Exhibit 99
U.S. Xpress Enterprises Reports First Quarter 2020 Results and Discusses COVID-19 Impact on Operations

CHATTANOOGA, Tenn.--(BUSINESS WIRE) -- U.S. Xpress Enterprises, Inc. (NYSE: USX) (the “Company”) today announced results for the first quarter of 2020 and provided a COVID-19 update.

COVID – 19 Business Update

Unwavering focus on employee health and safety for both driving and non-driving team members – over 95% of Company’s corporate office staff began working from home mid-March, with results showing an increase in productivity and efficiency in many departments
The Company’s volumes through April remained consistent primarily as result of the Company’s customer mix
The Company remains confident in its current liquidity position and does not anticipate material liquidity constraints

Eric Fuller, President and CEO, commented, “The spread of COVID-19 across our nation has dramatically impacted not only how we work but all aspects of our daily lives. In this period of uncertainty, we are committed to keeping our employees safe and our customers’ products moving across the country. U.S. Xpress provides an essential service to our customers and their customers as millions of Americans depend on us to ship their products and keep their store shelves stocked. To ensure we seamlessly maintain our operations, we have transitioned a majority of our office staff to a work from home environment, distributed protective gear to our drivers and shop personnel and designed shipper and receiver interaction processes for our drivers.  We have also implemented procedures to ensure we are effectively communicating with our employees to keep them safe and informed. I am extremely proud of our entire organization and thankful for their tireless efforts during such an extraordinary time.”

Operational Update

Given the rapid on-set and spread of COVID-19, U.S. Xpress moved quickly to enable the Company’s office employees to work remotely starting March 16th and during that week transitioned more than 1,400 employees, or over 95% of the Company’s corporate office staff, to a work from home environment. Since then, non-remote personnel have largely been limited to employees working on-site at customer locations and shop technicians working in Company facilities, all of whom are following strict protocols to ensure their safety.


The Company has instituted policies to facilitate effective communication in this environment.  For non-driving employees, the Company ensures multiple daily contacts with direct reports and has developed KPIs, facilitated by U.S. Xpress’ digital capabilities, to measure the Company’s operational effectiveness. The Company has also implemented new processes and support staff to ensure employees have access to necessary medical services as well as ensuring an adequate supply of safety equipment, including masks and gloves, for the Company’s workers who are on the frontlines, and providing regular cleaning and disinfecting of Company facilities. U.S. Xpress’ employees are playing an essential role in the country’s fight against COVID-19 as they work to keep critical supplies moving and store shelves stocked.  The Company is working daily with their drivers to keep them informed and safe in this rapidly changing environment.

To further ensure the safety of U.S. Xpress drivers’ and staff, the Company has instituted mandatory temperature checks for drivers prior to entering Company facilities. For new drivers, the Company has leveraged its new driver training program as well as created a virtual orientation program that allows drivers to complete all of their work remotely and, therefore, avoiding a majority of classroom work. This is an attractive innovation for drivers and has positively contributed to the Company’s recruiting efforts.

The investments in technology that U.S. Xpress has implemented have enabled the Company to quickly adapt to this new environment.  The Company has digitized and automated many processes which has allowed its employees to successfully work remotely. These investments have also enabled the Company’s workforce to maintain their efficiency and, in some cases, drive improved output and customer satisfaction. While unintended, this is a direct result of the Company’s digital initiatives including the ‘frictionless order’ and represents opportunities for further efficiency gains once the virus is successfully eradicated.

The active support of the entire team enabled U.S. Xpress to handle a sharp increase in demand from the Company’s grocery, consumer products, and home improvement and hardware customers during the early days of the shelter in place orders while transitioning capacity from other customers where volumes declined.  Working largely remotely, the Company continued to accept, plan, and deliver over 30,000 loads per week during March, and U.S. Xpress proved the ability to staff and operate effectively using the Company’s technology and active management framework.

Market and Customer Update

U.S. Xpress has a strong and diversified customer base with the Company’s top 25 customers representing 71% of 2019 revenues. At the peak of the COVID-19 crisis, customers representing 96% of the Company’s pre-COVID-19 revenues remained operational, and incremental volumes from those customers more than made up for the non-operational customers.

U.S. Xpress has a strong customer mix of Grocery, E-Commerce, Consumer Products, Discount Retail, and Home Improvement, with little exposure to automotive, manufacturing, and restaurants. The Company has not seen a drop in total load volume to date through April; however, the Company has experienced a sequential decline in spot rates compared with the first quarter of 2020.
2


Liquidity and Capital Resources

Due to uncertainties regarding the depth and duration of the economic impact of the COVID-19 crisis, as well as the impact of re-starting various components of the global supply chain at different times, U.S. Xpress has considered many different scenarios, including those that would entail a significant multi-quarter degradation of business conditions across the Company’s customer base. Based on this analysis, the Company is managing the business to prudently control expenses and to ensure excess liquidity even if operating and financial results are significantly and negatively impacted for an extended period.

During the quarter, the Company proactively closed on a new five-year $250 million credit facility. The former facility was fully paid off with proceeds from the new facility and contemporaneous real estate and equipment financings. The new facility lowers the Company’s interest rate while increasing its flexibility. The new facility has a single covenant which is a fixed charge coverage, which is tested only if available borrowing falls below a threshold amount which is less than the greater of $20 million or 10% of the facility. Available credit under the facility is the lesser of the facility size or a borrowing base related to eligible accounts, equipment, and real estate.

At the end of the first quarter 2020, the Company had $96.3 million of liquidity (defined as cash plus availability under the Company’s revolving credit facility), $438.5 million of net debt (defined as long-term debt, including current maturities, less cash balances), and $222.8 million of total stockholders' equity. The Company does not anticipate material liquidity constraints or any issues with its ongoing ability to remain in compliance with its revolving credit facility.

The Company continues to evaluate its planned capital expenditures and now estimates 2020 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 4th quarter of 2019. The reduction from the Company’s prior estimate relates primarily to a deferral of a small quantity of planned tractor replacements combined with a reduction in the planned number of new trailer deliveries for the balance of the year. The Company expects to finance 100% of the acquisition price of new revenue equipment capital expenditures with finance leases or secured equipment notes, with no use of cash or revolver liquidity. The Company will continue to monitor market conditions and may further reduce its planned capital expenditures as prudent. First quarter 2020 net capital expenditures were $67.1 million.

First Quarter 2020 Financial Highlights

Operating revenue of $432.6 million compared to $415.4 million in the first quarter of 2019
Operating loss of $3.7 million compared to operating income of $12.6 million in the first quarter of 2019
Operating ratio of 100.8% compared to 97.0% in the first quarter of 2019
Net loss attributable to controlling interest of $9.2 million, or $0.19 per diluted share, included a $2.0 million, or $0.04 per share, loss on sale of an equity method investment compared to Net income attributable to controlling interest of $4.7 million in the first quarter of 2019
Adjusted net loss attributable to controlling interest, a non-GAAP measure, of $7.2 million, or $.15 per diluted share, compared to Adjusted net income of $7.3 million in the first quarter of 2019
3

First Quarter Financial Performance

   
Quarter Ended March 31,
 
   
2020
   
2019
 
Operating revenue
 
$
432,568
   
$
415,363
 
Revenue, excluding fuel surcharge
 
$
392,820
   
$
375,312
 
Operating income (loss)
 
$
(3,668
)
 
$
12,638
 
Adjusted operating income (loss)1
 
$
(3,668
)
 
$
16,038
 
Operating ratio
   
100.8
%
   
97.0
%
Adjusted operating ratio1
   
100.9
%
   
95.7
%
Net income (loss) attributable to controlling interest
 
$
(9,216
)
 
$
4,721
 
Adjusted net income (loss) attributable to controlling interest1
 
$
(7,216
)
 
$
7,312
 
Earnings (losses) per diluted share
 
$
(0.19
)
 
$
0.10
 
Adjusted earnings (losses) per diluted share1
 
$
(0.15
)
 
$
0.15
 
1 See GAAP to non-GAAP reconciliation in the schedules following this release
               

Mr. Fuller noted, “The truckload freight environment has been lackluster for several quarters.  Prior to the outbreak of COVID-19, we were seeing early signs of a broad market improvement.  After the outbreak, during March, freight volumes and spot market pricing ramped up in response to the demand associated with consumer stockpiling and inventory restocking. While the outlook is uncertain, we believe we are well positioned as less than 4% of our revenues were generated by customers that closed during the peak of the pandemic and we did not experience a drop off in volumes.”

Enterprise Update

Operating revenue was $432.6 million, an increase of $17.2 million compared to the first quarter of 2019. The increase was primarily attributable to increased volumes in the Company’s Truckload division and an increase of $4.3 million in Brokerage revenue.

Operating loss for the first quarter of 2020 was $3.7 million compared to operating income of $12.6 million in the first quarter of 2019. Operating ratio for the first quarter of 2020 was 100.8% compared to 97.0% in the prior year quarter.

Net loss attributable to controlling interest for the first quarter of 2020 was $9.2 million compared to net income attributable to controlling interest of $4.7 million in the prior year quarter. The first quarter of 2020 included a $2.0 million loss on sale of an equity method investment. The Company’s adjusted net loss attributable to controlling interest excluding this charge was $7.2 million or $.15 per share.
4

Truckload Segment

   
Quarter Ended March 31,
 
   
2020
   
2019
 
Over-the-road
           
  Average revenue per tractor per week1
 
$
3,463
   
$
3,616
 
  Average revenue per mile1
 
$
1.871
   
$
1.985
 
  Average revenue miles per tractor per week
   
1,851
     
1,822
 
  Average tractors
   
3,835
     
3,617
 
Dedicated
               
  Average revenue per tractor per week1
 
$
4,068
   
$
3,961
 
  Average revenue per mile1
 
$
2.376
   
$
2.337
 
  Average revenue miles per tractor per week
   
1,712
     
1,695
 
  Average tractors
   
2,703
     
2,658
 
Consolidated
               
  Average revenue per tractor per week1
 
$
3,713
   
$
3,762
 
  Average revenue per mile1
 
$
2.070
   
$
2.128
 
  Average revenue miles per tractor per week
   
1,794
     
1,768
 
  Average tractors
   
6,538
     
6,275
 
1 Excluding fuel surcharge 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 first quarter having delivered its fourth 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 1.7% year over year. The execution in Dedicated continues to be outstanding and we will continue to grow the business over time as attractive opportunities arise.”

In the Over-the-Road division, the persistent oversupply of tractors relative to market demand continued to pressure spot pricing lower by more than 10% compared to the prior year quarter. Contract revenue per mile trended negative year over year by approximately 3.7%. Average revenue per tractor per week declined 4.2% compared with the first quarter of 2019. Average revenue per mile decreased 5.7% compared with the 2019 quarter, while average revenue miles per tractor per week increased 1.6%.

The Dedicated division’s average revenue per tractor per week increased $107 per tractor per week, or 2.7% compared to the first quarter of 2019 on a 1.7% increase in average revenue per mile and higher miles per tractor. The Company continued to see consistent results in its Dedicated division. The fluctuations in volume in the general freight market and in specific industries have not negatively impacted the volumes of the Company’s major Dedicated accounts, which are concentrated in the discount retail and grocery market sectors.
5

Brokerage Segment

   
Quarter Ended March 31,
 
   
2020
   
2019
 
Brokerage revenue
 
$
50,476
   
$
46,244
 
Gross margin %
   
3.7
%
   
17.5
%
Load Count
   
43,493
     
33,819
 

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 $50.5 million in the first quarter of 2020 compared to $46.2 million in the first quarter of 2019, primarily as a result of increased load count partially offset by decreased revenue per load.  Brokerage operating loss was $4.9 million in the first quarter of 2020 as compared to operating income of $2.8 million in the year ago quarter.

Outlook

Due to the economic uncertainty associated with COVID-19 and the associated impact on shippers, consumers, competitors, supply chains, financial markets, and the Company’s employees, U.S. Xpress is not offering guidance regarding a range of expected earnings per share or similar measures for future quarters. However, the Company does expect to have sufficient sources of liquidity to fund its operations through 2020 and beyond even under an extended economic downturn.

Conference Call

The Company will hold a conference call to discuss its first quarter results at 8:30 a.m. (Eastern Time) on April 30, 2020.  The conference call can be accessed live over the by phone dialing 1-855-327-6837 or, for international callers, 1-631-891-4304 and requesting to be joined to the U.S. Xpress First Quarter 2020 Earnings Conference Call. A replay will be available starting at 11:30 a.m. (Eastern Time) on April 30, 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 10009315. The replay will be available until 11:59 p.m. (Eastern Time) on May 7, 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.
6

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 margins including 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, 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.


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.
7

Condensed Consolidated Income Statements (unaudited)
           
   
Quarter Ended March 31,
 
(in thousands, except per share data)
 
2020
   
2019
 
Operating Revenue:
           
Revenue, excluding fuel surcharge
 
$
392,820
   
$
375,312
 
Fuel surcharge
   
39,748
     
40,051
 
Total operating revenue
   
432,568
     
415,363
 
Operating Expenses:
               
Salaries, wages and benefits
   
135,394
     
124,563
 
Fuel and fuel taxes
   
40,323
     
46,904
 
Vehicle rents
   
21,877
     
18,976
 
Depreciation and amortization, net of (gain) loss
   
25,803
     
23,062
 
Purchased transportation
   
129,754
     
114,005
 
Operating expense and supplies
   
29,674
     
27,945
 
Insurance premiums and claims
   
26,023
     
24,353
 
Operating taxes and licenses
   
3,677
     
3,173
 
Communications and utilities
   
2,452
     
2,265
 
General and other operating
   
21,259
     
17,479
 
Total operating expenses
   
436,236
     
402,725
 
Operating Income (Loss)
   
(3,668
)
   
12,638
 
Other Expenses (Income):
               
Interest Expense, net
   
5,421
     
5,603
 
Equity in loss of affiliated companies
   
-
     
89
 
Other, net
   
2,000
     
26
 
     
7,421
     
5,718
 
Income (Loss) Before Income Taxes
   
(11,089
)
   
6,920
 
Income Tax Provision (Benefit)
   
(1,857
)
   
1,901
 
Net Income (Loss)
   
(9,232
)
   
5,019
 
Net Income (Loss) attributable to non-controlling interest
   
(16
)
   
298
 
Net Income (Loss) attributable to controlling interest
 
$
(9,216
)
 
$
4,721
 
                 
Income (Loss) Per Share
               
Basic earnings (losses) per share
 
$
(0.19
)
 
$
0.10
 
Basic weighted average shares outstanding
   
49,217
     
48,394
 
Diluted earnings (losses) per share
 
$
(0.19
)
 
$
0.10
 
Diluted weighted average shares outstanding
   
49,217
     
49,391
 

8

Condensed Consolidated Balance Sheets (unaudited)
           
   
March 31,
   
December 31,
 
(in thousands)
 
2020
   
2019
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
5,626
   
$
5,687
 
Customer receivables, net of allowance of $36 and $63, respectively
   
186,009
     
183,706
 
Other receivables
   
16,040
     
15,253
 
Prepaid insurance and licenses
   
17,110
     
11,326
 
Operating supplies
   
7,344
     
7,193
 
Assets held for sale
   
15,570
     
17,732
 
Other current assets
   
15,945
     
15,831
 
Total current assets
   
263,644
     
256,728
 
Property and equipment, at cost
   
934,871
     
880,101
 
Less accumulated depreciation and amortization
   
(400,452
)
   
(388,318
)
Net property and equipment
   
534,419
     
491,783
 
Other assets:
               
Operating lease right-of-use assets
   
280,106
     
276,618
 
Goodwill
   
57,708
     
57,708
 
Intangible assets, net
   
26,789
     
27,214
 
Other
   
30,865
     
30,058
 
Total other assets
   
395,468
     
391,598
 
Total assets
 
$
1,193,531
   
$
1,140,109
 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
79,012
   
$
68,918
 
Book overdraft
   
3,689
     
1,313
 
Accrued wages and benefits
   
25,955
     
24,110
 
Claims and insurance accruals
   
48,734
     
51,910
 
Other accrued liabilities
   
6,431
     
9,127
 
Current portion of operating leases
   
68,021
     
69,866
 
Current maturities of long-term debt and finance leases
   
81,700
     
80,247
 
Total current liabilities
   
313,542
     
305,491
 
Long-term debt and finance leases, net of current maturities
   
362,722
     
315,797
 
Less debt issuance costs
   
(324
)
   
(1,223
)
Net long-term debt and finance leases
   
362,398
     
314,574
 
Deferred income taxes
   
18,810
     
20,692
 
Other long-term liabilities
   
4,852
     
5,249
 
Claims and insurance accruals, long-term
   
59,466
     
56,910
 
Noncurrent operating lease liability
   
211,694
     
206,357
 
Commitments and contingencies
   
-
     
-
 
Stockholders' Equity:
               
Common Stock
   
493
     
490
 
Additional paid-in capital
   
251,862
     
250,700
 
Accumulated deficit
   
(30,198
)
   
(20,982
)
Stockholders' equity
   
222,157
     
230,208
 
Noncontrolling interest
   
612
     
628
 
Total stockholders' equity
   
222,769
     
230,836
 
Total liabilities and stockholders' equity
 
$
1,193,531
   
$
1,140,109
 

9

Condensed Consolidated Cash Flow Statements (unaudited)
           
   
Quarter Ended March 31,
 
(in thousands)
 
2020
   
2019
 
Operating activities
           
Net income
 
$
(9,232
)
 
$
5,019
 
Adjustments to reconcile net income to net cash provided by operating activities:
         
Deferred income tax provision
   
(1,882
)
   
1,407
 
Depreciation and amortization
   
22,597
     
21,833
 
Losses on sale of property and equipment
   
3,206
     
1,229
 
Share based compensation
   
836
     
856
 
Other
   
2,652
     
308
 
Changes in operating assets and liabilities
               
Receivables
   
(3,183
)
   
3,560
 
Prepaid insurance and licenses
   
(5,784
)
   
(4,761
)
Operating supplies
   
(151
)
   
(285
)
Other assets
   
386
     
383
 
Accounts payable and other accrued liabilities
   
8,788
     
(2,844
)
Accrued wages and benefits
   
1,845
     
(1,226
)
Net cash provided by (used in) operating activities
   
20,078
     
25,479
 
Investing activities
               
Payments for purchases of property and equipment
   
(76,761
)
   
(36,604
)
Proceeds from sales of property and equipment
   
9,650
     
13,115
 
Proceeds from sale of subsidiary, net of cash
   
-
     
(9,002
)
Other
   
(2,000
)
   
-
 
Net cash used in investing activities
   
(69,111
)
   
(32,491
)
Financing activities
               
Borrowings under lines of credit
   
147,654
     
-
 
Payments under lines of credit
   
(70,654
)
   
-
 
Borrowings under long-term debt
   
142,644
     
14,355
 
Payments of long-term debt and finance leases
   
(171,266
)
   
(31,128
)
Payments of financing costs
   
(1,255
)
   
-
 
Tax withholding related to net share settlement of restricted stock awards
   
(91
)
   
(39
)
Payments of long-term consideration for business acquisition
   
(1,000
)
   
(990
)
Proceeds from long-term consideration for sale of subsidiary
   
144
     
-
 
Proceeds from issuance of common stock under ESPP
   
420
     
-
 
Book overdraft
   
2,376
     
5,233
 
Net cash provided by (used in) financing activities
   
48,972
     
(12,569
)
Change in cash balances of assets held for sale
   
-
     
11,784
 
Net change in cash and cash equivalents
   
(61
)
   
(7,797
)
Cash and cash equivalents
               
Beginning of year
   
5,687
     
9,892
 
End of period
 
$
5,626
   
$
2,095
 

10

Key Operating Factors & Truckload Statistics (unaudited)
             
                   
   
Quarter Ended March 31,
   
%
 
   
2020
   
2019
   
Change
 
Operating revenue:
                 
Truckload1
 
$
342,344
   
$
329,068
     
4.0
%
Fuel surcharge
   
39,748
     
40,051
     
-0.8
%
Brokerage
   
50,476
     
46,244
     
9.2
%
Total operating revenue
 
$
432,568
   
$
415,363
     
4.1
%
                         
Operating income (loss):
                       
Truckload
 
$
1,200
   
$
9,842
     
-87.8
%
Brokerage
 
$
(4,868
)
 
$
2,796
     
-274.1
%
   
$
(3,668
)
 
$
12,638
     
-129.0
%
                         
Operating ratio:
                       
Operating ratio
   
100.8
%
   
97.0
%
   
4.0
%
Adjusted operating ratio2
   
100.9
%
   
95.7
%
   
5.4
%
                         
Truckload operating ratio
   
99.7
%
   
97.3
%
   
2.4
%
Truckload adjusted operating ratio2
   
99.6
%
   
96.0
%
   
3.8
%
Brokerage operating ratio
   
109.6
%
   
94.0
%
   
16.7
%
                         
Truckload Statistics:3
                       
Revenue per mile1
 
$
2.070
   
$
2.128
     
-2.7
%
                         
Average tractors -
                       
Company owned
   
4,747
     
4,679
     
1.5
%
Independent contractors
   
1,791
     
1,596
     
12.2
%
Total average tractors
   
6,538
     
6,275
     
4.2
%
                         
Average revenue miles per tractor per week
   
1,794
     
1,768
     
1.5
%
                         
Average revenue per tractor per week1
 
$
3,713
   
$
3,762
     
-1.3
%
                         
Total miles
   
169,187
     
156,984
     
7.8
%
                         
Total company miles
   
118,126
     
113,781
     
3.8
%
                         
Total independent contractor miles
   
51,061
     
43,203
     
18.2
%
                         
Independent contractor fuel surcharge
   
11,211
     
10,480
     
7.0
%
                         
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.
 

11

Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
       
             
   
Quarter Ended March 31,
 
(in thousands)
 
2020
   
2019
 
GAAP Presentation:
           
Total revenue
 
$
432,568
   
$
415,363
 
Total operating expenses
   
(436,236
)
   
(402,725
)
Operating income (loss)
 
$
(3,668
)
 
$
12,638
 
Operating ratio
   
100.8
%
   
97.0
%
                 
Non-GAAP Presentation:
               
Total revenue
 
$
432,568
   
$
415,363
 
Fuel surcharge
   
(39,748
)
   
(40,051
)
Revenue, excluding fuel surcharge
   
392,820
     
375,312
 
                 
Total operating expenses
   
436,236
     
402,725
 
Adjusted for:
               
Fuel surcharge
   
(39,748
)
   
(40,051
)
Mexico transition costs1
   
-
     
(3,400
)
Adjusted operating expenses
   
396,488
     
359,274
 
Adjusted operating income (loss)
 
$
(3,668
)
 
$
16,038
 
Adjusted operating ratio
   
100.9
%
   
95.7
%

Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
 
             
   
Quarter Ended March 31,
 
(in thousands)
 
2020
   
2019
 
Truckload GAAP Presentation:
           
Truckload revenue
 
$
382,092
   
$
369,119
 
Truckload operating expenses
   
(380,892
)
   
(359,277
)
Truckload operating income
 
$
1,200
   
$
9,842
 
Truckload operating ratio
   
99.7
%
   
97.3
%
                 
Truckload Non-GAAP Presentation:
               
Truckload revenue
 
$
382,092
   
$
369,119
 
Fuel surcharge
   
(39,748
)
   
(40,051
)
Revenue, excluding fuel surcharge
   
342,344
     
329,068
 
                 
Truckload operating expenses
   
380,892
     
359,277
 
Adjusted for:
               
Fuel surcharge
   
(39,748
)
   
(40,051
)
Mexico transition costs1
   
-
     
(3,400
)
Truckload adjusted operating expenses
   
341,144
     
315,826
 
Truckload adjusted operating income
 
$
1,200
   
$
13,242
 
Truckload adjusted operating ratio
   
99.6
%
   
96.0
%
1 During the first quarter, we incurred expenses related to the exit of our Mexico business totaling $3,400.
         

12

Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
 
             
   
Quarter Ended March 31,
 
(in thousands, except per share data)
 
2020
   
2019
 
GAAP: Net income attributable to controlling interest
 
$
(9,216
)
 
$
4,721
 
Adjusted for:
               
Income tax provision (benefit)
   
(1,857
)
   
1,901
 
Income (loss) before income taxes attributable to controlling interest
 
$
(11,073
)
 
$
6,622
 
Loss on sale of equity method investments1
   
2,000
     
-
 
Mexico transition costs2
   
-
     
3,400
 
Adjusted income (loss) before income taxes
   
(9,073
)
   
10,022
 
Adjusted income tax provision (benefit)
   
(1,857
)
   
2,710
 
Non-GAAP: Adjusted net income (loss) attributable to controlling interest
 
$
(7,216
)
 
$
7,312
 
                 
GAAP: Earnings (losses) per diluted share
 
$
(0.19
)
 
$
0.10
 
Adjusted for:
               
Income tax provision (benefit) attributable to controlling interest
   
(0.04
)
   
0.03
 
Income (loss) before income taxes attributable to controlling interest
 
$
(0.23
)
 
$
0.13
 
Loss on sale of equity method investments1
   
0.04
     
-
 
Mexico transition costs2
   
-
     
0.07
 
Adjusted income (loss) before income taxes
   
(0.19
)
   
0.20
 
Adjusted income tax provision (benefit)
   
(0.04
)
   
0.05
 
Non-GAAP: Adjusted net income (loss) attributable to controlling interest
   
(0.15
)
 
$
0.15
 
1During the first quarter of 2020, we incurred loss on sale related to a equity method investment in a former wholly owned subsidiary
 
2 During the first quarter, we incurred expenses related to the exit of our Mexico business totaling $3,400.
 


13


The following information was filed by Us Xpress Enterprises Inc (USX) on Thursday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Us Xpress Enterprises Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Us Xpress Enterprises Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account