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
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 55,557 $ 55,253
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 57,298 50,948
Provision for bad debt expense 260 1,633
Other amortization 487 487
Debt issuance cost amortization 1,886 1,456
Debt discount amortization, net of premium amortization 226 127
Stock-based compensation expense 8,394 7,409
Deferred income taxes 8,004 16,837
Net distributions from equity investee (123) (53)
Asset impairment charges 6,240 16,698
Loss (gain) on disposal of dealerships and property and equipment (245) (699)
Loss (gain) on exit of leased dealerships 1,109 1,485
Changes in assets and liabilities that relate to operations:    
Receivables 85,708 76,888
Inventories 94,910 (110,732)
Other assets 63,763 (20,532)
Notes payable - floor plan - trade (130,579) 50,413
Trade accounts payable and other liabilities (11,362) (15,953)
Total adjustments 185,976 76,412
Net cash provided by (used in) operating activities 241,533 131,665
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired (15,861)  
Purchases of land, property and equipment (155,060) (127,098)
Proceeds from sales of property and equipment 1,050 1,256
Proceeds from sales of dealerships   1,250
Net cash provided by (used in) investing activities (169,871) (124,592)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (36,748) (29,194)
Borrowings on revolving credit facilities 183,275 309,409
Repayments on revolving credit facilities (187,478) (306,163)
Proceeds from issuance of long-term debt 99,592 65,075
Debt issuance costs (216)  
Principal payments and repurchase of long-term debt (25,735) (14,280)
Purchases of treasury stock (97,486) (32,040)
Income tax benefit (expense) associated with stock compensation plans (1,101) 416
Issuance of shares under stock compensation plans 9 1,839
Dividends paid (6,458) (3,824)
Net cash provided by (used in) financing activities (72,346) (8,762)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (684) (1,689)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,625 4,182
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,941 2,493
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow interest rate swap agreements (net of tax benefit of $1,322 and $1,623 in the nine months ended September 30, 2016 and 2015, respectively) (2,157) (2,648)
Cash paid (received) during the period for:    
Interest, including amount capitalized 57,149 53,694
Income taxes $ 26,922 $ 21,718