XML 20 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 16,635 $ 22,167
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for losses on accounts receivable (3) 199
(Reversal) deferral of gain on sales to equity method investee 0 (30)
Depreciation and amortization 14,575 13,445
Deferred income tax expense (1,185) 1,047
Income tax expense arising from restricted share vesting and stock options exercised (587) (84)
Stock-based compensation expense 1,558 1,893
Income from equity method investment (5,943) (6,785)
Gain on disposition of property and equipment (9,791) (167)
Changes in operating assets and liabilities:    
Receivables and advances 2,863 22,213
Prepaid expenses and other assets 2,555 3,028
Inventory and supplies 208 (408)
Insurance and claims accrual (324) (8,306)
Accounts payable and accrued expenses (13,313) (8,796)
Net cash flows provided by operating activities 7,248 39,416
Cash flows from investing activities:    
Acquisition of AAT Carriers, Inc., net of cash acquired 0 (37,000)
Other investments (1,108) (12)
Purchase of property and equipment (16,221) (8,690)
Proceeds from disposition of property and equipment 24,407 704
Net cash flows provided (used) by investing activities 7,078 (44,998)
Cash flows from financing activities:    
Change in checks outstanding in excess of bank balances 0 (216)
Cash dividend (1,466) (1,047)
Proceeds from issuance of notes payable 12,795 0
Repayments of notes payable (4,902) (1,427)
Repayments of finance lease obligations (3,357) (1,293)
Proceeds under revolving credit facility 10,665 70,031
Repayments under revolving credit facility and draw note (10,665) (46,899)
Payment of contingent consideration liability (9,187) 0
Payment of minimum tax withholdings on stock compensation (1,485) (35)
Common stock repurchased (20,805) (14,800)
Net cash flows (used) provided by financing activities (28,407) 4,314
Net change in cash and cash equivalents (14,081) (1,268)
Cash and cash equivalents at beginning of period 68,665 8,412
Cash and cash equivalents at end of period $ 54,584 $ 7,144