Covenant transportation group inc (CVTI)
CashFlow / TTM
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

8,477

23,816

38,619

42,519

42,503

75,300

68,317

59,895

55,439

12,123

10,361

12,444

16,835

24,083

28,841

36,210

42,085

42,400

36,630

29,409

17,808

7,602

7,718

5,829

5,244

3,358

2,386

4,746

6,065

2,367

-9,847

-12,443

-14,267

0

0

0

Adjustments to reconcile net income to net cash provided by operating activities:
Provision for losses on accounts receivable

255

352

362

483

507

381

390

257

454

531

393

71

-241

373

552

887

1,100

434

439

771

774

685

742

537

457

723

749

814

904

659

651

677

713

0

0

0

Reversal of gain on sales to equity method investee

-7

-11

-25

-30

-189

-211

-255

-274

-179

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reversal of gain on sales to equity method investee

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

135

-

-59

-114

1

33

-98

276

-31

-81

-284

-507

30

-198

0

0

0

-

-

-

-

Depreciation and amortization

80,529

80,739

79,456

77,096

75,859

74,303

71,983

72,370

72,422

73,994

75,680

73,679

71,647

70,411

66,272

64,138

62,010

56,374

53,046

50,941

49,043

48,539

47,851

45,444

44,457

44,429

45,324

47,430

48,135

0

0

0

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Amortization of deferred financing fees

147

147

148

148

148

147

179

211

242

275

273

284

293

286

278

273

261

270

272

260

256

247

246

245

245

306

368

430

492

487

463

439

414

0

0

0

Deferred gain (reversal) on fuel hedges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Deferred gain on fuel hedges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Unrealized (gain) loss on ineffective portion of fuel hedges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,454

305

-561

-1,085

-1,510

0

0

0

-

-

-

-

-

0

0

0

-

-

-

-

Return of (issuance of) cash collateral on fuel hedge

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income tax expense (benefit)

3,454

9,300

10,566

12,591

13,840

-30,288

-17,630

-23,727

-23,023

21,020

6,976

9,309

-922

13,398

12,090

11,203

20,701

11,436

13,468

16,688

14,681

8,498

9,193

8,234

8,217

6,427

4,835

6,295

6,735

4,704

1,416

-680

-2,158

0

0

0

Income tax (expense) benefit arising from restricted share vesting and stock options exercised

105

59

-620

-620

44

-380

-377

-377

-457

-644

-632

-637

-1,108

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

819

2,360

2,868

5,613

5,177

3,548

2,735

1,872

1,201

1,160

1,178

1,229

1,378

1,474

1,500

1,515

1,496

1,559

1,933

1,668

1,386

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Income tax (benefit) deficit arising from restricted share vesting

105

59

-620

-620

44

-380

-377

-377

-457

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

0

-

0

0

0

Equity in income of affiliate

7,017

9,873

9,877

9,277

7,732

0

0

0

-

-

-

-

3,000

3,300

3,850

4,035

4,570

4,920

4,800

4,315

3,730

3,100

3,370

3,070

2,750

2,830

2,235

2,110

1,875

0

0

0

-

-

-

-

Return on investment in affiliated company

-

-

-

-

-

-

-

-

-1,960

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on disposition of property and equipment

2,829

2,272

1,772

926

-298

-1,240

-2,201

-4,655

-4,024

-3,935

-3,646

-1,007

-808

163

660

251

626

1,098

2,377

3,265

2,659

1,506

406

-424

763

0

0

0

-

-

-

-

-

-

-

-

Return on investment in available-for-sale securities

-13

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Gain on disposition of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Receivables and advances

6,706

31,580

38,856

42,676

27,199

8,412

18,113

22,714

23,670

42,511

21,849

14,451

-21,207

7,032

-4,643

-5,486

28,120

-5,451

-2,683

2,793

16,996

5,095

-3,112

3,274

4,312

-1,893

13,633

9,861

10,415

17,744

16,100

4,710

4,348

0

0

0

Prepaid expenses and other assets

-487

341

-140

1,695

2,127

2,434

3,014

-1,881

-1,768

-1,003

-1,666

1,277

1,464

-558

-943

-2,914

-2,688

-2,078

-772

-2,071

-1,680

-636

-1

2,406

2,014

837

-1,840

-6,347

-4,630

-8,278

-3,267

-820

-1,513

0

0

0

Inventory and supplies

143

-159

-174

-152

-168

285

352

240

252

-63

-249

-155

-24

-40

-106

-129

-398

-352

-392

-436

-316

-104

38

240

168

125

320

-126

-61

83

12

5

130

0

0

0

Insurance and claims accrual

945

1,398

950

-2,775

2,412

-449

-7,180

-5,186

-1,165

3,723

5,912

3,819

-1,390

-1,981

-4,901

-3,079

-1,304

175

9,269

11,517

9,986

6,225

-10,101

-2,408

-2,399

-1,983

7,394

1,160

3,979

5,498

6,803

6,750

1,056

0

0

0

Accounts payable and accrued expenses

-16,066

-14,653

469

13,281

19,232

14,698

4,377

1,410

-3,425

8,524

286

-3,388

-5,116

-12,531

-15,943

-13,410

-10,562

-4,508

-823

-1,794

5,556

-5,531

-3,695

-5,201

-6,287

-5,394

-2,814

954

3,821

3,977

737

-3,113

-8,453

0

0

0

Net cash flows provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash flows provided by operating activities

64,031

62,989

85,765

97,274

124,800

121,680

99,175

88,882

82,853

0

0

0

-

-

-

-

-

-

0

0

-

58,845

51,307

44,370

40,445

44,498

43,091

50,817

55,101

46,970

45,568

42,899

32,061

0

0

0

Acquisition of property and equipment

138,273

160,017

122,496

80,908

75,142

65,413

92,396

120,451

110,802

101,791

102,298

117,911

112,794

137,272

205,505

181,093

181,963

215,874

141,393

164,199

163,679

146,968

150,700

138,208

135,896

103,351

75,461

50,285

41,787

48,359

80,770

98,944

114,800

0

0

0

Investment in affiliated company

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

500

0

0

0

-

-

-

-

-

-

-

-

Proceeds from disposition of property and equipment

46,609

43,620

39,129

47,689

61,687

65,312

60,816

60,555

48,749

43,287

42,135

43,537

65,507

58,142

62,099

51,838

34,287

40,721

51,856

69,898

78,776

81,669

73,595

60,160

51,930

44,094

46,715

47,911

57,525

66,300

70,174

75,285

65,318

0

0

0

Net cash flows used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash flows used by investing activities

-93,029

-117,663

-192,589

-140,661

-120,897

-107,657

-31,580

-59,896

-62,053

0

0

0

-

-

-

-

-

-

0

0

-

-64,927

-76,733

-77,983

-84,401

-61,480

-30,969

-5,458

13,154

17,080

-11,216

-24,918

-50,741

0

0

0

Cash flows from financing activities:
Change in checks outstanding in excess of bank balances

-1,265

0

0

0

-

-

-

-

-189

215

3,517

-2,165

-4,509

1,299

0

3,776

4,698

0

-2,496

-3,653

-2,918

-5,216

-5,286

-3,766

-5,343

-2,977

-259

427

2,298

990

715

848

1,168

0

0

0

Proceeds from issuance of notes payable

107,251

119,861

79,534

90,354

100,811

94,194

145,293

129,485

121,210

117,225

83,778

84,860

69,432

82,627

148,382

113,950

113,077

144,218

84,399

110,696

115,364

120,797

127,699

128,058

134,192

97,035

68,701

42,045

26,395

32,007

61,745

78,678

85,152

0

0

0

Proceeds from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

32

32

32

359

1,092

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax benefit arising from restricted share vesting

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

111

0

0

0

-

-

-

-

432

0

0

0

Repayments of notes payable

44,278

46,731

78,847

76,254

89,569

94,335

98,154

112,174

122,676

118,720

84,378

80,681

120,630

111,566

114,243

103,619

67,276

128,327

130,437

147,767

134,560

87,361

88,121

91,958

86,488

77,811

79,695

72,483

76,085

79,077

84,499

89,883

86,938

0

0

0

Repayments of finance lease obligations

7,225

5,507

5,225

4,457

3,883

3,335

2,906

2,791

7,416

7,118

9,307

9,127

4,140

4,143

1,738

1,724

1,718

6,938

10,881

11,191

11,492

0

0

0

-

-

-

-

1,992

1,949

1,885

1,746

1,651

0

0

0

Proceeds under revolving credit facility

1,734,338

1,702,658

1,685,725

1,697,592

1,598,213

1,494,818

1,441,826

1,347,162

1,271,669

1,191,801

1,085,310

997,657

1,023,978

996,986

919,639

908,799

870,432

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under revolving credit facility

1,738,249

1,695,089

1,668,412

1,671,967

1,603,309

1,492,342

1,445,905

1,357,161

1,274,847

1,203,959

1,092,094

993,371

1,014,796

981,150

908,776

899,086

867,430

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Proceeds under revolving credit facility, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

6,316

6,523

-7,917

-15,885

0

0

0

-

-

-

-

Payment of minimum tax withholdings on stock compensation

1,110

923

891

892

242

609

600

600

785

818

764

770

1,142

1,075

1,075

1,093

2,280

2,444

2,444

2,527

832

311

314

207

340

0

0

0

-

-

-

-

561

0

0

0

Debt refinancing costs

-

-

-

-

10

170

177

177

160

0

0

51

108

124

350

299

242

226

15

16

49

57

43

39

356

347

346

350

26

0

0

0

-

-

-

-

Income tax benefit arising from restricted share vesting and stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

432

0

0

0

Net cash flows provided by (used in) financing activities

49,462

74,857

13,501

36,017

3,868

-2,688

35,860

2,133

-13,194

-21,374

-13,938

-3,648

-51,883

0

0

0

-

-

-11,577

-8,578

22,919

12,790

35,723

44,982

46,373

19,844

-7,454

-40,624

-65,304

-59,763

-32,247

-19,402

13,214

0

0

0

Net change in cash and cash equivalents

20,464

20,183

-93,323

-7,370

7,771

11,335

103,455

31,119

7,606

3,250

10,258

3,562

3,260

-8,995

-15,337

-12,600

-16,840

-3,212

4,419

-3,628

12,067

6,708

10,297

11,369

2,417

2,862

4,668

4,735

2,951

4,287

2,105

-1,421

-5,466

0

0

0

Supplemental disclosure of cash flow information:
Equipment purchased under finance leases

-

-

-

-

-

-

-

-

9,953

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-