Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ 38,609 $ 30,691 $ (86,553)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 20,938 20,316 19,737
Amortization of deferred financing costs and debt discount 491 894 1,364
Debt modification expense 0 0 267
Loss on extinguishment of debt 0 4,936 0
Loss (gain) on disposal of fixed assets 111 (220) 0
Stock-based compensation 6,730 5,794 2,830
Adjustments on derivatives not designated as hedges (688) (1,192) 2,854
Provision (credit) for losses on accounts receivable (1,476) 67 1,081
Deferred income taxes (3,268) 1,618 (19,598)
Impairment charges 0 1,211 127,872
Non-cash lease expense 1,030 1,768 4,182
Earnout liability 0 0 (2,017)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (14,253) 12,093 3,038
Inventories (32,483) (24,276) (1,801)
Prepaid assets, refundable income taxes and other assets 3,422 (1,714) (3,715)
Accounts payable 21,522 10,418 (21)
Accrued expenses and other current liabilities 1,321 42 6,577
Benefit obligations and other long-term liabilities (1,976) (1,911) (2,731)
Net cash provided by operating activities 40,030 60,535 53,366
Investing activities      
Capital expenditures (12,047) (11,208) (14,490)
Net cash used in investing activities (12,047) (11,208) (14,490)
Financing activities      
Repurchase of common stock (6,001) 0 0
Shares withheld on restricted stock vesting paid for employees’ taxes 0 0 (72)
Payments of financing costs 0 (1,371) (1,133)
Borrowings on long-term debt 0 224,438 270,875
Dividends paid (27,026) (26,522) (25,926)
Repayment of long-term debt (11,250) (249,938) (277,255)
Net cash used in financing activities (44,277) (53,393) (33,511)
Change in cash and cash equivalents (16,294) (4,066) 5,365
Cash and cash equivalents at beginning of year 36,964 41,030 35,665
Cash and cash equivalents at end of year 20,670 36,964 41,030
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 4,725 34,432 38,167
Supplemental disclosure of cash flow information      
Income taxes paid 7,025 9,768 4,279
Interest paid $ 11,662 $ 12,307 $ 16,841