v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Operating activities      
Net loss $ (8,352) $ (13,110)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,345 5,357  
Gain on disposal of fixed asset (6) (60)  
Amortization of deferred financing costs and debt discount 147 145  
Stock-based compensation 355 957  
Adjustments on derivatives not classified as hedges (172) (172)  
Provision for losses on accounts receivable 179 175  
Deferred income taxes 96 (1,125)  
Impairment charges [1] 1,224 0  
Non-cash lease expense 1,364 1,018  
Changes in operating assets and liabilities:      
Accounts receivable 25,001 38,367  
Inventories (34,378) (48,082)  
Prepaid assets, refundable income taxes and other assets (3,250) (3,376)  
Accounts payable (6,695) (24,891)  
Accrued expenses and other current liabilities (2,238) (11,882)  
Benefit obligations, long-term liabilities, and other (241) (237)  
Net cash used in operating activities (21,621) (56,916)  
Investing activities      
Capital expenditures (1,328) (2,748)  
Net cash used in investing activities (1,328) (2,748)  
Financing activities      
Payments on life insurance policy loans (204) 0  
Payments of financing costs (279) (334)  
Dividends paid (6,750) (6,960)  
Net revolver borrowings 8,000 52,000  
Repayment of long-term debt 0 (2,812)  
Net cash provided by financing activities 767 41,894  
Change in cash and cash equivalents (22,182) (17,770)  
Cash and cash equivalents at beginning of period 24,156 20,670 $ 20,670
Cash and cash equivalents at end of period 1,974 2,900 $ 24,156
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations $ 3,211 $ 1,042  
[1] Reflects impairment charges taken on certain internally developed software in the three months ended March 31, 2024.

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