Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000928658 | |
Entity Registrant Name | COVENANT LOGISTICS GROUP, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-24960 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0320154 | |
Entity Address, Address Line One | 400 Birmingham Hwy. | |
Entity Address, City or Town | Chattanooga | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37419 | |
City Area Code | 423 | |
Local Phone Number | 821-1212 | |
Title of 12(b) Security | $0.01 Par Value Class A common stock | |
Trading Symbol | CVLG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,350,000 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 14,453,675 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,966 | $ 8,407 |
Accounts receivable, net of allowance of $3,710 in 2021 and $2,992 in 2020 | 120,327 | 91,295 |
Drivers' advances and other receivables, net of allowance of $527 in 2021 and $764 in 2020 | 47,458 | 13,624 |
Inventory and supplies | 3,554 | 3,119 |
Prepaid expenses | 11,184 | 11,924 |
Assets held for sale | 6,236 | 15,007 |
Income taxes receivable | 7,150 | 4,155 |
Other short-term assets | 0 | 265 |
Total current assets | 200,875 | 147,796 |
Property and equipment, at cost | 507,630 | 541,276 |
Less: accumulated depreciation and amortization | (156,278) | (149,824) |
Net property and equipment | 351,352 | 391,452 |
Goodwill | 42,518 | 42,518 |
Other intangibles, net | 22,214 | 24,518 |
Other assets, net | 45,505 | 60,897 |
Noncurrent assets of discontinued operations | 1,275 | 9,535 |
Total assets | 663,739 | 676,716 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 0 | 1,215 |
Accounts payable | 34,973 | 31,695 |
Accrued expenses | 51,551 | 38,538 |
Current maturities of long-term debt | 7,007 | 7,577 |
Current portion of finance lease obligations | 6,214 | 5,687 |
Current portion of operating lease obligations | 16,595 | 16,989 |
Current portion of insurance and claims accrual | 61,652 | 30,221 |
Other short-term liabilities | 614 | 643 |
Current liabilities of discontinued operations | 816 | 816 |
Total current liabilities | 179,422 | 133,381 |
Long-term debt | 38,697 | 47,888 |
Long-term portion of finance lease obligations | 8,748 | 10,756 |
Long-term portion of operating lease obligations | 15,774 | 21,474 |
Insurance and claims accrual | 20,499 | 44,077 |
Deferred income taxes | 73,485 | 74,553 |
Other long-term liabilities | 8,477 | 9,794 |
Long-term liabilities of discontinued operations | 5,100 | 44,151 |
Total liabilities | 350,202 | 386,074 |
Stockholders' equity: | ||
Additional paid-in-capital | 146,420 | 143,438 |
Treasury stock at cost; 1,769,168 and 1,398,925 shares as of June 30, 2021 and December 31, 2020, respectively | (24,351) | (17,067) |
Accumulated other comprehensive (loss) income | (1,611) | (2,251) |
Retained earnings | 192,882 | 166,325 |
Total stockholders' equity | 313,537 | 290,642 |
Total liabilities and stockholders' equity | 663,739 | 676,716 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 173 | 173 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable allowance | $ 3,710 | $ 2,992 |
Driver's advances and other receivables, allowance | $ 527 | $ 764 |
Treasury stock, shares (in shares) | 1,769,168 | 1,398,925 |
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 | 40,000,000 |
Common stock, shares issued (in shares) | 16,211,918 | 16,183,139 |
Common stock, shares outstanding (in shares) | 14,442,750 | 14,784,214 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Revenues | |||||
Total revenue | $ 256,324 | $ 191,689 | $ 477,213 | $ 402,502 | |
Operating expenses: | |||||
Salaries, wages, and related expenses | 88,477 | 74,688 | 171,062 | 157,152 | |
Fuel expense | 26,372 | 15,938 | 49,194 | 41,202 | |
Operations and maintenance | 14,294 | 12,218 | 29,013 | 25,044 | |
Revenue equipment rentals and purchased transportation | 75,455 | 47,011 | 132,691 | 93,073 | |
Operating taxes and licenses | 2,960 | 3,123 | 5,545 | 6,576 | |
Insurance and claims | 9,577 | 11,562 | 17,415 | 27,174 | |
Communications and utilities | 1,130 | 1,782 | 2,377 | 3,351 | |
General supplies and expenses | 7,752 | 11,536 | 15,934 | 19,894 | |
Depreciation and amortization | 13,863 | 19,663 | 27,951 | 37,846 | |
Gain on disposition of property and equipment, net | (1,888) | (3,451) | (2,812) | (4,975) | |
Impairment of long-lived property and equipment | 0 | 26,569 | 0 | 26,569 | |
Total operating expenses | 237,992 | 220,639 | 448,370 | 432,906 | |
Operating income (loss) | 18,332 | (28,950) | 28,843 | (30,404) | |
Interest expense, net | 708 | 2,084 | 1,450 | 3,983 | |
Income (loss) from equity method investment | 3,382 | 530 | 6,342 | (205) | |
Income (loss) before income taxes | 21,006 | (30,504) | 33,735 | (34,592) | |
Income tax expense (benefit) | 5,570 | (7,336) | 9,716 | (8,340) | |
Income (loss) from continuing operations, net of tax | 15,436 | (23,168) | 24,019 | (26,252) | |
(Loss) income from discontinued operations, net of tax | (19) | 825 | 2,540 | 1,696 | |
Net income (loss) | $ 15,417 | $ (22,343) | $ 26,559 | $ (24,556) | |
Basic income (loss) per share: | |||||
Income (loss) from continuing operations (in dollars per share) | $ 0.92 | $ (1.36) | $ 1.42 | $ (1.49) | |
Income from discontinued operations (in dollars per share) | 0 | 0.05 | 0.15 | 0.10 | |
Net income (loss) (1) (in dollars per share) | [1] | 0.92 | (1.31) | 1.58 | (1.40) |
Diluted income (loss) per share: | |||||
Income (loss) per diluted share from continuing operations (in dollars per share) | 0.91 | (1.36) | 1.41 | (1.49) | |
Income from discontinued operations (in dollars per share) | 0 | 0.05 | 0.15 | 0.10 | |
Net income (loss) (1) (in dollars per share) | [1] | $ 0.91 | $ (1.31) | $ 1.56 | $ (1.40) |
Basic weighted average shares outstanding (in shares) | 16,765 | 17,089 | 16,858 | 17,584 | |
Diluted weighted average shares outstanding (in shares) | 17,022 | 17,089 | 17,052 | 17,584 | |
Cargo and Freight [Member] | |||||
Revenues | |||||
Total revenue | $ 231,948 | $ 179,564 | $ 432,636 | $ 369,145 | |
Fuel Surcharge [Member] | |||||
Revenues | |||||
Total revenue | $ 24,376 | $ 12,125 | $ 44,577 | $ 33,357 | |
[1] | Sum of the individual amounts may not add due to rounding. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ 15,417 | $ (22,343) | $ 26,559 | $ (24,556) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $157 and ($235) in 2021 and ($9) and $809 in 2020, respectively | (407) | 28 | 738 | (2,363) |
Reclassification of cash flow hedge losses (gains) into statement of operations, net of tax of ($45) and $6 in 2021 and ($115) and ($129) in 2020, respectively | 115 | 336 | (35) | 377 |
Reclassification of losses (gains) on sale of investments classified as available-for-sale | 0 | 36 | (63) | 36 |
Total other comprehensive (loss) income | (292) | 400 | 640 | (1,950) |
Comprehensive income (loss) | $ 15,125 | $ (21,943) | $ 27,199 | $ (26,506) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ 157 | $ (9) | $ (235) | $ 809 |
Reclassification of cash flow hedge gains (losses) into statement of operations, tax | $ (45) | $ (115) | $ 6 | $ (129) |
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] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2019 | $ 173 | $ 24 | $ 141,885 | $ 0 | $ (1,014) | $ 209,043 | $ 350,111 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | (2,213) | (2,213) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (2,350) | 0 | (2,350) |
Share repurchase | 0 | 0 | 0 | (17,515) | 0 | 0 | (17,515) |
Stock-based employee compensation expense | 0 | 0 | 466 | 0 | 0 | 0 | 466 |
Issuance of restricted shares, net | 0 | 0 | (6) | 0 | 0 | 0 | (6) |
Balances at Mar. 31, 2020 | 173 | 24 | 142,345 | (17,515) | (3,364) | 206,830 | 328,493 |
Balances at Dec. 31, 2019 | 173 | 24 | 141,885 | 0 | (1,014) | 209,043 | 350,111 |
Net income (loss) | (24,556) | ||||||
Other comprehensive income (loss) | (1,950) | ||||||
Share repurchase | (17,500) | ||||||
Balances at Jun. 30, 2020 | 173 | 24 | 142,657 | (17,446) | (2,964) | 184,487 | 306,931 |
Balances at Mar. 31, 2020 | 173 | 24 | 142,345 | (17,515) | (3,364) | 206,830 | 328,493 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | (22,343) | (22,343) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 400 | 0 | 400 |
Stock-based employee compensation expense | 0 | 0 | 355 | 0 | 0 | 0 | 355 |
Issuance of restricted shares, net | 0 | 0 | (43) | 40 | 0 | 0 | (3) |
Share repurchase | 0 | 0 | 0 | 29 | 0 | 0 | 29 |
Balances at Jun. 30, 2020 | 173 | 24 | 142,657 | (17,446) | (2,964) | 184,487 | 306,931 |
Balances at Dec. 31, 2020 | 173 | 24 | 143,438 | (17,067) | (2,251) | 166,325 | 290,642 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 11,140 | 11,140 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 932 | 0 | 932 |
Share repurchase | 0 | 0 | 0 | (8,118) | 0 | 0 | (8,118) |
Stock-based employee compensation expense | 0 | 0 | 2,594 | 0 | 0 | 0 | 2,594 |
Issuance of restricted shares, net | 0 | 0 | (1,158) | 625 | 0 | 0 | (533) |
Balances at Mar. 31, 2021 | 173 | 24 | 144,874 | (24,560) | (1,319) | 177,465 | 296,657 |
Balances at Dec. 31, 2020 | 173 | 24 | 143,438 | (17,067) | (2,251) | 166,325 | 290,642 |
Net income (loss) | 26,559 | ||||||
Other comprehensive income (loss) | 640 | ||||||
Share repurchase | (8,400) | ||||||
Balances at Jun. 30, 2021 | 173 | 24 | 146,420 | (24,351) | (1,611) | 192,882 | 313,537 |
Balances at Mar. 31, 2021 | 173 | 24 | 144,874 | (24,560) | (1,319) | 177,465 | 296,657 |
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 15,417 | 15,417 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (292) | 0 | (292) |
Share repurchase | 0 | 0 | 0 | (249) | 0 | 0 | (249) |
Stock-based employee compensation expense | 0 | 0 | 2,352 | 0 | 0 | 0 | 2,352 |
Issuance of restricted shares, net | 0 | 0 | (806) | 458 | 0 | 0 | (348) |
Balances at Jun. 30, 2021 | $ 173 | $ 24 | $ 146,420 | $ (24,351) | $ (1,611) | $ 192,882 | $ 313,537 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 26,559 | $ (24,556) |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Provision for losses on accounts receivable | 833 | 3,355 |
Reversal (deferral) of gain on sales to equity method investee | 53 | (2) |
Depreciation and amortization | 27,951 | 37,853 |
Impairment of property and equipment | 0 | 26,569 |
Amortization of deferred financing fees | 0 | 73 |
Deferred income tax expense (benefit) | 7,274 | (9,139) |
Income tax (expense) benefit arising from restricted share vesting and stock options exercised | (255) | 17 |
Stock-based compensation expense | 4,946 | 822 |
(Income) loss from equity method investment | (6,342) | 205 |
Return on investment in affiliated company | 0 | 0 |
Gain on disposition of property and equipment | (2,812) | (4,946) |
Gain on reversal of contingent loss of discontinued operations | (3,412) | 0 |
Gain on investment in available-for-sale securities | (63) | (2) |
Changes in operating assets and liabilities: | ||
Receivables and advances | (44,671) | (34,802) |
Prepaid expenses and other assets | 547 | 2,093 |
Inventory and supplies | (436) | 639 |
Insurance and claims accrual | 7,854 | 18,751 |
Accounts payable and accrued expenses | 16,097 | 7,172 |
Net cash flows provided by operating activities | 34,123 | 24,102 |
Cash flows from investing activities: | ||
Other investment | (13) | 0 |
Purchase of available-for-sale securities | (33) | (405) |
Acquisition of property and equipment | (13,971) | (46,991) |
Proceeds from disposition of property and equipment | 33,797 | 51,479 |
Net cash flows provided by investing activities | 19,780 | 4,083 |
Cash flows from financing activities: | ||
Change in checks outstanding in excess of bank balances | (1,215) | 21 |
Proceeds from issuance of notes payable | 0 | 55,345 |
Repayments of notes payable | (9,383) | (39,859) |
Repayments of finance lease obligations | (1,481) | (2,661) |
Proceeds under revolving credit facility | 446,978 | 803,397 |
Repayments under revolving credit facility and draw note | (482,996) | (803,397) |
Payment of minimum tax withholdings on stock compensation | (887) | (9) |
Common stock repurchased | (8,360) | (17,486) |
Net cash flows used by financing activities | (57,344) | (4,649) |
Net change in cash and cash equivalents | (3,441) | 23,536 |
Cash and cash equivalents at beginning of period | 8,407 | 43,591 |
Cash and cash equivalents at end of period | $ 4,966 | $ 67,127 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 Logistics 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 Logistics 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, 2020 six June 30, 2021 not may December 31, 2021 10 December 31, 2020 not Risks and Uncertainties On July 8, 2020, September 23, 2020 October 2020, The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 June 30, 2021. 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. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not Recent Accounting Pronouncements Accounting Standards adopted In December 2019, 2019 12, Simplifying the Accounting for Income Taxes, 2019 12 740 January 1, 2021. no Accounting Standards not In June 2016, 2016 13, January 1, 2023, |
Note 2 - Income (Loss) Per Shar
Note 2 - Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Income (Loss) Per Share Basic income (loss) 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 (loss) 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 approximately 257,000 and 194,000 shares issuable upon conversion of unvested restricted shares for the three six June 30, 2021 not June 30, 2021 June 30, 2020 The following table sets forth, for the periods indicated, the calculation of net income (loss) 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, 2021 2020 2021 2020 Numerators: Income (loss) from continuing operations $ 15,436 $ (23,168 ) $ 24,019 $ (26,252 ) (Loss) income from discontinued operations (19 ) 825 2,540 1,696 Net income (loss) $ 15,417 $ (22,343 ) $ 26,559 $ (24,556 ) Denominator: Denominator for basic income (loss) per share – weighted-average shares 16,765 17,089 16,858 17,584 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 257 - 194 - Equivalent shares issuable upon conversion of unvested employee stock options - - - - Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions 17,022 17,089 17,052 17,584 Basic income (loss) per share: Income (loss) from continuing operations $ 0.92 $ (1.36 ) $ 1.42 $ (1.49 ) Income from discontinued operations - 0.05 0.15 0.10 Net income (loss) (1) $ 0.92 $ (1.31 ) $ 1.58 $ (1.40 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.91 $ (1.36 ) $ 1.41 $ (1.49 ) Income from discontinued operations - 0.05 0.15 0.10 Net income (loss) (1) $ 0.91 $ (1.31 ) $ 1.56 $ (1.40 ) ( 1 may not |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The fair value of the commodity contracts, including our former fuel hedges, is determined based on quotes from the counterparty which were verified by comparing them to the exchange on which the related futures are traded, adjusted for counterparty credit risk. The fair value of our interest rate swap agreements is determined using the market-standard methodology of netting the discounted future fixed-cash payments and the discounted expected variable-cash receipts. The variable-cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These analyses reflect the contractual terms of the swap, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities. The fair value of available-for-sale securities is based upon quoted prices in active markets. The fair value calculation also includes an amount for risk of non-performance of our counterparties using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate swap agreements. A three ● Level 1. ● Level 2. ● Level 3. no Financial Instruments Measured at Fair Value on a Recurring Basis (in thousands) Hedge derivatives June 30, 2021 December 31, 2020 (1) Net Fair Value of Derivative $ (2,231 ) $ (3,106 ) Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) (2,231 ) (3,106 ) Significant Unobservable Inputs (Level 3) - - ( 1 December 31, 2020. Available-for-sale securities June 30, 2021 December 31, 2020 Fair Value of Securities $ 1,541 $ 1,310 Quoted Prices in Active Markets (Level 1) 1,541 1,310 Significant Other Observable Inputs (Level 2) - - Significant Unobservable Inputs (Level 3) - - Our financial instruments consist primarily of cash and cash equivalents, certificates of deposit, accounts receivable, commodity contracts, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value as of June 30, 2021 no June 30, 2021 June 30, 2021 |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4. Discontinued Operations As of June 30, 2020, July 8, 2020, We have reflected the former Factoring reportable segment as discontinued operations in the condensed consolidated statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The following table summarizes the results of our discontinued operations for the three six June 30, 2021 2020 (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenue $ - $ 2,516 $ - $ 5,255 Operating expenses 25 453 25 1,030 Operating income (25 ) 2,063 (25 ) 4,225 Reversal of contingent loss liability - - (3,412 ) - Interest expense - 955 - 1,948 Income before income taxes (25 ) 1,108 3,387 2,277 Income tax (benefit) expense (6 ) 283 847 581 Income from discontinued operations, net of tax $ (19 ) $ 825 $ 2,540 $ 1,696 Operating income for the six June 30, 2021 six June 30, 2021 1. Interest expense not The following table summarizes the major classes of assets and liabilities included as discontinued operations as of June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 December 31, 2020 Noncurrent deferred tax asset $ 1,275 $ 9,535 Noncurrent assets from discontinued operations 1,275 9,535 Total assets from discontinued operations $ 1,275 $ 9,535 Liabilities: Accounts payable $ 816 $ 816 Current liabilities of discontinued operations 816 816 Long-term contingent loss liability 5,100 44,151 Long-term liabilities of discontinued operations 5,100 44,151 Total liabilities from discontinued operations $ 5,916 $ 44,967 There were no six June 30, 2021 six June 30, 2020 The following unaudited summary information is presented on a consolidated pro forma basis as if the Factoring assets were sold as of January 1, 2020. (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenue $ 256,324 $ 191,689 $ 477,213 $ 402,502 Income (loss) from continuing operations 18,332 (23,168 ) 28,843 (26,252 ) Income (loss) per basic share from continuing operations $ 0.92 $ (1.36 ) $ 1.42 $ (1.49 ) Income (loss) per diluted share from continuing operations $ 0.91 $ (1.36 ) $ 1.41 $ (1.49 ) Refer to Note 1, |
Note 5 - Segment Information
Note 5 - Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. Segment Information Until the second 2020, four June 30, 2020. September 30, 2020, second 2020. Our four ● Expedited: The Expedited segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 22 15 two ● Dedicated: The Dedicated segment provides customers with committed truckload capacity over contracted periods with the goal of three five ● Managed Freight: The Managed Freight segment includes our brokerage and transport management services (“TMS”). Brokerage services provide logistics capacity by outsourcing the carriage of customers’ freight to third ● Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in our 2020 10 The following table summarizes our total revenue by our four three six June 30, 2021 2020 (in thousands) Three Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 87,369 $ 81,868 $ 71,635 $ 15,452 $ 256,324 Intersegment revenue 1,734 - - - 1,734 Operating income (loss) 10,225 (191 ) 7,316 982 18,332 Six Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,849 $ 157,314 $ 123,032 $ 31,018 $ 477,213 Intersegment revenue 2,180 - - - 2,180 Operating income (loss) 16,436 (1,990 ) 12,261 2,136 28,843 Three Months Ended June 30, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 79,778 $ 65,940 $ 34,362 $ 11,609 $ 191,689 Intersegment revenue 4,723 - - - 4,723 Operating (loss) income (12,844 ) (13,177 ) (3,611 ) 682 (28,950 ) Six Months Ended June 30, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,938 $ 147,728 $ 65,099 $ 23,737 $ 402,502 Intersegment revenue 7,603 - - - 7,603 Operating (loss) income (14,396 ) (14,718 ) (2,946 ) 1,656 (30,404 ) (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Total external revenues for reportable segments $ 256,324 $ 191,689 $ 477,213 $ 402,502 Intersegment revenues for reportable segments 1,734 4,723 2,180 7,603 Elimination of intersegment revenues (1,734 ) (4,723 ) (2,180 ) (7,603 ) Total consolidated revenues $ 256,324 $ 191,689 $ 477,213 $ 402,502 Prior period segment results have been recast for internal reporting changes so that they are comparable to current period reporting. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6. Income Taxes Income tax expense in both 2021 2020 Our liability recorded for uncertain tax positions as of June 30, 2021 December 31, 2020 The net deferred tax liability of $73.5 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by net operating loss carryovers and insurance claims that have been reserved but not may June 30, 2021 may On March 27, 2020, June 30, 2021, |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. Debt Current and long-term debt and lease obligations consisted of the following as of June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 December 31, 2020 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 10,000 $ - $ 15,000 Borrowings under the Draw Note - 4,622 - - Revenue equipment installment notes; weighted average interest rate of 1.6 2.0 5,843 3,133 6,437 11,358 Real estate notes; interest rate of 1.8 1.9 1,164 20,942 1,140 21,530 Total debt 7,007 38,697 7,577 47,888 Principal portion of finance lease obligations, secured by related revenue equipment 6,214 8,748 5,687 10,756 Principal portion of operating lease obligations, secured by related revenue equipment 16,595 15,774 16,989 21,474 Total debt and lease obligations $ 29,816 $ 63,219 $ 30,253 $ 80,118 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"). On October 23, 2020, no October 2025. 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%, or LIBOR plus 1.0%, plus an applicable margin ranging from 0.25% to 0.75%; Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $110.0 June 30, 2021 June 30, 2021 no June 30, 2021 2020 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 December 2021 to November 2022 . not 2021, In August 2015, third 12 In connection with the TFS Settlement, in September 2020, may September 23, 2025. one one September 23, 2026. may first 2021, second 2021 June 30, 2021. |
Note 8 - Lease Obligations
Note 8 - Lease Obligations | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8. Lease Obligations The finance leases in effect at June 30, 2021 September 2021 November 2023 A summary of our lease obligations at June 30, 2021 2020 (dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance lease cost: Amortization of right-of-use assets $ 915 $ 968 $ 1,922 $ 2,005 Interest on lease liabilities 159 278 333 525 Operating lease cost 5,853 7,445 11,764 14,047 Variable lease cost 28 156 91 314 Total lease cost $ 6,955 $ 8,847 $ 14,110 $ 16,891 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 915 968 1,922 205 Operating cash flows from operating leases 4,757 7,601 9,532 14,361 Financing cash flows from finance leases 159 275 333 525 Right-of-use assets obtained in exchange for new operating lease liabilities 2,305 2,176 2,530 2,637 Weighted-average remaining lease term—finance leases 1.3 years Weighted-average remaining lease term—operating leases 2.4 years Weighted-average discount rate—finance leases 4.3 % Weighted-average discount rate—operating leases 6.0 % As of June 30, 2021 December 31, 2020 Our future minimum lease payments as of June 30, 2021 (in thousands) Operating Finance 2021 (1) $ 9,274 $ 6,444 2022 15,954 7,137 2023 7,203 1,423 2024 411 - 2025 382 - Thereafter 2,221 - Total minimum lease payments $ 35,445 $ 15,004 Less: amount representing interest (3,076 ) (42 ) Present value of minimum lease payments $ 32,369 $ 14,962 Less: current portion (16,595 ) (6,214 ) Lease obligations, long-term $ 15,774 $ 8,748 ( 1 six June 30, 2021 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9. Stock -Based Compensation Our Third Amended and Restated 2006 July 1, 2020, 2006 one one may June 1, 2030, 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, or other equity instruments. As of June 30, 2021 No may June 1, 2030. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is stock-based compensation expense of $2.3 million and $0.4 million for the three June 30, 2021 2020, six June 30, 2021, three June 30, 2021, six June 30, 2021, three six June 30, 2021 2020, 2020 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, 2021 2021 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. 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/or 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 June 30, 2021, June 30, 2021 On February, 28 2019, August 1, 2019, On August 2, 2018, five 5 "no not one 8 10 18 24 April 23, 2020. one not no June 30, 2021 On February 11, 2021, not no June 30, 2021 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, discussed above, taking into account existing reserves, is not We had $29.5 million of outstanding and undrawn letters of credit as of June 30, 2021 December 31, 2020 |
Note 11 - Equity Method Investm
Note 11 - Equity Method Investment | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | Note 11. Equity Method Investment We own a 49.0% interest in Transport Enterprise Leasing, LLC ("TEL"), a tractor and trailer equipment leasing company and used equipment reseller. There is no 49.0% not no May 2016, May 31, 2016, no no third may We sold $1.0 million and no tractors or trailers to TEL during the six June 30, 2021 2020 six June 30, 2021 2020 six June 30, 2021 2020 six June 30, 2021 2020 third June 30, 2021 2020 June 30, 2021 December 31, 2020 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 2021 June 30, 2021 six June 30, 2021 2020 Our accounts receivable from TEL and investment in TEL as of June 30, 2021 December 31, 2020 Description: Balance Sheet Line Item: June 30, 2021 December 31, 2020 Accounts receivable from TEL Driver advances and other receivables $ 682 $ 661 Investment in TEL Other assets 40,654 34,365 Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf. See TEL's summarized financial information below: (in thousands) As of June 30, As of December 31, 2021 2020 Total Assets $ 322,605 $ 374,591 Total Liabilities 248,794 318,743 Total Equity $ 73,811 $ 55,848 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 25,534 $ 23,997 $ 48,438 $ 49,218 Cost of Sales 2,091 2,815 3,233 7,584 Operating Expenses 15,036 17,649 28,942 36,525 Operating Income 8,407 3,533 16,263 5,109 Net Income (Loss) $ 6,615 $ 1,021 $ 12,619 $ (421 ) |
Note 12 - Goodwill and Other As
Note 12 - Goodwill and Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 12. Goodwill and Other Assets On July 3, 2018, There was no six June 30, 2021 six June 30, 2021 2020 A summary of other intangible assets as of June 30, 2021 December 31, 2020 (in thousands) June 30, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (1,822 ) $ 580 Managed Freight 999 (757 ) 242 Warehousing 999 (757 ) 242 Total trade name 4,400 (3,336 ) 1,064 3 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (3,518 ) 10,554 Managed Freight 1,692 (423 ) 1,269 Warehousing 12,436 (3,109 ) 9,327 Total customer relationships: 28,200 (7,050 ) 21,150 108 Total other intangible assets $ 34,000 $ (11,785 ) $ 22,214 (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships: 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 34,000 $ (9,482 ) $ 24,518 The carrying amount of goodwill was $42.5 million at June 30, 2021 December 31, 2020 |
Note 13 - Equity
Note 13 - Equity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 13. Equity On February 10, 2020, March 26, 2020, January 25, 2021, six June 30, 2021 2020 |
Note 14 - Liquidity
Note 14 - Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Liquidity Disclosure1 [Text Block] | Note 14. Liquidity Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of $21.5 million and $14.4 million at June 30, 2021 December 31, 2020 As of June 30, 2021 not After taking measures in the first 2020 19, 2021 December 31, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Logistics 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 Logistics 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, 2020 six June 30, 2021 not may December 31, 2021 10 December 31, 2020 not |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties On July 8, 2020, September 23, 2020 October 2020, The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first $30.0 fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 June 30, 2021. |
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. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards adopted In December 2019, 2019 12, Simplifying the Accounting for Income Taxes, 2019 12 740 January 1, 2021. no Accounting Standards not In June 2016, 2016 13, January 1, 2023, |
Note 2 - Income (Loss) Per Sh_2
Note 2 - Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 2021 2020 Numerators: Income (loss) from continuing operations $ 15,436 $ (23,168 ) $ 24,019 $ (26,252 ) (Loss) income from discontinued operations (19 ) 825 2,540 1,696 Net income (loss) $ 15,417 $ (22,343 ) $ 26,559 $ (24,556 ) Denominator: Denominator for basic income (loss) per share – weighted-average shares 16,765 17,089 16,858 17,584 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 257 - 194 - Equivalent shares issuable upon conversion of unvested employee stock options - - - - Denominator for diluted income (loss) per share adjusted weighted-average shares and assumed conversions 17,022 17,089 17,052 17,584 Basic income (loss) per share: Income (loss) from continuing operations $ 0.92 $ (1.36 ) $ 1.42 $ (1.49 ) Income from discontinued operations - 0.05 0.15 0.10 Net income (loss) (1) $ 0.92 $ (1.31 ) $ 1.58 $ (1.40 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 0.91 $ (1.36 ) $ 1.41 $ (1.49 ) Income from discontinued operations - 0.05 0.15 0.10 Net income (loss) (1) $ 0.91 $ (1.31 ) $ 1.56 $ (1.40 ) |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (in thousands) Hedge derivatives June 30, 2021 December 31, 2020 (1) Net Fair Value of Derivative $ (2,231 ) $ (3,106 ) Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) (2,231 ) (3,106 ) Significant Unobservable Inputs (Level 3) - - Available-for-sale securities June 30, 2021 December 31, 2020 Fair Value of Securities $ 1,541 $ 1,310 Quoted Prices in Active Markets (Level 1) 1,541 1,310 Significant Other Observable Inputs (Level 2) - - Significant Unobservable Inputs (Level 3) - - |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenue $ - $ 2,516 $ - $ 5,255 Operating expenses 25 453 25 1,030 Operating income (25 ) 2,063 (25 ) 4,225 Reversal of contingent loss liability - - (3,412 ) - Interest expense - 955 - 1,948 Income before income taxes (25 ) 1,108 3,387 2,277 Income tax (benefit) expense (6 ) 283 847 581 Income from discontinued operations, net of tax $ (19 ) $ 825 $ 2,540 $ 1,696 (in thousands) June 30, 2021 December 31, 2020 Noncurrent deferred tax asset $ 1,275 $ 9,535 Noncurrent assets from discontinued operations 1,275 9,535 Total assets from discontinued operations $ 1,275 $ 9,535 Liabilities: Accounts payable $ 816 $ 816 Current liabilities of discontinued operations 816 816 Long-term contingent loss liability 5,100 44,151 Long-term liabilities of discontinued operations 5,100 44,151 Total liabilities from discontinued operations $ 5,916 $ 44,967 (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenue $ 256,324 $ 191,689 $ 477,213 $ 402,502 Income (loss) from continuing operations 18,332 (23,168 ) 28,843 (26,252 ) Income (loss) per basic share from continuing operations $ 0.92 $ (1.36 ) $ 1.42 $ (1.49 ) Income (loss) per diluted share from continuing operations $ 0.91 $ (1.36 ) $ 1.41 $ (1.49 ) |
Note 5 - Segment Information (T
Note 5 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Three Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 87,369 $ 81,868 $ 71,635 $ 15,452 $ 256,324 Intersegment revenue 1,734 - - - 1,734 Operating income (loss) 10,225 (191 ) 7,316 982 18,332 Six Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,849 $ 157,314 $ 123,032 $ 31,018 $ 477,213 Intersegment revenue 2,180 - - - 2,180 Operating income (loss) 16,436 (1,990 ) 12,261 2,136 28,843 Three Months Ended June 30, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 79,778 $ 65,940 $ 34,362 $ 11,609 $ 191,689 Intersegment revenue 4,723 - - - 4,723 Operating (loss) income (12,844 ) (13,177 ) (3,611 ) 682 (28,950 ) Six Months Ended June 30, 2020 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,938 $ 147,728 $ 65,099 $ 23,737 $ 402,502 Intersegment revenue 7,603 - - - 7,603 Operating (loss) income (14,396 ) (14,718 ) (2,946 ) 1,656 (30,404 ) (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Total external revenues for reportable segments $ 256,324 $ 191,689 $ 477,213 $ 402,502 Intersegment revenues for reportable segments 1,734 4,723 2,180 7,603 Elimination of intersegment revenues (1,734 ) (4,723 ) (2,180 ) (7,603 ) Total consolidated revenues $ 256,324 $ 191,689 $ 477,213 $ 402,502 Prior period segment results have been recast for internal reporting changes so that they are comparable to current period reporting. |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) June 30, 2021 December 31, 2020 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 10,000 $ - $ 15,000 Borrowings under the Draw Note - 4,622 - - Revenue equipment installment notes; weighted average interest rate of 1.6 2.0 5,843 3,133 6,437 11,358 Real estate notes; interest rate of 1.8 1.9 1,164 20,942 1,140 21,530 Total debt 7,007 38,697 7,577 47,888 Principal portion of finance lease obligations, secured by related revenue equipment 6,214 8,748 5,687 10,756 Principal portion of operating lease obligations, secured by related revenue equipment 16,595 15,774 16,989 21,474 Total debt and lease obligations $ 29,816 $ 63,219 $ 30,253 $ 80,118 |
Note 8 - Lease Obligations (Tab
Note 8 - Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Finance lease cost: Amortization of right-of-use assets $ 915 $ 968 $ 1,922 $ 2,005 Interest on lease liabilities 159 278 333 525 Operating lease cost 5,853 7,445 11,764 14,047 Variable lease cost 28 156 91 314 Total lease cost $ 6,955 $ 8,847 $ 14,110 $ 16,891 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 915 968 1,922 205 Operating cash flows from operating leases 4,757 7,601 9,532 14,361 Financing cash flows from finance leases 159 275 333 525 Right-of-use assets obtained in exchange for new operating lease liabilities 2,305 2,176 2,530 2,637 Weighted-average remaining lease term—finance leases 1.3 years Weighted-average remaining lease term—operating leases 2.4 years Weighted-average discount rate—finance leases 4.3 % Weighted-average discount rate—operating leases 6.0 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2021 (1) $ 9,274 $ 6,444 2022 15,954 7,137 2023 7,203 1,423 2024 411 - 2025 382 - Thereafter 2,221 - Total minimum lease payments $ 35,445 $ 15,004 Less: amount representing interest (3,076 ) (42 ) Present value of minimum lease payments $ 32,369 $ 14,962 Less: current portion (16,595 ) (6,214 ) Lease obligations, long-term $ 15,774 $ 8,748 |
Note 11 - Equity Method Inves_2
Note 11 - Equity Method Investment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Description: Balance Sheet Line Item: June 30, 2021 December 31, 2020 Accounts receivable from TEL Driver advances and other receivables $ 682 $ 661 Investment in TEL Other assets 40,654 34,365 (in thousands) As of June 30, As of December 31, 2021 2020 Total Assets $ 322,605 $ 374,591 Total Liabilities 248,794 318,743 Total Equity $ 73,811 $ 55,848 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenue $ 25,534 $ 23,997 $ 48,438 $ 49,218 Cost of Sales 2,091 2,815 3,233 7,584 Operating Expenses 15,036 17,649 28,942 36,525 Operating Income 8,407 3,533 16,263 5,109 Net Income (Loss) $ 6,615 $ 1,021 $ 12,619 $ (421 ) |
Note 12 - Goodwill and Other _2
Note 12 - Goodwill and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) June 30, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (1,822 ) $ 580 Managed Freight 999 (757 ) 242 Warehousing 999 (757 ) 242 Total trade name 4,400 (3,336 ) 1,064 3 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (3,518 ) 10,554 Managed Freight 1,692 (423 ) 1,269 Warehousing 12,436 (3,109 ) 9,327 Total customer relationships: 28,200 (7,050 ) 21,150 108 Total other intangible assets $ 34,000 $ (11,785 ) $ 22,214 (in thousands) December 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (1,204 ) $ 1,198 Managed Freight 999 (501 ) 498 Warehousing 999 (501 ) 498 Total trade name 4,400 (2,206 ) 2,194 9 Non-Compete agreement: Dedicated 914 (914 ) - Managed Freight 130 (130 ) - Warehousing 356 (356 ) - Total non-compete agreement 1,400 (1,400 ) - - Customer relationships: Dedicated 14,072 (2,931 ) 11,141 Managed Freight 1,692 (354 ) 1,338 Warehousing 12,436 (2,591 ) 9,845 Total customer relationships: 28,200 (5,876 ) 22,324 114 Total other intangible assets $ 34,000 $ (9,482 ) $ 24,518 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jul. 08, 2020 | Oct. 31, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 23, 2020 |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 3,412 | $ 0 | |||||||
Repayments of Lines of Credit | $ 482,996 | 803,397 | |||||||
Tractors [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||||
Tractors [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% | 10.00% | |||||||
Tractors [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 35.00% | 35.00% | |||||||
Refrigerated Trailers [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||||
Dry Van Trailers [Member] | |||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||||
Dry Van Trailers [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 28.00% | 28.00% | |||||||
Dry Van Trailers [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 21.00% | 21.00% | |||||||
TBK Bank [Member] | Draw Note [Member] | |||||||||
Repayments of Lines of Credit | $ 31,000 | ||||||||
Long-term Debt, Total | 4,600 | $ 4,600 | |||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | 122,300 | $ 108,400 | |||||||
Proceeds from Divestiture of Businesses | 108,400 | ||||||||
Disposal Group, Including Discontinued Operation, Consideration, Equity Interest Acquired | 13,900 | ||||||||
Disposal Group, Including Discontinued Operation, Earnout Opportuntiy, Maximum | 9,900 | ||||||||
Disposal Group Including Discontinued Operation, Dispute over Nature of Assets | 66,000 | ||||||||
Disposal Group, Including Discontinued Operation, Consideration Returned upon Settlement | $ 28,100 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 3,700 | ||||||||
Disposal Group Including Discontinued Operation, Assets Advances Against Future Payments For Services Not Yet Performed | 62,000 | ||||||||
Disposal Group Including Discontinued Operation, Indemnity, Loss Amount | $ 30,000 | ||||||||
Disposal Group Including Discontinued Operation, Indemnity, Percentage of Next 30 Million Loss | 50.00% | ||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | $ 44,200 | |||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ 35,600 | $ (35,600) | |||||||
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 0 | $ 3,400 | $ 0 | $ 3,412 | $ 0 |
Note 2 - Income (Loss) Per Sh_3
Note 2 - Income (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 257,000 | 194,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,171,000 | 1,171,000 | 0 |
Note 2 - Income (Loss) Per Sh_4
Note 2 - Income (Loss) 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, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Numerators: | |||||||
Income (loss) from continuing operations | $ 15,436 | $ (23,168) | $ 24,019 | $ (26,252) | |||
(Loss) income from discontinued operations | (19) | 825 | 2,540 | 1,696 | |||
Net income (loss) | $ 15,417 | $ 11,140 | $ (22,343) | $ (2,213) | $ 26,559 | $ (24,556) | |
Denominator: | |||||||
Denominator for basic income (loss) per share – weighted-average shares (in shares) | 16,765 | 17,089 | 16,858 | 17,584 | |||
Effect of dilutive securities: | |||||||
Diluted weighted average shares outstanding (in shares) | 17,022 | 17,089 | 17,052 | 17,584 | |||
Basic income (loss) per share: | |||||||
Income (loss) from continuing operations (in dollars per share) | $ 0.92 | $ (1.36) | $ 1.42 | $ (1.49) | |||
Income from discontinued operations (in dollars per share) | 0 | 0.05 | 0.15 | 0.10 | |||
Net income (loss) (1) (in dollars per share) | [1] | 0.92 | (1.31) | 1.58 | (1.40) | ||
Diluted income (loss) per share: | |||||||
Income (loss) per diluted share from continuing operations (in dollars per share) | 0.91 | (1.36) | 1.41 | (1.49) | |||
Income from discontinued operations (in dollars per share) | 0 | 0.05 | 0.15 | 0.10 | |||
Net income (loss) (1) (in dollars per share) | [1] | $ 0.91 | $ (1.31) | $ 1.56 | $ (1.40) | ||
Restricted Stock [Member] | |||||||
Effect of dilutive securities: | |||||||
Equivalent shares issuable upon conversion of unvested shares (in shares) | 257 | 0 | 194 | 0 | |||
Share-based Payment Arrangement, Option [Member] | |||||||
Effect of dilutive securities: | |||||||
Equivalent shares issuable upon conversion of unvested shares (in shares) | 0 | 0 | 0 | 0 | |||
[1] | Sum of the individual amounts may not add due to rounding. |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Asset, Total | $ 122,000 | ||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ (2,231) | $ (3,106) | [1] |
Interest Rate Swap [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 2,200 | ||
[1] | Includes derivative assets of $122 at December 31, 2020. |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ (2,231) | $ (3,106) | [1] |
Fair Value of Securities | 1,541 | 1,310 | |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 0 | 0 | [1] |
Fair Value of Securities | 1,541 | 1,310 | |
Fair Value, Inputs, Level 2 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | (2,231) | (3,106) | [1] |
Fair Value of Securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 0 | 0 | [1] |
Fair Value of Securities | $ 0 | $ 0 | |
[1] | Includes derivative assets of $122 at December 31, 2020. |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 08, 2020 | |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 3,412 | $ 0 | ||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | |||||
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Gross | $ 108,700 | |||||
Disposal Group, Including Discontinued Operation, Allowance | $ 5,400 | 5,400 | ||||
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 0 | $ 3,400 | $ 0 | 3,412 | 0 | |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 0 | 10,000 | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | |||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | $ 0 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Gain on reversal of contingent loss of discontinued operations | $ (3,412) | $ 0 | ||||
Noncurrent assets from discontinued operations | $ 1,275 | 1,275 | $ 9,535 | |||
Current liabilities of discontinued operations | 816 | 816 | 816 | |||
Total revenue | 256,324 | $ 191,689 | 477,213 | 402,502 | ||
Income (loss) from continuing operations | $ 15,436 | $ (23,168) | $ 24,019 | $ (26,252) | ||
Income (loss) per basic share from continuing operations (in dollars per share) | $ 0.92 | $ (1.36) | $ 1.42 | $ (1.49) | ||
Income (loss) per diluted share from continuing operations (in dollars per share) | $ 0.91 | $ (1.36) | $ 1.41 | $ (1.49) | ||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Total revenue | $ 0 | $ 2,516 | $ 0 | $ 5,255 | ||
Operating expenses | 25 | 453 | 25 | 1,030 | ||
Operating income | (25) | 2,063 | (25) | 4,225 | ||
Gain on reversal of contingent loss of discontinued operations | 0 | $ (3,400) | 0 | (3,412) | 0 | |
Interest expense | 0 | 955 | 0 | 1,948 | ||
Income before income taxes | (25) | 1,108 | 3,387 | 2,277 | ||
Income tax (benefit) expense | (6) | 283 | 847 | 581 | ||
Income from discontinued operations, net of tax | (19) | 825 | 2,540 | 1,696 | ||
Noncurrent deferred tax asset | 1,275 | 1,275 | 9,535 | |||
Noncurrent assets from discontinued operations | 1,275 | 1,275 | 9,535 | |||
Total assets from discontinued operations | 1,275 | 1,275 | 9,535 | |||
Accounts payable | 816 | 816 | 816 | |||
Current liabilities of discontinued operations | 816 | 816 | 816 | |||
Long-term contingent loss liability | 5,100 | 5,100 | 44,151 | |||
Long-term liabilities of discontinued operations | 5,100 | 5,100 | 44,151 | |||
Total liabilities from discontinued operations | 5,916 | 5,916 | $ 44,967 | |||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | Pro Forma [Member] | ||||||
Total revenue | 256,324 | 191,689 | 477,213 | 402,502 | ||
Income (loss) from continuing operations | $ 18,332 | $ (23,168) | $ 28,843 | $ (26,252) | ||
Income (loss) per basic share from continuing operations (in dollars per share) | $ 0.92 | $ (1.36) | $ 1.42 | $ (1.49) | ||
Income (loss) per diluted share from continuing operations (in dollars per share) | $ 0.91 | $ (1.36) | $ 1.41 | $ (1.49) |
Note 5 - Segment Information (D
Note 5 - Segment Information (Details Textual) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 | |
Number of Reportable Segments | 4 |
Note 5 - Segment Information -
Note 5 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenue | $ 256,324 | $ 191,689 | $ 477,213 | $ 402,502 |
Operating income (loss) | 18,332 | (28,950) | 28,843 | (30,404) |
Operating Segments [Member] | ||||
Total revenue | 256,324 | 191,689 | 477,213 | 402,502 |
Operating income (loss) | 18,332 | (28,950) | 28,843 | (30,404) |
Operating Segments [Member] | Highway Services [Member] | ||||
Total revenue | 87,369 | 79,778 | 165,849 | 165,938 |
Operating income (loss) | 10,225 | (12,844) | 16,436 | (14,396) |
Operating Segments [Member] | Dedicated [Member] | ||||
Total revenue | 81,868 | 65,940 | 157,314 | 147,728 |
Operating income (loss) | (191) | (13,177) | (1,990) | (14,718) |
Operating Segments [Member] | Managed Freight [Member] | ||||
Total revenue | 71,635 | 34,362 | 123,032 | 65,099 |
Operating income (loss) | 7,316 | (3,611) | 12,261 | (2,946) |
Operating Segments [Member] | Factoring [Member] | ||||
Total revenue | 15,452 | 11,609 | 31,018 | 23,737 |
Operating income (loss) | 982 | 682 | 2,136 | 1,656 |
Intersegment Eliminations [Member] | ||||
Total revenue | 1,734 | 4,723 | 2,180 | 7,603 |
Intersegment Eliminations [Member] | Highway Services [Member] | ||||
Total revenue | 1,734 | 4,723 | 2,180 | 7,603 |
Intersegment Eliminations [Member] | Dedicated [Member] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Managed Freight [Member] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Factoring [Member] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | ||||
Total revenue | $ (1,734) | $ (4,723) | $ (2,180) | $ (7,603) |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Deferred Tax Assets, Valuation Allowance, Total | $ 0.1 | |
Deferred Tax Liabilities, Net, Total | 73.5 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | 0.6 | |
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0.4 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | Oct. 23, 2020 | Sep. 23, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Aug. 31, 2015 |
Letters of Credit Outstanding, Amount | $ 29,500 | $ 29,500 | $ 29,500 | ||||||
Repayments of Lines of Credit | 482,996 | $ 803,397 | |||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ 35,600 | $ (35,600) | |||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Fixed Interest Rate | 4.20% | ||||||||
Variable Rate Note [Member] | |||||||||
Debt Instrument, Face Amount | $ 28,000 | ||||||||
Lenders [Member] | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Percent of Eligible Accounts Receivable | 87.50% | ||||||||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85.00% | ||||||||
Percent of Net Book Value of Eligible Revenue Equipment | 100.00% | ||||||||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 40.90% | ||||||||
Line of Credit Facility, Revolver Commitment, Amount | $ 45,000 | ||||||||
Line of Credit Facility, Maximum Commitment Value | $ 10,400 | ||||||||
Percent of Appraised Fair Market Value of Eligible Real Estate | 80.00% | ||||||||
Long-term Line of Credit, Total | 10,000 | 10,000 | |||||||
Letters of Credit Outstanding, Amount | 29,500 | 29,500 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 70,500 | 70,500 | |||||||
Fixed Charge Coverage Requirement | 0 | $ 0 | |||||||
Debt, Secured with a Cross Default Feature | 6,100 | 6,100 | |||||||
Lenders [Member] | Federal Funds Rate [Member] | Base Rate Loans [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Maximum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Lenders [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 110,000 | ||||||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | 50,000 | ||||||||
Lenders [Member] | Revolving Credit Facility [Member] | LIBOR Loans [Member] | |||||||||
Long-term Line of Credit, Total | 10,000 | 10,000 | |||||||
Lenders [Member] | Letter of Credit [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 105,000 | ||||||||
Line of Credit Facility, Borrowing Capacity, Percentage of Aggregate Commitments | $ 10,000 | ||||||||
Lenders [Member] | Swing Line Sub Facility [Member] | |||||||||
Percent of Aggregate Commitments under Credit Facility | 10.00% | ||||||||
TBK Bank [Member] | Draw Note [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 40,400 | 40,400 | |||||||
Debt Instrument, Face Amount | $ 45,000 | ||||||||
Debt Instrument, Collateral Amount | $ 60,000 | ||||||||
Repayments of Lines of Credit | 31,000 | ||||||||
Long-term Debt, Total | $ 4,600 | $ 4,600 | |||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | Minimum [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 7 - Debt - Current and Lon
Note 7 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt, current | $ 7,007 | $ 7,577 |
Debt, noncurrent | 38,697 | 47,888 |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 6,214 | 5,687 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 8,748 | 10,756 |
Principal portion of operating lease obligations, secured by related revenue equipment | 16,595 | 16,989 |
Principal portion of operating lease obligations, secured by related revenue equipment | 15,774 | 21,474 |
Total debt and lease obligations | 29,816 | 30,253 |
Total debt and lease obligations | 63,219 | 80,118 |
Draw Note [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | 4,622 | 0 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 5,843 | 6,437 |
Debt, noncurrent | 3,133 | 11,358 |
Real Estate Note [Member] | ||
Debt, current | 1,164 | 1,140 |
Debt, noncurrent | 20,942 | 21,530 |
Revolving Credit Facility [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | $ 10,000 | $ 15,000 |
Note 7 - Debt - Current and L_2
Note 7 - Debt - Current and Long-term Debt (Details) (Parentheticals) | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 1.60% | 2.00% |
Real Estate Note [Member] | ||
Interest rate | 1.80% | 1.90% |
Note 8 - Lease Obligations (Det
Note 8 - Lease Obligations (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease, Right-of-Use Asset | $ 31.4 | $ 37.4 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 25.2 | $ 29.4 |
Note 8 - Lease Obligations - Le
Note 8 - Lease Obligations - Lease Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amortization of right-of-use assets | $ 915 | $ 968 | $ 1,922 | $ 2,005 |
Interest on lease liabilities | 159 | 278 | 333 | 525 |
Operating lease cost | 5,853 | 7,445 | 11,764 | 14,047 |
Variable lease cost | 28 | 156 | 91 | 314 |
Total lease cost | 6,955 | 8,847 | 14,110 | 16,891 |
Operating cash flows from finance leases | 915 | 968 | 1,922 | 205 |
Operating cash flows from operating leases | 4,757 | 7,601 | 9,532 | 14,361 |
Financing cash flows from finance leases | 159 | 275 | 333 | 525 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,305 | $ 2,176 | $ 2,530 | $ 2,637 |
Weighted-average remaining lease term—finance leases (Year) | 1 year 3 months 18 days | 1 year 3 months 18 days | ||
Weighted-average remaining lease term—operating leases (Year) | 2 years 4 months 24 days | 2 years 4 months 24 days | ||
Weighted-average discount rate—finance leases | 4.30% | 4.30% | ||
Weighted-average discount rate—operating leases | 6.00% | 6.00% |
Note 8 - Lease Obligations - Fu
Note 8 - Lease Obligations - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
2021, Operating | [1] | $ 9,274 | |
2021, Finance | [1] | 6,444 | |
2022, Operating | 15,954 | ||
2022, Finance | 7,137 | ||
2023, Operating | 7,203 | ||
2023, Finance | 1,423 | ||
2024, Operating | 411 | ||
2024, Finance | 0 | ||
2025, Operating | 382 | ||
2025, Finance | 0 | ||
Thereafter, Operating | 2,221 | ||
Thereafter, Finance | 0 | ||
Total minimum lease payments, Operating | 35,445 | ||
Total minimum lease payments, Finance | 15,004 | ||
Less: amount representing interest, Operating | (3,076) | ||
Less: amount representing interest, Finance | (42) | ||
Present value of minimum lease payments, Operating | 32,369 | ||
Present value of minimum lease payments, Finance | 14,962 | ||
Less: current portion, Operating | (16,595) | $ (16,989) | |
Less: current portion, Finance | (6,214) | (5,687) | |
Lease obligations, long-term, Operating | 15,774 | ||
Lease obligations, long-term, Finance | $ 8,748 | $ 10,756 | |
[1] | Excludes the six months ended June 30, 2021. |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | Jul. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,900,000 | ||||
Fungible Share Reserve Feature, Shares Subject for Each Share Granted (in shares) | 1 | ||||
Fungible Share Reserve Feature, Shares Subject to All Other Awards (in shares) | 1.80 | ||||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year (in shares) | 500,000 | 200,000 | 200,000 | ||
Maximum Cash Awarded to any Participant in the Incentive Plan in any Calendar Year | $ 4,000,000 | $ 2,000,000 | $ 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,054,176 | 1,054,176 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,200,000 | 4,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 0 | 0 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 887,000 | $ 9,000 | |||
Common Class A [Member] | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 42,803 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 20.56 | $ 20.56 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 900,000 | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Expense | $ 1,600,000 | 2,700,000 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Expense | 700,000 | 1,200,000 | |||
Salaries Wages And Related Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | 2,300,000 | $ 400,000 | 3,800,000 | 800,000 | |
General Supplies and Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | $ 100,000 | $ 0 | $ 100,000 | $ 0 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Letters of Credit Outstanding, Amount | $ 29.5 | $ 29.5 |
Draw Note [Member] | TBK Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 40.4 |
Note 11 - Equity Method Inves_3
Note 11 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 33,797 | $ 51,479 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 13,971 | 46,991 | |||
Reversal of Deferred Gains of Sale of Property | 53 | (2) | |||
Income (Loss) from Equity Method Investments, Total | $ 3,382 | $ 530 | $ 6,342 | (205) | |
Transport Enterprise Leasing LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||
Option to Acquire Interest in Equity Method Investment, Percentage of Ownership | 51.00% | 51.00% | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,000 | 0 | |||
Revenue from Related Parties | 400 | 4,400 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 0 | 0 | |||
Payments for Rent | 100 | 100 | |||
Deferred Gain on Sale of Property | $ 100 | 100 | 100 | 100 | |
Reversal of Deferred Gains of Sale of Property | 100 | 100 | |||
Due from Related Parties, Total | $ 700 | ||||
Income (Loss) from Equity Method Investments, Total | 6,300 | ||||
Proceeds from Equity Method Investment, Distribution | 0 | 0 | |||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||||
Deferred Gain on Sale of Property | $ 300 | $ 200 | $ 300 | $ 200 |
Note 11 - Equity Method Inves_4
Note 11 - Equity Method Investment - TEL's Summarized Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Total Assets | $ 663,739 | $ 663,739 | $ 676,716 | ||
Total Liabilities | 350,202 | 350,202 | 386,074 | ||
Other Assets [Member] | |||||
Investment in TEL | 40,654 | 40,654 | 34,365 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | |||||
Total Assets | 322,605 | 322,605 | 374,591 | ||
Total Liabilities | 248,794 | 248,794 | 318,743 | ||
Total Equity | 73,811 | 73,811 | 55,848 | ||
Revenue | 25,534 | $ 23,997 | 48,438 | $ 49,218 | |
Cost of Sales | 2,091 | 2,815 | 3,233 | 7,584 | |
Operating Expenses | 15,036 | 17,649 | 28,942 | 36,525 | |
Operating Income | 8,407 | 3,533 | 16,263 | 5,109 | |
Net Income (Loss) | 6,615 | $ 1,021 | 12,619 | $ (421) | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Transport Enterprise Leasing LLC [Member] | Driver Advances and Other Receivable [Member] | |||||
Accounts receivable from TEL | $ 682 | $ 682 | $ 661 |
Note 12 - Goodwill and Other _3
Note 12 - Goodwill and Other Assets (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 03, 2018 | |
Amortization of Intangible Assets, Total | $ 2,300 | $ 2,800 | ||
Goodwill, Ending Balance | 42,518 | $ 42,518 | ||
Landair Holdings Inc [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Landair Holdings Inc [Member] | Trade Names [Member] | ||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 500 |
Note 12 - Goodwill and Other _4
Note 12 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Gross | $ 34,000 | $ 34,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (11,785) | (9,482) |
Finite-Lived Intangible Assets, Net | 22,214 | 24,518 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | 4,400 | 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,336) | (2,206) |
Finite-Lived Intangible Assets, Net | $ 1,064 | $ 2,194 |
Finite-Lived Intangible Asset, Useful Life (Month) | 3 months | 9 months |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 2,402 | $ 2,402 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,822) | (1,204) |
Finite-Lived Intangible Assets, Net | 580 | 1,198 |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (757) | (501) |
Finite-Lived Intangible Assets, Net | 242 | 498 |
Trade Names [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (757) | (501) |
Finite-Lived Intangible Assets, Net | 242 | 498 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,400 | 1,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,400) | (1,400) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Noncompete Agreements [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | 914 | 914 |
Finite-Lived Intangible Assets, Accumulated Amortization | (914) | (914) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Noncompete Agreements [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 130 | 130 |
Finite-Lived Intangible Assets, Accumulated Amortization | (130) | (130) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Noncompete Agreements [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 356 | 356 |
Finite-Lived Intangible Assets, Accumulated Amortization | (356) | (356) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,050) | (5,876) |
Finite-Lived Intangible Assets, Net | $ 21,150 | $ 22,324 |
Finite-Lived Intangible Asset, Useful Life (Month) | 108 months | 114 months |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | $ 14,072 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,518) | (2,931) |
Finite-Lived Intangible Assets, Net | 10,554 | 11,141 |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,692 | 1,692 |
Finite-Lived Intangible Assets, Accumulated Amortization | (423) | (354) |
Finite-Lived Intangible Assets, Net | 1,269 | 1,338 |
Customer Relationships [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 12,436 | 12,436 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,109) | (2,591) |
Finite-Lived Intangible Assets, Net | $ 9,327 | $ 9,845 |
Note 13 - Equity (Details Textu
Note 13 - Equity (Details Textual) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 08, 2021 | Jan. 25, 2021 | Mar. 26, 2020 | Feb. 10, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 40,000 | $ 20,000 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 31,600 | $ 2,500 | |||||||
Treasury Stock, Shares, Acquired (in shares) | 0.5 | 1.4 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 249 | $ 8,118 | $ 17,515 | $ 8,400 | $ 17,500 |
Note 14 - Liquidity (Details Te
Note 14 - Liquidity (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Working Capital (Deficit) | $ 21.5 | $ 14.4 |
Letters of Credit Outstanding, Amount | 29.5 | 29.5 |
Lenders [Member] | ||
Long-term Line of Credit, Total | 10 | |
Letters of Credit Outstanding, Amount | 29.5 | |
Line of Credit Facility, Remaining Borrowing Capacity | 70.5 | |
Repayments of Debt and Lease Obligation | 17.4 | $ 200 |
Triumph Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 40.4 |