Attached files
| file | filename |
|---|---|
| 8-K - 8-K - USA TRUCK INC | usak-20210204x8k.htm |
EXHIBIT 99.1
USA Truck Reports Fourth Quarter 2020 Results
| ● | 4Q 2020 earnings per diluted share of $0.66 versus 4Q 2019 loss per diluted share of $0.56 |
| ● | 4Q 2020 adjusted earnings per diluted share(a) of $0.70 versus 4Q 2019 adjusted loss per diluted share(a) $0.52 |
| ● | 4Q 2020 consolidated operating revenue increased 28.0% to $158.8 million from $124.1 million in 4Q 2019 |
Van Buren, AR – February 4, 2021 – USA Truck Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the quarter and year ended December 31, 2020.
For the quarter ended December 31, 2020, consolidated operating revenue was $158.8 million compared to $124.1 million for the prior-year period. Base revenue(a) for the fourth quarter of 2020, which excluded fuel surcharge revenue, was $148.2 million compared to $108.7 million for the 2019 period. The Company reported net income of $5.9 million, or $0.66 per diluted share for the fourth quarter 2020 and adjusted net income(a) of $6.2 million, or $0.70 per diluted share, compared to a net loss of $4.8 million, or $0.56 per diluted share and adjusted net loss(a) of $4.5 million, or $0.52 per diluted share for the same quarter in 2019. The Company’s fourth quarter 2020 consolidated operating ratio was 93.9%, compared to 102.9% in the comparable 2019 quarter.
President and CEO James Reed commented, “The fourth quarter of 2020 was the best quarterly earnings per share in our Company history. I am very pleased with and proud of the teamwork, cultural buy-in, and determination shown by our entire team of drivers and driver support that created these results, which clearly demonstrate our collective focus on delivering improved financial and operational results.
Demand was stronger than a typical fourth quarter as a result of a second wave of COVID related buying in the consumer marketplace. This demand upside was bolstered on the supply side by a tight driver market that resulted from several factors including the Drug and Alcohol Clearinghouse implementation, driver school closures or limited enrollments, and potential candidates opting for unemployment benefits and other public assistance incentives.
The robust demand and capacity constraints in the fourth quarter created a strong pricing environment that we capitalized on in both the Trucking and USAT Logistics segments through pricing discipline and partnership with customers. The ‘real story’ in the quarter, however, was realizing the benefits of the self-help initiatives of our ongoing transformation. Regionalization, improved safety results, improved operational efficiency, network refinement, pricing discipline, and cost control all played a part this quarter. Trucking segment adjusted operating ratio(a) tightened 970 basis points year over year and 280 basis points sequentially to a 93.0% in the quarter.
USAT Logistics continued to capitalize on improving rates and its high volume capability to increase volume and revenue during the quarter. Volumes were up 26.2% year over year, and revenues were up 94.3% over that same time period. This combination of volume and rate grew the overall gross margin, increased operating profitability, and improved the segment adjusted operating ratio(a) in the quarter by 850 basis points year over year and 340 basis points sequentially to 94.6%.”
Trucking: For the fourth quarter of 2020, Trucking operating revenue (before intersegment eliminations) increased $12.1 million, or 13.2%, to $104.3 million, compared to the fourth quarter of 2019. Trucking operating
income of $6.4 million for the 2020 period, reflected an operating ratio of 93.9%, compared to an operating loss of $2.6 million and an operating ratio of 102.8% for the fourth quarter of 2019. This represents an increase of $9.0 million year over year in operating income and an 890 basis point improvement in operating ratio. Trucking adjusted operating income(a) was $6.7 million for the 2020 period, reflecting an adjusted operating ratio(a) of 93.0%, compared to an adjusted operating loss(a) of $2.2 million and an adjusted operating ratio(a) of 102.7% for the comparable 2019 period. This represents an increase of $8.9 million year over year in adjusted operating income(a) and a 970 basis point improvement in adjusted operating ratio(a).
Trucking operations delivered the following results during the fourth quarter:
| ● | Base revenue per available tractor per week increased $684, or 21.6%, compared to the fourth quarter of 2019, and $387 or 11.2% sequentially, primarily due to an increase in base revenue per loaded mile. |
| ● | Base revenue per loaded mile increased $0.385, or 17.9% year over year and $0.243, or 10.6%, sequentially. This change was the result of higher demand for our services driven by holiday activity, and tightening supply resulting in higher rate realizations. |
| ● | Deadhead percentage for fourth quarter 2020 improved 260 basis points year over year and 80 basis points sequentially. |
| ● | Loaded miles per available tractor per week increased 46 miles, or 3.1%, compared to the fourth quarter of 2019, and by 8 miles, or 0.5% sequentially. |
| ● | The average seated tractor count for the fourth quarter of 2020 was 1,776, which represented a decrease of 2.1% over the fourth quarter 2019 average of 1,815, and a 2.8% decrease over the sequential average of 1,827. Average unseated tractor percentage for the fourth quarter of 2020 was 6.9%, unchanged from the fourth quarter of 2019, but improved compared to 7.2% for the sequential quarter. |
USAT Logistics: Operating revenue (before intersegment eliminations) was $65.3 million for the fourth quarter of 2020, an increase of $31.7 million, or 94.3% year over year. Both operating income and adjusted operating income(a) were $3.4 million for the fourth quarter of 2020, reflecting an operating ratio of 94.8% and an adjusted operating ratio(a) of 94.6%, compared to an operating loss and adjusted operating loss(a) of $0.9 million and an operating ratio of 102.8% and an adjusted operating ratio(a) of 103.1% for the comparable 2019 period. This change represented an increase of $4.3 million year over year in both operating income and adjusted operating income(a) and an improvement of 800 basis points in operating ratio and 850 basis points in adjusted operating ratio(a) compared to the fourth quarter of 2019.
USAT Logistics operations delivered the following results during the fourth quarter:
| ● | Gross margin dollars increased 142.5%, or $5.5 million year over year, to $9.3 million for the fourth quarter 2020, and 58.9%, or $3.5 million, sequentially. |
| ● | Gross margin percentage for the fourth quarter of 2020 improved 280 basis points to 14.3% when compared to 11.5% in the comparable quarter of 2019 and 300 basis points sequentially from 11.3%. |
| ● | Revenue per load increased 53.8%, or $701 per load year over year, and 23.6%, or $382 per load, sequentially. |
| ● | Load count increased by 6,779 loads, or 26.2%, year over year, and 495 loads, or 1.5%, sequentially. |
2
Segment Results
The following table includes key operating results and statistics by reportable segment:
| Three Months Ended | | Year Ended |
| ||||||||
| December 31, | | December 31, |
| ||||||||
Trucking: | 2020 | | 2019 | | 2020 | | 2019 |
| ||||
Operating revenue (before intersegment eliminations) (in thousands) | $ | 104,251 | | $ | 92,127 | | $ | 384,256 | | $ | 377,093 | |
Operating income (loss) (1) (in thousands) | $ | 6,355 | | $ | (2,616) | | $ | 9,297 | | $ | (447) | |
Adjusted operating income (loss) (2) (in thousands) | $ | 6,730 | | $ | (2,161) | | $ | 11,007 | | $ | 1,370 | |
Operating ratio (3) |
| 93.9 | % |
| 102.8 | % |
| 97.6 | % |
| 100.1 | % |
Adjusted operating ratio (4) |
| 93.0 | % |
| 102.7 | % |
| 96.8 | % |
| 99.6 | % |
Total miles (5) (in thousands) |
| 43,078 | |
| 43,531 | |
| 179,444 | |
| 175,829 | |
Deadhead percentage (6) |
| 11.6 | % |
| 14.2 | % |
| 12.6 | % |
| 13.5 | % |
Base revenue per loaded mile | $ | 2.531 | | $ | 2.146 | | $ | 2.227 | | $ | 2.156 | |
Average number of seated tractors |
| 1,776 | |
| 1,815 | |
| 1,857 | |
| 1,815 | |
Average number of available tractors (7) |
| 1,907 | |
| 1,949 | |
| 1,980 | |
| 1,943 | |
Average number of in-service tractors (8) |
| 1,929 | |
| 1,980 | |
| 2,002 | |
| 1,975 | |
Loaded miles per available tractor per week |
| 1,520 | |
| 1,474 | |
| 1,515 | |
| 1,502 | |
Base revenue per available tractor per week | $ | 3,847 | | $ | 3,163 | | $ | 3,373 | | $ | 3,238 | |
Average loaded miles per trip |
| 523 | |
| 494 | |
| 506 | |
| 492 | |
| | | | | | | | | | | | |
USAT Logistics: |
| | |
| | |
| | |
| | |
Operating revenue (before intersegment eliminations) (in thousands) | $ | 65,328 | | $ | 33,622 | | $ | 191,951 | | $ | 154,011 | |
Operating income (loss) (1) (in thousands) | $ | 3,381 | | $ | (939) | | $ | 3,561 | | $ | 2,762 | |
Adjusted operating income (loss) (2) (in thousands) | $ | 3,384 | | $ | (932) | | $ | 3,571 | | $ | 2,769 | |
Gross margin (9) (in thousands) | $ | 9,342 | | $ | 3,852 | | $ | 23,904 | | $ | 22,892 | |
Gross margin percentage (10) |
| 14.3 | % |
| 11.5 | % |
| 12.5 | % |
| 14.9 | % |
Load count (in thousands) |
| 32.6 | |
| 25.8 | |
| 125.3 | |
| 113.2 | |
| | | | | | | | | | | | |
3
Balance Sheet and Liquidity
As of December 31, 2020, total debt and financing lease liabilities was $154.3 million, total debt and financing lease liabilities, net of cash (“Net Debt”)(a), was $154.2 million and total stockholders’ equity was $84.7 million. Net Debt to Adjusted EBITDA(a) for the trailing twelve months ended December 31, 2020 was 2.7x. The Company had approximately $56.2 million available to borrow under its Credit Facility as of December 31, 2020.
Fourth Quarter 2020 Conference Call Information
USA Truck will hold a conference call to discuss its fourth quarter 2020 results on Friday, February 5, 2021 at 8:00 AM CT / 9:00 AM ET. To participate in the call, please dial 1-877-407-9205 (U.S./Canada) or 1-201-689-8054 (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://www.webcaster4.com/Webcast/Page/2611/39603. A telephone replay of the call will also be available for one year from the date of the call.
(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 operating income (loss)”, “Adjusted net income (loss)”, and “Adjusted earnings (loss) per diluted share”, as we define them, are not presented in accordance with GAAP.
The Company defines Base Revenue as operating revenue less fuel surcharge revenue and intercompany eliminations. The Company defines Net Debt as total debt, including insurance premium financing and financing lease liabilities, 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, severance costs included in salaries, wages and employee benefits and asset impairments. Adjusted operating ratio is calculated as operating expenses excluding severance costs included in salaries, wages and employee benefits, certain asset impairments, and amortization of acquisition related intangibles, net of fuel surcharge revenue, as a percentage of operating revenue excluding fuel surcharge revenue. Adjusted operating income (loss) is calculated by deducting operating expenses excluding severance costs included in salaries, wages and employee benefits, certain asset impairments, and amortization of acquisition related intangibles, net of fuel surcharge revenue, from operating revenue, net of fuel surcharge revenue. Adjusted net income (loss) is defined as net income (loss) excluding severance costs included in salaries, wages and employee benefits, certain asset impairments, and amortization of acquisition related intangibles plus or minus the income tax effect of such adjustments using a statutory tax rate. Adjusted earnings
4
(loss) per diluted share is defined as Adjusted net income (loss) divided by the weighted average number of diluted shares outstanding during the period. 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 Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share as key measures of our performance and liquidity, each of which are reconciled to the most comparable GAAP financial measure 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.
These non-GAAP financial measures are not substitutes for their comparable GAAP financial measures, such as total debt, net income (loss), cash flows from operating activities, operating ratio, diluted earnings (loss) 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 Base Revenue, Net Debt, EBITDA, Adjusted EBITDA, Adjusted operating ratio, Adjusted operating income (loss), Adjusted net income (loss), and Adjusted earnings (loss) per diluted share to the most comparable 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, including the impacts and duration of the COVID-19 pandemic. In addition, there are other risks, 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
5
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 expression refer to USA Truck Inc. and its subsidiaries.
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 for our customers’ 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.
Zachary King, SVP & CFO
(479) 471-2694
zachary.king@usa-truck.com
Michael Stephens, Investor Relations
(479) 471-2610
michael.stephens@usa-truck.com
6
USA TRUCK INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
| Three Months Ended |
| Year Ended | ||||||||
| | December 31, | | December 31, | ||||||||
| | 2020 | | 2019 | | 2020 | | 2019 | ||||
| | (in thousands, except per share data) | ||||||||||
Operating revenue | | $ | 158,842 | | $ | 124,111 | | $ | 551,138 | | $ | 522,631 |
| | | | | | | | | | | | |
Operating expenses: | |
|
| |
|
| |
|
| |
|
|
Salaries, wages and employee benefits | |
| 37,193 | |
| 34,135 | |
| 141,590 | |
| 136,877 |
Fuel and fuel taxes | |
| 9,125 | |
| 13,521 | |
| 38,804 | |
| 55,096 |
Depreciation and amortization | |
| 11,418 | |
| 9,598 | |
| 41,359 | |
| 37,193 |
Insurance and claims | |
| 4,601 | |
| 6,237 | |
| 19,855 | |
| 27,176 |
Equipment rent | |
| 2,275 | |
| 2,459 | |
| 9,382 | |
| 10,174 |
Operations and maintenance | |
| 8,389 | |
| 8,727 | |
| 35,201 | |
| 33,310 |
Purchased transportation | |
| 70,009 | |
| 45,995 | |
| 226,716 | |
| 194,629 |
Operating taxes and licenses | |
| 1,120 | |
| 1,197 | |
| 4,795 | |
| 4,843 |
Communications and utilities | |
| 884 | |
| 1,035 | |
| 3,470 | |
| 3,488 |
Loss (gain) on disposal of assets, net | |
| 7 | |
| 205 | |
| 427 | |
| (495) |
Asset impairments | |
| — | |
| 418 | |
| 588 | |
| 786 |
Other | |
| 4,085 | |
| 4,139 | |
| 16,093 | |
| 17,239 |
Total operating expenses | | $ | 149,106 | | $ | 127,666 | | $ | 538,280 | | $ | 520,316 |
Operating income (loss) | |
| 9,736 | |
| (3,555) | |
| 12,858 | |
| 2,315 |
| | | | | | | | | | | | |
Other expenses: | |
|
| |
|
| |
|
| |
|
|
Interest expense, net | |
| 1,270 | |
| 1,646 | |
| 5,605 | |
| 6,597 |
Other, net | |
| 131 | |
| 119 | |
| 298 | |
| 572 |
Total other expenses, net | |
| 1,401 | |
| 1,765 | |
| 5,903 | |
| 7,169 |
Income (loss) before income taxes | |
| 8,335 | |
| (5,320) | |
| 6,955 | |
| (4,854) |
Income tax expense (benefit) | |
| 2,402 | |
| (493) | |
| 2,209 | |
| (156) |
| | | | | | | | | | | | |
Consolidated net income (loss) and comprehensive income (loss) | | $ | 5,933 | | $ | (4,827) | | $ | 4,746 | | $ | (4,698) |
| | | | | | | | | | | | |
Net earnings (loss) per share: | |
|
| |
|
| |
|
| |
|
|
Average shares outstanding (basic) | |
| 8,798 | |
| 8,558 | |
| 8,775 | |
| 8,525 |
Basic earnings (loss) per share | | $ | 0.67 | | $ | (0.56) | | $ | 0.54 | | $ | (0.55) |
| | | | | | | | | | | | |
Average shares outstanding (diluted) | |
| 8,941 | |
| 8,558 | |
| 8,874 | |
| 8,525 |
Diluted earnings (loss) per share | | $ | 0.66 | | $ | (0.56) | | $ | 0.53 | | $ | (0.55) |
7
GAAP TO NON-GAAP RECONCILIATIONS
(UNAUDITED)
ADJUSTED EARNINGS (LOSS) BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
| Three Months Ended | ||||||||||
| 12/31/2020 | | 9/30/2020 | | 6/30/2020 | | 3/31/2020 | ||||
| (in thousands) | ||||||||||
Net income (loss) | $ | 5,933 | | $ | 2,295 | | $ | (931) | | $ | (2,551) |
Add: | | | | | | | | | | | |
Depreciation and amortization |
| 11,418 | |
| 9,896 | |
| 10,034 | |
| 10,011 |
Interest expense, net |
| 1,270 | |
| 1,416 | |
| 1,235 | |
| 1,684 |
Income tax expense (benefit) |
| 2,402 | |
| 666 | |
| 632 | |
| (1,491) |
EBITDA |
| 21,023 | |
| 14,273 | |
| 10,970 | |
| 7,653 |
Add: | | | | | | | | | | | |
Non-cash equity compensation |
| 565 | |
| 406 | |
| 363 | |
| 471 |
Severance costs included in salaries, wages and employee benefits |
| 50 | |
| 9 | |
| 84 | |
| 92 |
Asset impairments |
| — | | | — | |
| 588 | |
| — |
Adjusted EBITDA | $ | 21,638 | | $ | 14,688 | | $ | 12,005 | | $ | 8,216 |
ADJUSTED NET INCOME (LOSS) RECONCILIATION
| Three Months Ended | | Year Ended | ||||||||
| December 31, | | December 31, | ||||||||
| 2020 | | 2019 | | 2020 | | 2019 | ||||
| (in thousands) | ||||||||||
Net income (loss) | $ | 5,933 | | $ | (4,827) | | $ | 4,746 | | $ | (4,698) |
Adjusted for: | | | | | | | | | | | |
Severance costs included in salaries, wages and employee benefits |
| 50 | |
| 122 | |
| 235 | |
| 441 |
Asset impairment - land |
| — | |
| — | |
| 137 | |
| — |
Amortization of acquisition related intangibles |
| 328 | |
| 340 | |
| 1,348 | |
| 1,383 |
Income tax effect of adjustments |
| (96) | |
| (118) | |
| (439) | |
| (465) |
Adjusted net income (loss) | $ | 6,215 | | $ | (4,483) | | $ | 6,027 | | $ | (3,339) |
ADJUSTED EARNINGS (LOSS) PER DILUTED SHARE RECONCILIATION
| Three Months Ended | | Year Ended | ||||||||
| December 31, | | December 31, | ||||||||
| 2020 | | 2019 | | 2020 | | 2019 | ||||
Earnings (loss) per diluted share | $ | 0.66 | | $ | (0.56) | | $ | 0.53 | | | (0.55) |
Adjusted for: | | | | | | | | | | | |
Severance costs included in salaries, wages and employee benefits |
| 0.01 | |
| 0.01 | |
| 0.03 | | | 0.05 |
Asset impairment - land |
| — | |
| — | |
| 0.02 | | | — |
Amortization of acquisition related intangibles |
| 0.04 | |
| 0.04 | |
| 0.15 | | | 0.16 |
Income tax effect of adjustments |
| (0.01) | |
| (0.01) | |
| (0.05) | | | (0.05) |
Adjusted earnings (loss) per diluted share | $ | 0.70 | | $ | (0.52) | | $ | 0.68 | | $ | (0.39) |
NET DEBT RECONCILIATION
| December 31, 2020 |
| December 31, 2019 | ||
| (in thousands) | ||||
Total current debt and financing lease liabilities | $ | 18,446 | | $ | 36,944 |
Long-term debt, less current maturities |
| 81,352 | |
| 83,349 |
Financing leases, less current maturities |
| 54,482 | |
| 58,397 |
Total Debt |
| 154,280 | |
| 178,690 |
Less: Cash |
| (82) | |
| (97) |
Net Debt | $ | 154,198 | | $ | 178,593 |
| | | | | |
8
ADJUSTED OPERATING RATIO RECONCILIATION
| Three Months Ended | | Year Ended |
| ||||||||
| December 31, | | December 31, |
| ||||||||
Consolidated | 2020 |
| 2019 |
| 2020 |
| 2019 |
| ||||
| (in thousands) |
| ||||||||||
Operating revenue | $ | 158,842 | | $ | 124,111 | | $ | 551,138 | | $ | 522,631 | |
Less: fuel surcharge revenue |
| (10,623) | |
| (15,398) | |
| (45,418) | |
| (63,755) | |
Base revenue | $ | 148,219 | | $ | 108,713 | | $ | 505,720 | | $ | 458,876 | |
Operating expense | $ | 149,106 | | $ | 127,666 | | $ | 538,280 | | $ | 520,316 | |
Adjusted for: |
| | | |
| | | | | | | |
Severance costs included in salaries, wages and employee benefits | | (50) | | | (122) | | | (235) | | | (441) | |
Asset impairment - land | | — | | | — | | | (137) | | | — | |
Amortization of acquisition related intangibles | | (328) | | | (340) | | | (1,348) | | | (1,383) | |
Fuel surcharge revenue |
| (10,623) | |
| (15,398) | |
| (45,418) | |
| (63,755) | |
Adjusted operating expense | $ | 138,105 | | $ | 111,806 | | $ | 491,142 | | $ | 454,737 | |
Operating income (loss) | $ | 9,736 | | $ | (3,555) | | $ | 12,858 | | $ | 2,315 | |
Adjusted operating income (loss) | $ | 10,114 | | $ | (3,093) | | $ | 14,578 | | $ | 4,139 | |
Operating ratio |
| 93.9 | % |
| 102.9 | % |
| 97.7 | % |
| 99.6 | % |
Adjusted operating ratio |
| 93.2 | % |
| 102.8 | % |
| 97.1 | % |
| 99.1 | % |
| Three Months Ended | | Year Ended |
| ||||||||
| December 31, | | December 31, |
| ||||||||
Trucking Segment | 2020 |
| 2019 |
| 2020 |
| 2019 |
| ||||
| (in thousands) |
| ||||||||||
Operating revenue | $ | 103,782 | | $ | 91,694 | | $ | 381,589 | | $ | 375,657 | |
Intersegment activity |
| 469 | |
| 433 | |
| 2,667 | |
| 1,436 | |
Operating revenue (before intersegment eliminations) | | 104,251 | | | 92,127 | | | 384,256 | | | 377,093 | |
Less: fuel surcharge revenue |
| (7,831) | |
| (11,985) | |
| (35,049) | |
| (49,059) | |
Base revenue | $ | 96,420 | | $ | 80,142 | | $ | 349,207 | | $ | 328,034 | |
Operating expense (before intersegment eliminations) | $ | 97,896 | | $ | 94,743 | | $ | 374,959 | | $ | 377,540 | |
Adjusted for: |
|
| |
|
| |
|
| |
|
| |
Severance costs included in salaries, wages and employee benefits |
| (47) | | | (115) | | | (225) | | | (434) | |
Asset impairment - land | | — | | | — | | | (137) | | | — | |
Amortization of acquisition related intangibles |
| (328) | | | (340) | | | (1,348) | | | (1,383) | |
Fuel surcharge revenue |
| (7,831) | |
| (11,985) | |
| (35,049) | |
| (49,059) | |
Adjusted operating expense | $ | 89,690 | | $ | 82,303 | | $ | 338,200 | | $ | 326,664 | |
Operating income (loss) | $ | 6,355 | | $ | (2,616) | | $ | 9,297 | | $ | (447) | |
Adjusted operating income (loss) | $ | 6,730 | | $ | (2,161) | | $ | 11,007 | | $ | 1,370 | |
Operating ratio |
| 93.9 | % |
| 102.8 | % |
| 97.6 | % |
| 100.1 | % |
Adjusted operating ratio |
| 93.0 | % |
| 102.7 | % |
| 96.8 | % |
| 99.6 | % |
| Three Months Ended | | Year Ended |
| ||||||||
| December 31, | | December 31, |
| ||||||||
USAT Logistics Segment | 2020 |
| 2019 |
| 2020 |
| 2019 |
| ||||
| (in thousands) |
| ||||||||||
Operating revenue | $ | 55,060 | | $ | 32,417 | | $ | 169,549 | | $ | 146,974 | |
Intersegment activity |
| 10,268 | |
| 1,205 | | | 22,402 | | | 7,037 | |
Operating revenue (before intersegment eliminations) | | 65,328 | | | 33,622 | | | 191,951 | | | 154,011 | |
Less: fuel surcharge revenue |
| (3,105) | |
| (3,612) | |
| (11,366) | |
| (15,532) | |
Base revenue | $ | 62,223 | | $ | 30,010 | | $ | 180,585 | | $ | 138,479 | |
Operating expense (before intersegment eliminations) | $ | 61,947 | | $ | 34,561 | | $ | 188,390 | | $ | 151,249 | |
Adjusted for: |
|
| |
|
| |
|
| |
|
| |
Severance costs included in salaries, wages and employee benefits | | (3) | | | (7) | | | (10) | | | (7) | |
Fuel surcharge revenue |
| (3,105) | |
| (3,612) | |
| (11,366) | |
| (15,532) | |
Adjusted operating expense | $ | 58,839 | | $ | 30,942 | | $ | 177,014 | | $ | 135,710 | |
Operating income (loss) | $ | 3,381 | | $ | (939) | | $ | 3,561 | | $ | 2,762 | |
Adjusted operating income (loss) | $ | 3,384 | | $ | (932) | | $ | 3,571 | | $ | 2,769 | |
Operating ratio |
| 94.8 | % |
| 102.8 | % |
| 98.1 | % |
| 98.2 | % |
Adjusted operating ratio |
| 94.6 | % |
| 103.1 | % |
| 98.0 | % |
| 98.0 | % |
9
USA TRUCK INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
Assets |
| December 31, 2020 |
| December 31, 2019 | ||
Current assets: | | (in thousands, except share data) | ||||
Cash and restricted cash (restricted cash of $243 and $0, respectively) | | $ | 325 | | $ | 97 |
Accounts receivable, net of allowance for doubtful accounts of $617 and $369, respectively | |
| 63,984 | |
| 49,853 |
Other receivables | |
| 2,873 | |
| 5,408 |
Inventories | |
| 975 | |
| 769 |
Assets held for sale | |
| 2,635 | |
| 2,542 |
Prepaid expenses and other current assets | |
| 8,749 | |
| 7,855 |
Total current assets | |
| 79,541 | |
| 66,524 |
Property and equipment: | |
|
| |
|
|
Land and structures | |
| 33,488 | |
| 33,077 |
Revenue equipment | |
| 305,509 | |
| 309,573 |
Service, office and other equipment | |
| 30,331 | |
| 30,235 |
Property and equipment, at cost | |
| 369,328 | |
| 372,885 |
Accumulated depreciation and amortization | |
| (150,173) | |
| (124,216) |
Property and equipment, net | |
| 219,155 | |
| 248,669 |
Operating leases - right of use assets | |
| 28,154 | |
| 11,775 |
Goodwill | |
| 5,231 | |
| 5,231 |
Other intangibles, net | |
| 15,105 | |
| 16,453 |
Other assets | |
| 3,046 | |
| 2,058 |
Total assets | | $ | 350,232 | | $ | 350,710 |
Liabilities and Stockholders' Equity | |
|
| |
|
|
Current liabilities: | |
|
| |
|
|
Accounts payable | | $ | 27,045 | | $ | 29,421 |
Current portion of insurance and claims accruals | |
| 9,846 | |
| 12,466 |
Accrued expenses | |
| 10,798 | |
| 6,518 |
Current finance lease obligations | |
| 11,655 | |
| 30,779 |
Current operating lease obligations | |
| 6,838 | |
| 6,050 |
Long-term debt, current maturities | |
| 6,791 | |
| 6,165 |
Total current liabilities | |
| 72,973 | |
| 91,399 |
Other long-term liabilities | |
| 4,817 | |
| 80 |
Long-term debt, less current maturities | |
| 81,352 | |
| 83,349 |
Long-term finance lease obligations | |
| 54,482 | |
| 58,397 |
Long-term operating lease obligations | |
| 21,690 | |
| 5,812 |
Deferred income taxes | |
| 23,414 | |
| 24,017 |
Insurance and claims accruals, less current portion | |
| 6,803 | |
| 9,445 |
Total liabilities | |
| 265,531 | |
| 272,499 |
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 12,037,966 shares, and 11,987,572 shares, respectively | |
| 120 | |
| 120 |
Additional paid-in capital | |
| 60,692 | |
| 63,238 |
Retained earnings | |
| 78,515 | |
| 73,769 |
Less treasury stock, at cost (3,293,223 shares, and 3,434,231 shares, respectively) | |
| (54,626) | |
| (58,916) |
Total stockholders' equity | |
| 84,701 | |
| 78,211 |
Total liabilities and stockholders' equity | | $ | 350,232 | | $ | 350,710 |
10