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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2016
Cash flows from operating activities          
Net income (loss)     $ 12,688 $ (11,852)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities          
Depreciation $ 25,527 $ 16,196 48,815 31,069  
Amortization of intangible assets 6,239 1,442 8,133 2,884  
Amortization of deferred financing fees 800 500 1,452 793  
Write-off of deferred financing fees       3,883  
Stock-based compensation expense     1,788 538  
Deferred taxes     (16,239) (1,419)  
Bad debt expense     202 221  
Non-cash interest expense       92  
Gain on disposition of property and equipment     (645) (157)  
Gain on disposition of building     (836)    
Deferred gain recognized on sales-type leases (900) (200) (1,414) (339)  
Impairment 2,840   2,840    
Changes in operating assets and liabilities          
Accounts receivable     (31,460) (20,311)  
Drivers’ advances and other receivables     (95) 102  
Payments received on sales-type leases     6,547 2,076  
Prepaid and other current assets     (6,315) 433  
Accounts payable     56 1,103  
Accrued expenses and other liabilities     3,518 4,714  
Net cash provided by operating activities     29,035 13,830  
Cash flows from investing activities          
Purchase of property and equipment     (31,123) (6,806)  
Proceeds from sale of property and equipment     11,676 2,952  
Cash paid in acquisitions, net of cash acquired     (79,084) (40,571)  
Net cash used in investing activities     (98,531) (44,425)  
Cash flows from financing activities:          
Advances on line of credit     468,130 343,083  
Repayments on line of credit     (472,691) (349,939)  
Advances on long-term debt     5,901    
Principal payments on and payoff of long-term debt     (25,227) (224,587)  
Proceeds from Term Loan Facility       289,500  
Deferred financing fees     (633) (14,266)  
Pay off of subordinated debt       (66,715)  
Proceeds from issuance of common stock     84,569 64,577  
Repurchase of common stock       (36,168)  
Exercise of options     50    
Net cash provided by financing activities     57,621 68,469  
Effect of exchange rates on cash and cash equivalents     (70) 15  
Net (decrease) increase in cash and cash equivalents     (11,945)   $ 37,889
Cash and cash equivalents – beginning of period     90,679    
Cash and cash equivalents – beginning of period     90,679 3,695  
Cash and cash equivalents – end of period 78,734   78,734    
Cash and cash equivalents – end of period 78,734 41,584 78,734 41,584 $ 3,695
Supplemental disclosure of cash flow information          
Cash paid for interest     20,025 17,728  
Cash paid for income taxes     1,347 436  
Noncash investing and financing activities          
Property and equipment acquired with debt or capital lease obligations     11,589 5,139  
Accrued capital expenditures     4,362    
Property and equipment sold for notes receivable     248 70  
Property and equipment transferred to sales-type lease     3,932 4,842  
Sales-type lease returns to property and equipment     407 645  
Sales-type lease assets acquired with debt or capital lease obligations     9,873    
Sales-type lease assets sold for notes receivable     28,147 12,700  
Sales-type lease returns to sales-type lease assets     15,451 6,957  
Common stock issued in acquisition $ 15,355 3,438 15,355 3,438  
Issuance of earnout shares     48,200    
Series A          
Cash flows from financing activities:          
Issuance of convertible preferred stock       (65,000)  
Convertible preferred stock dividends     $ (2,478)    
Noncash investing and financing activities          
Accrued convertible preferred dividends   $ 1,693   1,693  
Series B          
Cash flows from financing activities:          
Convertible preferred stock dividends       $ (2,016)