Penske Automotive Group, Inc. PAG Cash Flow

Penske automotive group, inc. (PAG)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating Activities:
Net income
51,500	101,300	116,100	118,500	99,200	97,200	130,100	135,200	107,800	328,600	94,300	106,900	83,000	82,700	88,500	95,000	80,200	71,300	87,500	95,700	75,900	73,200	75,100	73,900	67,900	59,700	65,500	62,500	58,000	49,269	41,313	49,612	47,006	48,199	56,045	40,059	33,997	29,071	30,260	29,684	20,332
Adjustments to reconcile net income to net cash from continuing operating activities:
Depreciation
28,500	28,600	27,500	27,100	26,400	26,500	25,900	25,700	25,600	25,100	24,300	23,300	22,400	22,900	21,500	24,500	20,800	20,300	19,800	19,300	18,600	19,600	17,500	17,000	16,100	15,200	15,400	14,700	14,300	12,186	13,704	13,360	12,950	9,668	12,427	11,907	11,798	9,400	11,749	11,184	12,190
Debt discount amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18	0	0	1,718	1,647	1,647	2,428	2,915
Earnings of equity method investments
14,500	16,800	24,400	26,600	26,800	19,500	24,200	28,000	17,300	15,800	19,000	20,900	13,200	12,700	21,600	10,200	5,500	5,100	6,800	9,400	6,700	5,900	8,400	9,400	5,100	4,500	8,300	7,900	2,300	1,804	4,218	8,168	4,410	7,873	9,623	7,882	22	8,844	7,370	4,784	-429
(Income) loss from discontinued operations, net of tax
100	0	100	100	100	300	100	0	100	100	100	200	-600	-	-	-	-	-2,400	-100	-100	-900	-7,500	100	-7,600	300	-1,400	-800	-1,000	400	-4,366	-534	-1,024	-3,076	6,533	-895	545	-2,483	-2,536	-5,109	-1,531	-3,672
Deferred income taxes
28,400	43,800	18,500	17,900	11,800	41,600	15,800	24,800	23,700	-313,600	115,700	46,700	42,500	65,800	77,400	15,100	3,900	54,500	8,500	4,200	-22,600	40,700	3,300	6,600	-100	30,500	21,300	14,200	11,600	68,933	7,074	2,913	4,880	32,399	1,913	6,530	6,358	12,972	3,198	3,073	8,325
Gain on debt repurchase
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-607	-422	-605
Changes in operating assets and liabilities:
Accounts receivable
-343,900	-7,100	22,800	-89,700	104,900	-24,300	33,700	-116,500	76,700	24,400	106,900	-24,700	-33,500	25,400	25,900	-12,000	53,200	6,900	-19,900	-7,700	44,200	-300	4,900	-39,200	75,800	18,700	22,000	5,100	-10,700	54,409	23,191	-25,278	33,678	64,618	19,229	-49,325	29,178	29,616	14,204	-25,573	51,330
Inventories
9,300	237,700	-84,400	-126,000	90,500	217,800	-111,900	-84,100	-9,200	193,200	48,900	125,300	52,500	116,200	-90,100	-206,200	49,700	248,000	-5,700	168,900	17,200	180,900	-115,900	54,800	800	237,900	13,200	81,800	58,100	120,973	15,221	74,010	101,396	126,657	-24,561	-48,693	38,497	60,405	77,669	4,815	42,296
Floor plan notes payable
-126,800	-24,800	93,700	-68,900	83,900	192,600	-108,500	-77,600	20,900	138,500	71,100	46,300	20,400	11,300	11,300	-200,700	15,300	151,300	17,200	89,100	103,200	217,600	-112,000	-1,800	36,900	164,100	50,000	47,100	29,400	144,085	79,851	42,075	134,089	100,074	58,301	-107,427	34,352	61,672	91,710	-24,927	45,365
Accounts payable and accrued expenses
-84,900	-57,200	73,300	-79,200	134,500	-43,300	-2,500	-80,100	108,800	173,600	12,300	100	86,000	-33,300	-65,100	24,300	56,300	5,700	-38,700	34,500	64,500	-48,500	-38,500	22,000	84,600	14,500	7,600	28,700	30,000	-25,560	-55,677	19,087	74,150	-44,893	25,402	-7,216	-2,993	29,518	17,595	-15,910	32,786
Other
4,800	-13,200	10,000	-8,800	42,100	23,000	-4,200	-41,600	27,100	-37,500	-3,500	-20,300	24,100	87,000	-16,600	-20,600	-14,500	21,100	10,400	-5,000	-20,900	24,300	-20,800	25,500	-9,100	22,000	-5,500	-2,700	-4,700	13,188	1,127	-5,576	11,461	-14,442	12,243	1,595	10,204	-40,742	221	-91	-3,037
Net cash provided by continuing operating activities
211,900	-142,500	356,200	213,200	91,400	78,300	118,900	242,200	174,800	156,200	146,300	121,900	198,600	-92,000	192,700	188,000	82,600	24,400	102,800	77,300	193,300	83,300	68,700	74,800	132,500	2,300	122,600	76,100	97,900	62,952	60,795	76,747	125,206	-45,810	138,449	31,849	9,812	88,693	61,197	22,706	34,820
Investing Activities:
Purchase of equipment and improvements
25,700	56,500	54,300	71,400	63,100	117,100	69,700	54,100	64,700	66,900	66,700	76,500	36,900	31,400	35,000	89,900	46,800	48,400	67,600	49,800	33,700	36,500	58,100	41,700	39,800	52,800	52,000	37,400	32,800	54,520	39,058	31,149	26,173	51,430	28,335	30,592	20,843	18,467	20,444	17,562	18,427
Proceeds from sale of dealerships
10,300	15,500	100	0	7,200	26,100	0	0	58,400	16,100	0	0	9,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale-leaseback transactions
-	-	-	-	7,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of car rental vehicles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,100	37,300	35,900	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions net, including repayment of sellers' floor plan notes payable of $138.5, $58.2, and $101.6, respectively
-	0	325,800	0	1,100	140,500	0	12,100	156,500	0	17,800	117,700	314,200	34,800	40,600	65,000	400	71,500	-1,000	0	86,400	268,800	0	4,400	81,800	92,800	190,500	3,500	27,200	95,495	26,283	3,416	108,106	-6	218,095	0	14,011	12,952	-82	0	9,362
Other
700	-100	1,400	700	200	2,200	500	-3,300	6,300	-	-	-	-	-11,000	-15,500	-700	25,700	-	-	-	-	-	-	-	-	-12,900	5,800	15,400	-5,700	-	-	-	-	-35	0	625	-3,490	-	-	-	-
Net cash used in continuing investing activities
-16,100	-29,300	-381,400	-72,100	-49,900	-233,700	-65,300	-57,100	-169,100	-73,100	-325,300	-188,200	-342,100	-51,000	-558,600	-154,200	-72,900	-115,400	-66,400	-49,800	-120,100	-302,600	-87,600	-41,900	-121,600	-58,400	-249,400	-93,600	-90,200	-144,695	-56,608	-38,218	-134,279	-51,389	-246,430	-31,217	-31,364	-17,597	-20,362	-17,562	-27,789
Financing Activities:
Proceeds from borrowings under U.S. credit agreement revolving credit line
515,000	350,000	637,000	415,000	406,000	479,000	366,000	401,000	396,000	419,000	609,000	489,000	523,000	304,000	543,000	257,000	372,500	360,000	280,000	381,500	398,900	321,500	378,500	249,600	323,000	294,100	317,000	244,000	247,700	235,500	129,000	202,500	194,300	168,900	338,500	139,500	16,500	120,500	190,900	156,600	164,000
Repayments under U.S. credit agreement revolving credit line
210,000	410,000	532,000	470,000	381,000	449,000	465,000	430,000	440,000	463,000	716,000	453,000	476,000	269,000	338,000	494,000	295,500	278,000	280,000	303,500	398,900	495,500	304,500	249,600	313,000	248,100	295,000	232,000	287,700	185,500	243,000	195,500	219,300	156,900	218,500	139,500	16,500	157,000	182,400	128,600	164,000
Repayment of U.S. commercial truck capital loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	60,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of 3.5% senior subordinated convertible notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	43,000	41,860	71,744
Net (repayments) of other long-term debt
-22,100	20,100	55,500	75,400	-35,600	104,500	34,900	-32,500	128,600	-32,300	19,400	-51,200	106,100	-31,400	13,400	26,400	34,500	21,600	28,500	-44,900	-78,800	-14,300	90,200	-10,900	-36,300	-14,900	121,300	-4,000	-49,300	32,213	3,514	-23,193	34,766	-1,607	18,205	6,891	6,711	-24,264	19,392	-7,681	-1,816
Net borrowings of floor plan notes payable - non-trade
11,700	195,500	-24,800	-53,300	60,100	69,600	33,300	-88,100	-4,800	30,100	23,900	68,300	63,000	88,200	175,800	-217,900	54,900	59,600	-25,700	19,400	100,900	-	-	25,600	6,800	113,100	40,400	-4,100	41,700	37,790	-2,808	35,585	-367	98,869	28,047	40,665	29,419	13,380	-22,936	11,016	62,576
Payments for contingent consideration
21,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from borrowings under car rental revolver
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,100	44,500	49,800	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	100	500	1,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercises of options, including excess tax benefit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	382	320	1,053	1,645	137	192	0	211
Repurchases of common stock
29,400	-4,900	43,500	76,300	54,300	13,100	0	5,800	50,000	0	10,000	5,800	2,700	0	0	5,700	167,900	26,900	0	8,000	14,000	-	-	-	-	0	0	3,100	12,700	-29	0	1,307	8,522	-	-	-	-	-	-	-	-
Dividends
34,200	33,500	32,800	32,300	32,200	31,500	30,700	29,800	29,200	28,300	27,700	26,800	25,600	24,800	23,900	23,100	23,300	22,500	21,600	20,800	19,900	19,000	18,000	17,300	16,200	15,300	14,500	13,600	12,600	11,740	10,842	9,945	8,973	-	-	-	-	-	-	-	-
Other
-	-5,000	-300	500	-100	-	-	-	-	-	-	-	-	300	100	-11,300	-4,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) continuing financing activities
209,900	121,600	59,100	-141,000	-37,100	158,000	-61,600	-191,300	600	-74,500	194,600	14,700	187,800	67,300	370,300	24,800	-29,400	107,500	-25,000	-64,600	-73,500	104,500	113,700	-17,800	-35,700	55,000	161,000	7,700	-23,100	107,036	-15,302	-29,638	-8,096	94,451	127,349	-57,575	37,775	-62,247	-38,603	-10,525	-10,773
Discontinued operations:
Net cash provided by (used in) discontinued operating activities
100	-	-	-	-100	200	100	100	100	0	100	7,400	-7,000	300	0	800	500	-2,700	-1,500	-16,100	14,800	10,000	11,200	5,200	-17,800	7,700	-3,500	13,300	3,200	4,104	-2,631	1,701	-2,774	-32,517	-14,375	-28,530	3,522	-5,586	-8,138	-11,588	17,215
Net cash provided by discontinued investing activities
-	-	-	-	-	-	-	-	-	0	100	-7,400	9,700	0	0	0	1,700	0	100	24,400	105,100	15,000	4,000	-32,800	33,600	-95,500	26,600	1,800	800	-31,802	-409	941	34,370	41,851	222	45,062	2,265	-408	-2,456	8,597	-3,801
Net cash provided by discontinued financing activities
-	-	-	-	-	-	-	-	-	0	0	0	-200	-	-	-	-	0	200	-1,300	-86,000	-23,100	-20,900	18,800	13,800	67,800	-12,300	-11,000	-400	20,616	4,094	-6,519	-10,491	12,119	-2,696	7,157	-1,280	7,690	-1,668	2,089	205
Net cash provided by (used in) discontinued operations
100	-	-	-	-100	200	100	100	100	0	200	0	2,500	100	100	700	2,200	-2,700	-1,200	7,000	33,900	1,900	-5,700	-8,800	29,600	-20,000	10,800	4,100	3,600	-7,082	1,054	-3,877	21,105	21,453	-16,849	23,689	4,507	1,696	-12,262	-902	13,619
Effect of exchange rate changes on cash and cash equivalents
-2,000	700	-400	100	-200	-1,000	-300	-900	700	-100	700	100	1,400	10,200	-12,600	-7,400	700	-1,100	100	2,700	-3,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents
403,800	-49,400	33,700	300	4,100	1,800	-8,200	-7,000	7,100	8,500	16,500	-51,500	48,200	-65,400	-8,100	51,900	-16,800	12,700	10,300	-27,400	30,500	-114,200	89,100	6,300	4,800	-21,100	45,000	-5,700	-11,800	18,211	-10,061	5,014	3,936	18,705	2,519	-33,254	20,730	10,545	-10,030	-6,283	9,877
Supplemental disclosures of cash flow information:
Cash paid (received) for:
Interest
36,300	65,300	37,000	66,800	35,800	62,800	31,500	63,500	32,400	61,000	23,300	58,600	20,300	53,600	15,700	42,100	18,400	42,300	15,700	38,500	13,600	30,800	17,100	32,900	17,600	30,200	15,000	33,500	13,500	11,960	20,560	29,719	14,061	26,096	9,252	26,673	11,079	29,717	12,580	30,468	13,408
Income taxes
-3,300	22,600	22,600	38,400	8,800	3,100	12,400	17,700	6,400	-51,000	13,000	16,700	-8,400	11,400	10,300	13,800	13,100	14,600	35,600	51,400	13,300	28,700	37,300	39,100	9,200	10,300	11,800	8,100	3,300	6,668	16,052	11,440	7,740	14,436	15,222	14,349	9,093	8,113	8,718	6,680	7,441
Seller financed/assumed debt
-	-	-	-	-	-	-	-	-	-3,000	0	0	3,800	-	-	-	-	0	0	0	2,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non cash activities:
Deferred consideration
-	-	-	-	-	0	0	-5,200	12,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Consideration transferred through common stock issuance
-	-	-	-	-	-	-	-	-	0	0	0	32,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contingent consideration
-	-	-	-	-	-	-	-	-	-	0	0	20,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-