AutoNation 2005 Annual Report Download - page 48

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Table of Contents
AUTONATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(In millions)
2005 2004 2003
(Restated (Restated
and and
Revised)* Revised)*
CASH PROVIDED BY OPERATING ACTIVITIES:
Net income $496.5 $433.6 $479.2
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of accounting change — — 14.6
Loss (gain) on discontinued operations (101.0) (36.5) 24.9
Depreciation and amortization 80.7 81.5 67.6
Amortization of debt issue costs and discounts 7.7 6.6 6.0
Interest expense on bond repurchase 12.9 .5 —
Income taxes 196.9 160.7 (40.5)
Non-cash restructuring and impairment charges, net (.2) — 25.3
Gain on sale of investment in LKQ Corporation — — (16.5)
Proceeds from sale of finance receivable portfolio — — 52.4
Collection of installment loan receivables and other related items — — 27.0
Other (.2) 4.8 3.0
Changes in assets and liabilities, net of effects from business combinations
and divestitures:
Receivables (78.8) (10.1) (10.1)
Inventory (101.4) 230.0 (388.3)
Other assets 32.0 (10.7) 12.7
Vehicle floorplan payable — trade, net 52.0 (85.8) 607.1
Accounts payable 37.5 6.1 13.8
IRS settlement payment — (128.9) (366.0)
Other liabilities (50.4) (65.6) (29.7)
Net cash provided by continuing operations 584.2 586.2 482.5
Net cash used in discontinued operations (4.3) (22.6) (1.2)
Net cash provided by operating activities 579.9 563.6 481.3
CASH USED IN INVESTING ACTIVITIES:
Purchases of property and equipment, excluding property operating lease buy-outs (131.5) (132.9) (122.4)
Property operating lease buy-outs (10.3) (77.7) (9.8)
Proceeds from sale of property and equipment .5 2.9 1.5
Proceeds from disposal of assets held for sale 33.4 37.9 23.1
Cash used in business acquisitions, net of cash acquired (15.9) (197.9) (48.8)
Net change in restricted cash 31.0 13.2 58.1
Purchases of restricted investments (23.9) (17.8) (26.9)
Proceeds from the sales of restricted investments 13.4 22.6 —
Proceeds from sale of investment in LKQ Corporation — — 38.3
Cash received from business divestitures, net of cash relinquished 55.0 19.4 —
Other (.3) (.5) 14.3
Net cash used in continuing operations (48.6) (330.8) (72.6)
Net cash provided by (used in) discontinued operations 6.6 .8 (1.0)
Net cash used in investing activities (42.0) (330.0) (73.6)
CASH USED IN FINANCING ACTIVITIES:
Purchases of treasury stock (237.1) (236.8) (575.2)
Net proceeds (payments) of vehicle floor plan payable — non-trade 24.0 (143.3) (121.3)
Proceeds from mortgage facilities — .2 183.6
Payments of mortgage facilities (164.4) (11.7) (9.0)
Repurchase of senior unsecured notes (136.0) (3.9) —
Proceeds (payments) of notes payable and long-term debt (1.3) 1.6 (4.2)
Proceeds from the exercises of stock options 112.8 94.2 118.1
Other — — (7.8)
Net cash used in continuing operations (402.0) (299.7) (415.8)
Net cash provided by (used in) discontinued operations (.3) (.8) .1
Net cash used in financing activities (402.3) (300.5) (415.7)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 135.6 (66.9) (8.0)
CASH AND CASH EQUIVALENTS at beginning of period 108.2 175.1 183.1
CASH AND CASH EQUIVALENTS at end of period $243.8 $108.2 $175.1
* See Note 1 to the Consolidated Financial Statements
The accompanying notes are an integral part of these statements.
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