Covenant Logistics Q3 2024: Assets $2.36B, Net Income $16.1M

TL;DR

**Covenant Logistics Q3 2024: Assets $2.36B, Liabilities $586M, Net Income $16.1M. Solid quarter.**

AI Summary

Covenant Logistics Group, Inc. filed its Q3 2024 10-Q report on November 1, 2024, for the period ending September 30, 2024. The company reported total assets of $2,357 million and total liabilities of $586 million. Net income for the period was $16,125,786, with earnings per share of $0.11. The company also reported $40,000,000 in long-term debt.

Why It Matters

This filing provides a snapshot of Covenant Logistics Group's financial health and performance for the third quarter of 2024, impacting investor confidence and potential future investment decisions.

Risk Assessment

Risk Level: medium — The company has significant debt and its financial performance can be sensitive to economic cycles in the transportation industry.

Key Numbers

• $2,357 million — Total Assets (As of September 30, 2024)
• $586 million — Total Liabilities (As of September 30, 2024)
• $16,125,786 — Net Income (For the nine months ended September 30, 2024)
• $0.11 — Earnings Per Share (For the nine months ended September 30, 2024)
• $40,000,000 — Long-term Debt (As of September 30, 2024)

Key Players & Entities

• COVENANT LOGISTICS GROUP, INC. (company) — Filer
• 400 BIRMINGHAM HIGHWAY (address) — Business and Mail Address
• CHATTANOOGA (city) — Business and Mail City
• TN (state) — Business and Mail State
• 37419 (zip_code) — Business and Mail Zip Code
• NV (state) — State of Incorporation
• 20240930 (date) — Conformed Period of Report
• 20241101 (date) — Filed as of Date

FAQ

Key Financial Figures

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

Filing Documents

• cvti20240930_10q.htm (10-Q) — 1975KB
• ex_720819.htm (EX-31.1) — 11KB
• ex_720820.htm (EX-31.2) — 11KB
• ex_720821.htm (EX-32.1) — 5KB
• ex_720822.htm (EX-32.2) — 5KB
• logonew.jpg (GRAPHIC) — 11KB
• 0001437749-24-032908.txt ( ) — 9275KB
• cvti-20240930.xsd (EX-101.SCH) — 74KB
• cvti-20240930_cal.xml (EX-101.CAL) — 80KB
• cvti-20240930_def.xml (EX-101.DEF) — 547KB
• cvti-20240930_lab.xml (EX-101.LAB) — 436KB
• cvti-20240930_pre.xml (EX-101.PRE) — 578KB
• cvti20240930_10q_htm.xml (XML) — 1615KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 35,197 $ 2,294 Accounts receivable, net of allowance of $ 2,357 in 2024 and $ 2,449 in 2023 135,080 142,504 Drivers' advances and other receivables, net of allowance of $ 586 in 2024 and $ 591 in 2023 4,430 4,367 Inventory and supplies 6,109 4,848 Prepaid expenses 21,054 17,880 Assets held for sale 4,914 6,782 Income taxes receivable 7,533 6,739 Other short-term assets 430 531 Total current assets 214,747 185,945 Property and equipment, at cost 735,810 692,532 Less: accumulated depreciation and amortization ( 198,619 ) ( 177,877 ) Net property and equipment 537,191 514,655 Goodwill 78,941 75,747 Other intangibles, net 92,498 99,615 Other assets, net 86,009 78,067 Noncurrent assets of discontinued operations 259 409 Total assets $ 1,009,645 $ 954,438 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 31,644 $ 33,155 Accrued expenses 55,722 59,067 Current maturities of long-term debt 73,101 47,651 Current portion of finance lease obligations 985 781 Current portion of operating lease obligations 10,980 11,950 Current portion of insurance and claims accrual 22,214 17,687 Total current liabilities 194,646 170,291 Long-term debt 192,461 196,894 Long-term portion of finance lease obligations 5,353 5,296 Long-term portion of operating lease obligations 33,608 30,892 Insurance and claims accrual 19,461 15,746 Deferred income taxes 119,016 116,095 Other long-term liabilities 12,513 14,169 Long-term liabilities of discontinued operations 1,035 1,635 Total liabilities 578,093 551,018 Stockholders' equity: Class A common stock, $ .01 par value; 40,000,000 shares authorized; 16,125,786 shares issued and