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, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 92,983 $ 93,193 $ 86,311
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 88,938 77,532 68,793
Provision for bad debt expense 748 389 1,909
Other amortization 649 649 649
Debt issuance cost amortization 2,383 2,641 2,489
Debt discount amortization, net of premium amortization 157 303 199
Stock-based compensation expense 11,119 11,165 9,814
Deferred income taxes (27,760) 14,465 15,996
Net distributions from equity investee (138) (300) (263)
Asset impairment charges 9,394 8,063 17,955
Loss (gain) on disposal of dealerships and property and equipment (10,194) (331) (3,089)
Loss (gain) on exit of leased dealerships 2,157 1,386 1,848
Loss (gain) on retirement of debt 14,607    
Changes in assets and liabilities that relate to operations:      
Receivables (52,989) (62,894) (9,048)
Inventories 57,250 35,545 (291,100)
Other assets 3,266 62,538 (19,785)
Notes payable - floor plan - trade (46,299) (42,929) 181,848
Trade accounts payable and other liabilities 16,612 14,953 5,190
Total adjustments 69,900 123,175 (16,595)
Net cash provided by (used in) operating activities 162,883 216,368 69,716
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (76,610) (15,861)  
Purchases of land, property and equipment (234,245) (206,232) (173,249)
Proceeds from sales of property and equipment 596 1,319 1,397
Proceeds from sales of dealerships 38,150   7,978
Net cash provided by (used in) investing activities (272,109) (220,774) (163,874)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 33,745 49,986 74,249
Borrowings on revolving credit facilities 327,070 209,287 402,093
Repayments on revolving credit facilities (252,070) (213,490) (397,890)
Proceeds from issuance of long-term debt 302,483 103,395 69,075
Debt issuance costs (4,855) (3,084) (491)
Principal payments and repurchase of long-term debt (36,836) (30,949) (19,424)
Repurchase of debt securities (210,914)    
Purchases of treasury stock (37,347) (99,971) (34,483)
Income tax benefit (expense) associated with stock compensation plans   (2,611) 1,888
Issuance of shares under stock compensation plans 45 27 3,662
Dividends paid (8,851) (8,701) (5,078)
Net cash provided by (used in) financing activities 112,470 3,889 93,601
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,244 (517) (557)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,108 3,625 4,182
CASH AND CASH EQUIVALENTS, END OF YEAR 6,352 3,108 3,625
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of interest rate swap and rate cap agreements (net of tax expense of $2,351,$2,178 and $205 in the years ended December 31, 2017, 2016 and 2015, respectively) 3,835 3,553 335
Cash paid (received) during the period for:      
Interest, including amount capitalized 89,525 77,289 71,328
Income taxes $ 42,907 $ 28,459 $ 38,474