Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Operating activities      
Net income $ 148 $ (8,352)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 3,823 5,345  
Gain on disposal of fixed assets 0 (6)  
Amortization of deferred financing costs and debt discount 169 147  
Debt modification expense 176 (0)  
Loss on extinguishment of debt 156 0  
Stock-based compensation 2,150 355  
Adjustments on derivatives not classified as hedges 0 (172)  
Provision for losses on accounts receivable 157 179  
Deferred income taxes 31 96  
Impairment charges [1] 0 1,224  
Non-cash lease expense 2,056 1,364  
Changes in operating assets and liabilities:      
Accounts receivable 18,030 25,001  
Inventories (34,438) (34,378)  
Prepaid assets, refundable income taxes and other assets (1,782) (3,250)  
Accounts payable 10,953 (6,695)  
Accrued expenses and other current liabilities (2,903) (2,238)  
Benefit obligations, long-term liabilities and other (63) (241)  
Net cash used in operating activities (1,337) (21,621)  
Investing activities      
Capital expenditures (2,161) (1,328)  
Net cash used in investing activities (2,161) (1,328)  
Financing activities      
Shares withheld on restricted stock vesting paid for employees’ taxes (161) 0  
Payments on life insurance policy loans (119) (204)  
Payments of financing costs (200) (279)  
Dividends paid (7,016) (6,750)  
Net revolver borrowings 12,000 8,000  
Borrowings on long-term debt 148,770 0  
Repayment of long-term debt (147,688) 0  
Net cash provided by financing activities 5,586 767  
Change in cash and cash equivalents 2,088 (22,182)  
Cash and cash equivalents at beginning of period 5,119 24,156 $ 24,156
Cash and cash equivalents at end of period 7,207 1,974 $ 5,119
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations $ 19,083 $ 3,211  
[1] Reflects impairment charges taken on certain internally developed software in the three months ended March 31, 2024 .