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, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 144,137,000 $ 51,650,000 $ 92,983,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 89,949,000 93,617,000 88,938,000
Provision for bad debt expense 522,000 531,000 748,000
Other amortization 5,000 617,000 649,000
Debt issuance cost amortization 2,478,000 2,418,000 2,383,000
Debt discount amortization, net of premium amortization 0 0 157,000
Stock-based compensation expense 10,797,000 11,853,000 11,119,000
Deferred income taxes (20,845,000) (20,606,000) (27,760,000)
Net distributions from equity investee (101,000) (225,000) (138,000)
Asset impairment charges 20,768,000 29,514,000 9,394,000
Loss (gain) on disposal of dealerships and property and equipment (75,318,000) (43,164,000) (10,194,000)
Loss (gain) on exit of leased dealerships (170,000) 1,709,000 2,157,000
Gain (Loss) on Extinguishment of Debt 6,690,000 0 14,607,000
Changes in assets and liabilities that relate to operations:      
Receivables 4,652,000 50,351,000 (52,989,000)
Inventories (78,523,000) (78,701,000) 57,250,000
Other assets 47,472,000 11,288,000 3,266,000
Notes payable - floor plan - trade 39,797,000 16,836,000 (46,299,000)
Trade accounts payable and other liabilities (21,396,000) 15,987,000 16,612,000
Total adjustments 26,777,000 92,025,000 69,900,000
Net cash provided by (used in) operating activities 170,914,000 143,675,000 162,883,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired 0 0 (76,610,000)
Purchases of land, property and equipment (125,576,000) (163,619,000) (234,245,000)
Proceeds from sales of property and equipment 10,841,000 19,554,000 596,000
Proceeds from sales of dealerships 250,711,000 128,734,000 38,150,000
Proceeds from Life Insurance Policy 805,000 0 0
Net cash provided by (used in) investing activities 136,781,000 (15,331,000) (272,109,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade (34,743,000) 3,868,000 33,745,000
Borrowings on revolving credit facilities 482,488,000 918,967,000 327,070,000
Repayments on revolving credit facilities (482,488,000) (993,967,000) (252,070,000)
Proceeds from issuance of long-term debt 109,088,000 21,072,000 302,483,000
Debt issuance costs (1,427,000) (144,000) (4,855,000)
Principal payments and repurchase of long-term debt (40,274,000) (45,053,000) (36,836,000)
Repurchase of debt securities (294,095,000) 0 (210,914,000)
Finance Lease, Right-of-Use Asset, Amortization 5,181,000 0 0
Purchases of treasury stock (2,381,000) (24,110,000) (37,347,000)
Issuance of shares under stock compensation plans 60,000 352,000 45,000
Dividends paid (15,493,000) (9,827,000) (8,851,000)
Net cash provided by (used in) financing activities (284,446,000) (128,842,000) 112,470,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 23,249,000 (498,000) 3,244,000
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,854,000 6,352,000 3,108,000
CASH AND CASH EQUIVALENTS, END OF YEAR 29,103,000 5,854,000 6,352,000
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) (4,359,000) 1,284,000 3,835,000
Cash paid (received) during the period for:      
Interest, including amount capitalized 104,204,000 98,126,000 89,525,000
Income taxes $ 72,752,000 $ 35,217,000 $ 42,907,000