AutoNation 2000 Annual Report Download - page 33
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the building occupied by ANC Rental. Cash received from business divestitures
was $178.7 million, $131.3 million, and $55.1 million for the years ended
December 31, 2000, 1999, and 1998, respectively.
In July 1998, our former solid waste subsidiary, Republic Services,
completed an initial public offering resulting in proceeds of approximately
$1.43 billion. In May 1999, we sold substantially all of our interest in
Republic Services in a public offering resulting in proceeds of approximately
$1.78 billion. Proceeds from the offerings were used to repay non-vehicle debt,
finance acquisitions, acquire shares
31
under our share repurchase programs and invest in our business. During 2000, we
sold substantially all of our remaining common stock of Republic Services,
resulting in proceeds of approximately $48.2 million.
Funding of installment loan receivables, net of collections, totaled
$562.3 million, $1,578.6 million and $965.5 million in 2000, 1999 and 1998,
respectively. Related proceeds from securitization of installment loan
contracts were $720.3 million, $1,599.4 million and $706.4 million in 2000,
1999 and 1998, respectively. We continue to evaluate the appropriate levels of
installment loan fundings.
We intend to finance capital expenditures, business acquisitions, and
funding of installment loan receivables through cash flow from operations, our
revolving credit facilities, asset-backed securitized facilities and other
financings.
Cash Flows from Financing Activities
Cash flows from financing activities include revolving credit and vehicle
inventory financings, repayments of acquired debt, treasury stock purchases and
other transactions as further described below.
We have repurchased approximately 27.6 million, 91.0 million, and 9.1
million shares of our common stock during the years ended December 31, 2000,
1999, and 1998, respectively, for an aggregate price of approximately $188.9
million, $1.16 billion, $136.0 million, respectively, under our Board approved
share repurchase programs.
During the year ended December 31, 2000, we repaid approximately $197.0 of
debt obligations primarily related to amounts financed under a $210.0 million
lease facility (amended September 2000 from the original capacity of $500.0
million). See Note 3, Notes Payable and Long-Term Debt, of the Notes to
Consolidated Financial Statements for further discussion.
During 2000, we entered into a sale-leaseback transaction involving our
corporate headquarter facility which resulted in net proceeds of approximately
$52.1 million.
We will continue to evaluate the best use of our operating cash flow
between capital expenditures, share repurchases and acquisitions.
Cash Flows from Discontinued Operations