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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 20,383 $ 93,681
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,806 47,620
Deferred income taxes (13,440) (12,709)
Stock-based compensation expense 393 343
Debt-related amortization 539 0
Gain on disposal of property and equipment (14,809) (85,970)
Changes in certain working capital items:    
Trade receivables 25,348 (10,600)
Prepaid expenses and other current assets 6,193 (778)
Accounts payable, accrued liabilities, and accrued expenses (19,086) 8,521
Accrued income taxes (5,071) 18,400
Net cash provided by operating activities 97,256 58,508
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 73,838 129,820
Purchases of property and equipment (108,017) (50,563)
Acquisition of business, net of cash acquired 0 (122,049)
Change in other assets 419 (9)
Net cash used in investing activities (33,760) (42,801)
FINANCING ACTIVITIES    
Payments of cash dividends (1,581) (1,579)
Shares withheld for employee taxes related to stock-based compensation (155) (66)
Repayments of finance leases and debt (64,773) (1,113)
Net cash used in financing activities (66,509) (2,758)
Net increase (decrease) in cash, cash equivalents and restricted cash (3,013) 12,949
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 64,478 173,767
End of period 61,465 186,716
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest expense 11,605 159
Cash paid during the period for income taxes, net of refunds 25,740 28,310
Noncash investing and financing activities:    
Purchased property and equipment in accounts payable 18,683 1,033
Sold revenue equipment and property in other current assets 494 3,084
Common stock dividends declared in accounts payable 1,580 1,579
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 0 4,653
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 46,250 171,879
Restricted cash included in other current assets 741 897
Restricted cash included in other assets 14,474 13,940
Total cash, cash equivalents and restricted cash $ 61,465 $ 186,716