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
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (2,194) $ (541)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 23,741 21,152
Provision for bad debt expense 111 399
Other amortization 156 162
Debt issuance cost amortization 598 605
Debt discount amortization, net of premium amortization 0 64
Stock-based compensation expense 2,962 2,585
Deferred income taxes (1,069) (789)
Net distributions from equity investee (168) 337
Asset impairment charges 3,643 510
Loss (gain) on disposal of dealerships and property and equipment (1,216) (39)
Loss (gain) on exit of leased dealerships 5,070 614
Loss (gain) on retirement of debt 0 14,607
Changes in assets and liabilities that relate to operations:    
Receivables 120,792 132,679
Inventories (42,836) (29,900)
Other assets (3,774) (16,708)
Notes payable - floor plan - trade (28,951) (36,634)
Trade accounts payable and other liabilities (22,043) (9,628)
Total adjustments 57,016 80,016
Net cash provided by (used in) operating activities 54,822 79,475
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of land, property and equipment (65,713) (75,686)
Proceeds from sales of property and equipment 2,178 170
Proceeds from sales of dealerships 7,461 0
Net cash provided by (used in) investing activities (56,074) (75,516)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (3,991) (43,699)
Borrowings on revolving credit facilities 301,803 11,513
Repayments on revolving credit facilities (276,803) (11,513)
Proceeds from issuance of long-term debt 20,960 269,855
Debt issuance costs (159) (4,222)
Principal payments and repurchase of long-term debt (12,489) (5,289)
Repurchase of debt securities 0 (210,914)
Purchases of treasury stock (23,449) (3,996)
Issuance of shares under stock compensation plans 351 0
Dividends paid (2,160) (2,237)
Net cash provided by (used in) financing activities 4,063 (502)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,811 3,457
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 6,352 3,108
CASH AND CASH EQUIVALENTS, END OF PERIOD 9,163 6,565
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of interest rate swap and interest rate cap agreements (net of tax expense of $1,130 and $799 in the three months ended March 31, 2018 and 2017, respectively) 2,914 1,303
Cash paid (received) during the period for:    
Interest, including amount capitalized 23,360 23,295
Income taxes $ 0 $ 103