Daseke (DSKE) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-37509
Entity Registrant Name	DASEKE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3913221
Entity Address, Address Line One	15455 Dallas Parkway
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	972
Local Phone Number	248-0412
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common shares outstanding		63,454,264
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001642453
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DSKE
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one half of a share of Common Stock at an exercise price of $5.75 per half share

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 153.5	$ 147.5
Accounts receivable, net of allowance of $2.1 at March 31, 2022 and December 31, 2021	202.2	172.3
Drivers' advances and other receivables	9.9	7.7
Other current assets	19.8	22.6
Total current assets	385.4	350.1
Property and equipment, net	397.7	397.7
Intangible assets, net	85.2	86.9
Goodwill	148	140.1
Right-of-use assets	109.1	108.3
Other non-current assets	4.2	4.3
Total assets	1,129.6	1,087.4
Current liabilities:
Accounts payable	20.2	14.7
Accrued expenses and other liabilities	59.8	43.9
Accrued payroll, benefits and related taxes	28.5	32.9
Accrued insurance and claims	36.8	26.8
Current portion of long-term debt	55.2	55.5
Warrant liability	0	4.7
Current operating lease liabilities	34.1	33.7
Total current liabilities	234.6	212.2
Line of credit	0	0
Long-term debt, net of current portion	524.3	531.4
Deferred tax liabilities	85.5	85.1
Non-current operating lease liabilities	81.5	81.1
Other non-current liabilities	3.5	1.6
Total liabilities	929.4	911.4
Commitments and contingencies (Note 9)
Stockholders' equity:
Series A convertible preferred stock, $0.0001 par value; 10,000,000 shares authorized; 650,000 shares issued with liquidation preference of $65.0 at March 31, 2022 and December 31, 2021	65	65
Common stock, par value $0.0001 per share; 250,000,000 shares authorized, 63,441,801 and 62,489,278 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	0	0
Additional paid-in-capital	400.2	387.8
Accumulated deficit	(265)	(276.8)
Accumulated other comprehensive income	0	0
Total stockholders' equity	200.2	176
Total liabilities and stockholders' equity	$ 1,129.6	$ 1,087.4

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Allowance	$ 2,100,000	$ 2,100,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	650,000	650,000
Preferred liquidation preference	$ 65	$ 65
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, issued	63,441,801	62,489,278
Common stock, outstanding	63,441,801	62,489,278

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenue	$ 421	$ 333.9
Operating expenses:
Salaries, wages and employee benefits	97.5	90.7
Operations and maintenance	34.4	30.3
Communications	0.9	1.1
Administrative	16.9	16.5
Sales and marketing	0.4	0.6
Insurance and claims	23.4	16.8
Acquisition-related transaction expenses	1.4	0
Depreciation and amortization	21.6	22.2
Gain on disposition of property and equipment	4.6	3.1
Restructuring charges	0.6	0
Total operating expenses	402.8	325.8
Income from operations	18.2	8.1
Other expense (income):
Interest income	(0.1)	(0.1)
Interest expense	7.1	11.1
Change in fair value of warrant liability	(4.7)	5.6
Other	(0.5)	(0.4)
Total other expense	1.8	16.2
Income (loss) before income taxes	16.4	(8.1)
Income tax expense (benefit)	3.4	(0.8)
Net income (loss)	13	(7.3)
Other comprehensive income (loss):
Foreign currency translation adjustments	1.1	0.2
Comprehensive income (loss)	14.1	(7.1)
Net income (loss)	13	(7.3)
Less dividends to Series A convertible preferred stockholders	(1.2)	(1.2)
Net income (loss) attributable to common stockholders	$ 11.8	$ (8.5)
Earnings (loss) per common share:
Basic	$ 0.19	$ (0.13)
Diluted	$ 0.18	$ (0.13)
Weighted-average common shares outstanding:
Basic	62,891,317	65,080,364
Diluted	65,433,575	65,080,364
Dividends declared per convertible preferred share	$ 1.91	$ 1.91
Series A
Other comprehensive income (loss):
Less dividends to Series A convertible preferred stockholders	$ (1.2)	$ (1.2)
Net income (loss) attributable to common stockholders	11.8	(8.5)
Company freight
Revenues:
Total revenue	156	145.1
Operating expenses:
Purchased freight	171.6	121.4
Owner operator freight
Revenues:
Total revenue	129.8	105.1
Brokerage
Revenues:
Total revenue	78.2	48.5
Logistics
Revenues:
Total revenue	11.4	8.5
Fuel surcharge
Revenues:
Total revenue	45.6	26.7
Operating expenses:
Fuel	35.1	25.4
Service
Operating expenses:
Taxes and licenses	$ 3.6	$ 3.9

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss)	Series A convertible preferred stockPreferred Stock
Balance (in Value) at Dec. 31, 2020	$ 138.8		$ 401.6	$ (327.8)		$ 65
Balance (in Shares) at Dec. 31, 2020		65,023,174				650,000
Exercise of stock options (in Value)	0.6		0.6
Exercise of stock options (in shares)		149,545
Vesting of restricted stock units (in Value)	(0.8)		(0.8)
Vesting of restricted stock units (in Shares)		5,737
Series A convertible preferred stock dividend	(1.2)			1.2
Stock-based compensation expense	1.4		1.4
Foreign currency translation adjustments	0.2				$ 0.2
Net income (loss)	(7.3)			(7.3)
Balance (in Value) at Mar. 31, 2021	131.7		402.8	(336.3)	$ 0.2	$ 65
Balance (in Shares) at Mar. 31, 2021		65,178,456				650,000
Balance (in Value) at Dec. 31, 2021	176		387.8	(276.8)		$ 65
Balance (in Shares) at Dec. 31, 2021		62,489,278				650,000
Exercise of stock options (in Value)	0.8		0.8
Exercise of stock options (in shares)		91,425
Exercise of warrants (in shares)		817,648
Exercise of warrants (Values)	9.4		9.4
Vesting of restricted stock units (in Shares)		43,450
Series A convertible preferred stock dividend	(1.2)			(1.2)
Stock-based compensation expense	2.2		2.2
Foreign currency translation adjustments	1.1
Net income (loss)	13			13
Balance (in Value) at Mar. 31, 2022	$ 200.2		$ 400.2	$ (265)		$ 65
Balance (in Shares) at Mar. 31, 2022		63,441,801				650,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 13	$ (7.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation	19.9	20.5
Amortization of intangible assets	1.7	1.7
Amortization of deferred financing fees	0.3	0.8
Non-cash operating lease expense	0	(0.4)
Change in fair value of warrant liability	(4.7)	5.6
Write-off of deferred financing fees	0	1.1
Stock-based compensation expense	4.2	2.4
Deferred taxes	0.3	(0.8)
Bad debt expense	0.1	0.2
Gain on disposition of property and equipment	(4.6)	(3.1)
Changes in operating assets and liabilities
Accounts receivable	(26.4)	(3.4)
Drivers' advances and other receivables	(4.7)	0.4
Other current assets	4.3	5.7
Accounts payable	5.4	(3.8)
Accrued expenses and other liabilities	20.4	9.9
Net cash provided by operating activities	29.2	29.5
Cash flows from investing activities
Purchases of property and equipment	(8.8)	(5.2)
Proceeds from sale of property and equipment	11.5	10.1
Cash paid for acquisitions, net of cash received	(19.3)	0
Net cash (used in) provided by investing activities	(16.6)	4.9
Cash flows from financing activities:
Advances on line of credit	422.1	337.6
Repayments on line of credit	(422.1)	(337.6)
Principal payments on long-term debt	(15.3)	(196.5)
Proceeds from long-term debt	0	97.5
Payments of deferred financing fees	0	(2.9)
Exercise of stock options, net	0.8	0
Exercise of warrants	9.4	0
Net cash used in financing activities	(6.3)	(103.1)
Effect of exchange rates on cash and cash equivalents	(0.3)	(0.2)
Net increase (decrease) in cash and cash equivalents	6	(68.9)
Cash and cash equivalents - beginning of period	147.5	176.2
Cash and cash equivalents - end of period	153.5	107.3
Supplemental disclosure of cash flow information
Cash paid for interest	7.1	7.7
Cash paid for income taxes	0.1	0.2
Noncash investing and financing activities
Property and equipment acquired with debt or finance lease obligations	7.3	14.4
Right-of-use assets acquired	8.1	5.8
Series A
Cash flows from financing activities:
Convertible preferred stock dividends	$ (1.2)	$ (1.2)

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Daseke, Inc. is engaged in full service open-deck trucking and specializes primarily in flatbed truckload and heavy haul transportation of specialized items throughout the United States, Canada and Mexico. The Company also provides logistical planning and warehousing services to customers. The Company is subject to regulation by the Department of Transportation, the Department of Defense, the Department of Energy, and various state regulatory authorities in the United States. The Company is also subject to regulation by the Ministries of Transportation and Communications and various provincial regulatory authorities in Canada. Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. The consolidated balance sheet as of December 31, 2021 has been derived from the audited consolidated financial statements at that date. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2021 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on February 23, 2022. Fair Value Measurements The Company follows the accounting guidance for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value framework are as follows: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. A financial asset or liability’s classification within the framework is determined based on the lowest level of input that is significant to the fair value measurement. The Company may be required, on a non-recurring basis, to adjust the carrying value of the Company’s property and equipment, intangible assets, goodwill and contingent consideration. When necessary, these valuations are determined by the Company using Level 3 inputs. These assets are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist. The Company’s warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): Fair value as of March 31, 2022 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ — $ — Total fair value $ — $ — $ — $ — Fair value as of December 31, 2021 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ 2.7 $ — $ 2.0 $ 4.7 Total fair value $ 2.7 $ — $ 2.0 $ 4.7 The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2022 (in millions): Three Months Ended March 31, 2022 Balance at beginning of period $ 2.0 Change in fair value ( 2.0 ) Balance at end of period $ — Common Stock Purchase Warrants The Company’s common stock purchase warrants expired in accordance with their terms on February 27, 2022 and are no longer exercisable. During the three months ended March 31, 2022 , prior to their expiration, there were 1,635,296 warrants exercised for 817,648 shares of the Company’s common stock in exchange for $ 9.4 million in proceeds to the Company. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted this guidance as of January 1, 2022. The adoption did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The provisions of this update are effective for all entities as of March 20, 2020 through December 31, 2022 and apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. In addition, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) – Scope, to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019 - 12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this guidance as of January 1, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Accounting for Credit Losses (Topic 326). ASU 2016-13 requires the use of an “expected loss” model on certain types of financial instruments. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The new standard will become effective for the Company beginning with the first quarter of 2023 and is not expected to have a material impact on the Company’s consolidated financial statements. Lease Income The Company leases tractors and trailers to certain of its owner operators and accounts for these transactions as operating leases. These leases typically have terms of 30 to 72 months and are collateralized by a security interest in the related revenue equipment. The Company recognizes income for these leases as payments are received over the lease term, which are reported in purchased freight on the consolidated statements of operations and comprehensive income (loss). The Company's equipment leases may include options for the lessee to purchase the equipment at the end of the lease term or terminate the lease prior to the end of the lease term. When an asset reaches the end of its useful economic life, the Company disposes of the asset. Lease income from lease payments related to these operating leases for the three months ended March 31, 2022 and 2021 wa s $ 7.6 million and $ 6.0 million , respectively.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	NOTE 2 – ACQUISITIONS On March 3, 2022, the Company acquired 100 % of the outstanding stock of SJ Transportation Co., Inc. (SJ Transportation) for consideration net of cash acquire d of $ 19.3 million, which was funded with cash on hand. The acquisition was a stock purchase under US GAAP. A Section 338(h)(10) election is being filed for the entity acquired which will deem those acquisitions as an asset purchase for tax purposes; therefore approximately $ 7.7 mill ion of the values assigned to the intangible assets and goodwill are expected to be deductible for tax purposes. Approximately $ 0.2 million of transaction expenses were incurred in the acquisition, which are not deductible for tax purposes. The following is a summary of the preliminary allocation of the purchase price paid to the fair values of the net assets, net of cash acquired (in millions): SJ Transportation Accounts receivable $ 3.4 Other current assets 1.8 Property and equipment 10.4 Goodwill 7.7 Accounts payable and other liabilities ( 4.0 ) Total $ 19.3 The aggregate purchase price noted above was allocated to the major categories of assets acquired and liabilities assumed at estimated fair values as of the acquisition date, which were based, in part, upon outside preliminary appraisals for certain assets and subject to change when additional information concerning final asset and liability values is obtained. The Company has not completed its assessments of the fair value of purchased intangible assets and no value has been allocated to them at this time. The final purchase price allocations may result in adjustments to certain assets and liabilities, including the residual amount allocated to goodwill. For the three months ended March 31, 2022 , revenue and net income of the acquired company, post-acquisition date, was $ 1.9 million and $ 0.1 million, respectively. There were no acquisitions during the three months ended March 31, 2021. Supplemental Pro Forma Information (Unaudited) The following supplemental pro forma financial information reflects the SJ Transportation acquisition as if it occurred on January 1, 2021 (in millions). This pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the pro forma events taken place on January 1, 2021. Further, the pro forma financial information does not purport to project the future operating results of the consolidated company. Three Months Ended March 31, 2022 2021 Pro forma revenue $ 5.9 $ 6.1 Pro forma net income $ 0.2 $ 0.6

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	NOTE 3 – OTHER CURRENT ASSETS The components of other current assets are as follows as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Prepaid insurance $ 5.5 $ 7.5 Prepaid licensing, permits and tolls 4.3 4.8 Parts supplies 4.1 3.5 Other prepaids 2.4 2.7 Income tax receivable 1.9 1.9 Prepaid software 1.0 1.1 Prepaid highway and fuel taxes 0.6 1.1 Total $ 19.8 $ 22.6

INTEGRATION AND RESTRUCTURING

INTEGRATION AND RESTRUCTURING	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
INTEGRATION AND RESTRUCTURING	NOTE 4 – INTEGRATION AND RESTRUCTURING During the first quarter of 2022, the Company internally announced a phased integration and restructuring plan (Transformation Plan or the Plan), with the first phase integrating five operating segments into three other operating segments, which will reduce the number of overall operating segments from eleven to six . The second phase of the Plan will integrate those six operating segments into four to five operating segments. As of March 31, 2022 , we had ten operating segments. The Transformation Plan is intended to reduce the Company’s cost base, right size its organization and management team and increase and accelerate its previously announced operational improvement goals. In addition, the Company anticipates additional revenue opportunities driven by synergies from optimizing a consolidated operation, including empty mile reduction, pricing improvements, and additional seated truck contribution. The integration and restructuring costs consist of employee-related costs and other transition and termination costs related to restructuring activities. Employee-related costs include severance, tax preparation, and relocation costs, which are accounted for in accordance with ASC 420 Exit or Disp osal Cost Obligations . Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with the integration or restructuring activities, which are expensed as incurred. Costs are reported in restructuring charges in the consolidated statements of operations and comprehensive income (loss). The obligation related to employee separation costs is included in other current liabilities in the consolidated balance sheets. The Company recorded $ 0.6 million of integration and restructuring expenses in connection with the Plan in the three months ended March 31, 2022 . As of March 31, 2022, we have incurred a cumulative total of $ 0.6 million in integration and restructuring costs since inception of the Plan. The Company completed the previously announced internal restructuring (Project Pivot) and integration (Project Synchronize) plans as of December 31, 2021 and does not expect any future material restructuring costs associated with those prior plans. As of December 31, 2021, the Company had incurred a cumulative total of $ 9.9 million in integration and restructuring costs related to Project Pivot and Project Synchronize. The following table summarizes the integration and restructuring costs as of March 31, 2022 (in millions): Severance Operating and Lease Other Payroll Termination Other Total Balance at December 31, 2021 $ — $ — $ — $ — Specialized Solution Costs accrued 0.1 — — 0.1 Amounts paid or charged ( 0.1 ) — — ( 0.1 ) Specialized Solution balance at March 31, 2022 — — — — Flatbed Solution Costs accrued — — — — Amounts paid or charged — — — — Flatbed Solution balance at March 31, 2022 — — — — Corporate Costs accrued — — 0.5 0.5 Amounts paid or charged — — ( 0.5 ) ( 0.5 ) Adjustments — — — Corporate balance at March 31, 2022 — — — — Consolidated Costs accrued 0.1 — 0.5 0.6 Amounts paid or charged ( 0.1 ) — ( 0.5 ) ( 0.6 ) Adjustments — — — — Consolidated balance at March 31, 2022 $ — $ — $ — $ —

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 – PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in millions): March 31, December 31, 2022 2021 Revenue equipment $ 524.8 $ 520.5 Revenue equipment leased and available for lease to owner operators 130.0 123.4 Buildings and improvements 58.2 58.0 Furniture and fixtures, office and computer equipment, vehicles and capitalized software development 33.8 33.3 746.8 735.2 Accumulated depreciation ( 349.1 ) ( 337.5 ) Property and equipment, net $ 397.7 $ 397.7 Depreciation expense on property and equipment wa s $ 19.9 million and $ 20.5 million for the three months ended March 31, 2022 and 2021 , respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 6 – ACCRUED EXPENSES AND OTHER LIABILITIES The components of accrued expenses and other liabilities are as follows as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Brokerage and escorts $ 18.6 $ 15.6 Unvouchered payables 13.2 8.7 Owner operator deposits 11.9 11.3 Fuel and fuel taxes 6.7 1.2 Accrued property taxes and sales taxes payable 5.2 2.3 Other accrued expenses 3.4 3.7 Interest 0.8 1.1 $ 59.8 $ 43.9

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
LONG-TERM DEBT	NOTE 7 – LONG-TERM DEBT Long-term debt consists of the following as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Term Loan Facility $ 396.0 $ 397.0 ABL Facility — — Equipment and real estate term loans 163.3 169.0 Finance lease liabilities 27.5 28.5 Total debt and finance lease liabilities 586.8 594.5 Less current portion ( 55.2 ) ( 55.5 ) Less unamortized deferred financing fees ( 7.3 ) ( 7.6 ) Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees $ 524.3 $ 531.4 Term Loan Facility On March 9, 2021, the Company and Daseke Companies, Inc., a wholly-owned subsidiary of the Company (the Term Loan Borrower), entered into a Refinancing Amendment (Amendment No. 3 to Term Loan Agreement) (the Term Loan Amendment) with JPMorgan Chase Bank, N.A., as successor administrative agent and collateral agent and a replacement lender, Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent and collateral agent, the other loan parties party thereto and the other financial institutions party thereto. Pursuant to the Term Loan Amendment, the Company prepaid, refinanced and replaced all of the then-issued and outstanding term loans, which had an aggregate principal amount of $ 484 million, with cash on hand and new replacement terms loans in an aggregate principal amount of $ 400 million (the Replacement Term Loans). At March 31, 2022 and December 31, 2021, the interest rate on the Replacement Term Loans wa s 4.75 %. As of March 31, 2022, the Company was in compliance with all covenants contained in the agreement governing the Replacement Term Loans. ABL Facility The Company has a senior secured asset-based revolving line of credit (the ABL Facility) under a credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the ABL Credit Agreement) with PNC Bank, National Association, as administrative agent and the lenders party thereto. As of March 31, 2022, the Company ha d no borrowings, $ 23.1 million in letters of credit outstanding, a nd could incur approximatel y $ 123.1 million of additional indebtedness under the ABL Facility, based on current qualified collateral. As of March 31, 2022, the interest rate on the ABL Facility wa s 4.0 %. As of March 31, 2022, the Company was in compliance with all covenants contained in the ABL Credit Agreement. Equipment and Real Estate Term Loans As of March 31, 2022 , the Company had term loans collateralized by equipment in the aggregate amount of $ 161.1 million with 15 lenders (Equipment Term Loans). The Equipment Term Loans bear interest at rates ranging fro m 2.6 % to 5.9 %, r equire monthly payments of principal and interest and mature at various dates through April 2029. As of March 31, 2022, the weighted average interest rate was 3.9 % . As of March 31, 2022, the Company has a bank mortgage loan with a balance of $ 2.2 million incurred to finance the construction of the headquarters and terminal in Redmond, Oregon.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8 – INCOME TAXES The effective tax rates for the three months ended March 31, 2022 and 2021 were 20.7 % and 9.9 % , respectively. The difference between the Company’s effective tax rate and the federal statutory rate primarily results from the mix of earnings with state jurisdictions, combined with the impact of nontaxable income, primarily related to the change in fair value of the warrant liability. S tate tax rates vary among states and typically range from 1 % to 6 %, although some state rates are higher and a small number of states do not impose an income tax. The effective tax rate for the three months ended March 31, 2022 differs from the effective tax rate for the same period in 2021 primarily due to the impact to the pre-tax book income from the change in fair value of the warrant liability. There were no changes in uncertain tax positions during the three months ended March 31, 2022 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 9 – STOCK-BASED COMPENSATION Under the 2017 Omnibus Incentive Plan (as amended from time to time, the Incentive Plan), the Company may grant awards of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and performance awards. As of March 31, 2022 , the Company has 0.6 million shares of common stock available for issuance under the Incentive Plan, assuming the maximum potential number of shares that may be issued from outstanding awards. Aggregate stock-based compensation charges, net of forfeitures, were $ 4.2 million and $ 2.4 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there wa s $ 1.6 million, $ 6.1 million, and $ 17.7 million of unrecognized stock-based compensation expense related to stock options, restricted stock units (RSUs) and performance stock units (PSUs) (both equity and liability awards), respectively. This expense will be recognized over the weighted average periods of 1.1 years for stock options, 1.8 years for RSUs and 1.6 years for PSUs. During the three months ended March 31, 2022 , there were 203,821 RSUs awarded to participants that are classified as equity. In addition, during the three months ended March 31, 2022 , there were 235,393 PSUs awarded to participants that are classified as liabilities. During the three months ended March 31, 2022, there were no stock options granted. Restricted Stock Units The following table summarizes RSU grants under the Incentive Plan: Grantee Type # of Issued and Outstanding Vesting Weighted Average Grant Date Fair Value (Per Unit) Director Group 830,978 71,771 1 - 2 years $ 11.21 Employee Group 2,393,066 753,265 3 - 5 years $ 9.28 Total 825,036 A summary of RSU awards activity under the Incentive Plan as of March 31, 2022, and the changes during the three months ended March 31, 2022 are as follows: Units Weighted Non-vested as of January 1, 2022 673,830 $ 8.56 Granted 203,821 12.16 Vested ( 45,752 ) 8.49 Forfeited ( 6,863 ) 9.94 Non-vested as of March 31, 2022 825,036 $ 9.45 The weighted average grant date fair value of RSUs granted during the three months ended March 31, 2022 was $ 12.16 . There were no RSUs granted during the three months ended March 31, 2021. The total fair value of RSUs vested during the three months ended March 31, 2022 and 2021 was $ 0.5 million and $ 0.1 million, respectively. Performance Stock Units As of March 31, 2022, the Company had 3,150,571 PSUs outstanding, of which 1,405,571 were classified as liabilities. As of March 31, 2022, th ere were 630,571 PSUs classified as liabilities in which the vesting occurs upon the achievement of specific performance-based conditions related to the Company ’s financial performance over a three year period, modified based on the Company ’s Relative Total Shareholder Return (TSR) and subject to final vesting based on the participant’s continued employment through the end of the requisite service periods. The ultimate amount to vest may be downwardly adjusted by the Compensation Committee of the Company’s Board of Directors if the TSR is negative. The amount of awards that will ultimately vest for these PSUs can range from 0% to 200% based on the TSR calculated over a three year period beginning January 1 of the year each grant was made. The Company currently expects that these PSUs will vest between 105% and 13 8 % . The fair value of these PSUs will be remeasured at each period-end until the earlier of the date they are reclassified to equity or the vesting date. The inputs and assumptions used to calculate the fair value ranged from a remaining term of 1.75 to 2.75 years, risk free interest rate of 2.11 % to 2.39 %, the expected volatility of 58.2 % to 89.3 %, and the expected dividend yield of 0.0 %. In addition, there are 775,000 PSUs classified as liabilities in which the vesting occurs upon the achievement of specific performance-based conditions related to the Company’s financial performance over a two year period, subject to various subjective individual performance goals and subject to final vesting based on the participant’s continued employment through the end of the requisite service periods. The fair value of these PSUs will be remeasured at each period-end until the earlier of the date they are reclassified to equity or the vesting date. The Company currently expects that these PSUs will vest a t 1 0 0 % . The fair value is equal to the market value of the common stock at each period-end. As of March 31, 2022 , the total fair value of liability-classified awards was approximately $ 16.7 million, of which $ 3.5 million was recorded as a liability within other non-current liabilities on the consolidated balance sheet.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES Letters of Credit The Company had outstanding letters of credit as of March 31, 2022 and December 31, 2021 totaling approximatel y $ 25.6 million and $ 25.7 million, respectively, including those disclosed in Note 7. These letters of credit are related to liability and workers’ compensation insurance claims. Contingencies The Company is involved in certain claims and pending litigation arising in the normal course of business. These proceedings primarily involve claims for personal injury or property damage incurred in the transportation of freight or for personnel matters. The Company maintains liability insurance to cover liabilities arising from these matters but is responsible to pay self-insurance and deductibles on such matters up to a certain threshold before the insurance is applied.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	NOTE 11 – REPORTABLE SEGMENTS The Company evaluates the performance of the segments primarily based on their respective revenues and operating income. Accordingly, interest expense and other non-operating items are not reported in segment results. In addition, the Company has disclosed a corporate segment, which is not an operating segment and includes acquisition transaction expenses, corporate salaries, interest expense and other corporate administrative expenses and intersegment eliminations. In addition, the corporate segment, from time to time when advantageous to do so, purchases and resells certain revenue equipment. During the three months ended March 31, 2022 , the corporate segment purchased $ 4.6 million in revenue equipment, which it resold for $ 4.9 million. This resulted in gains of $ 0.3 million for the three months ended March 31, 2022 and was recognized within Gain on disposition of property and equipment on the consolidated statements of operations. During the three months ended March 31, 2021 , the corporate segment did no t purchase or resell any revenue equipment. The Company’s operating segments also provide transportation and related services for one another. Such services are generally billed at cost, and no profit is earned. Such intersegment revenues and expenses are eliminated in the Company’s consolidated results. Intersegment revenues and expenses for the Flatbed Solutions segment totaled $ 0.8 million and $ 0.9 million for the three months ended March 31, 2022 and 2021 , respectively. Intersegment revenues and expenses for the Specialized Solutions segment totaled $ 1.9 million and $ 2.3 million for the three months ended March 31, 2022 and 2021, respectively. The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2022 and 2021 (in millions): Flatbed Specialized Solutions Solutions Corporate/ Consolidated Segment Segment Eliminations Total Three Months Ended March 31, 2022 Total revenue $ 195.1 $ 228.5 $ ( 2.6 ) $ 421.0 Company freight 41.5 116.4 ( 1.9 ) 156.0 Owner operator freight 88.1 42.2 ( 0.5 ) 129.8 Brokerage 41.2 37.0 — 78.2 Logistics 0.9 10.5 — 11.4 Fuel surcharge 23.4 22.4 ( 0.2 ) 45.6 Operating income (loss) 16.0 17.6 ( 15.4 ) 18.2 Depreciation 8.2 11.4 0.3 19.9 Amortization of intangible assets 0.7 1.0 — 1.7 Restructuring — 0.1 0.5 0.6 Non-cash operating lease expense — — — — Interest expense 0.8 1.2 5.1 7.1 Income (loss) before income tax 15.2 16.9 ( 15.7 ) 16.4 Capital expenditures 3.3 7.9 4.9 16.1 Three Months Ended March 31, 2021 Total revenue $ 153.5 $ 183.6 $ ( 3.2 ) $ 333.9 Company freight 44.8 102.7 ( 2.4 ) 145.1 Owner operator freight 71.0 34.6 ( 0.5 ) 105.1 Brokerage 22.1 26.6 ( 0.2 ) 48.5 Logistics 1.2 7.2 0.1 8.5 Fuel surcharge 14.4 12.5 ( 0.2 ) 26.7 Operating income (loss) 11.0 10.5 ( 13.4 ) 8.1 Depreciation 8.0 12.2 0.3 20.5 Amortization of intangible assets 0.8 0.9 — 1.7 Non-cash operating lease expense ( 0.1 ) ( 0.3 ) — ( 0.4 ) Interest expense 2.1 1.7 7.3 11.1 Income (loss) before income tax 9.4 8.8 ( 26.3 ) ( 8.1 ) Capital expenditures 9.0 10.6 — 19.6

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 12 – EARNINGS (LOSS) PER SHARE ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested RSUs are participating securities unless there is a net loss attributable to common stockholders. Accordingly, earnings per common share are computed using the two-class method. Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the Company’s earnings. For the three months ended March 31, 2022 and 2021 , shares of the Company’s 7.625 % Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) were not included in the computation of diluted earnings (loss) per share as their effects were anti-dilutive. In addition, for the three months ended March 31, 2021, shares of the Company’s outstanding stock options and PSUs were not included in the computation of diluted loss per share as their effects were anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share under the two-class method: Three Months Ended March 31, (in millions, except per share data) 2022 2021 Numerator: Net income (loss) $ 13.0 $ ( 7.3 ) Less Series A Preferred Stock dividends ( 1.2 ) ( 1.2 ) Net income (loss) attributable to common stockholders 11.8 ( 8.5 ) Allocation of earnings to non-vested participating RSUs ( 0.1 ) — Numerator for basic EPS - income (loss) available to common stockholders - two class method $ 11.7 $ ( 8.5 ) Effect of dilutive securities: Add back Series A Preferred Stock dividends $ — $ — Add back allocation earnings to participating securities 0.1 — Reallocation of earnings to participating securities considering potentially dilutive securities ( 0.1 ) — Numerator for diluted EPS - income (loss) available to common shareholders - two class method $ 11.7 $ ( 8.5 ) Denominator: Denominator for basic EPS - weighted-average shares 62,891,317 65,080,364 Effect of dilutive securities: Stock options and PSUs 2,542,258 — Series A Preferred Stock — — Denominator for diluted EPS - weighted-average shares 65,433,575 65,080,364 Basic earnings (loss) per share $ 0.19 $ ( 0.13 ) Diluted earnings (loss) per share $ 0.18 $ ( 0.13 )

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Daseke, Inc. is engaged in full service open-deck trucking and specializes primarily in flatbed truckload and heavy haul transportation of specialized items throughout the United States, Canada and Mexico. The Company also provides logistical planning and warehousing services to customers. The Company is subject to regulation by the Department of Transportation, the Department of Defense, the Department of Energy, and various state regulatory authorities in the United States. The Company is also subject to regulation by the Ministries of Transportation and Communications and various provincial regulatory authorities in Canada.
Basis of Presentation	Basis of Presentation These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. The consolidated balance sheet as of December 31, 2021 has been derived from the audited consolidated financial statements at that date. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2021 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on February 23, 2022.
Fair Value Measurements	Fair Value Measurements The Company follows the accounting guidance for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value framework are as follows: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. A financial asset or liability’s classification within the framework is determined based on the lowest level of input that is significant to the fair value measurement. The Company may be required, on a non-recurring basis, to adjust the carrying value of the Company’s property and equipment, intangible assets, goodwill and contingent consideration. When necessary, these valuations are determined by the Company using Level 3 inputs. These assets are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist. The Company’s warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): Fair value as of March 31, 2022 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ — $ — Total fair value $ — $ — $ — $ — Fair value as of December 31, 2021 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ 2.7 $ — $ 2.0 $ 4.7 Total fair value $ 2.7 $ — $ 2.0 $ 4.7 The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2022 (in millions): Three Months Ended March 31, 2022 Balance at beginning of period $ 2.0 Change in fair value ( 2.0 ) Balance at end of period $ — Common Stock Purchase Warrants The Company’s common stock purchase warrants expired in accordance with their terms on February 27, 2022 and are no longer exercisable. During the three months ended March 31, 2022 , prior to their expiration, there were 1,635,296 warrants exercised for 817,648 shares of the Company’s common stock in exchange for $ 9.4 million in proceeds to the Company.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The Company adopted this guidance as of January 1, 2022. The adoption did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The provisions of this update are effective for all entities as of March 20, 2020 through December 31, 2022 and apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. In addition, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) – Scope, to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019 - 12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this guidance as of January 1, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Accounting for Credit Losses (Topic 326). ASU 2016-13 requires the use of an “expected loss” model on certain types of financial instruments. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The new standard will become effective for the Company beginning with the first quarter of 2023 and is not expected to have a material impact on the Company’s consolidated financial statements.
Lease Income	Lease Income The Company leases tractors and trailers to certain of its owner operators and accounts for these transactions as operating leases. These leases typically have terms of 30 to 72 months and are collateralized by a security interest in the related revenue equipment. The Company recognizes income for these leases as payments are received over the lease term, which are reported in purchased freight on the consolidated statements of operations and comprehensive income (loss). The Company's equipment leases may include options for the lessee to purchase the equipment at the end of the lease term or terminate the lease prior to the end of the lease term. When an asset reaches the end of its useful economic life, the Company disposes of the asset. Lease income from lease payments related to these operating leases for the three months ended March 31, 2022 and 2021 wa s $ 7.6 million and $ 6.0 million , respectively.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of fair value hierarchy the Company's assets and liabilities	The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): Fair value as of March 31, 2022 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ — $ — $ — $ — Total fair value $ — $ — $ — $ — Fair value as of December 31, 2021 Liabilities: Level 1 Level 2 Level 3 Total Warrant liability $ 2.7 $ — $ 2.0 $ 4.7 Total fair value $ 2.7 $ — $ 2.0 $ 4.7
Summary of changes in the fair value of warrant liabilities	The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2022 (in millions): Three Months Ended March 31, 2022 Balance at beginning of period $ 2.0 Change in fair value ( 2.0 ) Balance at end of period $ —

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of purchase price allocation of net assets	The following is a summary of the preliminary allocation of the purchase price paid to the fair values of the net assets, net of cash acquired (in millions): SJ Transportation Accounts receivable $ 3.4 Other current assets 1.8 Property and equipment 10.4 Goodwill 7.7 Accounts payable and other liabilities ( 4.0 ) Total $ 19.3
Schedule of pro forma financial information	The following supplemental pro forma financial information reflects the SJ Transportation acquisition as if it occurred on January 1, 2021 (in millions). This pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the pro forma events taken place on January 1, 2021. Further, the pro forma financial information does not purport to project the future operating results of the consolidated company. Three Months Ended March 31, 2022 2021 Pro forma revenue $ 5.9 $ 6.1 Pro forma net income $ 0.2 $ 0.6

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of components of other current assets	The components of other current assets are as follows as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Prepaid insurance $ 5.5 $ 7.5 Prepaid licensing, permits and tolls 4.3 4.8 Parts supplies 4.1 3.5 Other prepaids 2.4 2.7 Income tax receivable 1.9 1.9 Prepaid software 1.0 1.1 Prepaid highway and fuel taxes 0.6 1.1 Total $ 19.8 $ 22.6

INTEGRATION AND RESTRUCTURING (

INTEGRATION AND RESTRUCTURING (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of summary of the integration and restructuring costs	The following table summarizes the integration and restructuring costs as of March 31, 2022 (in millions): Severance Operating and Lease Other Payroll Termination Other Total Balance at December 31, 2021 $ — $ — $ — $ — Specialized Solution Costs accrued 0.1 — — 0.1 Amounts paid or charged ( 0.1 ) — — ( 0.1 ) Specialized Solution balance at March 31, 2022 — — — — Flatbed Solution Costs accrued — — — — Amounts paid or charged — — — — Flatbed Solution balance at March 31, 2022 — — — — Corporate Costs accrued — — 0.5 0.5 Amounts paid or charged — — ( 0.5 ) ( 0.5 ) Adjustments — — — Corporate balance at March 31, 2022 — — — — Consolidated Costs accrued 0.1 — 0.5 0.6 Amounts paid or charged ( 0.1 ) — ( 0.5 ) ( 0.6 ) Adjustments — — — — Consolidated balance at March 31, 2022 $ — $ — $ — $ —

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of components of property and equipment	The components of property and equipment are as follows (in millions): March 31, December 31, 2022 2021 Revenue equipment $ 524.8 $ 520.5 Revenue equipment leased and available for lease to owner operators 130.0 123.4 Buildings and improvements 58.2 58.0 Furniture and fixtures, office and computer equipment, vehicles and capitalized software development 33.8 33.3 746.8 735.2 Accumulated depreciation ( 349.1 ) ( 337.5 ) Property and equipment, net $ 397.7 $ 397.7

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of components of accrued expenses and other liabilities	The components of accrued expenses and other liabilities are as follows as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Brokerage and escorts $ 18.6 $ 15.6 Unvouchered payables 13.2 8.7 Owner operator deposits 11.9 11.3 Fuel and fuel taxes 6.7 1.2 Accrued property taxes and sales taxes payable 5.2 2.3 Other accrued expenses 3.4 3.7 Interest 0.8 1.1 $ 59.8 $ 43.9

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Long-term Debt, Current and Noncurrent [Abstract]
Schedule of long term debt	Long-term debt consists of the following as of March 31, 2022 and December 31, 2021 (in millions): March 31, December 31, 2022 2021 Term Loan Facility $ 396.0 $ 397.0 ABL Facility — — Equipment and real estate term loans 163.3 169.0 Finance lease liabilities 27.5 28.5 Total debt and finance lease liabilities 586.8 594.5 Less current portion ( 55.2 ) ( 55.5 ) Less unamortized deferred financing fees ( 7.3 ) ( 7.6 ) Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees $ 524.3 $ 531.4

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of restricted stock unit grants under the Plan	The following table summarizes RSU grants under the Incentive Plan: Grantee Type # of Issued and Outstanding Vesting Weighted Average Grant Date Fair Value (Per Unit) Director Group 830,978 71,771 1 - 2 years $ 11.21 Employee Group 2,393,066 753,265 3 - 5 years $ 9.28 Total 825,036
Summary of restricted stock awards activity under the Plan	A summary of RSU awards activity under the Incentive Plan as of March 31, 2022, and the changes during the three months ended March 31, 2022 are as follows: Units Weighted Non-vested as of January 1, 2022 673,830 $ 8.56 Granted 203,821 12.16 Vested ( 45,752 ) 8.49 Forfeited ( 6,863 ) 9.94 Non-vested as of March 31, 2022 825,036 $ 9.45

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of tabular disclosure of financial data of the Company's reportable segments	The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2022 and 2021 (in millions): Flatbed Specialized Solutions Solutions Corporate/ Consolidated Segment Segment Eliminations Total Three Months Ended March 31, 2022 Total revenue $ 195.1 $ 228.5 $ ( 2.6 ) $ 421.0 Company freight 41.5 116.4 ( 1.9 ) 156.0 Owner operator freight 88.1 42.2 ( 0.5 ) 129.8 Brokerage 41.2 37.0 — 78.2 Logistics 0.9 10.5 — 11.4 Fuel surcharge 23.4 22.4 ( 0.2 ) 45.6 Operating income (loss) 16.0 17.6 ( 15.4 ) 18.2 Depreciation 8.2 11.4 0.3 19.9 Amortization of intangible assets 0.7 1.0 — 1.7 Restructuring — 0.1 0.5 0.6 Non-cash operating lease expense — — — — Interest expense 0.8 1.2 5.1 7.1 Income (loss) before income tax 15.2 16.9 ( 15.7 ) 16.4 Capital expenditures 3.3 7.9 4.9 16.1 Three Months Ended March 31, 2021 Total revenue $ 153.5 $ 183.6 $ ( 3.2 ) $ 333.9 Company freight 44.8 102.7 ( 2.4 ) 145.1 Owner operator freight 71.0 34.6 ( 0.5 ) 105.1 Brokerage 22.1 26.6 ( 0.2 ) 48.5 Logistics 1.2 7.2 0.1 8.5 Fuel surcharge 14.4 12.5 ( 0.2 ) 26.7 Operating income (loss) 11.0 10.5 ( 13.4 ) 8.1 Depreciation 8.0 12.2 0.3 20.5 Amortization of intangible assets 0.8 0.9 — 1.7 Non-cash operating lease expense ( 0.1 ) ( 0.3 ) — ( 0.4 ) Interest expense 2.1 1.7 7.3 11.1 Income (loss) before income tax 9.4 8.8 ( 26.3 ) ( 8.1 ) Capital expenditures 9.0 10.6 — 19.6

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary to reconcile basic weighted average common stock outstanding to diluted weighted average common stock outstanding	The following table sets forth the computation of basic and diluted earnings per share under the two-class method: Three Months Ended March 31, (in millions, except per share data) 2022 2021 Numerator: Net income (loss) $ 13.0 $ ( 7.3 ) Less Series A Preferred Stock dividends ( 1.2 ) ( 1.2 ) Net income (loss) attributable to common stockholders 11.8 ( 8.5 ) Allocation of earnings to non-vested participating RSUs ( 0.1 ) — Numerator for basic EPS - income (loss) available to common stockholders - two class method $ 11.7 $ ( 8.5 ) Effect of dilutive securities: Add back Series A Preferred Stock dividends $ — $ — Add back allocation earnings to participating securities 0.1 — Reallocation of earnings to participating securities considering potentially dilutive securities ( 0.1 ) — Numerator for diluted EPS - income (loss) available to common shareholders - two class method $ 11.7 $ ( 8.5 ) Denominator: Denominator for basic EPS - weighted-average shares 62,891,317 65,080,364 Effect of dilutive securities: Stock options and PSUs 2,542,258 — Series A Preferred Stock — — Denominator for diluted EPS - weighted-average shares 65,433,575 65,080,364 Basic earnings (loss) per share $ 0.19 $ ( 0.13 ) Diluted earnings (loss) per share $ 0.18 $ ( 0.13 )

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Liabilities
Warrant liability	$ 0	$ 4.7
Total fair value	0	4.7
Level 1
Liabilities
Warrant liability	0	2.7
Total fair value	0	2.7
Level 3
Liabilities
Warrant liability	0	2
Total fair value	$ 0	$ 2

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Warrant Liability (Details) - Warrant Liability $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, at beginning of period	$ 2
Change in fair value	2
Balance, at end of period	$ 0

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Common Stock Purchase Warrants (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of common stock purchase warrants exercised	1,635,296
Number of Shares of Company's Common Stock	817,648
Proceeds from company's common stock | $	$ 9.4

NATURE OF OPERATIONS AND SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease income	$ 7.6	$ 6

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Millions	Mar. 03, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Total consideration transferred		$ 0
Pro forma revenue		5.9	$ 6.1
Pro forma net income		0.2	$ 0.6
SJ Transportation
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Total consideration transferred	$ 19.3
Goodwill	7.7	7.7
Transaction expenses	$ 0.2
Pro forma revenue		1.9
Pro forma net income		$ 0.1

ACQUISITIONS - Schedule of Purc

ACQUISITIONS - Schedule of Purchase Price Allocation of Net Assets (Details) - SJ Transportation - USD ($) $ in Millions	Mar. 31, 2022	Mar. 03, 2022
Business Acquisition [Line Items]
Accounts receivable	$ 3.4
Other current assets	1.8
Property and equipment	10.4
Goodwill	7.7	$ 7.7
Accounts payable and other liabilities	(4)
Total	$ 19.3

ACQUISITIONS - Schedule of Pro-

ACQUISITIONS - Schedule of Pro-forma Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Pro forma revenue	$ 5.9	$ 6.1
Pro forma net income	$ 0.2	$ 0.6

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepared Insurance	$ 5.5	$ 7.5
Prepaid Licensing, permits and tolls	4.3	4.8
Parts supplies	4.1	3.5
Other prepaids	2.4	2.7
Income tax receivable	1.9	1.9
Prepaid Software	1	1.1
Prepaid highway and fuel taxes	0.6	1.1
Total	$ 19.8	$ 22.6

INTEGRATION AND RESTRUCTURING_2

INTEGRATION AND RESTRUCTURING (Details) $ in Millions	Dec. 30, 2021Segment	Dec. 29, 2021Segment	Mar. 31, 2022USD ($)Segment	Dec. 31, 2021USD ($)
Asset impairment charges
Number of Operating Segments			10
Number of operating segments integrated	6
Restructuring charges | $			$ 0.6
Phase First
Asset impairment charges
Number of operating segments integrated		11	5
Number of operating segments absorbing integrated operating segments			3
Phase Second
Asset impairment charges
Number of operating segments integrated			6
Phase Second | Minimum [Member]
Asset impairment charges
Number of operating segments absorbing integrated operating segments			4
Phase Second | Maximum [Member]
Asset impairment charges
Number of operating segments absorbing integrated operating segments			5
Phase First And Second
Asset impairment charges
Restructuring charges | $			$ 0.6	$ 9.9
Plan And Project Pivot
Asset impairment charges
Restructuring charges | $			$ 0.6

INTEGRATION AND RESTRUCTURING -

INTEGRATION AND RESTRUCTURING - Summary of Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Reserve [Roll Forward]
Costs accrued	$ 0.6	$ 0
Specialized | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.1
Amounts paid or charged	0.1
Specialized | Severance and Other Payroll | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.1
Amounts paid or charged	0.1
Corporate | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.5
Amounts paid or charged	(0.5)
Corporate | Other | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.5
Amounts paid or charged	(0.5)
Consolidated | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.6
Amounts paid or charged	0.6
Consolidated | Severance and Other Payroll | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.1
Amounts paid or charged	0.1
Consolidated | Other | Plan And Project Pivot
Restructuring Reserve [Roll Forward]
Costs accrued	0.5
Amounts paid or charged	$ 0.5

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 746.8	$ 735.2
Accumulated depreciation	(349.1)	(337.5)
Property and equipment, Net	397.7	397.7
Revenue equipment
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	524.8	520.5
Revenue equipment leased and available for lease to owner-operators
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	130	123.4
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	58.2	58
Furniture and fixtures office and computer equipment vehicles and capitalized software development
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 33.8	$ 33.3

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 19.9	$ 20.5

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Brokerage and escorts	$ 18.6	$ 15.6
Unvouchered payables	13.2	8.7
Owner-operator deposits	11.9	11.3
Fuel and fuel taxes	6.7	1.2
Accrued property taxes and sales taxes payable	5.2	2.3
Other accrued expenses	3.4	3.7
Interest	0.8	1.1
Total	$ 59.8	$ 43.9

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Senior Debt
Long-term Debt, Gross	$ 586.8	$ 594.5
Less current portion	(55.2)	(55.5)
Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees	524.3	531.4
Term loan facility
Senior Debt
Long-term Debt, Gross	396	397
ABL Facility
Senior Debt
Long-term Debt, Gross	0	0
Senior Debt
Senior Debt
Less current portion	(55.2)	(55.5)
Less unamortized deferred financing costs	(7.3)	(7.6)
Equipment and real estate term loans
Senior Debt
Long-term Debt, Gross	163.3	169
Finance leases
Senior Debt
Long-term Debt, Gross	$ 27.5	$ 28.5

LONG-TERM DEBT - Term Loan and

LONG-TERM DEBT - Term Loan and ABL Facility (Details) - USD ($) $ in Millions	Mar. 09, 2021	Mar. 31, 2022	Dec. 31, 2021
LONG-TERM DEBT
Cash and cash equivalents		$ 153.5	$ 147.5
Outstanding letters of credit		$ 25.6	$ 25.7
Equipment and real estate term loans
LONG-TERM DEBT
Weighted average interest rate on term loan		3.90%
Term loan facility
LONG-TERM DEBT
Refinanced amount	$ 484
Loan amount	$ 400
Term loan facility | Senior Debt
LONG-TERM DEBT
Weighted average interest rate on term loan		4.75%	4.75%
ABL Member | PNC Bank National Association
LONG-TERM DEBT
Outstanding letters of credit		$ 0
Availability at closing		$ 123.1
Weighted average interest rate		4.00%
ABL Member | Letter of credit | PNC Bank National Association
LONG-TERM DEBT
Outstanding letters of credit		$ 23.1

LONG-TERM DEBT - Equipment and

LONG-TERM DEBT - Equipment and Real Estate Loans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Lender	Dec. 31, 2021USD ($)
LONG-TERM DEBT
Loan balance	$ 586.8	$ 594.5
Equipment and real estate term loans
LONG-TERM DEBT
Equipment with collateralizes term loans	$ 161.1
Weighted average interest rate on term loan	3.90%
Loan balance	$ 163.3	$ 169
Number of lenders | Lender	15
Equipment and real estate term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)	2.60%
Equipment and real estate term loans | Maximum
LONG-TERM DEBT
Interest rate (as a percent)	5.90%
Bank mortgage loan
LONG-TERM DEBT
Loan balance	$ 2.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective tax rate	20.70%	9.90%
Uncertain tax positions	$ 0
Minimum
State tax rates	1.00%
Maximum
State tax rates	6.00%

STOCK-BASED COMPENSATION - Aggr

STOCK-BASED COMPENSATION - Aggregate (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance	600,000
Share-based Payment Arrangement, Expense	$ 4.2	$ 2.4
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 1.6
Weighted average period of recognition	1 year 1 month 6 days
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 1.6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 6.1
Weighted average period of recognition	1 year 9 months 18 days
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 6.1
Granted (per unit)	$ 12.16
Weighted average fair value of option Vested	$ 0.5	$ 0.1
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 17.7
Weighted average period of recognition	1 year 7 months 6 days
PSU Outstanding (in shares)	3,150,571,000,000
Vesting PSU	1,405,571
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms	were 630,571 PSUs classified as liabilities in which the vesting occurs upon the achievement of specific performance-based conditions related to the Company’s financial performance over a three year period, modified based on the Company’s Relative Total Shareholder Return (TSR) and subject to final vesting based on the participant’s continued employment through the end of the requisite service periods. The ultimate amount to vest may be downwardly adjusted by the Compensation Committee of the Company’s Board of Directors if the TSR is negative. The amount of awards that will ultimately vest for these PSUs can range from 0% to 200% based on the TSR calculated over a three year period beginning January 1 of the year each grant was made. The Company currently expects that these PSUs will vest between 105% and 138%. The fair value of these PSUs will be remeasured at each period-end until the earlier of the date they are reclassified to equity or the vesting date. The inputs and assumptions used to calculate the fair value ranged from a remaining term of 1.75 to 2.75 years, risk free interest rate of 2.11% to 2.39%, the expected volatility of 58.2% to 89.3%, and the expected dividend yield of 0.0%.  In addition, there are 775,000 PSUs classified as liabilities in which the vesting occurs upon the achievement of specific performance-based conditions related to the Company’s financial performance over a two year period, subject to various subjective individual performance goals and subject to final vesting based on the participant’s continued employment through the end of the requisite service periods. The fair value of these PSUs will be remeasured at each period-end until the earlier of the date they are reclassified to equity or the vesting date. The Company currently expects that these PSUs will vest at 100%. The fair value is equal to the market value of the common stock at each period-end.
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 17.7
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
Liability-classified
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in units)	775,000
Maximum [Member] | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.39%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	89.30%
Minimum [Member] | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	1 year 9 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.11%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	58.20%
2017 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU Outstanding (in shares)	825,036
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value	$ 16.7
Granted (per unit)	$ 12.16
Non-vested at the beginning (in units)	673,830
Granted (in units)	203,821
2017 Omnibus Incentive Plan | Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value	$ 3.5
2017 Omnibus Incentive Plan | Liability-classified
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in units)	235,393

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock (Details) - 2017 Omnibus Incentive Plan - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Stock options and restricted stock units granted under the 2017 Plan
Outstanding, at the end (in shares)	825,036
Director Group
Stock options and restricted stock units granted under the 2017 Plan
# of Options Granted	830,978
Outstanding, at the end (in shares)	71,771
Weighted Average Grant Date Fair Value (in dollars) | $ / shares	$ 11.21
Director Group | Maximum
Stock options and restricted stock units granted under the 2017 Plan
Vesting Period (in years)	2 years
Director Group | Minimum
Stock options and restricted stock units granted under the 2017 Plan
Vesting Period (in years)	1 year
Employee Group
Stock options and restricted stock units granted under the 2017 Plan
# of Options Granted	2,393,066
Outstanding, at the end (in shares)	753,265
Weighted Average Grant Date Fair Value (in dollars) | $ / shares	$ 9.28
Employee Group | Maximum
Stock options and restricted stock units granted under the 2017 Plan
Vesting Period (in years)	5 years
Employee Group | Minimum
Stock options and restricted stock units granted under the 2017 Plan
Vesting Period (in years)	3 years

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted stock unit award (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Weighted Average Grant Date Fair Value (Per Unit)
Granted (per unit)	$ 12.16
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at the beginning (in units) | shares	673,830
Granted (in units) | shares	203,821
Vested (in units) | shares	(45,752)
Forfeited (in units) | shares	(6,863)
Non-vested at the end (in units) | shares	825,036
Weighted Average Grant Date Fair Value (Per Unit)
Outstanding at the beginning (per unit)	$ 8.56
Granted (per unit)	12.16
Vested (per unit)	8.49
Forfeited (per unit)	9.94
Outstanding at the end (per unit)	$ 9.45

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 25.6	$ 25.7

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information, Profit (Loss) [Abstract]
Gain on sale of equipment	$ 4.6	$ 3.1
Total revenue	421	333.9
Operating income (loss)	18.2	8.1
Depreciation	19.9	20.5
Amortization of intangible assets	1.7	1.7
Restructuring	0.6
Non-cash operating lease expense	0	(0.4)
Interest expense	7.1	11.1
Income (loss) before income tax	16.4	(8.1)
Capital expenditures	16.1	19.6
Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	156	145.1
Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	129.8	105.1
Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	78.2	48.5
Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	11.4	8.5
Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	45.6	26.7
Corporate/Eliminations
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(2.6)	(3.2)
Operating income (loss)	(15.4)	(13.4)
Depreciation	0.3	0.3
Amortization of intangible assets	0	0
Restructuring	0.5
Non-cash operating lease expense	0	0
Interest expense	5.1	7.3
Income (loss) before income tax	(15.7)	(26.3)
Capital expenditures	4.9	0
Corporate/Eliminations | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(1.9)	(2.4)
Corporate/Eliminations | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.5)	(0.5)
Corporate/Eliminations | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0	(0.2)
Corporate/Eliminations | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0	0.1
Corporate/Eliminations | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.2)	(0.2)
Flatbed
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	0.8	0.9
Flatbed | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	195.1	153.5
Operating income (loss)	16	11
Depreciation	8.2	8
Amortization of intangible assets	0.7	0.8
Restructuring	0
Non-cash operating lease expense	0	(0.1)
Interest expense	0.8	2.1
Income (loss) before income tax	15.2	9.4
Capital expenditures	3.3	9
Flatbed | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	41.5	44.8
Flatbed | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	88.1	71
Flatbed | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	41.2	22.1
Flatbed | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0.9	1.2
Flatbed | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	23.4	14.4
Specialized
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	1.9	2.3
Specialized | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	228.5	183.6
Operating income (loss)	17.6	10.5
Depreciation	11.4	12.2
Amortization of intangible assets	1	0.9
Restructuring	0.1
Non-cash operating lease expense	0	(0.3)
Interest expense	1.2	1.7
Income (loss) before income tax	16.9	8.8
Capital expenditures	7.9	10.6
Specialized | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	116.4	102.7
Specialized | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	42.2	34.6
Specialized | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	37	26.6
Specialized | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	10.5	7.2
Specialized | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	22.4	12.5
Corporate
Segment Reporting Information, Profit (Loss) [Abstract]
Purchases of equipment	4.6	0
Sale of equipment	4.9	$ 0
Gain on sale of equipment	$ 0.3

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ 13	$ (7.3)
Less Series A Preferred Stock dividends	(1.2)	(1.2)
Net income (loss) attributable to common stockholders	11.8	(8.5)
Allocation of earnings to non-vested participating RSUs	(0.1)	0
Numerator for basic EPS - loss available to common stockholders - two class method	11.7	(8.5)
Numerator for diluted EPS - loss available to common shareholders - two class method	11.7	(8.5)
Add back allocation earnings to participating securities	0.1	0
Reallocation of earnings to participating securities considering potentially dilutive securities	$ (0.1)
Denominator:
Denominator for basic EPS - weighted-average shares	62,891,317	65,080,364
Denominator for diluted EPS - weighted-average shares	65,433,575	65,080,364
Basic earnings (loss) per share	$ 0.19	$ (0.13)
Diluted earnings (loss) per share	$ 0.18	$ (0.13)
Stock Option
Denominator:
Weighted-average shares outstanding - Equivalent	2,542,258	0
Convertible Preferred Stock
Denominator:
Weighted-average shares outstanding - Equivalent		0
Series A
Numerator:
Less Series A Preferred Stock dividends	$ (1.2)	$ (1.2)
Net income (loss) attributable to common stockholders	11.8	(8.5)
Add back series A Preferred Stock dividends	$ 0	$ 0
Denominator:
Weighted-average shares outstanding - Equivalent	0
Preferred stock dividend rate (as a percent)	7.625%	7.625%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock, issued	63,441,801	62,489,278