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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 83,200 $ 71,100
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 63,400 61,300
Debt issuance cost amortization 2,900 3,200
Stock-based compensation expense 12,500 10,400
Deferred income taxes (7,200) (6,700)
Asset impairment charges 2,400 (62,600)
Loss (gain) on disposal of dealerships and property and equipment 800 (20,200)
Other 900 800
Loss (gain) on exit of leased dealerships   (400)
Changes in assets and liabilities that relate to operations:    
Receivables 96,600 62,400
Inventories (376,900) (245,700)
Other assets 7,400 (16,200)
Notes payable - floor plan - trade 12,200 9,500
Trade accounts payable and other liabilities 35,500 (11,400)
Total adjustments (149,500) (90,000)
Net cash provided by (used in) operating activities (66,300) (18,900)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired 0 (75,100)
Purchases of land, property and equipment (92,600) (75,500)
Proceeds from sales of property and equipment 27,400 5,100
Proceeds from sales of dealerships 3,400 52,300
Net cash provided by (used in) investing activities (61,800) (93,200)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (186,300) 172,900
Borrowings on revolving credit facilities 62,300 0
Repayments on revolving credit facilities (62,300) 0
Proceeds from issuance of long-term debt 78,000 0
Debt issuance costs 5,400 (1,600)
Principal payments and repurchase of long-term debt (44,600) (63,100)
Purchases of treasury stock (27,100) (90,700)
Finance Lease, Principal Payments 4,100 4,700
Issuance of shares under stock compensation plans 3,700 10,000
Dividends paid (20,400) (20,200)
Net cash provided by (used in) financing activities 166,400 2,600
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 38,300 (109,500)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 28,900 229,200
CASH AND CASH EQUIVALENTS, END OF PERIOD 67,200 119,700
Cash paid (received) during the period for:    
Interest, including amount capitalized 94,900 84,200
Income taxes $ 40,200 $ 46,500