Attached files
| file | filename |
|---|---|
| 8-K - USA TRUCK INC | form8k-06142011.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.
* Vision for Economic Value-Added,
VEVA* Strategic Plan
VEVA* Strategic Plan
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Objective #1
Earn Cost of Capital
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1. Reposition Business Model
• Stock up on talent
• Enter brokerage market
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|
|
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3. Regionalize Trucking Service
• Build density in regional lanes
• Improve pricing
• Pick the right customers
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Objective #2
EBIT Growth
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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 June 8, 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
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
* Vision for Economic Value-Added,
VEVA* Strategic Plan
VEVA* Strategic Plan
|
Objective #1
Earn Cost of Capital
|
|
|
1. Reposition Business Model
• Stock up on talent
• Update technology
• Solidify cost structure
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90%
complete |
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• Enter intermodal market
• Enter brokerage market
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complete
|
|
3. Regionalize Trucking Service
• Build density in regional lanes
• Improve pricing
• Pick the right customers
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55%
complete
|
|
Objective #2
EBIT Growth
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With an Emerging “Big Boy” Model
Diversifying Our Model…
Diversifying Our Model…
Opportunity in Pricing
Opportunity in Pricing
Revenue per Loaded Mile Comparison
A 21st Century Freight Network
A 21st Century Freight Network
The Spider Web is Born
Spinning the Web
Spinning the Web
% of Loads in Spider Web Network
Bid Season Results
Pricing
Pricing
Loaded Revenue per Mile (before fuel surcharge)
Bid Season Results
Each $0.01 of
pricing yields
$0.15 annual EPS
(all other variables
being constant)
pricing yields
$0.15 annual EPS
(all other variables
being constant)
Tractor Utilization
Tractor Utilization
Inversely Correlated to Unmanned Tractors
Why Invest In USA Truck?
