GROUP 1 AUTOMOTIVE INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $498.1 | $601.6 | $751.5 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 113.1 | 92.0 | 89.3 |
| Change in operating lease assets | 27.2 | 25.3 | 29.5 |
| Deferred income taxes | 23.6 | 18.7 | 28.0 |
| Asset impairments | 34.8 | 32.9 | 8.5 |
| Stock-based compensation | 25.2 | 20.1 | 27.0 |
| Amortization of debt discount and issue costs | 4.0 | 3.0 | 3.0 |
| Gain on disposition of assets | (59.5) | (23.3) | (41.1) |
| Unrealized loss (gain) on derivative instruments | 0.3 | (3.7) | — |
| Other | (0.1) | (2.7) | 0.5 |
| Changes in assets and liabilities, net of acquisitions and dispositions: | |||
| Accounts payable and accrued expenses | 90.7 | 39.2 | 66.5 |
| Accounts and notes receivable | (32.9) | (37.4) | (17.4) |
| Inventories | (254.4) | (567.6) | (282.1) |
| Contracts-in-transit and vehicle receivables | 38.7 | (88.1) | (55.4) |
| Prepaid expenses and other assets | (18.1) | (21.2) | 0.4 |
| Floorplan notes payable — manufacturer affiliates | 119.6 | 126.7 | 7.5 |
| Deferred revenues | (1.3) | (0.9) | (0.4) |
| Operating lease liabilities | (22.9) | (24.4) | (29.4) |
| Net cash provided by operating activities | 586.3 | 190.2 | 585.9 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Cash paid for acquisitions, net, including repayment of sellers’ floorplan notes payable of $50.3, $66.3 and $25.3, respectively | (1,276.8) | (366.1) | (528.7) |
| Proceeds from disposition of franchises, property and equipment | 229.7 | 193.8 | 141.4 |
| Purchases of property and equipment | (245.1) | (185.4) | (155.5) |
| Proceeds from sale of discontinued operations, net | — | — | 59.4 |
| Other | 9.6 | (8.3) | (1.3) |
| Net cash used in investing activities | (1,282.6) | (366.1) | (484.6) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings on credit facility — floorplan line and other | 12,593.0 | 11,366.2 | 10,236.1 |
| Repayments on credit facility — floorplan line and other | (12,490.9) | (10,940.4) | (9,766.5) |
| Borrowings on credit facility — acquisition line | 1,325.3 | 200.0 | 406.6 |
| Repayments on credit facility — acquisition line | (1,553.1) | (178.2) | (429.6) |
| Debt issuance costs | (10.8) | (0.3) | (4.6) |
| Borrowings of senior notes | 500.0 | — | — |
| Borrowings on other debt | 706.4 | 150.2 | 315.5 |
| Principal payments on other debt | (193.3) | (223.6) | (286.4) |
| Proceeds from employee stock purchase plan | 24.4 | 21.3 | 19.5 |
| Payments of tax withholding for stock-based compensation | (33.0) | (12.1) | (11.8) |
| Repurchases of common stock, amounts based on settlement date | (161.6) | (172.8) | (521.2) |
| Dividends paid | (25.2) | (25.2) | (23.7) |
| Other | — | — | (1.2) |
| Net cash provided by (used in) financing activities | 681.1 | 185.2 | (67.3) |
| Effect of exchange rate changes on cash | (7.6) | 0.1 | (4.8) |
| Net (decrease) increase in cash and cash equivalents | (22.8) | 9.4 | 29.2 |
| CASH AND CASH EQUIVALENTS, beginning of period | 57.2 | 47.9 | 18.7 |
| CASH AND CASH EQUIVALENTS, end of period | $34.4 | $57.2 | $47.9 |
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