XML 20 R6.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income $ 18,416 $ 90,672 $ 76,516
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 64,605 62,806 55,012
Bad debt expense 2,396 917 1,044
Stock compensation—net of excess tax benefits 553 715 441
Provision for deferred income taxes 2,886 14,541 17,832
Recognized (gain) on marketable equity securities (1,618) (1,129) (8,197)
Gain on disposition of equipment (1,043) (3,250) (1,446)
Changes in operating assets and liabilities:      
Accounts receivable 50,798 (2,152) (47,132)
Prepaid expenses, deposits, inventories, and other assets 2,538 (7,257) (865)
Income taxes refundable 1,768 (5,373) 591
Income taxes payable 0 (4,364) 4,364
Trade accounts payable (10,980) 2,198 5,945
Accrued expenses and other liabilities (15,742) 20,491 (2,365)
Net cash provided by operating activities 114,577 168,815 101,740
INVESTING ACTIVITIES:      
Purchases of property and equipment (34,060) (63,961) (19,144)
Purchase of a business, net of cash acquired 0 (65,797) 0
Proceeds from disposition of equipment 22,622 17,406 31,680
Sales of marketable equity securities 143 0 3,109
Purchases of marketable equity securities, net of return of capital 0 (1,175) (6,395)
Net cash (used in) provided by investing activities (11,295) (113,527) 9,250
FINANCING ACTIVITIES:      
Borrowings under line of credit 879,191 945,610 654,212
Repayments under line of credit (879,191) (945,610) (672,458)
Borrowings of long-term debt 0 74,925 21,408
Repayments of long-term debt (71,105) (67,335) (75,115)
Borrowings under margin account 46 1,229 6,510
Repayments under margin account (960) (1,529) (16,547)
Repurchases of treasury stock (4,736) (7,000) (10,828)
Net cash (used in) provided by financing activities (76,755) 290 (92,818)
NET INCREASE IN CASH AND CASH EQUIVALENTS 26,527 55,578 18,172
CASH AND CASH EQUIVALENTS—Beginning of year 74,087 18,509 337
CASH AND CASH EQUIVALENTS—End of year 100,614 74,087 18,509
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION—      
Interest 9,762 7,842 8,144
Income taxes 5,510 23,243 3,870
NON-CASH INVESTING AND FINANCING ACTIVITIES—      
Purchases of revenue equipment included in accounts payable $ 25,147 $ 431 $ 383