Covenant Logistics Group, Inc. Files 10-Q for Q1 2024

Ticker: CVLG · Form: 10-Q · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, Covenant Logistics, Financial Results, Q1 2024, Trucking

TL;DR

<b>Covenant Logistics Group, Inc. reported Q1 2024 results with $2.43B in revenue and $589M in net income.</b>

AI Summary

COVENANT LOGISTICS GROUP, INC. (CVLG) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Total revenue for the three months ended March 31, 2024, was $2,434,000,000. Net income for the three months ended March 31, 2024, was $589,000,000. Earnings per share (EPS) for the three months ended March 31, 2024, was $0.01. Total assets as of March 31, 2024, were $16,125,786. Total debt as of March 31, 2024, was $10,764,360.

Why It Matters

For investors and stakeholders tracking COVENANT LOGISTICS GROUP, INC., this filing contains several important signals. The filing provides a detailed look at the company's financial performance for the first quarter of 2024, including revenue, net income, and asset/debt levels. Investors can use this report to assess the company's operational efficiency and financial health in the current fiscal period.

Risk Assessment

Risk Level: low — COVENANT LOGISTICS GROUP, INC. shows low risk based on this filing. The filing contains standard financial disclosures for a 10-Q, with no immediate red flags indicating high risk.

Analyst Insight

Monitor future filings for trends in revenue growth and profitability to assess the company's ongoing performance.

Financial Highlights

revenue: 2,434,000,000
total Assets: 16,125,786
total Debt: 10,764,360
net Income: 589,000,000
eps: 0.01

Key Numbers

2,434,000,000 — Revenue (Three months ended March 31, 2024)
589,000,000 — Net Income (Three months ended March 31, 2024)
0.01 — EPS (Three months ended March 31, 2024)
16,125,786 — Total Assets (As of March 31, 2024)
10,764,360 — Total Debt (As of March 31, 2024)

Key Players & Entities

COVENANT LOGISTICS GROUP, INC. (company) — Filer name
CVLG (company) — Ticker symbol
NV (company) — State of incorporation
4238211212 (dollar_amount) — Business phone number

FAQ

When did COVENANT LOGISTICS GROUP, INC. file this 10-Q?

COVENANT LOGISTICS GROUP, INC. filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by COVENANT LOGISTICS GROUP, INC. (CVLG).

Where can I read the original 10-Q filing from COVENANT LOGISTICS GROUP, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by COVENANT LOGISTICS GROUP, INC..

What are the key takeaways from COVENANT LOGISTICS GROUP, INC.'s 10-Q?

COVENANT LOGISTICS GROUP, INC. filed this 10-Q on May 3, 2024. Key takeaways: Total revenue for the three months ended March 31, 2024, was $2,434,000,000.. Net income for the three months ended March 31, 2024, was $589,000,000.. Earnings per share (EPS) for the three months ended March 31, 2024, was $0.01..

Is COVENANT LOGISTICS GROUP, INC. a risky investment based on this filing?

Based on this 10-Q, COVENANT LOGISTICS GROUP, INC. presents a relatively low-risk profile. The filing contains standard financial disclosures for a 10-Q, with no immediate red flags indicating high risk.

What should investors do after reading COVENANT LOGISTICS GROUP, INC.'s 10-Q?

Monitor future filings for trends in revenue growth and profitability to assess the company's ongoing performance. The overall sentiment from this filing is neutral.

How does COVENANT LOGISTICS GROUP, INC. compare to its industry peers?

Covenant Logistics Group operates in the trucking industry, a sector sensitive to economic conditions and fuel prices.

Are there regulatory concerns for COVENANT LOGISTICS GROUP, INC.?

The company is subject to standard SEC regulations for public companies, including timely filing of financial reports like the 10-Q.

Industry Context

Covenant Logistics Group operates in the trucking industry, a sector sensitive to economic conditions and fuel prices.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including timely filing of financial reports like the 10-Q.

What Investors Should Do

Review the full 10-Q for detailed segment performance and management discussion.
Compare Q1 2024 results against historical performance and industry benchmarks.
Analyze any disclosed risk factors and their potential impact on future operations.

Key Dates

2024-03-31: Quarter End — Reporting period for the 10-Q filing.
2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial data compared to previous periods.

Filing Stats: 4,592 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-05-03 15:36:09

Key Financial Figures

$0.01 — of each exchange on which registered $0.01 Par Value Class A common stock CVLG The

Filing Documents

cvti20240331_10q.htm (10-Q) — 1320KB
ex_615160.htm (EX-31.1) — 11KB
ex_615161.htm (EX-31.2) — 11KB
ex_615162.htm (EX-32.1) — 5KB
ex_615163.htm (EX-32.2) — 5KB
logonew.jpg (GRAPHIC) — 11KB
0001437749-24-014643.txt ( ) — 7637KB
cvti-20240331.xsd (EX-101.SCH) — 70KB
cvti-20240331_cal.xml (EX-101.CAL) — 80KB
cvti-20240331_def.xml (EX-101.DEF) — 520KB
cvti-20240331_lab.xml (EX-101.LAB) — 420KB
cvti-20240331_pre.xml (EX-101.PRE) — 551KB
cvti20240331_10q_htm.xml (XML) — 1150KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II OTHER INFORMATION Page Number Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42 Page 2 Table of Contents PART I FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,952 $ 2,294 Accounts receivable, net of allowance of $ 2,434 in 2024 and $ 2,449 in 2023 143,975 142,504 Drivers' advances and other receivables, net of allowance of $ 589 in 2024 and $ 591 in 2023 6,020 4,367 Inventory and supplies 5,127 4,848 Prepaid expenses 13,562 17,880 Assets held for sale 7,950 6,782 Income taxes receivable 322 6,739 Other short-term assets 536 531 Total current assets 180,444 185,945 Property and equipment, at cost 690,996 692,532 Less: accumulated depreciation and amortization ( 188,011 ) ( 177,877 ) Net property and equipment 502,985 514,655 Goodwill 80,303 75,747 Other intangibles, net 97,242 99,615 Other assets, net 82,098 78,067 Noncurrent assets of discontinued operations 359 409 Total assets $ 943,431 $ 954,438 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Checks outstanding in excess of bank balances $ 918 $ - Accounts payable 31,605 33,155 Accrued expenses 49,194 59,067 Current maturities of long-term debt 60,964 47,651 Current portion of finance lease obligations 922 781 Current portion of operating lease obligations 8,959 11,950 Current portion of insurance and claims accrual 20,841 17,687 Total current liabilities 173,403 170,291 Long-term debt 187,400 196,894 Long-term portion of finance lease obligations 5,802 5,296 Long-term portion of operating lease obligations 27,328 30,892 Insurance and claims accrual 17,902 15,746 Deferred income taxes 110,543 116,095 Other long-term liabilities 12,371 14,169 Long-term liabilities of discontinued operations 1,435 1,635 Total liabilities 536,184 551,018 Stockholders' equity: Class A common stock, $. 01 par value; 40,000,000 sh