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
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 31,755 $ 26,102
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 7,678 7,649
Loss on disposal of fixed assets 664 0
Amortization of deferred financing costs and debt discount 210 275
Debt modification expense (0) 176
Loss on extinguishment of debt 0 156
Stock-based compensation 6,987 3,704
Provision for losses on accounts receivable 315 315
Deferred income taxes 1,001 143
Non-cash lease expense 5,213 4,142
Changes in operating assets and liabilities:    
Accounts receivable (59,387) (54,076)
Inventories (25,325) (16,252)
Prepaid assets, refundable income taxes and other assets 127 (958)
Accounts payable (442) 7,480
Accrued expenses and other current liabilities 8,721 10,201
Benefit obligations, long-term liabilities and other (2,712) (1,778)
Net cash used in operating activities (25,195) (12,721)
Investing activities    
Capital expenditures (7,301) (5,126)
Acquisition of business (927) 0
Net cash used in investing activities (8,228) (5,126)
Financing activities    
Shares withheld on restricted stock vesting paid for employees’ taxes (899) (161)
Repurchase of common stock (6,000) (6,000)
Payments on life insurance policy loans (122) (119)
Payments of financing costs 0 (293)
Dividends paid (14,228) (13,926)
Net revolver borrowings 52,000 42,000
Borrowings on long-term debt 0 148,770
Repayment of long-term debt (3,750) (149,563)
Net cash provided by financing activities 27,001 20,708
Change in cash and cash equivalents (6,422) 2,861
Cash and cash equivalents at beginning of period 8,297 5,119
Cash and cash equivalents at end of period 1,875 7,980
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 172 $ 19,249