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, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 11,591 $ 37,446
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 43,062 37,371
Provision for bad debt expense 495 248
Other amortization 325 325
Debt issuance cost amortization 1,193 1,250
Debt discount amortization, net of premium amortization 99 150
Stock-based compensation expense 5,723 5,634
Deferred income taxes 182 11,192
Net distributions from equity investee 190 35
Asset impairment charges 3,115 151
Loss (gain) on disposal of dealerships and property and equipment (67) (149)
Loss (gain) on exit of leased dealerships 1,827 (139)
(Gain) loss on retirement of debt 14,607  
Changes in assets and liabilities that relate to operations:    
Receivables 144,029 70,389
Inventories (51,637) 9,365
Other assets (19,837) 46,560
Notes payable - floor plan - trade (48,282) (106,336)
Trade accounts payable and other liabilities (13,732) (6,773)
Total adjustments 81,292 69,273
Net cash provided by (used in) operating activities 92,883 106,719
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (121,222) (108,970)
Proceeds from sales of property and equipment 291 887
Net cash provided by (used in) investing activities (120,931) (108,083)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade 3,722 29,915
Borrowings on revolving credit facilities 44,017 155,208
Repayments on revolving credit facilities (44,017) (159,411)
Proceeds from issuance of long-term debt 282,458 76,409
Debt issuance costs (4,512) (293)
Principal payments and repurchase of long-term debt (11,051) (9,633)
Repurchase of debt securities (210,914)  
Purchases of treasury stock (25,948) (87,504)
Income tax benefit (expense) associated with stock compensation plans   (364)
Issuance of shares under stock compensation plans 46 6
Dividends paid (4,481) (4,175)
Net cash provided by (used in) financing activities 29,320 158
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,272 (1,206)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,108 3,625
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,380 2,419
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow interest rate swap agreements (net of tax expense of $815 and benefit of $2,916 in the six months ended June 30, 2017 and 2016, respectively) 1,329 (4,760)
Cash paid (received) during the period for:    
Interest, including amount capitalized 44,897 37,576
Income taxes $ 12,664 $ 10,875