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 Statements of Operations
YEARS ENDED DECEMBER 31, **2023, 2022, and 2021
(In thousands, except per share data)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Revenues | |||
| Freight revenue | $970,509 | $1,046,396 | $949,913 |
| Fuel surcharge revenue | 133,064 | 170,462 | 96,090 |
| Total revenue | $1,103,573 | $1,216,858 | $1,046,003 |
| Operating expenses: | |||
| Salaries, wages, and related expenses | 400,491 | 402,276 | 350,246 |
| Fuel expense | 133,291 | 166,410 | 103,641 |
| Operations and maintenance | 63,753 | 79,051 | 59,269 |
| Revenue equipment rentals and purchased transportation | 271,893 | 325,624 | 331,685 |
| Operating taxes and licenses | 13,409 | 11,931 | 10,899 |
| Insurance and claims | 50,099 | 50,547 | 38,788 |
| Communications and utilities | 5,012 | 5,385 | 4,558 |
| General supplies and expenses | 49,444 | 37,762 | 29,673 |
| Depreciation and amortization | 69,943 | 57,512 | 53,881 |
| Gain on disposition of property and equipment, net | (12,585) | (40,322) | (3,799) |
| Total operating expenses | 1,044,750 | 1,096,176 | 978,841 |
| Operating income | 58,823 | 120,682 | 67,162 |
| Interest expense, net | 7,967 | 3,083 | 2,791 |
| Income from equity method investment | (21,384) | (25,193) | (14,782) |
| Income from continuing operations | 72,240 | 142,792 | 79,153 |
| Income tax expense | 17,611 | 34,860 | 20,962 |
| Income from continuing operations | 54,629 | 107,932 | 58,191 |
| Income from discontinued operations, net of tax | 600 | 750 | 2,540 |
| Net income | $55,229 | $108,682 | $60,731 |
| Basic income per share: | |||
| Income from continuing operations | $4.19 | $7.19 | $3.46 |
| Income from discontinued operations | $0.05 | $0.05 | $0.15 |
| Net income per basic share(1) | $4.23 | $7.24 | $3.61 |
| Diluted income per share: | |||
| Income from continuing operations | $3.95 | $6.95 | $3.42 |
| Income from discontinued operations | $0.04 | $0.05 | $0.15 |
| Net income per diluted share | $3.99 | $7.00 | $3.57 |
| Basic weighted average shares outstanding | 13,048 | 15,006 | 16,803 |
| Diluted weighted average shares outstanding | 13,834 | 15,524 | 17,020 |
| (1) | Total may not sum due to rounding. |
The accompanying notes are an integral part of these consolidated financial statements
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