Twitter

Link your Twitter Account to Market Wire News


When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.


Be alerted of any news about your stocks and see what other stocks are trending.



home / news releases / USX - U.S. Xpress Reports Second Quarter 2022 Financial Results


USX - U.S. Xpress Reports Second Quarter 2022 Financial Results

U.S. Xpress Enterprises, Inc. (NYSE: USX) today announced financial and operating results for the second quarter of 2022.

Second Quarter 2022 Highlights compared to Second Quarter 2021

  • Operating revenue of $553.7 million compared to $475.0 million
  • Operating income of $6.5 million compared to $8.9 million
  • Adjusted operating income 1 of $2.5 million compared to $8.9 million
  • Loss per share of $0.01 compared to earnings per diluted share (EPS) of $0.37
  • Adjusted loss per share 1 of $0.05 compared to EPS of $0.08

“Second quarter highlights included sequential overall fleet growth and improved margins in our Brokerage segment and Dedicated division,” said Eric Fuller, President and CEO. “However, these positive accomplishments were partially offset by higher net fuel and claims expense in the quarter, particularly in our OTR division. While our Variant fleet grew to approximately 1,900 tractors, its results continued to lag due to lower utilization and higher turnover. Looking ahead to the third quarter, our immediate priorities remain improving utilization in our Variant fleet, lowering our fixed costs per tractor and growing our overall fleet size.”

Second Quarter 2022 Financial Performance

Quarter Ended June 30,
Six Months Ended June 30,

2022

2021

2022

2021

Operating revenue

$

553,703

$

475,021

$

1,070,891

$

925,781

Revenue, excluding fuel surcharge

$

479,185

$

437,533

$

943,512

$

855,174

Operating income

$

6,468

$

8,906

$

6,258

$

16,904

Net income (loss) attributable to controlling interest

$

(554

)

$

19,096

$

(9,456

)

$

21,634

Earnings (losses) per diluted share

$

(0.01

)

$

0.37

$

(0.19

)

$

0.42

Adjusted net income (loss) attributable to controlling interest 1

$

(2,300

)

$

4,185

$

(3,359

)

$

6,723

Adjusted earnings (losses) per diluted share 1

$

(0.05

)

$

0.08

$

(0.06

)

$

0.13

Operating Ratio
Truckload operating ratio

99.8

%

97.7

%

99.9

%

97.9

%

Brokerage operating ratio

93.7

%

99.8

%

97.2

%

99.2

%

Operating ratio

98.8

%

98.1

%

99.4

%

98.2

%

Adjusted operating ratio 1

99.5

%

98.0

%

99.4

%

98.0

%

1 Second quarter 2022 adjustments included a pretax $4.0 million gain on sale of a terminal and a pretax non-cash mark-to-market adjustment of $1.8 million related to a strategic investment. See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations

Operating revenue was $553.7 million, an increase of $78.7 million compared to the second quarter of 2021. The increase was a combination of increased revenue in the Company’s Truckload segment of $49.6 million and an increase of $37.0 million in fuel surcharge revenue partially offset by a decrease in Brokerage segment revenue of $7.9 million. Revenue, excluding the impact of fuel surcharge revenues increased $41.7 million to $479.2 million, an increase of 9.5% compared to the second quarter of 2021.

Operating income, on a GAAP basis, was $6.5 million for the second quarter of 2022 compared to $8.9 million in the second quarter of 2021 on both a GAAP and adjusted basis 1 . Second quarter 2022 operating expenses included an unfavorable settlement resulting in increased claims expense of $3.4 million from an insurance claim which originated prior to our 2018 IPO and for which the primary liable party lacked sufficient assets to pay. In addition, on an adjusted basis 1 , second quarter 2022 operating income excluded a $4.0 million gain on the sale of a terminal which was leased to a former subsidiary.

Net loss attributable to controlling interest for the second quarter of 2022 was $0.6 million, or $0.01 per diluted share, compared to net income of $19.1 million, or $0.37 per diluted share, in the second quarter of 2021. As a reminder, second quarter 2021 net income attributable to controlling interest benefitted from a $14.9 million, net of tax unrealized gain on a strategic equity investment.

Adjusted net loss attributable to controlling interest 1 was $2.3 million or $0.05 per diluted share and excludes an unrealized loss on a strategic equity investment of $1.4 million, net of tax, and the gain on sale of the terminal mentioned above. This compares to net income attributable to controlling interest of $4.2 million, or $0.08 per diluted share, in the second quarter of 2021.

Variant Update

The Company continues to grow Variant’s fleet, exiting the quarter with 1,889 tractors comprising approximately half of the overall OTR division. In the second quarter, Variant generated revenue of $87.7 million, net of fuel surcharge revenue, a 66.0% increase compared to the same period of the prior year. The year-over-year increase in revenue was primarily due to a 72.4% increase in seated tractors in the fleet.

Sequentially, Variant grew its fleet by approximately 200 tractors while average revenue per tractor declined primarily due to a lower rate per mile caused by the decline in the spot market during the quarter, which was partially offset by higher contract rates in the quarter.

Variant Key Metrics

Quarter Ended,
June 30,
March 31,

2022

2022

Ending truck count

1,889

1,691

Preventable accidents, per mm

7.87

8.12

Turnover

150

%

148

%

Average revenue miles per tractor per week (Utilization)

1,573

1,593

Average revenue per tractor per week

$

3,863

$

4,065

Mr. Fuller commented, “Sequentially, we were successful in continuing to grow our Variant fleet, and we continued to focus on restoring Variant’s utilization to its previous levels. We lost some of our momentum in revenue productivity due to the rapid deterioration in the spot market which more than offset the higher contract rates in the quarter. Additionally, we expect the progress that we made in the quarter bringing more structure and discipline to our fleet operations will benefit utilization and driver turnover in the coming quarters, both of which are critical to improving our overall financial results.”

Truckload Segment

Quarter Ended June 30,
Six Months Ended June 30,

2022

2021

2022

2021

Over-the-road
Average revenue per tractor per week 1

$

3,909

$

3,837

$

3,875

$

3,778

Average revenue per mile 1

$

2.543

$

2.278

$

2.544

$

2.223

Average revenue miles per tractor per week

1,537

1,684

1,523

1,699

Average tractors

3,700

3,318

3,677

3,369

Dedicated
Average revenue per tractor per week 1

$

4,913

$

4,336

$

4,813

$

4,243

Average revenue per mile 1

$

2.883

$

2.448

$

2.849

$

2.420

Average revenue miles per tractor per week

1,704

1,772

1,690

1,753

Average tractors

2,655

2,531

2,620

2,603

Consolidated
Average revenue per tractor per week 1

$

4,328

$

4,053

$

4,266

$

3,981

Average revenue per mile 1

$

2.694

$

2.354

$

2.679

$

2.311

Average revenue miles per tractor per week

1,607

1,722

1,592

1,723

Average tractors

6,355

5,849

6,297

5,972

1 Excluding fuel surcharge revenues

The Truckload segment generated revenue, excluding the impact of our fuel surcharge program, of $390.7 million compared to $341.0 million in the second quarter of 2021. This increase in Truckload segment revenue was due to a 14.4% increase in average revenue per mile combined with an increase in average tractors in the quarter of 506 which was partially offset by an 6.7% decrease in revenue miles per tractor.

Truckload operating income was $0.9 million compared to $8.7 million in the second quarter of 2021 on a GAAP basis. The decrease in Truckload operating income was primarily due to lower utilization and increased net fuel expense in the quarter, while the Truckload rate increases covered the general inflation in the business on a year-over-year basis.

Adjusted truckload operating loss 1 , which excludes the $4.0 million gain on sale of the terminal mentioned above was $3.1 million in the second quarter of 2022 compared to adjusted Truckload operating income 1 of $8.7 million in the second quarter of 2021.

Brokerage Segment

Quarter Ended June 30,
Six Months Ended June 30,

2022

2021

2022

2021

Brokerage revenue

$

88,526

$

96,488

$

182,454

$

178,328

Gross margin %

20.6

%

12.0

%

16.9

%

12.9

%

Operating income

5,558

161

5,075

1,432

Operating ratio

93.7

%

99.8

%

97.2

%

99.2

%

Load count

33,522

44,676

75,634

86,861

Percentage of loads processed on digital platform

90.3

%

74.7

%

87.5

%

70.6

%

The Brokerage segment generated revenue of $88.5 million, which was a decline of 8.3% compared to the second quarter of 2021. The decrease in Brokerage segment revenue was driven by a 25.0% decrease in load count which more than offset the 22.3% increase in revenue per load compared to the second quarter of 2021.

Segment operating income was $5.6 million compared to $0.2 million in the second quarter of 2021. The increase in Brokerage segment operating income was primarily the result of lower purchased transportation expense in the second quarter as compared to the second quarter of 2021.

Liquidity and Capital Allocation

At the end of the second quarter of 2022, the Company had $155.7 million of liquidity (defined as cash balances plus availability under the Company’s revolving credit facility), $418.5 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $270.4 million of stockholders’ equity.

Year-to-date, through June 30, 2022, capital expenditures, net of proceeds were $66.9 million, and exclude equipment financed under operating leases. As a reminder, the majority of the Company’s annual capital expenditures relate to tractors and trailers, for which the Company generally uses a combination of loan financing agreements and finance lease arrangements to fund these acquisitions.

Outlook

Mr. Fuller commented, “Looking ahead to the third quarter, we are focused on continued overall fleet growth, restoring Variant’s utilization to its previous levels which we believe will drive improvement in Variant’s other key metrics as well as a continued focus on cost discipline and allocating capital to projects which we believe will drive the business forward. Our focused efforts in these areas are key to demonstrating the operating leverage potential of our model.”

Conference Call Information

The Company will host a conference call and simultaneous webcast to discuss its second quarter 2022 financial and operating results on August 3, 2022, at 5:00 p.m. ET. The conference call can be accessed live by dialing 1-877-423-9813 or, for international callers, 1-201-689-8465 and asking to be joined to the US Xpress Second 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 June 30,
Six Months Ended June 30,
(in thousands)

2022

2021

2022

2021

GAAP Presentation:
Total revenue

$

553,703

$

475,021

$

1,070,891

$

925,781

Total operating expenses

(547,235

)

(466,115

)

(1,064,633

)

(908,877

)

Operating income

$

6,468

$

8,906

$

6,258

$

16,904

Operating ratio

98.8

%

98.1

%

99.4

%

98.2

%

Non-GAAP Presentation
Total revenue

$

553,703

$

475,021

$

1,070,891

$

925,781

Fuel surcharge

(74,518

)

(37,488

)

(127,379

)

(70,607

)

Revenue, excluding fuel surcharge

479,185

437,533

943,512

855,174

Total operating expenses

547,235

466,115

1,064,633

908,877

Adjusted for:
Fuel surcharge

(74,518

)

(37,488

)

(127,379

)

(70,607

)

Impairment charges 1

-

-

(2,970

)

-

Gain on sale of terminal 2

4,002

-

4,002

-

Adjusted operating expenses

476,719

428,627

938,286

838,270

Adjusted operating income

$

2,466

$

8,906

$

5,226

$

16,904

Adjusted operating ratio

99.5

%

98.0

%

99.4

%

98.0

%

1 During the first quarter of 2022, we incurred a non-cash adjustment of $2,970 due to the write off of obsolete technology
2 During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary
Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
Quarter Ended June 30,
Six Months Ended June 30,
(in thousands)

2022

2021

2022

2021

Truckload GAAP Presentation:
Total Truckload revenue

$

465,177

$

378,533

$

888,437

$

747,453

Total Truckload operating expenses

(464,267

)

(369,788

)

(887,254

)

(731,981

)

Truckload operating income

$

910

$

8,745

$

1,183

$

15,472

Truckload operating ratio

99.8

%

97.7

%

99.9

%

97.9

%

Truckload Non-GAAP Presentation
Total Truckload revenue

$

465,177

$

378,533

$

888,437

$

747,453

Fuel surcharge

(74,518

)

(37,488

)

(127,379

)

(70,607

)

Revenue, excluding fuel surcharge

390,659

341,045

761,058

676,846

Total Truckload operating expenses

464,267

369,788

887,254

731,981

Adjusted for:
Fuel surcharge

(74,518

)

(37,488

)

(127,379

)

(70,607

)

Impairment charges 1

-

-

(2,235

)

-

Gain on sale of terminal 2

4,002

-

4,002

-

Truckload Adjusted operating expenses

393,751

332,300

761,642

661,374

Truckload Adjusted operating income (loss)

$

(3,092

)

$

8,745

$

(584

)

$

15,472

Truckload Adjusted operating ratio

100.8

%

97.4

%

100.1

%

97.7

%

1 During the first quarter of 2022, we incurred a non-cash adjustment of $2,235 due to the write off of obsolete technology
2 During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary
Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
Quarter Ended June 30,
Six Months Ended June 30,
(in thousands, except per share data)

2022

2021

2022

2021

GAAP: Net income (loss) attributable to controlling interest

$

(554

)

$

19,096

$

(9,456

)

$

21,634

Adjusted for:
Income tax provision (benefit)

79

6,443

(2,070

)

8,093

Income (loss) before income taxes attributable to controlling interest

$

(475

)

$

25,539

$

(11,526

)

$

29,727

Unrealized loss (gain) on equity investment 1

1,757

(20,191

)

10,120

(20,191

)

Gain on sale of terminal 2

(4,002

)

-

(4,002

)

-

Gain on sale of equity method investment 3

-

-

(1,258

)

-

Impairment charges 4

-

-

2,970

-

Adjusted income (loss) before income taxes

(2,720

)

5,348

(3,696

)

9,536

Adjusted income tax provision (benefit)

(420

)

1,163

(337

)

2,813

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

$

(2,300

)

$

4,185

$

(3,359

)

$

6,723

GAAP: Earnings (losses) per diluted share

$

(0.01

)

$

0.37

$

(0.19

)

$

0.42

Adjusted for:
Income tax expense attributable to controlling interest

-

0.12

(0.04

)

0.15

Income (loss) before income taxes attributable to controlling interest

$

(0.01

)

$

0.49

$

(0.23

)

$

0.57

Unrealized loss (gain) on equity investment 1

0.03

(0.39

)

0.20

(0.39

)

Gain on sale of terminal 2

(0.08

)

-

(0.08

)

-

Gain on sale of equity method investment 3

-

-

(0.02

)

-

Impairment charges 4

-

-

0.06

-

Adjusted income (loss) before income taxes

(0.06

)

0.10

(0.07

)

0.18

Adjusted income tax provision (benefit)

(0.01

)

0.02

(0.01

)

0.05

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

$

(0.05

)

$

0.08

$

(0.06

)

$

0.13

1 During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment
2 During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary
3 During 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
4 During 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 overall fleet size, driver turnover, utilization in our Variant fleet, lowering fixed and other costs, allocating capital to projects that will drive the business forward, 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.

About US Xpress

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 June 30,
Six Months Ended June 30,
(in thousands, except per share data)

2022

2021

2022

2021

Operating Revenue:
Revenue, excluding fuel surcharge

$

479,185

$

437,533

$

943,512

$

855,174

Fuel surcharge

74,518

37,488

127,379

70,607

Total operating revenue

553,703

475,021

1,070,891

925,781

Operating Expenses:
Salaries, wages and benefits

181,418

144,500

350,446

286,503

Fuel and fuel taxes

89,253

43,783

154,296

84,187

Vehicle rents

24,336

21,547

48,630

43,010

Depreciation and amortization, net of (gain) loss

14,929

23,205

33,646

45,587

Purchased transportation

140,185

157,489

290,769

299,150

Operating expense and supplies

47,679

34,443

92,493

66,958

Insurance premiums and claims

23,401

18,933

43,540

40,710

Operating taxes and licenses

3,752

3,247

7,668

6,516

Communications and utilities

3,864

2,964

7,408

5,352

General and other operating

18,418

16,004

35,737

30,904

Total operating expenses

547,235

466,115

1,064,633

908,877

Operating Income

6,468

8,906

6,258

16,904

Other Expenses (Income):
Interest expense, net

4,586

3,557

8,393

7,244

Other, net

1,757

(20,191

)

8,862

(20,191

)

6,343

(16,634

)

17,255

(12,947

)

Income (Loss) Before Income Taxes

125

25,540

(10,997

)

29,851

Income Tax Provision (Benefit)

79

6,443

(2,070

)

8,093

Net Income (Loss)

46

19,097

(8,927

)

21,758

Net Income attributable to non-controlling interest

600

1

529

124

Net Income (Loss) attributable to controlling interest

$

(554

)

$

19,096

$

(9,456

)

$

21,634

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

$

(0.01

)

$

0.38

$

(0.19

)

$

0.43

Basic weighted average shares outstanding

51,221

50,334

51,036

50,156

Diluted earnings (losses) per share

$

(0.01

)

$

0.37

$

(0.19

)

$

0.42

Diluted weighted average shares outstanding

51,221

51,848

51,036

51,705

Condensed Consolidated Balance Sheets (unaudited)
June 30,
December 31,
(in thousands)

2022

2021

Assets
Current assets:
Cash and cash equivalents

$

3,145

$

5,695

Customer receivables, net of allowance of $44 and $11, respectively

247,721

231,687

Other receivables

18,800

18,046

Prepaid insurance and licenses

11,654

13,867

Operating supplies

10,613

9,550

Assets held for sale

16,713

11,831

Other current assets

28,058

32,020

Total current assets

336,704

322,696

Property and equipment, at cost

927,939

890,933

Less accumulated depreciation and amortization

(377,926

)

(370,112

)

Net property and equipment

550,013

520,821

Other assets:
Operating lease right-of-use assets

292,373

292,347

Goodwill

59,221

59,221

Intangible assets, net

23,956

24,129

Other

48,862

50,829

Total other assets

424,412

426,526

Total assets

$

1,311,129

$

1,270,043

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

$

124,768

$

126,910

Book overdraft

4,438

7,096

Accrued wages and benefits

51,010

45,011

Claims and insurance accruals

46,042

44,309

Other accrued liabilities

5,550

5,962

Current portion of operating leases

92,833

88,375

Current maturities of long-term debt and finance leases

113,599

85,117

Total current liabilities

438,240

402,780

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

308,069

290,392

Less debt issuance costs

(333

)

(357

)

Net long-term debt and finance leases

307,736

290,035

Deferred income taxes

21,384

24,301

Other long-term liabilities

25,431

14,457

Claims and insurance accruals, long-term

43,933

54,819

Noncurrent operating lease liability

201,784

205,362

Commitments and contingencies

-

-

Stockholders' Equity:
Common stock

512

505

Additional paid-in capital

270,873

267,621

Retained earnings (deficit)

(1,016

)

8,440

Stockholders' equity

270,369

276,566

Noncontrolling interest

2,252

1,723

Total stockholders' equity

272,621

278,289

Total liabilities and stockholders' equity

$

1,311,129

$

1,270,043

Condensed Consolidated Cash Flow Statements (unaudited)
Six Months Ended June 30,
(in thousands)

2022

2021

Operating activities
Net income (loss)

$

(8,927

)

$

21,758

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

(2,917

)

7,624

Depreciation and amortization

38,983

41,036

(Gains) losses on sale of property and equipment

(5,337

)

4,551

Share based compensation

2,965

3,791

Other

(926

)

381

Unrealized loss (gain) on investment

10,120

(20,191

)

Changes in operating assets and liabilities
Receivables

(17,502

)

(27,163

)

Prepaid insurance and licenses

2,283

4,580

Operating supplies

(993

)

(724

)

Other assets

(4,789

)

(1,967

)

Accounts payable and other accrued liabilities

2,025

5,954

Accrued wages and benefits

5,807

771

Net cash provided by operating activities

20,792

40,401

Investing activities
Payments for purchases of property and equipment

(94,448

)

(62,851

)

Proceeds from sales of property and equipment

27,527

47,660

Net cash used in investing activities

(66,921

)

(15,191

)

Financing activities
Borrowings under lines of credit

262,100

138,812

Payments under lines of credit

(216,800

)

(123,812

)

Borrowings under long-term debt

44,514

38,116

Payments of long-term debt and finance leases

(44,191

)

(83,961

)

Payments of financing costs

-

(100

)

Tax withholding related to net share settlement of restricted stock awards

(431

)

(1,211

)

Proceeds from long-term consideration for sale of subsidiary

320

305

Proceeds from issuance of common stock under ESPP

725

538

Book overdraft

(2,658

)

5,873

Net cash provided by (used in) financing activities

43,579

(25,440

)

Net change in cash and cash equivalents

(2,550

)

(230

)

Cash and cash equivalents
Beginning of year

5,695

5,505

End of period

$

3,145

$

5,275

Key Operating Factors & Truckload Statistics (unaudited)
Quarter Ended June 30,
%
Six Months Ended June 30,
%

2022

2021

Change

2022

2021

Change
Operating Revenue:
Truckload 1

$

390,659

$

341,045

14.5

%

$

761,058

$

676,846

12.4

%

Fuel Surcharge

74,518

37,488

98.8

%

127,379

70,607

80.4

%

Brokerage

88,526

96,488

-8.3

%

182,454

178,328

2.3

%

Total Operating Revenue

$

553,703

$

475,021

16.6

%

$

1,070,891

$

925,781

15.7

%

Operating Income :
Truckload

$

910

$

8,745

-89.6

%

$

1,183

$

15,472

-92.4

%

Brokerage

5,558

161

3352.2

%

5,075

1,432

254.4

%

$

6,468

$

8,906

-27.4

%

$

6,258

$

16,904

-63.0

%

Operating Ratio:
Operating Ratio

98.8

%

98.1

%

0.7

%

99.4

%

98.2

%

1.2

%

Adjusted Operating Ratio 2

99.5

%

98.0

%

1.5

%

99.4

%

98.0

%

1.5

%

Truckload Operating Ratio

99.8

%

97.7

%

2.1

%

99.9

%

97.9

%

2.0

%

Adjusted Truckload Operating Ratio 2

100.8

%

97.4

%

3.4

%

100.1

%

97.7

%

2.4

%

Brokerage Operating Ratio

93.7

%

99.8

%

-6.1

%

97.2

%

99.2

%

-2.0

%

Truckload Statistics:
Revenue Per Mile 1

$

2.694

$

2.354

14.4

%

$

2.679

$

2.311

15.9

%

Average Tractors -
Company Owned

5,392

4,517

19.4

%

5,303

4,556

16.4

%

Owner Operators

963

1,332

-27.7

%

994

1,417

-29.9

%

Total Average Tractors

6,355

5,849

8.7

%

6,297

5,973

5.4

%

Average Revenue Miles Per Tractor Per Week

1,607

1,722

-6.7

%

1,592

1,723

-7.6

%

Average Revenue Per Tractor Per Week 1

$

4,328

$

4,053

6.8

%

$

4,266

$

3,981

7.2

%

Total Miles

146,908

145,405

1.0

%

288,181

294,968

-2.3

%

Total Company Miles

122,765

111,558

10.0

%

239,214

223,263

7.1

%

Total Independent Contractor Miles

24,143

33,847

-28.7

%

48,967

71,705

-31.7

%

Independent Contractor fuel surcharge

$

13,037

$

8,422

54.8

%

$

22,634

$

16,082

40.7

%

1 Excluding fuel surcharge revenues
2 See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802006194/en/

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

Stock Information

Company Name: U.S. Xpress Enterprises Inc. Class A
Stock Symbol: USX
Market: NYSE
Website: usxpress.com

Menu

USX USX Quote USX Short USX News USX Articles USX Message Board
Get USX Alerts

News, Short Squeeze, Breakout and More Instantly...