Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | USA TRUCK INC | |
Entity Central Index Key | 883,945 | |
Trading Symbol | usak | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 8,361,805 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 6 | $ 71 |
Accounts receivable, net of allowance for doubtful accounts of $544 and $639, respectively | 57,847 | 55,138 |
Other receivables | 3,514 | 2,787 |
Inventories | 433 | 458 |
Assets held for sale | 1,882 | 112 |
Prepaid expenses and other current assets | 3,933 | 6,025 |
Total current assets | 67,615 | 64,591 |
Property and equipment: | ||
Land and structures | 31,901 | 31,452 |
Revenue equipment | 234,892 | 252,484 |
Service, office and other equipment | 27,486 | 26,209 |
Property and equipment, at cost | 294,279 | 310,145 |
Accumulated depreciation and amortization | (109,849) | (122,329) |
Property and equipment, net | 184,430 | 187,816 |
Other assets | 1,277 | 1,448 |
Total assets | 253,322 | 253,855 |
Current liabilities: | ||
Accounts payable | 26,813 | 24,332 |
Current portion of insurance and claims accruals | 17,089 | 13,552 |
Accrued expenses | 10,492 | 9,108 |
Current maturities of capital leases | 10,299 | 12,929 |
Insurance premium financing | 0 | 4,115 |
Total current liabilities | 64,693 | 64,036 |
Deferred gain | 770 | 480 |
Long-term debt | 46,000 | 61,225 |
Capital leases, less current maturities | 39,964 | 29,216 |
Deferred income taxes | 19,815 | 21,136 |
Insurance and claims accruals, less current portion | 8,242 | 11,274 |
Total liabilities | 179,484 | 187,367 |
Stockholders’ equity: | ||
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,011,877 shares, and 12,142,391 shares, respectively | 120 | 121 |
Additional paid-in capital | 66,355 | 68,667 |
Retained earnings | 72,339 | 65,460 |
Less treasury stock, at cost (3,711,551 shares, and 3,853,064 shares, respectively) | (64,976) | (67,760) |
Total stockholders’ equity | 73,838 | 66,488 |
Total liabilities and stockholders’ equity | $ 253,322 | $ 253,855 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 544 | $ 639 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 12,011,877 | 12,142,391 |
Treasury Stock, Shares | 3,711,551 | 3,853,064 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | ||||
Operating revenue | $ 132,583 | $ 114,235 | $ 392,977 | $ 323,263 |
Operating expenses | ||||
Salaries, wages and employee benefits | 31,540 | 29,813 | 95,423 | 89,674 |
Fuel and fuel taxes | 13,823 | 11,759 | 41,286 | 33,012 |
Depreciation and amortization | 6,735 | 6,790 | 21,392 | 21,313 |
Insurance and claims | 5,946 | 5,344 | 16,889 | 19,236 |
Equipment rent | 2,916 | 2,703 | 7,785 | 7,449 |
Operations and maintenance | 8,237 | 8,259 | 25,111 | 22,780 |
Purchased transportation | 52,640 | 42,543 | 157,495 | 120,951 |
Operating taxes and licenses | 1,136 | 972 | 2,900 | 2,946 |
Communications and utilities | 674 | 679 | 2,064 | 1,943 |
Gain on disposal of assets, net | (901) | (215) | (1,466) | (551) |
Restructuring, impairment and other costs (reversal) | 0 | 0 | (639) | 0 |
Other | 4,034 | 3,784 | 12,231 | 12,071 |
Total operating expenses | 126,780 | 112,431 | 380,471 | 330,824 |
Operating income (loss) | 5,803 | 1,804 | 12,506 | (7,561) |
Other expenses | ||||
Interest expense, net | 811 | 970 | 2,462 | 2,922 |
Other, net | 420 | 86 | 653 | 311 |
Total other expenses, net | 1,231 | 1,056 | 3,115 | 3,233 |
Income (loss) before income taxes | 4,572 | 748 | 9,391 | (10,794) |
Income tax expense (benefit) | 1,272 | 339 | 2,512 | (3,469) |
Consolidated net income (loss) and comprehensive income (loss) | $ 3,300 | $ 409 | $ 6,879 | $ (7,325) |
Net earnings (loss) per share | ||||
Average shares outstanding (basic) (in usd per share) | 8,223 | 8,027 | 8,170 | 8,029 |
Basic earnings (loss) per share (in usd per share) | $ 0.40 | $ 0.05 | $ 0.84 | $ (0.91) |
Average shares outstanding (diluted) (in shares) | 8,240 | 8,039 | 8,193 | 8,029 |
Diluted earnings (loss) per share (in usd per shares) | $ 0.40 | $ 0.05 | $ 0.84 | $ (0.91) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock |
Balance (in shares) at Dec. 31, 2017 | 12,142 | ||||
Balance at Dec. 31, 2017 | $ 66,488 | $ 121 | $ 68,667 | $ 65,460 | $ (67,760) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of treasury stock | (2,784) | 2,784 | |||
Stock-based compensation | 605 | 605 | |||
Forfeited restricted stock (in shares) | (128) | ||||
Forfeited restricted stock | $ (1) | 1 | |||
Net share settlement related to restricted stock vesting (in shares) | (2) | ||||
Net share settlement related to restricted stock vesting | (134) | (134) | |||
Net income (loss) | 6,879 | 6,879 | |||
Balance (in shares) at Sep. 30, 2018 | 12,012 | ||||
Balance at Sep. 30, 2018 | $ 73,838 | $ 120 | $ 66,355 | $ 72,339 | $ (64,976) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income (loss) | $ 6,879 | $ (7,325) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 21,392 | 21,313 |
Deferred income tax, net | (1,321) | (5,885) |
Share-based compensation | 605 | 289 |
Gain on disposal of assets, net | (1,466) | (551) |
Reversal of previously recorded restructuring, impairment and other costs | 639 | 0 |
Other | 290 | (121) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,436) | (1,766) |
Inventories and prepaid expenses | 2,117 | 2,722 |
Accounts payable and accrued liabilities | 3,833 | 9,471 |
Insurance and claims accruals | 505 | 1,937 |
Other long-term assets and liabilities | 171 | 164 |
Net cash provided by operating activities | 28,930 | 20,248 |
Investing activities: | ||
Capital expenditures | (12,787) | (7,645) |
Proceeds from sale of property and equipment | 8,776 | 9,306 |
Proceeds from operating sale leaseback | 5,323 | 10,980 |
Net cash provided by investing activities | 1,312 | 12,641 |
Financing activities: | ||
Borrowings under long-term debt | 28,210 | 20,755 |
Payments on long-term debt | (47,550) | (44,065) |
Payments on capitalized lease obligations | (11,564) | (8,205) |
Net change in bank drafts payable | 731 | (1,249) |
Net payments for tax withholdings for vested stock-based awards | (134) | 4 |
Issuance of treasury stock | 0 | (58) |
Net cash used in financing activities | (30,307) | (32,818) |
(Decrease) increase in cash | (65) | 71 |
Cash: | ||
Beginning of period | 71 | 122 |
End of period | 6 | 193 |
Supplemental disclosure of cash flow information: | ||
Interest | 2,469 | 2,908 |
Income taxes | 3,586 | 138 |
Supplemental disclosure of non-cash investing activities: | ||
Purchases of revenue equipment included in accounts payable | $ 60 | $ 0 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In the opinion of the management of USA Truck, Inc., the accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted. All normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 . These financial statements should be read in conjunction with the financial statements, and footnotes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . References to the “Company,” “we,” “us,” “our” or similar terms refer to USA Truck, Inc. and its subsidiary. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-9”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-9 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-9 defines a five-step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under previous GAAP. Transportation revenue within our USAT Logistics segment under the new standard changed from recognition of revenue at completion of delivery to recognizing revenue proportionately as the transportation services are performed. This change did not materially impact our operations or IT infrastructure. In our Trucking segment, where revenue is recognized as services are provided, revenue recognition remained the same. The Company adopted ASU 2014-9 effective January 1, 2018 using the modified retrospective method. The effect of adoption was immaterial to retained earnings at January 1, 2018 and to net income for the three and nine month periods ended September 30, 2018 . In February 2016, the FASB issued ASU No. 2016-2, Leases, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard, which will become effective for the Company beginning with the first quarter of 2019, requires a modified retrospective transition approach and includes a number of practical expedients. The Company expects the adoption of this standard to have a material impact on our consolidated balance sheets, but not our statement of operations. The Company expects to elect the transition relief practical expedient described under ASU 2018-11 and not recast comparative periods in the transition to ASC 842. See Note 9 for further discussion of our lease types and positions. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue | REVENUE Revenue is measured based upon consideration specified in a contract with a customer. The Company recognizes revenue over time, as contractual performance obligations are satisfied by transferring the benefit of the service to our customer. The benefit is transferred to the customer as the service is provided and revenue is recognized accordingly via time-based metrics. A corresponding contract asset of $1.9 million was recorded in the September 30, 2018 balance sheet in the Accounts receivable line item. The Company is entitled to receive payment as it satisfies performance obligations with customers. The amount of remaining performance obligations relating to loads in process at 11:59 pm as of September 30, 2018 , was deemed to be immaterial. Our business consists of two reportable segments, Trucking and USAT Logistics. For more detailed information about our reportable segments, see Note 4. The Company’s revenue types are line haul, fuel surcharge and accessorial. Line haul revenue represents the majority of our revenue and consists of fees earned for freight transportation, excluding fuel surcharge. Fuel surcharge revenue consists of additional fees earned by the Company in connection with the performance of line haul services to partially or completely offset the cost of fuel. Accessorial revenue consists of ancillary services `provided by the Company, including but not limited to, stop-off charges, loading and unloading charges, tractor or trailer detention charges, expedited charges, repositioning charges, etc. These accessorial charges are recognized as revenue throughout the service provided. The following tables set forth revenue disaggregated by revenue type and segment (in thousands): Three Months Ended Revenue type 2018 2017 Trucking USAT Logistics Total Trucking USAT Logistics Total Freight $ 71,774 $ 41,746 $ 113,520 $ 65,869 $ 34,012 $ 99,881 Fuel surcharge 11,880 4,102 15,982 9,540 2,309 11,849 Accessorial 1,875 1,206 3,081 1,041 1,464 2,505 Total $ 85,529 $ 47,054 $ 132,583 $ 76,450 $ 37,785 $ 114,235 Nine Months Ended Revenue type 2018 2017 Trucking USAT Logistics Total Trucking USAT Logistics Total Freight $ 211,503 $ 126,848 $ 338,351 $ 187,384 $ 94,856 $ 282,240 Fuel surcharge 35,178 11,812 46,990 27,555 7,456 35,011 Accessorial 3,150 4,486 7,636 3,336 2,676 6,012 Total $ 249,831 $ 143,146 $ 392,977 $ 218,275 $ 104,988 $ 323,263 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | SEGMENT REPORTING The Company’s two reportable segments are Trucking and USAT Logistics. Trucking . Trucking is comprised of one-way truckload and dedicated freight motor carrier services. Truckload provides one-way motor carrier services as a common and contract carrier, in which volumes typically are not contractually committed, and dedicated contract motor carrier services, in which a combination of equipment and drivers is contractually committed to a particular customer, typically for a duration of at least one year, subject to certain cancellation rights. USA Truck has provided truckload motor carrier services since its inception, and continues to derive the largest portion of its gross revenue from these services. USAT Logistics . USAT Logistics’ service offerings consist of freight brokerage, logistics, and rail intermodal services. Each of these service offerings match customer shipments with available equipment of authorized third-party motor carriers and other service providers and provide services that complement the Company’s Trucking operations. The Company provides these services primarily to existing Trucking customers, many of whom prefer to rely on a single service provider, or a small group of service providers, to provide all their transportation solutions. Revenue equipment assets are not allocated to USAT Logistics as freight services for customers are brokered through arrangements with third-party motor carriers who utilize their own equipment. To the extent rail intermodal operations require the use of Company-owned assets, they are obtained from the Company’s Trucking segment on an as-needed basis. Depreciation and amortization expense is allocated to USAT Logistics based on the Company-owned assets specifically utilized to generate USAT Logistics revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for USAT Logistics are specifically identifiable direct costs or are allocated to USAT Logistics based on relevant cost drivers, as determined by management. In determining its reportable segments, the Company’s management focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. A summary of operating revenue by segment is as follows (in thousands): Three Months Ended Nine Months Ended Operating revenue 2018 2017 2018 2017 Trucking revenue (1) $ 86,801 $ 76,811 $ 251,332 $ 219,013 Trucking intersegment eliminations (1,272 ) (361 ) (1,501 ) (738 ) Trucking operating revenue 85,529 76,450 249,831 218,275 USAT Logistics revenue 49,136 41,907 146,527 111,435 USAT Logistics intersegment eliminations (2,082 ) (4,122 ) (3,381 ) (6,447 ) USAT Logistics operating revenue 47,054 37,785 143,146 104,988 Total operating revenue $ 132,583 $ 114,235 $ 392,977 $ 323,263 (1) Includes foreign revenue of $10.6 million and $31.6 million for the three and nine months ended September 30, 2018 , respectively, and $9.6 million and $27.2 million for the three and nine months ended September 30, 2017 , respectively. All foreign revenue is collected in U.S. dollars. A summary of operating income (loss) by segment is as follows (in thousands): Three Months Ended Nine Months Ended Operating income (loss) 2018 2017 2018 2017 Trucking $ 2,605 $ (1,194 ) $ 4,294 $ (13,165 ) USAT Logistics 3,198 2,998 8,212 5,604 Total operating income (loss) $ 5,803 $ 1,804 $ 12,506 $ (7,561 ) A summary of depreciation and amortization by segment is as follows (in thousands): Three Months Ended Nine Months Ended Depreciation and amortization 2018 2017 2018 2017 Trucking $ 6,562 $ 6,659 $ 20,887 $ 20,982 USAT Logistics 173 131 505 331 Total depreciation and amortization $ 6,735 $ 6,790 $ 21,392 $ 21,313 |
Equity Compensation and Employe
Equity Compensation and Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation and Employee Benefit Plans | EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the “Incentive Plan”) in May 2014. The Incentive Plan replaced the 2004 Equity Incentive Plan and provided for the granting of up to 500,000 shares of common stock through equity-based awards to directors, officers and other key employees and consultants. The First Amendment to the Incentive Plan was adopted in May 2017, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. As of September 30, 2018 , 591,345 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands): Accrued expenses September 30, December 31, Salaries, wages and employee benefits $ 6,145 $ 3,604 Federal and state tax accruals 2,967 3,587 Restructuring, impairment and other costs — 770 Other (1) 1,380 1,147 Total accrued expenses $ 10,492 $ 9,108 (1) As of September 30, 2018 and December 31, 2017 , no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Insurance Premium Financing
Insurance Premium Financing | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Insurance Premium Financing | INSURANCE PREMIUM FINANCING In October 2017, the Company executed an unsecured note payable for $4.1 million to a third-party financing company for a portion of the Company’s annual insurance premiums. The note was payable in installments of principal and interest of approximately $1.4 million and was paid in full during the quarter ended September 30, 2018 . |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT Long-term debt consisted of the following (in thousands): September 30, December 31, Revolving credit agreement $ 46,000 $ 61,225 In February 2015, the Company entered into a new senior secured revolving credit facility (the “Credit Facility”) with a group of lenders and Bank of America, N.A., as agent (“Agent”). The Credit Facility is structured as a $170.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $80.0 million , exercisable in increments of $20.0 million . The Credit Facility is a five year facility scheduled to terminate on February 5, 2020. Borrowings under the Credit Facility are classified as either “base rate loans” or “LIBOR loans”. Base rate loans accrue interest at a base rate equal to the Agent’s prime rate plus an applicable margin between 0.25% and 1.00% that is adjusted quarterly based on the Company’s consolidated fixed charge coverage ratio. LIBOR loans accrue interest at the London Interbank Offered Rate (“LIBOR”) plus an applicable margin between 1.25% and 2.00% that is adjusted two days prior to each 30 -day interest period for a term equivalent to such period based on the Company’s consolidated fixed charge coverage ratio. The Credit Facility includes, within its $170.0 million revolving credit facility, a letter of credit sub-facility in an aggregate amount of $15.0 million and a swingline sub-facility (the “Swingline”) in an aggregate amount of $20.0 million . An unused line fee of 0.25% is applied to the average daily amount by which the lenders’ aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The Credit Facility is secured by a pledge of substantially all of the Company’s assets, except for any real estate or revenue equipment financed outside the Credit Facility. Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 million ; or (B) the sum of (i) 90% of eligible investment grade accounts receivable (reduced to 85% in certain situations), plus (ii) 85% of eligible non-investment grade accounts receivable, plus (iii) the lesser of (a) 85% of eligible unbilled accounts receivable and (b) $10.0 million , plus (iv) the product of 85% multiplied by the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment, plus (v) 85% multiplied by the net book value of otherwise eligible newly acquired revenue equipment that has not yet been subject to an appraisal. The borrowing base is reduced by an availability reserve, including reserves based on dilution and certain other customary reserves. The Credit Facility contains a single financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0 that is triggered in the event excess availability under the Credit Facility falls below 10% of the lenders’ total commitments. Also, certain restrictions regarding the Company’s ability to pay dividends, make certain investments, prepay certain indebtedness, execute share repurchase programs and enter into certain acquisitions and hedging arrangements are triggered in the event excess availability under the Credit Facility falls below 20% of the lenders’ total commitments. Management believes the Company’s excess availability will not fall below 20% , or $34.0 million , and expects the Company to remain in compliance with all debt covenants during the next twelve months. The Company had no borrowings under the Swingline as of September 30, 2018 . The average interest rate including all borrowings made under the Credit Facility as of September 30, 2018 , was 3.65% . As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of September 30, 2018 , the Company had outstanding $5.4 million in letters of credit and had approximately $76.2 million available to borrow under the Credit Facility. |
Leases and Commitments
Leases and Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Leases and Commitments | LEASES AND COMMITMENTS As of September 30, 2018 , the future minimum payments, including interest, under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands): 2018 2019 2020 2021 2022 Thereafter Capital leases, including interest component $ 2,634 $ 15,457 $ 19,266 $ 3,542 $ 4,416 $ 9,199 Operating leases 2,855 8,277 4,817 753 349 459 CAPITAL LEASES The Company leases certain equipment under capital leases with terms ranging from 15 months to 60 months. Balances related to these capitalized leases are included in the "Property and Equipment" line item in the accompanying condensed consolidated balance sheets and are set forth in the table below for the periods indicated (in thousands): Capitalized Costs Accumulated Amortization Net Book Value September 30, 2018 $ 64,551 $ 14,691 $ 49,860 December 31, 2017 66,785 23,254 43,531 The Company has capitalized lease obligations relating to revenue equipment as of September 30, 2018 of $50.3 million , of which $10.3 million represents the current portion. Such leases have various termination dates extending through November 2024 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from nil to 2.18% as of September 30, 2018 . The lease agreements require payment of property taxes, maintenance and operating and non-operating expenses. Amortization of capital leases was $1.4 million and $4.2 million for the three and nine months ended September 30, 2018 , respectively, and $1.6 million and $5.2 million for the three and nine months ended September 30, 2017 , respectively. As of the nine months ended September 30, 2018 , the Company has entered into $19.7 million dollars of non-cash capitalized lease obligations as compared to $2.8 million at September 30, 2017 . OPERATING LEASES Rent expense associated with operating leases was $3.3 million and $8.9 million for the three and nine months ended September 30, 2018 , respectively, and $3.2 million and $8.7 million for the three and nine months ended September 30, 2017 , respectively. Rent expense relating to tractors, trailers and other operating equipment is included in the Equipment rent,” line item while rent expense relating to office equipment is included in the “Operations and maintenance” line item in the accompanying condensed consolidated statements of operations and comprehensive income (loss). During the second quarter of 2018, the Company completed a sale-leaseback transaction under which it sold certain owned trailers to an unrelated party for proceeds of $5.3 million and entered into an operating lease with the buyer for a term of six months . The $5.3 million of proceeds due to the Company was recorded in the “Other receivables” line item in the accompanying condensed consolidated balance sheet, and was received from the purchaser in early July 2018. The Company recorded a liability of approximately $1.3 million representing the gain on the sale and will amortize such amount to earnings ratably over the lease term. This deferred gain is included in the “Deferred gain” line item in the accompanying condensed consolidated balance sheet. OTHER COMMITMENTS As of September 30, 2018 , the Company had $24.4 million in noncancellable commitments for purchases of both revenue and non-revenue equipment. We anticipate funding these commitments with operating and financing cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES During the three months ended September 30, 2018 and 2017 , the Company’s effective tax rate was 27.8% and 45.3% , respectively. During the nine months ended September 30, 2018 and 2017 , the Company’s effective tax rate was 26.7% and 32.1% , respectively. The Company’s effective tax rate for the 2018 periods, when compared to the federal statutory rate of 21% , is primarily affected by state income taxes, net of federal income tax effect for 2018 periods, and permanent differences, the most significant of which is the effect of the partially non-deductible per diem pay structure for our drivers. Drivers may elect to receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases the Company’s drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes. Per diem pay is partially non-deductible by the Company under current IRS regulations. As a result, salaries, wages and employee benefits costs are slightly lower and effective income tax rates are higher than the statutory rate. Due to the partially non-deductible effect of per diem pay, the Company’s tax rate will change based on fluctuations in earnings (losses) and in the number of drivers who elect to receive this pay structure. Generally, as pretax income or loss increases, the impact of the driver per diem program on the Company’s effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pretax income or loss, while in periods where earnings are at or near breakeven the impact of the per diem program on the Company’s effective tax rate can be significant. When the result of the expected annual effective tax rate is not deemed reliable and distorts the income tax provision for an interim period, the Company calculates the income tax provision or benefit using the cut-off method, which results in an income tax provision or benefit based solely on the year-to-date pretax income or loss as adjusted for permanent differences on a pro rata basis. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings (loss) per share does not assume conversion, exercise or contingent issuance of securities that would have an antidilutive effect on loss per share. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended Numerator: 2018 2017 2018 2017 Net income (loss) $ 3,300 $ 409 $ 6,879 $ (7,325 ) Denominator: Denominator for basic earnings (loss) per share – weighted average shares 8,223 8,027 8,170 8,029 Effect of dilutive securities: Employee restricted stock 17 12 23 — Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion 8,240 8,039 8,193 8,029 Basic earnings (loss) per share $ 0.40 $ 0.05 $ 0.84 $ (0.91 ) Diluted earnings (loss) per share $ 0.40 $ 0.05 $ 0.84 $ (0.91 ) Weighted average anti-dilutive employee restricted stock 106 — 72 2 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | LEGAL PROCEEDINGS The Company is party to routine litigation incidental to its business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. The Company maintains insurance to cover liabilities in excess of certain self-insured retention levels. Though management believes these claims to be immaterial to the Company’s long-term financial position, adverse results of one or more of these claims could have a material adverse effect on the Company’s financial position or results of operations in any given reporting period. |
Restructuring, Impairment and O
Restructuring, Impairment and Other Costs | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Impairment and Other Costs | RESTRUCTURING, IMPAIRMENT AND OTHER COSTS During first quarter of 2018, the Company’s Trucking maintenance facility in South Holland, Illinois was reopened, after having been closed in the first quarter of 2016. As a result, accrued restructuring, impairment and other costs relating to the closure in the amount of $0.6 million were reversed during the three months ended March 31, 2018. The following tables summarize the Company’s liabilities, charges, and cash payments related to the restructuring plan made during the three and nine months ended September 30, 2018 and 2017 (in thousands): Accrued Costs Incurred, Net of Adjustments Payments Expenses/ Charges Accrued Compensation and benefits $ — $ — $ — $ — $ — Facility closing expenses 770 (639 ) (131 ) — — Total $ 770 $ (639 ) $ (131 ) $ — $ — Three Months Ended Nine Months Ended Costs incurred 2018 2017 2018 2017 Trucking $ — $ — $ (587 ) $ — USAT Logistics — — (52 ) — Total $ — $ — $ (639 ) $ — On March 26, 2018, the Company announced the retirement of Mr. James A. Craig, the Company’s Executive Vice President, Chief Commercial Officer, and President – USAT Logistics. Effective March 23, 2018, in connection with Mr. Craig’s retirement, the Executive Compensation Committee (the “Committee”) approved a separation agreement (the “Separation Agreement”) with the following terms: (i) salary continuation through May 31, 2018, (ii) non-compete payments equal to his current salary for a period of twelve months subject to ongoing compliance with certain non-competition, non-solicitation, non-disparagement, and confidentiality covenants in favor of the Company, (iii) a prorated cash payment, if and to the extent earned, under the short-term cash incentive compensation program adopted by the Committee for 2018, and (iv) accelerated vesting of 5,488 shares of time-vested restricted stock of the Company scheduled to vest on July 30, 2018 and 5,488 shares of performance-vested restricted stock of the Company scheduled to vest on July 30, 2018 depending on performance relative to USAT Logistics performance goals. At September 30, 2018 , the Company had accrued severance costs associated with the Mr. Craig’s retirement of approximately $0.4 million . Total costs associated with Mr. Craig’s retirement were $0.7 million and were recorded in the “Salaries, wages and employee benefits” line item in the accompanying condensed consolidated statements of operations and comprehensive income (loss). The following tables summarize the Company’s liabilities, charges, and cash payments related to executive severance agreements made during the three and nine months ended September 30, 2018 and 2017 (in thousands): Accrued Costs Incurred Payments Expenses/ Charges Accrued Severance costs included in salaries, wages and employee benefits $ 35 $ 711 $ (393 ) $ — $ 353 Three Months Ended Nine Months Ended Costs incurred 2018 2017 2018 2017 Trucking $ — $ 56 $ 484 $ 642 USAT Logistics — 26 227 257 Total $ — $ 82 $ 711 $ 899 |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On October 18, 2018, the Company entered into an Equity Purchase Agreement (the “Agreement”) with the equity holders (collectively, “Sellers”) of Davis Transfer Company Inc., a Georgia corporation (“DTC”), Davis Transfer Logistics Inc., a Georgia corporation (“DTL”), and B & G Leasing, L.L.C., a Georgia limited liability company (“B & G,” and collectively with DTC and DTL, “Davis”). Davis is a dry-van truckload carrier headquartered in Carnesville, Georgia, with operations primarily in the southeastern United States. Pursuant to the Agreement, the Company purchased all of Davis’ issued and outstanding equity interests from the Sellers in a cash-free, debt-free transaction (the “Transaction”). The Company paid cash of $52.25 million and Company stock of $750,000 for the acquisition of Davis. The purchase price is subject to a customary working capital adjustment post-closing. The Agreement contains customary representations, warranties, covenants, and indemnification provisions, including an escrow to secure Sellers’ indemnification obligations to the Company. The cash consideration payable to Sellers was funded pursuant to a draw on the Company’s existing Credit facility. In connection with the Transaction, on October 18, 2018, the Company entered into a joinder agreement with Bank of America, National Association, which joined Davis to the Company’s existing Credit facility. As of October 18, 2018, upon closing of the Davis Transfer acquisition, the Company had approximately $44.3 million available to borrow under its Credit Facility. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | The following tables set forth revenue disaggregated by revenue type and segment (in thousands): Three Months Ended Revenue type 2018 2017 Trucking USAT Logistics Total Trucking USAT Logistics Total Freight $ 71,774 $ 41,746 $ 113,520 $ 65,869 $ 34,012 $ 99,881 Fuel surcharge 11,880 4,102 15,982 9,540 2,309 11,849 Accessorial 1,875 1,206 3,081 1,041 1,464 2,505 Total $ 85,529 $ 47,054 $ 132,583 $ 76,450 $ 37,785 $ 114,235 Nine Months Ended Revenue type 2018 2017 Trucking USAT Logistics Total Trucking USAT Logistics Total Freight $ 211,503 $ 126,848 $ 338,351 $ 187,384 $ 94,856 $ 282,240 Fuel surcharge 35,178 11,812 46,990 27,555 7,456 35,011 Accessorial 3,150 4,486 7,636 3,336 2,676 6,012 Total $ 249,831 $ 143,146 $ 392,977 $ 218,275 $ 104,988 $ 323,263 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | A summary of depreciation and amortization by segment is as follows (in thousands): Three Months Ended Nine Months Ended Depreciation and amortization 2018 2017 2018 2017 Trucking $ 6,562 $ 6,659 $ 20,887 $ 20,982 USAT Logistics 173 131 505 331 Total depreciation and amortization $ 6,735 $ 6,790 $ 21,392 $ 21,313 A summary of operating income (loss) by segment is as follows (in thousands): Three Months Ended Nine Months Ended Operating income (loss) 2018 2017 2018 2017 Trucking $ 2,605 $ (1,194 ) $ 4,294 $ (13,165 ) USAT Logistics 3,198 2,998 8,212 5,604 Total operating income (loss) $ 5,803 $ 1,804 $ 12,506 $ (7,561 ) A summary of operating revenue by segment is as follows (in thousands): Three Months Ended Nine Months Ended Operating revenue 2018 2017 2018 2017 Trucking revenue (1) $ 86,801 $ 76,811 $ 251,332 $ 219,013 Trucking intersegment eliminations (1,272 ) (361 ) (1,501 ) (738 ) Trucking operating revenue 85,529 76,450 249,831 218,275 USAT Logistics revenue 49,136 41,907 146,527 111,435 USAT Logistics intersegment eliminations (2,082 ) (4,122 ) (3,381 ) (6,447 ) USAT Logistics operating revenue 47,054 37,785 143,146 104,988 Total operating revenue $ 132,583 $ 114,235 $ 392,977 $ 323,263 (1) Includes foreign revenue of $10.6 million and $31.6 million for the three and nine months ended September 30, 2018 , respectively, and $9.6 million and $27.2 million for the three and nine months ended September 30, 2017 , respectively. All foreign revenue is collected in U.S. dollars. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consisted of the following (in thousands): Accrued expenses September 30, December 31, Salaries, wages and employee benefits $ 6,145 $ 3,604 Federal and state tax accruals 2,967 3,587 Restructuring, impairment and other costs — 770 Other (1) 1,380 1,147 Total accrued expenses $ 10,492 $ 9,108 (1) As of September 30, 2018 and December 31, 2017 , no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following (in thousands): September 30, December 31, Revolving credit agreement $ 46,000 $ 61,225 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure | As of September 30, 2018 , the future minimum payments, including interest, under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands): 2018 2019 2020 2021 2022 Thereafter Capital leases, including interest component $ 2,634 $ 15,457 $ 19,266 $ 3,542 $ 4,416 $ 9,199 Operating leases 2,855 8,277 4,817 753 349 459 |
Schedule of Capital Leased Assets | Balances related to these capitalized leases are included in the "Property and Equipment" line item in the accompanying condensed consolidated balance sheets and are set forth in the table below for the periods indicated (in thousands): Capitalized Costs Accumulated Amortization Net Book Value September 30, 2018 $ 64,551 $ 14,691 $ 49,860 December 31, 2017 66,785 23,254 43,531 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended Numerator: 2018 2017 2018 2017 Net income (loss) $ 3,300 $ 409 $ 6,879 $ (7,325 ) Denominator: Denominator for basic earnings (loss) per share – weighted average shares 8,223 8,027 8,170 8,029 Effect of dilutive securities: Employee restricted stock 17 12 23 — Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion 8,240 8,039 8,193 8,029 Basic earnings (loss) per share $ 0.40 $ 0.05 $ 0.84 $ (0.91 ) Diluted earnings (loss) per share $ 0.40 $ 0.05 $ 0.84 $ (0.91 ) Weighted average anti-dilutive employee restricted stock 106 — 72 2 |
Restructuring, Impairment and_2
Restructuring, Impairment and Other Costs (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following tables summarize the Company’s liabilities, charges, and cash payments related to the restructuring plan made during the three and nine months ended September 30, 2018 and 2017 (in thousands): Accrued Costs Incurred, Net of Adjustments Payments Expenses/ Charges Accrued Compensation and benefits $ — $ — $ — $ — $ — Facility closing expenses 770 (639 ) (131 ) — — Total $ 770 $ (639 ) $ (131 ) $ — $ — Three Months Ended Nine Months Ended Costs incurred 2018 2017 2018 2017 Trucking $ — $ — $ (587 ) $ — USAT Logistics — — (52 ) — Total $ — $ — $ (639 ) $ — |
Restructuring and Related Costs By Segment | The following tables summarize the Company’s liabilities, charges, and cash payments related to executive severance agreements made during the three and nine months ended September 30, 2018 and 2017 (in thousands): Accrued Costs Incurred Payments Expenses/ Charges Accrued Severance costs included in salaries, wages and employee benefits $ 35 $ 711 $ (393 ) $ — $ 353 Three Months Ended Nine Months Ended Costs incurred 2018 2017 2018 2017 Trucking $ — $ 56 $ 484 $ 642 USAT Logistics — 26 227 257 Total $ — $ 82 $ 711 $ 899 |
Revenue (Details Textual)
Revenue (Details Textual) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($)segment | |
Revenue Recognition [Abstract] | |
Contract asset | $ | $ 1.9 |
Number of reportable segments | segment | 2 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 132,583 | $ 114,235 | $ 392,977 | $ 323,263 |
Freight | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 113,520 | 99,881 | 338,351 | 282,240 |
Fuel Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,982 | 11,849 | 46,990 | 35,011 |
Accessorial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,081 | 2,505 | 7,636 | 6,012 |
Trucking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 85,529 | 76,450 | 249,831 | 218,275 |
Trucking | Freight | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 71,774 | 65,869 | 211,503 | 187,384 |
Trucking | Fuel Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11,880 | 9,540 | 35,178 | 27,555 |
Trucking | Accessorial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,875 | 1,041 | 3,150 | 3,336 |
USAT Logistics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 47,054 | 37,785 | 143,146 | 104,988 |
USAT Logistics | Freight | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 41,746 | 34,012 | 126,848 | 94,856 |
USAT Logistics | Fuel Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,102 | 2,309 | 11,812 | 7,456 |
USAT Logistics | Accessorial | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,206 | $ 1,464 | $ 4,486 | $ 2,676 |
Segment Reporting (Details Text
Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenues | $ 132,583 | $ 114,235 | $ 392,977 | $ 323,263 |
Trucking | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 85,529 | 76,450 | 249,831 | 218,275 |
Operating Segments | Trucking | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 86,801 | 76,811 | 251,332 | 219,013 |
Operating Segments | Foreign Countries | Trucking | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting Information b
Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 132,583 | $ 114,235 | $ 392,977 | $ 323,263 |
Operating loss | 5,803 | 1,804 | 12,506 | (7,561) |
Depreciation and amortization | 6,735 | 6,790 | 21,392 | 21,313 |
Trucking | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 85,529 | 76,450 | 249,831 | 218,275 |
Trucking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 86,801 | 76,811 | 251,332 | 219,013 |
Operating loss | 2,605 | (1,194) | 4,294 | (13,165) |
Depreciation and amortization | 6,562 | 6,659 | 20,887 | 20,982 |
Trucking | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (1,272) | (361) | (1,501) | (738) |
USAT Logistics | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 47,054 | 37,785 | 143,146 | 104,988 |
USAT Logistics | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 49,136 | 41,907 | 146,527 | 111,435 |
Operating loss | 3,198 | 2,998 | 8,212 | 5,604 |
Depreciation and amortization | 173 | 131 | 505 | 331 |
USAT Logistics | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (2,082) | $ (4,122) | $ (3,381) | $ (6,447) |
Equity Compensation and Emplo_2
Equity Compensation and Employee Benefit Plans (Details Textual) - Incentive Plan | 9 Months Ended |
Sep. 30, 2018shares | |
Number of shares authorized | 500,000 |
Number of additional shares authorized | 500,000 |
Number of shares available for grant | 591,345,000 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Salaries, wages and employee benefits | $ 6,145 | $ 3,604 |
Federal and state tax accruals | 2,967 | 3,587 |
Restructuring, impairment and other costs | 0 | 770 |
Other | 1,380 | 1,147 |
Total accrued expenses | $ 10,492 | $ 9,108 |
Insurance Premium Financing (De
Insurance Premium Financing (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | |||
Insurance premium financing | $ 0 | $ 4,115 | |
Insurance Premiums Financing Note | |||
Short-term Debt [Line Items] | |||
Insurance premium financing | $ 4,100 | ||
Periodic payment of interest | $ 1,400 |
Long-term Debt (Details Textual
Long-term Debt (Details Textual) - USD ($) | Feb. 28, 2015 | Feb. 28, 2015 | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Borrowing based threshold for eligible unbilled accounts receivable | 85.00% | |||
Remaining borrowing capacity | $ 76,200,000 | |||
Weighted average interest rate | 3.65% | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 170,000,000 | $ 170,000,000 | ||
Additional borrowing capacity | $ 80,000,000 | |||
Additional borrowing capacity, incremental amount | $ 20,000,000 | |||
Debt instrument, term | 5 years | |||
Commitment fee percentage | 0.25% | |||
Borrowing based threshold eligible investment grade accounts receivable percentage | 85.00% | |||
Borrowing base before additions of eligible revenue equipment | $ 10,000,000 | $ 10,000,000 | ||
Newly acquired revenue equipment, percentage | 85.00% | |||
Eligible revenue equipment, percentage | 85.00% | |||
Fixed charge coverage ratio | 1 | |||
Minimum excess availability percentage of maximum revolver amount | 10.00% | 10.00% | ||
Percentage of maximum revolver amount | 20.00% | |||
Remaining borrowing capacity | $ 34,000,000 | |||
Long-term line of credit | 46,000,000 | $ 61,225,000 | ||
Letters of credit outstanding, amount | $ 5,400,000 | |||
Letter of Credit Sub Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||
Swing Line Sub Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 20,000,000 | $ 20,000,000 | ||
Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing based threshold eligible investment grade accounts receivable percentage | 85.00% | |||
Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing based threshold eligible investment grade accounts receivable percentage | 90.00% | |||
Base Rate | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Base Rate | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
London Interbank Offered Rate (LIBOR) | Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) | Maximum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit agreement | $ 46,000 | $ 61,225 |
Leases and Commitments (Details
Leases and Commitments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Capital lease obligations | $ 50,300 | $ 50,300 | ||||
Current maturities of capital leases | 10,299 | 10,299 | $ 12,929 | |||
Capital leases, amortization expense | 1,400 | $ 1,600 | 4,200 | $ 5,200 | ||
Non-cash capitalized lease obligation | 19,700 | 2,800 | ||||
Operating leases, rent expense | 3,300 | $ 3,200 | 8,900 | 8,700 | ||
Proceeds from investing sale leaseback transaction | 5,323 | $ 10,980 | ||||
Revenue and Non-revenue Equipment | ||||||
Purchase obligation | 24,400 | 24,400 | ||||
Sale-leaseback of Trailers to an Unrelated Party | ||||||
Proceeds from investing sale leaseback transaction | $ 5,300 | 5,300 | ||||
Term of contract | six months | |||||
Deferred gain on sale leaseback transaction | $ 1,300 | $ 1,300 | ||||
Minimum | ||||||
Capital Lease Term | 15 months | |||||
Maximum | ||||||
Capital Lease Term | 60 months | |||||
Maximum | Capital Lease Obligations | ||||||
Interest rate effective percentage | 2.18% | 2.18% |
Leases and Commitments - Future
Leases and Commitments - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Leases [Abstract] | |
2,018 | $ 2,634 |
2,019 | 15,457 |
2,020 | 19,266 |
2,021 | 3,542 |
2,022 | 4,416 |
Thereafter | 9,199 |
2,018 | 2,855 |
2,019 | 8,277 |
2,020 | 4,817 |
2,021 | 753 |
2,022 | 349 |
Thereafter | $ 459 |
Leases and Commitments - Capita
Leases and Commitments - Capital Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Leases [Abstract] | ||
Capitalized Costs | $ 64,551 | $ 66,785 |
Accumulated Amortization | 14,691 | 23,254 |
Net Book Value | $ 49,860 | $ 43,531 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation percent | 27.80% | 45.30% | 26.70% | 32.10% |
Effective income tax rate reconciliation at federal statutory income tax rate, percent | 21.00% |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 3,300 | $ 409 | $ 6,879 | $ (7,325) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Denominator for basic earnings (loss) per share – weighted average shares | 8,223 | 8,027 | 8,170 | 8,029 |
Effect of dilutive securities: | ||||
Employee restricted stock | 17 | 12 | 23 | 0 |
Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion | 8,240 | 8,039 | 8,193 | 8,029 |
Basic earnings (loss) per share (in usd per share) | $ 0.40 | $ 0.05 | $ 0.84 | $ (0.91) |
Diluted earnings (loss) per share (in usd per shares) | $ 0.40 | $ 0.05 | $ 0.84 | $ (0.91) |
Weighted average anti-dilutive employee restricted stock | 106 | 0 | 72 | 2 |
Restructuring, Impairment and_3
Restructuring, Impairment and Other Costs (Details Textual) - USD ($) $ in Thousands | Mar. 26, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring, impairment and other costs (reversal) | $ 0 | $ 600 | $ 0 | $ (639) | $ 0 | |
Restructuring charges | $ 0 | $ 0 | 639 | $ 0 | ||
Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 0 | |||||
Craig's Separation Agreement | Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Term for base salary continuation | 12 months | |||||
Time-Vested Restricted Stock | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated vesting, number | 5,488 | |||||
Performance-Vested Restricted Stock | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Accelerated vesting, number | 5,488 | |||||
Salaries, Wages and Employee Benefits | Craig's Separation Agreement | Employee Severance | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance costs | $ 400 | |||||
Restructuring charges | $ 700 |
Restructuring, Impairment and_4
Restructuring, Impairment and Other Costs - Restructuring and Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Accrued beginning balance | $ 770 | |||
Costs Incurred, Net of Adjustments | $ 0 | $ 0 | (639) | $ 0 |
Payments | (131) | |||
Expenses/ Charges | 0 | |||
Accrued end balance | 0 | 0 | ||
Employee Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued beginning balance | 0 | |||
Costs Incurred, Net of Adjustments | 0 | |||
Payments | 0 | |||
Expenses/ Charges | 0 | |||
Accrued end balance | 0 | 0 | ||
Executive Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued beginning balance | 35 | |||
Costs Incurred, Net of Adjustments | 0 | $ (82) | (711) | $ (899) |
Payments | (393) | |||
Expenses/ Charges | 0 | |||
Accrued end balance | 353 | 353 | ||
Facility Closing | ||||
Restructuring Reserve [Roll Forward] | ||||
Accrued beginning balance | 770 | |||
Costs Incurred, Net of Adjustments | (639) | |||
Payments | (131) | |||
Expenses/ Charges | 0 | |||
Accrued end balance | $ 0 | $ 0 |
Restructuring, Impairment and_5
Restructuring, Impairment and Other Costs - Restructuring Costs by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Payments | $ (131) | |||
Costs Incurred, Net of Adjustments | $ 0 | $ 0 | (639) | $ 0 |
Trucking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs Incurred, Net of Adjustments | 0 | 0 | (587) | 0 |
USAT Logistics | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs Incurred, Net of Adjustments | 0 | 0 | (52) | 0 |
Executive Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments | (393) | |||
Costs Incurred, Net of Adjustments | 0 | (82) | (711) | (899) |
Executive Severance | Trucking | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs Incurred, Net of Adjustments | 0 | (56) | (484) | (642) |
Executive Severance | USAT Logistics | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Costs Incurred, Net of Adjustments | $ 0 | $ (26) | $ (227) | $ (257) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | Oct. 18, 2018 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||
Remaining borrowing capacity | $ 76,200,000 | |
Subsequent Event | Equity Purchase Agreement | ||
Subsequent Event [Line Items] | ||
Cash paid for acquisition | $ 52,250,000 | |
Consideration transferred | 750,000 | |
Line of Credit | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Remaining borrowing capacity | $ 44,300,000 |