SONIC AUTOMOTIVE, INC. SAH Cash Flow

Sonic automotive, inc. (SAH)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
144,137	51,650	92,983	93,193	86,311	97,217	81,618	89,101	76,254	89,929	31,548
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment
89,949	93,617	88,938	77,532	68,793	58,254	54,047	45,918	40,607	35,292	36,091
Provision for bad debt expense
522	531	748	389	1,909	516	249	453	863	1,449	1,491
Other amortization
5	617	649	649	649	1,165	1,561	1,561	2,878	1,656	1,656
Debt issuance cost amortization
2,478	2,418	2,383	2,641	2,489	2,135	2,787	3,053	3,725	3,685	13,435
Debt discount amortization, net of premium amortization
0	0	157	303	199	67	-111	2,780	5,158	5,195	11,755
Stock-based compensation expense
10,797	11,853	11,119	11,165	9,814	7,675	7,208	5,160	3,698	513	603
Amortization of restricted stock, net of forfeitures
-	-	-	-	-	-	-	-	-	2,301	1,329
Deferred income taxes
-20,845	-20,606	-27,760	14,465	15,996	28,470	21,924	22,496	28,916	22,057	23,153
Net distributions from equity investee
101	225	138	300	263	-117	500	700	600	-	-
Valuation allowance - deferred income taxes
-	-	-	-	-	-	-	-	-	50,388	53,743
Equity interest in earnings of investee
-	-	-	-	-	-	406	481	603	752	713
Asset impairment charges
20,768	29,514	9,394	8,063	17,955	6,594	9,872	950	1,151	249	30,038
Loss (gain) on disposal of dealerships and property and equipment
75,318	43,164	10,194	331	-3,089	-13,323	267	-10,623	256	-1,249	-804
Loss (gain) on exit of leased dealerships
170	-1,709	-2,157	-1,386	-1,848	-302	-2,915	-4,286	-4,384	-4,266	-33,013
Loss (gain) on retirement of debt
-6,690	0	-14,607	0	-	-	-28,238	-19,713	-1,107	-7,665	-6,745
Derivative liability fair value adjustments
-	-	-	-	-	-	-	-	-	-	11,300
Non-cash adjustments - cash flow swaps
-	-	-	-	-	-	-	-	-	4,883	11,769
Changes in assets and liabilities that relate to operations:
Receivables
-4,652	-50,351	52,989	62,894	9,048	2,436	9,092	42,093	64,858	8,114	-23,424
Inventories
78,523	78,701	-57,250	-35,545	291,100	56,203	78,646	347,633	-40,201	121,935	-307,803
Other assets
-47,472	-11,288	-3,266	-62,538	19,785	278	9,834	69,157	5,117	21,315	1,393
Notes payable - floor plan - trade
39,797	16,836	-46,299	-42,929	181,848	30,588	25,835	186,168	-9,807	263,963	-58,972
Trade accounts payable and other liabilities
-21,396	15,987	16,612	14,953	5,190	190	-11,984	20,970	24,817	15,689	-3,347
Total adjustments
26,777	92,025	69,900	123,175	-16,595	63,833	44,830	-156,479	77,376	165,110	372,033
Net cash provided by (used in) operating activities
170,914	143,675	162,883	216,368	69,716	161,050	126,448	-67,378	153,630	255,039	403,581
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of businesses, net of cash acquired
0	0	76,610	15,861	-	50,867	88,184	-	0	-	-
Purchases of land, property and equipment
125,576	163,619	234,245	206,232	173,249	146,432	157,617	95,376	158,716	85,194	43,277
Proceeds from sales of property and equipment
10,841	19,554	596	1,319	1,397	14,122	769	750	965	1,214	6,018
Proceeds from sales of dealerships
250,711	128,734	38,150	0	7,978	74,823	-	72,220	129	24,720	27,276
Proceeds from Life Insurance Policy
805	0	0	-	-	-	-	-	-	-	-
Distributions from equity investee
-	-	-	-	-	-	-	-	-	600	300
Net cash provided by (used in) investing activities
136,781	-15,331	-272,109	-220,774	-163,874	-108,354	-244,532	-21,706	-157,022	-58,660	-9,683
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings on notes payable - floor plan - non-trade
34,743	-3,868	-33,745	-49,986	-74,249	19,543	-46,638	-124,709	-16,163	168,688	294,823
Borrowings on revolving credit facilities
482,488	918,967	327,070	209,287	402,093	179,791	231,698	143,577	248,018	40,000	558,011
Repayments on revolving credit facilities
482,488	993,967	252,070	213,490	397,890	179,791	237,874	137,401	248,018	40,000	628,853
Proceeds from issuance of long-term debt
109,088	21,072	302,483	103,395	69,075	44,454	353,693	-	66,150	229,775	178,751
Debt issuance costs
1,427	144	4,855	3,084	491	2,959	5,394	4,472	-	10,962	18,387
Proceeds from issuance of long-term debt
-	-	-	-	-	-	-	223,920	-	-	-
Principal payments and repurchase of long-term debt
40,274	45,053	36,836	30,949	19,424	19,482	19,426	10,768	-	-	-
Repurchase of debt securities
294,095	0	210,914	0	-	-	233,573	164,896	64,576	249,190	244,258
Finance Lease, Right-of-Use Asset, Amortization
5,181	0	0	-	-	-	-	-	-	-	-
Principal payments on long-term debt
-	-	-	-	-	-	-	-	20,418	6,362	5,458
Settlement of cash flow swaps
-	-	-	-	-	-	-	-	-	-	16,454
Purchases of treasury stock
2,381	24,110	37,347	99,971	34,483	53,046	17,067	82,924	10,987	1,113	61
Income tax benefit (expense) associated with stock compensation plans
-	-	-	-2,611	1,888	1,033	856	3,207	1,772	-12	-
Income tax benefit associated with convertible hedge
-	-	-	-	-	-	-	-	-	239	4,293
Issuance of shares under stock compensation plans
60	352	45	27	3,662	3,274	2,171	2,333	645	1,741	-
Issuance of common stock
-	-	-	-	-	-	-	-	-	-	101,265
Dividends paid
15,493	9,827	8,851	8,701	5,078	5,261	3,993	6,743	5,286	-	4,860
Net cash provided by (used in) financing activities
-284,446	-128,842	112,470	3,889	93,601	-51,530	117,729	90,542	-16,537	-204,572	-370,834
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
23,249	-498	3,244	-517	-557	1,166	-355	1,458	-19,929	-8,193	23,064
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:
Change in fair value of interest rate swap and interest rate cap agreements (net of tax expense of $1,563 and $1,099 in the nine months ended September 30, 2018 and 2017, respectively)
-4,359	1,284	3,835	3,553	335	2,886	10,629	1,687	-2,492	3,667	11,494
Issuance of common stock as consideration for extinguishment of debt securities
-	-	-	-	-	-	-	67,869	-	-	-
Cash paid (received) during the period for:
Cash paid (received) during the period for:
Interest, including amount capitalized
104,204	98,126	89,525	77,289	71,328	71,776	81,626	71,140	80,825	93,598	110,420
Income taxes
72,752	35,217	42,907	28,459	38,474	50,525	30,158	28,633	20,371	-17,098	-23,507