Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 28,749 $ 46,379
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 33,701 28,809
Provision for bad debt expense 1,425 191
Other amortization 325 780
Debt issuance cost amortization 966 1,144
Debt discount amortization, net of premium amortization 83 29
Stock - based compensation expense 4,743 4,181
Deferred income taxes 8,396 14,198
Equity interest in earnings of investee (143) (141)
Asset impairment charges 16,661 7
Loss (gain) on disposal of dealerships and property and equipment (1,202) (8,193)
Loss (gain) on exit of leased dealerships 707 624
Changes in assets and liabilities that relate to operations:    
Receivables 65,824 63,214
Inventories (129,446) (44,708)
Other assets (4,163) (41,474)
Notes payable - floor plan - trade 51,905 23,096
Trade accounts payable and other liabilities (24,422) (34,496)
Total adjustments 25,360 7,261
Net cash provided by (used in) operating activities 54,109 53,640
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired   (2,573)
Purchases of land, property and equipment (82,922) (48,586)
Proceeds from sales of property and equipment 775 3,954
Proceeds from sales of dealerships 1,250 27,235
Distributions from equity investee 225 400
Net cash provided by (used in) investing activities (80,672) (19,570)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (5,217) (55,628)
Borrowings on revolving credit facilities 238,672 59,429
Repayments on revolving credit facilities (229,674) (59,429)
Proceeds from issuance of long-term debt 46,075 40,421
Principal payments on long-term debt (9,149) (7,937)
Purchases of treasury stock (14,766) (11,155)
Income tax benefit (expense) associated with stock compensation plans 416 332
Issuance of shares under stock compensation plans 2,132 2,527
Dividends paid (2,556) (2,647)
Net cash provided by (used in) financing activities 25,933 (34,087)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (630) (17)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,182 3,016
CASH AND CASH EQUIVALENTS, END OF PERIOD 3,552 2,999
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax benefit and expense of $19 and $451 in the six months ended June 30, 2015 and 2014, respectively) (31) 735
Cash paid (received) during the period for:    
Interest, including amount capitalized 35,825 36,804
Income taxes $ 7,768 $ 23,708