AutoNation 2006 Annual Report Download - page 47

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Table of Contents




  
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 316.9 $ 496.5 $ 433.6
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) on discontinued operations 14.5 (99.6) (40.7)
Depreciation and amortization 82.9 78.4 79.2
Amortization of debt issue costs and discounts 3.7 7.7 6.6
Stock option expense 15.2 — —
Interest expense on senior note repurchase 34.5 12.9 .5
Income taxes 206.4 196.9 160.7
Other (3.7) (.2) 4.7
Changes in assets and liabilities, net of effects from business combinations and divestitures:
Receivables (4.2) (80.2) (10.8)
Inventory 268.5 (125.4) 217.1
Other assets (14.0) 42.4 (8.8)
Vehicle floorplan payable-trade, net (325.8) 77.9 (74.6)
Accounts payable 2.9 36.9 5.9
IRS settlement payment — — (128.9)
Other liabilities (294.2) (61.1) (59.1)
Net cash provided by continuing operations 303.6 583.1 585.4
Net cash provided by (used in) discontinued operations (4.5) (3.3) (23.4)
Net cash provided by operating activities 299.1 579.8 562.0
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment, excluding property operating lease buy-outs (170.2) (130.9) (132.4)
Property operating lease buy-outs (5.9) (10.3) (77.7)
Proceeds from the sale of property and equipment 1.4 .6 2.8
Proceeds from the disposal of property held for sale 6.5 33.4 37.9
Cash used in business acquisitions, net of cash acquired (166.7) (15.9) (197.9)
Net change in restricted cash (3.9) 31.0 13.2
Purchases of restricted investments (6.5) (23.9) (17.8)
Proceeds from the sales of restricted investments 13.4 13.4 22.6
Cash received from business divestitures, net of cash relinquished 24.0 55.0 19.4
Other (.1) (.2) (.5)
Net cash used in continuing operations (308.0) (47.8) (330.4)
Net cash provided by (used in) discontinued operations (.6) 6.0 .4
Net cash used in investing activities (308.6) (41.8) (330.0)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Purchases of treasury stock (1,380.6) (237.1) (236.8)
Proceeds from senior unsecured notes issued 600.0 — —
Proceeds from term loan facility 600.0 — —
Proceeds from revolving credit facility 1,039.0 — —
Payment of revolving credit facility (844.0) — —
Repurchase of 9% senior unsecured notes (334.2) (136.0) (3.9)
Net proceeds (payments) of vehicle floor plan-non-trade 96.9 24.4 (143.1)
Payments of mortgage facilities (37.7) (164.4) (11.7)
Proceeds (payments) of notes payable and long-term debt (3.4) (1.3) 1.6
Proceeds from the exercise of stock options 75.7 112.8 94.2
Tax benefit from stock options 18.0 — —
Other (16.6) — .2
Net cash used in continuing operations (186.9) (401.6) (299.5)
Net cash provided by (used in) discontinued operations 2.9 (1.5) (1.0)
Net cash used in financing activities (184.0) (403.1) (300.5)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (193.5) 134.9 (68.5)
CASH AND CASH EQUIVALENTS at beginning of period 245.7 110.8 179.3
CASH AND CASH EQUIVALENTS at end of period $ 52.2 $ 245.7 $ 110.8
The accompanying notes are an integral part of these statements.
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