Penske Automotive Group, Inc. PAG Cash Flow

Penske automotive group, inc. (PAG)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Operating Activities:
Net income
435,100	470,300	612,800	346,400	330,400	290,100	245,700	187,200	178,300	109,347	76,920	-418,903
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation
109,600	103,700	95,100	89,700	78,000	70,200	59,600	52,200	45,800	44,523	51,338	53,877
Gain on investment
-	-	-	-	-	16,000	-	-	-	-	-	-
Intangible impairment
-	-	-	-	-	-	-	-	-	-	-	643,459
Debt discount amortization
-	-	-	-	-	-	-	-	1,700	8,637	13,043	13,984
Earnings of equity method investments
94,600	89,000	68,900	50,000	28,000	28,800	23,000	18,600	25,400	20,569	13,807	13,821
(Income) loss from discontinued operations, net of tax
300	500	-200	-1,000	-3,500	-14,700	-2,800	-9,000	3,700	-12,848	-2,637	-7,446
Deferred income taxes
92,000	105,900	-108,700	162,200	44,600	50,500	77,600	83,800	47,200	27,568	46,282	-106,431
Debt redemption costs
-	-	-	-	-	-	-	-17,800	-	-	-	-
Gain on debt repurchase
-	-	-	-	-	-	-	-	-	-1,634	-10,733	-
Changes in operating assets and liabilities:
Accounts receivable
30,900	-30,400	73,100	92,500	23,500	41,200	35,100	86,000	63,700	69,577	28,308	-145,235
Inventories
117,800	12,600	419,900	-130,400	428,400	120,600	391,000	311,600	91,900	185,185	-294,256	-145,278
Floor plan notes payable
83,900	27,400	276,300	-162,800	360,800	140,700	290,600	400,100	85,300	173,820	-188,811	-2,558
Accounts payable and accrued expenses
71,400	-17,100	272,000	-17,800	66,000	19,600	80,800	12,000	-29,700	63,989	43,512	-121,823
Other
30,100	4,300	-37,200	35,300	5,600	19,900	9,100	20,200	9,600	-43,649	-10,667	-58,885
Net cash provided by continuing operating activities
518,300	614,200	623,000	371,300	397,800	359,300	298,900	325,700	134,300	207,416	296,996	404,628
Investing Activities:
Purchase of equipment and improvements
245,300	305,600	247,000	203,100	199,500	176,100	175,000	150,900	131,200	74,900	88,840	211,832
Proceeds from sale of dealerships
22,800	84,500	25,100	4,200	-	-	-	-	-	-	-	-
Proceeds from sale-leaseback transactions
18,900	10,700	22,200	-	-	-	-	1,600	-	-	2,338	37,422
Acquisition of additional ownership interest in Penske Truck Leasing
-	-	239,100	498,500	-	-	-	-	-	-	-	219,000
Acquisitions net, including repayment of sellers' floor plan notes payable of $138.5, $58.2, and $101.6, respectively
326,900	309,100	449,700	140,800	156,900	355,000	314,000	233,300	232,100	22,232	8,517	147,089
Other
2,200	5,700	40,200	-1,500	-4,700	22,600	2,600	-8,800	-2,900	-13,822	-17,994	1,500
Net cash used in continuing investing activities
-532,700	-525,200	-928,700	-836,700	-351,700	-553,700	-491,600	-373,800	-360,400	-83,310	-77,025	-541,999
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line
1,808,000	1,642,000	2,040,000	1,476,500	1,420,400	1,272,600	1,102,800	761,300	663,400	632,000	409,900	550,900
Repayments under U.S. credit agreement revolving credit line
1,793,000	1,784,000	2,108,000	1,396,500	1,260,400	1,362,600	1,062,800	843,300	531,400	632,000	409,900	550,900
Proceeds from U.S. credit agreement term loan
-	-	-	-	-	-	-	-	-	-	-	219,000
Repayment of U.S. credit agreement term loan
-	-	-	-	88,000	10,000	12,000	17,000	7,000	15,000	60,000	10,000
Repayment of U.S. commercial truck capital loan
-	-	-	-	60,500	-	-	-	-	-	-	-
Issuance of 3.75% senior subordinated notes
-	-	300,000	500,000	-	-	-	-	-	-	-	-
Repurchase of 7.75% senior subordinated notes
-	-	-	-	-	-	-	390,800	-	-	-	-
Repurchase of 3.5% senior subordinated convertible notes
-	-	-	-	-	-	-	62,700	87,300	156,604	51,424	-
Proceeds from mortgage facility
-	-	-	-	-	-	-	-	-	-	-	42,400
Net (repayments) of other long-term debt
115,400	235,500	42,000	42,900	-73,600	28,700	53,100	47,300	30,200	-14,369	-17,402	-1,520
Net borrowings of floor plan notes payable - non-trade
177,500	10,000	185,300	101,000	154,200	26,100	191,100	70,200	197,000	64,036	-78,652	-52,783
Payment of debt issuance costs
400	1,900	4,000	6,700	1,800	4,400	-	8,600	-	-	-	661
Proceeds from exercises of options, including excess tax benefit
-	-	-	-	-	-	-	-	3,400	540	349	821
Repurchases of common stock
169,200	68,900	18,500	173,600	48,900	15,500	15,800	9,800	44,300	751	-	53,661
Dividends
130,800	121,200	108,400	95,100	84,800	70,500	56,000	41,500	22,000	-	-	33,902
Other
-4,900	-5,800	-5,800	-15,500	-12,200	300	200	-1,100	-	-	-	-
Net cash provided by (used in) continuing financing activities
2,600	-94,300	322,600	433,000	-55,600	164,700	200,600	54,000	202,000	-122,148	-207,129	109,694
Discontinued operations:
Net cash provided by (used in) discontinued operating activities
300	500	500	1,600	-5,500	8,600	20,700	400	-71,900	-8,097	7,470	-2,938
Net cash provided by discontinued investing activities
-	-	2,400	1,700	129,600	19,800	-66,300	3,100	89,400	1,932	-3,518	64,472
Net cash provided by discontinued financing activities
-	-	-200	-200	-87,100	-11,400	44,100	7,700	15,300	8,316	-14,664	-30,365
Net cash provided by (used in) discontinued operations
300	500	2,700	3,100	37,000	17,000	-1,500	11,200	32,800	2,151	-10,712	31,169
Effect of exchange rate changes on cash and cash equivalents
200	-1,500	2,100	-9,100	-1,400	-1,300	-	-	-	-	-	-
Net change in cash and cash equivalents
-11,300	-6,300	21,700	-38,400	26,100	-14,000	6,400	17,100	8,700	4,109	2,130	3,492
Supplemental disclosures of cash flow information:
Cash paid (received) for:
Interest
204,900	190,200	163,200	129,800	110,100	98,400	92,200	76,300	73,100	86,173	92,804	125,184
Income taxes
92,400	39,600	-29,700	48,600	114,900	114,300	33,500	41,900	53,100	30,952	18,251	8,862
Seller financed/assumed debt
-	-	800	-	2,600	136,400	-	-	4,900	2,260	-	-
Non cash activities:
Deferred consideration
-	6,800	-	-	-	-	-	-	-	-	-	-
Consideration transferred through common stock issuance
-	-	32,400	-	-	-	-	-	-	-	-	-
Contingent consideration
10,600	-	20,000	-	-	-	-	-	-	-	-	-
5.50% senior subordinated notes due 2026
Issuance of senior subordinated notes
-	-	-	500,000	-	-	-	-	-	-	-	-