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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (108,724) $ 97,831
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 65,474 67,674
Provision for bad debt expense 525 277
Debt issuance cost amortization 2,016 1,789
Stock-based compensation expense 8,551 8,107
Deferred income taxes (62,950) (8,337)
Net distributions from equity investee 314 50
Asset impairment charges 268,859 3,076
Loss (gain) on disposal of dealerships and property and equipment (1,354) (46,024)
Loss (gain) on exit of leased dealerships 0 (170)
Changes in assets and liabilities that relate to operations:    
Receivables 145,280 83,609
Inventories 374,651 (47,692)
Other assets (21,485) (65,078)
Notes payable - floor plan - trade (317,745) (78,554)
Trade accounts payable and other liabilities (80,416) (42,204)
Total adjustments 381,720 (123,477)
Net cash provided by (used in) operating activities 272,996 (25,646)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (92,056) (74,549)
Proceeds from sales of property and equipment 21,488 10,796
Proceeds from sales of dealerships 8,806 130,086
Net cash provided by (used in) investing activities (61,762) 66,333
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade 49,245 (8,728)
Borrowings on revolving credit facilities 460,916 359,362
Repayments on revolving credit facilities (460,916) (359,362)
Proceeds from issuance of long-term debt 53,135 0
Debt issuance costs 2,115 23
Principal payments and repurchase of long-term debt (26,328) (17,229)
Purchases of treasury stock (57,093) (2,381)
Finance Lease, Principal Payments 20,058 4,706
Issuance of shares under stock compensation plans 0 60
Dividends paid (12,894) (11,179)
Net cash provided by (used in) financing activities (114,598) (44,140)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 96,636 (3,453)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 29,103 5,854
CASH AND CASH EQUIVALENTS, END OF PERIOD 125,739 2,401
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of interest rate swap and interest rate cap agreements (net of tax expense of $1,563 and $1,099 in the nine months ended September 30, 2018 and 2017, respectively) (502) (3,952)
Cash paid (received) during the period for:    
Interest, including amount capitalized 56,912 78,518
Income taxes $ 51,455 $ 56,629

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