Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 30,691 $ (86,553) $ 49,166
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 20,316 19,737 19,212
Amortization of deferred financing costs and debt discount 894 1,364 1,214
Debt modification expense   267  
Loss on extinguishment of debt 4,936    
Gain on disposal of fixed assets (220)    
Stock-based compensation 5,794 2,830 3,239
Adjustments on derivatives not designated as hedges (1,192) 2,854  
Provision for losses on accounts receivable 67 1,081 1,361
Deferred income taxes 1,618 (19,598) (2,123)
Impairment charges 1,211 127,872  
Non-cash lease expense 1,768 4,182 3,672
Earnout liability   (2,017) (417)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 12,093 3,038 (7,747)
Inventories (24,276) (1,801) 4,054
Prepaid assets, refundable income taxes and other assets (1,714) (3,715) (2,140)
Accounts payable 10,418 (21) (2,562)
Accrued expenses and other current liabilities 42 6,577 6,491
Benefit obligations and other long-term liabilities (1,911) (2,731) 3,876
Net cash provided by operating activities 60,535 53,366 77,296
Investing activities      
Capital expenditures (11,208) (14,490) (11,533)
Net cash used in investing activities (11,208) (14,490) (11,533)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes   (72) (50)
Payments of financing costs (1,371) (1,133)  
Borrowings on long-term debt 224,438 270,875  
Dividends paid (26,522) (25,926) (25,183)
Repayment of long-term debt (249,938) (277,255) (32,685)
Net cash used in financing activities (53,393) (33,511) (57,918)
Change in cash and cash equivalents (4,066) 5,365 7,845
Cash and cash equivalents at beginning of year 41,030 35,665 27,820
Cash and cash equivalents at end of year 36,964 41,030 35,665
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 34,432 38,167 44,929
Pension settlement     6,609
Supplemental disclosure of cash flow information      
Income taxes paid 9,768 4,279 13,283
Interest paid $ 12,307 $ 16,841 $ 15,779