Presidio, Inc. (NASDAQ:PSDO) (together with its subsidiaries,
“Presidio” or the “Company”), a leading North American IT solutions
provider delivering Digital Infrastructure, Cloud and Security
solutions to create agile, secure infrastructure platforms for its
customers, today announced its financial results for its fiscal
first quarter ended September 30, 2019.
|
|
Three months ended |
|
|
(in $
millions, except per share data) |
|
September 30, 2019 |
|
September 30, 2018 |
|
% Chg |
Total revenue |
|
$ |
772.0 |
|
|
$ |
749.9 |
|
|
2.9 |
% |
Gross margin |
|
$ |
175.3 |
|
|
$ |
159.0 |
|
|
10.3 |
% |
Gross margin % |
|
22.7 |
% |
|
21.2 |
% |
|
|
|
Net income |
|
$ |
24.0 |
|
|
$ |
14.7 |
|
|
63.3 |
% |
Diluted EPS |
|
$ |
0.28 |
|
|
$ |
0.15 |
|
|
86.7 |
% |
Adjusted EBITDA1 |
|
$ |
74.9 |
|
|
$ |
62.6 |
|
|
19.6 |
% |
Adj. EBITDA margin %1 |
|
9.7 |
% |
|
8.3 |
% |
|
|
|
Adjusted Net Income1 |
|
$ |
46.1 |
|
|
$ |
37.9 |
|
|
21.6 |
% |
Pro Forma Adjusted Net
Income2 |
|
$ |
46.1 |
|
|
$ |
36.7 |
|
|
25.6 |
% |
Pro Forma Diluted EPS2 |
|
$ |
0.53 |
|
|
$ |
0.42 |
|
|
26.2 |
% |
1 This financial measure is not based on U.S.
GAAP. Please refer to the section of this press release entitled
“About Non-GAAP and Pro Forma Financial Measures” for additional
information and to the attached reconciliation to the most directly
comparable U.S. GAAP measure.
2 This non-GAAP financial measure adjusts
certain historical data on a pro forma basis following certain
transactions. Please refer to the section of this press
release entitled “About Non-GAAP and Pro Forma Financial Measures”
for additional information and to the section entitled “Non-GAAP
Reconciliations” for reconciliation to the most directly comparable
U.S. GAAP measure.
Financial Highlights for the Fiscal First
Quarter Ended September 30, 2019
- Revenue - Total revenue was $772.0 million, up 2.9%, with
product revenue up 3.7% and service revenue down 0.6%. Revenue
growth in the quarter was driven by Digital Infrastructure
solutions growth of 4.4%. Security revenue decreased 3.0% and Cloud
revenue increased 0.7% both impacted by the acceleration of sales
of software recognized on a net basis including
software-as-a-service (SaaS) and Enterprise License Agreements
(ELA). The investments in our public cloud initiative, as well as
growth in our managed services offerings, drove our recurring
revenue up 62%, and recurring revenue now represents 9.0% of our
total revenue.
- Gross Margin - Our gross margin percentage, product gross
margin percentage, and service gross margin percentage were 22.7%,
22.8%, and 22.4%, respectively, as compared to 21.2%, 21.6%, and
19.3% in the prior year. Total gross margin grew faster than
Revenue primarily driven by an increase in software recognized on a
net basis and improvement in Presidio led service
margins.
- Provision for Income Taxes - The GAAP tax provision rate was
27.1%, and the non-GAAP tax provision rate was 23.5%.
- Net Income and Diluted EPS - Net income was $24.0 million and
diluted EPS was $0.28. Pro Forma Adjusted Net Income was $46.1
million, an increase of 25.6% over the prior year and Pro Forma
Adjusted diluted EPS was $0.53, an increase of 26.2% over the prior
year.
- Adjusted EBITDA - Adjusted EBITDA was $74.9 million, an
increase of 19.6% due to growth in gross margin of 10.3% and
efficiencies realized in selling, general and administrative
expenses (“SG&A”). Adjusted EBITDA margin was 9.7% compared to
8.3% in the prior year.
Capital Resources and Free Cash Flow
- Debt - As of September 30, 2019, cash and cash equivalents were
$28.0 million, total long-term debt was $736.6 million comprised
entirely of our term loan facility (excluding debt issuance costs),
and total net debt was $708.6 million defined as total long-term
debt less cash and cash equivalents, representing 2.9x net total
leverage. During the quarter, the Company voluntarily prepaid an
aggregate of $10.0 million in principal amount of its term
loans.
- Free Cash Flow - Free Cash Flow in the first quarter was $23.6
million, after the impact of $4.8 million of cash outflows for
public cloud resale investments.
- Backlog - As of September 30, 2019, we had firm, executed
backlog of $762 million, up 19% over the prior year, driven by
strong growth in both product and service backlog.
- Dividend - On August 28, 2019, the Company declared a quarterly
cash dividend of $0.04 per share of Common Stock. The dividend was
paid on October 4, 2019 to stockholders of record as of
September 25, 2019. Dividends paid for the quarter to
stockholders of record totaled $3.3 million.
Results of the Special Meeting of
Stockholders
Presidio announced today that at the special
meeting of Presidio stockholders held earlier today, Presidio
stockholders approved all proposals related to the previously
announced merger with affiliates of funds advised by BC
Partners.
At the special meeting, approximately 85.1% of
the outstanding shares of common stock (98.2% of the votes cast)
were voted in favor of a proposal to approve the merger.
Additionally, approximately 80.2% of the votes cast were voted in
favor of the proposal to approve certain compensation that may be
paid or become payable in connection with the merger.
The merger is subject to the satisfaction or
waiver of all closing conditions related to the transactions.
Result of the Court of Chancery Decision
On November 5, the Court of Chancery of the
State of Delaware denied the plaintiff’s motion for a preliminary
injunction.
Dividend
Presidio announced today that its Board of
Directors declared a quarterly cash dividend of $0.04 per share to
stockholders. The dividend will be paid on January 6, 2020 to
stockholders of record as of the close of business on December 26,
2019. In the event that the Merger closes prior to December 26,
2019, the dividend will not be paid. The declaration and payment of
future dividends will continue to be subject to the discretion and
approval of the Company’s Board of Directors and will be dependent
upon, among other things, the Company’s financial position, results
of operations and cash flow.
Conference Call Information
Due to the previously announced definitive
agreement to be acquired by funds advised by affiliates of BC
Partners, a leading international investment firm, Presidio does
not plan to host an earnings conference call to discuss fiscal
first quarter fiscal 2020 financial results or provide financial
guidance.
About Non-GAAP and Pro Forma Financial
Measures
Our management regularly monitors certain
financial measures to track the progress of our business against
internal goals and targets. In addition to financial information
presented in accordance with GAAP, management uses Adjusted EBITDA,
Adjusted Net Income, Pro Forma Adjusted Net Income, Pro Forma
Diluted EPS and Free Cash Flow (collectively, “non-GAAP measures,”
as further described below) in its evaluation of past performance
and prospects for the future. These non-GAAP measures should be
considered in addition to, not as a substitute for, or superior to,
financial measures calculated in accordance with GAAP. They are not
measurements of our financial performance under GAAP and should not
be considered as alternatives to net income or revenue, as
applicable, or any other performance measures derived in accordance
with GAAP and may not be comparable to other similarly titled
measures of other businesses. These non-GAAP measures have
limitations as analytical tools and you should not consider them in
isolation or as a substitute for analysis of our operating results
as reported under GAAP and they include adjustments for items that
may occur in future periods. However, we believe these adjustments
are appropriate because the amounts recognized can vary
significantly from period to period, do not directly relate to the
ongoing operations of our business and complicate comparisons of
our internal operating results and operating results of other peer
companies over time.
We also adjust certain historical data on a pro
forma basis following certain significant transactions.
Specifically, we have provided a calculation of Pro Forma Adjusted
Net Income to adjust our reported results for the fiscal quarter
ended ended September 30, 2018 for higher after-tax interest
expense associated with the incremental term loans used to fund the
Share Repurchase that occurred in September 2018, as if the
transaction occurred on July 1, 2018.
Pro Forma Adjusted Net Income is for
illustrative and informational purposes and is not intended to
represent or be indicative of what our financial condition or
results of operations would have been had the transactions occurred
on the dates indicated. Pro Forma Adjusted Net Income should not be
considered representative of our future financial condition or
results of operations.
About Presidio
Presidio is a leading North American IT
solutions provider focused on Digital Infrastructure, Cloud and
Security solutions to create agile, secure infrastructure platforms
for its customers. We deliver this technology expertise through a
full life cycle model of professional, managed, and support
services including strategy, consulting, implementation and design.
By taking the time to deeply understand how our clients define
success, we help them harness technology advances, simplify IT
complexity and optimize their environments today while enabling
future applications, user experiences, and revenue models. As of
June 30, 2019, we serve approximately 7,900 middle-market, large,
and government organizations across a diverse range of industries.
Approximately 2,900 Presidio professionals, including more than
1,600 technical engineers, are based in 60+ offices across the
United States in a unique, local delivery model combined with the
national scale of a $3.0 billion dollar industry leader. We are
passionate about driving results for our clients and delivering the
highest quality of service in the industry. For more information
visit: www.presidio.com.
Source: Presidio, Inc.
Contact Information
Investor Relations Contact:Ed
Yuen866-232-3762investors@presidio.com
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
This press release contains “forward looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. The use of words such as “anticipates,”
“expects,” “intends,” “plans” and “believes,” among others,
generally identify forward-looking statements. These
forward-looking statements include statements relating to: future
financial performance, business prospects and strategy, anticipated
trends, prospects in the industries in which our businesses operate
and other similar matters. These forward looking statements are
based on management’s current expectations and assumptions about
future events, which are inherently subject to uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
results could differ materially from those contained in these
forward looking statements for a variety of reasons, including,
among others: risks and uncertainties related to the capital
markets, changes in senior management at Presidio, changes in our
relationship with our vendor partners, adverse changes in economic
conditions, risks resulting from a decreased demand for Presidio’s
information technology solutions, risks relating to rapid
technological change in Presidio’s industry and risks relating to
acquisitions or regulatory changes. Risks relating to Presidio’s
previously announced definitive agreement to be acquired by funds
advised by BC Partners include, among other things, risks related
to the satisfaction of the conditions to closing the acquisition
(including the failure to obtain necessary regulatory approvals) in
the anticipated timeframe or at all, obtaining the requisite
approval of the stockholders of Presidio, risks related to the debt
financing arrangements, disruption from the transaction making it
more difficult to maintain business and operational relationships,
significant transaction costs, unknown liabilities, and the risk of
litigation and/or regulatory actions related to the proposed
acquisition. Certain of these and other risks and uncertainties are
discussed in Presidio’s filings with the Securities and Exchange
Commission. Other unknown or unpredictable factors that could also
adversely affect our business, financial condition and results of
operations may arise from time to time. In light of these risks and
uncertainties, these forward looking statements may not prove to be
accurate. Accordingly, you should not place undue reliance on these
forward looking statements, which only reflect the views of our
management as of the date of this press release. We do not
undertake to update these forward-looking statements.
Non-GAAP Reconciliations
The reconciliation of Adjusted EBITDA from Net
Income for each of the periods presented is as follows:
|
|
Three months ended September 30, |
(in
millions) |
|
2019 |
|
2018 |
Adjusted EBITDA
reconciliation: |
|
|
|
|
Net income |
|
$ |
24.0 |
|
|
$ |
14.7 |
|
Total depreciation and amortization (1) |
|
22.8 |
|
|
22.7 |
|
Interest and other (income) expense |
|
11.6 |
|
|
11.6 |
|
Income tax expense |
|
8.9 |
|
|
5.2 |
|
EBITDA |
|
67.3 |
|
|
54.2 |
|
Adjustments: |
|
|
|
|
Share-based compensation expense |
|
1.6 |
|
|
2.1 |
|
Purchase accounting adjustments (2) |
|
0.2 |
|
|
0.1 |
|
Transaction costs (3) |
|
3.5 |
|
|
5.5 |
|
Other costs (4) |
|
2.3 |
|
|
0.7 |
|
Total adjustments |
|
7.6 |
|
|
8.4 |
|
Adjusted EBITDA |
|
$ |
74.9 |
|
|
$ |
62.6 |
|
Adjusted EBITDA % (5) |
|
9.7 |
% |
|
8.3 |
% |
(1) Includes depreciation and amortization
included within total operating expenses and cost of
revenue. (2)
Includes noncash adjustments associated with purchase
accounting.
(3) Includes transaction-related expenses such
as: stay, retention bonuses and earnout, transaction-related
advisory and diligence fees and transaction-related legal,
accounting and tax fees.
(4) Includes certain one-time cost optimization
expenses.
(5) Adjusted EBITDA % represents the ratio of
Adjusted EBITDA to total revenue.
The reconciliation of Adjusted Net Income and
Pro Forma Adjusted Net Income from Net Income for each of the
periods presented is as follows:
|
|
Three months ended September 30, |
(in
millions) |
|
2019 |
|
2018 |
Adjusted Net Income
reconciliation: |
|
|
|
|
Net income |
|
$ |
24.0 |
|
|
$ |
14.7 |
|
Adjustments: |
|
|
|
|
Amortization of intangible assets |
|
18.8 |
|
|
18.9 |
|
Amortization of debt issuance costs |
|
0.8 |
|
|
0.9 |
|
Loss on extinguishment of debt |
|
0.2 |
|
|
0.5 |
|
Share-based compensation expense |
|
1.6 |
|
|
2.1 |
|
Purchase accounting adjustments |
|
0.2 |
|
|
0.1 |
|
Transaction costs |
|
3.5 |
|
|
5.5 |
|
Other costs |
|
2.3 |
|
|
0.7 |
|
Income tax impact of adjustments (1) |
|
(5.3 |
) |
|
(5.5 |
) |
Total adjustments |
|
22.1 |
|
|
23.2 |
|
Adjusted Net Income |
|
46.1 |
|
|
37.9 |
|
Pro Forma Adjustments: |
|
|
|
|
Interest expense on September 2018 term loan borrowing |
|
— |
|
|
(1.7 |
) |
Income tax impact of adjustments |
|
— |
|
|
0.5 |
|
Total Pro Forma adjustments |
|
— |
|
|
(1.2 |
) |
Pro Forma Adjusted Net Income |
|
$ |
46.1 |
|
|
$ |
36.7 |
|
|
|
|
|
|
|
|
|
|
(1) Includes an estimated tax impact of the
adjustments to net income at our average statutory rate to arrive
at an appropriate effective tax rate on Adjusted Net Income, except
for (i) the adjustment of certain transaction costs that are
permanently nondeductible for tax purposes and (ii) the impact
of tax-deductible goodwill and intangible assets resulting from
certain historical acquisitions and further adjusted for discrete
tax items such as: the tax benefit associated with excess stock
compensation deductions and the remeasurement of deferred tax
liabilities due to tax rate
changes.
The reconciliation of Pro Forma weighted-average shares - diluted
and Pro Forma Diluted EPS from GAAP weighted-average shares for
each of the periods presented is as follows:
|
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
Share count: |
|
|
|
|
Weighted-average shares –
basic |
|
83,139,912 |
|
|
90,846,817 |
|
Dilutive effect of stock options |
|
3,513,180 |
|
|
4,187,434 |
|
Weighted-average shares –
diluted |
|
86,653,092 |
|
|
95,034,251 |
|
Pro Forma share adjustment for share repurchase (1) |
|
— |
|
|
(8,646,739 |
) |
Pro Forma weighted-average shares
– diluted |
|
86,653,092 |
|
|
86,387,512 |
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.28 |
|
|
$ |
0.15 |
|
Pro Forma Diluted EPS |
|
$ |
0.53 |
|
|
$ |
0.42 |
|
(1) Includes an adjustment to reflect the
10,750,000 shares repurchased during the period as if the
repurchase had occurred at the beginning of the period that are not
already reflected in the basic weighted-average shares
presented.
We define free cash flow as our net cash provided by operating
activities adjusted to: (i) include the net change in accounts
payable - floor plan, (ii) include the aggregate net cash impact of
our leasing business, (iii) include purchases of property and
equipment, and (iv) exclude cash payments for acquisition-related
earnout bonuses.
The following table presents the aggregate net
cash impact of our leasing business for the three months ended
September 30, 2019 and 2018:
|
|
Three months ended September 30, |
(in
millions) |
|
2019 |
|
2018 |
Additions of equipment under sales-type and direct financing
leases |
|
$ |
(32.9 |
) |
|
$ |
(33.3 |
) |
Proceeds from collection of
financing receivables |
|
0.9 |
|
|
1.2 |
|
Additions to equipment under
operating leases |
|
(0.2 |
) |
|
— |
|
Proceeds from disposition of
equipment under operating leases |
|
0.4 |
|
|
— |
|
Proceeds from the discounting
of financing receivables |
|
29.2 |
|
|
41.1 |
|
Retirements of discounted
financing receivables |
|
(0.4 |
) |
|
(4.9 |
) |
Aggregate net cash impact of leasing business |
|
$ |
(3.0 |
) |
|
$ |
4.1 |
|
|
|
|
|
|
|
|
|
|
The following table presents reconciliation of
Free Cash Flow from net cash provided by operating activities for
the three months ended September 30, 2019 and 2018:
|
|
Three months ended September 30, |
(in
millions) |
|
2019 |
|
2018 |
Net cash provided by (used in) operating activities |
|
$ |
(32.3 |
) |
|
$ |
2.7 |
|
Adjustments to reconcile to
Free Cash Flow: |
|
|
|
|
Net change in accounts payable - floor plan |
|
44.0 |
|
|
15.0 |
|
Aggregate net cash impact of leasing business |
|
(3.0 |
) |
|
4.1 |
|
Purchases of property and equipment |
|
(2.2 |
) |
|
(3.8 |
) |
Payment of acquisition-related earnout bonus |
|
17.1 |
|
|
— |
|
Total adjustments |
|
55.9 |
|
|
15.3 |
|
Free Cash Flow |
|
$ |
23.6 |
|
|
$ |
18.0 |
|
|
|
|
|
|
|
|
|
|
PRESIDIO,
INC.Consolidated Balance
Sheets(in millions, except share
data)
|
|
As of September 30, 2019 |
|
As of June 30, 2019 |
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
28.0 |
|
|
$ |
30.7 |
|
Accounts receivable, net |
|
681.0 |
|
|
674.6 |
|
Unbilled accounts receivable, net |
|
226.8 |
|
|
205.3 |
|
Financing receivables, current portion |
|
103.2 |
|
|
96.4 |
|
Inventory |
|
26.2 |
|
|
25.2 |
|
Prepaid expenses and other current assets |
|
134.9 |
|
|
123.1 |
|
Total current assets |
|
1,200.1 |
|
|
1,155.3 |
|
Property and equipment,
net |
|
34.9 |
|
|
36.4 |
|
Financing receivables, less
current portion |
|
137.7 |
|
|
140.3 |
|
Goodwill |
|
803.7 |
|
|
803.7 |
|
Identifiable intangible assets,
net |
|
606.3 |
|
|
625.1 |
|
Other assets |
|
170.3 |
|
|
110.1 |
|
Total assets |
|
$ |
2,953.0 |
|
|
$ |
2,870.9 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current Liabilities |
|
|
|
|
Current maturities of long-term debt |
|
$ |
— |
|
|
$ |
— |
|
Accounts payable – trade |
|
485.9 |
|
|
497.7 |
|
Accounts payable – floor plan |
|
256.7 |
|
|
212.7 |
|
Accrued expenses and other current liabilities |
|
284.0 |
|
|
294.6 |
|
Discounted financing receivables, current portion |
|
99.9 |
|
|
93.9 |
|
Total current liabilities |
|
1,126.5 |
|
|
1,098.9 |
|
Long-term debt, net of debt
issuance costs and current maturities |
|
724.6 |
|
|
733.8 |
|
Discounted financing receivables,
less current portion |
|
127.0 |
|
|
131.2 |
|
Deferred income tax
liabilities |
|
178.2 |
|
|
180.6 |
|
Other liabilities |
|
131.9 |
|
|
88.0 |
|
Total liabilities |
|
2,288.2 |
|
|
2,232.5 |
|
Commitments and
contingencies |
|
— |
|
|
— |
|
Stockholders’ Equity |
|
|
|
|
Preferred stock: |
|
|
|
|
$0.01 par value; 100 shares authorized and zero shares issued and
outstanding at September 30, 2019 and June 30, 2019 |
|
— |
|
|
— |
|
Common stock: |
|
|
|
|
$0.01 par value; 250,000,000 shares authorized, 83,371,769 shares
issued and outstanding at September 30, 2019 and 82,852,340 shares
issued and outstanding at June 30, 2019 |
|
0.8 |
|
|
0.8 |
|
Additional paid-in capital |
|
506.1 |
|
|
500.4 |
|
Retained Earnings |
|
157.9 |
|
|
137.2 |
|
Total stockholders’ equity |
|
664.8 |
|
|
638.4 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,953.0 |
|
|
$ |
2,870.9 |
|
|
|
|
|
|
|
|
|
|
PRESIDIO,
INC.Consolidated Statements of
Operations(in millions, except share and per-share
data)
|
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
Revenue |
|
|
|
|
Product |
|
$ |
642.5 |
|
|
$ |
619.6 |
|
Service |
|
129.5 |
|
|
130.3 |
|
Total revenue |
|
772.0 |
|
|
749.9 |
|
Cost of revenue |
|
|
|
|
Product |
|
496.2 |
|
|
485.7 |
|
Service |
|
100.5 |
|
|
105.2 |
|
Total cost of revenue |
|
596.7 |
|
|
590.9 |
|
Gross margin |
|
175.3 |
|
|
159.0 |
|
Operating expenses |
|
|
|
|
Selling expenses |
|
74.8 |
|
|
70.8 |
|
General and administrative expenses |
|
30.7 |
|
|
29.7 |
|
Transaction costs |
|
3.5 |
|
|
5.5 |
|
Depreciation and amortization |
|
21.8 |
|
|
21.5 |
|
Total operating expenses |
|
130.8 |
|
|
127.5 |
|
Operating income |
|
44.5 |
|
|
31.5 |
|
Interest and other (income)
expense |
|
|
|
|
Interest expense |
|
11.6 |
|
|
11.2 |
|
Loss on extinguishment of debt |
|
0.2 |
|
|
0.5 |
|
Other (income) expense, net |
|
(0.2 |
) |
|
(0.1 |
) |
Total interest and other (income) expense |
|
11.6 |
|
|
11.6 |
|
Income before income taxes |
|
32.9 |
|
|
19.9 |
|
Income tax expense |
|
8.9 |
|
|
5.2 |
|
Net income |
|
$ |
24.0 |
|
|
$ |
14.7 |
|
Earnings per share: |
|
|
|
|
Basic |
|
$ |
0.29 |
|
|
$ |
0.16 |
|
Diluted |
|
$ |
0.28 |
|
|
$ |
0.15 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
|
83,139,912 |
|
|
90,846,817 |
|
Diluted |
|
86,653,092 |
|
|
95,034,251 |
|
|
|
|
|
|
Cash dividends per common share |
|
$ |
0.04 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
PRESIDIO,
INC.Consolidated Statements of Cash
Flows(in millions)
|
|
Three months ended September 30, |
|
|
2019 |
|
2018 |
Net cash provided by (used in) operating activities |
|
$ |
(32.3 |
) |
|
$ |
2.7 |
|
Cash flows from investing
activities: |
|
|
|
|
Additions of equipment under sales-type and direct financing
leases |
|
(32.9 |
) |
|
(33.3 |
) |
Proceeds from collection of financing receivables |
|
0.9 |
|
|
1.2 |
|
Additions to equipment under operating leases |
|
(0.2 |
) |
|
— |
|
Proceeds from disposition of equipment under operating
leases |
|
0.4 |
|
|
— |
|
Purchases of property and equipment |
|
(2.2 |
) |
|
(3.8 |
) |
Net cash used in investing activities |
|
(34.0 |
) |
|
(35.9 |
) |
Cash flows from financing
activities: |
|
|
|
|
Proceeds from issuance of common stock under share-based
compensation plans |
|
4.1 |
|
|
1.0 |
|
Common stock repurchased |
|
— |
|
|
(158.6 |
) |
Dividends paid |
|
(3.3 |
) |
|
— |
|
Proceeds from the discounting of financing receivables |
|
29.2 |
|
|
41.1 |
|
Retirements of discounted financing receivables |
|
(0.4 |
) |
|
(4.9 |
) |
Deferred financing costs |
|
— |
|
|
(0.3 |
) |
Borrowings of term loans, net of original issue discount |
|
— |
|
|
158.1 |
|
Repayments of term loans |
|
(10.0 |
) |
|
(25.0 |
) |
Net change in accounts payable — floor plan |
|
44.0 |
|
|
15.0 |
|
Net cash provided by (used in) financing activities |
|
63.6 |
|
|
26.4 |
|
Net decrease in cash and cash equivalents |
|
(2.7 |
) |
|
(6.8 |
) |
Cash and cash equivalents: |
|
|
|
|
Beginning of the period |
|
30.7 |
|
|
37.0 |
|
End of the period |
|
$ |
28.0 |
|
|
$ |
30.2 |
|
Supplemental disclosures of cash
flow information |
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
Interest |
|
$ |
11.7 |
|
|
$ |
9.7 |
|
Income taxes, net of refunds |
|
$ |
3.6 |
|
|
$ |
5.7 |
|
Right-of-use assets obtained in
exchange for lease obligations |
|
$ |
0.9 |
|
|
$ |
— |
|
Reduction of discounted lease
assets and liabilities |
|
$ |
29.6 |
|
|
$ |
28.0 |
|
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