USA Truck (USAK) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	1-35740
Entity Registrant Name	USA TRUCK INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0556971
Entity Address, Address Line One	3200 Industrial Park Road
Entity Address, City or Town	Van Buren
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72956
City Area Code	479
Local Phone Number	471-2500
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	USAK
Security Exchange Name	NASDAQ
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
Entity Common Stock, Shares Outstanding (in shares)		9,033,766
Entity Central Index Key	0000883945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and restricted cash (restricted cash of $8,499 and $405 , respectively)	$ 10,699	$ 1,352
Receivables, net of allowance for doubtful accounts of $294 and $490, respectively	116,538	100,166
Inventories	1,236	1,387
Assets held for sale	1,216
Prepaid expenses and other current assets	7,645	10,103
Total current assets	137,334	113,008
Property and equipment:
Land and structures	28,872	34,266
Revenue equipment	337,998	316,492
Service, office and other equipment	25,503	31,213
Property and equipment, at cost	392,373	381,971
Accumulated depreciation and amortization	(165,110)	(175,024)
Property and equipment, net	227,263	206,947
Operating leases - right of use assets	25,450	22,898
Goodwill	5,231	5,231
Other intangibles, net	13,170	13,815
Other assets	3,167	2,136
Total assets	411,615	364,035
Current liabilities:
Accounts payable	46,673	36,378
Current portion of insurance and claims accruals	10,098	8,973
Accrued expenses	14,390	10,006
Current finance lease obligations	16,834	14,095
Current operating lease obligations	7,221	6,679
Long-term debt, current maturities	16,956	11,069
Total current liabilities	112,172	87,200
Other long-term liabilities	302	342
Long-term debt, less current maturities	53,241	63,355
Long-term finance lease obligations	69,688	56,274
Long-term operating lease obligations	18,665	16,644
Deferred income taxes	22,049	21,914
Insurance and claims accruals, less current portion	7,112	6,881
Total liabilities	283,229	252,610
Commitments and contingencies
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 12,481,442 shares, and 12,263,030 shares, respectively	125	123
Additional paid-in capital	66,324	63,752
Retained earnings	119,593	103,283
Less treasury stock, at cost ( 3,447,676 shares, and 3,367,418 shares, respectively)	(57,656)	(55,733)
Total stockholders' equity	128,386	111,425
Total liabilities and stockholders' equity	$ 411,615	$ 364,035

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Restricted cash	$ 8,499	$ 405
Receivables, net of allowance for doubtful accounts	$ 294	$ 490
Stockholders' equity:
Preferred Stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	30,000,000	30,000,000
Common Stock, shares issued (in shares)	12,481,442	12,263,030
Treasury Stock, Shares	3,447,676	3,367,418

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Operating revenue	$ 202,130	$ 170,031	$ 403,193	$ 328,536
Operating expenses:
Salaries, wages and employee benefits	42,238	36,488	84,125	73,043
Fuel and fuel taxes	22,638	12,414	39,675	23,858
Depreciation and amortization	8,986	9,163	17,010	18,733
Insurance and claims	7,046	5,181	13,669	10,990
Equipment rent	1,526	2,048	3,360	3,997
Operations and maintenance	9,925	8,783	18,440	15,849
Purchased transportation	95,692	82,938	194,011	157,041
Operating taxes and licenses	1,273	1,323	2,533	2,595
Communications and utilities	735	796	1,741	1,600
Gain on disposal of assets, net	(881)	(140)	(7,282)	(317)
Merger costs	2,132	0	2,132
Other	4,968	4,108	9,244	8,172
Total operating expenses	196,278	163,102	378,658	315,561
Operating income	5,852	6,929	24,535	12,975
Other expenses:
Interest expense, net	1,542	1,014	2,959	2,039
Other, net	84	49	152	110
Total other expenses, net	1,626	1,063	3,111	2,149
Income before income taxes	4,226	5,866	21,424	10,826
Income tax expense	1,027	1,673	5,114	3,036
Consolidated net income and comprehensive income	$ 3,199	$ 4,193	$ 16,310	$ 7,790
Net earnings per share:
Average shares outstanding (basic) (in shares)	8,876	8,806	8,904	8,826
Basic earnings per share (in dollars per share)	$ 0.36	$ 0.48	$ 1.83	$ 0.88
Average shares outstanding (diluted) (in shares)	8,987	8,947	9,062	8,976
Diluted earnings per share (in dollars per share)	$ 0.36	$ 0.47	$ 1.80	$ 0.87

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2020	$ 120	$ 60,692	$ 78,515	$ (54,626)	$ 84,701
Balance (in shares) at Dec. 31, 2020	12,038
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		168			168
Restricted stock award grant	$ 2	(2)
Restricted stock award grant (in shares)	193
Forfeited restricted stock		390		(390)
Forfeited restricted stock (in shares)	(4)
Net share settlement related to vested equity awards		407		(412)	(5)
Net income			3,597		3,597
Balance at Mar. 31, 2021	$ 122	61,655	82,112	(55,428)	88,461
Balance (in shares) at Mar. 31, 2021	12,227
Balance at Dec. 31, 2020	$ 120	60,692	78,515	(54,626)	84,701
Balance (in shares) at Dec. 31, 2020	12,038
Increase (Decrease) in Stockholders' Equity
Net income					7,790
Balance at Jun. 30, 2021	$ 123	62,268	86,305	(55,468)	93,228
Balance (in shares) at Jun. 30, 2021	12,253
Balance at Mar. 31, 2021	$ 122	61,655	82,112	(55,428)	88,461
Balance (in shares) at Mar. 31, 2021	12,227
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		577			577
Restricted stock award grant	$ 1				1
Restricted stock award grant (in shares)	26
Net share settlement related to vested equity awards		36		(40)	(4)
Net income			4,193		4,193
Balance at Jun. 30, 2021	$ 123	62,268	86,305	(55,468)	93,228
Balance (in shares) at Jun. 30, 2021	12,253
Balance at Dec. 31, 2021	$ 123	63,752	103,283	(55,733)	111,425
Balance (in shares) at Dec. 31, 2021	12,263
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		748			748
Restricted stock award grant	$ 2	(2)
Restricted stock award grant (in shares)	199
Forfeited restricted stock		1,416		(1,416)
Net share settlement related to vested equity awards		(592)		(488)	(1,080)
Net share settlement related to vested equity awards (in shares)	(7)
Net income			13,111		13,111
Balance at Mar. 31, 2022	$ 125	65,322	116,394	(57,637)	124,204
Balance (in shares) at Mar. 31, 2022	12,455
Balance at Dec. 31, 2021	$ 123	63,752	103,283	(55,733)	111,425
Balance (in shares) at Dec. 31, 2021	12,263
Increase (Decrease) in Stockholders' Equity
Net income					16,310
Balance at Jun. 30, 2022	$ 125	66,324	119,593	(57,656)	128,386
Balance (in shares) at Jun. 30, 2022	12,481
Balance at Mar. 31, 2022	$ 125	65,322	116,394	(57,637)	124,204
Balance (in shares) at Mar. 31, 2022	12,455
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		1,011			1,011
Restricted stock award grant (in shares)	27
Net share settlement related to vested equity awards		(9)		(19)	(28)
Net share settlement related to vested equity awards (in shares)	(1)
Net income			3,199		3,199
Balance at Jun. 30, 2022	$ 125	$ 66,324	$ 119,593	$ (57,656)	$ 128,386
Balance (in shares) at Jun. 30, 2022	12,481

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Operating activities:
Net income			$ 16,310	$ 7,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 8,986	$ 9,163	17,010	18,733
Bad debt benefit			(191)	(102)
Deferred income tax benefit, net			135	(1,979)
Stock-based compensation			1,759	745
Gain on disposal of assets, net	(881)	(140)	(7,282)	(317)
Other			214	71
Changes in operating assets and liabilities:
Accounts and other receivables			(16,180)	(18,174)
Inventories and prepaid expenses			3,383	1,852
Accounts payable and accrued expenses			8,601	6,213
Insurance and claims accruals			2,359	357
Other long-term assets and liabilities			(2,245)	503
Net cash provided by operating activities			23,873	15,692
Investing activities:
Capital expenditures			(9,011)	(1,066)
Proceeds from sale of property and equipment			12,843	6,141
Net cash provided by investing activities			3,832	5,075
Financing activities:
Borrowings under long-term debt			6,000	28,760
Payments on long-term debt			(52,201)	(39,156)
Principal payments on financing lease obligations			(12,290)	(5,888)
Proceeds from obligation under finance lease			41,974
Payment of debt issuance costs			(774)
Net change in bank drafts payable			41	(2,785)
Proceeds from capital sale leaseback					$ 24,500
Net payments for tax withholdings for vested stock-based awards			(1,108)	(9)
Net cash used in financing activities			(18,358)	(19,078)
Increase in cash and restricted cash			9,347	1,689
Cash and restricted cash:
Beginning of period			1,352	325	325
End of period	$ 10,699	$ 2,014	10,699	2,014	$ 1,352
Supplemental disclosure of cash flow information:
Interest			2,710	2,106
Income taxes, net of refunds			7,516	6,623
Supplemental disclosure of non-cash investing:
Purchase of revenue equipment included in accounts payable			$ 6,059	$ 1,021

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying condensed consolidated financial statements include the accounts and operations of USA Truck Inc. and present our financial position as June 30, 2022, and December 31, 2021, and our results of operations and comprehensive income for the three and six months ended June 30, 2022 and 2021. These condensed consolidated financial statements and notes are prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting and do not include all of the information normally included with financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) of the United States. Additionally, the Company has elected to utilize certain abbreviated reporting requirements available to smaller reporting companies. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. These condensed consolidated financial statements and notes are unaudited. However, in the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair presentation of the results for the periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year ending December 31, 2022. The accompanying condensed consolidated financial statements include USA Truck Inc., and its wholly owned subsidiaries: International Freight Services, Inc. (“IFS”), a Delaware corporation; USA Truck, LLC, a Delaware limited liability company; USA Truck Fleetco, LLC, a Delaware limited liability company; USA Truck Logistics, LLC, a Delaware limited liability company; Skyraider Risk Retention Group Inc. (“SRRG”), a South Carolina corporation; Davis Transfer Company Inc. (“DTC”), a Georgia corporation; Davis Transfer Logistics Inc. (“DTL”), a Georgia corporation; and B & G Leasing, L.L.C. (“B & G”), a Georgia limited liability company. References in this report to “it,” “we,” “us,” “our,” or the “Company,” and similar expressions refer to USA Truck Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the condensed consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. Change in estimate The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the first quarter of 2022, the Company increased the salvage value of its tractor fleet to better reflect current estimates of the value of such equipment upon its retirement. This change is being accounted for as a change in estimate. During the three and six months ended June 30, 2022, this change in estimate resulted in a decrease in depreciation and amortization expense of approximately $1.0 million and $2.0 million, respectively. Risks and Uncertainties We continue to monitor the progression of the COVID-19 pandemic, including the outbreak of new strains of the virus, further government responses, including vaccine, testing, and mask mandates, and development of treatments and vaccines and the resulting potential effect on our financial position, results of operations, cash flows and liquidity. Should the efforts to recover from the pandemic deteriorate or stall, the impact on our operations could have a material adverse effect on our financial condition, results of operations, cash flows and liquidity. ​ Accounting standards issued but not yet adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We continue to evaluate the effect of adopting ASU 2016-13, but believe the effects will not be significant and will be limited to the valuation of the Company’s trade receivables. The Company expects to adopt ASU 2016-13 using the modified retrospective approach.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 95,653 ​ $ 72,216 ​ $ (6,346) ​ $ 161,523 ​ $ 90,712 ​ $ 72,204 ​ $ (13,545) ​ $ 149,371 Fuel surcharge ​ 23,535 ​ 12,665 ​ (310) ​ 35,890 ​ 12,038 ​ ​ 5,569 ​ ​ (534) ​ 17,073 Accessorial ​ 3,327 ​ 1,390 ​ — ​ 4,717 ​ 2,611 ​ ​ 976 ​ ​ — ​ 3,587 Total ​ $ 122,515 ​ $ 86,271 ​ $ (6,656) ​ $ 202,130 ​ $ 105,361 ​ $ 78,749 ​ $ (14,079) ​ $ 170,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 193,225 ​ $ 160,150 ​ $ (18,792) ​ $ 334,583 ​ $ 181,727 ​ $ 134,666 ​ $ (26,149) ​ $ 290,244 Fuel surcharge ​ 39,759 ​ 21,105 ​ (316) ​ 60,548 ​ 22,358 ​ 9,866 ​ (909) ​ 31,315 Accessorial ​ 5,602 ​ 2,460 ​ — ​ 8,062 ​ 4,379 ​ 2,598 ​ — ​ 6,977 Total ​ $ 238,586 ​ $ 183,715 ​ $ (19,108) ​ $ 403,193 ​ $ 208,464 ​ $ 147,130 ​ $ (27,058) ​ $ 328,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2022 and December 31, 2021, the Company had contract assets, representing our right to consideration for transportation services not yet billed, of $2.1 million and $1.6 million, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 3 – SEGMENT REPORTING The Company’s two reportable segments are Trucking and USAT Logistics. In determining its reportable segments, the Company’s chief operating decision maker focuses on financial information, such as operating revenue, operating expenses, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Trucking USAT Logistics. 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 or other USAT Logistics operations require the use of Company-owned assets, they are obtained from the Company’s Trucking segment. 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. A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Operating revenue (1) ​ (in thousands) Trucking revenue ​ $ 122,515 ​ $ 105,361 ​ $ 238,586 ​ $ 208,464 Trucking intersegment eliminations ​ (111) ​ (259) ​ (153) ​ (586) Trucking operating revenue ​ 122,404 ​ 105,102 ​ 238,433 ​ 207,878 USAT Logistics revenue ​ 86,271 ​ 78,749 ​ 183,715 ​ 147,130 USAT Logistics intersegment eliminations ​ (6,545) ​ (13,820) ​ (18,955) ​ (26,472) USAT Logistics operating revenue ​ 79,726 ​ 64,929 ​ 164,760 ​ 120,658 Total operating revenue ​ $ 202,130 ​ $ 170,031 ​ $ 403,193 ​ $ 328,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $14.6 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively, and $27.0 million and $18.9 million for the six months ended June 30, 2022, and 2021, respectively. A summary of operating income by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Operating income ​ (in thousands) Trucking ​ $ 4,296 ​ $ 3,057 ​ $ 16,925 ​ $ 6,577 USAT Logistics ​ 3,688 ​ 3,872 ​ 9,742 ​ 6,398 Unallocated merger costs ​ ​ (2,132) ​ ​ — ​ ​ (2,132) ​ ​ — Total operating income ​ $ 5,852 ​ $ 6,929 ​ $ 24,535 ​ $ 12,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Depreciation and amortization ​ (in thousands) Trucking ​ $ 8,576 ​ $ 8,901 ​ $ 16,296 ​ $ 18,197 USAT Logistics ​ 410 ​ 262 ​ 714 ​ 536 Total depreciation and amortization ​ $ 8,986 ​ $ 9,163 ​ $ 17,010 ​ $ 18,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

EQUITY COMPENSATION AND EMPLOYE

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2022
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	NOTE 4 – EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the “Incentive Plan”) in May 2014, which provided for the granting of up to 500,000 shares of common stock through equity-based awards to directors, officers and other key employees. 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. The Second Amendment to the Incentive Plan was adopted in May 2019, 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. The Third Amendment to the Incentive Plan was adopted in May 2022, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 250,000 shares. As of June 30, 2022, 416,302 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	​ NOTE 5 – ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 8,888 ​ $ 7,318 Federal and state tax accruals ​ 1,863 ​ 685 Other ​ 3,639 ​ 2,003 Total accrued expenses ​ $ 14,390 ​ $ 10,006 ​ ​ ​ ​ ​ ​ ​ ​

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
DEBT
DEBT	NOTE 6 – DEBT Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ (in thousands) Revolving credit agreement ​ $ — ​ $ 38,000 Sale-leaseback finance obligations ​ ​ 28,906 ​ ​ 32,739 Term loans ​ ​ 39,473 ​ ​ — Insurance premium financing ​ ​ 1,762 ​ ​ 3,601 Other ​ ​ 56 ​ ​ 84 ​ ​ ​ 70,197 ​ ​ 74,424 Less current maturities ​ ​ (16,956) ​ ​ (11,069) Total long-term debt ​ $ 53,241 ​ $ 63,355 ​ ​ ​ ​ ​ ​ ​ ​ New credit facility On January 31, 2022, the Company entered into a new senior secured revolving credit facility (the “Credit Facility”) with a group of lenders and BMO Harris Bank, N.A., as agent (“Agent”). Contemporaneously with the funding of the Credit Facility, the Company paid off the obligations under its prior credit facility and terminated such facility. The Credit Facility is structured as a $130.0 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 $60 million, exercisable in increments of $20 million. The Credit Facility is a five-year facility scheduled to terminate on January 31, 2027. Borrowings under the Credit Facility are classified as either secured overnight financing rate (“SOFR”) loans or “Base Rate Loans”. SOFR Loans accrue interest at SOFR plus an applicable margin that adjusts quarterly to between 1.25% and 1.75% based on the Company’s consolidated fixed charge coverage ratio. Base Rate Loans accrue interest at a base rate equal to the Agent’s prime rate plus an applicable margin that adjusts quarterly to between 0.25% and 0.75% based on the Company’s consolidated fixed charge coverage ratio. The Credit Facility includes, within its $130.0 million revolving credit facility, a letter of credit sub-facility in an aggregate amount of $15.0 million and a swing line sub-facility in an aggregate amount of $25.0 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 certain of the Company’s assets, with the notable exclusions of any real estate or revenue equipment financed outside the Credit Facility. Borrowings under the Credit Facility are subject to a borrowing base limited to (A) the sum of (i) 85.0% of eligible accounts receivable, plus plus plus Credit Facility. In July 2022, approximately $6.7 million of the collateralized cash was unrestricted and made available to the Company. The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts outstanding under the Credit Facility may be accelerated, and the lenders’ commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions, affiliate transactions, and other indebtedness. Previous credit facility The previous credit facility was a $170.0 million revolving credit facility, with a $75.0 million accordion feature exercisable in increments of at least $20.0 million. The previous credit facility was a five-year facility scheduled to terminate on January 31, 2024. Borrowings under the previous credit facility were classified as either “base rate loans” or “LIBOR loans”, and included a letter of credit sub-facility in aggregate of $15.0 million and a swingline sub-facility in aggregate of $25.0 million. An unused line fee of 0.25% was 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 previous credit facility. The previous credit facility was secured by a pledge of substantially all of the Company’s assets, except for any real estate or revenue equipment financed outside the previous credit facility. The previous credit facility contained a single financial covenant that was triggered in the event excess availability fell below 10.0% of the lenders’ total commitments, and 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 were triggered in the event excess availability fell below 20.0% of the lenders’ total commitments. Additionally, the Company recognized charges in the first quarter of 2022 of $0.3 million associated with the write-off of unamortized debt issuance costs associated with the previous credit facility to the interest expense line item. Restricted cash The Company has $7.9 million in letters of credit that were supported by the previous credit facility. Upon termination of the previous credit facility, the Company was required to cash collateralize the letters of credit at 105% of the outstanding amounts, or $8.3 million. In future periods, as the letters of credit are transitioned to the Credit Facility, the funds will be transferred to an unrestricted account and the restrictions will lapse. In July 2022, approximately $6.7 million of the collateralized cash was unrestricted and made available to the Company. Term loans In January 2022, the Company entered into a series of term loans totaling approximately $42.0 million. These term loans are secured by operating equipment with varying degrees of remaining lives, with loan durations corresponding to the remaining useful lives and ranging from 36 Sale-leaseback transactions In December 2021, the Company entered into a sale-leaseback transaction whereby it sold trailers for approximately $24.5 million and concurrently entered into a finance lease agreement for the sold trailers with a 48 month term. Under the lease agreement, the Company will make monthly payments of approximately $0.5 million, and at the end of the lease, has the option to purchase the trailers for nominal consideration. This transaction does not qualify for sale-leaseback accounting due to the bargain purchase option and is therefore treated as a financing obligation. Insurance premium financing In October 2021, the Company entered into a short-term agreement to finance approximately $5.5 million with a third-party financing company for a portion of the Company’s annual insurance premiums.

LEASES AND OTHER COMMITMENTS

LEASES AND OTHER COMMITMENTS	6 Months Ended
	Jun. 30, 2022
LEASES AND OTHER COMMITMENTS
LEASES AND OTHER COMMITMENTS	​ NOTE 7 – LEASES AND OTHER COMMITMENTS The components of lease expense for each of the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Operating lease costs ​ $ 2,224 ​ $ 1,908 ​ $ 4,254 ​ $ 3,842 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,134 ​ 2,782 ​ 7,277 ​ 6,796 Interest on lease liabilities ​ 910 ​ 639 ​ 1,543 ​ 1,309 Total finance lease costs ​ 5,044 ​ 3,421 ​ 8,820 ​ 8,105 Variable and short-term lease costs ​ 413 ​ 703 ​ 911 ​ 1,286 Total lease costs ​ $ 7,681 ​ $ 6,032 ​ $ 13,985 ​ $ 13,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental information and balance sheet location related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 Operating leases: ​ (dollars in thousands) Operating leases - right-of-use assets ​ $ 25,450 $ 22,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations ​ 7,221 ​ 6,679 Long-term operating lease obligations ​ 18,665 ​ 16,644 Total operating lease liabilities ​ $ 25,886 ​ $ 23,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases and assets subject to sale leasebacks: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ 156,379 ​ 137,736 Accumulated amortization ​ (51,436) ​ (47,699) Property and equipment, net ​ $ 104,943 ​ $ 90,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations ​ 16,834 ​ 14,095 Long-term finance lease obligations ​ 69,688 ​ 56,274 ​ ​ $ 86,522 ​ $ 70,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ (in months) ​ (in months) Operating leases ​ 51 ​ 50 Finance leases ​ 37 ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 4.14 % ​ 4.53 % Finance leases ​ 3.30 % ​ 3.69 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases is as follows for the six months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2021 Cash paid for amounts included in measurement of liabilities: ​ (in thousands) Operating cash flows from operating leases ​ $ 214 ​ $ 71 Operating cash flows from finance leases ​ ​ 910 ​ ​ 1,309 Financing cash flows from finance leases ​ ​ 12,290 ​ ​ 5,888 ​ ​ ​ ​ ​ ​ ​ Assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 5,842 ​ $ 170 Finance leases ​ ​ 28,102 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMMITMENTS As of June 30, 2022, the Company had $53.7 million in purchase commitments for the acquisition of revenue equipment, of which $13.3 million was cancellable. It is anticipated that these purchase commitments may be funded through cash provided by operations, borrowings under the Company’s Credit Facility, proceeds from the sale of used revenue equipment or the use of finance and operating leases.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 8 – INCOME TAXES During the three months ended June 30, 2022 and 2021 the Company’s effective tax rate was 24.3% and 28.5%, respectively. During the six months ended June 30, 2022, and 2021 the Company’s effective tax rate was 23.9% and 28.0%, respectively. The effective rate varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses. The fiscal 2022 tax rate was affected by vesting of equity-based compensation at a higher stock price than the price at which it was granted, which resulted in a decrease to tax expense. Additionally, in fiscal 2022, the Company benefited from The Consolidated Appropriations Act of 2021 that increased the deduction for the cost of food or beverage provided by a restaurant to be 100% deductible in 2021 and 2022. The three and six month periods ended June 30, 2021, however, did not benefit from The Consolidated Appropriations Act of 2021 because the legislation was not passed until December 2021.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 9 – EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Numerator: ​ (in thousands, except per share amounts) Net income ​ $ 3,199 ​ $ 4,193 ​ $ 16,310 ​ $ 7,790 Denominator: ​ ​ ​ ​ Denominator for basic earnings per share – weighted average shares ​ 8,876 ​ 8,806 ​ 8,904 ​ 8,826 Effect of dilutive securities: ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ 111 ​ 141 ​ 158 ​ 150 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion ​ 8,987 ​ 8,947 ​ 9,062 ​ 8,976 Basic earnings per share ​ $ 0.36 ​ $ 0.48 ​ $ 1.83 ​ $ 0.88 Diluted earnings per share ​ $ 0.36 ​ $ 0.47 ​ $ 1.80 ​ $ 0.87 Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 301 ​ 114 ​ 238 ​ 126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2022
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	​ ​ NOTE 10 – 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, results of operations or cash flows in any given reporting period.

PROPOSED MERGER

PROPOSED MERGER	6 Months Ended
	Jun. 30, 2022
PROPOSED MERGER
PROPOSED MERGER	NOTE 11 – PROPOSED MERGER On June 23, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Schenker, Inc., a New York corporation (“Schenker”) and Tango Merger, Inc., a Delaware corporation and a wholly owned subsidiary of Schenker (“Merger Sub”). The Merger Agreement provides that Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Schenker (the “Merger”). Schenker and Merger Sub are affiliates of DB Schenker, one of the world's leading logistics service providers. At the effective time of the Merger and as a result of the Merger: ● Each share of the Company’s common stock, par value $0.01 per share (the “Company common stock”), that is issued and outstanding immediately prior to the effective time of the Merger, other than shares to be cancelled pursuant to the Merger Agreement or shares of Company common stock held by holders who have made a valid demand for appraisal in accordance with Section 262 of the Delaware General Corporation Law, will be converted into the right to receive $31.72 in cash, without interest (the “Merger Consideration”), subject to any applicable withholding taxes; ● Each outstanding and unexercised option to purchase shares of Company common stock (whether vested or unvested and whether exercisable or unexercisable) (a “Company stock option”) will become fully vested and be cancelled in exchange for the right to receive a cash payment, without interest and subject to applicable tax withholding, of an amount equal to the product of (i) the total number of shares of Company common stock underlying each such Company stock option and (ii) the excess of the Merger Consideration over the exercise price per share of each such Company stock option; ● Each outstanding share of restricted stock of the Company (whether vested or unvested) (“restricted stock”), will become fully vested and be cancelled in exchange for the right to receive a cash payment, without interest and subject to applicable tax withholding, of an amount equal to the product of (i) the total number of shares of Company common stock underlying each such award of restricted stock and (ii) the Merger Consideration; and ● Each outstanding performance stock unit with respect to shares of Company common stock (whether vested or unvested) (a “PSU”), will become fully vested and be cancelled in exchange for the right to receive a cash payment, without interest and subject to applicable tax withholding, of an amount equal to the product of (i) the total number of shares of Company common stock underlying each such PSU and (ii) the Merger Consideration. The closing of the Merger is subject to various conditions, including (i) the adoption of the Merger Agreement by holders of two-thirds of the issued and outstanding shares of Company common stock entitled to vote thereon at the stockholder meeting (the “Company Stockholder Approval”); (ii) the absence of any outstanding law, regulation, or order enacted, promulgated, issued, entered, amended or enforced by any governmental entity that restrains, enjoins or otherwise prohibits the consummation of the Merger; (iii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (the “HSR Act”); (iv) the CFIUS (the “Committee on Foreign Investment in the United States”) Approval (as defined in the Merger Agreement); and (v) the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, as of the date of the Merger Agreement and as of the date of the closing of the Merger, and compliance in all material respects with the covenants and agreements contained in the Merger Agreement. In addition, the obligation of Schenker and Merger Sub to consummate the Merger is subject to the absence, since the date of the Merger Agreement, of a Company Material Adverse Effect (as defined in the Merger Agreement). The closing of the Merger is not subject to a financing condition. Under the terms of the Merger Agreement, consummation of the Merger will occur on the third business day following the satisfaction or waiver of the conditions to closing of the Merger. Assuming the satisfaction of the conditions set forth in the Merger Agreement, including Company Stockholder Approval, the Company expects the Merger to close by the end of 2022. Until the closing, the Company will continue to operate as an independent company. The Merger Agreement provides that, in certain circumstances, including the termination of the Merger Agreement by the Company to accept a Superior Proposal (as defined in the Merger Agreement), the termination of the Merger Agreement by Schenker following a change in recommendation by the Board, and other customary circumstances, the Company would be required to pay Schenker a termination fee of $10,000,000. In the second quarter of 2022, the Company incurred approximately $2.1 million of Merger related costs that are recorded in the line item ‘Merger costs’ in the condensed consolidated statement of income and comprehensive income. These costs related primarily to legal costs incurred on behalf of the Company, executives, and the Board and the costs related to the fairness opinion, from a financial point of view, of the merger consideration.

ASSET HELD FOR SALE

ASSET HELD FOR SALE	6 Months Ended
	Jun. 30, 2022
ASSET HELD FOR SALE
ASSET HELD FOR SALE	NOTE 12 –ASSET HELD FOR SALE On June 20, 2022, the Company entered into an agreement to sell excess property consisting of approximately 25.5 acres of land and the related facility located in Van Buren, Arkansas, with a net book value of $1.2 million for approximately $3.2 million. The agreement contains customary terms and conditions, including a due diligence inspection period, and is expected to close prior to end of the year.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2022
REVENUE RECOGNITION
Disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 95,653 ​ $ 72,216 ​ $ (6,346) ​ $ 161,523 ​ $ 90,712 ​ $ 72,204 ​ $ (13,545) ​ $ 149,371 Fuel surcharge ​ 23,535 ​ 12,665 ​ (310) ​ 35,890 ​ 12,038 ​ ​ 5,569 ​ ​ (534) ​ 17,073 Accessorial ​ 3,327 ​ 1,390 ​ — ​ 4,717 ​ 2,611 ​ ​ 976 ​ ​ — ​ 3,587 Total ​ $ 122,515 ​ $ 86,271 ​ $ (6,656) ​ $ 202,130 ​ $ 105,361 ​ $ 78,749 ​ $ (14,079) ​ $ 170,031 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2022 ​ 2021 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 193,225 ​ $ 160,150 ​ $ (18,792) ​ $ 334,583 ​ $ 181,727 ​ $ 134,666 ​ $ (26,149) ​ $ 290,244 Fuel surcharge ​ 39,759 ​ 21,105 ​ (316) ​ 60,548 ​ 22,358 ​ 9,866 ​ (909) ​ 31,315 Accessorial ​ 5,602 ​ 2,460 ​ — ​ 8,062 ​ 4,379 ​ 2,598 ​ — ​ 6,977 Total ​ $ 238,586 ​ $ 183,715 ​ $ (19,108) ​ $ 403,193 ​ $ 208,464 ​ $ 147,130 ​ $ (27,058) ​ $ 328,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2022
SEGMENT REPORTING
Schedule of segment information by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Operating revenue (1) ​ (in thousands) Trucking revenue ​ $ 122,515 ​ $ 105,361 ​ $ 238,586 ​ $ 208,464 Trucking intersegment eliminations ​ (111) ​ (259) ​ (153) ​ (586) Trucking operating revenue ​ 122,404 ​ 105,102 ​ 238,433 ​ 207,878 USAT Logistics revenue ​ 86,271 ​ 78,749 ​ 183,715 ​ 147,130 USAT Logistics intersegment eliminations ​ (6,545) ​ (13,820) ​ (18,955) ​ (26,472) USAT Logistics operating revenue ​ 79,726 ​ 64,929 ​ 164,760 ​ 120,658 Total operating revenue ​ $ 202,130 ​ $ 170,031 ​ $ 403,193 ​ $ 328,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $14.6 million and $10.0 million for the three months ended June 30, 2022 and 2021, respectively, and $27.0 million and $18.9 million for the six months ended June 30, 2022, and 2021, respectively. A summary of operating income by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Operating income ​ (in thousands) Trucking ​ $ 4,296 ​ $ 3,057 ​ $ 16,925 ​ $ 6,577 USAT Logistics ​ 3,688 ​ 3,872 ​ 9,742 ​ 6,398 Unallocated merger costs ​ ​ (2,132) ​ ​ — ​ ​ (2,132) ​ ​ — Total operating income ​ $ 5,852 ​ $ 6,929 ​ $ 24,535 ​ $ 12,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Depreciation and amortization ​ (in thousands) Trucking ​ $ 8,576 ​ $ 8,901 ​ $ 16,296 ​ $ 18,197 USAT Logistics ​ 410 ​ 262 ​ 714 ​ 536 Total depreciation and amortization ​ $ 8,986 ​ $ 9,163 ​ $ 17,010 ​ $ 18,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 8,888 ​ $ 7,318 Federal and state tax accruals ​ 1,863 ​ 685 Other ​ 3,639 ​ 2,003 Total accrued expenses ​ $ 14,390 ​ $ 10,006 ​ ​ ​ ​ ​ ​ ​

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
DEBT
Schedule of long-term debt instruments	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ (in thousands) Revolving credit agreement ​ $ — ​ $ 38,000 Sale-leaseback finance obligations ​ ​ 28,906 ​ ​ 32,739 Term loans ​ ​ 39,473 ​ ​ — Insurance premium financing ​ ​ 1,762 ​ ​ 3,601 Other ​ ​ 56 ​ ​ 84 ​ ​ ​ 70,197 ​ ​ 74,424 Less current maturities ​ ​ (16,956) ​ ​ (11,069) Total long-term debt ​ $ 53,241 ​ $ 63,355 ​ ​ ​ ​ ​ ​ ​

LEASES AND OTHER COMMITMENTS (T

LEASES AND OTHER COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES AND OTHER COMMITMENTS
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 ​ ​ (in thousands) Operating lease costs ​ $ 2,224 ​ $ 1,908 ​ $ 4,254 ​ $ 3,842 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,134 ​ 2,782 ​ 7,277 ​ 6,796 Interest on lease liabilities ​ 910 ​ 639 ​ 1,543 ​ 1,309 Total finance lease costs ​ 5,044 ​ 3,421 ​ 8,820 ​ 8,105 Variable and short-term lease costs ​ 413 ​ 703 ​ 911 ​ 1,286 Total lease costs ​ $ 7,681 ​ $ 6,032 ​ $ 13,985 ​ $ 13,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 Operating leases: ​ (dollars in thousands) Operating leases - right-of-use assets ​ $ 25,450 $ 22,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations ​ 7,221 ​ 6,679 Long-term operating lease obligations ​ 18,665 ​ 16,644 Total operating lease liabilities ​ $ 25,886 ​ $ 23,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases and assets subject to sale leasebacks: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ 156,379 ​ 137,736 Accumulated amortization ​ (51,436) ​ (47,699) Property and equipment, net ​ $ 104,943 ​ $ 90,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations ​ 16,834 ​ 14,095 Long-term finance lease obligations ​ 69,688 ​ 56,274 ​ ​ $ 86,522 ​ $ 70,369 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ (in months) ​ (in months) Operating leases ​ 51 ​ 50 Finance leases ​ 37 ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 4.14 % ​ 4.53 % Finance leases ​ 3.30 % ​ 3.69 % ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2021 Cash paid for amounts included in measurement of liabilities: ​ (in thousands) Operating cash flows from operating leases ​ $ 214 ​ $ 71 Operating cash flows from finance leases ​ ​ 910 ​ ​ 1,309 Financing cash flows from finance leases ​ ​ 12,290 ​ ​ 5,888 ​ ​ ​ ​ ​ ​ ​ Assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 5,842 ​ $ 170 Finance leases ​ ​ 28,102 ​ ​ — ​ ​ ​ ​ ​ ​ ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Numerator: ​ (in thousands, except per share amounts) Net income ​ $ 3,199 ​ $ 4,193 ​ $ 16,310 ​ $ 7,790 Denominator: ​ ​ ​ ​ Denominator for basic earnings per share – weighted average shares ​ 8,876 ​ 8,806 ​ 8,904 ​ 8,826 Effect of dilutive securities: ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ 111 ​ 141 ​ 158 ​ 150 Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversion ​ 8,987 ​ 8,947 ​ 9,062 ​ 8,976 Basic earnings per share ​ $ 0.36 ​ $ 0.48 ​ $ 1.83 ​ $ 0.88 Diluted earnings per share ​ $ 0.36 ​ $ 0.47 ​ $ 1.80 ​ $ 0.87 Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 301 ​ 114 ​ 238 ​ 126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
BASIS OF PRESENTATION
Increase or (decrease) in depreciation expense from a change in the tractor fleet salvage	$ (1)	$ (2)

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue
Revenues	$ 202,130	$ 170,031	$ 403,193	$ 328,536
Contract assets	2,100		2,100		$ 1,600
Intersegment Eliminations
Disaggregation of Revenue
Revenues	(6,656)	(14,079)	(19,108)	(27,058)
Trucking
Disaggregation of Revenue
Revenues	122,404	105,102	238,433	207,878
Trucking | Operating Segments
Disaggregation of Revenue
Revenues	122,515	105,361	238,586	208,464
Trucking | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(111)	(259)	(153)	(586)
USAT Logistics
Disaggregation of Revenue
Revenues	79,726	64,929	164,760	120,658
USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	86,271	78,749	183,715	147,130
USAT Logistics | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(6,545)	(13,820)	(18,955)	(26,472)
Freight
Disaggregation of Revenue
Revenues	161,523	149,371	334,583	290,244
Freight | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(6,346)	(13,545)	(18,792)	(26,149)
Freight | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	95,653	90,712	193,225	181,727
Freight | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	72,216	72,204	160,150	134,666
Fuel Surcharge
Disaggregation of Revenue
Revenues	35,890	17,073	60,548	31,315
Fuel Surcharge | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(310)	(534)	(316)	(909)
Fuel Surcharge | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	23,535	12,038	39,759	22,358
Fuel Surcharge | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	12,665	5,569	21,105	9,866
Accessorial
Disaggregation of Revenue
Revenues	4,717	3,587	8,062	6,977
Accessorial | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	3,327	2,611	5,602	4,379
Accessorial | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	$ 1,390	$ 976	$ 2,460	$ 2,598

SEGMENT REPORTING - Other (Deta

SEGMENT REPORTING - Other (Details)	6 Months Ended
	Jun. 30, 2022 segment
SEGMENT REPORTING
Number of reportable segments	2

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Operating revenue	$ 202,130	$ 170,031	$ 403,193	$ 328,536
Operating income	5,852	6,929	24,535	12,975
Unallocated merger costs	2,132	0	2,132
Depreciation and amortization	8,986	9,163	17,010	18,733
Trucking
Segment Reporting Information
Operating revenue	122,404	105,102	238,433	207,878
USAT Logistics
Segment Reporting Information
Operating revenue	79,726	64,929	164,760	120,658
Operating Segments
Segment Reporting Information
Operating income	5,852	6,929	24,535	12,975
Unallocated merger costs	(2,132)		(2,132)
Depreciation and amortization	8,986	9,163	17,010	18,733
Operating Segments | Trucking
Segment Reporting Information
Operating revenue	122,515	105,361	238,586	208,464
Operating income	4,296	3,057	16,925	6,577
Depreciation and amortization	8,576	8,901	16,296	18,197
Operating Segments | USAT Logistics
Segment Reporting Information
Operating revenue	86,271	78,749	183,715	147,130
Operating income	3,688	3,872	9,742	6,398
Depreciation and amortization	410	262	714	536
Intersegment Eliminations
Segment Reporting Information
Operating revenue	(6,656)	(14,079)	(19,108)	(27,058)
Intersegment Eliminations | Trucking
Segment Reporting Information
Operating revenue	(111)	(259)	(153)	(586)
Intersegment Eliminations | USAT Logistics
Segment Reporting Information
Operating revenue	(6,545)	(13,820)	(18,955)	(26,472)
Foreign Countries | Operating Segments | Trucking
Segment Reporting Information
Operating revenue	$ 14,600	$ 10,000	$ 27,000	$ 18,900

EQUITY COMPENSATION AND EMPLO_2

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) - Omnibus Incentive Plan (the "Incentive Plan") - shares	1 Months Ended
	May 31, 2022	May 31, 2019	Jun. 30, 2022	May 31, 2017	May 31, 2014
Defined Benefit Plan Disclosure
Number of shares authorized (in shares)				500,000	500,000
Number of additional shares authorized (in shares)	250,000	500,000
Number of shares available for grant (in shares)			416,302

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ACCRUED EXPENSES
Salaries, wages and employee benefits	$ 8,888	$ 7,318
Federal and state tax accruals	1,863	685
Other	3,639	2,003
Total accrued expenses	$ 14,390	$ 10,006

DEBT - Summary of Long-term Deb

DEBT - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Feb. 01, 2022	Dec. 31, 2021	Apr. 20, 2020
Debt Instruments
Other	$ 56		$ 84
Total long-term debt, including current maturities	70,197		74,424
Less current maturities	(16,956)		(11,069)
Total long-term debt	53,241		63,355
Revolving credit agreement
Debt Instruments
Total long-term debt, including current maturities		$ 130,000	38,000	$ 170,000
Sale-leaseback finance obligations
Debt Instruments
Total long-term debt, including current maturities	28,906		32,739
Term Loans
Debt Instruments
Total long-term debt, including current maturities	39,473
Insurance premium financing
Debt Instruments
Total long-term debt, including current maturities	$ 1,762		$ 3,601

DEBT - Other (Details)

DEBT - Other (Details) - USD ($) $ in Thousands				1 Months Ended		6 Months Ended	12 Months Ended
	Feb. 01, 2022	Apr. 20, 2020	Jan. 31, 2019	Jan. 31, 2022	Jan. 31, 2019	Jun. 30, 2022	Dec. 31, 2021	Jul. 31, 2022	Oct. 31, 2021
Debt Instruments
Long-term debt						$ 70,197	$ 74,424
Term of debt instrument				36 months
Cash collateral for borrowed securities								$ 6,700
Percentage of cash collateralized for letters of credit						105%
Collateralized restricted cash						$ 8,300
Periodic payment				$ 700
Proceeds from obligation under finance lease						41,974
Proceeds from capital sale leaseback							$ 24,500
Finance lease contract term							48 months
Sale leaseback transaction monthly payments							$ 500
Revolving Credit Facility
Debt Instruments
Long-term debt	$ 130,000	$ 170,000					38,000
Maximum increase available subject to lender approval	$ 60,000				$ 75,000
Fixed charge coverage ratio	1
Exercisable, incremental borrowing capacity	$ 20,000	$ 20,000
Term of debt instrument	5 years		5 years
Commitment fee percentage	0.25%	0.25%
Borrowing based threshold eligible accounts receivable (as a percent)	85%
Borrowing based threshold for eligible unbilled accounts receivable (as a percent)	85%
Borrowing base before additions of eligible revenue equipment	$ 17,500
Eligible revenue equipment (as a percent)	85%
Percentage of maximum revolver amount	10%	10%
Excess availability maximum revolver amount	$ 13,000
Closing excess availability of the maximum revolver amount	$ 130,000
Minimum excess availability percentage of maximum revolver amount		20%
Charges associated with write-off of unamortized debt issuance costs						300
Revolving Credit Facility | Minimum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	85%
Revolving Credit Facility | Maximum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	90%
Swingline sub-facility
Debt Instruments
Long-term debt	$ 25,000	$ 25,000
Letter of credit sub-facility
Debt Instruments
Long-term debt	$ 15,000	$ 15,000
Letter of Credit
Debt Instruments
Collateral amount						7,900
Cash collateral for borrowed securities								$ 6,700
Long-term line of credit						7,900
Term Loans
Debt Instruments
Long-term debt				$ 42,000
Weighted average interest rate				3.20%
Term Loans | Minimum
Debt Instruments
Term of debt instrument				36 months
Term Loans | Maximum
Debt Instruments
Term of debt instrument				96 months
Base Rate | Revolving Credit Facility | Minimum | Period Through March, 31, 2022
Debt Instruments
Basis spread on variable rate (as a percent)	1.25%
Base Rate | Revolving Credit Facility | Maximum | Period Through March, 31, 2022
Debt Instruments
Basis spread on variable rate (as a percent)	1.75%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum | Period Through March, 31, 2022 Thereafter
Debt Instruments
Basis spread on variable rate (as a percent)	0.25%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum | Period Through March, 31, 2022 Thereafter
Debt Instruments
Basis spread on variable rate (as a percent)	0.75%
Insurance Premiums Financing Note
Debt Instruments
Long-term debt						$ 1,762	$ 3,601
Accrued Premium Insurance Payable									$ 5,500

LEASES AND OTHER COMMITMENTS -

LEASES AND OTHER COMMITMENTS - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LEASES AND OTHER COMMITMENTS
Operating lease costs	$ 2,224	$ 1,908	$ 4,254	$ 3,842
Finance lease costs:
Amortization of assets	4,134	2,782	7,277	6,796
Interest on lease liabilities	910	639	1,543	1,309
Total finance lease costs	5,044	3,421	8,820	8,105
Variable and short-term lease costs	413	703	911	1,286
Total lease costs	$ 7,681	$ 6,032	$ 13,985	$ 13,233

LEASES AND OTHER COMMITMENTS _2

LEASES AND OTHER COMMITMENTS - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating leases:
Operating leases - right of use assets	$ 25,450	$ 22,898
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases - right of use assets	Operating leases - right of use assets
Current operating lease obligations	$ 7,221	$ 6,679
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease obligations	Current operating lease obligations
Long-term operating lease obligations	$ 18,665	$ 16,644
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term operating lease obligations	Long-term operating lease obligations
Total operating lease liabilities	$ 25,886	$ 23,323
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Current operating lease obligations, Long-term operating lease obligations	Current operating lease obligations, Long-term operating lease obligations
Finance leases and assets subject to sale leasebacks:
Property and equipment, at cost	$ 156,379	$ 137,736
Accumulated amortization	(51,436)	(47,699)
Property and equipment, net	104,943	90,037
Finance lease obligations:
Current finance lease obligations	$ 16,834	$ 14,095
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current finance lease obligations	Current finance lease obligations
Long-term finance lease obligations	$ 69,688	$ 56,274
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term finance lease obligations	Long-term finance lease obligations
Total finance lease obligations	$ 86,522	$ 70,369
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Current finance lease obligations, Long-term finance lease obligations
Weighted average remaining lease term:
Operating leases	51 months	50 months
Finance leases	37 months	35 months
Weighted average discount rate:
Operating leases	4.14%	4.53%
Finance leases	3.30%	3.69%

LEASES AND OTHER COMMITMENTS _3

LEASES AND OTHER COMMITMENTS - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 214	$ 71
Operating cash flows from finance leases	910	1,309
Financing cash flows from finance leases	12,290	5,888
ROU assets obtained in exchange for lease liabilities:
Operating leases	5,842	$ 170
Finance leases	$ 28,102

LEASES AND OTHER COMMITMENTS _4

LEASES AND OTHER COMMITMENTS - Other (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
LEASES AND OTHER COMMITMENTS
Purchase commitment	$ 53.7
Noncancellable commitments for purchases of equipment	$ 13.3

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Federal income tax effects of:
Total income tax expense	$ 1,027	$ 1,673	$ 5,114	$ 3,036
Effective income tax rate reconciliation (as a percent)	24.30%	28.50%	23.90%	28%

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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
EARNINGS PER SHARE
Net income	$ 3,199	$ 13,111	$ 4,193	$ 3,597	$ 16,310	$ 7,790
Denominator:
Denominator for basic earnings per share - weighted average shares	8,876		8,806		8,904	8,826
Effect of dilutive securities:
Employee restricted stock and incentive stock options	111		141		158	150
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion (in shares)	8,987		8,947		9,062	8,976
Basic earnings per share (in dollars per share)	$ 0.36		$ 0.48		$ 1.83	$ 0.88
Diluted earnings per share (in dollars per share)	$ 0.36		$ 0.47		$ 1.80	$ 0.87
Weighted average anti-dilutive employee restricted stock and incentive stock options (in shares)	301		114		238	126

PROPOSED MERGER (Details)

PROPOSED MERGER (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 23, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Share price		$ 0.01		$ 0.01	$ 0.01
Merger costs		$ 2,132,000	$ 0	$ 2,132,000
Merger Agreement [Member] | Schenker Inc Acquisition [Member]
Business Acquisition [Line Items]
Share price	$ 0.01
Conversion price	$ 31.72
Termination fees	$ 10,000,000
Merger costs		$ 2,100,000

ASSET HELD FOR SALE (Details)

ASSET HELD FOR SALE (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] - Property Located at Van Buren, Arkansas [Member] $ in Millions	Jun. 30, 2022 USD ($) a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of land | a	25.5
Consideration	$ 3.2
Net book value	$ 1.2