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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 30.7 $ 28.0
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 40.9 40.9
Amortization of intangible assets 3.4 3.5
Amortization of deferred financing fees 0.6 1.1
Non-cash operating lease expense (0.1) (0.8)
Change in fair value of warrant liability (4.7) (2.2)
Write-off of deferred financing fees 0.0 1.1
Stock-based compensation expense 6.4 3.2
Deferred taxes 1.1 9.8
Bad debt expense 0.3 (0.3)
Gain on disposition of property and equipment (9.1) (7.7)
Impairments 7.8 0.0
Changes in operating assets and liabilities    
Accounts receivable (46.1) (34.8)
Drivers' advances and other receivables (4.7) 0.6
Other current assets (3.9) 1.1
Accounts payable 3.2 (0.3)
Accrued expenses and other liabilities 26.1 14.9
Net cash provided by operating activities 51.9 58.1
Cash flows from investing activities    
Purchases of property and equipment (25.2) (18.0)
Proceeds from sale of property and equipment 20.4 26.6
Cash paid for acquisitions, net of cash received (19.3) 0.0
Net cash (used in) provided by investing activities (24.1) 8.6
Cash flows from financing activities:    
Advances on line of credit 876.6 747.2
Repayments on line of credit (876.6) (747.2)
Principal payments on long-term debt (31.3) (212.4)
Proceeds from long-term debt 0.0 97.5
Payments of deferred financing fees 0.0 (3.4)
Repurchase of common stock 0.0 (10.5)
Exercise of stock options, net 0.8 0.4
Exercise of warrants 9.4 0.0
Net cash used in financing activities (23.6) (130.9)
Effect of exchange rates on cash and cash equivalents 0.3 (0.3)
Net increase (decrease) in cash and cash equivalents 4.5 (64.5)
Cash and cash equivalents - beginning of period 147.5 176.2
Cash and cash equivalents - end of period 152.0 111.7
Supplemental disclosure of cash flow information    
Cash paid for interest 14.3 15.1
Cash paid for income taxes 14.0 3.4
Noncash investing and financing activities    
Property and equipment acquired with debt or finance lease obligations 41.3 29.2
Right-of-use assets acquired 18.7 16.5
Series A    
Cash flows from financing activities:    
Convertible preferred stock dividends $ (2.5) $ (2.5)