Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | COVENANT TRANSPORTATION GROUP INC | |
Entity Central Index Key | 0000928658 | |
Trading Symbol | cvti | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 16,108,270 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,350,000 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 28,823 | $ 23,127 |
Accounts receivable, net of allowance of $1,856 in 2019 and $1,985 in 2018 | 158,367 | 151,093 |
Drivers' advances and other receivables, net of allowance of $648 in 2019 and $626 in 2018 | 12,166 | 16,675 |
Inventory and supplies | 4,142 | 4,067 |
Prepaid expenses | 15,022 | 11,579 |
Assets held for sale | 4,372 | 2,559 |
Income taxes receivable | 1,788 | 1,109 |
Other short-term assets | 934 | 1,435 |
Total current assets | 225,614 | 211,644 |
Property and equipment, at cost | 723,263 | 638,770 |
Less: accumulated depreciation and amortization | (212,060) | (188,175) |
Net property and equipment | 511,203 | 450,595 |
Goodwill | 42,518 | 41,598 |
Other intangibles, net | 31,077 | 32,538 |
Other assets, net | 41,117 | 37,149 |
Total assets | 851,529 | 773,524 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 1,610 | 1,857 |
Accounts payable | 24,754 | 22,101 |
Accrued expenses | 29,513 | 49,503 |
Current maturities of long-term debt | 37,794 | 28,710 |
Current portion of finance lease obligations | 6,797 | 5,374 |
Current portion of operating lease obligations | 14,117 | |
Current portion of insurance and claims accrual | 18,084 | 19,787 |
Total current liabilities | 132,669 | 127,332 |
Long-term debt | 208,848 | 166,635 |
Long-term portion of finance lease obligations | 30,820 | 35,119 |
Long-term portion of operating lease obligations | 24,921 | |
Insurance and claims accrual | 18,811 | 22,193 |
Deferred income taxes | 80,920 | 77,467 |
Other long-term liabilities | 2,855 | 1,636 |
Total liabilities | 499,844 | 430,382 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Additional paid-in-capital | 141,337 | 142,177 |
Accumulated other comprehensive (loss) income | (918) | 204 |
Retained earnings | 211,070 | 200,566 |
Total stockholders' equity | 351,685 | 343,142 |
Total liabilities and stockholders' equity | 851,529 | 773,524 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 172 | 171 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable allowance | $ 1,856 | $ 1,985 |
Driver's advances and other receivables, allowance | $ 648 | $ 626 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 16,096,235 | 16,015,708 |
Common stock, shares outstanding (in shares) | 16,096,235 | 16,015,708 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Revenue | $ 219,298 | $ 196,318 | $ 438,479 | $ 369,884 |
Operating expenses: | ||||
Salaries, wages, and related expenses | 75,781 | 64,633 | 155,284 | 125,253 |
Fuel expense | 29,215 | 29,209 | 57,047 | 56,390 |
Operations and maintenance | 14,898 | 12,595 | 30,072 | 24,325 |
Revenue equipment rentals and purchased transportation | 47,169 | 37,388 | 95,839 | 68,079 |
Operating taxes and licenses | 3,365 | 2,613 | 6,549 | 5,273 |
Insurance and claims | 10,472 | 9,908 | 21,707 | 18,593 |
Communications and utilities | 1,760 | 1,666 | 3,478 | 3,406 |
General supplies and expenses | 7,284 | 6,423 | 14,015 | 10,562 |
Depreciation and amortization, including gains and losses on disposition of property and equipment | 20,510 | 17,818 | 40,218 | 37,513 |
Total operating expenses | 210,454 | 182,253 | 424,209 | 349,394 |
Operating income | 8,844 | 14,065 | 14,270 | 20,490 |
Interest expense, net | 2,683 | 1,941 | 5,129 | 3,900 |
Income from equity method investment | (2,375) | (1,775) | (5,410) | (3,265) |
Income before income taxes | 8,536 | 13,899 | 14,551 | 19,855 |
Income tax expense | 2,465 | 3,928 | 4,047 | 5,467 |
Net income | $ 6,071 | $ 9,971 | $ 10,504 | $ 14,388 |
Income per share: | ||||
Basic and diluted income per share (in dollars per share) | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.78 |
Basic weighted average shares outstanding (in shares) | 18,438 | 18,337 | 18,410 | 18,334 |
Diluted weighted average shares outstanding (in shares) | 18,606 | 18,441 | 18,570 | 18,424 |
Cargo and Freight [Member] | ||||
Revenues | ||||
Revenue | $ 194,917 | $ 170,635 | $ 390,679 | $ 321,097 |
Fuel Surcharge [Member] | ||||
Revenues | ||||
Revenue | $ 24,381 | $ 25,683 | $ 47,800 | $ 48,787 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 6,071 | $ 9,971 | $ 10,504 | $ 14,388 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $262 and $425 in 2019 and ($357) and ($650) in 2018, respectively | (692) | 943 | (1,124) | 1,712 |
Reclassification of cash flow hedge (gains) into statement of operations, net of tax of $3 and $7 in 2019 and $137 and $175 in 2018, respectively | (9) | (363) | (19) | (461) |
Unrealized holding gain on investments classified as available-for-sale | 11 | 21 | ||
Total other comprehensive (loss) income | (690) | 580 | (1,122) | 1,251 |
Comprehensive income | $ 5,381 | $ 10,551 | $ 9,382 | $ 15,639 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ 262 | $ 425 | $ (357) | $ (650) |
Reclassification of cash flow hedge (gains) losses into statement of operations, tax | $ 3 | $ 7 | $ 137 | $ 175 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2017 | $ 171 | $ 24 | $ 137,242 | $ 293 | $ 157,471 | $ 295,201 |
Net income | 4,417 | 4,417 | ||||
Other comprehensive income (loss) | 671 | 671 | ||||
Stock-based employee compensation expense | 826 | 826 | ||||
Issuance of restricted shares, net | (18) | (18) | ||||
Effect of adoption of ASU 2014-09 | 591 | 591 | ||||
Balance at Mar. 31, 2018 | 171 | 24 | 138,050 | 964 | 162,479 | 301,688 |
Balance at Dec. 31, 2017 | 171 | 24 | 137,242 | 293 | 157,471 | 295,201 |
Net income | 14,388 | |||||
Balance at Jun. 30, 2018 | 171 | 24 | 139,362 | 1,544 | 172,450 | 313,551 |
Balance at Mar. 31, 2018 | 171 | 24 | 138,050 | 964 | 162,479 | 301,688 |
Net income | 9,971 | 9,971 | ||||
Other comprehensive income (loss) | 580 | 580 | ||||
Stock-based employee compensation expense | 937 | 937 | ||||
Issuance of restricted shares, net | 375 | 375 | ||||
Balance at Jun. 30, 2018 | 171 | 24 | 139,362 | 1,544 | 172,450 | 313,551 |
Balance at Dec. 31, 2018 | 171 | 24 | 142,177 | 204 | 200,566 | 343,142 |
Net income | 4,433 | 4,433 | ||||
Other comprehensive income (loss) | (432) | (432) | ||||
Stock-based employee compensation expense | 1,262 | 1,262 | ||||
Issuance of restricted shares, net | 1 | (669) | (668) | |||
Balance at Mar. 31, 2019 | 172 | 24 | 142,770 | (228) | 204,999 | 347,737 |
Balance at Dec. 31, 2018 | 171 | 24 | 142,177 | 204 | 200,566 | 343,142 |
Net income | 10,504 | |||||
Balance at Jun. 30, 2019 | 172 | 24 | 141,337 | (918) | 211,070 | 351,685 |
Balance at Mar. 31, 2019 | 172 | 24 | 142,770 | (228) | 204,999 | 347,737 |
Net income | 6,071 | 6,071 | ||||
Other comprehensive income (loss) | (690) | (690) | ||||
Issuance of restricted shares, net | ||||||
Stock-based employee compensation expense reversal | (1,433) | (1,433) | ||||
Balance at Jun. 30, 2019 | $ 172 | $ 24 | $ 141,337 | $ (918) | $ 211,070 | $ 351,685 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 10,504 | $ 14,388 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Reversal of losses on) provision for accounts receivable | (32) | 113 |
Reversal of gain on sales to equity method investee | (7) | (171) |
Depreciation and amortization | 40,426 | 36,829 |
Amortization of deferred financing fees | 73 | 73 |
Deferred income tax expense | 3,221 | 6,495 |
Income tax benefit arising from restricted share vesting and stock options exercised | 668 | 4 |
Stock-based compensation expense | (171) | 2,138 |
Income from equity method investment | (5,410) | (3,265) |
(Gain) Loss on disposition of property and equipment | (1,386) | 684 |
Return on investment in available-for-sale securities | (7) | |
Changes in operating assets and liabilities: | ||
Receivables and advances | 164 | 11,821 |
Prepaid expenses and other assets | (2,971) | (5,238) |
Inventory and supplies | (75) | (81) |
Insurance and claims accrual | (4,255) | (2,793) |
Operating leases | (17) | |
Accounts payable and accrued expenses | (17,128) | 1,635 |
Net cash flows provided by operating activities | 23,597 | 62,632 |
Cash flows from investing activities: | ||
Purchase of available-for-sale securities | (1,780) | |
Acquisition of property and equipment | (79,125) | (31,771) |
Proceeds from disposition of property and equipment | 15,569 | 38,127 |
Net cash flows (used) provided by investing activities | (65,336) | 6,356 |
Cash flows from financing activities: | ||
Change in checks outstanding in excess of bank balances | (247) | |
Proceeds from issuance of notes payable | 57,555 | 78,832 |
Repayments of notes payable | (19,733) | (30,455) |
Repayments of finance lease obligations | (2,876) | (1,534) |
Proceeds under revolving credit facility | 843,398 | 755,886 |
Repayments under revolving credit facility | (829,995) | (764,892) |
Payment of minimum tax withholdings on stock compensation | (667) | (18) |
Debt refinancing costs | (17) | |
Net cash flows provided by financing activities | 47,435 | 37,802 |
Net change in cash and cash equivalents | 5,696 | 106,790 |
Cash and cash equivalents at beginning of period | 23,127 | 15,356 |
Cash and cash equivalents at end of period | $ 28,823 | $ 122,146 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2018, three June 30, 2019 not may December 31, 2018. 10 December 31, 2018. not Recent Accounting Pronouncements Accounting Standards adopted In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the initial recognition of operating lease assets and liabilities totaling approximately $41.0 $15.3 $25.7 Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five 15% seven ten 25% not Leases At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Note 2 - Income Per Share
Note 2 - Income Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were no three six June 30, 2019. no June 30, 2019. The following table sets forth for the periods indicated the calculation of net income per share included in the condensed consolidated statements of operations: (in thousands except per share data) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income $ 6,071 $ 9,971 $ 10,504 $ 14,388 Denominator: Denominator for basic income per share – weighted-average shares 18,438 18,337 18,410 18,334 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 168 104 160 90 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,606 18,441 18,570 18,424 Net income per share: Basic and diluted income per share $ 0.33 $ 0.54 $ 0.57 $ 0.78 |
Note 3 - Segment Information
Note 3 - Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. Segment Information We have two The Truckload segment consists of four four In addition, our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage, transportation management services ("TMS"), and shuttle and switching services. These service offerings are aggregated due to similar margins and customers. Also included within Managed Freight are our warehousing and accounts receivable factoring businesses, neither of which meets the quantitative or qualitative reporting thresholds individually or in the aggregate. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our 2018 10 The following table summarizes our revenue by our two first three six June 30, 2019 2018: (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total Revenues: Truckload Segment: Expedited $ 66,529 $ 85,589 $ 129,251 $ 166,351 Dedicated 80,973 35,028 160,745 68,435 Refrigerated 23,134 - 48,739 - OTR 4,772 50,094 9,334 90,473 Truckload Revenues 175,408 170,711 348,069 325,259 Managed Freight Segment: Brokerage 20,277 24,489 44,583 42,582 TMS 9,431 - 17,801 - Shuttle & Switching 3,562 - 7,298 - Warehouse 8,362 - 16,622 - Factoring 2,258 1,118 4,106 2,043 Managed Freight Revenues 43,890 25,607 90,410 44,625 Total $ 219,298 $ 196,318 $ 438,479 $ 369,884 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4. Income Taxes Income tax expense in both 2019 2018 21% Our liability recorded for uncertain tax positions as of June 30, 2019 $0.1 December 31, 2018. The net deferred tax liability of $80.9 not may June 30, 2019, $0.1 may |
Note 5 - Debt and Lease Obligat
Note 5 - Debt and Lease Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5. Debt and Lease Obligations Current and long-term debt and lease obligations consisted of the following at June 30, 2019 December 31, 2018: (in thousands) June 30, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 17,314 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at June 30, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from July 2019 to July 2023, secured by related revenue equipment 36,871 168,392 27,809 139,115 Real estate notes; interest rate of 4.2% at June 30, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,070 23,222 1,048 23,763 Deferred loan costs (147 ) (80 ) (147 ) (154 ) Total debt 37,794 208,848 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 6,797 30,820 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 14,117 24,921 - - Total debt and lease obligations $ 58,708 $ 264,589 $ 34,084 $ 201,754 We and substantially all of our subsidiaries are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). The Credit Facility is a $95.0 no $50.0 $95.0 $95.0 $10.0 10% September 2021. Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent’s prime rate, the federal funds rate plus 0.5%, 1.0%, 0.5% 1.0%; 1.5% 2.0%. 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 85% 85% 95% 35% $25.0 75% $17.3 June 30, 2019, $34.8 $42.9 June 30, 2019, 6.0% $17.3 no June 30, 2019 2018, no 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 Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from July 2019 to September 2023 . not $176.7 2020, In August 2015, $28.0 third 4.2%. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 6. Stock -Based Compensation Our 2006 May 8, 2019, 750,000 162 2017 March 31, 2029, The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, consultants, non-employee directors, and eligible participants under various types of options, restricted stock awards, or other equity instruments. As of June 30, 2019, 780,747 2,300,000 No may 200,000 No may March 31, 2023. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is the reversal of $1.8 $0.9 three June 30, 2019 2018, $0.5 $1.8 six June 30, 2019 2018, 2019 2018 no $0.4 three six June 30, 2019 2018, The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through June 30, 2019, 29,390 $22.71 2019, $0.7 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7. Commitments and Contingencies From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. Our subsidiary Covenant Transport, Inc. (“Covenant Transport”) is a defendant in a lawsuit filed on November 9, 2018, October 31, 2014 not no June 30, 2019. Also, in February, 2019, August 1, 2019, not no June 30, 2019. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying condensed consolidated financial statements. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not We had $34.8 $36.3 June 30, 2019 December 31, 2018, |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8. Leases We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include one not June 30, 2019 (dollars in thousands) Three months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets 1,408 2,819 Interest on lease liabilities 206 433 Operating lease cost 5,475 11,657 Total lease cost $ 7,089 $ 14,909 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,297 2,443 Operating cash flows from operating leases 5,475 11,657 Financing cash flows from finance leases 206 433 Right-of-use assets obtained in exchange for new operating lease liabilities 3,089 6,325 Weighted-average remaining lease term—finance leases 3.4 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 4.4 % Right-of-use assets of $38.0 $55.1 Our future minimum lease payments as of June 30, 2019, $0.1 not (in thousands) Operating Finance 2019 (1) $ 8,319 $ 7,830 2020 13,505 7,702 2021 9,711 7,997 2022 7,476 9,441 2023 1,018 6,364 Thereafter 2,431 1,209 Total minimum lease payments $ 42,460 $ 40,543 Less: amount representing interest (3,310 ) (2,926 ) Present value of minimum lease payments $ 39,150 $ 37,617 Less: current portion (14,117 ) (6,797 ) Lease obligations, long-term $ 25,033 $ 30,820 ( 1 six June 30, 2019 |
Note 9 - Equity Method Investme
Note 9 - Equity Method Investment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | Note 9. Equity Method Investment We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not no May 2016, no $0.1 six June 30, 2019 2018, $4.6 $3.9 $0.1 $0.2 six June 30, 2019 2018, 49% third $0.2 June 30, 2019, June 30, 2019 December 31, 2018, $5.6 $5.1 We have accounted for our investment in TEL using the equity method of accounting, and thus our financial results include our proportionate share of TEL's 2019 June 30, 2019, $5.4 $31.5 $26.1 June 30, 2019 December 31, 2018, See TEL's summarized financial information below: (in thousands) As of June 30, As of December 31, 2019 2018 Current Assets $ 26,400 $ 25,877 Non-current Assets 320,129 273,987 Current Liabilities 15,802 78,530 Non-current Liabilities 275,901 176,389 Total Equity $ 54,826 $ 44,945 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue $ 24,505 $ 23,574 $ 51,988 $ 48,715 Operating Expenses 17,052 18,374 37,052 38,999 Operating Income 7,453 5,200 14,936 9,716 Net Income $ 4,792 $ 3,464 $ 9,881 $ 6,482 |
Note 10 - Goodwill and Other As
Note 10 - Goodwill and Other Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10. Goodwill and Other Assets On July 3, 2018, 100% The allocation of the preliminary purchase price is subject to change based on finalization of the valuation of long-lived and intangible assets and self-insurance reserves, as well as our ongoing evaluation of Landair's accounting principles for consistency with ours. The assignment of goodwill and intangible assets to our reportable segments has not June 30, 2019. (in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments 920 Balance at June 30, 2019 $ 42,518 A summary of other intangible assets as of June 30, 2019 December 31, 2018 (in thousands) June 30, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ $ 4,400 $ $ (293) ) $ $ 4,107 168 Non-Compete agreement 1,400 $ $ (280) ) 1,120 48 Customer relationships 28,200 $ $ (2,350) ) 25,850 132 Total $ $ 34,000 $ $ (2,923) ) $ $ 31,077 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 $ (140 ) 1,260 54 Customer relationships 28,200 $ (1,175 ) 27,025 138 Total $ 34,000 $ (1,462 ) $ 32,538 The above intangible assets have a weighted average remaining life of 145 five (in thousands) 2019 $ 1,462 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2018 three June 30, 2019 not may December 31, 2018 10 December 31, 2018 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards adopted In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the initial recognition of operating lease assets and liabilities totaling approximately $41.0 $15.3 $25.7 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five 15% seven ten 25% not |
Lessee, Leases [Policy Text Block] | Leases At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Note 2 - Income Per Share (Tabl
Note 2 - Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income $ 6,071 $ 9,971 $ 10,504 $ 14,388 Denominator: Denominator for basic income per share – weighted-average shares 18,438 18,337 18,410 18,334 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 168 104 160 90 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,606 18,441 18,570 18,424 Net income per share: Basic and diluted income per share $ 0.33 $ 0.54 $ 0.57 $ 0.78 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Total Revenues: Truckload Segment: Expedited $ 66,529 $ 85,589 $ 129,251 $ 166,351 Dedicated 80,973 35,028 160,745 68,435 Refrigerated 23,134 - 48,739 - OTR 4,772 50,094 9,334 90,473 Truckload Revenues 175,408 170,711 348,069 325,259 Managed Freight Segment: Brokerage 20,277 24,489 44,583 42,582 TMS 9,431 - 17,801 - Shuttle & Switching 3,562 - 7,298 - Warehouse 8,362 - 16,622 - Factoring 2,258 1,118 4,106 2,043 Managed Freight Revenues 43,890 25,607 90,410 44,625 Total $ 219,298 $ 196,318 $ 438,479 $ 369,884 |
Note 5 - Debt and Lease Oblig_2
Note 5 - Debt and Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) June 30, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 17,314 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at June 30, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from July 2019 to July 2023, secured by related revenue equipment 36,871 168,392 27,809 139,115 Real estate notes; interest rate of 4.2% at June 30, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,070 23,222 1,048 23,763 Deferred loan costs (147 ) (80 ) (147 ) (154 ) Total debt 37,794 208,848 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 6,797 30,820 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 14,117 24,921 - - Total debt and lease obligations $ 58,708 $ 264,589 $ 34,084 $ 201,754 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Three months Ended Six Months Ended June 30, 2019 June 30, 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets 1,408 2,819 Interest on lease liabilities 206 433 Operating lease cost 5,475 11,657 Total lease cost $ 7,089 $ 14,909 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,297 2,443 Operating cash flows from operating leases 5,475 11,657 Financing cash flows from finance leases 206 433 Right-of-use assets obtained in exchange for new operating lease liabilities 3,089 6,325 Weighted-average remaining lease term—finance leases 3.4 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 4.4 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2019 (1) $ 8,319 $ 7,830 2020 13,505 7,702 2021 9,711 7,997 2022 7,476 9,441 2023 1,018 6,364 Thereafter 2,431 1,209 Total minimum lease payments $ 42,460 $ 40,543 Less: amount representing interest (3,310 ) (2,926 ) Present value of minimum lease payments $ 39,150 $ 37,617 Less: current portion (14,117 ) (6,797 ) Lease obligations, long-term $ 25,033 $ 30,820 |
Note 9 - Equity Method Invest_2
Note 9 - Equity Method Investment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | (in thousands) As of June 30, As of December 31, 2019 2018 Current Assets $ 26,400 $ 25,877 Non-current Assets 320,129 273,987 Current Liabilities 15,802 78,530 Non-current Liabilities 275,901 176,389 Total Equity $ 54,826 $ 44,945 |
Income Statement [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenue $ 24,505 $ 23,574 $ 51,988 $ 48,715 Operating Expenses 17,052 18,374 37,052 38,999 Operating Income 7,453 5,200 14,936 9,716 Net Income $ 4,792 $ 3,464 $ 9,881 $ 6,482 |
Note 10 - Goodwill and Other _2
Note 10 - Goodwill and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments 920 Balance at June 30, 2019 $ 42,518 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) June 30, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ $ 4,400 $ $ (293) ) $ $ 4,107 168 Non-Compete agreement 1,400 $ $ (280) ) 1,120 48 Customer relationships 28,200 $ $ (2,350) ) 25,850 132 Total $ $ 34,000 $ $ (2,923) ) $ $ 31,077 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 $ (140 ) 1,260 54 Customer relationships 28,200 $ (1,175 ) 27,025 138 Total $ 34,000 $ (1,462 ) $ 32,538 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2019 $ 1,462 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 38,000 | ||
Operating Lease, Liability, Current | 14,117 | ||
Operating Lease, Liability, Noncurrent | 24,921 | ||
Operating Lease, Liability, Total | $ 39,150 | ||
Tractors [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 15.00% | ||
Refrigerated Trailers [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Dry Van Trailers [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 41,000 | ||
Operating Lease, Liability, Current | 15,300 | ||
Operating Lease, Liability, Noncurrent | 25,700 | ||
Operating Lease, Liability, Total | $ 40,200 |
Note 2 - Income Per Share (Deta
Note 2 - Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 0 | 0 | 0 |
Note 2 - Income Per Share - Cal
Note 2 - Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||||
Net income | $ 6,071 | $ 4,433 | $ 9,971 | $ 4,417 | $ 10,504 | $ 14,388 |
Denominator: | ||||||
Denominator for basic income per share – weighted-average shares (in shares) | 18,438 | 18,337 | 18,410 | 18,334 | ||
Effect of dilutive securities: | ||||||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 168 | 104 | 160 | 90 | ||
Diluted weighted average shares outstanding (in shares) | 18,606 | 18,441 | 18,570 | 18,424 | ||
Income per share: | ||||||
Basic and diluted income per share (in dollars per share) | $ 0.33 | $ 0.54 | $ 0.57 | $ 0.78 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Number of Reportable Segments | 2 |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 |
Note 3 - Segment Information -
Note 3 - Segment Information - Segment by Operating Fleet Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 219,298 | $ 196,318 | $ 438,479 | $ 369,884 |
Truckload [Member] | ||||
Revenue | 175,408 | 170,711 | 348,069 | 325,259 |
Truckload [Member] | Expedited [Member] | ||||
Revenue | 66,529 | 85,589 | 129,251 | 166,351 |
Truckload [Member] | Dedicated [Member] | ||||
Revenue | 80,973 | 35,028 | 160,745 | 68,435 |
Truckload [Member] | Refrigerated [Member] | ||||
Revenue | 23,134 | 48,739 | ||
Truckload [Member] | Over the Road [Member] | ||||
Revenue | 4,772 | 50,094 | 9,334 | 90,473 |
Managed Freight [Member] | ||||
Revenue | 43,890 | 25,607 | 90,410 | 44,625 |
Managed Freight [Member] | Brokerage [Member] | ||||
Revenue | 20,277 | 24,489 | 44,583 | 42,582 |
Managed Freight [Member] | Transportation Management Services [Member] | ||||
Revenue | 9,431 | 17,801 | ||
Managed Freight [Member] | Shuttle and Switching [Member] | ||||
Revenue | 3,562 | 7,298 | ||
Managed Freight [Member] | Warehouse [Member] | ||||
Revenue | 8,362 | 16,622 | ||
Managed Freight [Member] | Factoring [Member] | ||||
Revenue | $ 2,258 | $ 1,118 | $ 4,106 | $ 2,043 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Income Tax Expense (Benefit), Total | $ 2,465 | $ 3,928 | $ 4,047 | $ 5,467 |
Deferred Tax Liabilities, Net, Total | 80,900 | 80,900 | ||
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 100 | 100 | ||
Maximum [Member] | ||||
Income Tax Expense (Benefit), Total | $ 100 |
Note 5 - Debt and Lease Oblig_3
Note 5 - Debt and Lease Obligations (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Aug. 31, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | |||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 50,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Percent of Eligible Accounts Receivable | 85.00% | |||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85.00% | |||
Percent of Net Book Value of Eligible Revenue Equipment | 95.00% | |||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 35.00% | |||
Line of Credit Facility, Revolver Commitment, Amount | $ 25,000 | |||
Percent of Appraised Fair Market Value of Eligible Real Estate | 75.00% | |||
Long-term Line of Credit, Total | $ 17,300 | |||
Letters of Credit Outstanding, Amount | 34,800 | $ 36,300 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 42,900 | |||
Fixed Charge Coverage Requirement | 0 | $ 0 | ||
Debt, Secured with a Cross Default Feature | $ 176,700 | |||
Interest Rate Swap [Member] | ||||
Derivative, Fixed Interest Rate | 4.20% | |||
Variable Rate Note [Member] | ||||
Debt Instrument, Face Amount | $ 28,000 | |||
Federal Funds Rate [Member] | Base Rate Loans [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Applicable Margin [Member] | LIBOR [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Applicable Margin [Member] | LIBOR [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | $ 95,000 | ||
Swing Line Sub Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||
Percent of Aggregate Commitments under Credit Facility | 10.00% | |||
Revolving Credit Facility [Member] | Base Rate Loans [Member] | ||||
Long-term Line of Credit, Total | $ 17,300 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Revolving Credit Facility [Member] | LIBOR Loans [Member] | ||||
Long-term Line of Credit, Total | $ 0 |
Note 5 - Debt and Lease Oblig_4
Note 5 - Debt and Lease Obligations - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Borrowings under Credit Facility, current | ||
Borrowings under Credit Facility, noncurrent | 17,314 | 3,911 |
Debt, current | 37,794 | 28,710 |
Debt, noncurrent | 208,848 | 166,635 |
Deferred loan costs, current | (147) | (147) |
Deferred loan costs, noncurrent | (80) | (154) |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 6,797 | 5,374 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 30,820 | 35,119 |
Operating Lease, Liability, Current | 14,117 | |
Operating Lease, Liability, Noncurrent | 24,921 | |
Total debt and lease obligations, current | 58,708 | 34,084 |
Total debt and lease obligations, noncurrent | 264,589 | 201,754 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 36,871 | 27,809 |
Debt, noncurrent | 168,392 | 139,115 |
Real Estate Note [Member] | ||
Debt, current | 1,070 | 1,048 |
Debt, noncurrent | $ 23,222 | $ 23,763 |
Note 5 - Debt and Lease Oblig_5
Note 5 - Debt and Lease Obligations - Current and Long-term Debt (Details) (Parentheticals) | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 3.80% | 3.70% |
Real Estate Note [Member] | ||
Interest rate | 4.20% | 4.10% |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 08, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 750,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 780,747 | 780,747 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,300,000 | 2,300,000 | |||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year | 200,000 | 200,000 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance | 0 | 0 | 0 | 0 | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 667 | $ 18 | |||
Common Class A [Member] | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 29,390 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 22.71 | $ 22.71 | |||
General Supplies and Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | $ 400 | $ 400 | 400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 400,000 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Expense | $ (1,800) | $ 900 | $ (500) | $ 1,800 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Letters of Credit Outstanding, Amount | $ 34,800 | $ 36,300 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Millions | Jun. 30, 2019USD ($) |
Operating Lease, Right-of-Use Asset | $ 38 |
Finance Lease, Right-of-Use Asset | 55.1 |
Lessee, Operating Lease, Lease Not yet Commenced, Lease Payments | $ 0.1 |
Note 8 - Leases - Lease Obligat
Note 8 - Leases - Lease Obligations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Amortization of right-of-use assets | $ 1,408 | $ 2,819 |
Interest on lease liabilities | 206 | 433 |
Operating lease cost | 5,475 | 11,657 |
Total lease cost | 7,089 | 14,909 |
Operating cash flows from finance leases | 1,297 | 2,443 |
Operating cash flows from operating leases | 5,475 | 11,657 |
Financing cash flows from finance leases | 206 | 433 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 3,089 | $ 6,325 |
Weighted-average remaining lease term—finance leases (Year) | 3 years 146 days | 3 years 146 days |
Weighted-average remaining lease term—operating leases (Year) | 3 years 182 days | 3 years 182 days |
Weighted-average discount rate—finance leases | 3.00% | 3.00% |
Weighted-average discount rate—operating leases | 4.40% | 4.40% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
2019 (1), Operating | [1] | $ 8,319 | |
2019 (1), Finance | [1] | 7,830 | |
2020, Operating | 13,505 | ||
2020, Finance | 7,702 | ||
2021, Operating | 9,711 | ||
2021, Finance | 7,997 | ||
2022, Operating | 7,476 | ||
2022, Finance | 9,441 | ||
2023, Operating | 1,018 | ||
2023, Finance | 6,364 | ||
Thereafter, Operating | 2,431 | ||
Thereafter, Finance | 1,209 | ||
Total minimum lease payments, Operating | 42,460 | ||
Total minimum lease payments, Finance | 40,543 | ||
Less: amount representing interest, Operating | (3,310) | ||
Less: amount representing interest, Finance | (2,926) | ||
Present value of minimum lease payments, Operating | 39,150 | ||
Present value of minimum lease payments, Finance | 37,617 | ||
Less: current portion, Operating | (14,117) | ||
Less: current portion, Finance | (6,797) | (5,374) | |
Lease obligations, long-term, Operating | 25,033 | ||
Lease obligations, long-term, Finance | $ 30,820 | $ 35,119 | |
[1] | Excludes the six months ended June 30, 2019 |
Note 9 - Equity Method Invest_3
Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 15,569 | $ 38,127 | |||
Reversal of Deferred Gains of Sale of Property | (7) | (171) | |||
Income (Loss) from Equity Method Investments, Total | $ 2,375 | $ 1,775 | 5,410 | 3,265 | |
Transport Enterprise Leasing LLC [Member] | |||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 0 | 100 | |||
Revenue from Related Parties | 4,600 | 3,900 | |||
Reversal of Deferred Gains of Sale of Property | $ 100 | $ 200 | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | 49.00% | |
Due from Related Parties, Total | $ 5,600 | $ 5,600 | $ 5,100 | ||
Income (Loss) from Equity Method Investments, Total | 5,400 | ||||
Equity Method Investments | 31,500 | 31,500 | $ 26,100 | ||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||||
Deferred Gain on Sale of Property | $ 200 | $ 200 |
Note 9 - Equity Method Invest_4
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | $ 26,400 | $ 25,877 |
Non-current Assets | 320,129 | 273,987 |
Current Liabilities | 15,802 | 78,530 |
Non-current Liabilities | 275,901 | 176,389 |
Total Equity | $ 54,826 | $ 44,945 |
Note 9 - Equity Method Invest_5
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 24,505 | $ 23,574 | $ 51,988 | $ 48,715 |
Operating Expenses | 17,052 | 18,374 | 37,052 | 38,999 |
Operating Income | 7,453 | 5,200 | 14,936 | 9,716 |
Net Income | $ 4,792 | $ 3,464 | $ 9,881 | $ 6,482 |
Note 10 - Goodwill and Other _3
Note 10 - Goodwill and Other Assets (Details Textual) | 6 Months Ended | |
Jun. 30, 2019 | Jul. 03, 2018 | |
Finite-Lived Intangible Asset, Useful Life | 12 years 30 days | |
Landair Holdings Inc [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 10 - Goodwill and Other _4
Note 10 - Goodwill and Other Assets - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Balance | $ 41,598 |
Post-acquisition goodwill adjustments | 920 |
Balance | $ 42,518 |
Note 10 - Goodwill and Other _5
Note 10 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Gross | $ 34,000 | $ 34,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,923) | (1,462) |
Finite-Lived Intangible Assets, Net | $ 31,077 | 32,538 |
Finite-Lived Intangible Asset, Useful Life (Month) | 12 years 30 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (293) | (147) |
Finite-Lived Intangible Assets, Net | $ 4,107 | $ 4,253 |
Finite-Lived Intangible Asset, Useful Life (Month) | 14 years | 14 years 180 days |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 1,400 | $ 1,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (280) | (140) |
Finite-Lived Intangible Assets, Net | $ 1,120 | $ 1,260 |
Finite-Lived Intangible Asset, Useful Life (Month) | 4 years | 4 years 180 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 28,200 | $ 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,350) | (1,175) |
Finite-Lived Intangible Assets, Net | $ 25,850 | $ 27,025 |
Finite-Lived Intangible Asset, Useful Life (Month) | 11 years | 11 years 180 days |
Note 10 - Goodwill and Other _6
Note 10 - Goodwill and Other Assets - Expected Future Amortization (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 | $ 1,462 |
2020 | 2,923 |
2021 | 2,923 |
2022 | 2,923 |
2023 | 2,783 |
Thereafter | $ 18,063 |