XML 19 R6.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 76,516 $ 17,827 $ 7,900
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 55,012 56,168 55,107
Bad debt expense 1,044 530 728
Stock compensation—net of excess tax benefits 441 460 912
Provision for deferred income taxes 17,832 5,362 1,625
Recognized (gain) loss on marketable equity securities (8,197) 3,463 (4,753)
(Gain) loss on sale or disposal of equipment (1,446) 373 583
Changes in operating assets and liabilities:      
Accounts receivable (47,132) (17,835) 884
Prepaid expenses, deposits, inventories, and other assets (865) (1,780) 1,865
Income taxes refundable 591 (60) 1,372
Income taxes payable 4,364 0 0
Trade accounts payable 5,945 20,880 (2,233)
Accrued expenses and other liabilities (2,365) (17,798) 20,307
Net cash provided by operating activities 101,740 67,590 84,297
INVESTING ACTIVITIES:      
Purchases of property and equipment (19,144) (48,226) (79,354)
Proceeds from disposition of equipment 31,680 17,418 14,263
Sales of marketable equity securities 3,109 2,039 2,984
Purchases of marketable equity securities, net of return of capital (6,395) (3,923) (203)
Net cash provided by (used in) investing activities 9,250 (32,692) (62,310)
FINANCING ACTIVITIES:      
Borrowings under line of credit 654,212 517,668 590,902
Repayments under line of credit (672,458) (516,468) (584,047)
Borrowings of long-term debt 21,408 26,837 60,203
Repayments of long-term debt (75,115) (64,411) (70,917)
Borrowings under margin account 6,510 7,068 527
Repayments under margin account (16,547) (3,292) (4,334)
Repurchases of treasury stock (10,828) (2,281) (14,285)
Net cash used in financing activities (92,818) (34,879) (21,951)
NET INCREASE IN CASH AND CASH EQUIVALENTS 18,172 19 36
CASH AND CASH EQUIVALENTS—Beginning of year 337 318 282
CASH AND CASH EQUIVALENTS—End of year 18,509 337 318
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION—      
Interest 8,144 8,798 8,612
Income taxes 3,870 281 671
NON-CASH INVESTING AND FINANCING ACTIVITIES—      
Purchases of revenue equipment included in accounts payable $ 383 $ 9,050 $ 366