Note 2 - Liquidity

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Liquidity Disclosure1 [Text Block]

2. LIQUIDITY

Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of 

$93.1

million

and 

$84.3

million

at

December 31, 2019

 and

2018

, respectively. Based on our expected financial condition, net capital expenditures, and results of operations and related net cash flows, we believe our working capital and sources of liquidity will be adequate to meet our current and projected needs for at least the next year.

As of

December 31, 2019

, we had 

no

 borrowings outstanding, undrawn letters of credit outstanding of approximately

$35.2

million

, and available borrowing capacity of 

$59.8

million

under the Credit Facility. Fluctuations in the outstanding balance and related availability under our Credit Facility are driven primarily by cash flows from operations and the timing and nature of property and equipment additions that are

not

funded through notes payable, as well as the nature and timing of collection of accounts receivable, payments of accrued expenses, and receipt of proceeds from disposals of property and equipment.