Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 10,854 $ 13,817
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 10,799 10,393
Loss (gain) on disposal of fixed asset (60) 130
Amortization of deferred financing costs and debt discount 292 244
Stock-based compensation 4,236 5,053
Adjustments on derivatives not classified as hedges (344) (344)
Provision for losses on accounts receivable 350 50
Deferred income taxes (1,262) 1,049
Non-cash lease expense 1,055 2,310
Changes in operating assets and liabilities:    
Accounts receivable (52,939) (56,905)
Inventories (12,411) (27,499)
Prepaid assets, refundable income taxes and other assets 81 2,634
Accounts payable (25,513) (8,350)
Accrued expenses and other current liabilities (1,037) (139)
Benefit obligations and other long-term liabilities (328) (647)
Net cash used in operating activities (66,227) (58,204)
Investing activities    
Capital expenditures (5,290) (5,580)
Net cash used in investing activities (5,290) (5,580)
Financing activities    
Repurchase of common stock 0 (6,001)
Payments of financing costs (334) 0
Dividends paid (13,810) (13,514)
Net revolver borrowings 74,000 58,000
Repayment of long-term debt (5,625) (5,624)
Net cash provided by financing activities 54,231 32,861
Change in cash and cash equivalents (17,286) (30,923)
Cash and cash equivalents at beginning of period 20,670 36,964
Cash and cash equivalents at end of period 3,384 6,041
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 5,627 $ 1,303