XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 9,680 $ 118,095
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 147,919 82,408
Deferred income taxes (11,903) 2,171
Stock-based compensation expense 928 504
Debt-related amortization 806 90
Gain on disposal of property and equipment (15,873) (92,806)
Changes in certain working capital items:    
Trade receivables 25,874 (3,200)
Prepaid expenses and other current assets 4,604 (655)
Accounts payable, accrued liabilities, and accrued expenses (25,176) (1,725)
Accrued income taxes (12,408) 7,668
Net cash provided by operating activities 124,451 112,550
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 94,660 146,376
Purchases of property and equipment (176,861) (91,818)
Payments to Acquire Businesses, Net of Cash Acquired 0 (675,852)
Change in other assets 382 (159)
Net cash used in investing activities (81,819) (621,453)
FINANCING ACTIVITIES    
Payments of cash dividends (3,161) (3,157)
Proceeds from Issuance of Long-term Debt 0 447,343
Shares withheld for employee taxes related to stock-based compensation (213) (75)
Repayments of finance leases and debt (69,887) (29,195)
Net cash provided by (used in) financing activities (73,261) 414,916
Net decrease in cash, cash equivalents and restricted cash (30,629) (93,987)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Beginning of period 64,478 173,767
End of period 33,849 79,780
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest expense 16,779 989
Cash paid during the period for income taxes, net of refunds 29,138 32,695
Noncash investing and financing activities:    
Fair value of revenue equipment traded 0 428
Purchased property and equipment in accounts payable 22,270 4,430
Sold revenue equipment and property in other current assets 2,089 3,058
Common stock dividends declared in accounts payable 1,581 1,580
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 20,101 64,824
Restricted cash included in other current assets 299 880
Restricted cash included in other assets 13,449 14,076
Total cash, cash equivalents and restricted cash $ 33,849 $ 79,780