Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 86,311 $ 97,217 $ 81,618
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property, plant and equipment 68,793 58,254 54,047
Provision for bad debt expense 1,909 516 249
Other amortization 649 1,165 1,561
Debt issuance cost amortization 2,489 2,135 2,787
Debt discount amortization, net of premium amortization 199 67 (111)
Stock - based compensation expense 9,814 7,675 7,208
Deferred income taxes 15,996 28,470 21,924
Equity interest in earnings of investee (488) (283) (406)
Asset impairment charges 17,955 6,594 9,872
Loss (gain) on disposal of dealerships and property and equipment (3,089) (13,323) 267
Loss (gain) on exit of leased dealerships 1,848 302 2,915
(Gain) loss on retirement of debt     28,238
Changes in assets and liabilities that relate to operations:      
Receivables (9,048) (2,436) (9,092)
Inventories (291,100) (56,203) (78,646)
Other assets (19,785) (278) (9,834)
Notes payable - floor plan - trade 181,848 30,588 25,835
Trade accounts payable and other liabilities 5,190 190 (11,984)
Total adjustments (16,820) 63,433 44,830
Net cash provided by (used in) operating activities 69,491 160,650 126,448
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired   (50,867) (88,184)
Purchases of land, property and equipment (173,249) (146,432) (157,617)
Proceeds from sales of property and equipment 1,397 14,122 769
Proceeds from sales of dealerships 7,978 74,823  
Distributions from equity investee 225 400 500
Net cash provided by (used in) investing activities (163,649) (107,954) (244,532)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 74,249 (19,543) 46,638
Borrowings on revolving credit facilities 402,093 179,791 231,698
Repayments on revolving credit facilities (397,890) (179,791) (237,874)
Proceeds from issuance of long-term debt 69,075 44,454 353,693
Debt issuance costs (491) (2,959) (5,394)
Principal payments on long-term debt (19,424) (19,482) (19,426)
Repurchase of debt securities     (233,573)
Purchases of treasury stock (34,483) (53,046) (17,067)
Income tax benefit (expense) associated with stock compensation plans 1,888 1,033 856
Issuance of shares under stock compensation plans 3,662 3,274 2,171
Dividends paid (5,078) (5,261) (3,993)
Net cash provided by (used in) financing activities 93,601 (51,530) 117,729
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (557) 1,166 (355)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,182 3,016 3,371
CASH AND CASH EQUIVALENTS, END OF YEAR 3,625 4,182 3,016
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of cash flow interest rate swap agreements (net of tax benefit of $205 and expense of $1,769 and $6,514 in the years ended December 31, 2015, 2014 and 2013, respectively) 335 2,886 10,629
Cash paid (received) during the period for:      
Interest, including amount capitalized 71,328 71,776 81,626
Income taxes $ 38,474 $ 50,525 $ 30,158