Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net income $ (1,876) $ (3,277)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 4,701 4,485
Amortization of deferred financing costs and debt discount 304 303
Stock-based compensation 1,420 1,350
Provision (benefit) for losses on accounts receivable 182 128
Deferred income taxes 1,749 773
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 40,193 36,596
Inventories (25,275) (27,489)
Prepaid assets, refundable income taxes and other assets (1,199) (5,114)
Accounts payable (208) (2,168)
Accrued expenses and other current liabilities (5,950) (1,596)
Benefit obligations and other long-term liabilities 234 282
Net cash provided by (used in) operating activities 14,275 4,273
Investing activities    
Capital expenditures (1,307) (1,306)
Net cash used in investing activities (1,307) (1,306)
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 (6,098) (5,495)
Repayment of long-term debt (30,785) (789)
Net cash provided by (used in) financing activities (36,906) (13,626)
Change in cash and cash equivalents (23,938) (10,659)
Cash and cash equivalents at beginning of year 36,875 36,875
Cash and cash equivalents at end of year 12,937 7,950
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 7,301 $ 12,247