Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 81,618 $ 89,101 $ 76,254
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of property, plant and equipment 54,047 45,918 40,607
Provision for bad debt expense 249 453 863
Other amortization 1,561 1,561 2,878
Debt issuance cost amortization 2,787 3,053 3,725
Debt discount amortization, net of premium amortization (111) 2,780 5,158
Stock - based compensation expense 7,208 5,160 3,698
Deferred income taxes 21,924 22,496 28,916
Equity interest in earnings of investee (406) (481) (603)
Asset impairment charges 9,872 950 1,151
Loss (gain) on disposal of dealerships and property and equipment 267 (10,623) 256
Loss on exit of leased dealerships 2,915 4,286 4,384
(Gain) loss on retirement of debt 28,238 19,713 1,107
Changes in assets and liabilities that relate to operations:      
Receivables (9,092) (42,093) (64,858)
Inventories (78,646) (347,633) 40,201
Other assets (9,834) (69,157) (5,117)
Notes payable - floor plan - trade 25,835 186,168 (9,807)
Trade accounts payable and other liabilities (11,984) 20,970 24,817
Total adjustments 44,830 (156,479) 77,376
Net cash provided by (used in) operating activities 126,448 (67,378) 153,630
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (88,184)      
Purchases of land, property and equipment (157,617) (95,376) (158,716)
Proceeds from sales of property and equipment 769 750 965
Proceeds from sales of dealerships   72,220 129
Distributions from equity investee 500 700 600
Net cash provided by (used in) investing activities (244,532) (21,706) (157,022)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable floor plan - non-trade 46,638 124,709 16,163
Borrowings on revolving credit facilities 231,698 143,577 248,018
Repayments on revolving credit facilities (237,874) (137,401) (248,018)
Proceeds from issuance of long-term debt 353,693 223,920 66,150
Debt issuance costs (5,394) (4,472)  
Principal payments on long-term debt (19,426) (10,768) (20,418)
Repurchase of debt securities (233,573) (164,896) (64,576)
Purchases of treasury stock (17,067) (82,924) (10,987)
Income tax benefit (expense) associated with stock compensation plans 856 3,207 1,772
Issuance of shares under stock compensation plans 2,171 2,333 645
Dividends paid (3,993) (6,743) (5,286)
Net cash provided by (used in) financing activities 117,729 90,542 (16,537)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (355) 1,458 (19,929)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,371 1,913 21,842
CASH AND CASH EQUIVALENTS, END OF YEAR 3,016 3,371 1,913
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:      
Change in fair value of cash flow hedging instruments (net of tax expense of $6,514, tax expense of $1,035 and tax benefit of $1,527 in the years ended December 31, 2013, 2012 and 2011, respectively) 10,629 1,687 (2,492)
Issuance of common stock as consideration for extinguishment of debt securities   (67,869)  
Cash paid (received) during the year for:      
Interest, including amount capitalized 81,626 71,140 80,825
Income taxes $ 30,158 $ 28,633 $ 20,371