v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 23,220 $ 25,182
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 60,517 53,955
Gain on sale of equipment (20,752) (14,151)
Stock based compensation 2,164 2,044
Deferred income taxes 29,016 6,103
Provision for doubtful accounts 570 180
Changes in operating assets and liabilities:    
Trade receivables 3,978 (865)
Income taxes 384 6,936
Tires in service (3,180) 1,278
Prepaid expenses and other current assets (7,466) (7,330)
Other assets (23,272) (513)
Leased revenue and revenue equipment held for sale (48,722) (29,859)
Accounts payable and accrued expenses (11,979) 26,993
Net cash provided by operating activities 4,478 69,953
Cash flows from investing activities:    
Purchase of property and equipment (69,686) (107,178)
Proceeds on sale of property and equipment 123,169 158,177
Purchase of businesses, net of cash acquired (18,264) (115,213)
Net cash provided by (used in) investing activities 35,219 (64,214)
Cash flows from financing activities:    
Proceeds from bank borrowings and debt 682,895 531,975
Payments on bank borrowings and debt (665,322) (452,770)
Dividends paid (1,648) (1,397)
Principal payments under capital lease obligations (75,657) (86,018)
Proceeds from issuance of stock 51 5,567
Net cash used in financing activities (59,681) (2,643)
Effect of exchange rates on cash and cash equivalents 579 (916)
Increase/Decrease in cash and cash equivalents (19,405) 2,180
Cash and cash equivalents at beginning of period 24,699 15,508
Cash and cash equivalents at end of period 5,294 17,688
Supplemental disclosure of cash flow information:    
Interest paid 10,483 5,308
Income taxes paid 168 5,522
Lease obligation incurred in the purchase of equipment 90,415 $ 165,787
Conversion of capital leases to operating leases $ 61,248