| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
8,477 | 42,503 | 55,439 | 16,835 | 42,085 | 17,808 | 5,244 | 6,065 | -14,267 | 3,289 | -25,030 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Provision for losses on accounts receivable | ||||||||||
255 | 507 | 454 | -241 | 1,100 | 774 | 457 | 904 | 713 | 422 | 1,727 |
Reversal of gain on sales to equity method investee | ||||||||||
-7 | -189 | -179 | -207 | -26 | - | - | - | - | - | - |
Reversal of gain on sales to equity method investee | ||||||||||
- | - | - | - | - | 33 | -81 | -198 | -562 | - | - |
Depreciation and amortization | ||||||||||
80,529 | 75,859 | 72,422 | 71,647 | 62,010 | 49,043 | 44,457 | 48,135 | 53,001 | 56,100 | - |
Goodwill impairment | ||||||||||
- | - | - | - | - | - | - | - | 11,539 | - | - |
Depreciation and amortization | ||||||||||
- | - | - | - | - | - | - | - | - | - | 47,987 |
Amortization of deferred financing fees | ||||||||||
147 | 148 | 242 | 293 | 261 | 256 | 245 | 492 | 414 | 715 | 851 |
Loss on sale of Transplace investment and note receivable | ||||||||||
- | - | - | - | - | - | - | - | - | - | 11,485 |
Unrealized gain on ineffective portion of fuel hedge | ||||||||||
- | - | - | - | - | - | - | - | - | - | -31 |
Reversal into earnings of deferred gain on fuel hedge | ||||||||||
- | - | - | - | - | - | - | - | 773 | 773 | - |
Unrealized (gain) loss on ineffective portion of fuel hedges | ||||||||||
- | - | - | - | 1,454 | -1,510 | 55 | - | - | - | - |
Return of (issuance of) cash collateral on fuel hedge | ||||||||||
- | - | - | - | 5,000 | -5,000 | 0 | - | - | - | - |
Deferred income tax expense (benefit) | ||||||||||
3,454 | 13,840 | -23,023 | -922 | 20,701 | 14,681 | 8,217 | 6,735 | -2,158 | 17,422 | -8,664 |
Income tax (expense) benefit arising from restricted share vesting and stock options exercised | ||||||||||
105 | 44 | -457 | -1,108 | 0 | 834 | -111 | - | - | - | - |
Stock-based compensation expense | ||||||||||
819 | 5,177 | 1,201 | 1,378 | 1,496 | 1,386 | 381 | 1,284 | 1,226 | - | - |
Casualty premium credit | ||||||||||
- | - | - | - | 3,600 | 0 | 0 | - | - | - | - |
Income tax (benefit) deficit arising from restricted share vesting | ||||||||||
105 | 44 | -457 | -1,108 | 0 | - | - | - | - | - | - |
Casualty premium credit | ||||||||||
- | - | - | - | - | - | - | -4,000 | - | - | - |
Stock-based compensation expense | ||||||||||
- | - | - | - | - | - | - | - | - | 1,118 | 695 |
Equity in income of affiliate | ||||||||||
7,017 | 7,732 | 3,400 | 3,000 | 4,570 | 3,730 | 2,750 | 1,875 | 675 | - | - |
Return on investment in affiliated company | ||||||||||
-1,225 | -1,960 | -1,960 | -1,470 | 0 | 0 | - | - | - | - | - |
(Gain) loss on disposition of property and equipment | ||||||||||
2,829 | -298 | -4,024 | -808 | 626 | 2,659 | 763 | 4,913 | 6,727 | - | - |
Return on investment in available-for-sale securities | ||||||||||
-13 | 13 | - | - | - | - | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||||
Gain on disposition of property and equipment | ||||||||||
- | - | - | - | - | - | - | - | - | -4,293 | 135 |
Receivables and advances | ||||||||||
6,706 | 27,199 | 23,670 | -21,207 | 28,120 | 16,996 | 4,312 | 10,415 | 4,348 | 1,018 | 9,948 |
Prepaid expenses and other assets | ||||||||||
-487 | 2,127 | -1,768 | 1,464 | -2,688 | -1,680 | 2,014 | -4,630 | -1,513 | -2,097 | 1,545 |
Inventory and supplies | ||||||||||
143 | -168 | 252 | -24 | -398 | -316 | 168 | -61 | 130 | -477 | -110 |
Insurance and claims accrual | ||||||||||
945 | 2,412 | -1,165 | -1,390 | -1,304 | 9,986 | -2,399 | 3,979 | 1,056 | 1,690 | -9,543 |
Operating lease right-of-use asset amortization | ||||||||||
-553 | - | - | - | - | - | - | - | - | - | - |
Accounts payable and accrued expenses | ||||||||||
-16,066 | 19,232 | -3,425 | -5,116 | -10,562 | 5,556 | -6,287 | 3,821 | -8,453 | -4,420 | -97 |
Net cash flows provided by operating activities | ||||||||||
- | - | - | - | - | 73,744 | - | - | - | - | - |
Net cash flows provided by operating activities | ||||||||||
64,031 | 124,800 | 82,853 | 102,430 | 85,477 | - | 40,445 | 55,101 | 32,061 | 70,839 | 30,898 |
Cash flows from investing activities: | ||||||||||
Acquisition of Landair Holdings, Inc., net of cash acquired | ||||||||||
- | 105,946 | - | - | - | - | - | - | - | - | - |
Purchase of available-for-sale securities | ||||||||||
1,365 | 1,496 | - | - | - | - | - | - | - | - | - |
Acquisition of property and equipment | ||||||||||
138,273 | 75,142 | 110,802 | 112,794 | 181,963 | 163,679 | 135,896 | 41,787 | 114,800 | 137,347 | 113,063 |
Investment in affiliated company | ||||||||||
- | - | - | - | - | - | 500 | 2,900 | 1,500 | - | - |
Return of investment in affiliated company | ||||||||||
- | - | - | - | - | 307 | 65 | 316 | 241 | - | - |
Proceeds from disposition of property and equipment | ||||||||||
46,609 | 61,687 | 48,749 | 65,507 | 34,287 | 78,776 | 51,930 | 57,525 | 65,318 | 55,075 | 50,305 |
Net cash flows used in investing activities | ||||||||||
- | - | - | - | - | -84,596 | - | - | - | - | - |
Payment of acquisition obligation | ||||||||||
- | - | - | - | - | - | - | - | - | - | 250 |
Net cash flows used by investing activities | ||||||||||
-93,029 | -120,897 | -62,053 | -47,287 | -147,676 | - | -84,401 | 13,154 | -50,741 | -82,272 | -63,008 |
Cash flows from financing activities: | ||||||||||
Change in checks outstanding in excess of bank balances | ||||||||||
-1,265 | 1,857 | -189 | -4,509 | 4,698 | -2,918 | -5,343 | 2,298 | 1,168 | -43 | 4,753 |
Proceeds from issuance of notes payable | ||||||||||
107,251 | 100,811 | 121,210 | 69,432 | 113,077 | 115,364 | 134,192 | 26,395 | 85,152 | 97,766 | 95,592 |
Proceeds from exercise of stock options | ||||||||||
- | - | - | 32 | 1,092 | 598 | 0 | - | - | 1,308 | - |
Income tax benefit arising from restricted share vesting | ||||||||||
- | - | - | - | - | - | 111 | - | 432 | -421 | - |
Repayments of notes payable | ||||||||||
44,278 | 89,569 | 122,676 | 120,630 | 67,276 | 134,560 | 86,488 | 76,085 | 86,938 | 76,208 | 70,219 |
Repayments of finance lease obligations | ||||||||||
7,225 | 3,883 | 7,416 | 4,140 | 1,718 | 11,492 | 2,186 | 1,992 | 1,651 | 1,158 | 298 |
Proceeds under revolving credit facility | ||||||||||
1,734,338 | 1,598,213 | 1,271,669 | 1,023,978 | 870,432 | 1,003,195 | 886,293 | - | - | - | - |
Repayments under revolving credit facility | ||||||||||
1,738,249 | 1,603,309 | 1,274,847 | 1,014,796 | 867,430 | 1,010,205 | 879,288 | - | - | - | -8,879 |
Proceeds from issuance of stock in follow-on offering, net of offering costs | ||||||||||
- | - | - | - | - | 62,984 | 0 | - | - | - | - |
Common stock repurchased | ||||||||||
- | - | - | - | 4,994 | 0 | 0 | - | - | - | - |
Proceeds under revolving credit facility, net | ||||||||||
- | - | - | - | - | - | - | -15,885 | 15,869 | -12,665 | - |
Payment of minimum tax withholdings on stock compensation | ||||||||||
1,110 | 242 | 785 | 1,142 | 2,280 | 832 | 340 | 9 | 561 | 284 | 115 |
Debt refinancing costs | ||||||||||
- | 10 | 160 | 108 | 242 | 49 | 356 | 26 | 257 | 564 | 561 |
Income tax benefit arising from restricted share vesting and stock options exercised | ||||||||||
- | - | - | - | - | 834 | - | - | 432 | 421 | - |
Net cash flows provided by (used in) financing activities | ||||||||||
49,462 | 3,868 | -13,194 | -51,883 | 45,359 | 22,919 | 46,373 | -65,304 | 13,214 | 8,573 | 38,031 |
Net change in cash and cash equivalents | ||||||||||
20,464 | 7,771 | 7,606 | 3,260 | -16,840 | 12,067 | 2,417 | 2,951 | -5,466 | -2,860 | 5,921 |
Supplemental disclosure of cash flow information: | ||||||||||
Interest, net of capitalized interest | ||||||||||
11,026 | 8,568 | 8,268 | 8,453 | 8,371 | 10,919 | 10,328 | 12,967 | 16,236 | 16,710 | 13,016 |
Income taxes | ||||||||||
752 | -5,388 | -2,222 | 6,412 | 8,112 | - | - | - | - | - | - |
Income taxes | ||||||||||
- | - | - | - | - | 571 | 320 | 342 | -295 | -7,928 | 239 |
Equipment purchased under finance leases | ||||||||||
- | 19,638 | 9,953 | 11,765 | 1,318 | 4,552 | 8,010 | - | 4,920 | 2,405 | 14,000 |
Accrued investment in TEL | ||||||||||
- | - | - | - | - | - | - | 500 | 1,000 | - | - |
Non-cash change in variable rate real-estate note | ||||||||||
- | - | - | - | - | - | - | - | - | - | 157 |
Accrued property additions | ||||||||||
- | - | - | - | - | - | - | - | - | - | 811 |