Company: GPI
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001031203-25-000013
Chunk: 134

Company: GROUP 1 AUTOMOTIVE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 134
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 vehicle manufacturers and our Revolving Credit Facility. In accordance with U.S. GAAP, we report floorplan financed with lenders affiliated with our vehicle manufacturers (excluding the cash flows from or to manufacturer-affiliated lenders participating in our syndicated lending group) within Cash Flows from Operating Activities in the Consolidated Statements of Cash Flows. We report floorplan financed with the Revolving Credit Facility (including the cash flows from or to manufacturer-affiliated lenders participating in the facility) and other credit facilities in the U.K. unaffiliated with our manufacturer partners, within Cash Flows from Financing Activities in the Consolidated Statements of Cash Flows. Refer to Note 14. Floorplan Notes Payable within our Notes to Consolidated Financial Statements for additional discussion of our Revolving Credit Facility.

However, we believe that all floorplan financing of inventory purchases in the normal course of business should correspond with the related inventory activity and be classified as an operating activity. As a result, we use the non-GAAP measure “Adjusted net cash provided by/used in operating activities” and “Adjusted net cash provided by/used in financing activities” to further evaluate our cash flows. We believe that this classification eliminates excess volatility in our operating cash flows prepared in accordance with U.S. GAAP. In addition, floorplan financing associated with dealership acquisitions and dispositions are classified as investing activities on an adjusted basis to eliminate excess volatility in our operating cash flows prepared in accordance with U.S. GAAP.  

The following table reconciles cash flows on a U.S. GAAP basis to the corresponding adjusted amounts (in millions):

Years Ended December 31,20242023CASH FLOWS FROM OPERATING ACTIVITIES:Net cash provided by operating activities:$586.3 $190.2 Change in Floorplan notes payable — credit facility and other, excluding floorplan offset and net acquisitions and dispositions 133.3 504.6 Change in Floorplan notes payable — manufacturer affiliates associated with net acquisitions and dispositions and floorplan offset activity(36.6)25.2 Adjusted net cash provided by operating activities$683.0 $720.0 CASH FLOWS FROM INVESTING ACTIVITIES:Net cash used in investing activities:$(1,282.6)$(366.1)Change in cash paid for acquisitions, associated with Floorplan notes payable50.3 66.3 Change in proceeds from disposition of franchises, property and equipment, associated with Floorplan notes payable(31.