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, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 93,193 $ 86,311 $ 97,217
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property, plant and equipment 77,532 68,793 58,254
Provision for bad debt expense 389 1,909 516
Other amortization 649 649 1,165
Debt issuance cost amortization 2,641 2,489 2,135
Debt discount amortization, net of premium amortization 303 199 67
Stock-based compensation expense 11,165 9,814 7,675
Deferred income taxes 14,465 15,996 28,470
Net distributions from equity investee (300) (263) 117
Asset impairment charges 8,063 17,955 6,594
Loss (gain) on disposal of dealerships and property and equipment (331) (3,089) (13,323)
Loss (gain) on exit of leased dealerships 1,386 1,848 302
Changes in assets and liabilities that relate to operations:      
Receivables (62,894) (9,048) (2,436)
Inventories 35,545 (291,100) (56,203)
Other assets 62,538 (19,785) (278)
Notes payable - floor plan - trade (42,929) 181,848 30,588
Trade accounts payable and other liabilities 14,953 5,190 190
Total adjustments 123,175 (16,595) 63,833
Net cash provided by (used in) operating activities 216,368 69,716 161,050
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (15,861)   (50,867)
Purchases of land, property and equipment (206,232) (173,249) (146,432)
Proceeds from sales of property and equipment 1,319 1,397 14,122
Proceeds from sales of dealerships   7,978 74,823
Net cash provided by (used in) investing activities (220,774) (163,874) (108,354)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 49,986 74,249 (19,543)
Borrowings on revolving credit facilities 209,287 402,093 179,791
Repayments on revolving credit facilities (213,490) (397,890) (179,791)
Proceeds from issuance of long-term debt 103,395 69,075 44,454
Debt issuance costs (3,084) (491) (2,959)
Principal payments and repurchase of long-term debt (30,949) (19,424) (19,482)
Purchases of treasury stock (99,971) (34,483) (53,046)
Income tax benefit (expense) associated with stock compensation plans (2,611) 1,888 1,033
Issuance of shares under stock compensation plans 27 3,662 3,274
Dividends paid (8,701) (5,078) (5,261)
Net cash provided by (used in) financing activities 3,889 93,601 (51,530)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (517) (557) 1,166
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,625 4,182 3,016
CASH AND CASH EQUIVALENTS, END OF YEAR 3,108 3,625 4,182
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of cash flow interest rate swap agreements (net of tax expense of $2,178, $205 and $1,769 in the years ended December 31, 2016, 2015 and 2014, respectively) 3,553 335 2,886
Cash paid (received) during the period for:      
Interest, including amount capitalized 77,289 71,328 71,776
Income taxes $ 28,459 $ 38,474 $ 50,525