XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 92,277 $ 73,072
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,980 27,699
Deferred income taxes 5,591 11,095
Asset impairments 4,268 0
Stock-based compensation 9,891 10,459
Amortization of debt discount and issue costs 1,526 1,849
Gain on disposition of assets (20,686) (314)
Other 65 (676)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts payable and accrued expenses 26,121 (28,480)
Accounts and notes receivable 21,185 13,582
Inventories 47,272 (142,165)
Contracts-in-transit and vehicle receivables 56,725 53,405
Prepaid expenses and other assets (9,842) (4,900)
Floorplan notes payable - manufacturer affiliates (3,535) 37,779
Deferred revenues (732) (243)
Net cash provided by operating activities 263,106 52,162
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid in acquisitions, net of cash received (74,865) (95)
Proceeds from disposition of franchises, property and equipment 75,923 2,582
Purchases of property and equipment, including real estate (88,230) (67,266)
Deposits for real estate and dealership acquisitions (655) (57,099)
Other 0 2,074
Net cash used in investing activities (87,827) (119,804)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on credit facility - floorplan line and other 3,323,798 3,369,580
Repayments on credit facility - floorplan line and other (3,461,494) (3,288,367)
Borrowings on credit facility - acquisition line 98,596 47,509
Repayments on credit facility - acquisition line (84,884) (15,000)
Borrowings on other debt 111,142 5,137
Principal payments on other debt (75,784) (542)
Borrowings on debt related to real estate, net of debt issue costs 54,711 12,901
Principal payments on debt related to real estate (63,368) (13,897)
Employee stock purchase plan purchases, net of employee tax withholdings 11 2,487
Proceeds from termination of mortgage swap 918 0
Repurchases of common stock, amounts based on settlement date (51,276) (39,025)
Dividends paid (10,836) (10,200)
Net cash provided by (used in) financing activities (158,466) 70,583
EFFECT OF EXCHANGE RATE CHANGES ON CASH (2,812) 117
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 14,001 3,058
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 29,631 24,246
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 43,632 27,304
SUPPLEMENTAL CASH FLOW INFORMATION:    
Purchases of property and equipment, including real estate, accrued in accounts payable $ 8,630 $ 11,105