Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income (loss) $ 742 $ (10,086)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,013 4,894
Amortization of deferred financing costs and debt discount 392 303
Stock-based compensation 1,965 1,368
Adjustments on derivatives not designated as hedges (1,454) 1,413
Provision for losses on accounts receivable 179 204
Deferred income taxes 324 (1,250)
Non-cash lease expense 1,036 1,015
Earnout liability   (17)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 37,867 39,014
Inventories (20,213) (34,428)
Prepaid assets, refundable income taxes and other assets (254) (2,119)
Accounts payable 3,347 1,161
Accrued expenses and other current liabilities (4,094) (7,334)
Benefit obligations and other long-term liabilities (701) (3,218)
Net cash provided by operating activities 24,149 (9,080)
Investing activities    
Capital expenditures (2,177) (2,304)
Net cash used in investing activities (2,177) (2,304)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes   (72)
Dividends paid (6,790) (6,487)
Net revolver borrowings   30,000
Repayment of long-term debt (20,688) (20,581)
Net cash used in financing activities (27,478) 2,860
Change in cash and cash equivalents (5,506) (8,524)
Cash and cash equivalents at beginning of year 41,030 35,665
Cash and cash equivalents at end of year 35,524 27,141
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 16,225 $ 6,215