Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) (“CTG”)
announced today financial and operating results for the first
quarter ended March 31, 2019.
Highlights for the quarter included the
following(1):
- Total revenue of $219.2 million, an
increase of 26.3% compared with the first quarter of 2018.
- Freight revenue of $195.8 million
(excludes revenue from fuel surcharges), an increase of 30.1%
compared with the first quarter of 2018.
- Operating income of $5.4 million
and an operating ratio of 97.5%. Adjusted operating
income(2) of $6.2 million and an adjusted
operating ratio(2) of 96.9%. This compares with
adjusted operating income(2) of $6.4 million and
an adjusted operating ratio(2) of 95.7% in the
first quarter of 2018.
- Net income of $4.4 million, or
earnings per diluted share of $0.24. Adjusted net
income(2) of $5.0 million, or adjusted earnings
per diluted share(2) of $0.27. This compares with
adjusted net income(2) of $4.4 million, or
adjusted earnings per diluted share(2) of $0.24
per diluted share in the first quarter of 2018.
(1) For information regarding
comparability of the reported results due to the acquisition of
Landair Holdings and its subsidiaries (“Landair”), refer to
footnote (2) of the Non-GAAP Reconciliation (Unaudited) schedules
included with this release.(2) See GAAP to
Non-GAAP Reconciliation in the schedules included with this
release.
Chairman and Chief Executive Officer, David R.
Parker, commented on the quarter: “Our adjusted earnings per share
for the first quarter were above the range of our March guidance
and higher than the 2018 quarter despite a significantly weaker
freight environment. The Landair acquisition in July 2018,
the growth of our other dedicated and brokerage business, and
improved profitability from our factoring business and our minority
investment in Transport Enterprise Leasing more than offset the
impact of lower revenue per tractor and higher operating costs.
Although we are not satisfied with our first quarter financial
results, we believe they reflect less impact from the reduced
freight demand than in historical periods, as our growing dedicated
and more contractually guaranteed service offerings generated
approximately double-digit operating margins while our more
seasonal and cyclical service offerings generated low single digit
to negative operating margins. We attribute the consolidated
improvement to our ongoing strategy of becoming increasingly
embedded in our customers’ supply chains to reduce the cyclicality
of our business.”
Mr. Parker commented on the freight
environment: "The freight environment deteriorated compared
with the environment in the 2018 period due to both supply and
demand factors. We attribute the softer demand to factors
such as lower economic activity, overstocking of inventories, the
partial government shutdown's impact on early first quarter
consumer and governmental spending, and extended periods of
inclement weather. From the supply side, growth in industry-wide
truckload capacity was small but made an impact when combined with
lower volumes. The April freight environment has improved
sequentially from the first quarter, but remains well below the
level we experienced in 2018.”
Management Discussion—Truckload
OperationsMr. Parker continued: “For the quarter, total
revenue in our truckload operations increased to $172.7 million, an
increase of $18.1 million compared with the first quarter of
2018. This increase consisted of $18.0 million higher freight
revenue and $0.1 million higher fuel surcharge revenue. The $18.0
million increase in freight revenue related to a 560 (or 21.9%)
average truck increase, partially offset by a 6.7% decrease in
average freight revenue per truck in the 2019 period as compared to
the 2018 period. Of the 560 increased average trucks, 435 average
trucks were contributed by the Landair acquisition as Landair
contributed $20.0 million of freight revenue to consolidated
truckload operations in the first quarter of 2019.
“Average freight revenue per tractor per week
decreased to $3,724 during the 2019 quarter from $3,993 during the
2018 quarter. Average freight revenue per total mile increased by
11.6 cents per mile, or 6.6%, compared to the 2018 quarter and
average miles per tractor decreased by 12.5%. Contributing to
the higher rates were rate increases negotiated with customers
since the first quarter of 2018, as well as the impact of the
Landair acquisition. The main factors impacting the decreased
utilization was the impact of Landair operations on the combined
truckload division including an approximate 710 basis point
decrease in the percentage of our total fleet comprised of
team-driven trucks, partially offset by a lower average seated
truck percentage. Landair's shorter average length of haul and
dedicated contract, solo-driven truck operations generally produce
higher revenue per total mile and fewer miles per tractor than our
other truckload business units. Team-driven trucks decreased to an
average of 863 teams (or 27.7% of the total fleet) in the first
quarter of 2019 versus an average of 894 teams (or 34.9% of the
total fleet) in the first quarter of 2018. Our average seated truck
percentage improved as 5.4% of our fleet lacked drivers during the
2019 quarter compared with 6.2% during the 2018 quarter.
“Salaries, wages and related expenses increased
8.4 cents per total mile due primarily to the impact of the Landair
acquisition and employee pay adjustments since the first quarter of
2018. These unfavorable impacts were partially offset by fewer
miles from team-driven trucks, which carry the cost of two
drivers.
“Insurance and claims expense increased to 13.9
cents per total mile in the first quarter of 2019 versus 11.6 cents
per total mile in the first quarter of 2018 due to increased claims
accruals associated with the estimated cost of accidents during the
quarter.
“In addition to the items mentioned above,
primarily in connection with our July 2018 acquisition of Landair,
we experienced increases to operations and maintenance, as well as
general supplies and expenses.
Management Discussion—Non-Asset Based
Managed Freight and Other OperationsMr. Parker offered the
following comments concerning the Company’s non-asset based managed
freight segment, which consists of freight brokerage, warehousing,
and other transportation logistics services (“Managed Freight”):
“For the quarter, Managed Freight’s freight revenue increased
143.7%, to $46.4 million from $19.0 million in the same quarter of
2018. Operating income was $4.2 million for an operating ratio of
91.1%, compared with operating income of $1.1 million and an
operating ratio of 94.4% in the first quarter of 2018. Of the $27.4
million of increased freight revenue, Landair contributed $20.2
million of freight revenue to combined Managed Freight operations
in the first quarter of 2019. In addition, our 49% equity
investment in Transport Enterprise Leasing contributed $3.0 million
of pre-tax income in the quarter compared with $1.5 million in the
first quarter of 2018.”
Capitalization, Liquidity and Capital
ExpendituresRichard B. Cribbs, the Company's Executive
Vice President and Chief Financial Officer, added the following
comments: “At March 31, 2019, our total indebtedness, net of cash,
was approximately $279.0 million, and our stockholders’ equity was
$347.7 million, for a ratio of net indebtedness to capitalization
of 44.5% compared to a 42.6% ratio as of December 31, 2018. In
addition, our leverage ratio (defined as: net indebtedness divided
by trailing four quarters’ earnings before interest, taxes,
depreciation, amortization, and rental expense as adjusted and pro
forma for the Landair acquisition) has increased to 1.7x from 1.5x
for the period ended December 31, 2018.
Operating lease liabilities are included in
total indebtedness and the leverage ratio with the Company's first
quarter 2019 adoption of new ASC Topic 842, Leases, which requires
us to record right-of-use assets and corresponding lease
liabilities arising from operating leases on our balance sheet.
At March 31, 2019, we recorded approximately $41.0 million of
right to use assets and operating lease liabilities under the new
standard, which had an immaterial impact on stockholders'
equity. Between December 31, 2018 and March 31, 2019, the
Company's total indebtedness, net of cash, increased by
approximately $24.4 million when including the present value of
operating leases that were not recorded on the balance sheet prior
to the adoption of ASC Topic 842, Leases. The impact on leverage
ratio as used above was modest because rent associated with the
right to use assets was included in the denominator of the
calculation. Capital leases will continue to be recognized on
the balance sheet, but are now referred to as "finance" leases, as
required by the new standard.”
“Our net capital expenditures for the three
months ended March 31, 2019 totaled $33.5 million compared to $13.7
million for the prior year period. In the first quarter of 2019, we
took delivery of approximately 209 new company tractors and
disposed of approximately 40 used tractors. Our current tractor
fleet plan for full-year 2019 includes the delivery of
approximately 1,165 new company tractors and the disposal of
approximately 1,200 used tractors. Over the course of 2019, the
size of our tractor fleet is expected to be flat to down 2.0%
compared to the 3,154 tractors we operated as of December 31, 2018,
depending on our ability to secure additional long-term dedicated
contracts from shippers and our ability to hire and retain
professional drivers to seat our tractors.
OutlookMr. Cribbs commented on
the Company’s outlook: “We intend to continue executing our
strategic plan of becoming increasingly embedded in our customers’
supply chains by growing our Managed Freight segment and the
portions of our Truckload segment with more predictable long-term
contracts. Based on the current freight market and normal seasonal
patterns, we expect second quarter 2019 adjusted earnings per
diluted share to be fairly consistent with the prior year quarter,
based on the favorable impact of earnings contribution from
Landair’s service offerings, partially offset by the unfavorable
impact of the slower freight market in general.”
Conference Call InformationThe
Company will host a live conference call tomorrow, April 26, 2019,
at 10:30 a.m. Eastern time to discuss the quarter.
Individuals may access the call by dialing 800-351-4894
(U.S./Canada) and 800-756-3333 (International), access code
CTG1. An audio replay will be available for one week
following the call at 877-919-4059, access code 49984409. For
additional financial and statistical information regarding the
Company that is expected to be discussed during the conference
call, please visit our website at
www.covenanttransport.com/investors under the icon “Earnings
Info.”
Covenant Transportation Group, Inc. is the
holding company for several transportation providers that offer
premium transportation services for customers throughout the United
States. The consolidated group includes operations from Covenant
Transport and Covenant Transport Solutions of Chattanooga,
Tennessee; Southern Refrigerated Transport of Texarkana, Arkansas;
Landair Transport and Landair Logistics of Greeneville, Tennessee;
and Star Transportation of Nashville, Tennessee. In addition,
Transport Enterprise Leasing, of Chattanooga, Tennessee is an
integral affiliated company providing revenue equipment sales and
leasing services to the trucking industry. The Company's Class A
common stock is traded on the NASDAQ Global Select market under the
symbol, “CVTI”.
This press release contains certain statements
that may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and such statements are subject to the safe harbor created by those
sections and the Private Securities Litigation Reform Act of 1995,
as amended. Such statements may be identified by their use of
terms or phrases such as "expects," "estimates," "projects,"
"believes," "anticipates," "plans," "intends," “outlook,” and
similar terms and phrases. Forward-looking statements are
based upon the current beliefs and expectations of our management
and are inherently subject to risks and uncertainties, some of
which cannot be predicted or quantified, which could cause future
events and actual results to differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements.
In this press release, the statements relating to our current
tractor fleet plan, and the statements under “Outlook” are
forward-looking statements. The following factors, among others
could cause actual results to differ materially from those in the
forward-looking statements: the rates and volumes realized during
the remainder of 2019; elevated experience in the frequency and
severity of claims relating to accident, cargo, workers'
compensation, health, and other claims, increased insurance
premiums, fluctuations in claims expenses that result from our
self-insured retention amounts, including in our excess layers and
in respect of claims for which we commute policy coverage, and the
requirement that we pay additional premiums if there are claims in
certain of those layers, differences between estimates used in
establishing and adjusting claims reserves and actual results over
time, adverse changes in claims experience and loss development
factors, or additional changes in management's estimates of
liability based upon such experience and development factors that
cause our expectations of insurance and claims expense to be
inaccurate or otherwise impacts our results; changes in the market
condition for used revenue equipment and real estate that impact
our capital expenditures and our ability to dispose of revenue
equipment and real estate on the schedule and for the prices we
expect; increases in the prices paid for new revenue equipment that
impact our capital expenditures and our results generally; changes
in management’s estimates of the need for new tractors and
trailers; the effect of any reduction in tractor purchases on the
number of tractors that will be accepted by manufacturers under
tradeback arrangements; our inability to generate sufficient cash
from operations and obtain financing on favorable terms to meet our
significant ongoing capital requirements; our ability to maintain
compliance with the provisions of our credit agreements,
particularly financial covenants in our revolving credit facility;
excess tractor or trailer capacity in the trucking industry;
decreased demand for our services or loss of one or more of our
major customers; our ability to renew dedicated service offering
contracts on the terms and schedule we expect; surplus inventories,
recessionary economic cycles, and downturns in customers' business
cycles; strikes, work slowdowns, or work stoppages at the Company,
customers, ports, or other shipping related facilities; increases
or rapid fluctuations in fuel prices, as well as fluctuations in
hedging activities and surcharge collection, including, but not
limited to, changes in customer fuel surcharge policies and
increases in fuel surcharge bases by customers; the volume and
terms of diesel purchase commitments and hedging contracts;
interest rates, fuel taxes, tolls, and license and registration
fees; increases in compensation for and difficulty in attracting
and retaining qualified drivers and independent contractors;
seasonal factors such as harsh weather conditions that increase
operating costs; competition from trucking, rail, and intermodal
competitors; regulatory requirements that increase costs, decrease
efficiency, or impact the availability or effective driving time of
our drivers and other drivers in the industry, including the terms
and exemptions from hours-of-service and electronic log
requirements for drivers and the Federal Motor Carrier Safety
Administration’s Compliance, Safety, Accountability program
applicable to driver standards and the methodology for determining
a carrier’s DOT safety rating; the proper functioning and
availability of our management information and communication
systems and other information technology assets; volatility of our
stock price; remediation of a material weakness in our internal
controls; impairment of goodwill and other intangible assets;
uncertainties in the interpretation of the 2017 Tax Cuts and Jobs
Act and other tax laws; the ability to reduce, or control increases
in, operating costs; changes in the Company’s business strategy
that require the acquisition of new businesses, and the ability to
identify acceptable acquisition candidates, consummate
acquisitions, and integrate acquired operations (including our
recent acquisition of Landair); fluctuations in the results of
Transport Enterprise Leasing, which are included as equity in
income (loss) of affiliate in our financial statements; the number
of shares repurchased, if any; the effects of repurchasing the
shares on debt, equity, and liquidity; the effects of repurchasing
no or a nominal number of shares; and the ultimate uses of
repurchased shares, if any. Readers should review and
consider these factors along with the various disclosures by the
Company in its press releases, stockholder reports, and filings
with the Securities and Exchange Commission. We disclaim any
obligation to update or revise any forward-looking statements to
reflect actual results or changes in the factors affecting the
forward-looking information.
For further information contact:Richard B.
Cribbs, Executive Vice President and Chief Financial
Officer
RCribbs@covenanttransport.com
For copies of Company information
contact:Theresa Ives, Executive Administrative
Assistant
TIves@covenanttransport.com
Covenant Transportation Group,
Inc. |
|
Key Financial and Operating
Statistics |
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT DATA |
|
|
|
|
Three Months Ended March 31, |
|
|
($000s, except per share data) |
2019 |
2018 |
% Change |
|
|
Freight
revenue |
$ |
195,761 |
|
$ |
150,463 |
|
30.1 |
% |
|
|
Fuel
surcharge revenue |
|
23,420 |
|
|
23,103 |
|
1.4 |
% |
|
|
|
Total revenue |
$ |
219,181 |
|
$ |
173,566 |
|
26.3 |
% |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Salaries, wages, and
related expenses |
|
79,503 |
|
|
60,739 |
|
|
|
|
|
Fuel expense |
|
27,832 |
|
|
27,181 |
|
|
|
|
|
Operations and
maintenance |
|
15,174 |
|
|
11,730 |
|
|
|
|
|
Revenue equipment
rentals and purchased transportation |
|
48,670 |
|
|
30,691 |
|
|
|
|
|
Operating taxes and
licenses |
|
3,183 |
|
|
2,660 |
|
|
|
|
|
Insurance and
claims |
|
11,235 |
|
|
8,685 |
|
|
|
|
|
Communications and
utilities |
|
1,718 |
|
|
1,741 |
|
|
|
|
|
General supplies and
expenses |
|
6,731 |
|
|
4,019 |
|
|
|
|
|
Depreciation and
amortization, including gains and losses on disposition of
property and equipment |
|
19,709 |
|
|
19,695 |
|
|
|
|
Total
operating expenses |
|
213,755 |
|
|
167,141 |
|
|
|
|
Operating
income |
|
5,426 |
|
|
6,425 |
|
|
|
|
Interest
expense, net |
|
2,446 |
|
|
1,960 |
|
|
|
|
Income from
equity method investment |
|
(3,035 |
) |
|
(1,490 |
) |
|
|
|
Income
before income taxes |
|
6,015 |
|
|
5,955 |
|
|
|
|
Income tax
expense |
|
1,582 |
|
|
1,538 |
|
|
|
|
Net
income |
$ |
4,433 |
|
$ |
4,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.24 |
|
$ |
0.24 |
|
|
|
|
Diluted earnings per share |
$ |
0.24 |
|
$ |
0.24 |
|
|
|
|
Basic
weighted average shares outstanding (000s) |
|
18,381 |
|
|
18,331 |
|
|
|
|
Diluted
weighted average shares outstanding (000s) |
|
18,533 |
|
|
18,406 |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2019 |
2018 |
% Change |
|
|
($000s) |
SEGMENT REVENUES |
|
|
Asset-based
truckload revenues |
$ |
149,405 |
|
$ |
131,445 |
|
13.7 |
% |
|
|
Managed
freight revenues |
|
46,356 |
|
|
19,018 |
|
143.7 |
% |
|
|
|
Freight
revenue |
$ |
195,761 |
|
$ |
150,463 |
|
30.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS |
|
|
Average
freight revenue per loaded mile |
$ |
2.096 |
|
$ |
1.949 |
|
7.5 |
% |
|
|
Average
freight revenue per total mile |
$ |
1.886 |
|
$ |
1.770 |
|
6.6 |
% |
|
|
Average
freight revenue per tractor per week |
$ |
3,724 |
|
$ |
3,993 |
|
-6.7 |
% |
|
|
Average
miles per tractor per period |
|
25,389 |
|
|
29,010 |
|
-12.5 |
% |
|
|
Weighted
avg. tractors for period |
|
3,120 |
|
|
2,560 |
|
21.9 |
% |
|
|
Tractors at
end of period |
|
3,103 |
|
|
2,576 |
|
20.5 |
% |
|
|
Trailers at
end of period |
|
7,074 |
|
|
6,736 |
|
5.0 |
% |
|
|
|
|
SELECTED BALANCE SHEET DATA |
|
|
($000s, except per share data) |
3/31/2019 |
12/31/2018 |
|
|
|
Total
assets |
$ |
837,933 |
|
$ |
773,524 |
|
|
|
|
Total
stockholders' equity |
$ |
347,737 |
|
$ |
343,142 |
|
|
|
|
Total
indebtedness, net of cash |
$ |
278,965 |
|
$ |
254,544 |
|
|
|
|
Net
Indebtedness to Capitalization Ratio |
|
44.5 |
% |
|
42.6 |
% |
|
|
|
Tangible
book value per basic share |
$ |
14.94 |
|
$ |
14.65 |
|
|
|
|
|
|
|
|
|
Covenant Transportation Group,
Inc. |
|
Non-GAAP Reconciliation
(Unaudited) |
|
Adjusted Operating Income and Adjusted
Operating Ratio (1) (2) |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Three Months Ended March 31, |
|
|
GAAP Presentation |
2019 |
2018 |
bps Change |
|
|
Total
revenue |
$ |
219,181 |
|
$ |
173,566 |
|
|
|
|
Total
operating expenses |
|
213,755 |
|
|
167,141 |
|
|
|
|
|
Operating income |
$ |
5,426 |
|
$ |
6,425 |
|
|
|
|
|
Operating ratio |
|
97.5 |
% |
|
96.3 |
% |
120 |
|
|
|
|
|
|
|
|
|
Non-GAAP Presentation |
2019 |
2018 |
bps Change |
|
|
Total
revenue |
$ |
219,181 |
|
$ |
173,566 |
|
|
|
|
Fuel
surcharge revenue |
|
(23,420 |
) |
|
(23,103 |
) |
|
|
|
|
Freight revenue (total
revenue, excluding fuel surcharge) |
|
195,761 |
|
|
150,463 |
|
|
|
|
|
|
|
|
Total
operating expenses |
|
213,755 |
|
|
167,141 |
|
|
|
Adjusted
for: |
|
|
|
|
Fuel
surcharge revenue |
|
(23,420 |
) |
|
(23,103 |
) |
|
|
Amortization of intangibles (3) |
|
(731 |
) |
|
- |
|
|
|
|
Adjusted operating
expenses |
|
189,604 |
|
|
144,038 |
|
|
|
|
Adjusted operating
income |
|
6,157 |
|
|
6,425 |
|
|
|
|
Adjusted operating
ratio |
|
96.9 |
% |
|
95.7 |
% |
120 |
|
|
|
|
|
|
|
|
|
(1) Pursuant to the requirements of
Regulation G, this table reconciles consolidated GAAP operating
ratio to consolidated non-GAAP Adjusted operating ratio. |
|
(2) The reported results do not include the
results of operations of Landair Holdings and its subsidiaries
("Landair") prior to its acquisition by Covenant Transportation
Group on July 3, 2018 in accordance with the accounting treatment
applicable to the transaction. |
|
(3) "Amortization of intangibles" reflects
the non-cash amortization expense relating to intangible assets
identified in the July 3, 2018 acquisition of Landair. Certain data
necessary to complete the purchase price allocation for the Landair
acquisition is open for adjustments during the measurement period.
We believe the estimates used are reasonable, but are subject to
change as additional information becomes available. |
|
|
|
|
|
|
|
Non-GAAP Reconciliation
(Unaudited) |
|
Adjusted Net Income and Adjusted EPS (1)
(2) |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Three Months Ended March 31, |
|
|
|
|
2019 |
2018 |
|
|
|
GAAP Presentation - Net income |
$ |
4,433 |
|
$ |
4,417 |
|
|
|
|
Adjusted
for: |
|
|
|
|
Income tax
expense |
|
1,582 |
|
|
1,538 |
|
|
|
|
Income before income
taxes |
|
6,015 |
|
|
5,955 |
|
|
|
Amortization of intangibles (3) |
|
731 |
|
|
- |
|
|
|
|
Adjusted income before
income taxes |
|
6,746 |
|
|
5,955 |
|
|
|
Provision
for income tax expense at effective rate |
|
(1,774 |
) |
|
(1,538 |
) |
|
|
|
Non-GAAP
Presentation - Adjusted net income |
$ |
4,972 |
|
$ |
4,417 |
|
|
|
|
|
|
|
|
|
GAAP Presentation - Diluted earnings per share
("EPS") |
$ |
0.24 |
|
$ |
0.24 |
|
|
|
|
Adjusted
for: |
|
|
|
|
Income tax
expense |
|
0.09 |
|
|
0.08 |
|
|
|
|
Income before income
taxes |
|
0.32 |
|
|
0.32 |
|
|
|
Amortization of intangibles (3) |
|
0.04 |
|
|
- |
|
|
|
|
Adjusted income before
income taxes |
|
0.36 |
|
|
0.32 |
|
|
|
Provision
for income tax expense at effective rate |
|
(0.10 |
) |
|
(0.08 |
) |
|
|
|
Non-GAAP
Presentation - Adjusted EPS |
$ |
0.27 |
|
$ |
0.24 |
|
|
|
|
|
(1) Pursuant to the requirements of
Regulation G, this table reconciles consolidated GAAP net income to
consolidated non-GAAP adjusted net income and consolidated GAAP
diluted earnings per share to non-GAAP consolidated Adjusted
EPS. |
|
(2) The reported results do not include the
results of operations of Landair Holdings and its subsidiaries
("Landair") on and prior to its acquisition by Covenant
Transportation Group on July 3, 2018 in accordance with the
accounting treatment applicable to the transaction. |
|
(3) "Amortization of intangibles" reflects
the non-cash amortization expense relating to intangible assets
identified in the July 3, 2018 acquisition of Landair. Certain data
necessary to complete the purchase price allocation for the Landair
acquisition is open for adjustments during the measurement period.
We believe the estimates used are reasonable, but are subject to
change as additional information becomes available. |
|
|
|
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