Note L - Commitments and Contingencies	6 Months Ended
Jun. 30, 2025
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE L: COMMITMENTS AND CONTINGENCIES We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Since September 1, 2020, we have been self-insured for certain layers of auto liability claims in excess of $2.0 million. We currently specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. Based on our knowledge of the facts, and in certain cases, opinions of outside counsel, we believe the resolution of such claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows. During the first six months of 2025, we maintained a revolving line of credit with a borrowing limit of $60.0 million that contains certain restrictive covenants, which must be maintained by the Company on a consolidated basis. Under the terms of the loan agreement, the Company must maintain a debt to adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding gains/losses on equity securities and extraordinary items, calculated on a rolling four-quarter basis) ratio of less than 4.00 to 1.00 as of the end of each calendar quarter. As of June 30, 2025, the Company was not in compliance with this financial covenant. The elevated debt to adjusted EBITDA ratio was primarily the result of increased funded debt related to the purchase of $144.2 million of revenue equipment during 2024, most of which was financed, combined with a decrease in trailing twelve-month adjusted EBITDA due to the phasing out of earlier, more favorable quarters from the rolling four-quarter calculation. The loan agreement provides a 45-day cure period for financial covenant violations, during which the Company is not deemed to be in default of the loan agreement. On August 7, 2025, within the permitted cure period, the Company received a written waiver from the lender for the covenant violation applicable to the period ended June 30, 2025. As a result of the waiver, the Company was not in default under the terms of the credit facility as of June 30, 2025 or as of the date of this filing. The Company is in compliance with all other covenants under the agreement. At June 30, 2025 we had no outstanding borrowings against the line of credit and approximately $0.2 million of outstanding letters of credit, with availability to borrow $59.8 million.

Note L - Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Text Block]

NOTE L: COMMITMENTS AND CONTINGENCIES

We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Since September 1, 2020, we have been self-insured for certain layers of auto liability claims in excess of $2.0 million. We currently specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. Based on our knowledge of the facts, and in certain cases, opinions of outside counsel, we believe the resolution of such claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

During the first six months of 2025, we maintained a revolving line of credit with a borrowing limit of $60.0 million that contains certain restrictive covenants, which must be maintained by the Company on a consolidated basis. Under the terms of the loan agreement, the Company must maintain a debt to adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding gains/losses on equity securities and extraordinary items, calculated on a rolling four-quarter basis) ratio of less than 4.00 to 1.00 as of the end of each calendar quarter.

As of June 30, 2025, the Company was not in compliance with this financial covenant. The elevated debt to adjusted EBITDA ratio was primarily the result of increased funded debt related to the purchase of $144.2 million of revenue equipment during 2024, most of which was financed, combined with a decrease in trailing twelve-month adjusted EBITDA due to the phasing out of earlier, more favorable quarters from the rolling four-quarter calculation. The loan agreement provides a 45-day cure period for financial covenant violations, during which the Company is not deemed to be in default of the loan agreement. On August 7, 2025, within the permitted cure period, the Company received a written waiver from the lender for the covenant violation applicable to the period ended June 30, 2025. As a result of the waiver, the Company was not in default under the terms of the credit facility as of June 30, 2025 or as of the date of this filing. The Company is in compliance with all other covenants under the agreement.

At June 30, 2025 we had no outstanding borrowings against the line of credit and approximately $0.2 million of outstanding letters of credit, with availability to borrow $59.8 million.