Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 216,000 $ 178,200 $ 88,500
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization of property and equipment 130,400 124,200 113,900
Debt issuance cost amortization 5,800 6,500 5,200
Stock-based compensation expense 23,500 23,300 20,500
Deferred income taxes (29,100) (18,600) (12,700)
Asset impairment charges 3,900 79,300 320,400
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (3,500) 0 0
Loss (gain) on exit of leased dealerships   (4,300)  
Increase (Decrease) in Other Current Assets (200) 600 1,500
LossGainOnDisposalOfFranchisesAndPropertyAndEquipment 600 (18,400) (10,800)
Changes in assets and liabilities that relate to operations:      
Receivables 42,600 (57,000) (50,400)
Inventories (358,300) (375,200) 81,400
Other assets 47,000 4,000 (140,700)
Notes payable - floor plan - trade 11,500 37,200 25,100
Trade accounts payable and other liabilities 19,000 200 (35,800)
Total adjustments (106,800) (193,900) 317,600
Net cash provided by (used in) operating activities 109,200 (15,700) 406,100
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of businesses, net of cash acquired (54,800) (75,100) (102,300)
Total capital expenditures (187,300) (203,600) (227,100)
Proceeds from sales of property and equipment 55,600 7,800 29,700
Proceeds from sales of dealerships 8,200 52,200 0
Net cash used in investing activities (178,300) (218,700) (299,700)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net (repayments) borrowings on notes payable - floor plan - non-trade 258,100 334,900 (65,900)
Borrowings on revolving credit facilities 77,500 61,400 0
Repayments on revolving credit facilities (77,500) 61,400 0
Proceeds from issuance of long-term debt 78,000 0 327,000
Debt issuance costs (8,200) (1,700) (8,100)
Principal payments of long-term debt (164,800) (79,900) (133,500)
Purchases of treasury stock (34,400) (177,600) (261,900)
Issuance of shares under stock compensation plans 5,700 12,700 8,700
Dividends paid (40,800) (40,000) (34,500)
Net cash provided by (used in) financing activities 84,300 34,100 (176,600)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 15,100 (200,300) (70,200)
Reduction of Finance Lease Liabilities (9,300) (14,300) (8,400)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 28,900 229,200 299,400
CASH AND CASH EQUIVALENTS, END OF YEAR 44,000 28,900 229,200
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) 700 100 (400)
Cash paid (received) during the period for:      
Income taxes 35,700 86,300 126,300
Interest, including amount capitalized $ 199,200 $ 172,200 $ 116,900