Exhibit 99.3
QUARTERLY ADJUSTED OPERATING INCOME AND OPERATING RATIO RECONCILIATION
TO COMPARABLE GAAP MEASURES BY SEGMENT (UNAUDITED) (a)
FOR THE TWO YEAR PERIOD ENDED DECEMBER 31, 2013
(Amounts in thousands)
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | 6/30/2013 | 9/30/2013 | 12/31/2013 | 2012 | 2013 | |||||||||||||||||||||||||||||||
Truckload: | ||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 551,247 | 575,193 | 564,802 | 591,100 | 559,595 | 588,724 | 579,494 | 585,222 | $ | 2,282,342 | 2,313,035 | ||||||||||||||||||||||||||||
Less: Fuel surcharge revenue | 116,866 | 124,059 | 117,344 | 125,354 | 118,339 | 120,144 | 119,088 | 115,568 | 483,623 | 473,139 | ||||||||||||||||||||||||||||||
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Revenue xFSR | 434,381 | 451,134 | 447,458 | 465,746 | 441,256 | 468,580 | 460,406 | 469,654 | 1,798,719 | 1,839,896 | ||||||||||||||||||||||||||||||
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Operating expense | 504,693 | 507,199 | 510,984 | 513,461 | 517,192 | 524,110 | 521,441 | 524,329 | 2,036,337 | 2,087,072 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenue | (116,866 | ) | (124,059 | ) | (117,344 | ) | (125,354 | ) | (118,339 | ) | (120,144 | ) | (119,088 | ) | (115,568 | ) | (483,623 | ) | (473,139 | ) | ||||||||||||||||||||
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Adjusted operating expense | 387,827 | 383,140 | 393,640 | 388,107 | 398,853 | 403,966 | 402,353 | 408,761 | 1,552,714 | 1,613,933 | ||||||||||||||||||||||||||||||
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Adjusted operating income | $ | 46,554 | 67,994 | 53,818 | 77,639 | 42,403 | 64,614 | 58,053 | 60,893 | $ | 246,005 | 225,963 | ||||||||||||||||||||||||||||
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Adjusted Operating Ratio | 89.3 | % | 84.9 | % | 88.0 | % | 83.3 | % | 90.4 | % | 86.2 | % | 87.4 | % | 87.0 | % | 86.3 | % | 87.7 | % | ||||||||||||||||||||
Operating Ratio | 91.6 | % | 88.2 | % | 90.5 | % | 86.9 | % | 92.4 | % | 89.0 | % | 90.0 | % | 89.6 | % | 89.2 | % | 90.2 | % | ||||||||||||||||||||
Dedicated: | ||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 171,539 | 181,873 | 182,843 | 188,150 | 179,226 | 182,651 | 184,550 | 192,502 | $ | 724,405 | 738,929 | ||||||||||||||||||||||||||||
Less: Fuel surcharge revenue | 31,131 | 34,415 | 32,953 | 35,999 | 34,433 | 33,998 | 34,424 | 35,208 | 134,498 | 138,063 | ||||||||||||||||||||||||||||||
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Revenue xFSR | 140,408 | 147,458 | 149,890 | 152,151 | 144,793 | 148,653 | 150,126 | 157,294 | 589,907 | 600,866 | ||||||||||||||||||||||||||||||
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Operating expense | 157,032 | 163,358 | 165,761 | 164,228 | 160,272 | 158,388 | 164,042 | 172,707 | 650,379 | 655,409 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenue | (31,131 | ) | (34,415 | ) | (32,953 | ) | (35,999 | ) | (34,433 | ) | (33,998 | ) | (34,424 | ) | (35,208 | ) | (134,498 | ) | (138,063 | ) | ||||||||||||||||||||
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Adjusted operating expense | 125,901 | 128,943 | 132,808 | 128,229 | 125,839 | 124,390 | 129,618 | 137,499 | 515,881 | 517,346 | ||||||||||||||||||||||||||||||
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Adjusted operating income | $ | 14,507 | 18,515 | 17,082 | 23,922 | 18,954 | 24,263 | 20,508 | 19,795 | $ | 74,026 | 83,520 | ||||||||||||||||||||||||||||
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Adjusted Operating Ratio | 89.7 | % | 87.4 | % | 88.6 | % | 84.3 | % | 86.9 | % | 83.7 | % | 86.3 | % | 87.4 | % | 87.5 | % | 86.1 | % | ||||||||||||||||||||
Operating Ratio | 91.5 | % | 89.8 | % | 90.7 | % | 87.3 | % | 89.4 | % | 86.7 | % | 88.9 | % | 89.7 | % | 89.8 | % | 88.7 | % | ||||||||||||||||||||
Central Refrigerated: | ||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 101,389 | 103,772 | 104,042 | 106,530 | 106,402 | 111,238 | 115,339 | 119,552 | $ | 415,733 | 452,531 | ||||||||||||||||||||||||||||
Less: Fuel surcharge revenue | 24,197 | 24,750 | 23,827 | 24,567 | 24,850 | 24,162 | 23,300 | 23,000 | 97,341 | 95,312 | ||||||||||||||||||||||||||||||
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Revenue xFSR | 77,192 | 79,022 | 80,215 | 81,963 | 81,552 | 87,076 | 92,039 | 96,552 | 318,392 | 357,219 | ||||||||||||||||||||||||||||||
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Operating expense | 97,679 | 97,327 | 99,526 | 99,867 | 101,681 | 105,578 | 111,917 | 115,673 | 394,399 | 434,849 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenue | (24,197 | ) | (24,750 | ) | (23,827 | ) | (24,567 | ) | (24,850 | ) | (24,162 | ) | (23,300 | ) | (23,000 | ) | (97,341 | ) | (95,312 | ) | ||||||||||||||||||||
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Adjusted operating expense | 73,482 | 72,577 | 75,699 | 75,300 | 76,831 | 81,416 | 88,617 | 92,673 | 297,058 | 339,537 | ||||||||||||||||||||||||||||||
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Adjusted operating income | $ | 3,710 | 6,445 | 4,516 | 6,663 | 4,721 | 5,660 | 3,422 | 3,879 | $ | 21,334 | 17,682 | ||||||||||||||||||||||||||||
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Adjusted Operating Ratio | 95.2 | % | 91.8 | % | 94.4 | % | 91.9 | % | 94.2 | % | 93.5 | % | 96.3 | % | 96.0 | % | 93.3 | % | 95.1 | % | ||||||||||||||||||||
Operating Ratio | 96.3 | % | 93.8 | % | 95.7 | % | 93.7 | % | 95.6 | % | 94.9 | % | 97.0 | % | 96.8 | % | 94.9 | % | 96.1 | % | ||||||||||||||||||||
Intermodal: | ||||||||||||||||||||||||||||||||||||||||
Operating revenue | $ | 73,647 | 86,145 | 91,745 | 103,957 | 83,264 | 90,994 | 96,478 | 105,339 | $ | 355,494 | 376,075 | ||||||||||||||||||||||||||||
Less: Fuel surcharge revenue | 15,481 | 18,414 | 19,397 | 22,279 | 18,011 | 18,814 | 19,825 | 20,944 | 75,571 | 77,594 | ||||||||||||||||||||||||||||||
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Revenue xFSR | 58,166 | 67,731 | 72,348 | 81,678 | 65,253 | 72,180 | 76,653 | 84,395 | 279,923 | 298,481 | ||||||||||||||||||||||||||||||
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Operating expense | 77,453 | 86,004 | 93,983 | 104,540 | 84,868 | 90,206 | 94,947 | 100,435 | 361,980 | 370,456 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Fuel surcharge revenue | (15,481 | ) | (18,414 | ) | (19,397 | ) | (22,279 | ) | (18,011 | ) | (18,814 | ) | (19,825 | ) | (20,944 | ) | (75,571 | ) | (77,594 | ) | ||||||||||||||||||||
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Adjusted operating expense | 61,972 | 67,590 | 74,586 | 82,261 | 66,857 | 71,392 | 75,122 | 79,491 | 286,409 | 292,862 | ||||||||||||||||||||||||||||||
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Adjusted operating income | $ | (3,806 | ) | 141 | (2,238 | ) | (583 | ) | (1,604 | ) | 788 | 1,531 | 4,904 | $ | (6,486 | ) | 5,619 | |||||||||||||||||||||||
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Adjusted Operating Ratio | 106.5 | % | 99.8 | % | 103.1 | % | 100.7 | % | 102.5 | % | 98.9 | % | 98.0 | % | 94.2 | % | 102.3 | % | 98.1 | % | ||||||||||||||||||||
Operating Ratio | 105.2 | % | 99.8 | % | 102.4 | % | 100.6 | % | 101.9 | % | 99.1 | % | 98.4 | % | 95.3 | % | 101.8 | % | 98.5 | % |
(a) | In the first quarter of 2014, we reorganized out reportable segments to reflect our revised reporting structure of our lines of businesses following the integration of Central Refrigerated. In association with the organizational reorganization, the operations of Central Refrigerated’s Trailer on Flat Car (“TOFC”) business will be reported within our Intermodal segment and the operations of Central Refrigerated’s logistic business, third party leasing and other services provided to owner-operators will be reported within our other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast. |