v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Operating activities          
Net income (loss) $ 13,280 $ 7,030 $ 27,097 $ 21,875  
Adjustments to reconcile net income to net cash used in operating activities:          
Depreciation and amortization     15,626 15,235  
Loss (gain) on disposal of fixed asset     130 (165)  
Amortization of deferred financing costs and debt discount     367 770  
Loss on extinguishment of debt 0 0 0 4,936  
Stock-based compensation     5,563 6,025  
Adjustments on derivatives not classified as hedges     (516) (1,020)  
Provision (credit) for losses on accounts receivable     (175) 519  
Deferred income taxes     890 872  
Non-cash lease expense     1,481 2,360  
Changes in operating assets and liabilities:          
Accounts receivable     (94,056) (41,459)  
Inventories     (29,781) (20,391)  
Prepaid assets, refundable income taxes and other assets     (3,732) (3,545)  
Accounts payable     (365) 538  
Accrued expenses and other current liabilities     (888) (3,433)  
Benefit obligations and other long-term liabilities     3,873 (2,598)  
Net cash used in operating activities     (74,486) (19,481)  
Investing activities          
Capital expenditures     (8,924) (7,271)  
Net cash used in investing activities     (8,924) (7,271)  
Financing activities          
Repurchase of common stock     (6,001) 0  
Payments of financing costs     0 (1,371)  
Dividends paid     (20,273) (19,880)  
Net revolver borrowings     84,000 37,000  
Borrowings on long-term debt     0 224,438  
Repayment of long-term debt     (8,437) (247,125)  
Net cash provided by (used in) financing activities     49,289 (6,938)  
Change in cash and cash equivalents     (34,121) (33,690)  
Cash and cash equivalents at beginning of period     36,964 41,030 $ 41,030
Cash and cash equivalents at end of period $ 2,843 $ 7,340 2,843 7,340 $ 36,964
Non-cash operating and financing activities          
Truck chassis inventory acquired through floorplan obligations     $ 2,215 $ 28,012  

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