v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income (loss) $ 21,875 $ (104,715)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 15,235 14,704
Gain on sales of fixed asset (165)  
Amortization of deferred financing costs and debt discount 770 914
Debt modification expense   267
Loss on extinguishment of debt 4,936  
Stock-based compensation 6,025 2,768
Adjustments on derivatives not classified as hedges (1,020) 3,133
Provision for losses on accounts receivable 519 778
Deferred income taxes 872 (18,556)
Impairment charges   127,872
Non-cash lease expense 2,360 3,095
Earnout liability   (2,017)
Changes in operating assets and liabilities:    
Accounts receivable (41,459) (36,656)
Inventories (20,391) (16,057)
Prepaid assets, refundable income taxes and other assets (3,545) (3,542)
Accounts payable 538 3,205
Accrued expenses and other current liabilities (3,433) (962)
Benefit obligations and other long-term liabilities (2,598) (1,313)
Net cash used in operating activities (19,481) (27,082)
Investing activities    
Capital expenditures (7,271) (9,465)
Net cash used in investing activities (7,271) (9,465)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes   (72)
Payments of financing costs (1,371) (992)
Dividends paid (19,880) (19,411)
Net revolver borrowings 37,000 12,000
Borrowings on long-term debt 224,438 270,875
Repayment of long-term debt (247,125) (247,233)
Net cash provided by (used in) financing activities (6,938) 15,167
Change in cash and cash equivalents (33,690) (21,380)
Cash and cash equivalents at beginning of period 41,030 35,665
Cash and cash equivalents at end of period 7,340 14,285
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 28,012 $ 27,691

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