Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net income $ 28,908 $ 29,035
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 12,217 9,193
Inventory step up of acquired business included in cost of sales 125 1,956
Amortization of deferred financing costs and debt discount 642 502
Stock-based compensation 2,258 2,740
Provision for losses on accounts receivable 221 170
Deferred income taxes 2,734 3,219
Earnout liability (51) 556
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (37,659) (57,790)
Inventories (1,973) (8,954)
Prepaid and other assets 3,087 (962)
Accounts payable (1,763) 3,714
Accrued expenses and other current liabilities 952 5,607
Benefit obligations and other long-term liabilities 1,513 (908)
Net cash provided by operating activities 11,211 (11,922)
Investing activities    
Capital expenditures (7,084) (7,110)
Acquisition of business (175,927) (11,818)
Net cash used in investing activities (183,011) (18,928)
Financing activities    
Shares withheld on restricted stock vesting paid for employees' taxes   (27)
Proceeds from exercise of stock options   111
Payments of financing costs (2,250)  
Borrowings on long-term debt 129,350  
Dividends paid (16,086) (15,131)
Short-term borrowings (repayments), net 26,000 27,000
Repayment of long-term debt (1,755) (1,425)
Net cash provided by (used in) financing activities 135,259 10,528
Change in cash and cash equivalents (36,541) (20,322)
Cash and cash equivalents at beginning of year 36,844 24,195
Cash and cash equivalents at end of year 303 $ 3,873
Non-cash operating and financing activities    
Truck chassis inventory acquired through floorplan obligations $ 8,481