Attached files
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8-K - USA TRUCK INC | form8k-06022011.htm |
Forward-Looking Statements
Forward-Looking Statements
This information and the statements made at this conference presentation may contain
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.
These statements generally may be identified by their use of terms or phrases such as
“expects,” “estimates,” “anticipates,” “projects,” “believes,” “plans,” “intends,”
“may,” “will,” “should,” “could,” “potential,” “continue,” “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 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 reports, Annual Report on Form 10-K and other
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. In light of these risks and
uncertainties, the forward-looking events and circumstances discussed in this
conference presentation might not occur.
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.
These statements generally may be identified by their use of terms or phrases such as
“expects,” “estimates,” “anticipates,” “projects,” “believes,” “plans,” “intends,”
“may,” “will,” “should,” “could,” “potential,” “continue,” “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 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 reports, Annual Report on Form 10-K and other
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. In light of these risks and
uncertainties, the forward-looking events and circumstances discussed in this
conference presentation might not occur.
Operating Leverage
Operating Leverage
Revenue
per Mile
per Mile
$0.01
Operating
Margin
Margin
70 bps
Annualized
EPS
EPS
$0.15
=
=
We have a plan to substantially
improve our Revenue per Mile
improve our Revenue per Mile
Deteriorating Performance
Deteriorating Performance
920 bps
1,050 bps
1,090 bps
Shallower Peaks and Deeper Troughs
Discounted Valuation
Discounted Valuation
Truckload Peer Price-to-Book Ratios
As of May 23, 2011
Value-Creation Research
Value-Creation Research
Financial Performance Correlations to Stock Price
Source: Stephens, Inc., USA Truck, Inc. and SEC documents
Industry and Market Research
Industry and Market Research
Structural Shift Underway in U.S. Supply Chain
* We call our strategic plan Vision for Economic Value-Added, or VEVA
OBJECTIVES
Earn Cost of Capital
Greater Earnings Consistency
Position Model for Future Growth
OBJECTIVES
EBIT Growth CAGR >= 10%
Maintain Economic Value Added
OR
Return Excess Capital to Shareholders
HOW WE’LL DO IT
HOW WE’LL DO IT
Grow Intermodal, Brokerage, Dedicated and
General Freight Services
And / Or
Repurchase Shares
Distribute Dividends
PHASE I - Earn Cost of Capital
PHASE II - Earnings Growth
VEVA* Strategic Plan
VEVA* Strategic Plan
Opportunity in Pricing
Opportunity in Pricing
Revenue per Loaded Mile Comparison
Engineering a Freight Network
Engineering a Freight Network
The Spider Web is Born
Measurable Progress
Measurable Progress
Metric
|
SW
Design
|
FYE
2007
|
||
Loaded Revenue per Mile
|
$1.70
|
$1.43
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||
Compliance
|
> 80%
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< 30%
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||
Length of Haul
|
< 500
|
784
|
||
Velocity
|
> 4.0
|
2.5
|
A Giant Leap Forward
Inside the Numbers
Inside the Numbers
Spider Web
Volume: 49%
Rate: $1.69
High Exposure to Cyclical Sectors (2010)
The Next Step
The Next Step
Driver Regionalization
Driver Regionalization
Hiring the RIGHT Drivers in the RIGHT Places in the RIGHT Numbers
58%
in Right
Area Codes
Area Codes
Customers
“Big Boys” (provide broad bundle of TL services)
Everybody Else
Direct
Relationship
Control
Freight
Freight
Flexible Outsourced Capacity
Earn a return on every load without full capital risk
Disproportionate share of invested capital with
Insufficient returns
Insufficient returns
The “Big Boy” Model
The “Big Boy” Model
Evolving Model
Evolving Model
Why Invest In USA Truck?
Every Load, Every Time….
Revenue
per Mile
per Mile
$0.01
Operating
Margin
Margin
70 bps
Annualized
EPS
EPS
$0.15
=
=