Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 23,723 $ 38,609 $ 30,691
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 21,662 20,938 20,316
Amortization of deferred financing costs and debt discount 588 491 894
Loss on extinguishment of debt 0 0 4,936
Loss (gain) on disposal of fixed assets (56) 111 (220)
Stock-based compensation 953 6,730 5,794
Adjustments on derivatives not designated as hedges (688) (688) (1,192)
Provision (credit) for losses on accounts receivable 320 (1,476) 67
Deferred income taxes 7,561 (3,268) 1,618
Impairment charges 0 0 1,211
Non-cash lease expense 5,097 1,030 1,768
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 2,684 (14,253) 12,093
Inventories (3,888) (32,483) (24,276)
Prepaid assets, refundable income taxes and other assets (14,010) 3,422 (1,714)
Accounts payable (17,123) 21,522 10,418
Accrued expenses and other current liabilities (8,154) 1,321 42
Benefit obligations and other long-term liabilities (6,200) (1,976) (1,911)
Net cash provided by operating activities 12,469 40,030 60,535
Investing activities      
Capital expenditures (10,521) (12,047) (11,208)
Net cash used in investing activities (10,521) (12,047) (11,208)
Financing activities      
Repurchase of common stock 0 (6,001) 0
Proceeds from life insurance policy loans 750 0 0
Payments of financing costs (334) 0 (1,371)
Borrowings on long-term debt 0 0 224,438
Dividends paid (27,441) (27,026) (26,522)
Net revolver borrowings 47,000 0 0
Repayment of long-term debt (18,437) (11,250) (249,938)
Net cash provided by (used in) financing activities 1,538 (44,277) (53,393)
Change in cash and cash equivalents 3,486 (16,294) (4,066)
Cash and cash equivalents at beginning of year 20,670 36,964 41,030
Cash and cash equivalents at end of year 24,156 20,670 36,964
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 7,875 4,725 34,432
Supplemental disclosure of cash flow information      
Income taxes paid 14,512 7,025 9,768
Interest paid $ 18,184 $ 11,662 $ 12,307