Sonic automotive, inc. (SAH)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)

-199,333

46,306

29,010

26,600

42,221

21,820

15,119

16,905

-2,194

61,952

19,440

12,132

-541

37,636

18,111

22,822

14,624

31,058

26,504

14,782

13,967

26,126

24,712

26,993

19,386

28,083

23,328

8,916

21,291

30,382

10,042

28,179

20,498

20,538

19,401

21,351

14,964

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment

21,540

22,279

22,789

22,683

22,198

22,554

23,374

23,948

23,741

23,191

22,685

21,910

21,152

20,234

19,927

18,903

18,468

17,845

17,247

17,293

16,408

15,212

14,233

14,430

14,379

14,999

13,773

13,142

12,133

11,901

11,475

11,409

11,133

10,566

10,317

9,758

9,966

Provision for bad debt expense

134

245

72

46

159

161

87

172

111

91

162

96

399

129

12

107

141

276

208

1,427

-2

185

140

111

80

124

59

47

19

106

46

210

91

380

218

154

111

Other amortization

-

-

-

-

-

154

153

154

156

162

162

163

162

162

162

163

162

162

162

163

162

178

207

390

390

391

390

390

390

391

390

390

390

1,632

415

417

414

Debt issuance cost amortization

557

689

600

598

591

590

611

619

598

599

591

588

605

755

636

628

622

1,033

490

483

483

481

510

481

663

598

662

733

794

774

760

754

765

733

1,002

1,003

987

Debt discount amortization, net of premium amortization

-

-

-

-

-

-

-

-

-

0

58

35

64

77

76

77

73

72

44

47

36

24

14

5

24

-1

-50

-34

-26

-32

371

1,132

1,309

1,247

1,336

1,301

1,274

Stock-based compensation expense

2,427

2,690

2,681

2,612

2,814

1,264

4,578

3,049

2,962

2,217

3,179

3,138

2,585

2,771

2,760

2,739

2,895

2,405

2,666

2,351

2,392

1,472

2,022

1,994

2,187

1,649

2,303

2,129

1,127

1,213

1,360

2,480

107

3,371

110

110

107

Amortization of restricted stock, net of forfeitures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,023

-

943

854

551

Deferred income taxes

-53,999

-12,508

-2,777

-2,744

-2,816

-14,898

480

-5,119

-1,069

-30,505

2,563

971

-789

6,461

-3,188

7,051

4,141

-841

8,441

4,333

4,063

7,197

7,075

8,440

5,758

5,668

6,862

2,583

6,811

8,082

743

14,100

-429

30,196

-664

-365

-251

Net distributions from equity investee

-448

151

155

174

-379

204

183

-330

168

155

173

147

-337

177

158

151

-186

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity interest in earnings of investee

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32

-

80

92

49

95

108

124

79

112

142

126

101

141

96

223

143

Asset impairment charges

268,000

17,668

1,100

48

1,952

15,514

0

10,400

3,600

6,079

200

2,605

510

1,823

6,089

151

0

1,257

37

10,469

6,192

6,379

208

4

3

9,803

18

36

15

893

23

33

1

991

102

41

17

Loss (gain) on disposal of dealerships and property and equipment

-39

121,342

41

720

-46,785

84,280

323

-40,223

-1,216

18,788

-8,527

-28

-39

576

-96

-1

-148

-2,390

503

-1,107

-95

-1,677

-3,453

-7,386

-807

-24

13

290

-12

-3,768

-1,278

67

-5,644

13

108

124

11

Loss (gain) on exit of leased dealerships

0

0

0

0

170

988

-133

2,506

-5,070

-141

-189

-1,213

-614

-277

-1,248

-270

409

-363

-778

-204

-503

-574

896

-203

-421

-584

-726

-817

-788

-824

-2,012

1,871

-3,321

-189

222

-3,372

-1,045

Loss (gain) on retirement of debt

-

-

-

-

-

-

-

-

-

0

0

0

-14,607

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash adjustments - cash flow swaps

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-22

-

313

464

-178

Changes in assets and liabilities that relate to operations:
Receivables

-231,732

78,957

-1,072

-15,723

-66,814

99,662

1,378

-30,599

-120,792

77,319

119,699

-11,350

-132,679

148,602

-15,319

31,047

-101,436

85,936

-11,064

-8,904

-56,920

99,214

-33,564

-12,955

-50,259

91,800

-25,037

6,684

-64,355

104,735

-23,397

9,317

-48,562

103,647

1,643

-16,455

-23,977

Inventories

90,342

30,831

16,126

-8,644

40,210

58,431

-52,830

30,264

42,836

133,827

-242,714

21,737

29,900

59,365

-85,545

-3,516

-5,849

180,368

-18,714

161,121

-31,675

108,273

-96,778

56,803

-12,095

53,644

-46,770

107,764

-35,992

152,421

14,462

49,984

130,766

47,543

-46,155

-69,694

28,105

Other assets

89,114

-112,550

-559

-1,330

66,967

-9,271

-1,517

-4,274

3,774

-7,552

-15,551

3,129

16,708

1,225

-17,203

-2,127

-44,433

-747

16,369

-926

5,089

-53,311

12,115

25,170

16,304

25,319

-20,666

40,066

-34,885

59,607

2,281

2,533

4,736

-1,071

1,141

-1,707

6,754

Notes payable - floor plan - trade

-33,579

118,351

-10,719

-9,851

-57,984

70,562

6,012

-30,787

-28,951

85,279

-83,296

-11,648

-36,634

87,650

-24,243

-24,281

-82,055

131,435

-1,492

113,946

-62,041

80,951

-73,459

72,535

-49,439

28,674

-14,971

54,249

-42,117

98,625

53,417

13,574

20,552

43,833

-13,050

-23,543

-17,047

Trade accounts payable and other liabilities

-105,630

20,808

3,041

-28,720

-16,525

22,504

13,708

1,818

-22,043

30,894

-550

-4,104

-9,628

26,315

-4,589

-370

-6,403

21,143

8,469

-2,936

-21,486

22,244

12,442

-9,714

-24,782

26,115

24,836

-15,406

-47,529

64,941

-19,943

-18,806

-5,222

25,527

-19,518

1,334

17,474

Total adjustments

152,135

150,254

2,203

10,870

-136,550

-33,618

102,246

-33,619

57,016

-87,201

75,809

1,276

80,016

-62,801

116,703

-20,118

89,391

-93,007

50,827

-4,504

30,089

-20,618

77,190

12,383

-5,122

-82,278

126,989

-67,427

67,546

-133,110

73,208

-36,911

-59,666

-34,253

25,516

82,657

3,456

Net cash provided by (used in) operating activities

-47,198

196,560

31,213

37,470

-94,329

-11,798

117,365

-16,714

54,822

-25,249

95,249

13,408

79,475

-25,165

134,814

2,704

104,015

-61,949

77,331

10,278

44,056

5,508

101,902

39,376

14,264

-54,195

150,317

-58,511

88,837

-102,728

83,250

-8,732

-39,168

-13,715

44,917

104,008

18,420

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of businesses, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35,579

12,715

0

2,573

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of land, property and equipment

19,805

51,027

23,315

20,615

30,619

29,701

34,316

33,889

65,713

52,352

60,671

45,536

75,686

51,172

46,090

67,588

41,382

46,151

44,176

36,155

46,767

56,502

41,344

27,037

21,549

30,079

38,391

29,810

59,337

40,152

20,720

22,546

11,958

22,819

23,236

22,074

90,587

Proceeds from sales of property and equipment

194

45

8,495

1,176

1,125

6,264

706

10,406

2,178

204

101

121

170

269

163

118

769

141

481

140

635

7,716

2,452

1,382

2,572

96

416

85

172

1,623

-1,533

201

459

312

439

-70

284

Proceeds from sales of dealerships

0

120,625

8,749

-363

121,700

6,875

-545

114,943

7,461

15,572

22,578

0

0

-

-

-

-

-

-

-

-

23,432

24,156

24,118

3,117

-

-

-

-

20,367

28,233

3,657

19,963

0

0

-5

134

Distributions from equity investee

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

700

-

0

0

600

Net cash provided by (used in) investing activities

-19,611

70,448

-6,071

-19,802

92,206

-16,562

-34,155

91,460

-56,074

-36,576

-114,602

-45,415

-75,516

-50,903

-61,788

-67,470

-40,613

-39,282

-43,695

-34,765

-46,132

-61,333

-27,451

-1,137

-18,433

-29,983

-126,159

-29,225

-59,165

-18,162

5,980

-18,688

9,164

-22,507

-22,797

-22,149

-89,569

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings on notes payable - floor plan - non-trade

41,223

43,471

-10,371

11,484

-9,841

-56,431

63,698

-15,126

3,991

-108,719

78,696

-47,421

43,699

-86,734

66,663

-46,355

16,440

-103,443

23,977

-3,982

9,199

-81,828

45,743

31,036

24,592

-84,459

35,247

-27,974

30,548

-110,739

74,354

-65,234

-23,090

-66,691

-24,144

78,345

-3,673

Borrowings on revolving credit facilities

460,916

123,126

56,127

177,050

126,185

180,705

223,347

213,112

301,803

73,402

209,651

32,504

11,513

26,012

28,067

78,431

76,777

92,684

70,737

118,138

120,534

81,944

38,418

10,920

48,509

75,619

72,296

37,964

45,819

37,683

648

42,854

62,392

20,016

63,515

41,752

122,735

Repayments on revolving credit facilities

250,916

123,126

56,127

177,050

126,185

194,231

227,217

295,716

276,803

133,402

74,651

32,504

11,513

26,012

28,067

82,121

77,290

91,727

76,489

109,140

120,534

91,723

28,639

10,920

48,509

75,619

72,296

37,964

51,995

31,507

648

42,854

62,392

38,016

45,515

41,752

122,735

Proceeds from issuance of long-term debt

-

-

-

-

-

0

0

112

20,960

14,064

5,961

12,603

269,855

3,803

23,183

42,654

33,755

4,000

19,000

20,457

25,618

-

-

-

-

-

-

306,560

19,200

-

198,220

0

10,700

4,680

7,520

0

53,950

Debt issuance costs

24

1,404

21

2

0

-5

18

-28

159

182

161

290

4,222

2,868

-77

141

152

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

40,422

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments and repurchase of long-term debt

5,777

23,045

5,514

5,704

6,011

13,716

12,993

5,855

12,489

5,642

20,143

5,762

5,289

5,214

16,102

5,010

4,623

5,144

5,131

4,703

4,446

4,348

7,197

4,169

3,768

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of debt securities

-

-

-

-

-

-

-

-

-

0

0

0

210,914

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,254

3,387

3,084

-

2,669

2,615

2,547

2,479

13,727

2,368

1,844

Purchases of treasury stock

21,286

0

0

48

2,333

0

642

19

23,449

0

11,399

21,952

3,996

2,485

9,982

13,089

74,415

2,443

17,274

3,643

11,123

13,510

28,381

2,767

8,388

2,587

319

5,041

9,120

66,553

14,541

31

1,799

1,875

5,210

-1

3,903

Finance Lease, Principal Payments

337

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax benefit (expense) associated with stock compensation plans

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,510

-737

13

-377

1,472

0

22

394

697

4

276

56

244

50

358

204

1,268

366

232

1,341

629

480

165

498

Issuance of shares under stock compensation plans

1

0

1

0

59

0

-1

2

351

-1

0

46

0

18

3

5

1

1,823

-293

251

1,881

722

25

1,648

879

1,105

48

290

728

845

1,006

-518

1,000

121

188

-312

648

Dividends paid

4,314

4,314

4,312

4,302

2,565

2,562

2,560

2,545

2,160

2,160

2,210

2,244

2,237

2,243

2,283

2,302

1,873

1,254

1,268

1,283

1,273

1,298

1,316

1,330

1,317

-

-

-

-

2,754

1,316

1,339

1,334

1,317

1,325

1,324

1,320

Net cash provided by (used in) financing activities

219,486

-240,306

-24,881

-18,250

-1,009

26,632

-83,782

-75,755

4,063

54,798

28,352

29,822

-502

76,235

-72,504

64,795

-64,637

102,363

-34,695

24,081

1,852

58,343

-75,786

-37,379

3,292

78,201

-18,355

86,679

-28,796

61,784

-32,661

30,968

30,451

36,459

-22,515

-82,183

51,702

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

152,677

26,702

261

-582

-3,132

-1,728

-572

-1,009

2,811

-7,027

8,999

-2,185

3,457

167

522

29

-1,235

1,132

-1,059

-406

-224

2,518

-1,335

860

-877

-5,977

5,803

-1,057

876

-59,106

56,569

3,548

447

237

-395

-324

-19,447

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)

-272

-407

-679

-1,412

-1,861

-2,889

388

871

2,914

2,043

463

26

1,303

5,710

2,603

-1,735

-3,025

2,983

-2,617

892

-923

-352

2,503

-302

1,037

2,335

217

6,290

1,787

1,770

-122

-1,702

1,741

1,168

-2,629

-3,065

2,034

Cash paid (received) during the period for:
Cash paid (received) during the period for:
Interest, including amount capitalized

25,359

25,686

25,375

26,198

26,945

24,754

25,017

24,995

23,360

22,002

22,626

21,602

23,295

20,140

19,573

19,357

18,219

17,634

17,869

18,343

17,482

17,509

17,463

18,693

18,111

19,436

18,746

15,387

28,057

6,598

24,134

17,236

23,172

10,852

25,182

18,990

25,801

Income taxes

3

16,123

15,324

31,028

10,277

2,261

14,274

18,682

0

12,155

18,088

12,561

103

1,537

16,047

10,500

375

16,756

13,950

8,435

-667

16,247

10,570

21,020

2,688

400

1,453

17,620

10,685

2,884

994

18,512

6,243

1,389

12,108

5,777

1,097