Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 6,376 $ 148
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,856 3,823
Gain on disposal of fixed assets (54) 0
Amortization of deferred financing costs and debt discount 105 169
Debt modification expense (0) 176
Loss on extinguishment of debt 0 156
Stock-based compensation 2,537 2,150
Provision for losses on accounts receivable 157 157
Deferred income taxes 437 31
Non-cash lease expense 2,333 2,056
Changes in operating assets and liabilities:    
Accounts receivable 29,701 18,030
Inventories (36,119) (34,438)
Prepaid assets, refundable income taxes and other assets 601 (1,782)
Accounts payable (3,220) 10,953
Accrued expenses and other current liabilities (6,227) (2,903)
Benefit obligations, long-term liabilities and other (1,477) (63)
Net cash used in operating activities (994) (1,337)
Investing activities    
Capital expenditures (3,161) (2,161)
Acquisition of business (927) 0
Net cash used in investing activities (4,088) (2,161)
Financing activities    
Shares withheld on restricted stock vesting paid for employees’ taxes (899) (161)
Repurchase of common stock (3,000) 0
Payments on life insurance policy loans (122) (119)
Payments of financing costs 0 (200)
Dividends paid (7,130) (7,016)
Net revolver borrowings 15,000 12,000
Borrowings on long-term debt 0 148,770
Repayment of long-term debt (1,875) (147,688)
Net cash provided by financing activities 1,974 5,586
Change in cash and cash equivalents (3,108) 2,088
Cash and cash equivalents at beginning of period 8,297 5,119
Cash and cash equivalents at end of period 5,189 7,207
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 55 $ 19,083