Daseke (DSKE) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DSKE
Security Exchange Name	NASDAQ
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common shares outstanding		45,392,234
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001642453
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 161.3	$ 153.4
Accounts receivable, net of allowance of $1.8 and $2.3 at March 31, 2023 and December 31, 2022, respectively	175.3	179
Drivers' advances and other receivables	7.7	7.9
Other current assets	35.6	37.9
Total current assets	379.9	378.2
Property and equipment, net	493.5	488.3
Intangible assets, net	79.1	80.6
Goodwill	137.3	137.3
Right-of-use assets	105.1	107.6
Other non-current assets	2.9	3.4
Total assets	1,197.8	1,195.4
Current liabilities:
Accounts payable	18.3	14.7
Accrued expenses and other liabilities	46.3	44.9
Accrued payroll, benefits and related taxes	27	30.8
Accrued insurance and claims	41.1	40.6
Current portion of long-term debt	80.8	78.4
Current operating lease liabilities	34.7	34.4
Total current liabilities	248.2	243.8
Line of credit	0	0
Long-term debt, net of current portion	581.8	582.3
Deferred tax liabilities	95.9	95
Non-current operating lease liabilities	76.7	79.6
Other non-current liabilities	1.8	1.7
Total liabilities	1,004.4	1,002.4
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, par value $0.0001 per share; 250,000,000 shares authorized, 45,186,400 and 45,028,041 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in-capital	295.8	293.1
Accumulated deficit	(234.5)	(232.3)
Accumulated other comprehensive loss	(0.5)	(0.4)
Total stockholders' equity	193.4	193
Total liabilities and stockholders' equity	1,197.8	1,195.4
Series A convertible preferred stock
Stockholders' equity:
Preferred Stock, Value	65	65
Series B perpetual preferred stock
Stockholders' equity:
Preferred Stock, Value	$ 67.6	$ 67.6

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Allowance	$ 1.8	$ 2.3
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, issued	45,186,400	45,028,041
Common stock, outstanding	45,186,400	45,028,041
Series A convertible preferred stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, issued	650,000	650,000
Preferred stock, outstanding	650,000	650,000
Preferred liquidation preference	$ 65	$ 65
Series B perpetual preferred stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, issued	67,597	67,597
Preferred stock, outstanding	67,597	67,597
Preferred liquidation preference	$ 67.6	$ 67.6

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenue	$ 399.8	$ 421
Operating expenses:
Salaries, wages and employee benefits	105.2	97.5
Operations and maintenance	42.1	35.3
Administrative	18.8	17.3
Insurance and claims	16.7	23.4
Acquisition-related transaction expenses	0.4	1.4
Depreciation and amortization	25.1	21.6
Gain on disposition of property and equipment	(5.2)	(4.6)
Restructuring charges	1	0.6
Total operating expenses	387.9	402.8
Income from operations	11.9	18.2
Other expense (income):
Interest income	(1.4)	(0.1)
Interest expense	12.6	7.1
Change in fair value of warrant liability	0	(4.7)
Other	(0.2)	(0.5)
Total other expense	11	1.8
Income before income taxes	0.9	16.4
Income tax expense	0.4	3.4
Net income	0.5	13
Other comprehensive loss :
Foreign currency translation adjustments	(0.1)	1.1
Comprehensive income	0.4	14.1
Net income	0.5	13
Net income (loss) attributable to common stockholders	$ (2.2)	$ 11.8
Earnings (loss) per common share:
Basic	$ (0.05)	$ 0.19
Diluted	$ (0.05)	$ 0.18
Weighted-average common shares outstanding:
Basic	45,143,654	62,891,317
Diluted	45,143,654	65,433,575
Series A
Other comprehensive loss :
Less dividends to convertible preferred stockholders	$ (1.2)	$ (1.2)
Weighted-average common shares outstanding:
Dividends declared per convertible preferred share	$ 1.91	$ 1.91
Series B perpetual preferred stock
Other comprehensive loss :
Less dividends to convertible preferred stockholders	$ (1.5)	$ 0
Weighted-average common shares outstanding:
Dividends declared per convertible preferred share	$ 21.94	$ 0
Company freight
Revenues:
Total revenue	$ 160.3	$ 156
Operating expenses:
Purchased freight	144.4	171.6
Owner operator freight
Revenues:
Total revenue	112.2	129.8
Brokerage
Revenues:
Total revenue	60.6	78.2
Logistics
Revenues:
Total revenue	15.2	11.4
Fuel surcharge
Revenues:
Total revenue	51.5	45.6
Operating expenses:
Fuel	35.6	35.1
Service
Operating expenses:
Taxes and licenses	$ 3.8	$ 3.6

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 Income (Loss)	Series A convertible preferred stock	Series A convertible preferred stock Preferred Stock	Series A convertible preferred stock Accumulated Deficit	Series B perpetual preferred stock	Series B perpetual preferred stock Preferred Stock	Series B perpetual preferred stock Accumulated Deficit
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 options (in Value)	0.8		0.8
Exercise of options (in shares)		91,425
Exercise of warrants (in shares)		817,648
Exercise of warrants (value)	9.4		9.4
Vesting of stock awards (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	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
Balance (in Value) at Dec. 31, 2022	193		293.1	(232.3)	$ (0.4)		$ 65			$ 67.6
Balance (in Shares) at Dec. 31, 2022		45,028,041					650,000			67,597
Vesting of stock awards (in Value)	(0.2)		(0.2)
Vesting of stock awards (in Shares)		158,359
Series A convertible preferred stock dividend						$ (1.2)		$ (1.2)	$ (1.5)		$ (1.5)
Stock-based compensation expense	2.9		2.9
Foreign currency translation adjustments	(0.1)				(0.1)
Net income	0.5			0.5
Balance (in Value) at Mar. 31, 2023	$ 193.4		$ 295.8	$ (234.5)	$ (0.5)		$ 65			$ 67.6
Balance (in Shares) at Mar. 31, 2023		45,186,400					650,000			67,597

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 0.5	$ 13
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	23.6	19.9
Amortization of intangible assets	1.5	1.7
Amortization of deferred financing fees	0.3	0.3
Non-cash operating lease expense	(0.1)	0
Change in fair value of warrant liability	0	(4.7)
Stock-based compensation expense	5.1	4.2
Deferred taxes	0.8	0.3
Bad debt expense (recovery)	(0.4)	0.1
Gain on disposition of property and equipment	(5.2)	(4.6)
Changes in operating assets and liabilities
Accounts receivable	4.1	(26.4)
Drivers' advances and other receivables	0.3	(4.7)
Other current assets	2.7	4.3
Accounts payable	4.4	5.4
Accrued expenses and other liabilities	(6.6)	20.4
Net cash provided by operating activities	31	29.2
Cash flows from investing activities
Purchases of property and equipment	(9.3)	(8.8)
Proceeds from sale of property and equipment	12	11.5
Cash paid for acquisitions, net of cash received	0	(19.3)
Net cash (used in) provided by investing activities	2.7	(16.6)
Cash flows from financing activities:
Advances on line of credit	402.4	422.1
Repayments on line of credit	(402.4)	(422.1)
Principal payments on long-term debt	(22.3)	(15.3)
Exercise of stock options, net	0	0.8
Exercise of warrants	0	9.4
Net cash used in financing activities	(25.8)	(6.3)
Effect of exchange rates on cash and cash equivalents	0	(0.3)
Net increase in cash and cash equivalents	7.9	6
Cash and cash equivalents - beginning of period	153.4	147.5
Cash and cash equivalents - end of period	161.3	153.5
Supplemental disclosure of cash flow information
Cash paid for interest	12.3	7.1
Cash paid for income taxes	0.1	0.1
Noncash investing and financing activities
Property and equipment acquired with debt or finance lease obligations	23.8	7.3
Right-of-use assets acquired	7.3	8.1
Series A
Cash flows from financing activities:
Convertible preferred stock dividends	(1.2)	(1.2)
Series B
Cash flows from financing activities:
Convertible preferred stock dividends	$ (2.3)	$ 0

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 is a premier North American tra nsportation solutions specialist dedicated to servicing challenging industrial end-markets through experienced people and a fleet of more than 4,800 tractors and 11,000 f latbed and specialized trailers. The Company delivers its diverse offering of solutions to thousands of customers across the United States, Canada and Mexico. In addition to transporting freight with tractors and trailers, the Company also provides logistical planning and warehousing solutions 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, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023. The consolidated balance sheet as of December 31, 2022 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, 2022 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on February 23, 2023. 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 first quarter of 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 June 2016, the Financial Accounting Standards Board (the FASB) issued Accounting Standard Update (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” 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. In addition, in March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures to improve the decision usefulness of information provided to investors concerning certain loan refinancings, restructurings and writeoffs. The Company adopted these ASUs as of January 1, 2023. The adoption did not 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 as a reduction of purchased freight on the consolidated statements of operations and comprehensive income. 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, 2023 and 2022 was $ 7.9 million and $ 7.6 million, respectively.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	NOTE 2 – OTHER CURRENT ASSETS The components of other current assets are as follows (in millions): March 31, December 31, 2023 2022 Income tax receivable $ 13.6 $ 13.8 Prepaid insurance 7.7 8.4 Prepaid licensing, permits and tolls 4.8 5.0 Parts supplies 4.4 4.2 Other prepaids 2.9 2.9 Prepaid software 1.6 1.3 Prepaid highway and fuel taxes 0.6 1.1 Prepaid taxes — 1.2 Total $ 35.6 $ 37.9

INTEGRATION AND RESTRUCTURING

INTEGRATION AND RESTRUCTURING	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
INTEGRATION AND RESTRUCTURING	NOTE 3 – INTEGRATION AND RESTRUCTURING During the first quarter of 2022, the Company internally announced a phased integration and restructuring plan (the Transformation Plan or the Plan). Our goal is to drive synergies and improve profitability through cost reduction, network optimization and commercial initiatives which will be facilitated by the continued integration of our collective operating companies into a subset of our highest-performing platform companies. We believe these measures will unite teams across the Company around a culture of close coordination and continuous improvement, providing for opportunistic expansion into incremental services, geographies, and industrial end markets. These efforts provide a preview of the potential of One Daseke , our name for the initiatives through which we are driving the next phase of our Company’s growth - one that benefits from the sharing of best practices, the optimization of processes, and the technology enablement necessary to better engage our customers and drivers. As of March 31, 2023, we had nine operating segments. The integration and restructuring costs, which we expect to incur over the next several years, may 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 Disposal Cost Obligations . Other transition and termination costs may 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. The Company recorded $ 1.0 million of integration and restructuring expenses, primarily related to professional fees, in connection with the Plan in the three months ended March 31, 2023, comprised of $ 0.6 million in the Specialized Solutions segment and $ 0.4 million in the Flatbed Solutions segment. As of March 31, 2023, we have incurred a cumulative total of $ 3.4 million in integration and restructuring costs since inception of the Plan.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in millions): March 31, December 31, 2023 2022 Revenue equipment $ 620.9 $ 611.3 Revenue equipment leased and available for lease to owner operators 142.5 145.1 Buildings and improvements 62.7 62.4 Furniture and fixtures, office and computer equipment, vehicles and capitalized software development 43.8 40.7 Property and equipment, gross 869.9 859.5 Accumulated depreciation ( 376.4 ) ( 371.2 ) Property and equipment, net $ 493.5 $ 488.3 Depreciation expense on property and equipment was $ 23.6 million and $ 19.9 million for the three months ended March 31, 2023 and 2022 , respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 5 – ACCRUED EXPENSES AND OTHER LIABILITIES The components of accrued expenses and other liabilities are as follows as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Brokerage and escorts $ 14.0 $ 14.1 Unvouchered payables 9.9 9.4 Owner operator deposits 9.6 9.7 Other accrued expenses 7.2 5.6 Fuel and fuel taxes 4.0 2.7 Interest 0.9 1.0 Accrued property taxes and sales taxes payable 0.7 2.4 $ 46.3 $ 44.9

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
Long-Term Debt, Current and Noncurrent [Abstract]
LONG-TERM DEBT	NOTE 6 – LONG-TERM DEBT Long-term debt consists of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Term Loan Facility $ 392.0 $ 393.0 ABL Facility — — Equipment and real estate term loans 253.8 249.1 Finance lease liabilities 22.9 25.0 Total debt and finance lease liabilities 668.7 667.1 Less current portion ( 80.8 ) ( 78.4 ) Less unamortized deferred financing fees ( 6.1 ) ( 6.4 ) Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees $ 581.8 $ 582.3 Term Loan Facility The Company has a senior secured term loan credit facility (the Term Loan Facility) with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and a lender, other lenders party thereto and other financial institutions party thereto. The Term Loan Facility has an outstanding balance of $ 392.0 million as of March 31, 2023. The Term Loan Facility has a scheduled maturity date of March 9, 2028 . At March 31, 2023 and December 31, 2022, the interest rate on the Term Loan Facility wa s 8.64 % and 8.39 %, respectively. As of March 31, 2023, the Company was in compliance with all covenants contained in the agreement governing the Term Loan Facility. 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, 2023, the Company ha d no borrowings, $ 22.3 million in letters of credit outstanding, and could incur approximatel y $ 104.6 million of additional indebtedness under the ABL Facility, based on current qualified collateral. As of March 31, 2023, the interest rate on the ABL Facility wa s 6.35 %. As of March 31, 2023, the Company was in compliance with all covenants contained in the ABL Credit Agreement. Equipment and Real Estate Term Loans As of March 31, 2023 , the Company had term loans collateralized by equipment in the aggregate amount of $ 251.6 million with 13 lenders (Equipment Term Loans). The Equipment Term Loans bear interest at rates ranging from 2.6 % to 7.4 %, require monthly payments of principal and interest and mature at various dates through January 2030. As of March 31, 2023, the weighted average interest rate was 4.9 % . As of March 31, 2023, the Company has a bank mortgage loan with a balance of $ 2.2 m illion incurred to finance the construction of certain facilities in Redmond, Oregon.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 – INCOME TAXES The effective tax rates for the three months ended March 31, 2023 and 2022 were 44.4 % and 20.7 % , respectively. The Company's effective tax rate differs from the federal statutory rate due to state and foreign income taxes, global intangible low-taxed income inclusion, and the impact of certain nondeductible expenses related to executive compensation and driver per diem as compared to forecasted full-year earnings. 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 inc ome tax. The effective tax rate for the three months ended March 31, 2023 differs from the effective tax rate for the same period in 2022 primarily due to the current forecasted full-year earnings, in which the unfavorable permanent adjustments noted above generated a greater impact on the effective tax rate. There were no changes in uncertain tax positions during the three months ended March 31, 2023 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES Letters of Credit The Company had outstanding letters of credit as of March 31, 2023 and December 31, 2022 totaling approximately $ 24.7 million and $ 24.9 million, respectively, including those disclosed in Note 6. These letters of credit are related to security provided for potential 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 for paying 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, 2023
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	NOTE 9 – REPORTABLE SEGMENTS The Company evaluates the performance of the segments primarily based on their respective revenues and operating income. During the fourth quarter of 2022, the Company began reporting segment results to its chief operating decision maker with intersegment revenues and expenses eliminated at the applicable reportable segment level, as well as corporate costs allocated to its two reportable segments based upon respective reportable segment revenue. Previously, the Company had disclosed a corporate segment, which was not an operating segment and included acquisition transaction expenses, corporate salaries, interest expense and certain other corporate administrative expenses and intersegment eliminations. As a result of this change, the Company has restated its prior period segment results below to reflect these changes in its segment financial data. The Company’s operating segments, from time to time, 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 reportable segment results. Intersegment transportation and related services revenues and expenses for the Flatbed Solutions segment totaled $ 0.3 million and $ 0.8 million for the three months ended March 31, 2023 and 2022, respectively. Intersegment transportation and related services revenues and expenses for the Specialized Solutions segment totaled $ 1.7 million and $ 1.9 million for the three months ended March 31, 2023 and 2022, respectively. The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2023 and 2022 (in millions): Flatbed Specialized Consolidated Solutions Segment Solutions Segment Total Three Months Ended March 31, 2023 Total revenue $ 169.1 $ 230.7 $ 399.8 Company freight 44.9 115.4 160.3 Owner operator freight 73.9 38.3 112.2 Brokerage 23.4 37.2 60.6 Logistics 1.0 14.2 15.2 Fuel surcharge 25.9 25.6 51.5 Operating income 3.2 8.7 11.9 Depreciation 11.4 12.2 23.6 Amortization of intangible assets 0.6 0.9 1.5 Restructuring 0.4 0.6 1.0 Non-cash operating lease expense ( 0.1 ) — ( 0.1 ) Interest expense 5.3 7.3 12.6 Total property and equipment additions 14.7 18.4 33.1 Three Months Ended March 31, 2022 Total revenue $ 194.4 $ 226.6 $ 421.0 Company freight 41.3 114.7 156.0 Owner operator freight 87.7 42.1 129.8 Brokerage 41.1 37.1 78.2 Logistics 1.0 10.4 11.4 Fuel surcharge 23.3 22.3 45.6 Operating income 9.4 8.8 18.2 Depreciation 8.4 11.5 19.9 Amortization of intangible assets 0.7 1.0 1.7 Restructuring 0.3 0.3 0.6 Non-cash operating lease expense — — — Interest expense 3.1 4.0 7.1 Total property and equipment additions 5.5 10.6 16.1 A measure of assets is not applicable, as segment assets are not regularly reviewed by the chief operating decision maker for evaluating performance or allocating resources.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 10 – EARNINGS (LOSS) PER SHARE Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. A portion of 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, 2023 and 2022 , 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, 2023, non-participating outstanding share-based payment awards 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) 2023 2022 Numerator: Net income $ 0.5 $ 13.0 Less Series A Preferred Stock dividends ( 1.2 ) ( 1.2 ) Less Series B Preferred Stock dividends ( 1.5 ) — Net income (loss) attributable to common stockholders ( 2.2 ) 11.8 Allocation of earnings to non-vested participating RSUs — ( 0.1 ) Numerator for basic EPS - income (loss) available to common stockholders - two class method $ ( 2.2 ) $ 11.7 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 stockholders - two class method $ ( 2.2 ) $ 11.7 Denominator: Denominator for basic EPS - weighted-average shares 45,143,654 62,891,317 Effect of dilutive securities: Non-participating outstanding share-based payment awards — 2,542,258 Series A Preferred Stock — — Denominator for diluted EPS - weighted-average shares 45,143,654 65,433,575 Basic earnings (loss) per share $ ( 0.05 ) $ 0.19 Diluted earnings (loss) per share $ ( 0.05 ) $ 0.18

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS In May 2023, the Company redeemed all 20,000 shares of issued and outstanding Series B-1 perpetual preferred stock by paying $ 20.3 million in cash, which included $ 20.0 million liquidation preference, plus $ 0.3 million in accrued and unpaid dividends. In May 2023, the Company made a $ 50.0 million cash prepayment of the Term Loan Facility.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Daseke is a premier North American tra nsportation solutions specialist dedicated to servicing challenging industrial end-markets through experienced people and a fleet of more than 4,800 tractors and 11,000 f latbed and specialized trailers. The Company delivers its diverse offering of solutions to thousands of customers across the United States, Canada and Mexico. In addition to transporting freight with tractors and trailers, the Company also provides logistical planning and warehousing solutions 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, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023. The consolidated balance sheet as of December 31, 2022 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, 2022 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on February 23, 2023.
Common Stock Purchase Warrants	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 first quarter of 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 June 2016, the Financial Accounting Standards Board (the FASB) issued Accounting Standard Update (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” 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. In addition, in March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures to improve the decision usefulness of information provided to investors concerning certain loan refinancings, restructurings and writeoffs. The Company adopted these ASUs as of January 1, 2023. The adoption did not 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 as a reduction of purchased freight on the consolidated statements of operations and comprehensive income. 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, 2023 and 2022 was $ 7.9 million and $ 7.6 million, respectively.

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in millions): March 31, December 31, 2023 2022 Income tax receivable $ 13.6 $ 13.8 Prepaid insurance 7.7 8.4 Prepaid licensing, permits and tolls 4.8 5.0 Parts supplies 4.4 4.2 Other prepaids 2.9 2.9 Prepaid software 1.6 1.3 Prepaid highway and fuel taxes 0.6 1.1 Prepaid taxes — 1.2 Total $ 35.6 $ 37.9

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Revenue equipment $ 620.9 $ 611.3 Revenue equipment leased and available for lease to owner operators 142.5 145.1 Buildings and improvements 62.7 62.4 Furniture and fixtures, office and computer equipment, vehicles and capitalized software development 43.8 40.7 Property and equipment, gross 869.9 859.5 Accumulated depreciation ( 376.4 ) ( 371.2 ) Property and equipment, net $ 493.5 $ 488.3

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Brokerage and escorts $ 14.0 $ 14.1 Unvouchered payables 9.9 9.4 Owner operator deposits 9.6 9.7 Other accrued expenses 7.2 5.6 Fuel and fuel taxes 4.0 2.7 Interest 0.9 1.0 Accrued property taxes and sales taxes payable 0.7 2.4 $ 46.3 $ 44.9

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Long-Term Debt, Current and Noncurrent [Abstract]
Schedule of long term debt	Long-term debt consists of the following as of March 31, 2023 and December 31, 2022 (in millions): March 31, December 31, 2023 2022 Term Loan Facility $ 392.0 $ 393.0 ABL Facility — — Equipment and real estate term loans 253.8 249.1 Finance lease liabilities 22.9 25.0 Total debt and finance lease liabilities 668.7 667.1 Less current portion ( 80.8 ) ( 78.4 ) Less unamortized deferred financing fees ( 6.1 ) ( 6.4 ) Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees $ 581.8 $ 582.3

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 (in millions): Flatbed Specialized Consolidated Solutions Segment Solutions Segment Total Three Months Ended March 31, 2023 Total revenue $ 169.1 $ 230.7 $ 399.8 Company freight 44.9 115.4 160.3 Owner operator freight 73.9 38.3 112.2 Brokerage 23.4 37.2 60.6 Logistics 1.0 14.2 15.2 Fuel surcharge 25.9 25.6 51.5 Operating income 3.2 8.7 11.9 Depreciation 11.4 12.2 23.6 Amortization of intangible assets 0.6 0.9 1.5 Restructuring 0.4 0.6 1.0 Non-cash operating lease expense ( 0.1 ) — ( 0.1 ) Interest expense 5.3 7.3 12.6 Total property and equipment additions 14.7 18.4 33.1 Three Months Ended March 31, 2022 Total revenue $ 194.4 $ 226.6 $ 421.0 Company freight 41.3 114.7 156.0 Owner operator freight 87.7 42.1 129.8 Brokerage 41.1 37.1 78.2 Logistics 1.0 10.4 11.4 Fuel surcharge 23.3 22.3 45.6 Operating income 9.4 8.8 18.2 Depreciation 8.4 11.5 19.9 Amortization of intangible assets 0.7 1.0 1.7 Restructuring 0.3 0.3 0.6 Non-cash operating lease expense — — — Interest expense 3.1 4.0 7.1 Total property and equipment additions 5.5 10.6 16.1

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Numerator: Net income $ 0.5 $ 13.0 Less Series A Preferred Stock dividends ( 1.2 ) ( 1.2 ) Less Series B Preferred Stock dividends ( 1.5 ) — Net income (loss) attributable to common stockholders ( 2.2 ) 11.8 Allocation of earnings to non-vested participating RSUs — ( 0.1 ) Numerator for basic EPS - income (loss) available to common stockholders - two class method $ ( 2.2 ) $ 11.7 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 stockholders - two class method $ ( 2.2 ) $ 11.7 Denominator: Denominator for basic EPS - weighted-average shares 45,143,654 62,891,317 Effect of dilutive securities: Non-participating outstanding share-based payment awards — 2,542,258 Series A Preferred Stock — — Denominator for diluted EPS - weighted-average shares 45,143,654 65,433,575 Basic earnings (loss) per share $ ( 0.05 ) $ 0.19 Diluted earnings (loss) per share $ ( 0.05 ) $ 0.18

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	Mar. 31, 2023 Tractor Trailer
Flatbed and specialized trailers | Trailer	11,000
Minimum
Fleet of tractors | Tractor	4,800

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Common Stock Purchase Warrants (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) 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_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease income	$ 7.9	$ 7.6

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income tax receivable	$ 13.6	$ 13.8
Prepared Insurance	7.7	8.4
Prepaid Licensing, permits and tolls	4.8	5
Parts supplies	4.4	4.2
Other prepaids	2.9	2.9
Prepaid Software	1.6	1.3
Prepaid highway and fuel taxes	0.6	1.1
Prepaid taxes	0	1.2
Total	$ 35.6	$ 37.9

INTEGRATION AND RESTRUCTURING (

INTEGRATION AND RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Asset impairment charges
Restructuring charges	$ 1	$ 0.6
Phase First And Second
Asset impairment charges
Restructuring charges	3.4
Plan And Project Pivot
Asset impairment charges
Restructuring charges	1
Specialized Solutions Segment
Asset impairment charges
Restructuring charges	0.6
Flatbed Solutions segment
Asset impairment charges
Restructuring charges	$ 0.4

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 869.9	$ 859.5
Accumulated depreciation	(376.4)	(371.2)
Property and equipment, Net	493.5	488.3
Revenue equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	620.9	611.3
Revenue equipment leased and available for lease to owner-operators
Property, Plant and Equipment [Line Items]
Property and equipment, gross	142.5	145.1
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	62.7	62.4
Furniture and fixtures office and computer equipment vehicles and capitalized software development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 43.8	$ 40.7

PROPERTY AND EQUIPMENT - Additi

PROPERTY AND EQUIPMENT - Additional Information - (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 23.6	$ 19.9

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Brokerage and escorts	$ 14	$ 14.1
Unvouchered payables	9.9	9.4
Owner operator deposits	9.6	9.7
Other accrued expenses	7.2	5.6
Fuel and fuel taxes	4	2.7
Interest	0.9	1
Accrued property taxes and sales taxes payable	0.7	2.4
Total	$ 46.3	$ 44.9

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Senior Debt
Long-Term Debt, Gross	$ 668.7	$ 667.1
Less current portion	(80.8)	(78.4)
Long-term debt and finance lease liabilities, less current portion and unamortized deferred financing fees	581.8	582.3
Term loan facility
Senior Debt
Long-Term Debt, Gross	392	393
ABL Facility
Senior Debt
Long-Term Debt, Gross	0	0
Senior Debt
Senior Debt
Less current portion	(80.8)	(78.4)
Less unamortized deferred financing costs	(6.1)	(6.4)
Equipment and real estate term loans
Senior Debt
Long-Term Debt, Gross	253.8	249.1
Finance leases
Senior Debt
Long-Term Debt, Gross	$ 22.9	$ 25

LONG-TERM DEBT - Term Loan and

LONG-TERM DEBT - Term Loan and ABL Facility (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
LONG-TERM DEBT
Cash and cash equivalents	$ 161.3	$ 153.4
Outstanding letters of credit	$ 24.7	$ 24.9
Equipment and real estate term loans
LONG-TERM DEBT
Weighted average interest rate on term loan	4.90%
Term loan facility | Senior Debt
LONG-TERM DEBT
Weighted average interest rate on term loan	8.64%	8.39%
Outstanding Balance	$ 392
Loans scheduled maturity date			Mar. 09, 2028
ABL Member | PNC Bank National Association
LONG-TERM DEBT
Outstanding letters of credit	0
Availability at closing	$ 104.6
Weighted average interest rate	6.35%
ABL Member | Letter of credit | PNC Bank National Association
LONG-TERM DEBT
Outstanding letters of credit	$ 22.3

LONG-TERM DEBT - Equipment and

LONG-TERM DEBT - Equipment and Real Estate Loans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Lender	Dec. 31, 2022 USD ($)
LONG-TERM DEBT
Loan balance	$ 668.7	$ 667.1
Equipment and real estate term loans
LONG-TERM DEBT
Equipment with collateralizes term loans	$ 251.6
Weighted average interest rate on term loan	4.90%
Loan balance	$ 253.8	$ 249.1
Number of lenders | Lender	13
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)	7.40%
Bank mortgage loan
LONG-TERM DEBT
Loan balance	$ 2.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective tax rate	44.40%	20.70%
Uncertain tax positions	$ 0
Minimum
State tax rates	1%
Maximum
State tax rates	6%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 24.7	$ 24.9

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 399.8	$ 421
Operating income	11.9	18.2
Depreciation	23.6	19.9
Amortization of intangible assets	1.5	1.7
Restructuring	1	0.6
Non-cash operating lease expense	(0.1)	0
Interest expense	12.6	7.1
Total property and equipment additions	33.1	16.1
Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	160.3	156
Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	112.2	129.8
Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	60.6	78.2
Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	15.2	11.4
Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	51.5	45.6
Flatbed Solutions segment
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	0.3	0.8
Restructuring	0.4
Flatbed Solutions segment | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	169.1	194.4
Operating income	3.2	9.4
Depreciation	11.4	8.4
Amortization of intangible assets	0.6	0.7
Restructuring	0.4	0.3
Non-cash operating lease expense	(0.1)	0
Interest expense	5.3	3.1
Total property and equipment additions	14.7	5.5
Flatbed Solutions segment | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	44.9	41.3
Flatbed Solutions segment | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	73.9	87.7
Flatbed Solutions segment | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	23.4	41.1
Flatbed Solutions segment | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	1	1
Flatbed Solutions segment | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	25.9	23.3
Specialized
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	1.7	1.9
Restructuring	0.6
Specialized | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	230.7	226.6
Operating income	8.7	8.8
Depreciation	12.2	11.5
Amortization of intangible assets	0.9	1
Restructuring	0.6	0.3
Non-cash operating lease expense	0	0
Interest expense	7.3	4
Total property and equipment additions	18.4	10.6
Specialized | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	115.4	114.7
Specialized | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	38.3	42.1
Specialized | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	37.2	37.1
Specialized | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	14.2	10.4
Specialized | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 25.6	$ 22.3

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 0.5	$ 13
Net income (loss) attributable to common stockholders	(2.2)	11.8
Allocation of earnings to non-vested participating RSUs	0	(0.1)
Numerator for basic EPS - income (loss) available to common stockholders - two class method	(2.2)	11.7
Add back allocation earnings to participating securities	0	0.1
Reallocation of earnings to participating securities considering potentially dilutive securities	0	(0.1)
Numerator for diluted EPS - Income (loss) available to common stockholders - two class method	$ (2.2)	$ 11.7
Denominator:
Denominator for basic EPS - weighted-average shares	45,143,654	62,891,317
Denominator for diluted EPS - weighted-average shares	45,143,654	65,433,575
Basic earnings (loss) per share	$ (0.05)	$ 0.19
Diluted earnings (loss) per share	$ (0.05)	$ 0.18
Non-Participating Outstanding Share-Based Payment Awards
Denominator:
Weighted-average shares outstanding - Equivalent	0	2,542,258
Series A
Numerator:
Less Preferred Stock dividends	$ (1.2)	$ (1.2)
Add back series A Preferred Stock dividends	$ 0	$ 0
Denominator:
Weighted-average shares outstanding - Equivalent	0	0
Preferred stock dividend rate (as a percent)	7.625%	7.625%
Series B
Numerator:
Less Preferred Stock dividends	$ (1.5)	$ 0

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event $ in Millions	1 Months Ended
	May 31, 2023 USD ($) shares
Series B perpetual preferred stock
Subsequent Event [Line Items]
Shares redeemed | shares	20,000
Cash	$ 20.3
Initial liquidation preference	20
Accrued and unpaid dividends	0.3
Term loan facility
Subsequent Event [Line Items]
Cash prepayment	$ 50