US XPRESS ENTERPRISES INC

CIK:0000923571|SEC Filings

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenue
Total operating revenue	$ 492,726	$ 517,188
Operating expenses
Salaries, wages, and benefits	181,704	169,028
Fuel and fuel taxes	74,606	65,043
Vehicle rents	31,661	24,294
Depreciation and amortization, net of (gain) loss on sale of property	27,309	18,717
Operating expenses and supplies	44,984	44,814
Insurance premiums and claims	38,919	20,139
Operating taxes and licenses	4,381	3,916
Communications and utilities	3,718	3,544
General and other operating expenses	18,846	17,319
Total operating expenses	522,580	517,398
Operating loss	(29,854)	(210)
Other expense
Interest expense, net	7,036	3,807
Other expense	60	7,105
Nonoperating (Income) Expense, Total	7,096	10,912
Loss before income tax benefit	(36,950)	(11,122)
Income tax benefit	(9,873)	(2,149)
Net total and comprehensive loss	(27,077)	(8,973)
Net total and comprehensive income (loss) attributable to noncontrolling interest	43	(71)
Net total and comprehensive loss attributable to controlling interest	$ (27,120)	$ (8,902)
Loss per share
Basic earnings (loss) per share (in dollars per share)	$ (0.52)	$ (0.18)
Basic weighted average shares outstanding (in shares)	52,128	50,849
Diluted earnings (loss) per share (in dollars per share)	$ (0.52)	$ (0.18)
Diluted weighted average shares outstanding (in shares)	52,128	50,849
Revenue, before fuel surcharge
Operating revenue
Total operating revenue	$ 437,822	$ 464,327
Fuel surcharge
Operating revenue
Total operating revenue	54,904	52,861
Shipping and Handling
Operating expenses
Purchased transportation	$ 96,452	$ 150,584

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (27,077)	$ (8,973)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income tax benefit	(10,233)	(2,623)
Depreciation and amortization	24,541	19,036
(Gains) losses on sale of equipment	2,768	(319)
Share based compensation	1,048	1,456
Other	398	(1,089)
Unrealized loss on equity investment	60	8,363
Changes in operating assets and liabilities:
Receivables	16,566	(14,514)
Prepaid insurance and licenses	(5,545)	(2,642)
Operating supplies	543	(595)
Other assets	1,090	(16,915)
Accounts payable and other accrued liabilities	3,817	9,061
Accrued wages and benefits	(11,322)	4,062
Net cash used in operating activities	(3,346)	(5,692)
Investing activities
Payments for purchases of property and equipment	(46,902)	(50,091)
Proceeds from sales of property and equipment	26,065	10,820
Net cash used in investing activities	(20,837)	(39,271)
Financing activities
Borrowings under lines of credit	121,804	167,471
Payments under lines of credit	(85,900)	(126,300)
Borrowings under long-term debt	31,994	15,948
Payments of long-term debt and finance leases	(47,671)	(21,914)
Tax withholding related to net share settlement of restricted stock awards	(146)	(408)
Proceeds from issuance of common stock under ESPP	619	725
Proceeds from long-term consideration for sale of subsidiary	167	159
Book overdraft	4,004	6,166
Net cash provided by financing activities	24,871	41,847
Net change in cash and cash equivalents	688	(3,116)
Cash and cash equivalents
Beginning of year	2,275	5,695
End of period	2,963	2,579
Supplemental disclosure of cash flow information
Cash paid during the year for interest	6,320	3,597
Cash paid during the year for income taxes		49
Supplemental disclosure of significant noncash investing and financing activities
Property and equipment amounts accrued in accounts payable	$ 2,175	16,450
Uncollected proceeds from asset sales		$ 1,778

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 2,963	$ 2,275
Customer receivables, net of allowance of $990 and $990 at March 31, 2023 and December 31, 2022, respectively	207,934	222,794
Other receivables	16,078	17,676
Prepaid insurance and licenses	16,609	13,847
Operating supplies	7,957	8,410
Assets held for sale	22,148	25,759
Other current assets	26,057	46,642
Total current assets	299,746	337,403
Property and equipment, at cost	979,952	980,607
Less accumulated depreciation and amortization	(404,476)	(397,806)
Net property and equipment	575,476	582,801
Other assets
Operating lease right of use assets	347,751	333,498
Goodwill	59,221	59,221
Intangible assets, net	23,698	23,784
Deferred tax assets	1,684
Other	42,183	44,758
Total other assets	474,537	461,261
Total assets	1,349,759	1,381,465
Current liabilities
Accounts payable	96,517	111,222
Book overdraft	8,217	4,213
Accrued wages and benefits	24,135	35,457
Claims and insurance accruals, current	55,797	73,372
Other accrued liabilities	12,974	13,403
Current portion of operating lease liabilities	103,893	105,078
Current maturities of long-term debt and finance leases	122,358	124,033
Total current liabilities	423,891	466,778
Liabilities, Noncurrent
Long-term debt and finance leases, net of current maturities	382,118	360,175
Less unamortized discount and debt issuance costs	(50)	(310)
Net long-term debt and finance leases	382,068	359,865
Deferred income taxes		8,549
Other long-term liabilities	20,232	22,878
Claims and insurance accruals, long-term	63,556	50,825
Noncurrent operating lease liabilities	243,503	230,505
Commitments and contingencies (Note 7)
Stockholders' equity
Additional paid-in capital	275,291	273,781
Retained earnings deficit	(62,668)	(35,548)
Stockholders' equity	213,149	238,748
Noncontrolling interest	3,360	3,317
Total stockholders' equity	216,509	242,065
Total liabilities and stockholders' equity	1,349,759	1,381,465
Common stock Class A
Stockholders' equity
Common stock	395	357
Common Stock Class B
Stockholders' equity
Common stock	$ 131	$ 158