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, 2018
Sep. 30, 2017
Operating activities    
Net income $ 29,209 $ 20,796
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 14,215 13,815
Amortization of deferred financing costs and debt discount 911 911
Loss on disposal of fixed assets 185  
Stock-based compensation 4,180 2,750
Provision for losses on accounts receivable 446 1,424
Deferred income taxes 7,178 4,464
Earnout liability   (1,186)
Changes in operating assets and liabilities:    
Accounts receivable (47,105) (39,519)
Inventories (19,795) (4,929)
Prepaid and refundable income taxes and other assets (4,093) (55)
Accounts payable (872) (2,556)
Accrued expenses and other current liabilities 4,360 3,069
Benefit obligations and other long-term liabilities (6,723) 347
Net cash used in operating activities (17,904) (669)
Investing activities    
Capital expenditures (6,302) (5,216)
Acquisition of business   (7,385)
Net cash used in investing activities (6,302) (12,601)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (23) (923)
Payments of financing costs   (1,608)
Earnout payment   (5,487)
Dividends paid (18,291) (16,476)
Net revolver borrowings 38,000 23,000
Repayment of long-term debt (32,355) (2,363)
Net cash used in financing activities (12,669) (3,857)
Change in cash and cash equivalents (36,875) (17,127)
Cash and cash equivalents at beginning of period 36,875 18,609
Cash and cash equivalents at end of period   1,482
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 30,034 $ 33,271