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, 2018
Jun. 30, 2017
Operating activities    
Net income $ 19,288 $ 11,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,431 9,012
Amortization of deferred financing costs and debt discount 607 607
Stock-based compensation 4,165 2,108
Provision for losses on accounts receivable 314 1,077
Deferred income taxes 3,585 3,046
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (13,847) (1,190)
Inventories (14,984) (13,426)
Prepaid assets, refundable income taxes and other assets (1,118) (355)
Accounts payable 709 1,393
Accrued expenses and other current liabilities 2,231 2,351
Benefit obligations and other long-term liabilities 610 (2,755)
Net cash provided by (used in) operating activities 10,991 13,337
Investing activities    
Capital expenditures (4,079) (3,146)
Acquisition of business   (7,600)
Net cash used in investing activities (4,079) (10,746)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (23) (923)
Payments of financing costs   (932)
Earnout payment   (5,487)
Dividends paid (12,194) (10,990)
Net revolver borrowings   3,000
Repayment of long-term debt (31,570) (1,578)
Net cash provided by (used in) financing activities (43,787) (16,910)
Change in cash and cash equivalents (36,875) (14,319)
Cash and cash equivalents at beginning of year 36,875 18,609
Cash and cash equivalents at end of year   4,290
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 14,884 $ 26,661