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, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 178,200,000 $ 88,500,000 $ 348,900,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 124,200,000 113,900,000 93,800,000
Debt issuance cost amortization 6,500,000 5,200,000 3,300,000
Stock-based compensation expense 23,300,000 20,500,000 15,000,000.0
Deferred income taxes (18,600,000) (12,700,000) 12,300,000
Asset impairment charges 79,300,000 320,400,000 100,000
Increase (Decrease) in Other Current Assets 600,000 1,500,000 15,700,000
LossGainOnDisposalOfFranchisesAndPropertyAndEquipment (18,400,000) (10,800,000) (3,300,000)
Changes in assets and liabilities that relate to operations:      
Receivables (57,000,000.0) (50,400,000) 500,000
Inventories (375,200,000) 81,400,000 252,400,000
Other assets 4,000,000.0 (140,700,000) 55,700,000
Notes payable - floor plan - trade 37,200,000 25,100,000 (495,400,000)
Trade accounts payable and other liabilities 200,000 (35,800,000) 7,300,000
Total adjustments (193,900,000) 317,600,000 (42,600,000)
Net cash provided by (used in) operating activities (15,700,000) 406,100,000 306,300,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (75,100,000) (102,300,000) (1,018,900,000)
Total capital expenditures (203,600,000) (227,100,000) (298,200,000)
Proceeds from sales of property and equipment 7,800,000 29,700,000 13,100,000
Proceeds from sales of dealerships 52,200,000 0 6,600,000
Net cash used in investing activities (218,700,000) (299,700,000) (1,297,400,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 334,900,000 (65,900,000) 439,600,000
Borrowings on revolving credit facilities 61,400,000 0 4,900,000
Repayments on revolving credit facilities (61,400,000) 0 (4,900,000)
Proceeds from issuance of long-term debt 0 327,000,000.0 1,166,500,000
Debt issuance costs (1,700,000) (8,100,000) (23,100,000)
Principal payments of long-term debt (79,900,000) (133,500,000) (58,300,000)
Repurchase of debt securities 0 0 (262,900,000)
Purchases of treasury stock (177,600,000) (261,900,000) (93,300,000)
Issuance of shares under stock compensation plans 12,700,000 8,700,000 7,700,000
Dividends paid (40,000,000.0) (34,500,000) (18,300,000)
Net cash provided by (used in) financing activities 34,100,000 (176,600,000) 1,120,200,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (200,300,000) (70,200,000) 129,100,000
Reduction of Finance Lease Liabilities (14,300,000) (8,400,000) (37,700,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 229,200,000 299,400,000 170,300,000
CASH AND CASH EQUIVALENTS, END OF YEAR 28,900,000 229,200,000 299,400,000
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) 100,000 (400,000) 1,000,000.0
Cash paid (received) during the period for:      
Income taxes 86,300,000 126,300,000 98,800,000
Interest, including amount capitalized $ 172,200,000 $ 116,900,000 $ 57,400,000