Exhibit 99
 

U.S. Xpress Enterprises, Inc. Reports Third Quarter 2018 Results

U.S. Xpress Enterprises, Inc. (the “Company”) today announced results for the third quarter of 2018.

Third Quarter 2018 Highlights
 
·
Operating revenue of $460.2 million, an increase of 18.0% compared to the third quarter of 2017
· 
Operating income of $22.9 million compared to $11.5 million reported in the third quarter of 2017
·   
Operating ratio of 95.0%, a 200 basis point improvement compared to the third quarter of 2017
·   
Adjusted operating ratio, a non-GAAP measure, of 94.5%, a 230 basis point improvement compared to the third quarter of 2017
·   
Net income attributable to controlling interest of $16.1 million, or $0.33 per diluted share, compared to a net loss attributable to controlling interest of $0.7 million in the third quarter of 2017
 
Third Quarter Financial Performance

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Operating revenue
 
$
460,227
   
$
390,126
   
$
1,335,693
   
$
1,124,152
 
Revenue, excluding fuel surcharge
 
$
413,887
   
$
356,379
   
$
1,199,553
   
$
1,026,684
 
Operating income
 
$
22,892
   
$
11,534
   
$
57,764
   
$
16,151
 
Adjusted operating income1
 
$
22,892
   
$
11,534
   
$
64,201
   
$
18,512
 
Operating ratio
   
95.0
%
   
97.0
%
   
95.7
%
   
98.6
%
Adjusted operating ratio1
   
94.5
%
   
96.8
%
   
94.6
%
   
98.2
%
Net income (loss) attributable to controlling interest
 
$
16,129
   
$
(675
)
 
$
17,903
   
$
(13,559
)
Adjusted net income (loss) attributable to controlling interest1
 
$
16,129
   
$
(675
)
 
$
28,573
   
$
(12,084
)
Earnings per diluted share
 
$
0.33
   
$
(0.11
)
 
$
0.76
   
$
(2.12
)
Adjusted earnings per diluted share1
 
$
0.33
   
$
(0.11
)
 
$
1.21
   
$
(1.89
)
1 See GAAP to non-GAAP reconciliation in the schedules following this release
                         


Eric Fuller, CEO and President, commented, “We continued to see the results of our initiatives and cultural overhaul in the third quarter of 2018 as we experienced our fifth consecutive quarter of year over year improvements in our operating ratio while generating the largest amount of net income during a single quarter in our Company’s history, a testament to our team’s efforts and dedication. However, we are far from satisfied with our operating performance for the third quarter, as we believe our seated truck count and miles per tractor could have performed better had we executed more effectively during the quarter.  We have taken steps internally to address the relevant issues and both average seated truck count and average miles per tractor per working day have increased in October compared with the third quarter.  Based on the strong freight volumes, rate environment and the capacity currently being requested from our customers for the upcoming peak season during the fourth quarter, we feel well positioned to make 2018 the most profitable year in our history.”
 

Enterprise Update

Total revenue for the third quarter of 2018 increased by $70.1 million to $460.2 million as compared to the third quarter of 2017. The increase was primarily the result of an 11.2% increase in the Company’s rate per mile, a 54.0% increase in brokerage revenues to $65.1 million, and a $12.6 million increase in fuel surcharge revenues. Excluding the impact of fuel surcharges, third quarter revenue increased $57.5 million to $413.9 million, an increase of 16.1% as compared to the year ago quarter.

Operating income for the third quarter of 2018 was $22.9 million which compares favorably to the $11.5 million achieved in the third quarter of 2017. This improvement was achieved despite incurring $7.6 million of incremental insurance and claims expense in the third quarter of 2018, as compared to the prior year period, partially offset by a $4.0 million gain on life insurance reflected in a reduction in salaries, wages, and benefits, or a net negative impact of approximately $0.05 to earnings per share. The spike in insurance and claims expense, which primarily related to two events during the quarter, reflected the Company’s highest-ever level of insurance and claims expense and is not expected to be ongoing. The third quarter also included a $3.3 million, or approximately $0.07 earnings per share, tax benefit relating to the resolution of a legacy tax position.  The aforementioned items are not included as adjustments in adjusted operating income, adjusted operating ratio, or adjusted net income.

The third quarter 2018 adjusted operating ratio was 94.5%, a 230 basis point improvement as compared to the third quarter of 2017.  Excluding the net $3.6 million of incremental insurance expense discussed above, adjusted operating ratio would have been 93.6%.

Net income attributable to controlling interest for the third quarter of 2018 was $16.1 million as compared to a net loss attributable to controlling interest of $0.7 million in the prior year quarter and is the highest level of net income earned in a single quarter in the Company’s history. In addition to record operating income, interest expense was $8.1 million lower, as compared to the 2017 quarter, resulting in earnings per share of $0.33 for the third quarter of 2018.


2

Truckload Segment
 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Over the road
                       
  Average revenue per tractor per week1
 
$
3,957
   
$
3,533
   
$
3,917
   
$
3,375
 
  Average revenue per mile1
 
$
2.072
   
$
1.861
   
$
2.022
   
$
1.804
 
  Average revenue miles per tractor per week
   
1,910
     
1,898
     
1,937
     
1,871
 
  Average tractors
   
3,511
     
3,765
     
3,574
     
3,810
 
Dedicated
                               
  Average revenue per tractor per week1
 
$
3,791
   
$
3,612
   
$
3,663
   
$
3,629
 
  Average revenue per mile1
 
$
2.281
   
$
2.068
   
$
2.234
   
$
2.074
 
  Average revenue miles per tractor per week
   
1,662
     
1,747
     
1,640
     
1,750
 
  Average tractors
   
2,690
     
2,440
     
2,678
     
2,392
 
Consolidated
                               
  Average revenue per tractor per week1
 
$
3,885
   
$
3,564
   
$
3,808
   
$
3,473
 
  Average revenue per mile1
 
$
2.156
   
$
1.938
   
$
2.104
   
$
1.903
 
  Average revenue miles per tractor per week
   
1,802
     
1,839
     
1,810
     
1,824
 
  Average tractors
   
6,201
     
6,205
     
6,252
     
6,202
 
1 Excluding fuel surcharge revenues
                               
The above table excludes revenue, miles and tractors for services performed in Mexico.
                 
 
Mr. Fuller said, “Market conditions remained strong in the third quarter as we saw our rates increase sequentially from the second quarter and are continuing to experience further increases into the fourth quarter. Market conditions for drivers, however, remained challenging during the quarter as we were unable to increase our tractor count despite improvements in our turnover percentage. The modest decline was primarily due to a deceleration in the pace of hiring through the first half of the quarter which has since reversed. We continue to execute on our initiatives that are focused on being a valued partner to our professional drivers by offering them increased miles, modern equipment, and a driver centric operations team.”

The Truckload segment achieved an adjusted operating ratio of 94.3% for the third quarter of 2018, a 240 bps improvement as compared to the adjusted operating ratio of 96.7% achieved in the third quarter of 2017. This improvement was a result of the continued successful implementation of the Company’s strategic initiatives, disciplined cost management, and increased rates, despite additional insurance and claims expense incurred during the quarter.

In the over the road division, average revenue per tractor per week increased 12.0% in the third quarter of 2018, as compared to the third quarter of 2017. The increase was primarily the result of an 11.3% increase in the division’s rate per mile. It is worth noting that utilization was essentially flat in the third quarter of 2018, from the year ago period, with headwinds from temporary support of our dedicated division. Looking forward, the Company sees additional opportunities to improve the division’s results through the continued execution of its driver and utilization centric initiatives.

The dedicated division’s average revenue per tractor per week increased 5.0% in the third quarter of 2018 as compared to the third quarter of 2017. The increase was primarily the result of a 10.3% increase in the division’s revenue per mile partially offset by a 4.9% decrease in the division’s revenue miles per tractor per week. The division’s results continue to be impacted by certain accounts’ shipping patterns performing differently than expected which was first experienced in the second quarter of 2018. The Company made progress addressing the issue which resulted in a sequential improvement in utilization to a decline of 5.0% in the third quarter of 2018 from the 9.8% decline in utilization experienced in the second quarter of 2018.
3

Brokerage Segment

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2018
   
2017
   
2018
   
2017
 
Brokerage revenue
 
$
65,060
   
$
42,255
   
$
177,962
   
$
117,405
 
Gross margin %
   
13.6
%
   
13.7
%
   
13.3
%
   
12.8
%
Load Count
   
42,891
     
36,929
     
124,276
     
105,102
 

Brokerage segment revenues increased 54.0% to $65.1 million in the third quarter of 2018 as compared to $42.3 million in the third quarter of 2017. The increase was primarily the result of a 16.1% rise in load count and higher average revenue per load, due in part to higher fuel prices.

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.

Liquidity and Capital Resources

As of September 30, 2018, U.S. Xpress had $118.6 million of cash and availability under the Company’s revolving credit facility, $394.3 million of net debt and $230.3 million of total stockholders' equity. U.S. Xpress is committed to continuing its efforts to strengthen its balance sheet and reducing the Company’s leverage ratio. U.S. Xpress believes that this will further position the Company for future opportunities as they arise.

Capital expenditures, net of proceeds, were $41.1 million in the current year quarter and $88.6 million year to date.

Outlook

For the fourth quarter, we are working diligently to drive further profitability improvements as well as to capitalize on the significant revenue opportunities during the upcoming peak season. We continue to anticipate improving our operating ratio on a year over year basis through the end of 2019.
4

Conference Call

As previously announced, the Company will hold a conference call to discuss its third quarter results at 5:00 p.m. (Eastern Time) on November 1st, 2018.  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 Third Quarter Earnings Conference Call. A replay will be available starting at 8:00 p.m. (Eastern Time) on November 1st, 2018 and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The passcode for the replay is 13683659. The replay will be available until 11:59 p.m. (Eastern Time) on November 8th, 2018.

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 also will be available on this website.

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 Expenses, Adjusted Operating Income and Adjusted EPS (on both a consolidated and 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. The non-GAAP information provided is used by our management and may not be comparable to similar measures disclosed by other companies, Adjusted Operating Ratio, Adjusted Operating Expenses, Adjusted Operating Income and Adjusted EPS. The non-GAAP measures used herein have limitations as analytical tools, and you should not consider them 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.

About U.S. Xpress Enterprises

Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation’s fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States. We offer customers a broad portfolio of services using our own truckload fleet and thirdparty carriers through our nonassetbased truck brokerage network. Our modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of our customers and our drivers.
 
5

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,” “focus,” “continue,” “will,” “could,” “should,” “may,” and similar terms and phrases. In this press release, such statements may include, but are not limited to, statements concerning: any projections of earnings, revenues, cash flows, capital expenditures, or other financial items; any statement of plans, strategies, or objectives for future operations; any statements regarding future economic or industry conditions or performance; 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); expected 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; expected 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, and intermodal 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; and our ability to adapt to changing market conditions and technologies. 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.

Contact:

U.S. Xpress Enterprises, Inc.
Brian Baubach
Sr. Vice President Corporate Finance and Investor Relations
investors@usxpress.com
Source: U.S. Xpress Enterprises, Inc.
6

Condensed Consolidated Income Statements (unaudited)
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands, except per share data)
 
2018
   
2017
   
2018
   
2017
 
Operating Revenue:
                       
  Revenue, excluding fuel surcharge
 
$
413,887
   
$
356,379
   
$
1,199,553
   
$
1,026,684
 
   Fuel surcharge
   
46,340
     
33,747
     
136,140
     
97,468
 
   Total operating revenue
   
460,227
     
390,126
     
1,335,693
     
1,124,152
 
Operating Expenses:
                               
  Salaries, wages and benefits
   
128,117
     
137,336
     
400,742
     
402,801
 
  Fuel and fuel taxes
   
57,423
     
53,865
     
173,516
     
156,045
 
  Vehicle rents
   
19,497
     
15,579
     
58,912
     
55,747
 
  Depreciation and amortization, net of (gain) loss
   
24,541
     
23,264
     
73,396
     
69,022
 
  Purchased transportation
   
129,732
     
75,624
     
350,189
     
213,477
 
  Operating expense and supplies
   
30,538
     
32,185
     
89,402
     
96,724
 
  Insurance premiums and claims
   
25,128
     
17,533
     
64,463
     
52,557
 
  Operating taxes and licenses
   
3,522
     
3,375
     
10,432
     
9,839
 
  Communications and utilities
   
2,258
     
1,861
     
7,149
     
5,782
 
  General and other operating
   
16,579
     
17,970
     
49,728
     
46,007
 
   Total operating expenses
   
437,335
     
378,592
     
1,277,929
     
1,108,001
 
Operating Income
   
22,892
     
11,534
     
57,764
     
16,151
 
Other Expenses (Income):
                               
  Interest Expense, net
   
4,815
     
12,941
     
29,771
     
36,365
 
  Early extinguishment of debt
   
-
     
-
     
7,753
     
-
 
  Equity in loss of affiliated companies
   
73
     
160
     
250
     
1,160
 
  Other, net
   
(133
)
   
101
     
34
     
(707
)
     
4,755
     
13,202
     
37,808
     
36,818
 
Income (loss) Before Income Taxes
   
18,137
     
(1,668
)
   
19,956
     
(20,667
)
Income Tax Provision (Benefit)
   
1,679
     
(1,008
)
   
1,081
     
(7,203
)
Net Income (loss)
   
16,458
     
(660
)
   
18,875
     
(13,464
)
Net Income attributable to non-controlling interest
   
329
     
15
     
972
     
95
 
Net Income (loss) attributable to controlling interest
 
$
16,129
   
$
(675
)
 
$
17,903
   
$
(13,559
)
                                 
Income (loss) Per Share
                               
Basic earnings (loss)  per share
 
$
0.33
   
$
(0.11
)
 
$
0.77
   
$
(2.12
)
Basic weighted average shares outstanding
   
48,296
     
6,385
     
23,118
     
6,385
 
Diluted earnings (loss) per share
 
$
0.33
   
$
(0.11
)
 
$
0.76
   
$
(2.12
)
Diluted weighted average shares outstanding
   
49,597
     
6,385
     
23,638
     
6,385
 
 
 
7

Condensed Consolidated Balance Sheets (unaudited)
   
September 30,
   
December 31,
 
(in thousands)
 
2018
   
2017
 
Assets
           
Current assets:
           
  Cash and cash equivalents
 
$
6,110
   
$
9,232
 
  Customer receivables, net of allowance of $78 and $122, respectively
   
216,814
     
186,407
 
  Other receivables
   
28,523
     
21,637
 
  Prepaid insurance and licenses
   
16,824
     
7,070
 
  Operating supplies
   
8,503
     
8,787
 
  Assets held for sale
   
6,756
     
3,417
 
  Other current assets
   
16,462
     
12,170
 
Total current assets
   
299,992
     
248,720
 
Property and equipment, at cost
   
864,350
     
835,814
 
Less accumulated depreciation and amortization
   
(389,622
)
   
(371,909
)
Net property and equipment
   
474,728
     
463,905
 
Other assets:
               
  Goodwill
   
57,708
     
57,708
 
  Intangible assets, net
   
29,370
     
30,742
 
  Other
   
20,809
     
19,496
 
Total other assets
   
107,887
     
107,946
 
Total assets
 
$
882,607
   
$
820,571
 
Liabilities, Redeemable Restricted Units and Stockholder's Equity (Deficit)
         
Current liabilities:
               
  Accounts payable
 
$
80,019
   
$
80,555
 
  Book overdraft
   
7,164
     
3,537
 
  Accrued wages and benefits
   
25,833
     
20,530
 
  Claims and insurance accruals
   
49,813
     
47,641
 
  Other accrued liabilities
   
5,993
     
13,901
 
  Current maturities of long-term debt
   
120,305
     
132,332
 
Total current liabilities
   
289,127
     
298,496
 
Long-term debt, net of current maturities
   
280,122
     
480,472
 
Less unamortized discount and debt issuance costs
   
(1,413
)
   
(7,266
)
  Net long-term debt
   
278,709
     
473,206
 
Deferred income taxes
   
19,204
     
15,630
 
Other long-term liabilities
   
9,379
     
14,350
 
Claims and insurance accruals, long-term
   
55,855
     
56,713
 
Commitments and contingencies:
               
Redeemable restricted units
   
-
     
3,281
 
Stockholder's Equity (Deficit):
               
  Common Stock
   
483
     
64
 
Additional paid-in capital
   
250,920
     
1
 
Accumulated deficit
   
(24,331
)
   
(43,459
)
Stockholder’s equity (deficit)
   
227,072
     
(43,394
)
Noncontrolling interest
   
3,261
     
2,289
 
  Total stockholder's equity (deficit)
   
230,333
     
(41,105
)
  Total liabilities, redeemable restricted units and stockholder's equity
 
$
882,607
   
$
820,571
 
 
 
8

Condensed Consolidated Cash Flow Statements (unaudited)
   
Nine Months Ended September 30,
 
(in thousands)
 
2018
   
2017
 
Operating activities
           
Net income (loss)
 
$
18,875
   
$
(13,464
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
  Early extinguishment of debt
   
7,753
     
-
 
  Equity in loss of affiliated companies
   
250
     
1,160
 
  Gain on life insurance proceeds
   
(4,000
)
   
-
 
  Deferred income tax provision (benefit)
   
3,458
     
(7,920
)
  Provision for losses on receivables
   
92
     
-
 
  Depreciation and amortization
   
68,687
     
68,119
 
  Losses on sale of property and equipment
   
4,709
     
903
 
  Share based compensation
   
1,356
     
381
 
  Original issue discount and deferred financing amortization
   
1,559
     
2,209
 
  Interest paid-in-kind
   
(7,516
)
   
953
 
  Purchase commitment interest expense (income)
   
8
     
(614
)
  Changes in operating assets and liabilities
               
Receivables
   
(30,102
)
   
(21,543
)
Prepaid insurance and licenses
   
(9,754
)
   
(6,069
)
Operating supplies
   
(96
)
   
135
 
Other assets
   
(4,190
)
   
(1,928
)
Accounts payable and other accrued liabilities
   
(11,531
)
   
9,618
 
Accrued wages and benefits
   
5,304
     
1,579
 
Net cash provided by operating activities
   
44,862
     
33,519
 
Investing activities
               
Payments for purchases of property and equipment
   
(125,556
)
   
(234,372
)
Proceeds from sales of property and equipment
   
36,915
     
25,516
 
Acquisition of business
   
-
     
(2,219
)
Other
   
(500
)
   
(758
)
Net cash used in investing activities
   
(89,141
)
   
(211,833
)
Financing activities
               
Borrowings under lines of credit
   
219,332
     
300,327
 
Payments under lines of credit
   
(248,665
)
   
(266,408
)
Borrowings under long-term debt
   
289,943
     
224,260
 
Payments of long-term debt
   
(464,375
)
   
(85,065
)
Payments of financing costs and original issue discount
   
(4,162
)
   
(461
)
Proceeds from issuance of 16,668,000 shares, net of expenses
   
246,685
     
-
 
Payments of long-term consideration for business acquisition
   
(1,010
)
   
-
 
Repurchase of membership units
   
(217
)
   
(400
)
Book overdraft
   
3,626
     
5,053
 
Net cash provided by financing activities
   
41,157
     
177,306
 
Net change in cash and cash equivalents
   
(3,122
)
   
(1,008
)
Cash and cash equivalents
               
Beginning of year
   
9,232
     
3,278
 
End of year
 
$
6,110
   
$
2,270
 
 
 
9

Key Operating Factors & Truckload Statistics (unaudited)
                                     
   
Quarter Ended September 30,
   
%
   
Nine Months Ended September 30,
   
%
 
   
2018
   
2017
   
Change
   
2018
   
2017
   
Change
 
Operating Revenue:
                                   
  Truckload1
 
$
348,827
   
$
314,124
     
11.0
%
 
$
1,021,591
   
$
909,279
     
12.4
%
  Fuel Surcharge
   
46,340
     
33,747
     
37.3
%
   
136,140
     
97,468
     
39.7
%
  Brokerage
   
65,060
     
42,255
     
54.0
%
   
177,962
     
117,405
     
51.6
%
Total Operating Revenue
 
$
460,227
   
$
390,126
     
18.0
%
 
$
1,335,693
   
$
1,124,152
     
18.8
%
                                                 
Operating Income:
                                               
  Truckload
 
$
19,857
   
$
10,496
     
89.2
%
 
$
50,950
   
$
15,493
     
228.9
%
  Brokerage
 
$
3,035
   
$
1,038
   
nm
   
$
6,814
   
$
658
   
nm
 
   
$
22,892
   
$
11,534
     
98.5
%
 
$
57,764
   
$
16,151
     
257.6
%
                                                 
Operating Ratio:
                                               
  Operating Ratio
   
95.0
%
   
97.0
%
   
-2.1
%
   
95.7
%
   
98.6
%
   
-2.9
%
  Adjusted Operating Ratio2
   
94.5
%
   
96.8
%
   
-2.4
%
   
94.6
%
   
98.2
%
   
-3.6
%
                                                 
  Truckload Operating Ratio
   
95.0
%
   
97.0
%
   
-2.1
%
   
95.6
%
   
98.5
%
   
-2.9
%
  Adjusted Truckload Operating Ratio2
   
94.3
%
   
96.7
%
   
-2.4
%
   
94.4
%
   
98.0
%
   
-3.7
%
  Brokerage Operating Ratio
   
95.3
%
   
97.5
%
   
-2.3
%
   
96.2
%
   
99.4
%
   
-3.3
%
                                                 
Truckload Statistics:3
                                               
Revenue Per Mile1
 
$
2.156
   
$
1.938
     
11.2
%
 
$
2.104
   
$
1.903
     
10.6
%
                                                 
Average Tractors -
                                               
     Company Owned
   
4,704
     
5,431
     
-13.4
%
   
4,938
     
5,455
     
-9.5
%
     Owner Operators
   
1,497
     
774
     
93.4
%
   
1,314
     
747
     
75.9
%
Total Average Tractors
   
6,201
     
6,205
     
-0.1
%
   
6,252
     
6,202
     
0.8
%
                                                 
Average Revenue Miles Per Tractor
  Per Week
   
1,802
     
1,839
     
-2.0
%
   
1,810
     
1,824
     
-0.8
%
                                                 
Average Revenue Per Tractor
  Per Week1
 
$
3,885
   
$
3,564
     
9.0
%
 
$
3,808
   
$
3,473
     
9.6
%
                                                 
Total Miles
   
160,158
     
163,953
     
-2.3
%
   
484,224
     
484,882
     
-0.1
%
                                                 
Total Company Miles
   
119,068
     
140,559
     
-15.3
%
   
374,601
     
418,273
     
-10.4
%
                                                 
Total Independent Contractor Miles
   
41,090
     
23,394
     
75.6
%
   
109,623
     
66,609
     
64.6
%
                                                 
Independent Contractor fuel surcharge
   
11,475
     
4,798
     
139.2
%
   
29,945
     
13,440
     
122.8
%
                                                 
1 Excluding fuel surcharge revenues
                                         
2 See GAAP to non-GAAP reconciliation in the schedules following this release
                 
3 Excludes revenue, miles and tractors for services performed in Mexico.
                         
 
 
10

Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                         
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands)
 
2018
   
2017
   
2018
   
2017
 
GAAP Presentation:
                       
Total revenue
 
$
460,227
   
$
390,126
   
$
1,335,693
   
$
1,124,152
 
Total operating expenses
   
(437,335
)
   
(378,592
)
   
(1,277,929
)
   
(1,108,001
)
Operating Income
 
$
22,892
   
$
11,534
   
$
57,764
   
$
16,151
 
   Operating ratio
   
95.0
%
   
97.0
%
   
95.7
%
   
98.6
%
                                 
Non-GAAP Presentation
                               
Total revenue
 
$
460,227
   
$
390,126
   
$
1,335,693
   
$
1,124,152
 
Fuel surcharge
   
(46,340
)
   
(33,747
)
   
(136,140
)
   
(97,468
)
  Revenue, excluding fuel surcharge
   
413,887
     
356,379
     
1,199,553
     
1,026,684
 
                                 
Total operating expenses
   
437,335
     
378,592
     
1,277,929
     
1,108,001
 
Adjusted for:
                               
Fuel surcharge
   
(46,340
)
   
(33,747
)
   
(136,140
)
   
(97,468
)
Fuel purchase arrangements
   
-
     
-
     
-
     
(2,361
)
IPO-related costs1
   
-
     
-
     
(6,437
)
   
-
 
  Adjusted operating expenses
   
390,995
     
344,845
     
1,135,352
     
1,008,172
 
  Adjusted Operating Income
 
$
22,892
   
$
11,534
   
$
64,201
   
$
18,512
 
  Adjusted operating ratio
   
94.5
%
   
96.8
%
   
94.6
%
   
98.2
%
                                 
Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                                 
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands)
   
2018
     
2017
     
2018
     
2017
 
Truckload GAAP Presentation:
                               
Total Truckload revenue
 
$
395,167
   
$
347,871
   
$
1,157,731
   
$
1,006,747
 
Total Truckload operating expenses
   
(375,310
)
   
(337,375
)
   
(1,106,781
)
   
(991,254
)
  Truckload Operating Income
 
$
19,857
   
$
10,496
   
$
50,950
   
$
15,493
 
  Truckload Operating ratio
   
95.0
%
   
97.0
%
   
95.6
%
   
98.5
%
                                 
Truckload Non-GAAP Presentation
                               
Total Truckload revenue
 
$
395,167
   
$
347,871
   
$
1,157,731
   
$
1,006,747
 
Fuel surcharge
   
(46,340
)
   
(33,747
)
   
(136,140
)
   
(97,468
)
  Revenue, excluding fuel surcharge
   
348,827
     
314,124
     
1,021,591
     
909,279
 
                                 
Total Truckload operating expenses
   
375,310
     
337,375
     
1,106,781
     
991,254
 
Adjusted for:
                               
Fuel surcharge
   
(46,340
)
   
(33,747
)
   
(136,140
)
   
(97,468
)
Fuel purchase arrangements
   
-
     
-
     
-
     
(2,361
)
IPO-related costs1
   
-
     
-
     
(6,437
)
   
-
 
  Truckload Adjusted operating expenses
   
328,970
     
303,628
     
964,204
     
891,425
 
  Truckload Adjusted Operating Income
 
$
19,857
   
$
10,496
   
$
57,387
   
$
17,854
 
  Truckload Adjusted operating ratio
   
94.3
%
   
96.7
%
   
94.4
%
   
98.0
%
                                 
1 During the second quarter, we incurred one time expenses for the IPO related to pay out of our SAR program and deal bonuses totaling $6,437.
 
 
11

Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
                         
   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands, except per share data)
 
2018
   
2017
   
2018
   
2017
 
GAAP: Net Income (Loss) attributable to controlling interest
 
$
16,129
   
$
(675
)
 
$
17,903
   
$
(13,559
)
Adjusted for:
                               
Income tax benefit
   
1,679
     
(1,008
)
   
1,081
     
(7,203
)
   Income (loss) before income taxes attributable to controlling interest
 
$
17,808
   
$
(1,683
)
 
$
18,984
   
$
(20,762
)
Fuel purchase arrangements
   
-
     
-
     
-
     
2,361
 
Debt extinguishment costs in conjunction with IPO1
   
-
     
-
     
7,753
     
-
 
IPO-related costs2
   
-
     
-
     
6,437
     
-
 
   Adjusted income (loss) before income taxes
   
17,808
     
(1,683
)
   
33,174
     
(18,401
)
Adjusted income tax provision (benefit)
   
1,679
     
(1,008
)
   
4,601
     
(6,317
)
  Non-GAAP: Adjusted Net Income (Loss)  attributable to controlling interest
 
$
16,129
   
$
(675
)
 
$
28,573
   
$
(12,084
)
                                 
GAAP: Earnings per diluted share
 
$
0.33
   
$
(0.11
)
 
$
0.76
   
$
(2.12
)
Adjusted for:
                               
Income tax (benefit) expense attributable to controlling interest
   
0.03
     
(0.16
)
   
0.05
     
(1.13
)
   Income (loss) before income taxes attributable to controlling interest
 
$
0.36
   
$
(0.26
)
 
$
0.80
   
$
(3.25
)
Fuel purchase arrangements
   
-
     
-
     
-
     
0.37
 
Debt extinguishment costs in conjunction with IPO1
   
-
     
-
     
0.33
     
-
 
IPO-related costs2
   
-
     
-
     
0.27
     
-
 
   Adjusted income (loss) before income taxes
   
0.36
     
(0.26
)
   
1.40
     
(2.88
)
Adjusted income tax provision (benefit)
   
0.03
     
(0.16
)
   
0.19
     
(0.99
)
  Non-GAAP: Adjusted Net Income (Loss)  attributable to controlling interest
 
$
0.33
   
$
(0.11
)
 
$
1.21
   
$
(1.89
)
                                 
1 In connection with the IPO, we recognized an early extinguishment of debt charge related to our then existing term loan.
         
2 During the second quarter, we incurred one time expenses for the IPO related to pay out of our SAR program and deal bonuses totaling $6,437.
         
 
12

The following information was filed by Us Xpress Enterprises Inc (USX) on Thursday, November 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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