Note 14 - Subsequent Events

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 14. Subsequent Events

We repurchased an additional 0.1 million shares of our Class A common stock for $4.5 million from April 1, 2023 through May 3, 2023.

On April 26, 2023, the Company completed the acquisition of Lew Thompson & Son Trucking, Inc. and related entities (“Lew Thompson & Son”), of Huntsville, Arkansas. Lew Thompson & Son specializes in poultry related feed and live haul freight and will be consolidated within the Company’s Dedicated truckload results.  Under the terms of the agreement, the Company purchased 100% of the outstanding stock of Lew Thompson & Son in exchange for a closing enterprise value of approximately $100 million plus an earnout of up to $30 million depending on the results achieved by the business over the three following calendar years. The closing price was funded by cash on hand of approximately $45 million and approximately $55 million of borrowings from the Credit Facility.   The transaction includes the option for the Company to elect a Code Section 338(h)(10) election subject to a purchase price adjustment.