v3.3.1.900
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net income $ 17,982 $ 16,590
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40,929 33,419
Gain on sale of equipment (18,721) (8,568)
Stock based compensation 1,458 1,334
Deferred income taxes 13,715 5,437
Provision for doubtful accounts 441 120
Changes in operating assets and liabilities:    
Trade receivables (635) 1,781
Income taxes 2,229 3,028
Tires in service (1,373) 423
Prepaid expenses and other current assets (10,238) (7,531)
Other assets (6,744) (56)
Leased revenue and revenue equipment held for sale (11,948) (20,362)
Accounts payable and accrued expenses (4,201) (3,261)
Net cash provided by operating activities 22,894 22,354
Cash flows from investing activities:    
Purchase of property and equipment (67,093) (72,792)
Proceeds on sale of property and equipment 107,871 75,783
Purchase of businesses, net of cash acquired (17,733) (66,705)
Net cash provided by (used in) investing activities 23,045 (63,714)
Cash flows from financing activities:    
Proceeds from bank borrowings and debt 499,970 346,350
Payments on bank borrowings and debt (506,867) (255,162)
Dividends paid (1,098) (930)
Principal payments under capital lease obligations (56,299) (54,760)
Proceeds from issuance of stock 169 1,068
Net cash provided by (used in) financing activities (64,125) 36,566
Effect of exchange rates on cash and cash equivalents 1,215 (658)
Increase/Decrease in cash and cash equivalents (16,971) (5,451)
Cash and cash equivalents at beginning of period 24,699 15,508
Cash and cash equivalents at end of period 7,728 10,057
Supplemental disclosure of cash flow information:    
Interest paid 6,910 3,178
Income taxes paid 118 5,432
Lease obligation incurred in the purchase of equipment 90,406 $ 76,102
Conversion of capital leases to operating leases $ 61,248