Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net income (loss) $ 11,469 $ 21,606
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 9,012 6,205
Amortization of deferred financing costs and debt discount 607 363
Stock-based compensation 2,108 1,736
Provision (benefit) for losses on accounts receivable 1,077 151
Deferred income taxes 3,046 1,625
Earnout liability   132
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (1,190) 939
Inventories (13,426) (8,712)
Prepaid assets, refundable income taxes and other assets (355) 4,446
Accounts payable 1,393 (366)
Accrued expenses and other current liabilities 2,351 (1,065)
Benefit obligations and other long-term liabilities (2,755) 1,230
Net cash provided by operating activities 13,337 28,290
Investing activities    
Capital expenditures (3,146) (4,794)
Acquisition of business (7,600)  
Net cash used in investing activities (10,746) (4,794)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (923)  
Payments of financing costs (932)  
Earnout payment (5,487)  
Dividends paid (10,990) (10,724)
Net revolver borrowings 3,000  
Repayment of long-term debt (1,578) (950)
Net cash provided by (used in) financing activities (16,910) (11,674)
Change in cash and cash equivalents (14,319) 11,822
Cash and cash equivalents at beginning of year 18,609 36,844
Cash and cash equivalents at end of year 4,290 $ 48,666
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 26,661