U.S. Xpress Enterprises Reports Fourth Quarter 2020 Results
U.S. Xpress Enterprises (NYSE: USX) reported strong fourth-quarter results for 2020, achieving operating revenue of $455.6 million, up from $449.6 million in 2019. Net income reached $7.6 million, or $0.15 per diluted share, compared to a loss of $9.6 million in the previous year. Notably, brokerage revenue surged 41% to $76.4 million, with 60% of transactions processed digitally. The Variant digital fleet contributed 9.4% of truckload revenues, and the company plans to expand its fleet further. Overall, U.S. Xpress positions itself for growth in a fragmented $800 billion market.
- Operating revenue increased to $455.6 million, up from $449.6 million in Q4 2019.
- Net income improved to $7.6 million compared to a loss of $9.6 million in Q4 2019.
- Brokerage revenue skyrocketed 41% to $76.4 million, with 60% of transactions on a digital platform.
- Variant fleet represented 9.4% of truckload revenues, with plans for expansion to over 1,500 tractors in 2021.
- Dedicated division faced earnings degradation due to rising driver and capacity costs.
- Higher operational costs in the Dedicated division led to a 400 basis point decline in operating margins.
U.S. Xpress Enterprises, Inc. (NYSE: USX) (the “Company”) today announced results for the fourth quarter of 2020.
Fourth Quarter 2020 Highlights
-
Operating revenue of
$455.6 million compared to$449.6 million in the fourth quarter of 2019 -
Operating income of
$15.1 million compared to$1.4 million in the fourth quarter of 2019 -
Net income attributable to controlling interest of
$7.6 million , or$0.15 per diluted share -
Brokerage revenue grew to
$76.4 million , up41% as compared to the year ago quarter, with60% of volumes processed across the Company’s digital platform -
Variant exited the year with 688 tractors, providing
9.4% of Truckload revenues in the quarter
Fourth Quarter Financial Performance
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||
| Operating revenue | $ |
455,587 |
|
$ |
449,633 |
|
$ |
1,742,101 |
|
$ |
1,707,361 |
|
||||
| Revenue, excluding fuel surcharge | $ |
428,736 |
|
$ |
405,288 |
|
$ |
1,619,199 |
|
$ |
1,538,450 |
|
||||
| Operating income | $ |
15,051 |
|
$ |
1,363 |
|
$ |
43,551 |
|
$ |
26,070 |
|
||||
| Adjusted operating income1 | $ |
15,051 |
|
$ |
1,202 |
|
$ |
43,551 |
|
$ |
29,839 |
|
||||
| Operating ratio |
|
96.7 |
% |
|
99.7 |
% |
|
97.5 |
% |
|
98.5 |
% |
||||
| Adjusted operating ratio1 |
|
96.5 |
% |
|
99.7 |
% |
|
97.3 |
% |
|
98.1 |
% |
||||
| Net income (loss) attributable to controlling interest | $ |
7,574 |
|
$ |
(9,594 |
) |
$ |
18,552 |
|
$ |
(3,647 |
) |
||||
| Adjusted net income (loss) attributable to controlling interest1 | $ |
7,574 |
|
$ |
(2,820 |
) |
$ |
20,552 |
|
$ |
6,228 |
|
||||
| Earnings (losses) per diluted share | $ |
0.15 |
|
$ |
(0.20 |
) |
$ |
0.35 |
|
$ |
(0.07 |
) |
||||
| Adjusted earnings (losses) per diluted share1 | $ |
0.15 |
|
$ |
(0.05 |
) |
$ |
0.39 |
|
$ |
0.12 |
|
||||
Eric Fuller, President and CEO, commented, “2020 was one of the most important years in our Company’s history as we successfully launched and scaled Variant, our digital fleet, from
“We believe Variant represents an entirely new paradigm for operating trucks in an Over-the-Road environment utilizing artificial intelligence and digital platforms to recruit, plan, dispatch and manage its fleet. The division’s operating model, powered by cutting edge technology, has generated a more than
Longer term, we see an opportunity to significantly grow Variant given the expected scalability of the operating model which we believe will believe will drive further cost and profitability improvements. Given the highly fragmented nature of the
Mr. Fuller continued, “While we experienced earnings degradation in our Dedicated division as driver and capacity costs accelerated faster than we were able to pass them through to our customers in the fourth quarter, our long-term expectations for improved Company-wide profitability have not changed. We are addressing customer pricing in certain Dedicated accounts and intend to continue to aggressively scale Variant. Taken together, we expect our profitability and earnings to improve over the course of 2021.”
Enterprise Update
Operating revenue was
Operating income for the fourth quarter of 2020 was
Net income attributable to controlling interest for the fourth quarter of 2020 was
Truckload Segment
| Quarter Ended December 31, | Year Ended December 31, | |||||||
2020 |
2019 |
2020 |
2019 |
|||||
| Over-the-Road | ||||||||
| Average revenue per tractor per week* |
|
|
|
|
||||
| Average revenue per mile* |
|
|
|
|
||||
| Average revenue miles per tractor per week | 1,819 |
1,805 |
1,847 |
1,825 |
||||
| Average tractors | 3,355 |
3,835 |
3,675 |
3,712 |
||||
| Dedicated | ||||||||
| Average revenue per tractor per week* |
|
|
|
|
||||
| Average revenue per mile* |
|
|
|
|
||||
| Average revenue miles per tractor per week | 1,720 |
1,681 |
1,728 |
1,687 |
||||
| Average tractors | 2,789 |
2,828 |
2,735 |
2,727 |
||||
| Consolidated | ||||||||
| Average revenue per tractor per week* |
|
|
|
|
||||
| Average revenue per mile* |
|
|
|
|
||||
| Average revenue miles per tractor per week | 1,774 |
1,752 |
1,796 |
1,767 |
||||
| Average tractors | 6,144 |
6,663 |
6,410 |
6,439 |
||||
| * Excluding fuel surcharge revenues | ||||||||
The Truckload segment achieved an operating ratio of
In the OTR division, average revenue per tractor per week increased
In the Dedicated division, average revenue per tractor per week increased
Mr. Fuller added, “The market remained robust through the fourth quarter which contributed to improved demand and spot pricing. That said, qualified driver availability continues to be challenging given the large number of drivers who have left the industry as a result of the Drug and Alcohol Clearinghouse combined with fewer new drivers entering the industry due in part to lower school capacity related to COVID-19. Given this backdrop, we experienced higher driver and capacity costs in certain accounts within our Dedicated division without the offsetting benefit of improved rates which typically adjust more slowly up and down under the dedicated contracts. These driver and capacity challenges in Dedicated drove an approximate 400 basis point sequential decline in the division’s operating margins in the fourth quarter. Looking forward, we are actively engaged with our Dedicated customers and expect to address the increase in capacity costs over the course of the first quarter. We believe our corrective actions will allow that division to return to historical margins over the following two quarters, and are optimistic that the growth in Variant will deliver further improved profitability over the balance of the year.”
Variant Update
The Company continues to make progress on its initiative to have 900 tractors in the digital fleet component of its OTR division by the end of the first quarter of 2021. The average number of tractors in this division increased approximately
Brokerage Segment
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||
| Brokerage revenue | $ |
76,350 |
|
$ |
54,130 |
|
$ |
228,825 |
|
$ |
185,867 |
|
||||
| Gross margin % |
|
13.3 |
% |
|
7.2 |
% |
|
8.5 |
% |
|
12.9 |
% |
||||
| Load Count |
|
42,155 |
|
|
42,208 |
|
|
165,360 |
|
|
142,362 |
|
||||
| Percentage of loads processed on digital platform |
|
62.1 |
% |
|
1.4 |
% |
|
36.8 |
% |
< |
||||||
The Brokerage segment continues to provide additional selectivity for the Company’s assets to optimize yield while at the same time offering more capacity solutions to customers. Brokerage segment revenue increased to
Mr. Fuller noted, “I am very pleased with our progress in improving the profitability of our Brokerage segment in the fourth quarter. The segment’s operating ratio improved 920 bps to
Liquidity and Capital Resources
At the end of the fourth quarter 2020, the Company had
Capital expenditures, net of proceeds, related primarily to tractors and trailers were
Outlook
Mr. Fuller concluded, “Our Company is at a clear inflection point as we proved the Variant business model over the last year while also implementing a digital platform in our Brokerage Segment, which we believe positions the Brokerage business for profitable growth. Looking ahead, we see a large, fragmented market where we believe we can take meaningful share as we scale our digital platforms. In Variant, our goal is to transition our entire legacy OTR fleet to our digital fleet, over the medium term, which will drive improved profitability and revenue growth. In Brokerage, we are targeting more than
Conference Call
The Company will hold a conference call to discuss its fourth quarter and full year 2020 results at 5:00 p.m. (Eastern Time) on January 28, 2021. The conference call can be accessed live over the by phone dialing 1-877-423-9813 or, for international callers, 1-201-689-8573 and requesting to be joined to the U.S. Xpress Fourth Quarter and Full Year 2020 Earnings Conference Call. A replay will be available starting at 8:00 p.m. (Eastern Time) on January 28, 2021, and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The passcode for the replay is 13714800. The replay will be available until 11:59 p.m. (Eastern Time) on February 4, 2021.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at investor.usxpress.com. The online replay will remain available for a limited time beginning immediately following the call. Supplementary information for the conference call will also be available on this website.
(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.
Pursuant to the requirements of Regulation G and Regulation S-K, we have provided reconciliations of Adjusted Operating Ratio, Adjusted Operating Income, Adjusted Net Income Attributable to Controlling Interest, and Adjusted EPS to the most comparable GAAP financial measures at the end of this press release.
About U.S. Xpress Enterprises
Through its subsidiaries, U.S. Xpress Enterprises, Inc. (NYSE: USX), 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. For more, visit usxpress.com.
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 digital fleet, digital brokerage, and Dedicated division, expected net capital expenditures, the expected impact of our driver, digital 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; 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; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, intermodal, and brokerage (including digital brokerage) competitors; regulatory requirements that increase costs, decrease efficiency, or reduce the availability of drivers, including revised hours-of-service requirements for drivers and the Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability program that implemented new driver standards and modified the methodology for determining a carrier’s Department of Transportation safety rating; 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; changes in methods of determining LIBOR or replacement of LIBOR; credit, reputational and relationship risks of certain of our current and former equity investments; risks arising from our Mexican operations; our ability to maintain effective internal controls without material weaknesses, as well as remediate the existing material weakness; 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.
| Condensed Consolidated Income Statements (unaudited) | ||||||||||||||||
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| (in thousands, except per share data) |
|
2020 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||
| Operating Revenue: | ||||||||||||||||
| Revenue, excluding fuel surcharge | $ |
428,736 |
$ |
405,288 |
|
$ |
1,619,199 |
|
$ |
1,538,450 |
|
|||||
| Fuel surcharge |
|
26,851 |
|
44,345 |
|
|
122,902 |
|
|
168,911 |
|
|||||
| Total operating revenue |
|
455,587 |
|
449,633 |
|
|
1,742,101 |
|
|
1,707,361 |
|
|||||
| Operating Expenses: | ||||||||||||||||
| Salaries, wages and benefits |
|
143,618 |
|
140,894 |
|
|
556,507 |
|
|
530,801 |
|
|||||
| Fuel and fuel taxes |
|
33,412 |
|
47,922 |
|
|
136,677 |
|
|
189,174 |
|
|||||
| Vehicle rents |
|
22,516 |
|
23,039 |
|
|
86,684 |
|
|
80,064 |
|
|||||
| Depreciation and amortization, net of (gain) loss |
|
24,956 |
|
19,839 |
|
|
102,827 |
|
|
94,337 |
|
|||||
| Purchased transportation |
|
143,079 |
|
132,572 |
|
|
516,196 |
|
|
481,589 |
|
|||||
| Operating expense and supplies |
|
32,107 |
|
37,504 |
|
|
133,356 |
|
|
142,248 |
|
|||||
| Insurance premiums and claims |
|
21,912 |
|
25,770 |
|
|
87,053 |
|
|
88,959 |
|
|||||
| Operating taxes and licenses |
|
4,328 |
|
3,737 |
|
|
15,084 |
|
|
13,849 |
|
|||||
| Communications and utilities |
|
2,095 |
|
2,269 |
|
|
8,990 |
|
|
8,928 |
|
|||||
| Gain on sale of subsidiary |
|
- |
|
(161 |
) |
|
- |
|
|
(831 |
) |
|||||
| General and other operating |
|
12,513 |
|
14,885 |
|
|
55,176 |
|
|
52,173 |
|
|||||
| Total operating expenses |
|
440,536 |
|
448,270 |
|
|
1,698,550 |
|
|
1,681,291 |
|
|||||
| Operating Income |
|
15,051 |
|
1,363 |
|
|
43,551 |
|
|
26,070 |
|
|||||
| Other Expenses: | ||||||||||||||||
| Interest Expense, net |
|
4,183 |
|
5,269 |
|
|
18,847 |
|
|
21,635 |
|
|||||
| Equity in loss of affiliated companies |
|
- |
|
6,793 |
|
|
- |
|
|
7,063 |
|
|||||
| Other, net |
|
- |
|
- |
|
|
2,000 |
|
|
26 |
|
|||||
|
4,183 |
|
12,062 |
|
|
20,847 |
|
|
28,724 |
|
||||||
| Income (Loss) Before Income Taxes |
|
10,868 |
|
(10,699 |
) |
|
22,704 |
|
|
(2,654 |
) |
|||||
| Income Tax Provision (Benefit) |
|
3,205 |
|
(1,114 |
) |
|
5,072 |
|
|
389 |
|
|||||
| Net Income (Loss) |
|
7,663 |
|
(9,585 |
) |
|
17,632 |
|
|
(3,043 |
) |
|||||
| Net Income (Loss) attributable to non-controlling interest |
|
89 |
|
9 |
|
|
(920 |
) |
|
604 |
|
|||||
| Net Income (Loss) attributable to controlling interest | $ |
7,574 |
$ |
(9,594 |
) |
$ |
18,552 |
|
$ |
(3,647 |
) |
|||||
| Income (Loss) Per Share | ||||||||||||||||
| Basic earnings (losses) per share | $ |
0.15 |
$ |
(0.20 |
) |
$ |
0.37 |
|
$ |
(0.07 |
) |
|||||
| Basic weighted average shares outstanding |
|
49,724 |
|
49,022 |
|
|
49,528 |
|
|
48,788 |
|
|||||
| Diluted earnings (losses) per share | $ |
0.15 |
$ |
(0.20 |
) |
$ |
0.35 |
|
$ |
(0.07 |
) |
|||||
| Diluted weighted average shares outstanding |
|
51,186 |
|
49,022 |
|
|
50,674 |
|
|
48,788 |
|
|||||
| Condensed Consolidated Balance Sheets (unaudited) | ||||||||
December 31, |
December 31, |
|||||||
| (in thousands) |
|
2020 |
|
|
2019 |
|
||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
5,505 |
|
$ |
5,687 |
|
||
| Customer receivables, net of allowance of |
|
189,869 |
|
|
183,706 |
|
||
| Other receivables |
|
19,203 |
|
|
15,253 |
|
||
| Prepaid insurance and licenses |
|
14,265 |
|
|
11,326 |
|
||
| Operating supplies |
|
8,953 |
|
|
7,193 |
|
||
| Assets held for sale |
|
12,382 |
|
|
17,732 |
|
||
| Other current assets |
|
16,263 |
|
|
15,831 |
|
||
| Total current assets |
|
266,440 |
|
|
256,728 |
|
||
| Property and equipment, at cost |
|
896,264 |
|
|
880,101 |
|
||
| Less accumulated depreciation and amortization |
|
(394,603 |
) |
|
(388,318 |
) |
||
| Net property and equipment |
|
501,661 |
|
|
491,783 |
|
||
| Other assets: | ||||||||
| Operating lease right-of-use assets |
|
287,251 |
|
|
276,618 |
|
||
| Goodwill |
|
59,221 |
|
|
57,708 |
|
||
| Intangible assets, net |
|
25,513 |
|
|
27,214 |
|
||
| Other |
|
39,504 |
|
|
30,058 |
|
||
| Total other assets |
|
411,489 |
|
|
391,598 |
|
||
| Total assets | $ |
1,179,590 |
|
$ |
1,140,109 |
|
||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
83,621 |
|
$ |
68,918 |
|
||
| Book overdraft |
|
- |
|
|
1,313 |
|
||
| Accrued wages and benefits |
|
40,095 |
|
|
24,110 |
|
||
| Claims and insurance accruals |
|
47,667 |
|
|
51,910 |
|
||
| Other accrued liabilities |
|
5,986 |
|
|
9,127 |
|
||
| Current portion of operating leases |
|
78,193 |
|
|
69,866 |
|
||
| Current maturities of long-term debt and finance leases |
|
103,690 |
|
|
80,247 |
|
||
| Total current liabilities |
|
359,252 |
|
|
305,491 |
|
||
| Long-term debt and finance leases, net of current maturities |
|
255,287 |
|
|
315,797 |
|
||
| Less debt issuance costs |
|
(314 |
) |
|
(1,223 |
) |
||
| Net long-term debt and finance leases |
|
254,973 |
|
|
314,574 |
|
||
| Deferred income taxes |
|
25,162 |
|
|
20,692 |
|
||
| Other long-term liabilities |
|
14,615 |
|
|
5,249 |
|
||
| Claims and insurance accruals, long-term |
|
55,420 |
|
|
56,910 |
|
||
| Noncurrent operating lease liability |
|
209,311 |
|
|
206,357 |
|
||
| Commitments and contingencies |
|
- |
|
|
- |
|
||
| Stockholders' Equity: | ||||||||
| Common Stock |
|
497 |
|
|
490 |
|
||
| Additional paid-in capital |
|
261,338 |
|
|
250,700 |
|
||
| Accumulated deficit |
|
(2,430 |
) |
|
(20,982 |
) |
||
| Stockholders' equity |
|
259,405 |
|
|
230,208 |
|
||
| Noncontrolling interest |
|
1,452 |
|
|
628 |
|
||
| Total stockholders' equity |
|
260,857 |
|
|
230,836 |
|
||
| Total liabilities and stockholders' equity | $ |
1,179,590 |
|
$ |
1,140,109 |
|
||
| Condensed Consolidated Cash Flow Statements (unaudited) | ||||||||
Year Ended December 31, |
||||||||
| (in thousands) |
|
2020 |
|
|
2019 |
|
||
| Operating activities | ||||||||
| Net income (loss) | $ |
17,632 |
|
$ |
(3,043 |
) |
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Deferred income tax provision |
|
4,470 |
|
|
714 |
|
||
| Impairment of equity method investment |
|
- |
|
|
6,793 |
|
||
| Equity in loss of affiliated company |
|
- |
|
|
270 |
|
||
| Depreciation and amortization |
|
90,116 |
|
|
90,484 |
|
||
| Losses on sale of property and equipment |
|
12,711 |
|
|
3,853 |
|
||
| Share based compensation |
|
4,395 |
|
|
3,846 |
|
||
| Other |
|
3,367 |
|
|
660 |
|
||
| Gain on sale of subsidiary |
|
- |
|
|
(831 |
) |
||
| Changes in operating assets and liabilities | ||||||||
| Receivables |
|
(10,048 |
) |
|
7,149 |
|
||
| Prepaid insurance and licenses |
|
(2,939 |
) |
|
(3,294 |
) |
||
| Operating supplies |
|
(900 |
) |
|
70 |
|
||
| Other assets |
|
(3,718 |
) |
|
(7,790 |
) |
||
| Accounts payable and other accrued liabilities |
|
19,940 |
|
|
5,572 |
|
||
| Accrued wages and benefits |
|
15,863 |
|
|
(704 |
) |
||
| Net cash provided by operating activities |
|
150,889 |
|
|
103,749 |
|
||
| Investing activities | ||||||||
| Payments for purchases of property and equipment |
|
(186,122 |
) |
|
(151,751 |
) |
||
| Proceeds from sales of property and equipment |
|
81,399 |
|
|
77,966 |
|
||
| Other |
|
(6,880 |
) |
|
(2,000 |
) |
||
| Proceeds from sale of subsidiary, net of cash |
|
- |
|
|
(5,845 |
) |
||
| Net cash used in investing activities |
|
(111,603 |
) |
|
(81,630 |
) |
||
| Financing activities | ||||||||
| Borrowings under lines of credit |
|
278,654 |
|
|
107,300 |
|
||
| Payments under lines of credit |
|
(278,654 |
) |
|
(107,300 |
) |
||
| Borrowings under long-term debt |
|
263,992 |
|
|
106,341 |
|
||
| Payments of long-term debt and finance leases |
|
(301,059 |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "U.S. Xpress Enterprises Reports Fourth Quarter 2020 Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were U.S. Xpress's Q4 2020 financial results?",
"acceptedAnswer": {
"@type": "Answer",
"text": "U.S. Xpress reported operating revenue of $455.6 million and net income of $7.6 million for Q4 2020."
}
},
{
"@type": "Question",
"name": "How much did brokerage revenue grow in Q4 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Brokerage revenue grew by 41% to $76.4 million compared to Q4 2019."
}
},
{
"@type": "Question",
"name": "What is the significance of the Variant fleet for U.S. Xpress?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The Variant fleet accounted for 9.4% of truckload revenues and is expected to expand significantly."
}
},
{
"@type": "Question",
"name": "What challenges did U.S. Xpress's Dedicated division face in Q4 2020?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The Dedicated division experienced increased driver and capacity costs, impacting its operating margins."
}
},
{
"@type": "Question",
"name": "What are U.S. Xpress's growth plans for 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "U.S. Xpress aims to expand the Variant fleet to over 1,500 tractors and target 20% growth in its brokerage division."
}
}
]
}
FAQ
What were U.S. Xpress's Q4 2020 financial results?
U.S. Xpress reported operating revenue of $455.6 million and net income of $7.6 million for Q4 2020.
How much did brokerage revenue grow in Q4 2020?
Brokerage revenue grew by 41% to $76.4 million compared to Q4 2019.
What is the significance of the Variant fleet for U.S. Xpress?
The Variant fleet accounted for 9.4% of truckload revenues and is expected to expand significantly.
What challenges did U.S. Xpress's Dedicated division face in Q4 2020?
The Dedicated division experienced increased driver and capacity costs, impacting its operating margins.
What are U.S. Xpress's growth plans for 2021?
U.S. Xpress aims to expand the Variant fleet to over 1,500 tractors and target 20% growth in its brokerage division.
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