COVENANT LOGISTICS GROUP INC

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

CVLG$32.74+0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,2024, 2023, and 2022

2024 · 2023 · 2022
Cash flows from operating activities:
Net income		$35,921		$55,229		$108,682
Adjustments to reconcile net income to net cash provided by operating activities:
(Reversal of) provision for losses on accounts receivable		(23)		(258)		367
Reversal of gain on sales to equity method investee, net		(40)		(16)		(39)
Depreciation and amortization		86,529		69,943		57,512
Deferred income tax benefit		4,483		18,701		13,968
Income tax expense arising from restricted share vesting and stock options exercised		(1,190)		(2,226)		(526)
Stock-based compensation expense		3,691		7,100		6,587
Equity in income of affiliate		(14,713)		(21,384)		(25,193)
Return on investment in affiliated company		3,675		9,800		14,700
Gain (loss) on disposition of property and equipment		1,630		(12,585)		(40,322)
Changes in operating assets and liabilities:
Receivables and advances		2,749		(22,416)		39,465
Prepaid expenses and other assets		(3,006)		(3,997)		(3,832)
Inventory and supplies		(800)		(317)		(193)
Insurance and claims accrual		8,401		(3,542)		(5,729)
Accounts payable and accrued expenses		(4,414)		(9,191)		(6,217)
Net cash flows provided by operating activities		122,893		84,841		159,230
Cash flows from investing activities:
Acquisitions, net of cash acquired		(4,556)		(107,934)		(38,501)
Other investments		(597)		(2,204)		(241)
Acquisition of property and equipment		(152,962)		(217,607)		(100,468)
Proceeds from disposition of property and equipment		50,440		91,824		53,002
Net cash flows used by investing activities		(107,675)		(235,921)		(86,208)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances		-		-		(216)
Cash dividend		(5,796)		(5,781)		(4,287)
Proceeds from issuance of notes payable		119,391		154,093		95,151
Proceeds from exercise of stock options		1,756		236		384
Repayments of notes payable		(74,822)		(30,390)		(11,956)
Repayments of finance lease obligations		(2,949)		(5,619)		(5,516)
Proceeds under revolving credit facility		57,421		139,837		60,226
Repayments under revolving credit facility		(69,000)		(128,258)		(60,226)
Payment of minimum tax withholdings on stock compensation		(871)		(4,792)		(1,606)
Payment of contingent liability		(7,023)		(9,187)		-
Common stock repurchased		-		(25,430)		(84,723)
Net cash flows provided by (used in) financing activities		18,107		84,709		(12,769)
Net change in cash and cash equivalents		33,325		(66,371)		60,253
Cash and cash equivalents at beginning of year		2,294		68,665		8,412
Cash and cash equivalents at end of year		$35,619		$2,294		$68,665
Supplemental disclosure of cash flow information:
Cash paid (received) during the year for:
Interest, net of capitalized interest		$5,674		$5,319		$3,306
Income taxes		$7,268		$4,186		$16,653
Non-cash transactions during the year for:
Equipment acquired under finance leases		$815		$5,938		$458
Equipment acquired under operating leases		$13,753		$3,992		$48,515
Contingent consideration associated with acquisitions	$	-		$11,802		$16,210
Non-cash debt reduction		$26,240	$	-	$	-
Other contingent liabilities		$(800)		$(800)		$(1,000)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.