Financial Data and Key Metrics Changes - Freight revenue grew 15% to $267 million compared to the same quarter in 2021 [7] - Adjusted earnings per share increased 70% to $1.63 per share from the year-ago quarter [7] - Operating income for asset-based truckload operations improved by 76% despite increased operating costs [5] - Net indebtedness increased by only $10 million after utilizing $28.5 million for share repurchases, finishing the quarter with a leverage ratio of 0.43x and a debt to equity ratio of 14.6% [7] Business Line Data and Key Metrics Changes - Asset-light businesses (managed freight and warehouse) comprised 37% of total freight revenue and 34% of consolidated adjusted operating profit [8] - Managed freight revenue growth is beginning to cool as market demand softens, but net revenue margin remains strong [8] - Expedited division revenue grew 23% versus the year-ago quarter, contributing 35% of consolidated freight revenue and 55% of adjusted operating profit [9] - Dedicated division revenue per truck per week grew 17% versus the year-ago quarter, contributing 28% of consolidated freight revenue [9] Market Data and Key Metrics Changes - The demand environment was good in Q2 but softer than Q1 and Q4 of the previous year, with July typically being a weaker month [21] - The company expects a school rebound in August, which may lead to an uptick in demand [36] Company Strategy and Development Direction - The company is focused on maximizing revenue and margin opportunities in its asset-light group, emphasizing talent acquisition and technology enhancements [8] - The management is confident that 2023 will be a breakout year for the company, driven by strategic investments and a shift towards less cyclical industries [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential market headwinds from inflationary pressures and softening freight demand but remains optimistic about the second half of 2022 [11] - The company is confident in maintaining strong performance despite economic challenges, with expectations for continued cash generation to maximize shareholder opportunities [11] Other Important Information - The TEL leasing company investment produced record results, contributing $0.33 per diluted share, with revenue growing 33% and pretax operating profit increasing by 123% compared to the year-ago quarter [10] - The company plans to continue share repurchases as long as the stock trades at a lower tangible book multiple [18][19] Q&A Session Summary Question: Tailwinds and headwinds for the second half of the year - Management expects strong gains on the sale of equipment in the second half, with insurance costs normalizing [14] Question: Demand environment and contract pricing - Demand was good in Q2 but softer in July, with contract pricing remaining flattish [16][21] Question: Share repurchase program activity - The company plans to continue share repurchases but expects a slowdown in the second half of the year [19] Question: Freight categories and customer feedback - The company has not identified significant weaknesses in freight categories, with business from Walmart performing well [36] Question: Expectations for expedited margins - Management aims to maintain expedited margins in the low 80s, with efforts to narrow the range of operating ratios [24] Question: Trough earnings power - Management estimates a 25% to 30% reduction from peak to trough earnings [28] Question: Future acquisitions - The company is open to acquiring niche, high-margin businesses that align strategically with existing operations [32]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24960 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State or other jur ...

Covenant Logistics Group, Inc. (NYSE:CVLG) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET Company Participants Joey Hogan - President & Principal Financial Officer Paul Bunn - Chief Operating Officer Conference Call Participants Scott Group - Wolfe Research Jack Atkins - Stephens Jason Seidl - Cowen Bert Subin - Stifel Operator Welcome to today's Covenant Logistics Group Q1 2022 Earnings Release and Investor Conference Call. Our host for today's call is Joey Hogan. At this time, all participant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-24960 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State ...

Covenant Logistics Group, Inc. (NYSE:CVLG) Q4 2021 Earnings Conference Call January 27, 2022 10:00 AM ET Company Participants Joey Hogan – President & Principal Financial Officer David Parker – Chairman & Chief Executive Officer Paul Bunn – Chief Operating Officer Tripp Grant – Chief Accounting Officer Conference Call Participants Scott Group – Wolfe Research Jason Seidl – Cowen Jack Atkins – Stephens Bert Subin – Stifel Bruce Olephant – Oppenheimer Operator Welcome to today's Covenant Logistics Group, Inc. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24960 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State or other ...

Covenant Logistics Group, Inc. (NYSE:CVLG) Q3 2021 Earnings Conference Call October 21, 2021 10:00 AM ET Company Participants Joey Hogan - President & Principal Financial Officer David Parker - Chairman & Chief Executive Officer Paul Bunn - Chief Operating Officer Tripp Grant - Chief Accounting Officer Conference Call Participants Scott Group - Wolfe Research Jack Atkins - Stephens Bert Subin - Stifel Jason Seidl - Cowen Operator Excuse me, everyone. We now have our speakers in conference. Please be aware t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24960 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State or other juri ...

Covenant Logistics Group, Inc. (NYSE:CVLG) Q2 2021 Earnings Conference Call July 22, 2021 10:00 AM ET Company Participants Joey Hogan - President & Principal Financial Officer Paul Bunn - Senior Executive Vice President & Chief Operating Officer Tripp Grant - Chief Accounting Officer Conference Call Participants Jack Atkins - Stephens Scott Group - Wolfe Research Bert Subin - Stifel Jason Seidl - Cowen Operator Excuse me, everyone. We now have all of our speakers in conference. Please be aware that each of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-24960 COVENANT LOGISTICS GROUP, INC. (Exact name of registrant as specified in its charter) Nevada 88-0320154 (State or other jur ...