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
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net income $ 25,177 $ 19,288
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,607 9,431
Amortization of deferred financing costs and debt discount 607 607
Stock-based compensation 2,536 4,165
Provision for losses on accounts receivable 891 314
Deferred income taxes 492 3,585
Earnout liability (217)  
Changes in operating assets and liabilities:    
Accounts receivable (34,106) (13,847)
Inventories (11,920) (14,984)
Prepaid and refundable income taxes and other assets (1,824) (1,118)
Accounts payable (109) 709
Accrued expenses and other current liabilities 9,438 2,231
Benefit obligations and other long-term liabilities (892) 610
Net cash provided by (used in) operating activities (320) 10,991
Investing activities    
Capital expenditures (5,451) (4,079)
Net cash used in investing activities (5,451) (4,079)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (50) (23)
Dividends paid (12,570) (12,194)
Net revolver borrowings 27,000  
Repayment of long-term debt (31,418) (31,570)
Net cash used in financing activities (17,038) (43,787)
Change in cash and cash equivalents (22,809) (36,875)
Cash and cash equivalents at beginning of period 27,820 36,875
Cash and cash equivalents at end of period 5,011  
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 22,485 $ 14,884