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, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 88,500,000 $ 348,900,000 $ (51,400,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 113,900,000 93,800,000 87,600,000
Debt issuance cost amortization 5,200,000 3,300,000 2,900,000
Stock-based compensation expense 20,500,000 15,000,000.0 11,700,000
Deferred income taxes (12,700,000) 12,300,000 (33,700,000)
Asset impairment charges 320,400,000 100,000 270,000,000.0
Increase (Decrease) in Other Current Assets (9,300,000) 12,400,000 (6,400,000)
Changes in assets and liabilities that relate to operations:      
Receivables (50,400,000) 500,000 64,800,000
Inventories 81,400,000 252,400,000 278,100,000
Other assets (140,700,000) 55,700,000 (11,400,000)
Notes payable - floor plan - trade 25,100,000 (495,400,000) (275,600,000)
Trade accounts payable and other liabilities (35,800,000) 7,300,000 (55,500,000)
Total adjustments 317,600,000 (42,600,000) 332,500,000
Net cash provided by operating activities 406,100,000 306,300,000 281,100,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (102,300,000) (1,018,900,000) (19,700,000)
Purchases of land, property and equipment (227,100,000) (298,200,000) (127,200,000)
Proceeds from sales of property and equipment 29,700,000 13,100,000 37,100,000
Proceeds from sales of dealerships 0 6,600,000 9,600,000
Net cash used in investing activities (299,700,000) (1,297,400,000) (100,200,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade (65,900,000) 439,600,000 60,800,000
Borrowings on revolving credit facilities 0 4,900,000 460,900,000
Repayments on revolving credit facilities 0 (4,900,000) (460,900,000)
Proceeds from issuance of long-term debt 327,000,000.0 1,166,500,000 57,900,000
Debt issuance costs (8,100,000) (23,100,000) (2,700,000)
Principal payments of long-term debt (133,500,000) (58,300,000) (44,900,000)
Repurchase of debt securities 0 (262,900,000) 0
Purchases of treasury stock (261,900,000) (93,300,000) (71,700,000)
Issuance of shares under stock compensation plans 8,700,000 7,700,000 (100,000)
Dividends paid (34,500,000) (18,300,000) (17,100,000)
Net cash provided by (used in) financing activities (176,600,000) 1,120,200,000 (39,700,000)
Reduction of Finance Lease Liabilities (8,400,000) (37,700,000) (21,900,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (70,200,000) 129,100,000 141,200,000
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 299,400,000 170,300,000 29,100,000
CASH AND CASH EQUIVALENTS, END OF YEAR 229,200,000 299,400,000 170,300,000
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) (400,000) 1,000,000.0 (200,000)
Cash paid (received) during the period for:      
Income taxes 126,300,000 98,800,000 56,800,000
Interest, including amount capitalized $ 116,900,000 $ 57,400,000 $ 69,300,000