XML 25 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 157,772 $ 213,442 $ 147,065
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 67,070 57,936 51,234
Deferred income taxes 3,474 (46,063) 14,162
Asset impairments 43,883 19,506 32,838
Stock-based compensation 18,714 18,900 21,073
Amortization of debt discount and issue costs 3,421 3,661 3,694
(Gain) loss on disposition of assets (26,819) (781) (2,675)
Other 896 (407) 1,084
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts payable and accrued expenses 18,447 35,576 76,126
Accounts and notes receivable 2,940 (10,674) (18,663)
Inventories (80,612) (44,021) 79,319
Contracts-in-transit and vehicle receivables 39,503 (33,484) (15,621)
Prepaid expenses and other assets (16,316) (9,299) 7,484
Floorplan notes payable — manufacturer affiliates 38,406 (8,294) (12,630)
Deferred revenues (801) 517 (393)
Net cash provided by (used in) operating activities 269,978 196,515 384,097
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash paid for acquisitions, net of cash received (135,343) (109,081) (57,327)
Proceeds from disposition of franchises, property and equipment 107,874 10,708 36,843
Purchases of property and equipment, including real estate (141,033) (215,832) (156,521)
Other 501 1,607 2,965
Net cash provided by (used in) investing activities (168,001) (312,598) (174,040)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings on credit facility — floorplan line and other 6,954,328 7,019,070 6,597,406
Repayments on credit facility — floorplan line and other (6,870,056) (6,957,866) (6,676,161)
Borrowings on credit facility — acquisition line 165,346 68,086 220,020
Repayments on credit facility — acquisition line (158,485) (42,278) (220,020)
Borrowings on other debt 156,023 165,702 49,972
Principal payments on other debt (118,789) (121,199) (45,928)
Borrowings on debt related to real estate, net of debt issue costs 54,712 75,309 39,141
Principal payments on debt related to real estate (91,467) (29,391) (25,463)
Employee stock purchase plan purchases, net of employee tax withholdings 2,717 4,603 3,868
Proceeds from termination of mortgage swap 918 0 0
Repurchases of common stock, amounts based on settlement date (183,918) (40,094) (127,606)
Tax effect from stock-based compensation 0 0 (249)
Dividends paid (20,872) (20,466) (19,987)
Net cash provided by (used in) financing activities (109,543) 121,476 (205,007)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (3,345) (8) 2,145
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (10,911) 5,385 7,195
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 29,631 24,246 17,051
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 18,720 29,631 24,246
SUPPLEMENTAL CASH FLOW INFORMATION:      
Purchases of property and equipment, including real estate, accrued in accounts payable and accrued expenses $ 9,248 $ 8,759 $ 15,930