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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 43,905 $ 55,324 $ 39,009
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 19,085 18,584 16,742
Inventory step up of acquired business included in cost of sales     125
Amortization of deferred financing costs and debt discount 1,214 1,214 950
Loss on disposal of fixed assets 185    
Stock-based compensation 4,550 3,500 2,898
Provision for losses on accounts receivable 531 1,475 208
Deferred income taxes 9,551 (15,242) 5,413
Earnout liability (900) (1,786) (1,128)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (511) (1,154) 2,419
Inventories (12,347) 894 605
Prepaid assets, refundable income taxes and other assets (1,114) 65 1,699
Accounts payable 3,039 (2,487) (113)
Accrued expenses and other current liabilities 312 5,481 (3,434)
Benefit obligations and other long-term liabilities (9,319) 486 4,527
Net cash provided by operating activities 58,181 66,354 69,920
Investing activities      
Capital expenditures (9,690) (7,563) (9,830)
Acquisition of business   (7,385) (181,344)
Net cash used in investing activities (9,690) (14,948) (191,174)
Financing activities      
Shares withheld on restricted stock vesting paid for employees' taxes (23) (923)  
Payments of financing costs   (1,608) (2,320)
Borrowings on long-term debt     129,350
Earnout payment   (5,487)  
Dividends paid (24,383) (21,974) (21,451)
Repayment of long-term debt (33,140) (3,148) (2,560)
Net cash provided by (used in) financing activities (57,546) (33,140) 103,019
Change in cash and cash equivalents (9,055) 18,266 (18,235)
Cash and cash equivalents at beginning of year 36,875 18,609 18,609
Cash and cash equivalents at end of year 27,820 36,875 18,609
Non-cash operating and financing activities      
Truck chassis inventory acquired through floorplan obligations 38,129 45,472 13,697
Supplemental disclosure of cash flow information      
Income taxes paid 8,465 6,607 16,440
Interest paid $ 15,878 $ 17,224 $ 14,235