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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 14,775 $ 133,584 $ 79,277
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 199,039 133,047 104,232
Deferred income taxes (18,081) 2,412 (5,869)
Stock-based compensation expense 1,620 1,399 1,150
Debt-related amortization 1,069 360 0
Gain on disposal of property and equipment (41,087) (96,906) (37,438)
Changes in certain working capital items (net of acquisition):      
Trade receivables 37,079 20,033 2,765
Prepaid expenses and other current assets 9,065 845 3,657
Accounts payable, accrued liabilities, and accrued expenses (30,998) (1,227) (18,476)
Accrued income taxes (7,214) 1,166 (5,880)
Net cash provided by operating activities 165,267 194,713 123,418
INVESTING ACTIVITIES      
Proceeds from sale of property and equipment 137,319 172,750 130,184
Purchases of property and equipment, net of trades (208,596) (160,568) (132,640)
Acquisition of business, net of cash acquired 0 (675,852) 0
Change in other assets 3,410 411 (191)
Net cash used in investing activities (67,867) (663,259) (2,647)
FINANCING ACTIVITIES      
Cash dividends paid (6,322) (6,318) (45,872)
Proceeds from issuance of long-term debt 0 447,343 0
Shares withheld for employee taxes related to stock-based compensation (290) (290) (247)
Repayments on finance leases and debt (114,078) (81,478) 0
Repurchases of common stock 0 0 (32,025)
Net cash provided by (used in) financing activities (120,690) 359,257 (78,144)
Net increase (decrease) in cash and cash equivalents (23,290) (109,289) 42,627
CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Beginning of period 64,478 173,767 131,140
End of period 41,188 64,478 173,767
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid during the period for interest expense 22,444 6,384 0
Cash paid during the period for income taxes, net of refunds 30,135 44,010 38,519
Noncash investing and financing activities:      
Fair value of revenue equipment traded 0 428 0
Purchased property and equipment in accounts payable 3,912 11,938 9,019
Sold revenue equipment and property in other current assets 2,516 1,558 1,512
Right-of-use assets obtained in exchange for operating lease liabilities 8,236 3,345 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 28,123 49,462 157,742
Restricted cash included in other current assets 332 752 928
Restricted cash included in other assets 12,733 14,264 15,097
Total cash, cash equivalents and restricted cash $ 41,188 $ 64,478 $ 173,767