XML 21 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 29, 2019
Dec. 30, 2018
Dec. 31, 2017
Operating activities      
Net income $ 193.2 $ 183.7 $ 161.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 88.4 97.4 93.1
Operating lease cost 118.3    
Provision for credit losses 1.8 2.2 0.6
Deferred income taxes 0.6 (2.9) (21.2)
Amortization of debt issuance costs 2.0 0.0 0.0
Stock-based compensation 4.7 3.8 3.8
Gain on disposal of fixed assets (0.1) (0.7) (0.5)
Deferred rent 0.0 0.7 1.0
Changes in operating assets and liabilities, net of acquisitions:      
Operating lease payments (119.3)    
Accounts receivable and other assets (23.0) (9.3) (60.8)
Accounts payable and accrued expenses 4.6 3.3 23.9
Net cash provided by operating activities 271.2 278.2 201.3
Investing activities      
Acquisition of businesses (net of cash acquired) (16.7) 0.0 (0.9)
Purchases of property, equipment and computer software (68.5) (66.7) (54.9)
Proceeds from the sale of property and equipment 0.3 0.6 0.7
Net cash used by investing activities (84.9) (66.1) (55.1)
Financing activities      
Net (decrease) increase in book overdrafts (26.8) 11.7 9.9
Proceeds from debt issuance 1,305.5 0.0 0.0
Payments on long-term debt (27.5) 0.0 0.0
Dividend paid to KAR (1,278.0) 0.0 0.0
Net cash transfers to Parent and affiliates (117.8) (190.9) (148.8)
Deferred financing costs (25.2) 0.0 0.0
Payments on finance leases (13.7) (15.9) (16.9)
Issuance of common stock under stock plans 1.6 0.0 0.0
Tax withholding payments for vested RSUs (0.9) 0.0 0.0
Net cash used by financing activities (182.8) (195.1) (155.8)
Effect of exchange rate changes on cash (4.7) (1.8) 0.9
Net (decrease) increase in cash and cash equivalents (1.2) 15.2 (8.7)
Cash and cash equivalents at beginning of period 48.3 33.1 41.8
Cash and cash equivalents at end of period 47.1 48.3 33.1
Cash paid for interest, net 29.8 0.5 0.5
Cash paid for taxes, net $ 71.8 $ 65.4 $ 56.8