Covenant Logistics Group Inc. (CVLG) Financial Statements (2024 and earlier)

Company Profile

Business Address 400 BIRMINGHAM HIGHWAY
CHATTANOOGA, TN 37419
State of Incorp. NV
Fiscal Year End December 31
Industry (SIC) 4213 - Trucking, Except Local (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,29468,6658,4128,40743,59123,127
Cash and cash equivalents2,29468,6658,4128,40743,59123,127
Receivables148,652124,023151,99794,686172,536151,576
Prepaid expense17,88015,74612,53611,92411,70711,579
Disposal group, including discontinued operation     12,0102,559
Asset, held-for-sale, not part of disposal group6,7825,9562,92515,007  
Other current assets531367 2651,1321,435
Other undisclosed current assets9,8067,89912,65717,50713,40921,368
Total current assets:185,945222,656188,527147,796254,385211,644
Noncurrent Assets
Property, plant and equipment514,655407,735346,483391,452517,203450,595
Intangible assets, net (including goodwill)175,362106,38662,99367,03672,13374,136
Goodwill75,74758,21742,51842,51842,51841,598
Intangible assets, net (excluding goodwill)99,61548,16920,47524,51829,61532,538
Disposal group, including discontinued operation, noncurrent assets4091,0251,2759,535  
Other noncurrent assets78,06758,84352,38460,89737,91937,149
Total noncurrent assets:768,493573,989463,135528,920627,255561,880
TOTAL ASSETS:954,438796,645651,662676,716881,640773,524
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities92,22284,88067,90870,23357,58571,604
Accounts payable33,15533,89629,90731,69525,74522,101
Accrued liabilities59,06750,98438,00138,53831,84049,503
Debt60,38242,40228,38131,46881,68735,941
Liability for uncertainty in income taxes 1004006001,0009002,700
Disposal group, including discontinued operation    816  
Other liabilities   557643185 
Other undisclosed current liabilities17,58728,43945,29929,22120,90017,087
Total current liabilities:170,291156,121142,745133,381161,257127,332
Noncurrent Liabilities
Long-term debt and lease obligation202,19090,79945,87080,118267,069201,754
Long-term debt, excluding current maturities196,89490,36720,34747,888200,177166,635
Capital lease obligations35,119
Finance lease, liability5,2964323,96910,75626,010
Liabilities, other than long-term debt178,537172,597113,348172,575103,203101,296
Accounts payable and accrued liabilities15,74615,85921,43844,07720,29522,193
Deferred tax liabilities, net77,467
Deferred income tax liabilities116,09598,71684,66174,55380,330
Disposal group, including discontinued operation, liabilities1,6354,1005,10044,151  
Other liabilities14,1697,4942,1499,7942,5781,636
Operating lease, liability30,89246,42821,55421,47440,882
Total noncurrent liabilities:380,727263,396159,218252,693370,272303,050
Total liabilities:551,018419,517301,963386,074531,529430,382
Equity
Equity, attributable to parent, including:403,420377,128349,699290,642350,111343,142
Treasury stock, value(132,346)(106,500)(23,662)(17,067)  
Additional paid in capital155,846152,886149,406143,438141,885142,177
Accumulated other comprehensive income (loss)8161,086(1,306)(2,251)(1,014)204
Retained earnings378,919329,471225,076166,325209,043200,566
Other undisclosed equity, attributable to parent185185185197197195
Total equity:403,420377,128349,699290,642350,111343,142
TOTAL LIABILITIES AND EQUITY:954,438796,645651,662676,716881,640773,524

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues1,103,5731,216,8581,046,003838,561894,528885,455
Cost of revenue(938,206)(1,006,462)(873,657)(704,530)(770,105)(43,333)
Cost of goods and services sold(265,564)(313,324)(217,155)(196,382)(242,529)(43,333)
Gross profit:165,367210,396172,346134,031124,423842,122
Operating expenses(106,544)(89,714)(105,184)(148,058)(108,389)(826,469)
Other undisclosed operating income      43,333
Operating income (loss):58,823120,68267,162(14,027)16,03458,986
Interest and debt expense(7,967)(3,083)(2,791)(6,841)(11,110)(8,708)
Income (loss) from continuing operations before equity method investments, income taxes:50,856117,59964,371(20,868)4,92450,278
Income from equity method investments21,38425,19314,7823,9447,0177,732
Income (loss) from continuing operations before income taxes:72,240142,79279,153(16,924)11,94158,010
Income tax expense (benefit)(17,611)(34,860)(20,962)2,804(3,464)(15,507)
Income (loss) from continuing operations:54,629107,93258,191(14,120)8,47742,503
Income (loss) before gain (loss) on sale of properties:58,191(14,120)8,47742,503
Income from discontinued operations      
Other undisclosed net loss      
Net income (loss):54,629107,93258,191(14,120)8,47742,503
Other undisclosed net income (loss) attributable to parent6007502,540(28,598)  
Net income (loss) available to common stockholders, diluted:55,229108,68260,731(42,718)8,47742,503

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):54,629107,93258,191(14,120)8,47742,503
Other comprehensive loss     (1,218)(89)
Comprehensive income (loss):54,629107,93258,191(14,120)7,25942,414
Other undisclosed comprehensive income (loss), net of tax, attributable to parent3303,1423,485(29,835)  
Comprehensive income (loss), net of tax, attributable to parent:54,959111,07461,676(43,955)7,25942,414

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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