Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 118,700 $ 216,000 $ 178,200
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 141,300 130,400 124,200
Debt issuance cost amortization 6,600 5,800 6,500
Stock-based compensation expense 23,100 23,500 23,300
Deferred income taxes (25,800) (29,100) (18,600)
Asset impairment charges 173,800 3,900 79,300
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain 0 (3,500) 0
Loss (gain) on exit of leased dealerships   (3,000) 4,300
Increase (Decrease) in Other Current Assets 1,500 (200) 600
LossGainOnDisposalOfFranchisesAndPropertyAndEquipment 6,400 600 (18,400)
Changes in assets and liabilities that relate to operations:      
Receivables 31,400 42,600 (57,000)
Inventories 104,600 (358,300) (375,200)
Other assets 13,600 47,000 4,000
Notes payable - floor plan - trade 19,000 11,500 37,200
Trade accounts payable and other liabilities (46,800) 19,000 200
Total adjustments 448,700 (106,800) (193,900)
Net cash provided by (used in) operating activities 567,400 109,200 (15,700)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (440,300) (54,800) (75,100)
Total capital expenditures (149,900) (187,300) (203,600)
Proceeds from sales of property and equipment 81,600 55,600 7,800
Proceeds from sales of dealerships 9,600 8,200 52,200
Net cash used in investing activities (499,000) (178,300) (218,700)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net borrowings on notes payable - floor plan - non-trade 14,400 258,100 334,900
Borrowings on revolving credit facilities 107,600 77,500 61,400
Repayments on revolving credit facilities (107,600) 77,500 (61,400)
Proceeds from issuance of long-term debt 149,100 78,000 0
Debt issuance costs (1,500) (8,200) (1,700)
Principal payments of long-term debt (126,800) (164,800) (79,900)
Purchases of treasury stock (82,400) (34,400) (177,600)
Issuance of shares under stock compensation plans 500 5,700 12,700
Dividends paid (48,800) (40,800) (40,000)
Net cash (used in) provided by financing activities (106,100) 84,300 34,100
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation (37,700) 15,100 (200,300)
Reduction of Finance Lease Liabilities (10,600) (9,300) (14,300)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 44,000 28,900 229,200
CASH AND CASH EQUIVALENTS, END OF YEAR 6,300 44,000 28,900
Cash paid (received) during the period for:      
Income taxes 100,800 35,700 86,300
Interest, including amount capitalized $ 189,500 $ 199,200 $ 172,200