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Note 14 - Subsequent Events | 3 Months Ended
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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.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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