AutoNation 2003 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2003 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 110

  • 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

Table of Contents
AUTONATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(In millions, except share data)
2003 2002 2001
CASH PROVIDED BY OPERATING ACTIVITIES:
Net income $479.2 $381.6 $232.3
Adjustments to reconcile net income to net cash provided by
operating activities:
Cumulative effect of accounting change 14.6 — —
Loss on discontinued operations 12.3 — 12.7
Depreciation 69.4 67.3 70.7
Amortization 1.6 2.4 81.2
Amortization of debt issue costs and discounts 6.0 5.0 2.9
Income taxes (133.4) 26.9 (46.1)
Non-cash loan and lease underwriting (gains) losses (1.0) — 80.9
Non-cash restructuring and impairment charges, net 25.3 1.4 4.5
Other losses (gains), net 1.0 2.0 (19.3)
Gain on sale of marketable securities, net — (6.0) (.4)
Gain on sale of investment in LKQ Corporation (16.5) — —
Other 3.0 (8.9) (1.8)
Changes in assets and liabilities, net of effects from
business combinations and divestitures:
Receivables (69.1) 22.7 74.9
Inventory (390.4) (379.5) 544.7
Other assets 65.9 (2.8) (16.5)
Floorplan notes payable 489.0 386.0 (514.4)
Accounts payable 14.3 13.7 7.5
IRS settlement payment (366.0) — —
Other liabilities 58.7 30.7 26.3
263.9 542.5 540.1
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchases of property and equipment, excluding property
operating lease buy-outs (123.5) (163.4) (156.5)
Property operating lease buy-outs (9.8) (19.8) (7.1)
Proceeds from sale of property and equipment 1.6 29.8 26.4
Proceeds from disposal of assets held for sale 23.1 34.8 71.9
Cash used in business acquisitions, net of cash acquired (49.1) (166.5) (92.0)
Cash received from divestiture of Flemington dealership
group — — 59.0
Divestitures related to 1999 restructuring plan — — 2.2
Proceeds from sale of finance receivable portfolio 52.4 — —
Collection of installment loan receivables and other related
items 27.0 86.7 551.5
Funding of installment loan receivables — — (565.6)
Proceeds from securitizations of installment loan receivables — — 96.4
Net change in restricted cash 58.1 (53.7) 121.3
Purchases of restricted investments (26.9) (61.3) (174.9)
Proceed from the sales of restricted investments — 221.2 19.9
Proceeds from sale of investment in LKQ Corporation 38.3 — —
Transfer of restricted assets related to reinsurance
agreements — (66.6) —
Other 14.6 (.2) 4.0
5.8 (159.0) (43.5)
CASH USED IN FINANCING ACTIVITIES:
Payments of revolving credit facilities — — (615.0)
Purchases of treasury stock (575.2) (389.9) (256.8)
Proceeds from mortgage facilities 183.6 7.3 153.3