Exhibit 99


U.S. Xpress Enterprises Reports Fourth Quarter 2019 Results

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


Fourth Quarter 2019 Highlights

Operating revenue of $449.6 million compared to $469.2 million in the fourth quarter of 2018
Operating income of $1.4 million compared to $21.1 million in the fourth quarter of 2018
Operating ratio of 99.7% compared to 95.5% in the fourth quarter of 2018
Net loss attributable to controlling interest of $9.6 million, or $0.20 per diluted share, included a $6.8 million, or $0.14 per share, write off of an equity method investment compared to Net income attributable to controlling interest of $7.0 million in the fourth quarter of 2018
Adjusted net loss attributable to controlling interest, a non-GAAP measure, of $2.8 million, or $.05 per diluted share, compared to Adjusted net income of $19.5 million in the fourth quarter of 2018
Fourth Quarter Financial Performance

   
Quarter Ended December 31,
   
Year Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
Operating revenue
 
$
449,633
   
$
469,222
   
$
1,707,361
   
$
1,804,915
 
Revenue, excluding fuel surcharge
 
$
405,288
   
$
422,530
   
$
1,538,450
   
$
1,622,083
 
Operating income
 
$
1,363
   
$
21,142
   
$
26,070
   
$
78,906
 
Adjusted operating income1
 
$
1,202
   
$
31,835
   
$
29,839
   
$
96,036
 
Operating ratio
   
99.7
%
   
95.5
%
   
98.5
%
   
95.6
%
Adjusted operating ratio1
   
99.7
%
   
92.5
%
   
98.1
%
   
94.1
%
Net income (loss) attributable to controlling interest
 
$
(9,594
)
 
$
6,997
   
$
(3,647
)
 
$
24,899
 
Adjusted net income (loss) attributable to controlling interest1
 
$
(2,820
)
 
$
19,494
   
$
6,228
   
$
48,066
 
Earnings (losses) per diluted share
 
$
(0.20
)
 
$
0.14
   
$
(0.07
)
 
$
0.83
 
Adjusted earnings (losses) per diluted share1
 
$
(0.05
)
 
$
0.39
   
$
0.12
   
$
1.59
 

Eric Fuller, President and CEO, commented, “Our fourth quarter results were impacted by the continued challenging market conditions experienced through much of 2019, posing a headwind to our financial results. Despite the market backdrop, I am very encouraged with the many successes that our team achieved this past year, as we made significant progress advancing our strategic initiatives focused on delivering improved efficiency. One area of focus is to continue to engineer the company to provide for a future of advanced technology, automation and high optimization. Our team has made real strides digitizing our systems to reduce the number of manual decisions made on a daily basis.  We also made strong progress in our goal of delivering a ‘frictionless order’.  When complete, we will significantly reduce the level of repetitive work required by our drivers and, as a result, allow them to spend more of their time moving freight and servicing our customers.” 



Enterprise Update

Operating revenue was $449.6 million, a decrease of $19.6 million compared to the fourth quarter of 2018. Excluding revenue from the Company’s Mexico operations, which were discontinued in January 2019, operating revenue decreased $6.0 million. The decrease was primarily attributable to a decrease of $10.7 million in Brokerage revenue partially offset by increased volumes in our truckload division.

Operating income for the fourth quarter of 2019 was $1.4 million compared to $21.1 million in the fourth quarter of 2018. Operating ratio for the fourth quarter of 2019 was 99.7% compared to 95.5% in the prior year quarter.

Net loss attributable to controlling interest for the fourth quarter of 2019 was $9.6 million compared to Net income attributable to controlling interest of $7.0 million in the prior year quarter. The fourth quarter of 2019 included a $6.8 million impairment charge of an equity method investment. Our adjusted net loss attributable to controlling interest excluding this charge was $2.8 million or $.05 per share.

Truckload Segment

   
Quarter Ended December 31,
   
Year Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
Over the road
                       
  Average revenue per tractor per week*
 
$
3,517
   
$
3,919
   
$
3,558
   
$
3,917
 
  Average revenue per mile*
 
$
1.949
   
$
2.103
   
$
1.949
   
$
2.041
 
  Average revenue miles per tractor per week
   
1,805
     
1,864
     
1,825
     
1,919
 
  Average tractors
   
3,835
     
3,525
     
3,712
     
3,562
 
Dedicated
                               
  Average revenue per tractor per week*
 
$
4,032
   
$
3,869
   
$
4,007
   
$
3,717
 
  Average revenue per mile*
 
$
2.398
   
$
2.329
   
$
2.375
   
$
2.259
 
  Average revenue miles per tractor per week
   
1,681
     
1,661
     
1,687
     
1,645
 
  Average tractors
   
2,828
     
2,770
     
2,727
     
2,701
 
Consolidated
                               
  Average revenue per tractor per week*
 
$
3,735
   
$
3,897
   
$
3,748
   
$
3,831
 
  Average revenue per mile*
 
$
2.132
   
$
2.196
   
$
2.122
   
$
2.127
 
  Average revenue miles per tractor per week
   
1,752
     
1,775
     
1,767
     
1,801
 
  Average tractors
   
6,663
     
6,295
     
6,439
     
6,263
 
* Excluding fuel surchage revenues
                               
The above table excludes revenue, miles and tractors for services performed in Mexico.
 

Mr. Fuller said, “Our Dedicated division continued to perform very well in the fourth quarter having delivered its third consecutive quarter of record productivity. We were pleased that average revenue per tractor per week remained above $4,000, while we grew the truck count in this division by 2.9% sequentially. The execution in Dedicated through the year has been excellent and consistent with our long-term strategy, which is to continue to grow the business over time as attractive opportunities arise.”

2


In the Over-the-Road division, the persistent oversupply of tractors relative to market demand continued to pressure spot pricing lower by more than 30% compared to the prior year quarter and overshadowed the efficiency gains that we experienced across parts of our operations. Average revenue per tractor per week declined 10.3% compared with the fourth quarter of 2018. Average revenue per mile decreased 7.3% compared with the 2018 quarter, while average revenue miles per tractor per week decreased 3.2%.

The Dedicated division’s average revenue per tractor per week increased $163 per tractor per week, or 4.2% compared to the fourth quarter of 2018 on a 2.9% increase in average revenue per mile and higher miles per tractor. We continue to see consistent results in our Dedicated division despite the current adverse market conditions.

Brokerage Segment

   
Quarter Ended December 31,
   
Year Ended December 31,
 
   
2019
   
2018
   
2019
   
2018
 
Brokerage revenue
 
$
54,130
   
$
64,855
   
$
185,867
   
$
242,817
 
Gross margin %
   
7.2
%
   
13.9
%
   
12.9
%
   
13.4
%
Load Count
   
42,208
     
43,484
     
142,362
     
167,760
 

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 $54.1 million in the fourth quarter of 2019 compared to $64.9 million in the fourth quarter of 2018, primarily as a result of decreased revenue per load.  Brokerage operating loss was $2.0 million in the fourth quarter of 2019 as compared to operating income of $3.0 million in the year ago quarter.

Liquidity and Capital Resources
During the quarter the Company closed on a new $250 million credit facility. The former facility was fully paid off with proceeds of new facility and contemporaneous real estate and equipment financings. The refinancing supports several goals including improved pricing, the ability to grow the borrowing base with the business, and additional flexibility to execute the plan to convert a significant portion of our fleet from operating lease financing to owned financing over time.

As of December 2019, we had $123.0 million of liquidity (defined as cash plus availability under the Company’s revolving credit facility), $390.4 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $230.8 million of total stockholders' equity. Capital expenditures, net of proceeds, related primarily to tractors and trailers were $81.6 million for 2019, excluding equipment financed under operating leases. We had approximately $20.0 million of net capital expenditures close in early January, which were originally planned to close in December. Had this transaction closed in December our capital expenditures would have approximated $100.0 million for the year.  In addition, as previously disclosed, we refinanced our primary credit agreement in January 2020.  Following expected post-closing perfection actions, liquidity under the new facility is expected to be over $100 million.

3


Outlook

The Company’s baseline assumptions for 2020 include slow growth in industry-wide truckload shipments, a continued reduction of total truckload capacity from the market, which is expected to drive an inflection in pricing later in the year, and relatively benign cost inflation. The first quarter is generally our weakest quarter of the year as we experience lower revenue per tractor and higher costs than the other quarters due to seasonal freight fluctuations and harsher operating conditions. While we see positive trends in certain areas, there continues to be uncertainty in the short-term environment, which will impact the actual sequential margin deterioration in the first quarter. We continue to believe that market conditions will improve in the back half 2020. The timing and magnitude of market changes will have a significant impact on our quarterly results given our substantial operating leverage.

Conference Call

The Company will hold a conference call to discuss its fourth quarter results at 8:30 a.m. (Eastern Time) on February 6, 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 Fourth Quarter 2019 Earnings Conference Call. A replay will be available starting at 11:30 a.m. (Eastern Time) on February 6, 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 13698255. The replay will be available until 11:59 p.m. (Eastern Time) on February 13, 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.
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 operating ratio or 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)
   
Quarter Ended December 31,
   
Year Ended December 31,
 
(in thousands, except per share data)
 
2019
   
2018
   
2019
   
2018
 
Operating Revenue:
                       
Revenue, excluding fuel surcharge
 
$
405,288
   
$
422,530
   
$
1,538,450
   
$
1,622,083
 
Fuel surcharge
   
44,345
     
46,692
     
168,911
     
182,832
 
Total operating revenue
   
449,633
     
469,222
     
1,707,361
     
1,804,915
 
Operating Expenses:
                               
Salaries, wages and benefits
   
140,914
     
135,252
     
530,885
     
535,994
 
Fuel and fuel taxes
   
48,062
     
54,009
     
189,800
     
227,525
 
Vehicle rents
   
23,039
     
19,727
     
80,064
     
78,639
 
Depreciation and amortization, net of (gain) loss
   
19,839
     
24,558
     
94,337
     
97,954
 
Purchased transportation
   
132,572
     
131,756
     
481,589
     
481,945
 
Operating expense and supplies
   
30,956
     
28,662
     
118,394
     
118,064
 
Insurance premiums and claims
   
25,770
     
20,612
     
88,959
     
85,075
 
Operating taxes and licenses
   
3,737
     
3,701
     
13,849
     
14,133
 
Communications and utilities
   
2,269
     
2,426
     
8,928
     
9,575
 
Gain on sale of subsidiary
   
(161
)
   
-
     
(831
)
   
-
 
Impairment of assets held for sale
   
-
     
10,693
     
-
     
10,693
 
General and other operating
   
21,273
     
16,684
     
75,317
     
66,412
 
Total operating expenses
   
448,270
     
448,080
     
1,681,291
     
1,726,009
 
Operating Income
   
1,363
     
21,142
     
26,070
     
78,906
 
Other Expenses (Income):
                               
Interest Expense, net
   
5,269
     
5,095
     
21,635
     
34,866
 
Early extinguishment of debt
   
-
     
-
     
-
     
7,753
 
Equity in loss of affiliated companies
   
6,793
     
131
     
7,063
     
381
 
Other, net
   
-
     
101
     
26
     
136
 
Impairment in equity method investments
   
-
     
1,804
     
-
     
1,804
 
     
12,062
     
7,131
     
28,724
     
44,940
 
Income (Loss) Before Income Taxes
   
(10,699
)
   
14,011
     
(2,654
)
   
33,966
 
Income Tax Provision (Benefit)
   
(1,114
)
   
6,779
     
389
     
7,860
 
Net Income (Loss)
   
(9,585
)
   
7,232
     
(3,043
)
   
26,106
 
Net Income (Loss) attributable to non-controlling interest
   
9
     
235
     
604
     
1,207
 
Net Income (Loss) attributable to controlling interest
 
$
(9,594
)
 
$
6,997
   
$
(3,647
)
 
$
24,899
 
                                 
Income (Loss) Per Share
                               
Basic earnings (losses) per share
 
$
(0.20
)
 
$
0.14
   
$
(0.07
)
 
$
0.84
 
Basic weighted average shares outstanding
   
49,022
     
48,319
     
48,788
     
29,470
 
Diluted earnings (losses) per share
 
$
(0.20
)
 
$
0.14
   
$
(0.07
)
 
$
0.83
 
Diluted weighted average shares outstanding
   
49,022
     
49,466
     
48,788
     
30,133
 

6

Condensed Consolidated Balance Sheets (unaudited)
   
December 31,
   
December 31,
 
(in thousands)
 
2019
   
2018
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
5,687
   
$
9,892
 
Customer receivables, net of allowance of $63 and $59, respectively
   
183,706
     
190,254
 
Other receivables
   
15,253
     
20,430
 
Prepaid insurance and licenses
   
11,326
     
11,035
 
Operating supplies
   
7,193
     
7,324
 
Assets held for sale
   
17,732
     
33,225
 
Other current assets
   
15,831
     
13,374
 
Total current assets
   
256,728
     
285,534
 
Property and equipment, at cost
   
880,101
     
898,530
 
Less accumulated depreciation and amortization
   
(388,318
)
   
(379,813
)
Net property and equipment
   
491,783
     
518,717
 
Other assets:
               
Operating lease right-of-use assets
   
276,618
     
-
 
Goodwill
   
57,708
     
57,708
 
Intangible assets, net
   
27,214
     
28,913
 
Other
   
30,058
     
19,615
 
Total other assets
   
391,598
     
106,236
 
Total assets
 
$
1,140,109
   
$
910,487
 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
68,918
   
$
63,808
 
Book overdraft
   
1,313
     
-
 
Accrued wages and benefits
   
24,110
     
24,960
 
Claims and insurance accruals
   
51,910
     
47,442
 
Other accrued liabilities
   
9,127
     
8,120
 
Liabilities associated with assets held for sale
   
-
     
6,856
 
Current portion of operating leases
   
69,866
     
-
 
Current maturities of long-term debt and finance leases
   
80,247
     
113,094
 
Total current liabilities
   
305,491
     
264,280
 
Long-term debt and finance leases, net of current maturities
   
315,797
     
312,819
 
Less debt issuance costs
   
(1,223
)
   
(1,347
)
Net long-term debt and finance leases
   
314,574
     
311,472
 
Deferred income taxes
   
20,692
     
19,978
 
Long term liabilites associated with assets held for sale
   
-
     
8,353
 
Other long-term liabilities
   
5,249
     
7,713
 
Claims and insurance accruals, long-term
   
56,910
     
60,304
 
Noncurrent operating lease liability
   
206,357
     
-
 
Commitments and contingencies
   
-
     
-
 
Stockholders' Equity:
               
Common Stock
   
490
     
484
 
Additional paid-in capital
   
250,700
     
251,742
 
Accumulated deficit
   
(20,982
)
   
(17,335
)
Stockholders' equity
   
230,208
     
234,891
 
Noncontrolling interest
   
628
     
3,496
 
Total stockholders' equity
   
230,836
     
238,387
 
Total liabilities and stockholders' equity
 
$
1,140,109
   
$
910,487
 

7


Condensed Consolidated Cash Flow Statements (unaudited)
   
Year Ended December 31,
 
(in thousands)
 
2019
   
2018
 
Operating activities
           
Net income (loss)
 
$
(3,043
)
 
$
26,106
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
Early extinguishment of debt
   
-
     
7,753
 
Deferred income tax provision
   
714
     
5,691
 
Impairments of assets held for sale and equity method investments
   
-
     
12,497
 
Equity in loss of affiliated company
   
7,063
     
381
 
Depreciation and amortization
   
90,484
     
90,831
 
Losses on sale of property and equipment
   
3,853
     
7,123
 
Share based compensation
   
3,846
     
2,248
 
Other
   
660
     
(9,876
)
Gain on sale of subsidiary
   
(831
)
   
-
 
Changes in operating assets and liabilities
               
Receivables
   
7,149
     
(8,972
)
Prepaid insurance and licenses
   
70
     
(4,006
)
Operating supplies
   
(3,294
)
   
725
 
Other assets
   
(7,790
)
   
(3,438
)
Accounts payable and other accrued liabilities
   
5,572
     
(21,020
)
Accrued wages and benefits
   
(704
)
   
6,304
 
Net cash provided by operating activities
   
103,749
     
112,347
 
Investing activities
               
Payments for purchases of property and equipment
   
(151,751
)
   
(223,939
)
Proceeds from sales of property and equipment
   
77,966
     
55,370
 
Other
   
(2,000
)
   
2,480
 
Proceeds from sale of subsidiary, net of cash
   
(5,845
)
   
-
 
Net cash used in investing activities
   
(81,630
)
   
(166,089
)
Financing activities
               
Borrowings under lines of credit
   
107,300
     
292,332
 
Payments under lines of credit
   
(107,300
)
   
(321,665
)
Borrowings under long-term debt
   
106,341
     
362,013
 
Payments of long-term debt and finance leases
   
(136,228
)
   
(504,180
)
Payments of financing costs
   
(190
)
   
(4,166
)
Proceeds from IPO, net of issuance costs
   
-
     
246,616
 
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
   
1,313
     
(3,537
)
Net cash (used in) provided by financing activities
   
(38,108
)
   
66,186
 
Change in cash balances of assets held for sale
   
11,784
     
(11,784
)
Net change in cash and cash equivalents
   
(4,205
)
   
660
 
Cash and cash equivalents
               
Beginning of year
   
9,892
     
9,232
 
End of period
 
$
5,687
   
$
9,892
 


8

Key Operating Factors & Truckload Statistics (unaudited)
                                     
   
Quarter Ended December 31,
   
%
   
Year Ended December 31,
   
%
 
   
2019
   
2018
   
Change
   
2019
   
2018
   
Change
 
Operating Revenue:
                                   
Truckload1
 
$
351,158
   
$
357,675
     
-1.8
%
 
$
1,352,583
   
$
1,379,266
     
-1.9
%
Fuel Surcharge
   
44,345
     
46,692
     
-5.0
%
   
168,911
     
182,832
     
-7.6
%
Brokerage
   
54,130
     
64,855
     
-16.5
%
   
185,867
     
242,817
     
-23.5
%
Total Operating Revenue
 
$
449,633
   
$
469,222
     
-4.2
%
 
$
1,707,361
   
$
1,804,915
     
-5.4
%
                                                 
Operating Income (Loss):
                                               
Truckload
 
$
3,382
   
$
18,138
     
-81.4
%
 
$
24,071
   
$
69,088
     
-65.2
%
Brokerage
 
$
(2,019
)
 
$
3,004
     
-167.2
%
 
$
1,999
   
$
9,818
     
-79.6
%
   
$
1,363
   
$
21,142
     
-93.6
%
 
$
26,070
   
$
78,906
     
-67.0
%
                                                 
Operating Ratio:
                                               
Operating Ratio
   
99.7
%
   
95.5
%
   
4.4
%
   
98.5
%
   
95.6
%
   
3.0
%
Adjusted Operating Ratio2
   
99.7
%
   
92.5
%
   
7.8
%
   
98.1
%
   
94.1
%
   
4.2
%
                                                 
Truckload Operating Ratio
   
99.1
%
   
95.5
%
   
3.8
%
   
98.4
%
   
95.6
%
   
2.9
%
Adjusted Truckload Operating Ratio2
   
99.1
%
   
91.9
%
   
7.8
%
   
97.9
%
   
93.7
%
   
4.5
%
Brokerage Operating Ratio
   
103.7
%
   
95.4
%
   
8.7
%
   
98.9
%
   
96.0
%
   
3.0
%
                                                 
Truckload Statistics:3
                                               
Revenue Per Mile1
 
$
2.132
   
$
2.196
     
-2.9
%
 
$
2.122
   
$
2.127
     
-0.2
%
                                                 
Average Tractors -
                                               
Company Owned
   
4,808
     
4,708
     
2.1
%
   
4,681
     
4,880
     
-4.1
%
Owner Operators
   
1,855
     
1,587
     
16.9
%
   
1,758
     
1,383
     
27.1
%
Total Average Tractors
   
6,663
     
6,295
     
5.8
%
   
6,439
     
6,263
     
2.8
%
                                                 
Average Revenue Miles Per Tractor Per Week
   
1,752
     
1,775
     
-1.3
%
   
1,767
     
1,801
     
-1.9
%
                                                 
Average Revenue Per Tractor Per Week1
 
$
3,735
   
$
3,897
     
-4.2
%
 
$
3,748
   
$
3,831
     
-2.2
%
                                                 
Total Miles
   
171,351
     
161,605
     
6.0
%
   
658,705
     
645,829
     
2.0
%
                                                 
Total Company Miles
   
120,322
     
118,819
     
1.3
%
   
466,821
     
493,420
     
-5.4
%
                                                 
Total Independent Contractor Miles
   
51,029
     
42,786
     
19.3
%
   
191,884
     
152,409
     
25.9
%
                                                 
Independent Contractor fuel surcharge
   
12,275
     
11,953
     
2.7
%
   
46,862
     
41,898
     
11.8
%
                                                 
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.
                         

9


Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                         
   
Quarter Ended December 31,
   
Year Ended December 31,
 
(in thousands)
 
2019
   
2018
   
2019
   
2018
 
GAAP Presentation:
                       
Total revenue
 
$
449,633
   
$
469,222
   
$
1,707,361
   
$
1,804,915
 
Total operating expenses
   
(448,270
)
   
(448,080
)
   
(1,681,291
)
   
(1,726,009
)
Operating income
 
$
1,363
   
$
21,142
   
$
26,070
   
$
78,906
 
Operating ratio
   
99.7
%
   
95.5
%
   
98.5
%
   
95.6
%
                                 
Non-GAAP Presentation
                               
Total revenue
 
$
449,633
   
$
469,222
   
$
1,707,361
   
$
1,804,915
 
Fuel surcharge
   
(44,345
)
   
(46,692
)
   
(168,911
)
   
(182,832
)
Revenue, excluding fuel surcharge
   
405,288
     
422,530
     
1,538,450
     
1,622,083
 
                                 
Total operating expenses
   
448,270
     
448,080
     
1,681,291
     
1,726,009
 
Adjusted for:
                               
Fuel surcharge
   
(44,345
)
   
(46,692
)
   
(168,911
)
   
(182,832
)
Mexico transition costs1
   
-
     
-
     
(4,600
)
   
-
 
Gain on sale of subsidiary2
   
161
     
-
     
831
     
-
 
IPO related costs3
   
-
     
-
     
-
     
(6,437
)
Impairment of assets held for sale4
   
-
     
(10,693
)
   
-
     
(10,693
)
Adjusted operating expenses
   
404,086
     
390,695
     
1,508,611
     
1,526,047
 
Adjusted Operating Income
 
$
1,202
   
$
31,835
   
$
29,839
   
$
96,036
 
Adjusted operating ratio
   
99.7
%
   
92.5
%
   
98.1
%
   
94.1
%
                                 
1During the year ended December 31, 2019, we incurred expenses related to the exit of our Mexico business totaling $4,600.
 
2During the fourth quarter and year ending December 31, 2019, we recognized a gain on the sale of our Mexico business totaling $161 and 831.
 
3During the second quarter of 2018, we incurred one time expenses for the IPO related to pay out of our SAR program and deal bonuses totaling $6,437.
 
4During the fourth quarter of 2018, we incurred an impairment charge related to the exit of our U.S.- Mexico cross border business.
 


10


Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
                         
   
Quarter Ended December 31,
   
Year Ended December 31,
 
(in thousands)
 
2019
   
2018
   
2019
   
2018
 
Truckload GAAP Presentation:
                       
Total Truckload revenue
 
$
395,503
   
$
404,367
   
$
1,521,494
   
$
1,562,098
 
Total Truckload operating expenses
   
(392,121
)
   
(386,229
)
   
(1,497,423
)
   
(1,493,010
)
Truckload operating income
 
$
3,382
   
$
18,138
   
$
24,071
   
$
69,088
 
Truckload operating ratio
   
99.1
%
   
95.5
%
   
98.4
%
   
95.6
%
                                 
Truckload Non-GAAP Presentation
                               
Total Truckload revenue
 
$
395,503
   
$
404,367
   
$
1,521,494
   
$
1,562,098
 
Fuel surcharge
   
(44,345
)
   
(46,692
)
   
(168,911
)
   
(182,832
)
Revenue, excluding fuel surcharge
   
351,158
     
357,675
     
1,352,583
     
1,379,266
 
                                 
Total Truckload operating expenses
   
392,121
     
386,229
     
1,497,423
     
1,493,010
 
Adjusted for:
                               
Fuel surcharge
   
(44,345
)
   
(46,692
)
   
(168,911
)
   
(182,832
)
Mexico transition costs1
   
-
     
-
     
(4,600
)
   
-
 
Gain on sale of subsidiary2
   
161
     
-
     
831
     
-
 
IPO related costs3
   
-
     
-
     
-
     
(6,437
)
Impairment of assets held for sale4
   
-
     
(10,693
)
   
-
     
(10,693
)
Truckload Adjusted operating expenses
   
347,937
     
328,844
     
1,324,743
     
1,293,048
 
Truckload Adjusted operating income
 
$
3,221
   
$
28,831
   
$
27,840
   
$
86,218
 
Truckload Adjusted operating ratio
   
99.1
%
   
91.9
%
   
97.9
%
   
93.7
%
                                 
1During the year ended December 31, 2019, we incurred expenses related to the exit of our Mexico business totaling $4,600.
 
2During the fourth quarter and year ending December 31, 2019, we recognized a gain on the sale of our Mexico business totaling $161 and 831.
 
3During the second quarter of 2018, we incurred one time expenses for the IPO related to pay out of our SAR program and deal bonuses totaling $6,437.
 
4During the fourth quarter of 2018, we incurred an impairment charge related to the exit of our U.S.- Mexico cross border business.
 

11

Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
                         
   
Quarter Ended December 31,
   
Year Ended December 31,
 
(in thousands, except per share data)
 
2019
   
2018
   
2019
   
2018
 
GAAP: Net income (loss) attributable to controlling interest
 
$
(9,594
)
 
$
6,997
   
$
(3,647
)
 
$
24,899
 
Adjusted for:
                               
Income tax provision (benefit)
   
(1,114
)
   
6,779
     
389
     
7,860
 
Income (loss) before income taxes attributable to controlling interest
 
$
(10,708
)
 
$
13,776
   
$
(3,258
)
 
$
32,759
 
Mexico transition costs1
   
-
     
-
     
4,600
     
-
 
Gain on sale of subsidiary2
   
(161
)
   
-
     
(831
)
   
-
 
Impairment of assets held for sale and other equity method investments3&4
   
6,793
     
12,497
     
7,063
     
12,497
 
Debt extinguishment costs in conjunction with IPO5
   
-
     
-
     
-
     
7,753
 
IPO-related costs6
   
-
     
-
     
-
     
6,437
 
Adjusted income (loss) before income taxes
   
(4,076
)
   
26,273
     
7,574
     
59,446
 
Adjusted income tax provision (benefit)
   
(1,256
)
   
6,779
     
1,346
     
11,380
 
Non-GAAP: Adjusted net income (loss) attributable to controlling interest
 
$
(2,820
)
 
$
19,494
   
$
6,228
   
$
48,066
 
                                 
GAAP: Earnings per diluted share
 
$
(0.20
)
 
$
0.14
   
$
(0.07
)
 
$
0.83
 
Adjusted for:
                               
Income tax (benefit) expense attributable to controlling interest
   
(0.02
)
   
0.14
     
0.01
     
0.26
 
Income (loss) before income taxes attributable to controlling interest
 
$
(0.22
)
 
$
0.28
   
$
(0.06
)
 
$
1.09
 
Mexico transition costs1
   
-
     
-
     
0.09
     
-
 
Gain on sale of subsidiary2
   
-
     
-
     
(0.02
)
   
-
 
Impairment of assets held for sale and other equity method investments3&4
   
0.14
     
0.25
     
0.14
     
0.41
 
Debt extinguishment costs in conjunction with IPO5
   
-
     
-
     
-
     
0.26
 
IPO-related costs6
   
-
     
-
     
-
     
0.21
 
Adjusted income (loss) before income taxes
   
(0.08
)
   
0.53
     
0.15
     
1.97
 
Adjusted income tax provision (benefit)
   
(0.03
)
   
0.14
     
0.03
     
0.38
 
Non-GAAP: Adjusted net income (loss) attributable to controlling interest
 
$
(0.05
)
 
$
0.39
   
$
0.12
   
$
1.59
 
                                 
1During the year ended December 31, 2019, we incurred expenses related to the exit of our Mexico business totaling $4,600.
 
2During the fourth quarter and year ending December 31, 2019, we recognized a gain on the sale of our Mexico business totaling $161 and $831.
 
3During the fourth quarter of 2019, we incurred impairment charges related to equity method investments in a former wholly owned subsidiary.
 
4During the fourth quarter of 2018, we incurred impairment charges related to the exit of our U.S.- Mexico cross border business and dispositions of other equity method investments.
 
5In connection with our June 2018 IPO, we recognized an early extinguishment of debt charge related to our then existing term loan.
         
6During the second quarter of 2018, 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, February 6, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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