|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Apr. 30, 2012
|
Apr. 30, 2011
|
| OPERATING ACTIVITIES |
|
|
| Net income including noncontrolling interest |
$ 7,459 |
$ 7,268 |
| Adjustments to reconcile net income to net cash provided by (used for) operating activities |
|
|
| Depreciation and amortization |
4,927 |
2,642 |
| Deferred income taxes |
114 |
20 |
| Stock-based compensation expense |
358 |
301 |
| Other, net |
73 |
4 |
| Changes in assets and liabilities, net of purchase of equipment dealerships assets and assumption of liabilities |
|
|
| Receivables, prepaid expenses and other assets |
27,590 |
(6,011) |
| Inventories |
(40,396) |
(29,542) |
| Floorplan notes payable |
(2,111) |
4,253 |
| Accounts payable, customer deposits, accrued expenses and other long-term liabilities |
(26,240) |
16,383 |
| Income taxes |
3,373 |
(249) |
| NET CASH USED FOR OPERATING ACTIVITIES |
(24,853) |
(4,931) |
| INVESTING ACTIVITIES |
|
|
| Rental fleet purchases |
(16,233) |
(463) |
| Property and equipment purchases (excluding rental fleet) |
(1,725) |
(1,823) |
| Net proceeds from sale of property and equipment |
61 |
647 |
| Purchase of equipment dealerships, net of cash acquired |
(8,396) |
(7,039) |
| Other, net |
11 |
4 |
| NET CASH USED FOR INVESTING ACTIVITIES |
(26,282) |
(8,674) |
| FINANCING ACTIVITIES |
|
|
| Proceeds from senior convertible notes offering, net of direct issuance costs of $4,753 |
145,247 |
|
| Net change in non-manufacturer floorplan notes payable |
(22,669) |
22,731 |
| Proceeds from long-term debt borrowings |
1,300 |
|
| Principal payments on long-term debt |
(47,806) |
(3,993) |
| Proceeds from sale of subsidiary shares to noncontrolling interest holders |
2,464 |
|
| Other, net |
(612) |
362 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
77,924 |
19,100 |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
86 |
|
| NET CHANGE IN CASH AND CASH EQUIVALENTS |
26,875 |
5,495 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
79,842 |
76,112 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
106,717 |
81,607 |
| Cash paid during the period |
|
|
| Income taxes, net of refunds |
1,165 |
5,171 |
| Interest |
3,556 |
1,252 |
| SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES |
|
|
| Property and equipment financed with long-term debt |
10,514 |
251 |
| Net transfer of assets to property and equipment from inventories |
15,966 |
8,097 |
| Net transfer of financing to long-term debt from floorplan notes payable |
|
$ 1,696 |