COVENANT LOGISTICS GROUP INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
CVLG$32.65+3.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
COVENANT Logistics GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2023 and 2022
(In thousands, except share data)
| 2023 | 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $2,294 | $68,665 |
| Accounts receivable, net of allowance of $2,449 in 2023 and $2,934 in 2022 | 142,504 | 119,770 |
| Drivers' advances and other receivables, net of allowance of $591 in 2023 and $585 in 2022 | 4,367 | 3,798 |
| Inventory and supplies | 4,848 | 3,516 |
| Prepaid expenses | 17,880 | 15,746 |
| Assets held for sale | 6,782 | 5,956 |
| Income taxes receivable | 6,739 | 4,838 |
| Other short-term assets | 531 | 367 |
| Total current assets | 185,945 | 222,656 |
| Property and equipment, at cost | 692,532 | 619,686 |
| Less: accumulated depreciation and amortization | (177,877) | (211,951) |
| Net property and equipment | 514,655 | 407,735 |
| Goodwill | 75,747 | 58,217 |
| Other intangibles, net | 99,615 | 48,169 |
| Other assets | 78,067 | 58,843 |
| Noncurrent assets from discontinued operations | 409 | 1,025 |
| Total assets | $954,438 | $796,645 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 33,155 | 33,896 |
| Accrued expenses | 59,067 | 58,763 |
| Current maturities of long-term debt | 47,651 | 18,897 |
| Current portion of finance lease obligations | 781 | 5,326 |
| Current portion of operating lease obligations | 11,950 | 18,179 |
| Current portion of insurance and claims accrual | 17,687 | 21,060 |
| Total current liabilities | 170,291 | 156,121 |
| Long-term debt | 196,894 | 90,367 |
| Long-term portion of finance lease obligations | 5,296 | 432 |
| Long-term portion of operating lease obligations | 30,892 | 46,428 |
| Insurance and claims accrual | 15,746 | 15,859 |
| Deferred income taxes | 116,095 | 98,716 |
| Other long-term liabilities | 14,169 | 7,494 |
| Other long-term liabilities of discontinued operations | 1,635 | 4,100 |
| Total liabilities | 551,018 | 419,517 |
| Commitments and contingencies | - | - |
| Stockholders' equity: | ||
| Class A common stock, $.01 par value; 40,000,000 shares authorized; 16,125,786 shares issued and 10,721,517 outstanding as of December 31, 2023; and 40,000,000 authorized; 16,125,786 shares issued and 11,207,570 shares outstanding as of December 31, 2022 | 161 | 161 |
| Class B common stock, $.01 par value; 5,000,000 shares authorized; 2,350,000 shares issued and outstanding | 24 | 24 |
| Additional paid-in-capital | 155,846 | 152,886 |
| Treasury stock at cost; 5,404,269 and 4,918,216 shares as of December 31, 2023 and December 31, 2022, respectively | (132,346) | (106,500) |
| Accumulated other comprehensive income | 816 | 1,086 |
| Retained earnings | 378,919 | 329,471 |
| Total stockholders' equity | 403,420 | 377,128 |
| Total liabilities and stockholders' equity | $954,438 | $796,645 |
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