(Mark one) | |||||
Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended | |||||
Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | Emerging growth company |
TABLE OF CONTENTS | |||||||||||
Part I. | Page | ||||||||||
Part II. | |||||||||||
Part III. | |||||||||||
Part IV. | |||||||||||
Date | Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program(1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
10/1/20-10/31/20 | 9,464 | $ | 26.97 | — | $ | 60,189 | ||||||||||||||||||||
11/1/20-11/30/20 | — | — | — | $ | 60,189 | |||||||||||||||||||||
12/1/20-12/31/20 | 49 | $ | 27.98 | — | $ | 60,189 | ||||||||||||||||||||
Total | 9,513 | $ | 26.98 | — |
Year ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017(1)(2) | 2016(2) | |||||||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||||||||
Consolidated statements of operations data: | |||||||||||||||||||||||||||||
Revenue | $ | 2,511,515 | $ | 2,184,977 | $ | 2,439,701 | $ | 1,943,086 | $ | 1,716,152 | |||||||||||||||||||
Transportation costs (excludes internal use software depreciation)(3) | 2,118,316 | 1,798,944 | 2,019,337 | 1,604,046 | 1,397,578 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Commissions | 118,203 | 116,959 | 126,822 | 103,088 | 95,631 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 207,454 | 195,120 | 202,928 | 183,149 | 175,302 | ||||||||||||||||||||||||
Contingent consideration (benefit) expense | (447) | 1,050 | 410 | 991 | (108) | ||||||||||||||||||||||||
Depreciation and amortization | 38,492 | 38,387 | 36,638 | 32,728 | 32,138 | ||||||||||||||||||||||||
Total operating expenses | 363,701 | 351,516 | 366,798 | 319,955 | 302,963 | ||||||||||||||||||||||||
Income from operations | 29,497 | 34,517 | 53,566 | 19,085 | 15,611 | ||||||||||||||||||||||||
Interest expense | (5,990) | (12,639) | (15,546) | (14,768) | (14,227) | ||||||||||||||||||||||||
Interest income and other expense | — | — | — | 32 | — | ||||||||||||||||||||||||
Income before provision for income taxes | 23,508 | 21,878 | 38,020 | 4,350 | 1,384 | ||||||||||||||||||||||||
Income tax (expense) benefit | (7,675) | (7,032) | (9,296) | 8,273 | 206 | ||||||||||||||||||||||||
Net income | 15,832 | 14,846 | 28,723 | 12,623 | 1,590 | ||||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.56 | $ | 1.04 | $ | 0.46 | $ | 0.06 | |||||||||||||||||||
Diluted | $ | 0.60 | $ | 0.55 | $ | 1.03 | $ | 0.45 | $ | 0.05 | |||||||||||||||||||
Shares used in per share calculations (in thousands): | |||||||||||||||||||||||||||||
Basic | 25,963 | 26,682 | 27,598 | 27,715 | 28,715 | ||||||||||||||||||||||||
Diluted | 26,353 | 26,823 | 27,922 | 28,023 | 29,302 | ||||||||||||||||||||||||
Note: Amounts may not foot due to rounding. |
Year ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Revenue | $ | 2,511,515 | $ | 2,184,977 | $ | 2,439,701 | $ | 1,943,086 | $ | 1,716,152 | |||||||||||||||||||
Transportation costs | 2,118,316 | 1,798,944 | 2,019,337 | 1,604,046 | 1,397,578 | ||||||||||||||||||||||||
Internal use software depreciation | 19,083 | 17,886 | 14,973 | 10,013 | 9,031 | ||||||||||||||||||||||||
Gross profit | 374,115 | 368,147 | 405,391 | 329,027 | 309,543 | ||||||||||||||||||||||||
Add: Internal use software depreciation | 19,083 | 17,886 | 14,973 | 10,013 | 9,031 | ||||||||||||||||||||||||
Adjusted gross profit | $ | 393,199 | $ | 386,033 | $ | 420,363 | $ | 339,041 | $ | 318,574 | |||||||||||||||||||
Note: Amounts may not foot due to rounding. |
Year ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Total employees | 2,593 | 2,539 | 2,595 | 2,453 | 2,350 |
As of December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 41,297 | $ | 34,626 | $ | 40,281 | $ | 23,515 | $ | 16,646 | |||||||||||||||||||
Working capital | 116,340 | 105,784 | 126,825 | 113,973 | 100,360 | ||||||||||||||||||||||||
Total assets | 963,944 | 826,666 | 878,325 | 838,079 | 766,768 | ||||||||||||||||||||||||
Total liabilities | 564,575 | 443,353 | 488,394 | 479,207 | 408,618 | ||||||||||||||||||||||||
Total stockholders' equity | $ | 399,369 | $ | 383,312 | $ | 389,932 | $ | 358,872 | $ | 358,150 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Consolidated statements of operations data: | |||||||||||||||||
Revenue | $ | 2,511,515 | $ | 2,184,977 | $ | 2,439,701 | |||||||||||
Transportation costs (excludes internal use software depreciation)(1) | 2,118,316 | 1,798,944 | 2,019,337 | ||||||||||||||
Adjusted gross profit(2) | 393,199 | 386,033 | 420,363 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Commissions | 118,203 | 116,959 | 126,822 | ||||||||||||||
Selling, general and administrative expenses | 207,454 | 195,120 | 202,928 | ||||||||||||||
Contingent consideration (benefit) expense | (447) | 1,050 | 410 | ||||||||||||||
Depreciation and amortization | 38,492 | 38,387 | 36,638 | ||||||||||||||
Total operating expenses | 363,701 | 351,516 | 366,798 | ||||||||||||||
Income from operations | 29,497 | 34,517 | 53,566 | ||||||||||||||
Interest expense | (5,990) | (12,639) | (15,546) | ||||||||||||||
Income before provision for income taxes | 23,508 | 21,878 | 38,020 | ||||||||||||||
Income tax expense | (7,675) | (7,032) | (9,296) | ||||||||||||||
Net income | $ | 15,832 | $ | 14,846 | $ | 28,723 | |||||||||||
Stated as a percentage of adjusted gross profit: | |||||||||||||||||
Adjusted gross profit(2) | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Operating expenses: | |||||||||||||||||
Commissions | 30.1 | % | 30.3 | % | 30.2 | % | |||||||||||
Selling, general and administrative expenses | 52.8 | % | 50.5 | % | 48.3 | % | |||||||||||
Contingent consideration (benefit) expense | (0.1) | % | 0.3 | % | 0.1 | % | |||||||||||
Depreciation and amortization | 9.8 | % | 9.9 | % | 8.7 | % | |||||||||||
Total operating expenses | 92.5 | % | 91.1 | % | 87.3 | % | |||||||||||
Income from operations | 7.5 | % | 8.9 | % | 12.7 | % | |||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.56 | $ | 1.04 | |||||||||||
Diluted | $ | 0.60 | $ | 0.55 | $ | 1.03 | |||||||||||
Shares used in per share calculations (in thousands): | |||||||||||||||||
Basic | 25,963 | 26,682 | 27,598 | ||||||||||||||
Diluted | 26,353 | 26,823 | 27,922 | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2020 | Sept. 30, 2020 | June 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sept. 30, 2019 | June 30, 2019 | Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 754,252 | $ | 691,495 | $ | 514,719 | $ | 551,049 | $ | 531,677 | $ | 561,441 | $ | 553,775 | $ | 538,083 | |||||||||||||||||||||||||||||||
Adjusted gross profit(1) | 114,800 | 100,446 | 88,046 | 89,907 | 89,682 | 96,982 | 100,603 | 98,766 | |||||||||||||||||||||||||||||||||||||||
Operating income | 16,017 | 10,259 | 2,761 | 460 | 5,076 | 9,665 | 10,672 | 9,103 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 10,996 | 6,818 | 951 | (2,933) | 1,439 | 4,843 | 5,067 | 3,497 | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.26 | $ | 0.04 | $ | (0.11) | $ | 0.05 | $ | 0.18 | $ | 0.19 | $ | 0.13 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.41 | $ | 0.26 | $ | 0.04 | $ | (0.11) | $ | 0.05 | $ | 0.18 | $ | 0.19 | $ | 0.13 |
Total | Within 1 year | 2-3 years | 4-5 years | More than 5 years | |||||||||||||||||||||||||
Operating leases | $ | 40,160 | $ | 6,244 | $ | 12,613 | $ | 11,377 | $ | 9,925 | |||||||||||||||||||
Contingent consideration obligations(1) | 953 | $ | 953 | — | — | — | |||||||||||||||||||||||
Total | $ | 41,114 | $ | 7,197 | $ | 12,613 | $ | 11,377 | $ | 9,925 | |||||||||||||||||||
Note: Amounts may not foot due to rounding. |
ECHO GLOBAL LOGISTICS, INC. and Subsidiaries: | |||||
Capitalization of Internal Use Software Development Costs | ||||||||||||||
Description of the Matter | As discussed in Note 2 to the consolidated financial statements, the Company capitalizes costs for internal use computer software projects that relate to the application development stage. The Company capitalized $17.9 million of internal use computer software costs during the year ended December 31, 2020 and the net book value of internal use software costs was $30.2 million as of December 31, 2020. | |||||||||||||
Auditing the Company’s capitalization of internal use computer software costs was complex because management’s determination of which projects and activities that qualify for capitalization requires significant judgment, as only those costs incurred in certain stages of software development can be capitalized in accordance with the applicable accounting standards. In addition, measuring the appropriate amounts to capitalize requires the Company to maintain detailed records of time spent by information technology personnel on software development activities. | ||||||||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s processes for accounting for costs associated with internal use software projects. Our procedures included testing controls over management’s determination of which projects and costs qualify for capitalization in accordance with the applicable accounting standards and the Company’s controls over monitoring time and costs associated with the software development activities. | |||||||||||||
To test the Company’s capitalization of internal use computer software costs, we performed audit procedures that included, among others, inspecting Company documentation describing the nature of the software projects. We also inquired of the Company’s information technology project managers for significant projects to understand the objective and status of the software projects, and to assess the nature of the costs incurred and the time devoted to capitalizable activities. We also inspected documentation related to the Company’s identification of time and costs supporting amounts recorded as software development. | ||||||||||||||
December 31, | |||||||||||
(In thousands, except share data) | 2020 | 2019 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Income taxes receivable | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Noncurrent assets: | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization of $ | |||||||||||
Operating lease assets | |||||||||||
Other assets | |||||||||||
Total noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Due to seller, current | |||||||||||
Accrued expenses | |||||||||||
Income tax payable | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Noncurrent liabilities: | |||||||||||
Long-term debt, net | |||||||||||
Convertible notes, net | |||||||||||
Due to seller, noncurrent | |||||||||||
Other noncurrent liabilities | |||||||||||
Deferred income taxes | |||||||||||
Noncurrent operating lease liabilities | |||||||||||
Total noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, par value $ | |||||||||||
Treasury stock, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ | |||||||||
Note: Amounts may not foot due to rounding. |
Year Ended December 31, | |||||||||||||||||
(In thousands, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Costs and expenses: | |||||||||||||||||
Transportation costs (excludes internal use software depreciation of $ | |||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Income from operations | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Income before provision for income taxes | |||||||||||||||||
Income tax expense | ( | ( | ( | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | ||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Share compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued for vesting of restricted stock | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued for vesting of performance shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common shares withheld and retired to satisfy employee tax withholding obligations upon vesting of restricted stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Common shares issued for acquisition | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Repurchase of convertible notes, net of deferred taxes | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued for vesting of restricted stock | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued for vesting of performance shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common shares withheld and retired to satisfy employee tax withholding obligations upon vesting of restricted stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Repurchase of convertible notes, net of deferred taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Share compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common stock issued for vesting of restricted stock and restricted stock units | — | — | — | ||||||||||||||||||||||||||||||||||||||
Common shares withheld and retired to satisfy employee tax withholding obligations upon vesting of restricted stock | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Repurchase of convertible notes, net of deferred taxes | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Note: Amounts may not foot due to rounding. |
Year Ended December 31, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Noncash stock compensation expense | |||||||||||||||||
Noncash interest expense | |||||||||||||||||
Change in contingent consideration due to seller | ( | ||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Change in assets, net of acquisitions: | |||||||||||||||||
Accounts receivable | ( | ( | |||||||||||||||
Income taxes receivable | |||||||||||||||||
Prepaid expenses and other assets | ( | ( | ( | ||||||||||||||
Change in liabilities, net of acquisitions: | |||||||||||||||||
Accounts payable | ( | ||||||||||||||||
Accrued expenses and other liabilities | ( | ||||||||||||||||
Payment of contingent consideration in excess of amounts established in purchase accounting | ( | ( | ( | ||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Investing activities | |||||||||||||||||
Purchases of property and equipment | ( | ( | ( | ||||||||||||||
Investments in business entities | ( | ||||||||||||||||
Payments for acquisitions, net of cash acquired | ( | ( | |||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Financing activities | |||||||||||||||||
Payments of contingent consideration due to seller | ( | ( | ( | ||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||
Employee tax withholdings related to net share settlements of equity-based awards | ( | ( | ( | ||||||||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||||||||
Purchases of Convertible Notes | ( | ( | ( | ||||||||||||||
Settlement of Convertible Notes | ( | ||||||||||||||||
Proceeds from borrowing on ABL facility | |||||||||||||||||
Repayments of amounts borrowed on ABL facility | ( | ( | ( | ||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Increase (decrease) in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents, beginning of period | |||||||||||||||||
Cash and cash equivalents, end of period | $ | $ | $ | ||||||||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||
Cash paid during the year for interest | $ | $ | $ | ||||||||||||||
Cash paid during the year for income taxes | |||||||||||||||||
Cash received during the year for income taxes refunded | |||||||||||||||||
Noncash financing activity | |||||||||||||||||
Liability for purchases of treasury stock not yet settled | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Allowance for Doubtful Accounts | |||||
Balance at December 31, 2019 | $ | ||||
Provision, charged to expense | |||||
Write-offs | ( | ||||
Recoveries | |||||
Balance at December 31, 2020 | $ | ||||
Note: Amounts may not foot due to rounding. |
Computer equipment and software | |||||
Office equipment | |||||
Furniture and fixtures |
Year Ended December 31, | |||||||||||||||||
Client Type | 2020 | 2019 | 2018 | ||||||||||||||
Transactional | $ | $ | $ | ||||||||||||||
Managed Transportation | |||||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Year Ended December 31, | |||||||||||||||||
Mode | 2020 | 2019 | 2018 | ||||||||||||||
Truckload | $ | $ | $ | ||||||||||||||
Less than truckload | |||||||||||||||||
Other revenue | |||||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Fair Value Measurements as of December 31, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration due to seller | $ | ( | $ | ( |
Fair Value Measurements as of December 31, 2019 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration due to seller | $ | ( | $ | ( |
Due to Seller Liability | |||||
Balance at January 1, 2019 | $ | ( | |||
Change in contingent consideration due to seller | ( | ||||
Payments of contingent consideration due to seller | |||||
Balance at December 31, 2019 | ( | ||||
Change in contingent consideration due to seller | |||||
Payments of contingent consideration due to seller | |||||
Balance at December 31, 2020 | $ | ( |
December 31, 2020 | December 31, 2019 | ||||||||||
Computer equipment | $ | $ | |||||||||
Software, including internal use software | |||||||||||
Furniture, fixtures and office equipment | |||||||||||
Leasehold improvements | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Net property and equipment | $ | $ | |||||||||
Note: Amounts may not foot due to rounding. |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Carrier relationships | ( | ( | |||||||||||||||||||||||||||||||||
Non-compete agreements | ( | ( | |||||||||||||||||||||||||||||||||
Trade names | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Note: Amounts may not foot due to rounding. |
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ | ||||
Note: Amounts may not foot due to rounding. |
December 31, 2020 | December 31, 2019 | ||||||||||
Accrued compensation | $ | $ | |||||||||
Accrued rebates | |||||||||||
Accrued employee benefits | |||||||||||
Accrued professional service fees | |||||||||||
Accrued interest | |||||||||||
Other | |||||||||||
Total accrued expenses | $ | $ | |||||||||
Note: Amounts may not foot due to rounding. |
December 31, 2020 | December 31, 2019 | ||||||||||
Convertible senior notes, principal amount | $ | $ | |||||||||
Unamortized debt discount | ( | ||||||||||
Unamortized debt issuance costs | ( | ||||||||||
Convertible senior notes, net | $ | $ |
December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
Contractual coupon interest | $ | $ | $ | ||||||||||||||
Debt discount amortization | |||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||
Debt issuance cost amortization | |||||||||||||||||
Interest expense, Notes | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
2020 | 2019 | ||||||||||
Balance at January 1 | $ | $ | |||||||||
Increases related to prior year tax positions | |||||||||||
Increases related to current year tax positions | |||||||||||
Decreases based on settlements with taxing authorities | ( | ||||||||||
Balance at December 31 | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | $ | $ | ||||||||||||||
State | |||||||||||||||||
Total current | |||||||||||||||||
Deferred: | |||||||||||||||||
Federal | |||||||||||||||||
State | |||||||||||||||||
Total deferred | |||||||||||||||||
Income tax expense | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
2020 | 2019 | 2018 | |||||||||||||||
Tax expense at U.S. federal income tax rate | $ | $ | $ | ||||||||||||||
State income taxes, net of federal income tax effect | |||||||||||||||||
Nondeductible expenses and other | |||||||||||||||||
Effect of state rate change on deferred items | |||||||||||||||||
Research and development credit | ( | ( | ( | ||||||||||||||
Changes in unrecognized tax benefits | |||||||||||||||||
Provision to return adjustments | ( | ( | ( | ||||||||||||||
Share-based payment awards | ( | ||||||||||||||||
State tax credits | ( | ( | ( | ||||||||||||||
Valuation allowance | |||||||||||||||||
Audit settlements | |||||||||||||||||
Work opportunity tax credit | ( | ( | ( | ||||||||||||||
Income tax expense | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
2020 | 2019 | ||||||||||
Noncurrent deferred tax assets: | |||||||||||
Reserves and allowances | $ | $ | |||||||||
Stock options | |||||||||||
Net operating loss carryforward | |||||||||||
Credit carryforwards | |||||||||||
Lease liability | |||||||||||
Subtotal | |||||||||||
Valuation allowance | ( | ( | |||||||||
Total noncurrent deferred tax assets | |||||||||||
Noncurrent deferred tax liabilities: | |||||||||||
Prepaid and other expenses | |||||||||||
Intangible assets | |||||||||||
Property and equipment | |||||||||||
Convertible debt | |||||||||||
Section 481(a) adjustment - revenue recognition | |||||||||||
Right of use asset | |||||||||||
Total noncurrent deferred tax liabilities | |||||||||||
Net deferred tax liability | $ | ( | $ | ( | |||||||
Note: Amounts may not foot due to rounding. |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per common share - weighted-average shares | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock awards | |||||||||||||||||
Denominator for dilutive earnings per common share | |||||||||||||||||
Basic earnings per common share | $ | $ | $ | ||||||||||||||
Diluted earnings per common share | $ | $ | $ |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding at January 1, 2018 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited or canceled | ( | ||||||||||||||||||||||
Outstanding at December 31, 2018 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited or canceled | |||||||||||||||||||||||
Outstanding at December 31, 2019 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited or canceled | |||||||||||||||||||||||
Outstanding at December 31, 2020 | $ | $ | |||||||||||||||||||||
Options vested and exercisable at December 31, 2020 | $ | $ |
2020 | 2019 | 2018 | |||||||||||||||
Options vested/exercisable: | |||||||||||||||||
Grant date fair value | $ | $ | $ | ||||||||||||||
Aggregate intrinsic value | $ | $ | $ |
Number of Restricted Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at January 1, 2018 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Non-vested at December 31, 2018 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Non-vested at December 31, 2019 | |||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Non-vested at December 31, 2020 | $ |
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at January 1, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeitures | ( | ||||||||||
Non-vested at December 31, 2020 | $ |
Year Ended December 31, 2020 | |||||||||||||||||||||||
In thousands, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Net (loss) income | ( | ||||||||||||||||||||||
(Loss) earnings per common share: | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||||||||
In thousands, except per share data | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating income | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
December 31, 2020 | December 31, 2019 | |||||||
ROU assets: | ||||||||
Operating lease assets | $ | $ | ||||||
Operating lease liabilities: | ||||||||
$ | $ | |||||||
Noncurrent operating lease liabilities | ||||||||
Total operating lease liabilities | $ | $ |
December 31, 2020 | December 31, 2019 | |||||||
Operating lease expense | $ | $ | ||||||
Short-term lease expense | ||||||||
Total lease expense | $ | $ |
December 31, 2020 | December 31, 2019 | |||||||
Weighted average remaining lease term (in years) | ||||||||
Weighted average operating discount rate | % | % |
Operating Leases | |||||
2021 | |||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total lease payments | $ | ||||
Less: imputed interest | |||||
Total operating lease liabilities | $ |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | |||||||||||||||||
Equity compensation plans approved by security holders(1) | 8,389 | $ | 14.42 | 700,048 | (2) | |||||||||||||||
Equity compensation plans not approved by security holders | — | $ | — | — | ||||||||||||||||
Total | 8,389 | $ | 14.42 | 700,048 |
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Provision, charged to expense | |||||||||||||||||
Write-offs, less recoveries | ( | ( | ( | ||||||||||||||
Balance at end of year | $ | $ | $ | ||||||||||||||
Deferred tax assets - valuation allowance: | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Adjustments | |||||||||||||||||
Balance at end of year | $ | $ | $ | ||||||||||||||
Note: Amounts may not foot due to rounding. |
Exhibit No. | Description | |||||||
3.1 | (1) | |||||||
3.2 | (1) | |||||||
3.3 | (5) | |||||||
4.1 | (1) | |||||||
4.2 | (4) | |||||||
4.4* | ||||||||
10.1 | (1)† | |||||||
10.2 | (7)† | |||||||
10.3 | (1)† | |||||||
10.4 | (2)† | |||||||
10.5 | (2)† | |||||||
10.6 | (2)† | |||||||
10.7 | (1) | |||||||
10.8 | (3) | |||||||
10.9 | (6) | |||||||
10.10* | ||||||||
10.11 | (8) | |||||||
21.1* | ||||||||
23.1* | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101.INS* | XBRL Instance Document. | |||||||
101.SCH* | XBRL Schema Document. | |||||||
101.CAL* | XBRL Calculation Linkbase Document. | |||||||
101.DEF* | XBRL Definition Linkbase Document. | |||||||
101.LAB* | XBRL Label Linkbase Document. | |||||||
101.PRE* | XBRL Presentation Linkbase Document. | |||||||
104*,** | Cover Page Interactive Data File. |
ECHO GLOBAL LOGISTICS, INC. | ||||||||
By: | /s/ DOUGLAS R. WAGGONER | |||||||
Douglas R. Waggoner Chairman and Chief Executive Officer |
Signature | Title | Date | |||||||||
/s/ DOUGLAS R. WAGGONER | Chief Executive Officer (principal executive officer) and Chairman of the Board | February 26, 2021 | |||||||||
Douglas R. Waggoner | |||||||||||
/s/ PETER M. ROGERS | Chief Financial Officer (principal financial and accounting officer) | February 26, 2021 | |||||||||
Peter M. Rogers | |||||||||||
/s/ SAMUEL K. SKINNER | Director | February 26, 2021 | |||||||||
Samuel K. Skinner | |||||||||||
/s/ DAVID C. HABIGER | Director | February 26, 2021 | |||||||||
David C. Habiger | |||||||||||
/s/ WILLIAM M. FARROW III | Director | February 26, 2021 | |||||||||
William M. Farrow III | |||||||||||
/s/ MATTHEW W. FERGUSON | Director | February 26, 2021 | |||||||||
Matthew W. Ferguson | |||||||||||
/s/ VIRGINIA L. HENKELS | Director | February 26, 2021 | |||||||||
Virginia L. Henkels |
Name of Subsidiary | State of Incorporation | ||||
Command Transportation, LLC | Delaware | ||||
Echo/FMP Holdings, LLC | Delaware | ||||
Echo/SFS Holdings, LLC | Delaware | ||||
Echo/OFS Holdings, LLC | Delaware | ||||
Echo Logistics India Pvt. Ltd. | Delaware |
/s/ Ernst & Young LLP | |||||
Chicago, Illinois | |||||
February 26, 2021 |
Date: | February 26, 2021 | /s/ DOUGLAS R. WAGGONER | |||||||||
Douglas R. Waggoner Chairman and Chief Executive Officer |
Date: | February 26, 2021 | /s/ PETER M. ROGERS | |||||||||
Peter M. Rogers Chief Financial Officer |
Date: | February 26, 2021 | /s/ DOUGLAS R. WAGGONER | |||||||||
Douglas R. Waggoner Chairman and Chief Executive Officer |
Date: | February 26, 2021 | /s/ PETER M. ROGERS | |||||||||
Peter M. Rogers Chief Financial Officer |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts | $ 6,287 | $ 4,255 |
Noncurrent assets: | ||
Property and equipment, accumulated depreciation | 156,309 | 130,320 |
Customer relationships and other intangible assets, accumulated amortization | $ 92,630 | $ 81,656 |
Stockholders' equity: | ||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,731,798 | 31,507,247 |
Common stock, shares outstanding | 25,964,698 | 26,229,809 |
Treasury stock, shares | 5,767,100 | 5,277,438 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Statement [Abstract] | |||
Revenue | $ 2,511,515 | $ 2,184,977 | $ 2,439,701 |
Costs and expenses: | |||
Transportation costs (excludes internal use software depreciation of $19,083, $17,886, and $14,973 for years ended December 31, 2020, 2019, and 2018, respectively.) | 2,118,316 | 1,798,944 | 2,019,337 |
Selling, general and administrative expenses | 325,209 | 313,129 | 330,160 |
Depreciation and amortization | 38,492 | 38,387 | 36,638 |
Income from operations | 29,497 | 34,517 | 53,566 |
Interest expense | (5,990) | (12,639) | (15,546) |
Income before provision for income taxes | 23,508 | 21,878 | 38,020 |
Income tax expense | (7,675) | (7,032) | (9,296) |
Net income | $ 15,832 | $ 14,846 | $ 28,723 |
Earnings per common share: | |||
Basic (USD per share) | $ 0.61 | $ 0.56 | $ 1.04 |
Diluted (USD per share) | $ 0.60 | $ 0.55 | $ 1.03 |
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Depreciation | $ 27,500 | $ 26,600 | $ 23,600 |
Software development | |||
Depreciation | $ 19,083 | $ 17,886 | $ 14,973 |
Description of Business |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of BusinessEcho Global Logistics, Inc. (the "Company") is a leading provider of technology-enabled transportation and supply chain management services. These services are delivered on a proprietary technology platform that serves the transportation and logistics needs of the Company's clients. The Company provides services across all major transportation modes, including truckload ("TL"), less than truckload ("LTL"), small parcel, intermodal, domestic air, expedited and international. The Company's core logistics services, primarily brokerage and transportation management services, include carrier selection, dispatch, load management and tracking.The Company's common stock is listed on the Nasdaq Global Select Market under the symbol ECHO. |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Echo Global Logistics, Inc. and its subsidiaries (the Company). All significant intercompany accounts and transactions have been eliminated in the consolidation. The consolidated statements of operations include the results of entities or assets acquired from the effective date of the acquisition for accounting purposes. Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results can differ from those estimates. Fair Value of Financial Instruments The carrying value of the Company's financial instruments, which consist of cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values due to their short-term nature. The fair value of the due to seller liabilities are determined based on the likelihood of the Company making contingent earn-out payments. See Note 6 "Fair value Measurement" for additional information. Leases The Company adopted Accounting Standards Codification ("ASC") Topic 842 Leases ("ASC Topic 842") on January 1, 2019, of which prior amounts are not adjusted and continue to be in accordance with the accounting standards in effect for those periods. The Company determines if an arrangement contains a lease at inception. Operating leases are recorded as right-of-use assets ("ROU assets"), which are included in operating lease assets, and lease liabilities, which are included in other current liabilities and noncurrent operating lease liabilities on the consolidated balance sheets. As of December 31, 2020, all Company leases were operating leases. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The Company also has some leases that include termination options. The exercise of lease renewal or termination options is at the Company's sole discretion, and it does not recognize these options as part of its ROU assets or lease liabilities. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's leases generally do not provide an implicit rate, and therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The incremental borrowing rate is influenced by the Company's credit rating and lease term and may differ for individual leases. The Company adopted the package of practical expedients that allows it to (i) not reassess whether an arrangement contains a lease, (ii) carry forward its lease classification as operating or capital leases and (iii) not reassess its previously recorded initial direct costs. In addition, the Company elected the practical expedient to not separate lease and non-lease components, and therefore both components are accounted for and recognized as lease components. The Company's 2018 leases were recognized in accordance with ASC Topic 840 Leases. Revenue Recognition The Company adopted ASC Topic 606 Revenue from Contracts with Customers ("ASC Topic 606") on January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under ASC Topic 606, of which prior amounts are not adjusted and continue to be in accordance with the accounting standards in effect for those periods. Under ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to receive in exchange for services. The Company generates revenue from two different client types: Transactional and Managed Transportation. Most clients are categorized as Transactional clients. For its Transactional business, the Company provides brokerage and transportation management services on a shipment-by-shipment basis. Carrier selection, dispatch, load management and tracking are integrated services that occur within the brokerage and transportation management performance obligation. The Company categorizes a client as a Managed Transportation client if there is an agreement with the client for the provision of services, typically for a multi-year term. Brokerage and transportation management services is typically the performance obligation for the Company's Managed Transportation clients. For the brokerage and transportation management services performance obligation, revenue is recognized as the client's shipment travels from origin to destination by a third-party carrier. The Company is the principal in these transactions and recognizes revenue on a gross and relative transit time basis. Other performance obligations for Managed Transportation clients may include transportation management services, which includes the integrated services of dispatch, tracking and carrier payment. For these types of transactions, revenue is recorded on a net basis as the Company does not have latitude in carrier selection or establish rates with the carrier. The Company also performs project-based services, such as compliance management, customized re-billing services and freight studies for certain Managed Transportation clients. Further discussion of the changes to the revenue recognition policy under the new standard is discussed in Note 5 "Revenue". Rebates The Company has entered into agreements with certain clients to rebate to them a portion of the costs that they pay to the Company for transportation services, based on certain conditions and/or pricing schedules that are specific to each individual agreement, but that are typically constructed as a percentage of the costs that the client incurs. Refer to Note 5 "Revenue" for further discussion. Rebates are recognized at the same time that the related transportation revenue is recognized and are recorded as a reduction of transportation revenue. Segment Reporting For operating purposes, the Company is organized as one operating segment pursuant to the provisions of ASC Topic 280 Segment Reporting, which establishes accounting standards for segment reporting. The Company's chief operating decision-maker assesses performance and makes resource allocation decisions for the business as a single operating segment. There has been no change from prior periods in the Company's determination that it has one reportable segment for reporting purposes. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are uncollateralized customer obligations due under normal trade terms. Invoices require payment within 30 to 90 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices 90 days past due are considered delinquent. The Company generally does not charge interest on past due amounts. Additionally, the Company maintains a credit insurance policy for certain accounts. The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts that reflects management's best estimate of amounts that will not be collected. The allowance is based on historical loss experience and any specific risks identified in client collection matters. Accounts receivable are charged off against the allowance for doubtful accounts when it is determined that the receivable is uncollectible. The Company recorded $2.9 million, $2.3 million and $2.7 million of bad debt expense for the years ended December 31, 2020, 2019 and 2018, respectively. On January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses Topic 326, using the prospective approach. Results for reporting periods beginning on or after January 1, 2020 are presented under ("Topic 326"). Prior period amounts are not adjusted and continue to be reported in accordance with the accounting standards in effect for those periods. The Company is exposed to potential credit losses related to its trade receivables, which the Company categorizes as either Transactional or Managed Transportation. For its Transactional trade receivables, the Company utilizes historical loss information to develop an estimate for future expected credit losses. For its Managed Transportation trade receivables, the Company estimates its potential future expected credit losses on a customer specific basis. The Company considers current economic conditions and forecasts when determining its credit loss estimate based on the aging schedule. The Company transacts with customers in a variety of industries and adjusts its estimate accordingly if it becomes aware of financial difficulties for a specific customer. The Company extends credit to certain clients as part of its business model. These clients are subject to an approval process prior to any extension of credit or increase in their current credit limit. The Company reviews each credit request and considers, among other factors, payment history, current billing status, recommendations by various rating agencies and capitalization. Clients that satisfy the credit review may receive a line of credit or an increase in their existing credit amount. The Company believes this review and approval process helps mitigate the risk of client defaults on extensions of credit and any potential credit losses. Additionally, the Company maintains a credit insurance policy for certain accounts. The following table summarizes the components of the allowance as of December 31, 2020 (in thousands):
Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements under operating leases are depreciated over the estimated useful life of the improvement or the remaining term of the lease, whichever is shorter. The estimated useful lives, by asset class, are as follows:
Internal Use Software Certain costs incurred in the planning and evaluation stage of internal use computer software projects are expensed as incurred. Costs incurred during the application development stage for the development of internal use software, including upgrades and enhancements that provide additional functionality to existing software, are capitalized and included in property and equipment. The Company capitalized $17.9 million and $16.9 million of internal use software costs during the years ended December 31, 2020 and 2019, respectively. Capitalized internal use software costs are amortized over the expected economic life of three years using the straight-line method. The total expense, included in depreciation expense, for the years ended December 31, 2020, 2019 and 2018 was $19.1 million, $17.9 million and $15.0 million, respectively. At December 31, 2020 and 2019, the net book value of internal use software costs was $30.2 million and $31.5 million, respectively. Goodwill and Other Intangibles Goodwill represents the excess of consideration transferred over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC Topic 350 Intangibles - Goodwill and Other: Testing Goodwill for Impairment ("ASC 350"), goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any special circumstances that could require an interim test, the Company has elected to test for goodwill impairment during the fourth quarter of each year. The Company manages the business as one operating segment and one reporting unit pursuant to the provisions of ASC Topic 280 Segment Reporting, which established accounting standards for segment reporting. Accounting Standards Update No. 2011-08, “Intangibles - Goodwill and Other: Testing Goodwill for Impairment" permits an entity to first assess qualitative factors to determine whether it is more likely than not (a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. After assessing qualitative factors, if an entity determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, no further testing is necessary. In October 2020, the Company performed a quantitative goodwill impairment assessment of the reporting unit in accordance with ASC 350 due to the uncertain economic environment created by the COVID-19 pandemic. We utilized a combination of two valuation methodologies commonly referred to as the income approach and the market approach. For the income approach, we used the discounted cash flow model and for the market approach, we used the guideline public company method. The discounted cash flow method under the income approach uses the reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the reporting unit. The guideline public company method under the market approach uses pricing multiples of a peer group of publicly traded companies and applies these multiples to the operating results of each reporting unit to provide indications of value. A concluded enterprise value based on equal weighting of the two methods was reconciled to current market capitalization. Both methods use management's best estimates of economic and market conditions over the projected period, including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. As a result of our quantitative assessment of the reporting unit, we concluded that the fair value of the reporting unit exceeded its carrying amount. ASC Topic 350 also requires that intangible assets with finite lives be amortized over their respective estimated useful lives and reviewed for impairment whenever impairment indicators exist in accordance with ASC Topic 360 Property, Plant and Equipment. The Company's intangible assets consist of customer relationships, carrier relationships, non-compete agreements and trade names, which are being amortized over their estimated weighted-average useful lives of 14.8 years,17.0 years, 6.7 years and 4.0 years, respectively. The weighted-average useful life of total intangible assets is 14.4 years. The customer relationships are being amortized using an accelerated method, while carrier relationships, non-compete agreements and trade names are being amortized using the straight-line method. Self-Insurance Liability The Company is self-insured for its employee health plans and records a liability that represents its estimated cost of claims incurred and unpaid as of the balance sheet date. The Company's estimated liability is not discounted and is based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. The total estimated self-insurance liabilities as of December 31, 2020 and 2019 were $1.0 million and $0.8 million, respectively. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718 Compensation - Stock Compensation which requires all share-based payments to employees, including grants of stock options, to be recognized in the income statement based upon their fair values. Share-based compensation for restricted stock and restricted stock unit is reduced by estimated forfeitures for each period and adjusted accordingly upon vesting or actual forfeiture. Share-based employee compensation costs are recognized as a component of selling, general and administrative expense in the consolidated statements of operations. See Note 15 "Stock-based Compensation Plans" for a description of the Company's accounting for stock-based compensation plans. Income Taxes Under ASC Topic 740 Income Taxes, deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement.
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New Accounting Pronouncements |
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Dec. 31, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which replaces the incurred loss methodology previously employed to measure credit losses for most financial assets and requires the use of a forward-looking expected loss model. This update requires financial assets to be measured at amortized costs less a reserve and equal to the net amount expected to be collected. The Company adopted this standard on January 1, 2020 using the prospective approach. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. At December 31, 2020, the Company reported $439.4 million of accounts receivable, net of allowance of $6.3 million. The Company fully describes the adoption and impact of this standard in Note 2 "Summary of Significant of Accounting Policies". As part of the adoption of this standard, the Company implemented changes to its accounting policies, practices and internal controls over financial reporting. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This new accounting standard was effective for annual periods beginning after December 15, 2019. The Company adopted the standard on January 1, 2020. The adoption of this new standard did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements not yet adopted In October 2020, the FASB issued ASU 2020-10, Codification Improvements – Disclosures, which provides consistency by amending the codification to include all disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. The guidance is to be applied using retrospective method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options, which is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for interim and annual periods beginning after December 15, 2021. Early adoption is permitted. The guidance is to be applied using either a full retrospective or modified retrospective method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, which provides companies with optional guidance, including expedients and exceptions for applying U.S. GAAP to contracts and other transactions affected by reference rate reform, such as the London Interbank Offered Rate (LIBOR). This new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is evaluating the effects that the adoption of this guidance will have on its disclosures.
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Acquisitions |
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Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On July 6, 2018, the Company acquired Freight Management Plus, Inc. ("Freight Management", or "FMP"), a non-asset based truckload and less than truckload transportation brokerage based in Allison Park, Pennsylvania, and the results of FMP have been included in the Company's consolidated financial statements since the acquisition date. The Company purchased the assets and assumed certain liabilities of FMP for $6.7 million in cash payable at closing, $0.7 million of common stock, par value $0.0001 per share, and an additional $2.9 million in contingent consideration that may become payable upon the achievement of certain performance measures on or prior to June 30, 2021. The acquisition date fair value of the total consideration transferred was $10.5 million. The Company recorded $2.3 million of goodwill, $1.4 million as the estimated opening balance sheet fair value of the contingent consideration obligation and $5.1 million of customer relationship intangible assets. The fair values of the contingent consideration obligation and the customer relationship intangible assets are considered Level 3 fair value estimates. The fair value of the contingent consideration obligation was based on the probability of reaching the financial forecasts of future operating results, an appropriate discount rate and the Company's historical experience with similar arrangements as further described in Note 6 to the consolidated financial statements. The fair value of the customer relationship intangible assets was determined using a discounted cash flow analysis based on the current customers of FMP at the time of the acquisition. The amount of goodwill deductible for U.S. income tax purposes is $0.9 million, which excludes the opening balance sheet fair value of the contingent consideration obligation.The opening balance sheet fair value of the contingent consideration was $1.4 million. The Company made a payment of $1.0 million in 2020 and 2019 to the seller of FMP based on the achievement of certain financial measures as defined within the acquisition purchase agreement. As of December, 31, 2020 the fair value of the remaining contingent consideration was $0.3 million. The Company will continue to reassess the fair value of the contingent consideration obligation each quarter. |
Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Adoption of ASC Topic 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers ("ASC Topic 606"), using the modified retrospective method. The Company recorded an increase to the opening balance of retained earnings of $1.1 million, net of tax, as of January 1, 2018 due to the cumulative impact of adoption of ASC Topic 606. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to receive in exchange for its services. The Company generates revenue from two different client types: Transactional and Managed Transportation. Most clients are categorized as Transactional clients. For its Transactional business, the Company provides brokerage and transportation management services on a shipment-by-shipment basis. Carrier selection, dispatch, load management and tracking are integrated services that occur within the brokerage and transportation management performance obligation. For the brokerage and transportation management services performance obligation, revenue is recognized as the client's shipment travels from origin to destination by a third-party carrier. The Company is the principal in these transactions and recognizes revenue on a gross and relative transit time basis. The Company categorizes a client as a Managed Transportation client if there is an agreement with the client for the provision of services, typically for a multi-year term. Brokerage and transportation management services is typically the performance obligation for the Company's Managed Transportation clients. For this performance obligation, revenue is recognized gross as the Company is the principal in these transactions and is recognized as the Managed Transportation client's shipment travels from origin to destination on a relative transit time basis. Other performance obligations for Managed Transportation clients may include transportation management services, which includes the integrated services of dispatch, tracking and carrier payment. For these types of transactions, revenue is recorded on a net basis as the Company does not have latitude in carrier selection or establish rates with the carrier. The Company also performs project-based services, such as compliance management, customized re-billing services and freight studies for certain Managed Transportation clients. The following table presents the Company's revenue disaggregated by client type (in thousands):
Revenue recognized per shipment varies depending on the transportation mode. The primary modes of shipment in which the Company transacts are truckload and less than truckload. Other transportation modes include intermodal, small parcel, domestic air, expedited and international. The following table presents the Company's revenue disaggregated by mode (in thousands):
Variable Consideration Certain customers may receive rebates based on the terms of their agreement with the Company, which are accounted for as variable consideration. Rebates are estimated based on the expected amount to be provided to customers and reduce revenue recognized. The Company also estimates for possible additional fees based on a portfolio approach. Practical Expedients The Company adopted the practical expedient to recognize commission expense when incurred because the amortization period is less than one year. Commission expense recognition aligns with the Company's revenue recognition policy under ASC Topic 606, as commission expense is recognized on a relative transit time basis. The Company applied the disclosure exemption in ASC Topic 606 that permits the omission of remaining performance obligations that have an original expected duration of one year or less.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The Company applies ASC Topic 820, Fair Value Measurements and Disclosures, for its financial assets and financial liabilities. The guidance requires disclosures about assets and liabilities measured at fair value. The Company's financial liabilities primarily relate to contingent earn-out payments due to sellers in connection with various acquisitions. The fair value of the due to seller liabilities at December 31, 2020 and 2019 was $0.3 million and $1.7 million, respectively. The potential contingent earn-out payments and performance are defined in the individual purchase agreement for each acquisition. Earnings before interest, taxes, depreciation and amortization ("EBITDA") is the performance target defined and measured to determine the contingent earn-out payment due, if any, after each defined measurement period. ASC Topic 820 includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: •Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data. •Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. The significant inputs used to derive the fair value of the amounts due to seller include financial forecasts of future operating results, the probability of reaching the forecast and an appropriate discount rate for each contingent liability. Probabilities are estimated by reviewing financial forecasts and assessing the likelihood of reaching the required performance measures based on factors specific to each acquisition as well as the Company’s historical experience with similar arrangements. If an acquisition reaches the required performance measure, the estimated probability would be increased to 100% and would still be classified as a contingent liability on the balance sheet. If the measure is not reached, the probability would be reduced to reflect the amount earned, if any, depending on the terms of the agreement. Discount rates used in determining the fair value of the contingent consideration due to seller ranged between 2% and 3%. Historical results of the respective acquisitions serve as the basis for preparing the financial forecasts used in the valuation. Quantitative factors are also considered in these forecasts, including acquisition synergies, growth and sales potential and potential operational efficiencies gained. Changes to the significant inputs used in determining the fair value of the contingent consideration due to seller could result in a change in the fair value of the contingent consideration. However, the correlation and inverse relationship between higher projected financial results to the discount rate applied and probability of meeting the financial targets mitigates the effect of any changes to the unobservable inputs. The following tables set forth the Company's financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2020 and 2019 (in thousands):
The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3) (in thousands):
For the year ended December 31, 2020, the Company recognized a benefit of $0.4 million in selling, general and administrative expense due to the change in fair value determined by a level three valuation technique. For the years ended December 31, 2019 and 2018, the Company recognized net expense of $1.1 million and $0.4 million, respectively, in selling, general and administrative expense due to the change in fair value determined by a level three valuation technique. These changes in fair value resulted from using revised forecasts that took into account the most recent performance at each acquired business and the effect of the time value of money. For the years ended December 31, 2020, 2019 and 2018, the Company made contingent earn-out payments of $1.0 million, $2.3 million and $0.9 million, respectively, to sellers of businesses acquired by the Company.
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Property and Equipment |
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Property and Equipment | Property and Equipment Property and equipment at December 31, 2020 and 2019, consisted of the following (in thousands):
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Intangibles and Other Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles and Other Assets | Intangibles and Goodwill The balance of goodwill was $309.6 million as of December 31, 2020 and 2019, as no changes occurred during the period. The Company performs an annual impairment test and no such impairment was recognized. The Company has no accumulated impairment losses as of December 31, 2020. See Note 2 "Summary of Significant Accounting Policies", for additional information on our annual impairment testing. The following is a summary of intangible assets as of December 31, 2020 and December 31, 2019 (in thousands):
The customer relationships are being amortized using an accelerated method, as an accelerated method best approximates the distribution of cash flows generated by the acquired customer relationships. The carrier relationships, trade names and non-compete agreements are being amortized using the straight-line method. Amortization expense related to intangible assets was $11.0 million, $11.8 million and $13.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The estimated amortization expense for the next five years and thereafter is as follows (in thousands):
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Accrued Expenses and Other Noncurrent Liabilities |
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Accounts Expenses and Other Noncurrent Liabilities | Accrued Expenses and Other Liabilities The components of accrued expenses at December 31, 2020 and December 31, 2019 are as follows (in thousands):
The other current liabilities of $4.0 million and $6.7 million at December 31, 2020 and December 31, 2019, respectively, consists primarily of the current portion of the Company's operating lease liabilities. The other noncurrent liabilities of $0.5 million and $0.6 million at December 31, 2020 and December 31, 2019, respectively, consist of the long-term portion of the Company's uncertain tax liability.
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Long-Term Debt |
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Long-term Debt | Long-Term Debt ABL Facility On October 23, 2018, the Company entered into Amendment No. 2 to its Revolving Credit and Security Agreement (the "Second Amendment"), which amended the terms of its existing Revolving Credit and Security Agreement, dated as of June 1, 2015, by and among the Company, the lenders party thereto, and PNC Bank, National Association, as administrative agent (as amended, restated or otherwise modified prior to the Second Amendment, the "Existing Credit Agreement" and, as amended by the Second Amendment, the "Amended Credit Agreement"). The Amended Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $350 million (the "Amended ABL Facility"), with an extended maturity date of October 23, 2023. The initial aggregate principal amount under the Amended ABL Facility may be increased from time to time by an additional $150 million to a maximum aggregate principal amount of $500 million; provided that certain requirements are satisfied. The Company's obligations under the Amended ABL Facility are secured, on a first lien priority basis, by certain working capital assets. Interest is payable at a rate per annum equal to, at the option of the Company, any of the following, plus, in each case, an applicable margin: (a) a base rate determined by reference to the highest of (1) the federal funds effective rate, plus 0.50%, (2) the base commercial lending rate of PNC Bank, National Association and (3) a daily LIBOR rate, plus 1.00%; or (b) a LIBOR rate determined by reference to the costs of funds for deposits in the relevant currency for the interest period relevant to such borrowing adjusted for certain additional costs. The applicable margin is 0.25% to 0.50% for borrowings at the base rate and 1.25% to 1.50% for borrowings at the LIBOR rate, in each case, based on the excess availability under the Amended ABL Facility. The terms of the Amended ABL Facility include various covenants, including a covenant that requires the Company to maintain a consolidated fixed charge coverage ratio at any time (a) a specified default occurs or (b) if excess availability falls below certain specified levels. We remained in compliance with all covenants as of December 31, 2020. The Company incurred issuance costs of $0.8 million in 2018 related to the Amended ABL Facility. If the Company has an amount outstanding on the ABL Facility, these issuance costs are presented on the consolidated balance sheet as a reduction to the carrying amount of the debt and amortized to interest expense using straight-line amortization over the 5 year life of the Amended ABL Facility. If the Company has no outstanding draw on the ABL Facility, the unamortized issuance costs are presented as a deferred asset on the consolidated balance sheet. For each of the years ended December 31, 2020, 2019 and 2018, the Company recorded $0.1 million, $0.5 million and $0.7 million of interest expense related to the ABL Facility issuance costs, respectively. Under the Amended ABL Facility, the Company is required to pay a commitment fee in respect to the unutilized commitments under the Amended ABL Facility, calculated at a rate of 0.25%. The Company recognized interest expense related to the commitment fee and borrowings on the ABL Facility of $2.9 million, $1.1 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company drew a total of $180.0 million on the ABL Facility, primarily to repay in full the existing 2.50% convertible senior notes due 2020 (the "Notes"), for the year ended December 31, 2020, of which $135.0 million is outstanding as of December 31, 2020. As there is an outstanding amount drawn on the ABL as of December 31, 2020, the unamortized issuance costs are presented as a reduction to the carrying amount of the debt on the consolidated balance sheet. The Company drew a total of $35.0 million and $12.0 million on the ABL Facility for the years ended December 31, 2019 and 2018, respectively, all of which was repaid as of December 31, 2019 and 2018. No amounts were outstanding on the ABL Facility as of December 31, 2019 and 2018. As there is no outstanding draw on the ABL Facility at December 31, 2019 and 2018, the unamortized issuance costs are presented as a deferred asset on the consolidated balance sheets. Since June 1, 2015, the Company has been in compliance with all covenants related to the ABL Facility. The issuance of letters of credit under the ABL Facility reduces available borrowings. At December 31, 2020, there were $0.7 million of letters of credit outstanding. The total draw allowed on the Amended ABL Facility at December 31, 2020, as determined by the working capital assets pledged as collateral, was $330.7 million. After adjusting for the letters of credit, the Company's remaining availability to borrow under the Amended ABL Facility at December 31, 2020 was $194.9 million. Convertible Senior Notes On May 5, 2015, the Company issued $230 million aggregate principal amount of 2.50% convertible senior notes due 2020 in a registered public offering (the "Notes"). The Notes bear interest at a rate of 2.50% per year payable semiannually in arrears in cash on May 1 and November 1 of each year, beginning on November 1, 2015. On May 1, 2020, the Company paid the Notes remaining outstanding principal balance of $69.2 million and related accrued interest of $0.9 million using the Amended ABL Facility. The Company accounted for these transactions in accordance with ASC 470-20, Debt with Conversion and Other Options. At the maturity date, the fair value of the Notes was equal to the par value, resulting in no gain or loss on the extinguishment of debt. Prior to paying the final outstanding balance of the Notes at maturity, the Company repurchased $89.1 million par value of the Notes for $89.0 million in cash, resulting in the recognition of a loss of $0.2 million during 2020. The loss is primarily for the write-off of the unamortized debt discount related to the Notes, which was included in interest expense in the Company's respective consolidated statements of operations. During the year ended December 31, 2019, the Company repurchased $34.3 million par value of the convertible senior notes for $33.9 million in cash, resulting in a $0.7 million loss. The losses were primarily for the write-off of the unamortized debt discount related to the Notes, which were included in interest expense in the Company’s respective consolidated statements of operations. As of December 31, 2020 and 2019, the carrying amount of the Notes on the consolidated balance sheets is calculated as follows (in thousands):
For 2020, 2019 and 2018, interest expense related to the Notes consisted of the following (in thousands):
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Commitments and Contingencies |
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Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contingencies In the normal course of business, the Company is subject to potential claims and disputes related to its business, including claims for freight lost or damaged in transit. Some of these matters may be covered by its insurance and risk management programs or may result in claims or adjustments with the Company's carriers. The Company cannot predict the outcome of any litigation or the potential for future litigation and does not guarantee that these events will not adversely impact our financial results. Management does not believe that the outcome of any pending legal proceedings to which the Company is a party will have a material adverse effect on its financial position or results of operations. In July 2016, the Company received an unfavorable appeals assessment regarding a state activity-based tax matter of $1.3 million, including penalties and interest, for the state tax audit period from January 1, 2010 to June 30, 2014. The Company appealed the assessment further, and on July 23, 2020, received an unfavorable decision from the state tax board. The Company continues to believe the assessment is without merit and will continue to defend its position through the judicial court system. The Company estimates that the additional potential liability related to this matter for the remaining open tax periods is between $3.5 million and $4.5 million, including potential penalties and interest. The Company has not recorded any potential loss related to this matter as of December 31, 2020. The Company has received a letter alleging the Company violated both federal and state labor laws in classifying certain employees as exempt and threatening to bring a class action lawsuit against the Company regarding this allegation. The Company disputes the allegations and intends to defend the matter. Given the uncertainty of potential litigation and the preliminary stage of the matter, the Company cannot estimate the reasonable possibility or range of loss, if any, that may result from this matter and therefore no accrual has been made as of December 31, 2020.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The Company accounts for income taxes and related uncertain tax positions in accordance with ASC Topic 740. For the years ended December 31, 2020, 2019 and 2018, the Company recognized net increases of $194 thousand, $115 thousand and $44 thousand, respectively, in unrecognized tax benefits that impact the tax rate. The Company's policy is to recognize interest and penalties on unrecognized tax benefits as a component of income tax expense. The Company has recorded interest on its unrecognized tax benefits in 2020 and 2019. The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2020 and 2019 (in thousands):
For the year ended December 31, 2020 and 2019, of the unrecognized tax benefits disclosed above, $510 thousand and $640 thousand, respectively, are classified as other noncurrent liabilities including interest and penalties. The remaining unrecognized tax benefits are included in deferred income taxes and income taxes payable for December 31, 2020, and the remaining unrecognized tax benefits are included in deferred income taxes for December 31, 2019. The Company does not believe it will have any significant changes in the amount of unrecognized tax benefits in the next twelve months. The total amount of the unrecognized tax benefits, if recognized, for the years ended December 31, 2020 and 2019, would affect the effective tax rate. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal examinations by tax authorities before 2017, and state and local income tax examinations, by tax authorities for years before 2016. The provision for income taxes consists of the following components for the years ended December 31, 2020, 2019 and 2018 (in thousands):
The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 differs from the amount computed by applying the U.S. federal income tax rate of 21% for 2020 and 2019 and 2018 to pretax income because of the effect of the following items (in thousands):
For the years ended December 31, 2020 and 2019, the Company's noncurrent deferred tax assets and liabilities consisted of the following (in thousands):
For the years ended December 31, 2020 and 2019, the Company recorded deferred tax assets of $11.0 million and $9.0 million, respectively, for certain state tax credits with a 5 year credit carryforward period. The Company believes that it is more likely than not that a portion of the benefit from these state tax credit carryforwards will not be realized. In recognition of this risk, the Company recorded valuation allowances of $10.3 million and $8.3 million on the deferred tax asset relating to these state tax credit carryforwards as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Company recorded deferred tax assets for federal and state income tax net operating loss carryforwards of zero and $16 thousand, respectively, which will expire at various dates from tax years 2026 through 2036.
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Stockholders' Equity |
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Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Board of Directors has the authority to issue up to 2,500,000 shares of preferred stock in one or more series and to establish the preferred stock's voting powers, preferences and other rights and qualifications without any further vote or action by the stockholders. As of December 31, 2020, 2019 and 2018, there was no preferred stock outstanding. Treasury Stock On May 1, 2017, the Board of Directors authorized a repurchase program for up to an aggregate of $50 million of the Company's outstanding common stock and Notes prior to its expiration on April 30, 2019. On November 1, 2018, the Board of Directors amended the repurchase program to add an additional $50 million of capacity and extend the expiration date to October 31, 2020, which was later amended on April 30, 2019 to add additional $50 million of capacity through October 31, 2020. On July 31, 2020, the Board of Directors amended the ongoing repurchase program to add an additional $50 million of capacity and extend the expiration date to July 31, 2022. As of December 31, 2020, $60.2 million remained available under the repurchase plan, as amended. The timing and amount of any repurchases will be determined based on market conditions and other factors, and the program may be discontinued or suspended at any time. For the years ended December 31, 2020, 2019 and 2018, the Company repurchased 489,662, 1,329,978 and 420,590 shares of common stock at a cost of $9.4 million, $29.7 million and $9.8 million, respectively. As of December 31, 2020, the Company has repurchased 5,767,100 shares of common stock, in aggregate, at a cost of $118.7 million. Convertible Notes In accordance with the ongoing repurchase program mentioned above, the Company repurchased $89.1 million par value of the 2.50% convertible senior notes for $89.0 million in cash for the year ended December 31, 2020. For the year ended December 31, 2019, the Company repurchased $34.3 million, par value of the 2.50% convertible senior notes for $33.9 million in cash.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by dividing net income by the weighted average shares outstanding plus share equivalents that would arise from the exercise of share options and the vesting of restricted stock and performance shares. The computation of basic and diluted earnings per common share for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands, except share and per share data):
For the year ended December 31, 2020, the Company excluded in the aggregate 44,796 unvested restricted stock, restricted stock units, and performance and market-based shares from the calculation of diluted earnings per common share because the effect was anti-dilutive. There were no employee stock options excluded from calculation of diluted earnings per common share. For the year ended December 31, 2019, the Company excluded 5,377 unvested restricted stock from the calculation of diluted earnings per common share because the effect was anti-dilutive. There were no employee stock options and no unvested performance and market-based shares excluded from the calculation of diluted earnings per common share. For the year ended December 31, 2018, no unvested restricted stock, no employee stock options and no unvested performance and market-based shares were excluded from the calculation of diluted earnings per comment share.
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Stock-Based Compensation Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans During the fourth quarter of 2009, the Company adopted the 2008 Stock Incentive Plan (the "2008 Plan"). The 2008 Plan was further amended and restated as of June 16, 2017 as the Amended and Restated 2008 Stock Incentive Plan (the "Amended 2008 Plan"). A total of 3,400,000 shares of common stock have been reserved for issuance under the Amended 2008 Plan. The Amended 2008 Plan is administered by the Board of Directors who determine the type of award, exercise price of options, the number of options to be issued, and the vesting period. As specified in the Amended 2008 Plan, the exercise price per share shall not be less than the fair market value on the effective date of grant. Upon exercise of a stock option under the Amended 2008 Plan, new stock is issued. The term of an option does not exceed 10 years, and the options generally vest ratably over to five years from the date of grant. Under the 2008 Plan, four types of stock incentives have been issued: stock option awards, restricted stock awards, restricted stock unit awards, and performance and market-based stock awards. Total stock compensation for the years ended December 31, 2020, 2019 and 2018 was $11.4 million, $10.2 million and $9.3 million, respectively, which were recorded in selling, general and administrative expenses on the consolidated statements of operations. There was $12.7 million, $12.7 million and $11.4 million of total unrecognized compensation cost related to the stock-based compensation granted under the plans as of December 31, 2020, 2019 and 2018, respectively. This cost is expected to be recognized over a weighted-average period of 2.23 years. Stock Option Awards There were no stock options granted during 2020, 2019 or 2018. Since all options were fully vested as of December 31, 2016, the Company recorded no compensation expense with no corresponding tax benefits for stock option awards for the years ended December 31, 2020, 2019 and 2018. A summary of stock option activity is as follows:
The following table provides information about stock options granted and vested in the years ended December 31 2020, 2019 and 2018 (in thousands):
The aggregate intrinsic value of options outstanding represents the total pretax intrinsic value (the difference between the fair value of the Company's stock on the last day of each fiscal year and the exercise price, multiplied by the number of options where the exercise price exceeds the fair value) that would have been received by the option holders had all option holders exercised their options as of December 31, 2020, 2019 and 2018, respectively. These amounts change based on the fair market value of the Company's stock, which was $26.82, $20.70 and $20.33 on the last business day of the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Stock Awards The Company awarded restricted shares to certain key employees that vest based on their continued employment. The value of these awards was established by the market price on the grant date and is being expensed ratably over the vesting period of the awards. The following table summarizes these non-vested restricted share grants as of December 31, 2020, 2019 and 2018:
In 2020, 2019 and 2018, the Company recorded $4.6 million, $6.2 million and $5.3 million in compensation expense with corresponding tax benefits of $1.1 million, $1.5 million and $1.3 million for restricted stock awards, respectively. In 2020, the Company awarded 3,069 shares of restricted stock to an employee, which will ratably vest over four years based on the employee continued employment. The grant date fair value of the restricted stock granted was $19.55. In 2019, the Company awarded 360,266 shares of restricted stock to certain employees and directors, of which 33,042 will vest ratably over one year, 1,793 will vest ratably over three years and 325,431 will vest ratably over four years based on the employees' continued employment. The grant date fair value of the restricted stock granted ranged from $19.25 to $29.50. In 2018, the Company awarded 228,014 shares of restricted stock to certain employees and directors, of which 21,197 will vest ratably over one year, 887 will vest ratably over three years and 205,930 will vest ratably over four years based on the employees' continued employment. The grant date fair value of the restricted stock granted ranged from $27.55 to $36.65. Restricted Stock Unit Awards The Company awarded restricted stock units to certain key employees that vest based on their continued employment. The value of these awards was established by the market price on the grant date and is being expensed ratably over the vesting period of the awards. The following table summarizes these non-vested restricted share grants as of December 31, 2020:
In 2020, the Company recorded $3.7 million in compensation expense with corresponding tax benefits of $0.9 million for restricted stock unit awards, respectively. The expense includes accelerated expense recognition from certain retirement provisions in equity awards granted. In 2020, the Company awarded 462,532 shares of restricted stock units to certain employees and directors, of which 32,525 will vest ratably over one year, 153,774 will vest ratably over three years and 276,233 will vest ratably over four years based on the employees' continued employment. The grant date fair value of the restricted stock granted ranged from $16.88 to $29.16. Performance-Based Shares In 2020, 2019 and 2018, the Company granted 19,545, 20,722 and 19,598 shares of restricted stock and restricted stock units at grant date fair values of $20.33, $28.05 and $25.35, respectively, to certain branch executives, which were issued based on financial targets achieved during the respective performance period. In 2020, 2019 and 2018, the Company recognized $0.4 million, $0.5 million and $0.2 million in stock compensation expense with corresponding tax benefits of $0.1 million, $0.1 million and $0.1 million, respectively, for performance-based shares. Performance and Market-Based Stock In 2014, the Company initiated a performance and market-based stock incentive plan for certain executives that provides vesting based on specific financial and market-based performance measurements. Stock compensation expense related to these awards is recognized ratably over the vesting period for 2020 grant and using the accelerated attribution method for 2019 and 2018 grants. The Company granted 139,191, 105,543 and 97,966 shares of performance and market-based stock at grant date fair values of $29.84, $34.54 and $35.41 during the years ended December 31, 2020, 2019 and 2018, respectively. The fair value of the awards was estimated using a Monte Carlo valuation model, which uses multiple simulations to evaluate probability of achieving various stock price levels to determine our expected performance ranking relative to our peer group. The Company recorded $2.7 million, $3.5 million and $3.0 million in compensation expense with corresponding tax benefits of $0.7 million, $0.9 million and $0.7 million in 2020, 2019 and 2018, respectively.
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Benefit Plans |
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Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit PlansThe Company maintains a 401(k) savings plan, covering all of the Company's employees upon hiring. Employees may contribute a percentage of eligible compensation on both a before-tax basis and an after-tax basis. The Company has the right to make discretionary contributions to the plan. For the years ended December 31, 2020, 2019 and 2018, the Company contributed $2.0 million annually, which were recorded in selling, general and administrative expenses on the consolidated statements of operations. |
Significant Customer Concentration |
12 Months Ended |
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Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Significant Customer Concentration | Significant Customer ConcentrationFor the years ended December 31, 2020, 2019 and 2018, all revenue consisted of sales generated from customers that individually represented less than 10% of the Company's revenue. |
Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited)
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Related Parties |
12 Months Ended |
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Dec. 31, 2020 | |
Related Parties [Abstract] | |
Related Parties | Related PartiesThere were no related party transactions during the years ended December 31, 2020, 2019 or 2018. |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company adopted ASC Topic 842 on January 1, 2019 using the modified retrospective approach. Comparative information has not been restated and continues to be reported under ASC 840, Leases ("ASC Topic 840"), which was the accounting standard in effect for those periods. The Company leases office space for purposes of conducting its business. As of December 31, 2020, the Company leases approximately 225,000 square feet at its corporate headquarters in Chicago, Illinois, with a lease term expiring in September 2027. In addition, the Company continues to lease approximately 30 branch sales offices, with a range of lease terms between 2-11 years. Leases with an initial term of 12 months or less are not recorded on the balance sheet; lease expense for these leases is recognized on a straight-line basis over the lease term. All Company leases, consisting primarily of facility leases, were evaluated upon the adoption of ASC Topic 842, and it was determined that these were all operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The Company also has some leases that include termination options. The exercise of lease renewal or termination options is at the Company's sole discretion, and it does not recognize these options as part of its ROU assets or lease liabilities. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement contains a lease at inception. The Company has performed an evaluation of other contracts with customers and suppliers in accordance with ASC Topic 842 and has determined that, except for the facility leases described above, none of its contracts contain a lease. The balance sheet classification of lease assets and liabilities is as follows (in thousands):
The components of lease expense is as follows (in thousands):
For the year ended December 31, 2018, the Company recognized operating lease rental expense of $6.0 million on a straight-line basis over the term of the lease in accordance with ASC Topic 840. Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2020 and 2019 was $8.4 million and $8.6 million, respectively, and was included in net cash provided by operating activities in the consolidated statement of cash flows. During the year ended December 31, 2020 and 2019, a total of $0.2 million and $2.1 million, respectively, of right-of-use assets were obtained in exchange for new operating lease liabilities. The average lease term and discount rate were as follows:
The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The incremental borrowing rate is influenced by the Company's credit rating and lease term and may differ for individual leases. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. As of December 31, 2020, maturities of operating lease liabilities were as follows (in thousands):
Practical Expedients The Company adopted the package of practical expedients that allows it to (i) not reassess whether an arrangement contains a lease, (ii) carry forward its lease classification as operating or capital leases and (iii) not reassess its previously recorded initial direct costs. In addition, the Company elected the practical expedient to not separate lease and non-lease components, and therefore both components are accounted for and recognized as lease components.
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Schedule II - Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Valuation and Qualifying Accounts
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Preparation of Financial Statements and Use of Estimates | Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results can differ from those estimates.
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Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of the Company's financial instruments, which consist of cash and cash equivalents, accounts receivable and accounts payable, approximate their fair values due to their short-term nature. The fair value of the due to seller liabilities are determined based on the likelihood of the Company making contingent earn-out payments. See Note 6 "Fair value Measurement" for additional information.
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Revenue Recognition | Revenue Recognition The Company adopted ASC Topic 606 Revenue from Contracts with Customers ("ASC Topic 606") on January 1, 2018. Results for reporting periods beginning on or after January 1, 2018 are presented under ASC Topic 606, of which prior amounts are not adjusted and continue to be in accordance with the accounting standards in effect for those periods. Under ASC Topic 606, revenue is recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to receive in exchange for services. The Company generates revenue from two different client types: Transactional and Managed Transportation. Most clients are categorized as Transactional clients. For its Transactional business, the Company provides brokerage and transportation management services on a shipment-by-shipment basis. Carrier selection, dispatch, load management and tracking are integrated services that occur within the brokerage and transportation management performance obligation. The Company categorizes a client as a Managed Transportation client if there is an agreement with the client for the provision of services, typically for a multi-year term. Brokerage and transportation management services is typically the performance obligation for the Company's Managed Transportation clients. For the brokerage and transportation management services performance obligation, revenue is recognized as the client's shipment travels from origin to destination by a third-party carrier. The Company is the principal in these transactions and recognizes revenue on a gross and relative transit time basis. Other performance obligations for Managed Transportation clients may include transportation management services, which includes the integrated services of dispatch, tracking and carrier payment. For these types of transactions, revenue is recorded on a net basis as the Company does not have latitude in carrier selection or establish rates with the carrier. The Company also performs project-based services, such as compliance management, customized re-billing services and freight studies for certain Managed Transportation clients. Further discussion of the changes to the revenue recognition policy under the new standard is discussed in Note 5 "Revenue".
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Rebates | Rebates The Company has entered into agreements with certain clients to rebate to them a portion of the costs that they pay to the Company for transportation services, based on certain conditions and/or pricing schedules that are specific to each individual agreement, but that are typically constructed as a percentage of the costs that the client incurs. Refer to Note 5 "Revenue" for further discussion. Rebates are recognized at the same time that the related transportation revenue is recognized and are recorded as a reduction of transportation revenue.
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Segment Reporting | Segment ReportingFor operating purposes, the Company is organized as one operating segment pursuant to the provisions of ASC Topic 280 Segment Reporting, which establishes accounting standards for segment reporting. The Company's chief operating decision-maker assesses performance and makes resource allocation decisions for the business as a single operating segment. There has been no change from prior periods in the Company's determination that it has one reportable segment for reporting purposes. | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are uncollateralized customer obligations due under normal trade terms. Invoices require payment within 30 to 90 days from the invoice date. Accounts receivable are stated at the amount billed to the customer. Customer account balances with invoices 90 days past due are considered delinquent. The Company generally does not charge interest on past due amounts. Additionally, the Company maintains a credit insurance policy for certain accounts. The carrying amount of accounts receivable is reduced by an allowance for doubtful accounts that reflects management's best estimate of amounts that will not be collected. The allowance is based on historical loss experience and any specific risks identified in client collection matters. Accounts receivable are charged off against the allowance for doubtful accounts when it is determined that the receivable is uncollectible. The Company recorded $2.9 million, $2.3 million and $2.7 million of bad debt expense for the years ended December 31, 2020, 2019 and 2018, respectively. On January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses Topic 326, using the prospective approach. Results for reporting periods beginning on or after January 1, 2020 are presented under ("Topic 326"). Prior period amounts are not adjusted and continue to be reported in accordance with the accounting standards in effect for those periods. The Company is exposed to potential credit losses related to its trade receivables, which the Company categorizes as either Transactional or Managed Transportation. For its Transactional trade receivables, the Company utilizes historical loss information to develop an estimate for future expected credit losses. For its Managed Transportation trade receivables, the Company estimates its potential future expected credit losses on a customer specific basis. The Company considers current economic conditions and forecasts when determining its credit loss estimate based on the aging schedule. The Company transacts with customers in a variety of industries and adjusts its estimate accordingly if it becomes aware of financial difficulties for a specific customer. The Company extends credit to certain clients as part of its business model. These clients are subject to an approval process prior to any extension of credit or increase in their current credit limit. The Company reviews each credit request and considers, among other factors, payment history, current billing status, recommendations by various rating agencies and capitalization. Clients that satisfy the credit review may receive a line of credit or an increase in their existing credit amount. The Company believes this review and approval process helps mitigate the risk of client defaults on extensions of credit and any potential credit losses. Additionally, the Company maintains a credit insurance policy for certain accounts. The following table summarizes the components of the allowance as of December 31, 2020 (in thousands):
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Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements under operating leases are depreciated over the estimated useful life of the improvement or the remaining term of the lease, whichever is shorter. The estimated useful lives, by asset class, are as follows:
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Operating Leases | Leases The Company adopted Accounting Standards Codification ("ASC") Topic 842 Leases ("ASC Topic 842") on January 1, 2019, of which prior amounts are not adjusted and continue to be in accordance with the accounting standards in effect for those periods. The Company determines if an arrangement contains a lease at inception. Operating leases are recorded as right-of-use assets ("ROU assets"), which are included in operating lease assets, and lease liabilities, which are included in other current liabilities and noncurrent operating lease liabilities on the consolidated balance sheets. As of December 31, 2020, all Company leases were operating leases. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The Company also has some leases that include termination options. The exercise of lease renewal or termination options is at the Company's sole discretion, and it does not recognize these options as part of its ROU assets or lease liabilities. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's leases generally do not provide an implicit rate, and therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The incremental borrowing rate is influenced by the Company's credit rating and lease term and may differ for individual leases. The Company adopted the package of practical expedients that allows it to (i) not reassess whether an arrangement contains a lease, (ii) carry forward its lease classification as operating or capital leases and (iii) not reassess its previously recorded initial direct costs. In addition, the Company elected the practical expedient to not separate lease and non-lease components, and therefore both components are accounted for and recognized as lease components.The Company's 2018 leases were recognized in accordance with ASC Topic 840 Leases.
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Internal Use Software | Internal Use Software Certain costs incurred in the planning and evaluation stage of internal use computer software projects are expensed as incurred. Costs incurred during the application development stage for the development of internal use software, including upgrades and enhancements that provide additional functionality to existing software, are capitalized and included in property and equipment. The Company capitalized $17.9 million and $16.9 million of internal use software costs during the years ended December 31, 2020 and 2019, respectively. Capitalized internal use software costs are amortized over the expected economic life of three years using the straight-line method. The total expense, included in depreciation expense, for the years ended December 31, 2020, 2019 and 2018 was $19.1 million, $17.9 million and $15.0 million, respectively. At December 31, 2020 and 2019, the net book value of internal use software costs was $30.2 million and $31.5 million, respectively.
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Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill represents the excess of consideration transferred over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. In accordance with ASC Topic 350 Intangibles - Goodwill and Other: Testing Goodwill for Impairment ("ASC 350"), goodwill is not amortized, but instead is tested for impairment annually, or more frequently if circumstances indicate a possible impairment may exist. Absent any special circumstances that could require an interim test, the Company has elected to test for goodwill impairment during the fourth quarter of each year. The Company manages the business as one operating segment and one reporting unit pursuant to the provisions of ASC Topic 280 Segment Reporting, which established accounting standards for segment reporting. Accounting Standards Update No. 2011-08, “Intangibles - Goodwill and Other: Testing Goodwill for Impairment" permits an entity to first assess qualitative factors to determine whether it is more likely than not (a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. After assessing qualitative factors, if an entity determines that it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, no further testing is necessary. In October 2020, the Company performed a quantitative goodwill impairment assessment of the reporting unit in accordance with ASC 350 due to the uncertain economic environment created by the COVID-19 pandemic. We utilized a combination of two valuation methodologies commonly referred to as the income approach and the market approach. For the income approach, we used the discounted cash flow model and for the market approach, we used the guideline public company method. The discounted cash flow method under the income approach uses the reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the reporting unit. The guideline public company method under the market approach uses pricing multiples of a peer group of publicly traded companies and applies these multiples to the operating results of each reporting unit to provide indications of value. A concluded enterprise value based on equal weighting of the two methods was reconciled to current market capitalization. Both methods use management's best estimates of economic and market conditions over the projected period, including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. As a result of our quantitative assessment of the reporting unit, we concluded that the fair value of the reporting unit exceeded its carrying amount. ASC Topic 350 also requires that intangible assets with finite lives be amortized over their respective estimated useful lives and reviewed for impairment whenever impairment indicators exist in accordance with ASC Topic 360 Property, Plant and Equipment. The Company's intangible assets consist of customer relationships, carrier relationships, non-compete agreements and trade names, which are being amortized over their estimated weighted-average useful lives of 14.8 years,17.0 years, 6.7 years and 4.0 years, respectively. The weighted-average useful life of total intangible assets is 14.4 years. The customer relationships are being amortized using an accelerated method, while carrier relationships, non-compete agreements and trade names are being amortized using the straight-line method.
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Self Insurance Liability | Self-Insurance LiabilityThe Company is self-insured for its employee health plans and records a liability that represents its estimated cost of claims incurred and unpaid as of the balance sheet date. The Company's estimated liability is not discounted and is based on a number of assumptions and factors, including historical trends, actuarial assumptions and economic conditions. The total estimated self-insurance liabilities as of December 31, 2020 and 2019 were $1.0 million and $0.8 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718 Compensation - Stock Compensation which requires all share-based payments to employees, including grants of stock options, to be recognized in the income statement based upon their fair values. Share-based compensation for restricted stock and restricted stock unit is reduced by estimated forfeitures for each period and adjusted accordingly upon vesting or actual forfeiture. Share-based employee compensation costs are recognized as a component of selling, general and administrative expense in the consolidated statements of operations. See Note 15 "Stock-based Compensation Plans" for a description of the Company's accounting for stock-based compensation plans.
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Income Taxes | Income Taxes Under ASC Topic 740 Income Taxes, deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement.
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New Accounting Pronouncements | New Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which replaces the incurred loss methodology previously employed to measure credit losses for most financial assets and requires the use of a forward-looking expected loss model. This update requires financial assets to be measured at amortized costs less a reserve and equal to the net amount expected to be collected. The Company adopted this standard on January 1, 2020 using the prospective approach. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. At December 31, 2020, the Company reported $439.4 million of accounts receivable, net of allowance of $6.3 million. The Company fully describes the adoption and impact of this standard in Note 2 "Summary of Significant of Accounting Policies". As part of the adoption of this standard, the Company implemented changes to its accounting policies, practices and internal controls over financial reporting. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This new accounting standard was effective for annual periods beginning after December 15, 2019. The Company adopted the standard on January 1, 2020. The adoption of this new standard did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements not yet adopted In October 2020, the FASB issued ASU 2020-10, Codification Improvements – Disclosures, which provides consistency by amending the codification to include all disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. The guidance is to be applied using retrospective method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options, which is intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for interim and annual periods beginning after December 15, 2021. Early adoption is permitted. The guidance is to be applied using either a full retrospective or modified retrospective method. The Company anticipates that the adoption of this guidance will not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform, which provides companies with optional guidance, including expedients and exceptions for applying U.S. GAAP to contracts and other transactions affected by reference rate reform, such as the London Interbank Offered Rate (LIBOR). This new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is evaluating the effects that the adoption of this guidance will have on its disclosures.
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Basis of Accounting, Policy | Basis of Presentation The consolidated financial statements include the accounts of Echo Global Logistics, Inc. and its subsidiaries (the Company). All significant intercompany accounts and transactions have been eliminated in the consolidation. The consolidated statements of operations include the results of entities or assets acquired from the effective date of the acquisition for accounting purposes.
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Useful lives of property and equipment | The estimated useful lives, by asset class, are as follows:
Property and equipment at December 31, 2020 and 2019, consisted of the following (in thousands):
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Accounts Receivable, Allowance for Credit Loss | The following table summarizes the components of the allowance as of December 31, 2020 (in thousands):
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company's revenue disaggregated by client type (in thousands):
The following table presents the Company's revenue disaggregated by mode (in thousands):
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Fair Value Measurement (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities measured at fair value on a recurring basis | The following tables set forth the Company's financial liabilities measured at fair value on a recurring basis and the basis of measurement at December 31, 2020 and 2019 (in thousands):
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Reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs | The following table provides a reconciliation of the beginning and ending balances for the liabilities measured at fair value using significant unobservable inputs (Level 3) (in thousands):
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Property and Equipment (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of property and equipment | The estimated useful lives, by asset class, are as follows:
Property and equipment at December 31, 2020 and 2019, consisted of the following (in thousands):
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Intangibles and Other Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of amortizable intangible assets | The following is a summary of intangible assets as of December 31, 2020 and December 31, 2019 (in thousands):
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Estimated amortization expense for the next five years and thereafter | The estimated amortization expense for the next five years and thereafter is as follows (in thousands):
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Accrued Expenses and Other Noncurrent Liabilities (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of accrued expenses | The components of accrued expenses at December 31, 2020 and December 31, 2019 are as follows (in thousands):
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Long-Term Debt (Tables) |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | As of December 31, 2020 and 2019, the carrying amount of the Notes on the consolidated balance sheets is calculated as follows (in thousands):
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Schedule of interest expense related to Notes | For 2020, 2019 and 2018, interest expense related to the Notes consisted of the following (in thousands):
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in unrecognized tax benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2020 and 2019 (in thousands):
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Components of provision for income taxes | The provision for income taxes consists of the following components for the years ended December 31, 2020, 2019 and 2018 (in thousands):
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Reconciliation of effective income tax rate | The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 differs from the amount computed by applying the U.S. federal income tax rate of 21% for 2020 and 2019 and 2018 to pretax income because of the effect of the following items (in thousands):
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Components of deferred tax assets and liabilities | For the years ended December 31, 2020 and 2019, the Company's noncurrent deferred tax assets and liabilities consisted of the following (in thousands):
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Earnings Per Share (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per common share | The computation of basic and diluted earnings per common share for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands, except share and per share data):
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Stock-Based Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock option activity | A summary of stock option activity is as follows:
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Stock options granted and vested | The following table provides information about stock options granted and vested in the years ended December 31 2020, 2019 and 2018 (in thousands):
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Non-vested restricted share grants | The following table summarizes these non-vested restricted share grants as of December 31, 2020, 2019 and 2018:
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Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | The following table summarizes these non-vested restricted share grants as of December 31, 2020:
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of quarterly finacial data |
|
Leases, Codification Topic 842 (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Classification | The balance sheet classification of lease assets and liabilities is as follows (in thousands):
|
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Lease, Cost | The components of lease expense is as follows (in thousands):
The average lease term and discount rate were as follows:
|
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Lessee, Operating Lease, Liability, Maturity | As of December 31, 2020, maturities of operating lease liabilities were as follows (in thousands):
|
Summary of Significant Accounting Policies - Segment Reporting (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020
segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Accounts receivable and allowance for doubtful accounts: | |||
Duration past due considered delinquent | 90 days | ||
Provision, charged to expense | $ 2,881 | $ 2,300 | $ 2,700 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,255 | ||
Provision, charged to expense | 2,881 | 2,300 | $ 2,700 |
Write-offs | (3,357) | ||
Recoveries | 2,507 | ||
Balance at end of period | $ 6,287 | $ 4,255 | |
Minimum | |||
Accounts receivable and allowance for doubtful accounts: | |||
Duration invoices require payment | 30 days | ||
Maximum | |||
Accounts receivable and allowance for doubtful accounts: | |||
Duration invoices require payment | 90 days |
Summary of Significant Accounting Policies - Goodwill and Other Intangibles (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Goodwill and other intangibles: | |
Weighted-average useful life | 14 years 4 months 24 days |
Customer relationships | |
Goodwill and other intangibles: | |
Weighted-average useful life | 14 years 9 months 18 days |
Carrier relationships | |
Goodwill and other intangibles: | |
Weighted-average useful life | 17 years |
Non-compete agreements | |
Goodwill and other intangibles: | |
Weighted-average useful life | 6 years 8 months 12 days |
Trade names | |
Goodwill and other intangibles: | |
Weighted-average useful life | 4 years |
Summary of Significant Accounting Policies - Self-Insurance Liability (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounting Policies [Abstract] | ||
Self-insurance liabilities | $ 1,000 | $ 800 |
New Accounting Pronouncements (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Revenue | $ 754,252 | $ 691,495 | $ 514,719 | $ 551,049 | $ 531,677 | $ 561,441 | $ 553,775 | $ 538,083 | $ 2,511,515 | $ 2,184,977 | $ 2,439,701 |
Operating lease assets | 16,724 | 19,638 | 16,724 | 19,638 | |||||||
Lease, liability | $ 31,655 | $ 37,285 | $ 31,655 | $ 37,285 |
Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jul. 06, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | ||||
Common stock, par value (USD per share) | $ 0.0001 | $ 0.0001 | ||
Goodwill | $ 309,589 | $ 309,589 | ||
Goodwill deductible for U.S. income tax purposes | $ 900 | |||
Change in contingent consideration due to seller | (447) | $ 1,050 | $ 410 | |
Freight Management Plus, Inc. | ||||
Business Acquisition [Line Items] | ||||
Amount paid at closing | 6,700 | |||
Purchase price paid with common stock | $ 700 | |||
Common stock, par value (USD per share) | $ 0.0001 | |||
Potential earn out payment | $ 2,900 | |||
Aggregate purchase price | 10,500 | |||
Goodwill | 2,300 | |||
Contingent consideration obligation | 1,400 | 300 | ||
Customer relationship intangible asset | $ 5,100 | |||
Change in contingent consideration due to seller | $ 1,000 |
Property and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Components of property and equipment: | |||
Property and equipment, gross | $ 209,908 | $ 188,940 | |
Less accumulated depreciation | (156,309) | (130,320) | |
Property and equipment, net | 53,599 | 58,620 | |
Depreciation | 27,500 | 26,600 | $ 23,600 |
Operating lease assets | 16,724 | 19,638 | |
Noncurrent operating lease liabilities | 27,651 | 31,475 | |
Computer equipment | |||
Components of property and equipment: | |||
Property and equipment, gross | 28,286 | 24,950 | |
Software, including internal use software | |||
Components of property and equipment: | |||
Property and equipment, gross | 142,624 | 124,692 | |
Furniture and fixtures | |||
Components of property and equipment: | |||
Property and equipment, gross | 9,607 | 9,678 | |
Leasehold improvements | |||
Components of property and equipment: | |||
Property and equipment, gross | $ 29,391 | $ 29,621 |
Intangibles and Other Assets - Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 309,589 | $ 309,589 |
Goodwill, Impairment Loss | 0 | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Accrued Expenses and Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 39,757 | $ 21,192 |
Accrued rebates | 3,196 | 3,119 |
Accrued employee benefits | 3,077 | 4,235 |
Accrued professional service fees | 1,512 | 1,395 |
Accrued interest | 155 | 881 |
Other | 5,760 | 4,407 |
Total accrued expenses | 53,458 | 35,229 |
Other noncurrent liabilities | 511 | 641 |
Customer relationships and other intangible assets, accumulated amortization | $ 92,630 | $ 81,656 |
Long-Term Debt - Convertible Senior Notes (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
May 01, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
May 05, 2015 |
|
Debt Instrument [Line Items] | |||||
Payment of outstanding principal balance | $ 88,961,000 | $ 33,915,000 | $ 37,217,000 | ||
Gain (loss) on extinguishment of debt | $ 0 | (200,000) | (700,000) | $ (751,000) | |
Convertible Debt | |||||
Debt Instrument [Line Items] | |||||
Payment of outstanding principal balance | 69,200,000 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 0 | 158,295,000 | $ 230,000,000 | ||
Stated interest rate | 2.50% | ||||
Accrued interest | $ 900,000 | ||||
Gain (loss) on extinguishment of debt | (166,000) | (711,000) | |||
Debt, repurchased par value | 89,100,000 | 34,300,000 | |||
Debt, payment for repurchase | $ 89,000,000.0 | $ 33,900,000 |
Long-Term Debt - Carrying Amount of Notes (Details) - Senior Notes - USD ($) |
Dec. 31, 2020 |
Dec. 31, 2019 |
May 05, 2015 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Convertible senior notes, principal amount | $ 0 | $ 158,295,000 | $ 230,000,000 |
Unamortized debt discount | 0 | (1,667,000) | |
Unamortized debt issuance costs | 0 | (330,000) | |
Convertible senior notes, net | $ 0 | $ 156,298,000 |
Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
May 01, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 0 | $ 200 | $ 700 | $ 751 |
Interest expense, Notes | 5,990 | 12,639 | 15,546 | |
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual coupon interest | 1,063 | 4,243 | 5,647 | |
Debt discount amortization | 1,196 | 5,161 | 6,403 | |
Loss on extinguishment of debt | 166 | 711 | ||
Debt issuance cost amortization | 236 | 1,021 | 1,266 | |
Interest expense, Notes | $ 2,662 | $ 11,137 | $ 14,067 |
Commitments and Contingencies - Tax Assessment (Details) - State Tax Audit - USD ($) $ in Millions |
Dec. 31, 2020 |
Jul. 31, 2016 |
---|---|---|
Loss Contingencies [Line Items] | ||
Amount of assessment including penalties and interest | $ 1.3 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Estimated additional potential liability | $ 3.5 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Estimated additional potential liability | $ 4.5 |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Increase (Decrease) in unrecognized tax benefits | $ 194 | $ 115 | $ 44 |
Changes in unrecognized tax benefits: | |||
Balance at beginning of period | 609 | 498 | |
Increases related to prior year tax positions | 92 | 21 | |
Increases related to current year tax positions | 123 | 90 | |
Decreases based on settlements with taxing authorities | (9) | 0 | |
Balance at end of period | 815 | 609 | $ 498 |
Unrecognized tax benefits classified as other noncurrent liabilities | $ 510 | $ 640 |
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Current: | |||
Federal | $ 4,424 | $ 1,628 | $ 1,879 |
State | 1,691 | 621 | 293 |
Total current | 6,116 | 2,248 | 2,172 |
Deferred: | |||
Federal | 1,393 | 3,214 | 5,572 |
State | 167 | 1,570 | 1,552 |
Total deferred | 1,560 | 4,783 | 7,124 |
Income tax expense | $ 7,675 | $ 7,032 | $ 9,296 |
U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
Reconciliation of effective tax rate: | |||
Tax expense at U.S. federal income tax rate | $ 4,936 | $ 4,594 | $ 7,984 |
State income taxes, net of federal income tax effect | 1,295 | 1,179 | 1,553 |
Nondeductible expenses and other | 883 | 820 | 941 |
Effect of state rate change on deferred items | 21 | 79 | 0 |
Research and development credit | (617) | (573) | (420) |
Changes in unrecognized tax benefits | 194 | 115 | 44 |
Provision to return adjustments | (152) | (185) | (55) |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | 1,131 | 644 | (771) |
State tax credits | (2,124) | (2,179) | (1,647) |
Valuation allowance | 2,137 | 2,552 | 1,613 |
Audit settlements | 0 | 16 | 72 |
Work opportunity tax credit | (30) | (30) | (18) |
Income tax expense | $ 7,675 | $ 7,032 | $ 9,296 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Noncurrent deferred tax assets: | ||
Reserves and allowances | $ 6,771 | $ 3,922 |
Stock options | 2,613 | 2,540 |
Net operating loss carryforward | 0 | 16 |
Credit carryforwards | 10,994 | 8,953 |
Lease liability | 7,487 | 8,824 |
Subtotal | 27,866 | 24,255 |
Valuation allowance | (10,346) | (8,336) |
Total noncurrent deferred tax assets | 17,519 | 15,919 |
Noncurrent deferred tax liabilities: | ||
Prepaid and other expenses | 1,103 | 1,046 |
Intangible assets | 25,514 | 19,636 |
Property and equipment | 11,242 | 12,268 |
Convertible debt | 0 | 398 |
Section 481(a) adjustment - revenue recognition | 742 | 1,482 |
Right of use asset | 4,123 | 4,849 |
Total noncurrent deferred tax liabilities | 42,724 | 39,680 |
Net deferred tax liability | $ (25,205) | (23,761) |
Tax credit carryforward period | 5 years | |
Operating Lease, Liability, Current | $ 4,004 | 5,810 |
Noncurrent operating lease liabilities | $ 27,651 | $ 31,475 |
Stockholders' Equity (Details) - USD ($) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jul. 31, 2020 |
Apr. 30, 2019 |
Nov. 01, 2018 |
Dec. 31, 2017 |
May 01, 2017 |
May 05, 2015 |
|
Class of Stock [Line Items] | |||||||||
Preferred stock, shares authorized for issuance | 2,500,000 | ||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||||||
Stock repurchase program, authorized amount | $ 60,200,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||
Purchases of treasury stock | $ (9,440,000) | $ (29,668,000) | $ (9,752,000) | ||||||
Treasury stock, shares | 5,767,100 | 5,277,438 | |||||||
Treasury stock, value | $ 118,679,000 | $ 109,239,000 | |||||||
Senior Notes | |||||||||
Class of Stock [Line Items] | |||||||||
Debt, repurchased par value | 89,100,000 | 34,300,000 | |||||||
Stated interest rate | 2.50% | ||||||||
Debt, payment for repurchase | $ 89,000,000.0 | $ 33,900,000 | |||||||
Treasury Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Purchases of treasury stock (in shares) | (489,662) | (1,329,978) | (420,590) | ||||||
Purchases of treasury stock | $ (9,440,000) | $ (29,668,000) | $ (9,752,000) | ||||||
Treasury stock, shares | 5,767,100 | 5,277,438 | 3,947,460 | 3,526,870 |
Stock-Based Compensation Plans - Stock Options Granted and Vested (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Grant date fair value | $ 50 | $ 243 | $ 259 |
Aggregate intrinsic value | $ 104 | $ 361 | $ 368 |
Share price (USD per share) | $ 26.82 | $ 20.70 | $ 20.33 |
Stock-Based Compensation Plans - Performance Based Shares (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 11.4 | $ 10.2 | $ 9.3 |
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 19,545 | 20,722 | 19,598 |
Grant date fair value (USD per share) | $ 20.33 | $ 28.05 | $ 25.35 |
Stock-based compensation expense | $ 0.4 | $ 0.5 | $ 0.2 |
Compensation expense, tax benefits | $ 0.1 | $ 0.1 | $ 0.1 |
Stock-Based Compensation Plans - Performance and Market Based Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 11.4 | $ 10.2 | $ 9.3 |
Performance and Market Based Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 139,191 | 105,543 | 97,966 |
Grant date fair value (USD per share) | $ 29.84 | $ 34.54 | $ 35.41 |
Stock-based compensation expense | $ 2.7 | $ 3.5 | $ 3.0 |
Compensation expense, tax benefits | $ 0.7 | $ 0.9 | $ 0.7 |
Restricted Stock Unit Awards (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 11.4 | $ 10.2 | $ 9.3 |
Restricted Stock Units (RSUs) | |||
Share-based Payment Arrangement [Abstract] | |||
Compensation expense, tax benefits | 0.9 | ||
Stock-based compensation expense | $ 3.7 | ||
Shares of stock awarded (in shares) | 425,313 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of stock awarded (in shares) | 425,313 | 0 |
Benefit Plans (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Retirement Benefits [Abstract] | |
Discretionary contribution amount | $ 2.0 |
Significant Customer Concentration (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Risks and Uncertainties [Abstract] | |||
Concentration Risk, Customer | 10 | 10 | 10 |
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 754,252 | $ 691,495 | $ 514,719 | $ 551,049 | $ 531,677 | $ 561,441 | $ 553,775 | $ 538,083 | $ 2,511,515 | $ 2,184,977 | $ 2,439,701 |
Operating income (loss) | 16,017 | 10,259 | 2,761 | 460 | 5,076 | 9,665 | 10,672 | 9,103 | 29,497 | 34,517 | 53,566 |
Net income (loss) | $ 10,996 | $ 6,818 | $ 951 | $ (2,933) | $ 1,439 | $ 4,843 | $ 5,067 | $ 3,497 | $ 15,832 | $ 14,846 | $ 28,723 |
Earnings (Loss) per common share: | |||||||||||
Basic (USD per share) | $ 0.42 | $ 0.26 | $ 0.04 | $ (0.11) | $ 0.05 | $ 0.18 | $ 0.19 | $ 0.13 | $ 0.61 | $ 0.56 | $ 1.04 |
Diluted (USD per share) | $ 0.41 | $ 0.26 | $ 0.04 | $ (0.11) | $ 0.05 | $ 0.18 | $ 0.19 | $ 0.13 | $ 0.60 | $ 0.55 | $ 1.03 |
Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Related Parties [Abstract] | |||
Related Party Transaction, Purchases from Related Party | $ 0 | $ 0 | $ 0 |
Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | ||
ROU assets, Operating lease assets | $ 16,724 | $ 19,638 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities, Current portion in other current liabilities | $ 4,004 | $ 5,810 |
Operating lease liabilities, Noncurrent operating lease liabilities | 27,651 | 31,475 |
Total operating lease liabilities | 31,655 | 37,285 |
Operating lease expense | 5,651 | 5,930 |
Short-term lease expense | 143 | 261 |
Lease, Cost | $ 5,794 | $ 6,191 |
Weighted average remaining lease term (in years) | 6 years 1 month 28 days | 6 years 10 months 6 days |
Weighted average operating discount rate | 7.60% | 7.50% |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Leases [Abstract] | |||
Operating lease expense | $ 5,651 | $ 5,930 | |
Short-term lease expense | 143 | 261 | |
Total lease expense | $ 5,794 | $ 6,191 | |
Total rental expense | $ 6,000 |
Leases - Narrative (Details) ft² in Thousands, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020
USD ($)
ft²
property
|
Dec. 31, 2019
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||
Payments for operating leases | $ 8.4 | $ 8.6 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0.2 | $ 2.1 |
Chicago, Illinois Headquarters | ||
Lessee, Lease, Description [Line Items] | ||
Area leased (in sq ft) | ft² | 225 | |
Branch Offices | ||
Lessee, Lease, Description [Line Items] | ||
Number of properties leased | property | 30 | |
Branch Offices | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 2 years | |
Branch Offices | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 11 years |
Leases - Average Lease Term and Discount Rate (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term (in years) | 6 years 1 month 28 days | 6 years 10 months 6 days |
Weighted average operating discount rate | 7.60% | 7.50% |
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 6,244 | |
2022 | 6,476 | |
2023 | 6,137 | |
2024 | 5,673 | |
2025 | 5,705 | |
Thereafter | 9,925 | |
Total lease payments | 40,160 | |
Less: imputed interest | 8,505 | |
Total operating lease liabilities | $ 31,655 | $ 37,285 |
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Movement in Valuation Allowances: | |||
Provision, charged to expense | $ 2,881 | $ 2,300 | $ 2,700 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances: | |||
Balance at beginning of year | 4,255 | 4,618 | 3,745 |
Provision, charged to expense | 2,881 | 2,333 | 2,654 |
Write-offs, less recoveries | (850) | (2,696) | (1,781) |
Balance at end of year | 6,287 | 4,255 | 4,618 |
Deferred tax assets - valuation allowance | |||
Movement in Valuation Allowances: | |||
Balance at beginning of year | 8,336 | 5,241 | 3,627 |
Adjustments | 2,112 | 3,095 | 1,613 |
Balance at end of year | $ 10,448 | $ 8,336 | $ 5,241 |
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