v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income (loss) $ (3,908) $ 742
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,189 5,013
Gain on sales of fixed asset (51)  
Amortization of deferred financing costs and debt discount 121 392
Stock-based compensation 1,900 1,965
Adjustments on derivatives not classified as hedges (172) (1,454)
Provision for losses on accounts receivable 75 179
Deferred income taxes 978 324
Non-cash lease expense 1,198 1,036
Changes in operating assets and liabilities:    
Accounts receivable 27,902 37,867
Inventories (39,820) (20,213)
Prepaid assets, refundable income taxes and other assets (1,059) (254)
Accounts payable (9,315) 3,347
Accrued expenses and other current liabilities (8,883) (4,094)
Benefit obligations and other long-term liabilities (148) (701)
Net cash provided by (used in) operating activities (25,993) 24,149
Investing activities    
Capital expenditures (2,198) (2,177)
Net cash used in investing activities (2,198) (2,177)
Financing activities    
Repurchase of common stock (3,001)  
Dividends paid (6,748) (6,790)
Net revolver borrowings 12,000  
Repayment of long-term debt (2,812) (20,688)
Net cash used in financing activities (561) (27,478)
Change in cash and cash equivalents (28,752) (5,506)
Cash and cash equivalents at beginning of period 36,964 41,030
Cash and cash equivalents at end of period 8,212 35,524
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 713 $ 16,225

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