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
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 139,500 $ 279,400
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 92,000 84,200
Debt issuance cost amortization 4,900 3,800
Stock-based compensation expense 17,300 16,900
Deferred income taxes (10,500) (10,400)
Asset impairment charges 62,600 0
Loss (gain) on disposal of dealerships and property and equipment (18,100) (500)
Other 300 1,500
Changes in assets and liabilities that relate to operations:    
Receivables 49,200 43,500
Inventories (230,700) 101,100
Other assets (7,200) 107,500
Notes payable - floor plan - trade 6,300 5,300
Trade accounts payable and other liabilities (1,400) 13,100
Total adjustments (35,300) 366,000
Net cash provided by (used in) operating activities 104,200 645,400
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired (75,100) (94,200)
Purchases of land, property and equipment (153,600) (197,600)
Proceeds from sales of property and equipment 5,100 15,700
Proceeds from sales of dealerships 52,200 0
Net cash provided by (used in) investing activities (171,400) (276,100)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (153,500) (218,800)
Debt issuance costs 1,600 (500)
Principal payments and repurchase of long-term debt (71,500) (42,100)
Purchases of treasury stock (177,500) (245,200)
Finance Lease, Principal Payments 11,700 6,400
Issuance of shares under stock compensation plans 11,600 8,500
Dividends paid (30,200) (25,200)
Net cash provided by (used in) financing activities (127,400) (529,700)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (194,600) (160,400)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 229,200 299,400
CASH AND CASH EQUIVALENTS, END OF PERIOD 34,600 139,000
Cash paid (received) during the period for:    
Interest, including amount capitalized 115,000 68,700
Income taxes $ 73,400 $ 95,200