Grocery Outlet Holding Corp

For the period ended Dec 30, 2023. Filed Feb 28, 2024.

About 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.

FY2023 · Filed Feb 28, 2024

GO$14.02+1.1%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 exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Fiscal Year Ended
	December 30,2023	December 31,2022	January 1,2022
Cash flows from operating activities:
Net income	$79,437	$65,052	$62,310
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	76,600	70,451	63,442
Amortization of intangible and other assets	11,382	7,800	7,682
Amortization of debt issuance costs and debt discounts	1,084	2,264	2,511
Non-cash rent	5,226	6,932	10,753
Gain on insurance recoveries	—	—	(3,970)
Loss on debt extinguishment and modification	5,340	1,274	—
Share-based compensation	31,091	32,556	17,615
Provision for independent operator and other accounts receivable reserves	3,674	4,318	4,813
Proceeds from insurance recoveries - business interruption and inventory	—	—	2,103
Deferred income taxes	18,819	10,367	12,944
Other	487	1,176	1,251
Changes in operating assets and liabilities:
Independent operator and other accounts receivable	(11,031)	(7,230)	(21)
Merchandise inventories	(15,674)	(58,817)	(30,345)
Prepaid expenses and other assets	(10,716)	841	3,301
Income and other taxes payable	5,918	705	(362)
Trade accounts payable, accrued compensation and other liabilities	91,049	35,094	3,179
Operating lease liabilities	10,761	12,728	8,381
Net cash provided by operating activities	303,447	185,511	165,587
Cash flows from investing activities:
Advances to independent operators	(8,565)	(9,819)	(10,024)
Repayments of advances from independent operators	5,734	6,917	4,563
Purchases of property and equipment	(168,990)	(130,482)	(123,384)
Proceeds from sales of assets	24	39	37
Investments in intangible assets and licenses	(23,000)	(16,586)	(9,772)
Proceeds from insurance recoveries - property and equipment	632	—	1,867
Net cash used in investing activities	(194,165)	(149,931)	(136,713)
Cash flows from financing activities:
Proceeds from exercise of stock options	5,958	6,890	7,226
Tax withholding related to net settlement of employee share-based awards	(537)	—	—
Proceeds from term loan due 2028	300,000	—	—
Proceeds from revolving credit facility	25,000	—	—
Principal payments on revolving credit facility	(25,000)	—	—
Principal payments on senior term loan due 2025	(385,000)	(75,000)	—
Principal payments on senior term loan due 2028	(5,625)	—	—
Principal payments on finance leases	(1,398)	(1,271)	(1,155)
Repurchase of common stock	(5,893)	(3,451)	—
Dividends paid	(15)	(105)	(186)
Debt issuance costs paid	(4,513)	—	—
Net cash provided by (used in) financing activities	(97,023)	(72,937)	5,885
Net increase (decrease) in cash and cash equivalents	12,259	(37,357)	34,759
Cash and cash equivalents at beginning of period	102,728	140,085	105,326
Cash and cash equivalents at end of period	$114,987	$102,728	$140,085
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	$22,722	$19,142	$14,604
Income taxes paid (refunded) in cash	$7,557	$(1,721)	$477
Property and equipment accrued at end of period	$7,310	$18,536	$14,986
Intangible assets accrued at end of period	$5,507	$3,736	$1,613
Acquisition of equipment in exchange for reduction of independent operator notes and independent operator receivables	$—	$—	$7,609

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.