PENSKE AUTOMOTIVE GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 21, 2025
PAG$213.44+0.3%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
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| (In millions) | |||
| Operating Activities: | |||
| Net income | $923.4 | $1,058.6 | $1,386.2 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation | 158.0 | 141.0 | 127.3 |
| Earnings of equity method investments, net of distributions | (127.9) | (174.6) | (183.3) |
| Deferred income taxes | (13.0) | 101.8 | 124.2 |
| Stock-based compensation | 29.4 | 28.1 | 26.7 |
| Goodwill impairment charges | — | 40.7 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 125.4 | (194.7) | (192.9) |
| Inventories | (196.7) | (666.2) | (444.4) |
| Other current assets | (43.8) | (29.5) | (36.2) |
| Floor plan notes payable | 316.1 | 659.7 | 487.1 |
| Accounts payable and accrued expenses | 42.9 | (13.0) | 81.7 |
| Other | (34.0) | 141.7 | 82.6 |
| Net cash provided by operating activities | 1,179.8 | 1,093.6 | 1,459.0 |
| Investing Activities: | |||
| Purchases of property, equipment, and improvements | (368.7) | (375.3) | (282.5) |
| Proceeds from sale of dealerships | 82.1 | — | 13.1 |
| Proceeds from sale of property and equipment | 26.2 | 30.7 | 32.3 |
| Proceeds from sale of equity method investment | 20.7 | — | — |
| Acquisitions net, including repayment of sellers' floor plan notes payable of $212.5, $24.3, and $51.3, respectively | (786.2) | (214.9) | (393.4) |
| Other | (11.1) | (12.8) | (11.2) |
| Net cash used in investing activities | (1,037.0) | (572.3) | (641.7) |
| Financing Activities: | |||
| Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities | 4,301.4 | 3,150.3 | 2,101.0 |
| Repayments under revolving U.S. credit agreement and mortgage facilities | (4,182.7) | (3,227.8) | (2,101.0) |
| Net cash borrowings of other debt | 113.3 | 73.2 | 160.1 |
| Net (repayments) borrowings of floor plan notes payable — non-trade | (15.4) | 46.5 | 82.9 |
| Repurchases of common stock | (58.7) | (358.7) | (869.3) |
| Payments of tax withholding for stock-based compensation | (18.8) | (23.5) | (17.2) |
| Dividends | (274.4) | (189.1) | (154.1) |
| Payment of debt issuance costs | (1.0) | (2.1) | (0.3) |
| Purchase of subsidiary shares from non-controlling interest | (16.7) | — | — |
| Other | (11.7) | 0.1 | (0.1) |
| Net cash used in financing activities | (164.7) | (531.1) | (798.0) |
| Effect of exchange rate changes on cash and cash equivalents | (2.1) | (0.3) | (13.5) |
| Net change in cash and cash equivalents | (24.0) | (10.1) | 5.8 |
| Cash and cash equivalents, beginning of period | 96.4 | 106.5 | 100.7 |
| Cash and cash equivalents, end of period | $72.4 | $96.4 | $106.5 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for: | |||
| Interest | $271.6 | $214.3 | $112.8 |
| Income taxes | 317.4 | 288.1 | 343.4 |
| Non-cash activities: | |||
| Receivable from sale of investment | $10.4 | $— | $— |
F - 8
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.