Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ (86,553) $ 49,166 $ 43,905
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 19,737 19,212 19,085
Amortization of deferred financing costs and debt discount 1,364 1,214 1,214
Debt modification expense 267    
Loss on disposal of fixed assets     185
Stock-based compensation 2,830 3,239 4,550
Adjustments on derivatives not designated as hedges 2,854    
Provision for losses on accounts receivable 1,081 1,361 531
Deferred income taxes (19,598) (2,123) 9,551
Impairment charges 127,872    
Earnout liability (2,017) (417) (900)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 3,038 (7,747) (511)
Inventories (1,801) 4,054 (12,347)
Prepaid assets, refundable income taxes and other assets (3,715) (2,140) (1,114)
Accounts payable (21) (2,562) 3,039
Accrued expenses and other current liabilities 6,577 6,491 312
Benefit obligations and other long-term liabilities 1,451 7,548 (9,319)
Net cash provided by operating activities 53,366 77,296 58,181
Investing activities      
Capital expenditures (14,490) (11,533) (9,690)
Net cash used in investing activities (14,490) (11,533) (9,690)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (72) (50) (23)
Payments of financing costs (1,133)    
Borrowings on long-term debt 270,875    
Dividends paid (25,926) (25,183) (24,383)
Repayment of long-term debt (277,255) (32,685) (33,140)
Net cash used in financing activities (33,511) (57,918) (57,546)
Change in cash and cash equivalents 5,365 7,845 (9,055)
Cash and cash equivalents at beginning of year 35,665 27,820 36,875
Cash and cash equivalents at end of year 41,030 35,665 27,820
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 38,167 44,929 38,129
Pension settlement   6,609  
Supplemental disclosure of cash flow information      
Income taxes paid 4,279 13,283 8,465
Interest paid $ 16,841 $ 15,779 $ 15,878