Exhibit 99

U.S. Xpress Enterprises Reports Third Quarter 2020 Results

CHATTANOOGA, Tenn.--(BUSINESS WIRE) -- U.S. Xpress Enterprises, Inc. (NYSE: USX) (the “Company”) today announced results for the third quarter of 2020.


Third Quarter 2020 Financial Highlights

Operating revenue of $431.5 million compared to $428.5 million in the third quarter of 2019
Operating income of $15.9 million compared to $3.3 million in the third quarter of 2019
Operating ratio of 96.3% compared to 99.2% in the third quarter of 2019
Adjusted operating ratio1, a non-GAAP measure, of 96.1% compared to 99.2% in the third quarter of 2019
Truckload operating ratio improved 450 basis points to 94.6% from 99.1% in the third quarter of 2019
Net income attributable to controlling interest of $10.7 million, or $0.20 per diluted share, compared to a loss of $1.4 million in the third quarter of 2019, or a loss of $0.03 per diluted share
Third Quarter Financial Performance

   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Operating revenue
 
$
431,469
   
$
428,503
   
$
1,286,514
   
$
1,257,728
 
Revenue, excluding fuel surcharge
 
$
403,679
   
$
386,666
   
$
1,190,463
   
$
1,133,162
 
Operating income
 
$
15,891
   
$
3,282
   
$
28,500
   
$
24,707
 
Adjusted operating income1
 
$
15,891
   
$
3,282
   
$
28,500
   
$
28,637
 
Operating ratio
   
96.3
%
   
99.2
%
   
97.8
%
   
98.0
%
Adjusted operating ratio1
   
96.1
%
   
99.2
%
   
97.6
%
   
97.5
%
Net income attributable to controlling interest
 
$
10,696
   
$
(1,446
)
 
$
10,978
   
$
5,947
 
Adjusted net income attributable to controlling interest1
 
$
10,696
   
$
(1,446
)
 
$
12,978
   
$
8,736
 
Earnings per diluted share
 
$
0.20
   
$
(0.03
)
 
$
0.20
   
$
0.12
 
Adjusted earnings per diluted share1
 
$
0.20
   
$
(0.03
)
 
$
0.24
   
$
0.18
 

Eric Fuller, President and CEO, commented, “This is an exciting time at U.S. Xpress as we transform our business with the goal of delivering not only peer levels of profitability but also deploy an operating model that is being purposefully built to organically scale over time. Through the third quarter, we continued to scale our digital fleet, adding approximately 100 average tractors representing more than 25% sequential growth as compared with the second quarter.   The digital fleet business model, now branded as Variant, continues to prove out, maintaining a more than 20% advantage in utilization, an approximately 70% reduction in driver turnover, and substantially fewer accidents per million miles than the legacy Over-the-Road, or OTR, fleet. This provides real confidence in the scalability of our digital model as we work toward our goal of transitioning an additional 400 underperforming tractors in our legacy OTR solo fleet by the end of the first quarter of 2021 as part of our Phase 1 conversion of 900 tractors.”

Mr. Fuller continued, “Our third quarter truckload operating ratio improved to 94.6% or a 450 basis points improvement over the prior year. The improvement was tempered somewhat by a higher percentage of unseated trucks in our legacy OTR fleet due to increased competition for drivers and suspension of our student program during the second quarter, which contributed to an approximate 6% reduction in miles driven during the quarter. Looking forward, adjustments we have made over the past two months to our digital fleet recruiting program are beginning to deliver increased hiring momentum through October, contract rates are renewing at higher levels,  brokerage margins expanded as we exited the quarter, and our consolidated safety record is the best in the Company’s modern history.  We believe the efficiency and technology changes we are implementing are gaining momentum and position us to positively impact our profitability through next year.”

Enterprise Update

Operating revenue was $431.5 million, an increase of $3.0 million compared to the third quarter of 2019. The increase was primarily attributable to increased revenues in the Company’s Brokerage division of $9.9 million, an increase of $7.1 million in Truckload revenue, and decreased fuel surcharge revenues of $14.0 million. Excluding the impact of fuel surcharges, third quarter revenue increased $17.0 million to $403.7 million, an increase of 4.4% as compared to the prior year quarter.

Operating income for the third quarter of 2020 was $15.9 million which compares favorably to the $3.3 million in the third quarter of 2019. Operating ratio for the third quarter of 2020 was 96.3% compared to 99.2% in the prior year quarter.

Net income attributable to controlling interest for the third quarter of 2020 was $10.7 million compared to a loss of $1.4 million in the prior year quarter.  Earnings per diluted share were $0.20 for the third quarter of 2020 and adjusted earnings per diluted share1 were $0.20.
2

Truckload Segment

   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Over the road
                       
  Average revenue per tractor per week*
 
$
3,680
   
$
3,479
   
$
3,566
   
$
3,572
 
  Average revenue per mile*
 
$
2.047
   
$
1.910
   
$
1.921
   
$
1.949
 
  Average revenue miles per tractor per week
   
1,798
     
1,821
     
1,856
     
1,832
 
  Average tractors
   
3,684
     
3,785
     
3,781
     
3,671
 
Dedicated
                               
  Average revenue per tractor per week*
 
$
4,065
   
$
4,011
   
$
4,085
   
$
3,998
 
  Average revenue per mile*
 
$
2.353
   
$
2.408
   
$
2.360
   
$
2.367
 
  Average revenue miles per tractor per week
   
1,728
     
1,666
     
1,731
     
1,689
 
  Average tractors
   
2,710
     
2,748
     
2,717
     
2,693
 
Consolidated
                               
  Average revenue per tractor per week*
 
$
3,843
   
$
3,703
   
$
3,783
   
$
3,752
 
  Average revenue per mile*
 
$
2.173
   
$
2.109
   
$
2.097
   
$
2.118
 
  Average revenue miles per tractor per week
   
1,768
     
1,756
     
1,804
     
1,772
 
  Average tractors
   
6,394
     
6,533
     
6,498
     
6,364
 
* Excluding fuel surcharge revenues
                               

The Truckload segment achieved an operating ratio of 94.6% and an adjusted operating ratio1 of 94.1% for the third quarter of 2020, a 450 and 490 basis point improvement, respectively, compared to the operating ratio of 99.2% and the adjusted operating ratio1 of 99.0% achieved in the third quarter of 2019.  This improvement was primarily the result of higher rate per mile combined with lower claims expense and other costs as the Company continued to execute on its digital initiatives while maintaining a focus on reducing fixed and variable costs.

In the OTR division, average revenue per tractor per week increased 5.8% compared with the third quarter of 2019. Primarily the result of a 7.2% increase in average revenue per mile partially offset by a 1.3% decrease in revenue miles per tractor per week.

Mr. Fuller added, “The trucking environment shifted rapidly during the third quarter, which meaningfully impacted spot market rates, driver recruiting and retention costs, and seated truck count.  The impact on the third quarter was mixed.  Higher rates on the uncommitted portion of our OTR fleet helped drive higher revenue per truck and bodes well for contract renewals and bids over the next several quarters.  Because the vast majority of our fleet is under contracts, the expected benefit of higher rates will come over time.  However, the strong market caused immediate driver-related cost increases and more unseated trucks.   In essence, dramatically improved revenue across a relatively small portion of our fleet supported cost increases across the entire fleet.  Meanwhile, the benefits of our strategic shift away from student drivers led to higher unseated trucks in the near term, but also contributed to the best safety performance, as measured by reportable accidents per million miles, in recent memory and sequentially lower claims costs.  As the benefits of contract renewals, digital fleet growth, and safety experience compound over coming quarters, we expect the benefits to far outweigh the third quarter costs.”
3

The Dedicated division’s average revenue per tractor per week increased $54 per tractor per week, or 1.3%, compared to the third quarter of 2019 primarily a result of a 3.7% increase in revenue miles per tractor per week partially offset by a 2.3% reduction in average revenue per mile.

Mr. Fuller concluded, “Our Dedicated division continues to perform at record levels having delivered its sixth consecutive quarter of average revenue per tractor per week in excess of $4,000. We remain focused on organically growing the Dedicated division given the stability that the business provides through economic cycles.”

Digital Fleet (now branded as “Variant”) Conversion 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 100 average tractors to 500 tractors sequentially from the second quarter of 2020.  The Company also continues to see improved operating metrics compared to its legacy OTR fleet, including:

Utilization continues to track ~20% better
Turnover continues to track ~70% lower
Accidents per million miles continue to track ~30% lower
Brokerage Segment

   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
   
2020
   
2019
   
2020
   
2019
 
Brokerage revenue
 
$
55,970
   
$
46,036
   
$
152,475
   
$
131,737
 
Gross margin %
   
6.7
%
   
12.0
%
   
6.1
%
   
15.2
%
Load Count
   
38,779
     
36,634
     
123,205
     
100,154
 

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 $56.0 million in the third quarter of 2020 compared to $46.0 million in the third quarter of 2019, primarily as a result of increased revenue per load and to a lesser extent an increase in load count.  Brokerage operating loss was $4.5 million in the third quarter of 2020 as compared to an operating loss of $0.1 million in the year ago quarter.  The Company continues to work on sequentially improving margins in this division.

Liquidity and Capital Resources

At the end of the third quarter 2020, the Company had $154.9 million of liquidity (defined as cash plus availability under the Company’s revolving credit facility), $386.3 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $252.2 million of total stockholders' equity.
4

The Company expects its net capital expenditures to approximate $100 to $120 million for the full year of 2020, which includes an approximate $20 million transaction that carried over from the fourth quarter of 2019. Through September 30, 2020, net capital expenditures were $95.3 million including the carryover $20 million from 2019.

Outlook

The Company’s baseline assumptions for the balance of 2020 include a general sequential economic recovery that may be volatile nationally or by region at times, increasing inventory re-stocking, tight trucking capacity, and a relatively benign cost inflation outside of driver-related and insurance premium expenses.  These conditions are expected to continue to support spot market rates in excess of contract rates and a strengthening contract renewal environment over the next several quarters. Based on these assumptions, the Company expects its internal initiatives around digitization and cost management, combined with continued strength in Dedicated, to have U.S. Xpress well positioned to continue improving its margins through 2021.

Conference Call

The Company will hold a conference call to discuss its third quarter results at 5:00 p.m. (Eastern Time) on October 22, 2020.  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 2020 Earnings Conference Call. A replay will be available starting at 8:00 p.m. (Eastern Time) on October 22, 2020, and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The passcode for the replay is 13711865. The replay will be available until 11:59 p.m. (Eastern Time) on October 29, 2020.

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.
5

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

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.

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 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.

USX Financial

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)
   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands, except per share data)
 
2020
   
2019
   
2020
   
2019
 
Operating Revenue:
                       
Revenue, excluding fuel surcharge
 
$
403,679
   
$
386,666
   
$
1,190,463
   
$
1,133,162
 
Fuel surcharge
   
27,790
     
41,837
     
96,051
     
124,566
 
Total operating revenue
   
431,469
     
428,503
     
1,286,514
     
1,257,728
 
Operating Expenses:
                               
Salaries, wages and benefits
   
137,541
     
134,862
     
412,889
     
389,907
 
Fuel and fuel taxes
   
33,208
     
47,315
     
103,265
     
141,252
 
Vehicle rents
   
20,956
     
19,470
     
64,168
     
57,025
 
Depreciation and amortization, net of (gain) loss
   
25,785
     
26,684
     
77,871
     
74,498
 
Purchased transportation
   
125,997
     
122,433
     
373,117
     
349,017
 
Operating expense and supplies
   
33,927
     
36,147
     
101,249
     
104,744
 
Insurance premiums and claims
   
17,835
     
19,570
     
65,141
     
63,189
 
Operating taxes and licenses
   
3,359
     
3,533
     
10,756
     
10,112
 
Communications and utilities
   
2,187
     
2,209
     
6,895
     
6,659
 
Gain on sale of subsidiary
   
-
     
-
     
-
     
(670
)
General and other operating
   
14,783
     
12,998
     
42,663
     
37,288
 
Total operating expenses
   
415,578
     
425,221
     
1,258,014
     
1,233,021
 
Operating Income
   
15,891
     
3,282
     
28,500
     
24,707
 
Other Expenses (Income):
                               
Interest Expense, net
   
4,381
     
5,467
     
14,664
     
16,366
 
Equity in loss of affiliated companies
   
-
     
91
     
-
     
270
 
Other, net
   
-
     
-
     
2,000
     
26
 
     
4,381
     
5,558
     
16,664
     
16,662
 
Income Before Income Taxes
   
11,510
     
(2,276
)
   
11,836
     
8,045
 
Income Tax Provision
   
1,337
     
(813
)
   
1,867
     
1,503
 
Net Income (Loss)
   
10,173
     
(1,463
)
   
9,969
     
6,542
 
Net Income (Loss) attributable to non-controlling interest
   
(523
)
   
(17
)
   
(1,009
)
   
595
 
Net Income (Loss) attributable to controlling interest
 
$
10,696
   
$
(1,446
)
 
$
10,978
   
$
5,947
 
                                 
Income Per Share
                               
Basic earnings (loss) per share
 
$
0.22
   
$
(0.03
)
 
$
0.22
   
$
0.12
 
Basic weighted average shares outstanding
   
49,667
     
48,984
     
49,462
     
48,709
 
Diluted earnings (loss) per share
 
$
0.20
   
$
(0.03
)
 
$
0.20
   
$
0.12
 
Diluted weighted average shares outstanding
   
51,194
     
48,984
     
50,493
     
49,289
 
7

Condensed Consolidated Balance Sheets (unaudited)
   
September 30,
   
December 31,
 
(in thousands)
 
2020
   
2019
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
7,422
   
$
5,687
 
Customer receivables, net of allowance of $185 and $63, respectively
   
190,644
     
183,706
 
Other receivables
   
16,345
     
15,253
 
Prepaid insurance and licenses
   
23,073
     
11,326
 
Operating supplies
   
8,249
     
7,193
 
Assets held for sale
   
25,623
     
17,732
 
Other current assets
   
16,405
     
15,831
 
Total current assets
   
287,761
     
256,728
 
Property and equipment, at cost
   
900,719
     
880,101
 
Less accumulated depreciation and amortization
   
(397,263
)
   
(388,318
)
Net property and equipment
   
503,456
     
491,783
 
Other assets:
               
Operating lease right-of-use assets
   
280,687
     
276,618
 
Goodwill
   
59,221
     
57,708
 
Intangible assets, net
   
25,938
     
27,214
 
Other
   
33,979
     
30,058
 
Total other assets
   
399,825
     
391,598
 
Total assets
 
$
1,191,042
   
$
1,140,109
 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
77,646
   
$
68,918
 
Book overdraft
   
-
     
1,313
 
Accrued wages and benefits
   
32,095
     
24,110
 
Claims and insurance accruals
   
51,571
     
51,910
 
Other accrued liabilities
   
7,483
     
9,127
 
Current portion of operating leases
   
74,357
     
69,866
 
Current maturities of long-term debt and finance leases
   
111,232
     
80,247
 
Total current liabilities
   
354,384
     
305,491
 
Long-term debt and finance leases, net of current maturities
   
282,453
     
315,797
 
Less debt issuance costs
   
(325
)
   
(1,223
)
Net long-term debt and finance leases
   
282,128
     
314,574
 
Deferred income taxes
   
22,236
     
20,692
 
Other long-term liabilities
   
18,710
     
5,249
 
Claims and insurance accruals, long-term
   
55,174
     
56,910
 
Noncurrent operating lease liability
   
206,190
     
206,357
 
Commitments and contingencies
   
-
     
-
 
Stockholders' Equity:
               
Common Stock
   
496
     
490
 
Additional paid-in capital
   
260,365
     
250,700
 
Accumulated deficit
   
(10,004
)
   
(20,982
)
Stockholders' equity
   
250,857
     
230,208
 
Noncontrolling interest
   
1,363
     
628
 
Total stockholders' equity
   
252,220
     
230,836
 
Total liabilities and stockholders' equity
 
$
1,191,042
   
$
1,140,109
 
8

Condensed Consolidated Cash Flow Statements (unaudited)
   
Nine Months Ended September 30,
 
(in thousands)
 
2020
   
2019
 
Operating activities
           
Net income
 
$
9,969
   
$
6,542
 
Adjustments to reconcile net income to net cash provided by operating activities:
         
Deferred income tax provision
   
1,543
     
1,018
 
Depreciation and amortization
   
68,104
     
68,813
 
Losses on sale of property and equipment
   
9,767
     
5,685
 
Share based compensation
   
3,421
     
2,810
 
Other
   
3,186
     
783
 
Gain on sale of subsidiary
   
-
     
(670
)
Changes in operating assets and liabilities
               
Receivables
   
(8,354
)
   
(5,650
)
Prepaid insurance and licenses
   
(11,747
)
   
(12,189
)
Operating supplies
   
(204
)
   
(443
)
Other assets
   
(3,047
)
   
(4,800
)
Accounts payable and other accrued liabilities
   
21,413
     
22,076
 
Accrued wages and benefits
   
7,863
     
(729
)
Net cash provided by operating activities
   
101,914
     
83,246
 
Investing activities
               
Payments for purchases of property and equipment
   
(129,582
)
   
(127,899
)
Proceeds from sales of property and equipment
   
36,192
     
33,301
 
Other
   
(1,880
)
   
(2,000
)
Proceeds from sale of subsidiary, net of cash
   
-
     
(6,432
)
Net cash used in investing activities
   
(95,270
)
   
(103,030
)
Financing activities
               
Borrowings under lines of credit
   
231,254
     
56,200
 
Payments under lines of credit
   
(231,254
)
   
(53,300
)
Borrowings under long-term debt
   
228,981
     
78,803
 
Payments of long-term debt and finance leases
   
(231,340
)
   
(73,472
)
Payments of financing costs
   
(1,391
)
   
(170
)
Net proceeds from issuance of common stock under ESPP
   
851
     
349
 
Tax withholding related to net share settlement of restricted stock awards
   
(135
)
   
(44
)
Purchase of noncontrolling interest
   
-
     
(8,659
)
Payments of long-term consideration for business acquisition
   
(1,000
)
   
(990
)
Proceeds from long-term consideration for sale of subsidiary
   
438
     
-
 
Book overdraft
   
(1,313
)
   
3,833
 
Net cash (used in) provided by financing activities
   
(4,909
)
   
2,550
 
Change in cash balances of assets held for sale
   
-
     
11,784
 
Net change in cash and cash equivalents
   
1,735
     
(5,450
)
Cash and cash equivalents
               
Beginning of year
   
5,687
     
9,892
 
End of period
 
$
7,422
   
$
4,442
 
9

Key Operating Factors & Truckload Statistics (unaudited)
                                     
   
Quarter Ended
September 30,
   
%
   
Nine Months Ended
September 30,
   
%
 
   
2020
   
2019
   
Change
   
2020
   
2019
   
Change
 
Operating Revenue:
                                   
Truckload1
 
$
347,709
   
$
340,630
     
2.1
%
 
$
1,037,988
   
$
1,001,425
     
3.7
%
Fuel Surcharge
   
27,790
     
41,837
     
-33.6
%
   
96,051
     
124,566
     
-22.9
%
Brokerage
   
55,970
     
46,036
     
21.6
%
   
152,475
     
131,737
     
15.7
%
Total Operating Revenue
 
$
431,469
   
$
428,503
     
0.7
%
 
$
1,286,514
   
$
1,257,728
     
2.3
%
                                                 
Operating Income (Loss):
                                               
Truckload
 
$
20,407
   
$
3,345
     
510.1
%
 
$
42,035
   
$
20,689
     
103.2
%
Brokerage
 
$
(4,516
)
 
$
(63
)
   
n/
m
 
$
(13,535
)
 
$
4,018
     
n/
m
   
$
15,891
   
$
3,282
     
384.2
%
 
$
28,500
   
$
24,707
     
15.4
%
                                                 
Operating Ratio:
                                               
Operating Ratio
   
96.3
%
   
99.2
%
   
-2.9
%
   
97.8
%
   
98.0
%
   
-0.2
%
Adjusted Operating Ratio2
   
96.1
%
   
99.2
%
   
-3.1
%
   
97.6
%
   
97.5
%
   
0.1
%
                                                 
Truckload Operating Ratio
   
94.6
%
   
99.1
%
   
-4.5
%
   
96.3
%
   
98.2
%
   
-1.9
%
Adjusted Truckload Operating Ratio2
   
94.1
%
   
99.0
%
   
-4.9
%
   
96.0
%
   
97.5
%
   
-1.6
%
Brokerage Operating Ratio
   
108.1
%
   
100.1
%
   
8.0
%
   
108.9
%
   
96.9
%
   
12.4
%
                                                 
Truckload Statistics:
                                               
Revenue Per Mile1
 
$
2.173
   
$
2.109
     
3.0
%
 
$
2.097
   
$
2.118
     
-1.0
%
                                                 
Average Tractors -
                                               
     Company Owned
   
4,700
     
4,692
     
0.2
%
   
4,741
     
4,639
     
2.2
%
     Owner Operators
   
1,694
     
1,841
     
-8.0
%
   
1,757
     
1,725
     
1.9
%
Total Average Tractors
   
6,394
     
6,533
     
-2.1
%
   
6,498
     
6,364
     
2.1
%
                                                 
Average Revenue Miles Per Tractor
Per Week
   
1,768
     
1,756
     
0.7
%
   
1,804
     
1,772
     
1.8
%
                                                 
Average Revenue Per Tractor
Per Week1
 
$
3,843
   
$
3,703
     
3.8
%
 
$
3,783
   
$
3,752
     
0.8
%
                                                 
Total Miles
   
165,206
     
168,153
     
-1.8
%
   
510,220
     
487,354
     
4.7
%
                                                 
Total Company Miles
   
119,014
     
118,374
     
0.5
%
   
362,882
     
346,499
     
4.7
%
                                                 
Total Independent Contractor Miles
   
46,192
     
49,779
     
-7.2
%
   
147,338
     
140,855
     
4.6
%
                                                 
Independent Contractor fuel surcharge
 
$
6,838
   
$
11,874
     
-42.4
%
 
$
25,360
   
$
34,587
     
-26.7
%
                                                 
1 Excluding fuel surcharge revenues
                                         
2 See GAAP to non-GAAP reconciliation in the schedules following this release
                 
10

Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
                         
   
Quarter Ended
September 30,
   
Nine Months Ended
September 30,
 
(in thousands, except per share data)
 
2020
   
2019
   
2020
   
2019
 
GAAP: Net income attributable to controlling interest
 
$
10,696
   
$
(1,446
)
 
$
10,978
   
$
5,947
 
Adjusted for:
                               
Income tax provision
   
1,337
     
(813
)
   
1,867
     
1,503
 
Income before income taxes attributable to controlling interest
 
$
12,033
   
$
(2,259
)
 
$
12,845
   
$
7,450
 
Loss on sale of equity method investments1
   
-
     
-
     
2,000
     
-
 
Mexico transition costs2
   
-
     
-
     
-
     
4,600
 
Gain on sale of subsidiary3
   
-
     
-
     
-
     
(670
)
Adjusted income before income taxes
   
12,033
     
(2,259
)
   
14,845
     
11,380
 
Adjusted income tax provision
   
1,337
     
(813
)
   
1,867
     
2,644
 
Non-GAAP: Adjusted net income attributable to controlling interest
 
$
10,696
   
$
(1,446
)
 
$
12,978
   
$
8,736
 
                                 
GAAP: Earnings per diluted share
 
$
0.20
   
$
(0.03
)
 
$
0.20
   
$
0.12
 
Adjusted for:
                               
Income tax expense attributable to controlling interest
   
0.03
     
(0.02
)
   
0.04
     
0.03
 
Income before income taxes attributable to controlling interest
 
$
0.23
   
$
(0.05
)
 
$
0.24
   
$
0.15
 
Loss on sale of equity method investments1
   
-
     
-
     
0.04
     
-
 
Mexico transition costs2
   
-
     
-
     
-
     
0.09
 
Gain on sale of subsidiary3
   
-
     
-
     
-
     
(0.01
)
Adjusted income before income taxes
   
0.23
     
(0.05
)
   
0.28
     
0.23
 
Adjusted income tax provision
   
0.03
     
(0.02
)
   
0.04
     
0.05
 
Non-GAAP: Adjusted net income attributable to controlling interest
 
$
0.20
   
$
(0.03
)
 
$
0.24
   
$
0.18
 
                                 
1During the first quarter of 2020, we incurred loss on sale related to an equity method investment in a former wholly owned subsidiary
 
2 During the second quarter and six months ended June 30, 2019, we incurred expenses related to the exit of our Mexico business totaling $1,200 and $4,600
 
3During the second quarter of 2019, we recognized a gain on the sale of our Mexico business
 
11

Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                         
   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands)
 
2020
   
2019
   
2020
   
2019
 
GAAP Presentation:
                       
Total revenue
 
$
431,469
   
$
428,503
   
$
1,286,514
   
$
1,257,728
 
Total operating expenses
   
(415,578
)
   
(425,221
)
   
(1,258,014
)
   
(1,233,021
)
Operating income
 
$
15,891
   
$
3,282
   
$
28,500
   
$
24,707
 
Operating ratio
   
96.3
%
   
99.2
%
   
97.8
%
   
98.0
%
                                 
Non-GAAP Presentation
                               
Total revenue
 
$
431,469
   
$
428,503
   
$
1,286,514
   
$
1,257,728
 
Fuel surcharge
   
(27,790
)
   
(41,837
)
   
(96,051
)
   
(124,566
)
Revenue, excluding fuel surcharge
   
403,679
     
386,666
     
1,190,463
     
1,133,162
 
                                 
Total operating expenses
   
415,578
     
425,221
     
1,258,014
     
1,233,021
 
Adjusted for:
                               
Fuel surcharge
   
(27,790
)
   
(41,837
)
   
(96,051
)
   
(124,566
)
Mexico transition costs1
   
-
     
-
     
-
     
(4,600
)
Gain on sale of subsidiary2
   
-
     
-
     
-
     
670
 
Adjusted operating expenses
   
387,788
     
383,384
     
1,161,963
     
1,104,525
 
Adjusted Operating Income
 
$
15,891
   
$
3,282
   
$
28,500
   
$
28,637
 
Adjusted operating ratio
   
96.1
%
   
99.2
%
   
97.6
%
   
97.5
%
                                 
1 During the second quarter and six months ended June 30, 2019, we incurred expenses related to the exit of our Mexico business totaling $1,200 and $4,600
 
2During the second quarter of 2019, we recognized a gain on the sale of our Mexico business
 

Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                         
   
Quarter Ended September 30,
   
Nine Months Ended September 30,
 
(in thousands)
 
2020
   
2019
   
2020
   
2019
 
Truckload GAAP Presentation:
                       
Total Truckload revenue
 
$
375,499
   
$
382,467
   
$
1,134,039
   
$
1,125,991
 
Total Truckload operating expenses
   
(355,092
)
   
(379,122
)
   
(1,092,004
)
   
(1,105,302
)
Truckload operating income
 
$
20,407
   
$
3,345
   
$
42,035
   
$
20,689
 
Truckload operating ratio
   
94.6
%
   
99.1
%
   
96.3
%
   
98.2
%
                                 
Truckload Non-GAAP Presentation
                               
Total Truckload revenue
 
$
375,499
   
$
382,467
   
$
1,134,039
   
$
1,125,991
 
Fuel surcharge
   
(27,790
)
   
(41,837
)
   
(96,051
)
   
(124,566
)
Revenue, excluding fuel surcharge
   
347,709
     
340,630
     
1,037,988
     
1,001,425
 
                                 
Total Truckload operating expenses
   
355,092
     
379,122
     
1,092,004
     
1,105,302
 
Adjusted for:
                               
Fuel surcharge
   
(27,790
)
   
(41,837
)
   
(96,051
)
   
(124,566
)
Mexico transition costs1
   
-
     
-
     
-
     
(4,600
)
Gain on sale of subsidiary2
   
-
     
-
     
-
     
670
 
Truckload Adjusted operating expenses
   
327,302
     
337,285
     
995,953
     
976,806
 
Truckload Adjusted operating income
 
$
20,407
   
$
3,345
   
$
42,035
   
$
24,619
 
Truckload Adjusted operating ratio
   
94.1
%
   
99.0
%
   
96.0
%
   
97.5
%
                                 
1 During the second quarter and six months ended June 30, 2019, we incurred expenses related to the exit of our Mexico business totaling $1,200 and $4,600
 
2During the second quarter of 2019, we recognized a gain on the sale of our Mexico business
 


12

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