Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities          
Net income $ 25,954 $ 24,338 $ 26,102 $ 15,986  
Adjustments to reconcile net income to net cash used in operating activities:          
Depreciation and amortization     7,649 9,752  
Loss on disposal of fixed assets     0 304  
Amortization of deferred financing costs and debt discount     275 349  
Debt modification expense (0) (0) 176 (0)  
Loss on extinguishment of debt 0 0 156 0  
Stock-based compensation     3,704 2,833  
Adjustments on derivatives not classified as hedges     0 (287)  
Provision for losses on accounts receivable     315 352  
Deferred income taxes     143 (244)  
Impairment charges [1] 0 0 0 1,224  
Non-cash lease expense     4,142 2,714  
Changes in operating assets and liabilities:          
Accounts receivable     (54,076) (56,790)  
Inventories     (16,252) 971  
Prepaid assets, refundable income taxes and other assets     (958) 885  
Accounts payable     7,480 (3,311)  
Accrued expenses and other current liabilities     10,201 3,968  
Benefit obligations, long-term liabilities and other     (1,778) 2,180  
Net cash used in operating activities     (12,721) (19,114)  
Investing activities          
Capital expenditures     (5,126) (2,751)  
Net cash used in investing activities     (5,126) (2,751)  
Financing activities          
Shares withheld on restricted stock vesting paid for employees’ taxes     (161) 0  
Repurchase of common stock     (6,000) 0  
Payments on life insurance policy loans     (119) (204)  
Payments of financing costs     (293) (279)  
Dividends paid     (13,926) (13,612)  
Net revolver borrowings     42,000 16,000  
Borrowings on long-term debt     148,770 0  
Repayment of long-term debt     (149,563) 0  
Net cash provided by financing activities     20,708 1,905  
Change in cash and cash equivalents     2,861 (19,960)  
Cash and cash equivalents at beginning of period     5,119 24,156 $ 24,156
Cash and cash equivalents at end of period $ 7,980 $ 4,196 7,980 4,196 $ 5,119
Non-cash operating and financing activities          
Truck chassis inventory acquired through floorplan obligations     $ 19,249 $ 5,488  
[1] Reflects impairment charges taken on certain internally developed software in the three months ended March 31, 2024 .