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U.S. Xpress Reports First Quarter 2022 Financial Results

May 05, 2022

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- U.S. Xpress Enterprises, Inc. (NYSE: USX) today announced financial and operating results for the first quarter of 2022.

First Quarter 2022 Highlights Compared to First Quarter 2021

  • Operating revenue of $517.2 million compared to $450.8 million
  • Operating loss of $0.2 million compared to operating income of $8.0 million
  • Adjusted operating income1 of $2.8 million compared to $8.0 million
  • Loss per diluted share of $0.17 compared to earnings per diluted share (EPS) of $0.05
  • Adjusted loss per diluted share1 of $0.02 compared to adjusted EPS of $0.05

“During the first quarter we made progress improving Variant’s key metrics, which contributed to sequential operating margin improvement despite the seasonally slower first quarter. Last quarter, we identified improving Variant’s key metrics and overall fleet growth as keys to sequential improvement through 2022,” said Eric Fuller, President and CEO. “During the quarter, we were successful in sequentially growing Variant’s fleet 9% and improving Variant’s revenue productivity by $325 per tractor per week with mixed results in Variant’s other key metrics. In addition, our Dedicated division increased revenue per tractor per week by approximately $555, which also contributed to the sequential operating margin improvement in the first quarter. I am proud of our team for the tremendous progress made in just one quarter, and I am confident that we can execute on the large opportunity ahead of us, much of which we believe is under our control.”

First Quarter 2022 Financial Performance

Quarter Ended March 31,

 

2022

 

 

 

2021

 

Operating revenue

$

517,188

 

$

450,760

 

Revenue, excluding fuel surcharge

$

464,327

 

$

417,641

 

Operating income (loss)

$

(210

)

$

7,998

 

Net income (loss) attributable to controlling interest

$

(8,902

)

$

2,538

 

Earnings (losses) per diluted share

$

(0.17

)

$

0.05

 

Adjusted net income (loss) attributable to controlling interest1

$

(1,059

)

$

2,538

 

Adjusted earnings (losses) per diluted share1

$

(0.02

)

$

0.05

 

Operating Ratio
Truckload operating ratio

 

99.9

%

 

98.2

%

Brokerage operating ratio

 

100.5

%

 

98.4

%

Operating ratio

 

100.0

%

 

98.2

%

Adjusted operating ratio1

 

99.4

%

 

98.1

%

1 Non-cash adjustments in the quarter included a mark to market adjustment of $8.4 million related to a strategic investment and a $3.0 million write-off of obsolete technology partially offset by a $1.3 million gain on the sale of a former wholly owned subsidiary. See GAAP to non-GAAP reconciliation in the schedules accompanying this release.

Operating revenue was $517.2 million, an increase of $66.4 million compared to the first quarter of 2021. The increase was a combination of increased revenue in the Company’s Truckload segment of $34.6 million, an increase of $19.7 million in fuel surcharge revenue and a $12.1 million increase in Brokerage segment revenue. Excluding the impact of fuel surcharge revenues, first quarter revenue increased $46.7 million to $464.3 million, an increase of 11.2% as compared to the first quarter of 2021.

Operating loss for the first quarter of 2022 was $0.2 million, which compares to operating income of $8.0 million in the first quarter of 2021. Adjusted operating income1 was $2.8 million and excludes a $3.0 million non-cash impairment charge, as compared to adjusted operating income of $8.0 million in the first quarter of 2021.

Net loss attributable to controlling interest for the first quarter of 2022 was $8.9 million, or $0.17 per diluted share, compared to net income attributable to controlling interest of $2.5 million, or $0.05 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to controlling interest1, which excludes an $8.4 million non-cash mark to market adjustment of a strategic investment, a $3.0 million non-cash impairment charge, and a $1.3 million gain on the sale of a former wholly owned subsidiary, was $1.1 million, or $0.02 per diluted share, as compared to adjusted net income attributable to controlling interest of $2.5 million, or earnings per diluted share of $0.05, in the first quarter of 2021.

Variant Update

The Company continues to grow its Variant over-the-road (OTR) fleet, exiting the quarter with 1,691 tractors comprising half of the overall OTR division. In the first quarter, Variant generated revenue of $83.5 million, net of fuel, a 111.7% increase over the same period of the prior year. The increase in revenue was primarily due to a 97.4% increase in seated tractors in the fleet combined with a 23.0% increase in average revenue per mile.

Variant Key Metrics

Quarter Ended,

March 31,

 

December 31,

 

2022

 

 

 

2021

 

Ending truck count

 

1,691

 

 

1,555

 

Preventable accidents, per mm

 

8.12

 

 

6.82

 

Turnover

 

148

%

 

107

%

Average revenue miles per tractor per week (Utilization)

 

1,593

 

 

1,522

 

Average revenue per tractor per week

$

4,065

 

$

3,740

 

 

Mr. Fuller commented, “During the first quarter, we started to address the challenges that caused Variant’s operating metrics to deteriorate in the second half of last year. We made progress in the quarter as evidenced by our sequential improvements in revenue productivity and fleet growth; however, our turnover did not improve in the quarter. We have workstreams in place designed to continue improving utilization that we believe will positively impact turnover in the coming quarters. In the month of April, we saw incremental improvement in both our turnover and safety metrics compared to the first quarter.

Looking to the balance of the year, we remain focused on improving Variant’s key metrics as we scale the division. We continue to expect improved results on a sequential basis as we work through the transformation underway at Variant and remain confident about Variant’s business model.”

Truckload Segment

Quarter Ended March 31,

2022

 

2021

Over-the-road
Average revenue per tractor per week1

$

3,840

$

3,722

Average revenue per mile1

$

2.545

$

2.170

Average revenue miles per tractor per week

 

1,509

 

1,715

Average tractors

 

3,653

 

3,421

Dedicated
Average revenue per tractor per week1

$

4,709

$

4,155

Average revenue per mile1

$

2.813

$

2.394

Average revenue miles per tractor per week

 

1,674

 

1,736

Average tractors

 

2,586

 

2,674

Consolidated
Average revenue per tractor per week1

$

4,200

$

3,912

Average revenue per mile1

$

2.663

$

2.269

Average revenue miles per tractor per week

 

1,577

 

1,724

Average tractors

 

6,239

 

6,095

1 Excluding fuel surcharge revenues

The Truckload segment generated revenue, excluding the impact of our fuel surcharge program, of $370.4 million compared to $335.8 million in the first quarter of 2021. The increase in Truckload segment revenue was due in part to a 17.4% increase in average revenue per mile combined with an increase in average tractors in the quarter of 144 which was partially offset by an 8.5% decrease in revenue miles per tractor.

Truckload operating income was $0.3 million compared to $6.7 million in the same quarter of the prior year. On an adjusted basis1, Truckload adjusted operating income was $2.5 million compared to $6.7 million in the first quarter of 2021.

Brokerage Segment

Quarter Ended March 31,

 

2022

 

 

 

2021

 

Brokerage revenue

$

93,928

 

$

81,840

 

Gross margin %

 

13.5

%

 

14.0

%

Operating income (loss)

$

(483

)

$

1,270

 

Operating ratio

 

100.5

%

 

98.4

%

Load count

 

42,112

 

 

42,185

 

Percentage of loads processed on digital platform

 

85.3

%

 

66.6

%

 

Brokerage segment revenue grew 14.8% to $93.9 million in the first quarter of 2022 compared to $81.8 million in the same period of 2021. The increase in revenue was driven by a 15.0% increase in revenue per load partially offset by a 0.2% reduction in load count compared to the first quarter of 2021.

Segment operating loss was $0.5 million compared to operating income of $1.3 million in the first quarter of 2021.

Liquidity and Capital Allocation

At the end of the first quarter of 2022, the Company had $157.6 million of liquidity (defined as cash plus availability under the Company’s revolving credit facility), $408.1 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $269.4 million of stockholders’ equity.

Capital expenditures, net of proceeds, which relate primarily to tractors and trailers were $39.3 million for the first quarter of 2022, and exclude equipment financed under operating leases.

Outlook

The Company does not expect as favorable of a market backdrop in the coming quarters as it has experienced in previous quarters but will remain focused on improving operational metrics which are within its control.

Mr. Fuller commented, “I am pleased with our progress in the first quarter. However, looking ahead to the second quarter, we expect broader inflationary pressures to continue, which makes it critical to continue improving Variant’s key metrics especially utilization and turnover. Sequential improvement in Variant's key metrics combined with overall fleet growth are key to improving our fixed cost coverage and demonstrating the operating leverage potential of our model.

“During the month of April, we saw Variant’s turnover decline compared to the first quarter as well as improvement in Variant’s safety statistics. Further progress on our remediation efforts will be apparent in Variant’s key metrics as well as continued sequential overall fleet growth.”

Conference Call Information

The Company will host a conference call and simultaneous webcast to discuss its first quarter 2022 financial and operating results on May 5, 2022, at 5:00 p.m. ET. The conference call can be accessed live by dialing 1-844-826-3033 or, for international callers, 1-412-317-5185 and asking to be joined to the US Xpress First Quarter 2022 Earnings Conference Call. The webcast can be accessed on the Investor Relations website at investor.usxpress.com.

Supplemental Financial Information

Additional information regarding the Company’s operating results is provided below as well as on the Company’s investor page at investor.usxpress.com.

(1) Non-GAAP Financial Measures

In addition to our net income determined in accordance with U.S. generally accepted accounting principles (‘‘GAAP’’), we evaluate operating performance using certain non-GAAP measures, including Adjusted Operating Ratio, Adjusted Operating Income, Adjusted Net Income Attributable to Controlling Interest, and Adjusted EPS (on a consolidated and, as applicable, segment basis). Management believes the use of non-GAAP measures assists investors and securities analysts in understanding the ongoing operating performance of our business by allowing more effective comparison between periods. Further, management uses non-GAAP Adjusted Operating Ratio, Adjusted Operating Income, Adjusted Net Income Attributable to Controlling Interest, and Adjusted EPS measures on a supplemental basis to remove items that may not be an indicator of performance from period-to-period. The non-GAAP information provided is used by our management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools and should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. You should not consider the non-GAAP measures used herein in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for these limitations by relying primarily on GAAP results and using non-GAAP financial measures on a supplemental basis.

 
Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
 

Quarter Ended March 31,

(in thousands)

 

2022

 

 

 

2021

 

GAAP Presentation:
Total revenue

$

517,188

 

$

450,760

 

Total operating expenses

 

(517,398

)

 

(442,762

)

Operating income (loss)

$

(210

)

$

7,998

 

Operating ratio

 

100.0

%

 

98.2

%

 
Non-GAAP Presentation:
Total revenue

$

517,188

 

$

450,760

 

Fuel surcharge

 

(52,861

)

 

(33,119

)

Revenue, excluding fuel surcharge

 

464,327

 

 

417,641

 

 
Total operating expenses

 

517,398

 

 

442,762

 

Adjusted for:
Fuel surcharge

 

(52,861

)

 

(33,119

)

Impairment charges1

 

(2,970

)

 

-

 

Adjusted operating expenses

 

461,567

 

 

409,643

 

Adjusted operating income (loss)

$

2,760

 

$

7,998

 

Adjusted operating ratio

 

99.4

%

 

98.1

%

 
1During the first quarter of 2022, we incurred a non-cash adjustment of $2,970 due to the write off of obsolete technology
 
Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
 

Quarter Ended March 31,

(in thousands)

 

2022

 

 

 

2021

 

Truckload GAAP Presentation:
Truckload revenue

$

423,260

 

$

368,920

 

Truckload operating expenses

 

(422,987

)

 

(362,192

)

Truckload operating income

$

273

 

$

6,728

 

Truckload operating ratio

 

99.9

%

 

98.2

%

 
Truckload Non-GAAP Presentation:
Truckload revenue

$

423,260

 

$

368,920

 

Fuel surcharge

 

(52,861

)

 

(33,119

)

Revenue, excluding fuel surcharge

 

370,399

 

 

335,801

 

 
Truckload operating expenses

 

422,987

 

 

362,192

 

Adjusted for:
Fuel surcharge

 

(52,861

)

 

(33,119

)

Impairment charges1

 

(2,235

)

 

-

 

Truckload adjusted operating expenses

 

367,891

 

 

329,073

 

Truckload adjusted operating income

$

2,508

 

$

6,728

 

Truckload adjusted operating ratio

 

99.3

%

 

98.0

%

 
1During the first quarter of 2022, we incurred a non-cash adjustment of $2,235 due to the write off of obsolete technology
Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
 

Quarter Ended March 31,

(in thousands, except per share data)

2022

 

2021

GAAP: Net income (loss) attributable to controlling interest

$

(8,902

)

$

2,538

Adjusted for:
Income tax provision (benefit)

 

(2,149

)

 

1,650

Income (loss) before income taxes attributable to controlling interest

$

(11,051

)

$

4,188

Unrealized loss on equity investment1

 

8,363

 

 

-

Gain on sale of equity method investments2

 

(1,258

)

 

-

Impairment charges3

 

2,970

 

 

-

Adjusted income (loss) before income taxes

 

(976

)

 

4,188

Adjusted income tax provision

 

83

 

 

1,650

Non-GAAP: Adjusted net income (loss) attributable to controlling interest

$

(1,059

)

$

2,538

 
GAAP: Earnings (losses) per diluted share

$

(0.17

)

$

0.05

Adjusted for:
Income tax provision (benefit) attributable to controlling interest

 

(0.04

)

 

0.03

Income (loss) before income taxes attributable to controlling interest

$

(0.21

)

$

0.08

Unrealized loss on equity investment1

 

0.16

 

 

-

Gain on sale of equity method investments2

 

(0.02

)

 

-

Impairment charges3

 

0.05

 

 

-

Adjusted income (loss) before income taxes

 

(0.02

)

 

0.08

Adjusted income tax provision (benefit)

 

-

 

 

0.03

Non-GAAP: Adjusted earnings (losses) per diluted share attributable to controlling interest

$

(0.02

)

$

0.05

 
1During the first quarter of 2022, we recognized an unrealized loss on our TuSimple equity investment totaling $8,363
2During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258
3During the first quarter of 2022, we incurred a non-cash adjustment of $2,970 due to the write off of obsolete technology
 

Forward Looking Statements

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates," "projects," "believes," "anticipates," "plans," "intends," “outlook,” “strategy,” “optimistic,” “will,” “could,” “should,” “may,” “focus,” “seek,” “potential,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases. In this press release, such statements may include, but are not limited to, statements in the "Outlook" section, statements regarding the freight environment, expected rates, expected margins, future growth of our Variant fleet and Dedicated division, the expected impact of our Variant fleet and other initiatives, and any other statements concerning: any projections of earnings, revenues, cash flows, capital expenditures, compliance with financial covenants, or other financial items; any statement of plans, strategies, or objectives for future operations; any statements regarding future economic or industry conditions or performance; any statements regarding our responses to COVID-19 and the associated economic conditions; and any statements of belief and any statements of assumptions underlying any of the foregoing. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: general economic conditions, including inflation and consumer spending; political conditions and regulations, including future changes thereto; changes in tax laws or in their interpretations and changes in tax rates; future insurance and claims experience, including adverse changes in claims experience and loss development factors, or additional changes in management's estimates of liability based upon such experience and development factors that cause our expectations of insurance and claims expense to be inaccurate or otherwise impacts our results; impact of pending or future legal proceedings; future market for used revenue equipment and real estate; future revenue equipment prices and availability; future capital expenditures, including equipment purchasing and leasing plans and equipment turnover (including expected trade-ins); fleet age; future depreciation and amortization; changes in management’s estimates of the need for new tractors and trailers; future ability to generate sufficient cash from operations and obtain financing on favorable terms to meet our significant ongoing capital requirements; our ability to maintain compliance with the provisions of our credit agreement; freight environment, including freight demand, rates, capacity, and volumes; future asset utilization; loss of one or more of our major customers; our ability to renew dedicated service offering contracts on the terms and schedule we expect; surplus inventories, recessionary economic cycles, and downturns in customers' business cycles; strikes, work slowdowns, or work stoppages at the Company, customers, ports, or other shipping related facilities; increases or rapid fluctuations in fuel prices, as well as fluctuations in surcharge collection, including, but not limited to, changes in customer fuel surcharge policies and increases in fuel surcharge bases by customers; interest rates, fuel taxes, tolls, and license and registration fees; increases in compensation for and difficulty in attracting and retaining qualified professional drivers and independent contractors; independent contractors we contract could be deemed by regulators or the judicial process to be employees; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, intermodal, and brokerage (including digital brokerage) competitors; changes in regulatory requirements that increase costs, decrease efficiency, or reduce the availability of drivers; safety-related evaluations and rankings under the Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability program; increasing attention on environmental, social and governance matters; future safety performance; our ability to reduce, or control increases in, operating costs; future third-party service provider relationships and availability; execution of the Company’s current business strategy or changes in the Company’s business strategy; the ability of the Company’s infrastructure to support future organic or inorganic growth; our ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to adapt to changing market conditions and technologies, including the future use of autonomous tractors; disruptions to our information technology; the cost of and our ability to effectively and efficiently implement technology initiatives; costs, diversion of management’s attention, and potential payments made in connection with the multiple class action lawsuits a stockholder derivative lawsuit arising out of our IPO; credit, reputational and relationship risks of certain of our current and former equity investments; the dual class structure of our common stock has the effect of concentrating voting control with certain members of the Fuller and Quinn families, which limits or precludes the ability of other stockholders to influence corporate matters; our ability to maintain effective internal controls without material weaknesses; and the impact of the recent coronavirus outbreak or other similar outbreaks. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

Through its subsidiaries, U.S. Xpress Enterprises, Inc. offers customers over-the-road, dedicated, and brokerage services. Founded in 1985, the Company utilizes a combination of smart technology, a modern fleet of tractors and a network of highly trained, professional drivers to efficiently move freight for a wide variety of customers. U.S. Xpress implements a range of digital initiatives and technology to drive innovation in the industry, streamline the value chain for customers and improve the overall driver experience.

 
 
Condensed Consolidated Income Statements (unaudited)

Quarter Ended March 31,

(in thousands, except per share data)

2022

 

2021

Operating Revenue:
Revenue, excluding fuel surcharge

$

464,327

 

$

417,641

Fuel surcharge

 

52,861

 

 

33,119

Total operating revenue

 

517,188

 

 

450,760

Operating Expenses:
Salaries, wages and benefits

 

169,028

 

 

142,003

Fuel and fuel taxes

 

65,043

 

 

40,404

Vehicle rents

 

24,294

 

 

21,463

Depreciation and amortization, net of (gain) loss

 

18,717

 

 

22,382

Purchased transportation

 

150,584

 

 

141,661

Operating expense and supplies

 

44,814

 

 

32,515

Insurance premiums and claims

 

20,139

 

 

21,777

Operating taxes and licenses

 

3,916

 

 

3,269

Communications and utilities

 

3,544

 

 

2,388

General and other operating

 

17,319

 

 

14,900

Total operating expenses

 

517,398

 

 

442,762

Operating Income (Loss)

 

(210

)

 

7,998

Other Expenses :
Interest Expense, net

 

3,807

 

 

3,687

Other, net

 

7,105

 

 

-

 

10,912

 

 

3,687

Income (Loss) Before Income Taxes

 

(11,122

)

 

4,311

Income Tax Provision (Benefit)

 

(2,149

)

 

1,650

Net Income (Loss)

 

(8,973

)

 

2,661

Net Income (Loss) attributable to non-controlling interest

 

(71

)

 

123

Net Income (Loss) attributable to controlling interest

$

(8,902

)

$

2,538

 
Income (Loss) Per Share
Basic earnings (losses) per share

$

(0.18

)

$

0.05

Basic weighted average shares outstanding

 

50,849

 

 

49,975

Diluted earnings (losses) per share

$

(0.17

)

$

0.05

Diluted weighted average shares outstanding

 

51,981

 

 

51,524

 
 
Condensed Consolidated Balance Sheets (unaudited)

March 31,

 

December 31,

(in thousands)

 

2022

 

 

 

2021

 

Assets
Current assets:
Cash and cash equivalents

$

2,579

 

$

5,695

 

Customer receivables, net of allowance of $18 and $11, respectively

 

245,364

 

 

231,687

 

Other receivables

 

19,327

 

 

18,046

 

Prepaid insurance and licenses

 

16,570

 

 

13,867

 

Operating supplies

 

10,184

 

 

9,550

 

Assets held for sale

 

13,892

 

 

11,831

 

Other current assets

 

37,535

 

 

32,020

 

Total current assets

 

345,451

 

 

322,696

 

Property and equipment, at cost

 

934,307

 

 

890,933

 

Less accumulated depreciation and amortization

 

(380,240

)

 

(370,112

)

Net property and equipment

 

554,067

 

 

520,821

 

Other assets:
Operating lease right-of-use assets

 

278,024

 

 

292,347

 

Goodwill

 

59,221

 

 

59,221

 

Intangible assets, net

 

24,042

 

 

24,129

 

Other

 

53,569

 

 

50,829

 

Total other assets

 

414,856

 

 

426,526

 

Total assets

$

1,314,374

 

$

1,270,043

 

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

$

141,305

 

$

126,910

 

Book overdraft

 

13,262

 

 

7,096

 

Accrued wages and benefits

 

49,207

 

 

45,011

 

Claims and insurance accruals

 

45,116

 

 

44,309

 

Other accrued liabilities

 

5,425

 

 

5,962

 

Current portion of operating leases

 

87,428

 

 

88,375

 

Current maturities of long-term debt and finance leases

 

83,164

 

 

85,117

 

Total current liabilities

 

424,907

 

 

402,780

 

Long-term debt and finance leases, net of current maturities

 

327,549

 

 

290,392

 

Less debt issuance costs

 

(345

)

 

(357

)

Net long-term debt and finance leases

 

327,204

 

 

290,035

 

Deferred income taxes

 

21,678

 

 

24,301

 

Other long-term liabilities

 

25,335

 

 

14,457

 

Claims and insurance accruals, long-term

 

51,768

 

 

54,819

 

Noncurrent operating lease liability

 

192,393

 

 

205,362

 

Commitments and contingencies

 

-

 

 

-

 

Stockholders' Equity:
Common stock

 

511

 

 

505

 

Additional paid-in capital

 

269,388

 

 

267,621

 

Retained earnings (deficit)

 

(462

)

 

8,440

 

Stockholders' equity

 

269,437

 

 

276,566

 

Noncontrolling interest

 

1,652

 

 

1,723

 

Total stockholders' equity

 

271,089

 

 

278,289

 

Total liabilities and stockholders' equity

$

1,314,374

 

$

1,270,043

 

 
 
Condensed Consolidated Cash Flow Statements (unaudited)

Quarter Ended March 31,

(in thousands)

 

2022

 

 

 

2021

 

Operating activities
Net income (loss)

$

(8,973

)

$

2,661

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax provision (benefit)

 

(2,623

)

 

1,241

 

Depreciation and amortization

 

19,036

 

 

20,777

 

(Gains) losses on sale of property and equipment

 

(319

)

 

1,605

 

Share based compensation

 

1,456

 

 

2,134

 

Other

 

(1,089

)

 

184

 

Unrealized loss on investment

 

8,363

 

 

-

 

Changes in operating assets and liabilities
Receivables

 

(14,514

)

 

(23,448

)

Prepaid insurance and licenses

 

(2,642

)

 

(3,471

)

Operating supplies

 

(595

)

 

(1,178

)

Other assets

 

(16,915

)

 

(1,337

)

Accounts payable and other accrued liabilities

 

9,061

 

 

14,459

 

Accrued wages and benefits

 

4,062

 

 

1,694

 

Net cash provided by (used in) operating activities

 

(5,692

)

 

15,321

 

Investing activities
Payments for purchases of property and equipment

 

(50,091

)

 

(21,974

)

Proceeds from sales of property and equipment

 

10,820

 

 

19,955

 

Net cash used in investing activities

 

(39,271

)

 

(2,019

)

Financing activities
Borrowings under lines of credit

 

167,471

 

 

47,600

 

Payments under lines of credit

 

(126,300

)

 

(34,400

)

Borrowings under long-term debt

 

15,948

 

 

12,288

 

Payments of long-term debt and finance leases

 

(21,914

)

 

(42,185

)

Payments of financing costs

 

-

 

 

(100

)

Tax withholding related to net share settlement of restricted stock awards

 

(408

)

 

(915

)

Proceeds from long-term consideration for sale of subsidiary

 

159

 

 

151

 

Proceeds from issuance of common stock under ESPP

 

725

 

 

538

 

Book overdraft

 

6,166

 

 

2,584

 

Net cash provided by (used in) financing activities

 

41,847

 

 

(14,439

)

Net change in cash and cash equivalents

 

(3,116

)

 

(1,137

)

Cash and cash equivalents
Beginning of year

 

5,695

 

 

5,505

 

End of period

$

2,579

 

$

4,368

 

 
 
Key Operating Factors & Truckload Statistics (unaudited)

Quarter Ended March 31,

%

 

2022

 

 

2021

 

Change

Operating revenue:
Truckload1

$

370,399

 

$

335,801

 

10.3

%

Fuel surcharge

 

52,861

 

 

33,119

 

59.6

%

Brokerage

 

93,928

 

 

81,840

 

14.8

%

Total operating revenue

$

517,188

 

$

450,760

 

14.7

%

 
Operating income (loss):
Truckload

$

273

 

$

6,728

 

-95.9

%

Brokerage

 

(483

)

 

1,270

 

nm

$

(210

)

$

7,998

 

nm
 
Operating ratio:
Operating ratio

 

100.0

%

 

98.2

%

1.8

%

Adjusted operating ratio2

 

99.4

%

 

98.1

%

1.3

%

 
Truckload operating ratio

 

99.9

%

 

98.2

%

1.8

%

Truckload adjusted operating ratio2

 

99.3

%

 

98.0

%

1.3

%

Brokerage operating ratio

 

100.5

%

 

98.4

%

2.1

%

 
Truckload Statistics:
Revenue per mile1

$

2.663

 

$

2.269

 

17.4

%

 
Average tractors -
Company owned

 

5,213

 

 

4,594

 

13.5

%

Independent contractors

 

1,026

 

 

1,501

 

-31.6

%

Total average tractors

 

6,239

 

 

6,095

 

2.4

%

 
Average revenue miles per tractor per week

 

1,577

 

 

1,724

 

-8.5

%

 
Average revenue per tractor per week1

$

4,200

 

$

3,912

 

7.4

%

 
Total miles

 

141,275

 

 

149,605

 

-5.6

%

 
Total company miles

 

116,451

 

 

111,727

 

4.2

%

 
Total independent contractor miles

 

24,824

 

 

37,878

 

-34.5

%

 
Independent contractor fuel surcharge

$

9,597

 

$

7,660

 

25.3

%

 
1 Excluding fuel surcharge revenues
2 See GAAP to non-GAAP reconciliation in the "Non-GAAP Financial Measures" section of this earnings release

 

Investor Contact
Matt Garvie
Vice President, Investor Relations
(423)-633-7153
mgarvie@usxpress.com

Source: U.S. Xpress Enterprises, Inc.

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