GROUP 1 AUTOMOTIVE INC
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
GPI$264.18-1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In millions)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $601.6 | $751.5 | $552.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 92.0 | 89.3 | 78.9 |
| Change in operating lease assets | 25.3 | 29.5 | 25.0 |
| Deferred income taxes | 18.7 | 28.0 | 31.0 |
| Asset impairments | 32.9 | 8.5 | 79.2 |
| Stock-based compensation | 20.1 | 27.0 | 28.3 |
| Amortization of debt discount and issue costs | 3.0 | 3.0 | 2.5 |
| Gain on disposition of assets | (23.3) | (41.1) | (6.0) |
| Loss on extinguishment of debt | — | — | 3.8 |
| Unrealized gain on derivative instruments | (3.7) | — | — |
| Other | (2.7) | 0.5 | 2.6 |
| Changes in assets and liabilities, net of acquisitions and dispositions: | |||
| Accounts payable and accrued expenses | 39.2 | 66.5 | 48.1 |
| Accounts and notes receivable | (37.4) | (17.4) | 11.2 |
| Inventories | (567.6) | (282.1) | 529.8 |
| Contracts-in-transit and vehicle receivables | (88.1) | (55.4) | (6.4) |
| Prepaid expenses and other assets | (21.2) | 0.4 | (2.1) |
| Floorplan notes payable — manufacturer affiliates | 126.7 | 7.5 | (90.7) |
| Deferred revenues | (0.9) | (0.4) | (1.5) |
| Operating lease liabilities | (24.4) | (29.4) | (25.9) |
| Net cash provided by operating activities | 190.2 | 585.9 | 1,259.6 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $66.3, $25.3 and $65.2, respectively | (366.1) | (528.7) | (1,099.6) |
| Proceeds from disposition of franchises, property and equipment | 193.8 | 141.4 | 24.8 |
| Purchases of property and equipment | (185.4) | (155.5) | (143.6) |
| Proceeds from sale of discontinued operations, net | — | 59.4 | — |
| Other | (8.3) | (1.3) | (33.3) |
| Net cash used in investing activities | (366.1) | (484.6) | (1,251.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings on credit facility — floorplan line and other | 11,366.2 | 10,236.1 | 8,333.2 |
| Repayments on credit facility — floorplan line and other | (10,940.4) | (9,766.5) | (8,801.8) |
| Borrowings on credit facility — acquisition line | 200.0 | 406.6 | 349.3 |
| Repayments on credit facility — acquisition line | (178.2) | (429.6) | (66.6) |
| Debt issuance costs | (0.3) | (4.6) | (2.8) |
| Borrowings of senior notes | — | — | 200.0 |
| Borrowings on other debt | 150.2 | 315.5 | 334.3 |
| Principal payments on other debt | (223.6) | (286.4) | (187.3) |
| Proceeds from employee stock purchase plan | 21.3 | 19.5 | 15.2 |
| Payments of tax withholding for stock-based compensation | (12.1) | (11.8) | (13.0) |
| Repurchases of common stock, amounts based on settlement date | (172.8) | (521.2) | (210.6) |
| Dividends paid | (25.2) | (23.7) | (23.9) |
| Other | — | (1.2) | — |
| Net cash provided by (used in) financing activities | 185.2 | (67.3) | (74.0) |
| Effect of exchange rate changes on cash | 0.1 | (4.8) | (2.5) |
| Net increase (decrease) in cash and cash equivalents | 9.4 | 29.2 | (68.6) |
| CASH AND CASH EQUIVALENTS, beginning of period | 47.9 | 18.7 | 87.3 |
| CASH AND CASH EQUIVALENTS, end of period | $57.2 | $47.9 | $18.7 |
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