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, 2019
Sep. 30, 2018
Operating activities    
Net income $ 37,606 $ 29,209
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 14,335 14,215
Amortization of deferred financing costs and debt discount 910 911
Loss on disposal of fixed assets   185
Stock-based compensation 3,061 4,180
Provision for losses on accounts receivable 988 446
Deferred income taxes 442 7,178
Earnout liability (217)  
Changes in operating assets and liabilities:    
Accounts receivable (72,734) (47,105)
Inventories (8,410) (19,795)
Prepaid and refundable income taxes and other assets (2,450) (4,093)
Accounts payable (1,594) (872)
Accrued expenses and other current liabilities 4,418 4,360
Benefit obligations and other long-term liabilities 2,476 (6,723)
Net cash used in operating activities (21,169) (17,904)
Investing activities    
Capital expenditures (7,801) (6,302)
Net cash used in investing activities (7,801) (6,302)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (50) (23)
Dividends paid (18,879) (18,291)
Net revolver borrowings 57,000 38,000
Repayment of long-term debt (32,051) (32,355)
Net cash provided by (used) in financing activities 6,020 (12,669)
Change in cash and cash equivalents (22,950) (36,875)
Cash and cash equivalents at beginning of period 27,820 36,875
Cash and cash equivalents at end of period 4,870  
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 40,974 $ 30,034