v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Operating activities          
Net income (loss) $ 17,725 $ 14,103 $ 13,817 $ 14,845  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization     10,393 10,213  
Loss (gain) on disposal of fixed asset     130 (57)  
Amortization of deferred financing costs and debt discount     244 646  
Loss on extinguishment of debt 0 4,936 0 4,936  
Stock-based compensation     5,053 6,020  
Adjustments on derivatives not classified as hedges     (344) (849)  
Provision for losses on accounts receivable     50 347  
Deferred income taxes     1,049 477  
Non-cash lease expense     2,310 1,681  
Changes in operating assets and liabilities:          
Accounts receivable     (56,905) (9,279)  
Inventories     (27,499) (14,155)  
Prepaid assets, refundable income taxes and other assets     2,634 (475)  
Accounts payable     (8,350) 2,929  
Accrued expenses and other current liabilities     (139) (2,851)  
Benefit obligations and other long-term liabilities     (647) (1,287)  
Net cash provided by (used in) operating activities     (58,204) 13,141  
Investing activities          
Capital expenditures     (5,580) (4,586)  
Net cash used in investing activities     (5,580) (4,586)  
Financing activities          
Repurchase of common stock     (6,001) 0  
Payments of financing costs     0 (1,281)  
Dividends paid     (13,514) (13,254)  
Net revolver borrowings     58,000 0  
Borrowings on long-term debt     0 224,438  
Repayment of long-term debt     (5,624) (244,313)  
Net cash provided by (used in) financing activities     32,861 (34,410)  
Change in cash and cash equivalents     (30,923) (25,855)  
Cash and cash equivalents at beginning of period     36,964 41,030 $ 41,030
Cash and cash equivalents at end of period $ 6,041 $ 15,175 6,041 15,175 $ 36,964
Non-cash operating and financing activities          
Truck chassis inventory acquired through floorplan obligations     $ 1,303 $ 26,056  

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