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, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income $ 55,324 $ 39,009 $ 44,176
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization 18,584 16,742 12,281
Inventory step up of acquired business included in cost of sales   125 1,956
Amortization of deferred financing costs and debt discount 1,214 950 720
Stock-based compensation 3,500 2,898 3,275
Provision (benefit) for losses on accounts receivable 1,475 208 305
Deferred income taxes (15,242) 5,413 5,807
Earnout liability (1,786) (1,128) 623
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (1,154) 2,419 (7,094)
Inventories 894 605 (5,292)
Prepaid assets, refundable income taxes and other assets 65 1,699 (5,886)
Accounts payable (2,487) (113) 4,802
Accrued expenses and other current liabilities 5,481 (3,434) 3,138
Benefit obligations and other long-term liabilities 486 4,527 (2,346)
Net cash provided by (used in) operating activities 66,354 69,920 56,465
Investing activities      
Capital expenditures (7,563) (9,830) (10,009)
Acquisition of business (7,385) (181,344) (11,818)
Net cash used in investing activities (14,948) (191,174) (21,827)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (923)   (27)
Proceeds from exercise of stock options     111
Payments of financing costs (1,608) (2,320)  
Earnout payment (5,487)    
Borrowings on long-term debt   129,350  
Dividends paid (21,974) (21,451) (20,173)
Repayment of long-term debt (3,148) (2,560) (1,900)
Net cash provided by (used in) financing activities (33,140) 103,019 (21,989)
Change in cash and cash equivalents 18,266 (18,235) 12,649
Cash and cash equivalents at beginning of year 18,609 36,844 24,195
Cash and cash equivalents at end of year 36,875 18,609 36,844
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 45,472 13,697  
Supplemental disclosure of cash flow information      
Income taxes paid 6,607 16,440 21,633
Interest paid $ 17,224 $ 14,235 $ 10,519