Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 1-35740 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 71-0556971 | ||
Entity Address, Address Line One | 3200 Industrial Park Road | ||
Entity Address, City or Town | Van Buren | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72956 | ||
City Area Code | 479 | ||
Local Phone Number | 471-2500 | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | USAK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 130,276,887 | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,895,612 | ||
Entity Registrant Name | USA TruckĀ Inc. | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Tulsa, OK | ||
Entity Central Index Key | 0000883945 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and restricted cash (restricted cash of $405 and $243, respectively) | $ 1,352 | $ 325 |
Receivables, net of allowance for doubtful accounts of $490 and $617, respectively | 100,166 | 66,857 |
Inventories | 1,387 | 975 |
Assets held for sale | 0 | 2,635 |
Prepaid expenses and other current assets | 10,103 | 8,749 |
Total current assets | 113,008 | 79,541 |
Property and equipment: | ||
Land and structures | 34,266 | 33,488 |
Revenue equipment | 316,492 | 305,509 |
Service, office and other equipment | 31,213 | 30,331 |
Property and equipment, at cost | 381,971 | 369,328 |
Accumulated depreciation and amortization | (175,024) | (150,173) |
Property and equipment, net | 206,947 | 219,155 |
Operating leases - right of use assets | 22,898 | 28,154 |
Goodwill | 5,231 | 5,231 |
Other intangibles, net | 13,815 | 15,105 |
Other assets | 2,136 | 3,046 |
Total assets | 364,035 | 350,232 |
Current liabilities: | ||
Accounts payable | 36,378 | 27,045 |
Current portion of insurance and claims accruals | 8,973 | 9,846 |
Accrued expenses | 10,006 | 10,798 |
Current finance lease obligations | 14,095 | 11,655 |
Current operating lease obligations | 6,679 | 6,838 |
Long-term debt, current maturities | 11,069 | 6,791 |
Total current liabilities | 87,200 | 72,973 |
Other long-term liabilities | 342 | 4,817 |
Long-term debt, less current maturities | 63,355 | 81,352 |
Long-term finance lease obligations | 56,274 | 54,482 |
Long-term operating lease obligations | 16,644 | 21,690 |
Deferred income taxes | 21,914 | 23,414 |
Insurance and claims accruals, less current portion | 6,881 | 6,803 |
Total liabilities | 252,610 | 265,531 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,263,030 shares, and 12,037,966 shares, respectively | 123 | 120 |
Additional paid-in capital | 63,752 | 60,692 |
Retained earnings | 103,283 | 78,515 |
Less treasury stock, at cost (3,367,418 shares, and 3,293,223 shares, respectively) | (55,733) | (54,626) |
Total stockholders' equity | 111,425 | 84,701 |
Total liabilities and stockholders' equity | $ 364,035 | $ 350,232 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Restricted cash | $ 405 | $ 243 |
Allowance for doubtful accounts | $ 490 | $ 617 |
Stockholders' equity: | ||
Preferred Stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common Stock, shares issued (in shares) | 12,263,030 | 12,037,966 |
Treasury stock, shares (in shares) | 3,367,418 | 3,293,223 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||
Operating revenue | $ 710,387 | $ 551,138 |
Operating expenses: | ||
Salaries, wages and employee benefits | 155,352 | 141,590 |
Fuel and fuel taxes | 50,244 | 38,804 |
Depreciation and amortization | 35,865 | 41,359 |
Insurance and claims | 21,704 | 19,855 |
Equipment rent | 7,891 | 7,349 |
Operations and maintenance | 33,491 | 37,234 |
Purchased transportation | 343,989 | 226,716 |
Operating taxes and licenses | 4,833 | 4,795 |
Communications and utilities | 2,984 | 3,470 |
(Gain) loss on disposal of assets, net | (811) | 427 |
Other | 17,526 | 16,681 |
Total operating expenses | 673,068 | 538,280 |
Operating income | 37,319 | 12,858 |
Other expenses: | ||
Interest expense, net | 3,929 | 5,605 |
Other, net | 334 | 298 |
Total other expenses, net | 4,263 | 5,903 |
Income before income taxes | 33,056 | 6,955 |
Income tax expense | 8,288 | 2,209 |
Consolidated net income and comprehensive income | $ 24,768 | $ 4,746 |
Net earnings per share: | ||
Average shares outstanding (basic) (in shares) | 8,815 | 8,775 |
Basic earnings per share (in dollars per share) | $ 2.81 | $ 0.54 |
Average shares outstanding (diluted) (in shares) | 8,973 | 8,874 |
Diluted earnings per share (in dollars per share) | $ 2.76 | $ 0.53 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Balance at Dec. 31, 2019 | $ 120 | $ 63,238 | $ 73,769 | $ (58,916) | $ 78,211 |
Balance (in shares) at Dec. 31, 2019 | 11,988 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of treasury stock | (4,290) | 4,290 | |||
Stock-based compensation | 1,805 | 1,805 | |||
Restricted stock award grant (in shares) | 77 | ||||
Forfeited restricted stock (in shares) | (16) | ||||
Net share settlement related to vested equity awards | (61) | (61) | |||
Net share settlement related to vested equity awards (in shares) | (11) | ||||
Net income | 4,746 | 4,746 | |||
Balance at Dec. 31, 2020 | $ 120 | 60,692 | 78,515 | (54,626) | 84,701 |
Balance (in shares) at Dec. 31, 2020 | 12,038 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation | 1,964 | 1,964 | |||
Restricted stock award grant | $ 3 | (3) | |||
Restricted stock award grant (in shares) | 239 | ||||
Forfeited restricted stock | 643 | (643) | |||
Forfeited restricted stock (in shares) | (14) | ||||
Net share settlement related to vested equity awards | 456 | (464) | (8) | ||
Net income | 24,768 | 24,768 | |||
Balance at Dec. 31, 2021 | $ 123 | $ 63,752 | $ 103,283 | $ (55,733) | $ 111,425 |
Balance (in shares) at Dec. 31, 2021 | 12,263 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net income | $ 24,768 | $ 4,746 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 35,865 | 41,359 |
Bad debt (benefit) expense | (234) | 535 |
Deferred income tax benefit, net | (1,500) | (603) |
Stock-based compensation | 1,964 | 1,805 |
(Gain) loss on disposal of assets, net | (811) | 427 |
Asset impairments | 0 | 588 |
Other | 190 | 287 |
Changes in operating assets and liabilities: | ||
Accounts and other receivables | (33,077) | (12,130) |
Inventories and prepaid expenses | (1,766) | (1,100) |
Accounts payable and accrued expenses | 6,182 | 6,605 |
Insurance and claims accruals | (465) | (4,744) |
Other long-term assets and liabilities | 121 | (219) |
Net cash provided by operating activities | 31,237 | 37,556 |
Investing activities: | ||
Capital expenditures | (8,365) | (10,716) |
Proceeds from sale of property and equipment | 7,302 | 3,182 |
Net cash used in investing activities | (1,063) | (7,534) |
Financing activities: | ||
Borrowings under long-term debt | 62,762 | 65,955 |
Payments on long-term debt | (99,307) | (65,456) |
Principal payments on financing lease obligations | (1,672) | (31,519) |
Payments on obligation under finance lease | (12,838) | (1,870) |
Net change in bank drafts payable | (2,582) | 3,157 |
Proceeds from capital sale leaseback | 24,498 | 0 |
Net payments for tax withholdings for vested stock-based awards | (8) | (61) |
Net cash used in financing activities | (29,147) | (29,794) |
Increase in cash and restricted cash | 1,027 | 228 |
Cash and restricted cash: | ||
Beginning of period | 325 | 97 |
End of period | 1,352 | 325 |
Supplemental disclosure of cash flow information: | ||
Interest | 3,940 | 5,477 |
Income taxes, net of refunds | 14,719 | 315 |
Supplemental disclosure of non-cash investing: | ||
Purchase of revenue equipment included in accounts payable | $ 102 | $ 0 |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 . Description of business USA Truck Inc., a Delaware corporation and subsidiaries (together, the āCompanyā), is headquartered in Van Buren, Arkansas. The Company transports freight throughout the contiguous United States, into and out of portions of Canada, and into and out of Mexico by offering through-trailer service from our terminal in Laredo, Texas. The Company has two reportable segments: (i) Trucking, consisting of the Companyās truckload and dedicated freight service offerings, and (ii) USAT Logistics, consisting of the Companyās freight brokerage, logistics, and rail intermodal service offerings. Basis of presentation The accompanying consolidated financial statements include the accounts and operations of USA Truck Inc., and present our financial position as of December 31, 2021 and 2020 and the results of our operations, comprehensive income and cash flows for the years ended December 31, 2021 and 2020. The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (āGAAPā), and include all adjustments necessary for the fair presentation of the periods presented. The accompanying consolidated financial statements include USA Truck Inc., and its wholly owned subsidiaries: International Freight Services, Inc. (āIFSā), a Delaware corporation; USA Truck, LLC, a Delaware limited liability company; USA Truck Fleetco, LLC, a Delaware limited liability company; USA Truck Logistics, LLC, a Delaware limited liability company; Skyraider Risk Retention Group Inc. (āSRRGā), a South Carolina corporation; Davis Transfer Company Inc. (āDTCā), a Georgia corporation; Davis Transfer Logistics Inc. (āDTLā), a Georgia corporation; and B & G Leasing, L.L.C. (āB & Gā), a Georgia limited liability company. References in this report to āit,ā āwe,ā āus,ā āour,ā or the āCompany,ā and similar expressions refer to USA Truck Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. Risks and uncertainties In 2020, the rapid spread of the COVID-19 pandemic and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. We continue to monitor the progression of the pandemic, including the outbreak of new strains of the virus, further government responses, including vaccine, testing, and mask mandates, and development of treatments and vaccines and the resulting potential effect on our financial position, results of operations, cash flows and liquidity. Should the efforts to recover from the pandemic deteriorate or stall, the impact on our operations could have a material adverse effect on our financial condition, results of operations, cash flows and liquidity. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. ā Change in estimate The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the first quarter of 2020, the Company lowered the salvage value of its tractor fleet from 30% to 25% to better reflect then-current estimates of the value of such equipment upon its retirement. This change was accounted for as a change in estimate, and resulted in an increase in depreciation and amortization expense of approximately $2.7 million for the year ended December 31, 2020. No changes were made to the estimated lives or salvage values of our fixed assets during 2021. Cash, cash equivalents and restricted cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. We had restricted cash of $0.4 million and $0.2 million at December 31, 2021 and 2020, respectively. This cash is restricted by insurance regulation for the purpose of funding potential insurance claim losses to be paid by our wholly owned captive insurance company and is included in the āCash and restricted cashā line item in our consolidated balance sheet. Bank overdrafts The Company classifies bank overdrafts in current liabilities as accounts payable and does not offset other positive bank account balances located at the same or other financial institutions. Bank overdrafts generally represent checks written that have not yet cleared the Companyās bank accounts. The majority of the Companyās bank accounts are zero balance accounts that are funded at the time items clear against the account by drawings against a line of credit; therefore, the outstanding checks represent bank overdrafts. Bank overdrafts as of December 31, 2021 and 2020 were approximately $2.6 million and $5.2 million, respectively. Allowance for doubtful accounts The allowance for doubtful accounts is managementās estimate of the amount of probable credit losses in the Companyās existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customersā financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. The Company does not have any off-balance sheet credit exposure related to its customers. Assets held for sale When we plan to dispose of property by sale, the asset is carried in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to Assets held for sale. Additionally, after such reclassification, there is no further depreciation taken on the asset. In order for an asset to be classified as held for sale, management must approve and commit to a formal plan of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, available for immediate sale, and meet certain other specified criteria. Goodwill Goodwill represents the excess of cost over the fair value of net assets of acquired businesses. Goodwill is not amortized, but instead is evaluated for impairment periodically. We evaluate goodwill for impairment annually during the fourth quarter, or more often if events or circumstances indicate that goodwill might be impaired. The reporting unit or units used to evaluate and measure goodwill for impairment are determined primarily from the manner in which the business is managed or operated. A reporting unit is an operating segment or a component that is one level below an operating segment. There were no impairments of goodwill during 2021 or 2020. ā Intangibles Intangibles include a trade name, customer relationships and indefinite lived intangible assets. The customer relationships are subject to amortization and are amortized on a straight-line basis over their useful lives. We periodically evaluate our intangible assets for impairment upon occurrence of events or changes in circumstances that indicate the carrying amount of intangible assets may not be recoverable (see Note 4 ā Intangible Assets). Treasury stock The Company uses the cost method to record treasury stock purchases whereby the entire cost of the acquired shares of our common stock is recorded as treasury stock (at cost). When the Company subsequently reissues these shares, proceeds in excess of cost upon the issuance of treasury shares are credited to additional paid in capital, while any deficiency is charged to additional paid in capital. For the year ended December 31, 2021, the Company recorded credits to additional paid in capital of $1.1 million for the return of treasury stock. For the year ended December 31, 2020, the Company recorded charges to additional paid in capital of $4.3 million for the issuance of shares awarded as equity grants. Earnings per share data The Company calculates basic earnings per share based on the weighted average number of its common shares outstanding for the applicable period. The Company calculates diluted earnings per share based on the weighted average number of its common shares outstanding for the period plus all potentially dilutive securities using the treasury stock method, whereby the Company assumes that all such shares are converted into common shares at the beginning of the period, if deemed to be dilutive. If the Company incurs a loss from continuing operations, the effect of potentially dilutive common stock equivalents are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Performance shares are excluded from contingent shares for purposes of calculating diluted weighted average shares until the performance measure criteria is probable and shares are likely to be issued. Inventories Inventories consist of tires and parts, and are stated at the lower of cost or net realizable value on a first-in first-out basis. Property and equipment Property and equipment is capitalized in accordance with the Companyās asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures ā 15 years to 40 years; revenue equipment ā 5 to 14 years; and service, office and other equipment ā 3 to 10 years. Leases The Company leases property and equipment under finance and operating leases. The Company has operating and finance leases for revenue equipment, real estate, information technology equipment (primarily servers and copiers), and various other equipment used in operating our business. Certain leases for revenue equipment and information technology include options to purchase or extend, guarantee residual values, or early termination rights. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use (āROUā) asset and lease liability for leases containing options requires the use of judgment to determine whether the exercise of an option or feature is reasonably certain, and if the optional period and payments should be included in the calculation of the associated ROU asset and liability. In making this determination, we consider all relevant economic factors that would compel us to exercise or not exercise an option or feature. We recognize a ROU asset and lease liability for operating leases that meet the criteria of Accounting Standards Codification 842. Some of our leases contain both lease and non-lease components, which we have elected to treat as a single lease component. We have also elected not to recognize in our consolidated balance sheets leases that have an original lease term, including reasonably certain renewal or purchase options, of twelve months or less for all classes of underlying assets. Lease costs for short-term leases are recognized on a straight-line basis over the lease term. When available, we use the rate implicit in the lease to discount lease payments; however, the rate implicit in the lease is not readily determinable for all of our leases. In such cases, we use an estimate of our incremental borrowing rate to discount lease payments based on information available at lease commencement. Depreciable lives and salvage value of assets; valuation of long-lived assets We review the appropriateness of depreciable lives and salvage values for each category of property and equipment on an annual basis, or when market factors dictate. These studies utilize models, which take into account actual usage, physical wear and tear, and replacement history to calculate remaining life of our asset base. We also make assumptions regarding future conditions in determining potential salvage values. These assumptions impact the amount of depreciation expense recognized in the period and any gain or loss once the asset is disposed. Actual disposition values may be greater or less than expected due to the length of time before disposition. We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of assets to be held and used by comparing the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less cost to sell. The Company performed the impairment analysis of the carrying value of its fleet, which is the lowest level of identifiable cash flows. Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Companyās policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. Claims accruals The primary claims arising against the Company consist of cargo loss and damage, liability, personal injury, property damage, workersā compensation, and employee medical expenses. The Companyās self-insurance retention levels are $0.05 million for cargo loss and damage claims per occurrence, $2.0 million for bodily injury and property damage claims per occurrence, and $0.5 million for workersā compensation claims per occurrence. The Company utilizes an actuarial specialist to provide an independent assessment of internally developed accident and workersā compensation accruals twice a year. If adjustments to previously established accruals are required, such amounts are included in operating expenses in the current period. The legal expense incurred for individual claims is reserved and paid as part of the total claim expense. For medical benefits, the Company self-insures up to $0.25 million per plan participant per year with an aggregate claim exposure limit determined by the Companyās year-to-date claims experience and its number of covered team members. The Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Companyās self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from managementās initial assessment due to uncertainties and fact development. In 2020, the Company formed a captive insurance company, SRRG, to mitigate a portion of our insurance costs. Restricted stock Restricted stock cannot be sold by the recipient until its restrictions have lapsed. The Company recognizes compensation expense related to these awards over the vesting periods based on the closing price of the Companyās common stock on the grant dates. If these awards contain performance criteria, the grant date fair value is set assuming performance at target, which is the expected level of achievement, and management periodically reviews actual performance against the criteria and adjusts compensation expense accordingly. These shares are considered issued and outstanding under the terms of the respective restricted stock agreements. Revenue recognition Revenue is measured based upon consideration specified in a contract with a customer. The Company recognizes revenue when its contractual performance obligations are completed, and the benefit of our services has been transferred to the customer. Typically, the Companyās contractual performance obligations are fulfilled over a short period of time, and a portion of the total revenue that will be billed to the customer is recognized in a reporting period based upon the percentage of the contractual performance obligation that has been completed at the end of the reporting period. The contract asset, or the amount of remaining performance obligation relating to loads in process at the end of each reporting period, was $1.6 million and $1.1 million for the years ended December 31, 2021 and 2020, respectively, and was recorded in the āAccounts receivableā line item. Disaggregation of revenue The Companyās revenue types are freight revenue, fuel surcharge and accessorial. Freight revenue represents the majority of our revenue and consists of fees earned for freight transportation, excluding fuel surcharge. Fuel surcharge revenue consists of additional fees earned by the Company in connection with the performance of freight transportation services to partially or completely offset the cost of fuel. Accessorial revenue consists of ancillary services provided by the Company, including but not limited to, stop-off charges, loading and unloading charges, tractor or trailer detention charges, expedited charges and repositioning charges. These accessorial charges are recognized as revenue throughout the service provided. The following table set forth revenue disaggregated by revenue type: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ā (in thousands) Freight ā $ 383,331 ā $ 296,374 ā $ (52,658) ā $ 627,047 ā $ 341,522 ā $ 176,439 ā $ (24,072) ā $ 493,889 Fuel surcharge ā 48,038 ā 22,572 ā (1,427) ā 69,183 ā 35,049 ā 11,366 ā (997) ā 45,418 Accessorial ā 9,747 ā 4,410 ā ā ā 14,157 ā 7,685 ā 4,146 ā ā ā 11,831 Total ā $ 441,116 ā $ 323,356 ā $ (54,085) ā $ 710,387 ā $ 384,256 ā $ 191,951 ā $ (25,069) ā $ 551,138 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Accounting standards issued but not yet adopted In |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | NOTE 2. SEGMENT REPORTING The Companyās two reportable segments are Trucking and USAT Logistics. In determining its reportable segments, the Companyās chief operating decision maker focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Trucking USAT Logistics. Revenue equipment assets are not allocated to USAT Logistics, as freight services for customers are brokered through arrangements with third party motor carriers who utilize their own equipment. To the extent rail intermodal or other USAT Logistics operations require the use of Company-owned assets, they are obtained from the Companyās Trucking segment. Depreciation and amortization expense is allocated to USAT Logistics based on the Company-owned assets specifically utilized to generate USAT Logistics revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for USAT Logistics are specifically identifiable direct costs or are allocated to USAT Logistics based on relevant cost drivers, as determined by management. A summary of operating revenue by segment is as follows: ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā ā ā ā ā ā 2021 2020 Operating revenue ā (in thousands) Trucking revenue (1) ā $ 441,116 ā $ 384,256 Trucking intersegment eliminations ā (770) ā (2,667) Trucking operating revenue ā 440,346 ā 381,589 USAT Logistics revenue ā 323,356 ā 191,951 USAT Logistics intersegment eliminations ā (53,315) ā (22,402) USAT Logistics operating revenue ā 270,041 ā 169,549 Total operating revenue ā $ 710,387 ā $ 551,138 ā ā ā ā ā ā ā 1) Includes foreign revenue of $37.9 million and $33.6 million for the years ended December 31, 2021 and 2020, respectively. A summary of operating income by segment is as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Operating income ā (in thousands) Trucking ā $ 22,609 ā $ 9,297 USAT Logistics ā 14,710 ā 3,561 Total operating income ā $ 37,319 ā $ 12,858 ā ā ā ā ā ā ā ā A summary of depreciation and amortization by segment is as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Depreciation and amortization ā (in thousands) Trucking ā $ 34,777 ā $ 40,203 USAT Logistics ā 1,088 ā 1,156 Total depreciation and amortization ā $ 35,865 ā $ 41,359 ā ā ā ā ā ā ā ā Customer Concentration Services provided to the Companyās largest customer generated approximately 11% of consolidated operating revenue for each of the years ended December 31, 2021 and 2020, and operating revenue generated by this customer is reported in both the Trucking and USAT Logistics operating segments. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Prepaid licenses, permits and tolls ā $ 1,676 ā $ 1,677 Prepaid insurance ā 5,476 ā 5,374 Other ā 2,951 ā 1,698 Total prepaid expenses and other current assets ā $ 10,103 ā $ 8,749 ā ā ā ā ā ā ā ā |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | ā ā NOTE 4. INTANGIBLE ASSETS The following tables summarize intangible assets and customer relationships for the years ended December 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā ā Amortization ā ā ā ā ā ā ā ā period ā Gross ā Accumulated ā Net intangible ā (years) ā Amount ā Amortization ā assets ā ā (dollars in thousands) Trade name ā indefinite ā $ 5,000 ā $ ā ā $ 5,000 Customer relationships ā 10 ā 12,900 ā 4,085 ā 8,815 Total intangible assets ā ā $ 17,900 ā $ 4,085 ā $ 13,815 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā Amortization ā ā ā ā ā ā ā ā period ā Gross ā Accumulated ā Net intangible ā (years) ā Amount ā Amortization ā assets ā ā (dollars in thousands) Trade name ā indefinite ā $ 5,000 ā $ ā ā $ 5,000 Customer relationships ā 10 ā 12,900 ā 2,795 ā 10,105 Total intangible assets ā ā $ 17,900 ā $ 2,795 ā $ 15,105 ā ā ā ā ā ā ā ā ā ā ā ā ā Amortization expense was $1.3 million for each of the years ended December 31, 2021 and 2020. The above customer relationships and intangible assets have a remaining life of 82 months. The expected amortization of these assets for the next five successive years and thereafter is as follows: ā ā ā ā ā ā ā (in thousands) 2022 $ 1,290 2023 ā ā 1,290 2024 ā 1,290 2025 ā 1,290 2026 ā 1,290 Thereafter ā 2,365 Total ā $ 8,815 ā ā ā ā ā Goodwill was $5.2 million as of December 31, 2021 and 2020, and has been allocated to the Trucking segment. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
ACCRUED EXPENSES | |
ACCRUED EXPENSES | NOTE 5. ACCRUED EXPENSES Accrued expenses consist of the following: ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 ā ā (in thousands) Salaries, wages and employee benefits ā $ 7,318 ā $ 6,142 Federal and state tax accruals ā 685 ā 2,649 Other ā 2,003 ā 2,007 Total accrued expenses ā $ 10,006 ā $ 10,798 ā ā ā ā ā ā ā ā |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | ā NOTE 6. LONG-TERM DEBT Long-term debt consisted of the following: ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 ā ā (in thousands) Revolving credit agreement ā $ 38,000 ā $ 73,025 Sale-leaseback finance obligations ā ā 32,739 ā ā 9,913 Insurance premium financing ā ā 3,601 ā ā 5,064 Other ā ā 84 ā ā 141 ā ā ā 74,424 ā ā 88,143 Less current maturities ā ā (11,069) ā ā (6,791) Total long-term debt ā $ 63,355 ā $ 81,352 ā ā ā ā ā ā ā ā New credit facility On January 31, 2022, the Company entered into a new senior secured revolving credit facility (the āCredit Facilityā) with a group of lenders and BMO Harris Bank, N.A., as agent (āAgentā). Contemporaneously with the funding of the Credit Facility, the Company paid off the obligations under its prior credit facility and terminated such facility. The Credit Facility is structured as a $130.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $60 million, exercisable in increments of $20 million. The Credit Facility is a five-year facility scheduled to terminate on January 31, 2027. Borrowings under the Credit Facility are classified as either secured overnight financing rate (āSOFRā) loans or āBase Rate Loansā. SOFR Loans accrue interest at SOFR plus an applicable margin that is set at 1.25% through March 31, 2022 and adjusted quarterly thereafter between 1.25% and 1.75% based on the Companyās consolidated fixed charge coverage ratio. Base Rate Loans accrue interest at a base rate equal to the Agentās prime rate plus an applicable margin that is set at 0.25% through March 31, 2022 and adjusted quarterly thereafter between 0.25% and 0.75% based on the Companyās consolidated fixed charge coverage ratio. The Credit Facility includes, within its $130.0 million revolving credit facility, a letter of credit sub-facility in an aggregate amount of $15.0 million and a swing line sub-facility in an aggregate amount of $25.0 million. An unused line fee of 0.25% is applied to the average daily amount by which the lendersā aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The Credit Facility is secured by a pledge of certain of the Companyās assets, with the notable exclusions of any real estate or revenue equipment financed outside the Credit Facility. Borrowings under the Credit Facility are subject to a borrowing base limited to (A) the sum of (i) 85.0% of eligible accounts receivable, plus plus plus 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 be accelerated, and the lendersā commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions, affiliate transactions, and other indebtedness. ā Previous credit facility The previous credit facility was a $170.0 million revolving credit facility, with a $75.0 million accordion feature exercisable in increments of at least $20.0 million. The previous credit facility was a five year facility scheduled to terminate on January 31, 2024. Borrowings under the previous credit facility were classified as either ābase rate loansā or āLIBOR loansā, and included a letter of credit sub-facility in aggregate of $15.0 million and a swingline sub-facility (the āSwinglineā) in aggregate of $25.0 million. An unused line fee of 0.25% was applied to the average daily amount by which the lendersā aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the previous credit facility. The previous credit facility was secured by a pledge of substantially all of the Companyās assets, except for any real estate or revenue equipment financed outside the previous credit facility. The previous credit facility contained a single financial covenant that was triggered in the event excess availability fell below 10.0% of the lendersā total commitments, and certain restrictions regarding the Companyās ability to pay dividends, make certain investments, prepay certain indebtedness, execute share repurchase programs and enter into certain acquisitions and hedging arrangements were triggered in the event excess availability fell below 20.0% of the lendersā total commitments. At December 31, 2021, the Company had approximately $2.0 million in overnight borrowings under the Swingline. The average interest rate for all borrowings made under the previous credit facility as of December 31, 2021 was 1.47%. As of December 31, 2021, the Company had $7.9 million in letters of credit outstanding and had $124.1 million available to borrow under the previous credit facility taking into account borrowing base availability. Sale-leaseback transaction In December 2021, the Company entered into a sale-leaseback transaction whereby it sold trailers for approximately $24.5 million and concurrently entered into a finance lease agreement for the sold trailers with a 48 month term. Under the lease agreement, the Company will make monthly payments of approximately $0.5 million, and at the end of the lease, has the option to purchase the trailers for nominal consideration. This transaction does not qualify for sale-leaseback accounting due to the bargain purchase option and is therefore treated as a financing obligation. Insurance premium financing In October 2021, the Company entered into a short-term agreement to finance approximately $5.5 million with a third-party financing company for a portion of the Companyās annual insurance premiums. In October 2020, the Company entered into a short-term agreement to finance approximately $5.1 million with a third-party financing company for a portion of the Companyās annual insurance premiums. This note was paid in full during the third quarter of 2021. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
LEASES | ā ā NOTE 7. LEASES The components of lease expense for the year ended December 31, 2021 are as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Operating lease costs ā $ 8,753 ā $ 8,069 Finance lease costs: ā ā ā ā ā ā Amortization of assets ā 15,448 ā 20,555 Interest on lease liabilities ā 2,584 ā 3,264 Total finance lease costs ā 18,032 ā 23,819 Variable and short-term lease costs ā 2,508 ā 2,066 Total lease costs ā $ 29,293 ā $ 33,954 ā ā ā ā ā ā ā ā Supplemental information and balance sheet location related to leases is as follows: ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 Operating leases: ā (dollars in thousands) Operating leases - right-of-use assets ā $ 22,898 $ 28,154 ā ā ā ā ā ā ā ā ā Current operating lease obligations ā 6,679 ā 6,838 Long-term operating lease obligations ā 16,644 ā 21,690 Total operating lease liabilities ā $ 23,323 ā $ 28,528 ā ā ā ā ā ā ā ā ā Finance leases: ā ā ā ā ā ā ā Property and equipment, at cost ā 137,736 ā 86,281 Accumulated amortization ā (47,699) ā (22,991) Property and equipment, net ā $ 90,037 ā $ 63,290 ā ā ā ā ā ā ā ā ā Current finance lease obligations ā 14,095 ā 11,655 Long-term finance lease obligations ā 56,274 ā 54,482 ā ā $ 70,369 ā $ 66,137 ā ā ā ā ā ā ā ā ā Weighted average remaining lease term: ā (in months) ā (in months) Operating leases ā 50 ā 60 Finance leases ā 35 ā 43 ā ā ā ā ā ā ā ā ā Weighted average discount rate: ā ā ā ā ā ā ā ā Operating leases ā 4.53 % ā 4.59 % Finance leases ā 3.69 % ā 3.73 % ā ā ā ā ā ā ā ā ā ā ā Supplemental cash flow information related to leases is as follows: ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 Cash paid for amounts included in measurement of liabilities: ā (in thousands) Operating cash flows from operating leases ā $ 190 ā $ 287 Operating cash flows from finance leases ā ā 2,584 ā ā 3,264 Financing cash flows from finance leases ā ā 1,672 ā ā 31,519 ā ā ā ā ā ā ā ROU assets obtained in exchange for lease liabilities: ā ā ā ā ā ā Operating leases ā $ 1,355 ā $ 23,074 Finance leases ā ā 17,070 ā ā 8,481 ā ā ā ā ā ā ā ā Maturities of lease liabilities as of the year ended December 31, 2021 are as follows: ā ā ā ā ā ā ā ā ā ā Finance Leases ā Operating Leases ā ā (in thousands) 2022 ā $ 16,435 ā $ 6,840 2023 ā ā 26,765 ā ā 6,327 2024 ā ā 18,078 ā ā 6,012 2025 ā ā 14,348 ā ā 5,086 2026 ā ā 86 ā ā 762 Thereafter ā ā ā ā ā 503 Total lease payments ā ā 75,712 ā ā 25,530 Less: Imputed interest ā ā (5,343) ā ā (2,207) Total lease obligations ā ā 70,369 ā ā 23,323 Less: Current obligations ā ā (14,095) ā ā (6,679) Long-term lease obligations ā $ 56,274 ā $ 16,644 ā ā ā ā ā ā ā ā Other commitments As of December 31, 2021, the Company had $62.4 million in purchase commitments for the acquisition of revenue equipment, of which approximately $10.2 million is cancellable until the end of first quarter 2022. It is anticipated that these purchase commitments will be funded first through cash provided by operations and proceeds from the sale of used revenue equipment and secondarily from borrowings under the Companyās Credit Facility. |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
FEDERAL AND STATE INCOME TAXES | |
FEDERAL AND STATE INCOME TAXES | NOTE 8. FEDERAL AND STATE INCOME TAXES Our income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect managementās best estimate of current and future taxes to be paid. We are subject to income taxes in the United States and numerous state jurisdictions. Significant judgments and estimates are required in the determination of the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. ā Significant components of the Companyās deferred tax assets and liabilities are as follows: ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Deferred tax assets: ā (in thousands) Operating lease liabilities ā $ 5,861 ā $ 7,170 Accrued expenses not deductible until paid ā ā 5,479 ā ā 6,105 Finance lease obligations ā ā 1,214 ā ā 794 Goodwill and intangible assets ā 1,093 ā 1,264 Equity incentive compensation ā 280 ā 204 Revenue recognition ā 245 ā 238 Net operating loss carry forwards ā 164 ā 298 Allowance for doubtful accounts ā 228 ā 225 Other ā ā ā 5 Total deferred tax assets ā $ 14,564 ā $ 16,303 ā ā ā ā ā ā ā Deferred tax liabilitie ā ā Tax over book depreciation ā $ (28,577) ā $ (30,315) Operating leases - right of use assets ā ā (5,755) ā ā (7,075) Prepaid expenses deductible when paid ā (2,146) ā (2,327) Other ā ā ā ā ā ā Total deferred tax liabilities ā (36,478) ā (39,717) Net deferred tax liabilities ā $ (21,914) ā $ (23,414) ā ā ā ā ā ā ā ā The Company has certain state net operating loss carryovers of approximately $0.2 million that expire in varying years through 2040. The Company expects to fully utilize its tax attributes in future years before they expire. The Company is subject to taxation in the U.S., including various U.S. states. As of December 31, 2021, tax years for 2018, 2019, and 2020 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2021, the Company is no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2018. Significant components of the provision (benefit) for income taxes are as follows: ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Current: ā (in thousands) Federal ā $ 8,251 ā $ 2,410 State ā 1,537 ā 211 Total current ā 9,788 ā 2,621 Deferred: ā ā Federal ā (1,626) ā (765) State ā 126 ā 353 Total deferred ā (1,500) ā (412) Total income tax expense ā $ 8,288 ā $ 2,209 ā ā ā ā ā ā ā ā ā A reconciliation between the effective income tax rate and the statutory federal income tax rate of 21% is as follows: ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 2020 ā ā (dollars in thousands) Income tax expense at statutory federal rate ā $ 6,942 ā $ 1,461 ā Federal income tax effects of: ā ā ā ā ā State income tax benefit ā (323) ā (44) ā Per diem and other nondeductible meals and entertainment ā 1 ā 378 ā Taxes related to prior years ā ā (22) ā ā 346 ā Non-deductible compensation ā ā 135 ā ā 219 ā Loss carryback rate benefit ā ā ā ā ā (628) ā Other ā (108) ā (87) ā Federal income tax expense ā 6,625 ā 1,645 ā State income tax expense ā 1,663 ā 564 ā Total income tax expense ā $ 8,288 ā $ 2,209 ā ā ā ā ā ā ā ā ā Effective tax rate ā 25.1 % 31.8 % ā ā ā ā ā ā ā ā ā The effective rates for 2021 and 2020 varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses including a per diem pay structure for our drivers. During 2021, the Company benefited from the Consolidated Appropriations Act, 2021 that increased the deduction for the cost of food or beverage provided by a restaurant to be 100% deductible in 2021 and 2022. The IRS issued further guidance that confirmed such benefit applies to the meal portion of 2021 and 2022 per diem rates or allowances, which allowed the Company to fully deduct its per diem pay in 2021. Historically, due to the partially nondeductible effect of per diem pay, the Companyās tax rate would change based on fluctuations in earnings and in the number of drivers who elect to receive this pay structure. Generally, as pretax income or loss increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pretax income or loss, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate can be significant. We did not experience such an impact from per diem in 2021, and do not expect to experience such an impact in 2022, given the full deductibility allowance mentioned above. Additionally, during 2021 the Companyās tax rate was affected by vesting of equity-based compensation at a higher stock price than the price at which it was granted, which resulted in a decrease to tax expense; however, this was more than offset by non-deductible officer compensation, resulting in an increase to tax expense and impacting the effective tax rate. |
EQUITY COMPENSATION AND EMPLOYE
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | |
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | ā ā NOTE 9. EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the āIncentive Planā) in May 2014. The Incentive Plan replaced the 2004 Equity Incentive Plan and provided for the granting of up to 500,000 shares of common stock through equity-based awards to directors, officers and other key employees and consultants. The First Amendment to the Incentive Plan was adopted in May 2017, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. The Second Amendment to the Incentive Plan was adopted in May 2019, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. As of December 31, 2021, 351,032 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards. The components of compensation expense recognized, net of forfeiture recoveries, related to equity-based compensation is reflected in the table below for the years indicated: ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Stock options ā $ 232 ā $ 268 Restricted stock awards ā 1,732 ā 1,537 Equity compensation expense ā $ 1,964 ā $ 1,805 ā ā ā ā ā ā ā ā Compensation expense related to all equity-based compensation awards granted under the Incentive Plan is included in salaries, wages and employee benefits in the accompanying consolidated statements of income and comprehensive income. Stock options Stock options are the contingent right of award holders to purchase shares of the Companyās common stock at a stated price for a specified time period. The exercise price of each option award equals the fair value of the Companyās common stock on the date of grant. Currently, the vesting period of option awards is 4 years. Awards are exercisable over a ten-year term, and are forfeited within 30 days after termination for reasons other than death, disability or retirement. The Company did not grant incentive stock options during 2021 or 2020. The following table summarizes the stock option activity under the Incentive Plan for the year ended December 31, 2021: ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted- Weighted- Aggregate ā ā ā ā Average ā Average ā Intrinsic ā ā ā ā Exercise ā Remaining ā Value (in ā ā Number of ā Price Per ā Contractual ā thousands) ā ā Shares ā Share ā Life (in years) ā (1) Options outstanding at December 31, 2020 109,733 ā $ 17.71 ā ā $ ā Granted ā ā ā ā ā ā Exercised (547) ā 17.75 ā ā 2 Cancelled/forfeited (5,176) ā 17.28 ā ā ā Expired (5,175) ā 17.28 ā ā ā Outstanding at December 31, 2021 98,835 ā $ 17.75 7.16 ā $ 211 Exercisable at December 31, 2021 49,140 ā $ 17.75 7.16 ā $ 105 ā ā ā ā ā ā ā ā ā ā ā 1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Companyās common stock, as determined by the closing price on December 31, 2021 was $19.88 . As of December 31, 2021 approximately $0.3 million of unrecognized compensation cost related to nonvested stock options is expected to be recognized over a weighted-average period of 1.2 years. Restricted stock awards Restricted stock awards are shares of the Companyās common stock that are granted subject to defined restrictions. The fair value of restricted stock awards is based upon the closing price of the Companyās common stock on the date of grant. The vesting period of restricted stock awards is ratably over a determined number of years, and differs by either time-based or performance-based vesting metrics. Time-based restricted stock awards typically vest over a one Information related to the restricted stock awarded for the years ended December 31, 2021 and 2020 is as follows: ā ā ā ā ā ā ā ā Number of Weighted-Average Grant ā ā Shares ā Date Fair Value (1) Nonvested shares ā December 31, 2019 389,242 ā $ 16.94 Granted 323,915 ā 3.93 Forfeited (107,968) ā 11.86 Vested (128,106) ā 13.60 Nonvested shares ā December 31, 2020 477,083 ā $ 10.16 Granted 239,252 ā 15.28 Forfeited (58,841) ā 17.13 Vested (104,190) ā 12.02 Nonvested shares ā December 31, 2021 553,304 ā $ 11.28 ā ā ā ā ā ā 1) The shares were generally valued at the closing price of the Companyās common stock on the date(s) specified by the award agreements. The fair value of stock options and restricted stock that vested during the year is as follows for the periods indicated: ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Stock options ā $ 252 ā $ 354 Restricted stock ā ā 1,584 ā ā 696 ā ā ā ā ā ā ā ā As of December 31, 2021, approximately $3.7 million of unrecognized compensation cost related to unvested restricted stock awards is expected to be recognized over a weighted-average period of 2.4 years. Employee benefit plans The Company sponsors the USA Truck Inc. Employeesā Investment Plan, a tax deferred savings plan under section 401(k) of the Internal Revenue Code that covers substantially all team members. Employees can contribute up to any percentage of their compensation, subject to statutory limits, with the Company matching 50% of the first 4% of compensation contributed by each employee. Employeesā rights to employer contributions vest after two years from their date of employment. The Companyās matching contributions to the plan were approximately $0.7 million for each of the years ended December 31, 2021 and 2020. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | ā ā NOTE 10. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Numerator: ā (in thousands, except per share amounts) Net income ā $ 24,768 ā $ 4,746 Denominator: ā ā Denominator for basic earnings per share ā weighted average shares ā 8,815 ā 8,775 Effect of dilutive securities: ā ā Employee restricted stock and incentive stock options ā 158 ā 99 Denominator for diluted earnings per share ā adjusted weighted average shares and assumed conversion ā 8,973 ā 8,874 Basic earnings per share ā $ 2.81 ā $ 0.54 Diluted earnings per share ā $ 2.76 ā $ 0.53 Weighted average anti-dilutive employee restricted stock and incentive stock options ā 106 ā 313 ā ā ā ā ā ā ā ā |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2021 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | NOTE 11. LEGAL PROCEEDINGS The Company is party to routine litigation incidental to its business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. The Company maintains insurance to cover liabilities in excess of certain self-insured retention levels. Though management believes these claims to be immaterial to the Companyās long-term financial position, adverse results of one or more of these claims could have a material adverse effect on the Companyās financial position, results of operations or cash flows in any given reporting period. |
NEW ACCOUNTING PRONOUNCEMENTS (
NEW ACCOUNTING PRONOUNCEMENTS (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
NEW ACCOUNTING PRONOUNCEMENTS | |
Description of business | Description of business USA Truck Inc., a Delaware corporation and subsidiaries (together, the āCompanyā), is headquartered in Van Buren, Arkansas. The Company transports freight throughout the contiguous United States, into and out of portions of Canada, and into and out of Mexico by offering through-trailer service from our terminal in Laredo, Texas. The Company has two reportable segments: (i) Trucking, consisting of the Companyās truckload and dedicated freight service offerings, and (ii) USAT Logistics, consisting of the Companyās freight brokerage, logistics, and rail intermodal service offerings. |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements include the accounts and operations of USA Truck Inc., and present our financial position as of December 31, 2021 and 2020 and the results of our operations, comprehensive income and cash flows for the years ended December 31, 2021 and 2020. The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (āGAAPā), and include all adjustments necessary for the fair presentation of the periods presented. The accompanying consolidated financial statements include USA Truck Inc., and its wholly owned subsidiaries: International Freight Services, Inc. (āIFSā), a Delaware corporation; USA Truck, LLC, a Delaware limited liability company; USA Truck Fleetco, LLC, a Delaware limited liability company; USA Truck Logistics, LLC, a Delaware limited liability company; Skyraider Risk Retention Group Inc. (āSRRGā), a South Carolina corporation; Davis Transfer Company Inc. (āDTCā), a Georgia corporation; Davis Transfer Logistics Inc. (āDTLā), a Georgia corporation; and B & G Leasing, L.L.C. (āB & Gā), a Georgia limited liability company. References in this report to āit,ā āwe,ā āus,ā āour,ā or the āCompany,ā and similar expressions refer to USA Truck Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. |
Risks and uncertainties | Risks and uncertainties In 2020, the rapid spread of the COVID-19 pandemic and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. We continue to monitor the progression of the pandemic, including the outbreak of new strains of the virus, further government responses, including vaccine, testing, and mask mandates, and development of treatments and vaccines and the resulting potential effect on our financial position, results of operations, cash flows and liquidity. Should the efforts to recover from the pandemic deteriorate or stall, the impact on our operations could have a material adverse effect on our financial condition, results of operations, cash flows and liquidity. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
Change in estimate | ā Change in estimate The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the first quarter of 2020, the Company lowered the salvage value of its tractor fleet from 30% to 25% to better reflect then-current estimates of the value of such equipment upon its retirement. This change was accounted for as a change in estimate, and resulted in an increase in depreciation and amortization expense of approximately $2.7 million for the year ended December 31, 2020. No changes were made to the estimated lives or salvage values of our fixed assets during 2021. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. We had restricted cash of $0.4 million and $0.2 million at December 31, 2021 and 2020, respectively. This cash is restricted by insurance regulation for the purpose of funding potential insurance claim losses to be paid by our wholly owned captive insurance company and is included in the āCash and restricted cashā line item in our consolidated balance sheet. |
Bank overdrafts | Bank overdrafts The Company classifies bank overdrafts in current liabilities as accounts payable and does not offset other positive bank account balances located at the same or other financial institutions. Bank overdrafts generally represent checks written that have not yet cleared the Companyās bank accounts. The majority of the Companyās bank accounts are zero balance accounts that are funded at the time items clear against the account by drawings against a line of credit; therefore, the outstanding checks represent bank overdrafts. Bank overdrafts as of December 31, 2021 and 2020 were approximately $2.6 million and $5.2 million, respectively. |
Allowance for doubtful accounts | Allowance for doubtful accounts The allowance for doubtful accounts is managementās estimate of the amount of probable credit losses in the Companyās existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customersā financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. The Company does not have any off-balance sheet credit exposure related to its customers. |
Assets held for sale | Assets held for sale When we plan to dispose of property by sale, the asset is carried in the financial statements at the lower of the carrying amount or estimated fair value, less cost to sell, and is reclassified to Assets held for sale. Additionally, after such reclassification, there is no further depreciation taken on the asset. In order for an asset to be classified as held for sale, management must approve and commit to a formal plan of disposition, the sale must be anticipated during the ensuing year, the asset must be actively marketed, available for immediate sale, and meet certain other specified criteria. |
Goodwill | Goodwill Goodwill represents the excess of cost over the fair value of net assets of acquired businesses. Goodwill is not amortized, but instead is evaluated for impairment periodically. We evaluate goodwill for impairment annually during the fourth quarter, or more often if events or circumstances indicate that goodwill might be impaired. The reporting unit or units used to evaluate and measure goodwill for impairment are determined primarily from the manner in which the business is managed or operated. A reporting unit is an operating segment or a component that is one level below an operating segment. There were no impairments of goodwill during 2021 or 2020. |
Intangibles | ā Intangibles Intangibles include a trade name, customer relationships and indefinite lived intangible assets. The customer relationships are subject to amortization and are amortized on a straight-line basis over their useful lives. We periodically evaluate our intangible assets for impairment upon occurrence of events or changes in circumstances that indicate the carrying amount of intangible assets may not be recoverable (see Note 4 ā Intangible Assets). |
Treasury stock | Treasury stock The Company uses the cost method to record treasury stock purchases whereby the entire cost of the acquired shares of our common stock is recorded as treasury stock (at cost). When the Company subsequently reissues these shares, proceeds in excess of cost upon the issuance of treasury shares are credited to additional paid in capital, while any deficiency is charged to additional paid in capital. For the year ended December 31, 2021, the Company recorded credits to additional paid in capital of $1.1 million for the return of treasury stock. For the year ended December 31, 2020, the Company recorded charges to additional paid in capital of $4.3 million for the issuance of shares awarded as equity grants. |
Earnings per share data | Earnings per share data The Company calculates basic earnings per share based on the weighted average number of its common shares outstanding for the applicable period. The Company calculates diluted earnings per share based on the weighted average number of its common shares outstanding for the period plus all potentially dilutive securities using the treasury stock method, whereby the Company assumes that all such shares are converted into common shares at the beginning of the period, if deemed to be dilutive. If the Company incurs a loss from continuing operations, the effect of potentially dilutive common stock equivalents are excluded from the calculation of diluted earnings per share because the effect would be anti-dilutive. Performance shares are excluded from contingent shares for purposes of calculating diluted weighted average shares until the performance measure criteria is probable and shares are likely to be issued. |
Inventories | Inventories Inventories consist of tires and parts, and are stated at the lower of cost or net realizable value on a first-in first-out basis. |
Property and equipment | Property and equipment Property and equipment is capitalized in accordance with the Companyās asset capitalization policy. The capitalized property is depreciated by the straight-line method using the following estimated useful lives: structures ā 15 years to 40 years; revenue equipment ā 5 to 14 years; and service, office and other equipment ā 3 to 10 years. |
Leases | Leases The Company leases property and equipment under finance and operating leases. The Company has operating and finance leases for revenue equipment, real estate, information technology equipment (primarily servers and copiers), and various other equipment used in operating our business. Certain leases for revenue equipment and information technology include options to purchase or extend, guarantee residual values, or early termination rights. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use (āROUā) asset and lease liability for leases containing options requires the use of judgment to determine whether the exercise of an option or feature is reasonably certain, and if the optional period and payments should be included in the calculation of the associated ROU asset and liability. In making this determination, we consider all relevant economic factors that would compel us to exercise or not exercise an option or feature. We recognize a ROU asset and lease liability for operating leases that meet the criteria of Accounting Standards Codification 842. Some of our leases contain both lease and non-lease components, which we have elected to treat as a single lease component. We have also elected not to recognize in our consolidated balance sheets leases that have an original lease term, including reasonably certain renewal or purchase options, of twelve months or less for all classes of underlying assets. Lease costs for short-term leases are recognized on a straight-line basis over the lease term. When available, we use the rate implicit in the lease to discount lease payments; however, the rate implicit in the lease is not readily determinable for all of our leases. In such cases, we use an estimate of our incremental borrowing rate to discount lease payments based on information available at lease commencement. |
Depreciable lives and salvage value of assets; valuation of long-lived assets | Depreciable lives and salvage value of assets; valuation of long-lived assets We review the appropriateness of depreciable lives and salvage values for each category of property and equipment on an annual basis, or when market factors dictate. These studies utilize models, which take into account actual usage, physical wear and tear, and replacement history to calculate remaining life of our asset base. We also make assumptions regarding future conditions in determining potential salvage values. These assumptions impact the amount of depreciation expense recognized in the period and any gain or loss once the asset is disposed. Actual disposition values may be greater or less than expected due to the length of time before disposition. We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of assets to be held and used by comparing the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less cost to sell. The Company performed the impairment analysis of the carrying value of its fleet, which is the lowest level of identifiable cash flows. |
Income taxes | Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Companyās policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. |
Claims accruals | Claims accruals The primary claims arising against the Company consist of cargo loss and damage, liability, personal injury, property damage, workersā compensation, and employee medical expenses. The Companyās self-insurance retention levels are $0.05 million for cargo loss and damage claims per occurrence, $2.0 million for bodily injury and property damage claims per occurrence, and $0.5 million for workersā compensation claims per occurrence. The Company utilizes an actuarial specialist to provide an independent assessment of internally developed accident and workersā compensation accruals twice a year. If adjustments to previously established accruals are required, such amounts are included in operating expenses in the current period. The legal expense incurred for individual claims is reserved and paid as part of the total claim expense. For medical benefits, the Company self-insures up to $0.25 million per plan participant per year with an aggregate claim exposure limit determined by the Companyās year-to-date claims experience and its number of covered team members. The Company has exposure to fluctuations in the frequency and severity of claims and to variations between its estimated and actual ultimate payouts up to the Companyās self-insured retention level. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from managementās initial assessment due to uncertainties and fact development. In 2020, the Company formed a captive insurance company, SRRG, to mitigate a portion of our insurance costs. |
Restricted stock | Restricted stock Restricted stock cannot be sold by the recipient until its restrictions have lapsed. The Company recognizes compensation expense related to these awards over the vesting periods based on the closing price of the Companyās common stock on the grant dates. If these awards contain performance criteria, the grant date fair value is set assuming performance at target, which is the expected level of achievement, and management periodically reviews actual performance against the criteria and adjusts compensation expense accordingly. These shares are considered issued and outstanding under the terms of the respective restricted stock agreements. |
Revenue recognition and Disaggregation of revenue | Revenue recognition Revenue is measured based upon consideration specified in a contract with a customer. The Company recognizes revenue when its contractual performance obligations are completed, and the benefit of our services has been transferred to the customer. Typically, the Companyās contractual performance obligations are fulfilled over a short period of time, and a portion of the total revenue that will be billed to the customer is recognized in a reporting period based upon the percentage of the contractual performance obligation that has been completed at the end of the reporting period. The contract asset, or the amount of remaining performance obligation relating to loads in process at the end of each reporting period, was $1.6 million and $1.1 million for the years ended December 31, 2021 and 2020, respectively, and was recorded in the āAccounts receivableā line item. Disaggregation of revenue The Companyās revenue types are freight revenue, fuel surcharge and accessorial. Freight revenue represents the majority of our revenue and consists of fees earned for freight transportation, excluding fuel surcharge. Fuel surcharge revenue consists of additional fees earned by the Company in connection with the performance of freight transportation services to partially or completely offset the cost of fuel. Accessorial revenue consists of ancillary services provided by the Company, including but not limited to, stop-off charges, loading and unloading charges, tractor or trailer detention charges, expedited charges and repositioning charges. These accessorial charges are recognized as revenue throughout the service provided. The following table set forth revenue disaggregated by revenue type: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ā (in thousands) Freight ā $ 383,331 ā $ 296,374 ā $ (52,658) ā $ 627,047 ā $ 341,522 ā $ 176,439 ā $ (24,072) ā $ 493,889 Fuel surcharge ā 48,038 ā 22,572 ā (1,427) ā 69,183 ā 35,049 ā 11,366 ā (997) ā 45,418 Accessorial ā 9,747 ā 4,410 ā ā ā 14,157 ā 7,685 ā 4,146 ā ā ā 11,831 Total ā $ 441,116 ā $ 323,356 ā $ (54,085) ā $ 710,387 ā $ 384,256 ā $ 191,951 ā $ (25,069) ā $ 551,138 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
Accounting standards issued but not yet adopted | Accounting standards issued but not yet adopted In |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Disaggregation of Revenue | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 ā 2020 ā Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ā (in thousands) Freight ā $ 383,331 ā $ 296,374 ā $ (52,658) ā $ 627,047 ā $ 341,522 ā $ 176,439 ā $ (24,072) ā $ 493,889 Fuel surcharge ā 48,038 ā 22,572 ā (1,427) ā 69,183 ā 35,049 ā 11,366 ā (997) ā 45,418 Accessorial ā 9,747 ā 4,410 ā ā ā 14,157 ā 7,685 ā 4,146 ā ā ā 11,831 Total ā $ 441,116 ā $ 323,356 ā $ (54,085) ā $ 710,387 ā $ 384,256 ā $ 191,951 ā $ (25,069) ā $ 551,138 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT REPORTING | |
Schedule of segment information by segment | ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā ā ā ā ā ā ā 2021 2020 Operating revenue ā (in thousands) Trucking revenue (1) ā $ 441,116 ā $ 384,256 Trucking intersegment eliminations ā (770) ā (2,667) Trucking operating revenue ā 440,346 ā 381,589 USAT Logistics revenue ā 323,356 ā 191,951 USAT Logistics intersegment eliminations ā (53,315) ā (22,402) USAT Logistics operating revenue ā 270,041 ā 169,549 Total operating revenue ā $ 710,387 ā $ 551,138 ā ā ā ā ā ā ā 1) Includes foreign revenue of $37.9 million and $33.6 million for the years ended December 31, 2021 and 2020, respectively. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Operating income ā (in thousands) Trucking ā $ 22,609 ā $ 9,297 USAT Logistics ā 14,710 ā 3,561 Total operating income ā $ 37,319 ā $ 12,858 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Depreciation and amortization ā (in thousands) Trucking ā $ 34,777 ā $ 40,203 USAT Logistics ā 1,088 ā 1,156 Total depreciation and amortization ā $ 35,865 ā $ 41,359 ā ā ā ā ā ā ā |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
Schedule of Other Current Assets | Prepaid expenses and other current assets consist of the following: ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Prepaid licenses, permits and tolls ā $ 1,676 ā $ 1,677 Prepaid insurance ā 5,476 ā 5,374 Other ā 2,951 ā 1,698 Total prepaid expenses and other current assets ā $ 10,103 ā $ 8,749 ā ā ā ā ā ā ā |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS | |
Schedule of intangible assets and amortization expense | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā ā Amortization ā ā ā ā ā ā ā ā period ā Gross ā Accumulated ā Net intangible ā (years) ā Amount ā Amortization ā assets ā ā (dollars in thousands) Trade name ā indefinite ā $ 5,000 ā $ ā ā $ 5,000 Customer relationships ā 10 ā 12,900 ā 4,085 ā 8,815 Total intangible assets ā ā $ 17,900 ā $ 4,085 ā $ 13,815 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2020 ā ā Amortization ā ā ā ā ā ā ā ā period ā Gross ā Accumulated ā Net intangible ā (years) ā Amount ā Amortization ā assets ā ā (dollars in thousands) Trade name ā indefinite ā $ 5,000 ā $ ā ā $ 5,000 Customer relationships ā 10 ā 12,900 ā 2,795 ā 10,105 Total intangible assets ā ā $ 17,900 ā $ 2,795 ā $ 15,105 ā ā ā ā ā ā ā ā ā ā ā ā |
Schedule of expected remaining amortization | ā ā ā ā ā ā ā (in thousands) 2022 $ 1,290 2023 ā ā 1,290 2024 ā 1,290 2025 ā 1,290 2026 ā 1,290 Thereafter ā 2,365 Total ā $ 8,815 ā ā ā ā |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCRUED EXPENSES | |
Schedule of accrued expenses | ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 ā ā (in thousands) Salaries, wages and employee benefits ā $ 7,318 ā $ 6,142 Federal and state tax accruals ā 685 ā 2,649 Other ā 2,003 ā 2,007 Total accrued expenses ā $ 10,006 ā $ 10,798 ā ā ā ā ā ā ā |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM DEBT | |
Schedule of long-term debt instruments | ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 ā ā (in thousands) Revolving credit agreement ā $ 38,000 ā $ 73,025 Sale-leaseback finance obligations ā ā 32,739 ā ā 9,913 Insurance premium financing ā ā 3,601 ā ā 5,064 Other ā ā 84 ā ā 141 ā ā ā 74,424 ā ā 88,143 Less current maturities ā ā (11,069) ā ā (6,791) Total long-term debt ā $ 63,355 ā $ 81,352 ā ā ā ā ā ā ā |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
Schedule of lease expense | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Operating lease costs ā $ 8,753 ā $ 8,069 Finance lease costs: ā ā ā ā ā ā Amortization of assets ā 15,448 ā 20,555 Interest on lease liabilities ā 2,584 ā 3,264 Total finance lease costs ā 18,032 ā 23,819 Variable and short-term lease costs ā 2,508 ā 2,066 Total lease costs ā $ 29,293 ā $ 33,954 ā ā ā ā ā ā ā |
Schedule of supplemental balance sheet information | ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 Operating leases: ā (dollars in thousands) Operating leases - right-of-use assets ā $ 22,898 $ 28,154 ā ā ā ā ā ā ā ā ā Current operating lease obligations ā 6,679 ā 6,838 Long-term operating lease obligations ā 16,644 ā 21,690 Total operating lease liabilities ā $ 23,323 ā $ 28,528 ā ā ā ā ā ā ā ā ā Finance leases: ā ā ā ā ā ā ā Property and equipment, at cost ā 137,736 ā 86,281 Accumulated amortization ā (47,699) ā (22,991) Property and equipment, net ā $ 90,037 ā $ 63,290 ā ā ā ā ā ā ā ā ā Current finance lease obligations ā 14,095 ā 11,655 Long-term finance lease obligations ā 56,274 ā 54,482 ā ā $ 70,369 ā $ 66,137 ā ā ā ā ā ā ā ā ā Weighted average remaining lease term: ā (in months) ā (in months) Operating leases ā 50 ā 60 Finance leases ā 35 ā 43 ā ā ā ā ā ā ā ā ā Weighted average discount rate: ā ā ā ā ā ā ā ā Operating leases ā 4.53 % ā 4.59 % Finance leases ā 3.69 % ā 3.73 % ā ā ā ā ā ā ā ā ā |
Schedule of supplemental cash flow and other information | ā ā ā ā ā ā ā ā ā ā December 31, 2021 ā December 31, 2020 Cash paid for amounts included in measurement of liabilities: ā (in thousands) Operating cash flows from operating leases ā $ 190 ā $ 287 Operating cash flows from finance leases ā ā 2,584 ā ā 3,264 Financing cash flows from finance leases ā ā 1,672 ā ā 31,519 ā ā ā ā ā ā ā ROU assets obtained in exchange for lease liabilities: ā ā ā ā ā ā Operating leases ā $ 1,355 ā $ 23,074 Finance leases ā ā 17,070 ā ā 8,481 ā ā ā ā ā ā ā |
Schedule of maturities of operating lease liabilities | ā ā ā ā ā ā ā ā ā ā Finance Leases ā Operating Leases ā ā (in thousands) 2022 ā $ 16,435 ā $ 6,840 2023 ā ā 26,765 ā ā 6,327 2024 ā ā 18,078 ā ā 6,012 2025 ā ā 14,348 ā ā 5,086 2026 ā ā 86 ā ā 762 Thereafter ā ā ā ā ā 503 Total lease payments ā ā 75,712 ā ā 25,530 Less: Imputed interest ā ā (5,343) ā ā (2,207) Total lease obligations ā ā 70,369 ā ā 23,323 Less: Current obligations ā ā (14,095) ā ā (6,679) Long-term lease obligations ā $ 56,274 ā $ 16,644 ā ā ā ā ā ā ā ā |
Schedule of maturities of finance lease liabilities | ā ā ā ā ā ā ā ā ā ā Finance Leases ā Operating Leases ā ā (in thousands) 2022 ā $ 16,435 ā $ 6,840 2023 ā ā 26,765 ā ā 6,327 2024 ā ā 18,078 ā ā 6,012 2025 ā ā 14,348 ā ā 5,086 2026 ā ā 86 ā ā 762 Thereafter ā ā ā ā ā 503 Total lease payments ā ā 75,712 ā ā 25,530 Less: Imputed interest ā ā (5,343) ā ā (2,207) Total lease obligations ā ā 70,369 ā ā 23,323 Less: Current obligations ā ā (14,095) ā ā (6,679) Long-term lease obligations ā $ 56,274 ā $ 16,644 ā ā ā ā ā ā ā |
FEDERAL AND STATE INCOME TAXES
FEDERAL AND STATE INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FEDERAL AND STATE INCOME TAXES | |
Schedule of Deferred Tax Assets and Liabilities | ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Deferred tax assets: ā (in thousands) Operating lease liabilities ā $ 5,861 ā $ 7,170 Accrued expenses not deductible until paid ā ā 5,479 ā ā 6,105 Finance lease obligations ā ā 1,214 ā ā 794 Goodwill and intangible assets ā 1,093 ā 1,264 Equity incentive compensation ā 280 ā 204 Revenue recognition ā 245 ā 238 Net operating loss carry forwards ā 164 ā 298 Allowance for doubtful accounts ā 228 ā 225 Other ā ā ā 5 Total deferred tax assets ā $ 14,564 ā $ 16,303 ā ā ā ā ā ā ā Deferred tax liabilitie ā ā Tax over book depreciation ā $ (28,577) ā $ (30,315) Operating leases - right of use assets ā ā (5,755) ā ā (7,075) Prepaid expenses deductible when paid ā (2,146) ā (2,327) Other ā ā ā ā ā ā Total deferred tax liabilities ā (36,478) ā (39,717) Net deferred tax liabilities ā $ (21,914) ā $ (23,414) ā ā ā ā ā ā ā |
Schedule of Components of Income Tax Expense (Benefit) | ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Current: ā (in thousands) Federal ā $ 8,251 ā $ 2,410 State ā 1,537 ā 211 Total current ā 9,788 ā 2,621 Deferred: ā ā Federal ā (1,626) ā (765) State ā 126 ā 353 Total deferred ā (1,500) ā (412) Total income tax expense ā $ 8,288 ā $ 2,209 ā ā ā ā ā ā ā |
Schedule of Effective Income Tax Rate Reconciliation | ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2021 2020 ā ā (dollars in thousands) Income tax expense at statutory federal rate ā $ 6,942 ā $ 1,461 ā Federal income tax effects of: ā ā ā ā ā State income tax benefit ā (323) ā (44) ā Per diem and other nondeductible meals and entertainment ā 1 ā 378 ā Taxes related to prior years ā ā (22) ā ā 346 ā Non-deductible compensation ā ā 135 ā ā 219 ā Loss carryback rate benefit ā ā ā ā ā (628) ā Other ā (108) ā (87) ā Federal income tax expense ā 6,625 ā 1,645 ā State income tax expense ā 1,663 ā 564 ā Total income tax expense ā $ 8,288 ā $ 2,209 ā ā ā ā ā ā ā ā ā Effective tax rate ā 25.1 % 31.8 % ā ā ā ā ā ā ā ā |
EQUITY COMPENSATION AND EMPLO_2
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Stock options ā $ 232 ā $ 268 Restricted stock awards ā 1,732 ā 1,537 Equity compensation expense ā $ 1,964 ā $ 1,805 ā ā ā ā ā ā ā |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ā ā ā ā ā ā ā ā ā ā ā ā ā ā Weighted- Weighted- Aggregate ā ā ā ā Average ā Average ā Intrinsic ā ā ā ā Exercise ā Remaining ā Value (in ā ā Number of ā Price Per ā Contractual ā thousands) ā ā Shares ā Share ā Life (in years) ā (1) Options outstanding at December 31, 2020 109,733 ā $ 17.71 ā ā $ ā Granted ā ā ā ā ā ā Exercised (547) ā 17.75 ā ā 2 Cancelled/forfeited (5,176) ā 17.28 ā ā ā Expired (5,175) ā 17.28 ā ā ā Outstanding at December 31, 2021 98,835 ā $ 17.75 7.16 ā $ 211 Exercisable at December 31, 2021 49,140 ā $ 17.75 7.16 ā $ 105 ā ā ā ā ā ā ā ā ā ā ā 1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Companyās common stock, as determined by the closing price on December 31, 2021 was $19.88 . |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ā ā ā ā ā ā ā ā Number of Weighted-Average Grant ā ā Shares ā Date Fair Value (1) Nonvested shares ā December 31, 2019 389,242 ā $ 16.94 Granted 323,915 ā 3.93 Forfeited (107,968) ā 11.86 Vested (128,106) ā 13.60 Nonvested shares ā December 31, 2020 477,083 ā $ 10.16 Granted 239,252 ā 15.28 Forfeited (58,841) ā 17.13 Vested (104,190) ā 12.02 Nonvested shares ā December 31, 2021 553,304 ā $ 11.28 ā ā ā ā ā ā 1) The shares were generally valued at the closing price of the Companyās common stock on the date(s) specified by the award agreements. |
Schedule of Stock Options and Restricted Stock Vested | ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 ā ā (in thousands) Stock options ā $ 252 ā $ 354 Restricted stock ā ā 1,584 ā ā 696 ā ā ā ā ā ā ā |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
Schedule of basic and diluted earnings per share | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2021 2020 Numerator: ā (in thousands, except per share amounts) Net income ā $ 24,768 ā $ 4,746 Denominator: ā ā Denominator for basic earnings per share ā weighted average shares ā 8,815 ā 8,775 Effect of dilutive securities: ā ā Employee restricted stock and incentive stock options ā 158 ā 99 Denominator for diluted earnings per share ā adjusted weighted average shares and assumed conversion ā 8,973 ā 8,874 Basic earnings per share ā $ 2.81 ā $ 0.54 Diluted earnings per share ā $ 2.76 ā $ 0.53 Weighted average anti-dilutive employee restricted stock and incentive stock options ā 106 ā 313 ā ā ā ā ā ā ā |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Number of reportable segments | 2 | |
Pre-tax increase in depreciation expense from a change in the Tractor Fleet salvage value percentage | $ 2,700 | |
Restricted cash | $ 405 | 243 |
Bank overdrafts | 2,600 | 5,200 |
Impairment of goodwill | 0 | 0 |
Treasury stock reissued at lower than repurchase price | 1,100 | 4,300 |
Contract asset | $ 1,600 | $ 1,100 |
DESCRIPTION OF BUSINESS AND S_4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PPE (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2021 | |
Salvage Value | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Tractor Fleet previous salvage value (as a percent) | 30.00% | |
Tractor Fleet salvage value (as a percent) | 25.00% | |
Building and Building Improvements | Minimum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 15 years | |
Building and Building Improvements | Maximum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 40 years | |
Transportation Equipment | Minimum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 5 years | |
Transportation Equipment | Maximum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 14 years | |
Other Machinery and Equipment | Minimum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 3 years | |
Other Machinery and Equipment | Maximum | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions | ||
Property, plant and equipment, useful life | 10 years |
DESCRIPTION OF BUSINESS AND S_5
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Cargo loss and damage claims | |
Claims accrual | $ 50 |
Bodily injury and property damage claims | |
Claims accrual | 2,000 |
Workers' compensation claims | |
Claims accrual | 500 |
Employee medical expenses | |
Claims accrual | $ 250 |
DESCRIPTION OF BUSINESS AND S_6
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue | ||
Operating revenue | $ 710,387 | $ 551,138 |
Freight | ||
Disaggregation of Revenue | ||
Operating revenue | 627,047 | 493,889 |
Fuel Surcharge | ||
Disaggregation of Revenue | ||
Operating revenue | 69,183 | 45,418 |
Accessorial | ||
Disaggregation of Revenue | ||
Operating revenue | 14,157 | 11,831 |
Trucking | ||
Disaggregation of Revenue | ||
Operating revenue | 440,346 | 381,589 |
USAT Logistics | ||
Disaggregation of Revenue | ||
Operating revenue | 270,041 | 169,549 |
Operating Segments | Trucking | ||
Disaggregation of Revenue | ||
Operating revenue | 441,116 | 384,256 |
Operating Segments | Trucking | Freight | ||
Disaggregation of Revenue | ||
Operating revenue | 383,331 | 341,522 |
Operating Segments | Trucking | Fuel Surcharge | ||
Disaggregation of Revenue | ||
Operating revenue | 48,038 | 35,049 |
Operating Segments | Trucking | Accessorial | ||
Disaggregation of Revenue | ||
Operating revenue | 9,747 | 7,685 |
Operating Segments | USAT Logistics | ||
Disaggregation of Revenue | ||
Operating revenue | 323,356 | 191,951 |
Operating Segments | USAT Logistics | Freight | ||
Disaggregation of Revenue | ||
Operating revenue | 296,374 | 176,439 |
Operating Segments | USAT Logistics | Fuel Surcharge | ||
Disaggregation of Revenue | ||
Operating revenue | 22,572 | 11,366 |
Operating Segments | USAT Logistics | Accessorial | ||
Disaggregation of Revenue | ||
Operating revenue | 4,410 | 4,146 |
Intersegment Eliminations | ||
Disaggregation of Revenue | ||
Operating revenue | (54,085) | (25,069) |
Intersegment Eliminations | Freight | ||
Disaggregation of Revenue | ||
Operating revenue | (52,658) | (24,072) |
Intersegment Eliminations | Fuel Surcharge | ||
Disaggregation of Revenue | ||
Operating revenue | (1,427) | (997) |
Intersegment Eliminations | Trucking | ||
Disaggregation of Revenue | ||
Operating revenue | (770) | (2,667) |
Intersegment Eliminations | USAT Logistics | ||
Disaggregation of Revenue | ||
Operating revenue | $ (53,315) | $ (22,402) |
SEGMENT REPORTING - Other (Deta
SEGMENT REPORTING - Other (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information | ||
Number of reportable segments | 2 | |
Sales Revenue, Net | Customer Concentration Risk | Wal-Mart | ||
Segment Reporting Information | ||
Concentration risk (as a percent) | 11.00% | 11.00% |
SEGMENT REPORTING - Segment Rep
SEGMENT REPORTING - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information | ||
Operating revenue | $ 710,387 | $ 551,138 |
Operating income | 37,319 | 12,858 |
Depreciation and amortization | 35,865 | 41,359 |
Trucking | ||
Segment Reporting Information | ||
Operating revenue | 440,346 | 381,589 |
USAT Logistics | ||
Segment Reporting Information | ||
Operating revenue | 270,041 | 169,549 |
Operating Segments | ||
Segment Reporting Information | ||
Operating income | 37,319 | 12,858 |
Depreciation and amortization | 35,865 | 41,359 |
Operating Segments | Trucking | ||
Segment Reporting Information | ||
Operating revenue | 441,116 | 384,256 |
Operating income | 22,609 | 9,297 |
Depreciation and amortization | 34,777 | 40,203 |
Operating Segments | USAT Logistics | ||
Segment Reporting Information | ||
Operating revenue | 323,356 | 191,951 |
Operating income | 14,710 | 3,561 |
Depreciation and amortization | 1,088 | 1,156 |
Intersegment Eliminations | ||
Segment Reporting Information | ||
Operating revenue | (54,085) | (25,069) |
Intersegment Eliminations | Trucking | ||
Segment Reporting Information | ||
Operating revenue | (770) | (2,667) |
Intersegment Eliminations | USAT Logistics | ||
Segment Reporting Information | ||
Operating revenue | (53,315) | (22,402) |
Foreign Countries | Operating Segments | Trucking | ||
Segment Reporting Information | ||
Operating revenue | $ 37,900 | $ 33,600 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expense and other current assets | $ 10,103 | $ 8,749 |
Prepaid licenses, permits and tolls | ||
Prepaid expense and other current assets | 1,676 | 1,677 |
Prepaid insurance | ||
Prepaid expense and other current assets | 5,476 | 5,374 |
Other | ||
Prepaid expense and other current assets | $ 2,951 | $ 1,698 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Intangible Asset - Finite life (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets and Goodwill | ||
Gross Amount | $ 17,900 | $ 17,900 |
Accumulated Amortization | 4,085 | 2,795 |
Net intangible assets | 13,815 | 15,105 |
Amortization of Intangible Assets | 1,300 | 1,300 |
Trade name | ||
Intangible Assets and Goodwill | ||
Gross Amount | 5,000 | 5,000 |
Net intangible assets | $ 5,000 | $ 5,000 |
Customer relationships | ||
Intangible Assets and Goodwill | ||
Amortization period (years) | 10 years | 10 years |
Gross Amount | $ 12,900 | $ 12,900 |
Accumulated Amortization | 4,085 | 2,795 |
Net intangible assets | $ 8,815 | $ 10,105 |
INTANGIBLE ASSETS - Schedule _2
INTANGIBLE ASSETS - Schedule of Future Amortization (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
INTANGIBLE ASSETS | |
Intangible assets, weighted average useful life | 82 months |
2022 | $ 1,290 |
2023 | 1,290 |
2024 | 1,290 |
2025 | 1,290 |
2026 | 1,290 |
Thereafter | 2,365 |
Net intangible assets | $ 8,815 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible Assets and Goodwill | ||
Goodwill | $ 5,231 | $ 5,231 |
Trucking | ||
Intangible Assets and Goodwill | ||
Goodwill | $ 5,200 | $ 5,200 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ACCRUED EXPENSES | ||
Salaries, wages and employee benefits | $ 7,318 | $ 6,142 |
Federal and state tax accruals | 685 | 2,649 |
Other | 2,003 | 2,007 |
Total accrued expenses | $ 10,006 | $ 10,798 |
LONG-TERM DEBT - Summary of Lon
LONG-TERM DEBT - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 20, 2020 |
Debt Instruments | ||||
Other | $ 84 | $ 141 | ||
Total long-term debt, including current maturities | 74,424 | 88,143 | ||
Less current maturities | (11,069) | (6,791) | ||
Total long-term debt | 63,355 | 81,352 | ||
Revolving credit agreement | ||||
Debt Instruments | ||||
Total long-term debt, including current maturities | $ 130,000 | 38,000 | 73,025 | $ 170,000 |
Sale-leaseback finance obligations | ||||
Debt Instruments | ||||
Total long-term debt, including current maturities | 32,739 | 9,913 | ||
Insurance premium financing (2021) | ||||
Debt Instruments | ||||
Total long-term debt, including current maturities | $ 3,601 | $ 5,064 |
LONG-TERM DEBT - Other (Details
LONG-TERM DEBT - Other (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Apr. 20, 2020 | Jan. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 |
Debt Instruments | |||||||
Long-term debt | $ 74,424 | $ 88,143 | |||||
Weighted average interest rate | 1.47% | ||||||
Proceeds from capital sale leaseback | $ 24,498 | 0 | |||||
Finance lease contract term | 48 months | ||||||
Sale leaseback transaction monthly payments | $ 500 | ||||||
Revolving Credit Facility | |||||||
Debt Instruments | |||||||
Long-term debt | $ 130,000 | $ 170,000 | 38,000 | $ 73,025 | |||
Maximum increase available subject to lender approval | $ 60,000 | $ 75,000 | |||||
Fixed charge coverage ratio | 1 | ||||||
Exercisable, incremental borrowing capacity | $ 20,000 | $ 20,000 | |||||
Term of debt instrument | 5 years | 5 years | |||||
Commitment fee percentage | 0.25% | 0.25% | |||||
Borrowing based threshold eligible accounts receivable (as a percent) | 85.00% | ||||||
Borrowing based threshold for eligible unbilled accounts receivable (as a percent) | 85.00% | ||||||
Borrowing base before additions of eligible revenue equipment | $ 17,500 | ||||||
Eligible revenue equipment (as a percent) | 85.00% | ||||||
Percentage of maximum revolver amount | 10.00% | 10.00% | |||||
Excess availability maximum revolver amount | $ 13,000 | ||||||
Closing excess availability of the maximum revolver amount | $ 122,100 | ||||||
Minimum excess availability percentage of maximum revolver amount | 20.00% | ||||||
Remaining borrowing capacity | 124,100 | ||||||
Letter of credit outstanding | 7,900 | ||||||
Revolving Credit Facility | Minimum | |||||||
Debt Instruments | |||||||
Borrowing based threshold eligible investment grade accounts receivable (as a percent) | 85.00% | ||||||
Revolving Credit Facility | Maximum | |||||||
Debt Instruments | |||||||
Borrowing based threshold eligible investment grade accounts receivable (as a percent) | 90.00% | ||||||
Swingline sub-facility | |||||||
Debt Instruments | |||||||
Long-term debt | $ 25,000 | $ 25,000 | |||||
Swingline sub-facility | Overnight Borrowings | |||||||
Debt Instruments | |||||||
Long-term line of credit | $ 2,000 | ||||||
Letter of credit sub-facility | |||||||
Debt Instruments | |||||||
Long-term debt | $ 15,000 | $ 15,000 | |||||
Base Rate | Revolving Credit Facility | Period Through March, 31, 2022 | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 1.25% | ||||||
Base Rate | Revolving Credit Facility | Minimum | Period Through March, 31, 2022 | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 1.25% | ||||||
Base Rate | Revolving Credit Facility | Maximum | Period Through March, 31, 2022 | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Period Through March, 31, 2022 Thereafter | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 0.25% | ||||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum | Period Through March, 31, 2022 Thereafter | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 0.25% | ||||||
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum | Period Through March, 31, 2022 Thereafter | |||||||
Debt Instruments | |||||||
Basis spread on variable rate (as a percent) | 0.75% | ||||||
Insurance Premiums Financing Note | |||||||
Debt Instruments | |||||||
Accrued Premium Insurance Payable | $ 5,500 | $ 5,100 |
LEASES - Components of Lease Ex
LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LEASES | ||
Operating lease costs | $ 8,753 | $ 8,069 |
Finance lease costs: | ||
Amortization of assets | 15,448 | 20,555 |
Interest on lease liabilities | 2,584 | 3,264 |
Total finance lease costs | 18,032 | 23,819 |
Variable and short-term lease costs | 2,508 | 2,066 |
Total lease costs | $ 29,293 | $ 33,954 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating leases: | ||
Operating leases - right of use assets | $ 22,898 | $ 28,154 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating leases - right of use assets | Operating leases - right of use assets |
Current operating lease obligations | $ 6,679 | $ 6,838 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current operating lease obligations | Current operating lease obligations |
Long-term operating lease obligations | $ 16,644 | $ 21,690 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term operating lease obligations | Long-term operating lease obligations |
Total operating lease liabilities | $ 23,323 | $ 28,528 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Current operating lease obligations, Long-term operating lease obligations | Current operating lease obligations, Long-term operating lease obligations |
Finance leases: | ||
Property and equipment, at cost | $ 137,736 | $ 86,281 |
Accumulated amortization | (47,699) | (22,991) |
Property and equipment, net | 90,037 | 63,290 |
Current finance lease obligations | $ 14,095 | $ 11,655 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current finance lease obligations | Current finance lease obligations |
Long-term finance lease obligations | $ 56,274 | $ 54,482 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term finance lease obligations | Long-term finance lease obligations |
Total lease obligations | $ 70,369 | $ 66,137 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Current finance lease obligations, Long-term finance lease obligations | Current finance lease obligations, Long-term finance lease obligations |
Weighted average remaining lease term: | ||
Operating leases | 50 months | 60 months |
Finance leases | 35 months | 43 months |
Weighted average discount rate: | ||
Operating leases | 4.53% | 4.59% |
Finance leases | 3.69% | 3.73% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in measurement of liabilities: | ||
Operating cash flows from operating leases | $ 190 | $ 287 |
Operating cash flows from finance leases | 2,584 | 3,264 |
Financing cash flows from finance leases | 1,672 | 31,519 |
ROU assets obtained in exchange for lease liabilities: | ||
Operating leases | 1,355 | 23,074 |
Finance leases | $ 17,070 | $ 8,481 |
LEASES - Maturities of Lease Li
LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
2022 | $ 16,435 | |
2023 | 26,765 | |
2024 | 18,078 | |
2025 | 14,348 | |
2026 | 86 | |
Total lease payments | 75,712 | |
Less: Imputed interest | (5,343) | |
Total lease obligations | 70,369 | $ 66,137 |
Less: Current obligations | (14,095) | (11,655) |
Long-term finance lease obligations | 56,274 | 54,482 |
Operating Leases | ||
2022 | 6,840 | |
2023 | 6,327 | |
2024 | 6,012 | |
2025 | 5,086 | |
2026 | 762 | |
Thereafter | 503 | |
Total lease payments | 25,530 | |
Less: Imputed interest | (2,207) | |
Total operating lease liabilities | 23,323 | 28,528 |
Less: Current obligations | (6,679) | (6,838) |
Long-term operating lease obligations | $ 16,644 | $ 21,690 |
LEASES - Other (Details)
LEASES - Other (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
LEASES | |
Purchase commitment | $ 62.4 |
Noncancellable commitments for purchases of equipment | $ 10.2 |
FEDERAL AND STATE INCOME TAXE_2
FEDERAL AND STATE INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
FEDERAL AND STATE INCOME TAXES | ||
Operating lease liabilities | $ 5,861 | $ 7,170 |
Accrued expenses not deductible until paid | 5,479 | 6,105 |
Finance lease obligations | 1,214 | 794 |
Goodwill and intangible assets | 1,093 | 1,264 |
Equity incentive compensation | 280 | 204 |
Revenue recognition | 245 | 238 |
Net operating loss carry forwards | 164 | 298 |
Allowance for doubtful accounts | 228 | 225 |
Other | 5 | |
Total deferred tax assets | 14,564 | 16,303 |
Deferred tax liabilities: | ||
Tax over book depreciation | (28,577) | (30,315) |
Operating leases - right of use assets | (5,755) | (7,075) |
Prepaid expenses deductible when paid | (2,146) | (2,327) |
Other | 0 | |
Total deferred tax liabilities | (36,478) | (39,717) |
Net deferred tax liabilities | $ (21,914) | $ (23,414) |
FEDERAL AND STATE INCOME TAXE_3
FEDERAL AND STATE INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | $ 8,251 | $ 2,410 |
State | 1,537 | 211 |
Total current | 9,788 | 2,621 |
Deferred: | ||
Federal | (1,626) | (765) |
State | 126 | 353 |
Total deferred | (1,500) | (412) |
Total income tax expense | $ 8,288 | $ 2,209 |
FEDERAL AND STATE INCOME TAXE_4
FEDERAL AND STATE INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FEDERAL AND STATE INCOME TAXES | ||
Income tax expense at statutory federal rate | $ 6,942 | $ 1,461 |
Federal income tax effects of: | ||
State income tax benefit | (323) | (44) |
Per diem and other nondeductible meals and entertainment | 1 | 378 |
Taxes related to prior years | (22) | 346 |
Non-deductible compensation | 135 | 219 |
Loss carryback rate benefit | 0 | (628) |
Other | (108) | (87) |
Federal income tax expense | 6,625 | 1,645 |
State income tax expense | 1,663 | 564 |
Total income tax expense | $ 8,288 | $ 2,209 |
Effective income tax rate reconciliation (as a percent) | 25.10% | 31.80% |
FEDERAL AND STATE INCOME TAXE_5
FEDERAL AND STATE INCOME TAXES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards | ||
Effective income tax rate reconciliation at federal statutory income tax rate (as a percent) | 21.00% | 21.00% |
State and Local Jurisdiction | ||
Operating Loss Carryforwards | ||
Operating loss carryovers | $ 0.2 |
EQUITY COMPENSATION AND EMPLO_3
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2019 | May 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure | ||||
Employer matching contribution (as a percent) | 50.00% | |||
Employees' gross pay employer will match (as a percent) | 4.00% | |||
Employer matching contribution, vesting term | 2 years | |||
Employer discretionary contribution amount | $ 0.7 | |||
Employee Stock Option | Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Vesting period | 4 years | |||
Expiration period | 10 years | |||
Restricted Stock | ||||
Defined Benefit Plan Disclosure | ||||
Vesting period | 2 years | |||
Board of directors performance period | 3 years | |||
Unrecognized compensation cost related to unvested restricted stock awards | $ 3.7 | |||
Recognition period | 2 years 4 months 24 days | |||
Restricted Stock | Minimum | ||||
Defined Benefit Plan Disclosure | ||||
Vesting period | 1 year | |||
Restricted Stock | Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Vesting period | 4 years | |||
Omnibus Incentive Plan (the "Incentive Plan") | ||||
Defined Benefit Plan Disclosure | ||||
Number of additional shares authorized (in shares) | 500,000 | 500,000 | ||
Number of shares available for grant (in shares) | 351,032 | |||
Recognition period | 1 year 2 months 12 days | |||
Omnibus Incentive Plan (the "Incentive Plan") | Maximum | ||||
Defined Benefit Plan Disclosure | ||||
Number of shares authorized (in shares) | 500,000 |
EQUITY COMPENSATION AND EMPLO_4
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS - Recognized Compensation Expense (Details) - Omnibus 2014 Incentive Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Allocated share-based compensation expense | $ 1,964 | $ 1,805 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Allocated share-based compensation expense | 232 | 268 |
Restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Allocated share-based compensation expense | $ 1,732 | $ 1,537 |
EQUITY COMPENSATION AND EMPLO_5
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Stock Option Activity, Additional Disclosures | |
Share Price | $ 19.88 |
Omnibus Incentive Plan (the "Incentive Plan") | |
Stock Option Activity Under the Incentive Plan | |
Beginning balance | shares | 109,733 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (547) |
Cancelled/forfeited (in shares) | shares | (5,176) |
Expired (in shares) | shares | (5,175) |
Ending balance | shares | 98,835 |
Stock Options Weighted Average Exercise Price | |
Options outstanding, weighted average exercise price per share - beginning balance (in USD per share) | $ 17.71 |
Options granted, weighted average exercise price per share (in USD per share) | 0 |
Options exercised, weighted average exercise price per share (in USD per share) | 17.75 |
Options cancelled/forfeited, weighted average exercise price per share (in USD per share) | 17.28 |
Options expired, weighted average exercise price per share (in USD per share) | 17.28 |
Options outstanding, weighted average exercise price per share - ending balance (in USD per share) | $ 17.75 |
Stock Option Activity, Additional Disclosures | |
Options exercisable, number of options (in shares) | shares | 49,140 |
Option exercisable, weighted average exercise price per share (in USD per share) | $ 17.75 |
Options outstanding weighted average remaining contractual life (in years) | 7 years 1 month 28 days |
Option exercisable, weighted average remaining contractual life (in years) | 7 years 1 month 28 days |
Options exercised, aggregate intrinsic value | $ | $ 2 |
Options outstanding, aggregate intrinsic value | $ | 211 |
Options exercisable, aggregate intrinsic value | $ | $ 105 |
Exercise prices of outstanding options granted | $ 17.75 |
Unrecognized compensation cost related to nonvested stock options | $ | $ 300 |
Recognition period | 1 year 2 months 12 days |
EQUITY COMPENSATION AND EMPLO_6
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS - Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||
Number of shares nonvested (in shares) | 477,083 | 389,242 |
Granted (in shares) | 239,252 | 323,915 |
Forfeited (in shares) | (58,841) | (107,968) |
Vested (in shares) | (104,190) | (128,106) |
Number of shares nonvested (in shares) | 553,304 | 477,083 |
Weighted-Average Grant Date Fair Value | ||
Number of shares nonvested, weighted-average grant date fair value (in USD per share) | $ 10.16 | $ 16.94 |
Granted (in USD per share) | 15.28 | 3.93 |
Forfeited (in USD per share) | 17.13 | 11.86 |
Vested (in USD per share) | 12.02 | 13.60 |
Number of shares nonvested, weighted-average grant date fair value (in USD per share) | $ 11.28 | $ 10.16 |
EQUITY COMPENSATION AND EMPLO_7
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS - Fair Value of Stock Options and Restricted Stock Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS | ||
Stock options | $ 252 | $ 354 |
Restricted stock | $ 1,584 | $ 696 |
EARNINGS (LOSS) PER SHARE - Com
EARNINGS (LOSS) PER SHARE - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EARNINGS PER SHARE | ||
Net income | $ 24,768 | $ 4,746 |
Denominator: | ||
Denominator for basic earnings per share - weighted average shares | 8,815 | 8,775 |
Effect of dilutive securities: | ||
Employee restricted stock and incentive stock options | 158 | 99 |
Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversion (in shares) | 8,973 | 8,874 |
Basic earnings per share (in dollars per share) | $ 2.81 | $ 0.54 |
Diluted earnings per share (in dollars per share) | $ 2.76 | $ 0.53 |
Weighted average anti-dilutive employee restricted stock and incentive stock options (in shares) | 106 | 313 |
LONG-LIVED ASSET IMPAIRMENT (De
LONG-LIVED ASSET IMPAIRMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LONG-LIVED ASSET IMPAIRMENT | ||
Asset impairments | $ 0 | $ 588 |