Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 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 Emerging Growth Company | false | |
Entity Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,486,560 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 32,811,070 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 6,110 | $ 9,232 |
Customer receivables, net of allowance of $78 and $122 at September 30, 2018 and December 31, 2017, respectively | 216,814 | 186,407 |
Other receivables | 28,523 | 21,637 |
Prepaid insurance and licenses | 16,824 | 7,070 |
Operating supplies | 8,503 | 8,787 |
Assets held for sale | 6,756 | 3,417 |
Other current assets | 16,462 | 12,170 |
Total current assets | 299,992 | 248,720 |
Property and equipment, at cost | 864,350 | 835,814 |
Less accumulated depreciation and amortization | (389,622) | (371,909) |
Net property and equipment | 474,728 | 463,905 |
Other assets | ||
Goodwill | 57,708 | 57,708 |
Intangible assets, net | 29,370 | 30,742 |
Other | 20,809 | 19,496 |
Total other assets | 107,887 | 107,946 |
Total assets | 882,607 | 820,571 |
Current liabilities | ||
Accounts payable | 80,019 | 80,555 |
Book overdraft | 7,164 | 3,537 |
Accrued wages and benefits | 25,833 | 20,530 |
Claims and insurance accruals | 49,813 | 47,641 |
Other accrued liabilities | 5,993 | 13,901 |
Current maturities of long-term debt | 120,305 | 132,332 |
Total current liabilities | 289,127 | 298,496 |
Long-term debt, net of current maturities | 280,122 | 480,472 |
Less: Unamortized discount and debt issuance costs | (1,413) | (7,266) |
Net long-term debt | 278,709 | 473,206 |
Deferred income taxes | 19,204 | 15,630 |
Other long-term liabilities | 9,379 | 14,350 |
Claims and insurance accruals, long-term | 55,855 | 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 | 250,920 | 1 |
Accumulated deficit | (24,331) | (43,459) |
Stockholders' equity (deficit) | 227,072 | (43,394) |
Noncontrolling interest | 3,261 | 2,289 |
Total stockholders' equity (deficit) | 230,333 | (41,105) |
Total liabilities, redeemable restricted units and stockholders' equity (deficit) | 882,607 | 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 Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance | $ 78 | $ 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) | 32,811,070 | 6,384,887 |
Common stock, shares outstanding (in shares) | 32,811,070 | 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 Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenue | ||||
Revenue | $ 460,227 | $ 390,126 | $ 1,335,693 | $ 1,124,152 |
Operating expenses | ||||
Salaries, wages, and benefits | 128,117 | 137,336 | 400,742 | 402,801 |
Fuel and fuel taxes | 57,423 | 53,865 | 173,516 | 156,045 |
Vehicle rents | 19,497 | 15,579 | 58,912 | 55,747 |
Depreciation and amortization, net of (gain) loss on sale of property | 24,541 | 23,264 | 73,396 | 69,022 |
Operating expenses and supplies | 30,538 | 32,185 | 89,402 | 96,724 |
Insurance premiums and claims | 25,128 | 17,533 | 64,463 | 52,557 |
Operating taxes and licenses | 3,522 | 3,375 | 10,432 | 9,839 |
Communications and utilities | 2,258 | 1,861 | 7,149 | 5,782 |
General and other operating expenses | 16,579 | 17,970 | 49,728 | 46,007 |
Total operating expenses | 437,335 | 378,592 | 1,277,929 | 1,108,001 |
Operating income | 22,892 | 11,534 | 57,764 | 16,151 |
Other expense (income) | ||||
Interest expense, net | 4,815 | 12,941 | 29,771 | 36,365 |
Early extinguishment of debt | 7,753 | |||
Equity in (income) loss of affiliated companies | 73 | 160 | 250 | 1,160 |
Other, net | (133) | 101 | 34 | (707) |
Total other expenses (income) | 4,755 | 13,202 | 37,808 | 36,818 |
Income (loss) before income tax provision (benefit) | 18,137 | (1,668) | 19,956 | (20,667) |
Income tax provision (benefit) | 1,679 | (1,008) | 1,081 | (7,203) |
Net total and comprehensive income (loss) | 16,458 | (660) | 18,875 | (13,464) |
Net total and comprehensive income attributable to noncontrolling interest | 329 | 15 | 972 | 95 |
Net total and comprehensive income (loss) attributable to controlling interest | $ 16,129 | $ (675) | $ 17,903 | $ (13,559) |
Earnings (loss) per share | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.77 | $ (2.12) |
Basic weighted average shares outstanding (in shares) | 48,296 | 6,385 | 23,118 | 6,385 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.76 | $ (2.12) |
Diluted weighted average shares outstanding (in shares) | 49,597 | 6,385 | 23,638 | 6,385 |
Cargo and Freight [Member] | ||||
Operating revenue | ||||
Revenue | $ 413,887 | $ 356,379 | $ 1,199,553 | $ 1,026,684 |
Fuel Surcharge [Member] | ||||
Operating revenue | ||||
Revenue | 46,340 | 33,747 | 136,140 | 97,468 |
Shipping and Handling [Member] | ||||
Operating expenses | ||||
Purchased transportation | $ 129,732 | $ 75,624 | $ 350,189 | $ 213,477 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities | ||
Net income (loss) | $ 18,875 | $ (13,464) |
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 | 250 | 1,160 |
Deferred income tax provision (benefit) | 3,458 | (7,920) |
Gain on life insurance proceeds | (4,000) | |
Provision for losses on receivables | 92 | |
Depreciation and amortization | 68,687 | 68,119 |
Losses on sale of property and equipment | 4,709 | 903 |
Share based compensation | 1,356 | 381 |
Original issue discount and deferred financing amortization | 1,559 | 2,209 |
Interest paid-in-kind | (7,516) | 953 |
Purchase commitment interest (income) expense | 8 | (614) |
Changes in operating assets and liabilities: | ||
Receivables | (30,102) | (21,543) |
Prepaid insurance and licenses | (9,754) | (6,069) |
Operating supplies | (96) | 135 |
Other assets | (4,190) | (1,928) |
Accounts payable and other accrued liabilities | (11,531) | 9,618 |
Accrued wages and benefits | 5,304 | 1,579 |
Net cash provided by operating activities | 44,862 | 33,519 |
Investing activities | ||
Payments for purchases of property and equipment | (125,556) | (234,372) |
Proceeds from sales of property and equipment | 36,915 | 25,516 |
Acquisition of business | (2,219) | |
Other | (500) | (758) |
Net cash used in investing activities | (89,141) | (211,833) |
Financing activities | ||
Borrowings under lines of credit | 219,332 | 300,327 |
Payments under lines of credit | (248,665) | (266,408) |
Borrowings under long-term debt | 289,943 | 224,260 |
Payments of long-term debt | (464,375) | (85,065) |
Payments of financing costs | (4,162) | (461) |
Proceeds from IPO, net of issuance costs | 246,685 | |
Payments of long-term consideration for business acquisition | (1,010) | |
Repurchase of membership units | (217) | (400) |
Book overdraft | 3,626 | 5,053 |
Net cash provided by financing activities | 41,157 | 177,306 |
Net change in cash and cash equivalents | (3,122) | (1,008) |
Cash and cash equivalents: | ||
Beginning of year | 9,232 | 3,278 |
End of period | 6,110 | 2,270 |
Supplemental disclosure of cash flow information | ||
Cash paid during the year for interest | 42,306 | 32,972 |
Cash paid during the year for income taxes | 1,368 | 353 |
Supplemental disclosure of significant noncash investing and financing activities | ||
Lease conversion | 34,169 | |
Assumption of debt | 5,377 | |
Uncollected proceeds from asset sales | 231 | 1,000 |
Uncollected proceeds from corporate owned life insurance | 4,225 | |
Capital Lease Obligations [Member] | ||
Supplemental disclosure of significant noncash investing and financing activities | ||
Capital lease extinguishments | $ 1,096 | $ 96 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statement of Stockholders' Equity (Deficit) - 9 months ended Sep. 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 | 965 | 391 | 965 | |||||||||||||||||||||||||
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 | $ 246,517 | $ 246,684 | |||||||||||||||||||
Transfer from temporary equity to permanent equity | 3,455 | (3,455) | 3,455 | |||||||||||||||||||||||||
Vesting of 96,446 restricted units | 1 | (1) | ||||||||||||||||||||||||||
Dividend of repurchased membership units | (217) | |||||||||||||||||||||||||||
Net income | 17,903 | 972 | 18,875 | |||||||||||||||||||||||||
Balance at Sep. 30, 2018 | $ 328 | $ 155 | $ 250,920 | $ (24,331) | $ 3,261 | $ 230,333 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Parentheticals) | 9 Months Ended |
Sep. 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) | 94,446 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine September 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 $3.1 $1.0 September 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 $4.7 $3.9 September 30, 2018 December 31, 2017, $2.5 September 30, 2018. The following table presents the effect of the adoption of Accounting Standard Codification 606 606 three nine September 30, 2018 ( (in thousands, except for per share amounts) As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments For the Three for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 September 30, 2018 ASC 606 September 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 460,227 (708 ) 459,519 1,335,693 (859 ) 1,334,834 Total operating expenses 437,335 (658 ) 436,677 1,277,929 883 1,278,812 Operating income 22,892 (50 ) 22,842 57,764 (1,742 ) 56,022 Income (loss) before income tax benefit 18,137 (50 ) 18,087 19,956 (1,742 ) 18,214 Income tax provision (benefit) 1,679 (15 ) 1,665 1,081 (505 ) 576 Net income (loss) 16,458 (36 ) 16,423 18,875 (1,237 ) 17,638 Net income (loss) attributable to controlling interest 16,129 (36 ) 16,094 17,903 (1,237 ) 16,666 Basic earnings (loss) per share 0.33 (0.00 ) 0.33 0.77 (0.05 ) 0.72 Basic weighted average shares outstanding 48,296 48,296 48,296 23,118 23,118 23,118 Diluted earnings (loss) per share 0.33 (0.00 ) 0.32 0.76 (0.05 ) 0.71 Diluted weighted average shares outstanding 49,597 49,597 49,597 23,638 23,638 23,638 Reported Adjustments Under ASC 605 Balance at Due to Balance at September 30, 2018 ASC 606 September 30, 2018 Consolidated Balance Sheet Customer receivables $ 216,814 $ (4,711 ) $ 212,103 Other current assets 16,462 (2,036 ) 14,426 Total current assets 299,992 (6,747 ) 293,245 Total assets 882,607 (6,747 ) 875,860 Accounts payable 80,019 (3,079 ) 76,940 Other accrued liabilities 5,993 (349 ) 5,644 Deferred income taxes 19,204 (622 ) 18,582 Accumulated deficit (24,331 ) (2,697 ) (27,028 ) Stockholders' equity (deficit) 227,072 (2,697 ) 224,375 Total stockholder's equity (deficit) 230,333 (2,697 ) 227,636 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 882,607 (6,746 ) 875,861 As Reported Under ASC 605 for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 Operating Cash Flows Net income (loss) 18,875 (1,237 ) 17,638 Receivables (30,102 ) (859 ) (30,961 ) Other assets (4,190 ) (1,571 ) (5,761 ) Accounts payable and other accrued liabilities (11,531 ) 688 (10,843 ) Deferred income tax provision 3,458 506 3,964 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. 2018 11, no 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 | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. Income Taxes The Company’s provision for income taxes for the nine September 30, 2018 2017 three nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Income (loss) before Income Taxes $ 18,137 $ (1,668 ) $ 19,956 $ (20,667 ) Income tax provision (benefit) 1,679 (1,008 ) 1,081 (7,203 ) Effective tax rate 9.3 % 60.4 % 5.4 % 34.9 % The difference between the Company’s effective tax rate for the three nine September 30, 2018 2017 21% 35%, September 30, 2018, 2018 December 22, 2017. The following table presents the material discrete tax items recorded for the three nine September 30, 2018 ( Three Months ended September 30, 2018 Nine Months ended September 30, 2018 Tax-deductible IPO costs (65 ) (546 ) Share based compensation tax deduction in excess of book expense 18 (723 ) Reductions to unrecognized tax benefits and related interest (3,344 ) (3,344 ) Transition tax estimate update 716 716 The discrete tax items recorded for the three nine September 30, 2017 September 30, 2018, December 31, 2017, $0.7 may 12 $0 2.4 For the periods ended September 30, 2018 December 31, 2017, $2.7 $5.5 September 30, 2018 December 31, 2017 Beginning balance $ 5,506 $ 5,200 Additions based on tax positions taken in prior years - 306 Reductions as a result of a lapse of the applicable statute of limitations (2,753 ) - Reductions as a result of tax positions taken during prior periods (93 ) - Ending balance $ 2,660 $ 5,506 Interest and penalties related to uncertain tax positions are classified as income tax provision (benefit) in the unaudited condensed consolidated statement of comprehensive income. This amounted to $( 0.5 0.4 three nine September 30, 2018. 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 September 30, 2018, not |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Long-Term Debt Long-term debt at September 30, 2018 December 31, 2017 September 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 September 30, 2018, maturing June 2023 197,500 - Revenue equipment installment notes with finance companies, weighted average interest rate of 4.7% and 4.7% at September 30, 2018 and December 31, 2017, due in monthly installments with final maturities at various dates through October 2023, secured by related revenue equipment with a net book value of $164.7 million and $315.7 million in September 2018 and December 2017 151,773 310,850 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 September 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 $23.9 million and $24.7 million at September 2018 and December 2017 19,161 20,033 Capital lease obligations, maturing at various dates through April 2024 21,244 27,761 Other 10,749 6,134 400,427 612,804 Less: Unamortized discount and debt issuance costs (1,413 ) (7,266 ) Less: Current maturities of long-term debt (120,305 ) (132,332 ) $ 278,709 $ 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 September 30, 2018, $37.5 $0 $112.5 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 September 30, 2018, Old Term Loan 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 | 9 Months Ended |
Sep. 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. $19.4 $15.5 three September 30, 2018 2017, $59.3 $55.7 nine September 30, 2018 2017, three five five eight April 2024. $28.3 September 30, 2018. |
Note 6 - Related-party Transact
Note 6 - Related-party Transactions | 9 Months Ended |
Sep. 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 $0.8 nine September 30, 2018 2017, June 2018, $7.5 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 9 Months Ended |
Sep. 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 February 5, 2019. Telephone Consumer Protection Act Claim A class action was filed against us in the U.S. District Court for the Western District of Virginia in December 2017 March 2018, two December 11, 2013 January 13, 2020. The Company had letters of credit of $37.5 $34.5 September 30, 2018 December 31, 2017, The Company had cancelable commitments outstanding at September 30, 2018 $140.9 2018 $39.4 2019. |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 9 Months Ended |
Sep. 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 nine September 30, 2018: Weighted Number of Average Grant Units Date Fair Value 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 96,446 2.93 Unvested at September 30, 2018 1,462,341 $ 2.01 These restricted stock unit grants vest over periods ranging from three seven $0.8 $0.4 nine September 30, 2018 2017, September 30, 2018 December 31, 2017, $2.3 $3.2 5.0 5.4 Incentive Plan In June 2018, 2018 3,200,000 may The following is a summary of the Incentive Plan restricted stock and restricted stock unit activity from June 13, 2018 September 30, 2018: Weighted Number of Average Grant Units Date Fair Value Unvested at June 13, 2018 - Granted 236,351 $ 15.84 Forfeited ' 7,858 16.00 Unvested at September 30, 2018 228,493 $ 15.83 The restricted stock grants vest over periods of one four $0.4 nine September 30, 2018. September 30, 2018, $3.3 3.2 The following is a summary of the Incentive Plan stock option activity from June 13, 2018 September 30, 2018: Weighted Number of Average Grant Units Date Fair Value Unvested at June 13, 2018 - Granted 192,203 $ 6.09 Unvested at September 30, 2018 192,203 $ 6.09 The stock options vest over a period of four ten $0.1 nine September 30, 2018. Strike price $ 16.00 Risk-free interest rate 2.91 % Expected dividend yield 0 % Expected volatility 32.67 % Expected term (in years) 6.25 At September 30, 2018, $1.0 3.8 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 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 September 30, 2018 December 31, 2017 2018 Fair Value Input Level Liabilities Forward Contract $ 1,993 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 nine September 30, 2018 2017 September 30, 2018 September 30, 2017 Balance at beginning of year $ 1,985 $ 2,683 Cash Settlement - - Forward Contract Adjustment 8 (614 ) Balance at end of period $ 1,993 $ 2,069 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 | 9 Months Ended |
Sep. 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 398,260 three nine September 30, 2018 The basic and diluted earnings (loss) per share calculations for the three nine September 30, 2018 2017, Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net income (loss) $ 16,458 $ (660 ) $ 18,875 $ (13,464 ) Net income attributable to noncontrolling interest 329 15 972 95 Net income (loss) attributable to common stockholders $ 16,129 $ (675 ) $ 17,903 $ (13,559 ) Basic weighted average of outstanding shares of common stock 48,296 6,385 23,118 6,385 Dilutive effect of equity awards 1,301 - 520 - Diluted weighted average of outstanding shares of common stock 49,597 6,385 23,638 6,385 Basic earnings (loss) per share $ 0.33 $ (0.11 ) $ 0.77 $ (2.12 ) Diluted earnings (loss) per share $ 0.33 $ (0.11 ) $ 0.76 $ (2.12 ) |
Note 11 - Segment Information
Note 11 - Segment Information | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues Truckload $ 395,167 $ 347,871 $ 1,157,731 $ 1,006,747 Brokerage 65,060 42,255 177,962 117,405 Total Operating Revenue $ 460,227 $ 390,126 $ 1,335,693 $ 1,124,152 Operating Income Truckload $ 19,857 $ 10,496 $ 50,950 $ 15,493 Brokerage 3,035 1,038 6,814 658 Total Operating Income $ 22,892 $ 11,534 $ 57,764 $ 16,151 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 nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues United States $ 446,822 $ 377,458 $ 1,295,900 $ 1,086,351 Foreign countries Mexico 13,405 12,668 39,793 37,801 Total $ 460,227 $ 390,126 $ 1,335,693 $ 1,124,152 As of As of September 30, December 31, 2018 2017 Long-lived Assets United States $ 466,133 $ 459,021 Foreign countries Mexico 8,595 4,884 Total $ 474,728 $ 463,905 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 nine September 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 $3.1 $1.0 September 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 $4.7 $3.9 September 30, 2018 December 31, 2017, $2.5 September 30, 2018. The following table presents the effect of the adoption of Accounting Standard Codification 606 606 three nine September 30, 2018 ( (in thousands, except for per share amounts) As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments For the Three for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 September 30, 2018 ASC 606 September 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 460,227 (708 ) 459,519 1,335,693 (859 ) 1,334,834 Total operating expenses 437,335 (658 ) 436,677 1,277,929 883 1,278,812 Operating income 22,892 (50 ) 22,842 57,764 (1,742 ) 56,022 Income (loss) before income tax benefit 18,137 (50 ) 18,087 19,956 (1,742 ) 18,214 Income tax provision (benefit) 1,679 (15 ) 1,665 1,081 (505 ) 576 Net income (loss) 16,458 (36 ) 16,423 18,875 (1,237 ) 17,638 Net income (loss) attributable to controlling interest 16,129 (36 ) 16,094 17,903 (1,237 ) 16,666 Basic earnings (loss) per share 0.33 (0.00 ) 0.33 0.77 (0.05 ) 0.72 Basic weighted average shares outstanding 48,296 48,296 48,296 23,118 23,118 23,118 Diluted earnings (loss) per share 0.33 (0.00 ) 0.32 0.76 (0.05 ) 0.71 Diluted weighted average shares outstanding 49,597 49,597 49,597 23,638 23,638 23,638 Reported Adjustments Under ASC 605 Balance at Due to Balance at September 30, 2018 ASC 606 September 30, 2018 Consolidated Balance Sheet Customer receivables $ 216,814 $ (4,711 ) $ 212,103 Other current assets 16,462 (2,036 ) 14,426 Total current assets 299,992 (6,747 ) 293,245 Total assets 882,607 (6,747 ) 875,860 Accounts payable 80,019 (3,079 ) 76,940 Other accrued liabilities 5,993 (349 ) 5,644 Deferred income taxes 19,204 (622 ) 18,582 Accumulated deficit (24,331 ) (2,697 ) (27,028 ) Stockholders' equity (deficit) 227,072 (2,697 ) 224,375 Total stockholder's equity (deficit) 230,333 (2,697 ) 227,636 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 882,607 (6,746 ) 875,861 As Reported Under ASC 605 for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 Operating Cash Flows Net income (loss) 18,875 (1,237 ) 17,638 Receivables (30,102 ) (859 ) (30,961 ) Other assets (4,190 ) (1,571 ) (5,761 ) Accounts payable and other accrued liabilities (11,531 ) 688 (10,843 ) Deferred income tax provision 3,458 506 3,964 |
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. 2018 11, no 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 Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (in thousands, except for per share amounts) As Reported Under ASC 605 As Reported Under ASC 605 for the Three Adjustments For the Three for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 September 30, 2018 ASC 606 September 30, 2018 Consolidated Statement of Comprehensive Income (Loss) Operating revenues 460,227 (708 ) 459,519 1,335,693 (859 ) 1,334,834 Total operating expenses 437,335 (658 ) 436,677 1,277,929 883 1,278,812 Operating income 22,892 (50 ) 22,842 57,764 (1,742 ) 56,022 Income (loss) before income tax benefit 18,137 (50 ) 18,087 19,956 (1,742 ) 18,214 Income tax provision (benefit) 1,679 (15 ) 1,665 1,081 (505 ) 576 Net income (loss) 16,458 (36 ) 16,423 18,875 (1,237 ) 17,638 Net income (loss) attributable to controlling interest 16,129 (36 ) 16,094 17,903 (1,237 ) 16,666 Basic earnings (loss) per share 0.33 (0.00 ) 0.33 0.77 (0.05 ) 0.72 Basic weighted average shares outstanding 48,296 48,296 48,296 23,118 23,118 23,118 Diluted earnings (loss) per share 0.33 (0.00 ) 0.32 0.76 (0.05 ) 0.71 Diluted weighted average shares outstanding 49,597 49,597 49,597 23,638 23,638 23,638 Reported Adjustments Under ASC 605 Balance at Due to Balance at September 30, 2018 ASC 606 September 30, 2018 Consolidated Balance Sheet Customer receivables $ 216,814 $ (4,711 ) $ 212,103 Other current assets 16,462 (2,036 ) 14,426 Total current assets 299,992 (6,747 ) 293,245 Total assets 882,607 (6,747 ) 875,860 Accounts payable 80,019 (3,079 ) 76,940 Other accrued liabilities 5,993 (349 ) 5,644 Deferred income taxes 19,204 (622 ) 18,582 Accumulated deficit (24,331 ) (2,697 ) (27,028 ) Stockholders' equity (deficit) 227,072 (2,697 ) 224,375 Total stockholder's equity (deficit) 230,333 (2,697 ) 227,636 Total liabilities, redeemable restricted units and stockholder's equity (deficit) 882,607 (6,746 ) 875,861 As Reported Under ASC 605 for the Nine Adjustments Fpr the Nine Months Ended Due to Months Ended September 30, 2018 ASC 606 September 30, 2018 Operating Cash Flows Net income (loss) 18,875 (1,237 ) 17,638 Receivables (30,102 ) (859 ) (30,961 ) Other assets (4,190 ) (1,571 ) (5,761 ) Accounts payable and other accrued liabilities (11,531 ) 688 (10,843 ) Deferred income tax provision 3,458 506 3,964 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Income (loss) before Income Taxes $ 18,137 $ (1,668 ) $ 19,956 $ (20,667 ) Income tax provision (benefit) 1,679 (1,008 ) 1,081 (7,203 ) Effective tax rate 9.3 % 60.4 % 5.4 % 34.9 % |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months ended September 30, 2018 Nine Months ended September 30, 2018 Tax-deductible IPO costs (65 ) (546 ) Share based compensation tax deduction in excess of book expense 18 (723 ) Reductions to unrecognized tax benefits and related interest (3,344 ) (3,344 ) Transition tax estimate update 716 716 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | September 30, 2018 December 31, 2017 Beginning balance $ 5,506 $ 5,200 Additions based on tax positions taken in prior years - 306 Reductions as a result of a lapse of the applicable statute of limitations (2,753 ) - Reductions as a result of tax positions taken during prior periods (93 ) - Ending balance $ 2,660 $ 5,506 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | September 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 September 30, 2018, maturing June 2023 197,500 - Revenue equipment installment notes with finance companies, weighted average interest rate of 4.7% and 4.7% at September 30, 2018 and December 31, 2017, due in monthly installments with final maturities at various dates through October 2023, secured by related revenue equipment with a net book value of $164.7 million and $315.7 million in September 2018 and December 2017 151,773 310,850 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 September 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 $23.9 million and $24.7 million at September 2018 and December 2017 19,161 20,033 Capital lease obligations, maturing at various dates through April 2024 21,244 27,761 Other 10,749 6,134 400,427 612,804 Less: Unamortized discount and debt issuance costs (1,413 ) (7,266 ) Less: Current maturities of long-term debt (120,305 ) (132,332 ) $ 278,709 $ 473,206 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted Number of Average Grant Units Date Fair Value 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 96,446 2.93 Unvested at September 30, 2018 1,462,341 $ 2.01 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Number of Average Grant Units Date Fair Value Unvested at June 13, 2018 - Granted 236,351 $ 15.84 Forfeited ' 7,858 16.00 Unvested at September 30, 2018 228,493 $ 15.83 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Number of Average Grant Units Date Fair Value Unvested at June 13, 2018 - Granted 192,203 $ 6.09 Unvested at September 30, 2018 192,203 $ 6.09 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Strike price $ 16.00 Risk-free interest rate 2.91 % Expected dividend yield 0 % Expected volatility 32.67 % Expected term (in years) 6.25 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2018 Fair Value Input Level Liabilities Forward Contract $ 1,993 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] | September 30, 2018 September 30, 2017 Balance at beginning of year $ 1,985 $ 2,683 Cash Settlement - - Forward Contract Adjustment 8 (614 ) Balance at end of period $ 1,993 $ 2,069 |
Note 10 - Earnings (Loss) Per_2
Note 10 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net income (loss) $ 16,458 $ (660 ) $ 18,875 $ (13,464 ) Net income attributable to noncontrolling interest 329 15 972 95 Net income (loss) attributable to common stockholders $ 16,129 $ (675 ) $ 17,903 $ (13,559 ) Basic weighted average of outstanding shares of common stock 48,296 6,385 23,118 6,385 Dilutive effect of equity awards 1,301 - 520 - Diluted weighted average of outstanding shares of common stock 49,597 6,385 23,638 6,385 Basic earnings (loss) per share $ 0.33 $ (0.11 ) $ 0.77 $ (2.12 ) Diluted earnings (loss) per share $ 0.33 $ (0.11 ) $ 0.76 $ (2.12 ) |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues Truckload $ 395,167 $ 347,871 $ 1,157,731 $ 1,006,747 Brokerage 65,060 42,255 177,962 117,405 Total Operating Revenue $ 460,227 $ 390,126 $ 1,335,693 $ 1,124,152 Operating Income Truckload $ 19,857 $ 10,496 $ 50,950 $ 15,493 Brokerage 3,035 1,038 6,814 658 Total Operating Income $ 22,892 $ 11,534 $ 57,764 $ 16,151 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Revenues United States $ 446,822 $ 377,458 $ 1,295,900 $ 1,086,351 Foreign countries Mexico 13,405 12,668 39,793 37,801 Total $ 460,227 $ 390,126 $ 1,335,693 $ 1,124,152 As of As of September 30, December 31, 2018 2017 Long-lived Assets United States $ 466,133 $ 459,021 Foreign countries Mexico 8,595 4,884 Total $ 474,728 $ 463,905 |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2018USD ($)$ / sharesshares | Sep. 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 | ||
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 | |||
Proceeds from Issuance of Common Stock | $ | $ 245.2 | |||
Common Stock, Shares Authorized | 140,000,000 | 30,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 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 | 0 | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||
New Mountain Lake Holdings, LLC [Member] | ||||
Ownership Percentage | 100.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Capitalized Contract Cost, Net, Total | $ 3,100 | ||
Capitalized Contract Cost, Accumulated Amortization | 1,000 | ||
Contract with Customer, Asset, Net, Total | 4,700 | $ 3,900 | |
Revenue, Remaining Performance Obligation, Amount | 2,500 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (24,331) | $ (43,459) | |
Accounting Standards Update 2014-09 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,500 |
Note 2 - Summary of Significa_4
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 | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 460,227 | $ 390,126 | $ 1,335,693 | $ 1,124,152 | ||
Total operating expenses | 437,335 | 378,592 | 1,277,929 | 1,108,001 | ||
Operating income | 22,892 | 11,534 | 57,764 | 16,151 | ||
Income (loss) before income tax benefit | 18,137 | (1,668) | 19,956 | (20,667) | ||
Income tax provision (benefit) | 1,679 | (1,008) | 1,081 | (7,203) | ||
Net income (loss) | 16,458 | (660) | 18,875 | (13,464) | ||
Net income (loss) attributable to common stockholders | $ 16,129 | $ (675) | $ 17,903 | $ (13,559) | ||
Basic earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.77 | $ (2.12) | ||
Basic weighted average of outstanding shares of common stock (in shares) | 48,296 | 6,385 | 23,118 | 6,385 | ||
Diluted earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.76 | $ (2.12) | ||
Diluted weighted average of outstanding shares of common stock (in shares) | 49,597 | 6,385 | 23,638 | 6,385 | ||
Customer receivables | $ 216,814 | $ 216,814 | $ 186,407 | |||
Other current assets | 16,462 | 16,462 | 12,170 | |||
Total current assets | 299,992 | 299,992 | 248,720 | |||
Total assets | 882,607 | 882,607 | 820,571 | |||
Accounts payable | 80,019 | 80,019 | 80,555 | |||
Other accrued liabilities | 5,993 | 5,993 | 13,901 | |||
Deferred income taxes | 19,204 | 19,204 | 15,630 | |||
Accumulated deficit | (24,331) | (24,331) | (43,459) | |||
Stockholders' equity (deficit) | 227,072 | 227,072 | (43,394) | |||
Total stockholder's equity (deficit) | 230,333 | 230,333 | (41,105) | |||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | 882,607 | 882,607 | $ 820,571 | |||
Receivables | (30,102) | $ (21,543) | ||||
Other assets | (4,190) | (1,928) | ||||
Accounts payable and other accrued liabilities | (11,531) | 9,618 | ||||
Deferred income tax provision | 3,458 | $ (7,920) | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||
Operating revenues | 459,519 | 1,334,834 | ||||
Total operating expenses | 436,677 | 1,278,812 | ||||
Operating income | 22,842 | 56,022 | ||||
Income (loss) before income tax benefit | 18,087 | 18,214 | ||||
Income tax provision (benefit) | 1,665 | 576 | ||||
Net income (loss) | 16,423 | 17,638 | ||||
Net income (loss) attributable to common stockholders | $ 16,094 | $ 16,666 | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.33 | $ 0.72 | ||||
Basic weighted average of outstanding shares of common stock (in shares) | 48,296 | 23,118 | ||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.32 | $ 0.71 | ||||
Diluted weighted average of outstanding shares of common stock (in shares) | 49,597 | 23,638 | ||||
Customer receivables | $ 212,103 | $ 212,103 | ||||
Other current assets | 14,426 | 14,426 | ||||
Total current assets | 293,245 | 293,245 | ||||
Total assets | 875,860 | 875,860 | ||||
Accounts payable | 76,940 | 76,940 | ||||
Other accrued liabilities | 5,644 | 5,644 | ||||
Deferred income taxes | 18,582 | 18,582 | ||||
Accumulated deficit | (27,028) | (27,028) | ||||
Stockholders' equity (deficit) | 224,375 | 224,375 | ||||
Total stockholder's equity (deficit) | 227,636 | 227,636 | ||||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | 875,861 | 875,861 | ||||
Receivables | (30,961) | |||||
Other assets | (5,761) | |||||
Accounts payable and other accrued liabilities | (10,843) | |||||
Deferred income tax provision | 3,964 | |||||
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 | (708) | (859) | ||||
Total operating expenses | (658) | 883 | ||||
Operating income | (50) | (1,742) | ||||
Income (loss) before income tax benefit | (50) | (1,742) | ||||
Income tax provision (benefit) | (15) | (505) | ||||
Net income (loss) | (36) | (1,237) | ||||
Net income (loss) attributable to common stockholders | $ (36) | $ (1,237) | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0 | $ (0.05) | ||||
Basic weighted average of outstanding shares of common stock (in shares) | 48,296 | 23,118 | ||||
Diluted earnings (loss) per share (in dollars per share) | $ 0 | $ (0.05) | ||||
Diluted weighted average of outstanding shares of common stock (in shares) | 49,597 | 23,638 | ||||
Customer receivables | $ (4,711) | $ (4,711) | ||||
Other current assets | (2,036) | (2,036) | ||||
Total current assets | (6,747) | (6,747) | ||||
Total assets | (6,747) | (6,747) | ||||
Accounts payable | (3,079) | (3,079) | ||||
Other accrued liabilities | (349) | (349) | ||||
Deferred income taxes | (622) | (622) | ||||
Accumulated deficit | (2,697) | (2,697) | ||||
Stockholders' equity (deficit) | (2,697) | (2,697) | ||||
Total stockholder's equity (deficit) | (2,697) | (2,697) | ||||
Total liabilities, redeemable restricted units and stockholder's equity (deficit) | $ (6,746) | (6,746) | ||||
Receivables | (859) | |||||
Other assets | (1,571) | |||||
Accounts payable and other accrued liabilities | 688 | |||||
Deferred income tax provision | $ 506 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 716,000 | $ 716,000 | ||||
Unrecognized Tax Benefits, Ending Balance | 2,660,000 | 2,660,000 | $ 5,506,000 | $ 5,200,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (500,000) | $ (400,000) | ||||
Minimum [Member] | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | 0 | ||||
Maximum [Member] | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ (2,400) | $ (2,400) | ||||
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income (loss) before Income Taxes | $ 18,137 | $ (1,668) | $ 19,956 | $ (20,667) |
Income tax provision (benefit) | $ 1,679 | $ (1,008) | $ 1,081 | $ (7,203) |
Effective tax rate | 9.30% | 60.40% | 5.40% | 34.90% |
Note 3 - Income Taxes - Discret
Note 3 - Income Taxes - Discrete Tax Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Tax-deductible IPO costs | $ (65) | $ (546) |
Share based compensation tax deduction in excess of book expense | 18 | (723) |
Reductions to unrecognized tax benefits and related interest | (3,344) | (3,344) |
Transition tax estimate update | $ 716 | $ 716 |
Note 3 - Income Taxes - Unrecog
Note 3 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 5,506 | $ 5,200 |
Additions based on tax positions taken in prior years | 306 | |
Reductions as a result of a lapse of the applicable statute of limitations | (2,753) | |
Reductions as a result of tax positions taken during prior periods | (93) | |
Ending balance | $ 2,660 | $ 5,506 |
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 | |||
Term Loan [Member] | Third Party [Member] | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 100,000 | |||
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] | ||||
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] | ||||
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 | |||
Long-term Line of Credit, Total | $ 0 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 112,500,000 | |||
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 | $ 37,500,000 | $ 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 | Sep. 30, 2018 | Dec. 31, 2017 |
Long-term debt, gross | $ 280,122 | $ 480,472 |
Capital lease obligations, maturing at various dates through April 2024 | 21,244 | 27,761 |
Long-term debt and Captial lease obligations including current maturities | 400,427 | 612,804 |
Less: Unamortized discount and debt issuance costs | (1,413) | (7,266) |
Less: Current maturities of long-term debt | (120,305) | (132,332) |
Long-term debt and capital lease obligations | 278,709 | 473,206 |
Mortage Note Payable at 5.25% [Member] | ||
Long-term debt, gross | 19,161 | 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 | 197,500 | |
Revenue Equipment Loan [Member] | ||
Long-term debt, gross | 151,773 | 310,850 |
Notes Payable, Other Payables [Member] | ||
Long-term debt, gross | 25,516 | |
Other Debt [Member] | ||
Long-term debt, gross | $ 10,749 | $ 6,134 |
Note 4 - Long-term Debt - Ous_2
Note 4 - Long-term Debt - Oustanding Debt (Details) (Parentheticals) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Mortage Note Payable at 5.25% [Member] | ||
Interest rate | 5.25% | 6.99% |
Maturity date | Sep. 30, 2031 | Sep. 30, 2031 |
Collateral | $ 23.9 | $ 24.7 |
Term Loan [Member] | ||
Interest rate | 12.20% | |
Maturity date | May 31, 2020 | |
Line of Credit [Member] | ||
Maturity date | May 31, 2020 | |
Term Loan at 4.3% [Member] | ||
Interest rate | 4.30% | |
Maturity date | Jun. 30, 2023 | |
Revenue Equipment Loan [Member] | ||
Maturity date | Oct. 31, 2023 | Oct. 31, 2023 |
Weighted average interest rate | 4.70% | 4.70% |
Collateral | $ 164.7 | $ 315.7 |
Notes Payable, Other Payables [Member] | ||
Interest rate | 13.00% | |
Maturity date | Nov. 30, 2020 | |
Capital Lease Obligations [Member] | ||
Maturity date | Apr. 30, 2024 | Apr. 30, 2024 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Leases, Rent Expense, Net, Total | $ 19.4 | $ 15.5 | $ 59.3 | $ 55.7 |
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 Transa_2
Note 6 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 125,556 | $ 234,372 | ||
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 | $ 800 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Capital Addition Purchase Commitments [Member] | ||
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 140,900,000 | |
Purchase Obligation, Due in Second Year | 39,400,000 | |
Line of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 37,500,000 | $ 34,500,000 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
The 2018 Omnibus Incentive Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,200,000 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 3.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0.5 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 0.8 | $ 0.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2.3 | $ 3.2 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | 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 | |||
Restricted Stock [Member] | The 2018 Omnibus Incentive Plan [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 0.4 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3.3 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 73 days | |||
Restricted Stock [Member] | Minimum [Member] | The 2018 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | The 2018 Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Stock Option [Member] | The 2018 Omnibus Incentive Plan [Member] | ||||
Allocated Share-based Compensation Expense, Total | $ 0.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 292 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Jun. 15, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Jun. 13, 2018 |
Unvested (in shares) | 334,026 | 334,026 | 1,558,787 | 446,000 |
Unvested, weighted average (in dollars per share) | $ 9.62 | $ 9.62 | $ 2.06 | $ 9.14 |
Granted (in shares) | ||||
Granted, weighted average (in dollars per share) | ||||
Vested-pre IPO (in shares) | 96,446 | 105,307 | ||
Vested, weighted average (in dollars per share) | $ 2.93 | $ 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 | 1,462,341 | 1,462,341 | 334,026 |
Unvested, weighted average (in dollars per share) | $ 2.06 | $ 2.01 | $ 2.01 | $ 9.62 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 4 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Unvested (in shares) | shares | |
Unvested, weighted average (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 236,351 |
Granted, weighted average (in dollars per share) | $ / shares | $ 15.84 |
Forfeited (in shares) | shares | 7,858 |
Forfeited, weighted average (in dollars per share) | $ / shares | $ 16 |
Unvested (in shares) | shares | 228,493 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 15.83 |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation - Stock Option Activity (Details) | 4 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Unvested (in shares) | shares | |
Unvested, weighted average (in dollars per share) | $ / shares | |
Granted (in shares) | shares | 192,203 |
Granted, weighted average (in dollars per share) | $ / shares | $ 6.09 |
Unvested (in shares) | shares | 192,203 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 6.09 |
Note 8 - Share-based Compensa_7
Note 8 - Share-based Compensation - Valuation Assumptions (Details) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Strike price (in dollars per share) | $ 16 |
Risk-free interest rate | 2.91% |
Expected dividend yield | 0.00% |
Expected volatility | 32.67% |
Expected term (in years) (Year) | 6 years 91 days |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Forward Contract | $ 1,993 | $ 1,985 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Changes in Fair Value of Assets and Liabilities Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Balance at beginning of year | $ 1,985 | $ 2,683 |
Cash Settlement | ||
Forward Contract Adjustment | 8 | (614) |
Balance at end of period | $ 1,993 | $ 2,069 |
Note 10 - Earnings (Loss) Per_3
Note 10 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 398,260 | 398,260 |
Note 10 - Earnings (Loss) Per_4
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income (loss) | $ 16,458 | $ (660) | $ 18,875 | $ (13,464) |
Net income attributable to noncontrolling interest | 329 | 15 | 972 | 95 |
Net income (loss) attributable to common stockholders | $ 16,129 | $ (675) | $ 17,903 | $ (13,559) |
Basic weighted average of outstanding shares of common stock (in shares) | 48,296 | 6,385 | 23,118 | 6,385 |
Dilutive effect of equity awards (in shares) | 1,301 | 520 | ||
Diluted weighted average of outstanding shares of common stock (in shares) | 49,597 | 6,385 | 23,638 | 6,385 |
Basic earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.77 | $ (2.12) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.33 | $ (0.11) | $ 0.76 | $ (2.12) |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total Operating Revenue | $ 460,227 | $ 390,126 | $ 1,335,693 | $ 1,124,152 |
Total Operating Income | 22,892 | 11,534 | 57,764 | 16,151 |
Truckload Segment [Member] | ||||
Total Operating Revenue | 395,167 | 347,871 | 1,157,731 | 1,006,747 |
Total Operating Income | 19,857 | 10,496 | 50,950 | 15,493 |
Brokerage Segment [Member] | ||||
Total Operating Revenue | 65,060 | 42,255 | 177,962 | 117,405 |
Total Operating Income | $ 3,035 | $ 1,038 | $ 6,814 | $ 658 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Summary of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Total Operating Revenue | $ 460,227 | $ 390,126 | $ 1,335,693 | $ 1,124,152 | |
Long-lived Assets | 474,728 | 474,728 | $ 463,905 | ||
UNITED STATES | |||||
Total Operating Revenue | 446,822 | 377,458 | 1,295,900 | 1,086,351 | |
Long-lived Assets | 466,133 | 466,133 | 459,021 | ||
MEXICO | |||||
Total Operating Revenue | 13,405 | $ 12,668 | 39,793 | $ 37,801 | |
Long-lived Assets | $ 8,595 | $ 8,595 | $ 4,884 |