Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 46,379 $ 30,207
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 28,809 25,275
Provision for bad debt expense 191 66
Other amortization 780 780
Debt issuance cost amortization 1,144 1,527
Debt discount amortization, net of premium amortization 29 (60)
Stock - based compensation expense 4,181 3,256
Deferred income taxes 14,198 9,394
Equity interest in earnings of investee (141) (203)
Asset impairment charges 7 51
Loss (gain) on disposal of dealerships and property and equipment (8,193) 278
Loss on exit of leased dealerships 624 1,605
(Gain) loss on retirement of debt   28,235
Changes in assets and liabilities that relate to operations:    
Receivables 63,214 57,671
Inventories (44,708) (71,772)
Other assets (41,474) (5,181)
Notes payable - floor plan - trade 23,096 12,132
Trade accounts payable and other liabilities (34,496) (62,935)
Total adjustments 7,261 119
Net cash provided by (used in) operating activities 53,640 30,326
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired (2,573)  
Purchases of land, property and equipment (48,586) (89,147)
Proceeds from sales of property and equipment 3,954 257
Proceeds from sales of dealerships 27,235  
Distributions from equity investee 400 500
Net cash provided by (used in) investing activities (19,570) (88,390)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (55,628) (2,574)
Borrowings on revolving credit facilities 59,429 83,783
Repayments on revolving credit facilities (59,429) (89,959)
Proceeds from issuance of long-term debt 40,421 325,760
Debt issuance costs   (5,157)
Principal payments on long-term debt (7,937) (6,471)
Repurchase of debt securities   (233,566)
Purchases of treasury stock (11,155) (14,161)
Income tax benefit (expense) associated with stock compensation plans 332 562
Issuance of shares under stock compensation plans 2,527 1,018
Dividends paid (2,647) (1,352)
Net cash provided by (used in) financing activities (34,087) 57,883
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (17) (181)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,016 3,371
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,999 3,190
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax expense of $451 and $4,950 in the six-month periods ended June 30, 2014 and 2013, respectively) 735 8,077
Cash paid (received) during the period for:    
Interest, including amount capitalized 36,804 43,444
Income taxes $ 23,708 $ 28,305