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
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ (104,715) $ 37,606
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 14,704 14,335
Amortization of deferred financing costs and debt discount 914 910
Debt modification expense 267  
Stock-based compensation 2,768 3,061
Mark-to-market adjustments on derivatives not classified as hedges 3,133  
Provision for losses on accounts receivable 778 988
Deferred income taxes (18,556) 442
Impairment charges 127,872  
Earnout liability (2,017) (217)
Changes in operating assets and liabilities:    
Accounts receivable (36,656) (72,734)
Inventories (16,057) (8,410)
Prepaid assets, refundable income taxes and other assets (3,542) (2,450)
Accounts payable 3,205 (1,594)
Accrued expenses and other current liabilities (962) 4,418
Benefit obligations and other long-term liabilities 1,782 2,476
Net cash used in operating activities (27,082) (21,169)
Investing activities    
Capital expenditures (9,465) (7,801)
Net cash used in investing activities (9,465) (7,801)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (72) (50)
Payments of financing costs (992)  
Dividends paid (19,411) (18,879)
Net revolver borrowings 12,000 57,000
Borrowings on long-term debt 270,875  
Repayment of long-term debt (247,233) (32,051)
Net cash provided by (used in) financing activities 15,167 6,020
Change in cash and cash equivalents (21,380) (22,950)
Cash and cash equivalents at beginning of period 35,665 27,820
Cash and cash equivalents at end of period 14,285 4,870
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 27,691 $ 40,974