0001008886-20-000136.txt : 20200716 0001008886-20-000136.hdr.sgml : 20200716 20200716171817 ACCESSION NUMBER: 0001008886-20-000136 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20200708 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200716 DATE AS OF CHANGE: 20200716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COVENANT LOGISTICS GROUP, INC. CENTRAL INDEX KEY: 0000928658 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 880320154 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-24960 FILM NUMBER: 201032096 BUSINESS ADDRESS: STREET 1: 400 BIRMINGHAM HIGHWAY CITY: CHATTANOOGA STATE: TN ZIP: 37419 BUSINESS PHONE: 4238211212 MAIL ADDRESS: STREET 1: 400 BIRMINGHAM HIGHWAY CITY: CHATTANOOGA STATE: TN ZIP: 37419 FORMER COMPANY: FORMER CONFORMED NAME: COVENANT TRANSPORTATION GROUP INC DATE OF NAME CHANGE: 20070522 FORMER COMPANY: FORMER CONFORMED NAME: COVENANT TRANSPORT INC DATE OF NAME CHANGE: 19940818 8-K/A 1 form8ka.htm FORM 8-K/A


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________

FORM 8-K/A
(Amendment No. 1)

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
Date of Report (Date of earliest event reported):
July 8, 2020
___________________________________________________________________


COVENANT LOGISTICS GROUP, INC.
(Exact name of registrant as specified in its charter)


Nevada
000-24960
88-0320154
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
  Identification No.)

400 Birmingham Hwy., Chattanooga, TN
37419
(Address of principal executive offices)
(Zip Code)

(423) 821-1212
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[   ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[   ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[   ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
$0.01 Par Value Class A common stock
CVLG
The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
   
Emerging growth company  [   ]
   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   [   ]
 

EXPLANATORY NOTE:

On July 8, 2020, Covenant Logistics Group, Inc., a Nevada corporation (the “Company”), completed the disposition of substantially all of the operations and assets of Transport Financial Services, a division of Covenant Transport Solutions LLC, an indirect wholly owned subsidiary of the Company (the “Transaction”). The Company is amending its current report on Form 8-K, filed with the Securities and Exchange Commission on July 14, 2020 (the “Original Form 8-K”), to furnish the unaudited pro forma consolidated financial statements of the Company giving effect to the Transaction. All of the other information in the Original Form 8-K remains unchanged.

Item 9.01
Financial Statements and Exhibits.
   
 
(b)
Pro Forma Financial Information.
     
 
The unaudited pro forma consolidated financial statements of the Company giving effect to the Transaction are furnished as Exhibit 99.2 hereto and incorporated herein by reference. Such unaudited pro forma consolidated financial statements are not necessarily indicative of the operating results and financial position that actually would have been achieved if the Transaction had been in effect on the dates indicated or that may be achieved for future periods, and should be read in conjunction with the financial statements of the Company.
     
 
(d)
Exhibits.

 
EXHIBIT
NUMBER
EXHIBIT DESCRIPTION
   
 
Unaudited pro forma consolidated financial statements of Covenant Logistics Group, Inc.




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
COVENANT LOGISTICS GROUP, INC.
 
(Registrant)
     
Date: July 16, 2020
By:
/s/ M. Paul Bunn
   
M. Paul Bunn
   
Executive Vice President, Chief Financial Officer, and Secretary


EXHIBIT INDEX

EXHIBIT
NUMBER
EXHIBIT DESCRIPTION
   
Unaudited pro forma consolidated financial statements of Covenant Logistics Group, Inc.


EX-99.2 2 exhibit992.htm EXHIBIT 99.2 (UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS OF COVENANT LOGISTICS GROUP, INC.)

Exhibit 99.2

UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

On July 8, 2020, Covenant Transport Solutions LLC (“CTS”), doing business as Transport Financial Services (“TFS”) and an indirect wholly owned subsidiary of Covenant Logistics Group, Inc., a Nevada corporation (the “Company”), entered into an Accounts Receivable Purchase Agreement (the “Purchase Agreement”) with Advance Business Capital LLC (“ABC”), an indirect wholly owned subsidiary of Triumph Bancorp, Inc. (“Triumph”).  Pursuant to the Purchase Agreement, CTS sold, and ABC purchased, substantially all of TFS’ operations and assets (the “Transaction”).  CTS sold approximately $103.3 million of net accounts receivable and related transportation factoring assets. In exchange, the Company received gross cash proceeds totaling approximately $108.4 million, plus Triumph common stock valued at approximately $13.9 million, and the opportunity to earn deferred net contingent cash consideration up to approximately $9.0 million (net of allocations to former TFS management) after the twelve-month period ending July 31, 2021. The Company is estimating transaction costs directly related to the transaction of $0.9 million. The Purchase Agreement contains customary representations, warranties, covenants, and indemnification provisions and includes certain ancillary agreements relating to registration rights, transition services, and ongoing referrals.

The unaudited pro forma consolidated financial information is based on the assumptions set forth in the notes to such information. These adjustments are provisional and subject to further adjustment as additional information becomes available, additional analyses are performed, and as warranted by changes in current conditions and future expectations. The unaudited pro forma adjustments made in the compilation of the unaudited pro forma financial information are based upon available information and assumptions that the Company considers to be reasonable, and have been made solely for purposes of developing such unaudited pro forma financial information for illustrative purposes in compliance with the disclosure requirements of the Securities and Exchange Commission (“SEC”).

The pro forma adjustments have been made solely for informational purposes. The actual results reported by the Company in periods following the disposition may differ significantly from that reflected in these unaudited pro forma consolidated financial statements. As a result, the unaudited pro forma consolidated information is not intended to represent and does not purport to be indicative of what the Company’s financial condition or results of operations would have been had the disposition been completed on the applicable dates of this unaudited pro forma consolidated financial information. In addition, the unaudited pro forma condensed consolidated financial information does not purport to project the future financial condition and results of operations of the Company.

The unaudited pro forma consolidated financial statements are based on various assumptions, including assumptions relating to the consideration received for TFS based on preliminary estimates. The pro forma assumptions and adjustments are described in the accompanying notes presented on the following pages. Pro forma adjustments are those that are directly attributable to the Transaction, are factually supportable and, with respect to the unaudited pro forma condensed consolidated statements of income, are expected to have a continuing impact on the Company’s results.

These unaudited pro forma consolidated financial information and the accompanying notes should be read together with (1) the Company’s audited consolidated financial statements and accompanying notes, as of and for the fiscal year ended December 31, 2019, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 9, 2020 and (2) the Company’s unaudited consolidated financial statements and accompanying notes as of and for the three months ended March 31, 2020 and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020, which was filed with the SEC on May 27, 2020.

The unaudited pro forma consolidated balance sheet of the Company as of March 31, 2020 gives effect to the disposition of TFS by the Company as if it had occurred effective March 31, 2020.

The unaudited pro forma consolidated statement of operations of the Company for the three months ended March 31, 2020 gives effect to the disposition of TFS by the Company as if it had occurred effective January 1, 2020, the beginning of the Company’s 2020 fiscal year.

The unaudited pro forma consolidated statement of operations of the Company for the years ended December 31, 2019, 2018 and 2017 gives effect to the disposition of TFS by the Company as if it had occurred effective as of the beginning of the Company’s respective fiscal year.
1


COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
(In thousands, except share data)
 
   
March 31, 2020
 
 
ASSETS
 
Covenant Logistics
Group
   
Transaction Adjustments
 
Notes
 
Pro Forma
 
Current assets:
                   
Cash and cash equivalents
 
$
39,655
   
$
5,089
 
(A)
 
$
44,744
 
Accounts receivable, net of allowance
   
192,628
     
(108,723
)
(B)
   
83,905
 
Drivers' advances and other receivables, net of allowance
   
9,799
     
-
       
9,799
 
Inventory and supplies
   
3,812
     
-
       
3,812
 
Prepaid expenses
   
7,948
     
-
       
7,948
 
Assets held for sale
   
22,691
     
-
       
22,691
 
Income taxes receivable
   
4,785
     
(4,623
)
(C)
   
162
 
Other short-term assets
   
1,226
     
-
       
1,226
 
Total current assets
   
282,544
     
(108,257
)
     
174,287
 
                           
Property and equipment, net of accumulated depreciation
   
499,518
     
-
       
499,518
 
Goodwill
   
42,518
     
-
       
42,518
 
Other intangibles, net
   
28,884
     
-
       
28,884
 
Other assets, net
   
59,220
     
22,339
 
(A)
   
81,559
 
Total assets
 
$
912,684
   
$
(85,918
)
   
$
826,766
 
                           
LIABILITIES AND STOCKHOLDERS' EQUITY
                         
Current liabilities:
                         
Checks outstanding in excess of bank balances
 
$
481
   
$
-
     
$
481
 
Accounts payable
   
23,742
     
(5,437
)
(B)
   
18,305
 
Accrued expenses
   
34,180
     
900
 
(B)
   
35,080
 
Current maturities of long-term debt
   
61,403
     
-
       
61,403
 
Current portion of finance lease obligations
   
7,062
     
-
       
7,062
 
Current portion of operating lease obligations
   
18,452
     
-
       
18,452
 
Current portion of insurance and claims accrual
   
21,998
     
-
       
21,998
 
Other short-term liabilities
   
1,086
     
-
       
1,086
 
Total current liabilities
   
168,404
     
(4,537
)
     
163,867
 
                           
Long-term debt
   
228,203
     
(103,286
)
(A)
   
124,917
 
Long-term portion of finance lease obligations
   
24,901
     
-
       
24,901
 
Long-term portion of operating lease obligations
   
36,357
     
-
       
36,357
 
Insurance and claims accrual
   
42,902
     
-
       
42,902
 
Deferred income taxes
   
78,670
     
2,141
 
(C)
   
80,811
 
Other long-term liabilities
   
4,754
     
-
       
4,754
 
Total liabilities
   
584,191
     
(105,682
)
     
478,509
 
                           
Stockholders' equity:
                         
Class A common stock
   
173
     
-
       
173
 
Class B common stock
   
24
     
-
       
24
 
Additional paid-in-capital
   
142,345
     
-
       
142,345
 
Treasury stock at cost
   
(17,515
)
   
-
       
(17,515
)
Accumulated other comprehensive loss
   
(3,364
)
   
-
       
(3,364
)
Retained earnings
   
206,830
     
19,764
 
(D)
   
226,594
 
Total stockholders' equity
   
328,493
     
19,764
       
348,257
 
Total liabilities and stockholders' equity
 
$
912,684
   
$
(85,918
)
   
$
826,766
 

See the accompanying notes to unaudited pro forma consolidated financial statements.
2


COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
   
Three Months Ended March 31, 2020
 
   
Covenant Logistics
Group
   
Transaction Adjustments
 
Notes
 
Pro Forma Consolidated
 
Revenue:
                   
Freight revenue
 
$
192,321
   
$
(2,739
)
(B)
 
$
189,582
 
Fuel surcharge revenue
   
21,232
     
-
       
21,232
 
Total revenue
 
$
213,553
   
$
(2,739
)
   
$
210,814
 
                           
Operating expenses:
                         
Salaries, wages, and related expenses
   
82,825
     
(360
)
(B)
   
82,465
 
Fuel expense
   
25,265
     
-
       
25,265
 
Operations and maintenance
   
12,825
     
-
       
12,825
 
Revenue equipment rentals and purchased transportation
   
46,062
     
-
       
46,062
 
Operating taxes and licenses
   
3,454
     
-
       
3,454
 
Insurance and claims
   
15,614
     
-
       
15,614
 
Communications and utilities
   
1,569
     
-
       
1,569
 
General supplies and expenses
   
8,568
     
(123
)
(B)
   
8,445
 
Depreciation and amortization, including gains and losses on disposition of property and equipment
   
16,663
     
-
       
16,663
 
Total operating expenses
   
212,845
     
(483
)
     
212,362
 
Operating income (loss)
   
708
     
(2,256
)
     
(1,548
)
Interest expense, net
   
2,892
     
(993
)
(B)
   
1,899
 
Loss on equity method investment
   
735
     
-
       
735
 
Loss before income taxes
   
(2,919
)
   
(1,263
)
     
(4,182
)
Income tax benefit
   
(706
)
   
(322
)
(E)
   
(1,028
)
Net loss
 
$
(2,213
)
 
$
(941
)
   
$
(3,154
)
                           
Income per share:
                         
Basic and diluted net loss per share
 
$
(0.12
)
            
$
(0.17
)
Basic and diluted weighted average shares outstanding
   
18,088
               
18,088
 


See the accompanying notes to unaudited pro forma consolidated financial statements.
3


COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
   
Year Ended December 31, 2019
 
   
Covenant Logistics
Group
   
Transaction Adjustments
 
Notes
 
Pro Forma
 
Revenue:
                   
Freight revenue
 
$
800,401
   
$
(9,140
)
(B)
 
$
791,261
 
Fuel surcharge revenue
   
94,127
     
-
       
94,127
 
Total revenue
 
$
894,528
   
$
(9,140
)
   
$
885,388
 
                           
Operating expenses:
                         
Salaries, wages, and related expenses
   
321,997
     
(1,499
)
(B)
   
320,498
 
Fuel expense
   
115,307
     
-
       
115,307
 
Operations and maintenance
   
59,505
     
-
       
59,505
 
Revenue equipment rentals and purchased transportation
   
204,655
     
-
       
204,655
 
Operating taxes and licenses
   
13,024
     
-
       
13,024
 
Insurance and claims
   
47,724
     
-
       
47,724
 
Communications and utilities
   
6,969
     
-
       
6,969
 
General supplies and expenses
   
30,434
     
(114
)
(B)
   
30,320
 
Depreciation and amortization, including gains and losses on disposition of property and equipment
   
78,879
     
-
       
78,879
 
Total operating expenses
   
878,494
     
(1,613
)
     
876,881
 
Operating income
   
16,034
     
(7,527
)
     
8,507
 
Interest expense, net
   
11,110
     
(2,892
)
(F)
   
8,218
 
Income from equity method investment
   
(7,017
)
   
-
       
(7,017
)
Income before income taxes
   
11,941
     
(4,635
)
     
7,306
 
Income tax expense (benefit)
   
3,464
     
(1,182
)
(E)
   
2,282
 
Net income
 
$
8,477
   
$
(3,453
)
   
$
5,024
 
                           
Income per share:
                         
Basic net income per share
 
$
0.46
              
$
0.27
 
Diluted net income per share
 
$
0.45
              
$
0.27
 
Basic weighted average shares outstanding
   
18,435
               
18,435
 
Diluted weighted average shares outstanding
   
18,635
               
18,635
 

See the accompanying notes to unaudited pro forma consolidated financial statements.
4


COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
   
Year Ended December 31, 2018
 
   
Covenant Logistics
Group
   
Transaction Adjustments
 
Notes
 
Pro Forma
 
Revenue:
                   
Freight revenue
 
$
779,729
   
$
(5,038
)
(B)
 
$
774,691
 
Fuel surcharge revenue
   
105,726
     
-
       
105,726
 
Total revenue
 
$
885,455
   
$
(5,038
)
   
$
880,417
 
                           
Operating expenses:
                         
Salaries, wages, and related expenses
   
304,447
     
(1,005
)
(B)
   
303,442
 
Fuel expense
   
121,264
     
-
       
121,264
 
Operations and maintenance
   
55,505
     
-
       
55,505
 
Revenue equipment rentals and purchased transportation
   
183,645
     
-
       
183,645
 
Operating taxes and licenses
   
11,831
     
-
       
11,831
 
Insurance and claims
   
43,333
     
-
       
43,333
 
Communications and utilities
   
7,061
     
-
       
7,061
 
General supplies and expenses
   
23,227
     
(325
)
(B)
   
22,902
 
Depreciation and amortization, including gains and losses on disposition of property and equipment
   
76,156
     
-
       
76,156
 
Total operating expenses
   
826,469
     
(1,330
)
     
825,139
 
Operating income
   
58,986
     
(3,708
)
     
55,278
 
Interest expense, net
   
8,708
     
(1,363
)
(F)
   
7,345
 
Income from equity method investment
   
(7,732
)
   
-
       
(7,732
)
Income before income taxes
   
58,010
     
(2,345
)
     
55,665
 
Income tax expense (benefit)
   
15,507
     
(598
)
(E)
   
14,909
 
Net income
 
$
42,503
   
$
(1,747
)
   
$
40,756
 
                           
Income per share:
                         
Basic net income per share
 
$
2.32
              
$
2.22
 
Diluted net income per share
 
$
2.30
              
$
2.21
 
Basic weighted average shares outstanding
   
18,340
               
18,340
 
Diluted weighted average shares outstanding
   
18,469
               
18,469
 

See the accompanying notes to unaudited pro forma consolidated financial statements.
5



COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
   
Year Ended December 31, 2017
 
   
Covenant Logistics
Group
   
Transaction Adjustments
 
Notes
 
Pro Forma
 
Revenue:
                   
Freight revenue
 
$
626,809
   
$
(3,128
)
(B)
 
$
623,681
 
Fuel surcharge revenue
   
78,198
     
-
       
78,198
 
Total revenue
 
$
705,007
   
$
(3,128
)
   
$
701,879
 
                           
Operating expenses:
                         
Salaries, wages, and related expenses
   
241,784
     
(706
)
(B)
   
241,078
 
Fuel expense
   
103,139
     
-
       
103,139
 
Operations and maintenance
   
48,774
     
-
       
48,774
 
Revenue equipment rentals and purchased transportation
   
141,954
     
-
       
141,954
 
Operating taxes and licenses
   
9,878
     
-
       
9,878
 
Insurance and claims
   
33,155
     
-
       
33,155
 
Communications and utilities
   
6,938
     
-
       
6,938
 
General supplies and expenses
   
14,783
     
(52
)
(B)
   
14,731
 
Depreciation and amortization, including gains and losses on disposition of property and equipment
   
76,447
     
-
       
76,447
 
Total operating expenses
   
676,852
     
(758
)
     
676,094
 
Operating income
   
28,155
     
(2,370
)
     
25,785
 
Interest expense, net
   
8,258
     
(880
)
(F)
   
7,378
 
Income from equity method investment
   
(3,400
)
   
-
       
(3,400
)
Income before income taxes
   
23,297
     
(1,490
)
     
21,807
 
Income tax benefit
   
(32,142
)
   
(577
)
(E)
   
(32,719
)
Net income
 
$
55,439
   
$
(913
)
   
$
54,526
 
                           
Income per share:
                         
Basic net income per share
 
$
3.03
              
$
2.98
 
Diluted net income per share
 
$
3.02
              
$
2.97
 
Basic weighted average shares outstanding
   
18,279
               
18,279
 
Diluted weighted average shares outstanding
   
18,372
               
18,372
 

See the accompanying notes to unaudited pro forma consolidated financial statements.

6



COVENANT LOGISTICS GROUP, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Summary of transaction

On July 8, 2020, Covenant Transport Solutions LLC (“CTS”), doing business as Transport Financial Services (“TFS”) and an indirect wholly owned subsidiary of Covenant Logistics Group, Inc., a Nevada corporation (the “Company”), entered into an Accounts Receivable Purchase Agreement (the “Purchase Agreement”) with Advance Business Capital LLC (“ABC”), an indirect wholly owned subsidiary of Triumph Bancorp, Inc. (“Triumph”).  Pursuant to the Purchase Agreement, CTS sold, and ABC purchased, substantially all of TFS’ operations and assets (the “Transaction”).  CTS sold substantially all of its net accounts receivable and related transportation factoring assets. In exchange, the Company received cash proceeds, plus Triumph common stock, and the opportunity to earn contingent cash consideration after the twelve-month period ending July 31, 2021. The Company is estimating transaction costs directly related to the transaction of $0.9 million. The Purchase Agreement contains customary representations, warranties, covenants, and indemnification provisions and includes certain ancillary agreements relating to registration rights, transition services, and ongoing referrals.

Note 2 – Estimate of Consideration Received and Net Assets Disposed

The fair value of the total consideration transferred was $130.7 million. A summary of the consideration received is as follows:

   
(in thousands)
 
Estimate of Consideration Received:
     
Cash received
 
$
108,375
 
Earnout, net (1)
   
8,397
 
Stock Interest as of the Transaction Date
   
13,942
 
Total consideration
 
$
130,714
 
         
Net Assets Disposed:
       
Factoring receivables sold
 
$
108,723
 
Less: Advance and rebate liabilities assumed by purchaser
   
(5,437
)
Net assets disposed
 
$
103,286
 
         
Estimated Pre-Tax Gain on Sale (2)
 
$
26,528
 
     
 (1)
 
The maximum earnout available under the Purchase Agreement is $9,879.  Management believes that an estimate of 85% (after 10% distribution to former TFS management) of the maximum represents the most likely outcome and accordingly has included this as consideration
 
 
 
 (2)
 
 Represents the difference between estimated consideration received and net assets disposed, less estimated transaction costs of approximately $0.9 million.

7

Note 3 – Transaction Adjustments
The transaction adjustments in the unaudited pro forma condensed consolidated financial information are as follows:
(A)
 
Represents consideration received.  The consideration includes the cash distribution of $108.4 million, stock valued at $13.9 million as of the transaction date, and estimated earn-out of $8.4 million. Of the cash received, $103.3 million will be used to pay down debt as a result of financing receivables.
     
(B)
 
The adjustment transactions on the condensed consolidated statements of operations represent direct revenues and expenses attributable to TFS.  The adjustment transactions on the condensed balance sheet represents the removal of assets and liabilities attributable to the Transaction.
     
(C)
 
Represents the estimated deferred tax impact of the Transaction. The Company used the blended statutory income tax rate in effect for the period presented.  The blended statutory income tax rate is subject to change.
     
(D)
 
Represents the impact to the Company’s retained earnings from the pro forma adjustments specified in (A), (B), and (C) above, resulting in the tax effected gain from the Transaction.  As the gain is directly attributable to the disposition and is not expected to have a continuing impact on the Company’s operations, it is only reflected in retained earnings on the unaudited pro forma condensed consolidated balance sheet.
     
(E)
 
To reflect the income tax effect of each of the Transaction adjustments at an effective tax rate of 25.5% for the periods ended 2020, 2019, and 2018 and 38.7% for 2017, the Company’s blended statutory income tax rate in effect for the periods presented. The blended statutory income tax rate is subject to change.
     
(F)
 
To reflect reduced interest expense on long term debt incurred as a result of financing TFS receivables. A weighted average interest rate of 4% is used to finance the average net receivables for each period presented on the unaudited statement of consolidated operations.
8
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