•
|
Operating revenue of $475.0 million compared to $422.5 million
|
•
|
Operating income of $8.9 million compared to $16.3 million
|
•
|
Net income attributable to controlling interest of $19.1 million, or $0.37 per diluted share, compared to $9.5 million, or $0.18 per diluted share
|
•
|
Adjusted net income attributable to controlling interest1, a non-GAAP measure, of $4.2 million, or $0.08 per diluted share compared to $9.5 million, or $0.18 per diluted share
|
•
|
Variant exited the quarter with 1,160 tractors and generated 15.5% of Truckload revenues in the quarter as compared to 4.7%
|
•
|
Xpress Technologies, the Company's Brokerage segment, generated revenue of $96.5 million compared to $46.0 million, with 74.7% of transactions processed digitally in the second quarter of 2021 compared to 21.6%
|
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Operating revenue
|
$
|
475,021
|
$
|
422,477
|
$
|
925,781
|
$
|
855,045
| ||||||||
Revenue, excluding fuel surcharge
|
$
|
437,533
|
$
|
393,964
|
$
|
855,174
|
$
|
786,784
| ||||||||
Operating income
|
$
|
8,906
|
$
|
16,277
|
$
|
16,904
|
$
|
12,609
| ||||||||
Net income attributable to controlling interest
|
$
|
19,096
|
$
|
9,498
|
$
|
21,634
|
$
|
282
| ||||||||
Earnings per diluted share
|
$
|
0.37
|
$
|
0.18
|
$
|
0.42
|
$
|
(0.00
|
)
| |||||||
Adjusted net income attributable to controlling interest1 |
$
|
4,185
|
$
|
9,498
|
$
|
6,723
|
$
|
2,282
| ||||||||
Adjusted earnings per diluted share1 |
$
|
0.08
|
$
|
0.18
|
$
|
0.13
|
$
|
0.04
| ||||||||
Operating Ratio
| ||||||||||||||||
Truckload operating ratio
|
97.7
|
%
|
94.6
|
%
|
97.9
|
%
|
97.1
|
%
| ||||||||
Brokerage operating ratio
|
99.8
|
%
|
109.0
|
%
|
99.2
|
%
|
109.3
|
%
| ||||||||
Operating ratio
|
98.1
|
%
|
96.1
|
%
|
98.2
|
%
|
98.5
|
%
| ||||||||
Adjusted operating ratio1 |
98.0
|
%
|
95.9
|
%
|
98.0
|
%
|
98.4
|
%
|
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Over the road
| ||||||||||||||||
Average revenue per tractor per week* |
$
|
3,837
|
$
|
3,558
|
$
|
3,778
|
$
|
3,511
| ||||||||
Average revenue per mile* |
$
|
2.278
|
$
|
1.855
|
$
|
2.223
|
$
|
1.863
| ||||||||
Average revenue miles per tractor per week
|
1,684
|
1,918
|
1,699
|
1,884
| ||||||||||||
Average tractors
|
3,318
|
3,825
|
3,369
|
3,830
| ||||||||||||
Dedicated
| ||||||||||||||||
Average revenue per tractor per week* |
$
|
4,336
|
$
|
4,122
|
$
|
4,243
|
$
|
4,095
| ||||||||
Average revenue per mile* |
$
|
2.448
|
$
|
2.351
|
$
|
2.420
|
$
|
2.363
| ||||||||
Average revenue miles per tractor per week
|
1,772
|
1,753
|
1,753
|
1,733
| ||||||||||||
Average tractors
|
2,531
|
2,739
|
2,603
|
2,721
| ||||||||||||
Consolidated
| ||||||||||||||||
Average revenue per tractor per week* |
$
|
4,053
|
$
|
3,793
|
$
|
3,981
|
$
|
3,753
| ||||||||
Average revenue per mile* |
$
|
2.354
|
$
|
2.051
|
$
|
2.311
|
$
|
2.061
| ||||||||
Average revenue miles per tractor per week
|
1,722
|
1,849
|
1,723
|
1,821
| ||||||||||||
Average tractors
|
5,849
|
6,564
|
5,972
|
6,551
| ||||||||||||
* Excluding fuel surcharge revenues
|
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Brokerage revenue
|
$
|
96,488
|
$
|
46,029
|
$
|
178,328
|
$
|
96,505
| ||||||||
Gross margin %
|
12.0
|
%
|
8.1
|
%
|
12.9
|
%
|
5.8
|
%
| ||||||||
Load Count
|
44,676
|
40,933
|
86,861
|
84,426
| ||||||||||||
Percentage of loads processed on digital platform
|
74.7
|
%
|
21.6
|
%
|
70.6
|
%
|
18.2
|
%
|
investors@usxpress.com
Condensed Consolidated Income Statements (unaudited)
| ||||||||||||||||
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
Operating Revenue:
| ||||||||||||||||
Revenue, excluding fuel surcharge
|
$
|
437,533
|
$
|
393,964
|
$
|
855,174
|
$
|
786,784
| ||||||||
Fuel surcharge
|
37,488
|
28,513
|
70,607
|
68,261
| ||||||||||||
Total operating revenue
|
475,021
|
422,477
|
925,781
|
855,045
| ||||||||||||
Operating Expenses:
| ||||||||||||||||
Salaries, wages and benefits
|
144,500
|
139,970
|
286,503
|
275,348
| ||||||||||||
Fuel and fuel taxes
|
43,783
|
29,850
|
84,187
|
70,057
| ||||||||||||
Vehicle rents
|
21,547
|
21,335
|
43,010
|
43,212
| ||||||||||||
Depreciation and amortization, net of (gain) loss
|
23,205
|
26,283
|
45,587
|
52,086
| ||||||||||||
Purchased transportation
|
157,489
|
117,366
|
299,150
|
247,120
| ||||||||||||
Operating expense and supplies
|
34,443
|
31,592
|
66,958
|
67,322
| ||||||||||||
Insurance premiums and claims
|
18,933
|
21,283
|
40,710
|
47,306
| ||||||||||||
Operating taxes and licenses
|
3,247
|
3,720
|
6,516
|
7,397
| ||||||||||||
Communications and utilities
|
2,964
|
2,256
|
5,352
|
4,708
| ||||||||||||
General and other operating
|
16,004
|
12,545
|
30,904
|
27,880
| ||||||||||||
Total operating expenses
|
466,115
|
406,200
|
908,877
|
842,436
| ||||||||||||
Operating Income
|
8,906
|
16,277
|
16,904
|
12,609
| ||||||||||||
Other Expenses (Income):
| ||||||||||||||||
Interest expense, net
|
3,557
|
4,862
|
7,244
|
10,283
| ||||||||||||
Other, net
|
(20,191
|
)
|
-
|
(20,191
|
)
|
2,000
| ||||||||||
(16,634
|
)
|
4,862
|
(12,947
|
)
|
12,283
| |||||||||||
Income Before Income Taxes
|
25,540
|
11,415
|
29,851
|
326
| ||||||||||||
Income Tax Provision
|
6,443
|
2,387
|
8,093
|
530
| ||||||||||||
Net Income (Loss)
|
19,097
|
9,028
|
21,758
|
(204
|
)
| |||||||||||
Net Income (Loss) attributable to non-controlling interest
|
1
|
(470
|
)
|
124
|
(486
|
)
| ||||||||||
Net Income attributable to controlling interest
|
$
|
19,096
|
$
|
9,498
|
$
|
21,634
|
$
|
282
| ||||||||
Income Per Share
| ||||||||||||||||
Basic earnings per share
|
$
|
0.38
|
$
|
0.19
|
$
|
0.43
|
$
|
0.01
| ||||||||
Basic weighted average shares outstanding
|
50,334
|
49,499
|
50,156
|
49,358
| ||||||||||||
Diluted earnings per share
|
$
|
0.37
|
$
|
0.18
|
$
|
0.42
|
$
|
(0.00
|
)
| |||||||
Diluted weighted average shares outstanding
|
51,848
|
50,215
|
51,705
|
49,518
|
Condensed Consolidated Balance Sheets (unaudited)
| ||||||||
June 30,
|
December 31,
| |||||||
(in thousands)
|
2021
|
2020
| ||||||
Assets
| ||||||||
Current assets:
| ||||||||
Cash and cash equivalents
|
$
|
5,275
|
$
|
5,505
| ||||
Customer receivables, net of allowance of $150 and $157, respectively
|
220,264
|
189,869
| ||||||
Other receivables
|
17,198
|
19,203
| ||||||
Prepaid insurance and licenses
|
9,685
|
14,265
| ||||||
Operating supplies
|
9,729
|
8,953
| ||||||
Assets held for sale
|
18,188
|
12,382
| ||||||
Other current assets
|
27,379
|
16,263
| ||||||
Total current assets
|
307,718
|
266,440
| ||||||
Property and equipment, at cost
|
863,459
|
896,264
| ||||||
Less accumulated depreciation and amortization
|
(391,669
|
)
|
(394,603
|
)
| ||||
Net property and equipment
|
471,790
|
501,661
| ||||||
Other assets:
| ||||||||
Operating lease right-of-use assets
|
263,099
|
287,251
| ||||||
Goodwill
|
59,221
|
59,221
| ||||||
Intangible assets, net
|
24,723
|
25,513
| ||||||
Other
|
50,576
|
39,504
| ||||||
Total other assets
|
397,619
|
411,489
| ||||||
Total assets
|
$
|
1,177,127
|
$
|
1,179,590
| ||||
Liabilities and Stockholders' Equity
| ||||||||
Current liabilities:
| ||||||||
Accounts payable
|
$
|
100,864
|
$
|
83,621
| ||||
Book overdraft
|
5,873
|
-
| ||||||
Accrued wages and benefits
|
40,866
|
40,095
| ||||||
Claims and insurance accruals
|
45,674
|
47,667
| ||||||
Other accrued liabilities
|
5,639
|
5,986
| ||||||
Current portion of operating leases
|
76,512
|
78,193
| ||||||
Current maturities of long-term debt and finance leases
|
76,616
|
103,690
| ||||||
Total current liabilities
|
352,044
|
359,252
| ||||||
Long-term debt and finance leases, net of current maturities
|
257,088
|
255,287
| ||||||
Less debt issuance costs
|
(381
|
)
|
(314
|
)
| ||||
Net long-term debt and finance leases
|
256,707
|
254,973
| ||||||
Deferred income taxes
|
32,786
|
25,162
| ||||||
Other long-term liabilities
|
14,809
|
14,615
| ||||||
Claims and insurance accruals, long-term
|
47,472
|
55,420
| ||||||
Noncurrent operating lease liability
|
187,576
|
209,311
| ||||||
Commitments and contingencies
|
-
|
-
| ||||||
Stockholders' Equity:
| ||||||||
Common stock
|
503
|
497
| ||||||
Additional paid-in capital
|
264,450
|
261,338
| ||||||
Retained earnings (deficit)
|
19,204
|
(2,430
|
)
| |||||
Stockholders' equity
|
284,157
|
259,405
| ||||||
Noncontrolling interest
|
1,576
|
1,452
| ||||||
Total stockholders' equity
|
285,733
|
260,857
| ||||||
Total liabilities and stockholders' equity
|
$
|
1,177,127
|
$
|
1,179,590
|
Condensed Consolidated Cash Flow Statements (unaudited)
| ||||||||
Six Months Ended June 30,
| ||||||||
(in thousands)
|
2021
|
2020
| ||||||
Operating activities
| ||||||||
Net income (loss)
|
$
|
21,758
|
$
|
(204
|
)
| |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
| ||||||||
Deferred income tax provision
|
7,624
|
301
| ||||||
Depreciation and amortization
|
41,036
|
45,683
| ||||||
Losses on sale of property and equipment
|
4,551
|
6,403
| ||||||
Share based compensation
|
3,791
|
2,000
| ||||||
Other
|
381
|
2,967
| ||||||
Unrealized gain on investment
|
(20,191
|
)
|
-
| |||||
Changes in operating assets and liabilities
| ||||||||
Receivables
|
(27,163
|
)
|
(3,027
|
)
| ||||
Prepaid insurance and licenses
|
4,580
|
1,933
| ||||||
Operating supplies
|
(724
|
)
|
95
| |||||
Other assets
|
(1,967
|
)
|
1,085
| |||||
Accounts payable and other accrued liabilities
|
5,954
|
11,822
| ||||||
Accrued wages and benefits
|
771
|
2,738
| ||||||
Net cash provided by operating activities
|
40,401
|
71,796
| ||||||
Investing activities
| ||||||||
Payments for purchases of property and equipment
|
(62,851
|
)
|
(87,270
|
)
| ||||
Proceeds from sales of property and equipment
|
47,660
|
24,101
| ||||||
Other
|
-
|
(1,880
|
)
| |||||
Net cash used in investing activities
|
(15,191
|
)
|
(65,049
|
)
| ||||
Financing activities
| ||||||||
Borrowings under lines of credit
|
138,812
|
180,254
| ||||||
Payments under lines of credit
|
(123,812
|
)
|
(180,254
|
)
| ||||
Borrowings under long-term debt
|
38,116
|
183,662
| ||||||
Payments of long-term debt and finance leases
|
(83,961
|
)
|
(196,742
|
)
| ||||
Payments of financing costs
|
(100
|
)
|
(1,276
|
)
| ||||
Net proceeds from issuance of common stock under ESPP
|
538
|
420
| ||||||
Tax withholding related to net share settlement of restricted stock awards
|
(1,211
|
)
|
(93
|
)
| ||||
Payments of long-term consideration for business acquisition
|
-
|
(1,000
|
)
| |||||
Proceeds from long-term consideration for sale of subsidiary
|
305
|
290
| ||||||
Book overdraft
|
5,873
|
3,631
| ||||||
Net cash used in financing activities
|
(25,440
|
)
|
(11,108
|
)
| ||||
Net change in cash and cash equivalents
|
(230
|
)
|
(4,361
|
)
| ||||
Cash and cash equivalents
| ||||||||
Beginning of year
|
5,505
|
5,687
| ||||||
End of period
|
$
|
5,275
|
$
|
1,326
|
Key Operating Factors & Truckload Statistics (unaudited)
| ||||||||||||||||||||||||
Quarter Ended June 30,
|
%
|
Six Months Ended June 30,
|
%
| |||||||||||||||||||||
2021
|
2020
|
Change
|
2021
|
2020
|
Change
| |||||||||||||||||||
Operating Revenue:
| ||||||||||||||||||||||||
Truckload1 |
$
|
341,045
|
$
|
347,935
|
-2.0
|
%
|
$
|
676,846
|
$
|
690,279
|
-1.9
|
%
| ||||||||||||
Fuel Surcharge
|
37,488
|
28,513
|
31.5
|
%
|
70,607
|
68,261
|
3.4
|
%
| ||||||||||||||||
Brokerage
|
96,488
|
46,029
|
109.6
|
%
|
178,328
|
96,505
|
84.8
|
%
| ||||||||||||||||
Total Operating Revenue
|
$
|
475,021
|
$
|
422,477
|
12.4
|
%
|
$
|
925,781
|
$
|
855,045
|
8.3
|
%
| ||||||||||||
Operating Income (Loss):
| ||||||||||||||||||||||||
Truckload
|
$
|
8,745
|
$
|
20,428
|
-57.2
|
%
|
$
|
15,472
|
$
|
21,628
|
-28.5
|
%
| ||||||||||||
Brokerage
|
$
|
161
|
$
|
(4,151
|
)
|
-103.9
|
%
|
$
|
1,432
|
$
|
(9,019
|
)
|
-115.9
|
%
| ||||||||||
$
|
8,906
|
$
|
16,277
|
-45.3
|
%
|
$
|
16,904
|
$
|
12,609
|
34.1
|
%
| |||||||||||||
Operating Ratio:
| ||||||||||||||||||||||||
Operating Ratio
|
98.1
|
%
|
96.1
|
%
|
2.1
|
%
|
98.2
|
%
|
98.5
|
%
|
-0.3
|
%
| ||||||||||||
Adjusted Operating Ratio2 |
98.0
|
%
|
95.9
|
%
|
2.2
|
%
|
98.0
|
%
|
98.4
|
%
|
-0.4
|
%
| ||||||||||||
Truckload Operating Ratio
|
97.7
|
%
|
94.6
|
%
|
3.3
|
%
|
97.9
|
%
|
97.1
|
%
|
0.8
|
%
| ||||||||||||
Adjusted Truckload Operating Ratio2 |
97.4
|
%
|
94.1
|
%
|
3.5
|
%
|
97.7
|
%
|
96.9
|
%
|
0.9
|
%
| ||||||||||||
Brokerage Operating Ratio
|
99.8
|
%
|
109.0
|
%
|
-8.4
|
%
|
99.2
|
%
|
109.3
|
%
|
-9.2
|
%
| ||||||||||||
Truckload Statistics:
| ||||||||||||||||||||||||
Revenue Per Mile1 |
$
|
2.354
|
$
|
2.051
|
14.8
|
%
|
$
|
2.311
|
$
|
2.061
|
12.1
|
%
| ||||||||||||
Average Tractors -
| ||||||||||||||||||||||||
Company Owned
|
4,517
|
4,777
|
-5.4
|
%
|
4,556
|
4,762
|
-4.3
|
%
| ||||||||||||||||
Owner Operators
|
1,332
|
1,787
|
-25.5
|
%
|
1,417
|
1,789
|
-20.8
|
%
| ||||||||||||||||
Total Average Tractors
|
5,849
|
6,564
|
-10.9
|
%
|
5,973
|
6,551
|
-8.8
|
%
| ||||||||||||||||
Average Revenue Miles Per Tractor Per Week
|
1,722
|
1,849
|
-6.9
|
%
|
1,723
|
1,821
|
-5.4
|
%
| ||||||||||||||||
Average Revenue Per Tractor Per Week1 |
$
|
4,053
|
$
|
3,793
|
6.9
|
%
|
$
|
3,981
|
$
|
3,753
|
6.1
|
%
| ||||||||||||
Total Miles
|
145,405
|
175,833
|
-17.3
|
%
|
294,968
|
345,020
|
-14.5
|
%
| ||||||||||||||||
Total Company Miles
|
111,558
|
125,743
|
-11.3
|
%
|
223,263
|
243,869
|
-8.4
|
%
| ||||||||||||||||
Total Independent Contractor Miles
|
33,847
|
50,090
|
-32.4
|
%
|
71,705
|
101,151
|
-29.1
|
%
| ||||||||||||||||
Independent Contractor fuel surcharge
|
8,422
|
7,311
|
15.2
|
%
|
16,082
|
18,522
|
-13.2
|
%
| ||||||||||||||||
1 Excluding fuel surcharge revenues
| ||||||||||||||||||||||||
2 See GAAP to non-GAAP reconciliation in the schedules following this release
|
Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
| ||||||||||||||||
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
GAAP Presentation:
| ||||||||||||||||
Total revenue
|
$
|
475,021
|
$
|
422,477
|
$
|
925,781
|
$
|
855,045
| ||||||||
Total operating expenses
|
(466,115
|
)
|
(406,200
|
)
|
(908,877
|
)
|
(842,436
|
)
| ||||||||
Operating income
|
$
|
8,906
|
$
|
16,277
|
$
|
16,904
|
$
|
12,609
| ||||||||
Operating ratio
|
98.1
|
%
|
96.1
|
%
|
98.2
|
%
|
98.5
|
%
| ||||||||
Non-GAAP Presentation
| ||||||||||||||||
Total revenue
|
$
|
475,021
|
$
|
422,477
|
$
|
925,781
|
$
|
855,045
| ||||||||
Fuel surcharge
|
(37,488
|
)
|
(28,513
|
)
|
(70,607
|
)
|
(68,261
|
)
| ||||||||
Revenue, excluding fuel surcharge
|
437,533
|
393,964
|
855,174
|
786,784
| ||||||||||||
Total operating expenses
|
466,115
|
406,200
|
908,877
|
842,436
| ||||||||||||
Adjusted for:
| ||||||||||||||||
Fuel surcharge
|
(37,488
|
)
|
(28,513
|
)
|
(70,607
|
)
|
(68,261
|
)
| ||||||||
Adjusted operating expenses
|
428,627
|
377,687
|
838,270
|
774,175
| ||||||||||||
Adjusted Operating Income
|
$
|
8,906
|
$
|
16,277
|
$
|
16,904
|
$
|
12,609
| ||||||||
Adjusted operating ratio
|
98.0
|
%
|
95.9
|
%
|
98.0
|
%
|
98.4
|
%
|
Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited)
| ||||||||||||||||
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||
(in thousands)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
Truckload GAAP Presentation:
| ||||||||||||||||
Total Truckload revenue
|
$
|
378,533
|
$
|
376,448
|
$
|
747,453
|
$
|
758,540
| ||||||||
Total Truckload operating expenses
|
(369,788
|
)
|
(356,020
|
)
|
(731,981
|
)
|
(736,912
|
)
| ||||||||
Truckload operating income
|
$
|
8,745
|
$
|
20,428
|
$
|
15,472
|
$
|
21,628
| ||||||||
Truckload operating ratio
|
97.7
|
%
|
94.6
|
%
|
97.9
|
%
|
97.1
|
%
| ||||||||
Truckload Non-GAAP Presentation
| ||||||||||||||||
Total Truckload revenue
|
$
|
378,533
|
$
|
376,448
|
$
|
747,453
|
$
|
758,540
| ||||||||
Fuel surcharge
|
(37,488
|
)
|
(28,513
|
)
|
(70,607
|
)
|
(68,261
|
)
| ||||||||
Revenue, excluding fuel surcharge
|
341,045
|
347,935
|
676,846
|
690,279
| ||||||||||||
Total Truckload operating expenses
|
369,788
|
356,020
|
731,981
|
736,912
| ||||||||||||
Adjusted for:
| ||||||||||||||||
Fuel surcharge
|
(37,488
|
)
|
(28,513
|
)
|
(70,607
|
)
|
(68,261
|
)
| ||||||||
Truckload Adjusted operating expenses
|
332,300
|
327,507
|
661,374
|
668,651
| ||||||||||||
Truckload Adjusted operating income
|
$
|
8,745
|
$
|
20,428
|
$
|
15,472
|
$
|
21,628
| ||||||||
Truckload Adjusted operating ratio
|
97.4
|
%
|
94.1
|
%
|
97.7
|
%
|
96.9
|
%
|
Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited)
| ||||||||||||||||||||
Quarter Ended June 30,
|
Six Months Ended June 30,
| |||||||||||||||||||
(in thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||||||
GAAP: Net income attributable to controlling interest
|
$
|
19,096
|
$
|
9,498
|
$
|
21,634
|
$
|
282
| ||||||||||||
Adjusted for:
| ||||||||||||||||||||
Income tax provision
|
6,443
|
2,387
|
8,093
|
530
| ||||||||||||||||
Income before income taxes attributable to controlling interest
|
$
|
25,539
|
$
|
11,885
|
$
|
29,727
|
$
|
812
| ||||||||||||
Unrealized gain on equity investment1 |
(20,191
|
)
|
-
|
(20,191
|
)
|
-
| ||||||||||||||
Loss on sale of equity method investment2 |
-
|
-
|
2,000
| |||||||||||||||||
Adjusted income before income taxes
|
5,348
|
11,885
|
9,536
|
2,812
| ||||||||||||||||
Adjusted income tax provision
|
1,163
|
2,387
|
2,813
|
530
| ||||||||||||||||
Non-GAAP: Adjusted net income attributable to controlling interest
|
$
|
4,185
|
$
|
9,498
|
$
|
6,723
|
$
|
2,282
| ||||||||||||
GAAP: Earnings per diluted share
|
$
|
0.37
|
$
|
0.18
|
$
|
0.42
|
$
|
(0.00
|
)
| |||||||||||
Adjusted for:
| ||||||||||||||||||||
Income tax expense attributable to controlling interest
|
0.12
|
0.05
|
0.15
|
0.01
| ||||||||||||||||
Income before income taxes attributable to controlling interest
|
$
|
0.49
|
$
|
0.23
|
$
|
0.57
|
$
|
0.01
| ||||||||||||
Unrealized gain on equity investment1 |
(0.39
|
)
|
-
|
(0.39
|
)
|
-
| ||||||||||||||
Loss on sale of equity method investment2 |
-
|
-
|
-
|
0.04
| ||||||||||||||||
Adjusted income before income taxes
|
0.10
|
0.23
|
0.18
|
0.05
| ||||||||||||||||
Adjusted income tax provision
|
0.02
|
0.05
|
0.05
|
0.01
| ||||||||||||||||
Non-GAAP: Adjusted earnings per diluted share attributable to controlling interest
|
$
|
0.08
|
$
|
0.18
|
$
|
0.13
|
$
|
0.04
| ||||||||||||
1During the second quarter of 2021, we recognized an unrealized gain on our TuSimple equity investment
| ||||||||||||||||||||
2During the first quarter of 2020, we incurred loss on sale related to an equity method investment in a former wholly owned subsidiary
|
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U.S. Xpress Enterprises Inc. published this content on 22 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2021 20:47:07 UTC.