Grocery Outlet Holding Corp

For the period ended Dec 28, 2024. Filed Feb 26, 2025.

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.

FY2024 · Filed Feb 26, 2025

GO$14.02+1.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Fiscal Year Ended
	December 28,2024	December 30,2023	December 31,2022
Cash flows from operating activities:
Net income	$39,465	$79,437	$65,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	90,747	76,600	70,451
Amortization of intangible and other assets	17,459	11,382	7,800
Amortization of debt issuance costs and debt discounts	910	1,084	2,264
Non-cash rent	4,780	5,226	6,932
Loss on debt extinguishment and modification	—	5,340	1,274
Impairment of long-lived assets	15,888	—	—
Share-based compensation	10,516	31,091	32,556
Provision for independent operator and other accounts receivable reserves	4,853	3,674	4,318
Deferred income taxes	12,123	18,819	10,367
Other	1,015	487	1,176
Changes in operating assets and liabilities:
Independent operator and other accounts receivable	(7,515)	(11,031)	(7,230)
Merchandise inventories	(29,951)	(15,674)	(58,817)
Prepaid expenses and other assets	7,645	(10,716)	841
Income and other taxes payable	(3,766)	5,918	705
Trade accounts payable	(36,936)	73,771	16,099
Accrued and other liabilities	(25,240)	19,723	251
Accrued compensation	(7,755)	(2,445)	18,744
Operating lease liabilities	17,725	10,761	12,728
Net cash provided by operating activities	111,963	303,447	185,511
Cash flows from investing activities:
Advances to independent operators	(11,364)	(8,565)	(9,819)
Repayments of advances from independent operators	4,778	5,734	6,917
Business acquisition, net of cash and cash equivalents acquired	(60,526)	—	—
Purchases of property and equipment	(186,611)	(168,990)	(130,482)
Proceeds from sales of assets	—	24	39
Investments in intangible assets and licenses	(20,305)	(23,000)	(16,586)
Proceeds from insurance recoveries - property and equipment	—	632	—
Net cash used in investing activities	(274,028)	(194,165)	(149,931)
Cash flows from financing activities:
Proceeds from exercise of stock options	8,845	5,958	6,890
Tax withholding related to net settlement of employee share-based awards	—	(537)	—
Proceeds from senior term loan due 2028	—	300,000	—
Proceeds from revolving credit facility	190,000	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)	(5,625)	—
Principal payments on finance leases	(1,959)	(1,398)	(1,271)
Repurchase of common stock	(81,355)	(5,893)	(3,451)
Dividends paid	—	(15)	(105)
Debt issuance costs paid	—	(4,513)	—
Net cash provided by (used in) financing activities	109,906	(97,023)	(72,937)
Net (decrease) increase in cash and cash equivalents	(52,159)	12,259	(37,357)
Cash and cash equivalents at beginning of period	114,987	102,728	140,085
Cash and cash equivalents at end of period	$62,828	$114,987	$102,728
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	$26,196	$22,722	$19,142
Income taxes paid (refunded) in cash	$3,376	$7,557	$(1,721)
Property and equipment accrued at end of period	$12,791	$7,310	$18,536
Intangible assets accrued at end of period	$1,286	$5,507	$3,736

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