SONIC AUTOMOTIVE, INC. SAH Cash Flow

Sonic automotive, inc. (SAH)

CashFlow / TTM

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
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
-97,417	144,137	119,651	105,760	96,065	51,650	91,782	96,103	91,330	92,983	68,667	67,338	78,028	93,193	86,615	95,008	86,968	86,311	81,379	79,587	91,798	97,217	99,174	97,790	79,713	81,618	83,917	70,631	89,894	89,101	79,257	88,616	81,788	76,254	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment
89,291	89,949	90,224	90,809	92,074	93,617	94,254	93,565	91,527	88,938	85,981	83,223	80,216	77,532	75,143	72,463	70,853	68,793	66,160	63,146	60,283	58,254	58,041	57,581	56,293	54,047	50,949	48,651	46,918	45,918	44,583	43,425	41,774	40,607	0	0	0
Provision for bad debt expense
497	522	438	453	579	531	461	536	460	748	786	636	647	389	536	732	2,052	1,909	1,818	1,750	434	516	455	374	310	249	231	218	381	453	727	899	843	863	0	0	0
Other amortization
-	-	-	-	-	617	625	634	643	649	649	649	649	649	649	649	649	649	665	710	937	1,165	1,378	1,561	1,561	1,561	1,561	1,561	1,561	1,561	2,802	2,827	2,854	2,878	0	0	0
Debt issuance cost amortization
2,444	2,478	2,379	2,390	2,411	2,418	2,427	2,407	2,376	2,383	2,539	2,584	2,624	2,641	2,919	2,773	2,628	2,489	1,937	1,957	1,955	2,135	2,252	2,404	2,656	2,787	2,963	3,061	3,082	3,053	3,012	3,254	3,503	3,725	0	0	0
Debt discount amortization, net of premium amortization
-	-	-	-	-	-	-	-	-	157	234	252	294	303	298	266	236	199	151	121	79	67	42	-22	-61	-111	-142	279	1,445	2,780	4,059	5,024	5,193	5,158	0	0	0
Stock-based compensation expense
10,410	10,797	9,371	11,268	11,705	11,853	12,806	11,407	11,496	11,119	11,673	11,254	10,855	11,165	10,799	10,705	10,317	9,814	8,881	8,237	7,880	7,675	7,852	8,133	8,268	7,208	6,772	5,829	6,180	5,160	7,318	6,068	3,698	3,698	0	0	0
Amortization of restricted stock, net of forfeitures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Deferred income taxes
-72,028	-20,845	-23,235	-19,978	-22,353	-20,606	-36,213	-34,130	-28,040	-27,760	9,206	3,455	9,535	14,465	7,163	18,792	16,074	15,996	24,034	22,668	26,775	28,470	26,941	26,728	20,871	21,924	24,338	18,219	29,736	22,496	44,610	43,203	28,738	28,916	0	0	0
Net distributions from equity investee
32	101	154	182	-322	225	176	166	643	138	160	145	149	300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity interest in earnings of investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	316	344	376	406	423	457	459	481	510	464	561	603	0	0	0
Asset impairment charges
286,816	20,768	18,614	17,514	27,866	29,514	20,079	20,279	12,484	9,394	5,138	11,027	8,573	8,063	7,497	1,445	11,763	17,955	23,077	23,248	12,783	6,594	10,018	9,828	9,860	9,872	962	967	964	950	1,048	1,127	1,135	1,151	0	0	0
Loss (gain) on disposal of dealerships and property and equipment
122,064	75,318	38,256	38,538	-2,405	43,164	-22,328	-31,178	9,017	10,194	-8,018	413	440	331	-2,635	-2,036	-3,142	-3,089	-2,376	-6,332	-12,611	-13,323	-11,670	-8,204	-528	267	-3,477	-4,768	-4,991	-10,623	-6,842	-5,456	-5,399	256	0	0	0
Loss (gain) on exit of leased dealerships
0	170	1,158	1,025	3,531	-1,709	-2,838	-2,894	-6,613	-2,157	-2,293	-3,352	-2,409	-1,386	-1,472	-1,002	-936	-1,848	-2,059	-385	-384	-302	-312	-1,934	-2,548	-2,915	-3,155	-4,441	-1,753	-4,286	-3,651	-1,417	-6,660	-4,384	0	0	0
Loss (gain) on retirement of debt
-	-	-	-	-	-	-	-	-	-14,607	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash adjustments - cash flow swaps
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Changes in assets and liabilities that relate to operations:
Receivables
-169,570	-4,652	16,053	18,503	3,627	-50,351	-72,694	45,627	64,876	52,989	124,272	-10,746	31,651	62,894	228	4,483	-35,468	9,048	22,326	-174	-4,225	2,436	-4,978	3,549	23,188	9,092	22,027	23,667	26,300	42,093	41,005	66,045	40,273	64,858	0	0	0
Inventories
128,655	78,523	106,123	37,167	76,075	78,701	154,097	-35,787	-44,314	-57,250	-131,712	25,457	204	-35,545	85,458	152,289	316,926	291,100	219,005	140,941	36,623	56,203	1,574	51,582	102,543	78,646	177,423	238,655	180,875	347,633	242,755	182,138	62,460	-40,201	0	0	0
Other assets
-25,325	-47,472	55,807	54,849	51,905	-11,288	-9,569	-23,603	-16,200	-3,266	5,511	3,859	-1,397	-62,538	-64,510	-30,938	-29,737	19,785	-32,779	-37,033	-10,937	278	78,908	46,127	61,023	9,834	44,122	67,069	29,536	69,157	8,479	7,339	3,099	5,117	0	0	0
Notes payable - floor plan - trade
64,202	39,797	-7,992	8,739	-12,197	16,836	31,553	-57,755	-38,616	-46,299	-43,928	15,125	2,492	-42,929	856	23,607	161,834	181,848	131,364	59,397	17,986	30,588	-21,689	36,799	18,513	25,835	95,786	164,174	123,499	186,168	131,376	64,909	27,792	-9,807	0	0	0
Trade accounts payable and other liabilities
-110,501	-21,396	-19,700	-9,033	21,505	15,987	24,377	10,119	4,197	16,612	12,033	7,994	11,728	14,953	9,781	22,839	20,273	5,190	6,291	10,264	3,486	190	4,061	16,455	10,763	-11,984	26,842	-17,937	-21,337	20,970	-18,444	-18,019	2,121	24,817	0	0	0
Total adjustments
315,462	26,777	-157,095	-57,052	-101,541	92,025	38,442	12,005	46,900	69,900	94,300	135,194	113,800	123,175	92,969	27,093	42,707	-16,595	55,794	82,157	99,044	63,833	2,173	51,972	-27,838	44,830	-6,002	-59,783	-29,267	-156,479	-57,622	-105,314	14,254	77,376	0	0	0
Net cash provided by (used in) operating activities
218,045	170,914	-37,444	48,708	-5,476	143,675	130,224	108,108	138,230	162,883	162,967	202,532	191,828	216,368	179,584	122,101	129,675	69,716	137,173	161,744	190,842	161,050	101,347	149,762	51,875	126,448	77,915	10,848	60,627	-67,378	21,635	-16,698	96,042	153,630	0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of businesses, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	50,867	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of land, property and equipment
114,762	125,576	104,250	115,251	128,525	163,619	186,270	212,625	224,272	234,245	233,065	218,484	240,536	206,232	201,211	199,297	167,864	173,249	183,600	180,768	171,650	146,432	120,009	117,056	119,829	157,617	167,690	150,019	142,755	95,376	78,043	80,559	80,087	158,716	0	0	0
Proceeds from sales of property and equipment
9,910	10,841	17,060	9,271	18,501	19,554	13,494	12,889	2,604	596	661	723	720	1,319	1,191	1,509	1,531	1,397	8,972	10,943	12,185	14,122	6,502	4,466	3,169	769	2,296	347	463	750	-561	1,411	1,140	965	0	0	0
Proceeds from sales of dealerships
129,011	250,711	136,961	127,667	242,973	128,734	137,431	160,554	45,611	38,150	0	0	0	-	-	-	-	-	-	-	-	74,823	0	0	0	-	-	-	-	72,220	51,853	23,620	19,958	129	0	0	0
Distributions from equity investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0
Net cash provided by (used in) investing activities
24,964	136,781	49,771	21,687	132,949	-15,331	-35,345	-115,792	-252,667	-272,109	-286,436	-233,622	-255,677	-220,774	-209,153	-191,060	-158,355	-163,874	-185,925	-169,681	-136,053	-108,354	-77,004	-175,712	-203,800	-244,532	-232,711	-100,572	-90,035	-21,706	-26,051	-54,828	-58,289	-157,022	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings on notes payable - floor plan - non-trade
85,807	34,743	-65,159	8,910	-17,700	-3,868	-56,156	-41,158	-73,453	-33,745	-11,760	-23,793	-22,727	-49,986	-66,695	-109,381	-67,008	-74,249	-52,634	-30,868	4,150	19,543	16,912	6,416	-52,594	-46,638	-72,918	-33,811	-71,071	-124,709	-80,661	-179,159	-35,580	-16,163	0	0	0
Borrowings on revolving credit facilities
817,219	482,488	540,067	707,287	743,349	918,967	811,664	797,968	617,360	327,070	279,680	98,096	144,023	209,287	275,959	318,629	358,336	402,093	391,353	359,034	251,816	179,791	173,466	207,344	234,388	231,698	193,762	122,114	127,004	143,577	125,910	188,777	187,675	248,018	0	0	0
Repayments on revolving credit facilities
607,219	482,488	553,593	724,683	843,349	993,967	933,138	780,572	517,360	252,070	144,680	98,096	147,713	213,490	279,205	327,627	354,646	397,890	397,886	350,036	251,816	179,791	163,687	207,344	234,388	237,874	193,762	122,114	127,004	137,401	143,910	188,777	187,675	248,018	0	0	0
Proceeds from issuance of long-term debt
-	-	-	-	-	21,072	35,136	41,097	53,588	302,483	292,222	309,444	339,495	103,395	103,592	99,409	77,212	69,075	0	0	0	-	-	-	-	-	-	0	0	-	213,600	22,900	22,900	66,150	0	0	0
Debt issuance costs
1,451	1,427	18	15	-15	144	331	474	792	4,855	7,541	7,303	7,154	3,084	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments and repurchase of long-term debt
40,040	40,274	30,945	38,424	38,575	45,053	36,979	44,129	44,036	36,836	36,408	32,367	31,615	30,949	30,879	19,908	19,601	19,424	18,628	20,694	20,160	19,482	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of debt securities
-	-	-	-	-	-	-	-	-	210,914	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on long-term debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	10,310	21,368	21,121	20,418	0	0	0
Purchases of treasury stock
21,334	2,381	2,381	3,023	2,994	24,110	24,110	34,867	56,800	37,347	39,832	38,415	29,552	99,971	99,929	107,221	97,775	34,483	45,550	56,657	55,781	53,046	42,123	14,061	16,335	17,067	81,033	95,255	90,245	82,924	18,246	8,915	8,883	10,987	0	0	0
Finance Lease, Principal Payments
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax benefit (expense) associated with stock compensation plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-2,611	371	1,108	1,117	1,888	1,113	1,117	1,371	1,033	580	626	708	856	1,880	2,196	2,070	3,207	2,568	2,682	2,615	1,772	0	0	0
Issuance of shares under stock compensation plans
2	60	60	58	60	352	351	352	396	45	64	67	26	27	1,832	1,536	1,782	3,662	2,561	2,879	4,276	3,274	3,657	3,680	2,322	2,171	1,911	2,869	2,061	2,333	1,609	791	997	645	0	0	0
Dividends paid
17,242	15,493	13,741	11,989	10,232	9,827	9,425	9,075	8,774	8,851	8,934	9,007	9,065	8,701	7,712	6,697	5,678	5,078	5,122	5,170	5,217	5,261	0	0	0	-	-	-	-	6,743	5,306	5,315	5,300	5,286	0	0	0
Net cash provided by (used in) financing activities
-63,951	-284,446	-17,508	-76,409	-133,914	-128,842	-100,676	11,458	117,035	112,470	133,907	33,051	68,024	3,889	30,017	67,826	27,112	93,601	49,581	8,490	-52,970	-51,530	-31,672	25,759	149,817	117,729	101,312	87,006	31,295	90,542	65,217	75,363	-37,788	-16,537	0	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
179,058	23,249	-5,181	-6,014	-6,441	-498	-5,797	3,774	2,598	3,244	10,438	1,961	4,175	-517	448	-1,133	-1,568	-557	829	553	1,819	1,166	-7,329	-191	-2,108	-355	-53,484	-2,718	1,887	1,458	60,801	3,837	-35	-19,929	0	0	0
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)
-2,770	-4,359	-6,841	-5,774	-3,491	1,284	6,216	6,291	5,446	3,835	7,502	9,642	7,881	3,553	826	-4,394	-1,767	335	-3,000	2,120	926	2,886	5,573	3,287	9,879	10,629	10,064	9,725	1,733	1,687	1,085	-1,422	-2,785	-2,492	0	0	0
Cash paid (received) during the period for:
Cash paid (received) during the period for:
Interest, including amount capitalized
102,618	104,204	103,272	102,914	101,711	98,126	95,374	92,983	89,590	89,525	87,663	84,610	82,365	77,289	74,783	73,079	72,065	71,328	71,203	70,797	71,147	71,776	73,703	74,986	71,680	81,626	68,788	74,176	76,025	71,140	75,394	76,442	78,196	80,825	0	0	0
Income taxes
62,478	72,752	58,890	57,840	45,494	35,217	45,111	48,925	42,804	42,907	32,289	30,248	28,187	28,459	43,678	41,581	39,516	38,474	37,965	34,585	47,170	50,525	34,678	25,561	22,161	30,158	32,642	32,183	33,075	28,633	27,138	38,252	25,517	20,371	0	0	0