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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
|---|---|---|
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Mar. 31, 2015
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Mar. 31, 2014
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| 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 |
| X | ||||||||||
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- Definition
Asset impairment charges continuing operations. No definition available.
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- Definition
Depreciation and amortization of property, plant and equipment. No definition available.
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- Definition
Loss on exit of leased dealerships. No definition available.
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- Definition
Net (repayments) borrowings on notes payable floor plan - non-trade. No definition available.
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- Definition
Net (repayments) borrowings on notes payable floor plan - trade. No definition available.
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- Definition
Loss (gain) on disposal of dealerships and property and equipment. No definition available.
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- Definition
The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The other noncash expense, not otherwise specified in the taxonomy, charged against earnings in the period to allocate the cost of tangible and intangible assets over their remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents the cash inflow during the period from the sale of a component of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. No definition available.
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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