Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | US XPRESS ENTERPRISES INC | |
Entity Central Index Key | 0000923571 | |
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 | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,616,551 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 32,994,211 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,095 | $ 9,892 |
Customer receivables, net of allowance of $101 and $59 at March 31, 2019 and December 31, 2018, respectively | 185,710 | 190,254 |
Other receivables | 19,474 | 20,430 |
Prepaid insurance and licenses | 15,793 | 11,035 |
Operating supplies | 7,548 | 7,324 |
Assets held for sale | 8,086 | 33,225 |
Other current assets | 15,860 | 13,374 |
Total current assets | 254,566 | 285,534 |
Property and equipment, at cost | 904,209 | 898,530 |
Less accumulated depreciation and amortization | (385,281) | (379,813) |
Net property and equipment | 518,928 | 518,717 |
Other assets | ||
Operating lease right of use assets | 186,941 | |
Goodwill | 57,708 | 57,708 |
Intangible assets, net | 28,492 | 28,913 |
Other | 24,858 | 19,615 |
Total other assets | 297,999 | 106,236 |
Total assets | 1,071,493 | 910,487 |
Current liabilities | ||
Accounts payable | 63,368 | 63,808 |
Book overdraft | 5,233 | |
Accrued wages and benefits | 23,588 | 24,960 |
Claims and insurance accruals, current | 43,586 | 47,442 |
Other accrued liabilities | 8,386 | 8,120 |
Liabilites associated with assets held for sale | 6,856 | |
Current portion of operating lease liabilities | 56,893 | |
Current maturities of long-term debt and finance leases | 95,117 | 113,094 |
Total current liabilities | 296,171 | 264,280 |
Long-term debt and finance leases, net of current maturities | 314,049 | 312,819 |
Less debt issuance costs | (1,264) | (1,347) |
Net long-term debt and finance leases | 312,785 | 311,472 |
Deferred income taxes | 21,385 | 19,978 |
Long-term liabilities associated with assets held for sale | 8,353 | |
Other long-term liabilities | 6,483 | 7,713 |
Claims and insurance accruals, long-term | 60,518 | 60,304 |
Noncurrent operating lease liabilities | 129,927 | |
Commitments and contingencies (Notes 6 and 7) | ||
Stockholders' Equity | ||
Additional paid-in capital | 252,559 | 251,742 |
Accumulated deficit | (12,614) | (17,335) |
Stockholders' equity | 240,430 | 234,891 |
Noncontrolling interest | 3,794 | 3,496 |
Total stockholders' equity | 244,224 | 238,387 |
Total liabilities and stockholders' equity | 1,071,493 | 910,487 |
Common Class A [Member] | ||
Stockholders' Equity | ||
Common stock | 329 | 329 |
Common Class B [Member] | ||
Stockholders' Equity | ||
Common stock | $ 156 | $ 155 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance | $ 101 | $ 59 |
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 | 140,000,000 |
Common stock, shares issued (in shares) | 32,930,419 | 32,859,292 |
Common stock, shares outstanding (in shares) | 32,930,419 | 32,859,292 |
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 | 35,000,000 |
Common stock, shares issued (in shares) | 15,616,551 | 15,486,560 |
Common stock, shares outstanding (in shares) | 15,616,551 | 15,486,560 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Revenue | $ 415,363 | $ 425,708 |
Operating expenses | ||
Salaries, wages, and benefits | 124,563 | 132,924 |
Fuel and fuel taxes | 46,904 | 58,389 |
Vehicle rents | 18,976 | 20,022 |
Depreciation and amortization, net of (gain) loss on sale of property | 23,062 | 24,706 |
Operating expenses and supplies | 27,945 | 29,791 |
Insurance premiums and claims | 24,353 | 20,170 |
Operating taxes and licenses | 3,173 | 3,401 |
Communications and utilities | 2,265 | 2,466 |
General and other operating expenses | 17,479 | 17,209 |
Total operating expenses | 402,725 | 410,854 |
Operating income | 12,638 | 14,854 |
Other expense (income) | ||
Interest expense, net | 5,603 | 12,658 |
Equity in loss of affiliated companies | 89 | 296 |
Other, net | 26 | (75) |
5,718 | 12,879 | |
Income before income tax provision | 6,920 | 1,975 |
Income tax provision | 1,901 | 593 |
Net total and comprehensive income | 5,019 | 1,382 |
Net total and comprehensive income attributable to noncontrolling interest | 298 | 223 |
Net total and comprehensive income attributable to controlling interest | $ 4,721 | $ 1,159 |
Earnings per share | ||
Basic earnings per share (in dollars per share) | $ 0.10 | $ 0.18 |
Basic weighted average shares outstanding (in shares) | 48,394 | 6,385 |
Diluted earnings per share (in dollars per share) | $ 0.10 | $ 0.18 |
Diluted weighted average shares outstanding (in shares) | 49,391 | 6,385 |
Cargo and Freight [Member] | ||
Revenues | ||
Revenue | $ 375,312 | $ 382,858 |
Fuel Surcharge [Member] | ||
Revenues | ||
Revenue | 40,051 | 42,850 |
Shipping and Handling [Member] | ||
Operating expenses | ||
Purchased transportation | $ 114,005 | $ 101,776 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 5,019 | $ 1,382 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income tax provision | 1,407 | 190 |
Depreciation and amortization | 21,833 | 23,901 |
Losses on sale of equipment | 1,229 | 805 |
Share based compensation | 856 | 208 |
Other | 308 | 1,688 |
Changes in operating assets and liabilities: | ||
Receivables | 3,560 | (10,706) |
Prepaid insurance and licenses | (4,761) | (5,242) |
Operating supplies | (285) | (936) |
Other assets | 383 | (1,582) |
Accounts payable and other accrued liabilities | (2,844) | (13,936) |
Accrued wages and benefits | (1,226) | 2,365 |
Net cash provided by (used in) operating activities | 25,479 | (1,863) |
Investing activities | ||
Payments for purchases of property and equipment | (36,604) | (26,871) |
Proceeds from sales of property and equipment | 13,115 | 8,176 |
Sale of subsidiary, net of cash | (9,002) | |
Net cash used in investing activities | (32,491) | (18,695) |
Financing activities | ||
Borrowings under lines of credit | 102,676 | |
Payments under lines of credit | (82,950) | |
Borrowings under long-term debt | 14,355 | 23,438 |
Payments of long-term debt | (31,128) | (36,062) |
Payments of financing costs and original issue discount | (14) | |
Payments of long-term consideration for business acquistion | (990) | (1,010) |
Tax withholding related to net share settlement of restricted stock awards | (39) | |
Repurchase of membership units | (51) | |
Book overdraft | 5,233 | 9,469 |
Net cash provided by (used in) financing activities | (12,569) | 15,496 |
Change in cash previously included in assets held for sale | 11,784 | |
Net change in cash and cash equivalents | (7,797) | (5,062) |
Cash and cash equivalents: | ||
Beginning of year | 9,892 | 9,232 |
End of period | 2,095 | 4,170 |
Supplemental disclosure of cash flow information | ||
Cash paid during the year for interest | 5,620 | 11,249 |
Cash refunded during the year for income taxes | (91) | (330) |
Supplemental disclosure of significant noncash investing and financing activities | ||
Debt obligations relieved in conjunction with the divesture of Xpress Internacional | 7,109 | |
Uncollected proceeds from asset sales | 1,706 | |
Capital Lease Obligations [Member] | ||
Supplemental disclosure of significant noncash investing and financing activities | ||
Capital lease extinguishments | $ 33 | $ 764 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | 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 | 208 | ||||||
Adoption of ASC 606 | Accounting Standards Update 2014-09 [Member] | 1,459 | 1,459 | |||||
Dividend of repurchased membership units | (51) | ||||||
Net income | 1,159 | 223 | 1,382 | ||||
Balance at Mar. 31, 2018 | 64 | 1 | (40,841) | 2,512 | $ 3,438 | (38,264) | |
Balance at Dec. 31, 2018 | 329 | $ 155 | 251,742 | (17,335) | 3,496 | 238,387 | |
Share based compensation | 856 | 856 | |||||
Net income | 4,721 | 298 | 5,019 | ||||
Vesting of 201,119 restricted units | 1 | (39) | (38) | ||||
Balance at Mar. 31, 2019 | $ 329 | $ 156 | $ 252,559 | $ (12,614) | $ 3,794 | $ 244,224 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Parentheticals) shares in Thousands | 3 Months Ended |
Mar. 31, 2019shares | |
Vesting restricted units (in shares) | 201,119 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 3 Months Ended |
Mar. 31, 2019 | |
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 $246.6 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 | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. 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, 2018 three March 31, 2019 not may December 31, 2019. December 31, 2018. Leases We determine if an arrangement is a lease or contains a lease at inception and perform an analysis to determine whether the lease is an operating lease or a finance lease. We measure right-of-use (“ROU”) assets and lease liabilities at the lease commencement date based on the present value of the remaining lease payments. As most of our leases do not not not Leases with an initial term of twelve not Recently Issued Accounting Standards In January 2017, 2017 04, 350 2 2 December 15, 2019. not 2018 02 Recently Adopted Accounting Standards In February 2016, 2016 02, 842 842” 842 January 1, 2019 840 842 not 1 2 3 not not 842. 842 $183.0 842 6, Leases |
Note 3 - Divesture of Xpress In
Note 3 - Divesture of Xpress Internacional | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Divesture of Xpress Internacional In January 2019, 95% $4.5 $6.0 $2.5 110 $2.5 January 17, 2019 not March 31, 2019. December 31, 2018. not $10.7 December 2018, not March 31, 2019. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. The Company’s provision for income taxes for the three March 31, 2019 2018 three March 31, 2019 2018 Three Months Ended March 31, 2019 2018 Income before Income Taxes $ 6,920 $ 1,975 Income tax provision 1,901 593 Effective tax rate 27.5 % 30.0 % The difference between the Company’s effective tax rate for the three March 31, 2019 2018 21% |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Long-term debt at March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Term loan agreement, interest rate of 4.7% and 4.8% at March 31, 2019 and December 31, 2018, respectively maturing June 2023 $ 192,500 $ 195,000 Revenue equipment installment notes with finance companies, weighted average interest rate of 5.0% and 5.0% at March 31, 2019 and December 31, 2018, due in monthly installments with final maturities at various dates through February 2026, secured by related revenue equipment with a net book value of $188.3 million and $197.1 million in March 2019 and December 2018 176,954 184,867 Mortgage note payables, interest rates ranging from 5.25% to 6.99% at March 31, 2019 and December 31, 2018 due in monthly installments with final maturities as various dates through September 2031, secured by real estate with a net book value of $23.8 million and $24.1 million at March 2019 and December 2018 18,574 18,861 Other 4,081 6,872 392,109 405,600 Less: Debt issuance costs (1,264 ) (1,347 ) Less: Current maturities of long-term debt (86,492 ) (106,383 ) $ 304,353 $ 297,870 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 March 31, 2019, $31.7 $0 $118.3 $192.5 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 March 31, 2019, |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 6. We have operating and finance leases with terms of 1 10 The table below presents the lease-related assets and liabilities recorded on the balance sheet (in thousands): Leases Classification March 31, 2019 Assets Operating Operating lease right-of-use assets $ 186,941 Finance Property and equipment, net 19,921 Total leased assets $ 206,862 Liabilities Current Operating Current portion of operating lease liabilities $ 56,893 Finance Current maturities of long-term debt and finance leases 8,625 Noncurrent Operating Noncurrent operating lease liabilities 129,927 Finance Long-term debt and finance leases, net of current maturities 8,432 Total lease liabilities $ 203,877 The table below presents certain information related to the lease costs for finance and operating leases (in thousands): Lease Cost Classification March 31, 2019 Operating lease cost Vehicle rents and General and other operating $ 20,167 Finance lease cost: Amortization of finance lease assets Depreciation and amortization 808 Interest on lease liabilities Interest expense 318 Short-term lease cost General and other operating 311 Total lease cost $ 21,604 Cash Flow Information Three Months Ended March 31, 2019 Cash paid for operating leases included in operating activities $ 20,167 Cash paid for finance leases included in operating activities $ 318 Cash paid for finance leases included in financing activities $ 3,155 Operating lease right-of-use assets obtained in exchange for lease obligations $ 23,975 Operating lease right-of-use assets and liabilities relieved in conjunction with divesture of Xpress Internacional $ 2,018 Lease Term and Discount Rate Weighted-Average Remaining Lease Term (years) Weighted-Average Discount Rate Operating leases 4.1 5.2 % Finance leases 3.4 5.3 % As of March 31, 2019, March 31, 2019 Finance Operating 2019 $ 4,236 $ 49,948 2020 7,544 52,785 2021 4,084 41,805 2022 1,427 27,115 2023 1,427 18,794 Thereafter 297 17,842 19,015 208,289 Less: Amount representing interest (1,958 ) (21,469 ) Total $ 17,057 $ 186,820 As of December 31, 2018, December 31, 2018 Capital Operating 2019 $ 7,797 $ 60,303 2020 7,564 42,632 2021 4,086 35,302 2022 1,427 20,751 2023 1,427 15,884 Thereafter 297 14,080 22,598 $ 188,952 Less: Amount representing interest (2,285 ) 20,313 Less: Current portion (6,711 ) $ 13,602 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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 On December 23, 2015, December 23, 2011 not not not not not not no not Telephone Consumer Protection Act Claim A class action was filed against our subsidiary U.S. Xpress, Inc. in the U.S. District Court for the Western District of Virginia on December 11, 2017 March 7, 2018, two December 11, 2013 January 13, 2020. not Stockholder Claims As set forth below, between November 2018 April 2019, eight five two one not On November 21, 2018, five seven June 2018 11 15 1933 On January 23, 2019, 11 15 November 21, 2018. March 7, 2019, On January 30, 2019, 11 15 November 21, 2018, 12 On February 5, 2019, 11 15 November 21, 2018, 12 On February 6, 2019, 11 15 November 21, 2018. March 17, 2019, On March 8, 2019, 11 15 November 21, 2018. On March 14, 2019, 11 15 November 21, 2018. On April 2, 2019, 11 15 five November 21, 2018. not seven The complaints in all the actions listed above allege that the Company made false and/or misleading statements in the registration statement and prospectus filed with the SEC in connection with the IPO, and that, as a result of such alleged statements, the plaintiffs and the members of the putative classes suffered damages. We believe the allegations made in the complaints are without merit and intend to defend ourselves vigorously in these matters. Independent Contractor Class Action On March 26, 2019, March 26, 2016 not not The Company had letters of credit of $31.7 March 31, 2019. The Company had cancelable commitments outstanding at March 31, 2019 $201.4 2019. |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Share-based Compensation 2018 In June 2018, 2018 3.2 may The following is a summary of the Incentive Plan restricted stock and restricted stock unit activity for the three March 31, 2019: Weighted Number of Average Grant Units Date Fair Value Unvested at December 31, 2018 270,742 $ 14.20 Granted 461,775 8.94 Vested 31,845 15.77 Forfeited 5,500 16.00 Unvested at March 31, 2019 695,172 $ 10.62 The restricted stock grants vest over periods of one five $0.6 three March 31, 2019. March 31, 2019 December 31, 2018, $6.3 $2.8 3.4 3.3 The following is a summary of the Incentive Plan stock option activity from December 31, 2018 March 31, 2019: Weighted Number of Average Grant Units Date Fair Value Unvested at December 31, 2018 177,260 $ 6.09 Granted 244,785 4.41 Unvested at March 31, 2019 422,045 $ 5.12 The stock options vest over a period of four ten $0.1 three March 31, 2019. Strike price $ 9.40 Risk-free interest rate 2.50 % Expected dividend yield 0 % Expected volatility 45.65 % Expected term (in years) 6.25 At March 31, 2019 December 31, 2018, $1.7 $0.8 3.0 3.5 Restricted Stock Units Prior to the IPO, the Company provided for restricted membership unit awards in New Mountain Lake under the 2008 As part of the Reorganization (see Note 1 three March 31, 2019: Number of Weighted Units Average Unvested at December 31, 2018 1,401,674 $ 2.00 Vested 173,320 2.15 Unvested at March 31, 2019 1,228,354 $ 1.98 The vesting schedule for these restricted unit grants range from 3 7 $0.2 $0.2 three March 31, 2019 2018, March 31, 2019 December 31, 2018, $2.0 $2.2 3.7 4.1 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 2019 Fair Value Input Level Liabilities Forward Contract $ - 3 2018 Fair Value Input Level Liabilities Forward Contract $ 1,793 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 three March 31, 2019 2018 Three Months Ended March 31, 2019 2018 Balance at beginning of year $ 1,793 $ 1,985 Divesture of Xpress Internacional 1,793 - Forward Contract Adjustment - (48 ) Balance at end of period $ - $ 1,937 At December 31, 2018, January 2019 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings per Share Basic earnings per share is calculated by dividing net income 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 989,717 three March 31, 2019 The basic and diluted earnings per share calculations for the three March 31, 2019 2018, Three Months Ended March 31, 2019 2018 Net income $ 5,019 $ 1,382 Net income attributable to noncontrolling interest 298 223 Net income attributable to common stockholders $ 4,721 $ 1,159 Basic weighted average of outstanding shares of common stock 48,394 6,385 Dilutive effect of equity awards 997 - Diluted weighted average of outstanding shares of common stock 49,391 6,385 Basic earnings per share $ 0.10 $ 0.18 Diluted earnings per share $ 0.10 $ 0.18 |
Note 11 - Segment Information
Note 11 - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Segment Information The Company’s business is organized into two one three March 31, 2019, 89% 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 three March 31, 2019, 11% The following table summarizes our segment information (in thousands): Three Months Ended March 31, 2019 2018 Revenues Truckload $ 369,119 $ 371,167 Brokerage 46,244 54,541 Total Operating Revenue $ 415,363 $ 425,708 Operating Income Truckload $ 9,842 $ 12,503 Brokerage 2,796 2,351 Total Operating Income $ 12,638 $ 14,854 A measure of assets is not not Information about the geographic areas in which the Company conducted business during the three March 31, 2019 2018 January 2019, Three Months Ended March 31, 2019 2018 Revenues United States $ 412,991 $ 412,852 Foreign countries Mexico 2,372 12,856 Total $ 415,363 $ 425,708 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 three March 31, 2019 not may December 31, 2019. December 31, 2018. |
Lessee, Leases [Policy Text Block] | Leases We determine if an arrangement is a lease or contains a lease at inception and perform an analysis to determine whether the lease is an operating lease or a finance lease. We measure right-of-use (“ROU”) assets and lease liabilities at the lease commencement date based on the present value of the remaining lease payments. As most of our leases do not not not Leases with an initial term of twelve not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In January 2017, 2017 04, 350 2 2 December 15, 2019. not 2018 02 Recently Adopted Accounting Standards In February 2016, 2016 02, 842 842” 842 January 1, 2019 840 842 not 1 2 3 not not 842. 842 $183.0 842 6, Leases |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2019 2018 Income before Income Taxes $ 6,920 $ 1,975 Income tax provision 1,901 593 Effective tax rate 27.5 % 30.0 % |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2019 December 31, 2018 Term loan agreement, interest rate of 4.7% and 4.8% at March 31, 2019 and December 31, 2018, respectively maturing June 2023 $ 192,500 $ 195,000 Revenue equipment installment notes with finance companies, weighted average interest rate of 5.0% and 5.0% at March 31, 2019 and December 31, 2018, due in monthly installments with final maturities at various dates through February 2026, secured by related revenue equipment with a net book value of $188.3 million and $197.1 million in March 2019 and December 2018 176,954 184,867 Mortgage note payables, interest rates ranging from 5.25% to 6.99% at March 31, 2019 and December 31, 2018 due in monthly installments with final maturities as various dates through September 2031, secured by real estate with a net book value of $23.8 million and $24.1 million at March 2019 and December 2018 18,574 18,861 Other 4,081 6,872 392,109 405,600 Less: Debt issuance costs (1,264 ) (1,347 ) Less: Current maturities of long-term debt (86,492 ) (106,383 ) $ 304,353 $ 297,870 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Lease Assets and Liabilities [Table Text Block] | Leases Classification March 31, 2019 Assets Operating Operating lease right-of-use assets $ 186,941 Finance Property and equipment, net 19,921 Total leased assets $ 206,862 Liabilities Current Operating Current portion of operating lease liabilities $ 56,893 Finance Current maturities of long-term debt and finance leases 8,625 Noncurrent Operating Noncurrent operating lease liabilities 129,927 Finance Long-term debt and finance leases, net of current maturities 8,432 Total lease liabilities $ 203,877 |
Lease, Cost [Table Text Block] | Lease Cost Classification March 31, 2019 Operating lease cost Vehicle rents and General and other operating $ 20,167 Finance lease cost: Amortization of finance lease assets Depreciation and amortization 808 Interest on lease liabilities Interest expense 318 Short-term lease cost General and other operating 311 Total lease cost $ 21,604 |
Schedule of Leases Cash Flow Information [Table Text Block] | Cash Flow Information Three Months Ended March 31, 2019 Cash paid for operating leases included in operating activities $ 20,167 Cash paid for finance leases included in operating activities $ 318 Cash paid for finance leases included in financing activities $ 3,155 Operating lease right-of-use assets obtained in exchange for lease obligations $ 23,975 Operating lease right-of-use assets and liabilities relieved in conjunction with divesture of Xpress Internacional $ 2,018 |
Lease, Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate Weighted-Average Remaining Lease Term (years) Weighted-Average Discount Rate Operating leases 4.1 5.2 % Finance leases 3.4 5.3 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | March 31, 2019 Finance Operating 2019 $ 4,236 $ 49,948 2020 7,544 52,785 2021 4,084 41,805 2022 1,427 27,115 2023 1,427 18,794 Thereafter 297 17,842 19,015 208,289 Less: Amount representing interest (1,958 ) (21,469 ) Total $ 17,057 $ 186,820 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | December 31, 2018 Capital Operating 2019 $ 7,797 $ 60,303 2020 7,564 42,632 2021 4,086 35,302 2022 1,427 20,751 2023 1,427 15,884 Thereafter 297 14,080 22,598 $ 188,952 Less: Amount representing interest (2,285 ) 20,313 Less: Current portion (6,711 ) $ 13,602 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Number of Average Grant Units Date Fair Value Unvested at December 31, 2018 270,742 $ 14.20 Granted 461,775 8.94 Vested 31,845 15.77 Forfeited 5,500 16.00 Unvested at March 31, 2019 695,172 $ 10.62 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Number of Average Grant Units Date Fair Value Unvested at December 31, 2018 177,260 $ 6.09 Granted 244,785 4.41 Unvested at March 31, 2019 422,045 $ 5.12 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Strike price $ 9.40 Risk-free interest rate 2.50 % Expected dividend yield 0 % Expected volatility 45.65 % Expected term (in years) 6.25 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Weighted Units Average Unvested at December 31, 2018 1,401,674 $ 2.00 Vested 173,320 2.15 Unvested at March 31, 2019 1,228,354 $ 1.98 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2019 Fair Value Input Level Liabilities Forward Contract $ - 3 2018 Fair Value Input Level Liabilities Forward Contract $ 1,793 3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Three Months Ended March 31, 2019 2018 Balance at beginning of year $ 1,793 $ 1,985 Divesture of Xpress Internacional 1,793 - Forward Contract Adjustment - (48 ) Balance at end of period $ - $ 1,937 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2019 2018 Net income $ 5,019 $ 1,382 Net income attributable to noncontrolling interest 298 223 Net income attributable to common stockholders $ 4,721 $ 1,159 Basic weighted average of outstanding shares of common stock 48,394 6,385 Dilutive effect of equity awards 997 - Diluted weighted average of outstanding shares of common stock 49,391 6,385 Basic earnings per share $ 0.10 $ 0.18 Diluted earnings per share $ 0.10 $ 0.18 |
Note 11 - Segment Information (
Note 11 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2019 2018 Revenues Truckload $ 369,119 $ 371,167 Brokerage 46,244 54,541 Total Operating Revenue $ 415,363 $ 425,708 Operating Income Truckload $ 9,842 $ 12,503 Brokerage 2,796 2,351 Total Operating Income $ 12,638 $ 14,854 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2019 2018 Revenues United States $ 412,991 $ 412,852 Foreign countries Mexico 2,372 12,856 Total $ 415,363 $ 425,708 |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Oct. 12, 2007 | |
Number of Reportable Segments | 2 | |||
Preferred Stock, Shares Authorized | 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 | $ | $ 246.6 | |||
Common Stock, Shares Authorized | 140,000,000 | 140,000,000 | ||
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 | 35,000,000 | ||
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_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 186,941 | ||
Operating Lease, Liability, Total | $ 186,820 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 183,000 | ||
Operating Lease, Liability, Total | $ 181,700 |
Note 3 - Divesture of Xpress _2
Note 3 - Divesture of Xpress Internacional (Details Textual) - USD ($) $ in Thousands | Jan. 07, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Jan. 17, 2019 |
Xpress International [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Proceeds from Divestiture of Businesses | $ 4,500 | |||
Disposal Group, Including Discontinued Operation, Consideration, Notes Receivable | $ 6,000 | |||
Disposal Group, Including Discontinued Operation, Contingent Consideration | 2,500 | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 10,700 | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | |||
Xpress International [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Tractors [Member] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 2,500 | |||
Xpress International [Member] | ||||
Equity Method Investment, Ownership Percentage | 95.00% |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income before Income Taxes | $ 6,920 | $ 1,975 |
Income tax provision | $ 1,901 | $ 593 |
Effective tax rate | 27.50% | 30.00% |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 4 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | Mar. 31, 2019 | |
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] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Credit Facility [Member] | Prime Rate [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] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [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 | $ 31,700,000 | ||
Long-term Line of Credit, Total | 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 118,300,000 | ||
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% | ||
Revolving Credit Facility [Member] | Term Facility [Member] | |||
Long-term Debt, Total | $ 192,500,000 | ||
Letter of Credit [Member] | Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 |
Note 5 - Long-term Debt - Outst
Note 5 - Long-term Debt - Outstanding Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Long-term debt, gross | $ 392,109 | $ 405,600 |
Less: Debt issuance costs | (1,264) | (1,347) |
Less: Current maturities of long-term debt | (86,492) | (106,383) |
304,353 | 297,870 | |
Term Loan [Member] | ||
Long-term debt, gross | 192,500 | 195,000 |
Revenue Equipment Loan [Member] | ||
Long-term debt, gross | 176,954 | 184,867 |
Mortgage Note Payable [Member] | ||
Long-term debt, gross | 18,574 | 18,861 |
Other Debt [Member] | ||
Long-term debt, gross | $ 4,081 | $ 6,872 |
Note 5 - Long-term Debt - Out_2
Note 5 - Long-term Debt - Outstanding Debt (Details) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Term Loan [Member] | ||
Interest rate | 4.70% | 4.80% |
Revenue Equipment Loan [Member] | ||
Weighted average interest rate | 5.00% | 5.00% |
Collateral | $ 188,300,000 | $ 188,300,000 |
Mortgage Note Payable [Member] | ||
Collateral | $ 23.80 | $ 24.10 |
Mortgage Note Payable [Member] | Minimum [Member] | ||
Interest rate | 5.25% | 5.25% |
Mortgage Note Payable [Member] | Maximum [Member] | ||
Interest rate | 6.99% | 6.99% |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - Certain Revenue and Service Equipment and Office and Terminal Facilities Leases [Member] | Mar. 31, 2019 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Finance Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Lessor, Direct Financing Lease, Term of Contract | 10 years |
Note 6 - Leases - Leases Assets
Note 6 - Leases - Leases Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 186,941 | |
Total leased assets | 206,862 | |
Operating | 56,893 | |
Operating | 129,927 | |
Total lease liabilities | 203,877 | |
Right-of-Use Asset [Member] | ||
Operating Lease, Right-of-Use Asset | 186,941 | |
Property and Equipment, Net [Member] | ||
Finance | 19,921 | |
Current Portion of Operating Leases [Member] | ||
Operating | 56,893 | |
Current Maturities of Long-term Debt [Member] | ||
Finance | 8,625 | |
Noncurrent Operating Lease Liability [Member] | ||
Operating | 129,927 | |
Long-term Debt, Net of Current Maturities [Member] | ||
Finance | $ 8,432 |
Note 6 - Leases - Leases Cost (
Note 6 - Leases - Leases Cost (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Total lease cost | $ 21,604 |
Vehicle Rents and General and Other Operating [Member] | |
Operating lease cost | 20,167 |
Depreciation and Amortization [Member] | |
Amortization of finance lease assets | 808 |
Interest Expense [Member] | |
Interest on lease liabilities | 318 |
General and Other Operating [Member] | |
Short-term lease cost | $ 311 |
Note 6 - Leases - Cash Flow Inf
Note 6 - Leases - Cash Flow Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for operating leases included in operating activities | $ 20,167 |
Cash paid for finance leases included in operating activities | 318 |
Cash paid for finance leases included in financing activities | 3,155 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 23,975 |
Operating lease right-of-use assets and liabilities relieved in conjunction with divesture of Xpress Internacional | $ 2,018 |
Note 6 - Leases - Lease Term an
Note 6 - Leases - Lease Term and Discount Rate (Details) | Mar. 31, 2019 |
Operating leases, Weighted Average Remaining Lease Term (Year) | 4 years 36 days |
Operating leases | 5.20% |
Finance leases, Weighted Average Remaining Lease Term (Year) | 3 years 146 days |
Finance leases | 5.30% |
Note 6 - Leases - Futures matur
Note 6 - Leases - Futures maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
2019 | $ 4,236 |
2019 | 49,948 |
2020 | 7,544 |
2020 | 52,785 |
2021 | 4,084 |
2021 | 41,805 |
2022 | 1,427 |
2022 | 27,115 |
2023 | 1,427 |
2023 | 18,794 |
Thereafter | 297 |
Thereafter | 17,842 |
19,015 | |
208,289 | |
Less: Amount representing interest | (1,958) |
Less: Amount representing interest | (21,469) |
Total | 17,057 |
Operating Lease, Liability, Total | $ 186,820 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 7,797 |
2019 | 60,303 |
2020 | 7,564 |
2020 | 42,632 |
2021 | 4,086 |
2021 | 35,302 |
2022 | 1,427 |
2022 | 20,751 |
2023 | 1,427 |
2023 | 15,884 |
Thereafter | 297 |
Thereafter | 14,080 |
22,598 | |
188,952 | |
Less: Amount representing interest | (2,285) |
20,313 | |
Less: Current portion | (6,711) |
$ 13,602 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2019USD ($) |
Capital Addition Purchase Commitments [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 201.4 |
Line of Credit [Member] | |
Letters of Credit Outstanding, Amount | $ 31.7 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | $ 0.2 | $ 0.2 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 255 days | 4 years 36 days | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2 | $ 2.2 | ||
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 | |||
The 2018 Omnibus Incentive Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 3.2 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1.7 | 0.8 | ||
The 2018 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Expense | 0.6 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 6.3 | $ 2.8 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 146 days | 3 years 109 days | ||
The 2018 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
The 2018 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
The 2018 Omnibus Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Payment Arrangement, Expense | $ 0.1 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | 3 years 182 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Unvested (in shares) | shares | 270,742 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 14.20 |
Granted, number of shares (in shares) | shares | 461,775 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.94 |
Vested, number of shares (in shares) | shares | 31,845 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.77 |
Forfeited, number of shares (in shares) | shares | 5,500 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16 |
Unvested (in shares) | shares | 695,172 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 10.62 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Unvested (in shares) | shares | 177,260 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 6.09 |
Granted (in shares) | shares | 244,785 |
Granted, weighted average (in dollars per share) | $ / shares | $ 4.41 |
Unvested (in shares) | shares | 422,045 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 5.12 |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation - Valuation Assumptions (Details) | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Strike price (in dollars per share) | $ 9.40 |
Risk-free interest rate | 2.50% |
Expected dividend yield | 0.00% |
Expected volatility | 45.65% |
Expected term (in years) (Year) | 6 years 91 days |
Note 8 - Share-based Compensa_7
Note 8 - Share-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Unvested (in shares) | shares | 1,401,674 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 2 |
Vested (in shares) | shares | 173,320 |
Vested, weighted average (in dollars per share) | $ / shares | $ 2.15 |
Unvested (in shares) | shares | 1,228,354 |
Unvested, weighted average (in dollars per share) | $ / shares | $ 1.98 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Forward Contract | $ 1,793 |
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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance at beginning of year | $ 1,793 | $ 1,985 |
Divesture of Xpress Internacional | 1,793 | |
Forward Contract Adjustment | (48) | |
Balance at end of period | $ 1,937 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) | 3 Months Ended |
Mar. 31, 2019shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 989,717 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Basic and Diluted Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 5,019 | $ 1,382 |
Net income attributable to noncontrolling interest | 298 | 223 |
Net income attributable to common stockholders | $ 4,721 | $ 1,159 |
Basic weighted average of outstanding shares of common stock (in shares) | 48,394 | 6,385 |
Dilutive effect of equity awards (in shares) | 997 | |
Diluted weighted average of outstanding shares of common stock (in shares) | 49,391 | 6,385 |
Basic earnings per share (in dollars per share) | $ 0.10 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.10 | $ 0.18 |
Note 11 - Segment Information_2
Note 11 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 2 |
Truckload Segment [Member] | |
Percentage of Consolidated Revenue | 89.00% |
Brokerage Segment [Member] | |
Percentage of Consolidated Revenue | 11.00% |
Note 11 - Segment Information -
Note 11 - Segment Information - Summary of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Total Operating Revenue | $ 415,363 | $ 425,708 |
Operating Income | ||
Total Operating Income | 12,638 | 14,854 |
Truckload Segment [Member] | ||
Revenues | ||
Total Operating Revenue | 369,119 | 371,167 |
Operating Income | ||
Total Operating Income | 9,842 | 12,503 |
Brokerage Segment [Member] | ||
Revenues | ||
Total Operating Revenue | 46,244 | 54,541 |
Operating Income | ||
Total Operating Income | $ 2,796 | $ 2,351 |
Note 11 - Segment Information_3
Note 11 - Segment Information - Summary of Geographical Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Total Operating Revenue | $ 415,363 | $ 425,708 |
UNITED STATES | ||
Total Operating Revenue | 412,991 | 412,852 |
MEXICO | ||
Total Operating Revenue | $ 2,372 | $ 12,856 |