Daseke (DSKE) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	DASEKE, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common shares outstanding		64,615,857
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001642453
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 107.5	$ 95.7
Accounts receivable, net of allowance of $4.3 at March 31, 2020 and $3.5 at December 31, 2019	166.6	197.8
Drivers’ advances and other receivables	6.9	8.2
Parts supplies	3.1	3.5
Assets held for sale	69.8
Prepaid and other current assets	18.4	21.9
Total current assets	372.3	327.1
Property and equipment, net	387.9	439
Intangible assets, net	100.8	109.1
Goodwill	139.1	139.9
Right-of-use assets	108.5	95.9
Other long-term assets	29.5	29.6
Total assets	1,138.1	1,140.6
Current liabilities:
Accounts payable	17.4	20.5
Accrued expenses and other liabilities	46.9	44.2
Accrued payroll, benefits and related taxes	24.9	28.2
Accrued insurance and claims	19.3	18.7
Current portion of long-term debt	57.7	59.4
Liabilities held for sale	13.1
Other current liabilities	49.3	48.8
Total current liabilities	228.6	219.8
Line of credit		1.7
Long-term debt, net of current portion	625.6	631.6
Deferred tax liabilities	70.7	69.9
Other long-term liabilities	92.6	78.9
Total liabilities	1,017.5	1,001.9
Stockholders’ equity:
Common stock, par value $0.0001 per share; 250,000,000 shares authorized, 64,598,025 and 64,589,075 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
Additional paid-in-capital	438.4	437.5
Accumulated deficit	(381.9)	(363.4)
Accumulated other comprehensive loss	(0.9)	(0.4)
Total stockholders’ equity	120.6	138.7
Total liabilities and stockholders’ equity	1,138.1	1,140.6
Series A convertible preferred stock
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, 2020 and December 31, 2019	$ 65	$ 65

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Net of allowance	$ 4.3	$ 3.5
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, issued	64,598,025	64,589,075
Common stock, outstanding	64,598,025	64,589,075
Series A convertible preferred stock
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Total revenue	$ 391	$ 433
Operating expenses:
Salaries, wages and employee benefits	110.4	119.1
Operations and maintenance	45.6	54.8
Communications	1	1
Administrative expenses	20.2	16.1
Sales and marketing	0.7	1.2
Insurance and claims	15	12.5
Depreciation and amortization	26.3	41.5
Gain on disposition of property and equipment	(1.2)	(0.4)
Impairment	13.4
Restructuring charges	0.5
Total operating expenses	399.3	432.3
Income (loss) from operations	(8.3)	0.7
Other expense (income):
Interest income	(0.3)	(0.2)
Interest expense	12	12.7
Other	1.2	(0.6)
Total other expense	12.9	11.9
Loss before benefit for income taxes	(21.2)	(11.2)
Benefit for income taxes	(3.9)	(1.9)
Net loss	(17.3)	(9.3)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(0.2) and $0.1, respectively	(0.5)	0.1
Comprehensive loss	(17.8)	(9.2)
Net loss	(17.3)	(9.3)
Net loss attributable to common stockholders	$ (18.5)	$ (10.5)
Net loss per common share:
Basic and Diluted (in dollars per share)	$ (0.29)	$ (0.16)
Weighted-average common shares outstanding:
Basic and Diluted (in shares)	64,598,025	64,469,642
Series A
Other comprehensive income (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
Company freight
Revenues:
Total revenue	$ 180.9	$ 206.2
Operating expenses:
Purchased freight	134.2	146.6
Owner operator freight
Revenues:
Total revenue	107.8	111
Brokerage
Revenues:
Total revenue	61.7	71.4
Logistics
Revenues:
Total revenue	10.1	12.4
Fuel surcharge
Revenues:
Total revenue	30.5	32
Operating expenses:
Fuel	28.7	35
Service
Operating expenses:
Taxes and licenses	$ 4.5	$ 4.9

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments tax expense (benefit)	$ (0.2)	$ 0.1

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Series A convertible preferred stockAccumulated Deficit	Series A convertible preferred stock	Series A convertible preferred stock	Common Stock Member	Additional Paid-In Capital Member	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance (in Value) at Dec. 31, 2018		$ 65			$ 433.9	$ (51)	$ (0.9)	$ 447
Balance (in Shares) at Dec. 31, 2018		650,000		64,455,174
Vesting of restricted stock units (in Shares)				14,498
Series A convertible preferred stock dividend	$ (1.2)	$ (1.2)
Stock-based compensation expense					1			1
Foreign currency translation adjustments							0.1	0.1
Net loss						(9.3)		(9.3)
Balance (in Value) at Mar. 31, 2019		$ 65			434.9	(61.5)	(0.8)	437.6
Balance (in Shares) at Mar. 31, 2019		650,000		64,469,672
Balance (in Value) at Dec. 31, 2019			$ 65		437.5	(363.4)	(0.4)	138.7
Balance (in Shares) at Dec. 31, 2019			650,000	64,589,075
Vesting of restricted stock units (in Shares)				8,950
Series A convertible preferred stock dividend	$ (1.2)	$ (1.2)
Stock-based compensation expense					0.9			0.9
Foreign currency translation adjustments							(0.5)	(0.5)
Net loss						(17.3)		(17.3)
Balance (in Value) at Mar. 31, 2020			$ 65		$ 438.4	$ (381.9)	$ (0.9)	$ 120.6
Balance (in Shares) at Mar. 31, 2020			650,000	64,598,025

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (17.3)	$ (9.3)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation	24.5	37.2
Amortization of intangible assets	1.8	4.3
Amortization of deferred financing fees	1.1	0.7
Non-cash operating lease expense	2.9	6.6
Stock-based compensation expense	0.9	1
Deferred taxes	(3.8)	(1.9)
Bad debt expense	0.9	0.1
Gain on disposition of property and equipment	(1.2)	(0.4)
Impairment	13.4
Changes in operating assets and liabilities
Accounts receivable	1.3	(8.9)
Drivers’ advances and other receivables	(0.2)	(2.8)
Prepaid and other current assets	(4)	1.9
Accounts payable	2.2	7.5
Accrued expenses and other liabilities	7.2	0.4
Net cash provided by operating activities	29.7	36.4
Cash flows from investing activities
Purchases of property and equipment	(4.5)	(3.9)
Proceeds from sale of property and equipment	5.8	4.6
Net cash provided by investing activities	1.3	0.7
Cash flows from financing activities:
Advances on line of credit	351	314.7
Repayments on line of credit	(352.7)	(314.7)
Principal payments on long-term debt	(17.1)	(19.3)
Series A convertible preferred stock dividends	(1.2)	(1.2)
Net cash used in financing activities	(20)	(20.5)
Effect of exchange rates on cash and cash equivalents	0.8	(0.2)
Net increase in cash and cash equivalents	11.8	16.4
Cash and cash equivalents – beginning of period	95.7	46
Cash and cash equivalents – end of period	107.5	62.4
Supplemental disclosure of cash flow information
Cash paid for interest	10.9	11.7
Cash paid for income taxes	0.2
Noncash investing and financing activities
Property and equipment acquired with debt or finance lease obligations	9.8	25.1
Property and equipment sold for notes receivable		0.4
Right-of-use assets acquired	$ 19.1	$ 8.1

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.’s (the Company or Daseke) wholly-owned subsidiary Daseke Companies, Inc., was incorporated in December 2008 and began operations on January 1, 2009. Daseke is engaged in full service open-deck trucking that 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 (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 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, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020. The consolidated balance sheet as of December 31, 2019 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, 2019 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 10, 2020. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on income from operations, net loss and comprehensive loss, the balance sheets or statements of cash flows. Principles of Consolidation The consolidated financial statements include the accounts of Daseke, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Deferred Financing Fees In conjunction with obtaining long-term debt, the Company incurred financing costs which are being amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the obligations. As of March 31, 2020 and December 31, 2019, the balance of deferred finance charges was $10.3 million and $11.4 million, respectively, which is included as a reduction of long-term debt, net of current portion in the consolidated balance sheets. Amortization expense was $1.1 million and $0.7 million the three months ended March 31, 2020 and 2019, respectively. Amortization expense is included in interest expense in the consolidated statements of operations and comprehensive loss. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment is indicated. A loss is then recognized for the difference, if any, between the fair value of the asset (as estimated by management using its best judgment) and the carrying value of the asset. If actual market value is less favorable than that estimated by management, additional write-downs may be required. In the three months ended March 31, 2020, the Company recognized asset impairments, which are more fully described in Note 3. 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. Contingent Consideration The contingent consideration liabilities, included in other current liabilities on the consolidated balance sheet, represent future payment obligations for certain EBITDA thresholds related to the Company’s acquisitions over a defined period of time. The fair value of the Company’s contingent consideration liabilities are determined using estimates based on discount rates that reflect the risk involved and the projected EBITDA of the acquired businesses, therefore the liabilities are classified within Level 3 of the fair value framework. The balance of contingent consideration as of March 31, 2020 and December 31, 2019 was $21.5 million and $21.5 million, respectively. Stock-Based Compensation Awards of equity instruments issued to employees and directors are accounted for under the fair value method of accounting and recognized in the consolidated statements of operations and comprehensive loss. Compensation cost is measured for all stock-based awards at fair value on the date of grant and recognized using the straight-line method over the service period over which the awards are expected to vest. Fair value of all time-vested options as of the date of grant is estimated using the Black-Scholes option valuation model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Since the Company does not have a sufficient history of exercise behavior, expected term is calculated using the assumption that the options will be exercised ratably from the date of vesting to the end of the contractual term for each vesting tranche of awards. The risk-free interest rate is based on the U.S. Treasury yield curve for the period of the expected term of the stock option. Expected volatility is calculated using an index of publicly traded peer companies. Fair values of non-vested stock awards (restricted stock units) are equal to the market value of the common stock on the date of the award with compensation costs amortized over the vesting period of the award. Segment Reporting The Company determines its operating segments based on the information utilized by the chief operating decision maker to allocate resources and assess performance. Based on this information, the Company has determined it had 13 operating segments as of March 31, 2020 and 16 operating segments as of March 31, 2019 that are aggregated into two reportable segments: Flatbed Solutions, which delivers its services using primarily flatbed transportation equipment to meet the needs of high-volume, time-sensitive shippers, and Specialized Solutions, which delivers transportation and logistics solutions for super heavy haul, high-value customized and over-dimensional loads, many of which require engineering and customized equipment. Loss Per Share Basic loss per common share is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflect the potential dilution of earnings per share 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 loss. For the three months ended March 31, 2020 and 2019, shares of the Company’s 7.625% Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) and outstanding stock options were not included in the computation of diluted loss per share as their effects were anti-dilutive. Additionally, for the three months ended March 31, 2020 and 2019, there was no dilutive effect from the Merger Agreement earn-out provision found in the Agreement and Plan of Merger, dated December 22, 2016, in which a wholly-owned subsidiary of Hennessy Capital Acquisition Corp. II (Hennessy) merged with and into Daseke, with Daseke surviving as a direct wholly-owned subsidiary of Hennessy, (the Merger Agreement) or the outstanding warrants to purchase shares of the Company’s common stock (the common stock purchase warrants). See Note 16 for the effects of non-vested restricted stock units on basic and diluted earnings per share under the two-class method. Common Stock Purchase Warrants The Company accounts for the issuance of common stock purchase warrants in connection with equity offerings in accordance with the provisions of the Accounting Standards Codification (ASC) 815, Derivatives and Hedging (Topic 815). The Company classifies as equity any contract that (i) requires physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contract that (i) requires net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). See Note 11 for additional details on the common stock purchase warrants. The Company assessed the classification of its common stock purchase warrants and determined that such instruments meet the criteria for equity classification at the time of issuance. Foreign Currency Gains and Losses The functional currency for all operations except Canada is the U.S. dollar. The local currency is the functional currency for the Company’s operations in Canada. For these operations, assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date, while income and expense items are translated at average rates of exchange during the period. The resulting gains or losses arising from the translation of accounts from the functional currency into U.S. dollars are included as a separate component of stockholders’ equity in accumulated other comprehensive income until a partial or complete liquidation of the Company’s net investment in the foreign operation. From time to time, the Company’s foreign operations may enter into transactions that are denominated in a currency other than their functional currency. These transactions are initially recorded in the functional currency of the operating company based on the applicable exchange rate in effect on the date of the transaction. Monthly, these transactions are remeasured to an equivalent amount of the functional currency based on the applicable exchange rate in effect on the remeasurement date. Any adjustment required to remeasure a transaction to the equivalent amount of functional currency is recorded in the consolidated statements of operations and comprehensive loss of the foreign operating company as a component of foreign exchange gain or loss. Revenue and Expense Recognition The Company’s revenue and related costs are recognized when the Company satisfies its performance obligation(s) transferring goods or services to the customer and the customer obtains control of such goods and services. With respect to freight, brokerage, logistics and fuel surcharge revenue, these conditions are met, and the Company recognizes company freight, owner operator freight, brokerage and fuel surcharge revenue, over time, and logistics revenue, as the services are provided. While the Company may enter into master service agreements with its customers, a contract is not established until the customer specifically requests the Company’s services and the Company accepts. The Company evaluates each contract for distinct performance obligations. In the Company’s business, a typical performance obligation is the transportation of a load including any highly interrelated ancillary services. The Company predominantly estimates the standalone selling price of its services based upon observable evidence, market conditions and other relevant inputs. The Company allocates the total transaction price to each distinct performance obligation based upon the relative standalone selling prices. The Company’s customers simultaneously receive and consume the benefits of the Company’s contracts; therefore, revenue is recognized over time. This is a faithful depiction of the satisfaction of the performance obligation, as the customer does not need to re-perform the transportation services the Company has provided to date. Generally, the Company’s customers are billed upon delivery of the freight or monthly and remit payment according to the approved payment terms. Freight Revenue Freight revenue is generated by hauling customer freight using company owned equipment (company freight) and owner-operator equipment (owner-operator freight). Freight revenue is the product of the number of revenue-generating miles driven and the rate per mile received from customers plus accessorial charges, such as loading and unloading freight, cargo protection, fees for detained equipment or fees for route planning and supervision. Brokerage Revenue The Company regularly engages third-party capacity providers to haul loads. The Company is primarily responsible for fulfilling the promise to provide load transportation services, and has discretion in setting prices, along with the risk to fulfill the contract to the customer. Based upon this evaluation, the Company has determined that it is the principal and therefore, records gross revenues and expenses for brokerage services. Logistics Revenue Logistics revenue is generated from a range of services, including value-added warehousing, loading and unloading, vehicle maintenance and repair, preparation and packaging, fuel management, and other fleet management solutions. The Company recognizes logistics revenue as services are completed. Fuel Surcharge Fuel surcharge revenue compensates the Company for fuel costs above a certain cost per gallon base. Generally, the Company receives fuel surcharges on the miles for which it is compensated by customers. The Company has designated the following preference and practical expedients: · To not disclose remaining performance obligations when the expected performance obligation duration is one year or less. The vast majority of the Company’s services transfer control within a month of the inception of the contract with select specialized loads taking several months to allow for increased planning and permitting. · Recognize the incremental costs of obtaining or fulfilling a contract as an expense when incurred, as the amortization period of a potential asset would be recognized in one year or less. · Exclude taxes collected on behalf of government authorities from the Company’s measurement of transaction prices. Tax amounts are not included within net income or cost of sales. Lease Accounting Lessee The Company has capitalized operating and finance leases for various real estate including corporate offices, trucking facilities and terminals, warehouses, and tractor parking as well as various types of equipment including tractors, trailers, forklifts, and office equipment. New real estate lease agreements will typically have initial terms between 3 to 15 years and new equipment lease agreements will typically have initial terms of 3 to 9 years. Leases with an initial term of 12 months or less (short term leases) across all asset classes are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some of the Company’s leases include one or more options to renew, with renewals that can extend the lease term from 1 to 5 years. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Rights and obligations related to lease agreements the Company has signed but that have not yet commenced are not material. The Company has certain lease agreements related to its revenue equipment that contain residual value guarantees. These residual value guarantees require the Company to return the revenue equipment at the end of the lease term in a certain condition as specified by the lessor in the lease agreement. The Company determines whether an arrangement is classified as a lease at inception. The right-of-use assets and lease liabilities relating to operating leases are included in right-of-use assets, other current liabilities, and other long-term liabilities on the Company's consolidated balance sheets. The right-of-use assets and lease liabilities relating to finance leases are included in other long-term assets, current portion of long-term debt, and long-term debt, net of current portion on the Company's consolidated balance sheets. The Company's right-of-use assets represent its right to use the underlying assets for the lease term and the Company's right-of-use liabilities represent its obligation to make lease payments arising from the leases. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company's capitalized operating lease agreements generally do not provide an implicit rate. The Company developed an incremental borrowing rate based on the information available at the commencement date regarding the interest rate applicable to collateralized borrowings for a period similar to the original lease period. The incremental borrowing rates were used in determining the present value of lease payments which is reflected as the lease liability. Lessor 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 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. The Company recorded depreciation expense of $4.1 million and $4.9 million on its assets leased under operating leases for the three months ended March 31, 2020 and 2019, respectively. Lease income from lease payments related to the Company's operating leases for the three months ended March 31, 2020 and 2019, was $6.2 million and $5.4 million, respectively. The Company has designated the following preferences and practical expedients: · Adopt the land easement practical expedient; · To not separate the non-lease components of a contract from the lease component for its office equipment asset class; · To not apply the recognition requirements to leases with terms of twelve months or less; and · To apply the portfolio approach in determination of the incremental borrowing rate. New Accounting Pronouncements 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 U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. 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. The Company is currently evaluating its contracts and the optional expedients provided by the new standard. 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 amendments in ASU 2019 - 12 will become effective for the Company on January 1, 2022 . Early adoption is permitted, including adoption in any interim period. The Company is currently evaluating the impact of adopting this guidance. 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 2023 and is not expected to have a material impact on the Company’s consolidated financial statements.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
LEASES
LEASES	NOTE 2 – LEASES Lessee The following table reflects the Company’s components of lease expenses for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, Classification 2020 2019 Operating lease cost Revenue equipment Operations and maintenance $ 6.4 $ 5.8 Real estate Administrative expense 3.8 4.2 Total operating lease cost $ 10.2 $ 10.0 Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 1.5 $ 1.3 Interest on lease liabilities Interest expense 0.3 0.2 Total finance lease cost $ 1.8 $ 1.5 Total lease cost (a) $ 12.0 $ 11.5 (a) Short-term lease expense and variable lease expense are immaterial. The Company follows ASC 360, “Impairment or Disposal of Long-Lived Assets” guidance to determine whether right-of-use assets relating to operating and finance leases are impaired. The Company recorded impairment charges of $3.2 million to right-of-use assets relating to operating leases for the three months ended March 31, 2020 in connection with the planned divestiture of Aveda Transportation and Energy Services Inc. (Aveda). See Note 3 for details. There was no impairment charge to right-of-use assets relating to operating leases for the three months ended March 31, 2019. The components of assets and liabilities for operating and finance leases are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, Classification 2020 2019 Assets Capitalized operating lease right-of-use assets Right-of-use assets $ 108.5 $ 95.9 Finance lease right-of-use assets Other long-term assets 25.3 25.3 Total lease assets $ 133.8 $ 121.2 Liabilities Capitalized operating lease liabilities: Current Other current liabilities $ 27.8 $ 27.3 Non-current Other long-term liabilities 91.0 77.8 Total capitalized operating lease liabilities $ 118.8 105.1 Finance lease liabilities: Current Current portion of long-term debt $ 6.3 6.2 Non-current Long-term debt, net of current portion 19.7 19.3 Total finance lease liabilities $ 26.0 25.5 Total lease liabilities $ 144.8 $ 130.6 The following table is a summary of supplemental cash flows related to leases for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capitalized operating leases $ (9.3) $ (8.0) Operating cash flows from finance leases (0.3) (0.2) Financing cash flows from finance leases (1.7) (1.5) Right-of-use assets obtained in exchange for lease obligations: Capitalized operating lease right-of-use assets $ 19.1 $ 8.1 Finance lease right-of-use assets 1.7 4.8 The following table is the future payments on leases as of March 31, 2020 (in millions): Capitalized Operating Finance Year ending December 31, leases leases Total 2020 (1) $ 25.7 $ 5.8 $ 31.5 2021 29.7 7.4 37.1 2022 26.3 5.5 31.8 2023 20.5 6.0 26.5 2024 11.1 3.4 14.5 2025 8.0 1.0 9.0 Thereafter 14.8 — 14.8 Total lease payments 136.1 29.1 165.2 Less: interest (17.3) (3.1) (20.4) Present value of lease liabilities $ 118.8 $ 26.0 $ 144.8 (1) Nine months ending December 31, 2020 The following table is a summary of weighted average lease terms and discount rates for leases as of March 31, 2020 and December 31, 2019: March 31, December 31, 2020 2019 Weighted-average remaining lease term (years) Capitalized operating leases 5.14 5.01 Finance leases 3.76 3.83 Weighted-average discount rate Capitalized operating leases 5.36 % 5.54 % Finance leases 4.48 % 4.51 % Lessor The following table is the future minimum receipts on leases as of March 31, 2020 (in millions): Twelve months ending March 31, Amount 2021 $ 24.6 2022 18.4 2023 10.9 2024 5.7 2025 2.4 Thereafter 0.7 Total minimum lease receipts $ 62.7

PLANNED DIVESTITURE OF AVEDA

PLANNED DIVESTITURE OF AVEDA	3 Months Ended
	Mar. 31, 2020
PLANNED DIVESTITURE OF AVEDA
PLANNED DIVESTITURE OF AVEDA	NOTE 3 – PLANNED DIVESTITURE OF AVEDA As part of the overall operational and cost improvement plan of the Company, management and the board of directors had been evaluating how the Aveda business fits into the overall business strategy. In March 2020, the Company’s board of directors approved a plan for the sale of certain Aveda terminals located in Texas and Oklahoma. The planned divestiture does not meet the quantitative and qualitative criteria to be classified as discontinued operations. As a result, the Aveda operations will continue to be reported in the Specialized Solutions segment results until the sale is finalized. Effective with the designation as held for sale on March 31, 2020, the Company discontinued recording depreciation on property and equipment of this business and performed an impairment analysis of long-lived assets, as required by ASC 350 and 360. As a result of the analysis, impairment charges of $13.4 million were recorded for the three months ended March 31, 2020 consisting of property and equipment of $4.0 million, right-of-use assets of $3.2 million and tradename intangible assets of $6.2 million. The Company separately classified the related assets and liabilities of the business as held for sale in the consolidated balance sheet. Included in held for sale assets is $8.1 million of revenue equipment to be sold related to closed terminals. See Note 6 and 7 for details. The principal components of the assets and liabilities held for sale are as follows as of March 31, 2020 (in millions): March 31, 2020 Assets Accounts receivable $ 28.3 Prepaid and other current assets 8.8 Property and equipment, net 30.1 Right-of-use assets 2.6 Total assets held for sale $ 69.8 Liabilities Accounts payable $ 5.2 Accrued expenses and other liabilities 9.4 Other liabilities 4.2 Deferred tax liabilities (5.7) Total liabilities held for sale $ 13.1 The following table reflects revenues, operating income (loss) and net loss of Aveda’s held for sale operations for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, 2020 2019 Total revenue $ 32.2 $ 42.0 Operating income (loss) $ (11.9) $ 0.1 Net loss $ (12.2) $ (0.6)

PREPAID AND OTHER CURRENT ASSET

PREPAID AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2020
PREPAID AND OTHER CURRENT ASSETS
PREPAID AND OTHER CURRENT ASSETS	NOTE 4 – PREPAID AND OTHER CURRENT ASSETS The components of prepaid expenses and other current assets are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Insurance $ 8.3 $ 10.1 Licensing, permits and tolls 4.7 5.4 Other assets 2.9 3.1 Other prepaids 1.3 1.7 Highway and fuel taxes 1.2 1.6 $ 18.4 $ 21.9

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 5 – GOODWILL AND INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of all acquisitions over the estimated fair value of the net assets acquired. The Company performs an impairment test of goodwill annually as of October 1 or when impairment indicators arise. The summary of changes in goodwill follows for the three months ended March 31, 2020 (in millions): Flatbed Specialized Total Goodwill balance at December 31, 2019 $ 59.3 $ 80.6 $ 139.9 Foreign currency translation adjustment — (0.8) (0.8) Goodwill balance at March 31, 2020 $ 59.3 $ 79.8 $ 139.1 Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019 (in millions): As of March 31, 2020 As of December 31, 2019 Intangible Accumulated Intangible Intangible Accumulated Intangible Assets Amortization Assets, net Assets Amortization Assets, net Non-competition agreements $ 21.7 $ (18.8) $ 2.9 $ 21.7 $ (18.4) $ 3.3 Customer relationships 88.9 (43.6) 45.3 88.9 (42.2) 46.7 Trade names 52.9 — 52.9 59.1 — 59.1 Foreign currency translation adjustment (0.3) — (0.3) — — — Total intangible assets $ 163.2 $ (62.4) $ 100.8 $ 169.7 $ (60.6) $ 109.1 During the first quarter of 2020, the Company recorded an impairment charge to intangible assets of $6.2 million for the trade names category of intangible assets. See Note 3 for details. As of March 31, 2020, non-competition agreements and customer relationships had weighted average remaining useful lives of 2.6 and 9.7 years, respectively. Amortization expense for intangible assets with definite lives was $1.8 million and $4.3 million for the three months ended March 31, 2020 and 2019, respectively. Future estimated amortization expense is as follows (in millions): Non-competition Customer Year ending December 31, Agreements Relationships 2020 (1) $ 0.9 $ 4.5 2021 1.0 5.9 2022 0.9 5.9 2023 0.1 5.9 2024 — 4.5 Thereafter — 18.6 Total $ 2.9 $ 45.3 (1) Nine months ending December 31, 2020

INTEGRATION AND RESTRUCTURING

INTEGRATION AND RESTRUCTURING	3 Months Ended
	Mar. 31, 2020
INTEGRATION AND RESTRUCTURING
INTEGRATION AND RESTRUCTURING	NOTE 6 – INTEGRATION AND RESTRUCTURING On July 30, 2019, the Company internally announced a plan to integrate three operating segments with three other operating segments (Project Synchronize , the Plan or Phase I), which reduced the number of operating segments from 16 to 13. The Plan was implemented to streamline and reduce the Company’s cost structure, improve asset utilization and capitalize on operational synergies. Additionally, the Company announced the planned implementation of Business Improvement Plans (BIP), which is expected to increase profitability by right-sizing trailer-to-tractor ratios, yielding management capacity allocations, and improving maintenance execution. On September 4, 2019, the Company announced a comprehensive restructuring plan (Project Pivot) intended to reduce its cost base, right size its organization and management team and increase and accelerate its previously announced operational improvement goals. As part of Project Pivot, the Company executed a new management restructuring and substantial corporate cost reduction plan. The Company implemented Project Synchronize and Project Pivot which resulted in recording of integration and restructuring costs. The integration and restructuring costs consist of assets impairments, employee-related costs, other transition and termination costs related to restructuring activities. Employee-related costs include severance, tax preparation, and relocation costs. Severance, tax preparation and relocation costs are expensed in accordance with ASC 420. 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 loss. The obligation related to employee separation costs is included in other current liabilities in the consolidated balance sheets. On March 10, 2020, the Company announced a plan to integrate three operating segments with three other operating segments (Phase II of the Plan), which will further reduce the number of operating segments from 13 to 10. Phase II was initially expected to be significantly completed by June 30, 2020, however, due to uncertainties and changes in focus caused by the COVID-19 pandemic, the Company now expects Phase II to be completed by December 31, 2020. The Company is in the process of determining the estimated impact of Phase II on the financial statements. During the quarter ended March 31, 2020, the Company made the decision to close certain of the Aveda terminals and wind down those operations. The Company recorded $0.4 million of restructuring and exit costs in connection with the closure of these terminals in the three months ended March 31, 2020. The Company recorded $0.1 million of integration and restructuring expenses in connection with Phase I, and Project Pivot in the three months ended March 31, 2020, completing Phase I of Project Synchronize. The following table summarizes the integration and restructuring costs for Phase I of Project Synchronize and Project Pivot as of March 31, 2020 (in millions): Severance and Other Payroll Other Total Balance, December 31, 2019 $ 1.8 $ — $ 1.8 Specialized Solution Costs accrued — 0.1 0.1 Amounts paid or charged — (0.1) (0.1) Specialized Solution balance at March 31, 2020 — — — Flatbed Solution Costs accrued — — — Amounts paid or charged — — — Flatbed Solution balance at March 31, 2020 — — — Corporate Costs accrued — — — Amounts paid or charged (1.1) — (1.1) Corporate balance at March 31, 2020 (1.1) — (1.1) Consolidated Costs accrued — 0.1 0.1 Amounts paid or charged (1.1) (0.1) (1.2) Consolidated balance at March 31, 2020 $ 0.7 $ — $ 0.7 The following table summarizes the restructuring and exit costs for the Aveda closed terminals as of March 31, 2020 (in millions): Severance and Other Payroll Other Total Specialized Solution Costs accrued $ 0.4 $ — $ 0.4 Amounts paid or charged (0.3) — (0.3) Specialized Solution balance at March 31, 2020 $ 0.1 $ — $ 0.1

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2020
PROPERTY AND EQUIPMENT.
PROPERTY AND EQUIPMENT	NOTE 7 – PROPERTY AND EQUIPMENT In accordance with the amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value. During the first quarter of 2020, the Company recorded an impairment charge of $4.0 million to state property and equipment at fair value which related to the Specialized Solutions segment . The impairment charge is included in impairment in the consolidated statements of operations and comprehensive loss. See Note 3 for details. The components of property and equipment are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Revenue equipment $ 519.8 $ 597.0 Assets leased and available for lease to owner-operators 71.3 64.3 Buildings and improvements 57.9 59.9 Furniture and fixtures, office and computer equipment and vehicles 31.8 40.2 680.8 761.4 Accumulated depreciation (292.9) (322.4) $ 387.9 $ 439.0 Depreciation expense on property and equipment was $20.4 million and $24.7 million for the three months ended March 31, 2020 and 2019, respectively. Depreciation expense and accumulated depreciation on assets leased and available for lease to owner-operators was $4.1 million and $5.6 million for the three months ended March 31, 2020 and 2019, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 8 – ACCRUED EXPENSES AND OTHER LIABILITIES The components of accrued expenses and other liabilities are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Brokerage and escorts $ 14.8 $ 16.9 Other accrued expenses 11.4 10.6 Owner-operator deposits 9.9 7.1 Unvouchered payables 7.4 6.1 Fuel and fuel taxes 1.5 1.3 Sales and local taxes payable 1.4 1.7 Interest 0.5 0.5 $ 46.9 $ 44.2

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2020
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 9 – LONG-TERM DEBT Long-term debt consists of the following as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Line of credit $ — $ 1.7 Term loan facility 487.3 488.5 Equipment term loans 180.3 188.4 Finance and capital leases 26.0 25.5 693.6 704.1 Less current portion (57.7) (59.4) Less unamortized debt issuance costs (10.3) (11.4) Total long-term debt $ 625.6 $ 633.3 Term Loan Facility The Company has a $500.0 million term loan facility under a loan agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent, and the lenders party thereto (the Term Loan Facility) with a scheduled maturity date of February 27, 2024. Term loans under the Term Loan Facility are, at the Company’s election from time to time, comprised of alternate base rate loans (an ABR Borrowing) or adjusted LIBOR loans (a Eurodollar Rate Borrowing), with the applicable margins of interest being an alternate base rate (subject to a 2.00% floor) plus 4.00% per annum and LIBOR (subject to a 1.00% floor) plus 5.00% per annum. At March 31, 2020, the average interest rate on the Term Loan Facility was 6.7%. The Term Loan Facility is secured by all assets of the Company, except those assets collateralizing equipment and certain real estate lenders debt and subject to certain customary exceptions. The Term Loan Facility contains a financial covenant requiring the Company to maintain a consolidated total leverage ratio as of the last day of any fiscal quarter of less than or equal to 4.00 to 1.00, stepping down to 3.75 to 1.00 on March 31, 2021. The consolidated total leverage ratio is defined as the ratio of (i) consolidated total debt minus unrestricted cash and cash equivalents and cash and cash equivalents restricted in favor of the administrative agent and the lenders, to (ii) consolidated Adjusted EBITDA for the trailing 12 month period (with customary add-backs permitted to consolidated Adjusted EBITDA, including in respect of synergies and cost-savings reasonably identifiable and factually supportable that are anticipated to be realized in an aggregate amount not to exceed 25% of consolidated Adjusted EBITDA and subject to other customary limitations). The Term Loan Facility permits voluntary prepayments of borrowings. In certain circumstances (subject to exceptions, exclusions and, in the case of excess cash flow, step-downs described below), the Company may also be required to make an offer to prepay the Term Loan Facility if it receives proceeds as a result of certain asset sales, debt issuances, casualty or similar events of loss, or if it has excess cash flow (defined as an annual amount calculated using a customary formula based on consolidated Adjusted EBITDA, including, among other things, deductions for (i) the amount of certain voluntary prepayments of the Term Loan Facility and (ii) the amount of certain capital expenditures, acquisitions, investments and restricted payments). The percentage of excess cash flow that must be applied as a mandatory prepayment is 50%, 25% or 0% for excess cash flow periods for the year ending December 31, 2019 and beyond, depending upon the first lien leverage ratio. The Term Loan Facility contains (i) certain customary affirmative covenants that, among other things, require compliance with applicable laws, periodic financial reporting and notices of material events, payment of taxes and other obligations, maintenance of property and insurance, and provision of additional guarantees and collateral, and (ii) certain customary negative covenants that, among other things, restrict the incurrence of additional indebtedness, liens on property, sale and leaseback transactions, investments, mergers, consolidations, liquidations and dissolutions, asset sales, acquisitions, the payment of distributions, dividends, redemptions and repurchases of equity interests, transactions with affiliates, prepayments and redemptions of certain other indebtedness, burdensome agreements, holding company limitations, changes in fiscal year and modifications of organizational documents. ABL Facility The Company has a five-year, senior secured asset-based revolving line of credit with an aggregate maximum credit amount equal to $100.0 million (subject to availability under a borrowing base equal to 85% of the Company’s eligible accounts receivable, 80% of the Company’s eligible unbilled accounts receivable and 50% of parts supplies) under a credit agreement with PNC Bank, National Association, as administrative agent and the lenders party thereto. The ABL Facility’s maximum credit amount may be increased by $30.0 million pursuant to an uncommitted accordion. The ABL Facility also provides for the issuance of letters of credit subject to certain restrictions and a sublimit of $20 million, as defined in the credit agreement. The ABL Facility matures on February 27, 2022. As of March 31, 2020, the Company had a debit balance of $10.0 million which is included in cash and cash equivalents, $16.4 million in letters of credit outstanding, and could incur approximately $84.4 million of additional indebtedness under the ABL Facility. Borrowings under the ABL Facility bear interest at rates based upon the Company’s fixed charge coverage ratio and, at the Company’s election from time to time, either a base rate plus an applicable margin or an adjusted LIBOR rate plus an applicable margin. Margins on the ABL Facility are adjusted, if necessary to the applicable rates set forth in the following table corresponding to the fixed charge coverage ratio for the trailing 12 month period on the last day of the most recently completed fiscal quarter. Fixed Charge Coverage Ratio Base Rate Margins LIBOR Rate Margins Less than 1.25 to 1.00 2.25 % 3.25 % Greater than or equal to 1.25 to 1.00, but less than 1.50 to 1.00 1.75 % 2.75 % Greater than or equal to 1.50 to 1.00, but less than 1.75 to 1.00 1.25 % 2.25 % Greater than or equal to 1.75 to 1.00 0.75 % 1.75 % The ABL Facility margins are adjusted to the applicable rates set forth in the following table corresponding to the average RLOC Utilization for the trailing 12 month period on the last day of the most recently completed fiscal quarter. RLOC Utilization at a particular date shall mean an amount equal to (a)(i) outstanding amount of Revolving Advances plus (ii) the outstanding amount of the Swing Loans plus (iii) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, divided by (b) Maximum Revolving Advance Amount, each as defined in the credit agreement. RLOC Utilization Base Rate Margins LIBOR Rate Margins Less than 33.3% 0.50 % 1.50 % Greater than or equal to 33.3%, but less than 66.6% 0.75 % 1.75 % Greater than or equal to 66.6% 1.00 % 2.00 % At March 31, 2020, the interest rate on the ABL Facility was 3.75%. The ABL Facility is secured by all of the Company’s U.S.-based accounts receivable, parts supplies, cash and cash equivalents excluding proceeds of Term Loan Facility, securities and deposit accounts and other general assets not included in the Term Loan Facility collateral. The ABL Facility contains (i) a financial covenant similar to the consolidated total leverage ratio required under the Term Loan Facility requiring a leverage ratio of less than or equal to 4.00 to 1.00 for the fiscal quarter, stepping down to 3.75 to 1.00 on March 31, 2021 and (ii) during any period after a default or event of default or after excess availability falling below the greater of (x) $15.0 million and (y) 20% of the maximum credit amount, continuing until such time as no default or event of default has existed and excess availability has exceeded such amounts for a period of 60 consecutive days, a financial covenant requiring the Company to maintain a minimum consolidated fixed charge coverage ratio of 1.00x, tested on a quarterly basis. The Company’s fixed charge coverage ratio is defined as the ratio of (1) consolidated Adjusted EBITDA minus unfinanced capital expenditures, cash taxes and cash dividends or distributions, to (2) the sum of all funded debt payments for the four-quarter period then ending (with customary add-backs permitted to consolidated Adjusted EBITDA). The ABL Facility contains affirmative and negative covenants similar to those in the Term Loan Facility, together with such additional terms as are customary for a senior secured asset-based revolving credit facility. As of March 31, 2020, the Company was in compliance with all covenants contained in the Term Loan and ABL Facilities. Equipment Term Loans and Mortgages As of March 31, 2020, the Company had term loans collateralized by equipment in the aggregate amount of $177.2 million with 33 lenders (Equipment Term Loans). The Equipment Term Loans bear interest at rates ranging from 1.5% to 10.7%, require monthly payments of principal and interest and mature at various dates through January 2028. Certain of the Equipment Term Loans contain conditions, covenants, representations and warranties, events of default, and indemnification provisions applicable to the Company and certain of its subsidiaries that are customary for equipment financings, including, but not limited to, limitations on the incurrence of additional debt and the prepayment of existing indebtedness, certain payments (including dividends and other distributions to persons not party to its credit facility) and transfers of assets. As of March 31, 2020, the Company has a bank mortgage loan with a balance of $3.1 million incurred to finance the construction of the headquarters and terminal in Redmond, Oregon. The mortgage loan is collateralized by such property and buildings. The mortgage is payable in monthly installments of $15,776, including interest at 3.7% through November 2020. The interest rate and monthly payments will be adjusted on November 1, 2020 to a rate of 2.5%, plus the three-year advance rate published by the Federal Home Loan Bank of Seattle in effect 45 days prior to November 1, 2020 (which will not be less than 3.7%). The bank mortgage loan matures November 1, 2023. Future Payments Future principal payments on long-term debt (see Note 2 for future payments on leases) as of March 31, 2020 are as follows (in millions): Twelve months ending March 31, Term Loan Facility Equipment Term Loans Total 2021 $ 5.0 $ 46.4 $ 51.4 2022 2.5 42.6 45.1 2023 2.5 33.9 36.4 2024 477.3 32.1 509.4 2025 — 16.6 16.6 Thereafter — 8.7 8.7 Total long-term debt $ 487.3 $ 180.3 $ 667.6

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 10 – INCOME TAXES Because of the magnitude of permanent book-tax differences compared to forecasted, annual pre-tax income, the annual effective tax rate approach does not provide a reliable estimate of income tax benefit. As a result, the Company has computed its income tax benefit for the three months ended March 31, 2020 using its actual effective tax rate. The There were no changes in uncertain tax positions during the three months ended March 31, 2020.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS’ EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY Common Stock Common stock has voting rights – one vote for each share of common stock. As of March 31, 2020, the Company has approximately 0.5 million shares of common stock reserved for future issuances of stock options and restricted stock units under the Company’s 2017 Omnibus Incentive Plan. See Note 12 for additional details about the Company’s stock-based compensation plan. Preferred Stock The Company has issued and outstanding 650,000 shares of Series A Preferred Stock with a redemption value of $65.0 million. The par value of Series A Preferred Stock is $0.0001 per share. Additional features of this preferred stock are as follows: Under the Certificate of Designations, Preferences, Rights and Limitations of the Series A Preferred Stock (the Certificate of Designations), each share of Series A Preferred Stock will be convertible, at the holder’s option at any time, initially into approximately 8.6957 shares of the Company’s common stock (assuming a conversion price of approximately $11.50 per share), subject to specified adjustments as set forth in the Certificate of Designations. If any holder elects to convert its Series A Preferred Stock after the seven-year anniversary of the issue date, if the then-current Conversion Price (as defined in the Certificate of Designations) exceeds the Weighted Average Price (as defined in the Certificate of Designations) for the common stock during any ten consecutive Trading Days (as defined in the Certificate of Designations), at its option by delivery of a Notice of Conversion in accordance with Section 8(b) of the Certificate of Designations no later than five business days following such tenth consecutive Trading Day, to convert any or all of such holder’s shares of Series A Preferred Stock into, at the Company’s sole discretion, either common stock, cash or a combination of common stock and cash; provided, that the Company shall provide such converting holder notice of its election within two Trading Days of receipt of the Notice of Conversion; provided further, that in the event the Company elects to issue common stock for all or a portion of such conversion, the Conversion Rate for such conversion (subject to the limitations set forth in Section 11 of the Certificate of Designations) shall mean the quotient of the Liquidation Preference (as defined in the Certificate of Designations) divided by the average Weighted Average Price for the common stock during the 20 consecutive Trading Days commencing on the Trading Day immediately following the Trading Day on which the Company provided such notice. If the Company does not elect a settlement method prior to the deadline set forth in the Certificate of Designations, the Company shall be deemed to have elected to settle the conversion entirely in common stock. Based on the assumed conversion rate, a total of 5,652,173 shares of common stock would be issuable upon conversion of all of the currently outstanding shares of Series A Preferred Stock. On or after the third anniversary of the initial issuance date but prior to the fifth anniversary of the initial issuance date, the Company will have the right, at its option, to give notice of its election to cause all outstanding shares of the Series A Preferred Stock to be automatically converted into shares of the Company’s common stock at the then-effective conversion rate, if the Weighted Average Price of Company’s common stock equals or exceeds 140% of the then-current conversion price for at least 20-trading days (whether or not consecutive) in a period of 30 consecutive trading days. On or after the fifth anniversary of the initial issuance date but prior to the seventh anniversary of the initial issuance date, the Company will have the right, at its option, to give notice of its election to cause all outstanding shares of the Series A Preferred Stock to be automatically converted into shares of Company’s common stock at the then-effective conversion rate, if the Weighted Average Price of Company’s common stock equals or exceeds 115% of the then-current conversion price for at least 20-trading days (whether or not consecutive) in a period of 30 consecutive trading days. On or after the seventh anniversary of the initial issuance date, the Company will have the right, at its option, to give notice of its election to cause all outstanding shares of the Series A Preferred Stock to be automatically converted into shares of Company’s common stock at the then-effective conversion rate, if the Weighted Average Price of Company’s common stock equals or exceeds the then-current conversion price for at least 10 consecutive trading days. If the Company undergoes certain fundamental changes (as more fully described in the Certificate of Designations but including, among other things, certain change-in-control transactions, recapitalizations, asset sales and liquidation events), each outstanding share of Series A Preferred Stock may, within 15 days following the effective date of such fundamental change and at the election of the holder, be converted into Company’s common stock at a conversion rate (subject to certain adjustments) equal to (i) the greater of (A) the sum of the conversion rate on the effective date of such fundamental change plus the additional shares received by holders of Series A Preferred Stock following such fundamental change (as set forth in the Certificate of Designations) and (B) the quotient of (x) $100.00, divided by (y) the greater of (1) the applicable holder stock price and (2) 66 2/3% of the closing sale price of the Company’s common stock on the issue date plus (ii) the number of shares of Company’s common stock that would be issued if any and all accumulated and unpaid dividends were paid in shares of Company’s common stock. The Series A Preferred Stock contains limitations that prevent the holders thereof from acquiring shares of the Company’s common stock upon conversion that would result in (i) the number of shares beneficially owned by such holder and its affiliates exceeding 9.99% of the total number of shares of the Company’s common stock then outstanding or (ii) the Series A Preferred Stock being converted into more than 19.99% of the shares of the Company’s common stock outstanding on the initial issue date of the Series A Preferred Stock (subject to appropriate adjustment in the event of a stock split, stock dividend, combination or other similar recapitalization) without, in the latter instance, stockholder approval of such issuance. Additional features of the Series A Preferred Stock are as follows: Liquidation – In the event of liquidation, holders of Series A Preferred Stock have preferential rights to liquidation payments over holders of common stock. Holders of Series A Preferred Stock shall be paid out of the assets of the Company at an amount equal to $100 per share plus all accumulated and unpaid dividends. Dividends – Dividends on the Series A Preferred Stock are cumulative at the Dividend Rate. The “Dividend Rate” is the rate per annum of 7.625% per share of Series A Preferred Stock on the liquidation preference ($100 per share). Dividends are payable quarterly in arrears in cash or, at the Company’s election and subject to the receipt of the necessary shareholder approval (to the extent necessary), in shares of the Company’s common stock. On February 27, 2020 the Company’s board of directors declared a quarterly dividend of $1.91 per share, which was paid on March 15, 2020. On February 27, 2019 the Company’s board of directors declared a quarterly dividend of $1.91 per share, which was paid on March 15, 2019. Voting rights – Except as required by Delaware law, holders of the Series A Preferred Stock will have no voting rights except with respect to the approval of any material and adverse amendment to the Company’s certificate of incorporation, and certain significant holders of Series A Preferred Stock may have approval rights with respect to certain key economic terms of the Series A Preferred Stock, as set forth in the Certificate of Designations. Warrants At March 31, 2020, there were a total of 35,040,658 warrants outstanding to purchase 17,520,329 shares of the Company’s common stock. The Company issued warrants (the Public Warrants) to purchase its common stock which were originally issued as part of units in the initial public offering (the IPO) of Hennessy (as defined below). There are 19,959,902 Public Warrants outstanding. The Company also issued 15,080,756 warrants (the Private Placement Warrants) to the sponsor in a private placement that closed simultaneously with the consummation of the IPO. Each warrant entitles the registered holder to purchase one-half of one share of the Company’s common stock at a price of $5.75 per one-half of one share ($11.50 per whole share), subject to adjustment. The warrants may be exercised only for a whole number of shares of the Company’s common stock. No fractional shares will be issued upon exercise of the warrants. The warrants will expire on February 27, 2022, five years after the completion of the merger with Hennessy, or earlier upon redemption or liquidation. The warrants are listed on the NASDAQ market under the symbol DSKEW. The Company may call the Public Warrants for redemption at a price of $0.01 per warrant if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $24.00 per share for any 20-trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the Public Warrant holders.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 12 – STOCK-BASED COMPENSATION Under the 2017 Omnibus Incentive Plan (the Plan), the Company may grant awards of stock options, stock appreciation rights, restricted stock, restricted stock units, other stock-based awards and performance awards. Under the Plan, the Company is authorized to issue up to 4.5 million shares of common stock. All awards granted were authorized under the Plan. These awards generally vest annually on a pro-rata basis over a five-year period on the anniversary of each grant date. We also grant awards to our directors under the Plan. The awards granted to directors vest ratably over periods of o ne, two or five years annually on the anniversary of each grant date. All stock-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized on a straight-line basis as expense over the employees’ requisite service period. Forfeitures are recorded as a cumulative adjustment to stock-based compensation expense in the period forfeitures occur. Aggregate stock-based compensation charges, net of forfeitures, were $0.9 million and $1.0 million during the three months ended March 31, 2020 and 2019, respectively. These expenses are included as a component of salaries, wages and employee benefits on the accompanying consolidated statements of operations and comprehensive loss. As of March 31, 2020, there was $3.7 million and $4.2 million of unrecognized stock-based compensation expense related to stock options and restricted stock units, respectively. This expense will be recognized over the weighted average periods of 2.6 years for stock options and 2.2 years for restricted stock units. Stock Options The following table summarizes stock option grants under the Plan: Grantee Type # of Issued and Vesting Weighted Weighted Average Director Group 150,000 100,000 5 years $ 9.98 $ 4.36 Employee Group 2,632,730 2,180,124 3-5 years $ 8.56 $ 3.70 Total 2,280,124 A summary of option activity under the Plan as of March 31, 2020 and changes during the three months then ended are as follows: Shares Weighted Weighted Aggregate Outstanding as of January 1, 2020 2,308,924 $ 8.39 8.0 $ 0.2 Granted — — Forfeited or expired (28,800) 11.80 Outstanding as of March 31, 2020 2,280,124 $ 8.34 7.7 $ — Exercisable as of March 31, 2020 945,556 $ 9.76 7.2 $ — Vested and expected to vest as of March 31, 2020 2,280,124 $ 8.34 7.7 $ — The stock options’ maximum contract term is ten years. The Company did not have any stock options granted during the three months ended March 31, 2020. The total weighted average fair value of options granted during the three months ended March 31, 2019 was $0.6 million. Restricted Stock Units Restricted stock units are nontransferable until vested and the holders are entitled to receive dividends with respect to the non-vested units. Prior to vesting, the grantees of restricted stock units are not entitled to vote the shares. Restricted stock unit awards vest in equal annual increments over the vesting period. The following table summarizes restricted stock unit grants under the Plan: Grantee Type # of Issued and Outstanding Vesting Weighted Director Group 785,498 730,838 1-2 years $ 2.75 Employee Group 1,568,655 411,925 5 years $ 10.59 Total 1,142,763 A summary of restricted stock unit awards activity under the Plan as of March 31, 2020 and changes during the three months then ended are as follows: Units Weighted Non-vested as of January 1, 2020 1,180,882 $ 5.44 Granted — — Vested (13,805) 14.29 Forfeited (24,314) 10.38 Non-vested as of March 31, 2020 1,142,763 $ 5.22

DEFINED CONTRIBUTION PLAN

DEFINED CONTRIBUTION PLAN	3 Months Ended
	Mar. 31, 2020
DEFINED CONTRIBUTION PLAN
DEFINED CONTRIBUTION PLAN	NOTE 13 – DEFINED CONTRIBUTION PLAN The Company sponsors the Daseke, Inc. 401(k) Retirement Plan (the Retirement Plan). The Retirement Plan is a defined contribution plan and intended to qualify under the Internal Revenue Code provisions of Section 401(k). Under the safe harbor matching requirements, the Company had expenses of $1.4 million for each of the three months in the periods ended March 31, 2020 and 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Letters of Credit The Company had outstanding letters of credit as of March 31, 2020 totaling approximately $18.4 million, including those disclosed in Note 9. 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, 2020
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	NOTE 15 – 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. 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 $1.7 million and $2.4 million for the three months ended March 31, 2020 and 2019, respectively. Intersegment revenues and expenses for the Specialized Solutions segment totaled $2.7 million and $2.5 million for the three months ended March 31, 2020 and 2019, respectively. Certain insurance costs have been allocated to the operating segments beginning January 1, 2020, which were included in the corporate segment in 2019. Insurance costs included in the corporate segment for the three months ended March 31, 2019 were $0.8 million for the Flatbed Solutions segment and $1.0 million for the Specialized Solutions segment. The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2020 and 2019 (in millions): Flatbed Specialized Solutions Solutions Corporate/ Consolidated Segment Segment Eliminations Total Three Months Ended March 31, 2020 Total revenue $ 155.2 $ 240.4 $ (4.6) $ 391.0 Company freight 51.4 132.1 (2.6) 180.9 Owner operator freight 66.1 42.8 (1.1) 107.8 Brokerage 19.6 42.8 (0.7) 61.7 Logistics 0.8 9.1 0.2 10.1 Fuel surcharge 17.3 13.6 (0.4) 30.5 Operating income (loss) 8.6 (6.5) (10.4) (8.3) Depreciation 8.3 15.9 0.3 24.5 Amortization of intangible assets 0.8 1.0 — 1.8 Impairment — 13.4 — 13.4 Restructuring — 0.5 — 0.5 Non-cash operating lease expense 0.9 2.0 — 2.9 Interest expense 2.5 3.1 6.4 12.0 Income (loss) before income tax 6.1 (10.7) (16.6) (21.2) Total assets 350.9 660.7 126.5 1,138.1 Capital expenditures 7.8 6.5 — 14.3 Three Months Ended March 31, 2019 Total revenue $ 167.9 $ 269.7 $ (4.6) $ 433.0 Company freight 55.2 153.9 (2.9) 206.2 Owner operator freight 68.5 43.8 (1.3) 111.0 Brokerage 25.3 46.1 — 71.4 Logistics 0.7 11.7 — 12.4 Fuel surcharge 18.2 14.2 (0.4) 32.0 Operating income (loss) 3.3 7.8 (10.4) 0.7 Depreciation 13.0 24.1 0.1 37.2 Amortization of intangible assets 1.7 2.6 — 4.3 Non-cash operating lease expense 2.4 4.1 0.1 6.6 Interest expense 2.6 3.3 6.8 12.7 Income (loss) before income tax 0.9 5.0 (17.1) (11.2) Total assets 497.7 935.5 66.6 1,499.8 Capital expenditures 14.7 13.7 0.6 29.0

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
	Mar. 31, 2020
LOSS PER SHARE
LOSS PER SHARE	NOTE 16 –LOSS PER SHARE Three Months Ended March 31, (in millions, except per share data) 2020 2019 Numerator: Net loss $ (17.3) $ (9.3) Less Series A preferred dividends (1.2) (1.2) Net loss attributable to common stockholders $ (18.5) $ (10.5) Denominator: Weighted-average shares outstanding 64.6 64.5 Weighted average non-vested participating restricted stock units — — Denominator for basic and diluted EPS – weighted-average shares 64.6 64.5 Basic and diluted loss per share $ (0.29) $ (0.16)

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations	Nature of Operations Daseke, Inc.’s (the Company or Daseke) wholly-owned subsidiary Daseke Companies, Inc., was incorporated in December 2008 and began operations on January 1, 2009. Daseke is engaged in full service open-deck trucking that 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 (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 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, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020. The consolidated balance sheet as of December 31, 2019 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, 2019 as set forth in the Company’s Annual Report on Form 10-K, filed with the SEC on March 10, 2020. Certain items have been reclassified for presentation purposes to conform to the accounting policies of the consolidated entity. These reclassifications had no material impact on income from operations, net loss and comprehensive loss, the balance sheets or statements of cash flows.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Daseke, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Deferred Financing Fees	Deferred Financing Fees In conjunction with obtaining long-term debt, the Company incurred financing costs which are being amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the obligations. As of March 31, 2020 and December 31, 2019, the balance of deferred finance charges was $10.3 million and $11.4 million, respectively, which is included as a reduction of long-term debt, net of current portion in the consolidated balance sheets. Amortization expense was $1.1 million and $0.7 million the three months ended March 31, 2020 and 2019, respectively. Amortization expense is included in interest expense in the consolidated statements of operations and comprehensive loss.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment is indicated. A loss is then recognized for the difference, if any, between the fair value of the asset (as estimated by management using its best judgment) and the carrying value of the asset. If actual market value is less favorable than that estimated by management, additional write-downs may be required. In the three months ended March 31, 2020, the Company recognized asset impairments, which are more fully described in Note 3.
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. Contingent Consideration The contingent consideration liabilities, included in other current liabilities on the consolidated balance sheet, represent future payment obligations for certain EBITDA thresholds related to the Company’s acquisitions over a defined period of time. The fair value of the Company’s contingent consideration liabilities are determined using estimates based on discount rates that reflect the risk involved and the projected EBITDA of the acquired businesses, therefore the liabilities are classified within Level 3 of the fair value framework. The balance of contingent consideration as of March 31, 2020 and December 31, 2019 was $21.5 million and $21.5 million, respectively.
Stock-Based Compensation	Stock-Based Compensation Awards of equity instruments issued to employees and directors are accounted for under the fair value method of accounting and recognized in the consolidated statements of operations and comprehensive loss. Compensation cost is measured for all stock-based awards at fair value on the date of grant and recognized using the straight-line method over the service period over which the awards are expected to vest. Fair value of all time-vested options as of the date of grant is estimated using the Black-Scholes option valuation model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Since the Company does not have a sufficient history of exercise behavior, expected term is calculated using the assumption that the options will be exercised ratably from the date of vesting to the end of the contractual term for each vesting tranche of awards. The risk-free interest rate is based on the U.S. Treasury yield curve for the period of the expected term of the stock option. Expected volatility is calculated using an index of publicly traded peer companies. Fair values of non-vested stock awards (restricted stock units) are equal to the market value of the common stock on the date of the award with compensation costs amortized over the vesting period of the award.
Segment Reporting	Segment Reporting The Company determines its operating segments based on the information utilized by the chief operating decision maker to allocate resources and assess performance. Based on this information, the Company has determined it had 13 operating segments as of March 31, 2020 and 16 operating segments as of March 31, 2019 that are aggregated into two reportable segments: Flatbed Solutions, which delivers its services using primarily flatbed transportation equipment to meet the needs of high-volume, time-sensitive shippers, and Specialized Solutions, which delivers transportation and logistics solutions for super heavy haul, high-value customized and over-dimensional loads, many of which require engineering and customized equipment.
Loss Per Share	Loss Per Share Basic loss per common share is calculated by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share reflect the potential dilution of earnings per share 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 loss. For the three months ended March 31, 2020 and 2019, shares of the Company’s 7.625% Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) and outstanding stock options were not included in the computation of diluted loss per share as their effects were anti-dilutive. Additionally, for the three months ended March 31, 2020 and 2019, there was no dilutive effect from the Merger Agreement earn-out provision found in the Agreement and Plan of Merger, dated December 22, 2016, in which a wholly-owned subsidiary of Hennessy Capital Acquisition Corp. II (Hennessy) merged with and into Daseke, with Daseke surviving as a direct wholly-owned subsidiary of Hennessy, (the Merger Agreement) or the outstanding warrants to purchase shares of the Company’s common stock (the common stock purchase warrants). See Note 16 for the effects of non-vested restricted stock units on basic and diluted earnings per share under the two-class method.
Common Stock Purchase Warrants	Common Stock Purchase Warrants The Company accounts for the issuance of common stock purchase warrants in connection with equity offerings in accordance with the provisions of the Accounting Standards Codification (ASC) 815, Derivatives and Hedging (Topic 815). The Company classifies as equity any contract that (i) requires physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contract that (i) requires net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). See Note 11 for additional details on the common stock purchase warrants. The Company assessed the classification of its common stock purchase warrants and determined that such instruments meet the criteria for equity classification at the time of issuance.
Foreign Currency Gains and Losses	Foreign Currency Gains and Losses The functional currency for all operations except Canada is the U.S. dollar. The local currency is the functional currency for the Company’s operations in Canada. For these operations, assets and liabilities are translated at the rates of exchange on the consolidated balance sheet date, while income and expense items are translated at average rates of exchange during the period. The resulting gains or losses arising from the translation of accounts from the functional currency into U.S. dollars are included as a separate component of stockholders’ equity in accumulated other comprehensive income until a partial or complete liquidation of the Company’s net investment in the foreign operation. From time to time, the Company’s foreign operations may enter into transactions that are denominated in a currency other than their functional currency. These transactions are initially recorded in the functional currency of the operating company based on the applicable exchange rate in effect on the date of the transaction. Monthly, these transactions are remeasured to an equivalent amount of the functional currency based on the applicable exchange rate in effect on the remeasurement date. Any adjustment required to remeasure a transaction to the equivalent amount of functional currency is recorded in the consolidated statements of operations and comprehensive loss of the foreign operating company as a component of foreign exchange gain or loss.
Revenue and Expense Recognition	Revenue and Expense Recognition The Company’s revenue and related costs are recognized when the Company satisfies its performance obligation(s) transferring goods or services to the customer and the customer obtains control of such goods and services. With respect to freight, brokerage, logistics and fuel surcharge revenue, these conditions are met, and the Company recognizes company freight, owner operator freight, brokerage and fuel surcharge revenue, over time, and logistics revenue, as the services are provided. While the Company may enter into master service agreements with its customers, a contract is not established until the customer specifically requests the Company’s services and the Company accepts. The Company evaluates each contract for distinct performance obligations. In the Company’s business, a typical performance obligation is the transportation of a load including any highly interrelated ancillary services. The Company predominantly estimates the standalone selling price of its services based upon observable evidence, market conditions and other relevant inputs. The Company allocates the total transaction price to each distinct performance obligation based upon the relative standalone selling prices. The Company’s customers simultaneously receive and consume the benefits of the Company’s contracts; therefore, revenue is recognized over time. This is a faithful depiction of the satisfaction of the performance obligation, as the customer does not need to re-perform the transportation services the Company has provided to date. Generally, the Company’s customers are billed upon delivery of the freight or monthly and remit payment according to the approved payment terms. Freight Revenue Freight revenue is generated by hauling customer freight using company owned equipment (company freight) and owner-operator equipment (owner-operator freight). Freight revenue is the product of the number of revenue-generating miles driven and the rate per mile received from customers plus accessorial charges, such as loading and unloading freight, cargo protection, fees for detained equipment or fees for route planning and supervision. Brokerage Revenue The Company regularly engages third-party capacity providers to haul loads. The Company is primarily responsible for fulfilling the promise to provide load transportation services, and has discretion in setting prices, along with the risk to fulfill the contract to the customer. Based upon this evaluation, the Company has determined that it is the principal and therefore, records gross revenues and expenses for brokerage services. Logistics Revenue Logistics revenue is generated from a range of services, including value-added warehousing, loading and unloading, vehicle maintenance and repair, preparation and packaging, fuel management, and other fleet management solutions. The Company recognizes logistics revenue as services are completed. Fuel Surcharge Fuel surcharge revenue compensates the Company for fuel costs above a certain cost per gallon base. Generally, the Company receives fuel surcharges on the miles for which it is compensated by customers. The Company has designated the following preference and practical expedients: · To not disclose remaining performance obligations when the expected performance obligation duration is one year or less. The vast majority of the Company’s services transfer control within a month of the inception of the contract with select specialized loads taking several months to allow for increased planning and permitting. · Recognize the incremental costs of obtaining or fulfilling a contract as an expense when incurred, as the amortization period of a potential asset would be recognized in one year or less. · Exclude taxes collected on behalf of government authorities from the Company’s measurement of transaction prices. Tax amounts are not included within net income or cost of sales.
Lease Accounting	Lease Accounting Lessee The Company has capitalized operating and finance leases for various real estate including corporate offices, trucking facilities and terminals, warehouses, and tractor parking as well as various types of equipment including tractors, trailers, forklifts, and office equipment. New real estate lease agreements will typically have initial terms between 3 to 15 years and new equipment lease agreements will typically have initial terms of 3 to 9 years. Leases with an initial term of 12 months or less (short term leases) across all asset classes are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some of the Company’s leases include one or more options to renew, with renewals that can extend the lease term from 1 to 5 years. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Rights and obligations related to lease agreements the Company has signed but that have not yet commenced are not material. The Company has certain lease agreements related to its revenue equipment that contain residual value guarantees. These residual value guarantees require the Company to return the revenue equipment at the end of the lease term in a certain condition as specified by the lessor in the lease agreement. The Company determines whether an arrangement is classified as a lease at inception. The right-of-use assets and lease liabilities relating to operating leases are included in right-of-use assets, other current liabilities, and other long-term liabilities on the Company's consolidated balance sheets. The right-of-use assets and lease liabilities relating to finance leases are included in other long-term assets, current portion of long-term debt, and long-term debt, net of current portion on the Company's consolidated balance sheets. The Company's right-of-use assets represent its right to use the underlying assets for the lease term and the Company's right-of-use liabilities represent its obligation to make lease payments arising from the leases. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company's capitalized operating lease agreements generally do not provide an implicit rate. The Company developed an incremental borrowing rate based on the information available at the commencement date regarding the interest rate applicable to collateralized borrowings for a period similar to the original lease period. The incremental borrowing rates were used in determining the present value of lease payments which is reflected as the lease liability. Lessor 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 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. The Company recorded depreciation expense of $4.1 million and $4.9 million on its assets leased under operating leases for the three months ended March 31, 2020 and 2019, respectively. Lease income from lease payments related to the Company's operating leases for the three months ended March 31, 2020 and 2019, was $6.2 million and $5.4 million, respectively. The Company has designated the following preferences and practical expedients: · Adopt the land easement practical expedient; · To not separate the non-lease components of a contract from the lease component for its office equipment asset class; · To not apply the recognition requirements to leases with terms of twelve months or less; and · To apply the portfolio approach in determination of the incremental borrowing rate.
New Accounting Pronouncements	New Accounting Pronouncements 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 U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. 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. The Company is currently evaluating its contracts and the optional expedients provided by the new standard. 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 amendments in ASU 2019 - 12 will become effective for the Company on January 1, 2022 . Early adoption is permitted, including adoption in any interim period. The Company is currently evaluating the impact of adopting this guidance. 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 2023 and is not expected to have a material impact on the Company’s consolidated financial statements.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
LEASES
Schedule of components of lease expenses	The following table reflects the Company’s components of lease expenses for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, Classification 2020 2019 Operating lease cost Revenue equipment Operations and maintenance $ 6.4 $ 5.8 Real estate Administrative expense 3.8 4.2 Total operating lease cost $ 10.2 $ 10.0 Finance lease cost Amortization of right-of-use assets Depreciation and amortization $ 1.5 $ 1.3 Interest on lease liabilities Interest expense 0.3 0.2 Total finance lease cost $ 1.8 $ 1.5 Total lease cost (a) $ 12.0 $ 11.5 (a) Short-term lease expense and variable lease expense are immaterial. The Company follows ASC 360, “Impairment or Disposal of Long-Lived Assets” guidance to determine whether right-of-use assets relating to operating and finance leases are impaired. The Company recorded impairment charges of $3.2 million to right-of-use assets relating to operating leases for the three months ended March 31, 2020 in connection with the planned divestiture of Aveda Transportation and Energy Services Inc. (Aveda). See Note 3 for details. There was no impairment charge to right-of-use assets relating to operating leases for the three months ended March 31, 2019.
Schedule of components of assets and liabilities for operating and finance leases	The components of assets and liabilities for operating and finance leases are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, Classification 2020 2019 Assets Capitalized operating lease right-of-use assets Right-of-use assets $ 108.5 $ 95.9 Finance lease right-of-use assets Other long-term assets 25.3 25.3 Total lease assets $ 133.8 $ 121.2 Liabilities Capitalized operating lease liabilities: Current Other current liabilities $ 27.8 $ 27.3 Non-current Other long-term liabilities 91.0 77.8 Total capitalized operating lease liabilities $ 118.8 105.1 Finance lease liabilities: Current Current portion of long-term debt $ 6.3 6.2 Non-current Long-term debt, net of current portion 19.7 19.3 Total finance lease liabilities $ 26.0 25.5 Total lease liabilities $ 144.8 $ 130.6
Summary of supplemental cash flow related to leases	The following table is a summary of supplemental cash flows related to leases for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from capitalized operating leases $ (9.3) $ (8.0) Operating cash flows from finance leases (0.3) (0.2) Financing cash flows from finance leases (1.7) (1.5) Right-of-use assets obtained in exchange for lease obligations: Capitalized operating lease right-of-use assets $ 19.1 $ 8.1 Finance lease right-of-use assets 1.7 4.8
Summary of Future payments on leases, Operating lease	The following table is the future payments on leases as of March 31, 2020 (in millions): Capitalized Operating Finance Year ending December 31, leases leases Total 2020 (1) $ 25.7 $ 5.8 $ 31.5 2021 29.7 7.4 37.1 2022 26.3 5.5 31.8 2023 20.5 6.0 26.5 2024 11.1 3.4 14.5 2025 8.0 1.0 9.0 Thereafter 14.8 — 14.8 Total lease payments 136.1 29.1 165.2 Less: interest (17.3) (3.1) (20.4) Present value of lease liabilities $ 118.8 $ 26.0 $ 144.8 (1) Nine months ending December 31, 2020
Summary of Future payments on leases, Finance lease	The following table is the future payments on leases as of March 31, 2020 (in millions): Capitalized Operating Finance Year ending December 31, leases leases Total 2020 (1) $ 25.7 $ 5.8 $ 31.5 2021 29.7 7.4 37.1 2022 26.3 5.5 31.8 2023 20.5 6.0 26.5 2024 11.1 3.4 14.5 2025 8.0 1.0 9.0 Thereafter 14.8 — 14.8 Total lease payments 136.1 29.1 165.2 Less: interest (17.3) (3.1) (20.4) Present value of lease liabilities $ 118.8 $ 26.0 $ 144.8 (1) Nine months ending December 31, 2020
Summary of weighted average lease term and discount rate for leases	March 31, December 31, 2020 2019 Weighted-average remaining lease term (years) Capitalized operating leases 5.14 5.01 Finance leases 3.76 3.83 Weighted-average discount rate Capitalized operating leases 5.36 % 5.54 % Finance leases 4.48 % 4.51 %
Schedule of future minimum receipts on leases	The following table is the future minimum receipts on leases as of March 31, 2020 (in millions): Twelve months ending March 31, Amount 2021 $ 24.6 2022 18.4 2023 10.9 2024 5.7 2025 2.4 Thereafter 0.7 Total minimum lease receipts $ 62.7

PLANNED DIVESTITURE OF AVEDA (T

PLANNED DIVESTITURE OF AVEDA (Tables)	3 Months Ended
	Mar. 31, 2020
PLANNED DIVESTITURE OF AVEDA
Schedule of component of assets and liabilities held for sale	The principal components of the assets and liabilities held for sale are as follows as of March 31, 2020 (in millions): March 31, 2020 Assets Accounts receivable $ 28.3 Prepaid and other current assets 8.8 Property and equipment, net 30.1 Right-of-use assets 2.6 Total assets held for sale $ 69.8 Liabilities Accounts payable $ 5.2 Accrued expenses and other liabilities 9.4 Other liabilities 4.2 Deferred tax liabilities (5.7) Total liabilities held for sale $ 13.1 The following table reflects revenues, operating income (loss) and net loss of Aveda’s held for sale operations for the three months ended March 31, 2020 and 2019 (in millions): Three Months Ended March 31, 2020 2019 Total revenue $ 32.2 $ 42.0 Operating income (loss) $ (11.9) $ 0.1 Net loss $ (12.2) $ (0.6)

PREPAID AND OTHER CURRENT ASS_2

PREPAID AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
PREPAID AND OTHER CURRENT ASSETS
Schedule of components of prepaid expenses and other current assets	The components of prepaid expenses and other current assets are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Insurance $ 8.3 $ 10.1 Licensing, permits and tolls 4.7 5.4 Other assets 2.9 3.1 Other prepaids 1.3 1.7 Highway and fuel taxes 1.2 1.6 $ 18.4 $ 21.9

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in carrying amount of goodwill	The summary of changes in goodwill follows for the three months ended March 31, 2020 (in millions): Flatbed Specialized Total Goodwill balance at December 31, 2019 $ 59.3 $ 80.6 $ 139.9 Foreign currency translation adjustment — (0.8) (0.8) Goodwill balance at March 31, 2020 $ 59.3 $ 79.8 $ 139.1
Schedule of intangible assets	Intangible assets consisted of the following as of March 31, 2020 and December 31, 2019 (in millions): As of March 31, 2020 As of December 31, 2019 Intangible Accumulated Intangible Intangible Accumulated Intangible Assets Amortization Assets, net Assets Amortization Assets, net Non-competition agreements $ 21.7 $ (18.8) $ 2.9 $ 21.7 $ (18.4) $ 3.3 Customer relationships 88.9 (43.6) 45.3 88.9 (42.2) 46.7 Trade names 52.9 — 52.9 59.1 — 59.1 Foreign currency translation adjustment (0.3) — (0.3) — — — Total intangible assets $ 163.2 $ (62.4) $ 100.8 $ 169.7 $ (60.6) $ 109.1
Schedule of future estimated amortization expense	Future estimated amortization expense is as follows (in millions): Non-competition Customer Year ending December 31, Agreements Relationships 2020 (1) $ 0.9 $ 4.5 2021 1.0 5.9 2022 0.9 5.9 2023 0.1 5.9 2024 — 4.5 Thereafter — 18.6 Total $ 2.9 $ 45.3 Nine months ending December 31, 2020

INTEGRATION AND RESTRUCTURING (

INTEGRATION AND RESTRUCTURING (Tables)	3 Months Ended
	Mar. 31, 2020
Schedule of summarizes the integration and restructuring costs	The following table summarizes the integration and restructuring costs for Phase I of Project Synchronize and Project Pivot as of March 31, 2020 (in millions): Severance and Other Payroll Other Total Balance, December 31, 2019 $ 1.8 $ — $ 1.8 Specialized Solution Costs accrued — 0.1 0.1 Amounts paid or charged — (0.1) (0.1) Specialized Solution balance at March 31, 2020 — — — Flatbed Solution Costs accrued — — — Amounts paid or charged — — — Flatbed Solution balance at March 31, 2020 — — — Corporate Costs accrued — — — Amounts paid or charged (1.1) — (1.1) Corporate balance at March 31, 2020 (1.1) — (1.1) Consolidated Costs accrued — 0.1 0.1 Amounts paid or charged (1.1) (0.1) (1.2) Consolidated balance at March 31, 2020 $ 0.7 $ — $ 0.7
Aveda
Schedule of summarizes the integration and restructuring costs	The following table summarizes the restructuring and exit costs for the Aveda closed terminals as of March 31, 2020 (in millions): Severance and Other Payroll Other Total Specialized Solution Costs accrued $ 0.4 $ — $ 0.4 Amounts paid or charged (0.3) — (0.3) Specialized Solution balance at March 31, 2020 $ 0.1 $ — $ 0.1

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2020
PROPERTY AND EQUIPMENT.
Schedule of components of property and equipment	The components of property and equipment are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Revenue equipment $ 519.8 $ 597.0 Assets leased and available for lease to owner-operators 71.3 64.3 Buildings and improvements 57.9 59.9 Furniture and fixtures, office and computer equipment and vehicles 31.8 40.2 680.8 761.4 Accumulated depreciation (292.9) (322.4) $ 387.9 $ 439.0

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of components of accrued expenses and other liabilities	The components of accrued expenses and other liabilities are as follows as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Brokerage and escorts $ 14.8 $ 16.9 Other accrued expenses 11.4 10.6 Owner-operator deposits 9.9 7.1 Unvouchered payables 7.4 6.1 Fuel and fuel taxes 1.5 1.3 Sales and local taxes payable 1.4 1.7 Interest 0.5 0.5 $ 46.9 $ 44.2

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
LONG-TERM DEBT.
Schedule of long term debt	Long-term debt consists of the following as of March 31, 2020 and December 31, 2019 (in millions): March 31, December 31, 2020 2019 Line of credit $ — $ 1.7 Term loan facility 487.3 488.5 Equipment term loans 180.3 188.4 Finance and capital leases 26.0 25.5 693.6 704.1 Less current portion (57.7) (59.4) Less unamortized debt issuance costs (10.3) (11.4) Total long-term debt $ 625.6 $ 633.3
Schedule of adjustment for margin of line of credit and senior term loan corresponding to fixed charge coverage ratio.	Fixed Charge Coverage Ratio Base Rate Margins LIBOR Rate Margins Less than 1.25 to 1.00 2.25 % 3.25 % Greater than or equal to 1.25 to 1.00, but less than 1.50 to 1.00 1.75 % 2.75 % Greater than or equal to 1.50 to 1.00, but less than 1.75 to 1.00 1.25 % 2.25 % Greater than or equal to 1.75 to 1.00 0.75 % 1.75 %
Schedule of adjustment for margin of line of credit and senior term loan corresponding to RLOC Utilization	RLOC Utilization Base Rate Margins LIBOR Rate Margins Less than 33.3% 0.50 % 1.50 % Greater than or equal to 33.3%, but less than 66.6% 0.75 % 1.75 % Greater than or equal to 66.6% 1.00 % 2.00 %
Future principal payments on long-term debt	Future principal payments on long-term debt (see Note 2 for future payments on leases) as of March 31, 2020 are as follows (in millions): Twelve months ending March 31, Term Loan Facility Equipment Term Loans Total 2021 $ 5.0 $ 46.4 $ 51.4 2022 2.5 42.6 45.1 2023 2.5 33.9 36.4 2024 477.3 32.1 509.4 2025 — 16.6 16.6 Thereafter — 8.7 8.7 Total long-term debt $ 487.3 $ 180.3 $ 667.6

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
STOCK-BASED COMPENSATION
Tabular disclosure of stock option grants under the Plan	Grantee Type # of Issued and Vesting Weighted Weighted Average Director Group 150,000 100,000 5 years $ 9.98 $ 4.36 Employee Group 2,632,730 2,180,124 3-5 years $ 8.56 $ 3.70 Total 2,280,124
Schedule of summary of option activity under the Plan and changes during the period	Shares Weighted Weighted Aggregate Outstanding as of January 1, 2020 2,308,924 $ 8.39 8.0 $ 0.2 Granted — — Forfeited or expired (28,800) 11.80 Outstanding as of March 31, 2020 2,280,124 $ 8.34 7.7 $ — Exercisable as of March 31, 2020 945,556 $ 9.76 7.2 $ — Vested and expected to vest as of March 31, 2020 2,280,124 $ 8.34 7.7 $ —
Summary of restricted stock unit grants under the Plan	Grantee Type # of Issued and Outstanding Vesting Weighted Director Group 785,498 730,838 1-2 years $ 2.75 Employee Group 1,568,655 411,925 5 years $ 10.59 Total 1,142,763
Summary of restricted stock awards activity under the Plan	Units Weighted Non-vested as of January 1, 2020 1,180,882 $ 5.44 Granted — — Vested (13,805) 14.29 Forfeited (24,314) 10.38 Non-vested as of March 31, 2020 1,142,763 $ 5.22

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
REPORTABLE SEGMENTS
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, 2020 and 2019 (in millions): Flatbed Specialized Solutions Solutions Corporate/ Consolidated Segment Segment Eliminations Total Three Months Ended March 31, 2020 Total revenue $ 155.2 $ 240.4 $ (4.6) $ 391.0 Company freight 51.4 132.1 (2.6) 180.9 Owner operator freight 66.1 42.8 (1.1) 107.8 Brokerage 19.6 42.8 (0.7) 61.7 Logistics 0.8 9.1 0.2 10.1 Fuel surcharge 17.3 13.6 (0.4) 30.5 Operating income (loss) 8.6 (6.5) (10.4) (8.3) Depreciation 8.3 15.9 0.3 24.5 Amortization of intangible assets 0.8 1.0 — 1.8 Impairment — 13.4 — 13.4 Restructuring — 0.5 — 0.5 Non-cash operating lease expense 0.9 2.0 — 2.9 Interest expense 2.5 3.1 6.4 12.0 Income (loss) before income tax 6.1 (10.7) (16.6) (21.2) Total assets 350.9 660.7 126.5 1,138.1 Capital expenditures 7.8 6.5 — 14.3 Three Months Ended March 31, 2019 Total revenue $ 167.9 $ 269.7 $ (4.6) $ 433.0 Company freight 55.2 153.9 (2.9) 206.2 Owner operator freight 68.5 43.8 (1.3) 111.0 Brokerage 25.3 46.1 — 71.4 Logistics 0.7 11.7 — 12.4 Fuel surcharge 18.2 14.2 (0.4) 32.0 Operating income (loss) 3.3 7.8 (10.4) 0.7 Depreciation 13.0 24.1 0.1 37.2 Amortization of intangible assets 1.7 2.6 — 4.3 Non-cash operating lease expense 2.4 4.1 0.1 6.6 Interest expense 2.6 3.3 6.8 12.7 Income (loss) before income tax 0.9 5.0 (17.1) (11.2) Total assets 497.7 935.5 66.6 1,499.8 Capital expenditures 14.7 13.7 0.6 29.0

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
LOSS PER SHARE
Summary to reconcile basic weighted average common stock outstanding to diluted weighted average common stock outstanding	Three Months Ended March 31, (in millions, except per share data) 2020 2019 Numerator: Net loss $ (17.3) $ (9.3) Less Series A preferred dividends (1.2) (1.2) Net loss attributable to common stockholders $ (18.5) $ (10.5) Denominator: Weighted-average shares outstanding 64.6 64.5 Weighted average non-vested participating restricted stock units — — Denominator for basic and diluted EPS – weighted-average shares 64.6 64.5 Basic and diluted loss per share $ (0.29) $ (0.16)

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Mar. 10, 2020segment	Mar. 09, 2020segment	Jul. 30, 2019segment	Jul. 29, 2019segment	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)segment	Dec. 31, 2019USD ($)
Deferred financing fees					$ 10.3		$ 11.4
Amortization of deferred financing fees					1.1	$ 0.7
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of contingent consideration					$ 21.5		$ 21.5
Number of operating segments | segment	10	13	13	16	13	16
Number of reportable segments | segment						2
Dilutive effect					$ 0	$ 0
Assets held for sale					$ 69.8
Series A
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred stock dividend rate (as a percent)					7.625%	7.625%

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lease Accounting (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
LEASE
Adopt the land easement practical expedient	true
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Finance lease right-of-use assets	$ 25.3		$ 25.3
Depreciation	24.5	$ 37.2
Asset Leased Under Operating Leases
LEASE
Depreciation	4.1	4.9
Lease income	$ 6.2	$ 5.4
Maximum
LEASE
Operating lease, renewal terms	5 years
Finance lease, renewal terms	5 years
Maximum | Real estate
LEASE
Operating lease, initial terms	15 years
Finance Lease, initial terms	15 years
Maximum | Revenue equipment
LEASE
Finance Lease, initial terms	9 years
Maximum | Asset Leased Under Operating Leases
LEASE
Terms	72 months
Minimum
LEASE
Operating lease, renewal terms	1 year
Finance lease, renewal terms	1 year
Minimum | Real estate
LEASE
Operating lease, initial terms	3 years
Minimum | Revenue equipment
LEASE
Operating lease, initial terms	3 years
Finance Lease, initial terms	3 years
Minimum | Asset Leased Under Operating Leases
LEASE
Terms	30 months

LEASES - Components of lease ex

LEASES - Components of lease expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lease cost
Total operating lease cost	$ 10.2	$ 10
Interest on lease liabilities	0.3	0.2
Total finance lease cost	1.8	1.5
Total lease cost	12	11.5
Impairment charge to right-of-use assets relating to operating leases	3.2	0
Operations and maintenance | Revenue equipment
Lease cost
Total operating lease cost	6.4	5.8
Administrative expense | Real estate
Lease cost
Total operating lease cost	3.8	4.2
Depreciation and amortization
Lease cost
Amortization right-of-use assets	1.5	1.3
Interest Expense
Lease cost
Interest on lease liabilities	$ 0.3	$ 0.2

LEASES - Components of assets a

LEASES - Components of assets and liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Components of assets and liabilities for operating and finance leases
Right-of-use assets	$ 108.5		$ 95.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use assets
Finance lease right-of-use assets	$ 25.3		25.3
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent
Total lease assets	$ 133.8		121.2
Current	$ 27.8		27.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Non-current	$ 91		77.8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Present value of lease liabilities	$ 118.8		105.1
Current	$ 6.3		6.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt, Current Maturities
Non-current	$ 19.7		19.3
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	dske:LongTermDebtNoncurrent
Total finance lease liabilities	$ 26		25.5
Total lease liabilities	144.8		$ 130.6
Operating cash flows from capitalized operating leases	(9.3)	$ (8)
Operating cash flows from finance leases	(0.3)	(0.2)
Financing cash flows from finance leases	(1.7)	(1.5)
Capitalized operating lease right-of-use assets	19.1	8.1
Finance lease right-of-use assets	$ 1.7	$ 4.8

LEASES - Future payments on lea

LEASES - Future payments on leases (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Capitalized Operating Leases
2020	$ 25.7
2021	29.7
2022	26.3
2023	20.5
2024	11.1
2025	8
Thereafter	14.8
Total lease payments	136.1
Less: interest	(17.3)
Present value of lease liabilities	118.8	$ 105.1
Finance Lease
2020	5.8
2021	7.4
2022	5.5
2023	6
2024	3.4
2025	1
Total lease payments	29.1
Less: interest	(3.1)
Present value of lease liabilities	26	25.5
Total Lease
2020	31.5
2021	37.1
2022	31.8
2023	26.5
2024	14.5
2024	9
Thereafter	14.8
Total lease payments	165.2
Less: interest	(20.4)
Present value of lease liabilities	$ 144.8	$ 130.6

LEASES - Weighted average lease

LEASES - Weighted average lease term and discount rate (Details)	Mar. 31, 2020	Dec. 31, 2019
LEASES
Capitalized operating leases	5 years 1 month 21 days	5 years 4 days
Finance leases	3 years 9 months 4 days	3 years 9 months 29 days
Capitalized operating leases	5.36%	5.54%
Finance leases	4.48%	4.51%

LEASES - Future Minimum Lease R

LEASES - Future Minimum Lease Receipts (Details) $ in Millions	Mar. 31, 2020USD ($)
Future minimum receipts
2021	$ 24.6
2022	18.4
2023	10.9
2024	5.7
2025	2.4
Thereafter	0.7
Total minimum lease receipts	$ 62.7

DIVESTITURE OF AVEDA (Details)

DIVESTITURE OF AVEDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Asset impairment charges
Impairments	$ 13.4
Disposal group held for sale | Aveda
Asset impairment charges
Impairments	13.4
Assets
Accounts receivable	28.3
Prepaid and other current assets	8.8
Property and equipment, net	30.1
Right-of-use assets	2.6
Total held-for-sale assets	69.8
Liabilities
Accounts payable	5.2
Accrued expenses and other liabilities	9.4
Other liabilities	4.2
Deferred tax liabilities	(5.7)
Total held-for-sale liabilities	13.1
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Total revenue	32.2	$ 42
Operating income (loss)	(11.9)	0.1
Net loss	(12.2)	$ (0.6)
Disposal group held for sale | Aveda | Trade names
Asset impairment charges
Impairments	6.2
Disposal group held for sale | Aveda | Right of use asset
Asset impairment charges
Impairments	3.2
Disposal group held for sale | Aveda | Property and equipment
Asset impairment charges
Impairments	4
Assets
Property and equipment, net	$ 8.1

PREPAID AND OTHER CURRENT ASS_3

PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
PREPAID AND OTHER CURRENT ASSETS
Insurance	$ 8.3	$ 10.1
Licensing, permits and tolls	4.7	5.4
Other assets	2.9	3.1
Other prepaids	1.3	1.7
Assets held for sale	69.8
Highway and fuel taxes	1.2	1.6
Total	$ 18.4	$ 21.9

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill
Balance at the beginning of the period	$ 139.9
Foreign currency translation adjustment	(0.8)
Balance at the end of the period	139.1
Flatbed
Goodwill
Balance at the beginning of the period	59.3
Balance at the end of the period	59.3
Specialized
Goodwill
Balance at the beginning of the period	80.6
Foreign currency translation adjustment	(0.8)
Balance at the end of the period	$ 79.8

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Other Intangibles (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Intangible Assets, Net
Intangible Assets	$ 163.2		$ 169.7
Accumulated Amortization	(62.4)		(60.6)
Intangible Assets, net	100.8		109.1
Foreign currency translation adjustment	0.3
Foreign currency translation adjustment, Intangible asset, net	0.3
Amortization of intangible assets	1.8	$ 4.3
Trade names
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite lived intangible assets			59.1
Intangible Assets, Net
Intangible Assets	52.9
Intangible Assets, net	52.9		59.1
Impairment charge	6.2
Impairment	(6.2)
Non-competition agreements
Intangible Assets, Net
Intangible Assets	21.7		21.7
Accumulated Amortization	(18.8)		(18.4)
Intangible Assets, net	$ 2.9		3.3
Weighted average remaining useful lives	2 years 7 months 6 days
Future estimated amortization expense
2020	$ 0.9
2021	1
2022	0.9
2023	0.1
Total	2.9
Customer relationships
Intangible Assets, Net
Intangible Assets	88.9		88.9
Accumulated Amortization	(43.6)		(42.2)
Intangible Assets, net	$ 45.3		$ 46.7
Weighted average remaining useful lives	9 years 8 months 12 days
Future estimated amortization expense
2020	$ 4.5
2021	5.9
2022	5.9
2023	5.9
2024	4.5
Thereafter	18.6
Total	$ 45.3

INTEGRATION AND RESTRUCTURING_2

INTEGRATION AND RESTRUCTURING (Details) $ in Millions	Mar. 10, 2020segment	Mar. 09, 2020segment	Jul. 30, 2019segment	Jul. 29, 2019segment	Mar. 31, 2020USD ($)segment	Mar. 31, 2019segment	Mar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Number of Operating Segments | segment	10	13	13	16	13	16
Restructuring charges					$ 0.5
Restructuring Reserve [Roll Forward]
Costs accrued					0.5
Specialized | Consolidated
Restructuring Cost and Reserve [Line Items]
Restructuring charges					0.5
Aveda
Restructuring Cost and Reserve [Line Items]
Restructuring charges					0.4
Plan And Project Pivot [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date							$ 0.1
Restructuring Reserve					1.8
Restructuring Reserve [Roll Forward]
Balance at beginning of the period					1.8
Plan And Project Pivot [Member] | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					1.8
Restructuring Reserve [Roll Forward]
Balance at beginning of the period					1.8
Plan And Project Pivot [Member] | Consolidated
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					0.7		0.7
Restructuring Reserve [Roll Forward]
Costs accrued					0.1
Amounts paid or charged					(1.2)
Balance at end of the period					0.7
Plan And Project Pivot [Member] | Consolidated | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					0.7		0.7
Restructuring Reserve [Roll Forward]
Amounts paid or charged					(1.1)
Balance at end of the period					0.7
Plan And Project Pivot [Member] | Consolidated | Other
Restructuring Reserve [Roll Forward]
Costs accrued					0.1
Amounts paid or charged					(0.1)
Plan And Project Pivot [Member] | Specialized | Consolidated
Restructuring Reserve [Roll Forward]
Costs accrued					0.1
Amounts paid or charged					(0.1)
Plan And Project Pivot [Member] | Specialized | Consolidated | Other
Restructuring Reserve [Roll Forward]
Costs accrued					0.1
Amounts paid or charged					(0.1)
Plan And Project Pivot [Member] | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					(1.1)		(1.1)
Restructuring Reserve [Roll Forward]
Amounts paid or charged					(1.1)
Balance at end of the period					(1.1)
Plan And Project Pivot [Member] | Corporate | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					(1.1)		(1.1)
Restructuring Reserve [Roll Forward]
Amounts paid or charged					(1.1)
Balance at end of the period					(1.1)
Phase II Plan | Specialized | Consolidated
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					0.1		0.1
Restructuring Reserve [Roll Forward]
Costs accrued					0.4
Amounts paid or charged					(0.3)
Balance at end of the period					0.1
Phase II Plan | Specialized | Consolidated | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve					0.1		$ 0.1
Restructuring Reserve [Roll Forward]
Costs accrued					0.4
Amounts paid or charged					(0.3)
Balance at end of the period					$ 0.1

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
PROPERTY AND EQUIPMENT
Impairment expense	$ 4
Property and equipment, Gross	680.8		$ 761.4
Accumulated depreciation	(292.9)		(322.4)
Property and equipment, Net	387.9		439
Depreciation	24.5	$ 37.2
Revenue equipment
PROPERTY AND EQUIPMENT
Property and equipment, Gross	519.8		597
Buildings and improvements
PROPERTY AND EQUIPMENT
Property and equipment, Gross	57.9		59.9
Assets leased and available for lease to owner operators
PROPERTY AND EQUIPMENT
Property and equipment, Gross	71.3		64.3
Accumulated depreciation	(4.1)	(5.6)
Furniture and fixtures, office and computer equipment and vehicles
PROPERTY AND EQUIPMENT
Property and equipment, Gross	31.8		$ 40.2
Property and equipment
PROPERTY AND EQUIPMENT
Depreciation	$ 20.4	$ 24.7

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER LIABILITIES
Brokerage and escorts	$ 14.8	$ 16.9
Other accrued expenses	11.4	10.6
Owner-operator deposits	9.9	7.1
Unvouchered payables	7.4	6.1
Sales and local taxes payable	1.4	1.7
Fuel and fuel taxes	1.5	1.3
Interest	0.5	0.5
Total	$ 46.9	$ 44.2

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Senior Debt
Long-term Debt, Gross	$ 693.6	$ 704.1
Less current portion	(57.7)	(59.4)
Long-term portion	625.6	633.3
Total	667.6
Term loan facility
Senior Debt
Total	487.3
Senior Debt
Senior Debt
Less current portion	(57.7)	(59.4)
Less unamortized deferred financing costs	(10.3)	(11.4)
Senior Debt | Term loan facility
Senior Debt
Long-term Debt, Gross	487.3	488.5
Line of credit
Senior Debt
Long-term Debt, Gross		1.7
Equipment term loans
Senior Debt
Long-term Debt, Gross	180.3	188.4
Total	180.3
Finance And Capital Leases [Member]
Senior Debt
Long-term Debt, Gross	$ 26	$ 25.5

LONG-TERM DEBT - ABL Facility (

LONG-TERM DEBT - ABL Facility (Details) - USD ($) $ in Millions	Jun. 15, 2018	Aug. 31, 2017	Feb. 27, 2017	Mar. 31, 2020
Senior term loan
LONG-TERM DEBT
Fixed charge coverage ratio Trailing Period				12 months
RLOC Utilization trailing period (in months)				12 months
Equipment term loans | Maximum
LONG-TERM DEBT
Interest rate (as a percent)				10.70%
Equipment term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)				1.50%
Term loan facility | Credit Suisse AG
LONG-TERM DEBT
Percentage of EBITDA permitted to be added back (as a percent)				25.00%
Percentage of excess cash flow, mandatory prepayment, 2019				50.00%
Percentage of excess cash flow, mandatory prepayment, 2020				25.00%
Percentage of excess cash flow, mandatory prepayment, 2021				0.00%
Term loan facility | Credit Suisse AG | Commencing March 31 2018
LONG-TERM DEBT
Consolidated total leverage ratio commencing on March 31, 2018				4.00%
Term loan facility | Credit Suisse AG | Commencing March 31 2021
LONG-TERM DEBT
Consolidated total leverage ratio commencing on March 31, 2021				3.75%
Term loan facility | Credit Suisse AG | Base Rate
LONG-TERM DEBT
Floor rate (as a percent)			2.00%
Basis spread on variable rate			4.00%
Term loan facility | Credit Suisse AG | LIBOR
LONG-TERM DEBT
Floor rate (as a percent)			1.00%
Basis spread on variable rate			5.00%
Term loan facility | Senior Debt | Credit Suisse AG
LONG-TERM DEBT
Credit facility			$ 500
Average interest rate on term loan				6.70%
Revolving credit facility | PNC Bank National Association | Base Rate | Less than 1.25 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				2.25%
Revolving credit facility | PNC Bank National Association | Base Rate | Greater than or equal to 1.25 to 1.00, but less than 1.50 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				1.75%
Revolving credit facility | PNC Bank National Association | Base Rate | Greater than or equal to 1.50 to 1.00, but less than 1.75 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				1.25%
Revolving credit facility | PNC Bank National Association | Base Rate | Greater than or equal to 1.75 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				0.75%
Revolving credit facility | PNC Bank National Association | Base Rate | Less than 33.3%
LONG-TERM DEBT
Basis spread on variable rate				0.50%
Revolving credit facility | PNC Bank National Association | Base Rate | Greater than or equal to 33.3%, but less than 66.6%
LONG-TERM DEBT
Basis spread on variable rate				0.75%
Revolving credit facility | PNC Bank National Association | Base Rate | Greater than or equal to 66.6%
LONG-TERM DEBT
Basis spread on variable rate				1.00%
Revolving credit facility | PNC Bank National Association | LIBOR | Less than 1.25 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				3.25%
Revolving credit facility | PNC Bank National Association | LIBOR | Greater than or equal to 1.25 to 1.00, but less than 1.50 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				2.75%
Revolving credit facility | PNC Bank National Association | LIBOR | Greater than or equal to 1.50 to 1.00, but less than 1.75 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				2.25%
Revolving credit facility | PNC Bank National Association | LIBOR | Greater than or equal to 1.75 to 1.00
LONG-TERM DEBT
Fixed charge coverage ratio				1.75%
Revolving credit facility | PNC Bank National Association | LIBOR | Less than 33.3%
LONG-TERM DEBT
Basis spread on variable rate				1.50%
Revolving credit facility | PNC Bank National Association | LIBOR | Greater than or equal to 33.3%, but less than 66.6%
LONG-TERM DEBT
Basis spread on variable rate				1.75%
Revolving credit facility | PNC Bank National Association | LIBOR | Greater than or equal to 66.6%
LONG-TERM DEBT
Basis spread on variable rate				2.00%
ABL Member
LONG-TERM DEBT
Availability at closing				$ 84.4
Excess availability falling below amount		$ 15
Maximum credit amount (as a percent)		20.00%
Number of consecutive days, a financial covenant requiring the Company to maintain a minimum consolidated fixed charge coverage ratio		60 days
Minimum consolidated fixed charge coverage ratio		1.00%
ABL Member | Commencing March 31 2018
LONG-TERM DEBT
Consolidated total leverage ratio commencing on March 31, 2018				4.00%
ABL Member | Commencing March 31 2021
LONG-TERM DEBT
Consolidated total leverage ratio commencing on March 31, 2021				3.75%
ABL Member | PNC Bank National Association
LONG-TERM DEBT
Credit facility	$ 100
Term loan amortization period			5 years
Percentage of accounts receivable used as part of the borrowing base calculation			85.00%
Percentage of unbilled accounts receivable used as part of the borrowing base calculation			80.00%
Percentage of parts supplies used as part of the borrowing base calculation			50.00%
Facility's maximum credit amount	$ 30
Line of credit sublimit			$ 20
Outstanding letters of credit				$ 10
Interest rate (as a percent)				3.75%
ABL Member | Letter of credit
LONG-TERM DEBT
Outstanding letters of credit				$ 16.4

LONG-TERM DEBT - Equipment Term

LONG-TERM DEBT - Equipment Term Loans and Mortgages (Details)	3 Months Ended
	Mar. 31, 2020USD ($)Lender	Dec. 31, 2019USD ($)
LONG-TERM DEBT
Loan balance	$ 693,600,000	$ 704,100,000
Equipment term loans
LONG-TERM DEBT
Equipment with collateralizes term loans	177,200,000
Loan balance	$ 180,300,000	$ 188,400,000
Number of lenders | Lender	33
Equipment term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)	1.50%
Equipment term loans | Maximum
LONG-TERM DEBT
Interest rate (as a percent)	10.70%
Bank mortgage loan
LONG-TERM DEBT
Interest rate (as a percent)	3.70%
Loan amount	$ 3,100,000
Monthly installments	$ 15,776
November 1 2020 | Equipment term loans
LONG-TERM DEBT
Number of days of adjustment of interest rate and monthly payments	45 days
November 1 2020 | Equipment term loans | Base Rate
LONG-TERM DEBT
Interest rate (as a percent)	2.50%
November 1 2020 | Equipment term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)	3.70%

LONG-TERM DEBT - Additional inf

LONG-TERM DEBT - Additional information (Details) $ in Millions	Mar. 31, 2020USD ($)
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract]
2021	$ 51.4
2022	45.1
2023	36.4
2024	509.4
2025	16.6
Thereafter	8.7
Total	667.6
Equipment term loans
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract]
2021	46.4
2022	42.6
2023	33.9
2024	32.1
2025	16.6
Thereafter	8.7
Total	180.3
Term loan facility
Long-term Debt and Capital Lease Obligations, Including Current Maturities [Abstract]
2021	5
2022	2.5
2023	2.5
2024	477.3
Total	$ 487.3

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Effective tax rate	18.40%	17.30%
Minimum
State tax rates	1.00%
Maximum
State tax rates	6.00%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions	Mar. 15, 2020$ / shares	Feb. 27, 2020$ / shares	Mar. 15, 2019$ / shares	Feb. 27, 2019$ / shares	Mar. 31, 2020USD ($)DVote$ / sharesshares	Mar. 31, 2019$ / shares	Dec. 31, 2019$ / shares
Number of votes for each common stock | Vote					1
Common stock, par value					$ 0.0001		$ 0.0001
2017 Omnibus Incentive Plan
Shares of common stock reserved for future issuance | shares					500,000
Warrants
Total number of warrants outstanding | shares					35,040,658
Share issued for exercise of warrants (in shares) | shares					17,520,329
Shares that can be purchased out of each warrant | shares					0.50
Exercise price per half share (in dollars per share)					$ 5.75
Exercise price per whole share (in dollars per share)					$ 11.50
Number of fractional shares to be issued | shares					0
Expiration term of public warrants					5 years
Public Warrants
Total number of warrants outstanding | shares					19,959,902
Redemption price per warrant					$ 0.01
Redemption price per warrant subject to stated common stock value					$ 24
Number of trading days in which the price per share should equals or exceeds $24.00 per share to call the Public Warrants for redemption | D					20
Warrants exercisable period					30 days
Private Placement Warrants
Total number of warrants outstanding | shares					15,080,756
Series A
Preferred stock, par value					$ 0.0001
Number of shares of the company's stock issued upon initial conversion | shares					8.6957
Initial conversion rate per share (in dollars per share)					$ 11.50
Number of years of anniversary from issue date for holder elects to convert (in years)					7 years
Number of consecutive trading days at option by delivery of Notice of Conversion (in days)					10 days
Number of consecutive trading days commencing on trading day immediately following notice (in days)					20 days
Shares would be issuable upon conversion of currently outstanding shares (in shares) | shares					5,652,173
Minimum percentage of weighted average price of common stock under preferred stock conversion on or after third anniversary (as a percent)					140.00%
Minimum trading days of weighted average price of common stock under preferred stock conversion on or after third anniversary (in days)					20 days
Maximum trading days of weighted average price of common stock under preferred stock conversion on or after third anniversary (in days)					30 days
Minimum percentage of weighted average price of common stock under preferred stock conversion on or after fifth anniversary (as a percent)					115.00%
Minimum trading days of weighted average price of common stock under preferred stock conversion on or after fifth anniversary (in days)					20 days
Maximum trading days of weighted average price of common stock under preferred stock conversion on or after fifth anniversary (in days)					30 days
Minimum trading days of weighted average price of common stock under preferred stock conversion on or after seventh anniversary (in days)					10 days
Maximum days for conversion of preferred stock into common stock due to fundamental changes (in days)					15 days
Base price for calculation of conversion rate					$ 100
Percentage of closing sale price of common stock					66.67%
Minimum percentage of shares of common stock owned by holder for limitation in preferred stock					9.99%
Maximum percentage of shares can be converted to common stock					19.99%
Preferred share liquidation amount per share					$ 100
Dividend rate (as a percent)					7.625%	7.625%
Preferred stock, quarterly dividend declared (in dollars per share)		$ 1.91		$ 1.91	$ 1.91	$ 1.91
Dividend paid (in dollars per share)	$ 1.91		$ 1.91
Series A | Maximum
Number of business days following tenth consecutive trading day to convert shares (in days)					5 days
Number of trading days from receipt of Notice of Conversion (in days)					2 days
Series A | Hennessy Capital Acquisition Corp II and HCAC Merger Sub Inc
Preferred stock, issued (in shares) | shares					650,000
Proceeds from convertible preferred stock | $					$ 65

STOCK-BASED COMPENSATION - Opti

STOCK-BASED COMPENSATION - Options (Details) - 2017 Omnibus Incentive Plan - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Feb. 27, 2017
Stock options and restricted stock units granted under the 2017 Plan
Number of shares authorized			4,500,000
Stock option grants under the Plan
Vesting Period (in years)	5 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	5 years
Director Group | Minimum
Stock option grants under the Plan
Vesting Period (in years)	1 year
Restricted stock unit grants under the Plan
Vesting Period (in years)	1 year
Director Group | Weighted average
Stock option grants under the Plan
Vesting Period (in years)	2 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	2 years
Director Group | Maximum
Stock option grants under the Plan
Vesting Period (in years)	5 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	5 years
Stock Option
Stock option grants under the Plan
Issued and Outstanding (in shares)	2,280,124	2,308,924
Stock Option | Director Group
Stock option grants under the Plan
# of Options Granted	150,000
Issued and Outstanding (in shares)	100,000
Vesting Period (in years)	5 years
Weighted Average Exercise Price (in dollars per share)	$ 9.98
Weighted Average Grant Date Fair Value (in dollars)	$ 4.36
Restricted stock unit grants under the Plan
Vesting Period (in years)	5 years
Stock Option | Employee Group
Stock option grants under the Plan
# of Options Granted	2,632,730
Issued and Outstanding (in shares)	2,180,124
Weighted Average Exercise Price (in dollars per share)	$ 8.56
Weighted Average Grant Date Fair Value (in dollars)	$ 3.70
Stock Option | Employee Group | Minimum
Stock option grants under the Plan
Vesting Period (in years)	3 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	3 years
Stock Option | Employee Group | Maximum
Stock option grants under the Plan
Vesting Period (in years)	5 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	5 years
Restricted Stock Units (RSUs)
Restricted stock unit grants under the Plan
Issued and outstanding	1,142,763	1,180,882
Restricted Stock Units (RSUs) | Director Group
Restricted stock unit grants under the Plan
# of Restricted Stock Units Granted	785,498
Issued and outstanding	730,838
Weighted Average Grant Date Fair Value	$ 2.75
Restricted Stock Units (RSUs) | Director Group | Minimum
Stock option grants under the Plan
Vesting Period (in years)	1 year
Restricted stock unit grants under the Plan
Vesting Period (in years)	1 year
Restricted Stock Units (RSUs) | Employee Group
Stock option grants under the Plan
Vesting Period (in years)	5 years
Restricted stock unit grants under the Plan
# of Restricted Stock Units Granted	1,568,655
Issued and outstanding	411,925
Vesting Period (in years)	5 years
Weighted Average Grant Date Fair Value	$ 10.59
Restricted Stock Units (RSUs) | Employee Group | Maximum
Stock option grants under the Plan
Vesting Period (in years)	2 years
Restricted stock unit grants under the Plan
Vesting Period (in years)	2 years

STOCK-BASED COMPENSATION - Op_2

STOCK-BASED COMPENSATION - Option Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Weighted Average Remaining Contractual Terms and Aggregate Intrinsic Value
Weighted average fair value option granted	$ 0		$ 0.6
2017 Omnibus Incentive Plan
Shares
Outstanding, at the beginning (in shares)	2,308,924
Forfeited or expired (in shares)	(28,800)
Outstanding, at the end (in shares)	2,280,124	2,308,924
Exercisable at the end, Shares	945,556
Vested and expected to vest (in shares)	2,280,124
Weighted Average Exercise Price
Outstanding, at the beginning (in dollars per shares)	$ 8.39
Forfeited or expired (in dollars per shares)	11.80
Outstanding, at the end (in dollars per shares)	8.34	$ 8.39
Exercisable at the end (in dollars per shares)	9.76
Vested and expected to vest (in dollars per share)	$ 8.34
Weighted Average Remaining Contractual Terms and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Terms (Years)	7 years 8 months 12 days	8 years
Exercisable at the end, Weighted Average Remaining Contractual Terms (Years)	7 years 2 months 12 days
Vested and expected to vest (in years)	7 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding, at the beginning (in dollars)	$ 0.2
Aggregate Intrinsic Value, Outstanding at the end (in dollars)		$ 0.2
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock (Details) - 2017 Omnibus Incentive Plan - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Units
Non-vested at the beginning (in units) | shares	1,180,882
Vested (in units) | shares	(13,805)
Forfeited (in units) | shares	(24,314)
Non-vested at the end (in units) | shares	1,142,763
Weighted Average Grant Date Fair Value (Per Unit)
Outstanding at the beginning (per unit) | $ / shares	$ 5.44
Vested (per unit) | $ / shares	14.29
Forfeited (per unit) | $ / shares	10.38
Outstanding at the end (per unit) | $ / shares	$ 5.22

STOCK-BASED COMPENSATION - Aggr

STOCK-BASED COMPENSATION - Aggregate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation
Aggregate stock-based compensation charges	$ 0.9	$ 1
Stock Option
Stock-based compensation
Unrecognized stock-based compensation expense	$ 3.7
Weighted average period of recognition	2 years 7 months 6 days
Restricted Stock Units (RSUs)
Stock-based compensation
Unrecognized stock-based compensation expense	$ 4.2
Weighted average period of recognition	2 years 2 months 12 days

DEFINED CONTRIBUTION PLAN (Deta

DEFINED CONTRIBUTION PLAN (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
DEFINED CONTRIBUTION PLAN
Company's expense under matching requirements	$ 1.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2020USD ($)
Letter of credit
Property, Plant and Equipment [Line Items]
Outstanding letters of credit	$ 18.4

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 391	$ 433
Operating income (loss)	(8.3)	0.7
Depreciation	24.5	37.2
Amortization of intangible assets	1.8	4.3
Impairment	13.4
Restructuring	0.5
Non-cash operating lease expense	2.9	6.6
Interest expense	12	12.7
Income (loss) before income tax	(21.2)	(11.2)
Total assets	1,138.1	1,499.8	$ 1,140.6
Cash capital expenditures	14.3	29
Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	180.9	206.2
Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	107.8	111
Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	61.7	71.4
Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	10.1	12.4
Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	30.5	32
Corporate/Eliminations
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(4.6)	(4.6)
Operating income (loss)	(10.4)	(10.4)
Depreciation	0.3	0.1
Non-cash operating lease expense		0.1
Interest expense	6.4	6.8
Income (loss) before income tax	(16.6)	(17.1)
Total assets	126.5	66.6
Cash capital expenditures		0.6
Corporate/Eliminations | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(2.6)	(2.9)
Corporate/Eliminations | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(1.1)	(1.3)
Corporate/Eliminations | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.7)
Corporate/Eliminations | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0.2
Corporate/Eliminations | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.4)	(0.4)
Flatbed
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	1.7	2.4
Insurance costs included in the corporate segment		0.8
Flatbed | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	155.2	167.9
Operating income (loss)	8.6	3.3
Depreciation	8.3	13
Amortization of intangible assets	0.8	1.7
Non-cash operating lease expense	0.9	2.4
Interest expense	2.5	2.6
Income (loss) before income tax	6.1	0.9
Total assets	350.9	497.7
Cash capital expenditures	7.8	14.7
Flatbed | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	51.4	55.2
Flatbed | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	66.1	68.5
Flatbed | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	19.6	25.3
Flatbed | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0.8	0.7
Flatbed | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	17.3	18.2
Specialized
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	2.7	2.5
Insurance costs included in the corporate segment		1
Specialized | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	240.4	269.7
Operating income (loss)	(6.5)	7.8
Depreciation	15.9	24.1
Amortization of intangible assets	1	2.6
Impairment	13.4
Restructuring	0.5
Non-cash operating lease expense	2	4.1
Interest expense	3.1	3.3
Income (loss) before income tax	(10.7)	5
Total assets	660.7	935.5
Cash capital expenditures	6.5	13.7
Specialized | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	132.1	153.9
Specialized | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	42.8	43.8
Specialized | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	42.8	46.1
Specialized | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	9.1	11.7
Specialized | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 13.6	$ 14.2

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net loss	$ (17.3)	$ (9.3)
Net loss attributable to common stockholders	$ (18.5)	$ (10.5)
Denominator:
Weighted-average shares outstanding - Basic	64,600,000	64,500,000
Denominator for basic and diluted EPS – weighted-average shares	64,598,025	64,469,642
Basic and diluted earnings (loss) per share (in dollars per share)	$ (0.29)	$ (0.16)
Series A
Numerator:
Less Series A preferred dividends	$ (1.2)	$ (1.2)