Second-Quarter 2023 Highlights (comparisons
to first-quarter 2023)
- Revenue of $407 million and revenue net of fuel surcharge of
$362 million, growth of $8 million and $14 million, respectively,
due to strong operational execution and a $0.05 rate per mile
improvement
- Operating ratio of 95% and adjusted operating ratio of 92%,
improved from 97% and 93%, respectively
- Net income improved to $6 million, or $0.07 earnings per
diluted share attributable to common stockholders (EPS), compared
to $1 million, or $0.05 loss per diluted share attributable to
common stockholders
- Adjusted net income improved to $12 million, or $0.20 Adjusted
EPS, compared to $8 million, or $0.12 Adjusted EPS
Second-Quarter 2023 Highlights (comparisons to
second-quarter 2022)
- Revenue of $407 million and revenue net of fuel surcharge of
$362 million, declines of 15% and 12%, respectively
- Net income of $6 million, or $0.07 earnings per diluted share
attributable to common stockholders (EPS), compared to $18 million,
or $0.24 earnings per diluted share attributable to common
stockholders
- Adjusted net income was $12 million, or $0.20 Adjusted EPS,
compared to $30 million, or $0.42 Adjusted EPS
- Net cash provided by operating activities improved to $28
million and Free Cash Flow improved to $26 million, respectively,
growth of $5 million and $11 million, respectively
- Maintained significant liquidity of $198 million, consisting of
$94 million cash balance and $104 million available under revolving
credit facility, as of June 30, 2023, after taking decisive steps
to reduce interest expense and reduce preferred dividends through:
- Reduced term-loan balance with $50 million cash prepayment,
decreased future interest expense
- Redeemed all Series B-1 preferred shares (13% dividend rate)
with $20 million of cash on hand, decreases future dividends
ADDISON, Texas, Aug. 03, 2023 (GLOBE NEWSWIRE)
-- Daseke, Inc. (NASDAQ: DSKE) (Daseke or the Company), the premier
North American transportation solutions specialist dedicated to
servicing challenging industrial end markets, today reported
financial results for the second quarter ended June 30, 2023
and provided an update to its 2023 outlook.
Management Commentary
Jonathan Shepko, Chief Executive Officer of
Daseke commented, “During the second quarter, we generated
encouraging sequential improvement across a number of key financial
and operational metrics, despite the continuing pressures as the
cycle troughs. Second quarter 2023 revenue of $407 million improved
over the first quarter of 2023, with improvements in each of
company miles, company tractor utilization, and rate per mile. At
the same time, we progressed our commitment to enhancing our
balance sheet—using excess cash to reduce higher cost components of
our capital structure, thereby reducing gross debt, lowering
ongoing costs, and enhancing EPS. We remain focused on improving
our operational efficiency and leaning into our asset-right
strategy to dampen the impact of the contracting freight
environment from its historic highs of the second quarter of
2022."
"Looking to the second half of the year, our
updated outlook assumes no substantive improvement in current
freight market conditions. We expect load availability to remain
tight but stable, and absent a deceleration in the wider economy,
we expect freight rates to remain stifled in the near-term as
capacity continues its slow exit from the industry. We expect
current conditions to persist for the remainder of the third
quarter, followed by a more gradual fourth-quarter slowdown,
typical of the seasonality in our prior years. Thus, we anticipate
that second half 2023 adjusted EBITDA will be within a range
between 100% and 110% of that of first half 2023.”
2023 Current Outlook
- Adjusted EBITDA of $200 million to $210 million, modestly lower
than the previously guided range of $210 million to $220 million,
primarily linked to
- demand degradation in the building materials complex served by
our Northwest flatbed operations, and
- a shift in the resurgence of wind demand from the back-half of
2023 to 2024
- Capital expenditures, net of property and equipment sales, $135
million to $145 million, unchanged from prior guidance, given
- organic investments in company-tractors, which support the
asset-right strategy and maintain a low average age of fleet
thereby reducing maintenance costs
Second-Quarter 2023 Consolidated
Financial Results (comparisons to second-quarter 2022)
Total revenue in the second quarter of 2023
("current-year quarter") was $407.3 million compared to $481.3
million in the second quarter of 2022 ("prior-year quarter") as
revenue gains from Daseke's intentional shift toward loading the
company-owned fleet and incremental logistics service offerings
were more than offset by revenue declines in owner-operator
freight, brokerage, and fuel surcharge. Revenue declines in the
current-year quarter included lower diesel prices that reduced fuel
surcharge revenue, and the ongoing deceleration in available
freight volumes and freight rates across the transportation
industry. This deceleration in demand and its impact on freight
rates was evident in the $0.29 rate per mile (RPM) decrease to
$2.85. During the current-year quarter, Daseke responded to these
trends by investing in additional company-owned tractors, expanding
the company-driver team, and providing increased capacity to
strategically prioritize loads on the company-owned fleet. These
additions delivered the $3.1 million increase in company-freight
revenue and the 10.6% increase in company miles driven to 59.3
million. Strong commercial efforts in the current-year quarter
captured $1.0 million of incremental logistics revenue. Total miles
driven increased 2.4% to 99.7 million, as an increase in company
miles more than offset a decline in owner-operator miles.
Operating expenses were $386.2 million in the
second quarter of 2023, reflecting a $62.3 million improvement over
the prior-year quarter. Operating expense reductions included
purchased freight, fuel, and impairments, partially offset by
increases in salaries, wages, and employee benefits, as well as
operations and maintenance expenses. Purchased freight expense
decreased with the reduction in owner-operator miles and brokerage
revenue. Increases in salaries, wages and employee benefits were
primarily due to incremental driver compensation. Additional
operations and maintenance expenses primarily resulted from the
increase in company miles driven. The decline in total revenue
outpaced the improvement in operating expenses in the current-year
quarter and resulted in a consolidated operating ratio (OR) of
94.8%, compared to 93.2% in the prior-year quarter. The increase in
OR was predominantly attributable to the revenue decline and
operating expense increase in the Flatbed Solutions segment, mostly
notably in our Northwest flatbed operations. Income from operations
in the second quarter of 2023 was $21.1 million, compared to $32.8
million in the prior-year quarter, as the decline in total revenue
exceeded the reduction in operating expenses. In the current-year
quarter, Adjusted operating ratio (Adjusted OR, defined as Adjusted
operating expenses, net of fuel surcharge, as a percentage of Net
revenue) was 92.3%.
Net income for the second quarter of 2023 was
$5.7 million, and after consideration of the Series A and Series B
preferred stock dividends, net income attributable to common
stockholders was $3.2 million, or $0.07 of EPS, compared to the
prior-year quarter net income of $17.7 million and net income
attributable to common stockholders of $16.3 million, or $0.24 of
EPS. The reduction in net income was primarily attributable to the
aforementioned decline in income from operations and $5.1 million
of incremental net interest expense, offset by lower income tax
expense. The $5.1 million of incremental net-interest expense
primarily resulted from rising floating interest rates. With regard
to EPS, approximately $0.09 of comparative period decline related
to the incremental net-interest expense and the $1.3 million in
cash dividends associated with Series B preferred shares issued in
November of 2022. Adjusted primarily for stock-based compensation
and business transformation expenses, in the current-year quarter,
Adjusted net income was $11.9 million and Adjusted net income
attributable to common stockholders was $9.4 million, or $0.20 of
Adjusted EPS, compared to $30.0 million of Adjusted net income and
$29.7 million of Adjusted net income attributable to common
stockholders, or $0.42 of Adjusted EPS. In the second quarter of
2023, the Company reported Adjusted EBITDA of $52.5 million,
compared to $70.8 million.
Second-Quarter 2023 Segment Results
(comparisons to second-quarter 2022)
Specialized Solutions Segment–
During the second quarter of 2023, Specialized Solutions segment
revenue was $239.4 million, a $26.8 million decrease compared
to the prior-year quarter. The $26.8 million decline was due
primarily to lower fuel surcharge revenue of $12.8 million
associated with lower diesel prices, and a $13.8 million decline in
owner-operator freight and brokerage revenue. Correlating with the
ongoing softness in load availability across the transportation
industry, Specialized Segment total loads, which include brokerage,
and total miles declined by 9.2% and 0.6%, respectively. Despite
these market trends, company miles and company-loaded miles as a
percent of total miles increased by 5.0% and 6.4%, respectively, as
the Company prioritized asset productivity while also successfully
executing its asset-right strategy. Strength in the agriculture,
energy, mining, and aerospace end markets was more than offset by
modest declines primarily in the high security cargo, construction,
glass, and manufacturing end markets. In the current-year quarter,
segment RPM was $3.33, $0.21 lower than the prior-year quarter and
$0.02 higher than the first quarter of 2023, signaling a
stabilizing rate environment.
Operating expenses were $222.0 million in the
second quarter of 2023, reflecting a $29.8 million improvement
compared to the prior-year quarter. Operating expense reductions
included purchased freight, fuel, and a $7.8 million
impairment ("Specialized Solutions impairment") in the prior-year
quarter that did not recur in the current-year quarter, partially
offset by increases in salaries, wages, and employee benefits, as
well as operations and maintenance expenses. The improvement in
operating expenses outpaced the decline in revenue in the
current-year quarter and resulted in a 190 basis-point improvement
in OR to 92.7%. Adjusted primarily for stock-based compensation,
business transformation, severance, acquisition-related transaction
expenses, and the Specialized Solutions impairment, in the
current-year quarter, Adjusted OR was 90.4%, compared to 88.0%.
In the second quarter of 2023, net income
increased to $8.0 million, from $6.4 million in the prior-year
quarter, as the incremental income from operations, and lower tax
expense improved net income. In the current-year quarter, Adjusted
EBITDA was $33.4 million, compared to $39.7 million.
Flatbed Solutions Segment–
During the second quarter of 2023, Flatbed Solutions revenue was
$167.9 million, compared to $215.1 million, as increased company
freight revenue was more than offset by lower brokerage,
owner-operator freight, and fuel surcharge revenue. Company freight
revenue increased 10.1%, with a 24.2% increase in miles driven due
to the intentional shift to company trucks and 169 trucks added in
the quarter, partially offset by a 11.4% decrease in the company
RPM. Owner-operator freight decreased 16.7% due to decreases in
miles driven and owner-operator RPM. Our asset-right strategy
typically amplifies use of brokerage service in strong rate
environments; accordingly, brokerage revenue decreased 52.5% in the
current-year quarter. Despite ongoing challenges in the macro
flatbed rate environment, illustrated by the 12.5% degradation in
RPM to $2.38, Flatbed Solutions delivered a 1% increase in miles
driven per truck to partially offset the RPM decline. As compared
to the prior-year quarter, Flatbed Solutions increased its total
miles driven by 5.1% and average length of haul by 6.5%, improved
deadhead by 0.4%, and added 3.9% more trucks to the fleet, while
maintaining a nearly flat unseated percentage. Strength primarily
in the manufacturing end market was more than offset by declines
primarily in the steel and construction end markets.
Operating expenses were $164.2 million in the
second quarter of 2023, reflecting a $32.5 million improvement over
the prior-year quarter. During the current-year quarter, the
Company made the decision to no longer use a trade name of an
operating segment within Flatbed Solutions resulting in a $1.5
million impairment ("Flatbed Solutions impairment"), which is
included in operating expenses. Operating expense reductions
included purchased freight and fuel, partially offset by increases
in salaries, wages, and employee benefits, as well the Flatbed
Solutions impairment. The decline in revenue outpaced improvement
in operating expenses in the current-year quarter and resulted in a
segment OR of 97.8%, compared to 91.4%. Adjusted primarily for the
Flatbed Solutions impairment, stock-based compensation,
amortization of intangibles, and business transformation expenses,
Adjusted OR was 95.1%, compared to an Adjusted OR of 87.7%.
Segment net loss was $2.3 million in the second
quarter of 2023, as lower expenses were more than offset by the
revenue decline, compared to net income of $11.3 million. Adjusted
EBITDA was $19.1 million.
Cash, Liquidity, and Capital Allocation
Summary
During the current-year quarter, Daseke
voluntarily reduced its term-loan balance with a $50.0 million cash
prepayment, decreasing future interest expense and voluntarily
redeemed all Series B-1 preferred shares (13% dividend rate) with
$20.3 million of cash on hand, reducing future dividends.
Subsequent to these financing activities, as of June 30, 2023,
Daseke reported cash and cash equivalents of $93.7 million, as well
as $104.3 million available under its revolving credit facility,
for total available liquidity of $198.0 million. Total debt was
$652.6 million as of June 30, 2023, $16.1 million lower than
March 31, 2023. Daseke remains committed to a reduction in its
total debt.
For the second quarter 2023, net cash provided
by operating activities was $27.9 million, cash capital
expenditures were $8.2 million, and cash proceeds from the sale of
property and equipment were $6.2 million, resulting in Free Cash
Flow of $25.9 million, reflecting improvement as compared to the
prior-year quarter and supporting Daseke's debt reduction goal.
Conference Call
Daseke will hold a conference call today at
11:00 a.m. Eastern time to discuss its second-quarter 2023 results
and provide an update to its 2023 outlook. Investors,
analysts, and members of the media interested in listening to the
live presentation are encouraged to join a webcast of the call,
with this link: https://edge.media-server.com/mmc/p/q4wahgpq. An
accompanying presentation is available on the Investors section of
the Company’s website, www.daseke.com, under Events
& Presentations. A replay of the conference call will be
available a few hours after the event on the Investors section of
the Company’s website, under Events & Presentations.
About Daseke, Inc.
Daseke, Inc. is the premier North American
transportation solutions specialist dedicated to servicing
challenging industrial end-markets. Daseke offers comprehensive,
best-in-class services to a diversified portfolio of many of North
America’s most respected industrial shippers. For more information,
please visit www.daseke.com.
Segment Recast Information
During the fourth quarter of 2022, the Company
began reporting segment results to its chief operating
decision maker with intersegment revenues and expenses
eliminated at the applicable reportable segment level, as
well as corporate costs allocated to its two reportable
segments, based upon respective reportable segment revenue.
Previously, the Company had disclosed a corporate segment, which
was not an operating segment and included certain acquisition
transaction expenses, corporate salaries, interest expense, and
other corporate administrative expenses and intersegment
eliminations. As a result of this change, the Company has presented
segment results recast for the three and six months ended June 30,
2022 in this news release. In addition, in the Reportable Segments
Note in its upcoming Quarterly Report on Form 10-Q, the Company
will present recast prior period segment results to reflect the
allocated corporate and intersegment costs.
Use of Non-GAAP Measures
This news release includes non-GAAP financial
measures for the Company and its reporting segments, including
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income from
operations, Adjusted net income (loss), Adjusted net income (loss)
attributable to common stockholders, Adjusted EPS, Adjusted
Operating Ratio, Free Cash Flow, and Net revenue.
Please note that the non-GAAP measures described
below are not a substitute for, or more meaningful than, net income
(loss), net income (loss) margin, income from operations, net
income (loss) attributable to common stockholders, EPS, operating
ratio, cash flows from operating activities, revenue, or any other
measure prescribed by GAAP, and there are limitations to using
non-GAAP measures. Certain items excluded from these non-GAAP
measures are significant components in understanding and assessing
a company’s financial performance, such as a company’s cost of
capital, tax structure, and the historic costs of depreciable
assets. Also, other companies in Daseke’s industry may define these
non‐GAAP measures differently than Daseke does, and as a result, it
may be difficult to use these non‐GAAP measures to compare the
performance of those companies to Daseke’s performance. Because of
these limitations, these non-GAAP measures should not be considered
a measure of the income generated by Daseke’s business or
discretionary cash available to it to invest in the growth of its
business. Daseke’s management compensates for these limitations by
relying primarily on Daseke’s GAAP results and using these non-GAAP
measures supplementally.
The reconciliation of these non‐GAAP measures to
the nearest comparable GAAP measures are found in the tables
below.
Adjusted EBITDA and Adjusted EBITDA
Margin
Daseke defines Adjusted EBITDA as net income
(loss) plus (i) depreciation and amortization, (ii) interest
expense, net, (iii) income taxes, and (iv) other material items
that management believes do not reflect our core operating
performance. Adjusted EBITDA margin is defined as Adjusted
EBITDA divided by net revenue.
Previously, the Company defined Adjusted EBITDA
margin as Adjusted EBITDA divided by total revenue. However,
beginning with the first quarter of 2023, the Company revised the
definition in order to remove the impact of fuel surcharge
revenues, which is often volatile and eliminating the impact of
this source of revenue affords a more consistent basis for
comparing Adjusted EBITDA margin between periods. Adjusted
EBITDA margin presented in this news release for the comparative
period also has been adjusted based on the revised definition.
We have not reconciled non‐GAAP forward-looking
measures to their corresponding GAAP measures because certain items
that impact these measures are unavailable or cannot be reasonably
predicted without unreasonable efforts. In particular, we have not
reconciled our expectations as to forward-looking Adjusted EBITDA
to net income due to the difficulty in making an accurate
projection as to stock-based compensation expense. Stock-based
compensation expense is affected by future hiring, turnover, and
retention needs, as well as the future fair market value of our
common stock and performance stock units. In addition, many of our
performance stock units are classified as liabilities which vest
upon the achievement of specific performance-based conditions
related to the Company’s financial performance over a three-year
period, modified based on the Company’s relative total stockholder
return, all of which is difficult to predict and require quarterly
adjustments to their fair value performed by outside specialists.
The actual amount of the excluded stock-based compensation expense
will have a significant impact on our GAAP net income; accordingly,
a reconciliation of forward-looking Adjusted EBITDA to net income
is not available without unreasonable efforts.
The Company’s board of directors and executive
management team use Adjusted EBITDA and Adjusted EBITDA margin as
key measures of the Company's performance and for business
planning. Adjusted EBITDA and Adjusted EBITDA margin assist them in
comparing the Company’s operating performance over various
reporting periods on a consistent basis because they remove from
the Company’s operating results the impact of items that, in their
opinion, do not reflect the Company’s core operating performance.
Adjusted EBITDA and Adjusted EBITDA margin also allow the Company
to more effectively evaluate its operating performance by comparing
the results of operations against its peers without regard to its
or its peers’ financing method or capital structure. The Company’s
method of computing Adjusted EBITDA is substantially consistent
with that used in its debt covenants and is also routinely reviewed
by its executive management for that purpose. The Company believes
its presentation of Adjusted EBITDA and Adjusted EBITDA margin is
useful because it provides investors and industry analysts the same
information that the Company uses internally for purposes of
assessing its core operating performance.
Adjusted Net Income (Loss), Adjusted Net
Income (Loss) Attributable to Common Stockholders and Adjusted
EPS
Daseke defines (i) Adjusted net income (loss) as
net income (loss) adjusted for material items that management
believes do not reflect our core operating performance, (ii)
Adjusted net income (loss) attributable to common stockholders as
the numerator for diluted EPS - adjusted net income available to
common stockholders - two class method and (iii) Adjusted EPS as
Adjusted net income (loss) available to common stockholders divided
by the weighted average number of shares of common stock
outstanding during the period under the two-class method.
The Company’s board of directors and executive
management team use these measures as key measures of its
performance and for business planning. These measures assist them
in comparing its operating performance over various reporting
periods on a consistent basis because it removes from operating
results the impact of items that, in its opinion, do not reflect
the Company’s core operating performance. The Company believes its
presentation of these measures is useful because it provides
investors and industry analysts the same information that it uses
internally for purposes of assessing its core operating
performance.
Adjusted Income (Loss) from Operations
and Adjusted Operating Ratio
The Company uses Adjusted income (loss) from
operations and Adjusted OR as a supplement to its GAAP results in
evaluating certain aspects of its business, as described below. The
Company defines Adjusted income (loss) from operations as (a) total
revenue less (b) Adjusted operating expenses. The Company defines
Adjusted operating expenses as total operating expenses, less
material items that management believes do not reflect our core
operating performance. The Company defines Adjusted OR as Adjusted
operating expenses, less fuel surcharge revenue as a percentage of
net revenue.
Previously, the Company defined Adjusted OR as
Adjusted operating expenses as a percentage of total revenue.
However, beginning with the first quarter of 2023, the Company
revised the definition in order to remove the impact of fuel
surcharge revenues, which is often volatile and eliminating the
impact of this source of revenue affords a more consistent basis
for comparing Adjusted OR between periods. Adjusted OR
presented in this news release for the comparative period also has
been adjusted based on the revised definition.
The Company’s board of directors and executive
management team view these non-GAAP measures and their key drivers
of revenue quality, growth, expense control, and operating
efficiency as very important measures of the Company’s performance.
These measures assist them in comparing the Company’s performance
over various reporting periods on a consistent basis because they
remove from operating results the impact of items that, in its
opinion, do not reflect the Company’s core operating performance.
The Company believes its presentation of these non-GAAP measures
are useful because they provide investors and industry analysts the
same information that it uses internally for purposes of assessing
its core operating profitability. In addition, fuel surcharge
revenue is often volatile and eliminating the impact of this source
of revenue from Adjusted OR affords a more consistent basis for
comparing this ratio between periods.
Free Cash Flow
Daseke defines Free Cash Flow as net cash
provided by operating activities less purchases of property and
equipment, plus proceeds from sale of property and equipment, as
such amounts are shown on the face of the Statements of Cash
Flows.
The Company’s board of directors and executive
management team use Free Cash Flow to assess the Company’s
liquidity and ability to repay maturing debt, fund operations, and
make additional investments. The Company believes Free Cash Flow
provides useful information to investors because it is an important
indicator of the Company’s liquidity, including its ability to
reduce debt, make strategic investments, and repurchase stock.
Net Revenue
Daseke defines Net revenue as revenue less fuel
surcharge (FSC). The Company’s board of directors and executive
management team use Net revenue to help assess the Company’s
revenue excluding the impact of fuel surcharge, which often
fluctuates with fuel cost. The Company believes that the
presentation of Net revenue is useful to investors because fuel
surcharge is often volatile and eliminating the impact of this
source of revenue affords a more consistent basis for comparing its
revenue between periods.
Management’s View of Core Operating
Performance
In the non-GAAP measures discussed above,
management refers to certain material items that management
believes do not reflect the Company’s core operating performance,
which management believes represents its performance in the
ordinary, ongoing and customary course of its operations.
Management views the Company’s core operating performance as its
operating results excluding the impact of items including, but not
limited to, stock-based compensation, impairments, amortization of
intangible assets, restructuring and business transformation costs,
severance, and all income and expenses related to the Aveda
Transportation and Energy Services (Aveda) business.
Management believes excluding these items enables investors to
evaluate more clearly and consistently the Company’s core operating
performance in the same manner that management evaluates its core
operating performance. While we have excluded certain of
these items from historical non-GAAP financial measures, there is
no guarantee that the items excluded from non-GAAP financial
measures will not continue into future periods. For example, we
expect to continue to incur charges for restructuring and business
transformation costs as the Company continues its strategic
initiatives to integrate our operating companies into a subset of
our highest-performing platform companies, which may also result in
additional impairment charges and severance costs.
Although Daseke ceased generating revenues from
its Aveda business and completed the wind-down of Aveda operations
in 2020, the Company continued to recognize certain income and
expenses from the Aveda business in 2022 and 2023. Such income and
expenses relate primarily to, but are not limited to, workers
compensation claims and insurance proceeds. The impact of the Aveda
business is not material or meaningful to a discussion of the
Company’s operating results or financial condition.
Accordingly, the income and expenses from the Aveda business are
considered as items that management believes do not reflect core
operating performance. Such income and expenses can be identified
in the non-GAAP reconciliations under the adjustment called Aveda
expenses, net and Aveda operating expenses, net.
Forward‐Looking Statements
This news release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may be identified by
the use of words such as “may,” “will,” “expect,” “anticipate,”
“continue,” “estimate,” “project,” “believe,” “plan,” “should,”
“could,” “would,” “forecast,” “seek,” “target,” “predict,” and
“potential,” the negative of these terms, or other comparable
terminology. Projected financial information, including our
guidance outlook, are forward-looking statements. Forward-looking
statements may also include statements about the Company’s goals,
business strategy and plans; the Company’s financial strategy,
liquidity and capital required for its business strategy and plans;
the Company’s competition and government regulations; general
economic conditions; and the Company’s future operating
results.
These forward-looking statements are based on
information available as of the date of this release, and current
expectations, forecasts, and assumptions. While management believes
that these forward-looking statements are reasonable as and when
made, there can be no assurance that future developments affecting
us will be those that the Company anticipates. Accordingly,
forward-looking statements should not be relied upon as
representing the Company’s views as of any subsequent date, and the
Company does not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities
laws. Readers are cautioned not to place undue reliance on the
forward-looking statements.
Forward-looking statements are subject to risks
and uncertainties (many of which are beyond our control) that could
cause actual results or outcomes to differ materially from those
indicated by such forward-looking statements. These factors
include, but are not limited to, general economic and business
risks, such as downturns in customers’ business cycles and
recessionary economic cycles, changes in customers’ inventory
levels and in the availability of funding for their working
capital, disruptions in capital and credit markets, inflationary
cost pressures and rising interest rates; the Company’s ability to
adequately address downward pricing and other competitive
pressures; the Company’s insurance or claims expense; driver
shortages and increases in driver compensation or owner-operator
contracted rates; fluctuations in the price or availability of
diesel fuel; increased prices for, or decreases in the availability
of, new revenue equipment and decreases in the value of used
revenue equipment; supply chain disruptions and constraints
generally; seasonality and the impact of weather and other
catastrophic events; the Company’s ability to secure the services
of third-party capacity providers on competitive terms; loss of key
personnel; a failure of the Company’s information systems,
including disruptions or failures of services essential to our
operations or upon which our information technology platforms rely,
data or other security breach, or cybersecurity incidents; the
Company’s ability to execute and realize all of the expected
benefits of its integration, business improvement and comprehensive
restructuring plans; the Company’s ability to realize all of the
intended benefits from acquisitions or investments; the Company’s
ability to complete divestitures successfully; the Company’s
ability to generate sufficient cash to service all of the Company’s
indebtedness and the Company’s ability to finance its capital
requirements; changes in existing laws or regulations, including
environmental and worker health safety laws and regulations and
those relating to tax rates or taxes in general; the impact of
governmental regulations and other governmental actions related to
the Company and its operations; and litigation and governmental
proceedings. Additional risks or uncertainties that are not
currently known to us, that we currently deem to be immaterial, or
that could apply to any company could also materially adversely
affect our business, financial condition, or future results. For
additional information regarding known material factors that could
cause our actual results to differ from those expressed in
forward-looking statements, please see Daseke’s filings with the
Securities and Exchange Commission, available at www.sec.gov,
including Daseke’s most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, particularly the section
titled “Risk Factors”.
Investor Relations
Adrianne D. Griffin
Vice President, Investor Relations and Treasurer
(469) 626-6980
investors@daseke.com
DASEKE, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(Unaudited)
(Dollars in millions, except per share data)
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Three Months Ended |
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Six Months Ended |
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|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
170.9 |
|
|
$ |
167.8 |
|
|
$ |
331.2 |
|
|
$ |
323.8 |
|
Owner operator freight |
|
|
112.8 |
|
|
|
137.9 |
|
|
|
225.0 |
|
|
|
267.7 |
|
Brokerage |
|
|
63.2 |
|
|
|
91.9 |
|
|
|
123.8 |
|
|
|
170.1 |
|
Logistics |
|
|
15.0 |
|
|
|
14.0 |
|
|
|
30.2 |
|
|
|
25.4 |
|
Fuel surcharge |
|
|
45.4 |
|
|
|
69.7 |
|
|
|
96.9 |
|
|
|
115.3 |
|
Total revenue |
|
|
407.3 |
|
|
|
481.3 |
|
|
|
807.1 |
|
|
|
902.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
|
106.1 |
|
|
|
97.2 |
|
|
|
211.3 |
|
|
|
194.7 |
|
Fuel |
|
|
32.4 |
|
|
|
45.3 |
|
|
|
68.0 |
|
|
|
80.4 |
|
Operations and maintenance |
|
|
43.3 |
|
|
|
41.1 |
|
|
|
85.4 |
|
|
|
76.4 |
|
Purchased freight |
|
|
143.6 |
|
|
|
197.0 |
|
|
|
288.0 |
|
|
|
368.6 |
|
Administrative |
|
|
16.2 |
|
|
|
17.7 |
|
|
|
35.0 |
|
|
|
35.0 |
|
Taxes and licenses |
|
|
4.1 |
|
|
|
4.1 |
|
|
|
7.9 |
|
|
|
7.7 |
|
Insurance and claims |
|
|
16.2 |
|
|
|
17.6 |
|
|
|
32.9 |
|
|
|
41.0 |
|
Acquisition-related transaction expenses |
|
|
0.8 |
|
|
|
1.9 |
|
|
|
1.2 |
|
|
|
3.3 |
|
Depreciation and amortization |
|
|
25.9 |
|
|
|
22.7 |
|
|
|
51.0 |
|
|
|
44.3 |
|
Gain on disposition of property and equipment |
|
|
(3.2 |
) |
|
|
(4.5 |
) |
|
|
(8.4 |
) |
|
|
(9.1 |
) |
Impairment |
|
|
1.5 |
|
|
|
7.8 |
|
|
|
1.5 |
|
|
|
7.8 |
|
Restructuring |
|
|
(0.7 |
) |
|
|
0.6 |
|
|
|
0.3 |
|
|
|
1.2 |
|
Total operating expenses |
|
|
386.2 |
|
|
|
448.5 |
|
|
|
774.1 |
|
|
|
851.3 |
|
Income from operations |
|
|
21.1 |
|
|
|
32.8 |
|
|
|
33.0 |
|
|
|
51.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1.2 |
) |
|
|
(0.7 |
) |
|
|
(2.6 |
) |
|
|
(0.8 |
) |
Interest expense |
|
|
13.1 |
|
|
|
7.5 |
|
|
|
25.7 |
|
|
|
14.6 |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Other |
|
|
(0.3 |
) |
|
|
0.6 |
|
|
|
(0.5 |
) |
|
|
0.1 |
|
Total other expense |
|
|
11.6 |
|
|
|
7.4 |
|
|
|
22.6 |
|
|
|
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9.5 |
|
|
|
25.4 |
|
|
|
10.4 |
|
|
|
41.8 |
|
Income tax expense |
|
|
3.8 |
|
|
|
7.7 |
|
|
|
4.2 |
|
|
|
11.1 |
|
Net income |
|
|
5.7 |
|
|
|
17.7 |
|
|
|
6.2 |
|
|
|
30.7 |
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
0.6 |
|
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
(0.1 |
) |
Comprehensive income |
|
$ |
6.3 |
|
|
$ |
17.6 |
|
|
$ |
6.7 |
|
|
$ |
30.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5.7 |
|
|
$ |
17.7 |
|
|
$ |
6.2 |
|
|
$ |
30.7 |
|
Less dividends to Series A convertible preferred stockholders |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
|
|
(2.4 |
) |
|
|
(2.5 |
) |
Less dividends to Series B perpetual preferred stockholders |
|
|
(1.3 |
) |
|
|
— |
|
|
|
(2.8 |
) |
|
|
— |
|
Net income attributable to common stockholders |
|
$ |
3.2 |
|
|
$ |
16.5 |
|
|
$ |
1.0 |
|
|
$ |
28.2 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.07 |
|
|
$ |
0.26 |
|
|
$ |
0.02 |
|
|
$ |
0.44 |
|
Diluted |
|
$ |
0.07 |
|
|
$ |
0.24 |
|
|
$ |
0.02 |
|
|
$ |
0.43 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
45,521,935 |
|
|
|
63,470,040 |
|
|
|
45,333,840 |
|
|
|
63,182,277 |
|
Diluted |
|
|
47,514,098 |
|
|
|
71,555,039 |
|
|
|
47,617,812 |
|
|
|
71,319,113 |
|
Dividends declared per Series A
convertible preferred share |
|
$ |
1.91 |
|
|
$ |
1.91 |
|
|
$ |
3.81 |
|
|
$ |
3.81 |
|
Dividends declared per Series B
perpetual preferred share |
|
$ |
18.00 |
|
|
$ |
— |
|
|
$ |
39.94 |
|
|
$ |
— |
|
DASEKE, INC AND SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
93.7 |
|
|
$ |
|
153.4 |
|
Accounts receivable, net of allowance of $1.8 and $2.3 at June 30,
2023 and December 31, 2022, respectively |
|
|
|
180.1 |
|
|
|
|
179.0 |
|
Drivers’ advances and other receivables |
|
|
|
8.3 |
|
|
|
|
7.9 |
|
Other current assets |
|
|
|
38.2 |
|
|
|
|
37.9 |
|
Total current assets |
|
|
|
320.3 |
|
|
|
|
378.2 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
532.4 |
|
|
|
|
488.3 |
|
Intangible assets, net |
|
|
|
76.9 |
|
|
|
|
80.6 |
|
Goodwill |
|
|
|
137.5 |
|
|
|
|
137.3 |
|
Right-of-use assets |
|
|
|
98.3 |
|
|
|
|
107.6 |
|
Other non-current assets |
|
|
|
2.9 |
|
|
|
|
3.4 |
|
Total assets |
|
$ |
|
1,168.3 |
|
|
$ |
|
1,195.4 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
|
14.1 |
|
|
$ |
|
14.7 |
|
Accrued expenses and other liabilities |
|
|
|
51.9 |
|
|
|
|
44.9 |
|
Accrued payroll, benefits and related taxes |
|
|
|
30.9 |
|
|
|
|
30.8 |
|
Accrued insurance and claims |
|
|
|
43.3 |
|
|
|
|
40.6 |
|
Current portion of long-term debt |
|
|
|
90.3 |
|
|
|
|
78.4 |
|
Current operating lease liabilities |
|
|
|
33.5 |
|
|
|
|
34.4 |
|
Total current liabilities |
|
|
|
264.0 |
|
|
|
|
243.8 |
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
— |
|
|
|
|
— |
|
Long-term debt, net of current
portion |
|
|
|
557.3 |
|
|
|
|
582.3 |
|
Deferred tax liabilities |
|
|
|
97.6 |
|
|
|
|
95.0 |
|
Non-current operating lease
liabilities |
|
|
|
71.0 |
|
|
|
|
79.6 |
|
Other non-current
liabilities |
|
|
|
1.9 |
|
|
|
|
1.7 |
|
Total liabilities |
|
|
|
991.8 |
|
|
|
|
1,002.4 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, 10,000,000 total
preferred shares authorized: |
|
|
|
|
|
|
|
|
Series A convertible preferred stock, $0.0001 par value; 650,000
shares issued and outstanding with liquidation preference of $65.0
at June 30, 2023 and December 31, 2022 |
|
|
|
65.0 |
|
|
|
|
65.0 |
|
Series B perpetual preferred stock, $0.0001 par value; 47,597
shares issued and outstanding with liquidation preference of $47.6
at June 30, 2023 and 67,597 shares issued and outstanding with
liquidation preference of $67.6 at December 31, 2022 |
|
|
|
47.6 |
|
|
|
|
67.6 |
|
Common stock, par value $0.0001
per share; 250,000,000 shares authorized, 45,650,941 and 45,028,041
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively |
|
|
|
— |
|
|
|
|
— |
|
Additional paid-in-capital |
|
|
|
295.1 |
|
|
|
|
293.1 |
|
Accumulated deficit |
|
|
|
(231.3 |
) |
|
|
|
(232.3 |
) |
Accumulated other comprehensive
income (loss) |
|
|
|
0.1 |
|
|
|
|
(0.4 |
) |
Total stockholders’ equity |
|
|
|
176.5 |
|
|
|
|
193.0 |
|
Total liabilities and stockholders’ equity |
|
$ |
|
1,168.3 |
|
|
$ |
|
1,195.4 |
|
DASEKE, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in millions)
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating
activities |
|
|
|
|
|
|
Net income |
|
$ |
6.2 |
|
|
$ |
30.7 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
47.9 |
|
|
|
40.9 |
|
Amortization of intangible assets |
|
|
3.1 |
|
|
|
3.4 |
|
Amortization of deferred financing fees |
|
|
1.3 |
|
|
|
0.6 |
|
Non-cash operating lease expense |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Change in fair value of warrant liability |
|
|
— |
|
|
|
(4.7 |
) |
Stock-based compensation expense |
|
|
7.0 |
|
|
|
6.4 |
|
Deferred taxes |
|
|
2.2 |
|
|
|
1.1 |
|
Bad debt expense (recovery) |
|
|
(0.3 |
) |
|
|
0.3 |
|
Gain on disposition of property and equipment |
|
|
(8.4 |
) |
|
|
(9.1 |
) |
Impairment |
|
|
1.5 |
|
|
|
7.8 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(0.6 |
) |
|
|
(46.1 |
) |
Drivers’ advances and other receivables |
|
|
(0.3 |
) |
|
|
(4.7 |
) |
Other current assets |
|
|
0.2 |
|
|
|
(3.9 |
) |
Accounts payable |
|
|
0.2 |
|
|
|
3.2 |
|
Accrued expenses and other liabilities |
|
|
(1.0 |
) |
|
|
26.1 |
|
Net cash provided by operating activities |
|
|
58.9 |
|
|
|
51.9 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(17.5 |
) |
|
|
(25.2 |
) |
Proceeds from sale of property and equipment |
|
|
18.2 |
|
|
|
20.4 |
|
Cash paid for acquisitions, net of cash received |
|
|
— |
|
|
|
(19.3 |
) |
Net cash provided by (used in) investing activities |
|
|
0.7 |
|
|
|
(24.1 |
) |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Advances on line of credit |
|
|
801.6 |
|
|
|
876.6 |
|
Repayments on line of credit |
|
|
(801.6 |
) |
|
|
(876.6 |
) |
Principal payments on long-term debt |
|
|
(93.7 |
) |
|
|
(31.3 |
) |
Exercise of stock options, net |
|
|
— |
|
|
|
0.8 |
|
Exercise of warrants |
|
|
— |
|
|
|
9.4 |
|
Series A convertible preferred stock dividends |
|
|
(2.5 |
) |
|
|
(2.5 |
) |
Series B perpetual preferred stock dividends |
|
|
(3.4 |
) |
|
|
— |
|
Series B perpetual preferred stock redemption |
|
|
(20.0 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(119.6 |
) |
|
|
(23.6 |
) |
|
|
|
|
|
|
|
Effect of exchange rates on cash
and cash equivalents |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash
and cash equivalents |
|
|
(59.7 |
) |
|
|
4.5 |
|
Cash and cash equivalents –
beginning of period |
|
|
153.4 |
|
|
|
147.5 |
|
Cash and cash equivalents – end
of period |
|
$ |
93.7 |
|
|
$ |
152.0 |
|
DASEKE, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS –
(Continued)
(Unaudited)
(Dollars in millions)
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Supplemental disclosure
of cash flow information |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
24.4 |
|
|
$ |
14.3 |
|
Cash paid for income taxes |
|
$ |
1.8 |
|
|
$ |
14.0 |
|
|
|
|
|
|
|
|
Noncash investing and
financing activities |
|
|
|
|
|
|
Property and equipment acquired with debt or finance lease
obligations |
|
$ |
78.8 |
|
|
$ |
41.3 |
|
Right-of-use assets acquired |
|
$ |
9.7 |
|
|
$ |
18.7 |
|
Accrued share repurchase excise taxes |
|
$ |
0.2 |
|
|
$ |
— |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow |
|
(Unaudited) |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net cash provided by
operating activities |
|
$ |
|
27.9 |
|
|
$ |
|
22.7 |
|
|
$ |
|
58.9 |
|
|
$ |
|
51.9 |
|
Purchases of property and
equipment |
|
|
|
(8.2 |
) |
|
|
|
(16.4 |
) |
|
|
|
(17.5 |
) |
|
|
|
(25.2 |
) |
Proceeds from sale of property
and equipment |
|
|
|
6.2 |
|
|
|
|
8.9 |
|
|
|
|
18.2 |
|
|
|
|
20.4 |
|
Free Cash
Flow |
|
$ |
|
25.9 |
|
|
$ |
|
15.2 |
|
|
$ |
|
59.6 |
|
|
$ |
|
47.1 |
|
Daseke, Inc. and Subsidiaries |
Consolidated Supplemental Information |
(Unaudited) |
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
170.9 |
|
|
|
42.0 |
|
% |
|
$ |
167.8 |
|
|
|
34.9 |
|
% |
|
$ |
3.1 |
|
|
|
1.8 |
|
% |
Owner operator freight |
|
|
112.8 |
|
|
|
27.7 |
|
|
|
|
137.9 |
|
|
|
28.7 |
|
|
|
|
(25.1 |
) |
|
|
(18.2 |
) |
|
Brokerage |
|
|
63.2 |
|
|
|
15.5 |
|
|
|
|
91.9 |
|
|
|
19.1 |
|
|
|
|
(28.7 |
) |
|
|
(31.2 |
) |
|
Logistics |
|
|
15.0 |
|
|
|
3.7 |
|
|
|
|
14.0 |
|
|
|
2.9 |
|
|
|
|
1.0 |
|
|
|
7.1 |
|
|
Fuel surcharge |
|
|
45.4 |
|
|
|
11.1 |
|
|
|
|
69.7 |
|
|
|
14.4 |
|
|
|
|
(24.3 |
) |
|
|
(34.9 |
) |
|
Total revenue |
|
$ |
407.3 |
|
|
|
100.0 |
|
% |
|
$ |
481.3 |
|
|
|
100.0 |
|
% |
|
$ |
(74.0 |
) |
|
|
(15.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
106.1 |
|
|
|
26.0 |
|
% |
|
$ |
97.2 |
|
|
|
20.2 |
|
% |
|
$ |
8.9 |
|
|
|
9.2 |
|
% |
Fuel |
|
|
32.4 |
|
|
|
8.0 |
|
|
|
|
45.3 |
|
|
|
9.4 |
|
|
|
|
(12.9 |
) |
|
|
(28.5 |
) |
|
Operations and
maintenance |
|
|
43.3 |
|
|
|
10.6 |
|
|
|
|
41.1 |
|
|
|
8.5 |
|
|
|
|
2.2 |
|
|
|
5.4 |
|
|
Purchased freight |
|
|
143.6 |
|
|
|
35.3 |
|
|
|
|
197.0 |
|
|
|
40.9 |
|
|
|
|
(53.4 |
) |
|
|
(27.1 |
) |
|
Administrative |
|
|
16.2 |
|
|
|
4.0 |
|
|
|
|
17.7 |
|
|
|
3.7 |
|
|
|
|
(1.5 |
) |
|
|
(8.5 |
) |
|
Taxes and licenses |
|
|
4.1 |
|
|
|
1.0 |
|
|
|
|
4.1 |
|
|
|
0.9 |
|
|
|
|
— |
|
|
|
— |
|
|
Insurance and claims |
|
|
16.2 |
|
|
|
4.0 |
|
|
|
|
17.6 |
|
|
|
3.7 |
|
|
|
|
(1.4 |
) |
|
|
(8.0 |
) |
|
Acquisition-related
transaction expenses |
|
|
0.8 |
|
|
|
0.2 |
|
|
|
|
1.9 |
|
|
|
0.4 |
|
|
|
|
(1.1 |
) |
|
|
(57.9 |
) |
|
Depreciation and
amortization |
|
|
25.9 |
|
|
|
6.4 |
|
|
|
|
22.7 |
|
|
|
4.7 |
|
|
|
|
3.2 |
|
|
|
14.1 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
(3.2 |
) |
|
|
(0.8 |
) |
|
|
|
(4.5 |
) |
|
|
(0.9 |
) |
|
|
|
1.3 |
|
|
|
(28.9 |
) |
|
Impairment |
|
|
1.5 |
|
|
|
0.4 |
|
|
|
|
7.8 |
|
|
|
1.6 |
|
|
|
|
(6.3 |
) |
|
|
(80.8 |
) |
|
Restructuring |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
|
(1.3 |
) |
|
|
(216.7 |
) |
|
Total operating
expenses |
|
$ |
386.2 |
|
|
|
94.8 |
|
% |
|
$ |
448.5 |
|
|
|
93.2 |
|
% |
|
$ |
(62.3 |
) |
|
|
(13.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
$ |
21.1 |
|
|
|
5.2 |
|
% |
|
$ |
32.8 |
|
|
|
6.8 |
|
% |
|
$ |
(11.7 |
) |
|
|
(35.7 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
27.9 |
|
|
|
6.8 |
|
% |
|
$ |
49.9 |
|
|
|
10.4 |
|
% |
|
$ |
(22.0 |
) |
|
|
(44.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
(1.2 |
) |
|
|
(0.3 |
) |
% |
|
$ |
(0.7 |
) |
|
|
(0.1 |
) |
% |
|
$ |
(0.5 |
) |
|
|
71.4 |
|
% |
Interest expense |
|
|
13.1 |
|
|
|
3.2 |
|
|
|
|
7.5 |
|
|
|
1.6 |
|
|
|
|
5.6 |
|
|
|
74.7 |
|
|
Other |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
|
(0.9 |
) |
|
|
(150.0 |
) |
|
Total other
expense |
|
$ |
11.6 |
|
|
|
2.8 |
|
% |
|
$ |
7.4 |
|
|
|
1.5 |
|
% |
|
$ |
4.2 |
|
|
|
56.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
$ |
9.5 |
|
|
|
2.3 |
|
% |
|
$ |
25.4 |
|
|
|
5.3 |
|
% |
|
$ |
(15.9 |
) |
|
|
(62.6 |
) |
% |
Income tax expense |
|
|
3.8 |
|
|
|
0.9 |
|
|
|
|
7.7 |
|
|
|
1.6 |
|
|
|
|
(3.9 |
) |
|
|
(50.6 |
) |
|
Net
income |
|
$ |
5.7 |
|
|
|
1.4 |
|
|
|
$ |
17.7 |
|
|
|
3.7 |
|
|
|
$ |
(12.0 |
) |
|
|
(67.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
59.3 |
|
|
|
|
|
|
|
53.6 |
|
|
|
|
|
|
|
5.7 |
|
|
|
10.6 |
|
% |
Owner operator miles |
|
|
40.4 |
|
|
|
|
|
|
|
43.8 |
|
|
|
|
|
|
|
(3.4 |
) |
|
|
(7.8 |
) |
|
Total miles (in
millions)(2) |
|
|
99.7 |
|
|
|
|
|
|
|
97.4 |
|
|
|
|
|
|
|
2.3 |
|
|
|
2.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
2.85 |
|
|
|
|
|
|
$ |
3.14 |
|
|
|
|
|
|
$ |
(0.29 |
) |
|
|
(9.2 |
) |
% |
Revenue per
tractor(4) |
|
$ |
58,600 |
|
|
|
|
|
|
$ |
65,800 |
|
|
|
|
|
|
$ |
(7,200 |
) |
|
|
(10.9 |
) |
|
Operating ratio |
|
|
94.8 |
% |
|
|
|
|
|
|
93.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
92.3 |
% |
|
|
|
|
|
|
87.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
2,984 |
|
|
|
|
|
|
|
2,652 |
|
|
|
|
|
|
|
332 |
|
|
|
12.5 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
1,877 |
|
|
|
|
|
|
|
2,038 |
|
|
|
|
|
|
|
(161 |
) |
|
|
(7.9 |
) |
|
Number of trailers, at
quarter-end |
|
|
10,886 |
|
|
|
|
|
|
|
11,050 |
|
|
|
|
|
|
|
(164 |
) |
|
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
2,956 |
|
|
|
|
|
|
|
2,610 |
|
|
|
|
|
|
|
346 |
|
|
|
13.3 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
1,883 |
|
|
|
|
|
|
|
2,039 |
|
|
|
|
|
|
|
(156 |
) |
|
|
(7.7 |
) |
|
Total tractors, average for
the quarter |
|
|
4,839 |
|
|
|
|
|
|
|
4,649 |
|
|
|
|
|
|
|
190 |
|
|
|
4.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
Consolidated Supplemental Information |
(Unaudited) |
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
331.2 |
|
|
|
41.0 |
|
% |
|
$ |
323.8 |
|
|
|
35.9 |
|
% |
|
$ |
7.4 |
|
|
|
2.3 |
|
% |
Owner operator freight |
|
|
225.0 |
|
|
|
27.9 |
|
|
|
|
267.7 |
|
|
|
29.7 |
|
|
|
|
(42.7 |
) |
|
|
(16.0 |
) |
|
Brokerage |
|
|
123.8 |
|
|
|
15.3 |
|
|
|
|
170.1 |
|
|
|
18.9 |
|
|
|
|
(46.3 |
) |
|
|
(27.2 |
) |
|
Logistics |
|
|
30.2 |
|
|
|
3.7 |
|
|
|
|
25.4 |
|
|
|
2.8 |
|
|
|
|
4.8 |
|
|
|
18.9 |
|
|
Fuel surcharge |
|
|
96.9 |
|
|
|
12.1 |
|
|
|
|
115.3 |
|
|
|
12.7 |
|
|
|
|
(18.4 |
) |
|
|
(16.0 |
) |
|
Total revenue |
|
$ |
807.1 |
|
|
|
100.0 |
|
% |
|
$ |
902.3 |
|
|
|
100.0 |
|
% |
|
$ |
(95.2 |
) |
|
|
(10.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
211.3 |
|
|
|
26.2 |
|
% |
|
$ |
194.7 |
|
|
|
21.6 |
|
% |
|
$ |
16.6 |
|
|
|
8.5 |
|
% |
Fuel |
|
|
68.0 |
|
|
|
8.4 |
|
|
|
|
80.4 |
|
|
|
8.9 |
|
|
|
|
(12.4 |
) |
|
|
(15.4 |
) |
|
Operations and
maintenance |
|
|
85.4 |
|
|
|
10.6 |
|
|
|
|
76.4 |
|
|
|
8.5 |
|
|
|
|
9.0 |
|
|
|
11.8 |
|
|
Purchased freight |
|
|
288.0 |
|
|
|
35.7 |
|
|
|
|
368.6 |
|
|
|
40.9 |
|
|
|
|
(80.6 |
) |
|
|
(21.9 |
) |
|
Administrative |
|
|
35.0 |
|
|
|
4.3 |
|
|
|
|
35.0 |
|
|
|
3.9 |
|
|
|
|
— |
|
|
|
— |
|
|
Taxes and licenses |
|
|
7.9 |
|
|
|
1.0 |
|
|
|
|
7.7 |
|
|
|
0.9 |
|
|
|
|
0.2 |
|
|
|
2.6 |
|
|
Insurance and claims |
|
|
32.9 |
|
|
|
4.1 |
|
|
|
|
41.0 |
|
|
|
4.5 |
|
|
|
|
(8.1 |
) |
|
|
(19.8 |
) |
|
Acquisition-related
transaction expenses |
|
|
1.2 |
|
|
|
0.1 |
|
|
|
|
3.3 |
|
|
|
0.4 |
|
|
|
|
(2.1 |
) |
|
|
(63.6 |
) |
|
Depreciation and
amortization |
|
|
51.0 |
|
|
|
6.3 |
|
|
|
|
44.3 |
|
|
|
4.9 |
|
|
|
|
6.7 |
|
|
|
15.1 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
(8.4 |
) |
|
|
(1.0 |
) |
|
|
|
(9.1 |
) |
|
|
(1.0 |
) |
|
|
|
0.7 |
|
|
|
(7.7 |
) |
|
Impairment |
|
|
1.5 |
|
|
|
0.2 |
|
|
|
|
7.8 |
|
|
|
0.9 |
|
|
|
|
(6.3 |
) |
|
|
(80.8 |
) |
|
Restructuring charges |
|
|
0.3 |
|
|
|
— |
|
|
|
|
1.2 |
|
|
|
0.1 |
|
|
|
|
(0.9 |
) |
|
|
(75.0 |
) |
|
Total operating
expenses |
|
$ |
774.1 |
|
|
|
95.9 |
|
% |
|
$ |
851.3 |
|
|
|
94.3 |
|
% |
|
$ |
(77.2 |
) |
|
|
(9.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
$ |
33.0 |
|
|
|
4.1 |
|
% |
|
$ |
51.0 |
|
|
|
5.7 |
|
% |
|
$ |
(18.0 |
) |
|
|
(35.3 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
|
50.9 |
|
|
|
6.3 |
|
|
|
|
79.3 |
|
|
|
8.8 |
|
|
|
|
(28.4 |
) |
|
|
(35.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
(2.6 |
) |
|
|
(0.3 |
) |
% |
|
$ |
(0.8 |
) |
|
|
(0.1 |
) |
% |
|
$ |
(1.8 |
) |
|
|
225.0 |
|
% |
Interest expense |
|
|
25.7 |
|
|
|
3.2 |
|
|
|
|
14.6 |
|
|
|
1.6 |
|
|
|
|
11.1 |
|
|
|
76.0 |
|
|
Change in fair value of
warrant liability |
|
|
— |
|
|
|
— |
|
|
|
|
(4.7 |
) |
|
|
(0.5 |
) |
|
|
|
4.7 |
|
|
|
(100.0 |
) |
|
Other |
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
|
0.1 |
|
|
|
— |
|
|
|
|
(0.6 |
) |
|
|
(600.0 |
) |
|
Total other
expense |
|
$ |
22.6 |
|
|
|
2.8 |
|
% |
|
$ |
9.2 |
|
|
|
1.0 |
|
% |
|
$ |
13.4 |
|
|
|
145.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
10.4 |
|
|
|
1.3 |
|
% |
|
|
41.8 |
|
|
|
4.6 |
|
% |
|
|
(31.4 |
) |
|
|
(75.1 |
) |
% |
Income tax expense |
|
|
4.2 |
|
|
|
0.5 |
|
|
|
|
11.1 |
|
|
|
1.2 |
|
|
|
|
(6.9 |
) |
|
|
(62.2 |
) |
|
Net
income |
|
$ |
6.2 |
|
|
|
0.8 |
|
|
|
$ |
30.7 |
|
|
|
3.4 |
|
|
|
$ |
(24.5 |
) |
|
|
(79.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
116.1 |
|
|
|
|
|
|
|
105.3 |
|
|
|
|
|
|
|
10.8 |
|
|
|
10.3 |
|
% |
Owner operator miles |
|
|
80.8 |
|
|
|
|
|
|
|
88.7 |
|
|
|
|
|
|
|
(7.9 |
) |
|
|
(8.9 |
) |
|
Total miles (in
millions)(2) |
|
|
196.9 |
|
|
|
|
|
|
|
194.0 |
|
|
|
|
|
|
|
2.9 |
|
|
|
1.5 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
2.82 |
|
|
|
|
|
|
$ |
3.05 |
|
|
|
|
|
|
$ |
(0.23 |
) |
|
|
(7.5 |
) |
% |
Revenue per
tractor(4) |
|
$ |
114,400 |
|
|
|
|
|
|
$ |
127,700 |
|
|
|
|
|
|
$ |
(13,300 |
) |
|
|
(10.4 |
) |
|
Operating ratio |
|
|
95.9 |
% |
|
|
|
|
|
|
94.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
ratio(5) |
|
|
92.8 |
% |
|
|
|
|
|
|
89.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
at period-end |
|
|
2,984 |
|
|
|
|
|
|
|
2,652 |
|
|
|
|
|
|
|
332 |
|
|
|
12.5 |
|
% |
Owner operator tractors,
at period-end |
|
|
1,877 |
|
|
|
|
|
|
|
2,038 |
|
|
|
|
|
|
|
(161 |
) |
|
|
(7.9 |
) |
|
Number of trailers, at
period-end |
|
|
10,886 |
|
|
|
|
|
|
|
11,050 |
|
|
|
|
|
|
|
(164 |
) |
|
|
(1.5 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
2,943 |
|
|
|
|
|
|
|
2,583 |
|
|
|
|
|
|
|
360 |
|
|
|
13.9 |
|
% |
Owner operator tractors,
average for the period |
|
|
1,920 |
|
|
|
|
|
|
|
2,049 |
|
|
|
|
|
|
|
(129 |
) |
|
|
(6.3 |
) |
|
Total tractors, average
for the period |
|
|
4,863 |
|
|
|
|
|
|
|
4,632 |
|
|
|
|
|
|
|
231 |
|
|
|
5.0 |
|
% |
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Specialized
Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
123.9 |
|
|
|
51.8 |
|
% |
|
$ |
|
125.1 |
|
|
|
47.0 |
|
% |
|
$ |
|
(1.2 |
) |
|
|
(1.0 |
) |
% |
Owner operator freight |
|
|
|
38.1 |
|
|
|
15.9 |
|
|
|
|
|
48.2 |
|
|
|
18.1 |
|
|
|
|
|
(10.1 |
) |
|
|
(21.0 |
) |
|
Brokerage |
|
|
|
40.6 |
|
|
|
17.0 |
|
|
|
|
|
44.3 |
|
|
|
16.6 |
|
|
|
|
|
(3.7 |
) |
|
|
(8.4 |
) |
|
Logistics |
|
|
|
13.9 |
|
|
|
5.8 |
|
|
|
|
|
12.9 |
|
|
|
4.8 |
|
|
|
|
|
1.0 |
|
|
|
7.8 |
|
|
Fuel surcharge |
|
|
|
22.9 |
|
|
|
9.5 |
|
|
|
|
|
35.7 |
|
|
|
13.5 |
|
|
|
|
|
(12.8 |
) |
|
|
(35.9 |
) |
|
Total
revenue |
|
$ |
|
239.4 |
|
|
|
100.0 |
|
% |
|
$ |
|
266.2 |
|
|
|
100.0 |
|
% |
|
$ |
|
(26.8 |
) |
|
|
(10.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
71.2 |
|
|
|
29.7 |
|
|
|
$ |
|
67.6 |
|
|
|
25.4 |
|
% |
|
$ |
|
3.6 |
|
|
|
5.3 |
|
% |
Fuel |
|
|
|
22.5 |
|
|
|
9.4 |
|
|
|
|
|
33.0 |
|
|
|
12.4 |
|
|
|
|
|
(10.5 |
) |
|
|
(31.8 |
) |
|
Operations and
maintenance |
|
|
|
30.4 |
|
|
|
12.7 |
|
|
|
|
|
29.7 |
|
|
|
11.2 |
|
|
|
|
|
0.7 |
|
|
|
2.4 |
|
|
Purchased freight |
|
|
|
63.1 |
|
|
|
26.4 |
|
|
|
|
|
76.7 |
|
|
|
28.8 |
|
|
|
|
|
(13.6 |
) |
|
|
(17.7 |
) |
|
Depreciation and
amortization |
|
|
|
13.4 |
|
|
|
5.6 |
|
|
|
|
|
13.1 |
|
|
|
4.9 |
|
|
|
|
|
0.3 |
|
|
|
2.3 |
|
|
Impairment |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
7.8 |
|
|
|
2.9 |
|
|
|
|
|
(7.8 |
) |
|
|
(100.0 |
) |
|
Restructuring |
|
|
|
(0.4 |
) |
|
|
(0.2 |
) |
|
|
|
|
0.5 |
|
|
|
0.2 |
|
|
|
|
|
(0.9 |
) |
|
|
(180.0 |
) |
|
Other operating expenses |
|
|
|
21.8 |
|
|
|
9.1 |
|
|
|
|
|
23.4 |
|
|
|
8.8 |
|
|
|
|
|
(1.6 |
) |
|
|
(6.8 |
) |
|
Total operating
expenses |
|
$ |
|
222.0 |
|
|
|
92.7 |
|
% |
|
$ |
|
251.8 |
|
|
|
94.6 |
|
% |
|
$ |
|
(29.8 |
) |
|
|
(11.8 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
17.4 |
|
|
|
7.3 |
|
% |
|
$ |
|
14.4 |
|
|
|
5.4 |
|
% |
|
$ |
|
3.0 |
|
|
|
20.8 |
|
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
20.8 |
|
|
|
8.7 |
|
% |
|
$ |
|
27.6 |
|
|
|
10.4 |
|
% |
|
$ |
|
(6.8 |
) |
|
|
(24.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
39.8 |
|
|
|
|
|
|
|
|
37.9 |
|
|
|
|
|
|
|
|
1.9 |
|
|
|
5.0 |
|
% |
Owner operator miles |
|
|
|
8.8 |
|
|
|
|
|
|
|
|
11.0 |
|
|
|
|
|
|
|
|
(2.2 |
) |
|
|
(20.0 |
) |
|
Total miles (in
millions)(2) |
|
|
|
48.6 |
|
|
|
|
|
|
|
|
48.9 |
|
|
|
|
|
|
|
|
(0.3 |
) |
|
|
(0.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
3.33 |
|
|
|
|
|
|
$ |
|
3.54 |
|
|
|
|
|
|
$ |
|
(0.21 |
) |
|
|
(5.9 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
66,800 |
|
|
|
|
|
|
$ |
|
74,500 |
|
|
|
|
|
|
$ |
|
(7,700 |
) |
|
|
(10.3 |
) |
|
Operating ratio |
|
|
|
92.7 |
% |
|
|
|
|
|
|
|
94.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
90.4 |
% |
|
|
|
|
|
|
|
88.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
2,050 |
|
|
|
|
|
|
|
|
1,871 |
|
|
|
|
|
|
|
|
179 |
|
|
|
9.6 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
381 |
|
|
|
|
|
|
|
|
460 |
|
|
|
|
|
|
|
|
(79 |
) |
|
|
(17.2 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
7,065 |
|
|
|
|
|
|
|
|
7,171 |
|
|
|
|
|
|
|
|
(106 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
2,036 |
|
|
|
|
|
|
|
|
1,860 |
|
|
|
|
|
|
|
|
176 |
|
|
|
9.5 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
389 |
|
|
|
|
|
|
|
|
467 |
|
|
|
|
|
|
|
|
(78 |
) |
|
|
(16.7 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,425 |
|
|
|
|
|
|
|
|
2,327 |
|
|
|
|
|
|
|
|
98 |
|
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Specialized
Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
$ |
|
|
% |
|
$ |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
239.3 |
|
|
|
50.9 |
|
% |
|
$ |
|
239.8 |
|
|
|
48.7 |
|
% |
|
$ |
|
(0.5 |
) |
|
|
(0.2 |
) |
% |
Owner operator freight |
|
|
|
76.4 |
|
|
|
16.3 |
|
|
|
|
|
90.3 |
|
|
|
18.3 |
|
|
|
|
|
(13.9 |
) |
|
|
(15.4 |
) |
|
Brokerage |
|
|
|
77.8 |
|
|
|
16.5 |
|
|
|
|
|
81.3 |
|
|
|
16.5 |
|
|
|
|
|
(3.5 |
) |
|
|
(4.3 |
) |
|
Logistics |
|
|
|
28.1 |
|
|
|
6.0 |
|
|
|
|
|
23.3 |
|
|
|
4.7 |
|
|
|
|
|
4.8 |
|
|
|
20.6 |
|
|
Fuel surcharge |
|
|
|
48.5 |
|
|
|
10.3 |
|
|
|
|
|
58.1 |
|
|
|
11.8 |
|
|
|
|
|
(9.6 |
) |
|
|
(16.5 |
) |
|
Total
revenue |
|
$ |
|
470.1 |
|
|
|
100.0 |
|
% |
|
$ |
|
492.8 |
|
|
|
100.0 |
|
% |
|
$ |
|
(22.7 |
) |
|
|
(4.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
141.8 |
|
|
|
30.2 |
|
% |
|
$ |
|
133.7 |
|
|
|
27.1 |
|
% |
|
$ |
|
8.1 |
|
|
|
6.1 |
|
% |
Fuel |
|
|
|
47.6 |
|
|
|
10.1 |
|
|
|
|
|
58.1 |
|
|
|
11.8 |
|
|
|
|
|
(10.5 |
) |
|
|
(18.1 |
) |
|
Operations and
maintenance |
|
|
|
60.5 |
|
|
|
12.9 |
|
|
|
|
|
54.6 |
|
|
|
11.1 |
|
|
|
|
|
5.9 |
|
|
|
10.8 |
|
|
Purchased freight |
|
|
|
124.4 |
|
|
|
26.5 |
|
|
|
|
|
141.3 |
|
|
|
28.7 |
|
|
|
|
|
(16.9 |
) |
|
|
(12.0 |
) |
|
Depreciation and
amortization |
|
|
|
26.4 |
|
|
|
5.6 |
|
|
|
|
|
25.6 |
|
|
|
5.2 |
|
|
|
|
|
0.8 |
|
|
|
3.1 |
|
|
Impairment |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
7.8 |
|
|
|
1.6 |
|
|
|
|
|
(7.8 |
) |
|
|
(100.0 |
) |
|
Restructuring |
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
|
|
0.9 |
|
|
|
0.2 |
|
|
|
|
|
(0.6 |
) |
|
|
(66.7 |
) |
|
Other operating expenses |
|
|
|
43.0 |
|
|
|
9.1 |
|
|
|
|
|
47.6 |
|
|
|
9.7 |
|
|
|
|
|
(4.6 |
) |
|
|
(9.7 |
) |
|
Total operating
expenses |
|
$ |
|
444.0 |
|
|
|
94.4 |
|
% |
|
$ |
|
469.6 |
|
|
|
95.3 |
|
% |
|
$ |
|
(25.6 |
) |
|
|
(5.5 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
26.1 |
|
|
|
5.6 |
|
% |
|
$ |
|
23.2 |
|
|
|
4.7 |
|
% |
|
$ |
|
2.9 |
|
|
|
12.5 |
|
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
36.3 |
|
|
|
7.7 |
|
% |
|
$ |
|
43.2 |
|
|
|
8.8 |
|
% |
|
$ |
|
(6.9 |
) |
|
|
(16.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
77.5 |
|
|
|
|
|
|
|
|
73.8 |
|
|
|
|
|
|
|
|
3.7 |
|
|
|
5.0 |
|
% |
Owner operator miles |
|
|
|
17.6 |
|
|
|
|
|
|
|
|
21.6 |
|
|
|
|
|
|
|
|
(4.0 |
) |
|
|
(18.5 |
) |
|
Total miles (in
millions)(2) |
|
|
|
95.1 |
|
|
|
|
|
|
|
|
95.4 |
|
|
|
|
|
|
|
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
3.32 |
|
|
|
|
|
|
$ |
|
3.46 |
|
|
|
|
|
|
$ |
|
(0.14 |
) |
|
|
(4.0 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
129,200 |
|
|
|
|
|
|
$ |
|
143,100 |
|
|
|
|
|
|
$ |
|
(13,900 |
) |
|
|
(9.7 |
) |
|
Operating ratio |
|
|
|
94.4 |
% |
|
|
|
|
|
|
|
95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
91.4 |
% |
|
|
|
|
|
|
|
90.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
period-end |
|
|
|
2,050 |
|
|
|
|
|
|
|
|
1,871 |
|
|
|
|
|
|
|
|
179 |
|
|
|
9.6 |
|
% |
Owner operator tractors, at
period-end |
|
|
|
381 |
|
|
|
|
|
|
|
|
460 |
|
|
|
|
|
|
|
|
(79 |
) |
|
|
(17.2 |
) |
|
Number of trailers, at
period-end |
|
|
|
7,065 |
|
|
|
|
|
|
|
|
7,171 |
|
|
|
|
|
|
|
|
(106 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
|
2,033 |
|
|
|
|
|
|
|
|
1,830 |
|
|
|
|
|
|
|
|
203 |
|
|
|
11.1 |
|
% |
Owner operator tractors,
average for the period |
|
|
|
411 |
|
|
|
|
|
|
|
|
476 |
|
|
|
|
|
|
|
|
(65 |
) |
|
|
(13.7 |
) |
|
Total tractors, average for
the period |
|
|
|
2,444 |
|
|
|
|
|
|
|
|
2,306 |
|
|
|
|
|
|
|
|
138 |
|
|
|
6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Flatbed Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
47.0 |
|
|
|
28.0 |
|
% |
|
$ |
|
42.7 |
|
|
|
19.9 |
|
% |
|
$ |
|
4.3 |
|
|
|
10.1 |
|
% |
Owner operator freight |
|
|
|
74.7 |
|
|
|
44.5 |
|
|
|
|
|
89.7 |
|
|
|
41.7 |
|
|
|
|
|
(15.0 |
) |
|
|
(16.7 |
) |
|
Brokerage |
|
|
|
22.6 |
|
|
|
13.5 |
|
|
|
|
|
47.6 |
|
|
|
22.1 |
|
|
|
|
|
(25.0 |
) |
|
|
(52.5 |
) |
|
Logistics |
|
|
|
1.1 |
|
|
|
0.7 |
|
|
|
|
|
1.1 |
|
|
|
0.5 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Fuel surcharge |
|
|
|
22.5 |
|
|
|
13.3 |
|
|
|
|
|
34.0 |
|
|
|
15.8 |
|
|
|
|
|
(11.5 |
) |
|
|
(33.8 |
) |
|
Total
revenue |
|
$ |
|
167.9 |
|
|
|
100.0 |
|
% |
|
$ |
|
215.1 |
|
|
|
100.0 |
|
% |
|
$ |
|
(47.2 |
) |
|
|
(21.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
34.9 |
|
|
|
20.8 |
|
% |
|
$ |
|
29.6 |
|
|
|
13.8 |
|
% |
|
$ |
|
5.3 |
|
|
|
17.9 |
|
% |
Fuel |
|
|
|
9.9 |
|
|
|
5.9 |
|
|
|
|
|
12.3 |
|
|
|
5.7 |
|
|
|
|
|
(2.4 |
) |
|
|
(19.5 |
) |
|
Operations and
maintenance |
|
|
|
12.9 |
|
|
|
7.7 |
|
|
|
|
|
11.4 |
|
|
|
5.3 |
|
|
|
|
|
1.5 |
|
|
|
13.2 |
|
|
Purchased freight |
|
|
|
80.5 |
|
|
|
47.9 |
|
|
|
|
|
120.3 |
|
|
|
55.9 |
|
|
|
|
|
(39.8 |
) |
|
|
(33.1 |
) |
|
Depreciation and
amortization |
|
|
|
12.5 |
|
|
|
7.4 |
|
|
|
|
|
9.6 |
|
|
|
4.5 |
|
|
|
|
|
2.9 |
|
|
|
30.2 |
|
|
Impairment |
|
|
|
1.5 |
|
|
|
0.9 |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
1.5 |
|
|
|
100.0 |
|
|
Restructuring |
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
|
|
0.1 |
|
|
|
— |
|
|
|
|
|
(0.4 |
) |
|
|
(400.0 |
) |
|
Other operating expenses |
|
|
|
12.3 |
|
|
|
7.3 |
|
|
|
|
|
13.4 |
|
|
|
6.2 |
|
|
|
|
|
(1.1 |
) |
|
|
(8.2 |
) |
|
Total operating
expenses |
|
$ |
|
164.2 |
|
|
|
97.8 |
|
% |
|
$ |
|
196.7 |
|
|
|
91.4 |
|
% |
|
$ |
|
(32.5 |
) |
|
|
(16.5 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
3.7 |
|
|
|
2.2 |
|
% |
|
$ |
|
18.4 |
|
|
|
8.6 |
|
% |
|
$ |
|
(14.7 |
) |
|
|
(79.9 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
7.1 |
|
|
|
4.2 |
|
% |
|
$ |
|
22.3 |
|
|
|
10.4 |
|
% |
|
$ |
|
(15.2 |
) |
|
|
(68.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
19.5 |
|
|
|
|
|
|
|
|
15.7 |
|
|
|
|
|
|
|
|
3.8 |
|
|
|
24.2 |
|
% |
Owner operator miles |
|
|
|
31.6 |
|
|
|
|
|
|
|
|
32.9 |
|
|
|
|
|
|
|
|
(1.3 |
) |
|
|
(4.0 |
) |
|
Total miles (in
millions)(2) |
|
|
|
51.1 |
|
|
|
|
|
|
|
|
48.6 |
|
|
|
|
|
|
|
|
2.5 |
|
|
|
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
2.38 |
|
|
|
|
|
|
$ |
|
2.72 |
|
|
|
|
|
|
$ |
|
(0.34 |
) |
|
|
(12.5 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
50,400 |
|
|
|
|
|
|
$ |
|
57,000 |
|
|
|
|
|
|
$ |
|
(6,600 |
) |
|
|
(11.6 |
) |
|
Operating ratio |
|
|
|
97.8 |
% |
|
|
|
|
|
|
|
91.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
95.1 |
% |
|
|
|
|
|
|
|
87.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
934 |
|
|
|
|
|
|
|
|
781 |
|
|
|
|
|
|
|
|
153 |
|
|
|
19.6 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
1,496 |
|
|
|
|
|
|
|
|
1,578 |
|
|
|
|
|
|
|
|
(82 |
) |
|
|
(5.2 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
3,821 |
|
|
|
|
|
|
|
|
3,879 |
|
|
|
|
|
|
|
|
(58 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
920 |
|
|
|
|
|
|
|
|
751 |
|
|
|
|
|
|
|
|
169 |
|
|
|
22.5 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
1,494 |
|
|
|
|
|
|
|
|
1,572 |
|
|
|
|
|
|
|
|
(78 |
) |
|
|
(5.0 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,414 |
|
|
|
|
|
|
|
|
2,323 |
|
|
|
|
|
|
|
|
91 |
|
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Flatbed Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
91.9 |
|
|
|
27.3 |
|
% |
|
$ |
|
84.0 |
|
|
|
20.5 |
|
% |
|
$ |
|
7.9 |
|
|
|
9.4 |
|
% |
Owner operator freight |
|
|
|
148.6 |
|
|
|
44.1 |
|
|
|
|
|
177.4 |
|
|
|
43.3 |
|
|
|
|
|
(28.8 |
) |
|
|
(16.2 |
) |
|
Brokerage |
|
|
|
46.0 |
|
|
|
13.6 |
|
|
|
|
|
88.8 |
|
|
|
21.7 |
|
|
|
|
|
(42.8 |
) |
|
|
(48.2 |
) |
|
Logistics |
|
|
|
2.1 |
|
|
|
0.6 |
|
|
|
|
|
2.1 |
|
|
|
0.5 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Fuel surcharge |
|
|
|
48.4 |
|
|
|
14.4 |
|
|
|
|
|
57.2 |
|
|
|
14.0 |
|
|
|
|
|
(8.8 |
) |
|
|
(15.4 |
) |
|
Total
revenue |
|
$ |
|
337.0 |
|
|
|
100.0 |
|
% |
|
$ |
|
409.5 |
|
|
|
100.0 |
|
% |
|
$ |
|
(72.5 |
) |
|
|
(17.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
69.5 |
|
|
|
20.6 |
|
% |
|
$ |
|
61.0 |
|
|
|
14.9 |
|
|
|
$ |
|
8.5 |
|
|
|
13.9 |
|
% |
Fuel |
|
|
|
20.4 |
|
|
|
6.1 |
|
|
|
|
|
22.3 |
|
|
|
5.4 |
|
|
|
|
|
(1.9 |
) |
|
|
(8.5 |
) |
|
Operations and
maintenance |
|
|
|
24.9 |
|
|
|
7.4 |
|
|
|
|
|
21.8 |
|
|
|
5.3 |
|
|
|
|
|
3.1 |
|
|
|
14.2 |
|
|
Purchased freight |
|
|
|
163.6 |
|
|
|
48.5 |
|
|
|
|
|
227.3 |
|
|
|
55.5 |
|
|
|
|
|
(63.7 |
) |
|
|
(28.0 |
) |
|
Depreciation and
amortization |
|
|
|
24.6 |
|
|
|
7.3 |
|
|
|
|
|
18.7 |
|
|
|
4.6 |
|
|
|
|
|
5.9 |
|
|
|
31.6 |
|
|
Impairment |
|
|
|
1.5 |
|
|
|
0.4 |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
1.5 |
|
|
|
100.0 |
|
|
Restructuring |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
|
|
(0.3 |
) |
|
|
(100.0 |
) |
|
Other operating expenses |
|
|
|
25.6 |
|
|
|
7.6 |
|
|
|
|
|
30.3 |
|
|
|
7.4 |
|
|
|
|
|
(4.7 |
) |
|
|
(15.5 |
) |
|
Total operating
expenses |
|
$ |
|
330.1 |
|
|
|
98.0 |
|
% |
|
$ |
|
381.7 |
|
|
|
93.2 |
|
% |
|
$ |
|
(51.6 |
) |
|
|
(13.5 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
6.9 |
|
|
|
2.0 |
|
% |
|
$ |
|
27.8 |
|
|
|
6.8 |
|
% |
|
$ |
|
(20.9 |
) |
|
|
(75.2 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
14.6 |
|
|
|
4.3 |
|
% |
|
$ |
|
36.1 |
|
|
|
8.8 |
|
% |
|
$ |
|
(21.5 |
) |
|
|
(59.6 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
38.6 |
|
|
|
|
|
|
|
|
31.5 |
|
|
|
|
|
|
|
|
7.1 |
|
|
|
22.5 |
|
% |
Owner operator miles |
|
|
|
63.2 |
|
|
|
|
|
|
|
|
67.1 |
|
|
|
|
|
|
|
|
(3.9 |
) |
|
|
(5.8 |
) |
|
Total miles (in
millions)(2) |
|
|
|
101.8 |
|
|
|
|
|
|
|
|
98.6 |
|
|
|
|
|
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
2.36 |
|
|
|
|
|
|
$ |
|
2.65 |
|
|
|
|
|
|
$ |
|
(0.29 |
) |
|
|
(10.9 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
99,400 |
|
|
|
|
|
|
$ |
|
112,400 |
|
|
|
|
|
|
$ |
|
(13,000 |
) |
|
|
(11.6 |
) |
|
Operating ratio |
|
|
|
98.0 |
% |
|
|
|
|
|
|
|
93.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
94.9 |
% |
|
|
|
|
|
|
|
89.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
period-end |
|
|
|
934 |
|
|
|
|
|
|
|
|
781 |
|
|
|
|
|
|
|
|
153 |
|
|
|
19.6 |
|
% |
Owner operator tractors, at
period-end |
|
|
|
1,496 |
|
|
|
|
|
|
|
|
1,578 |
|
|
|
|
|
|
|
|
(82 |
) |
|
|
(5.2 |
) |
|
Number of trailers, at
period-end |
|
|
|
3,821 |
|
|
|
|
|
|
|
|
3,879 |
|
|
|
|
|
|
|
|
(58 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
|
910 |
|
|
|
|
|
|
|
|
753 |
|
|
|
|
|
|
|
|
157 |
|
|
|
20.8 |
|
% |
Owner operator tractors,
average for the period |
|
|
|
1,509 |
|
|
|
|
|
|
|
|
1,573 |
|
|
|
|
|
|
|
|
(64 |
) |
|
|
(4.1 |
) |
|
Total tractors, average for
the period |
|
|
|
2,419 |
|
|
|
|
|
|
|
|
2,326 |
|
|
|
|
|
|
|
|
93 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Refer to
Reconciliation of Income from Operations to Adjusted Income from
Operations. |
|
|
(2) Miles are
estimated based on information received as the date of filing.
Miles may change quarter to quarter when final information is
received from each operating segment. |
|
|
(3) Rate per mile
is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by total number of company and owner
operator miles driven in the period. |
|
|
(4) Revenue per
tractor is the period’s revenue less fuel surcharge, brokerage and
logistics revenues divided by the average number of tractors in the
period, including owner operator tractors. |
|
|
(5) Refer to
Reconciliation of Operating Ratio to Adjusted Operating Ratio. |
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Revenue to Net Revenue |
|
Reconciliation of Operating Ratio to Adjusted Operating
Ratio |
|
Reconciliation of Income from Operations to Adjusted Income
from Operations |
|
(Unaudited) |
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Consolidated |
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
Revenue |
|
$ |
|
407.3 |
|
|
$ |
|
481.3 |
|
|
$ |
|
167.9 |
|
|
$ |
|
215.1 |
|
|
$ |
|
239.4 |
|
|
$ |
|
266.2 |
|
Less: Fuel surcharge
revenue |
|
|
|
(45.4 |
) |
|
|
|
(69.7 |
) |
|
|
|
(22.5 |
) |
|
|
|
(34.0 |
) |
|
|
|
(22.9 |
) |
|
|
|
(35.7 |
) |
Net
Revenue |
|
$ |
|
361.9 |
|
|
$ |
|
411.6 |
|
|
$ |
|
145.4 |
|
|
$ |
|
181.1 |
|
|
$ |
|
216.5 |
|
|
$ |
|
230.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
407.3 |
|
|
$ |
|
481.3 |
|
|
$ |
|
167.9 |
|
|
$ |
|
215.1 |
|
|
$ |
|
239.4 |
|
|
$ |
|
266.2 |
|
Operating
expenses |
|
|
|
386.2 |
|
|
|
|
448.5 |
|
|
|
|
164.2 |
|
|
|
|
196.7 |
|
|
|
|
222.0 |
|
|
|
|
251.8 |
|
Income from Operations |
|
$ |
|
21.1 |
|
|
$ |
|
32.8 |
|
|
$ |
|
3.7 |
|
|
$ |
|
18.4 |
|
|
$ |
|
17.4 |
|
|
$ |
|
14.4 |
|
Operating ratio |
|
|
|
94.8 |
% |
|
|
|
93.2 |
% |
|
|
|
97.8 |
% |
|
|
|
91.4 |
% |
|
|
|
92.7 |
% |
|
|
|
94.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
1.9 |
|
|
|
|
2.2 |
|
|
|
|
0.8 |
|
|
|
|
1.0 |
|
|
|
|
1.1 |
|
|
|
|
1.2 |
|
Impairment |
|
|
|
1.5 |
|
|
|
|
7.8 |
|
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7.8 |
|
Acquisition-related transaction expenses |
|
|
|
0.8 |
|
|
|
|
1.9 |
|
|
|
|
0.3 |
|
|
|
|
0.9 |
|
|
|
|
0.5 |
|
|
|
|
1.0 |
|
Restructuring |
|
|
|
(0.7 |
) |
|
|
|
0.6 |
|
|
|
|
(0.3 |
) |
|
|
|
0.1 |
|
|
|
|
(0.4 |
) |
|
|
|
0.5 |
|
Business transformation |
|
|
|
0.9 |
|
|
|
|
2.6 |
|
|
|
|
0.4 |
|
|
|
|
1.0 |
|
|
|
|
0.5 |
|
|
|
|
1.6 |
|
Severance |
|
|
|
0.8 |
|
|
|
|
0.4 |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
|
0.7 |
|
|
|
|
0.3 |
|
Amortization of intangible assets |
|
|
|
1.6 |
|
|
|
|
1.7 |
|
|
|
|
0.6 |
|
|
|
|
0.8 |
|
|
|
|
1.0 |
|
|
|
|
0.9 |
|
Aveda operating expenses, net |
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Adjusted operating expenses |
|
|
|
379.4 |
|
|
|
|
431.4 |
|
|
|
|
160.8 |
|
|
|
|
192.8 |
|
|
|
|
218.6 |
|
|
|
|
238.6 |
|
Adjusted Income from Operations |
|
$ |
|
27.9 |
|
|
$ |
|
49.9 |
|
|
$ |
|
7.1 |
|
|
$ |
|
22.3 |
|
|
$ |
|
20.8 |
|
|
$ |
|
27.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
361.9 |
|
|
$ |
|
411.6 |
|
|
$ |
|
145.4 |
|
|
$ |
|
181.1 |
|
|
$ |
|
216.5 |
|
|
$ |
|
230.5 |
|
Adjusted operating
expenses |
|
|
|
379.4 |
|
|
|
|
431.4 |
|
|
|
|
160.8 |
|
|
|
|
192.8 |
|
|
|
|
218.6 |
|
|
|
|
238.6 |
|
Less: Fuel surcharge
revenue |
|
|
|
(45.4 |
) |
|
|
|
(69.7 |
) |
|
|
|
(22.5 |
) |
|
|
|
(34.0 |
) |
|
|
|
(22.9 |
) |
|
|
|
(35.7 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
334.0 |
|
|
$ |
|
361.7 |
|
|
$ |
|
138.3 |
|
|
$ |
|
158.8 |
|
|
$ |
|
195.7 |
|
|
$ |
|
202.9 |
|
Adjusted Operating Ratio |
|
|
|
92.3 |
% |
|
|
|
87.9 |
% |
|
|
|
95.1 |
% |
|
|
|
87.7 |
% |
|
|
|
90.4 |
% |
|
|
|
88.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Revenue to Net revenue |
|
Reconciliation of Operating Ratio to Adjusted Operating
Ratio |
|
Reconciliation of Income from Operations to Adjusted Income
from Operations |
|
(Unaudited) |
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Consolidated |
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
Revenue |
|
$ |
|
807.1 |
|
|
$ |
|
902.3 |
|
|
$ |
|
337.0 |
|
|
$ |
|
409.5 |
|
|
$ |
|
470.1 |
|
|
$ |
|
492.8 |
|
Less: Fuel surcharge
revenue |
|
|
|
(96.9 |
) |
|
|
|
(115.3 |
) |
|
|
|
(48.4 |
) |
|
|
|
(57.2 |
) |
|
|
|
(48.5 |
) |
|
|
|
(58.1 |
) |
Net
revenue |
|
$ |
|
710.2 |
|
|
$ |
|
787.0 |
|
|
$ |
|
288.6 |
|
|
$ |
|
352.3 |
|
|
$ |
|
421.6 |
|
|
$ |
|
434.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
807.1 |
|
|
$ |
|
902.3 |
|
|
$ |
|
337.0 |
|
|
$ |
|
409.5 |
|
|
$ |
|
470.1 |
|
|
$ |
|
492.8 |
|
Operating
expenses |
|
|
|
774.1 |
|
|
|
|
851.3 |
|
|
|
|
330.1 |
|
|
|
|
381.7 |
|
|
|
|
444.0 |
|
|
|
|
469.6 |
|
Income from Operations |
|
$ |
|
33.0 |
|
|
$ |
|
51.0 |
|
|
$ |
|
6.9 |
|
|
$ |
|
27.8 |
|
|
$ |
|
26.1 |
|
|
$ |
|
23.2 |
|
Operating ratio |
|
|
|
95.9 |
% |
|
|
|
94.3 |
% |
|
|
|
98.0 |
% |
|
|
|
93.2 |
% |
|
|
|
94.4 |
% |
|
|
|
95.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
7.0 |
|
|
|
|
6.4 |
|
|
|
|
2.9 |
|
|
|
|
2.8 |
|
|
|
|
4.1 |
|
|
|
|
3.6 |
|
Impairment |
|
|
|
1.5 |
|
|
|
|
7.8 |
|
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7.8 |
|
Acquisition-related transaction expenses |
|
|
|
1.2 |
|
|
|
|
3.3 |
|
|
|
|
0.5 |
|
|
|
|
1.4 |
|
|
|
|
0.7 |
|
|
|
|
1.9 |
|
Restructuring |
|
|
|
0.3 |
|
|
|
|
1.2 |
|
|
|
|
— |
|
|
|
|
0.3 |
|
|
|
|
0.3 |
|
|
|
|
0.9 |
|
Business transformation |
|
|
|
3.7 |
|
|
|
|
5.0 |
|
|
|
|
1.5 |
|
|
|
|
2.1 |
|
|
|
|
2.2 |
|
|
|
|
2.9 |
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Severance |
|
|
|
0.9 |
|
|
|
|
0.4 |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
|
0.8 |
|
|
|
|
0.3 |
|
Amortization of intangible assets |
|
|
|
3.1 |
|
|
|
|
3.4 |
|
|
|
|
1.2 |
|
|
|
|
1.6 |
|
|
|
|
1.9 |
|
|
|
|
1.8 |
|
Aveda operating expenses, net |
|
|
|
0.2 |
|
|
|
|
0.9 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
|
0.9 |
|
Adjusted operating expenses |
|
|
|
756.2 |
|
|
|
|
823.0 |
|
|
|
|
322.4 |
|
|
|
|
373.4 |
|
|
|
|
433.8 |
|
|
|
|
449.6 |
|
Adjusted Income from Operations |
|
$ |
|
50.9 |
|
|
$ |
|
79.3 |
|
|
$ |
|
14.6 |
|
|
$ |
|
36.1 |
|
|
$ |
|
36.3 |
|
|
$ |
|
43.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
710.2 |
|
|
$ |
|
787.0 |
|
|
$ |
|
288.6 |
|
|
$ |
|
352.3 |
|
|
$ |
|
421.6 |
|
|
$ |
|
434.7 |
|
Adjusted operating
expenses |
|
|
|
756.2 |
|
|
|
|
823.0 |
|
|
|
|
322.4 |
|
|
|
|
373.4 |
|
|
|
|
433.8 |
|
|
|
|
449.6 |
|
Less: Fuel surcharge
revenue |
|
|
|
(96.9 |
) |
|
|
|
(115.3 |
) |
|
|
|
(48.4 |
) |
|
|
|
(57.2 |
) |
|
|
|
(48.5 |
) |
|
|
|
(58.1 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
659.3 |
|
|
$ |
|
707.7 |
|
|
$ |
|
274.0 |
|
|
$ |
|
316.2 |
|
|
$ |
|
385.3 |
|
|
$ |
|
391.5 |
|
Adjusted Operating Ratio |
|
|
|
92.8 |
% |
|
|
|
89.9 |
% |
|
|
|
94.9 |
% |
|
|
|
89.8 |
% |
|
|
|
91.4 |
% |
|
|
|
90.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Revenue to Net Revenue |
|
Reconciliation of Operating Ratio to Adjusted Operating
Ratio |
|
Reconciliation of Income from Operations to Adjusted Income
from Operations |
|
(Unaudited) |
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
Revenue |
|
$ |
|
399.8 |
|
Less: Fuel surcharge
revenue |
|
|
|
(51.5 |
) |
Net
Revenue |
|
$ |
|
348.3 |
|
|
|
|
|
|
Revenue |
|
$ |
|
399.8 |
|
Operating
expenses |
|
|
|
387.9 |
|
Income from Operations |
|
$ |
|
11.9 |
|
Operating ratio |
|
|
|
97.0 |
% |
|
|
|
|
|
Stock-based compensation |
|
|
|
5.1 |
|
Acquisition-related transaction expenses |
|
|
|
0.4 |
|
Restructuring charges |
|
|
|
1.0 |
|
Business transformation |
|
|
|
2.9 |
|
Severance |
|
|
|
0.1 |
|
Amortization of intangible assets |
|
|
|
1.5 |
|
Aveda operating expenses, net |
|
|
|
0.1 |
|
Adjusted operating expenses |
|
|
|
376.8 |
|
Adjusted Income from Operations |
|
$ |
|
23.0 |
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
348.3 |
|
Adjusted operating
expenses |
|
|
|
376.8 |
|
Less: Fuel surcharge
revenue |
|
|
|
(51.5 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
325.3 |
|
Adjusted Operating Ratio |
|
|
|
93.4 |
% |
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA by
Segment |
|
|
Reconciliation of Net Income (Loss) Margin to Adjusted
EBITDA Margin by Segment |
|
|
(Unaudited) |
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30, 2023 |
|
|
June 30, 2023 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Flatbed |
|
|
Specialized |
|
|
Consolidated |
|
|
Net income (loss) |
|
$ |
|
(2.3 |
) |
|
$ |
|
8.0 |
|
|
$ |
|
5.7 |
|
|
$ |
|
(3.9 |
) |
|
$ |
|
10.1 |
|
|
$ |
|
6.2 |
|
|
Depreciation and amortization |
|
|
|
12.5 |
|
|
|
|
13.4 |
|
|
|
|
25.9 |
|
|
|
|
24.6 |
|
|
|
|
26.4 |
|
|
|
|
51.0 |
|
|
Interest income |
|
|
|
(0.5 |
) |
|
|
|
(0.7 |
) |
|
|
|
(1.2 |
) |
|
|
|
(1.2 |
) |
|
|
|
(1.4 |
) |
|
|
|
(2.6 |
) |
|
Interest expense |
|
|
|
5.6 |
|
|
|
|
7.5 |
|
|
|
|
13.1 |
|
|
|
|
10.8 |
|
|
|
|
14.9 |
|
|
|
|
25.7 |
|
|
Income tax expense |
|
|
|
1.0 |
|
|
|
|
2.8 |
|
|
|
|
3.8 |
|
|
|
|
1.2 |
|
|
|
|
3.0 |
|
|
|
|
4.2 |
|
|
Stock-based compensation |
|
|
|
0.8 |
|
|
|
|
1.1 |
|
|
|
|
1.9 |
|
|
|
|
2.9 |
|
|
|
|
4.1 |
|
|
|
|
7.0 |
|
|
Restructuring |
|
|
|
(0.3 |
) |
|
|
|
(0.4 |
) |
|
|
|
(0.7 |
) |
|
|
|
— |
|
|
|
|
0.3 |
|
|
|
|
0.3 |
|
|
Impairment |
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.3 |
|
|
|
|
0.5 |
|
|
|
|
0.8 |
|
|
|
|
0.5 |
|
|
|
|
0.7 |
|
|
|
|
1.2 |
|
|
Business transformation |
|
|
|
0.4 |
|
|
|
|
0.5 |
|
|
|
|
0.9 |
|
|
|
|
1.5 |
|
|
|
|
2.2 |
|
|
|
|
3.7 |
|
|
Severance |
|
|
|
0.1 |
|
|
|
|
0.7 |
|
|
|
|
0.8 |
|
|
|
|
0.1 |
|
|
|
|
0.8 |
|
|
|
|
0.9 |
|
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
|
0.2 |
|
|
Adjusted
EBITDA |
|
$ |
|
19.1 |
|
|
$ |
|
33.4 |
|
|
$ |
|
52.5 |
|
|
$ |
|
38.0 |
|
|
$ |
|
61.3 |
|
|
$ |
|
99.3 |
|
|
Total
revenue |
|
|
|
167.9 |
|
|
|
|
239.4 |
|
|
|
|
407.3 |
|
|
|
|
337.0 |
|
|
|
|
470.1 |
|
|
|
|
807.1 |
|
|
Net
revenue |
|
|
|
145.4 |
|
|
|
|
216.5 |
|
|
|
|
361.9 |
|
|
|
|
288.6 |
|
|
|
|
421.6 |
|
|
|
|
710.2 |
|
|
Net income (loss)
margin |
|
|
|
(1.4 |
) |
% |
|
|
3.3 |
|
% |
|
|
1.4 |
|
% |
|
|
(1.2 |
) |
% |
|
|
2.1 |
|
% |
|
|
0.8 |
|
% |
Adjusted EBITDA
margin |
|
|
|
13.1 |
|
% |
|
|
15.4 |
|
% |
|
|
14.5 |
|
% |
|
|
13.2 |
|
% |
|
|
14.5 |
|
% |
|
|
14.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
|
Reconciliation of Net Income to Adjusted EBITDA by
Segment |
|
|
Reconciliation of Net Income Margin to Adjusted EBITDA
Margin by Segment |
|
|
(Unaudited) |
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30, 2022 |
|
|
June 30, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Flatbed |
|
|
Specialized |
|
|
Consolidated |
|
|
Net income |
|
$ |
|
11.3 |
|
|
$ |
|
6.4 |
|
|
$ |
|
17.7 |
|
|
$ |
|
18.2 |
|
|
$ |
|
12.5 |
|
|
$ |
|
30.7 |
|
|
Depreciation and amortization |
|
|
|
9.6 |
|
|
|
|
13.1 |
|
|
|
|
22.7 |
|
|
|
|
18.7 |
|
|
|
|
25.6 |
|
|
|
|
44.3 |
|
|
Interest income |
|
|
|
(0.1 |
) |
|
|
|
(0.6 |
) |
|
|
|
(0.7 |
) |
|
|
|
(0.2 |
) |
|
|
|
(0.6 |
) |
|
|
|
(0.8 |
) |
|
Interest expense |
|
|
|
3.2 |
|
|
|
|
4.3 |
|
|
|
|
7.5 |
|
|
|
|
6.4 |
|
|
|
|
8.2 |
|
|
|
|
14.6 |
|
|
Income tax expense |
|
|
|
4.0 |
|
|
|
|
3.7 |
|
|
|
|
7.7 |
|
|
|
|
5.7 |
|
|
|
|
5.4 |
|
|
|
|
11.1 |
|
|
Stock-based compensation |
|
|
|
1.0 |
|
|
|
|
1.2 |
|
|
|
|
2.2 |
|
|
|
|
2.8 |
|
|
|
|
3.6 |
|
|
|
|
6.4 |
|
|
Restructuring |
|
|
|
0.1 |
|
|
|
|
0.5 |
|
|
|
|
0.6 |
|
|
|
|
0.3 |
|
|
|
|
0.9 |
|
|
|
|
1.2 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
7.8 |
|
|
|
|
7.8 |
|
|
|
|
— |
|
|
|
|
7.8 |
|
|
|
|
7.8 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.9 |
|
|
|
|
1.0 |
|
|
|
|
1.9 |
|
|
|
|
1.4 |
|
|
|
|
1.9 |
|
|
|
|
3.3 |
|
|
Business transformation |
|
|
|
1.0 |
|
|
|
|
1.6 |
|
|
|
|
2.6 |
|
|
|
|
2.1 |
|
|
|
|
2.9 |
|
|
|
|
5.0 |
|
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
|
(0.1 |
) |
|
Severance |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
Change in fair value of warrant liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2.1 |
) |
|
|
|
(2.6 |
) |
|
|
|
(4.7 |
) |
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
0.4 |
|
|
|
|
— |
|
|
|
|
1.2 |
|
|
|
|
1.2 |
|
|
Adjusted
EBITDA |
|
$ |
|
31.1 |
|
|
$ |
|
39.7 |
|
|
$ |
|
70.8 |
|
|
$ |
|
53.4 |
|
|
$ |
|
67.0 |
|
|
$ |
|
120.4 |
|
|
Total
revenue |
|
|
|
215.1 |
|
|
|
|
266.2 |
|
|
|
|
481.3 |
|
|
|
|
409.5 |
|
|
|
|
492.8 |
|
|
|
|
902.3 |
|
|
Net
revenue |
|
|
|
181.1 |
|
|
|
|
230.5 |
|
|
|
|
411.6 |
|
|
|
|
352.3 |
|
|
|
|
434.7 |
|
|
|
|
787.0 |
|
|
Net income
margin |
|
|
|
5.3 |
|
% |
|
|
2.4 |
|
% |
|
|
3.7 |
|
% |
|
|
4.4 |
|
% |
|
|
2.5 |
|
% |
|
|
3.4 |
|
% |
Adjusted EBITDA
margin |
|
|
|
17.2 |
|
% |
|
|
17.2 |
|
% |
|
|
17.2 |
|
% |
|
|
15.2 |
|
% |
|
|
15.4 |
|
% |
|
|
15.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income to Adjusted Net
Income |
|
Reconciliation of EPS to Adjusted EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net
income |
|
$ |
|
5.7 |
|
|
$ |
|
17.7 |
|
|
$ |
|
6.2 |
|
|
|
|
30.7 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
|
3.8 |
|
|
|
|
7.7 |
|
|
|
|
4.2 |
|
|
|
|
11.1 |
|
Income before income
taxes |
|
|
|
9.5 |
|
|
|
|
25.4 |
|
|
|
|
10.4 |
|
|
|
|
41.8 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
1.9 |
|
|
|
|
2.2 |
|
|
|
|
7.0 |
|
|
|
|
6.4 |
|
Impairment |
|
|
|
1.5 |
|
|
|
|
7.8 |
|
|
|
|
1.5 |
|
|
|
|
7.8 |
|
Restructuring |
|
|
|
(0.7 |
) |
|
|
|
0.6 |
|
|
|
|
0.3 |
|
|
|
|
1.2 |
|
Business transformation |
|
|
|
0.9 |
|
|
|
|
2.6 |
|
|
|
|
3.7 |
|
|
|
|
5.0 |
|
Severance |
|
|
|
0.8 |
|
|
|
|
0.4 |
|
|
|
|
0.9 |
|
|
|
|
0.4 |
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Acquisition-related transaction expenses |
|
|
|
0.8 |
|
|
|
|
1.9 |
|
|
|
|
1.2 |
|
|
|
|
3.3 |
|
Amortization of intangible assets |
|
|
|
1.6 |
|
|
|
|
1.7 |
|
|
|
|
3.1 |
|
|
|
|
3.4 |
|
Write-off of unamortized deferred financing fees |
|
|
|
0.7 |
|
|
|
|
— |
|
|
|
|
0.7 |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(4.7 |
) |
Aveda expenses, net |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
0.2 |
|
|
|
|
1.2 |
|
Adjusted income before income taxes |
|
|
|
17.0 |
|
|
|
|
43.0 |
|
|
|
|
29.0 |
|
|
|
|
65.7 |
|
Income tax expense at adjusted effective rate |
|
|
|
(5.1 |
) |
|
|
|
(13.0 |
) |
|
|
|
(8.8 |
) |
|
|
|
(18.7 |
) |
Adjusted Net Income |
|
$ |
|
11.9 |
|
|
$ |
|
30.0 |
|
|
$ |
|
20.2 |
|
|
$ |
|
47.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
|
5.7 |
|
|
$ |
|
17.7 |
|
|
$ |
|
6.2 |
|
|
$ |
|
30.7 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
|
|
|
(1.2 |
) |
|
|
|
(2.4 |
) |
|
|
|
(2.5 |
) |
Less Series B preferred dividends |
|
|
|
(1.3 |
) |
|
|
|
— |
|
|
|
|
(2.8 |
) |
|
|
|
— |
|
Net income attributable to common stockholders |
|
|
|
3.2 |
|
|
|
|
16.5 |
|
|
|
|
1.0 |
|
|
|
|
28.2 |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
|
— |
|
|
|
|
(0.3 |
) |
Numerator for basic
EPS - net income available to common stockholders - two class
method |
|
$ |
|
3.2 |
|
|
$ |
|
16.3 |
|
|
$ |
|
1.0 |
|
|
$ |
|
27.9 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
|
$ |
|
1.2 |
|
|
$ |
|
— |
|
|
$ |
|
2.5 |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
|
0.3 |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
|
— |
|
|
|
|
(0.3 |
) |
Numerator for diluted
EPS - net income available to common stockholders - two class
method |
|
$ |
|
3.2 |
|
|
$ |
|
17.5 |
|
|
$ |
|
1.0 |
|
|
$ |
|
30.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of EPS to Adjusted EPS
(continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Adjusted Net Income |
|
$ |
|
11.9 |
|
|
$ |
|
30.0 |
|
|
$ |
|
20.2 |
|
|
$ |
|
47.0 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
|
|
|
(1.2 |
) |
|
|
|
(2.4 |
) |
|
|
|
(2.5 |
) |
Less Series B preferred dividends |
|
|
|
(1.3 |
) |
|
|
|
— |
|
|
|
|
(2.8 |
) |
|
|
|
— |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
|
|
|
(0.3 |
) |
|
|
|
— |
|
|
|
|
(0.5 |
) |
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
9.4 |
|
|
$ |
|
28.5 |
|
|
$ |
|
15.0 |
|
|
$ |
|
44.0 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
|
$ |
|
1.2 |
|
|
$ |
|
— |
|
|
$ |
|
2.5 |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
|
|
|
0.3 |
|
|
|
|
— |
|
|
|
|
0.5 |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
|
|
|
(0.3 |
) |
|
|
|
— |
|
|
|
|
(0.5 |
) |
Numerator for diluted
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
9.4 |
|
|
$ |
|
29.7 |
|
|
$ |
|
15.0 |
|
|
$ |
|
46.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
0.07 |
|
|
$ |
|
0.26 |
|
|
$ |
|
0.02 |
|
|
$ |
|
0.44 |
|
Adjusted EPS |
|
$ |
|
0.21 |
|
|
$ |
|
0.45 |
|
|
$ |
|
0.33 |
|
|
$ |
|
0.70 |
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
0.07 |
|
|
$ |
|
0.24 |
|
|
$ |
|
0.02 |
|
|
$ |
|
0.43 |
|
Adjusted EPS |
|
$ |
|
0.20 |
|
|
$ |
|
0.42 |
|
|
$ |
|
0.32 |
|
|
$ |
|
0.65 |
|
Weighted-average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
45,521,935 |
|
|
|
|
63,470,040 |
|
|
|
|
45,333,840 |
|
|
|
|
63,182,277 |
|
Basic - adjusted |
|
|
|
45,521,935 |
|
|
|
|
63,470,040 |
|
|
|
|
45,333,840 |
|
|
|
|
63,182,277 |
|
Diluted |
|
|
|
47,514,098 |
|
|
|
|
71,555,039 |
|
|
|
|
47,617,812 |
|
|
|
|
71,319,113 |
|
Diluted - adjusted |
|
|
|
47,514,098 |
|
|
|
|
71,555,039 |
|
|
|
|
47,617,812 |
|
|
|
|
71,319,113 |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income to Adjusted Net
Income |
|
Reconciliation of EPS to Adjusted EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
Net income |
|
$ |
|
0.5 |
|
Adjusted for: |
|
|
|
|
Income tax
expense |
|
|
|
0.4 |
|
Income before income
taxes |
|
|
|
0.9 |
|
Add: |
|
|
|
|
Stock-based compensation |
|
|
|
5.1 |
|
Restructuring charges |
|
|
|
1.0 |
|
Business transformation |
|
|
|
2.9 |
|
Severance |
|
|
|
0.1 |
|
Acquisition-related transaction expenses |
|
|
|
0.4 |
|
Amortization of intangible assets |
|
|
|
1.5 |
|
Change in fair value of warrant liability |
|
|
|
— |
|
Aveda expenses, net |
|
|
|
0.1 |
|
Adjusted income before income taxes |
|
|
|
12.0 |
|
Income tax expense at adjusted effective rate |
|
|
|
(3.7 |
) |
Adjusted Net Income |
|
$ |
|
8.3 |
|
|
|
|
|
|
Net income |
|
$ |
|
0.5 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.5 |
) |
Net income attributable to common stockholders |
|
|
|
(2.2 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - net loss available to common stockholders - two class
method |
|
$ |
|
(2.2 |
) |
Effect of dilutive
securities: |
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
Numerator for diluted
EPS - net loss available to common stockholders - two class
method |
|
$ |
|
(2.2 |
) |
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of EPS to Adjusted EPS
(continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
Adjusted Net
Income |
|
$ |
|
8.3 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.5 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
5.6 |
|
Effect of dilutive
securities: |
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
Numerator for diluted
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
5.6 |
|
|
|
|
|
|
Basic EPS |
|
|
|
|
EPS |
|
$ |
|
(0.05 |
) |
Adjusted EPS |
|
$ |
|
0.12 |
|
Diluted EPS |
|
|
|
|
EPS |
|
$ |
|
(0.05 |
) |
Adjusted EPS |
|
$ |
|
0.12 |
|
Weighted-average common
shares outstanding: |
|
|
|
|
Basic |
|
|
|
45,143,654 |
|
Basic - adjusted |
|
|
|
45,143,654 |
|
Diluted |
|
|
|
45,143,654 |
|
Diluted - adjusted |
|
|
|
47,722,758 |
|
|
|
|
|
|
Daseke (NASDAQ:DSKEW)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Daseke (NASDAQ:DSKEW)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024