Exhibit 99

U.S. Xpress Enterprises, Inc. Reports Third Quarter 2019 Results

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- U.S. Xpress Enterprises, Inc. (NYSE:USX) (the “Company”) today announced results for the third quarter of 2019.


Third Quarter 2019 Highlights

Operating revenue of $428.5 million compared to $460.2 million in the third quarter of 2018
Operating income of $3.3 million compared to $22.9 million in the third quarter of 2018
Operating ratio of 99.2% compared to 95.0% in the third quarter of 2018
Net loss attributable to controlling interest of $1.4 million, or $0.03 per diluted share, compared to Net Income of $16.1 million in the third quarter of 2018

Third Quarter Financial Performance

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Operating revenue
 
$
428,503
   
$
460,227
   
$
1,257,728
   
$
1,335,693
 
Revenue, excluding fuel surcharge
 
$
386,666
   
$
413,887
   
$
1,133,162
   
$
1,199,553
 
Operating income
 
$
3,282
   
$
22,892
   
$
24,707
   
$
57,764
 
Adjusted operating income1
 
$
3,282
   
$
22,892
   
$
28,637
   
$
64,201
 
Operating ratio
   
99.2
%
   
95.0
%
   
98.0
%
   
95.7
%
Adjusted operating ratio1
   
99.2
%
   
94.5
%
   
97.5
%
   
94.6
%
Net income (loss) attributable to controlling interest
 
$
(1,446
)
 
$
16,129
   
$
5,947
   
$
17,903
 
Adjusted net income (loss) attributable to controlling interest1
 
$
(1,446
)
 
$
16,129
   
$
8,736
   
$
28,573
 
Earnings (losses) per diluted share
 
$
(0.03
)
 
$
0.33
   
$
0.12
   
$
0.76
 
Adjusted earnings (losses) per diluted share1
 
$
(0.03
)
 
$
0.33
   
$
0.18
   
$
1.22
 

Eric Fuller, President and CEO, commented, “The third quarter was marked by continued industry-wide overcapacity of tractors in relation to freight demand. This overcapacity continued to pressure our revenue per mile as well as our ability to optimize equipment utilization, particularly in the non-contracted spot portions of our Over-the-Road Truckload operations.  We believe the pricing environment was further impacted by unprecedented and unsustainable rate competition from digital freight brokers.”

Mr. Fuller continued, “Similar to the second quarter of 2019, the majority of our Truckload segment made progress as average revenue per mile increased 5.6% in our dedicated business and 2.6% in our contracted over the road business, which together cover approximately 85% of our Truckload segment revenue.  However, pricing in our non-contracted, or USX Spot business, deteriorated sequentially and was down more than 35% versus the third quarter of 2018, while gross margin in our Brokerage business declined 160 basis points.  While we are clearly not satisfied with our results, we are encouraged by the operational improvements that we are driving across our organization and are optimistic that they will more visibly evidence themselves in our financial results through next year.”
Enterprise Update

Operating revenue was $428.5 million, a decrease of $31.7 million compared to the third quarter of 2018. Excluding revenue from the Company’s Mexico operations which were discontinued in January 2019, operating revenue decreased $18.3 million. The decrease was primarily attributable to a decrease of $19.0 million in Brokerage revenue.

Operating income for the third quarter of 2019 was $3.3 million compared to $22.9 million in the third quarter of 2018. Operating ratio for the third quarter of 2019 was 99.2% compared to 95.0% in the prior year quarter.

Net loss attributable to controlling interest for the third quarter of 2019 was $1.4 million compared to Net Income of $16.1 million in the prior year quarter.

Truckload Segment

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Over the road
                       
  Average revenue per tractor per week*
 
$
3,479
   
$
3,957
   
$
3,572
   
$
3,917
 
  Average revenue per mile*
 
$
1.910
   
$
2.072
   
$
1.949
   
$
2.022
 
  Average revenue miles per tractor per week
   
1,821
     
1,910
     
1,832
     
1,937
 
  Average tractors
   
3,785
     
3,511
     
3,671
     
3,574
 
Dedicated
                               
  Average revenue per tractor per week*
 
$
4,011
   
$
3,791
   
$
3,998
   
$
3,663
 
  Average revenue per mile*
 
$
2.408
   
$
2.281
   
$
2.367
   
$
2.234
 
  Average revenue miles per tractor per week
   
1,666
     
1,662
     
1,689
     
1,640
 
  Average tractors
   
2,748
     
2,690
     
2,693
     
2,678
 
Consolidated
                               
  Average revenue per tractor per week*
 
$
3,703
   
$
3,885
   
$
3,752
   
$
3,808
 
  Average revenue per mile*
 
$
2.109
   
$
2.156
   
$
2.118
   
$
2.104
 
  Average revenue miles per tractor per week
   
1,756
     
1,802
     
1,772
     
1,810
 
  Average tractors
   
6,533
     
6,201
     
6,364
     
6,252
 
* Excluding fuel surcharge revenues
                               
The above table excludes revenue, miles and tractors for services performed in Mexico.
                 

Mr. Fuller said, “While the severe decline in USX Spot rates pressured our OTR results, contract rates grew low single digits in the quarter. Our Dedicated division continued to perform at record levels by achieving more than $4,000 per tractor per week for the second consecutive quarter. The initiatives put in place to improve the division’s execution are driving these strong results and the outlook for Dedicated remains strong as rates grew more than 5% in the quarter.”

2


Mr. Fuller added, “As we execute across a broad range of initiatives designed to improve our performance, we are encouraged by the early results that we are seeing as a result of our redesigned driver training facilities, the first of which opened in January. Driver turnover for those who have completed the training has started to decline which partially contributed to our OTR tractor growth this quarter. We are cautiously optimistic that this positive trend will continue as we update our driver training facilities across the country. We are also encouraged by our progress toward our goal of achieving the frictionless order which we expect to enhance end to end data quality with the focus on improving our operational execution and our drivers’ day to day experience.”

In the Over-the-Road division, average revenue per tractor per week declined 12.1% compared with the third quarter of 2018. Average revenue per mile decreased 7.8% compared with the 2018 quarter, while average revenue miles per tractor per week decreased 4.7%.  The impact on average revenue per tractor per week was a result of the less favorable freight environment.

The Dedicated division’s average revenue per tractor per week increased 5.8% compared to the third quarter of 2018. The increase was primarily the result of a 5.6% increase in average revenue per mile. We continue to see consistent results in our Dedicated division despite the current adverse market conditions.

Brokerage Segment

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Brokerage revenue
 
$
46,036
   
$
65,060
   
$
131,737
   
$
177,962
 
Gross margin %
   
12.0
%
   
13.6
%
   
15.2
%
   
13.3
%
Load Count
   
36,634
     
42,891
     
100,154
     
124,276
 

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 decreased to $46.0 million in the third quarter of 2019 compared to $65.1 million in the third quarter of 2018, on fewer loads and decreased revenue per load.  Brokerage operating loss was $0.1 million in the third quarter of 2019 as compared to operating income of $3.0 million in the year ago quarter.

Liquidity and Capital Resources

As of September 30, 2019, we had $119.2 million of liquidity (defined as cash plus availability under the Company’s revolving credit facility), $434.2 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $238.8 million of total stockholders' equity. Year to date capital expenditures, net of proceeds, related primarily to tractors and trailers were $103.0 million through September 30, 2019, excluding equipment financed under operating leases.

3


Outlook

The Company previously issued guidance of a 95.5% to 97.5% adjusted operating ratio for calendar 2019, with the upper end assuming market conditions remained consistent with July’s conditions. Sequential deterioration in the Company’s Over-the-Road average revenue per mile and Brokerage gross margin more than offset an increase in Dedicated average revenue per mile.  If current market conditions persist through the end of the year, management would expect the Company’s full year adjusted operating ratio to exceed 97.5%.   To provide additional context, the Company’s adjusted operating ratio for the full year would approximate 98.5% if the current market environment experienced through October persists through year-end.

Conference Call

The Company will hold a conference call to discuss its third quarter results at 8:00 a.m. (Eastern Time) on November 1, 2019.  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 2019 Earnings Conference Call. A replay will be available starting at 11:00 a.m. (Eastern Time) on November 1, 2019, and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The passcode for the replay is 13695252. The replay will be available until 11:59 p.m. (Eastern Time) on November 8, 2019.

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.

4


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,” “target,” “optimistic,” “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 in the "Outlook" section, statements regarding the freight environment, expected adjusted operating ratio, the expected impact of our driver, frictionless order and other initiatives, , and any other 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); 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; in relation to exiting our fixed cost investment in U.S.-Mexico cross border business, the actual costs of severance, leased vehicle turn-in, equipment repositioning, and other expenses associated with exiting the operations; the impact of supply and demand on availability and pricing of replacement loads for tractors in our U.S. network; the prices obtained for assets being disposed of; and the timing and amount of deferred consideration collected; our ability to adapt to changing market conditions and technologies; 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 arising out of our IPO; and our ability to remediate several outstanding material weaknesses. 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.

5

Condensed Consolidated Income Statements (unaudited)
   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
(in thousands, except per share data)
 
2019
   
2018
   
2019
   
2018
 
Operating Revenue:
                       
Revenue, excluding fuel surcharge
 
$
386,666
   
$
413,887
   
$
1,133,162
   
$
1,199,553
 
Fuel surcharge
   
41,837
     
46,340
     
124,566
     
136,140
 
Total operating revenue
   
428,503
     
460,227
     
1,257,728
     
1,335,693
 
Operating Expenses:
                               
Salaries, wages and benefits
   
134,887
     
128,117
     
389,971
     
400,742
 
Fuel and fuel taxes
   
47,460
     
57,423
     
141,738
     
173,516
 
Vehicle rents
   
19,470
     
19,497
     
57,025
     
58,912
 
Depreciation and amortization, net of (gain) loss
   
26,684
     
24,541
     
74,498
     
73,396
 
Purchased transportation
   
122,433
     
129,732
     
349,017
     
350,189
 
Operating expense and supplies
   
29,525
     
30,538
     
87,438
     
89,402
 
Insurance premiums and claims
   
19,570
     
25,128
     
63,189
     
64,463
 
Operating taxes and licenses
   
3,533
     
3,522
     
10,112
     
10,432
 
Communications and utilities
   
2,209
     
2,258
     
6,659
     
7,149
 
Gain on sale of subsidiary
   
-
     
-
     
(670
)
   
-
 
General and other operating
   
19,450
     
16,579
     
54,044
     
49,728
 
Total operating expenses
   
425,221
     
437,335
     
1,233,021
     
1,277,929
 
Operating Income
   
3,282
     
22,892
     
24,707
     
57,764
 
Other Expenses (Income):
                               
Interest Expense, net
   
5,467
     
4,815
     
16,366
     
29,771
 
Early extinguishment of debt
   
-
     
-
     
-
     
7,753
 
Equity in loss of affiliated companies
   
91
     
73
     
270
     
250
 
Other, net
   
-
     
(133
)
   
26
     
34
 
     
5,558
     
4,755
     
16,662
     
37,808
 
Income (Loss) Before Income Taxes
   
(2,276
)
   
18,137
     
8,045
     
19,956
 
Income Tax Provision (Benefit)
   
(813
)
   
1,679
     
1,503
     
1,081
 
Net Income (Loss)
   
(1,463
)
   
16,458
     
6,542
     
18,875
 
Net Income (Loss) attributable to non-controlling interest
   
(17
)
   
329
     
595
     
972
 
Net Income (Loss) attributable to controlling interest
 
$
(1,446
)
 
$
16,129
   
$
5,947
   
$
17,903
 
                                 
Income (Loss) Per Share
                               
Basic earnings (losses) per share
 
$
(0.03
)
 
$
0.33
   
$
0.12
   
$
0.77
 
Basic weighted average shares outstanding
   
48,984
     
48,296
     
48,709
     
23,118
 
Diluted earnings (losses) per share
 
$
(0.03
)
 
$
0.33
   
$
0.12
   
$
0.76
 
Diluted weighted average shares outstanding
   
48,984
     
49,597
     
49,289
     
23,638
 


6

Condensed Consolidated Balance Sheets (unaudited)
   
September 30,
   
December 31,
 
(in thousands)
 
2019
   
2018
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
4,442
   
$
9,892
 
Customer receivables, net of allowance of $75 and $59, respectively
   
193,047
     
190,254
 
Other receivables
   
18,345
     
20,430
 
Prepaid insurance and licenses
   
23,221
     
11,035
 
Operating supplies
   
7,706
     
7,324
 
Assets held for sale
   
10,399
     
33,225
 
Other current assets
   
19,057
     
13,374
 
Total current assets
   
276,217
     
285,534
 
Property and equipment, at cost
   
939,889
     
898,530
 
Less accumulated depreciation and amortization
   
(403,891
)
   
(379,813
)
Net property and equipment
   
535,998
     
518,717
 
Other assets:
               
Operating lease right-of-use assets
   
250,062
     
-
 
Goodwill
   
57,708
     
57,708
 
Intangible assets, net
   
27,642
     
28,913
 
Other
   
31,067
     
19,615
 
Total other assets
   
366,479
     
106,236
 
Total assets
 
$
1,178,694
   
$
910,487
 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
87,161
   
$
63,808
 
Book overdraft
   
3,833
     
-
 
Accrued wages and benefits
   
24,085
     
24,960
 
Claims and insurance accruals
   
51,125
     
47,442
 
Other accrued liabilities
   
9,433
     
8,120
 
Liabilities associated with assets held for sale
   
-
     
6,856
 
Current portion of operating leases
   
70,246
     
-
 
Current maturities of long-term debt and finance leases
   
82,669
     
113,094
 
Total current liabilities
   
328,552
     
264,280
 
Long-term debt and finance leases, net of current maturities
   
351,492
     
312,819
 
Less debt issuance costs
   
(1,301
)
   
(1,347
)
Net long-term debt and finance leases
   
350,191
     
311,472
 
Deferred income taxes
   
20,996
     
19,978
 
Long term liabilites associated with assets held for sale
   
-
     
8,353
 
Other long-term liabilities
   
6,599
     
7,713
 
Claims and insurance accruals, long-term
   
53,370
     
60,304
 
Noncurrent operating lease liability
   
179,600
     
-
 
Commitments and contingencies
   
-
     
-
 
Stockholders' Equity:
               
Common Stock
   
490
     
484
 
Additional paid-in capital
   
249,665
     
251,742
 
Accumulated deficit
   
(11,388
)
   
(17,335
)
Stockholders' equity
   
238,767
     
234,891
 
Noncontrolling interest
   
619
     
3,496
 
Total stockholders' equity
   
239,386
     
238,387
 
Total liabilities and stockholders' equity
 
$
1,178,694
   
$
910,487
 


7

Condensed Consolidated Cash Flow Statements (unaudited)
   
Nine Months Ended
September 30,
 
(in thousands)
 
2019
   
2018
 
Operating activities
           
Net income
 
$
6,542
   
$
18,875
 
Adjustments to reconcile net income to net cash provided by operating activities:
         
Early extinguishment of debt
   
-
     
7,753
 
Deferred income tax provision
   
1,018
     
3,458
 
Depreciation and amortization
   
68,813
     
68,687
 
Losses on sale of property and equipment
   
5,685
     
4,709
 
Share based compensation
   
2,810
     
1,356
 
Other
   
783
     
(9,607
)
Gain on sale of subsidiary
   
(670
)
   
-
 
Changes in operating assets and liabilities
               
Receivables
   
(5,650
)
   
(30,102
)
Prepaid insurance and licenses
   
(12,189
)
   
(9,754
)
Operating supplies
   
(443
)
   
(96
)
Other assets
   
(4,800
)
   
(4,190
)
Accounts payable and other accrued liabilities
   
22,076
     
(11,531
)
Accrued wages and benefits
   
(729
)
   
5,304
 
Net cash provided by operating activities
   
83,246
     
44,862
 
Investing activities
               
Payments for purchases of property and equipment
   
(127,899
)
   
(125,556
)
Proceeds from sales of property and equipment
   
33,301
     
36,915
 
Other
   
(2,000
)
   
(500
)
Proceeds from sale of subsidiary, net of cash
   
(6,432
)
   
-
 
Net cash used in investing activities
   
(103,030
)
   
(89,141
)
Financing activities
               
Borrowings under lines of credit
   
56,200
     
219,332
 
Payments under lines of credit
   
(53,300
)
   
(248,665
)
Borrowings under long-term debt
   
78,803
     
289,943
 
Payments of long-term debt and finance leases
   
(73,472
)
   
(464,375
)
Payments of financing costs
   
(170
)
   
(4,162
)
Proceeds from IPO, net of issuance costs
   
-
     
246,685
 
Net proceeds from issuance of common stock under ESPP
   
349
     
-
 
Tax withholding related to net share settlement of restricted stock awards
   
(44
)
   
-
 
Purchase of noncontrolling interest
   
(8,659
)
   
-
 
Payments of long-term consideration for business acquisition
   
(990
)
   
(1,010
)
Repurchase of membership units
   
-
     
(217
)
Book overdraft
   
3,833
     
3,626
 
Net cash provided by financing activities
   
2,550
     
41,157
 
Change in cash balances of assets held for sale
   
11,784
     
-
 
Net change in cash and cash equivalents
   
(5,450
)
   
(3,122
)
Cash and cash equivalents
               
Beginning of year
   
9,892
     
9,232
 
End of period
 
$
4,442
   
$
6,110
 


8

Key Operating Factors & Truckload Statistics (unaudited)
                                     
   
Three Months Ended
September 30,
   
%
   
Nine Months Ended
September 30,
   
%
 
   
2019
   
2018
   
Change
   
2019
   
2018
   
Change
 
Operating Revenue:
                                   
Truckload1
 
$
340,630
   
$
348,827
     
-2.3
%
 
$
1,001,425
   
$
1,021,591
     
-2.0
%
Fuel Surcharge
   
41,837
     
46,340
     
-9.7
%
   
124,566
     
136,140
     
-8.5
%
Brokerage
   
46,036
     
65,060
     
-29.2
%
   
131,737
     
177,962
     
-26.0
%
Total Operating Revenue
 
$
428,503
   
$
460,227
     
-6.9
%
 
$
1,257,728
   
$
1,335,693
     
-5.8
%
                                                 
Operating Income:
                                               
Truckload
 
$
3,345
   
$
19,857
     
-83.2
%
 
$
20,689
   
$
50,950
     
-59.4
%
Brokerage
 
$
(63
)
 
$
3,035
     
-102.1
%
 
$
4,018
   
$
6,814
     
-41.0
%
   
$
3,282
   
$
22,892
     
-85.7
%
 
$
24,707
   
$
57,764
     
-57.2
%
                                                 
Operating Ratio:
                                               
Operating Ratio
   
99.2
%
   
95.0
%
   
4.4
%
   
98.0
%
   
95.7
%
   
2.4
%
Adjusted Operating Ratio2
   
99.2
%
   
94.5
%
   
5.0
%
   
97.5
%
   
94.6
%
   
3.0
%
                                                 
Truckload Operating Ratio
   
99.1
%
   
95.0
%
   
4.3
%
   
98.2
%
   
95.6
%
   
2.7
%
Adjusted Truckload Operating Ratio2
   
99.0
%
   
94.3
%
   
5.0
%
   
97.5
%
   
94.4
%
   
3.3
%
Brokerage Operating Ratio
   
100.1
%
   
95.3
%
   
5.0
%
   
96.9
%
   
96.2
%
   
0.7
%
                                                 
Truckload Statistics:3
                                               
Revenue Per Mile1
 
$
2.109
   
$
2.156
     
-2.2
%
 
$
2.118
   
$
2.104
     
0.7
%
                                                 
Average Tractors -
                                               
Company Owned
   
4,692
     
4,704
     
-0.3
%
   
4,639
     
4,938
     
-6.1
%
Owner Operators
   
1,841
     
1,497
     
23.0
%
   
1,725
     
1,314
     
31.3
%
Total Average Tractors
   
6,533
     
6,201
     
5.4
%
   
6,364
     
6,252
     
1.8
%
                                                 
Average Revenue Miles Per Tractor Per Week
   
1,756
     
1,802
     
-2.6
%
   
1,772
     
1,810
     
-2.1
%
                                                 
Average Revenue Per Tractor Per Week1
 
$
3,703
   
$
3,885
     
-4.7
%
 
$
3,752
   
$
3,808
     
-1.5
%
                                                 
Total Miles
   
168,153
     
160,158
     
5.0
%
   
487,354
     
484,224
     
0.6
%
                                                 
Total Company Miles
   
118,374
     
119,068
     
-0.6
%
   
346,499
     
374,601
     
-7.5
%
                                                 
Total Independent Contractor Miles
   
49,779
     
41,090
     
21.1
%
   
140,855
     
109,623
     
28.5
%
                                                 
Independent Contractor fuel surcharge
   
11,874
     
11,475
     
3.5
%
   
34,587
     
29,945
     
15.5
%
                                                 
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.
                         


9

Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
       
                         
   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
(in thousands)
 
2019
   
2018
   
2019
   
2018
 
GAAP Presentation:
                       
Total revenue
 
$
428,503
   
$
460,227
   
$
1,257,728
   
$
1,335,693
 
Total operating expenses
   
(425,221
)
   
(437,335
)
   
(1,233,021
)
   
(1,277,929
)
Operating Income
 
$
3,282
   
$
22,892
   
$
24,707
   
$
57,764
 
Operating ratio
   
99.2
%
   
95.0
%
   
98.0
%
   
95.7
%
                                 
Non-GAAP Presentation
                               
Total revenue
 
$
428,503
   
$
460,227
   
$
1,257,728
   
$
1,335,693
 
Fuel surcharge
   
(41,837
)
   
(46,340
)
   
(124,566
)
   
(136,140
)
Revenue, excluding fuel surcharge
   
386,666
     
413,887
     
1,133,162
     
1,199,553
 
                                 
Total operating expenses
   
425,221
     
437,335
     
1,233,021
     
1,277,929
 
Adjusted for:
                               
Fuel surcharge
   
(41,837
)
   
(46,340
)
   
(124,566
)
   
(136,140
)
Mexico transition costs1
   
-
     
-
     
(4,600
)
   
-
 
Gain on sale of subsidiary2
   
-
     
-
     
670
     
-
 
IPO related costs3
   
-
     
-
     
-
     
(6,437
)
Adjusted operating expenses
   
383,384
     
390,995
     
1,104,525
     
1,135,352
 
Adjusted Operating Income
 
$
3,282
   
$
22,892
   
$
28,637
   
$
64,201
 
Adjusted operating ratio
   
99.2
%
   
94.5
%
   
97.5
%
   
94.6
%


Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
     
                         
   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
(in thousands)
 
2019
   
2018
   
2019
   
2018
 
Truckload GAAP Presentation:
                       
Total Truckload revenue
 
$
382,467
   
$
395,167
   
$
1,125,991
   
$
1,157,731
 
Total Truckload operating expenses
   
(379,122
)
   
(375,310
)
   
(1,105,302
)
   
(1,106,781
)
Truckload Operating Income
 
$
3,345
   
$
19,857
   
$
20,689
   
$
50,950
 
Truckload Operating ratio
   
99.1
%
   
95.0
%
   
98.2
%
   
95.6
%
                                 
Truckload Non-GAAP Presentation
                               
Total Truckload revenue
 
$
382,467
   
$
395,167
   
$
1,125,991
   
$
1,157,731
 
Fuel surcharge
   
(41,837
)
   
(46,340
)
   
(124,566
)
   
(136,140
)
Revenue, excluding fuel surcharge
   
340,630
     
348,827
     
1,001,425
     
1,021,591
 
                                 
Total Truckload operating expenses
   
379,122
     
375,310
     
1,105,302
     
1,106,781
 
Adjusted for:
                               
Fuel surcharge
   
(41,837
)
   
(46,340
)
   
(124,566
)
   
(136,140
)
Mexico transition costs1
   
-
     
-
     
(4,600
)
   
-
 
Gain on sale of subsidiary2
   
-
     
-
     
670
     
-
 
IPO related costs3
   
-
     
-
     
-
     
(6,437
)
Truckload Adjusted operating expenses
   
337,285
     
328,970
     
976,806
     
964,204
 
Truckload Adjusted Operating Income
 
$
3,345
   
$
19,857
   
$
24,619
   
$
57,387
 
Truckload Adjusted operating ratio
   
99.0
%
   
94.3
%
   
97.5
%
   
94.4
%
                                 
1 During the third quarter and nine months ended September 30, 2019, we incurred expenses related to the exit of our Mexico business totaling $0 and $4,600
 
2 During the second quarter we recognized a gain on the sale of our Mexico business
                 
3 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.
 

10

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)
 
2019
   
2018
   
2019
   
2018
 
GAAP: Net Income attributable to controlling interest
 
$
(1,446
)
 
$
16,129
   
$
5,947
   
$
17,903
 
Adjusted for:
                               
Income tax provision (benefit)
   
(813
)
   
1,679
     
1,503
     
1,081
 
Income (loss) before income taxes attributable to controlling interest
 
$
(2,259
)
 
$
17,808
   
$
7,450
   
$
18,984
 
Mexico transition costs1
   
-
     
-
     
4,600
     
-
 
Gain on sale of subsidiary2
   
-
     
-
     
(670
)
   
-
 
Debt extinguishment costs in conjunction with IPO3
   
-
     
-
     
-
     
7,753
 
IPO-related costs4
   
-
     
-
     
-
     
6,437
 
Adjusted income (loss) before income taxes
   
(2,259
)
   
17,808
     
11,380
     
33,174
 
Adjusted income tax provision (benefit)
   
(813
)
   
1,679
     
2,644
     
4,601
 
Non-GAAP: Adjusted Net Income (Loss) attributable to controlling interest
 
$
(1,446
)
 
$
16,129
   
$
8,736
   
$
28,573
 
                                 
GAAP: Earnings per diluted share
 
$
(0.03
)
 
$
0.33
   
$
0.12
   
$
0.76
 
Adjusted for:
                               
Income tax (benefit) expense attributable to controlling interest
   
(0.02
)
   
0.03
     
0.03
     
0.05
 
Income (loss) before income taxes attributable to controlling interest
 
$
(0.05
)
 
$
0.36
   
$
0.15
   
$
0.81
 
Mexico transition costs1
   
-
     
-
     
0.09
     
-
 
Gain on sale of subsidiary2
   
-
     
-
     
(0.01
)
   
-
 
Debt extinguishment costs in conjunction with IPO3
   
-
     
-
     
-
     
0.33
 
IPO-related costs4
   
-
     
-
     
-
     
0.27
 
Adjusted income (loss) before income taxes
   
(0.05
)
   
0.36
     
0.23
     
1.41
 
Adjusted income tax provision (benefit)
   
(0.02
)
   
0.03
     
0.05
     
0.19
 
Non-GAAP: Adjusted Net Income (Loss) attributable to controlling interest
 
$
(0.03
)
 
$
0.33
   
$
0.18
   
$
1.22
 
                                 
1 During the third quarter and nine months ended September 30, 2019, we incurred expenses related to the exit of our Mexico business totaling $0 and $4,600
 
2 During the second quarter we recognized a gain on the sale of our Mexico business.
                 
3 In connection with the IPO, we recognized an early extinguishment of debt charge related to our then existing term loan.
 
4 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



The following information was filed by Us Xpress Enterprises Inc (USX) on Friday, November 1, 2019 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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