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$32.74+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,2023, 2022, and 2021
| 2023 · 2022 · 2021 | ||||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net income | $55,229 | $108,682 | $60,731 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| (Reversal of) provision for losses on accounts receivable | (258) | 367 | 1,338 | |
| (Reversal) deferral of gain on sales to equity method investee, net | (16) | (39) | 52 | |
| Depreciation and amortization | 69,943 | 57,512 | 53,881 | |
| Deferred income tax benefit | 18,701 | 13,968 | 18,413 | |
| Income tax expense arising from restricted share vesting and stock options exercised | (2,226) | (526) | (334) | |
| Stock-based compensation expense | 7,100 | 6,587 | 9,059 | |
| Equity in income of affiliate | (21,384) | (25,193) | (14,782) | |
| Return on investment in affiliated company | 9,800 | 14,700 | 4,900 | |
| Gain on disposition of property and equipment | (12,585) | (40,322) | (3,799) | |
| Return on investment in available-for-sale securities | - | - | (63) | |
| Changes in operating assets and liabilities: | ||||
| Receivables and advances | (22,416) | 39,465 | (36,544) | |
| Prepaid expenses and other assets | (3,997) | (3,832) | (710) | |
| Inventory and supplies | (317) | (193) | (204) | |
| Insurance and claims accrual | (3,542) | (5,729) | (31,653) | |
| Accounts payable and accrued expenses | (9,191) | (6,217) | 12,933 | |
| Net cash flows provided by operating activities | 84,841 | 159,230 | 73,218 | |
| Cash flows from investing activities: | ||||
| Acquisitions, net of cash acquired | (107,934) | (38,501) | - | |
| Other investments | (2,204) | (241) | (13) | |
| Redemption of available-for-sale securities | - | - | 1,508 | |
| Acquisition of property and equipment | (217,607) | (100,468) | (35,285) | |
| Proceeds from disposition of property and equipment | 91,824 | 53,002 | 44,134 | |
| Net cash flows (used) provided by investing activities | (235,921) | (86,208) | 10,344 | |
| Cash flows from financing activities: | ||||
| Change in checks outstanding in excess of bank balances | - | (216) | (1,215) | |
| Cash dividend | (5,781) | (4,287) | - | |
| Proceeds from issuance of notes payable | 154,093 | 95,151 | - | |
| Proceeds from exercise of stock options | 236 | 384 | - | |
| Repayments of notes payable | (30,390) | (11,956) | (14,397) | |
| Repayments of finance lease obligations | (5,619) | (5,516) | (5,626) | |
| Proceeds under revolving credit facility | 139,837 | 60,226 | 644,874 | |
| Repayments under revolving credit facility | (128,258) | (60,226) | (695,513) | |
| Payment of minimum tax withholdings on stock compensation | (4,792) | (1,606) | (1,332) | |
| Payment of contingent liability | (9,187) | - | - | |
| Common stock repurchased | (25,430) | (84,723) | (10,348) | |
| Net cash flows provided by (used in) financing activities | 84,709 | (12,769) | (83,557) | |
| Net change in cash and cash equivalents | (66,371) | 60,253 | 5 | |
| Cash and cash equivalents at beginning of year | 68,665 | 8,412 | 8,407 | |
| Cash and cash equivalents at end of year | $2,294 | $68,665 | $8,412 | |
| Supplemental disclosure of cash flow information: | ||||
| Cash paid (received) during the year for: | ||||
| Interest, net of capitalized interest | $5,319 | $3,306 | $2,762 | |
| Income taxes | $4,186 | $16,653 | $10,236 | |
| Non-cash transactions during the year for: | ||||
| Equipment acquired under finance leases | $5,938 | $458 | $ | - |
| Equipment acquired under operating leases | $3,992 | $48,515 | $15,795 | |
| Contingent consideration associated with acquisitions | $11,802 | $16,210 | $ | - |
| Other contingent liabilities | $(800) | $(1,000) | $(3,412) | |
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