Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income $ 20,796 $ 28,908
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 13,815 12,217
Inventory step up of acquired business included in cost of sales   125
Amortization of deferred financing costs and debt discount 911 642
Stock-based compensation 2,750 2,258
Provision (benefit) for losses on accounts receivable 1,424 221
Deferred income taxes 4,464 2,734
Earnout liability (1,186) (51)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (39,519) (37,659)
Inventories (4,929) (1,973)
Prepaid assets, refundable income taxes and other assets (55) 3,087
Accounts payable (2,556) (1,763)
Accrued expenses and other current liabilities 3,069 952
Benefit obligations and other long-term liabilities 347 1,513
Net cash provided by (used in) operating activities (669) 11,211
Investing activities    
Capital expenditures (5,216) (7,084)
Acquisition of business (7,385) (175,927)
Net cash used in investing activities (12,601) (183,011)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes (923)  
Payments of financing costs (1,608) (2,250)
Earnout payment (5,487)  
Borrowings on long-term debt   129,350
Dividends paid (16,476) (16,086)
Net revolver borrowings 23,000 26,000
Repayment of long-term debt (2,363) (1,755)
Net cash provided by (used in) financing activities (3,857) 135,259
Change in cash and cash equivalents (17,127) (36,541)
Cash and cash equivalents at beginning of year 18,609 36,844
Cash and cash equivalents at end of year 1,482 303
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 33,271 $ 8,481