Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 13,967us-gaap_NetIncomeLoss $ 19,386us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 16,408sah_DepreciationAndAmortizationOfPropertyPlantAndEquipment 14,379sah_DepreciationAndAmortizationOfPropertyPlantAndEquipment
Provision for bad debt expense (2)us-gaap_ProvisionForDoubtfulAccounts 80us-gaap_ProvisionForDoubtfulAccounts
Other amortization 162us-gaap_OtherDepreciationAndAmortization 390us-gaap_OtherDepreciationAndAmortization
Debt issuance cost amortization 483us-gaap_AmortizationOfFinancingCosts 663us-gaap_AmortizationOfFinancingCosts
Debt discount amortization, net of premium amortization 36us-gaap_AmortizationOfDebtDiscountPremium 24us-gaap_AmortizationOfDebtDiscountPremium
Stock - based compensation expense 2,392us-gaap_ShareBasedCompensation 2,187us-gaap_ShareBasedCompensation
Deferred income taxes 4,063us-gaap_DeferredIncomeTaxExpenseBenefit 5,758us-gaap_DeferredIncomeTaxExpenseBenefit
Equity interest in earnings of investee (32)us-gaap_IncomeLossFromEquityMethodInvestments (49)us-gaap_IncomeLossFromEquityMethodInvestments
Asset impairment charges 6,192sah_AssetImpairmentChargesContinuingOperations 3sah_AssetImpairmentChargesContinuingOperations
Loss (gain) on disposal of dealerships and property and equipment (95)sah_LossGainOnDisposalOfFranchisesAndPropertyAndEquipment (807)sah_LossGainOnDisposalOfFranchisesAndPropertyAndEquipment
Loss (gain) on exit of leased dealerships 503sah_GainLossOnExitOfLeasedDealerships 421sah_GainLossOnExitOfLeasedDealerships
Changes in assets and liabilities that relate to operations:    
Receivables 56,920us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables 50,259us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables
Inventories 31,675us-gaap_IncreaseDecreaseInInventories 12,095us-gaap_IncreaseDecreaseInInventories
Other assets (5,089)us-gaap_IncreaseDecreaseInOtherOperatingAssets (16,304)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Notes payable - floor plan - trade (62,041)sah_IncreaseDecreaseInVehicleFloorPlanPayableTradeNet (49,439)sah_IncreaseDecreaseInVehicleFloorPlanPayableTradeNet
Trade accounts payable and other liabilities (21,486)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (24,782)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Total adjustments 30,089us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities (5,122)us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net cash provided by (used in) operating activities 44,056us-gaap_NetCashProvidedByUsedInOperatingActivities 14,264us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of businesses, net of cash acquired   (2,573)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Purchases of land, property and equipment (46,767)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (21,549)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sales of property and equipment 635us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 2,572us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Proceeds from sales of dealerships   3,117us-gaap_ProceedsFromDivestitureOfBusinessesNetOfCashDivested
Net cash provided by (used in) investing activities (46,132)us-gaap_NetCashProvidedByUsedInInvestingActivities (18,433)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (repayments) borrowings on notes payable - floor plan - non-trade (9,199)sah_IncreaseDecreaseInVehicleFloorPlanPayableNonTradeNet (24,592)sah_IncreaseDecreaseInVehicleFloorPlanPayableNonTradeNet
Borrowings on revolving credit facilities 120,534us-gaap_ProceedsFromLongTermLinesOfCredit 48,509us-gaap_ProceedsFromLongTermLinesOfCredit
Repayments on revolving credit facilities (120,534)us-gaap_RepaymentsOfLongTermLinesOfCredit (48,509)us-gaap_RepaymentsOfLongTermLinesOfCredit
Proceeds from issuance of long-term debt 25,618us-gaap_ProceedsFromIssuanceOfSecuredDebt 40,422us-gaap_ProceedsFromIssuanceOfSecuredDebt
Principal payments on long-term debt (4,446)us-gaap_RepaymentsOfLongTermDebt (3,768)us-gaap_RepaymentsOfLongTermDebt
Purchases of treasury stock (11,123)us-gaap_PaymentsForRepurchaseOfCommonStock (8,388)us-gaap_PaymentsForRepurchaseOfCommonStock
Income tax benefit (expense) associated with stock compensation plans 394us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 56us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Issuance of shares under stock compensation plans 1,881us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans 879us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
Dividends paid (1,273)us-gaap_PaymentsOfDividendsCommonStock (1,317)us-gaap_PaymentsOfDividendsCommonStock
Net cash provided by (used in) financing activities 1,852us-gaap_NetCashProvidedByUsedInFinancingActivities 3,292us-gaap_NetCashProvidedByUsedInFinancingActivities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (224)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (877)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 4,182us-gaap_CashAndCashEquivalentsAtCarryingValue 3,016us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS, END OF PERIOD 3,958us-gaap_CashAndCashEquivalentsAtCarryingValue 2,139us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES:    
Change in fair value of cash flow hedging instruments (net of tax benefit and expense of $566 and $636 in the three months ended March 31, 2015 and 2014, respectively) (923)us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax 1,037us-gaap_OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
Cash paid (received) during the period for:    
Interest, including amount capitalized 17,482us-gaap_InterestPaid 18,111us-gaap_InterestPaid
Income taxes $ (667)us-gaap_IncomeTaxesPaidNet $ 2,688us-gaap_IncomeTaxesPaidNet