Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 22, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | COVENANT TRANSPORTATION GROUP INC | |
Entity Central Index Key | 0000928658 | |
Trading Symbol | cvti | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | $0.01 Par Value Class A common stock | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,350,000 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,737,624 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 39,655 | $ 43,591 |
Accounts receivable, net of allowance of $2,213 in 2020 and $1,944 in 2019 | 192,628 | 167,825 |
Drivers' advances and other receivables, net of allowance of $719 in 2020 and $692 in 2019 | 9,799 | 8,507 |
Inventory and supplies | 3,812 | 4,210 |
Prepaid expenses | 7,948 | 11,707 |
Assets held for sale | 22,691 | 12,010 |
Income taxes receivable | 4,785 | 5,403 |
Other short-term assets | 1,226 | 1,132 |
Total current assets | 282,544 | 254,385 |
Property and equipment, at cost | 687,668 | 725,383 |
Less: accumulated depreciation and amortization | (188,150) | (208,180) |
Net property and equipment | 499,518 | 517,203 |
Goodwill | 42,518 | 42,518 |
Other intangibles, net | 28,884 | 29,615 |
Other assets, net | 59,220 | 37,919 |
Total assets | 912,684 | 881,640 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 481 | 592 |
Accounts payable | 23,742 | 25,745 |
Accrued expenses | 34,180 | 31,840 |
Current maturities of long-term debt | 61,403 | 54,377 |
Current portion of finance lease obligations | 7,062 | 7,258 |
Current portion of operating lease obligations | 18,452 | 19,460 |
Current portion of insurance and claims accrual | 21,998 | 21,800 |
Other short-term liabilities | 1,086 | 185 |
Total current liabilities | 168,404 | 161,257 |
Long-term debt | 228,203 | 200,177 |
Long-term portion of finance lease obligations | 24,901 | 26,010 |
Long-term portion of operating lease obligations | 36,357 | 40,882 |
Insurance and claims accrual | 42,902 | 20,295 |
Deferred income taxes | 78,670 | 80,330 |
Other long-term liabilities | 4,754 | 2,578 |
Total liabilities | 584,191 | 531,529 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Additional paid-in-capital | 142,345 | 141,885 |
Treasury stock at cost; 1,429,204 and no shares as of March 31, 2020 and December 31, 2019, respectively | (17,515) | |
Accumulated other comprehensive loss | (3,364) | (1,014) |
Retained earnings | 206,830 | 209,043 |
Total stockholders' equity | 328,493 | 350,111 |
Total liabilities and stockholders' equity | 912,684 | 881,640 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 173 | 173 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable allowance | $ 2,213 | $ 1,944 |
Driver's advances and other receivables, allowance | $ 719 | $ 692 |
Treasury stock, shares (in shares) | 1,429,204 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 16,166,828 | 16,165,145 |
Common stock, shares outstanding (in shares) | 14,737,624 | 16,165,145 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Revenue | $ 213,553 | $ 219,181 |
Operating expenses: | ||
Salaries, wages, and related expenses | 82,825 | 79,503 |
Fuel expense | 25,265 | 27,832 |
Operations and maintenance | 12,825 | 15,174 |
Revenue equipment rentals and purchased transportation | 46,062 | 48,670 |
Operating taxes and licenses | 3,454 | 3,183 |
Insurance and claims | 15,614 | 11,235 |
Communications and utilities | 1,569 | 1,718 |
General supplies and expenses | 8,568 | 6,731 |
Depreciation and amortization, including gains and losses on disposition of property and equipment | 16,663 | 19,709 |
Total operating expenses | 212,845 | 213,755 |
Operating income | 708 | 5,426 |
Interest expense, net | 2,892 | 2,446 |
Equity in loss (income) of affiliate | 735 | (3,035) |
(Loss) income before income taxes | (2,919) | 6,015 |
Income tax (benefit) expense | (706) | 1,582 |
Net (loss) income | $ (2,213) | $ 4,433 |
Income per share: | ||
Basic and diluted (loss) income per share (in dollars per share) | $ (0.12) | $ 0.24 |
Basic weighted average shares outstanding (in shares) | 18,088 | 18,381 |
Diluted weighted average shares outstanding (in shares) | 18,088 | 18,533 |
Cargo and Freight [Member] | ||
Revenues | ||
Revenue | $ 192,321 | $ 195,761 |
Fuel Surcharge [Member] | ||
Revenues | ||
Revenue | $ 21,232 | $ 23,420 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) income | $ (2,213) | $ 4,433 |
Other comprehensive loss: | ||
Unrealized loss on effective portion of cash flow hedges, net of tax of $820 in 2020 and $164 in 2019, respectively | (2,391) | (431) |
Reclassification of cash flow hedge gain (loss) into statement of operations, net of tax of ($14) in 2020 and $4 in 2019, respectively | 41 | (11) |
Unrealized holding gain (loss) on investments classified as available-for-sale | 10 | |
Total other comprehensive (loss) income | (2,350) | (432) |
Comprehensive (loss) income | $ (4,563) | $ 4,001 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ 820 | $ 164 |
Reclassification of cash flow hedge gains (losses) into statement of operations, tax | $ (14) | $ 4 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2018 | $ 171 | $ 24 | $ 142,177 | $ 204 | $ 200,566 | $ 343,142 | |
Net (loss) income | 4,433 | 4,433 | |||||
Other comprehensive income | (432) | (432) | |||||
Stock-based employee compensation expense | 1,262 | 1,262 | |||||
Issuance of restricted shares, net | 1 | (669) | (668) | ||||
Balances at Mar. 31, 2019 | 172 | 24 | 142,770 | (228) | 204,999 | 347,737 | |
Balances at Dec. 31, 2019 | 173 | 24 | 141,885 | (1,014) | 209,043 | 350,111 | |
Net (loss) income | (2,213) | (2,213) | |||||
Other comprehensive income | (2,350) | (2,350) | |||||
Share repurchase | (17,515) | (17,515) | |||||
Stock-based employee compensation expense | 466 | 466 | |||||
Issuance of restricted shares, net | (6) | (6) | |||||
Balances at Mar. 31, 2020 | $ 173 | $ 24 | $ 142,345 | $ (17,515) | $ (3,364) | $ 206,830 | $ 328,493 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (2,213) | $ 4,433 |
Adjustments to reconcile net (loss) income to net cash (used) provided by operating activities: | ||
Provision for (reversal of losses on) accounts receivable | 320 | (32) |
Reversal of gain on sales to equity method investee | (2) | (1) |
Depreciation and amortization | 18,187 | 19,851 |
Amortization of deferred financing fees | 37 | 37 |
Deferred income tax (benefit) expense | (904) | 442 |
Income tax benefit arising from restricted share vesting and stock options exercised | 9 | 668 |
Stock-based compensation expense | 466 | 1,262 |
Equity in loss (income) of affiliate | 735 | (3,035) |
Gain on disposition of property and equipment | (1,524) | (143) |
Return on investment in available-for-sale securities | 203 | |
Changes in operating assets and liabilities: | ||
Receivables and advances | (48,218) | (2,482) |
Prepaid expenses and other assets | 3,802 | 2,759 |
Inventory and supplies | 398 | (58) |
Insurance and claims accrual | 22,805 | (4,537) |
Accounts payable and accrued expenses | 2,586 | (10,197) |
Net cash flows (used) provided by operating activities | (3,516) | 9,170 |
Cash flows from investing activities: | ||
Purchase of available-for-sale securities | 245 | |
Acquisition of property and equipment | (35,240) | (37,926) |
Proceeds from disposition of property and equipment | 18,497 | 4,431 |
Net cash flows used by investing activities | (16,498) | (33,495) |
Cash flows from financing activities: | ||
Change in checks outstanding in excess of bank balances | (111) | (223) |
Proceeds from issuance of notes payable | 29,746 | 19,217 |
Repayments of notes payable | (18,993) | (10,469) |
Repayments of finance lease obligations | (1,305) | (1,373) |
Proceeds under revolving credit facility | 411,981 | 435,995 |
Repayments under revolving credit facility | (387,719) | (410,280) |
Payment of minimum tax withholdings on stock compensation | (6) | (668) |
Common stock repurchased | (17,515) | |
Net cash flows provided by financing activities | 16,078 | 32,199 |
Net change in cash and cash equivalents | (3,936) | 7,874 |
Cash and cash equivalents at beginning of period | 43,591 | 23,127 |
Cash and cash equivalents at end of period | $ 39,655 | $ 31,001 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2019 three March 31, 2020 not may December 31, 2020 10 December 31, 2019 not Risks and Uncertainties In March 2020, 19" 19 19, first not Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, January 1, 2023, Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors over five 15% seven ten 25% not Leases At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Note 2 - (Loss) Income Per Shar
Note 2 - (Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. (Loss) Income Per Share Basic (loss) income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted (loss) income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 240,000 three March 31, 2020 not no March 31, 2020 March 31, 2019. The following table sets forth, for the periods indicated, the calculation of net (loss) income per share included in the condensed consolidated statements of operations: (in thousands except per share data) Three Months Ended March 31, 2020 2019 Numerator: Net (loss) income $ (2,213 ) $ 4,433 Denominator: Denominator for basic (loss) income per share – weighted-average shares 18,088 18,381 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares - 152 Denominator for diluted (loss) income per share adjusted weighted-average shares and assumed conversions 18,088 18,533 Net (loss) income per share: Basic and diluted net (loss) income per share $ (0.12 ) $ 0.24 |
Note 3 - Segment Information
Note 3 - Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. Segment Information We have four ● Highway Services: Includes the Company’s Expedited and OTR services, which are typically ad-hoc and do not ● Expedited services primarily involves high service freight with delivery standards, such as 1,000 22 15 two ● OTR services provide customers with one ● Dedicated: Specializes in providing customers with committed capacity over extended contract periods using equipment either owned or leased by the Company. ● Managed Freight: Includes the Company’s Brokerage, TMS and Warehousing services. ● Brokerage services provide logistics capacity by outsourcing the carriage of customers’ freight to contractual third ● TMS provides comprehensive logistics services on a contractual basis to customers who prefer to outsource their logistics needs. ● Warehousing services provides day-to-day warehouse management services to customers who have chosen to outsource this function. ● Factoring services assist freight capacity providers with improving cash flows by purchasing accounts receivables at a discount and collecting them directly from the end consumer. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our 2019 10 The following table summarizes our total revenue by our four first three March 31, 2020 2019 (in thousands) Three Months Ended March 31, 2020 2019 Revenues: Highway Services Expedited $ 67,597 $ 61,623 OTR 18,564 26,705 Total Highway Services 86,161 88,328 Dedicated 81,788 84,332 Managed Freight: Brokerage 21,779 24,307 TMS 8,958 8,370 Warehousing 12,128 11,996 Total Managed Freight 42,865 44,673 Factoring 2,739 1,848 Total revenues $ 213,553 $ 219,181 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4. Income Taxes Under ASC 740, Income Taxes 740” may not may 19 three March 31, 2020. three March 31, 2020 740. Income tax expense in both 2020 2019 21% Our liability recorded for uncertain tax positions as of March 31, 2020 $0.1 December 31, 2019 The net deferred tax liability of $78.7 not may March 31, 2020 $0.4 may On March 27, 2020, not |
Note 5 - Debt and Lease Obligat
Note 5 - Debt and Lease Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 5. Debt and Lease Obligations Current and long-term debt and lease obligations consisted of the following at March 31, 2020 December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 24,262 $ - $ - Revenue equipment installment notes; weighted average interest rate of 3.7% at March 31, 2020 and December 31, 2019, due in monthly installments with final maturities at various dates ranging from July 2020 to September 2024, secured by related revenue equipment 60,415 181,552 53,431 177,514 Real estate notes; interest rate of 3.3% at March 31, 2020 and December 31, 2019, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,105 22,389 1,093 22,670 Deferred loan costs (117 ) - (147 ) (7 ) Total debt 61,403 228,203 54,377 200,177 Principal portion of finance lease obligations, secured by related revenue equipment 7,062 24,901 7,258 26,010 Principal portion of operating lease obligations, secured by related revenue equipment 18,452 36,357 19,460 40,882 Total debt and lease obligations $ 86,917 $ 289,461 $ 81,095 $ 267,069 We and substantially all of our subsidiaries are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). The Credit Facility is a $95.0 no $50.0 $95.0 $95.0 $10.0 10% September 2021. Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent’s prime rate, the federal funds rate plus 0.5%, 1.0%, 0.5% 1.0%; 1.5% 2.0%. 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 85% 85% 95% 35% $25.0 75% $24.3 March 31, 2020 $35.1 $35.6 March 31, 2020 3.8% $4.3 $20.0 2.8% March 31, 2020 2019 no The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from September 2020 to July 2023 . not $216.9 2020, In August 2015, $28.0 third 4.2%. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 6. Stock -Based Compensation Our Third Amended and Restated 2006 May 8, 2019, 750,000 162 2017 March 31, 2029, The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, consultants, non-employee directors, and eligible participants under various types of options, restricted stock awards, or other equity instruments. As of March 31, 2020 502,213 2,300,000 No may 200,000 No may March 31, 2023. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is the recognition of approximately $0.5 $1.3 three March 31, 2020 2019 2020 2019 no The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through March 31, 2020 817 $12.91 2020 less than $0.1 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 7. Commitments and Contingencies From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. Our subsidiary Covenant Transport, Inc. (“Covenant Transport”) is a defendant in a lawsuit filed on November 9, 2018, October 31, 2014 not no March 31, 2020 On February, 28 2019, August 1, 2019, not no March 31, 2020 We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying condensed consolidated financial statements. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not We had $35.1 $35.2 March 31, 2020 December 31, 2019 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8. Leases We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include one Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not March 31, 2020 September 2020 November 2024 not A summary of our lease obligations at March 31, 2020 (dollars in thousands) Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 1,037 $ 1,411 Interest on lease liabilities 247 227 Operating lease cost 6,602 6,182 Variable lease cost 158 - Total lease cost $ 8,044 $ 7,820 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,037 1,146 Operating cash flows from operating leases 6,760 6,182 Financing cash flows from finance leases 247 227 Right-of-use assets obtained in exchange for new operating lease liabilities 461 4,146 Weighted-average remaining lease term—finance leases 2.7 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.2 % At March 31, 2020 December 31, 2019, $53.3 $58.8 $31.8 $35.6 Our future minimum lease payments as of March 31, 2020 (in thousands) Operating Finance 2020 (1) $ 16,152 $ 7,931 2021 18,087 8,179 2022 15,941 9,902 2023 7,214 6,775 2024 408 1,300 Thereafter 1,992 - Total minimum lease payments $ 59,794 $ 34,087 Less: amount representing interest (4,985 ) (2,124 ) Present value of minimum lease payments $ 54,809 $ 31,963 Less: current portion (18,452 ) (7,062 ) Lease obligations, long-term $ 36,357 $ 24,901 ( 1 three March 31, 2020 |
Note 9 - Equity Method Investme
Note 9 - Equity Method Investment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | Note 9. Equity Method Investment We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not no May 2016, no three March 31, 2020 2019 $2.3 $2.4 less than $0.1 three March 31, 2020 2019 49% third $0.2 March 31, 2020 March 31, 2020 December 31, 2019 $1.4 $1.3 We have accounted for our investment in TEL using the equity method of accounting, and thus our financial results include our proportionate share of TEL's 2020 March 31, 2020 $0.7 no three March 31, 2020 2019 $31.2 $31.9 March 31, 2020 December 31, 2019 See TEL's summarized financial information below: (in thousands) As of March 31, As of December 31, 2020 2019 Total Assets $ 360,538 $ 374,591 Total Liabilities 306,132 318,743 Total Equity $ 54,406 $ 55,848 Three Months Ended March 31, 2020 2019 Revenue $ 25,221 $ 27,525 Cost of Sales 4,769 7,516 Operating Expenses 18,875 12,526 Operating Income 1,577 7,483 Net Income $ (1,442 ) $ 5,088 |
Note 10 - Goodwill and Other As
Note 10 - Goodwill and Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10. Goodwill and Other Assets On July 3, 2018, 100% As of March 31, 2020 December 31, 2019, $42.5 A summary of other intangible assets as of March 31, 2020 December 31, 2019 (in thousands) March 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (280 ) $ 2,122 Managed Freight 1,998 (233 ) 1,765 Total trade name 4,400 (513 ) 3,887 159 Non-Compete agreement: Dedicated 914 (321 ) 593 Managed Freight 486 (170 ) 316 Total non-compete agreement 1,400 (491 ) 909 39 Customer relationships: Dedicated 14,072 (2,052 ) 12,020 Managed Freight 14,128 (2,060 ) 12,068 Total customer relationships: 28,200 (4,112 ) 24,088 123 Total other intangible assets $ 34,000 $ (5,116 ) $ 28,884 (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 1,998 (200 ) 1,798 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 486 (146 ) 340 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 14,128 (1,766 ) 12,362 Total customer relationships: 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 The above intangible assets have a weighted average remaining life of 125 March 31, 2020 five (in thousands) 2020 $ 2,192 2021 2,923 2022 2,923 2023 2,783 2024 2,643 Thereafter 15,420 ( 1 three March 31, 2020 |
Note 11 - Equity
Note 11 - Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11. Equity On February 10, 2020, $20.0 March 26, 2020, $2.5 1.4 $17.5 three March 31, 2020 zero three March 31, 2019. |
Note 12 - Liquidity
Note 12 - Liquidity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Liquidity Disclosure1 [Text Block] | Note 12. Liquidity Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of $114.1 $93.1 March 31, 2020 December 31, 2019, As of March 31, 2020, $24.3 $35.1 $35.6 not As part of our strategic focus to reduce overhead costs and in response to the uncertainty of the upcoming economic environment as a result of COVID- 19, not |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13. Subsequent Events On May 22, 2020 $6.5 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2019 three March 31, 2020 not may December 31, 2020 10 December 31, 2019 not |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties In March 2020, 19" 19 19, first not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, January 1, 2023, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors over five 15% seven ten 25% not |
Lessee, Leases [Policy Text Block] | Leases At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Note 2 - (Loss) Income Per Sh_2
Note 2 - (Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) Three Months Ended March 31, 2020 2019 Numerator: Net (loss) income $ (2,213 ) $ 4,433 Denominator: Denominator for basic (loss) income per share – weighted-average shares 18,088 18,381 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares - 152 Denominator for diluted (loss) income per share adjusted weighted-average shares and assumed conversions 18,088 18,533 Net (loss) income per share: Basic and diluted net (loss) income per share $ (0.12 ) $ 0.24 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Three Months Ended March 31, 2020 2019 Revenues: Highway Services Expedited $ 67,597 $ 61,623 OTR 18,564 26,705 Total Highway Services 86,161 88,328 Dedicated 81,788 84,332 Managed Freight: Brokerage 21,779 24,307 TMS 8,958 8,370 Warehousing 12,128 11,996 Total Managed Freight 42,865 44,673 Factoring 2,739 1,848 Total revenues $ 213,553 $ 219,181 |
Note 5 - Debt and Lease Oblig_2
Note 5 - Debt and Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) March 31, 2020 December 31, 2019 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 24,262 $ - $ - Revenue equipment installment notes; weighted average interest rate of 3.7% at March 31, 2020 and December 31, 2019, due in monthly installments with final maturities at various dates ranging from July 2020 to September 2024, secured by related revenue equipment 60,415 181,552 53,431 177,514 Real estate notes; interest rate of 3.3% at March 31, 2020 and December 31, 2019, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,105 22,389 1,093 22,670 Deferred loan costs (117 ) - (147 ) (7 ) Total debt 61,403 228,203 54,377 200,177 Principal portion of finance lease obligations, secured by related revenue equipment 7,062 24,901 7,258 26,010 Principal portion of operating lease obligations, secured by related revenue equipment 18,452 36,357 19,460 40,882 Total debt and lease obligations $ 86,917 $ 289,461 $ 81,095 $ 267,069 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 1,037 $ 1,411 Interest on lease liabilities 247 227 Operating lease cost 6,602 6,182 Variable lease cost 158 - Total lease cost $ 8,044 $ 7,820 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,037 1,146 Operating cash flows from operating leases 6,760 6,182 Financing cash flows from finance leases 247 227 Right-of-use assets obtained in exchange for new operating lease liabilities 461 4,146 Weighted-average remaining lease term—finance leases 2.7 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.2 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2020 (1) $ 16,152 $ 7,931 2021 18,087 8,179 2022 15,941 9,902 2023 7,214 6,775 2024 408 1,300 Thereafter 1,992 - Total minimum lease payments $ 59,794 $ 34,087 Less: amount representing interest (4,985 ) (2,124 ) Present value of minimum lease payments $ 54,809 $ 31,963 Less: current portion (18,452 ) (7,062 ) Lease obligations, long-term $ 36,357 $ 24,901 |
Note 9 - Equity Method Invest_2
Note 9 - Equity Method Investment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Equity Method Investments, Balance Sheet [Table Text Block] | (in thousands) As of March 31, As of December 31, 2020 2019 Total Assets $ 360,538 $ 374,591 Total Liabilities 306,132 318,743 Total Equity $ 54,406 $ 55,848 |
Equity Method Investments [Table Text Block] | Three Months Ended March 31, 2020 2019 Revenue $ 25,221 $ 27,525 Cost of Sales 4,769 7,516 Operating Expenses 18,875 12,526 Operating Income 1,577 7,483 Net Income $ (1,442 ) $ 5,088 |
Note 10 - Goodwill and Other _2
Note 10 - Goodwill and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) March 31, 2020 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (280 ) $ 2,122 Managed Freight 1,998 (233 ) 1,765 Total trade name 4,400 (513 ) 3,887 159 Non-Compete agreement: Dedicated 914 (321 ) 593 Managed Freight 486 (170 ) 316 Total non-compete agreement 1,400 (491 ) 909 39 Customer relationships: Dedicated 14,072 (2,052 ) 12,020 Managed Freight 14,128 (2,060 ) 12,068 Total customer relationships: 28,200 (4,112 ) 24,088 123 Total other intangible assets $ 34,000 $ (5,116 ) $ 28,884 (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 1,998 (200 ) 1,798 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 486 (146 ) 340 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 14,128 (1,766 ) 12,362 Total customer relationships: 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2020 $ 2,192 2021 2,923 2022 2,923 2023 2,783 2024 2,643 Thereafter 15,420 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Tractors [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Property, Plant and Equipment, Salvage Value, Percentage | 15.00% |
Refrigerated Trailers [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Dry Van Trailers [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% |
Note 2 - (Loss) Income Per Sh_3
Note 2 - (Loss) Income Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 240,000 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Note 2 - (Loss) Income Per Sh_4
Note 2 - (Loss) Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net (loss) income | $ (2,213) | $ 4,433 |
Denominator: | ||
Denominator for basic (loss) income per share – weighted-average shares (in shares) | 18,088 | 18,381 |
Effect of dilutive securities: | ||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 152 | |
Diluted weighted average shares outstanding (in shares) | 18,088 | 18,533 |
Income per share: | ||
Basic and diluted (loss) income per share (in dollars per share) | $ (0.12) | $ 0.24 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 |
Note 3 - Segment Information -
Note 3 - Segment Information - Segment by Operating Fleet Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 213,553 | $ 219,181 |
Highway Services [Member] | ||
Revenue | 86,161 | 88,328 |
Dedicated [Member] | ||
Revenue | 81,788 | 84,332 |
Managed Freight [Member] | ||
Revenue | 42,865 | 44,673 |
Factoring [Member] | ||
Revenue | 2,739 | 1,848 |
Expedited [Member] | Highway Services [Member] | ||
Revenue | 67,597 | 61,623 |
Over the Road [Member] | Highway Services [Member] | ||
Revenue | 18,564 | 26,705 |
Brokerage [Member] | Managed Freight [Member] | ||
Revenue | 21,779 | 24,307 |
Transportation Management Services [Member] | Managed Freight [Member] | ||
Revenue | 8,958 | 8,370 |
Warehouse [Member] | Managed Freight [Member] | ||
Revenue | $ 12,128 | $ 11,996 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Deferred Tax Assets, Valuation Allowance, Total | $ 0.1 | |
Deferred Tax Liabilities, Net, Total | 78.7 | |
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0.4 |
Note 5 - Debt and Lease Oblig_3
Note 5 - Debt and Lease Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | ||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 50,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Percent of Eligible Accounts Receivable | 85.00% | ||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85.00% | ||
Percent of Net Book Value of Eligible Revenue Equipment | 95.00% | ||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 35.00% | ||
Line of Credit Facility, Revolver Commitment, Amount | $ 25,000 | ||
Percent of Appraised Fair Market Value of Eligible Real Estate | 75.00% | ||
Long-term Line of Credit, Total | $ 24,300 | ||
Letters of Credit Outstanding, Amount | 35,100 | $ 35,200 | |
Line of Credit Facility, Remaining Borrowing Capacity | 35,600 | ||
Fixed Charge Coverage Requirement | 0 | $ 0 | |
Debt, Secured with a Cross Default Feature | $ 216,900 | ||
Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 4.20% | ||
Variable Rate Note [Member] | |||
Debt Instrument, Face Amount | $ 28,000 | ||
Federal Funds Rate [Member] | Base Rate Loans [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Applicable Margin [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Applicable Margin [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | ||
Swing Line Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||
Percent of Aggregate Commitments under Credit Facility | 10.00% | ||
Revolving Credit Facility [Member] | Base Rate Loans [Member] | |||
Long-term Line of Credit, Total | $ 4,300 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||
Revolving Credit Facility [Member] | LIBOR Loans [Member] | |||
Long-term Line of Credit, Total | $ 20,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% |
Note 5 - Debt and Lease Operati
Note 5 - Debt and Lease Operations - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Borrowings under Credit Facility, current | ||
Borrowings under Credit Facility, noncurrent | 24,262 | |
Debt, current | 61,403 | 54,377 |
Debt, noncurrent | 228,203 | 200,177 |
Deferred loan costs, current | (117) | (147) |
Deferred loan costs, noncurrent | (7) | |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 7,062 | 7,258 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 24,901 | 26,010 |
Principal portion of operating lease obligations, secured by related revenue equipment | 18,452 | 19,460 |
Principal portion of operating lease obligations, secured by related revenue equipment | 36,357 | 40,882 |
Total debt and lease obligations, current | 86,917 | 81,095 |
Total debt and lease obligations, noncurrent | 289,461 | 267,069 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 60,415 | 53,431 |
Debt, noncurrent | 181,552 | 177,514 |
Real Estate Note [Member] | ||
Debt, current | 1,105 | 1,093 |
Debt, noncurrent | $ 22,389 | $ 22,670 |
Note 5 - Debt and Lease Opera_2
Note 5 - Debt and Lease Operations - Current and Long-term Debt (Details) (Parentheticals) | Mar. 31, 2020 | Dec. 31, 2019 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 3.70% | 3.70% |
Real Estate Note [Member] | ||
Interest rate | 3.30% | 3.30% |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 08, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 750,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 502,213 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,300,000 | ||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year (in shares) | 200,000 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 817 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 12.91 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 6 | $ 668 | |
Salaries Wages And Related Expenses [Member] | |||
Share-based Payment Arrangement, Expense | $ 500 | $ 1,300 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 35,100 | $ 35,200 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Right-of-Use Asset | $ 53.3 | $ 58.8 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 31.8 | $ 35.6 |
Note 8 - Leases - Lease Obligat
Note 8 - Leases - Lease Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of right-of-use assets | $ 1,037 | $ 1,411 |
Interest on lease liabilities | 247 | 227 |
Operating lease cost | 6,602 | 6,182 |
Variable lease cost | 158 | |
Total lease cost | 8,044 | 7,820 |
Operating cash flows from finance leases | 1,037 | 1,146 |
Operating cash flows from operating leases | 6,760 | 6,182 |
Financing cash flows from finance leases | 247 | 227 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 461 | $ 4,146 |
Weighted-average remaining lease term—finance leases (Year) | 2 years 255 days | |
Weighted-average remaining lease term—operating leases (Year) | 3 years 182 days | |
Weighted-average discount rate—finance leases | 3.00% | |
Weighted-average discount rate—operating leases | 5.20% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
2020, Operating | [1] | $ 16,152 | |
2020, Finance | [1] | 7,931 | |
2021, Operating | 18,087 | ||
2021, Finance | 8,179 | ||
2022, Operating | 15,941 | ||
2022, Finance | 9,902 | ||
2023, Operating | 7,214 | ||
2023, Finance | 6,775 | ||
2024, Operating | 408 | ||
2024, Finance | 1,300 | ||
Thereafter, Operating | 1,992 | ||
Thereafter, Finance | |||
Total minimum lease payments, Operating | 59,794 | ||
Total minimum lease payments, Finance | 34,087 | ||
Less: amount representing interest, Operating | (4,985) | ||
Less: amount representing interest, Finance | (2,124) | ||
Present value of minimum lease payments, Operating | 54,809 | ||
Present value of minimum lease payments, Finance | 31,963 | ||
Less: current portion, Operating | (18,452) | $ (19,460) | |
Less: current portion, Finance | (7,062) | (7,258) | |
Lease obligations, long-term, Operating | 36,357 | ||
Lease obligations, long-term, Finance | $ 24,901 | $ 26,010 | |
[1] | Excludes the three months ended March 31, 2020. |
Note 9 - Equity Method Invest_3
Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 18,497 | $ 4,431 | |
Reversal of Deferred Gains of Sale of Property | (2) | (1) | |
Income (Loss) from Equity Method Investments, Total | (735) | 3,035 | |
Transport Enterprise Leasing LLC [Member] | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | 0 | 0 | |
Revenue from Related Parties | 2,300 | 2,400 | |
Reversal of Deferred Gains of Sale of Property | $ 100 | ||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Due from Related Parties, Total | $ 1,400 | $ 1,300 | |
Income (Loss) from Equity Method Investments, Total | 700 | ||
Proceeds from Equity Method Investment, Distribution | $ 0 | ||
Equity Method Investments | 31,200 | $ 31,900 | |
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||
Deferred Gain on Sale of Property | $ 200 |
Note 9 - Equity Method Invest_4
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total Assets | $ 912,684 | $ 881,640 |
Total Liabilities | 584,191 | 531,529 |
Total Equity | 328,493 | 350,111 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Total Assets | 360,538 | 374,591 |
Total Liabilities | 306,132 | 318,743 |
Total Equity | $ 54,406 | $ 55,848 |
Note 9 - Equity Method Invest_5
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 25,221 | $ 27,525 |
Cost of Sales | 4,769 | 7,516 |
Operating Expenses | 18,875 | 12,526 |
Operating Income | 1,577 | 7,483 |
Net Income | $ (1,442) | $ 5,088 |
Note 10 - Goodwill and Other _3
Note 10 - Goodwill and Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Jul. 03, 2018 | |
Goodwill, Ending Balance | $ 42,518 | $ 42,518 | |
Finite-Lived Intangible Asset, Useful Life (Month) | 10 years 150 days | ||
Landair Holdings Inc [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 10 - Goodwill, Other Intan
Note 10 - Goodwill, Other Intangible, and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Gross | $ 34,000 | $ 34,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,116) | (4,385) |
Finite-Lived Intangible Assets, Net | $ 28,884 | 29,615 |
Finite-Lived Intangible Asset, Useful Life (Month) | 10 years 150 days | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (513) | (440) |
Finite-Lived Intangible Assets, Net | $ 3,887 | $ 3,960 |
Finite-Lived Intangible Asset, Useful Life (Month) | 13 years 90 days | 13 years 180 days |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 2,402 | $ 2,402 |
Finite-Lived Intangible Assets, Accumulated Amortization | (280) | (240) |
Finite-Lived Intangible Assets, Net | 2,122 | 2,162 |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,998 | 1,998 |
Finite-Lived Intangible Assets, Accumulated Amortization | (233) | (200) |
Finite-Lived Intangible Assets, Net | 1,765 | 1,798 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,400 | 1,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (491) | (420) |
Finite-Lived Intangible Assets, Net | $ 909 | $ 980 |
Finite-Lived Intangible Asset, Useful Life (Month) | 3 years 90 days | 3 years 180 days |
Noncompete Agreements [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 914 | $ 914 |
Finite-Lived Intangible Assets, Accumulated Amortization | (321) | (274) |
Finite-Lived Intangible Assets, Net | 593 | 640 |
Noncompete Agreements [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 486 | 486 |
Finite-Lived Intangible Assets, Accumulated Amortization | (170) | (146) |
Finite-Lived Intangible Assets, Net | 316 | 340 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,112) | (3,525) |
Finite-Lived Intangible Assets, Net | $ 24,088 | $ 24,675 |
Finite-Lived Intangible Asset, Useful Life (Month) | 10 years 90 days | 10 years 180 days |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | $ 14,072 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,052) | (1,759) |
Finite-Lived Intangible Assets, Net | 12,020 | 12,313 |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 14,128 | 14,128 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,060) | (1,766) |
Finite-Lived Intangible Assets, Net | $ 12,068 | $ 12,362 |
Note 10 - Goodwill, Other Int_2
Note 10 - Goodwill, Other Intangible, and Other Assets - Expected Future Amortization (Details) $ in Thousands | Mar. 31, 2020USD ($) | |
2020 | $ 2,192 | [1] |
2021 | 2,923 | |
2022 | 2,923 | |
2023 | 2,783 | |
2024 | 2,643 | |
Thereafter | $ 15,420 | |
[1] | Excludes the three months ended March 31, 2020. |
Note 11 - Equity (Details Textu
Note 11 - Equity (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 26, 2020 | Feb. 10, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 20,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,500 | |||
Stock Repurchased During Period, Shares (in shares) | 1,400 | 0 | ||
Stock Repurchased During Period, Value | $ 17,515 |
Note 12 - Liquidity (Details Te
Note 12 - Liquidity (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Working Capital (Deficit) | $ 114,100 | $ 93,100 |
Long-term Line of Credit, Total | 24,300 | |
Letters of Credit Outstanding, Amount | 35,100 | $ 35,200 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 35,600 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | May 22, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,524 | $ 143 | |
Subsequent Event [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 6,500 |