Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | US XPRESS ENTERPRISES INC | |
Entity Central Index Key | 923,571 | |
Trading Symbol | usx | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 32,807,957 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,486,560 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 6,508 | $ 9,232 |
Customer receivables, net of allowance of $69 and $122 at June 30, 2018 and December 31, 2017, respectively | 206,558 | 186,407 |
Other receivables | 22,240 | 21,637 |
Prepaid insurance and licenses | 7,574 | 7,070 |
Operating supplies | 9,432 | 8,787 |
Assets held for sale | 9,720 | 3,417 |
Other current assets | 15,892 | 12,170 |
Total current assets | 277,924 | 248,720 |
Property and equipment, at cost | 844,533 | 835,814 |
Less accumulated depreciation and amortization | (388,877) | (371,909) |
Net property and equipment | 455,656 | 463,905 |
Other assets | ||
Goodwill | 57,708 | 57,708 |
Intangible assets, net | 29,827 | 30,742 |
Other | 21,110 | 19,496 |
Total other assets | 108,645 | 107,946 |
Total assets | 842,225 | 820,571 |
Current liabilities | ||
Accounts payable | 74,944 | 80,555 |
Book overdraft | 3,537 | |
Accrued wages and benefits | 24,885 | 20,530 |
Claims and insurance accruals | 46,839 | 47,641 |
Other accrued liabilities | 5,420 | 13,901 |
Current maturities of long-term debt | 110,062 | 132,332 |
Total current liabilities | 262,150 | 298,496 |
Long-term debt, net of current maturities | 282,209 | 480,472 |
Less: Unamortized discount and debt issuance costs | (1,508) | (7,266) |
Net long-term debt | 280,701 | 473,206 |
Deferred income taxes | 14,787 | 15,630 |
Other long-term liabilities | 12,901 | 14,350 |
Claims and insurance accruals, long-term | 58,124 | 56,713 |
Commitments and contingencies (Notes 5 and 7) | ||
Redeemable restricted units | 3,281 | |
Stockholders’ Equity (Deficit) | ||
Preferred stock, $.01 par value, 9,333,333 authorized, no shares issued | ||
Additional paid-in capital | 250,607 | 1 |
Accumulated deficit | (40,460) | (43,459) |
Stockholders’ equity (deficit) | 210,630 | (43,394) |
Noncontrolling interest | 2,932 | 2,289 |
Total stockholders’ equity (deficit) | 213,562 | (41,105) |
Total liabilities, redeemable restricted units and stockholders’ equity (deficit) | 842,225 | 820,571 |
Common Class A [Member] | ||
Stockholders’ Equity (Deficit) | ||
Common stock | 328 | 64 |
Common Class B [Member] | ||
Stockholders’ Equity (Deficit) | ||
Common stock | $ 155 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Allowance | $ 69 | $ 122 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 9,333,333 | 9,333,333 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 140,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 32,807,957 | 6,384,887 |
Common stock, shares outstanding (in shares) | 32,807,957 | 6,384,887 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 35,000,000 | 0 |
Common stock, shares issued (in shares) | 15,486,560 | 0 |
Common stock, shares outstanding (in shares) | 15,486,560 | 0 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Revenue | $ 449,758 | $ 370,350 | $ 875,466 | $ 734,026 |
Operating expenses | ||||
Salaries, wages, and benefits | 139,701 | 135,214 | 272,625 | 265,465 |
Fuel and fuel taxes | 57,704 | 51,712 | 116,093 | 102,180 |
Vehicle rents | 19,393 | 14,773 | 39,415 | 40,168 |
Depreciation and amortization, net of (gain) loss on sale of property | 24,149 | 26,510 | 48,855 | 45,758 |
Operating expenses and supplies | 29,073 | 33,167 | 58,864 | 64,539 |
Insurance premiums and claims | 19,165 | 17,582 | 39,335 | 35,024 |
Operating taxes and licenses | 3,509 | 3,097 | 6,910 | 6,464 |
Communications and utilities | 2,425 | 1,953 | 4,891 | 3,921 |
General and other operating expenses | 15,940 | 14,825 | 33,149 | 28,037 |
Total operating expenses | 429,740 | 367,661 | 840,594 | 729,409 |
Operating income | 20,018 | 2,689 | 34,872 | 4,617 |
Other expense (income) | ||||
Interest expense, net | 12,298 | 12,906 | 24,956 | 23,424 |
Early extinguishment of debt | 7,753 | 7,753 | ||
Equity in (income) loss of affiliated companies | (119) | 657 | 177 | 1,000 |
Other, net | 242 | (216) | 167 | (808) |
Total other expenses (income) | 20,174 | 13,347 | 33,053 | 23,616 |
Income (loss) before income tax provision (benefit) | (156) | (10,658) | 1,819 | (18,999) |
Income tax benefit | (1,191) | (2,261) | (598) | (6,195) |
Net total and comprehensive income (loss) | 1,035 | (8,397) | 2,417 | (12,804) |
Net total and comprehensive income attributable to noncontrolling interest | 420 | 55 | 643 | 80 |
Net total and comprehensive income (loss) attributable to controlling interest | $ 615 | $ (8,452) | $ 1,774 | $ (12,884) |
Income (loss) per share | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) |
Basic weighted average shares outstanding (in shares) | 14,214 | 6,385 | 10,321 | 6,385 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) |
Diluted weighted average shares outstanding (in shares) | 14,456 | 6,385 | 10,443 | 6,385 |
Cargo and Freight [Member] | ||||
Revenues | ||||
Revenue | $ 402,808 | $ 338,463 | $ 785,666 | $ 670,305 |
Fuel Surcharge [Member] | ||||
Revenues | ||||
Revenue | 46,950 | 31,887 | 89,800 | 63,721 |
Shipping and Handling [Member] | ||||
Operating expenses | ||||
Purchased transportation | $ 118,681 | $ 68,828 | $ 220,457 | $ 137,853 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income (loss) | $ 2,417 | $ (12,804) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Early extinguishment of debt | 7,753 | |
Equity in (income) loss of affiliated companies | 177 | 1,000 |
Deferred income tax benefit | (959) | (7,077) |
Provision for losses on receivables | 36 | |
Depreciation and amortization | 46,792 | 44,976 |
Losses on sale of property and equipment | 2,063 | 782 |
Share based compensation | 629 | 259 |
Original issue discount and deferred financing amortization | 1,387 | 1,456 |
Interest paid-in-kind | (7,516) | 953 |
Purchase commitment interest (income) expense | 171 | (366) |
Changes in operating assets and liabilities: | ||
Receivables | (17,531) | (7,246) |
Prepaid insurance and licenses | (504) | (284) |
Operating supplies | (1,042) | (66) |
Other assets | (3,777) | (1,361) |
Accounts payable and other accrued liabilities | (15,353) | (12,934) |
Accrued wages and benefits | 4,356 | (471) |
Net cash provided by operating activities | 19,099 | 6,817 |
Investing activities | ||
Payments for purchases of property and equipment | (62,864) | (227,380) |
Proceeds from sales of property and equipment | 15,355 | 15,270 |
Acquisition of business | (2,219) | |
Other | (500) | (618) |
Net cash used in investing activities | (48,009) | (214,947) |
Financing activities | ||
Borrowings under lines of credit | 214,432 | 198,590 |
Payments under lines of credit | (243,765) | (158,204) |
Borrowings under long-term debt | 244,677 | 216,808 |
Payments of long-term debt | (427,341) | (55,051) |
Payments of financing costs | (4,151) | (195) |
Proceeds from IPO, net of issuance costs | 247,098 | |
Payments of long-term consideration for business acquisition | (1,010) | |
Repurchase of membership units | (217) | (340) |
Book overdraft | (3,537) | 7,432 |
Net cash provided by financing activities | 26,186 | 209,040 |
Net change in cash and cash equivalents | (2,724) | 910 |
Cash and cash equivalents: | ||
Beginning of year | 9,232 | 3,278 |
End of year | 6,508 | 4,188 |
Supplemental disclosure of cash flow information | ||
Cash paid during the year for interest | 37,529 | 27,165 |
Cash paid during the year for income taxes | 1,110 | 316 |
Supplemental disclosure of significant noncash investing and financing activities | ||
Lease conversion | 34,169 | |
Assumption of debt | 5,377 | |
Uncollected proceeds from asset sales | 206 | 2,177 |
Costs related to our IPO accrued in accounts payable | 617 | |
Capital Lease Obligations [Member] | ||
Supplemental disclosure of significant noncash investing and financing activities | ||
Capital lease extinguishments | $ 997 | $ 92 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Issuance of Class A Stock [Member]Common Stock [Member]Common Class A [Member] | Issuance of Class A Stock [Member]Common Stock [Member]Common Class B [Member] | Issuance of Class A Stock [Member]Additional Paid-in Capital [Member] | Issuance of Class A Stock [Member]Retained Earnings [Member] | Issuance of Class A Stock [Member]Noncontrolling Interest [Member] | Issuance of Class A Stock [Member]Redeemable Restricted Units [Member] | Issuance of Class A Stock [Member] | Issuance of Class B Stock [Member]Common Stock [Member]Common Class A [Member] | Issuance of Class B Stock [Member]Common Stock [Member]Common Class B [Member] | Issuance of Class B Stock [Member]Additional Paid-in Capital [Member] | Issuance of Class B Stock [Member]Retained Earnings [Member] | Issuance of Class B Stock [Member]Noncontrolling Interest [Member] | Issuance of Class B Stock [Member]Redeemable Restricted Units [Member] | Issuance of Class B Stock [Member] | Issuance of Class A stock, Two [Member]Common Stock [Member]Common Class A [Member] | Issuance of Class A stock, Two [Member]Common Stock [Member]Common Class B [Member] | Issuance of Class A stock, Two [Member]Additional Paid-in Capital [Member] | Issuance of Class A stock, Two [Member]Retained Earnings [Member] | Issuance of Class A stock, Two [Member]Noncontrolling Interest [Member] | Issuance of Class A stock, Two [Member]Redeemable Restricted Units [Member] | Issuance of Class A stock, Two [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Redeemable Restricted Units [Member] | Total |
Balance at Dec. 31, 2017 | $ 64 | $ 1 | $ (43,459) | $ 2,289 | $ 3,281 | $ (41,105) | ||||||||||||||||||||||
Share based compensation | 238 | 391 | 238 | |||||||||||||||||||||||||
Adoption of ASC 606 at Dec. 31, 2017 | 1,459 | 1,459 | ||||||||||||||||||||||||||
Cancel 6,384,877 US Xpress Enterprises shares | (64) | 64 | ||||||||||||||||||||||||||
Issuance of 16,046,624 shares of Class A Stock in Reorganization | $ 160 | $ (11) | $ (149) | $ 155 | $ (6) | $ (149) | $ 167 | $ 246,931 | $ 247,098 | |||||||||||||||||||
Transfer from temporary equity to permanent equity | 3,455 | (3,455) | 3,455 | |||||||||||||||||||||||||
Vesting of 93,333 restricted units | 1 | (1) | ||||||||||||||||||||||||||
Dividend of repurchased membership units | (217) | |||||||||||||||||||||||||||
Net income | 1,774 | 643 | 2,417 | |||||||||||||||||||||||||
Balance at Jun. 30, 2018 | $ 328 | $ 155 | $ 250,607 | $ (40,460) | $ 2,932 | $ 213,562 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 6 Months Ended |
Jun. 30, 2018shares | |
Issuance of Class A Stock [Member] | |
Shares issued (in shares) | 16,046,624 |
Issuance of Class B Stock [Member] | |
Shares issued (in shares) | 15,486,560 |
Issuance of Class A stock, Two [Member] | |
Shares issued (in shares) | 16,668,000 |
Shares cancelled (in shares) | 6,384,877 |
Vesting restricted units, shares (in shares) | 93,333 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Operations U.S. Xpress Enterprises, Inc. and its consolidated subsidiaries (collectively, the “Company”, “we”, “us”, “our”, and similar expressions) provide transportation services throughout the United States and Mexico, with a focus in the densely populated and economically diverse eastern half of the United States. The Company offers its customers a broad portfolio of services using its own asset-based truckload fleet and third two third U.S. Xpress Enterprises, Inc. completed its initial public offering in June 2018 ( October 12, 2007 100% In connection with the Reorganization, we adopted the Second Amended and Restated Certificate of Incorporation of the Company, and converted into and exchanged the issued and outstanding membership units of New Mountain Lake immediately prior to the Reorganization for the Company’s common stock. We provided for the issuance of 4.6666667 4.6666667 one five 16,668,000 $16 $245.2 Under our Articles of Incorporation, our authorized capital stock consists of 140,000,000 $0.01 35,000,000 $0.01 9,333,333 may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with Article 10 X 1933, Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2017 three six June 30, 2018 not may December 31, 2018. December 31, 2017. Recognition of Revenue The Company generates revenues primarily from shipments executed by the Company’s Truckload and Brokerage operations. Those shipments are the Company’s performance obligations, arising under contracts we have entered into with customers. Under such contracts, revenue is recognized when obligations are satisfied, which occurs over time with the transit of shipments from origin to destination. This is appropriate as the customer simultaneously receives and consumes the benefits as the Company performs its obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. The most significant judgment used in recognition of revenue is the determination of miles driven as the basis for determining the amount of revenue to be recognized for partially fulfilled obligations. Accessorial charges for fuel surcharge, loading and unloading, stop charges, and other immaterial charges are part of the consideration we receive for the single performance obligation of delivering shipments. Contracts entered into with our customers do not Certain incremental revenue-related costs associated with obtaining a contract are capitalized. The majority of revenue contracts with our customers have a duration of one not one $3.6 $1.4 June 30, 2018 Through the Company’s Brokerage operations, the Company outsources the transportation of the loads to third third The timing of revenue recognition, billings, cash collections, and allowance for doubtful accounts results in billed and unbilled receivables on the unaudited condensed consolidated balance sheet. The Company receives the unconditional right to bill when shipments are delivered to their destination. We generally receive payment within 40 $4.0 $3.9 June 30, 2018 December 31, 2017, $3.7 June 30, 2018. The following table presents the effect of the adoption of Accounting Standard Codification 606 606 three six June 30, 2018 ( As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments for the Three for the Six Adjustments for the Six Months Ended Due to Months Ended Months Ended Due to Months Ended June 30, 2018 ASC 606 June 30, 2018 June 30, 2018 ASC 606 June 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 449,758 14 449,772 875,466 (151 ) 875,315 Total operating expenses 429,740 1,019 430,759 840,594 1,541 842,135 Operating income 20,018 (1,005 ) 19,013 34,872 (1,692 ) 33,180 Income (loss) before income tax benefit (156 ) (1,005 ) (1,161 ) 1,819 (1,692 ) 127 Income tax provision (1,191 ) (291 ) (1,482 ) (598 ) (491 ) (1,089 ) Net income (loss) 1,035 (714 ) 321 2,417 (1,201 ) 1,216 Net income (loss) attributable to controlling interest 615 (714 ) (99 ) 1,774 (1,201 ) 573 Basic earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.06 Basic weighted average shares outstanding 14,214 14,214 14,214 10,321 10,321 10,321 Diluted earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.05 Diluted weighted average shares outstanding 14,456 14,456 14,456 10,443 10,443 10,443 Reported Adjustments Under ASC 605 Balance at Due to Balance at Consolidated Balance Sheet June 30, 2018 ASC 606 June 30, 2018 Customer receivables, net of allowance of $69 at June 30, 2018 $ 206,558 $ (4,003 ) $ 202,555 Other current assets 15,892 (2,216 ) 13,676 Total current assets 277,924 (6,219 ) 271,705 Total assets 842,225 (6,219 ) 836,006 Accounts payable 74,944 (2,600 ) 72,344 Other accrued liabilities 5,420 (349 ) 5,071 Deferred income taxes 14,787 (609 ) 14,178 Accumulated deficit (40,460 ) (2,661 ) (43,121 ) Stockholder’s equity (deficit) 210,630 (2,661 ) 207,969 Total stockholder's equity (deficit) 213,562 (2,661 ) 210,901 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 842,225 (6,219 ) 836,006 Operating Cash Flows Net income (loss) 2,417 (1,201 ) 1,216 Receivables (17,531 ) (151 ) (17,682 ) Other assets (3,777 ) (1,751 ) (5,528 ) Accounts payable and other accrued liabilities (15,353 ) 210 (15,143 ) Deferred income tax benefit (959 ) 491 (468 ) Recently Issued Accounting Standards In February 2018, 2018 02, 220 2017 December 15, 2018, not 2018 02 In January 2017, 2017 04, 350 2 2 December 15, 2019. not 2018 02 In February 2016, 2016 02, 842 December 15, 2018. Recently Adopted Accounting Standards In March 2018, 2018 05, 740 No. 118.” No. 118, 740, December 22, 2017 - not In August 2016, 2016 15, 230 eight may December 15, 2017. 2016 15 January 1, 2018. not In April 2015, 2015 14, 606 2014 09. five December 15, 2017. 2014 09 January 1, 2018 606 606, 606, 606 606 December 31, 2017 $1.5 |
Note 3 - Income Taxes
Note 3 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. Income Taxes The Company’s provision for income taxes for the six June 30, 2018 2017 three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Income (loss) before Income Taxes $ (156 ) $ (10,658 ) $ 1,819 $ (18,999 ) Income tax benefit (1,191 ) (2,261 ) (598 ) (6,195 ) Effective tax rate 763.5 % 21.2 % -32.9 % 32.6 % The difference between the Company’s effective tax rate for the three six June 30,2018 2017 21% 35%, June 30, 2018, 2018 December 22, 2017. The Company recorded discrete tax items for the six June 30, 2018 0.4 0.7 June 30, 2018, December 31, 2017 no December 31, 2017 2017 Global Intangible Low-Taxed Income: The Act subjects a US shareholder to tax on GILTI earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, not June 30, 2018, not |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-Term Debt Long-term debt at June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Term loan agreement, maturing May 2020, terminated June 2018, effective interest rate of 12.2% $ - $ 193,177 Line of credit, maturing March 2020, terminated June 2018 - 29,333 Term loan agreement, interest rate of 4.3% at June 30, 2018, maturing June 2023 200,000 - Revenue equipment installment notes with finance companies, weighted average interest rate of 4.5% and 4.7% at June 30, 2018 and December 31, 2017, due in monthly installments with final maturities at various dates through August 2022, secured by related revenue equipment with a net book value of $156.4 million and $315.7 million in June 2018 and December 2017 147,065 310,850 Note payable to limited liability company owned in part by certain officers of the Company, interest rate of 13.0% at December 31, 2017, maturing November 2020, terminated June 2018 - 25,516 Mortgage note payables, interest rates ranging from 5.25% to 6.99% at June 30, 2018 and December 31, 2017 due in monthly installments with final maturities as various dates through September 2031, secured by real estate with a net book value of $24.2 million and $24.7 million at June 2018 and December 2017 19,457 20,033 Capital lease obligations, maturing at various dates through April 2024 23,604 27,761 Other 2,145 6,134 392,271 612,804 Less: Unamortized discount and debt issuance costs (1,508 ) (7,266 ) Less: Current maturities of long-term debt (110,062 ) (132,332 ) $ 280,701 $ 473,206 New Credit Facility In June 2018, $150.0 $200.0 no $75.0 1.25% September 30, 2018 0.75% 1.50% 2.25% September 30, 2018 1.75% 2.50% 0.25% 0.35% $150.0 $75.0 $15.0 1.25% 2.50% first September 30, 2018. June 18, 2023. Borrowings under the Credit Facility are prepayable at any time without premium and are subject to mandatory prepayment from the net proceeds of certain asset sales and other borrowings. The Credit Facility is secured by a pledge of substantially all of our assets, excluding, among other things, certain real estate and revenue equipment financed outside the Credit Facility. The Credit Facility contains restrictive covenants including, among other things, restrictions on our ability to incur additional indebtedness or issue guarantees, to create liens on our assets, to make distributions on or redeem equity interests, to make investments, to transfer or sell properties or other assets and to engage in mergers, consolidations, or acquisitions. In addition, the Credit Facility requires us to meet specified financial ratios and tests, including a maximum leverage ratio and a minimum interest coverage ratio. At June 30, 2018, $37.6 $0 $112.4 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 payable under the Credit Facility may may June 30, 2018, Old Term L oan Agreement In June 2018, $0.6 $5.3 $1.4 third $0.1 December 31, 2017 12.2%, Original issue discount was recorded as an offset to long-term debt and was amortized over the term of the respective obligation using the effective interest method. Unamortized original issue discount was $0.8 December 31, 2017. Old Line of Credit In June 2018, $0.2 $0.1 |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 5. Leases The Company leases certain revenue and service equipment and office and terminal facilities under long-term noncancelable operating lease agreements expiring at various dates through October 2027. $20.1 $14.7 three June 30, 2018 2017, $39.9 $40.2 six June 30, 2018 2017, three five five eight April 2024. $28.3 June 30, 2018. |
Note 6 - Related-party Transact
Note 6 - Related-party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Related-Party Transactions The Company had a $25.5 December 31, 2017. $26.6 $8.6 The Company leased a terminal facility from entities owned by the two 2020. $0.5 $0.5 six June 30, 2018 2017, $7.5 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies The Company is party to certain legal proceedings incidental to its business. The ultimate disposition of these matters, in the opinion of management, based in part on the advice of legal counsel, is not For the cases described below, management is unable to provide a meaningful estimate of the possible loss or range of loss because, among other reasons, ( 1 2 not 3 4 5 not California Wage and Hour Class Action Litigation In December 2015, December 23, 2011 not not not not not not December 4, 2018. Telephone Consumer Protection Act Claim In December 2017, two December 11, 2013 not The Company had letters of credit of $37.6 $34.5 June 30, 2018 December 31, 2017, The Company had cancelable commitments outstanding at June 30, 2018 $193.8 2018 $6.1 2019. |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. Share-based Compensation Stock Appreciation Rights In conjunction with the offering, the Company vested all remaining stock appreciation rights (“SARS”) and settled the resulting liabilities related thereto. As a result, the Company recorded additional compensation expense in the amount of $3.2 second 2018. The total intrinsic value of SARS outstanding was $0.5 December 31, 2017. Restricted Stock Units As part of the Reorganization, all of the redeemable restricted units of New Mountain Lake were converted into restricted stock units of the Company, with the same vesting schedules. Therefore, we refer to redeemable restricted units issued prior to the Reorganization as restricted stock units. At the time of conversion, the restricted stock unit amounts were reclassified to additional paid in capital. The following is a summary of the Company’s restricted stock unit activity for the six June 30, 2018: Number of Weighted Units Average Unvested at December 31, 2017 446,000 9.14 Granted - Vested-pre IPO 105,307 7.74 Forfeited-pre IPO 6,667 7.52 Unvested at June 13, 2018 334,026 9.62 Conversion in connection with IPO 4.6666667 Unvested post-IPO 1,558,787 2.06 Vested-post IPO 93,333 2.96 Unvested at June 30, 2018 1,465,454 2.01 These restricted stock unit grants vest over periods ranging from three seven $0.6 $0.3 six June 30, 2018 2017, June 30, 2018 December 31, 2017, $2.5 $3.2 5.2 5.4 Incentive Plan In June 2018, 2018 3,200,000 may In June 2018, Number of Shares Granted Vesting Period in Years Grant Date Fair Value Restricted shares 73,158 4 $ 16.00 Restricted stock units 140,757 4 $ 16.00 Stock options 192,203 4 $ 6.09 At June 30, 2018, $4.6 4.0 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements Accounting standards, among other things, define fair value, establish a framework for measuring fair value and expand disclosure about such fair value measurements. Assets and liabilities measured at fair value are based on one three The standards clarify that fair value is an exit price, representing the amount that would be received to sell an asset, based on the highest and best use of the asset, or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, the standards establish a three Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not Level 3 Unobservable inputs, only used to the extent that observable inputs are not The following table summarizes liabilities measured at fair value at June 30, 2018 December 31, 2017 2018 Fair Value Input Level Liabilities Forward Contract $ 2,156 3 2017 Fair Value Input Level Liabilities Forward Contract $ 1,985 3 The following table summarizes the changes in the fair value of assets and liabilities measured at fair value using significant unobservable inputs (Level 3 six June 30, 2018 2017 June 30, 2018 June 30, 2017 Balance at beginning of year $ 1,985 $ 2,683 Cash Settlement - - Forward Contract Adjustment 171 (366 ) Balance at end of period $ 2,156 $ 2,317 The Company has a commitment to purchase the remaining 5% no 2020, 3 |
Note 10 - Earnings (Loss) Per S
Note 10 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding during the period, without consideration for common stock equivalents. Prior to the offering, there were no 406,118 three six June 30, 2018 The basic and diluted earnings (loss) per share calculations for the three six June 30, 2018 2017, Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) $ 1,035 $ (8,397 ) $ 2,417 $ (12,804 ) Net income attributable to noncontrolling interest 420 55 643 80 Net income (loss) attributable to common stockholders $ 615 $ (8,452 ) $ 1,774 $ (12,884 ) Basic weighted average of outstanding shares of common stock 14,214 6,385 10,321 6,385 Dilutive effect of equity awards 242 - 122 - Diluted weighted average of outstanding shares of common stock 14,456 6,385 10,443 6,385 Basic earnings (loss) per share $ 0.04 $ (1.32 ) $ 0.17 $ (2.02 ) Diluted earnings (loss) per share $ 0.04 $ (1.32 ) $ 0.17 $ (2.02 ) |
Note 11 - Segment Information
Note 11 - Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Segment Information The Company’s business is organized into two one The Company’s Brokerage segment is principally engaged in non-asset-based freight brokerage services, where it outsources the transportation of loads to third third The following table summarizes our segment information (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues Truckload $ 391,397 $ 332,982 $ 762,564 $ 658,876 Brokerage 58,361 37,368 112,902 75,150 Total Operating Revenue $ 449,758 $ 370,350 $ 875,466 $ 734,026 Operating Income Truckload $ 18,590 $ 3,295 $ 31,093 $ 4,997 Brokerage 1,428 (606 ) 3,779 (380 ) Total Operating Income $ 20,018 $ 2,689 $ 34,872 $ 4,617 A measure of assets is not not Operating revenues for foreign countries include revenues for (i) shipments with an origin or destination in that country and (ii) other services provided in that country. If both the origin and destination are in a foreign country, the revenues are attributed to the country of origin. Information about the geographic areas in which the Company conducts business is summarized below as of and for the three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues United States $ 436,227 $ 357,721 $ 849,078 $ 708,893 Foreign countries Mexico 13,531 12,629 26,388 25,133 Total $ 449,758 $ 370,350 $ 875,466 $ 734,026 As of As of June 30, December 31, 2018 2017 Long-lived Assets United States $ 450,252 $ 459,021 Foreign countries Mexico 5,404 4,884 Total $ 455,656 $ 463,905 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned and majority owned subsidiaries. All significant intercompany transactions and accounts have been eliminated. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with Article 10 X 1933, Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2017 three six June 30, 2018 not may December 31, 2018. December 31, 2017. |
Revenue Recognition, Policy [Policy Text Block] | Recognition of Revenue The Company generates revenues primarily from shipments executed by the Company’s Truckload and Brokerage operations. Those shipments are the Company’s performance obligations, arising under contracts we have entered into with customers. Under such contracts, revenue is recognized when obligations are satisfied, which occurs over time with the transit of shipments from origin to destination. This is appropriate as the customer simultaneously receives and consumes the benefits as the Company performs its obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for providing services. The most significant judgment used in recognition of revenue is the determination of miles driven as the basis for determining the amount of revenue to be recognized for partially fulfilled obligations. Accessorial charges for fuel surcharge, loading and unloading, stop charges, and other immaterial charges are part of the consideration we receive for the single performance obligation of delivering shipments. Contracts entered into with our customers do not Certain incremental revenue-related costs associated with obtaining a contract are capitalized. The majority of revenue contracts with our customers have a duration of one not one $3.6 $1.4 June 30, 2018 Through the Company’s Brokerage operations, the Company outsources the transportation of the loads to third third The timing of revenue recognition, billings, cash collections, and allowance for doubtful accounts results in billed and unbilled receivables on the unaudited condensed consolidated balance sheet. The Company receives the unconditional right to bill when shipments are delivered to their destination. We generally receive payment within 40 $4.0 $3.9 June 30, 2018 December 31, 2017, $3.7 June 30, 2018. The following table presents the effect of the adoption of Accounting Standard Codification 606 606 three six June 30, 2018 ( As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments for the Three for the Six Adjustments for the Six Months Ended Due to Months Ended Months Ended Due to Months Ended June 30, 2018 ASC 606 June 30, 2018 June 30, 2018 ASC 606 June 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 449,758 14 449,772 875,466 (151 ) 875,315 Total operating expenses 429,740 1,019 430,759 840,594 1,541 842,135 Operating income 20,018 (1,005 ) 19,013 34,872 (1,692 ) 33,180 Income (loss) before income tax benefit (156 ) (1,005 ) (1,161 ) 1,819 (1,692 ) 127 Income tax provision (1,191 ) (291 ) (1,482 ) (598 ) (491 ) (1,089 ) Net income (loss) 1,035 (714 ) 321 2,417 (1,201 ) 1,216 Net income (loss) attributable to controlling interest 615 (714 ) (99 ) 1,774 (1,201 ) 573 Basic earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.06 Basic weighted average shares outstanding 14,214 14,214 14,214 10,321 10,321 10,321 Diluted earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.05 Diluted weighted average shares outstanding 14,456 14,456 14,456 10,443 10,443 10,443 Reported Adjustments Under ASC 605 Balance at Due to Balance at Consolidated Balance Sheet June 30, 2018 ASC 606 June 30, 2018 Customer receivables, net of allowance of $69 at June 30, 2018 $ 206,558 $ (4,003 ) $ 202,555 Other current assets 15,892 (2,216 ) 13,676 Total current assets 277,924 (6,219 ) 271,705 Total assets 842,225 (6,219 ) 836,006 Accounts payable 74,944 (2,600 ) 72,344 Other accrued liabilities 5,420 (349 ) 5,071 Deferred income taxes 14,787 (609 ) 14,178 Accumulated deficit (40,460 ) (2,661 ) (43,121 ) Stockholder’s equity (deficit) 210,630 (2,661 ) 207,969 Total stockholder's equity (deficit) 213,562 (2,661 ) 210,901 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 842,225 (6,219 ) 836,006 Operating Cash Flows Net income (loss) 2,417 (1,201 ) 1,216 Receivables (17,531 ) (151 ) (17,682 ) Other assets (3,777 ) (1,751 ) (5,528 ) Accounts payable and other accrued liabilities (15,353 ) 210 (15,143 ) Deferred income tax benefit (959 ) 491 (468 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In February 2018, 2018 02, 220 2017 December 15, 2018, not 2018 02 In January 2017, 2017 04, 350 2 2 December 15, 2019. not 2018 02 In February 2016, 2016 02, 842 December 15, 2018. Recently Adopted Accounting Standards In March 2018, 2018 05, 740 No. 118.” No. 118, 740, December 22, 2017 - not In August 2016, 2016 15, 230 eight may December 15, 2017. 2016 15 January 1, 2018. not In April 2015, 2015 14, 606 2014 09. five December 15, 2017. 2014 09 January 1, 2018 606 606, 606, 606 606 December 31, 2017 $1.5 |
Note 2 - Summary of Significa20
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments for the Three for the Six Adjustments for the Six Months Ended Due to Months Ended Months Ended Due to Months Ended June 30, 2018 ASC 606 June 30, 2018 June 30, 2018 ASC 606 June 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 449,758 14 449,772 875,466 (151 ) 875,315 Total operating expenses 429,740 1,019 430,759 840,594 1,541 842,135 Operating income 20,018 (1,005 ) 19,013 34,872 (1,692 ) 33,180 Income (loss) before income tax benefit (156 ) (1,005 ) (1,161 ) 1,819 (1,692 ) 127 Income tax provision (1,191 ) (291 ) (1,482 ) (598 ) (491 ) (1,089 ) Net income (loss) 1,035 (714 ) 321 2,417 (1,201 ) 1,216 Net income (loss) attributable to controlling interest 615 (714 ) (99 ) 1,774 (1,201 ) 573 Basic earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.06 Basic weighted average shares outstanding 14,214 14,214 14,214 10,321 10,321 10,321 Diluted earnings (loss) per share 0.04 (0.05 ) (0.01 ) 0.17 (0.12 ) 0.05 Diluted weighted average shares outstanding 14,456 14,456 14,456 10,443 10,443 10,443 Reported Adjustments Under ASC 605 Balance at Due to Balance at Consolidated Balance Sheet June 30, 2018 ASC 606 June 30, 2018 Customer receivables, net of allowance of $69 at June 30, 2018 $ 206,558 $ (4,003 ) $ 202,555 Other current assets 15,892 (2,216 ) 13,676 Total current assets 277,924 (6,219 ) 271,705 Total assets 842,225 (6,219 ) 836,006 Accounts payable 74,944 (2,600 ) 72,344 Other accrued liabilities 5,420 (349 ) 5,071 Deferred income taxes 14,787 (609 ) 14,178 Accumulated deficit (40,460 ) (2,661 ) (43,121 ) Stockholder’s equity (deficit) 210,630 (2,661 ) 207,969 Total stockholder's equity (deficit) 213,562 (2,661 ) 210,901 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 842,225 (6,219 ) 836,006 Operating Cash Flows Net income (loss) 2,417 (1,201 ) 1,216 Receivables (17,531 ) (151 ) (17,682 ) Other assets (3,777 ) (1,751 ) (5,528 ) Accounts payable and other accrued liabilities (15,353 ) 210 (15,143 ) Deferred income tax benefit (959 ) 491 (468 ) |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Income (loss) before Income Taxes $ (156 ) $ (10,658 ) $ 1,819 $ (18,999 ) Income tax benefit (1,191 ) (2,261 ) (598 ) (6,195 ) Effective tax rate 763.5 % 21.2 % -32.9 % 32.6 % |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2018 December 31, 2017 Term loan agreement, maturing May 2020, terminated June 2018, effective interest rate of 12.2% $ - $ 193,177 Line of credit, maturing March 2020, terminated June 2018 - 29,333 Term loan agreement, interest rate of 4.3% at June 30, 2018, maturing June 2023 200,000 - Revenue equipment installment notes with finance companies, weighted average interest rate of 4.5% and 4.7% at June 30, 2018 and December 31, 2017, due in monthly installments with final maturities at various dates through August 2022, secured by related revenue equipment with a net book value of $156.4 million and $315.7 million in June 2018 and December 2017 147,065 310,850 Note payable to limited liability company owned in part by certain officers of the Company, interest rate of 13.0% at December 31, 2017, maturing November 2020, terminated June 2018 - 25,516 Mortgage note payables, interest rates ranging from 5.25% to 6.99% at June 30, 2018 and December 31, 2017 due in monthly installments with final maturities as various dates through September 2031, secured by real estate with a net book value of $24.2 million and $24.7 million at June 2018 and December 2017 19,457 20,033 Capital lease obligations, maturing at various dates through April 2024 23,604 27,761 Other 2,145 6,134 392,271 612,804 Less: Unamortized discount and debt issuance costs (1,508 ) (7,266 ) Less: Current maturities of long-term debt (110,062 ) (132,332 ) $ 280,701 $ 473,206 |
Note 8 - Share-based Compensa23
Note 8 - Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Number of Weighted Units Average Unvested at December 31, 2017 446,000 9.14 Granted - Vested-pre IPO 105,307 7.74 Forfeited-pre IPO 6,667 7.52 Unvested at June 13, 2018 334,026 9.62 Conversion in connection with IPO 4.6666667 Unvested post-IPO 1,558,787 2.06 Vested-post IPO 93,333 2.96 Unvested at June 30, 2018 1,465,454 2.01 |
Share-based Compensation, Activity [Table Text Block] | Number of Shares Granted Vesting Period in Years Grant Date Fair Value Restricted shares 73,158 4 $ 16.00 Restricted stock units 140,757 4 $ 16.00 Stock options 192,203 4 $ 6.09 |
Note 9 - Fair Value Measureme24
Note 9 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2018 Fair Value Input Level Liabilities Forward Contract $ 2,156 3 2017 Fair Value Input Level Liabilities Forward Contract $ 1,985 3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | June 30, 2018 June 30, 2017 Balance at beginning of year $ 1,985 $ 2,683 Cash Settlement - - Forward Contract Adjustment 171 (366 ) Balance at end of period $ 2,156 $ 2,317 |
Note 10 - Earnings (Loss) Per25
Note 10 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) $ 1,035 $ (8,397 ) $ 2,417 $ (12,804 ) Net income attributable to noncontrolling interest 420 55 643 80 Net income (loss) attributable to common stockholders $ 615 $ (8,452 ) $ 1,774 $ (12,884 ) Basic weighted average of outstanding shares of common stock 14,214 6,385 10,321 6,385 Dilutive effect of equity awards 242 - 122 - Diluted weighted average of outstanding shares of common stock 14,456 6,385 10,443 6,385 Basic earnings (loss) per share $ 0.04 $ (1.32 ) $ 0.17 $ (2.02 ) Diluted earnings (loss) per share $ 0.04 $ (1.32 ) $ 0.17 $ (2.02 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues Truckload $ 391,397 $ 332,982 $ 762,564 $ 658,876 Brokerage 58,361 37,368 112,902 75,150 Total Operating Revenue $ 449,758 $ 370,350 $ 875,466 $ 734,026 Operating Income Truckload $ 18,590 $ 3,295 $ 31,093 $ 4,997 Brokerage 1,428 (606 ) 3,779 (380 ) Total Operating Income $ 20,018 $ 2,689 $ 34,872 $ 4,617 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues United States $ 436,227 $ 357,721 $ 849,078 $ 708,893 Foreign countries Mexico 13,531 12,629 26,388 25,133 Total $ 449,758 $ 370,350 $ 875,466 $ 734,026 As of As of June 30, December 31, 2018 2017 Long-lived Assets United States $ 450,252 $ 459,021 Foreign countries Mexico 5,404 4,884 Total $ 455,656 $ 463,905 |
Note 1 - Organization and Ope27
Note 1 - Organization and Operations (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Oct. 12, 2007 | |
Number of Reportable Segments | 2 | |||
Preferred Stock, Shares Authorized | 9,333,333 | 9,333,333 | 9,333,333 | |
Common Class A [Member] | ||||
Number of Shares Issued Per Each Non Voting Membership Unit Upon Reorganization | 4.6666667 | |||
Common Stock Voting Rights Per Share | 1 | |||
Stock Issued During Period, Shares, New Issues | 16,668,000 | |||
Shares Issued, Price Per Share | $ / shares | $ 16 | $ 16 | ||
Proceeds from Issuance of Common Stock | $ | $ 245.2 | |||
Common Stock, Shares Authorized | 140,000,000 | 140,000,000 | 30,000,000 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
Common Class B [Member] | ||||
Number of Shares Issued Per Each Non Voting Membership Unit Upon Reorganization | 4.6666667 | |||
Common Stock Voting Rights Per Share | 5 | |||
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 | 0 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |
New Mountain Lake Holdings, LLC [Member] | ||||
Ownership Percentage | 100.00% |
Note 2 - Summary of Significa28
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Capitalized Contract Cost, Net, Total | $ 3,600 | ||
Capitalized Contract Cost, Accumulated Amortization | 1,400 | ||
Contract with Customer, Asset, Net, Total | 4,000 | $ 3,900 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (40,460) | $ (43,459) | |
Accounting Standards Update 2014-09 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,500 |
Note 2 - Summary of Significa29
Note 2 - Summary of Significant Accounting Policies - Effect of Accounting Policy Adoption (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 449,758 | $ 370,350 | $ 875,466 | $ 734,026 | ||
Total operating expenses | 429,740 | 367,661 | 840,594 | 729,409 | ||
Operating income | 20,018 | 2,689 | 34,872 | 4,617 | ||
Income (loss) before income tax benefit | (156) | (10,658) | 1,819 | (18,999) | ||
Income tax provision | (1,191) | (2,261) | (598) | (6,195) | ||
Net income (loss) | 1,035 | (8,397) | 2,417 | (12,804) | ||
Net income (loss) attributable to common stockholders | $ 615 | $ (8,452) | $ 1,774 | $ (12,884) | ||
Basic earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) | ||
Basic weighted average of outstanding shares of common stock (in shares) | 14,214 | 6,385 | 10,321 | 6,385 | ||
Diluted earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) | ||
Diluted weighted average of outstanding shares of common stock (in shares) | 14,456 | 6,385 | 10,443 | 6,385 | ||
Customer receivables, net of allowance of $69 at June 30, 2018 | $ 206,558 | $ 206,558 | $ 186,407 | |||
Other current assets | 15,892 | 15,892 | 12,170 | |||
Total current assets | 277,924 | 277,924 | 248,720 | |||
Total assets | 842,225 | 842,225 | 820,571 | |||
Accounts payable | 74,944 | 74,944 | 80,555 | |||
Other accrued liabilities | 5,420 | 5,420 | 13,901 | |||
Deferred income taxes | 14,787 | 14,787 | 15,630 | |||
Accumulated deficit | (40,460) | (40,460) | (43,459) | |||
Stockholder’s equity (deficit) | 210,630 | 210,630 | (43,394) | |||
Total stockholder's equity (deficit) | 213,562 | 213,562 | (41,105) | |||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | 842,225 | 842,225 | $ 820,571 | |||
Receivables | 17,531 | $ 7,246 | ||||
Other assets | 3,777 | 1,361 | ||||
Accounts payable and other accrued liabilities | (15,353) | (12,934) | ||||
Deferred income tax benefit | (959) | $ (7,077) | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Operating revenues | 449,772 | 875,315 | ||||
Total operating expenses | 430,759 | 842,135 | ||||
Operating income | 19,013 | 33,180 | ||||
Income (loss) before income tax benefit | (1,161) | 127 | ||||
Income tax provision | (1,482) | (1,089) | ||||
Net income (loss) | 321 | 1,216 | ||||
Net income (loss) attributable to common stockholders | $ (99) | $ 573 | ||||
Basic earnings (loss) per share (in dollars per share) | $ (0.01) | $ 0.06 | ||||
Basic weighted average of outstanding shares of common stock (in shares) | 14,214 | 10,321 | ||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.01) | $ 0.05 | ||||
Diluted weighted average of outstanding shares of common stock (in shares) | 14,456 | 10,443 | ||||
Customer receivables, net of allowance of $69 at June 30, 2018 | $ 202,555 | $ 202,555 | ||||
Other current assets | 13,676 | 13,676 | ||||
Total current assets | 271,705 | 271,705 | ||||
Total assets | 836,006 | 836,006 | ||||
Accounts payable | 72,344 | 72,344 | ||||
Other accrued liabilities | 5,071 | 5,071 | ||||
Deferred income taxes | 14,178 | 14,178 | ||||
Accumulated deficit | (43,121) | (43,121) | ||||
Stockholder’s equity (deficit) | 207,969 | 207,969 | ||||
Total stockholder's equity (deficit) | 210,901 | 210,901 | ||||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | 836,006 | 836,006 | ||||
Receivables | 17,682 | |||||
Other assets | 5,528 | |||||
Accounts payable and other accrued liabilities | (15,143) | |||||
Deferred income tax benefit | (468) | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Accumulated deficit | $ 1,500 | |||||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||
Operating revenues | 14 | (151) | ||||
Total operating expenses | 1,019 | 1,541 | ||||
Operating income | (1,005) | (1,692) | ||||
Income (loss) before income tax benefit | (1,005) | (1,692) | ||||
Income tax provision | (291) | (491) | ||||
Net income (loss) | (714) | (1,201) | ||||
Net income (loss) attributable to common stockholders | $ (714) | $ (1,201) | ||||
Basic earnings (loss) per share (in dollars per share) | $ (0.05) | $ (0.12) | ||||
Basic weighted average of outstanding shares of common stock (in shares) | 14,214 | 10,321 | ||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.05) | $ (0.12) | ||||
Diluted weighted average of outstanding shares of common stock (in shares) | 14,456 | 10,443 | ||||
Customer receivables, net of allowance of $69 at June 30, 2018 | $ (4,003) | $ (4,003) | ||||
Other current assets | (2,216) | (2,216) | ||||
Total current assets | (6,219) | (6,219) | ||||
Total assets | (6,219) | (6,219) | ||||
Accounts payable | (2,600) | (2,600) | ||||
Other accrued liabilities | (349) | (349) | ||||
Deferred income taxes | (609) | (609) | ||||
Accumulated deficit | (2,661) | (2,661) | ||||
Stockholder’s equity (deficit) | (2,661) | (2,661) | ||||
Total stockholder's equity (deficit) | (2,661) | (2,661) | ||||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | $ (6,219) | (6,219) | ||||
Receivables | 151 | |||||
Other assets | 1,751 | |||||
Accounts payable and other accrued liabilities | 210 | |||||
Deferred income tax benefit | $ 491 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Effective Income Tax Rate Reconciliation, Deduction, IPO Costs | $ 0.4 | ||
Effective Income Tax Rate Reconciliation, Deduction, Restricted Stock Units Cost | $ 0.7 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 3 - Income Taxes - Provisi
Note 3 - Income Taxes - Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income (loss) before Income Taxes | $ (156) | $ (10,658) | $ 1,819 | $ (18,999) |
Income tax benefit | $ (1,191) | $ (2,261) | $ (598) | $ (6,195) |
Effective tax rate | 763.50% | 21.20% | 32.90% | 32.60% |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.20% | |||
Write off of Unamortized Discount | $ 600,000 | |||
Write off of Deferred Debt Issuance Cost | 5,300,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 12.20% | |||
Debt Instrument, Unamortized Discount, Total | $ 800,000 | |||
Term Loan [Member] | Lender 1 [Member] | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,400,000 | |||
Credit Facility [Member] | ||||
Line of Credit Facility Additional Borrowing Capacity Available | 75,000,000 | |||
Line of Credit Facility, Swingline Sub Facility, Maximum Borrowing Capacity | 15,000,000 | |||
Credit Facility [Member] | Prime Rate [Member] | Scenario, Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Credit Facility [Member] | Prime Rate [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Credit Facility [Member] | Prime Rate [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Credit Facility [Member] | Term Facility [Member] | ||||
Debt Instrument, Face Amount | $ 200,000,000 | |||
Credit Facility [Member] | Term Facility [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||
Credit Facility [Member] | Term Facility [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||
Revolving Credit Facility [Member] | Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||
Letters of Credit Outstanding, Amount | 37,600,000 | |||
Long-term Line of Credit, Total | 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 112,400,000 | |||
Revolving Credit Facility [Member] | Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||
Revolving Credit Facility [Member] | Credit Facility [Member] | Maximum [Member] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||
Letter of Credit [Member] | Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | |||
Line of Credit [Member] | ||||
Letters of Credit Outstanding, Amount | 37,600,000 | $ 34,500,000 | ||
Write off of Deferred Debt Issuance Cost | 200,000 | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 100,000 |
Note 4 - Long-term Debt - Ousta
Note 4 - Long-term Debt - Oustanding Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Long-term debt, gross | $ 282,209 | $ 480,472 |
Capital lease obligations, maturing at various dates through April 2024 | 23,604 | 27,761 |
Long-term debt and Captial lease obligations including current maturities | 392,271 | 612,804 |
Less: Unamortized discount and debt issuance costs | (1,508) | (7,266) |
Less: Current maturities of long-term debt | (110,062) | (132,332) |
Long-term debt and capital lease obligations | 280,701 | 473,206 |
Mortage Note Payable at 5.25% [Member] | ||
Long-term debt, gross | 19,457 | 20,033 |
Term Loan [Member] | ||
Long-term debt, gross | 193,177 | |
Line of Credit [Member] | ||
Long-term debt, gross | 29,333 | |
Term Loan at 4.3% [Member] | ||
Long-term debt, gross | 200,000 | |
Revenue Equipment Loan [Member] | ||
Long-term debt, gross | 147,065 | 310,850 |
Notes Payable, Other Payables [Member] | ||
Long-term debt, gross | 25,516 | |
Other Debt [Member] | ||
Long-term debt, gross | $ 2,145 | $ 6,134 |
Note 4 - Long-term Debt - Ous34
Note 4 - Long-term Debt - Oustanding Debt (Details) (Parentheticals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Mortage Note Payable at 5.25% [Member] | ||
Interest rate | 5.25% | 6.99% |
Maturity date | Sep. 30, 2031 | |
Collateral | $ 24.2 | $ 24.7 |
Term Loan [Member] | ||
Interest rate | 12.20% | |
Maturity date | ||
Term Loan at 4.3% [Member] | ||
Interest rate | 4.30% | |
Maturity date | Jun. 30, 2023 | |
Revenue Equipment Loan [Member] | ||
Interest rate | 4.50% | 4.70% |
Maturity date | Aug. 31, 2022 | |
Collateral | $ 156.4 | $ 315.7 |
Notes Payable, Other Payables [Member] | ||
Interest rate | 13.00% | |
Capital Lease Obligations [Member] | ||
Maturity date | Apr. 30, 2024 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Leases, Rent Expense, Net, Total | $ 20.1 | $ 14.7 | $ 39.9 | $ 40.2 |
Capital Leases, Future Minimum Payments, Net Minimum Payments, Total | $ 28.3 | $ 28.3 | ||
Capital Lease Obligations [Member] | Tractors [Member] | Minimum [Member] | ||||
Debt Instrument, Term | 3 years | |||
Capital Lease Obligations [Member] | Tractors [Member] | Maximum [Member] | ||||
Debt Instrument, Term | 5 years | |||
Capital Lease Obligations [Member] | Trailers [Member] | Minimum [Member] | ||||
Debt Instrument, Term | 5 years | |||
Capital Lease Obligations [Member] | Trailers [Member] | Maximum [Member] | ||||
Debt Instrument, Term | 8 years |
Note 6 - Related-party Transa36
Note 6 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 62,864 | $ 227,380 | |
Limited Liability Company [Member] | |||
Notes Payable, Related Parties | $ 25,500 | ||
Repayments of Related Party Debt | 26,600 | ||
Paid-in-Kind Interest | 8,600 | ||
NMLH [Member] | Terminal Facility [Member] | |||
Payments to Acquire Property, Plant, and Equipment, Total | 7,500 | ||
NMLH [Member] | Rent Expense [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 500 | 500 | |
Parker Global Enterprises, Inc. [Member] | |||
Proceeds from Leases | $ 224,000 |
Note 7 - Commitments and Cont37
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Capital Addition Purchase Commitments [Member] | ||
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 193.8 | |
Purchase Obligation, Due in Second Year | 6.1 | |
Line of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 37.6 | $ 34.5 |
Note 8 - Share-based Compensa38
Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
The 2018 Omnibus Incentive Plan [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | |||
Common Stock, Capital Shares Reserved for Future Issuance | 3,200,000 | 3,200,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 4.6 | $ 4.6 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Allocated Share-based Compensation Expense, Total | 0.6 | $ 0.3 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2.5 | $ 2.5 | $ 3.2 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years 73 days | 5 years 146 days | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 3.2 |
Note 8 - Share-based Compensa39
Note 8 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Jun. 15, 2018 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 13, 2018 |
Unvested (in shares) | 334,026 | 1,558,787 | 446,000 | |
Unvested, weighted average (in dollars per share) | $ 9.62 | $ 2.06 | $ 9.14 | |
Number of restricted shares granted (in shares) | 140,757 | |||
Grant date fair value (in dollars per share) | $ 16 | |||
Vested-pre IPO (in shares) | 93,333 | 105,307 | ||
Vested, weighted average (in dollars per share) | $ 2.96 | $ 7.74 | ||
Forfeited-pre IPO (in shares) | 6,667 | |||
Forfeited, weighted average (in dollars per share) | $ 7.52 | |||
Conversion in connection with IPO (in shares) | 4.6666667 | |||
Unvested (in shares) | 1,558,787 | 1,465,454 | 1,465,454 | 334,026 |
Unvested, weighted average (in dollars per share) | $ 2.06 | $ 2.01 | $ 2.01 | $ 9.62 |
Note 8 - Share-based Compensa40
Note 8 - Share-based Compensation - Equity Awards (Details) - $ / shares | 1 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Jun. 13, 2018 | |
Vesting period in years (Year) | 4 years | |
Number of shares granted (in shares) | 192,203 | |
Grant date fair value (in dollars per share) | $ 6.09 | |
Restricted Stock [Member] | ||
Number of restricted shares granted (in shares) | 73,158 | |
Vesting period in years (Year) | 4 years | |
Grant date fair value (in dollars per share) | $ 16 | |
Restricted Stock Units (RSUs) [Member] | ||
Number of restricted shares granted (in shares) | 140,757 | |
Vesting period in years (Year) | 4 years | |
Grant date fair value (in dollars per share) | $ 16 |
Note 9 - Fair Value Measureme41
Note 9 - Fair Value Measurements - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Forward Contract | $ 2,156 | $ 1,985 |
Note 9 - Fair Value Measureme42
Note 9 - Fair Value Measurements - Changes in Fair Value of Assets and Liabilities Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of year | $ 1,985 | $ 2,683 |
Cash Settlement | ||
Forward Contract Adjustment | 171 | (366) |
Balance at end of period | $ 2,156 | $ 2,317 |
Note 10 - Earnings (Loss) Per43
Note 10 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 406,118 | 406,118 |
Note 10 - Earnings (Loss) Per44
Note 10 - Earnings (Loss) Per Share - Basic and Diluted Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ 1,035 | $ (8,397) | $ 2,417 | $ (12,804) |
Net income attributable to noncontrolling interest | 420 | 55 | 643 | 80 |
Net income (loss) attributable to common stockholders | $ 615 | $ (8,452) | $ 1,774 | $ (12,884) |
Basic weighted average of outstanding shares of common stock (in shares) | 14,214 | 6,385 | 10,321 | 6,385 |
Dilutive effect of equity awards (in shares) | 242 | 122 | ||
Diluted weighted average of outstanding shares of common stock (in shares) | 14,456 | 6,385 | 10,443 | 6,385 |
Basic earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.04 | $ (1.32) | $ 0.17 | $ (2.02) |
Note 11 - Segment Information45
Note 11 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Number of Reportable Segments | 2 |
Note 11 - Segment Information -
Note 11 - Segment Information - Summary of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Total Operating Revenue | $ 449,758 | $ 370,350 | $ 875,466 | $ 734,026 |
Operating Income | ||||
Total Operating Income | 20,018 | 2,689 | 34,872 | 4,617 |
Truckload Segment [Member] | ||||
Revenues | ||||
Total Operating Revenue | 391,397 | 332,982 | 762,564 | 658,876 |
Operating Income | ||||
Total Operating Income | 18,590 | 3,295 | 31,093 | 4,997 |
Brokerage Segment [Member] | ||||
Revenues | ||||
Total Operating Revenue | 58,361 | 37,368 | 112,902 | 75,150 |
Operating Income | ||||
Total Operating Income | $ 1,428 | $ (606) | $ 3,779 | $ (380) |
Note 11 - Segment Information47
Note 11 - Segment Information - Summary of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenues: | |||||
Total Operating Revenue | $ 449,758 | $ 370,350 | $ 875,466 | $ 734,026 | |
Long-lived Assets | |||||
Long-lived Assets | 455,656 | 455,656 | $ 463,905 | ||
UNITED STATES | |||||
Revenues: | |||||
Total Operating Revenue | 436,227 | 357,721 | 849,078 | 708,893 | |
Long-lived Assets | |||||
Long-lived Assets | 450,252 | 450,252 | 459,021 | ||
MEXICO | |||||
Revenues: | |||||
Total Operating Revenue | 13,531 | $ 12,629 | 26,388 | $ 25,133 | |
Long-lived Assets | |||||
Long-lived Assets | $ 5,404 | $ 5,404 | $ 4,884 |