|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Emerging growth company
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
|
Item 2.02
|
Results of Operations and Financial Condition.
|
On April 27, 2023, Covenant Logistics Group, Inc., a Nevada corporation (the “Company”), issued a press release announcing its
financial and operating results for the quarter ended March 31, 2023. A copy of the press release is attached to this report as Exhibit 99.1.
|
|
Item 8.01
|
Other Events.
|
On April 26, 2023, the Company completed the acquisition of Lew Thompson & Son Trucking, Inc. and related entities (collectively,
“Lew Thompson & Son”), a dedicated contract carrier specializing in poultry feed and live haul transportation in Northwest Arkansas and surrounding areas. Under the terms of the agreement, the Company purchased 100% of the
outstanding stock of Lew Thompson & Son in exchange for a closing enterprise value of approximately $100 million plus an earnout of up to $30 million depending on the results achieved by the business over the three following
calendar years. For 2022, the acquired business generated approximately $64 million in revenue. Following the acquisition, as of April 27, 2023, our pro-forma leverage ratio was approximately 1.2x. Leverage ratio is calculated
as average total indebtedness, comprised of total debt and finance leases, net of cash, divided by the trailing twelve months sum of operating income (loss), depreciation and amortization, and gain on disposition of property and
equipment, net. A copy of the press release announcing the acquisition is attached hereto as Exhibit 99.1.
We are amending and restating in its entirety the risk factor entitled “We may not make acquisitions in the future, or if we do, we
may not be successful in our acquisition strategy” from our Annual Report Form 10-K for the year ended December 31, 2022, as set forth below. The risk factor set forth below should be read in conjunction with the risk factors
included in our Annual Report on Form 10 K for the year ended December 31, 2022. These risks and uncertainties have the potential to materially affect our business, financial condition, results of operations, cash flows,
projected results, and future prospects.
We may not make acquisitions in the future, or if we do, we may not be successful in our acquisition strategy.
Acquisitions have provided a substantial portion of our growth. We may not have the financial capacity
or be successful in identifying, negotiating, or consummating any future acquisitions. If we fail to make any future acquisitions, our historical growth rate could be materially and adversely affected. Any acquisitions we
undertake could involve the dilutive issuance of equity securities and/or incurring indebtedness, the terms of which may be less favorable to us than anticipated. Any future acquisitions we may consummate involve numerous
risks, any of which could have a materially adverse effect on our business, financial condition, and results of operations, including:
|
|
|
● some of the acquired businesses may not achieve anticipated revenue, earnings, or cash flows;
|
● we may assume liabilities that were not disclosed to us or otherwise exceed our estimates;
|
|
● we may be unable to integrate acquired businesses successfully, or at all, and realize anticipated economic,
operational and other benefits in a timely manner, which could result in substantial costs and delays or other operational, technical, or financial problems;
|
|
● the acquired business may increase our customer concentration;
|
|
● transaction costs and acquisition-related integration costs could adversely affect our results of operations in
the period in which such charges are recorded;
|
|
● we may incur future impairment charges, write-offs, write-downs, or restructuring charges that could adversely
impact our results of operations;
|
|
● acquisitions could disrupt our ongoing business, distract our management, and divert our resources;
|
|
● we may experience difficulties operating in markets in which we have had no or only limited direct experience;
|
|
● we may rely on management of the acquired businesses, especially in markets in which we have no or only limited
direct experience, and turnover of such management may affect our ability to manage the acquired businesses efficiently and effectively;
|
|
● we could lose customers, employees, and drivers of any acquired company; and
|
|
● we may incur additional indebtedness.
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
(d)
|
Exhibits.
|
|
EXHIBIT
NUMBER
|
EXHIBIT DESCRIPTION
|
|
Covenant Logistics Group, Inc. press release dated April 27, 2023, announcing its financial and operating results for the quarter
ended March 31, 2023 and the acquisition of Lew Thompson & Son.
|
||
104
|
Cover Page Interactive Data File.
|
|
The information contained in Items 2.02 and, with respect to the financial and operating results for the quarter ended March 31, 2023
described therein, 9.01 of this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any
filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
|
||
The information in Items 2.02, 8.01,
and 9.01 of this report and the exhibit hereto may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and such statements are subject to the
safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements are made based on the
current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements. Please refer to
the italicized paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information
concerning risks, uncertainties, and other factors that may affect future results.
|
COVENANT LOGISTICS GROUP, INC.
|
||
(Registrant)
|
||
Date: April 27, 2023
|
By:
|
/s/ James S. Grant
|
James S. Grant
|
||
Executive Vice President and Chief Financial Officer
|
|
|
Three Months Ended March 31,
|
|
|||||
($000s, except per share information)
|
|
2023
|
|
|
2022
|
|
||
Total Revenue
|
|
$
|
266,851
|
|
|
$
|
291,585
|
|
Freight Revenue, Excludes Fuel Surcharge
|
|
$
|
233,422
|
|
|
$
|
257,614
|
|
Operating Income
|
|
$
|
17,632
|
|
|
$
|
23,847
|
|
Adjusted Operating Income (1)
|
|
$
|
12,625
|
|
|
$
|
24,435
|
|
Operating Ratio
|
|
|
93.4
|
%
|
|
|
91.8
|
%
|
Adjusted Operating Ratio (1)
|
|
|
94.6
|
%
|
|
|
90.5
|
%
|
Net Income
|
|
$
|
16,635
|
|
|
$
|
22,167
|
|
Adjusted Net Income (1)
|
|
$
|
12,867
|
|
|
$
|
22,600
|
|
Earnings per Diluted Share
|
|
$
|
1.20
|
|
|
$
|
1.32
|
|
Adjusted Earnings per Diluted Share (1)
|
|
$
|
0.93
|
|
|
$
|
1.35
|
|
(1)
|
Represents non-GAAP measures.
|
($000s, except statistical information)
|
|
2023
|
|
|
2022
|
|
||
Combined Truckload
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
181,140
|
|
|
$
|
187,744
|
|
Freight Revenue, excludes Fuel Surcharge
|
|
$
|
148,018
|
|
|
$
|
154,024
|
|
Operating Income
|
|
$
|
16,423
|
|
|
$
|
11,972
|
|
Adj. Operating Income (1)
|
|
$
|
11,122
|
|
|
$
|
12,265
|
|
Operating Ratio
|
|
|
90.9
|
%
|
|
|
93.6
|
%
|
Adj. Operating Ratio (1)
|
|
|
92.5
|
%
|
|
|
92.0
|
%
|
Average Freight Revenue per Tractor per Week
|
|
$
|
5,495
|
|
|
$
|
5,204
|
|
Average Freight Revenue per Total Mile
|
|
$
|
2.39
|
|
|
$
|
2.36
|
|
Average Miles per Tractor per Period
|
|
|
29,613
|
|
|
|
28,331
|
|
Weighted Average Tractors for Period
|
|
|
2,095
|
|
|
|
2,302
|
|
|
|
|
|
|
|
|
|
|
Expedited
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
100,896
|
|
|
$
|
98,797
|
|
Freight Revenue, excludes Fuel Surcharge
|
|
$
|
81,658
|
|
|
$
|
80,647
|
|
Operating Income
|
|
$
|
9,276
|
|
|
$
|
9,331
|
|
Adj. Operating Income (1)
|
|
$
|
7,381
|
|
|
$
|
9,331
|
|
Operating Ratio
|
|
|
90.8
|
%
|
|
|
90.6
|
%
|
Adj. Operating Ratio (1)
|
|
|
91.0
|
%
|
|
|
88.4
|
%
|
Average Freight Revenue per Tractor per Week
|
|
$
|
7,419
|
|
|
$
|
7,218
|
|
Average Freight Revenue per Total Mile
|
|
$
|
2.21
|
|
|
$
|
2.24
|
|
Average Miles per Tractor per Period
|
|
|
43,179
|
|
|
|
41,475
|
|
Weighted Average Tractors for Period
|
|
|
856
|
|
|
|
869
|
|
|
|
|
|
|
|
|
|
|
Dedicated
|
|
|
|
|
|
|
|
|
Total Revenue
|
|
$
|
80,244
|
|
|
$
|
88,947
|
|
Freight Revenue, excludes Fuel Surcharge
|
|
$
|
66,360
|
|
|
$
|
73,377
|
|
Operating Income (Loss)
|
|
$
|
7,147
|
|
|
$
|
2,641
|
|
Adj. Operating Income (Loss) (1)
|
|
$
|
3,741
|
|
|
$
|
2,934
|
|
Operating Ratio
|
|
|
91.1
|
%
|
|
|
97.0
|
%
|
Adj. Operating Ratio (1)
|
|
|
94.4
|
%
|
|
|
96.0
|
%
|
Average Freight Revenue per Tractor per Week
|
|
$
|
4,166
|
|
|
$
|
3,983
|
|
Average Freight Revenue per Total Mile
|
|
$
|
2.65
|
|
|
$
|
2.51
|
|
Average Miles per Tractor per Period
|
|
|
20,240
|
|
|
|
20,361
|
|
Weighted Average Tractors for Period
|
|
|
1,239
|
|
|
|
1,433
|
|
(1)
|
Represents non-GAAP measures.
|
|
|
Three Months Ended March 31,
|
|
|||||
($000s)
|
|
2023
|
|
|
2022
|
|
||
Freight Revenue
|
|
$
|
60,874
|
|
|
$
|
86,151
|
|
Operating Income
|
|
$
|
1,218
|
|
|
$
|
10,831
|
|
Adj. Operating Income (1)
|
|
$
|
1,253
|
|
|
$
|
10,867
|
|
Operating Ratio
|
|
|
98.0
|
%
|
|
|
87.4
|
%
|
Adj. Operating Ratio (1)
|
|
|
97.9
|
%
|
|
|
87.4
|
%
|
(1)
|
Represents non-GAAP measures.
|
|
|
Three Months Ended March 31,
|
|
|||||
($000s)
|
|
2023
|
|
|
2022
|
|
||
Freight Revenue
|
|
$
|
24,530
|
|
|
$
|
17,439
|
|
Operating Income
|
|
$
|
(9
|
)
|
|
$
|
1,044
|
|
Adj. Operating Income (1)
|
|
$
|
250
|
|
|
$
|
1,303
|
|
Operating Ratio
|
|
|
100.0
|
%
|
|
|
94.1
|
%
|
Adj. Operating Ratio (1)
|
|
|
99.0
|
%
|
|
|
92.5
|
%
|
(1)
|
Represents non-GAAP measures.
|
Covenant Logistics Group, Inc.
|
||||||||||||
Key Financial and Operating Statistics
|
||||||||||||
Income Statement Data
|
||||||||||||
|
Three Months Ended March 31,
|
|||||||||||
($s in 000s, except per share data)
|
2023
|
2022
|
% Change
|
|||||||||
Freight revenue
|
$
|
233,422
|
$
|
257,614
|
(9.4
|
%)
|
||||||
Fuel surcharge revenue
|
33,429
|
33,971
|
(1.6
|
%)
|
||||||||
Total revenue
|
$
|
266,851
|
$
|
291,585
|
(8.5
|
%)
|
||||||
Operating expenses:
|
||||||||||||
Salaries, wages, and related expenses
|
99,159
|
95,338
|
||||||||||
Fuel expense
|
34,091
|
35,502
|
||||||||||
Operations and maintenance
|
17,109
|
17,936
|
||||||||||
Revenue equipment rentals and purchased transportation
|
63,016
|
83,661
|
||||||||||
Operating taxes and licenses
|
3,463
|
2,740
|
||||||||||
Insurance and claims
|
12,693
|
9,179
|
||||||||||
Communications and utilities
|
1,284
|
1,170
|
||||||||||
General supplies and expenses
|
13,620
|
8,934
|
||||||||||
Depreciation and amortization
|
14,575
|
13,445
|
||||||||||
Gain on disposition of property and equipment, net
|
(9,791
|
)
|
(167
|
)
|
||||||||
Total operating expenses
|
249,219
|
267,738
|
||||||||||
Operating income (loss)
|
17,632
|
23,847
|
||||||||||
Interest expense, net
|
769
|
555
|
||||||||||
Income from equity method investment
|
(5,943
|
)
|
(6,785
|
)
|
||||||||
Income (loss) from continuing operations before income taxes
|
22,806
|
30,077
|
||||||||||
Income tax expense (benefit)
|
6,321
|
7,910
|
||||||||||
Income (loss) from continuing operations
|
16,485
|
22,167
|
||||||||||
Income from discontinued operations, net of tax
|
150
|
-
|
||||||||||
Net income (loss)
|
$
|
16,635
|
$
|
22,167
|
||||||||
Basic earnings (loss) per share(1)
|
||||||||||||
Income (loss) from continuing operations
|
$
|
1.23
|
$
|
1.34
|
||||||||
Income from discontinued operations
|
$
|
0.01
|
$
|
-
|
||||||||
Net income (loss)
|
$
|
1.25
|
$
|
1.34
|
||||||||
Diluted earnings (loss) per share
|
||||||||||||
Income (loss) from continuing operations
|
$
|
1.19
|
$
|
1.32
|
||||||||
Income from discontinued operations
|
$
|
0.01
|
$
|
-
|
||||||||
Net income (loss)
|
$
|
1.20
|
$
|
1.32
|
||||||||
Basic weighted average shares outstanding (000s)
|
13,361
|
16,602
|
||||||||||
Diluted weighted average shares outstanding (000s)
|
13,877
|
16,769
|
||||||||||
(1) Total may not sum due to rounding..
|
Segment Freight Revenues
|
||||||||||||
|
Three Months Ended March 31,
|
|||||||||||
($s in 000's)
|
2023
|
2022
|
% Change
|
|||||||||
Expedited - Truckload
|
$
|
81,658
|
$
|
80,647
|
1.3
|
%
|
||||||
Dedicated - Truckload
|
66,360
|
73,377
|
(9.6
|
%)
|
||||||||
Combined Truckload
|
148,018
|
154,024
|
(3.9
|
%)
|
||||||||
Managed Freight
|
60,874
|
86,151
|
(29.3
|
%)
|
||||||||
Warehousing
|
24,530
|
17,439
|
40.7
|
%
|
||||||||
Consolidated Freight Revenue
|
$
|
233,422
|
$
|
257,614
|
(9.4
|
%)
|
Truckload Operating Statistics
|
||||||||||||
|
Three Months Ended March 31,
|
|||||||||||
|
2023
|
2022
|
% Change
|
|||||||||
Average freight revenue per loaded mile
|
$
|
2.71
|
$
|
2.67
|
1.5
|
%
|
||||||
Average freight revenue per total mile
|
$
|
2.39
|
$
|
2.36
|
1.3
|
%
|
||||||
Average freight revenue per tractor per week
|
$
|
5,495
|
$
|
5,204
|
5.6
|
%
|
||||||
Average miles per tractor per period
|
29,613
|
28,331
|
4.5
|
%
|
||||||||
Weighted avg. tractors for period
|
2,095
|
2,302
|
(9.0
|
%)
|
||||||||
Tractors at end of period
|
2,040
|
2,318
|
(12.0
|
%)
|
||||||||
Trailers at end of period
|
5,237
|
5,455
|
(4.0
|
%)
|
|
Selected Balance Sheet Data
|
|||||||
($s in '000's, except per share data)
|
3/31/2023
|
12/31/2022
|
||||||
Total assets
|
$
|
764,855
|
$
|
796,645
|
||||
Total stockholders' equity
|
$
|
371,162
|
$
|
377,128
|
||||
Total indebtedness, comprised of total debt and finance leases, net of cash
|
$
|
64,973
|
$
|
46,356
|
||||
Net Indebtedness to Capitalization Ratio
|
14.9
|
%
|
10.9
|
%
|
||||
Leverage Ratio(1)
|
0.40
|
0.34
|
||||||
Tangible book value per end-of-quarter basic share
|
$
|
20.40
|
$
|
19.97
|
(1)
|
Leverage Ratio is calculated as average total indebtedness, comprised of total debt and finance leases, net of cash, divided by the trailing twelve
months sum of operating income (loss), depreciation and amortization, and gain on disposition of property and equipment, net.
|
Covenant Logistics Group, Inc.
|
||||||||||
Non-GAAP Reconciliation (Unaudited)
|
||||||||||
Adjusted Operating Income and Adjusted Operating Ratio(1)
|
||||||||||
(Dollars in thousands)
|
Three Months Ended March 31,
|
|||||||||
GAAP Presentation
|
2023
|
2022
|
bps Change
|
|||||||
Total revenue
|
$
|
266,851
|
$
|
291,585
|
||||||
Total operating expenses
|
249,219
|
267,738
|
||||||||
Operating income
|
$
|
17,632
|
$
|
23,847
|
||||||
Operating ratio
|
93.4
|
%
|
91.8
|
%
|
160
|
|||||
|
||||||||||
Non-GAAP Presentation |
2023 |
2022 |
bps Change |
|||||||
Total revenue
|
$
|
266,851
|
$
|
291,585
|
||||||
Fuel surcharge revenue
|
(33,429
|
)
|
(33,971
|
)
|
||||||
Freight revenue (total revenue, excluding fuel surcharge)
|
233,422
|
257,614
|
||||||||
|
||||||||||
Total operating expenses
|
249,219
|
267,738
|
||||||||
Adjusted for:
|
||||||||||
Fuel surcharge revenue
|
(33,429
|
)
|
(33,971
|
)
|
||||||
Amortization of intangibles (2)
|
(1,120
|
)
|
(588
|
)
|
||||||
Gain on disposal of terminals, net
|
7,627
|
-
|
||||||||
Contingent consideration liability adjustment
|
(1,500
|
)
|
-
|
|||||||
Adjusted operating expenses
|
220,797
|
233,179
|
||||||||
Adjusted operating income
|
12,625
|
24,435
|
||||||||
Adjusted operating ratio
|
94.6
|
%
|
90.5
|
%
|
410
|
(1)
|
Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating income and operating ratio to consolidated
non-GAAP Adjusted operating income and Adjusted operating ratio.
|
(2)
|
"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets.
|
(Dollars in thousands)
|
Three Months Ended March 31,
|
|||||||
|
2023
|
2022
|
||||||
GAAP Presentation - Net income
|
$
|
16,635
|
$
|
22,167
|
||||
Adjusted for:
|
||||||||
Amortization of intangibles (2)
|
1,120
|
588
|
||||||
Discontinued operations reversal of loss contingency (3)
|
(200
|
)
|
-
|
|||||
Loss (gain) on disposal of terminals, net
|
(7,627
|
)
|
-
|
|||||
Contingent consideration liability adjustment
|
1,500
|
-
|
||||||
Total adjustments before taxes
|
(5,207
|
)
|
588
|
|||||
Provision for income tax expense at effective rate
|
1,439
|
(155
|
)
|
|||||
Tax effected adjustments
|
$
|
(3,768
|
)
|
$
|
433
|
|||
Impact of federal income tax adjustments
|
||||||||
Non-GAAP Presentation - Adjusted net income
|
$
|
12,867
|
$
|
22,600
|
||||
|
||||||||
GAAP Presentation - Diluted earnings per share ("EPS")
|
$
|
1.20
|
$
|
1.32
|
||||
Adjusted for:
|
||||||||
Amortization of intangibles (2)
|
0.08
|
0.04
|
||||||
Discontinued operations reversal of loss contingency(3)
|
(0.01
|
)
|
-
|
|||||
Gain on sale of terminal, net
|
(0.55
|
)
|
-
|
|||||
Contingent consideration liability adjustment
|
0.11
|
-
|
||||||
Total adjustments before taxes
|
(0.37
|
)
|
0.04
|
|||||
Provision for income tax expense at effective rate
|
0.10
|
(0.01
|
)
|
|||||
Tax effected adjustments
|
$
|
0.27
|
$
|
0.03
|
||||
Non-GAAP Presentation - Adjusted EPS
|
$
|
0.93
|
$
|
1.35
|
(1)
|
Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP net income to consolidated non-GAAP adjusted net income and
consolidated GAAP diluted earnings per share to non-GAAP consolidated Adjusted EPS.
|
(2)
|
"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets.
|
(3)
|
"Discontinued Operations reversal of loss contingency" reflects the non-cash reversal of a previously recorded loss contingency that is no longer
considered probable. The original loss contingency was recorded in Q4 2020 as a result of our disposal of our former accounts receivable factoring segment, TFS.
|
Covenant Logistics Group, Inc
|
||||||||||||||||||||||||||||||||||||||||
Non-GAAP Reconciliation (Unaudited)
|
||||||||||||||||||||||||||||||||||||||||
Adjusted Operating Income and Adjusted Operating Ratio (1)
|
||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Three Months Ended March 31,
|
|||||||||||||||||||||||||||||||||||||||
GAAP Presentation
|
2023
|
2022
|
||||||||||||||||||||||||||||||||||||||
|
Expedited
|
Dedicated
|
Combined Truckload
|
Managed Freight
|
Warehousing
|
Expedited
|
Dedicated
|
Combined Truckload
|
Managed Freight
|
Warehousing
|
||||||||||||||||||||||||||||||
Total revenue
|
$
|
100,896
|
$
|
80,244
|
$
|
181,140
|
$
|
60,874
|
$
|
24,837
|
$
|
98,797
|
$
|
88,947
|
$
|
187,744
|
$
|
86,151
|
$
|
17,690
|
||||||||||||||||||||
Total operating expenses
|
91,620
|
73,097
|
$
|
164,717
|
$
|
59,656
|
24,846
|
89,466
|
86,306
|
175,772
|
75,320
|
16,646
|
||||||||||||||||||||||||||||
Operating income (loss)
|
$
|
9,276
|
$
|
7,147
|
$
|
16,423
|
$
|
1,218
|
$
|
(9
|
)
|
$
|
9,331
|
$
|
2,641
|
$
|
11,972
|
$
|
10,831
|
$
|
1,044
|
|||||||||||||||||||
Operating ratio
|
90.8
|
%
|
91.1
|
%
|
90.9
|
%
|
98.0
|
%
|
100.0
|
%
|
90.6
|
%
|
97.0
|
%
|
93.6
|
%
|
87.4
|
%
|
94.1
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Non-GAAP Presentation
|
||||||||||||||||||||||||||||||||||||||||
Total revenue
|
$
|
100,896
|
$
|
80,244
|
$
|
181,140
|
$
|
60,874
|
$
|
24,837
|
$
|
98,797
|
$
|
88,947
|
$
|
187,744
|
$
|
86,151
|
$
|
17,690
|
||||||||||||||||||||
Fuel surcharge revenue
|
(19,238
|
)
|
(13,884
|
)
|
(33,122
|
)
|
-
|
(307
|
)
|
(18,150
|
)
|
(15,570
|
)
|
(33,720
|
)
|
-
|
(251
|
)
|
||||||||||||||||||||||
Freight revenue (total revenue, excluding fuel surcharge)
|
81,658
|
66,360
|
148,018
|
60,874
|
24,530
|
80,647
|
73,377
|
154,024
|
86,151
|
17,439
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Total operating expenses
|
91,620
|
73,097
|
164,717
|
59,656
|
24,846
|
89,466
|
86,306
|
175,772
|
75,320
|
16,646
|
||||||||||||||||||||||||||||||
Adjusted for:
|
||||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenue
|
(19,238
|
)
|
(13,884
|
)
|
(33,122
|
)
|
-
|
(307
|
)
|
(18,150
|
)
|
(15,570
|
)
|
(33,720
|
)
|
-
|
(251
|
)
|
||||||||||||||||||||||
Amortization of intangibles (2)
|
(533
|
)
|
(293
|
)
|
(826
|
)
|
(35
|
)
|
(259
|
)
|
-
|
(293
|
)
|
(293
|
)
|
(36
|
)
|
(259
|
)
|
|||||||||||||||||||||
Gain on disposal of terminals, net
|
3,928
|
3,699
|
7,627
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Contingent consideration liability adjustment
|
(1,500
|
)
|
-
|
(1,500
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Adjusted operating expenses
|
74,277
|
62,619
|
136,896
|
59,621
|
24,280
|
71,316
|
70,443
|
141,759
|
75,284
|
16,136
|
||||||||||||||||||||||||||||||
Adjusted operating income (loss)
|
7,381
|
3,741
|
11,122
|
1,253
|
250
|
9,331
|
2,934
|
12,265
|
10,867
|
1,303
|
||||||||||||||||||||||||||||||
Adjusted operating ratio
|
91.0
|
%
|
94.4
|
%
|
92.5
|
%
|
97.9
|
%
|
99.0
|
%
|
88.4
|
%
|
96.0
|
%
|
92.0
|
%
|
87.4
|
%
|
92.5
|
%
|
(1)
|
Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating income and operating ratio to consolidated non-GAAP
Adjusted operating income and Adjusted operating ratio.
|
(2)
|
"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets.
|
Document and Entity Information |
Apr. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 26, 2023 |
Entity File Number | 000-24960 |
Entity Registrant Name | COVENANT LOGISTICS GROUP, INC. |
Entity Central Index Key | 0000928658 |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 88-0320154 |
Entity Address, Address Line One | 400 Birmingham Hwy |
Entity Address, City or Town | Chattanooga |
Entity Address, State or Province | TN |
Entity Address, Postal Zip Code | 37419 |
City Area Code | 423 |
Local Phone Number | 821-1212 |
Title of 12(b) Security | $0.01 Par Value Class A common stock |
Trading Symbol | CVLG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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