- 1Q 2018 net income of $1.0 million, or $0.13 per diluted share versus 1Q 2017 net loss of ($4.9) million, or ($0.61) per diluted share
- Including adjusted items discussed below, 1Q 2018 adjusted net income was $1.1 million, or $0.14 per diluted share
- 1Q 2018 consolidated operating revenue increased 23.0% to $125.0 million from $101.7 million in 1Q 2017
- Continued YoY improvement in base revenue per loaded mile, base revenue per available tractor per week, and average unseated tractor count
VAN BUREN, Ark.--(BUSINESS WIRE)--USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider,
today announced its financial results for the quarter ended March 31,
2018.
For the quarter ended March 31, 2018, consolidated operating revenue was
$125.0 million compared to $101.7 million for the prior-year period.
Base revenue, which excludes fuel surcharge, was $110.3 million compared
to $89.8 million for the comparable 2017 period. The Company reported
net income of $1.0 million, or $0.13 per diluted share for the first
quarter 2018, compared to a net loss of ($4.9) million, or ($0.61) per
diluted share, for the same quarter in 2017. The Company’s first quarter
2018 operating ratio was 98.1%, compared to 106.3% in the 2017 quarter.
Included in earnings per diluted share for the quarter ended March 31,
2018 was approximately $0.7 million, or $0.07 per diluted share
net-of-tax, of severance costs recorded in salaries, wages and employee
benefits relating to the recently announced retirement of James Craig,
the Company’s EVP, Chief Commercial Officer , and President – USAT
Logistics. The quarter also included a $0.6 million, or $0.06 per
diluted share net-of-tax, benefit for the reversal of restructuring,
impairment and other costs relating to the reopening of our Trucking
maintenance facility in South Holland, IL, which was closed in the first
quarter of 2016.
President and CEO James Reed commented, “USA Truck continued its
momentum in the first quarter of 2018 by delivering the third
consecutive quarter of positive EPS since bringing our team together,
and only the second positive first quarter EPS result in the last 11
years. While we benefited in the quarter from a tightening capacity
environment and strong underlying economic drivers, we also experienced
unusually challenging weather, an increasingly difficult driver
recruiting environment, rising fuel prices, and correspondingly tight
asset light capacity. We continued to deliver improved operational and
financial results throughout the quarter, and believe the progress in
our rate, revenue, and profit measures has outpaced market forces. This
is a testament to our team’s commitment to become one of the best
performing companies in our sector. While we are pleased with our team’s
progress, we still feel that we have a long way to go.”
Trucking: For the first quarter of 2018, Trucking operating
revenue increased $8.5 million, or 12.0%, to $78.7 million, compared to
the first quarter of 2017. This increase was primarily due to a 15.5%
increase in base revenue per loaded mile. Trucking operating loss was
($0.5) million for the 2018 period, reflecting an operating ratio of
100.6%, compared to a ($7.1) million operating loss and an operating
ratio of 110.1% for the 2017 period. This represents a $6.7 million
year-over-year improvement in operating income and a 950 basis point
improvement in operating ratio.
Continued improvement in our Trucking operations and profitability will,
we believe, come through the focus on the following areas, which have
already shown the improvement noted below:
-
Base revenue per loaded mile increased 15.5% to $2.009 for first
quarter 2018 from $1.740 in first quarter 2017.
-
Base revenue per available tractor per week increased $371 per week,
or 12.9%, when compared to the first quarter of 2017, and declined
$171 per week, or 5% sequentially over the fourth quarter of 2017.
-
Loaded miles per available tractor per week decreased 36 miles per
tractor, or 2.2%, when compared to the first quarter of 2017, and
decreased 6 miles per tractor, or 0.4%, sequentially over the fourth
quarter of 2017. Deadhead percentage for first quarter 2018 decreased
50 basis points year-over-year and 100 basis points sequentially over
the fourth quarter of 2017.
-
Average unseated tractor percentage for first quarter 2018 was 7.3%,
which represents improvement of 100 basis points year-over-year and an
unfavorable increase of 170 basis points sequentially over the fourth
quarter of 2017. The average seated tractor count for the first
quarter of 2018 was 1,534, which represented a 1.9% decrease compared
to our first quarter 2017 average of 1,563.
USAT Logistics: Operating revenue increased 47.4%, or $14.9
million year-over-year to $46.3 million for the first quarter of 2018,
and increased 17.2%, or $6.8 million sequentially over fourth quarter
2017. Operating income increased $2.1 million, or 291.8% year-over-year
and $0.9 million, or 43.1% sequentially. The year-over-year change in
operating income was the result of a 45.3% increase in revenue per load
combined with a 1.5% increase in load volume. As previously reported, we
have recently hired a new leader of this segment and we believe that
this change will help us accelerate the momentum of growth and
profitability improvement.
-
Gross margin percentage for the first quarter of 2018, decreased
slightly to 17.0% from 17.1% when compared to the same quarter in
2017, and decreased 90 basis points sequentially from 17.9% for the
fourth quarter of 2017.
-
Revenue per load increased 45.3%, or $544 per load, year-over-year,
and 5.8%, or $95 per load, over fourth quarter of 2017.
Segment Results
The following table includes key operating results and statistics by
reportable segment:
|
|
Three Months Ended
|
|
|
March 31,
|
Trucking:
|
|
2018
|
|
|
2017
|
Operating revenue (in thousands)
|
|
$
|
78,733
|
|
|
|
$
|
70,280
|
|
Operating loss (in thousands) (1)
|
|
$
|
(464)
|
|
|
|
$
|
(7,128)
|
|
Operating ratio (2)
|
|
|
100.6
|
%
|
|
|
|
110.1
|
%
|
Adjusted operating ratio (3)
|
|
|
100.8
|
%
|
|
|
|
110.7
|
%
|
Total miles (in thousands) (4)
|
|
|
38,542
|
|
|
|
|
40,449
|
|
Deadhead percentage (5)
|
|
|
12.7
|
%
|
|
|
|
13.2
|
%
|
Base revenue per loaded mile
|
|
$
|
2.009
|
|
|
|
$
|
1.740
|
|
Average number of seated tractors (6)
|
|
|
1,534
|
|
|
|
|
1,563
|
|
Average number of available tractors (7)
|
|
|
1,619
|
|
|
|
|
1,653
|
|
Average number of in-service tractors (8)
|
|
|
1,654
|
|
|
|
|
1,704
|
|
Loaded miles per available tractor per week
|
|
|
1,616
|
|
|
|
|
1,652
|
|
Base revenue per available tractor per week
|
|
$
|
3,246
|
|
|
|
$
|
2,875
|
|
Average loaded miles per trip
|
|
|
539
|
|
|
|
|
579
|
|
|
|
|
|
|
|
|
|
|
|
USAT Logistics:
|
|
|
|
|
|
|
|
|
|
Operating revenue (in thousands)
|
|
$
|
46,280
|
|
|
|
$
|
31,390
|
|
Operating income (in thousands) (1)
|
|
|
2,856
|
|
|
|
|
729
|
|
Gross margin (in thousands) (9)
|
|
|
7,884
|
|
|
|
|
5,359
|
|
Gross margin percentage (10)
|
|
|
17.0
|
%
|
|
|
|
17.1
|
%
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Operating income (loss) is calculated by deducting operating
expenses from operating revenue.
|
(2)
|
|
Operating ratio is calculated as operating expenses as a percentage
of operating revenue.
|
(3)
|
|
Adjusted operating ratio is calculated as operating expenses less
restructuring, impairment and other costs, and severance costs
included in salaries, wages and employee benefits, net of fuel
surcharge revenue, as a percentage of operating revenue excluding
fuel surcharge revenue(a).
|
(4)
|
|
Total miles include both loaded and empty miles.
|
(5)
|
|
Deadhead percentage is calculated by dividing empty miles into total
miles.
|
(6)
|
|
Seated tractors are those occupied by a driver, both Company-paid
and independent contractor.
|
(7)
|
|
Available tractors are all those Company-tractors that are available
to be dispatched, including available unseated tractors, and our
independent contractor fleet.
|
(8)
|
|
In-service tractors include all of the tractors in the Company
fleet, including Company-operated tractors and independent
contractors.
|
(9)
|
|
Gross margin is calculated by deducting purchased transportation
expense from USAT Logistics operating revenue.
|
(10)
|
|
Gross margin percentage is calculated as gross margin divided by
USAT Logistics operating revenue.
|
|
|
|
Balance Sheet and Liquidity
As of March 31, 2018, total debt and capital lease obligations was
$90.9 million, our total debt and capital lease obligations, net of cash
(“Net Debt”)(a), was $90.8 million and total stockholders’
equity was $67.3 million. Net Debt to Adjusted EBITDA(a)
decreased sequentially to 2.6x compared to 3.9x as of December 31, 2017.
The Company had approximately $73.2 million available to borrow under
its credit facility as of March 31, 2018.
First Quarter 2018 Conference Call Information
USA Truck will hold a conference call to discuss its first quarter 2018
results on Friday, April 27, 2018 at 8:00 AM CT / 9:00 AM ET. To
participate in the call, please dial 1-844-824-3828 (U.S./Canada) or
1-412-317-5138 (International). A live webcast of the conference call
will be broadcast in the Investor Relations section of the Company’s
website www.usa-truck.com,
under the “Events & Presentations” tab of the “Investor Relations” menu.
For those who cannot listen to the live broadcast, the presentation
materials and an audio replay of the call will be available at our
website, www.usa-truck.com,
under the “Events & Presentations” tab of the “Investor Relations” menu,
or may be accessed using the following link: https://services.choruscall.com/links/usak180427.html.
A telephone replay of the call will also be available through May 4,
2018, and may be accessed by calling 1-877-344-7529 (U.S.),
1-855-669-9658 (Canada), or 1-412-317-0088 (International) and by
referencing conference ID #10118952.
(a)
About Non-GAAP Financial Information
In addition to our GAAP results, this press release also includes
certain non-GAAP financial measures, as defined by the SEC. The terms
base revenue, “Net Debt”, “EBITDA”, “Adjusted EBITDA”, “Adjusted
operating ratio”, “Adjusted net income”, and “Adjusted earnings (loss)
per diluted share”, as we define them, are not presented in accordance
with GAAP.
The Company defines Net Debt as total debt, including insurance premium
financing and capital lease obligations, net of cash. The Company
defines EBITDA as net income (loss), plus interest expense net of
interest income, provision for income tax expense (benefit) and
depreciation and amortization. The Company defines Adjusted EBITDA as
EBITDA plus non-cash equity compensation, restructuring, impairment and
other costs, and severance costs included in salaries, wages and
employee benefits. Adjusted operating ratio is calculated as operating
expenses less restructuring, impairment and other costs and severance
costs included in salaries, wages and employee benefits, net of fuel
surcharge revenue, as a percentage of operating revenue excluding fuel
surcharge revenue. Adjusted net income is defined as net income (loss)
less restructuring, impairment and other costs and severance costs
included in salaries, wages and employee benefits. Adjusted earnings
(loss) per diluted share is defined as earnings (loss) per share plus
the per-share impact of restructuring, impairment and other costs, and
severance costs included in salaries, wages and employee benefits, plus
or minus the per share tax impact of those adjustments using a statutory
income tax rate. The per-share impact of each item is determined by
dividing it by the weighted average diluted shares outstanding. These
financial measures supplement our GAAP results in evaluating certain
aspects of our business. We believe that using these measures improves
comparability in analyzing our performance because they remove the
impact of items from our operating results that, in our opinion, do not
reflect our core operating performance. Management and the board of
directors focus on Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating
ratio, Adjusted net income, and Adjusted earnings (loss) per diluted
share as key measures of our performance, all of which are reconciled to
the most comparable GAAP financial measures and further discussed below.
We believe our presentation of these non-GAAP financial measures is
useful to investors and other users because it provides them the same
information that we use internally for purposes of assessing our core
operating performance.
Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted
net income, and Adjusted earnings (loss) per diluted share are not
substitutes for their comparable GAAP financial measures, such as net
income, cash flows from operating activities, operating margin ratio,
diluted earnings per share, or other measures prescribed by GAAP. There
are limitations to using non-GAAP financial measures. Although we
believe that they improve comparability in analyzing our period to
period performance, they could limit comparability to other companies in
our industry if those companies define these measures differently.
Because of these limitations, our non-GAAP financial measures 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. Management compensates for these limitations by primarily
relying on GAAP results and using non-GAAP financial measures on a
supplemental basis.
Pursuant to the requirements of Regulation G and Regulation S-K, we have
provided reconciliations of EBITDA, Adjusted EBITDA, Adjusted operating
ratio, Adjusted net income, and Adjusted earnings (loss) per diluted
share to GAAP financial measures at the end of this press release.
Cautionary Statement Concerning Forward-Looking Statements
Financial information in this press release is preliminary and based
upon information available to the Company as of the date of this press
release. As such, this information remains subject to the completion of
our quarterly review procedures, and the filing of the related Quarterly
Report on Form 10-Q, which could result in changes, some of which could
be material, to the preliminary information provided in this press
release.
This press release contains 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. Such
forward-looking statements are made pursuant to the provisions of the
Private Securities Litigation Reform Act of 1995. These statements
generally may be identified by their use of terms or phrases such as
“seek,” “expects,” “estimates,” “anticipates,” “projects,” “believes,”
“hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,”
“should,” “would,” “could,” “potential,” “predict,” “continue,”
“strategy,” “future” and terms or phrases of similar substance.
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. Accordingly, actual results may differ materially from those
set forth in the forward-looking statements. Readers should review and
consider the factors that may affect future results and other
disclosures by the Company in its press releases, Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and other filings with the
Securities and Exchange Commission. Any forward-looking statement speaks
only as of the date on which it is made. 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, except as required by law. In light of these risks and
uncertainties, the forward-looking events and circumstances discussed in
this press release might not occur. All forward-looking statements
attributable to us, or persons acting on our behalf, are expressly
qualified in their entirety by this cautionary statement.
References to the “Company,” “we,” “us,” “our” and words of similar
import refer to USA Truck, Inc. and its subsidiary.
About USA Truck
USA Truck provides comprehensive capacity solutions to a broad and
diverse customer base throughout North America. Our Trucking and USAT
Logistics divisions blend an extensive portfolio of asset and
asset-light services, offering a balanced approach to supply chain
management including customized truckload, dedicated contract carriage,
intermodal and third-party logistics freight management services. For
more information, visit usa-truck.com or usatlogistics.com.
This press release and related information will be available to
interested parties at our investor relations website, http://investor.usa-truck.com.
|
USA TRUCK, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
|
(UNAUDITED)
|
(in thousands, except per share data)
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
Revenue
|
|
|
2018
|
|
|
2017
|
Operating revenue
|
|
|
$
|
125,013
|
|
|
|
$
|
101,670
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits
|
|
|
|
32,237
|
|
|
|
|
30,639
|
|
Fuel and fuel taxes
|
|
|
|
13,479
|
|
|
|
|
10,774
|
|
Depreciation and amortization
|
|
|
|
7,180
|
|
|
|
|
7,644
|
|
Insurance and claims
|
|
|
|
5,602
|
|
|
|
|
8,332
|
|
Equipment rent
|
|
|
|
2,718
|
|
|
|
|
2,114
|
|
Operations and maintenance
|
|
|
|
7,961
|
|
|
|
|
6,571
|
|
Purchased transportation
|
|
|
|
49,038
|
|
|
|
|
37,403
|
|
Operating taxes and licenses
|
|
|
|
502
|
|
|
|
|
950
|
|
Communications and utilities
|
|
|
|
713
|
|
|
|
|
666
|
|
Gain on disposal of assets, net
|
|
|
|
(169
|
)
|
|
|
|
(260
|
)
|
Restructuring, impairment and other costs
|
|
|
|
(639
|
)
|
|
|
|
--
|
|
Other
|
|
|
|
3,999
|
|
|
|
|
3,236
|
|
Total operating expenses
|
|
|
|
122,621
|
|
|
|
|
108,069
|
|
Operating income (loss)
|
|
|
|
2,392
|
|
|
|
|
(6,399
|
)
|
|
|
|
|
|
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
818
|
|
|
|
|
1,003
|
|
Other, net
|
|
|
|
120
|
|
|
|
|
98
|
|
Total other expenses, net
|
|
|
|
938
|
|
|
|
|
1,101
|
|
Income (loss) before income taxes
|
|
|
|
1,454
|
|
|
|
|
(7,500
|
)
|
Income tax expense (benefit)
|
|
|
|
419
|
|
|
|
|
(2,610
|
)
|
|
|
|
|
|
|
|
|
|
Net income (loss) and comprehensive income (loss)
|
|
|
$
|
1,035
|
|
|
|
$
|
(4,890
|
)
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share
|
|
|
|
|
|
|
|
|
Average shares outstanding (basic)
|
|
|
|
8,035
|
|
|
|
|
7,998
|
|
Basic earnings (loss) per share
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.61
|
)
|
|
|
|
|
|
|
|
|
|
Average shares outstanding (diluted)
|
|
|
|
8,040
|
|
|
|
|
7,998
|
|
Diluted earnings (loss) per share
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.61
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATIONS
|
(UNAUDITED)
|
(dollar amounts in thousands, except per share amounts)
ADJUSTED EARNINGS (LOSS) BEFORE INTEREST, TAXES, DEPRECIATION
AND AMORTIZATION
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
3/31/2018
|
|
|
12/31/2017
|
|
|
9/30/2017
|
|
|
6/30/2017
|
Net income (loss)
|
|
|
$
|
1,035
|
|
|
|
$
|
14,822
|
|
|
|
$
|
409
|
|
|
$
|
(2,846
|
)
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
7,180
|
|
|
|
|
7,150
|
|
|
|
|
6,790
|
|
|
|
6,879
|
|
Income tax expense (benefit)
|
|
|
|
419
|
|
|
|
|
(10,291
|
)
|
|
|
|
339
|
|
|
|
(1,198
|
)
|
Interest expense, net
|
|
|
|
818
|
|
|
|
|
886
|
|
|
|
|
970
|
|
|
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
9,452
|
|
|
|
|
12,567
|
|
|
|
|
8,508
|
|
|
|
3,785
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash equity compensation
|
|
|
|
(136
|
)
|
|
|
|
170
|
|
|
|
|
137
|
|
|
|
131
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
711
|
|
|
|
|
--
|
|
|
|
|
31
|
|
|
|
82
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
(639
|
)
|
|
|
|
--
|
|
|
|
|
--
|
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
9,388
|
|
|
|
$
|
12,737
|
|
|
|
$
|
8,676
|
|
|
$
|
3,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME (LOSS) RECONCILIATION
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Net income (loss)
|
|
|
$
|
1,035
|
|
|
|
$
|
(4,890
|
)
|
Adjusted for:
|
|
|
|
|
|
|
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
(639
|
)
|
|
|
|
--
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
711
|
|
|
|
|
817
|
|
Adjusted net income (loss)
|
|
|
$
|
1,107
|
|
|
|
$
|
(4,073
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Earnings (loss) per diluted share
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.61
|
)
|
Adjusted for:
|
|
|
|
|
|
|
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
(0.08
|
)
|
|
|
|
--
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
0.09
|
|
|
|
|
0.10
|
|
Income tax expense effect of adjustments
|
|
|
|
(0.00
|
)
|
|
|
|
(0.04
|
)
|
Adjusted earnings (loss) per diluted share
|
|
|
$
|
0.14
|
|
|
|
$
|
(0.55
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING RATIO RECONCILIATION
(UNAUDITED)
(dollar amounts in thousands)
|
|
|
|
|
|
|
|
Consolidated
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Operating revenue
|
|
|
$
|
125,013
|
|
|
|
$
|
101,670
|
|
Less:
|
|
|
|
|
|
|
Fuel surcharge revenue
|
|
|
|
14,734
|
|
|
|
|
11,842
|
|
Base revenue
|
|
|
$
|
110,279
|
|
|
|
$
|
89,828
|
|
Operating expense
|
|
|
$
|
122,621
|
|
|
|
$
|
108,069
|
|
Adjusted for:
|
|
|
|
|
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
639
|
|
|
|
|
--
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
(711
|
)
|
|
|
|
(817
|
)
|
Fuel surcharge revenue
|
|
|
|
(14,734
|
)
|
|
|
|
(11,842
|
)
|
Adjusted operating expense
|
|
|
$
|
107,815
|
|
|
|
$
|
95,410
|
|
Operating ratio
|
|
|
|
98.1
|
%
|
|
|
|
106.3
|
%
|
Adjusted operating ratio
|
|
|
|
97.8
|
%
|
|
|
|
106.2
|
%
|
|
|
|
|
|
|
|
Trucking segment
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Revenue
|
|
|
$
|
78,846
|
|
|
|
$
|
70,471
|
|
Less: intersegment eliminations
|
|
|
|
113
|
|
|
|
|
191
|
|
Operating revenue
|
|
|
|
78,733
|
|
|
|
|
70,280
|
|
Less: fuel surcharge revenue
|
|
|
|
11,175
|
|
|
|
|
9,187
|
|
Base revenue
|
|
|
$
|
67,558
|
|
|
|
$
|
61,093
|
|
Operating expense
|
|
|
$
|
79,197
|
|
|
|
$
|
77,408
|
|
Adjusted for:
|
|
|
|
|
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
587
|
|
|
|
|
--
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
(484
|
)
|
|
|
|
(586
|
)
|
Fuel surcharge revenue
|
|
|
|
(11,175
|
)
|
|
|
|
(9,187
|
)
|
Adjusted operating expense
|
|
|
$
|
68,125
|
|
|
|
$
|
67,635
|
|
Operating ratio
|
|
|
|
100.6
|
%
|
|
|
|
110.1
|
%
|
Adjusted operating ratio
|
|
|
|
100.8
|
%
|
|
|
|
110.7
|
%
|
|
|
|
|
|
|
|
USAT Logistics segment
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
Revenue
|
|
|
$
|
46,775
|
|
|
|
$
|
32,650
|
|
Less: intersegment eliminations
|
|
|
|
495
|
|
|
|
|
1,260
|
|
Operating revenue
|
|
|
|
46,280
|
|
|
|
|
31,390
|
|
Less: fuel surcharge revenue
|
|
|
|
3,559
|
|
|
|
|
2,655
|
|
Base revenue
|
|
|
$
|
42,721
|
|
|
|
$
|
28,735
|
|
Operating expense
|
|
|
$
|
43,424
|
|
|
|
$
|
30,661
|
|
Adjusted for:
|
|
|
|
|
|
|
Reversal of restructuring, impairment and other costs
|
|
|
|
52
|
|
|
|
|
--
|
|
Severance costs in salaries, wages and employee benefits
|
|
|
|
(227
|
)
|
|
|
|
(231
|
)
|
Fuel surcharge revenue
|
|
|
|
(3,559
|
)
|
|
|
|
(2,655
|
)
|
Adjusted operating expense
|
|
|
$
|
39,690
|
|
|
|
$
|
27,775
|
|
Operating ratio
|
|
|
|
93.8
|
%
|
|
|
|
97.7
|
%
|
Adjusted operating ratio
|
|
|
|
92.9
|
%
|
|
|
|
96.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share data)
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
Assets
|
|
|
2018
|
|
|
2017
|
Current assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
$
|
6
|
|
|
|
$
|
71
|
|
Accounts receivable, net of allowance for doubtful accounts of $787
and $639, respectively
|
|
|
|
56,444
|
|
|
|
|
55,138
|
|
Other receivables
|
|
|
|
2,711
|
|
|
|
|
2,787
|
|
Inventories
|
|
|
|
428
|
|
|
|
|
458
|
|
Assets held for sale
|
|
|
|
151
|
|
|
|
|
112
|
|
Prepaid expenses and other current assets
|
|
|
|
6,655
|
|
|
|
|
6,025
|
|
Total current assets
|
|
|
|
66,395
|
|
|
|
|
64,591
|
|
Property and equipment:
|
|
|
|
|
|
|
|
|
Land and structures
|
|
|
|
31,679
|
|
|
|
|
31,452
|
|
Revenue equipment
|
|
|
|
249,132
|
|
|
|
|
252,484
|
|
Service, office and other equipment
|
|
|
|
26,363
|
|
|
|
|
26,209
|
|
Property and equipment, at cost
|
|
|
|
307,174
|
|
|
|
|
310,145
|
|
Accumulated depreciation and amortization
|
|
|
|
(127,471
|
)
|
|
|
|
(122,329
|
)
|
Property and equipment, net
|
|
|
|
179,703
|
|
|
|
|
187,816
|
|
Other assets
|
|
|
|
1,386
|
|
|
|
|
1,448
|
|
Total assets
|
|
|
$
|
247,484
|
|
|
|
$
|
253,855
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
31,854
|
|
|
|
$
|
24,332
|
|
Current portion of insurance and claims accruals
|
|
|
|
14,922
|
|
|
|
|
13,552
|
|
Accrued expenses
|
|
|
|
10,619
|
|
|
|
|
9,108
|
|
Current maturities of capital leases
|
|
|
|
8,172
|
|
|
|
|
12,929
|
|
Insurance premium financing
|
|
|
|
1,330
|
|
|
|
|
4,115
|
|
Total current liabilities
|
|
|
|
66,897
|
|
|
|
|
64,036
|
|
Deferred gain
|
|
|
|
429
|
|
|
|
|
480
|
|
Long-term debt
|
|
|
|
53,750
|
|
|
|
|
61,225
|
|
Capital leases, less current maturities
|
|
|
|
27,600
|
|
|
|
|
29,216
|
|
Deferred income taxes
|
|
|
|
20,187
|
|
|
|
|
21,136
|
|
Insurance and claims accruals, less current portion
|
|
|
|
11,274
|
|
|
|
|
11,274
|
|
Total liabilities
|
|
|
|
180,137
|
|
|
|
|
187,367
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none
issued
|
|
|
|
--
|
|
|
|
|
--
|
|
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued
12,090,812 shares, and 12,142,391 shares, respectively
|
|
|
|
121
|
|
|
|
|
121
|
|
Additional paid-in capital
|
|
|
|
66,397
|
|
|
|
|
68,667
|
|
Retained earnings
|
|
|
|
66,495
|
|
|
|
|
65,460
|
|
Less treasury stock, at cost (3,849,683 shares, and 3,853,064
shares, respectively)
|
|
|
|
(65,666
|
)
|
|
|
|
(67,760
|
)
|
Total stockholders’ equity
|
|
|
|
67,347
|
|
|
|
|
66,488
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
247,484
|
|
|
|
$
|
253,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two-Year Metric Comparable
|
|
2017
|
|
|
|
1
st
Quarter
|
|
|
2
nd
Quarter
|
|
|
3
rd
Quarter
|
|
|
4
th
Quarter
|
Base revenue per available tractor per week
|
|
|
$
|
2,875
|
|
|
$
|
2,885
|
|
|
$
|
3,007
|
|
|
$
|
3,417
|
Loaded miles per available tractor per week
|
|
|
|
1,652
|
|
|
|
1,637
|
|
|
|
1,620
|
|
|
|
1,622
|
Average number of in-service tractors (1)
|
|
|
|
1,704
|
|
|
|
1,722
|
|
|
|
1,742
|
|
|
|
1,681
|
Average number of available tractors (2)
|
|
|
|
1,653
|
|
|
|
1,672
|
|
|
|
1,693
|
|
|
|
1,629
|
Average number of seated tractors (3)
|
|
|
|
1,563
|
|
|
|
1,584
|
|
|
|
1,628
|
|
|
|
1,587
|
Base revenue per loaded mile
|
|
|
$
|
1.740
|
|
|
$
|
1.762
|
|
|
$
|
1.856
|
|
|
$
|
2.106
|
Total miles (in thousands) (4)
|
|
|
|
40,449
|
|
|
|
40,833
|
|
|
|
41,081
|
|
|
|
40,233
|
Deadhead percentage (5)
|
|
|
|
13.2%
|
|
|
|
12.8%
|
|
|
|
12.3%
|
|
|
|
13.7%
|
Average loaded miles per trip
|
|
|
|
579
|
|
|
|
560
|
|
|
|
546
|
|
|
|
544
|
|
2016
|
|
|
|
1
st
Quarter
|
|
|
2
nd
Quarter
|
|
|
3
rd
Quarter
|
|
|
4
th
Quarter
|
Base revenue per available tractor per week
|
|
|
$
|
2,926
|
|
|
$
|
2,901
|
|
|
$
|
2,919
|
|
|
$
|
2,823
|
Loaded miles per available tractor per week
|
|
|
|
1,632
|
|
|
|
1,694
|
|
|
|
1,692
|
|
|
|
1,609
|
Average number of in-service tractors (1)
|
|
|
|
1,814
|
|
|
|
1,834
|
|
|
|
1,742
|
|
|
|
1,704
|
Average number of available tractors (2)
|
|
|
|
1,811
|
|
|
|
1,784
|
|
|
|
1,692
|
|
|
|
1,654
|
Average number of seated tractors (3)
|
|
|
|
1,758
|
|
|
|
1,743
|
|
|
|
1,648
|
|
|
|
1,546
|
Base revenue per loaded mile
|
|
|
$
|
1.793
|
|
|
$
|
1.712
|
|
|
$
|
1.725
|
|
|
$
|
1.754
|
Total miles (in thousands) (4)
|
|
|
|
43,872
|
|
|
|
44,979
|
|
|
|
43,365
|
|
|
|
40,375
|
Deadhead percentage (5)
|
|
|
|
12.4%
|
|
|
|
12.6%
|
|
|
|
13.2%
|
|
|
|
13.3%
|
Average loaded miles per trip
|
|
|
|
563
|
|
|
|
594
|
|
|
|
590
|
|
|
|
585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
In-service tractors include all of the tractors in the Company
fleet, including Company-operated tractors and independent
contractors.
|
(2)
|
|
Available tractors include Company-operated tractors that are
available to be dispatched but may not be seated, and independent
contractor tractors.
|
(3)
|
|
Seated tractors are those occupied by a driver, both Company-paid
and independent contractor.
|
(4)
|
|
Total miles include both loaded and empty miles.
|
(5)
|
|
Deadhead percentage is calculated by dividing empty miles into total
miles.
|
|
|
|