AutoNation 2015 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2015 AutoNation annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126

Table of Contents




CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net income $ 442.6
$ 418.7
$ 374.9
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations 1.1
1.1
0.9
Depreciation and amortization 127.4
106.9
95.3
Amortization of debt issuance costs and accretion of debt discounts 4.7
5.7
5.7
Stock-based compensation expense 24.0
26.3
21.3
Franchise rights impairment 15.4
—
—
Non-cash impairment charges 6.1
1.1
0.7
Write-off of deferred debt issuance costs —
0.4
—
Net gain on asset sales and dispositions (23.8)
(13.8)
(9.8)
Deferred income tax provision 10.0
9.5
9.9
Excess tax benefit from stock-based awards (17.9)
(18.0)
(10.0)
Other 1.3
(2.0)
(6.8)
(Increase) decrease, net of effects from business combinations
and divestitures:
Receivables (91.8)
(80.3)
(46.3)
Inventory (548.8)
(27.3)
(400.1)
Other assets (8.8)
(41.1)
(21.5)
Increase (decrease), net of effects from business combinations
and divestitures:
Vehicle floorplan payable-trade, net 488.0
(27.2)
364.2
Accounts payable 37.7
7.5
36.7
Other liabilities 41.0
118.7
63.8
Net cash provided by continuing operations 508.2
486.2
478.9
Net cash provided by (used in) discontinued operations (1.0)
(1.1)
5.2
Net cash provided by operating activities 507.2
485.1
484.1
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment (247.6)
(209.2)
(160.8)
Property operating lease buy-outs (10.2)
(0.4)
(41.9)
Proceeds from the sale of property and equipment 21.9
5.5
3.1
Proceeds from the disposal of assets held for sale 11.5
2.6
22.7
Insurance recoveries on property and equipment 1.0
—
2.5
Cash used in business acquisitions, net of cash acquired (321.5)
(205.2)
(87.9)
Cash received from business divestitures, net of cash relinquished 43.9
41.4
10.1
Net change in restricted cash (3.8)
—
—
Proceeds from the sales of restricted investments —
0.5
—
Other (4.6)
(11.2)
(5.6)
Net cash used in continuing operations (509.4)
(376.0)
(257.8)
Net cash used in discontinued operations —
—
—
Net cash used in investing activities (509.4)
(376.0)
(257.8)
See accompanying Notes to Consolidated Financial Statements.
61