XML 45 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash flows from operating activities:    
Net income $ 97,580 $ 78,628
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,399 14,719
Stock-based compensation 5,054 4,161
Loss on disposal of other assets 307 107
Gain from disposal activities within discontinued operations (5,744)  
Deferred income taxes 4,725 8,504
Excess tax benefit from share-based payment arrangements (6,160) (5,956)
(Increase) decrease (net of acquisitions and dispositions):    
Trade receivables, net (11,336) (6,937)
Inventories, net (44,349) (18,187)
Other assets (13,700) 1,660
Increase (decrease) (net of acquisitions and dispositions):    
Floor plan notes payable, net 1,132 5,721
Trade payables 4,246 4,848
Accrued liabilities 21,913 13,099
Other long-term liabilities and deferred revenue 16,635 12,307
Net cash provided by operating activities 87,702 112,674
Cash flows from investing activities:    
Principal payments received on notes receivable 2,882 88
Capital expenditures (54,149) (33,803)
Proceeds from sales of assets 3,243 474
Payments for life insurance policies (3,385) (2,508)
Cash paid for acquisitions (81,558) (31,786)
Proceeds from sales of stores 10,617  
Net cash used in investing activities (122,350) (67,535)
Cash flows from financing activities:    
Borrowings on floor plan notes payable: non-trade, net 30,375 2,685
Borrowings on lines of credit 836,156 499,000
Repayments on lines of credit (891,000) (542,446)
Proceeds from issuance of long-term debt 76,530 4,720
Proceeds from issuance of common stock 3,411 3,967
Excess tax benefit from share-based payment arrangements 6,160 5,956
Dividends paid (11,731) (6,719)
Net cash provided by (used in) financing activities 32,628 (71,885)
Decrease in cash and cash equivalents (2,020) (26,746)
Cash and cash equivalents at beginning of period 23,686 42,839
Cash and cash equivalents at end of period 21,666 16,093
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 15,556 15,988
Cash paid during the period for income taxes, net 44,918 25,880
Supplemental schedule of non-cash activities:    
Debt issued in connection with acquisitions 3,161  
Floorplan debt paid in connection with dealership disposals 3,311  
Common Class A [Member]
   
Cash flows from financing activities:    
Repurchase of common stock (11,745) (7,903)
Scheduled Payments [Member]
   
Cash flows from financing activities:    
Principal payments on long-term debt (5,528) (5,375)
Other Payments [Member]
   
Cash flows from financing activities:    
Principal payments on long-term debt   $ (25,770)