10/21/2021 | Press release | Distributed by Public on 10/21/2021 14:46
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Operating revenue
|
$
|
491,140
|
$
|
431,469
|
$
|
1,416,921
|
$
|
1,286,514
|
||||||||
Revenue, excluding fuel surcharge
|
$
|
451,824
|
$
|
403,679
|
$
|
1,306,998
|
$
|
1,190,463
|
||||||||
Operating income
|
$
|
6,635
|
$
|
15,891
|
$
|
23,539
|
$
|
28,500
|
||||||||
Net income (loss) attributable to controlling interest
|
$
|
(5,478
|
)
|
$
|
10,696
|
$
|
16,156
|
$
|
10,978
|
|||||||
Earnings (loss) per diluted share
|
$
|
(0.11
|
)
|
$
|
0.20
|
$
|
0.31
|
$
|
0.20
|
|||||||
Adjusted net income attributable to controlling interest1
|
$
|
3,430
|
$
|
10,696
|
$
|
10,153
|
$
|
12,978
|
||||||||
Adjusted earnings per diluted share1
|
$
|
0.07
|
$
|
0.20
|
$
|
0.19
|
$
|
0.24
|
||||||||
Operating Ratio
|
||||||||||||||||
Truckload operating ratio
|
98.0
|
%
|
94.6
|
%
|
97.9
|
%
|
96.3
|
%
|
||||||||
Brokerage operating ratio
|
101.6
|
%
|
108.1
|
%
|
100.0
|
%
|
108.9
|
%
|
||||||||
Operating ratio
|
98.6
|
%
|
96.3
|
%
|
98.3
|
%
|
97.8
|
%
|
||||||||
Adjusted operating ratio1
|
98.5
|
%
|
96.1
|
%
|
98.2
|
%
|
97.6
|
%
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Over the road
|
||||||||||||||||
Average revenue per tractor per week*
|
$
|
3,770
|
$
|
3,680
|
$
|
3,776
|
$
|
3,566
|
||||||||
Average revenue per mile*
|
$
|
2.421
|
$
|
2.047
|
$
|
2.286
|
$
|
1.921
|
||||||||
Average revenue miles per tractor per week
|
1,558
|
1,798
|
1,651
|
1,856
|
||||||||||||
Average tractors
|
3,413
|
3,684
|
3,384
|
3,781
|
||||||||||||
Dedicated
|
||||||||||||||||
Average revenue per tractor per week*
|
$
|
4,340
|
$
|
4,065
|
$
|
4,274
|
$
|
4,085
|
||||||||
Average revenue per mile*
|
$
|
2.527
|
$
|
2.353
|
$
|
2.455
|
$
|
2.360
|
||||||||
Average revenue miles per tractor per week
|
1,717
|
1,728
|
1,741
|
1,731
|
||||||||||||
Average tractors
|
2,520
|
2,710
|
2,575
|
2,717
|
||||||||||||
Consolidated
|
||||||||||||||||
Average revenue per tractor per week*
|
$
|
4,012
|
$
|
3,843
|
$
|
3,991
|
$
|
3,783
|
||||||||
Average revenue per mile*
|
$
|
2.468
|
$
|
2.173
|
$
|
2.361
|
$
|
2.097
|
||||||||
Average revenue miles per tractor per week
|
1,625
|
1,768
|
1,690
|
1,804
|
||||||||||||
Average tractors
|
5,933
|
6,394
|
5,959
|
6,498
|
||||||||||||
* Excluding fuel surcharge revenues
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Brokerage revenue
|
$
|
90,820
|
$
|
55,970
|
$
|
269,148
|
$
|
152,475
|
||||||||
Gross margin %
|
11.2
|
%
|
6.7
|
%
|
12.3
|
%
|
6.1
|
%
|
||||||||
Load Count
|
43,766
|
38,779
|
130,627
|
123,205
|
||||||||||||
Percentage of loads processed on digital platform
|
82.7
|
%
|
49.8
|
%
|
74.4
|
%
|
28.2
|
%
|
Condensed Consolidated Income Statements (unaudited)
|
||||||||||||||||
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Operating Revenue:
|
||||||||||||||||
Revenue, excluding fuel surcharge
|
$
|
451,824
|
$
|
403,679
|
$
|
1,306,998
|
$
|
1,190,463
|
||||||||
Fuel surcharge
|
39,316
|
27,790
|
109,923
|
96,051
|
||||||||||||
Total operating revenue
|
491,140
|
431,469
|
1,416,921
|
1,286,514
|
||||||||||||
Operating Expenses:
|
||||||||||||||||
Salaries, wages and benefits
|
158,942
|
137,541
|
445,445
|
412,889
|
||||||||||||
Fuel and fuel taxes
|
46,715
|
33,208
|
130,902
|
103,265
|
||||||||||||
Vehicle rents
|
22,700
|
20,956
|
65,710
|
64,168
|
||||||||||||
Depreciation and amortization, net of (gain) loss
|
19,509
|
25,785
|
65,096
|
77,871
|
||||||||||||
Purchased transportation
|
159,152
|
125,997
|
458,302
|
373,117
|
||||||||||||
Operating expense and supplies
|
38,683
|
33,927
|
105,641
|
101,249
|
||||||||||||
Insurance premiums and claims
|
18,242
|
17,835
|
58,952
|
65,141
|
||||||||||||
Operating taxes and licenses
|
3,677
|
3,359
|
10,193
|
10,756
|
||||||||||||
Communications and utilities
|
2,677
|
2,187
|
8,029
|
6,895
|
||||||||||||
General and other operating
|
14,208
|
14,783
|
45,112
|
42,663
|
||||||||||||
Total operating expenses
|
484,505
|
415,578
|
1,393,382
|
1,258,014
|
||||||||||||
Operating Income
|
6,635
|
15,891
|
23,539
|
28,500
|
||||||||||||
Other Expenses (Income):
|
||||||||||||||||
Interest expense, net
|
3,572
|
4,381
|
10,816
|
14,664
|
||||||||||||
Other, net
|
12,062
|
-
|
(8,129
|
)
|
2,000
|
|||||||||||
15,634
|
4,381
|
2,687
|
16,664
|
|||||||||||||
Income (Loss) Before Income Taxes
|
(8,999
|
)
|
11,510
|
20,852
|
11,836
|
|||||||||||
Income Tax Provision (Benefit)
|
(3,361
|
)
|
1,337
|
4,732
|
1,867
|
|||||||||||
Net Income (Loss)
|
(5,638
|
)
|
10,173
|
16,120
|
9,969
|
|||||||||||
Net Income (Loss) attributable to non-controlling interest
|
(160
|
)
|
(523
|
)
|
(36
|
)
|
(1,009
|
)
|
||||||||
Net Income (Loss) attributable to controlling interest
|
$
|
(5,478
|
)
|
$
|
10,696
|
$
|
16,156
|
$
|
10,978
|
|||||||
Income (Loss) Per Share
|
||||||||||||||||
Basic earnings (loss) per share
|
$
|
(0.11
|
)
|
$
|
0.22
|
$
|
0.32
|
$
|
0.22
|
|||||||
Basic weighted average shares outstanding
|
50,563
|
49,667
|
50,293
|
49,462
|
||||||||||||
Diluted earnings (loss) per share
|
$
|
(0.11
|
)
|
$
|
0.20
|
$
|
0.31
|
$
|
0.20
|
|||||||
Diluted weighted average shares outstanding
|
50,563
|
51,194
|
51,839
|
50,493
|
Condensed Consolidated Balance Sheets (unaudited)
|
||||||||
September 30,
|
December 31,
|
|||||||
(in thousands)
|
2021
|
2020
|
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
5,995
|
$
|
5,505
|
||||
Customer receivables, net of allowance of $163 and $157, respectively
|
227,825
|
189,869
|
||||||
Other receivables
|
19,227
|
19,203
|
||||||
Prepaid insurance and licenses
|
21,751
|
14,265
|
||||||
Operating supplies
|
12,505
|
8,953
|
||||||
Assets held for sale
|
18,344
|
12,382
|
||||||
Other current assets
|
28,590
|
16,263
|
||||||
Total current assets
|
334,237
|
266,440
|
||||||
Property and equipment, at cost
|
885,992
|
896,264
|
||||||
Less accumulated depreciation and amortization
|
(376,155
|
)
|
(394,603
|
)
|
||||
Net property and equipment
|
509,837
|
501,661
|
||||||
Other assets:
|
||||||||
Operating lease right-of-use assets
|
275,247
|
287,251
|
||||||
Goodwill
|
59,221
|
59,221
|
||||||
Intangible assets, net
|
24,320
|
25,513
|
||||||
Other
|
42,713
|
39,504
|
||||||
Total other assets
|
401,501
|
411,489
|
||||||
Total assets
|
$
|
1,245,575
|
$
|
1,179,590
|
||||
Liabilities and Stockholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
129,808
|
$
|
83,621
|
||||
Book overdraft
|
2,605
|
-
|
||||||
Accrued wages and benefits
|
48,200
|
40,095
|
||||||
Claims and insurance accruals
|
47,698
|
47,667
|
||||||
Other accrued liabilities
|
5,860
|
5,986
|
||||||
Current portion of operating leases
|
82,015
|
78,193
|
||||||
Current maturities of long-term debt and finance leases
|
84,478
|
103,690
|
||||||
Total current liabilities
|
400,664
|
359,252
|
||||||
Long-term debt and finance leases, net of current maturities
|
278,271
|
255,287
|
||||||
Less debt issuance costs
|
(369
|
)
|
(314
|
)
|
||||
Net long-term debt and finance leases
|
277,902
|
254,973
|
||||||
Deferred income taxes
|
28,926
|
25,162
|
||||||
Other long-term liabilities
|
14,837
|
14,615
|
||||||
Claims and insurance accruals, long-term
|
46,376
|
55,420
|
||||||
Noncurrent operating lease liability
|
194,525
|
209,311
|
||||||
Commitments and contingencies
|
-
|
-
|
||||||
Stockholders' Equity:
|
||||||||
Common stock
|
505
|
497
|
||||||
Additional paid-in capital
|
266,698
|
261,338
|
||||||
Retained earnings (deficit)
|
13,726
|
(2,430
|
)
|
|||||
Stockholders' equity
|
280,929
|
259,405
|
||||||
Noncontrolling interest
|
1,416
|
1,452
|
||||||
Total stockholders' equity
|
282,345
|
260,857
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,245,575
|
$
|
1,179,590
|
Condensed Consolidated Cash Flow Statements (unaudited)
|
||||||||
Nine Months Ended September 30,
|
||||||||
(in thousands)
|
2021
|
2020
|
||||||
Operating activities
|
||||||||
Net income (loss)
|
$
|
16,120
|
$
|
9,969
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Deferred income tax provision
|
3,764
|
1,543
|
||||||
Depreciation and amortization
|
62,049
|
68,104
|
||||||
Losses on sale of property and equipment
|
3,047
|
9,767
|
||||||
Share based compensation
|
5,294
|
3,421
|
||||||
Other
|
546
|
3,186
|
||||||
Unrealized (gain) on investment
|
(8,129
|
)
|
-
|
|||||
Changes in operating assets and liabilities
|
||||||||
Receivables
|
(38,064
|
)
|
(8,354
|
)
|
||||
Prepaid insurance and licenses
|
(7,486
|
)
|
(11,747
|
)
|
||||
Operating supplies
|
(3,420
|
)
|
(204
|
)
|
||||
Other assets
|
(8,284
|
)
|
(3,047
|
)
|
||||
Accounts payable and other accrued liabilities
|
36,762
|
21,413
|
||||||
Accrued wages and benefits
|
8,105
|
7,863
|
||||||
Net cash provided by operating activities
|
70,304
|
101,914
|
||||||
Investing activities
|
||||||||
Payments for purchases of property and equipment
|
(141,068
|
)
|
(129,582
|
)
|
||||
Proceeds from sales of property and equipment
|
70,016
|
36,192
|
||||||
Other
|
-
|
(1,880
|
)
|
|||||
Net cash used in investing activities
|
(71,052
|
)
|
(95,270
|
)
|
||||
Financing activities
|
||||||||
Borrowings under lines of credit
|
235,612
|
231,254
|
||||||
Payments under lines of credit
|
(210,612
|
)
|
(231,254
|
)
|
||||
Borrowings under long-term debt
|
83,959
|
228,981
|
||||||
Payments of long-term debt and finance leases
|
(110,759
|
)
|
(231,340
|
)
|
||||
Payments of financing costs
|
(100
|
)
|
(1,391
|
)
|
||||
Net proceeds from issuance of common stock under ESPP
|
1,285
|
851
|
||||||
Tax withholding related to net share settlement of restricted stock awards
|
(1,211
|
)
|
(135
|
)
|
||||
Payments of long-term consideration for business acquisition
|
-
|
(1,000
|
)
|
|||||
Proceeds from long-term consideration for sale of subsidiary
|
460
|
438
|
||||||
Book overdraft
|
2,604
|
(1,313
|
)
|
|||||
Net cash provided by (used in) financing activities
|
1,238
|
(4,909
|
)
|
|||||
Net change in cash and cash equivalents
|
490
|
1,735
|
||||||
Cash and cash equivalents
|
||||||||
Beginning of year
|
5,505
|
5,687
|
||||||
End of period
|
$
|
5,995
|
$
|
7,422
|
Key Operating Factors & Truckload Statistics (unaudited)
|
||||||||||||||||||||||||
Quarter Ended September 30,
|
%
|
Nine Months Ended September 30,
|
%
|
|||||||||||||||||||||
2021
|
2020
|
Change
|
2021
|
2020
|
Change
|
|||||||||||||||||||
Operating Revenue:
|
||||||||||||||||||||||||
Truckload1
|
$
|
361,004
|
$
|
347,709
|
3.8
|
%
|
$
|
1,037,850
|
$
|
1,037,988
|
0.0
|
%
|
||||||||||||
Fuel Surcharge
|
39,316
|
27,790
|
41.5
|
%
|
109,923
|
96,051
|
14.4
|
%
|
||||||||||||||||
Brokerage
|
90,820
|
55,970
|
62.3
|
%
|
269,148
|
152,475
|
76.5
|
%
|
||||||||||||||||
Total Operating Revenue
|
$
|
491,140
|
$
|
431,469
|
13.8
|
%
|
$
|
1,416,921
|
$
|
1,286,514
|
10.1
|
%
|
||||||||||||
Operating Income (Loss):
|
||||||||||||||||||||||||
Truckload
|
$
|
8,081
|
$
|
20,407
|
-60.4
|
%
|
$
|
23,553
|
$
|
42,035
|
-44.0
|
%
|
||||||||||||
Brokerage
|
$
|
(1,446
|
)
|
$
|
(4,516
|
)
|
-68.0
|
%
|
$
|
(14
|
)
|
$
|
(13,535
|
)
|
-99.9
|
%
|
||||||||
$
|
6,635
|
$
|
15,891
|
-58.2
|
%
|
$
|
23,539
|
$
|
28,500
|
-17.4
|
%
|
|||||||||||||
Operating Ratio:
|
||||||||||||||||||||||||
Operating Ratio
|
98.6
|
%
|
96.3
|
%
|
2.4
|
%
|
98.3
|
%
|
97.8
|
%
|
0.5
|
%
|
||||||||||||
Adjusted Operating Ratio2
|
98.5
|
%
|
96.1
|
%
|
2.5
|
%
|
98.2
|
%
|
97.6
|
%
|
0.6
|
%
|
||||||||||||
Truckload Operating Ratio
|
98.0
|
%
|
94.6
|
%
|
3.6
|
%
|
97.9
|
%
|
96.3
|
%
|
1.7
|
%
|
||||||||||||
Adjusted Truckload Operating Ratio2
|
97.8
|
%
|
94.1
|
%
|
3.9
|
%
|
97.7
|
%
|
96.0
|
%
|
1.9
|
%
|
||||||||||||
Brokerage Operating Ratio
|
101.6
|
%
|
108.1
|
%
|
-6.0
|
%
|
100.0
|
%
|
108.9
|
%
|
-8.2
|
%
|
||||||||||||
Truckload Statistics:
|
||||||||||||||||||||||||
Revenue Per Mile1
|
$
|
2.468
|
$
|
2.173
|
13.6
|
%
|
$
|
2.361
|
$
|
2.097
|
12.6
|
%
|
||||||||||||
Average Tractors -
|
||||||||||||||||||||||||
Company Owned
|
4,746
|
4,700
|
1.0
|
%
|
4,619
|
4,741
|
-2.6
|
%
|
||||||||||||||||
Owner Operators
|
1,187
|
1,694
|
-29.9
|
%
|
1,340
|
1,757
|
-23.7
|
%
|
||||||||||||||||
Total Average Tractors
|
5,933
|
6,394
|
-7.2
|
%
|
5,959
|
6,498
|
-8.3
|
%
|
||||||||||||||||
Average Revenue Miles Per Tractor Per Week
|
1,625
|
1,768
|
-8.1
|
%
|
1,690
|
1,804
|
-6.3
|
%
|
||||||||||||||||
Average Revenue Per Tractor Per Week1
|
$
|
4,012
|
$
|
3,843
|
4.4
|
%
|
$
|
3,991
|
$
|
3,783
|
5.5
|
%
|
||||||||||||
Total Miles
|
141,946
|
165,206
|
-14.1
|
%
|
436,914
|
510,220
|
-14.4
|
%
|
||||||||||||||||
Total Company Miles
|
112,516
|
119,014
|
-5.5
|
%
|
335,779
|
362,882
|
-7.5
|
%
|
||||||||||||||||
Total Independent Contractor Miles
|
29,430
|
46,192
|
-36.3
|
%
|
101,135
|
147,338
|
-31.4
|
%
|
||||||||||||||||
Independent Contractor fuel surcharge
|
8,001
|
6,838
|
17.0
|
%
|
24,083
|
25,360
|
-5.0
|
%
|
||||||||||||||||
1 Excluding fuel surcharge revenues
|
||||||||||||||||||||||||
2 See GAAP to non-GAAP reconciliation in the schedules following this release
|
Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
|
||||||||||||||||||||
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||||||
GAAP: Net income attributable to controlling interest
|
$
|
(5,478
|
)
|
$
|
10,696
|
$
|
16,156
|
$
|
10,978
|
|||||||||||
Adjusted for:
|
||||||||||||||||||||
Income tax provision
|
(3,361
|
)
|
1,337
|
4,732
|
1,867
|
|||||||||||||||
Income before income taxes attributable to controlling interest
|
$
|
(8,839
|
)
|
$
|
12,033
|
$
|
20,888
|
$
|
12,845
|
|||||||||||
Unrealized (gain) loss on equity investment1
|
12,062
|
-
|
(8,129
|
)
|
-
|
|||||||||||||||
Loss on sale of equity method investment2
|
|
-
|
-
|
-
|
2,000
|
|||||||||||||||
Adjusted income before income taxes
|
3,223
|
12,033
|
12,759
|
14,845
|
||||||||||||||||
Adjusted income tax provision
|
(207
|
)
|
1,337
|
2,606
|
1,867
|
|||||||||||||||
Non-GAAP: Adjusted net income attributable to controlling interest
|
$
|
3,430
|
$
|
10,696
|
$
|
10,153
|
$
|
12,978
|
||||||||||||
GAAP: Earnings per diluted share
|
$
|
(0.11
|
)
|
$
|
0.20
|
$
|
0.31
|
$
|
0.20
|
|||||||||||
Adjusted for:
|
||||||||||||||||||||
Income tax expense attributable to controlling interest
|
(0.06
|
)
|
0.03
|
0.09
|
0.04
|
|||||||||||||||
Income before income taxes attributable to controlling interest
|
$
|
(0.17
|
)
|
$
|
0.23
|
$
|
0.40
|
$
|
0.24
|
|||||||||||
Unrealized (gain) loss on equity investment1
|
0.24
|
-
|
(0.16
|
)
|
-
|
|||||||||||||||
Loss on sale of equity method investment2
|
-
|
-
|
-
|
0.04
|
||||||||||||||||
Adjusted income before income taxes
|
0.07
|
0.23
|
0.24
|
0.28
|
||||||||||||||||
Adjusted income tax provision
|
-
|
0.03
|
0.05
|
0.04
|
||||||||||||||||
Non-GAAP: Adjusted earnings per diluted share attributable to controlling interest
|
$
|
0.07
|
$
|
0.20
|
$
|
0.19
|
$
|
0.24
|
||||||||||||
1During the second and third quarter of 2021, we recognized an unrealized (gain) loss on our TuSimple equity investment
|
||||||||||||||||||||
2During the first quarter of 2020, we incurred loss on sale related to an equity method investment in a former wholly owned subsidiary
|
Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
|
||||||||||||||||
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
GAAP Presentation:
|
||||||||||||||||
Total revenue
|
$
|
491,140
|
$
|
431,469
|
$
|
1,416,921
|
$
|
1,286,514
|
||||||||
Total operating expenses
|
(484,505
|
)
|
(415,578
|
)
|
(1,393,382
|
)
|
(1,258,014
|
)
|
||||||||
Operating income
|
$
|
6,635
|
$
|
15,891
|
$
|
23,539
|
$
|
28,500
|
||||||||
Operating ratio
|
98.6
|
%
|
96.3
|
%
|
98.3
|
%
|
97.8
|
%
|
||||||||
Non-GAAP Presentation
|
||||||||||||||||
Total revenue
|
$
|
491,140
|
$
|
431,469
|
$
|
1,416,921
|
$
|
1,286,514
|
||||||||
Fuel surcharge
|
(39,316
|
)
|
(27,790
|
)
|
(109,923
|
)
|
(96,051
|
)
|
||||||||
Revenue, excluding fuel surcharge
|
451,824
|
403,679
|
1,306,998
|
1,190,463
|
||||||||||||
Total operating expenses
|
484,505
|
415,578
|
1,393,382
|
1,258,014
|
||||||||||||
Adjusted for:
|
||||||||||||||||
Fuel surcharge
|
(39,316
|
)
|
(27,790
|
)
|
(109,923
|
)
|
(96,051
|
)
|
||||||||
Adjusted operating expenses
|
445,189
|
387,788
|
1,283,459
|
1,161,963
|
||||||||||||
Adjusted Operating Income
|
$
|
6,635
|
$
|
15,891
|
$
|
23,539
|
$
|
28,500
|
||||||||
Adjusted operating ratio
|
98.5
|
%
|
96.1
|
%
|
98.2
|
%
|
97.6
|
%
|
Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
|
||||||||||||||||
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Truckload GAAP Presentation:
|
||||||||||||||||
Total Truckload revenue
|
$
|
400,320
|
$
|
375,499
|
$
|
1,147,773
|
$
|
1,134,039
|
||||||||
Total Truckload operating expenses
|
(392,239
|
)
|
(355,092
|
)
|
(1,124,220
|
)
|
(1,092,004
|
)
|
||||||||
Truckload operating income
|
$
|
8,081
|
$
|
20,407
|
$
|
23,553
|
$
|
42,035
|
||||||||
Truckload operating ratio
|
98.0
|
%
|
94.6
|
%
|
97.9
|
%
|
96.3
|
%
|
||||||||
Truckload Non-GAAP Presentation
|
||||||||||||||||
Total Truckload revenue
|
$
|
400,320
|
$
|
375,499
|
$
|
1,147,773
|
$
|
1,134,039
|
||||||||
Fuel surcharge
|
(39,316
|
)
|
(27,790
|
)
|
(109,923
|
)
|
(96,051
|
)
|
||||||||
Revenue, excluding fuel surcharge
|
361,004
|
347,709
|
1,037,850
|
1,037,988
|
||||||||||||
Total Truckload operating expenses
|
392,239
|
355,092
|
1,124,220
|
1,092,004
|
||||||||||||
Adjusted for:
|
||||||||||||||||
Fuel surcharge
|
(39,316
|
)
|
(27,790
|
)
|
(109,923
|
)
|
(96,051
|
)
|
||||||||
Truckload Adjusted operating expenses
|
352,923
|
327,302
|
1,014,297
|
995,953
|
||||||||||||
Truckload Adjusted operating income
|
$
|
8,081
|
$
|
20,407
|
$
|
23,553
|
$
|
42,035
|
||||||||
Truckload Adjusted operating ratio
|
97.8
|
%
|
94.1
|
%
|
97.7
|
%
|
96.0
|
%
|