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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 12,612 $ 16,775
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,469 23,311
Deferred income taxes (8,659) (1,744)
Stock-based compensation expense 152 271
Debt-related amortization 269 0
Gain on disposal of property and equipment (6,786) (4,258)
Changes in certain working capital items:    
Trade receivables 13,649 (8,771)
Prepaid expenses and other current assets 4,864 1,083
Accounts payable, accrued liabilities, and accrued expenses (10,978) 3,557
Accrued income taxes 12,850 7,369
Net cash provided by operating activities 66,442 37,593
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 28,859 13,648
Purchases of property and equipment (42,149) (22,029)
Change in other assets 489 0
Net cash used in investing activities (12,801) (8,381)
FINANCING ACTIVITIES    
Shares withheld for employee taxes related to stock-based compensation (41) (41)
Repayments of finance leases and debt (47,325) 0
Net cash used in financing activities (47,366) (41)
Net increase in cash, cash equivalents and restricted cash 6,275 29,171
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 64,478 173,767
End of period 70,753 202,938
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest expense 6,121 0
Cash paid during the period for income taxes, net of refunds 232 142
Noncash investing and financing activities:    
Purchased property and equipment in accounts payable 2,059 2,058
Sold revenue equipment and property in other current assets 232 1,213
Common stock dividends declared in accounts payable 1,581 1,579
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 55,506 187,085
Restricted cash included in other current assets 746 916
Restricted cash included in other assets 14,501 14,937
Total cash, cash equivalents and restricted cash $ 70,753 $ 202,938