Covenant Logistics Group, Inc. - Third Quarter 2023 Financial Statistics
Last year information is either: 1) the average for the comparable quarter or 2) the end of the quarter at September 30, 2022.
Fleet Information
Seated team units- averaged 844 (or 41.9% of seated fleet) during the quarter versus 851 (or 39.3% of seated fleet) last year
Seated Solo Units- averaged 1,147 (or 56.9% of seated fleet) during the quarter versus 1,280 (or 59.2% of seated fleet) last year
Average age of tractors - 1.9 years versus 2.4 years last year
Average age of trailers - 5.9 years versus 5.9 years last year
Owner operators - Averaged 123 versus 120 last year
Open trucks, including wrecks - Averaged 5.2% this quarter versus 6.7% last year
Balance Sheet and Cash Flow Information
Cash flow from operating activities for the third quarter - $40.6 million provided versus $44.2 million provided last year
Capital expenditures, net of proceeds from dispositions - approximately $31.1 million of net expenditures during the quarter versus net proceeds of approximately $13.2 million last year
Cash and cash equivalents - $7.4 million versus $60.4 million last year
Average receivable days outstanding - 48.6 days versus 39.6 days last year
Available borrowing capacity under our revolving credit facility - $88.2 million versus $86.1 million last year
Total indebtedness (total debt and finance leases), net of cash - $183.4 million versus $32.2 million last year
Total indebtedness, net of cash to total capitalization ratio - 31.8% versus 7.8% last year
Tangible book value per end-of-quarter basic share - $16.91 versus $19.57 last year
Other Information
Revenue equipment rental expense - $2.9 million during the quarter compared to $5.6 million last year
Total truck miles decreased 0.9% versus a year ago while total average trucks decreased 8.3% versus a year ago
Deadhead percentage - 11.9% versus 11.7% last year
Average length of haul - 454 miles during the quarter versus 509 miles last year
Covenant Logistics Group Inc. published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 20:20:25 UTC.
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. The Companyâs primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management and freight brokerage capability. Its asset-based transportation services include two segments: Expedited and Dedicated. The Expedited segment primarily provides truckload services to customers. The Dedicated segment provides customers with committed truckload capacity over contracted periods. The Managed Freight segment includes its brokerage services and transportation management services (TMS). The Warehousing segment provides day-to-day warehouse management services for customers who have chosen to outsource this function. It also provides shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.
COVENANT LOGISTICS GROUP, INC. 
