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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Operating activities:          
Net income     $ 16,310 $ 7,790  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization $ 8,986 $ 9,163 17,010 18,733  
Bad debt benefit     (191) (102)  
Deferred income tax benefit, net     135 (1,979)  
Stock-based compensation     1,759 745  
Gain on disposal of assets, net (881) (140) (7,282) (317)  
Other     214 71  
Changes in operating assets and liabilities:          
Accounts and other receivables     (16,180) (18,174)  
Inventories and prepaid expenses     3,383 1,852  
Accounts payable and accrued expenses     8,601 6,213  
Insurance and claims accruals     2,359 357  
Other long-term assets and liabilities     (2,245) 503  
Net cash provided by operating activities     23,873 15,692  
Investing activities:          
Capital expenditures     (9,011) (1,066)  
Proceeds from sale of property and equipment     12,843 6,141  
Net cash provided by investing activities     3,832 5,075  
Financing activities:          
Borrowings under long-term debt     6,000 28,760  
Payments on long-term debt     (52,201) (39,156)  
Principal payments on financing lease obligations     (12,290) (5,888)  
Proceeds from obligation under finance lease     41,974    
Payment of debt issuance costs     (774)    
Net change in bank drafts payable     41 (2,785)  
Proceeds from capital sale leaseback         $ 24,500
Net payments for tax withholdings for vested stock-based awards     (1,108) (9)  
Net cash used in financing activities     (18,358) (19,078)  
Increase in cash and restricted cash     9,347 1,689  
Cash and restricted cash:          
Beginning of period     1,352 325 325
End of period $ 10,699 $ 2,014 10,699 2,014 $ 1,352
Supplemental disclosure of cash flow information:          
Interest     2,710 2,106  
Income taxes, net of refunds     7,516 6,623  
Supplemental disclosure of non-cash investing:          
Purchase of revenue equipment included in accounts payable     $ 6,059 $ 1,021