PENSKE AUTOMOTIVE GROUP INC
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
PAG$213.44+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In millions) | |||
| Operating Activities: | |||
| Net income | $1,058.6 | $1,386.2 | $1,192.7 |
| Adjustments to reconcile net income to net cash from continuing operating activities: | |||
| Depreciation | 141.0 | 127.3 | 121.5 |
| Loss on investment | — | — | 11.4 |
| Earnings of equity method investments, net of distributions | (174.6) | (183.3) | (234.9) |
| Income from discontinued operations, net of tax | — | — | (1.3) |
| Deferred income taxes | 101.8 | 124.2 | 184.8 |
| Debt redemption costs | — | — | 17.0 |
| Impairment charges | 40.7 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (194.7) | (192.9) | 75.6 |
| Inventories | (666.2) | (444.4) | 402.6 |
| Floor plan notes payable | 659.7 | 487.1 | (628.6) |
| Accounts payable and accrued expenses | (13.0) | 81.7 | 139.0 |
| Other | 140.3 | 73.1 | 12.2 |
| Net cash provided by continuing operating activities | 1,093.6 | 1,459.0 | 1,292.0 |
| Investing Activities: | |||
| Purchases of property, equipment, and improvements | (375.3) | (282.5) | (248.9) |
| Proceeds from sale of dealerships | — | 13.1 | 4.3 |
| Proceeds from sale of property and equipment | 30.7 | 32.3 | 54.9 |
| Acquisitions net, including repayment of sellers' floor plan notes payable of $24.3, $51.3, and $43.0, respectively | (214.9) | (393.4) | (431.8) |
| Other | (12.8) | (11.2) | (1.6) |
| Net cash used in continuing investing activities | (572.3) | (641.7) | (623.1) |
| Financing Activities: | |||
| Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities | 3,150.3 | 2,101.0 | 1,856.0 |
| Repayments under revolving U.S. credit agreement and mortgage facilities | (3,227.8) | (2,101.0) | (1,964.0) |
| Issuance of 3.75% senior subordinated notes | — | — | 500.0 |
| Repayment of 5.50% senior subordinated notes | — | — | (500.0) |
| Net borrowings (repayments) of other debt | 73.2 | 160.1 | (104.2) |
| Net borrowings of floor plan notes payable — non-trade | 46.5 | 82.9 | 38.9 |
| Repurchases of common stock | (358.7) | (869.3) | (280.6) |
| Payments of tax withholding for stock-based compensation | (23.5) | (17.2) | (12.9) |
| Dividends | (189.1) | (154.1) | (142.5) |
| Payment of debt issuance costs | (2.1) | (0.3) | (6.3) |
| Other | 0.1 | (0.1) | 0.1 |
| Net cash used in continuing financing activities | (531.1) | (798.0) | (615.5) |
| Discontinued operations: | |||
| Net cash provided by discontinued operating activities | — | — | 1.3 |
| Net cash provided by discontinued operations | — | — | 1.3 |
| Effect of exchange rate changes on cash and cash equivalents | (0.3) | (13.5) | (3.5) |
| Net change in cash and cash equivalents | (10.1) | 5.8 | 51.2 |
| Cash and cash equivalents, beginning of period | 106.5 | 100.7 | 49.5 |
| Cash and cash equivalents, end of period | $96.4 | $106.5 | $100.7 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for: | |||
| Interest | $214.3 | $112.8 | $95.3 |
| Income taxes | 288.1 | 343.4 | 160.1 |
F - 8
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