USA TRUCK INC

CIK:0000883945|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Operating revenue	$ 202,130	$ 170,031	$ 403,193	$ 328,536
Operating expenses:
Salaries, wages and employee benefits	42,238	36,488	84,125	73,043
Fuel and fuel taxes	22,638	12,414	39,675	23,858
Depreciation and amortization	8,986	9,163	17,010	18,733
Insurance and claims	7,046	5,181	13,669	10,990
Equipment rent	1,526	2,048	3,360	3,997
Operations and maintenance	9,925	8,783	18,440	15,849
Purchased transportation	95,692	82,938	194,011	157,041
Operating taxes and licenses	1,273	1,323	2,533	2,595
Communications and utilities	735	796	1,741	1,600
Gain on disposal of assets, net	(881)	(140)	(7,282)	(317)
Merger costs	2,132	0	2,132
Other	4,968	4,108	9,244	8,172
Total operating expenses	196,278	163,102	378,658	315,561
Operating income	5,852	6,929	24,535	12,975
Other expenses:
Interest expense, net	1,542	1,014	2,959	2,039
Other, net	84	49	152	110
Total other expenses, net	1,626	1,063	3,111	2,149
Income before income taxes	4,226	5,866	21,424	10,826
Income tax expense	1,027	1,673	5,114	3,036
Consolidated net income and comprehensive income	$ 3,199	$ 4,193	$ 16,310	$ 7,790
Net earnings per share:
Average shares outstanding (basic) (in shares)	8,876	8,806	8,904	8,826
Basic earnings per share (in dollars per share)	$ 0.36	$ 0.48	$ 1.83	$ 0.88
Average shares outstanding (diluted) (in shares)	8,987	8,947	9,062	8,976
Diluted earnings per share (in dollars per share)	$ 0.36	$ 0.47	$ 1.80	$ 0.87

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Operating activities:
Net income			$ 16,310	$ 7,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 8,986	$ 9,163	17,010	18,733
Bad debt benefit			(191)	(102)
Deferred income tax benefit, net			135	(1,979)
Stock-based compensation			1,759	745
Gain on disposal of assets, net	(881)	(140)	(7,282)	(317)
Other			214	71
Changes in operating assets and liabilities:
Accounts and other receivables			(16,180)	(18,174)
Inventories and prepaid expenses			3,383	1,852
Accounts payable and accrued expenses			8,601	6,213
Insurance and claims accruals			2,359	357
Other long-term assets and liabilities			(2,245)	503
Net cash provided by operating activities			23,873	15,692
Investing activities:
Capital expenditures			(9,011)	(1,066)
Proceeds from sale of property and equipment			12,843	6,141
Net cash provided by investing activities			3,832	5,075
Financing activities:
Borrowings under long-term debt			6,000	28,760
Payments on long-term debt			(52,201)	(39,156)
Principal payments on financing lease obligations			(12,290)	(5,888)
Proceeds from obligation under finance lease			41,974
Payment of debt issuance costs			(774)
Net change in bank drafts payable			41	(2,785)
Proceeds from capital sale leaseback					$ 24,500
Net payments for tax withholdings for vested stock-based awards			(1,108)	(9)
Net cash used in financing activities			(18,358)	(19,078)
Increase in cash and restricted cash			9,347	1,689
Cash and restricted cash:
Beginning of period			1,352	325	325
End of period	$ 10,699	$ 2,014	10,699	2,014	$ 1,352
Supplemental disclosure of cash flow information:
Interest			2,710	2,106
Income taxes, net of refunds			7,516	6,623
Supplemental disclosure of non-cash investing:
Purchase of revenue equipment included in accounts payable			$ 6,059	$ 1,021

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and restricted cash (restricted cash of $8,499 and $405 , respectively)	$ 10,699	$ 1,352
Receivables, net of allowance for doubtful accounts of $294 and $490, respectively	116,538	100,166
Inventories	1,236	1,387
Assets held for sale	1,216
Prepaid expenses and other current assets	7,645	10,103
Total current assets	137,334	113,008
Property and equipment:
Land and structures	28,872	34,266
Revenue equipment	337,998	316,492
Service, office and other equipment	25,503	31,213
Property and equipment, at cost	392,373	381,971
Accumulated depreciation and amortization	(165,110)	(175,024)
Property and equipment, net	227,263	206,947
Operating leases - right of use assets	25,450	22,898
Goodwill	5,231	5,231
Other intangibles, net	13,170	13,815
Other assets	3,167	2,136
Total assets	411,615	364,035
Current liabilities:
Accounts payable	46,673	36,378
Current portion of insurance and claims accruals	10,098	8,973
Accrued expenses	14,390	10,006
Current finance lease obligations	16,834	14,095
Current operating lease obligations	7,221	6,679
Long-term debt, current maturities	16,956	11,069
Total current liabilities	112,172	87,200
Other long-term liabilities	302	342
Long-term debt, less current maturities	53,241	63,355
Long-term finance lease obligations	69,688	56,274
Long-term operating lease obligations	18,665	16,644
Deferred income taxes	22,049	21,914
Insurance and claims accruals, less current portion	7,112	6,881
Total liabilities	283,229	252,610
Commitments and contingencies
Stockholders' equity:
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued	0	0
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,481,442 shares, and 12,263,030 shares, respectively	125	123
Additional paid-in capital	66,324	63,752
Retained earnings	119,593	103,283
Less treasury stock, at cost ( 3,447,676 shares, and 3,367,418 shares, respectively)	(57,656)	(55,733)
Total stockholders' equity	128,386	111,425
Total liabilities and stockholders' equity	$ 411,615	$ 364,035