v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 233.5 $ 268.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 62.1 58.0
Change in operating lease assets 15.3 15.2
Deferred income taxes (1.9) 19.8
Asset impairments 3.5 4.4
Stock-based compensation 18.8 15.8
Amortization of debt discount and issuance costs 2.7 2.7
Gain on disposition of assets (40.3) (9.0)
Unrealized (gain) loss on derivative instruments (0.6) 0.9
Other 0.1 (0.4)
Changes in assets and liabilities, net of acquisitions and dispositions:    
Accounts payable and accrued expenses (72.3) (56.5)
Accounts and notes receivable 22.5 17.2
Inventories (68.0) 91.4
Contracts-in-transit and vehicle receivables 24.7 15.7
Prepaid expenses and other assets 26.6 14.3
Floorplan notes payable — manufacturer affiliates (54.3) (32.7)
Deferred revenues (2.2) (0.3)
Operating lease liabilities (15.1) (14.6)
Net cash provided by operating activities 155.0 410.3
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $11.3 and $26.8, respectively (219.6) (320.4)
Proceeds from disposition of franchises, property and equipment 370.2 76.1
Purchases of property and equipment (126.8) (123.9)
Escrow payments for acquisitions 0.0 (3.0)
Other (1.6) (0.1)
Net cash provided by (used in) investing activities 22.2 (371.3)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility — floorplan line and other 8,675.7 7,050.3
Repayments on credit facility — floorplan line and other (8,352.4) (7,134.4)
Borrowings on credit facility — acquisition line 833.6 999.9
Repayments on credit facility — acquisition line (988.4) (684.6)
Debt issuance costs 0.0 (7.0)
Borrowings on other debt 53.4 52.7
Principal payments on other debt (188.6) (129.9)
Proceeds from employee stock purchase plan 15.0 16.1
Payments of tax withholding for stock-based compensation (7.4) (10.0)
Repurchases of common stock, amounts based on settlement date (72.4) (167.3)
Dividends paid (13.1) (13.1)
Net cash used in financing activities (44.6) (27.2)
Effect of exchange rate changes on cash (0.5) 6.4
Net increase in cash and cash equivalents 132.0 18.3
CASH AND CASH EQUIVALENTS, beginning of period 32.5 34.4
CASH AND CASH EQUIVALENTS, end of period $ 164.5 $ 52.7