Roadrunner Transportation Systems, Inc.

CIK:0001440024|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenues	$ 1,847,862	$ 2,216,141	$ 2,091,291
Operating expenses:
Purchased transportation costs	1,246,565	1,518,415	1,430,378
Personnel and related benefits	313,541	309,753	296,925
Other operating expenses	370,213	397,468	393,731
Depreciation and amortization	59,004	42,767	37,747
Gain from sale of businesses	(37,221)	0	(35,440)
Impairment charges	197,096	1,582	4,402
Operations restructuring costs	20,579	4,655	0
Total operating expenses	2,169,777	2,274,640	2,127,743
Operating loss	(321,915)	(58,499)	(36,452)
Interest expense
Interest expense - preferred stock	0	105,688	49,704
Interest expense - debt	20,412	11,224	14,345
Total interest expense	20,412	116,912	64,049
Loss from debt restructuring	2,270	0	15,876
Loss before income taxes	(344,597)	(175,411)	(116,377)
Benefit from income taxes	(3,660)	(9,814)	(25,191)
Net loss	$ (340,937)	$ (165,597)	$ (91,186)
Loss per share:
Basic (in usd per share)	$ (10.62)	$ (107.39)	$ (59.37)
Diluted (in usd per share)	$ (10.62)	$ (107.39)	$ (59.37)
Weighted average common stock outstanding:
Basic (shares)	32,098	1,542	1,536
Diluted (shares)	32,098	1,542	1,536

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (340,937)	$ (165,597)	$ (91,186)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	59,754	43,547	38,880
Loss on disposal of property and equipment	1,115	3,212	1,637
Gain from sale of businesses	(37,221)	0	(35,440)
Share-based compensation	12,676	1,786	2,233
Change in fair value of preferred stock	0	104,568	18,387
Amortization of preferred stock issuance costs	0	1,120	16,112
Loss from debt restructuring	2,270	0	15,876
Adjustments to contingent purchase obligations	0	1,840	0
Provision for bad debts	4,093	3,479	5,964
Deferred tax benefit	(3,014)	(10,624)	(27,066)
Impairment charges	207,709	1,582	4,402
Changes in:
Accounts receivable	35,629	43,902	(70,171)
Income tax receivable	1,049	9,935	26,017
Prepaid expenses and other assets	56,586	(26,052)	(753)
Accounts payable	(28,703)	(12,291)	28,960
Accrued expenses and other liabilities	(68,081)	5,187	20,596
Net cash (used in) provided by operating activities	(97,075)	5,594	(45,552)
Cash flows from investing activities:
Capital expenditures	(27,745)	(25,495)	(14,517)
Proceeds from sale of property and equipment	3,859	2,780	3,636
Proceeds from sale of businesses	84,791	0	88,512
Net cash provided by (used in) investing activities	60,905	(22,715)	77,631
Cash flows from financing activities:
Borrowings under revolving credit facilities	633,441	695,751	264,405
Payments under revolving credit facilities	(597,660)	(708,256)	(290,068)
Term borrowings	52,592	557	56,927
Term payments	(52,395)	(19,082)	(278,819)
Debt issuance costs	(2,250)	(373)	(4,672)
Cash collateralization of letters of credit	0	0	(175)
Payment of debt extinguishment costs	(693)	0	(10,960)
Preferred stock issuance costs	0	(1,120)	(16,112)
Proceeds from issuance of preferred stocks and warrants	0	34,999	540,500
Preferred stock payments	(402,884)	0	(293,000)
Proceeds from issuance of common stock	450,000	0	0
Common stock issuance costs	(10,514)	0	0
Proceeds from exercise of stock warrants	0	4	0
Issuance of restricted stock units, net of taxes paid	(1,767)	(81)	(239)
Proceeds from insurance premium financing	20,735	17,782	0
Payments on insurance premium financing	(19,072)	(12,133)	0
Payments of finance lease obligation	(39,765)	(5,450)	(3,677)
Net cash provided by financing activities	29,768	2,598	(35,890)
Net increase (decrease) in cash and cash equivalents	(6,402)	(14,523)	(3,811)
Cash and cash equivalents:
Beginning of period	11,179	25,702	29,513
End of period	4,777	11,179	25,702
Supplemental cash flow information:
Cash paid for interest	18,252	10,408	28,129
Cash refunds from income taxes, net	(1,028)	(9,597)	(25,254)
Non-cash finance leases and other obligations to acquire assets	55,937	46,973	7,193
Capital expenditures, not yet paid	$ 2,294	$ 628	$ 0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 4,777,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	4,777,000	$ 11,179,000
Accounts receivable, net of allowances of $8,279 and $9,980, respectively	216,389,000	274,843,000
Income tax receivable	2,861,000	3,910,000
Prepaid expenses and other current assets	40,474,000	61,106,000
Total current assets	264,501,000	351,038,000
Property and equipment, net of accumulated depreciation of $142,854 and $130,077, respectively	160,634,000	188,706,000
Operating lease right-of-use asset	116,926,000
Other assets:
Goodwill	97,265,000	264,826,000
Intangible assets, net	25,983,000	42,526,000
Other noncurrent assets	5,088,000	6,361,000
Total other assets	245,262,000	313,713,000
Total assets	670,397,000	853,457,000
Current liabilities:
Current maturities of debt	2,291,000	13,171,000
Current maturities of indebtedness to related party	9,234,000	0
Current finance lease liability	15,600,000	13,229,000
Current finance lease liability	38,566,000
Accounts payable	129,724,000	160,242,000
Accrued expenses and other current liabilities	78,721,000	110,943,000
Total current liabilities	274,136,000	297,585,000
Deferred tax liabilities	940,000	3,953,000
Other long-term liabilities	1,513,000	7,857,000
Total debt, net of current maturities	131,540,000	155,596,000
Long-term indebtedness to related party	61,695,000	0
Long-term finance lease liability	51,338,000	37,737,000
Long-term operating lease liability	93,403,000
Preferred stock	0	402,884,000
Total liabilities	614,565,000	905,612,000
Commitments and contingencies (Note 14)
Stockholders' investment:
Common stock $.01 par value; 44,000 and 4,200 shares authorized respectively; 37,870 and 1,556 shares issued and outstanding, respectively	379,000	16,000
Additional paid-in capital	853,804,000	405,243,000
Retained deficit	(798,351,000)	(457,414,000)
Total stockholders’ investment (deficit)	55,832,000	(52,155,000)
Total liabilities and stockholders' investment (deficit)	$ 670,397,000	$ 853,457,000