AutoNation 2015 Annual Report Download - page 47

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Table of Contents
In addition, from January 1, 2016 through February 8, 2016, we repurchased 3.6 million shares for an aggregate purchase price of $160.3 million (average
purchase price per share of $44.79). As of February 8, 2016, $135.3 million remained available under our stock repurchase limit most recently authorized by
our Board of Directors.
The decision to repurchase shares at any given point in time is based on such factors as the market price of our common stock versus our view of its
intrinsic value, the potential impact on our capital structure (including compliance with our 3.75x maximum leverage ratio and other financial covenants in
our debt agreements as well as our available liquidity), and the expected return on competing uses of capital such as dealership acquisitions, capital
investments in our current businesses, or repurchases of our debt.

The following table sets forth information regarding our capital expenditures over the past three years:
 
Purchases of property and equipment, including operating lease buy-outs (1) $ 266.9
$ 197.8
$ 207.2
(1) Includes accrued construction in progress and excludes property associated with capital leases entered into during the year.

The following table sets forth information regarding cash used in business acquisitions, net of cash acquired, and cash received from business divestitures,
net of cash relinquished, over the past three years:
 
Cash received from (used in) business acquisitions, net(1) $ (321.5)
$ (205.2)
$ (87.9)
Cash received from (used in) business divestitures, net $ 43.9
$ 41.4
$ 10.1
(1) Excludes capital leases.
We purchased 22 stores and related assets during 2015, which include Chrysler, Dodge, Jeep, Ram, Mercedes-Benz, Honda, Ford, Lincoln, Audi,
Volkswagen, Hyundai, Subaru, Jaguar, Land Rover, Volvo, and Fiat franchises. We purchased five stores in 2014 and five stores in 2013.
During 2015, we divested three Import stores. In 2014, we divested two Import stores and our customer lead distribution business, which was reported in
the “Corporate and other” category of our segment information. In 2013, we divested one Import store.
In February 2016, we purchased 12 stores and related assets located in Texas, which include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-
Benz, and Sprinter franchises.

We have not declared or paid any cash dividends on our common stock during our two most recent fiscal years. We do not currently anticipate paying
cash dividends for the foreseeable future.
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