Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (51,385,000) $ 144,137,000 $ 51,650,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 87,571,000 89,949,000 93,617,000
Provision for bad debt expense 728,000 522,000 531,000
Other amortization 4,000 5,000 617,000
Debt issuance cost amortization 2,900,000 2,478,000 2,418,000
Stock-based compensation expense 11,704,000 10,797,000 11,853,000
Deferred income taxes (33,677,000) (20,845,000) (20,606,000)
Net distributions from equity investee 93,000 (101,000) (225,000)
Asset impairment charges 270,017,000 20,768,000 29,514,000
Loss (gain) on disposal of dealerships and property and equipment (7,298,000) (75,318,000) (43,164,000)
Loss (gain) on exit of leased dealerships 0 (170,000) 1,709,000
Gain (Loss) on Extinguishment of Debt 0 6,690,000 0
Changes in assets and liabilities that relate to operations:      
Receivables 64,812,000 4,652,000 50,351,000
Inventories 278,098,000 (78,523,000) (78,701,000)
Other assets (11,368,000) 47,472,000 11,288,000
Notes payable - floor plan - trade (275,646,000) 39,797,000 16,836,000
Trade accounts payable and other liabilities (55,474,000) (21,396,000) 15,987,000
Total adjustments 332,464,000 26,777,000 92,025,000
Net cash provided by (used in) operating activities 281,079,000 170,914,000 143,675,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (19,747,000) 0 0
Purchases of land, property and equipment (127,183,000) (125,576,000) (163,619,000)
Proceeds from sales of property and equipment 37,105,000 10,841,000 19,554,000
Proceeds from sales of dealerships 9,641,000 250,711,000 128,734,000
Proceeds from Life Insurance Policy 0 805,000 0
Net cash provided by (used in) investing activities (100,184,000) 136,781,000 (15,331,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 60,796,000 (34,743,000) 3,868,000
Borrowings on revolving credit facilities 460,916,000 482,488,000 918,967,000
Repayments on revolving credit facilities (460,916,000) (482,488,000) (993,967,000)
Proceeds from issuance of long-term debt 57,880,000 109,088,000 21,072,000
Debt issuance costs (2,681,000) (1,427,000) (144,000)
Principal payments and repurchase of long-term debt (44,920,000) (40,274,000) (45,053,000)
Repurchase of debt securities 0 (294,095,000) 0
Purchases of treasury stock (71,721,000) (2,381,000) (24,110,000)
Issuance of shares under stock compensation plans 0 60,000 352,000
Dividends paid (17,133,000) (15,493,000) (9,827,000)
Net cash provided by (used in) financing activities (39,685,000) (284,446,000) (128,842,000)
Reduction of Finance Lease Liabilities (21,906,000) (5,181,000) 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 141,210,000 23,249,000 (498,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 29,103,000 5,854,000 6,352,000
CASH AND CASH EQUIVALENTS, END OF YEAR 170,313,000 29,103,000 5,854,000
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of interest rate swap and rate cap agreements (net of tax expense of $460, $2,351 and $2,178 in the years ended December 31, 2018, 2017 and 2016, respectively) (218,000) (4,359,000) 1,284,000
Cash paid (received) during the period for:      
Income taxes 56,844,000 72,752,000 35,217,000
Interest, including amount capitalized 69,337,000 104,204,000 98,126,000
Tax effect on fair value of interest rate swap and rate cap agreements $ 218,000 $ 1,944,000 $ (460,000)