AutoNation 2015 Annual Report Download - page 52

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Table of Contents

Under our share repurchase program authorized by our Board of Directors, during 2015, we repurchased 3.9 million shares of common stock for an
aggregate purchase price of $235.1 million (average purchase price per share of $60.49). Additionally, 36,712 shares were surrendered to AutoNation in 2015
to satisfy tax withholding obligations in connection with the vesting of restricted stock. During 2014, we repurchased 9.4 million shares of our common
stock for an aggregate purchase price of $485.1 million (average purchase price per share of $51.59). Additionally, 46,752 shares were surrendered to
AutoNation in 2014 to satisfy tax withholding obligations in connection with the vesting of restricted stock.
During 2015, we issued $300.0 million aggregate principal amount of 3.35% Senior Notes due 2021 and $450.0 million aggregate principal amount of
4.5% Senior Notes due 2025. The 2021 Notes were sold at 99.998% of the aggregate principal amount. The 2025 Notes were sold at 99.663% of the
aggregate principal amount. See “Long-Term Debt - Senior Unsecured Notes” above for additional information regarding our 2021 Notes and 2025 Notes.
Cash flows from financing activities in 2015 reflect cash payments of $6.4 million for debt issuance costs that are being amortized to interest expense over
the terms of the related debt arrangements.
During 2015, we borrowed $1.4 billion and repaid $2.5 billion under our revolving credit facility, for net repayments of $1.1 billion. During 2015, we also
established a commercial paper program pursuant to which we may issue short-term, unsecured commercial paper notes on a private placement basis up to a
maximum aggregate amount outstanding at any time of $1.0 billion. Cash flows from financing activities include changes in commercial paper notes
outstanding totaling net proceeds of $599.5 million during 2015.
During 2014, we amended and restated our existing unsecured credit agreement and replaced our $500.0 million term loan facility and $1.2 billion
revolving credit facility with a $1.8 billion revolving credit facility. The indebtedness outstanding under the prior credit agreement was paid off with
proceeds from our amended credit agreement. We also paid $6.0 million in connection with refinancing our indebtedness. These debt issuance costs are
reflected in cash flows from financing activities in 2014 and are being amortized to interest expense over the term of our credit agreement. During 2014, we
borrowed $2.8 billion and repaid $2.0 billion under our revolving credit facilities, for net borrowings of $810.0 million.
We made payments of capital lease and other debt obligations of $18.2 million during 2015 and $24.7 million during 2014.
Cash flows from financing activities include changes in vehicle floorplan payable-non-trade totaling net repayments of $13.3 million during 2015
compared to net proceeds of $61.6 million in 2014.
During 2015, cash flows from financing activities were also impacted by a decrease in proceeds from the exercise of stock options as compared to 2014.

Net cash used in financing activities decreased during 2014, as compared to 2013, primarily due to the net impact of the debt activity that occurred in
2014, described above, partially offset by an increase in repurchases of common stock.
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