XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 133,584 $ 79,277 $ 70,806
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 133,047 104,232 110,381
Deferred income taxes 2,412 (5,869) 8,148
Stock-based compensation expense 1,399 1,150 2,092
Debt-related amortization 360 0 0
Gain on disposal of property and equipment (96,906) (37,438) (14,830)
Changes in certain working capital items (net of acquisition):      
Trade receivables 20,033 2,765 1,176
Prepaid expenses and other current assets 845 3,657 (3,628)
Accounts payable, accrued liabilities, and accrued expenses (1,227) (18,476) 3,062
Accrued income taxes 1,166 (5,880) 1,643
Net cash provided by operating activities 194,713 123,418 178,850
INVESTING ACTIVITIES      
Proceeds from sale of property and equipment 172,750 130,184 93,160
Purchases of property and equipment, net of trades (160,568) (132,640) (204,337)
Acquisition of business, net of cash acquired (675,852) 0 0
Change in other assets 411 (191) 129
Net cash used in investing activities (663,259) (2,647) (111,048)
FINANCING ACTIVITIES      
Cash dividends paid (6,318) (45,872) (6,502)
Proceeds from issuance of long-term debt 447,343 0 0
Shares withheld for employee taxes related to stock-based compensation (290) (247) (582)
Repayments on finance leases and debt (81,478) 0 0
Repurchases of common stock 0 (32,025) (25,654)
Net cash provided by (used in) financing activities 359,257 (78,144) (32,738)
Net increase (decrease) in cash and cash equivalents (109,289) 42,627 35,064
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of period 173,767 131,140 96,076
End of period 64,478 173,767 131,140
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid during the period for interest expense 6,384 0 0
Cash paid during the period for income taxes, net of refunds 44,010 38,519 13,664
Noncash investing and financing activities:      
Fair value of revenue equipment traded 428 0 0
Purchased property and equipment in accounts payable 11,938 9,019 2,172
Sold revenue equipment and property in other current assets 1,558 1,512 3,383
Treasury stock acquired in accounts payable 0 0 485
Right-of-use assets obtained in exchange for operating lease liabilities 3,345 0 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 49,462 157,742 113,852
Restricted cash included in other current assets 752 928 1,075
Restricted cash included in other assets 14,264 15,097 16,213
Total cash, cash equivalents and restricted cash $ 64,478 $ 173,767 $ 131,140