SONIC AUTOMOTIVE INC
For the period ended Mar 31, 2024. Filed Apr 25, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 25, 2024
SAH$62.22-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars in millions) | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $42.0 | $47.7 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization of property and equipment | 31.5 | 30.0 |
| Debt issuance cost amortization | 1.6 | 1.6 |
| Stock-based compensation expense | 6.6 | 5.0 |
| Deferred income taxes | (3.7) | (3.3) |
| Asset impairment charges | 1.0 | — |
| Gain on disposal of dealerships and property and equipment | 1.5 | 0.1 |
| Other | 1.0 | 0.6 |
| Changes in assets and liabilities that relate to operations: | ||
| Receivables | 107.3 | 87.5 |
| Inventories | (122.2) | (234.6) |
| Other assets | 6.1 | 4.2 |
| Notes payable - floor plan – trade | (7.7) | 4.2 |
| Trade accounts payable and other liabilities | 5.1 | 23.0 |
| Total adjustments | 28.1 | (81.7) |
| Net cash provided by (used in) operating activities | 70.1 | (34.0) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchases of businesses, net of cash acquired | — | (75.1) |
| Purchases of land, property and equipment | (43.8) | (37.2) |
| Proceeds from sales of property and equipment | 4.4 | 4.8 |
| Net cash used in investing activities | (39.4) | (107.5) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net borrowings on notes payable - floor plan - non-trade | 21.1 | 188.8 |
| Borrowings on revolving credit facilities | 15.6 | — |
| Repayments on revolving credit facilities | (15.6) | — |
| Debt issuance costs | (4.9) | (1.3) |
| Principal payments of long-term debt | (22.0) | (19.5) |
| Principal payments of long-term lease liabilities | (2.1) | (2.2) |
| Purchases of treasury stock | (27.0) | (90.7) |
| Issuance of shares under stock compensation plans | 0.6 | 7.6 |
| Dividends paid | (10.2) | (10.2) |
| Net cash (used in) provided by financing activities | (44.5) | 72.5 |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (13.8) | (69.0) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 28.9 | 229.2 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $15.1 | $160.2 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
| Cash paid (received) during the period for: | ||
| Interest, including amounts capitalized | $34.3 | $26.5 |
| Income taxes | $(0.2) | $(0.4) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.