5) (1.8)
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses 23.1 79.3
Accounts and notes receivable (15.6) (23.5)
Inventories (318.8) (314.3)
Contracts-in-transit and vehicle receivables 66.9 (20.6)
Prepaid expenses and other assets (7.9) (7.2)
Floorplan notes payable — manufacturer affiliates 169.0 110.3
Deferred revenues (0.9) (0.6)
Operating lease liabilities (20.8) (18.3)
Net cash provided by operating activities 373.7 392.5 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 (1,252.5) (363.7)
Proceeds from disposition of franchises, property and equipment 218.5 153.9
Purchases of property and equipment (152.6) (137.4)
Escrow payments for acquisitions (32.1) 0.0
Other 9.4 1.3
Net cash used in investing activities (1,209.3) (345.8) Close
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 9,251.9 8,235.6
Repayments on credit facility — floorplan line and other (8,976.6) (8,109.7)
Borrowings on credit facility — acquisition line 1,092.2 200.0
Repayments on credit facility — acquisition line (1,249.9) (178.2)
Debt issuance costs (10.8) (0.3)
Borrowings of senior notes 500.0 0.0
Borrowings on other debt 485.5 136.4
Principal payments on other debt (113.3) (183.2)
Proceeds from employee stock purchase plan 18.7 16.6
Payments of tax withholding for stock-based compensation (8.1) (9.4)
Repurchases of common stock, amounts based on settlement date (129.6) (130.5)
Dividends paid (19.0) (19.0)
Net cash provided by (used in) financing activities 840.9 (41.7) Close
Effect of exchange rate changes on cash (3.9) 0.1 Close
Net increase in cash and cash equivalents 1.5 5.1 Close
CASH AND CASH EQUIVALENTS, beginning of period 57.2 47.9
CASH AND CASH EQUIVALENTS, end of period $ 58.7 $ 52.9