Daseke (DSKE) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-37509
Entity Registrant Name	DASEKE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3913221
Entity Address, Address Line One	15455 Dallas Parkway
Entity Address, Address Line Two	Suite 550
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	972
Local Phone Number	248-0412
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common shares outstanding		65,193,669
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001642453
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	DSKE
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one half of a share of Common Stock at an exercise price of $5.75 per half share
Trading Symbol	DSKEW
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 107.3	$ 176.2
Accounts receivable, net of allowance of $3.1 at March 31, 2021 and $3.0 at December 31, 2020	157.7	154.4
Drivers' advances and other receivables	8	8
Other current assets	20.5	26.5
Total current assets	293.5	365.1
Property and equipment, net	394.3	402.7
Intangible assets, net	92.1	93.8
Goodwill	140.2	140.1
Right-of-use assets	121.1	121.1
Other non-current assets	4.6	4.1
Total assets	1,045.8	1,126.9
Current liabilities:
Accounts payable	12.7	16.5
Accrued expenses and other liabilities	45.3	35.7
Accrued payroll, benefits and related taxes	29.2	29.9
Accrued insurance and claims	24.5	23.7
Current portion of long-term debt	53.4	54
Warrant liability	11.9
Operating lease liabilities	32.1	30.9
Total current liabilities	209.1	190.7
Long-term debt, net of current portion	533.7	618.6
Deferred tax liabilities	69.4	70
Non-current operating lease liabilities	94.4	96
Warrant liability		6.3
Other non-current liabilities	7.5	6.5
Total liabilities	914.1	988.1
Commitments and contingencies (Note 8)
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, 2021 and December 31, 2020	65	65
Common stock, par value $0.0001 per share; 250,000,000 shares authorized, 65,178,456 and 65,023,174 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
Additional paid-in-capital	402.8	401.6
Accumulated deficit	(336.3)	(327.8)
Accumulated other comprehensive income	0.2
Total stockholders' equity	131.7	138.8
Total liabilities and stockholders' equity	$ 1,045.8	$ 1,126.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Allowance	$ 3.1	$ 3
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, issued	65,178,456	65,023,174
Common stock, outstanding	65,178,456	65,023,174
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 LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenue	$ 333.9	$ 391
Operating expenses:
Salaries, wages and employee benefits	90.7	110.4
Operations and maintenance	30.3	45.6
Communications	1.1	1
Administrative expenses	16.5	20.2
Sales and marketing	0.6	0.7
Insurance and claims	16.8	15
Depreciation and amortization	22.2	26.3
Gain on disposition of property and equipment	(3.1)	(1.2)
Impairment		13.4
Restructuring charges		0.5
Total operating expenses	325.8	399.3
Income (loss) from operations	8.1	(8.3)
Other expense (income):
Interest income	(0.1)	(0.3)
Interest expense	11.1	12
Change in fair value of warrant liability	5.6	(1)
Other	(0.4)	1.2
Total other expense	16.2	11.9
Loss before income taxes	(8.1)	(20.2)
Income tax benefit	(0.8)	(3.9)
Net loss	(7.3)	(16.3)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $0.0 and $(0.2), respectively	0.2	(0.5)
Comprehensive loss	(7.1)	(16.8)
Net loss	(7.3)	(16.3)
Less dividends to convertible preferred stockholders	(1.2)	(1.2)
Net loss attributable to common stockholders	$ (8.5)	$ (17.5)
Loss per common share:
Basic (in dollars per share)	$ (0.13)	$ (0.27)
Diluted (in dollars per share)	$ (0.13)	$ (0.27)
Weighted-average common shares outstanding:
Basic (in shares)	65,080,364	64,598,025
Diluted (in shares)	65,080,364	64,598,025
Dividends declared per convertible preferred share	$ 1.91	$ 1.91
Series A
Other comprehensive income (loss):
Less dividends to convertible preferred stockholders	$ (1.2)	$ (1.2)
Net loss attributable to common stockholders	8.5	17.5
Company freight
Revenues:
Total revenue	145.1	180.9
Operating expenses:
Purchased freight	121.4	134.2
Owner operator freight
Revenues:
Total revenue	105.1	107.8
Brokerage
Revenues:
Total revenue	48.5	61.7
Logistics
Revenues:
Total revenue	8.5	10.1
Fuel surcharge
Revenues:
Total revenue	26.7	30.5
Operating expenses:
Fuel	25.4	28.7
Service
Operating expenses:
Taxes and licenses	$ 3.9	$ 4.5

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Foreign currency translation adjustments tax expense (benefit)	$ 0	$ (0.2)

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	Common Stock	Additional Paid-In Capital Member	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance (in Value) at Dec. 31, 2019		$ 65		$ 396.9	$ (327)	$ (0.4)	$ 134.5
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					(16.3)		(16.3)
Balance (in Value) at Mar. 31, 2020		$ 65		397.8	(344.5)	(0.9)	117.4
Balance (in Shares) at Mar. 31, 2020		650,000	64,598,025
Balance (in Value) at Dec. 31, 2020		$ 65		401.6	(327.8)		138.8
Balance (in Shares) at Dec. 31, 2020		650,000	65,023,174
Exercise of stock options (in Value)				0.6			0.6
Exercise of stock options (in shares)			149,545
Vesting of restricted stock units (in Value)				(0.8)			(0.8)
Vesting of restricted stock units (in Shares)			5,737
Series A convertible preferred stock dividend	$ (1.2)	$ (1.2)
Stock-based compensation expense				1.4			1.4
Foreign currency translation adjustments						0.2	0.2
Net loss					(7.3)		(7.3)
Balance (in Value) at Mar. 31, 2021		$ 65		$ 402.8	$ (336.3)	$ 0.2	$ 131.7
Balance (in Shares) at Mar. 31, 2021		650,000	65,178,456

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (7.3)	$ (16.3)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation	20.5	24.5
Amortization of intangible assets	1.7	1.8
Amortization of deferred financing fees	0.8	1.1
Non-cash operating lease expense	(0.4)	2.9
Change in fair value of warrant liability	5.6	(1)
Write-off of deferred financing fees	1.1
Stock-based compensation expense	2.4	0.9
Deferred taxes	(0.8)	(3.8)
Bad debt expense	0.2	0.9
Gain on disposition of property and equipment	(3.1)	(1.2)
Impairment		13.4
Changes in operating assets and liabilities
Accounts receivable	(3.4)	1.3
Drivers' advances and other receivables	0.4	(0.2)
Other current assets	5.7	(4)
Accounts payable	(3.8)	2.2
Accrued expenses and other liabilities	9.9	7.2
Net cash provided by operating activities	29.5	29.7
Cash flows from investing activities
Purchases of property and equipment	(5.2)	(4.5)
Proceeds from sale of property and equipment	10.1	5.8
Net cash provided by investing activities	4.9	1.3
Cash flows from financing activities:
Advances on line of credit	337.6	351
Repayments on line of credit	(337.6)	(352.7)
Principal payments on long-term debt	(196.5)	(17.1)
Proceeds from long-term debt	97.5
Payments of deferred financing fees	(2.9)
Net cash used in financing activities	(103.1)	(20)
Effect of exchange rates on cash and cash equivalents	(0.2)	0.8
Net increase in cash and cash equivalents	(68.9)	11.8
Cash and cash equivalents - beginning of period	176.2	95.7
Cash and cash equivalents - end of period	107.3	107.5
Supplemental disclosure of cash flow information
Cash paid for interest	7.7	10.9
Cash paid for income taxes	0.2	0.2
Noncash investing and financing activities
Property and equipment acquired with debt or finance lease obligations	14.4	9.8
Right-of-use assets acquired	5.8	19.1
Series A
Cash flows from financing activities:
Convertible preferred stock dividends	$ (1.2)	$ (1.2)

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
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 focuses primarily in flatbed truckload and heavy haul transportation of specialized items throughout the United States, Canada and Mexico. The Company also provides logistical planning and warehousing services to customers. The Company is subject to regulation by the Department of Transportation, the Department of Defense, the Department of Energy, and various state regulatory authorities in the United States. The Company is also subject to regulation by the Ministries of Transportation and Communications and various provincial regulatory authorities in Canada. ​ Basis of Presentation ​ These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by 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, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. ​ The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date. On May 6, 2021, the Company filed an Amended Annual Report on Form 10-K/A (“Amended 10-K”) in order to restate the financial statements to reflect warrants as a liability and changes in fair value recorded as non-cash income or expense. 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, 2020 as set forth in the Company’s Amended 10-K. ​ Fair Value Measurements ​ The Company follows the accounting guidance for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value framework are as follows: ​ Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. ​ A financial asset or liability’s classification within the framework is determined based on the lowest level of input that is significant to the fair value measurement. ​ The Company may be required, on a non-recurring basis, to adjust the carrying value of the Company’s property and equipment, intangible assets, goodwill and contingent consideration. When necessary, these valuations are determined by the Company using Level 3 inputs. These assets are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist. ​ The Company’s warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public Warrants is determined using the closing price of the warrants on the NASDAQ market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Daseke public warrant pricing, Daseke’s own historical volatility and the volatility of guideline public companies. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of March 31, 2021 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 Total fair value ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of December 31, 2020 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3 Total fair value ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3 ​ The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ 2021 Balance at beginning of period ​ $ 2.7 ​ Change in fair value ​ ​ 2.4 ​ Balance at end of period ​ $ 5.1 ​ ​ Recently Issued Accounting Pronouncements ​ In August 2020, the FASB issued ASU 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments also simplify the guidance in ASC Subtopic 815-40, ASU 2020-06 is not expected to have a material impact on the Company’s consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04 – ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. ​ In December 2019, the FASB issued ASU No. 2019 - 12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The 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. ASU 2019-12 is not expected to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Accounting for Credit Losses (Topic 326). ASU 2016-13 requires the use of an “expected loss” model on certain types of financial instruments. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The new standard will become effective for the Company beginning with the first quarter 2023 and is not expected to have a material impact on the Company’s consolidated financial statements. ​ Lease Income ​ Lease income from lease payments related to the Company's operating leases for the three months ended March 31, 2021 and 2020 was $6.0 million and $6.2 million, respectively.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2021
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 2 – OTHER CURRENT ASSETS ​ The components of other current assets are as follows as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Insurance ​ $ 7.5 ​ $ 12.0 Licensing, permits and tolls ​ ​ 4.4 ​ ​ 4.9 Parts supplies ​ ​ 3.2 ​ ​ 3.1 Other prepaids ​ ​ 2.3 ​ ​ 3.2 Income tax receivable ​ ​ 1.6 ​ ​ 1.6 Highway and fuel taxes ​ ​ 1.0 ​ ​ 1.1 Other assets ​ ​ 0.5 ​ ​ 0.6 ​ ​ $ 20.5 ​ $ 26.5 ​

INTEGRATION AND RESTRUCTURING

INTEGRATION AND RESTRUCTURING	3 Months Ended
	Mar. 31, 2021
INTEGRATION AND RESTRUCTURING
INTEGRATION AND RESTRUCTURING	NOTE 3 – 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 or the Plan), which reduced the number of operating segments from 16 to 13 . 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. The integration and restructuring costs consist of asset impairments, employee-related costs, and other transition and termination costs related to restructuring activities. Employee-related costs include severance, tax preparation, and relocation costs, which are accounted for in accordance with ASC 420 Exit or Disposal Cost Obligations . Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with the integration or restructuring activities, which are expensed as incurred. Costs are reported in restructuring charges in the consolidated statements of operations and comprehensive income (loss). The obligation related to employee separation costs is included in other current liabilities in the consolidated balance sheets. During the first quarter of 2020, the Company made the decision to close certain of the Aveda terminals and wind down those operations, which was completed during the fourth quarter of 2020. As a result of the planned divestiture of Aveda, 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. ​ On March 10, 2020, the Company announced a plan to integrate three operating segments with three other operating segments (Phase II of the Plan). Phase II of the Plan 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 delayed and reevaluated Phase II of the Plan and reduced the planned number of integrations from three to two operating segments. As of March 31, 2021, one of these integrations had been completed, and the Company expects to complete the remaining integration in late 2021. ​ The Company recorded $0.0 million and $0.5 million of integration and restructuring expenses in connection with the Plan and Project Pivot in the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, we have incurred a cumulative total of $9.8 million in integration and restructuring costs since inception of Phase I and II of the Plan. ​ The following table summarizes the integration and restructuring costs as of March 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ Operating ​ ​ ​ ​ ​ ​ ​ and ​ Lease ​ ​ ​ ​ ​ ​ ​ Other Payroll ​ Termination ​ Other ​ Total Balance, December 31, 2020 ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Specialized Solution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Amounts paid or charged ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) Specialized Solution balance at March 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Flatbed Solution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amounts paid or charged ​ ​ — ​ ​ — ​ ​ — ​ ​ — Flatbed Solution balance at March 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amounts paid or charged ​ ​ — ​ ​ — ​ ​ — ​ ​ — Adjustments ​ ​ (0.1) ​ ​ — ​ ​ ​ ​ ​ (0.1) Corporate balance at March 31, 2021 ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Amounts paid or charged ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) Adjustments ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) Consolidated balance at March 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2021
PROPERTY AND EQUIPMENT.
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT ​ The components of property and equipment are as follows as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Revenue equipment $ 526.0 $ 546.7 Assets leased and available for lease to owner-operators ​ ​ 98.1 ​ ​ 87.1 Buildings and improvements ​ 56.5 ​ 57.0 Furniture and fixtures, office and computer equipment and vehicles ​ 32.6 ​ 31.9 ​ ​ ​ 713.2 ​ ​ 722.7 Accumulated depreciation ​ (318.9) ​ (320.0) Property and equipment, net ​ $ 394.3 ​ $ 402.7 ​ Depreciation expense on property and equipment was $20.5 million and $24.5 million for the three months ended March 31, 2021 and 2020, respectively.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 5 – ACCRUED EXPENSES AND OTHER LIABILITIES ​ The components of accrued expenses and other liabilities are as follows as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Brokerage and escorts ​ $ 13.9 ​ $ 11.9 Other accrued expenses ​ ​ 9.9 ​ ​ 6.8 Owner-operator deposits ​ ​ 8.7 ​ ​ 7.8 Unvouchered payables ​ ​ 8.0 ​ ​ 6.1 Fuel and fuel taxes ​ ​ 1.7 ​ ​ 1.1 Interest ​ ​ 1.7 ​ ​ 0.5 Accrued property taxes and sales taxes payable ​ ​ 1.4 ​ ​ 1.5 ​ ​ $ 45.3 ​ $ 35.7 ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2021
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 6 – LONG-TERM DEBT ​ Long-term debt consists of the following as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Term loan facility ​ $ 400.0 ​ $ 483.5 Equipment term loans ​ ​ 163.8 ​ ​ 164.9 Finance and capital leases ​ ​ 31.4 ​ ​ 31.3 ​ ​ ​ 595.2 ​ ​ 679.7 Less current portion ​ ​ (53.4) ​ ​ (54.0) Less unamortized debt issuance costs ​ ​ (8.1) ​ ​ (7.1) Total long-term debt ​ $ 533.7 ​ $ 618.6 ​ Term Loan Facility ​ On March 9, 2021, the Company and Daseke Companies, Inc., a wholly-owned subsidiary of the Company (the Term Loan Borrower) entered into a Refinancing Amendment (Amendment No. 3 to Term Loan Agreement) (the Term Loan Amendment) with JPMorgan Chase Bank, N.A., as successor administrative agent and collateral agent and a replacement lender, Credit Suisse AG, Cayman Islands Branch, as predecessor administrative agent and collateral agent, the other loan parties party thereto and the other financial institutions party thereto. Pursuant to the Term Loan Amendment, the Company prepaid, refinanced and replaced all of its issued and outstanding terms loans under its Term Loan Facility (as defined below) in an aggregate principal amount of approximately $483.5 million utilizing proceeds from (i) replacement term loans in aggregate principal amount of $400.0 million (the Replacement Term Loans) and (ii) approximately $83.5 million from its cash balance. ​ The terms of the Replacement Term Loans are governed by a $400.0 million term loan facility (the Term Loan Facility) evidenced by a Term Loan Agreement dated as of February 27, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the Term Loan Agreement), among the Company, the Term Loan Borrower, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the Term Loan Agent), and the other lenders from time to time party thereto with a scheduled maturity date of March 9, 2028. The Replacement Term Loans 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 1.75% floor) plus 3.00% per annum and LIBOR (subject to a 0.75% floor) plus 4.00% per annum. During the quarter ended March 31, 2021, the weighted average interest rate on the Term Loan Facility was 6.0%. ​ The Term Loan Facility is secured by substantially all assets of the Company, excluding those assets collateralizing certain equipment and real estate debt and other customary exceptions. ​ 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 Replacement Term Loans 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 Replacement Term Loans 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, 2018 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 senior secured asset-based revolving line of credit (the ABL Facility) under a credit agreement (the “ABL Credit Agreement”) with PNC Bank, National Association, as administrative agent and the lenders party thereto (the ABL Agent). Prior to the ABL Amendment (as defined and described in Note 12) on April 29, 2021, the ABL Facility had an aggregate maximum credit amount equal to $100.0 million (which may be increased to $150.0 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). The ABL Facility also provides for the issuance of letters of credit subject to certain restrictions and a sublimit of $40 million, as defined in the ABL Credit Agreement. ​ Prior to the ABL Amendment, the scheduled maturity date of the ABL Facility was the earliest of (a) February 27, 2025 and (b) if the Term Loans have not been repaid, repurchased, redeemed, refinanced, exchanged or otherwise satisfied in full by January 2, 2024, the later of (i) January 2, 2024 and (ii) 60 days prior to the stated maturity date of the Term Loan Agreement in effect at such time. Pursuant to the ABL Amendment, the scheduled maturity date has been extended to April 29, 2026. ​ During the quarter ended March 31, 2021, the weighted average interest rate on the ABL Facility was 3.75% . Margins on the ABL Facility are adjusted, if necessary, 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. ​ ​ ​ ​ ​ ​ ​ 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 % ​ 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. Prior to the ABL Amendment, the ABL Facility contained (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 1.00 x, 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 Amendment, among other things, removed the total leverage ratio covenant. See Note 12 for more information on the ABL Amendment. ​ 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, 2021, 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, 2021, the Company had term loans collateralized by equipment in the aggregate amount of $161.4 million with 17 lenders (Equipment Term Loans). The Equipment Term Loans bear interest at rates ranging from 2.6% to 5.9% , require monthly payments of principal and interest and mature at various dates through January 2028. The weighted average interest rate for the three months ended March 31, 2021 was 4.1% . 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, 2021, the Company has a bank mortgage loan with a balance of $2.4 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 approximately $15,000 , including interest at 3.7% , and a balloon payment of approximately $2.1 million at maturity date. The bank mortgage loan matures November 1, 2023. ​ Deferred Financing Fees ​ In conjunction with the Prior Term Loans, the Company previously incurred deferred financing costs which were being amortized over the terms of the prior Term Loans. Prior to the Refinancing Amendment, the unamortized balance of deferred financing fees was approximately $6.4 million. In addition, in conjunction with the Refinanced Term Loans, the Company incurred additional financing costs of approximately $5.5 million, of which $2.6 million was expensed as incurred and $2.9 million was recognized as deferred financing costs. In addition, approximately $1.1 million loss on extinguishment was recognized in interest expense during the three months ended March 31, 2021 relating to unamortized deferred financing costs from the Prior Term Loans that were considered extinguished. ​ As of March 31, 2021 and December 31, 2020, the balance of deferred finance costs was $8.1 million and $7.1 million, respectively, which is included as a reduction of long-term debt, net of current portion in the consolidated balance sheets. These deferred financing costs are being amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the Refinanced Term Loans. Amortization of deferred financing costs was $0.8 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively, which is included in interest expense in the consolidated statements of operations and comprehensive income (loss).

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 7 – INCOME TAXES ​ The effective tax rates for the three months ended March 31, 2021 and 2020 were 9.9% and 19.3%, respectively. The difference between the Company’s effective tax rate and the federal statutory rate primarily results from the jurisdictional mix of earnings, combined with the unfavorable impact of nondeductible expenses, including the effect of the per diem pay structure for drivers and the change in fair value of warrant liability. State tax rates vary among states and typically range from 1% to 6%, although some state rates are higher and a small number of states do not impose an income tax. The effective tax rate for the three months ended March 31, 2021 differs from the effective tax rate for the same period in 2020 primarily due to the decision to use the actual effective tax rate in the first quarter of 2020 as the annual effective tax rate method did not provide a reliable estimate of the income tax benefit. ​ There were no changes in uncertain tax positions during the three months ended March 31, 2021. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES ​ Letters of Credit ​ The Company had outstanding letters of credit as of March 31, 2021 totaling approximately $19.1 million, including those disclosed in Note 6. 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. ​

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2021
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 9 – COMMON STOCK REPURCHASE PROGRAM ​ On March 22, 2021, the Company’s Board of Directors authorized the repurchase of up to three million shares of the Company’s common stock. Shares are effectively retired at the time of purchase. As of March 31, 2021, the Company had not repurchased any shares under the program. ​

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	3 Months Ended
	Mar. 31, 2021
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	NOTE 10 – 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 $0.9 million and $1.7 million for the three months ended March 31, 2021 and 2020, respectively. Intersegment revenues and expenses for the Specialized Solutions segment totaled $2.3 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively. ​ The following tables reflect certain financial data of the Company’s reportable segments for the three months ended March 31, 2021 and 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flatbed Specialized ​ ​ ​ ​ ​ Solutions ​ Solutions ​ Corporate/ ​ Consolidated ​ ​ Segment ​ Segment ​ Eliminations ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 153.5 ​ $ 183.6 ​ $ (3.2) ​ $ 333.9 Company freight ​ ​ 44.8 ​ ​ 102.7 ​ ​ (2.4) ​ ​ 145.1 Owner operator freight ​ ​ 71.0 ​ ​ 34.6 ​ ​ (0.5) ​ ​ 105.1 Brokerage ​ ​ 22.1 ​ ​ 26.6 ​ ​ (0.2) ​ ​ 48.5 Logistics ​ ​ 1.2 ​ ​ 7.2 ​ ​ 0.1 ​ ​ 8.5 Fuel surcharge ​ ​ 14.4 ​ ​ 12.5 ​ ​ (0.2) ​ ​ 26.7 Operating income (loss) ​ ​ 11.0 ​ ​ 10.5 ​ ​ (13.4) ​ ​ 8.1 Depreciation ​ ​ 8.0 ​ ​ 12.2 ​ ​ 0.3 ​ ​ 20.5 Amortization of intangible assets ​ ​ 0.8 ​ ​ 0.9 ​ ​ — ​ ​ 1.7 Non-cash operating lease expense ​ ​ (0.1) ​ ​ (0.3) ​ ​ — ​ ​ (0.4) Interest expense ​ ​ 2.1 ​ ​ 1.7 ​ ​ 7.3 ​ ​ 11.1 Income (loss) before income tax ​ ​ 9.4 ​ ​ 8.8 ​ ​ (26.3) ​ ​ (8.1) Total assets as of March 31, 2021 ​ ​ 333.9 ​ ​ 586.0 ​ ​ 125.9 ​ ​ 1,045.8 Capital expenditures ​ ​ 9.0 ​ ​ 10.6 ​ ​ — ​ ​ 19.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ (15.6) ​ ​ (20.2) Total assets as of March 31, 2020 ​ ​ 350.9 ​ ​ 660.7 ​ ​ 126.5 ​ ​ 1,138.1 Capital expenditures ​ ​ 7.8 ​ ​ 6.5 ​ ​ — ​ ​ 14.3 ​

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2021
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	NOTE 11 – EARNINGS (LOSS) PER SHARE ​ ASC Topic 260, “Earnings Per Share”, provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company’s outstanding non-vested restricted stock units are participating securities unless there is a net loss attributable to common stockholders. Accordingly, earnings per common share are computed using the two-class method. ​ Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the Company’s earnings. ​ For the three months ended March 31, 2021 and 2020 shares of the Company’s 7.625% Series A Convertible Cumulative Preferred Stock (Series A Preferred Stock) and shares of the Company’s outstanding stock options and performance share units were not included in the computation of diluted loss per share as their effects were anti-dilutive. ​ The following table sets forth the computation of basic and diluted earnings per share under the two-class method: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, (in millions, except per share data) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (7.3) ​ $ (16.3) Less Series A preferred dividends ​ ​ (1.2) ​ ​ (1.2) Net loss attributable to common stockholders ​ ​ (8.5) ​ ​ (17.5) Allocation of earnings to non-vested participating restricted stock units ​ ​ — ​ ​ — Numerator for basic EPS - loss available to common stockholders - two class method ​ $ (8.5) ​ $ (17.5) ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Add back Series A preferred dividends ​ $ — ​ $ — Add back allocation earnings to participating securities ​ ​ — ​ ​ — Reallocation of earnings to participating securities considering potentially dilutive securities ​ ​ — ​ ​ — Numerator for diluted EPS - loss available to common shareholders - two class method ​ $ (8.5) ​ $ (17.5) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Denominator for basic EPS - weighted-average shares ​ ​ 65.1 ​ ​ 64.6 ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and performance share units ​ ​ — ​ ​ — Convertible preferred stock ​ ​ — ​ ​ — Denominator for diluted EPS - weighted-average shares ​ ​ 65.1 ​ ​ 64.6 ​ ​ ​ ​ ​ ​ ​ Basic loss per share ​ $ (0.13) ​ $ (0.27) Diluted loss per share ​ $ (0.13) ​ $ (0.27) ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	21 NOTE 12 – SUBSEQUENT EVENTS ​ On April 29, 2021, the Company, Daseke Companies, Inc., a wholly-owned subsidiary of the Company, and the Company’s other domestic subsidiaries party thereto (together with Daseke Companies, Inc., the ABL Borrowers) entered into the Fifth Amendment to Fifth Amended and Restated Revolving Credit and Security Agreement (the ABL Amendment) with the financial institutions party thereto as lenders and the ABL Agent), which amends certain terms of the ABL Credit Agreement Capitalized terms used, but not otherwise defined, have the meanings given to them in Exhibit A to the ABL Amendment. ​ Principally, the ABL Amendment extended the scheduled maturity date of the ABL Facility from February 27, 2025 to April 29, 2026. The ABL Amendment also, among other things, (a) increased the Maximum Revolving Advance Amount from $100 million to $150 million, (b) provides that the Maximum Revolving Advance Amount may be increased further from $150 million to $200 million (the ABL Amendment did not result in such an increase), (c) removed the Borrowers’ total leverage financial covenant, which had been tested on a quarterly basis and (d) provided additional covenant flexibility in the form of increased debt, lien, investment, disposition and restricted payment baskets.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
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 focuses primarily in flatbed truckload and heavy haul transportation of specialized items throughout the United States, Canada and Mexico. The Company also provides logistical planning and warehousing services to customers. The Company is subject to regulation by the Department of Transportation, the Department of Defense, the Department of Energy, and various state regulatory authorities in the United States. The Company is also subject to regulation by the Ministries of Transportation and Communications and various provincial regulatory authorities in Canada.
Basis of Presentation	Basis of Presentation ​ These interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by 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, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. ​ The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date. On May 6, 2021, the Company filed an Amended Annual Report on Form 10-K/A (“Amended 10-K”) in order to restate the financial statements to reflect warrants as a liability and changes in fair value recorded as non-cash income or expense. 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, 2020 as set forth in the Company’s Amended 10-K.
Fair Value Measurements	Fair Value Measurements ​ The Company follows the accounting guidance for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value framework are as follows: ​ Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. ​ A financial asset or liability’s classification within the framework is determined based on the lowest level of input that is significant to the fair value measurement. ​ The Company may be required, on a non-recurring basis, to adjust the carrying value of the Company’s property and equipment, intangible assets, goodwill and contingent consideration. When necessary, these valuations are determined by the Company using Level 3 inputs. These assets are subject to fair value adjustments in certain circumstances, such as when there is evidence that impairment may exist. ​ The Company’s warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public Warrants is determined using the closing price of the warrants on the NASDAQ market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Daseke public warrant pricing, Daseke’s own historical volatility and the volatility of guideline public companies. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of March 31, 2021 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 Total fair value ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of December 31, 2020 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3 Total fair value ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3 ​ The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ 2021 Balance at beginning of period ​ $ 2.7 ​ Change in fair value ​ ​ 2.4 ​ Balance at end of period ​ $ 5.1 ​ ​
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ​ In August 2020, the FASB issued ASU 2020-06 – Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments also simplify the guidance in ASC Subtopic 815-40, ASU 2020-06 is not expected to have a material impact on the Company’s consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04 – ASU 2020-04 is not expected to have a material impact on the Company’s consolidated financial statements. ​ In December 2019, the FASB issued ASU No. 2019 - 12 – Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019 - 12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019 - 12 also clarifies and simplifies other aspects of the accounting for income taxes. The 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. ASU 2019-12 is not expected to have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Accounting for Credit Losses (Topic 326). ASU 2016-13 requires the use of an “expected loss” model on certain types of financial instruments. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets, including trade receivables. The new standard will become effective for the Company beginning with the first quarter 2023 and is not expected to have a material impact on the Company’s consolidated financial statements.
Lease Income	Lease Income ​ Lease income from lease payments related to the Company's operating leases for the three months ended March 31, 2021 and 2020 was $6.0 million and $6.2 million, respectively.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of fair value hierarchy the Company's assets and liabilities	The Company’s warrant liabilities are included within the Level 1 and Level 3 fair value hierarchy. The fair value of the Public Warrants is determined using the closing price of the warrants on the NASDAQ market. The fair value of the Private Placement Warrants is determined using the Black-Scholes option pricing formula. The primary unobservable input utilized in determining the fair value of the Private Warrants is the expected volatility. The expected volatility was estimated considering observable Daseke public warrant pricing, Daseke’s own historical volatility and the volatility of guideline public companies. The following table sets forth by level within the fair value hierarchy the Company’s assets and liabilities that were accounted for at fair value (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of March 31, 2021 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 Total fair value ​ $ 6.8 ​ $ — ​ $ 5.1 ​ $ 11.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value as of December 31, 2020 Liabilities: ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 ​ ​ Total Warrant liability ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3 Total fair value ​ $ 3.6 ​ $ — ​ $ 2.7 ​ $ 6.3
Summary of changes in the fair value of warrant liabilities	The table below is a summary of the changes in the fair value of the warrant liability within the Level 3 fair value hierarchy for the three months ended March 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ 2021 Balance at beginning of period ​ $ 2.7 ​ Change in fair value ​ ​ 2.4 ​ Balance at end of period ​ $ 5.1 ​

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
OTHER CURRENT ASSETS
Schedule of other current assets	The components of other current assets are as follows as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Insurance ​ $ 7.5 ​ $ 12.0 Licensing, permits and tolls ​ ​ 4.4 ​ ​ 4.9 Parts supplies ​ ​ 3.2 ​ ​ 3.1 Other prepaids ​ ​ 2.3 ​ ​ 3.2 Income tax receivable ​ ​ 1.6 ​ ​ 1.6 Highway and fuel taxes ​ ​ 1.0 ​ ​ 1.1 Other assets ​ ​ 0.5 ​ ​ 0.6 ​ ​ $ 20.5 ​ $ 26.5

INTEGRATION AND RESTRUCTURING (

INTEGRATION AND RESTRUCTURING (Tables)	3 Months Ended
	Mar. 31, 2021
INTEGRATION AND RESTRUCTURING
Schedule of summary of the integration and restructuring costs	The following table summarizes the integration and restructuring costs as of March 31, 2021 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Severance ​ Operating ​ ​ ​ ​ ​ ​ ​ and ​ Lease ​ ​ ​ ​ ​ ​ ​ Other Payroll ​ Termination ​ Other ​ Total Balance, December 31, 2020 ​ $ 0.1 ​ $ — ​ $ — ​ $ 0.1 Specialized Solution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Amounts paid or charged ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) Specialized Solution balance at March 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Flatbed Solution ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amounts paid or charged ​ ​ — ​ ​ — ​ ​ — ​ ​ — Flatbed Solution balance at March 31, 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amounts paid or charged ​ ​ — ​ ​ — ​ ​ — ​ ​ — Adjustments ​ ​ (0.1) ​ ​ — ​ ​ ​ ​ ​ (0.1) Corporate balance at March 31, 2021 ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs accrued ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Amounts paid or charged ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) Adjustments ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) Consolidated balance at March 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ —

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2021
PROPERTY AND EQUIPMENT.
Schedule of components of property and equipment	The components of property and equipment are as follows as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Revenue equipment $ 526.0 $ 546.7 Assets leased and available for lease to owner-operators ​ ​ 98.1 ​ ​ 87.1 Buildings and improvements ​ 56.5 ​ 57.0 Furniture and fixtures, office and computer equipment and vehicles ​ 32.6 ​ 31.9 ​ ​ ​ 713.2 ​ ​ 722.7 Accumulated depreciation ​ (318.9) ​ (320.0) Property and equipment, net ​ $ 394.3 ​ $ 402.7

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Brokerage and escorts ​ $ 13.9 ​ $ 11.9 Other accrued expenses ​ ​ 9.9 ​ ​ 6.8 Owner-operator deposits ​ ​ 8.7 ​ ​ 7.8 Unvouchered payables ​ ​ 8.0 ​ ​ 6.1 Fuel and fuel taxes ​ ​ 1.7 ​ ​ 1.1 Interest ​ ​ 1.7 ​ ​ 0.5 Accrued property taxes and sales taxes payable ​ ​ 1.4 ​ ​ 1.5 ​ ​ $ 45.3 ​ $ 35.7

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
LONG-TERM DEBT.
Schedule of long term debt	Long-term debt consists of the following as of March 31, 2021 and December 31, 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Term loan facility ​ $ 400.0 ​ $ 483.5 Equipment term loans ​ ​ 163.8 ​ ​ 164.9 Finance and capital leases ​ ​ 31.4 ​ ​ 31.3 ​ ​ ​ 595.2 ​ ​ 679.7 Less current portion ​ ​ (53.4) ​ ​ (54.0) Less unamortized debt issuance costs ​ ​ (8.1) ​ ​ (7.1) Total long-term debt ​ $ 533.7 ​ $ 618.6
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 %

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Flatbed Specialized ​ ​ ​ ​ ​ Solutions ​ Solutions ​ Corporate/ ​ Consolidated ​ ​ Segment ​ Segment ​ Eliminations ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 153.5 ​ $ 183.6 ​ $ (3.2) ​ $ 333.9 Company freight ​ ​ 44.8 ​ ​ 102.7 ​ ​ (2.4) ​ ​ 145.1 Owner operator freight ​ ​ 71.0 ​ ​ 34.6 ​ ​ (0.5) ​ ​ 105.1 Brokerage ​ ​ 22.1 ​ ​ 26.6 ​ ​ (0.2) ​ ​ 48.5 Logistics ​ ​ 1.2 ​ ​ 7.2 ​ ​ 0.1 ​ ​ 8.5 Fuel surcharge ​ ​ 14.4 ​ ​ 12.5 ​ ​ (0.2) ​ ​ 26.7 Operating income (loss) ​ ​ 11.0 ​ ​ 10.5 ​ ​ (13.4) ​ ​ 8.1 Depreciation ​ ​ 8.0 ​ ​ 12.2 ​ ​ 0.3 ​ ​ 20.5 Amortization of intangible assets ​ ​ 0.8 ​ ​ 0.9 ​ ​ — ​ ​ 1.7 Non-cash operating lease expense ​ ​ (0.1) ​ ​ (0.3) ​ ​ — ​ ​ (0.4) Interest expense ​ ​ 2.1 ​ ​ 1.7 ​ ​ 7.3 ​ ​ 11.1 Income (loss) before income tax ​ ​ 9.4 ​ ​ 8.8 ​ ​ (26.3) ​ ​ (8.1) Total assets as of March 31, 2021 ​ ​ 333.9 ​ ​ 586.0 ​ ​ 125.9 ​ ​ 1,045.8 Capital expenditures ​ ​ 9.0 ​ ​ 10.6 ​ ​ — ​ ​ 19.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ (15.6) ​ ​ (20.2) Total assets as of March 31, 2020 ​ ​ 350.9 ​ ​ 660.7 ​ ​ 126.5 ​ ​ 1,138.1 Capital expenditures ​ ​ 7.8 ​ ​ 6.5 ​ ​ — ​ ​ 14.3

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
EARNINGS (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) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (7.3) ​ $ (16.3) Less Series A preferred dividends ​ ​ (1.2) ​ ​ (1.2) Net loss attributable to common stockholders ​ ​ (8.5) ​ ​ (17.5) Allocation of earnings to non-vested participating restricted stock units ​ ​ — ​ ​ — Numerator for basic EPS - loss available to common stockholders - two class method ​ $ (8.5) ​ $ (17.5) ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Add back Series A preferred dividends ​ $ — ​ $ — Add back allocation earnings to participating securities ​ ​ — ​ ​ — Reallocation of earnings to participating securities considering potentially dilutive securities ​ ​ — ​ ​ — Numerator for diluted EPS - loss available to common shareholders - two class method ​ $ (8.5) ​ $ (17.5) ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Denominator for basic EPS - weighted-average shares ​ ​ 65.1 ​ ​ 64.6 ​ ​ ​ ​ ​ ​ ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock options and performance share units ​ ​ — ​ ​ — Convertible preferred stock ​ ​ — ​ ​ — Denominator for diluted EPS - weighted-average shares ​ ​ 65.1 ​ ​ 64.6 ​ ​ ​ ​ ​ ​ ​ Basic loss per share ​ $ (0.13) ​ $ (0.27) Diluted loss per share ​ $ (0.13) ​ $ (0.27)

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Warrant liability	$ 11.9	$ 6.3
Total fair value	11.9	6.3
Level 1
Liabilities
Warrant liability	6.8	3.6
Total fair value	6.8	3.6
Level 3
Liabilities
Warrant liability	5.1	2.7
Total fair value	$ 5.1	$ 2.7

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Warrant Liability (Details) - Warrant Liability $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, at beginning of period	$ 2.7
Change in fair value	2.4
Balance, at end of period	$ 5.1

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease income	$ 6	$ 6.2

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
OTHER CURRENT ASSETS
Insurance	$ 7.5	$ 12
Licensing, permits and tolls	4.4	4.9
Other prepaids	2.3	3.2
Parts supplies	3.2	3.1
Income tax receivable	1.6	1.6
Highway and fuel taxes	1	1.1
Other assets	0.5	0.6
Total	$ 20.5	$ 26.5

INTEGRATION AND RESTRUCTURING -

INTEGRATION AND RESTRUCTURING - Summary of Restructuring Costs (Details) $ in Millions	Jun. 30, 2020segment	Jun. 29, 2020segment	Mar. 10, 2020segment	Jul. 30, 2019segment	Jul. 29, 2019segment	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges							$ 0.5
Restructuring Reserve [Roll Forward]
Costs accrued							0.5
Specialized | Consolidated
Restructuring Cost and Reserve [Line Items]
Restructuring charges							0.5
The Plan [Member]
Restructuring Cost and Reserve [Line Items]
Number of Operating Segments | segment				13	16
Number of operating segments integrated | segment				3
Number of operating segments absorbing integrated operating segments | segment				3
Plan And Project Pivot
Restructuring Cost and Reserve [Line Items]
Restructuring charges						$ 0	$ 0.5
Restructuring Reserve						0.1
Restructuring Reserve [Roll Forward]
Balance at beginning of the period						0.1
Plan And Project Pivot | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve						0.1
Restructuring Reserve [Roll Forward]
Balance at beginning of the period						0.1
Plan And Project Pivot | Consolidated
Restructuring Reserve [Roll Forward]
Costs accrued						0.1
Amounts paid or charged						(0.1)
Adjustments						(0.1)
Plan And Project Pivot | Consolidated | Severance and Other Payroll
Restructuring Reserve [Roll Forward]
Adjustments						(0.1)
Plan And Project Pivot | Consolidated | Other
Restructuring Reserve [Roll Forward]
Costs accrued						0.1
Amounts paid or charged						(0.1)
Plan And Project Pivot | Specialized | Consolidated
Restructuring Reserve [Roll Forward]
Costs accrued						0.1
Amounts paid or charged						(0.1)
Plan And Project Pivot | Specialized | Consolidated | Other
Restructuring Reserve [Roll Forward]
Costs accrued						0.1
Amounts paid or charged						(0.1)
Plan And Project Pivot | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve						(0.1)		$ (0.1)
Restructuring Reserve [Roll Forward]
Adjustments						(0.1)
Balance at end of the period						(0.1)
Plan And Project Pivot | Corporate | Severance and Other Payroll
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve						(0.1)		$ (0.1)
Restructuring Reserve [Roll Forward]
Adjustments						(0.1)
Balance at end of the period						(0.1)
Phase II Plan
Restructuring Cost and Reserve [Line Items]
Number of operating segments integrated | segment	2	3	3
Number of operating segments absorbing integrated operating segments | segment			3
Number of integrations completed | segment								1
Phase I and II Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges						$ 9.8

INTEGRATION AND RESTRUCTURING_2

INTEGRATION AND RESTRUCTURING (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Asset impairment charges
Impairments	$ 13.4
Disposal group held for sale | Trade names
Asset impairment charges
Impairments	6.2
Disposal group held for sale | Right of use asset
Asset impairment charges
Impairments	3.2
Disposal group held for sale | Property and equipment
Asset impairment charges
Impairments	4
Disposal group held for sale | Aveda
Asset impairment charges
Impairments	$ 13.4

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
PROPERTY AND EQUIPMENT
Property and equipment, Gross	$ 713.2		$ 722.7
Accumulated depreciation	(318.9)		(320)
Property and equipment, Net	394.3		402.7
Depreciation	20.5	$ 24.5
Revenue equipment
PROPERTY AND EQUIPMENT
Property and equipment, Gross	526		546.7
Assets leased and available for lease to owner operators
PROPERTY AND EQUIPMENT
Property and equipment, Gross	98.1		87.1
Buildings and improvements
PROPERTY AND EQUIPMENT
Property and equipment, Gross	56.5		57
Furniture and fixtures, office and computer equipment and vehicles
PROPERTY AND EQUIPMENT
Property and equipment, Gross	32.6		$ 31.9
Property and equipment
PROPERTY AND EQUIPMENT
Depreciation	$ 20.5	$ 24.5

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Brokerage and escorts	$ 13.9	$ 11.9
Other accrued expenses	9.9	6.8
Owner-operator deposits	8.7	7.8
Unvouchered payables	8	6.1
Taxes payable	1.4	1.5
Fuel and fuel taxes	1.7	1.1
Interest	1.7	0.5
Total	$ 45.3	$ 35.7

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 08, 2021	Dec. 31, 2020
Senior Debt
Long-term Debt, Gross	$ 595.2		$ 679.7
Less current portion	(53.4)		(54)
Less unamortized deferred financing costs	(8.1)		(7.1)
Long-term portion	533.7		618.6
Term loan facility
Senior Debt
Long-term Debt, Gross	400		483.5
Less unamortized deferred financing costs		$ (2.9)
Senior Debt
Senior Debt
Less current portion	(53.4)		(54)
Less unamortized deferred financing costs	(8.1)		(7.1)
Equipment and real estate term loans
Senior Debt
Long-term Debt, Gross	163.8		164.9
Finance leases
Senior Debt
Long-term Debt, Gross	$ 31.4		$ 31.3

LONG-TERM DEBT - Term Loan and

LONG-TERM DEBT - Term Loan and ABL Facility (Details) - USD ($) $ in Millions	Mar. 09, 2021	Aug. 31, 2017	Mar. 31, 2021	Apr. 29, 2021	Apr. 28, 2021	Dec. 31, 2020
LONG-TERM DEBT
Cash and cash equivalents			$ 107.3			$ 176.2
Outstanding letters of credit			$ 19.1
Senior term loan
LONG-TERM DEBT
RLOC Utilization trailing period (in months)			12 months
Equipment and real estate term loans
LONG-TERM DEBT
Weighted average interest rate			4.10%
Equipment and real estate term loans | Maximum
LONG-TERM DEBT
Interest rate (as a percent)			5.90%
Equipment and real estate term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)			2.60%
Term loan facility
LONG-TERM DEBT
Percentage of excess cash flow, mandatory prepayment, 2018			50.00%
Percentage of excess cash flow, mandatory prepayment, 2019			25.00%
Percentage of excess cash flow, mandatory prepayment, 2020			0.00%
Refinanced amount	$ 483.5
Loan amount	400
Excess cash flow payment	$ 83.5
Term loan facility | Base Rate
LONG-TERM DEBT
Floor rate (as a percent)			1.75%
Basis spread on variable rate			3.00%
Term loan facility | LIBOR
LONG-TERM DEBT
Floor rate (as a percent)			0.75%
Basis spread on variable rate			4.00%
Term loan facility | Senior Debt
LONG-TERM DEBT
Credit facility			$ 400
Weighted average interest rate on term loan			6.00%
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 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
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
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%
Line of credit sublimit			$ 40
Outstanding letters of credit			0
Availability at closing			$ 82.7
Weighted average interest rate			3.75%
ABL Member | PNC Bank National Association | Maximum | Subsequent Event
LONG-TERM DEBT
Credit facility				$ 200	$ 150
ABL Member | PNC Bank National Association | Minimum | Subsequent Event
LONG-TERM DEBT
Credit facility				$ 150	$ 100
ABL Member | Letter of credit | PNC Bank National Association
LONG-TERM DEBT
Outstanding letters of credit			$ 16.7

LONG-TERM DEBT - Equipment and

LONG-TERM DEBT - Equipment and Real Estate Loans (Details)	3 Months Ended
	Mar. 31, 2021USD ($)Lender	Dec. 31, 2020USD ($)
LONG-TERM DEBT
Loan balance	$ 595,200,000	$ 679,700,000
Deferred finance charges	8,100,000	7,100,000
Equipment and real estate term loans
LONG-TERM DEBT
Equipment with collateralizes term loans	$ 161,400,000
Weighted average interest rate	4.10%
Loan balance	$ 163,800,000	$ 164,900,000
Number of lenders | Lender	17
Equipment and real estate term loans | Minimum
LONG-TERM DEBT
Interest rate (as a percent)	2.60%
Equipment and real estate term loans | Maximum
LONG-TERM DEBT
Interest rate (as a percent)	5.90%
Bank mortgage loan
LONG-TERM DEBT
Loan balance	$ 2,400,000
Interest rate (as a percent)	3.70%
Monthly installments	$ 15,000
Balloon payment	$ 2,100,000

LONG-TERM DEBT - Deferred Finan

LONG-TERM DEBT - Deferred Financing Fees (Details) - USD ($) $ in Millions	Mar. 08, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Amortization of deferred financing fees		$ 0.8	$ 1.1
Deferred finance charges		8.1		$ 7.1
Term loan facility
Debt Instrument [Line Items]
Unamortized deferred financing fees	$ 6.4
Additional financing costs	5.5
Amortization of deferred financing fees	2.6
Loss on extinguishment of debt		$ 1.1
Deferred finance charges	$ 2.9

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective tax rate	9.90%	19.30%
Minimum
State tax rates	1.00%
Maximum
State tax rates	6.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2021USD ($)
COMMITMENTS AND CONTINGENCIES
Outstanding letters of credit	$ 19.1

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) shares in Millions	Mar. 22, 2021shares
COMMON STOCK REPURCHASE PROGRAM
Stock repurchase program	3

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 333.9	$ 391
Operating income (loss)	8.1	(8.3)
Depreciation	20.5	24.5
Amortization of intangible assets	1.7	1.8
Impairment		13.4
Restructuring		0.5
Non-cash operating lease expense	(0.4)	2.9
Interest expense	11.1	12
Income (loss) before income tax	(8.1)	(20.2)
Total assets	1,045.8	1,138.1	$ 1,126.9
Capital expenditures	19.6	14.3
Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	145.1	180.9
Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	105.1	107.8
Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	48.5	61.7
Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	8.5	10.1
Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	26.7	30.5
Corporate/Eliminations
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(3.2)	(4.6)
Operating income (loss)	(13.4)	(10.4)
Depreciation	0.3	0.3
Interest expense	7.3	6.4
Income (loss) before income tax	(26.3)	(15.6)
Total assets	125.9	126.5
Corporate/Eliminations | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(2.4)	(2.6)
Corporate/Eliminations | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.5)	(1.1)
Corporate/Eliminations | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.2)	(0.7)
Corporate/Eliminations | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	0.1	0.2
Corporate/Eliminations | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	(0.2)	(0.4)
Flatbed
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	0.9	1.7
Flatbed | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	153.5	155.2
Operating income (loss)	11	8.6
Depreciation	8	8.3
Amortization of intangible assets	0.8	0.8
Non-cash operating lease expense	(0.1)	0.9
Interest expense	2.1	2.5
Income (loss) before income tax	9.4	6.1
Total assets	333.9	350.9
Capital expenditures	9	7.8
Flatbed | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	44.8	51.4
Flatbed | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	71	66.1
Flatbed | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	22.1	19.6
Flatbed | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	1.2	0.8
Flatbed | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	14.4	17.3
Specialized
Segment Reporting Information, Profit (Loss) [Abstract]
Intersegment revenues and expenses	2.3	2.7
Specialized | Consolidated
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	183.6	240.4
Operating income (loss)	10.5	(6.5)
Depreciation	12.2	15.9
Amortization of intangible assets	0.9	1
Impairment		13.4
Restructuring		0.5
Non-cash operating lease expense	(0.3)	2
Interest expense	1.7	3.1
Income (loss) before income tax	8.8	(10.7)
Total assets	586	660.7
Capital expenditures	10.6	6.5
Specialized | Consolidated | Company freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	102.7	132.1
Specialized | Consolidated | Owner operator freight
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	34.6	42.8
Specialized | Consolidated | Brokerage
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	26.6	42.8
Specialized | Consolidated | Logistics
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	7.2	9.1
Specialized | Consolidated | Fuel surcharge
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 12.5	$ 13.6

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (7.3)	$ (16.3)
Less Series A preferred dividends	(1.2)	(1.2)
Net loss attributable to common stockholders	(8.5)	(17.5)
Numerator for basic EPS - loss available to common stockholders - two class method	(8.5)	(17.5)
Numerator for diluted EPS - loss available to common shareholders - two class method	$ (8.5)	$ (17.5)
Denominator:
Denominator for basic EPS - weighted-average shares	65,100,000	64,600,000
Denominator for diluted EPS - weighted-average shares	65,080,364	64,598,025
Basic loss per share	$ (0.13)	$ (0.27)
Diluted loss per share	$ (0.13)	$ (0.27)
Series A
Numerator:
Less Series A preferred dividends	$ (1.2)	$ (1.2)
Net loss attributable to common stockholders	$ 8.5	$ 17.5
Denominator:
Preferred stock dividend rate (as a percent)	7.625%	7.625%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - PNC Bank National Association - ABL Member - Subsequent Event - USD ($) $ in Millions	Apr. 29, 2021	Apr. 28, 2021
Minimum
Subsequent Event [Line Items]
Credit facility	$ 150	$ 100
Maximum
Subsequent Event [Line Items]
Credit facility	$ 200	$ 150