Daseke Further Advanced its Capital Allocation
Priorities
- During the quarter, Daseke reduced its term-loan balance by an
additional $20 million:
- Year-to-date, Daseke deployed cash on hand to reduce its
term-loan balance by $70 million and redeem all Series B-1 shares
(13% dividend rate) for $20 million
- Actions deliver on stated commitment to balance sheet strength,
reduce associated future cash interest and preferred dividend
payments, and further decrease the Company's cost of capital
- Maintained significant liquidity of $189 million, consisting of
$77 million in cash balances and $112 million available under
revolving credit facility, as of September 30, 2023
Third-Quarter 2023 Highlights (comparisons to
second-quarter 2023)
- Net cash provided by operating activities improved to $34
million, compared to $28 million and $31 million in the second and
first quarters of 2023, respectively, demonstrating the cash
generation power of our business even at cycle lows
- Revenue of $402 million and revenue net of fuel surcharge of
$355 million, declined modestly 1% and 2%, respectively, due
primarily to a $0.02 rate per mile decline
- Operating ratio of 95% and adjusted operating ratio of 93%,
compared to 95% and 92%, respectively
- Net income of $3 million, or $0.02 earnings per diluted share
attributable to common stockholders (EPS), compared to $6 million,
or $0.07
- Adjusted net income of $8 million, or $0.12 Adjusted EPS,
compared to $12 million, or $0.20
Third-Quarter 2023 Highlights (comparisons to
third-quarter 2022)
- Revenue of $402 million and revenue net of fuel surcharge of
$355 million, declined 13% and 11%, respectively, due primarily to
a $0.28 rate per mile decline
- Net income of $3 million, or $0.02 of EPS, compared to $13
million, or $0.17
- Adjusted net income was $8 million, or $0.12 Adjusted EPS,
compared to $24 million, or $0.34
- Adjusted EBITDA of $50 million, compared to $65 million, with
$7 million of comparative period decline including:
- $5 million as company fuel surcharge revenue decreases outpaced
the decrease in company fuel expense
- $2 million reduction in gain on sale, resulting from an
oversupply of equipment in the secondary sales market arising from
transportation companies reducing excess capacity as new orders
arrived and carriers exiting
- Operational efficiency improvements of 0.6% in each
consolidated productivity and company fleet utilization, a
testament to our team’s focused and deliberate execution especially
considering the softer operating environment
ADDISON, Texas, Nov. 09, 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 quarter ended September 30, 2023 and
provided an update to its 2023 outlook.
Management Commentary
Jonathan Shepko, Chief Executive Officer of
Daseke commented, "Our team remains focused on improving
operational performance and deploying the technology components
necessary to further our One Daseke transformation. These
initiatives are delivering real-time benefits, having already
resulted in best-in-class 2019-trough to 2023-trough margin
improvement of approximately 32% or 300 basis points. We expect
these efforts to translate into greater upside potential as the
freight environment firms and recovers. During this third quarter,
our core operating successes were muted by diesel price volatility
and a waning used equipment market. That is, while our headline
print suggests softer performance when compared to prior year
period, adjusted for fuel and equipment gain on sale, the Company
was in fact able to deliver adjusted EBITDA margins and operating
ratios virtually identical to those posted in the third quarter of
our record-setting 2022 financials. In this tumultuous freight
environment, we are focusing on what we can control and
prioritizing our commitment to strengthen our balance sheet while
also reducing our high-cost debt."
Shepko continued, "We are actively scrutinizing
the cross-cycle durability of the industry verticals, lanes, and
customers we serve, as well as the operating companies through
which we provide these services. Through this market pressure test,
we are optimizing the efficiency of our organization, and are open
to trading size for profitability and resiliency in support of our
goal to drive long term value for our current and potential
shareholders."
"With nine months of the year behind us, our
forecast for the remaining months anticipates many of the thematic
pressures on financial performance to persist: inflationary
headwinds including fuel, an oversupplied used equipment market, a
restless owner operator and lease purchase driver pool, and typical
seasonal rate softening in an already challenged environment. We do
believe in the adage, ‘the cure for low prices is low prices’, and
this cycle will eventually correct in a meaningful way, even
without an external catalyst. We will likely not be beneficiaries
of this recovery until 2024, and as such we are adjusting our 2023
full-year adjusted EBITDA outlook to $185 to $190 million, which
implies a fourth quarter of $35 to $40 million. Furthermore, we are
updating our net capital expenditure guidance to $155 to $160
million, which is higher than previous guidance of $135 to $145
million. This update is largely due to the timing of equipment
deliveries based upon delivery delays in the first half of the
year, and our ongoing discussions with OEMs. While we were
expecting a continuing lag in 2023 equipment deliveries, in recent
months, the OEMs have committed to fulfilling our original 2023
orders and hence, we now expect to realize our original capital
budget. Additionally, the secondary equipment market has impacted
our cash proceeds, which is also contributing to a modest increase
in our net capital guidance. As we prepare for the impending
upcycle, these expenditures position our company with a younger
fleet, which reduces operating and maintenance costs, increases
up-time and allows us to attract and retain some of the best
drivers in the industry. Our 2024 ambition is to continue to be
cash flow positive regardless of the market environment. With that
in mind, we intend for our future capital expenditures to have an
upper bound within our projected discretionary cashflow, and we
will remain focused on deleveraging our balance sheet and holding
sacrosanct the durability of our Company."
2023 Updated Outlook
- Adjusted EBITDA of $185 million to $190 million, lower than the
previously guided range of $200 million to $210 million, primarily
linked to:
- seasonal softening of a challenged rate environment,
inflationary headwinds including fuel, a soft secondary market for
equipment sales, and owner operator drivers seeking higher
rates
- Capital expenditures, net of property and equipment sales, $155
million to $160 million, an increase from prior guidance of $135
million to $145 million, given:
- the expected fulfillment our original 2023 orders, and lower
cash proceeds generated by equipment sales into an oversupplied
secondary market
- expenditures provide a lower age fleet in preparation for the
impending upcycle and reduce the cost of tractor ownership,
especially in terms of operating and maintenance costs
Third-Quarter 2023 Consolidated
Financial Results (comparisons to third-quarter 2022)
Total revenue in the third quarter of 2023
("current-year quarter") was $402.3 million compared to $462.8
million in the third 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 were primarily driven by the ongoing
deceleration in available freight volumes and freight rates across
the transportation industry, and lower diesel prices that reduced
fuel surcharge revenue. This deceleration in demand and its impact
on freight rates was evident in the $0.28 rate per mile (RPM)
decrease to $2.83 in the current-year quarter. Daseke responded to
these trends by providing increased capacity to strategically
prioritize loads on the company-owned fleet for improved margin
capture. These additions delivered a $0.1 million increase in
company-freight revenue to $168.7 million, and an 8.5% increase in
company miles driven to 59.0 million miles. Strong commercial
efforts in the current-year quarter captured $1.2 million of
incremental logistics revenue. Total miles driven increased 2.1% to
98.0 million, as an increase in company miles more than offset a
decline in owner-operator miles.
Operating expenses were $382.3 million in the
third quarter of 2023, reflecting a $48.3 million reduction over
the prior-year quarter. Operating expense reductions were primarily
in purchased freight and salaries, wages, and employee benefits.
Purchased freight expense decreased with the reduction in both
owner-operator miles and rate, and lower brokerage revenue.
Salaries, wages and employee benefits expenses decreased $7.3
million primarily due to the reduction in stock compensation, lower
severance costs, and reductions in support staff across the
company. 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 95.0%, compared to 93.0% in
the prior-year quarter. Income from operations in the third quarter
of 2023 was $20.0 million, compared to $32.2 million in the
prior-year quarter, as the decline in total revenue exceeded the
reduction in operating expenses. Adjusted operating ratio (Adjusted
OR, defined as Adjusted operating expenses, net of fuel surcharge,
as a percentage of Net revenue) was 93.4% in the current-year
quarter.
Net income for the third quarter of 2023 was
$3.2 million, and after consideration of the Series A and Series B
preferred stock dividends, net income attributable to common
stockholders was $1.1 million, or $0.02 of EPS, compared to the
prior-year quarter net income of $12.6 million and net income
attributable to common stockholders of $11.3 million, or $0.17 of
EPS. The reduction in net income was primarily attributable to the
aforementioned decline in income from operations and $3.8 million
of incremental net interest expense, partially offset by lower
income tax expense. The $3.8 million of incremental net interest
expense primarily resulted from the impact of rising interest rates
on our floating-rate debt obligations. With regard to EPS,
approximately $0.10 of comparative-period decline related to the
incremental net-interest expense plus the $0.8 million in cash
dividends associated with Series B preferred shares issued in
November of 2022. Adjusted primarily for stock-based compensation,
business transformation expenses, and the amortization of
intangible assets in the current-year quarter, Adjusted net income
was $7.8 million and Adjusted net income attributable to common
stockholders was $5.7 million, or $0.12 of Adjusted EPS, compared
to $24.1 million of Adjusted net income and $24.1 million of
Adjusted net income attributable to common stockholders, or $0.34
of Adjusted EPS.
In the third quarter of 2023, the Company
reported Adjusted EBITDA of $50.2 million, compared to $64.8
million, primarily due to freight rate declines, combined with the
rapid increase in diesel prices in the current-year quarter and a
weakened secondary market for revenue equipment sales. During the
third quarter of 2023, company fuel expense net of fuel surcharge
revenue increased by nine cents per company mile as compared to the
same period in 2022. This resulted in approximately $5.0 million of
adjusted EBITDA reduction in the current year period, as compared
to the prior year period. While fuel surcharge is expected to be
neutral to earnings over the long term, it lags current market when
diesel prices quickly rise or fall significantly. Current quarter
adjusted EBITDA was also impacted by lower realized prices on
equipment sales, which reduced third quarter 2023 gain on sale by
$2.3 million versus third quarter 2022. Realized prices were lower
due to an oversupply of equipment in the market, arising from
transportation companies reducing excess capacity as new orders
arrived and carriers exited.
Third-Quarter 2023 Segment Results
(comparisons to third-quarter 2022)
Specialized Solutions Segment–
During the third quarter of 2023, Specialized Solutions segment
revenue was $238.7 million, a $29.9 million decrease compared to
the prior-year quarter. The $29.9 million decline was due primarily
to a $18.9 million decline in owner-operator freight and brokerage
revenue, and $9.3 million in lower fuel surcharge revenue
associated with lower diesel prices. Correlating with the ongoing
softness in load availability across the transportation industry,
Specialized Segment total loads, which include brokerage, declined
by 7.4%. Despite challenging market trends, company miles as a
percent of total miles increased by 4.5% and company-loaded miles
as a percent of loaded miles increased by 5.5%, as the Company
continued to prioritize asset productivity, which is a key
indicator of the asset-right strategy. Compared to the prior-year
quarter, Specialized Solutions increased its average length of haul
by 7.1% and average total tractors by 3.6%, while maintaining its
total miles driven, deadhead, and miles per seated tractor per day
flat to the prior year period. During the quarter, this segment
experienced a slight 1.8% increase in unseated, despite the decline
in freight demand, a testament to the operational focus across the
team. Strength observed in the agriculture, mining, automotive, and
aerospace end markets was more than offset by declines primarily in
the high-security cargo, glass and construction end markets. In the
current-year quarter, segment RPM was $3.31, $0.31 lower than the
prior-year quarter and only $0.02 lower than the second quarter of
2023.
Operating expenses were $223.8 million in the
third quarter of 2023, reflecting a $21.1 million reduction
compared to the prior-year quarter. Operating expense decreases
primarily related to purchased freight and salaries, wages and
employee benefits. The decline in total revenue outpaced the
improvement in operating expenses in the current-year quarter and
resulted in a 260 basis-point increase in OR to 93.8%. Adjusted
primarily for stock-based compensation and business transformation
expenses in the current-year quarter, Adjusted OR was 92.1%,
compared to the near-cycle-peak of 87.4% in the prior-year
quarter.
In the third quarter of 2023, net income
decreased to $4.2 million, from $10.6 million in the prior-year
quarter, primarily due to lower income from operations. In the
current-year quarter, Adjusted EBITDA was $31.1 million, compared
to $41.8 million. Current quarter adjusted EBITDA was impacted by
increased net fuel expense of nine cents per mile this quarter,
resulting in a $4 million reduction in adjusted EBITDA as compared
to the prior-year quarter.
Flatbed Solutions Segment–
During the third quarter of 2023, Flatbed Solutions revenue was
$163.6 million, compared to $194.2 million, as increased company
freight and logistics revenues were more than offset by lower
brokerage, owner-operator freight, and fuel surcharge revenue.
Company freight revenue increased 5.4%, with a 17.3% increase in
company miles driven due to the intentional shift to company
tractors and a 2% improvement in company seated tractors, which
combined to partially offset a 10.1% decrease in the company RPM.
Owner-operator freight decreased 11.2% due to a shift toward
company-owned assets, and 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 41.7% in the current-year quarter.
Despite ongoing challenges in the macro flatbed rate environment,
illustrated by the 8.9% degradation in RPM to $2.36, Flatbed
Solutions delivered a 6% increase in miles per seated tractor to
partially offset the RPM decline. As compared to the prior-year
quarter, Flatbed Solutions increased its total miles driven by 4.0%
and average length of haul by 6.9%, improved deadhead by 1.2%, and
added 0.9% more tractors to the fleet, while only realizing 0.8%
increase in unseated. Strength primarily in the mining and
automotive end markets were more than offset by declines primarily
in the construction, manufacturing, and steel end markets.
Operating expenses were $158.5 million in the
third quarter of 2023, reflecting a $27.2 million decline over the
prior-year quarter. The reduction in operating expense was
primarily related to lower purchased freight. The decline in
revenue outpaced improvement in operating expenses in the
current-year quarter and resulted in a 130 basis-point increase in
OR to 96.9%. Adjusted primarily for business transformation,
stock-based compensation expenses, and the amortization of
intangibles in the current quarter, Adjusted OR was 95.3%, compared
to 91.9%.
Segment net loss was $1.0 million in the third
quarter of 2023, as lower expenses were more than offset by the
revenue decline, compared to net income of $2.0 million. Adjusted
EBITDA was $19.1 million, compared to $23.0 million. Current
quarter Adjusted EBITDA was impacted by the previously mentioned
nine cents per mile of increased net fuel expense, resulting in a
$1.5 million reduction in Adjusted EBITDA as compared to the same
period in 2022. Nearly all the aforementioned decreased gain on
sale, $2.0 million, was realized in the flatbed segment. The
combined impact of these two trends was $3.5 million, comprising a
majority of the $3.9 million comparative period reduction in
adjusted EBITDA.
Cash, Liquidity, and Capital Allocation
Summary
During the current-year quarter, Daseke
voluntarily reduced its term-loan balance with a $20.0 million cash
prepayment, decreasing associated future interest expense. Total
debt was $657.9 million as of September 30, 2023, $5.3 million
higher than June 30, 2023, as the term-loan repayment was more than
offset by additional equipment loans. At the end of the third
quarter, the interest rate on the term loan was 9.4%, while the
weighted average interest rate for equipment was 5.4%. The Company
remains committed to reducing higher cost components of its capital
structure, thereby reducing gross debt and lowering ongoing cash
interest costs.
As of September 30, 2023, Daseke reported
cash and cash equivalents of $77.2 million, as well as $112.2
million available under its revolving credit facility, for total
available liquidity of $189.4 million.
For the third quarter 2023, net cash provided by
operating activities was $33.6 million, cash capital expenditures
were $8.1 million, and cash proceeds from the sale of property and
equipment were $6.4 million, with net cash provided by operating
activities reflecting improvement as compared to the first and
second quarters of 2023. Additionally, capital expenditures
financed with debt were $52.1 million.
Conference Call
Daseke will hold a conference call today at
11:00 a.m. Eastern time to discuss its third-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/6xzqpdvm. 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 nine months
ended September 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, 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 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.
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 these items from certain
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) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
168.7 |
|
|
$ |
168.6 |
|
|
$ |
499.9 |
|
|
$ |
492.4 |
|
Owner operator freight |
|
|
108.2 |
|
|
|
130.0 |
|
|
|
333.2 |
|
|
|
397.7 |
|
Brokerage |
|
|
63.1 |
|
|
|
85.3 |
|
|
|
186.9 |
|
|
|
255.4 |
|
Logistics |
|
|
15.0 |
|
|
|
13.8 |
|
|
|
45.2 |
|
|
|
39.2 |
|
Fuel surcharge |
|
|
47.3 |
|
|
|
65.1 |
|
|
|
144.2 |
|
|
|
180.4 |
|
Total revenue |
|
|
402.3 |
|
|
|
462.8 |
|
|
|
1,209.4 |
|
|
|
1,365.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
|
97.3 |
|
|
|
104.6 |
|
|
|
308.6 |
|
|
|
299.3 |
|
Fuel |
|
|
37.3 |
|
|
|
40.0 |
|
|
|
105.3 |
|
|
|
120.4 |
|
Operations and maintenance |
|
|
44.0 |
|
|
|
43.8 |
|
|
|
129.4 |
|
|
|
120.2 |
|
Purchased freight |
|
|
137.3 |
|
|
|
180.3 |
|
|
|
425.3 |
|
|
|
548.9 |
|
Administrative |
|
|
20.4 |
|
|
|
17.8 |
|
|
|
55.4 |
|
|
|
52.8 |
|
Taxes and licenses |
|
|
4.0 |
|
|
|
3.9 |
|
|
|
11.9 |
|
|
|
11.6 |
|
Insurance and claims |
|
|
16.2 |
|
|
|
20.0 |
|
|
|
49.1 |
|
|
|
61.0 |
|
Acquisition-related transaction expenses |
|
|
— |
|
|
|
0.4 |
|
|
|
1.2 |
|
|
|
3.7 |
|
Depreciation and amortization |
|
|
28.3 |
|
|
|
23.9 |
|
|
|
79.3 |
|
|
|
68.2 |
|
Gain on disposition of property and equipment |
|
|
(2.6 |
) |
|
|
(4.9 |
) |
|
|
(11.0 |
) |
|
|
(14.0 |
) |
Impairment |
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
7.8 |
|
Restructuring |
|
|
0.1 |
|
|
|
0.8 |
|
|
|
0.4 |
|
|
|
2.0 |
|
Total operating expenses |
|
|
382.3 |
|
|
|
430.6 |
|
|
|
1,156.4 |
|
|
|
1,281.9 |
|
Income from operations |
|
|
20.0 |
|
|
|
32.2 |
|
|
|
53.0 |
|
|
|
83.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1.1 |
) |
|
|
(0.7 |
) |
|
|
(3.7 |
) |
|
|
(1.5 |
) |
Interest expense |
|
|
13.4 |
|
|
|
9.2 |
|
|
|
39.1 |
|
|
|
23.8 |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.7 |
) |
Other |
|
|
(0.1 |
) |
|
|
1.2 |
|
|
|
(0.6 |
) |
|
|
1.3 |
|
Total other expense |
|
|
12.2 |
|
|
|
9.7 |
|
|
|
34.8 |
|
|
|
18.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
7.8 |
|
|
|
22.5 |
|
|
|
18.2 |
|
|
|
64.3 |
|
Income tax expense |
|
|
4.6 |
|
|
|
9.9 |
|
|
|
8.8 |
|
|
|
21.0 |
|
Net income |
|
|
3.2 |
|
|
|
12.6 |
|
|
|
9.4 |
|
|
|
43.3 |
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.5 |
) |
Comprehensive income |
|
$ |
2.7 |
|
|
$ |
12.2 |
|
|
$ |
9.4 |
|
|
$ |
42.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3.2 |
|
|
$ |
12.6 |
|
|
$ |
9.4 |
|
|
$ |
43.3 |
|
Less dividends to Series A convertible preferred stockholders |
|
|
(1.3 |
) |
|
|
(1.3 |
) |
|
|
(3.7 |
) |
|
|
(3.7 |
) |
Less dividends to Series B perpetual preferred stockholders |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(3.6 |
) |
|
|
— |
|
Net income attributable to common stockholders |
|
$ |
1.1 |
|
|
$ |
11.3 |
|
|
$ |
2.1 |
|
|
$ |
39.6 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.02 |
|
|
$ |
0.18 |
|
|
$ |
0.05 |
|
|
$ |
0.62 |
|
Diluted |
|
$ |
0.02 |
|
|
$ |
0.17 |
|
|
$ |
0.04 |
|
|
$ |
0.60 |
|
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
46,089,770 |
|
|
|
63,535,897 |
|
|
|
45,588,585 |
|
|
|
63,301,446 |
|
Diluted |
|
|
47,608,158 |
|
|
|
66,270,641 |
|
|
|
47,613,017 |
|
|
|
66,266,666 |
|
Dividends declared per Series
A convertible preferred share |
|
$ |
1.91 |
|
|
$ |
1.91 |
|
|
$ |
5.72 |
|
|
$ |
5.72 |
|
Dividends declared per Series
B perpetual preferred share |
|
$ |
17.50 |
|
|
$ |
— |
|
|
$ |
57.44 |
|
|
$ |
— |
|
DASEKE, INC AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(Dollars in millions, except per share
data)
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
77.2 |
|
|
$ |
|
153.4 |
|
Accounts receivable, net of allowance of $1.9 and $2.3 at September
30, 2023 and December 31, 2022, respectively |
|
|
|
185.6 |
|
|
|
|
179.0 |
|
Drivers’ advances and other receivables |
|
|
|
10.3 |
|
|
|
|
7.9 |
|
Other current assets |
|
|
|
38.8 |
|
|
|
|
37.9 |
|
Total current assets |
|
|
|
311.9 |
|
|
|
|
378.2 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
|
557.6 |
|
|
|
|
488.3 |
|
Intangible assets, net |
|
|
|
75.2 |
|
|
|
|
80.6 |
|
Goodwill |
|
|
|
137.3 |
|
|
|
|
137.3 |
|
Right-of-use assets |
|
|
|
101.2 |
|
|
|
|
107.6 |
|
Other non-current assets |
|
|
|
3.4 |
|
|
|
|
3.4 |
|
Total assets |
|
$ |
|
1,186.6 |
|
|
$ |
|
1,195.4 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
|
19.2 |
|
|
$ |
|
14.7 |
|
Accrued expenses and other liabilities |
|
|
|
53.4 |
|
|
|
|
44.9 |
|
Accrued payroll, benefits and related taxes |
|
|
|
28.4 |
|
|
|
|
30.8 |
|
Accrued insurance and claims |
|
|
|
47.4 |
|
|
|
|
40.6 |
|
Current portion of long-term debt |
|
|
|
95.2 |
|
|
|
|
78.4 |
|
Current operating lease liabilities |
|
|
|
33.1 |
|
|
|
|
34.4 |
|
Total current liabilities |
|
|
|
276.7 |
|
|
|
|
243.8 |
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
|
— |
|
|
|
|
— |
|
Long-term debt, net of current
portion |
|
|
|
558.2 |
|
|
|
|
582.3 |
|
Deferred tax liabilities |
|
|
|
96.4 |
|
|
|
|
95.0 |
|
Non-current operating lease
liabilities |
|
|
|
74.3 |
|
|
|
|
79.6 |
|
Other non-current
liabilities |
|
|
|
1.7 |
|
|
|
|
1.7 |
|
Total liabilities |
|
|
|
1,007.3 |
|
|
|
|
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 September 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 September 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, 46,323,242 and 45,028,041 shares issued and outstanding
at September 30, 2023 and December 31, 2022, respectively |
|
|
|
— |
|
|
|
|
— |
|
Additional
paid-in-capital |
|
|
|
297.3 |
|
|
|
|
293.1 |
|
Accumulated deficit |
|
|
|
(230.2 |
) |
|
|
|
(232.3 |
) |
Accumulated other
comprehensive loss |
|
|
|
(0.4 |
) |
|
|
|
(0.4 |
) |
Total stockholders’ equity |
|
|
|
179.3 |
|
|
|
|
193.0 |
|
Total liabilities and stockholders’ equity |
|
$ |
|
1,186.6 |
|
|
$ |
|
1,195.4 |
|
DASEKE, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Dollars in millions) |
|
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
Net income |
|
$ |
9.4 |
|
|
$ |
43.3 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
74.5 |
|
|
|
63.0 |
|
Amortization of intangible assets |
|
|
4.8 |
|
|
|
5.2 |
|
Amortization of deferred financing fees |
|
|
1.9 |
|
|
|
0.9 |
|
Non-cash operating lease expense |
|
|
(0.1 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
(4.7 |
) |
Stock-based compensation expense |
|
|
5.3 |
|
|
|
8.8 |
|
Deferred taxes |
|
|
1.2 |
|
|
|
2.6 |
|
Bad debt expense (recovery) |
|
|
(0.1 |
) |
|
|
0.7 |
|
Gain on disposition of property and equipment |
|
|
(11.0 |
) |
|
|
(14.0 |
) |
Impairment |
|
|
1.5 |
|
|
|
7.8 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(6.5 |
) |
|
|
(34.1 |
) |
Drivers’ advances and other receivables |
|
|
(2.4 |
) |
|
|
(3.1 |
) |
Other current assets |
|
|
(0.9 |
) |
|
|
(3.7 |
) |
Accounts payable |
|
|
5.4 |
|
|
|
3.5 |
|
Accrued expenses and other liabilities |
|
|
9.5 |
|
|
|
30.5 |
|
Net cash provided by operating activities |
|
|
92.5 |
|
|
|
106.7 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(25.6 |
) |
|
|
(33.4 |
) |
Proceeds from sale of property and equipment |
|
|
24.6 |
|
|
|
28.0 |
|
Cash paid for acquisitions, net of cash received |
|
|
— |
|
|
|
(19.1 |
) |
Net cash used in investing activities |
|
|
(1.0 |
) |
|
|
(24.5 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Advances on line of credit |
|
|
1,191.4 |
|
|
|
1,356.9 |
|
Repayments on line of credit |
|
|
(1,191.4 |
) |
|
|
(1,356.9 |
) |
Principal payments on long-term debt |
|
|
(140.1 |
) |
|
|
(49.0 |
) |
Exercise of stock options, net |
|
|
0.2 |
|
|
|
0.8 |
|
Exercise of warrants |
|
|
— |
|
|
|
9.4 |
|
Series A convertible preferred stock dividends |
|
|
(3.7 |
) |
|
|
(3.7 |
) |
Series B perpetual preferred stock dividends |
|
|
(4.2 |
) |
|
|
— |
|
Series B perpetual preferred stock redemption |
|
|
(20.0 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(167.8 |
) |
|
|
(42.5 |
) |
|
|
|
|
|
|
|
Effect of exchange rates on
cash and cash equivalents |
|
|
0.1 |
|
|
|
1.1 |
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash and cash equivalents |
|
|
(76.2 |
) |
|
|
40.8 |
|
Cash and cash equivalents –
beginning of period |
|
|
153.4 |
|
|
|
147.5 |
|
Cash and cash equivalents –
end of period |
|
$ |
77.2 |
|
|
$ |
188.3 |
|
DASEKE, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS –
(Continued) |
(Unaudited) |
(Dollars in millions) |
|
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
37.2 |
|
|
$ |
23.1 |
|
Cash paid for income taxes |
|
$ |
2.4 |
|
|
$ |
19.8 |
|
|
|
|
|
|
|
|
Noncash investing and
financing activities |
|
|
|
|
|
|
Property and equipment acquired with debt or finance lease
obligations |
|
$ |
130.9 |
|
|
$ |
93.7 |
|
Right-of-use assets acquired |
|
$ |
24.0 |
|
|
$ |
27.8 |
|
Accrued share repurchase excise taxes |
|
$ |
0.1 |
|
|
$ |
— |
|
Daseke, Inc. and Subsidiaries |
Consolidated Supplemental Information |
(Unaudited) |
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
168.7 |
|
|
|
41.9 |
|
% |
|
$ |
168.6 |
|
|
|
36.4 |
|
% |
|
$ |
0.1 |
|
|
|
0.1 |
|
% |
Owner operator freight |
|
|
108.2 |
|
|
|
26.9 |
|
|
|
|
130.0 |
|
|
|
28.1 |
|
|
|
|
(21.8 |
) |
|
|
(16.8 |
) |
|
Brokerage |
|
|
63.1 |
|
|
|
15.7 |
|
|
|
|
85.3 |
|
|
|
18.4 |
|
|
|
|
(22.2 |
) |
|
|
(26.0 |
) |
|
Logistics |
|
|
15.0 |
|
|
|
3.7 |
|
|
|
|
13.8 |
|
|
|
3.0 |
|
|
|
|
1.2 |
|
|
|
8.7 |
|
|
Fuel surcharge |
|
|
47.3 |
|
|
|
11.8 |
|
|
|
|
65.1 |
|
|
|
14.1 |
|
|
|
|
(17.8 |
) |
|
|
(27.3 |
) |
|
Total revenue |
|
$ |
402.3 |
|
|
|
100.0 |
|
% |
|
$ |
462.8 |
|
|
|
100.0 |
|
% |
|
$ |
(60.5 |
) |
|
|
(13.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
97.3 |
|
|
|
24.2 |
|
% |
|
$ |
104.6 |
|
|
|
22.6 |
|
% |
|
$ |
(7.3 |
) |
|
|
(7.0 |
) |
% |
Fuel |
|
|
37.3 |
|
|
|
9.3 |
|
|
|
|
40.0 |
|
|
|
8.6 |
|
|
|
|
(2.7 |
) |
|
|
(6.8 |
) |
|
Operations and
maintenance |
|
|
44.0 |
|
|
|
10.9 |
|
|
|
|
43.8 |
|
|
|
9.5 |
|
|
|
|
0.2 |
|
|
|
0.5 |
|
|
Purchased freight |
|
|
137.3 |
|
|
|
34.1 |
|
|
|
|
180.3 |
|
|
|
39.0 |
|
|
|
|
(43.0 |
) |
|
|
(23.8 |
) |
|
Administrative |
|
|
20.4 |
|
|
|
5.1 |
|
|
|
|
17.8 |
|
|
|
3.8 |
|
|
|
|
2.6 |
|
|
|
14.6 |
|
|
Taxes and licenses |
|
|
4.0 |
|
|
|
1.0 |
|
|
|
|
3.9 |
|
|
|
0.8 |
|
|
|
|
0.1 |
|
|
|
2.6 |
|
|
Insurance and claims |
|
|
16.2 |
|
|
|
4.0 |
|
|
|
|
20.0 |
|
|
|
4.3 |
|
|
|
|
(3.8 |
) |
|
|
(19.0 |
) |
|
Acquisition-related
transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
|
(0.4 |
) |
|
|
(100.0 |
) |
|
Depreciation and
amortization |
|
|
28.3 |
|
|
|
7.0 |
|
|
|
|
23.9 |
|
|
|
5.2 |
|
|
|
|
4.4 |
|
|
|
18.4 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
(2.6 |
) |
|
|
(0.6 |
) |
|
|
|
(4.9 |
) |
|
|
(1.1 |
) |
|
|
|
2.3 |
|
|
|
(46.9 |
) |
|
Restructuring |
|
|
0.1 |
|
|
|
— |
|
|
|
|
0.8 |
|
|
|
0.2 |
|
|
|
|
(0.7 |
) |
|
|
(87.5 |
) |
|
Total operating
expenses |
|
$ |
382.3 |
|
|
|
95.0 |
|
% |
|
$ |
430.6 |
|
|
|
93.0 |
|
% |
|
$ |
(48.3 |
) |
|
|
(11.2 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
$ |
20.0 |
|
|
|
5.0 |
|
% |
|
$ |
32.2 |
|
|
|
7.0 |
|
% |
|
$ |
(12.2 |
) |
|
|
(37.9 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
23.5 |
|
|
|
5.8 |
|
% |
|
$ |
42.7 |
|
|
|
9.2 |
|
% |
|
$ |
(19.2 |
) |
|
|
(45.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
(1.1 |
) |
|
|
(0.3 |
) |
% |
|
$ |
(0.7 |
) |
|
|
(0.2 |
) |
% |
|
$ |
(0.4 |
) |
|
|
57.1 |
|
% |
Interest expense |
|
|
13.4 |
|
|
|
3.3 |
|
|
|
|
9.2 |
|
|
|
2.0 |
|
|
|
|
4.2 |
|
|
|
45.7 |
|
|
Other |
|
|
(0.1 |
) |
|
|
— |
|
|
|
|
1.2 |
|
|
|
0.3 |
|
|
|
|
(1.3 |
) |
|
|
(108.3 |
) |
|
Total other
expense |
|
$ |
12.2 |
|
|
|
3.0 |
|
% |
|
$ |
9.7 |
|
|
|
2.1 |
|
% |
|
$ |
2.5 |
|
|
|
25.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
$ |
7.8 |
|
|
|
1.9 |
|
% |
|
$ |
22.5 |
|
|
|
4.9 |
|
% |
|
$ |
(14.7 |
) |
|
|
(65.3 |
) |
% |
Income tax expense |
|
|
4.6 |
|
|
|
1.1 |
|
|
|
|
9.9 |
|
|
|
2.1 |
|
|
|
|
(5.3 |
) |
|
|
(53.5 |
) |
|
Net
income |
|
$ |
3.2 |
|
|
|
0.8 |
|
|
|
$ |
12.6 |
|
|
|
2.7 |
|
|
|
$ |
(9.4 |
) |
|
|
(74.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
59.0 |
|
|
|
|
|
|
|
54.4 |
|
|
|
|
|
|
|
4.6 |
|
|
|
8.5 |
|
% |
Owner operator miles |
|
|
39.0 |
|
|
|
|
|
|
|
41.6 |
|
|
|
|
|
|
|
(2.6 |
) |
|
|
(6.3 |
) |
|
Total miles (in
millions)(2) |
|
|
98.0 |
|
|
|
|
|
|
|
96.0 |
|
|
|
|
|
|
|
2.0 |
|
|
|
2.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
2.83 |
|
|
|
|
|
|
$ |
3.11 |
|
|
|
|
|
|
$ |
(0.28 |
) |
|
|
(9.0 |
) |
% |
Revenue per
tractor(4) |
|
$ |
56,400 |
|
|
|
|
|
|
$ |
62,200 |
|
|
|
|
|
|
$ |
(5,800 |
) |
|
|
(9.3 |
) |
|
Operating ratio |
|
|
95.0 |
% |
|
|
|
|
|
|
93.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
93.4 |
% |
|
|
|
|
|
|
89.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
3,051 |
|
|
|
|
|
|
|
2,799 |
|
|
|
|
|
|
|
252 |
|
|
|
9.0 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
1,894 |
|
|
|
|
|
|
|
2,042 |
|
|
|
|
|
|
|
(148 |
) |
|
|
(7.2 |
) |
|
Number of trailers, at
quarter-end |
|
|
11,045 |
|
|
|
|
|
|
|
11,028 |
|
|
|
|
|
|
|
17 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
3,026 |
|
|
|
|
|
|
|
2,748 |
|
|
|
|
|
|
|
278 |
|
|
|
10.1 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
1,880 |
|
|
|
|
|
|
|
2,049 |
|
|
|
|
|
|
|
(169 |
) |
|
|
(8.2 |
) |
|
Total tractors, average for
the quarter |
|
|
4,906 |
|
|
|
|
|
|
|
4,797 |
|
|
|
|
|
|
|
109 |
|
|
|
2.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
499.9 |
|
|
|
41.3 |
|
% |
|
$ |
492.4 |
|
|
|
36.1 |
|
% |
|
$ |
7.5 |
|
|
|
1.5 |
|
% |
Owner operator freight |
|
|
333.2 |
|
|
|
27.6 |
|
|
|
|
397.7 |
|
|
|
29.1 |
|
|
|
|
(64.5 |
) |
|
|
(16.2 |
) |
|
Brokerage |
|
|
186.9 |
|
|
|
15.5 |
|
|
|
|
255.4 |
|
|
|
18.7 |
|
|
|
|
(68.5 |
) |
|
|
(26.8 |
) |
|
Logistics |
|
|
45.2 |
|
|
|
3.7 |
|
|
|
|
39.2 |
|
|
|
2.9 |
|
|
|
|
6.0 |
|
|
|
15.3 |
|
|
Fuel surcharge |
|
|
144.2 |
|
|
|
11.9 |
|
|
|
|
180.4 |
|
|
|
13.2 |
|
|
|
|
(36.2 |
) |
|
|
(20.1 |
) |
|
Total revenue |
|
$ |
1,209.4 |
|
|
|
100.0 |
|
% |
|
$ |
1,365.1 |
|
|
|
100.0 |
|
% |
|
$ |
(155.7 |
) |
|
|
(11.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
308.6 |
|
|
|
25.5 |
|
% |
|
$ |
299.3 |
|
|
|
21.9 |
|
% |
|
$ |
9.3 |
|
|
|
3.1 |
|
% |
Fuel |
|
|
105.3 |
|
|
|
8.7 |
|
|
|
|
120.4 |
|
|
|
8.8 |
|
|
|
|
(15.1 |
) |
|
|
(12.5 |
) |
|
Operations and
maintenance |
|
|
129.4 |
|
|
|
10.7 |
|
|
|
|
120.2 |
|
|
|
8.8 |
|
|
|
|
9.2 |
|
|
|
7.7 |
|
|
Purchased freight |
|
|
425.3 |
|
|
|
35.2 |
|
|
|
|
548.9 |
|
|
|
40.2 |
|
|
|
|
(123.6 |
) |
|
|
(22.5 |
) |
|
Administrative |
|
|
55.4 |
|
|
|
4.6 |
|
|
|
|
52.8 |
|
|
|
3.9 |
|
|
|
|
2.6 |
|
|
|
4.9 |
|
|
Taxes and licenses |
|
|
11.9 |
|
|
|
1.0 |
|
|
|
|
11.6 |
|
|
|
0.8 |
|
|
|
|
0.3 |
|
|
|
2.6 |
|
|
Insurance and claims |
|
|
49.1 |
|
|
|
4.1 |
|
|
|
|
61.0 |
|
|
|
4.5 |
|
|
|
|
(11.9 |
) |
|
|
(19.5 |
) |
|
Acquisition-related
transaction expenses |
|
|
1.2 |
|
|
|
0.1 |
|
|
|
|
3.7 |
|
|
|
0.3 |
|
|
|
|
(2.5 |
) |
|
|
(67.6 |
) |
|
Depreciation and
amortization |
|
|
79.3 |
|
|
|
6.6 |
|
|
|
|
68.2 |
|
|
|
5.0 |
|
|
|
|
11.1 |
|
|
|
16.3 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
(11.0 |
) |
|
|
(0.9 |
) |
|
|
|
(14.0 |
) |
|
|
(1.0 |
) |
|
|
|
3.0 |
|
|
|
(21.4 |
) |
|
Impairment |
|
|
1.5 |
|
|
|
0.1 |
|
|
|
|
7.8 |
|
|
|
0.6 |
|
|
|
|
(6.3 |
) |
|
|
(80.8 |
) |
|
Restructuring charges |
|
|
0.4 |
|
|
|
— |
|
|
|
|
2.0 |
|
|
|
0.1 |
|
|
|
|
(1.6 |
) |
|
|
(80.0 |
) |
|
Total operating
expenses |
|
$ |
1,156.4 |
|
|
|
95.6 |
|
% |
|
$ |
1,281.9 |
|
|
|
93.9 |
|
% |
|
$ |
(125.5 |
) |
|
|
(9.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS |
|
$ |
53.0 |
|
|
|
4.4 |
|
% |
|
$ |
83.2 |
|
|
|
6.1 |
|
% |
|
$ |
(30.2 |
) |
|
|
(36.3 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
|
74.4 |
|
|
|
6.2 |
|
|
|
|
122.0 |
|
|
|
8.9 |
|
|
|
|
(47.6 |
) |
|
|
(39.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
(3.7 |
) |
|
|
(0.3 |
) |
% |
|
$ |
(1.5 |
) |
|
|
(0.1 |
) |
% |
|
$ |
(2.2 |
) |
|
|
146.7 |
|
% |
Interest expense |
|
|
39.1 |
|
|
|
3.2 |
|
|
|
|
23.8 |
|
|
|
1.7 |
|
|
|
|
15.3 |
|
|
|
64.3 |
|
|
Change in fair value of
warrant liability |
|
|
— |
|
|
|
— |
|
|
|
|
(4.7 |
) |
|
|
(0.3 |
) |
|
|
|
4.7 |
|
|
|
(100.0 |
) |
|
Other |
|
|
(0.6 |
) |
|
|
— |
|
|
|
|
1.3 |
|
|
|
0.1 |
|
|
|
|
(1.9 |
) |
|
|
(146.2 |
) |
|
Total other
expense |
|
$ |
34.8 |
|
|
|
2.9 |
|
% |
|
$ |
18.9 |
|
|
|
1.4 |
|
% |
|
$ |
15.9 |
|
|
|
84.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
18.2 |
|
|
|
1.5 |
|
% |
|
|
64.3 |
|
|
|
4.7 |
|
% |
|
|
(46.1 |
) |
|
|
(71.7 |
) |
% |
Income tax expense |
|
|
8.8 |
|
|
|
0.7 |
|
|
|
|
21.0 |
|
|
|
1.5 |
|
|
|
|
(12.2 |
) |
|
|
(58.1 |
) |
|
Net
income |
|
$ |
9.4 |
|
|
|
0.8 |
|
|
|
$ |
43.3 |
|
|
|
3.2 |
|
|
|
$ |
(33.9 |
) |
|
|
(78.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
175.1 |
|
|
|
|
|
|
|
159.7 |
|
|
|
|
|
|
|
15.4 |
|
|
|
9.6 |
|
% |
Owner operator miles |
|
|
119.8 |
|
|
|
|
|
|
|
130.3 |
|
|
|
|
|
|
|
(10.5 |
) |
|
|
(8.1 |
) |
|
Total miles (in
millions)(2) |
|
|
294.9 |
|
|
|
|
|
|
|
290.0 |
|
|
|
|
|
|
|
4.9 |
|
|
|
1.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
2.83 |
|
|
|
|
|
|
$ |
3.07 |
|
|
|
|
|
|
$ |
(0.24 |
) |
|
|
(7.8 |
) |
% |
Revenue per
tractor(4) |
|
$ |
170,800 |
|
|
|
|
|
|
$ |
189,900 |
|
|
|
|
|
|
$ |
(19,100 |
) |
|
|
(10.1 |
) |
|
Operating ratio |
|
|
95.6 |
% |
|
|
|
|
|
|
93.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
ratio(5) |
|
|
93.0 |
% |
|
|
|
|
|
|
89.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
period-end |
|
|
3,051 |
|
|
|
|
|
|
|
2,799 |
|
|
|
|
|
|
|
252 |
|
|
|
9.0 |
|
% |
Owner operator tractors, at
period-end |
|
|
1,894 |
|
|
|
|
|
|
|
2,042 |
|
|
|
|
|
|
|
(148 |
) |
|
|
(7.2 |
) |
|
Number of trailers, at
period-end |
|
|
11,045 |
|
|
|
|
|
|
|
11,028 |
|
|
|
|
|
|
|
17 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
2,971 |
|
|
|
|
|
|
|
2,638 |
|
|
|
|
|
|
|
333 |
|
|
|
12.6 |
|
% |
Owner operator tractors,
average for the period |
|
|
1,906 |
|
|
|
|
|
|
|
2,049 |
|
|
|
|
|
|
|
(143 |
) |
|
|
(7.0 |
) |
|
Total tractors, average for
the period |
|
|
4,877 |
|
|
|
|
|
|
|
4,687 |
|
|
|
|
|
|
|
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 |
|
|
Supplemental Information: Specialized
Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
123.7 |
|
|
|
51.8 |
|
% |
|
$ |
|
125.9 |
|
|
|
46.9 |
|
% |
|
$ |
|
(2.2 |
) |
|
|
(1.7 |
) |
% |
Owner operator freight |
|
|
|
36.1 |
|
|
|
15.1 |
|
|
|
|
|
48.8 |
|
|
|
18.2 |
|
|
|
|
|
(12.7 |
) |
|
|
(26.0 |
) |
|
Brokerage |
|
|
|
40.7 |
|
|
|
17.1 |
|
|
|
|
|
46.9 |
|
|
|
17.5 |
|
|
|
|
|
(6.2 |
) |
|
|
(13.2 |
) |
|
Logistics |
|
|
|
13.3 |
|
|
|
5.6 |
|
|
|
|
|
12.8 |
|
|
|
4.8 |
|
|
|
|
|
0.5 |
|
|
|
3.9 |
|
|
Fuel surcharge |
|
|
|
24.9 |
|
|
|
10.4 |
|
|
|
|
|
34.2 |
|
|
|
12.6 |
|
|
|
|
|
(9.3 |
) |
|
|
(27.2 |
) |
|
Total revenue |
|
$ |
|
238.7 |
|
|
|
100.0 |
|
% |
|
$ |
|
268.6 |
|
|
|
100.0 |
|
% |
|
$ |
|
(29.9 |
) |
|
|
(11.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
66.5 |
|
|
|
27.9 |
|
|
|
$ |
|
71.5 |
|
|
|
26.6 |
|
% |
|
$ |
|
(5.0 |
) |
|
|
(7.0 |
) |
% |
Fuel |
|
|
|
25.8 |
|
|
|
10.8 |
|
|
|
|
|
29.0 |
|
|
|
10.8 |
|
|
|
|
|
(3.2 |
) |
|
|
(11.0 |
) |
|
Operations and
maintenance |
|
|
|
31.5 |
|
|
|
13.2 |
|
|
|
|
|
31.5 |
|
|
|
11.7 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Purchased freight |
|
|
|
60.8 |
|
|
|
25.5 |
|
|
|
|
|
76.4 |
|
|
|
28.4 |
|
|
|
|
|
(15.6 |
) |
|
|
(20.4 |
) |
|
Administrative |
|
|
|
14.2 |
|
|
|
5.9 |
|
|
|
|
|
11.8 |
|
|
|
4.4 |
|
|
|
|
|
2.4 |
|
|
|
20.3 |
|
|
Taxes and licenses |
|
|
|
2.4 |
|
|
|
1.0 |
|
|
|
|
|
2.4 |
|
|
|
0.9 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Insurance and claims |
|
|
|
9.4 |
|
|
|
3.9 |
|
|
|
|
|
10.6 |
|
|
|
3.9 |
|
|
|
|
|
(1.2 |
) |
|
|
(11.3 |
) |
|
Acquisition-related
transaction expenses |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
|
|
(0.2 |
) |
|
|
(100.0 |
) |
|
Depreciation and
amortization |
|
|
|
15.1 |
|
|
|
6.3 |
|
|
|
|
|
13.4 |
|
|
|
5.0 |
|
|
|
|
|
1.7 |
|
|
|
12.7 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
|
(2.0 |
) |
|
|
(0.8 |
) |
|
|
|
|
(2.3 |
) |
|
|
(0.9 |
) |
|
|
|
|
0.3 |
|
|
|
(13.0 |
) |
|
Restructuring |
|
|
|
0.1 |
|
|
|
— |
|
|
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
|
|
(0.3 |
) |
|
|
(75.0 |
) |
|
Total operating expenses |
|
$ |
|
223.8 |
|
|
|
93.8 |
|
% |
|
$ |
|
244.9 |
|
|
|
91.2 |
|
% |
|
$ |
|
(21.1 |
) |
|
|
(8.6 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
14.9 |
|
|
|
6.2 |
|
% |
|
$ |
|
23.7 |
|
|
|
8.8 |
|
% |
|
$ |
|
(8.8 |
) |
|
|
(37.1 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
16.9 |
|
|
|
7.1 |
|
% |
|
$ |
|
29.5 |
|
|
|
11.0 |
|
% |
|
$ |
|
(12.6 |
) |
|
|
(42.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
40.0 |
|
|
|
|
|
|
|
|
38.2 |
|
|
|
|
|
|
|
|
1.8 |
|
|
|
4.7 |
|
% |
Owner operator miles |
|
|
|
8.3 |
|
|
|
|
|
|
|
|
10.0 |
|
|
|
|
|
|
|
|
(1.7 |
) |
|
|
(17.0 |
) |
|
Total miles (in
millions)(2) |
|
|
|
48.3 |
|
|
|
|
|
|
|
|
48.2 |
|
|
|
|
|
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
3.31 |
|
|
|
|
|
|
$ |
|
3.62 |
|
|
|
|
|
|
$ |
|
(0.31 |
) |
|
|
(8.6 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
64,700 |
|
|
|
|
|
|
$ |
|
73,300 |
|
|
|
|
|
|
$ |
|
(8,600 |
) |
|
|
(11.7 |
) |
|
Operating ratio |
|
|
|
93.8 |
% |
|
|
|
|
|
|
|
91.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
92.1 |
% |
|
|
|
|
|
|
|
87.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
2,123 |
|
|
|
|
|
|
|
|
1,982 |
|
|
|
|
|
|
|
|
141 |
|
|
|
7.1 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
379 |
|
|
|
|
|
|
|
|
441 |
|
|
|
|
|
|
|
|
(62 |
) |
|
|
(14.1 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
7,120 |
|
|
|
|
|
|
|
|
7,181 |
|
|
|
|
|
|
|
|
(61 |
) |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
2,092 |
|
|
|
|
|
|
|
|
1,942 |
|
|
|
|
|
|
|
|
150 |
|
|
|
7.7 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
379 |
|
|
|
|
|
|
|
|
442 |
|
|
|
|
|
|
|
|
(63 |
) |
|
|
(14.3 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,471 |
|
|
|
|
|
|
|
|
2,384 |
|
|
|
|
|
|
|
|
87 |
|
|
|
3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
$ |
|
|
% |
|
$ |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
362.9 |
|
|
|
51.2 |
|
% |
|
$ |
|
365.8 |
|
|
|
48.0 |
|
% |
|
$ |
|
(2.9 |
) |
|
|
(0.8 |
) |
% |
Owner operator freight |
|
|
|
112.5 |
|
|
|
15.9 |
|
|
|
|
|
139.1 |
|
|
|
18.3 |
|
|
|
|
|
(26.6 |
) |
|
|
(19.1 |
) |
|
Brokerage |
|
|
|
118.6 |
|
|
|
16.7 |
|
|
|
|
|
128.2 |
|
|
|
16.8 |
|
|
|
|
|
(9.6 |
) |
|
|
(7.5 |
) |
|
Logistics |
|
|
|
41.5 |
|
|
|
5.9 |
|
|
|
|
|
36.1 |
|
|
|
4.7 |
|
|
|
|
|
5.4 |
|
|
|
15.0 |
|
|
Fuel surcharge |
|
|
|
73.4 |
|
|
|
10.3 |
|
|
|
|
|
92.3 |
|
|
|
12.2 |
|
|
|
|
|
(18.9 |
) |
|
|
(20.5 |
) |
|
Total revenue |
|
$ |
|
708.9 |
|
|
|
100.0 |
|
% |
|
$ |
|
761.5 |
|
|
|
100.0 |
|
% |
|
$ |
|
(52.6 |
) |
|
|
(6.9 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
208.5 |
|
|
|
29.4 |
|
% |
|
$ |
|
205.2 |
|
|
|
26.9 |
|
% |
|
$ |
|
3.3 |
|
|
|
1.6 |
|
% |
Fuel |
|
|
|
73.4 |
|
|
|
10.4 |
|
|
|
|
|
87.1 |
|
|
|
11.4 |
|
|
|
|
|
(13.7 |
) |
|
|
(15.7 |
) |
|
Operations and
maintenance |
|
|
|
92.0 |
|
|
|
13.0 |
|
|
|
|
|
86.1 |
|
|
|
11.3 |
|
|
|
|
|
5.9 |
|
|
|
6.9 |
|
|
Purchased freight |
|
|
|
185.0 |
|
|
|
26.1 |
|
|
|
|
|
217.8 |
|
|
|
28.6 |
|
|
|
|
|
(32.8 |
) |
|
|
(15.1 |
) |
|
Administrative |
|
|
|
38.8 |
|
|
|
5.5 |
|
|
|
|
|
34.8 |
|
|
|
4.6 |
|
|
|
|
|
4.0 |
|
|
|
11.5 |
|
|
Taxes and licenses |
|
|
|
7.3 |
|
|
|
1.0 |
|
|
|
|
|
7.0 |
|
|
|
0.9 |
|
|
|
|
|
0.3 |
|
|
|
4.3 |
|
|
Insurance and claims |
|
|
|
28.2 |
|
|
|
4.0 |
|
|
|
|
|
34.5 |
|
|
|
4.5 |
|
|
|
|
|
(6.3 |
) |
|
|
(18.3 |
) |
|
Acquisition-related
transaction expenses |
|
|
|
0.7 |
|
|
|
0.1 |
|
|
|
|
|
2.1 |
|
|
|
0.3 |
|
|
|
|
|
(1.4 |
) |
|
|
(66.7 |
) |
|
Depreciation and
amortization |
|
|
|
41.6 |
|
|
|
5.9 |
|
|
|
|
|
39.0 |
|
|
|
5.1 |
|
|
|
|
|
2.6 |
|
|
|
6.7 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
|
(7.9 |
) |
|
|
(1.1 |
) |
|
|
|
|
(8.0 |
) |
|
|
(1.1 |
) |
|
|
|
|
0.1 |
|
|
|
(1.3 |
) |
|
Impairment |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
7.8 |
|
|
|
1.0 |
|
|
|
|
|
(7.8 |
) |
|
|
(100.0 |
) |
|
Restructuring |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
|
|
1.2 |
|
|
|
0.2 |
|
|
|
|
|
(0.8 |
) |
|
|
(66.7 |
) |
|
Total operating expenses |
|
$ |
|
668.0 |
|
|
|
94.2 |
|
% |
|
$ |
|
714.6 |
|
|
|
93.8 |
|
% |
|
$ |
|
(46.6 |
) |
|
|
(6.5 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
40.9 |
|
|
|
5.8 |
|
% |
|
$ |
|
46.9 |
|
|
|
6.2 |
|
% |
|
$ |
|
(6.0 |
) |
|
|
(12.8 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
53.2 |
|
|
|
7.5 |
|
% |
|
$ |
|
72.7 |
|
|
|
9.5 |
|
% |
|
$ |
|
(19.5 |
) |
|
|
(26.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
117.5 |
|
|
|
|
|
|
|
|
112.0 |
|
|
|
|
|
|
|
|
5.5 |
|
|
|
4.9 |
|
% |
Owner operator miles |
|
|
|
25.9 |
|
|
|
|
|
|
|
|
31.6 |
|
|
|
|
|
|
|
|
(5.7 |
) |
|
|
(18.0 |
) |
|
Total miles (in
millions)(2) |
|
|
|
143.4 |
|
|
|
|
|
|
|
|
143.6 |
|
|
|
|
|
|
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
3.32 |
|
|
|
|
|
|
$ |
|
3.52 |
|
|
|
|
|
|
$ |
|
(0.20 |
) |
|
|
(5.7 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
193,800 |
|
|
|
|
|
|
$ |
|
216,500 |
|
|
|
|
|
|
$ |
|
(22,700 |
) |
|
|
(10.5 |
) |
|
Operating ratio |
|
|
|
94.2 |
% |
|
|
|
|
|
|
|
93.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
91.6 |
% |
|
|
|
|
|
|
|
89.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
period-end |
|
|
|
2,123 |
|
|
|
|
|
|
|
|
1,982 |
|
|
|
|
|
|
|
|
141 |
|
|
|
7.1 |
|
% |
Owner operator tractors, at
period-end |
|
|
|
379 |
|
|
|
|
|
|
|
|
441 |
|
|
|
|
|
|
|
|
(62 |
) |
|
|
(14.1 |
) |
|
Number of trailers, at
period-end |
|
|
|
7,120 |
|
|
|
|
|
|
|
|
7,181 |
|
|
|
|
|
|
|
|
(61 |
) |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
|
2,053 |
|
|
|
|
|
|
|
|
1,867 |
|
|
|
|
|
|
|
|
186 |
|
|
|
10.0 |
|
% |
Owner operator tractors,
average for the period |
|
|
|
400 |
|
|
|
|
|
|
|
|
465 |
|
|
|
|
|
|
|
|
(65 |
) |
|
|
(14.0 |
) |
|
Total tractors, average for
the period |
|
|
|
2,453 |
|
|
|
|
|
|
|
|
2,332 |
|
|
|
|
|
|
|
|
121 |
|
|
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: Flatbed Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
45.0 |
|
|
|
27.5 |
|
% |
|
$ |
|
42.7 |
|
|
|
22.0 |
|
% |
|
$ |
|
2.3 |
|
|
|
5.4 |
|
% |
Owner operator freight |
|
|
|
72.1 |
|
|
|
44.1 |
|
|
|
|
|
81.2 |
|
|
|
41.8 |
|
|
|
|
|
(9.1 |
) |
|
|
(11.2 |
) |
|
Brokerage |
|
|
|
22.4 |
|
|
|
13.7 |
|
|
|
|
|
38.4 |
|
|
|
19.8 |
|
|
|
|
|
(16.0 |
) |
|
|
(41.7 |
) |
|
Logistics |
|
|
|
1.7 |
|
|
|
1.0 |
|
|
|
|
|
1.0 |
|
|
|
0.5 |
|
|
|
|
|
0.7 |
|
|
|
70.0 |
|
|
Fuel surcharge |
|
|
|
22.4 |
|
|
|
13.7 |
|
|
|
|
|
30.9 |
|
|
|
15.9 |
|
|
|
|
|
(8.5 |
) |
|
|
(27.5 |
) |
|
Total revenue |
|
$ |
|
163.6 |
|
|
|
100.0 |
|
% |
|
$ |
|
194.2 |
|
|
|
100.0 |
|
% |
|
$ |
|
(30.6 |
) |
|
|
(15.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
30.8 |
|
|
|
18.8 |
|
% |
|
$ |
|
33.1 |
|
|
|
17.0 |
|
% |
|
$ |
|
(2.3 |
) |
|
|
(6.9 |
) |
% |
Fuel |
|
|
|
11.5 |
|
|
|
7.0 |
|
|
|
|
|
11.0 |
|
|
|
5.7 |
|
|
|
|
|
0.5 |
|
|
|
4.5 |
|
|
Operations and
maintenance |
|
|
|
12.5 |
|
|
|
7.6 |
|
|
|
|
|
12.3 |
|
|
|
6.3 |
|
|
|
|
|
0.2 |
|
|
|
1.6 |
|
|
Purchased freight |
|
|
|
76.5 |
|
|
|
46.8 |
|
|
|
|
|
103.9 |
|
|
|
53.5 |
|
|
|
|
|
(27.4 |
) |
|
|
(26.4 |
) |
|
Administrative |
|
|
|
6.2 |
|
|
|
3.8 |
|
|
|
|
|
6.0 |
|
|
|
3.1 |
|
|
|
|
|
0.2 |
|
|
|
3.3 |
|
|
Taxes and licenses |
|
|
|
1.6 |
|
|
|
1.0 |
|
|
|
|
|
1.5 |
|
|
|
0.8 |
|
|
|
|
|
0.1 |
|
|
|
6.7 |
|
|
Insurance and claims |
|
|
|
6.8 |
|
|
|
4.2 |
|
|
|
|
|
9.4 |
|
|
|
4.8 |
|
|
|
|
|
(2.6 |
) |
|
|
(27.7 |
) |
|
Acquisition-related
transaction expenses |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
|
|
(0.2 |
) |
|
|
(100.0 |
) |
|
Depreciation and
amortization |
|
|
|
13.2 |
|
|
|
8.1 |
|
|
|
|
|
10.5 |
|
|
|
5.4 |
|
|
|
|
|
2.7 |
|
|
|
25.7 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
|
(0.6 |
) |
|
|
(0.4 |
) |
|
|
|
|
(2.6 |
) |
|
|
(1.3 |
) |
|
|
|
|
2.0 |
|
|
|
(76.9 |
) |
|
Restructuring |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
|
|
(0.4 |
) |
|
|
(100.0 |
) |
|
Total operating expenses |
|
$ |
|
158.5 |
|
|
|
96.9 |
|
% |
|
$ |
|
185.7 |
|
|
|
95.6 |
|
% |
|
$ |
|
(27.2 |
) |
|
|
(14.6 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
5.1 |
|
|
|
3.1 |
|
% |
|
$ |
|
8.5 |
|
|
|
4.4 |
|
% |
|
$ |
|
(3.4 |
) |
|
|
(40.0 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
6.6 |
|
|
|
4.0 |
|
% |
|
$ |
|
13.2 |
|
|
|
6.8 |
|
% |
|
$ |
|
(6.6 |
) |
|
|
(50.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
19.0 |
|
|
|
|
|
|
|
|
16.2 |
|
|
|
|
|
|
|
|
2.8 |
|
|
|
17.3 |
|
% |
Owner operator miles |
|
|
|
30.7 |
|
|
|
|
|
|
|
|
31.6 |
|
|
|
|
|
|
|
|
(0.9 |
) |
|
|
(2.8 |
) |
|
Total miles (in
millions)(2) |
|
|
|
49.7 |
|
|
|
|
|
|
|
|
47.8 |
|
|
|
|
|
|
|
|
1.9 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
2.36 |
|
|
|
|
|
|
$ |
|
2.59 |
|
|
|
|
|
|
$ |
|
(0.23 |
) |
|
|
(8.9 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
48,100 |
|
|
|
|
|
|
$ |
|
51,300 |
|
|
|
|
|
|
$ |
|
(3,200 |
) |
|
|
(6.2 |
) |
|
Operating ratio |
|
|
|
96.9 |
% |
|
|
|
|
|
|
|
95.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
95.3 |
% |
|
|
|
|
|
|
|
91.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
928 |
|
|
|
|
|
|
|
|
817 |
|
|
|
|
|
|
|
|
111 |
|
|
|
13.6 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
1,515 |
|
|
|
|
|
|
|
|
1,601 |
|
|
|
|
|
|
|
|
(86 |
) |
|
|
(5.4 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
3,925 |
|
|
|
|
|
|
|
|
3,847 |
|
|
|
|
|
|
|
|
78 |
|
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
934 |
|
|
|
|
|
|
|
|
806 |
|
|
|
|
|
|
|
|
128 |
|
|
|
15.9 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
1,501 |
|
|
|
|
|
|
|
|
1,607 |
|
|
|
|
|
|
|
|
(106 |
) |
|
|
(6.6 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,435 |
|
|
|
|
|
|
|
|
2,413 |
|
|
|
|
|
|
|
|
22 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Increase (Decrease) |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
137.0 |
|
|
|
27.4 |
|
% |
|
$ |
|
126.6 |
|
|
|
21.0 |
|
% |
|
$ |
|
10.4 |
|
|
|
8.2 |
|
% |
Owner operator freight |
|
|
|
220.7 |
|
|
|
44.1 |
|
|
|
|
|
258.6 |
|
|
|
42.8 |
|
|
|
|
|
(37.9 |
) |
|
|
(14.7 |
) |
|
Brokerage |
|
|
|
68.3 |
|
|
|
13.6 |
|
|
|
|
|
127.2 |
|
|
|
21.1 |
|
|
|
|
|
(58.9 |
) |
|
|
(46.3 |
) |
|
Logistics |
|
|
|
3.7 |
|
|
|
0.7 |
|
|
|
|
|
3.1 |
|
|
|
0.5 |
|
|
|
|
|
0.6 |
|
|
|
19.4 |
|
|
Fuel surcharge |
|
|
|
70.8 |
|
|
|
14.2 |
|
|
|
|
|
88.1 |
|
|
|
14.6 |
|
|
|
|
|
(17.3 |
) |
|
|
(19.6 |
) |
|
Total revenue |
|
$ |
|
500.5 |
|
|
|
100.0 |
|
% |
|
$ |
|
603.6 |
|
|
|
100.0 |
|
% |
|
$ |
|
(103.1 |
) |
|
|
(17.1 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
100.1 |
|
|
|
20.0 |
|
% |
|
$ |
|
94.1 |
|
|
|
15.6 |
|
|
|
$ |
|
6.0 |
|
|
|
6.4 |
|
% |
Fuel |
|
|
|
31.9 |
|
|
|
6.4 |
|
|
|
|
|
33.3 |
|
|
|
5.5 |
|
|
|
|
|
(1.4 |
) |
|
|
(4.2 |
) |
|
Operations and
maintenance |
|
|
|
37.4 |
|
|
|
7.5 |
|
|
|
|
|
34.1 |
|
|
|
5.6 |
|
|
|
|
|
3.3 |
|
|
|
9.7 |
|
|
Purchased freight |
|
|
|
240.3 |
|
|
|
48.0 |
|
|
|
|
|
331.1 |
|
|
|
54.9 |
|
|
|
|
|
(90.8 |
) |
|
|
(27.4 |
) |
|
Administrative |
|
|
|
16.6 |
|
|
|
3.3 |
|
|
|
|
|
18.0 |
|
|
|
3.0 |
|
|
|
|
|
(1.4 |
) |
|
|
(7.8 |
) |
|
Taxes and licenses |
|
|
|
4.6 |
|
|
|
0.9 |
|
|
|
|
|
4.6 |
|
|
|
0.8 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Insurance and claims |
|
|
|
20.9 |
|
|
|
4.2 |
|
|
|
|
|
26.5 |
|
|
|
4.4 |
|
|
|
|
|
(5.6 |
) |
|
|
(21.1 |
) |
|
Acquisition-related
transaction expenses |
|
|
|
0.5 |
|
|
|
0.1 |
|
|
|
|
|
1.6 |
|
|
|
0.3 |
|
|
|
|
|
(1.1 |
) |
|
|
(68.8 |
) |
|
Depreciation and
amortization |
|
|
|
37.7 |
|
|
|
7.5 |
|
|
|
|
|
29.2 |
|
|
|
4.8 |
|
|
|
|
|
8.5 |
|
|
|
29.1 |
|
|
Gain on disposition of revenue
property and equipment |
|
|
|
(3.1 |
) |
|
|
(0.6 |
) |
|
|
|
|
(6.0 |
) |
|
|
(1.0 |
) |
|
|
|
|
2.9 |
|
|
|
(48.3 |
) |
|
Impairment |
|
|
|
1.5 |
|
|
|
0.3 |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
1.5 |
|
|
|
100.0 |
|
|
Restructuring |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
0.8 |
|
|
|
0.1 |
|
|
|
|
|
(0.8 |
) |
|
|
(100.0 |
) |
|
Total operating expenses |
|
$ |
|
488.4 |
|
|
|
97.6 |
|
% |
|
$ |
|
567.3 |
|
|
|
94.0 |
|
% |
|
$ |
|
(78.9 |
) |
|
|
(13.9 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
12.1 |
|
|
|
2.4 |
|
% |
|
$ |
|
36.3 |
|
|
|
6.0 |
|
% |
|
$ |
|
(24.2 |
) |
|
|
(66.7 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS(1) |
|
$ |
|
21.2 |
|
|
|
4.2 |
|
% |
|
$ |
|
49.3 |
|
|
|
8.2 |
|
% |
|
$ |
|
(28.1 |
) |
|
|
(57.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
57.6 |
|
|
|
|
|
|
|
|
47.7 |
|
|
|
|
|
|
|
|
9.9 |
|
|
|
20.8 |
|
% |
Owner operator miles |
|
|
|
93.9 |
|
|
|
|
|
|
|
|
98.7 |
|
|
|
|
|
|
|
|
(4.8 |
) |
|
|
(4.9 |
) |
|
Total miles (in
millions)(2) |
|
|
|
151.5 |
|
|
|
|
|
|
|
|
146.4 |
|
|
|
|
|
|
|
|
5.1 |
|
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(3) |
|
$ |
|
2.36 |
|
|
|
|
|
|
$ |
|
2.63 |
|
|
|
|
|
|
$ |
|
(0.27 |
) |
|
|
(10.3 |
) |
% |
Revenue per
tractor(4) |
|
$ |
|
147,600 |
|
|
|
|
|
|
$ |
|
163,600 |
|
|
|
|
|
|
$ |
|
(16,000 |
) |
|
|
(9.8 |
) |
|
Operating ratio |
|
|
|
97.6 |
% |
|
|
|
|
|
|
|
94.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Ratio(5) |
|
|
|
95.1 |
% |
|
|
|
|
|
|
|
90.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
period-end |
|
|
|
928 |
|
|
|
|
|
|
|
|
817 |
|
|
|
|
|
|
|
|
111 |
|
|
|
13.6 |
|
% |
Owner operator tractors, at
period-end |
|
|
|
1,515 |
|
|
|
|
|
|
|
|
1,601 |
|
|
|
|
|
|
|
|
(86 |
) |
|
|
(5.4 |
) |
|
Number of trailers, at
period-end |
|
|
|
3,925 |
|
|
|
|
|
|
|
|
3,847 |
|
|
|
|
|
|
|
|
78 |
|
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the period |
|
|
|
918 |
|
|
|
|
|
|
|
|
771 |
|
|
|
|
|
|
|
|
147 |
|
|
|
19.1 |
|
% |
Owner operator tractors,
average for the period |
|
|
|
1,506 |
|
|
|
|
|
|
|
|
1,584 |
|
|
|
|
|
|
|
|
(78 |
) |
|
|
(4.9 |
) |
|
Total tractors, average for
the period |
|
|
|
2,424 |
|
|
|
|
|
|
|
|
2,355 |
|
|
|
|
|
|
|
|
69 |
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
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 September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Consolidated |
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
Revenue |
|
$ |
|
402.3 |
|
|
$ |
|
462.8 |
|
|
$ |
|
163.6 |
|
|
$ |
|
194.2 |
|
|
$ |
|
238.7 |
|
|
$ |
|
268.6 |
|
Less: Fuel surcharge
revenue |
|
|
|
(47.3 |
) |
|
|
|
(65.1 |
) |
|
|
|
(22.4 |
) |
|
|
|
(30.9 |
) |
|
|
|
(24.9 |
) |
|
|
|
(34.2 |
) |
Net
Revenue |
|
$ |
|
355.0 |
|
|
$ |
|
397.7 |
|
|
$ |
|
141.2 |
|
|
$ |
|
163.3 |
|
|
$ |
|
213.8 |
|
|
$ |
|
234.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
402.3 |
|
|
$ |
|
462.8 |
|
|
$ |
|
163.6 |
|
|
$ |
|
194.2 |
|
|
$ |
|
238.7 |
|
|
$ |
|
268.6 |
|
Operating
expenses |
|
|
|
382.3 |
|
|
|
|
430.6 |
|
|
|
|
158.5 |
|
|
|
|
185.7 |
|
|
|
|
223.8 |
|
|
|
|
244.9 |
|
Income from Operations |
|
$ |
|
20.0 |
|
|
$ |
|
32.2 |
|
|
$ |
|
5.1 |
|
|
$ |
|
8.5 |
|
|
$ |
|
14.9 |
|
|
$ |
|
23.7 |
|
Operating ratio |
|
|
|
95.0 |
% |
|
|
|
93.0 |
% |
|
|
|
96.9 |
% |
|
|
|
95.6 |
% |
|
|
|
93.8 |
% |
|
|
|
91.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
(1.7 |
) |
|
|
|
2.4 |
|
|
|
|
(0.7 |
) |
|
|
|
1.0 |
|
|
|
|
(1.0 |
) |
|
|
|
1.4 |
|
Impairment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Acquisition-related transaction expenses |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
|
0.2 |
|
Restructuring |
|
|
|
0.1 |
|
|
|
|
0.8 |
|
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
0.1 |
|
|
|
|
0.4 |
|
Business transformation |
|
|
|
3.1 |
|
|
|
|
1.3 |
|
|
|
|
1.3 |
|
|
|
|
0.7 |
|
|
|
|
1.8 |
|
|
|
|
0.6 |
|
Severance |
|
|
|
0.7 |
|
|
|
|
3.8 |
|
|
|
|
0.2 |
|
|
|
|
1.6 |
|
|
|
|
0.5 |
|
|
|
|
2.2 |
|
Amortization of intangible assets |
|
|
|
1.7 |
|
|
|
|
1.8 |
|
|
|
|
0.7 |
|
|
|
|
0.8 |
|
|
|
|
1.0 |
|
|
|
|
1.0 |
|
Aveda operating expenses, net |
|
|
|
(0.4 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.4 |
) |
|
|
|
— |
|
Adjusted operating expenses |
|
|
|
378.8 |
|
|
|
|
420.1 |
|
|
|
|
157.0 |
|
|
|
|
181.0 |
|
|
|
|
221.8 |
|
|
|
|
239.1 |
|
Adjusted Income from Operations |
|
$ |
|
23.5 |
|
|
$ |
|
42.7 |
|
|
$ |
|
6.6 |
|
|
$ |
|
13.2 |
|
|
$ |
|
16.9 |
|
|
$ |
|
29.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
355.0 |
|
|
$ |
|
397.7 |
|
|
$ |
|
141.2 |
|
|
$ |
|
163.3 |
|
|
$ |
|
213.8 |
|
|
$ |
|
234.4 |
|
Adjusted operating
expenses |
|
|
|
378.8 |
|
|
|
|
420.1 |
|
|
|
|
157.0 |
|
|
|
|
181.0 |
|
|
|
|
221.8 |
|
|
|
|
239.1 |
|
Less: Fuel surcharge
revenue |
|
|
|
(47.3 |
) |
|
|
|
(65.1 |
) |
|
|
|
(22.4 |
) |
|
|
|
(30.9 |
) |
|
|
|
(24.9 |
) |
|
|
|
(34.2 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
331.5 |
|
|
$ |
|
355.0 |
|
|
$ |
|
134.6 |
|
|
$ |
|
150.1 |
|
|
$ |
|
196.9 |
|
|
$ |
|
204.9 |
|
Adjusted Operating Ratio |
|
|
|
93.4 |
% |
|
|
|
89.3 |
% |
|
|
|
95.3 |
% |
|
|
|
91.9 |
% |
|
|
|
92.1 |
% |
|
|
|
87.4 |
% |
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Consolidated |
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
Revenue |
|
$ |
|
1,209.4 |
|
|
$ |
|
1,365.1 |
|
|
$ |
|
500.5 |
|
|
$ |
|
603.6 |
|
|
$ |
|
708.9 |
|
|
$ |
|
761.5 |
|
Less: Fuel surcharge
revenue |
|
|
|
(144.2 |
) |
|
|
|
(180.4 |
) |
|
|
|
(70.8 |
) |
|
|
|
(88.1 |
) |
|
|
|
(73.4 |
) |
|
|
|
(92.3 |
) |
Net
revenue |
|
$ |
|
1,065.2 |
|
|
$ |
|
1,184.7 |
|
|
$ |
|
429.7 |
|
|
$ |
|
515.5 |
|
|
$ |
|
635.5 |
|
|
$ |
|
669.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
1,209.4 |
|
|
$ |
|
1,365.1 |
|
|
$ |
|
500.5 |
|
|
$ |
|
603.6 |
|
|
$ |
|
708.9 |
|
|
$ |
|
761.5 |
|
Operating
expenses |
|
|
|
1,156.4 |
|
|
|
|
1,281.9 |
|
|
|
|
488.4 |
|
|
|
|
567.3 |
|
|
|
|
668.0 |
|
|
|
|
714.6 |
|
Income from Operations |
|
$ |
|
53.0 |
|
|
$ |
|
83.2 |
|
|
$ |
|
12.1 |
|
|
$ |
|
36.3 |
|
|
$ |
|
40.9 |
|
|
$ |
|
46.9 |
|
Operating ratio |
|
|
|
95.6 |
% |
|
|
|
93.9 |
% |
|
|
|
97.6 |
% |
|
|
|
94.0 |
% |
|
|
|
94.2 |
% |
|
|
|
93.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
5.3 |
|
|
|
|
8.8 |
|
|
|
|
2.2 |
|
|
|
|
3.8 |
|
|
|
|
3.1 |
|
|
|
|
5.0 |
|
Impairment |
|
|
|
1.5 |
|
|
|
|
7.8 |
|
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7.8 |
|
Acquisition-related transaction expenses |
|
|
|
1.2 |
|
|
|
|
3.7 |
|
|
|
|
0.5 |
|
|
|
|
1.6 |
|
|
|
|
0.7 |
|
|
|
|
2.1 |
|
Restructuring |
|
|
|
0.4 |
|
|
|
|
2.0 |
|
|
|
|
— |
|
|
|
|
0.8 |
|
|
|
|
0.4 |
|
|
|
|
1.2 |
|
Business transformation |
|
|
|
6.9 |
|
|
|
|
6.2 |
|
|
|
|
2.8 |
|
|
|
|
2.7 |
|
|
|
|
4.1 |
|
|
|
|
3.5 |
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Severance |
|
|
|
1.5 |
|
|
|
|
4.2 |
|
|
|
|
0.3 |
|
|
|
|
1.8 |
|
|
|
|
1.2 |
|
|
|
|
2.4 |
|
Amortization of intangible assets |
|
|
|
4.8 |
|
|
|
|
5.2 |
|
|
|
|
1.8 |
|
|
|
|
2.3 |
|
|
|
|
3.0 |
|
|
|
|
2.9 |
|
Aveda operating expenses, net |
|
|
|
(0.2 |
) |
|
|
|
1.0 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
|
1.0 |
|
Adjusted operating expenses |
|
|
|
1,135.0 |
|
|
|
|
1,243.1 |
|
|
|
|
479.3 |
|
|
|
|
554.3 |
|
|
|
|
655.7 |
|
|
|
|
688.8 |
|
Adjusted Income from Operations |
|
$ |
|
74.4 |
|
|
$ |
|
122.0 |
|
|
$ |
|
21.2 |
|
|
$ |
|
49.3 |
|
|
$ |
|
53.2 |
|
|
$ |
|
72.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
1,065.2 |
|
|
$ |
|
1,184.7 |
|
|
$ |
|
429.7 |
|
|
$ |
|
515.5 |
|
|
$ |
|
635.5 |
|
|
$ |
|
669.2 |
|
Adjusted operating
expenses |
|
|
|
1,135.0 |
|
|
|
|
1,243.1 |
|
|
|
|
479.3 |
|
|
|
|
554.3 |
|
|
|
|
655.7 |
|
|
|
|
688.8 |
|
Less: Fuel surcharge
revenue |
|
|
|
(144.2 |
) |
|
|
|
(180.4 |
) |
|
|
|
(70.8 |
) |
|
|
|
(88.1 |
) |
|
|
|
(73.4 |
) |
|
|
|
(92.3 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
990.8 |
|
|
$ |
|
1,062.7 |
|
|
$ |
|
408.5 |
|
|
$ |
|
466.2 |
|
|
$ |
|
582.3 |
|
|
$ |
|
596.5 |
|
Adjusted Operating Ratio |
|
|
|
93.0 |
% |
|
|
|
89.7 |
% |
|
|
|
95.1 |
% |
|
|
|
90.4 |
% |
|
|
|
91.6 |
% |
|
|
|
89.1 |
% |
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 |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2023 |
|
|
September 30, 2023 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Flatbed |
|
|
Specialized |
|
|
Consolidated |
|
|
Net income (loss) |
|
$ |
|
(1.0 |
) |
|
$ |
|
4.2 |
|
|
$ |
|
3.2 |
|
|
$ |
|
(4.9 |
) |
|
$ |
|
14.3 |
|
|
$ |
|
9.4 |
|
|
Depreciation and amortization |
|
|
|
13.2 |
|
|
|
|
15.1 |
|
|
|
|
28.3 |
|
|
|
|
37.7 |
|
|
|
|
41.6 |
|
|
|
|
79.3 |
|
|
Interest income |
|
|
|
(0.5 |
) |
|
|
|
(0.6 |
) |
|
|
|
(1.1 |
) |
|
|
|
(1.6 |
) |
|
|
|
(2.1 |
) |
|
|
|
(3.7 |
) |
|
Interest expense |
|
|
|
5.5 |
|
|
|
|
7.9 |
|
|
|
|
13.4 |
|
|
|
|
16.4 |
|
|
|
|
22.7 |
|
|
|
|
39.1 |
|
|
Income tax expense |
|
|
|
1.1 |
|
|
|
|
3.5 |
|
|
|
|
4.6 |
|
|
|
|
2.2 |
|
|
|
|
6.6 |
|
|
|
|
8.8 |
|
|
Stock-based compensation |
|
|
|
(0.7 |
) |
|
|
|
(1.0 |
) |
|
|
|
(1.7 |
) |
|
|
|
2.2 |
|
|
|
|
3.1 |
|
|
|
|
5.3 |
|
|
Restructuring |
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
0.4 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
Acquisition-related transaction expenses |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.5 |
|
|
|
|
0.7 |
|
|
|
|
1.2 |
|
|
Business transformation |
|
|
|
1.3 |
|
|
|
|
1.8 |
|
|
|
|
3.1 |
|
|
|
|
2.8 |
|
|
|
|
4.1 |
|
|
|
|
6.9 |
|
|
Severance |
|
|
|
0.2 |
|
|
|
|
0.5 |
|
|
|
|
0.7 |
|
|
|
|
0.3 |
|
|
|
|
1.2 |
|
|
|
|
1.5 |
|
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
(0.4 |
) |
|
|
|
(0.4 |
) |
|
|
|
— |
|
|
|
|
(0.2 |
) |
|
|
|
(0.2 |
) |
|
Adjusted
EBITDA |
|
$ |
|
19.1 |
|
|
$ |
|
31.1 |
|
|
$ |
|
50.2 |
|
|
$ |
|
57.1 |
|
|
$ |
|
92.4 |
|
|
$ |
|
149.5 |
|
|
Total
revenue |
|
|
|
163.6 |
|
|
|
|
238.7 |
|
|
|
|
402.3 |
|
|
|
|
500.5 |
|
|
|
|
708.9 |
|
|
|
|
1,209.4 |
|
|
Net
revenue |
|
|
|
141.2 |
|
|
|
|
213.8 |
|
|
|
|
355.0 |
|
|
|
|
429.7 |
|
|
|
|
635.5 |
|
|
|
|
1,065.2 |
|
|
Net income (loss)
margin |
|
|
|
(0.6 |
) |
% |
|
|
1.8 |
|
% |
|
|
0.8 |
|
% |
|
|
(1.0 |
) |
% |
|
|
2.0 |
|
% |
|
|
0.8 |
|
% |
Adjusted EBITDA
margin |
|
|
|
13.5 |
|
% |
|
|
14.5 |
|
% |
|
|
14.1 |
|
% |
|
|
13.3 |
|
% |
|
|
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 |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Flatbed |
|
|
Specialized |
|
|
Consolidated |
|
|
Net income |
|
$ |
|
2.0 |
|
|
$ |
|
10.6 |
|
|
$ |
|
12.6 |
|
|
$ |
|
20.1 |
|
|
$ |
|
23.2 |
|
|
$ |
|
43.3 |
|
|
Depreciation and amortization |
|
|
|
10.5 |
|
|
|
|
13.4 |
|
|
|
|
23.9 |
|
|
|
|
29.2 |
|
|
|
|
39.0 |
|
|
|
|
68.2 |
|
|
Interest income |
|
|
|
(0.3 |
) |
|
|
|
(0.4 |
) |
|
|
|
(0.7 |
) |
|
|
|
(0.5 |
) |
|
|
|
(1.0 |
) |
|
|
|
(1.5 |
) |
|
Interest expense |
|
|
|
3.9 |
|
|
|
|
5.3 |
|
|
|
|
9.2 |
|
|
|
|
10.3 |
|
|
|
|
13.5 |
|
|
|
|
23.8 |
|
|
Income tax expense |
|
|
|
3.0 |
|
|
|
|
6.9 |
|
|
|
|
9.9 |
|
|
|
|
8.7 |
|
|
|
|
12.3 |
|
|
|
|
21.0 |
|
|
Stock-based compensation |
|
|
|
1.0 |
|
|
|
|
1.4 |
|
|
|
|
2.4 |
|
|
|
|
3.8 |
|
|
|
|
5.0 |
|
|
|
|
8.8 |
|
|
Restructuring |
|
|
|
0.4 |
|
|
|
|
0.4 |
|
|
|
|
0.8 |
|
|
|
|
0.8 |
|
|
|
|
1.2 |
|
|
|
|
2.0 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7.8 |
|
|
|
|
7.8 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.2 |
|
|
|
|
0.2 |
|
|
|
|
0.4 |
|
|
|
|
1.6 |
|
|
|
|
2.1 |
|
|
|
|
3.7 |
|
|
Business transformation |
|
|
|
0.7 |
|
|
|
|
0.6 |
|
|
|
|
1.3 |
|
|
|
|
2.7 |
|
|
|
|
3.5 |
|
|
|
|
6.2 |
|
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
|
|
(0.1 |
) |
|
Severance |
|
|
|
1.6 |
|
|
|
|
2.2 |
|
|
|
|
3.8 |
|
|
|
|
1.8 |
|
|
|
|
2.4 |
|
|
|
|
4.2 |
|
|
Change in fair value of warrant liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(2.1 |
) |
|
|
|
(2.6 |
) |
|
|
|
(4.7 |
) |
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
1.2 |
|
|
|
|
1.2 |
|
|
|
|
— |
|
|
|
|
2.5 |
|
|
|
|
2.5 |
|
|
Adjusted
EBITDA |
|
$ |
|
23.0 |
|
|
$ |
|
41.8 |
|
|
$ |
|
64.8 |
|
|
$ |
|
76.4 |
|
|
$ |
|
108.8 |
|
|
$ |
|
185.2 |
|
|
Total
revenue |
|
|
|
194.2 |
|
|
|
|
268.6 |
|
|
|
|
462.8 |
|
|
|
|
603.6 |
|
|
|
|
761.5 |
|
|
|
|
1,365.1 |
|
|
Net
revenue |
|
|
|
163.3 |
|
|
|
|
234.4 |
|
|
|
|
397.7 |
|
|
|
|
515.5 |
|
|
|
|
669.2 |
|
|
|
|
1,184.7 |
|
|
Net income
margin |
|
|
|
1.0 |
|
% |
|
|
3.9 |
|
% |
|
|
2.7 |
|
% |
|
|
3.3 |
|
% |
|
|
3.0 |
|
% |
|
|
3.2 |
|
% |
Adjusted EBITDA
margin |
|
|
|
14.1 |
|
% |
|
|
17.8 |
|
% |
|
|
16.3 |
|
% |
|
|
14.8 |
|
% |
|
|
16.3 |
|
% |
|
|
15.6 |
|
% |
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income to Adjusted Net
Income |
|
Calculation of Adjusted Net Income Attributable to Common
Stockholders |
|
Reconciliation of EPS to Adjusted EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
|
3.2 |
|
|
$ |
|
12.6 |
|
|
$ |
|
9.4 |
|
|
|
|
43.3 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
|
4.6 |
|
|
|
|
9.9 |
|
|
|
|
8.8 |
|
|
|
|
21.0 |
|
Income before income
taxes |
|
|
|
7.8 |
|
|
|
|
22.5 |
|
|
|
|
18.2 |
|
|
|
|
64.3 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
(1.7 |
) |
|
|
|
2.4 |
|
|
|
|
5.3 |
|
|
|
|
8.8 |
|
Impairment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1.5 |
|
|
|
|
7.8 |
|
Restructuring |
|
|
|
0.1 |
|
|
|
|
0.8 |
|
|
|
|
0.4 |
|
|
|
|
2.0 |
|
Business transformation |
|
|
|
3.1 |
|
|
|
|
1.3 |
|
|
|
|
6.9 |
|
|
|
|
6.2 |
|
Severance |
|
|
|
0.7 |
|
|
|
|
3.8 |
|
|
|
|
1.5 |
|
|
|
|
4.2 |
|
Impaired lease termination |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Acquisition-related transaction expenses |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
1.2 |
|
|
|
|
3.7 |
|
Amortization of intangible assets |
|
|
|
1.7 |
|
|
|
|
1.8 |
|
|
|
|
4.8 |
|
|
|
|
5.2 |
|
Write-off of unamortized deferred financing fees |
|
|
|
0.3 |
|
|
|
|
— |
|
|
|
|
1.0 |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(4.7 |
) |
Aveda expenses, net |
|
|
|
(0.4 |
) |
|
|
|
1.2 |
|
|
|
|
(0.2 |
) |
|
|
|
2.5 |
|
Adjusted income before income taxes |
|
|
|
11.6 |
|
|
|
|
34.2 |
|
|
|
|
40.6 |
|
|
|
|
99.9 |
|
Income tax expense at adjusted effective rate |
|
|
|
(3.8 |
) |
|
|
|
(10.1 |
) |
|
|
|
(12.6 |
) |
|
|
|
(28.8 |
) |
Adjusted Net
Income |
|
$ |
|
7.8 |
|
|
$ |
|
24.1 |
|
|
$ |
|
28.0 |
|
|
$ |
|
71.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
|
3.2 |
|
|
$ |
|
12.6 |
|
|
$ |
|
9.4 |
|
|
$ |
|
43.3 |
|
Less Series A preferred dividends |
|
|
|
(1.3 |
) |
|
|
|
(1.3 |
) |
|
|
|
(3.7 |
) |
|
|
|
(3.7 |
) |
Less Series B preferred dividends |
|
|
|
(0.8 |
) |
|
|
|
— |
|
|
|
|
(3.6 |
) |
|
|
|
— |
|
Net income attributable to common stockholders |
|
|
|
1.1 |
|
|
|
|
11.3 |
|
|
|
|
2.1 |
|
|
|
|
39.6 |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Numerator for basic
EPS - net income available to common stockholders - two class
method |
|
$ |
|
1.1 |
|
|
$ |
|
11.3 |
|
|
$ |
|
2.1 |
|
|
$ |
|
39.5 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.1 |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Numerator for diluted
EPS - net income available to common stockholders - two class
method |
|
$ |
|
1.1 |
|
|
$ |
|
11.3 |
|
|
$ |
|
2.1 |
|
|
$ |
|
39.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of EPS to Adjusted EPS
(continued) |
|
Calculation of Adjusted Net Income Attributable to Common
Stockholders (continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Adjusted Net Income |
|
$ |
|
7.8 |
|
|
$ |
|
24.1 |
|
|
$ |
|
28.0 |
|
|
$ |
|
71.1 |
|
Less Series A preferred dividends |
|
|
|
(1.3 |
) |
|
|
|
(1.3 |
) |
|
|
|
(3.7 |
) |
|
|
|
(3.7 |
) |
Less Series B preferred dividends |
|
|
|
(0.8 |
) |
|
|
|
— |
|
|
|
|
(3.6 |
) |
|
|
|
— |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
5.7 |
|
|
$ |
|
22.8 |
|
|
$ |
|
20.7 |
|
|
$ |
|
67.3 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
|
$ |
|
1.3 |
|
|
$ |
|
— |
|
|
$ |
|
3.7 |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.1 |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.1 |
) |
Numerator for diluted
EPS - adjusted net income available to common stockholders - two
class method (Adjusted net income attributable to common
stockholders) |
|
$ |
|
5.7 |
|
|
$ |
|
24.1 |
|
|
$ |
|
20.7 |
|
|
$ |
|
71.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
0.02 |
|
|
$ |
|
0.18 |
|
|
$ |
|
0.05 |
|
|
$ |
|
0.62 |
|
Adjusted EPS |
|
$ |
|
0.13 |
|
|
$ |
|
0.36 |
|
|
$ |
|
0.46 |
|
|
$ |
|
1.06 |
|
Diluted
EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
0.02 |
|
|
$ |
|
0.17 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.60 |
|
Adjusted EPS |
|
$ |
|
0.12 |
|
|
$ |
|
0.34 |
|
|
$ |
|
0.44 |
|
|
$ |
|
0.99 |
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
46,089,770 |
|
|
|
|
63,535,897 |
|
|
|
|
45,588,585 |
|
|
|
|
63,301,446 |
|
Basic - adjusted |
|
|
|
46,089,770 |
|
|
|
|
63,535,897 |
|
|
|
|
45,588,585 |
|
|
|
|
63,301,446 |
|
Diluted |
|
|
|
47,608,158 |
|
|
|
|
66,270,641 |
|
|
|
|
47,613,017 |
|
|
|
|
66,266,666 |
|
Diluted - adjusted |
|
|
|
47,608,158 |
|
|
|
|
71,922,814 |
|
|
|
|
47,613,017 |
|
|
|
|
71,918,839 |
|
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 |
|
|
|
December 31, |
|
|
March 31, |
|
|
June 30, |
|
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
Revenue |
|
$ |
|
408.2 |
|
|
$ |
|
399.8 |
|
|
$ |
|
407.3 |
|
Less: Fuel surcharge
revenue |
|
|
|
(57.7 |
) |
|
|
|
(51.5 |
) |
|
|
|
(45.4 |
) |
Net
Revenue |
|
$ |
|
350.5 |
|
|
$ |
|
348.3 |
|
|
$ |
|
361.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
408.2 |
|
|
$ |
|
399.8 |
|
|
$ |
|
407.3 |
|
Operating
expenses |
|
|
|
393.0 |
|
|
|
|
387.9 |
|
|
|
|
386.2 |
|
Income from Operations |
|
$ |
|
15.2 |
|
|
$ |
|
11.9 |
|
|
$ |
|
21.1 |
|
Operating ratio |
|
|
|
96.3 |
% |
|
|
|
97.0 |
% |
|
|
|
94.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
2.7 |
|
|
|
|
5.1 |
|
|
|
|
1.9 |
|
Impairment |
|
|
|
1.6 |
|
|
|
|
— |
|
|
|
|
1.5 |
|
Acquisition-related transaction expenses |
|
|
|
0.1 |
|
|
|
|
0.4 |
|
|
|
|
0.8 |
|
Restructuring |
|
|
|
0.4 |
|
|
|
|
1.0 |
|
|
|
|
(0.7 |
) |
Business transformation |
|
|
|
4.3 |
|
|
|
|
2.9 |
|
|
|
|
0.9 |
|
Severance |
|
|
|
0.5 |
|
|
|
|
0.1 |
|
|
|
|
0.8 |
|
Amortization of intangible assets |
|
|
|
1.7 |
|
|
|
|
1.5 |
|
|
|
|
1.6 |
|
Aveda operating expenses, net |
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
|
|
— |
|
Adjusted operating expenses |
|
|
|
381.6 |
|
|
|
|
376.8 |
|
|
|
|
379.4 |
|
Adjusted Income from Operations |
|
$ |
|
26.6 |
|
|
$ |
|
23.0 |
|
|
$ |
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
350.5 |
|
|
$ |
|
348.3 |
|
|
$ |
|
361.9 |
|
Adjusted operating
expenses |
|
|
|
381.6 |
|
|
|
|
376.8 |
|
|
|
|
379.4 |
|
Less: Fuel surcharge
revenue |
|
|
|
(57.7 |
) |
|
|
|
(51.5 |
) |
|
|
|
(45.4 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
323.9 |
|
|
$ |
|
325.3 |
|
|
$ |
|
334.0 |
|
Adjusted Operating Ratio |
|
|
|
92.4 |
% |
|
|
|
93.4 |
% |
|
|
|
92.3 |
% |
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income to Adjusted Net
Income |
|
Calculation of Adjusted Net Income Attributable to Common
Stockholders |
|
Reconciliation of EPS to Adjusted EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months
Ended June 30, |
|
|
|
2023 |
|
Net income |
|
$ |
|
5.7 |
|
Adjusted for: |
|
|
|
|
Income tax
expense |
|
|
|
3.8 |
|
Income before income
taxes |
|
|
|
9.5 |
|
Add: |
|
|
|
|
Stock-based compensation |
|
|
|
1.9 |
|
Impairment |
|
|
|
1.5 |
|
Restructuring |
|
|
|
(0.7 |
) |
Business transformation |
|
|
|
0.9 |
|
Severance |
|
|
|
0.8 |
|
Acquisition-related transaction expenses |
|
|
|
0.8 |
|
Amortization of intangible assets |
|
|
|
1.6 |
|
Write-off of unamortized deferred financing fees |
|
|
|
0.7 |
|
Change in fair value of warrant liability |
|
|
|
— |
|
Aveda expenses, net |
|
|
|
— |
|
Adjusted income before income taxes |
|
|
|
17.0 |
|
Income tax expense at adjusted effective rate |
|
|
|
(5.1 |
) |
Adjusted Net
Income |
|
$ |
|
11.9 |
|
|
|
|
|
|
Net income |
|
$ |
|
5.7 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.3 |
) |
Net income attributable to common stockholders |
|
|
|
3.2 |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - net loss available to common stockholders - two class
method |
|
$ |
|
3.2 |
|
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 |
|
$ |
|
3.2 |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of EPS to Adjusted EPS
(continued) |
|
Calculation of Adjusted Net Income Attributable to Common
Stockholders (continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months
Ended June 30, |
|
|
|
2023 |
|
Adjusted Net Income |
|
$ |
|
11.9 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.3 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
9.4 |
|
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 (Adjusted net income attributable to common
stockholders) |
|
$ |
|
9.4 |
|
|
|
|
|
|
Basic
EPS |
|
|
|
|
EPS |
|
$ |
|
0.07 |
|
Adjusted EPS |
|
$ |
|
0.21 |
|
Diluted
EPS |
|
|
|
|
EPS |
|
$ |
|
0.07 |
|
Adjusted EPS |
|
$ |
|
0.20 |
|
Weighted-average
common shares outstanding: |
|
|
|
|
Basic |
|
|
|
45,521,935 |
|
Basic - adjusted |
|
|
|
45,521,935 |
|
Diluted |
|
|
|
47,514,098 |
|
Diluted - adjusted |
|
|
|
47,514,098 |
|
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