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, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (10,086) $ (297)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,894 4,808
Amortization of deferred financing costs and debt discount 303 303
Stock-based compensation 1,368 1,054
Mark-to-market adjustments on derivatives not classified as hedges 1,413  
Provision for losses on accounts receivable 204 107
Deferred income taxes (1,250) 1,010
Earnout liability (17) (217)
Changes in operating assets and liabilities:    
Accounts receivable 39,014 26,096
Inventories (34,428) (29,229)
Prepaid assets, refundable income taxes and other assets (2,119) (3,676)
Accounts payable 1,161 (2,179)
Accrued expenses and other current liabilities (7,334) (1,451)
Benefit obligations and other long-term liabilities (2,203) (1,906)
Net cash used in operating activities (9,080) (5,577)
Investing activities    
Capital expenditures (2,304) (769)
Net cash used in investing activities (2,304) (769)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (72) (50)
Dividends paid (6,487) (6,292)
Net revolver borrowings 30,000 16,000
Repayment of long-term debt (20,581) (30,784)
Net cash provided by (used in) financing activities 2,860 (21,126)
Change in cash and cash equivalents (8,524) (27,472)
Cash and cash equivalents at beginning of period 35,665 27,820
Cash and cash equivalents at end of period 27,141 348
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 6,215 $ 10,299