Exhibit 99.4
QUARTERLY ADJUSTED OPERATING RATIO BY REPORTABLE SEGMENT (UNAUDITED)(1)(2)
(Dollars in thousands)
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | 2017 | 2018 | |||||||||||||||||||||||||||||||
Trucking: | ||||||||||||||||||||||||||||||||||||||||
GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 218,690 | $ | 220,323 | $ | 424,832 | $ | 1,106,481 | $ | 1,037,364 | $ | 1,081,832 | $ | 1,070,978 | $ | 1,100,080 | $ | 1,970,326 | $ | 4,290,254 | ||||||||||||||||||||
Total operating expenses | (198,430 | ) | (194,561 | ) | (404,908 | ) | (969,169 | ) | (937,113 | ) | (955,175 | ) | (930,386 | ) | (916,762 | ) | (1,767,068 | ) | (3,739,436 | ) | ||||||||||||||||||||
Operating income | $ | 20,260 | $ | 25,762 | $ | 19,924 | $ | 137,312 | $ | 100,251 | $ | 126,657 | $ | 140,592 | $ | 183,318 | $ | 203,258 | $ | 550,818 | ||||||||||||||||||||
Operating ratio | 90.7 | % | 88.3 | % | 95.3 | % | 87.6 | % | 90.3 | % | 88.3 | % | 86.9 | % | 83.3 | % | 89.7 | % | 87.2 | % | ||||||||||||||||||||
Non-GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 218,690 | $ | 220,323 | $ | 424,832 | $ | 1,106,481 | $ | 1,037,364 | $ | 1,081,832 | $ | 1,070,978 | $ | 1,100,080 | $ | 1,970,326 | $ | 4,290,254 | ||||||||||||||||||||
Trucking fuel surcharge | (26,202 | ) | (26,221 | ) | (48,442 | ) | (125,105 | ) | (129,091 | ) | (140,661 | ) | (134,591 | ) | (130,055 | ) | (225,970 | ) | (534,398 | ) | ||||||||||||||||||||
Intersegment transactions | (28 | ) | (53 | ) | (31 | ) | (17 | ) | (19 | ) | (54 | ) | (86 | ) | (83 | ) | (129 | ) | (242 | ) | ||||||||||||||||||||
Revenue, excluding fuel surcharge and intersegment transactions | 192,460 | 194,049 | 376,359 | 981,359 | 908,254 | 941,117 | 936,301 | 969,942 | 1,744,227 | 3,755,614 | ||||||||||||||||||||||||||||||
Total operating expenses | 198,430 | 194,561 | 404,908 | 969,169 | 937,113 | 955,175 | 930,386 | 916,762 | 1,767,068 | 3,739,436 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Trucking fuel surcharge | (26,202 | ) | (26,221 | ) | (48,442 | ) | (125,105 | ) | (129,091 | ) | (140,661 | ) | (134,591 | ) | (130,055 | ) | (225,970 | ) | (534,398 | ) | ||||||||||||||||||||
Intersegment transactions | (28 | ) | (53 | ) | (31 | ) | (17 | ) | (19 | ) | (54 | ) | (86 | ) | (83 | ) | (129 | ) | (242 | ) | ||||||||||||||||||||
Impairments (3) | — | — | — | — | — | — | — | (1,640 | ) | — | (1,640 | ) | ||||||||||||||||||||||||||||
Amortization of intangibles (4) | — | — | — | — | (165 | ) | (343 | ) | (352 | ) | (349 | ) | — | (1,209 | ) | |||||||||||||||||||||||||
Accruals for class action lawsuits (5) | — | — | — | (1,900 | ) | — | — | — | — | (1,900 | ) | — | ||||||||||||||||||||||||||||
Merger-related costs (6) | — | (4,178 | ) | (18,934 | ) | — | — | — | — | — | (23,112 | ) | — | |||||||||||||||||||||||||||
Adjusted Operating Expenses | 172,200 | 164,109 | 337,501 | 842,147 | 807,838 | 814,117 | 795,357 | 784,635 | 1,515,957 | 3,201,947 | ||||||||||||||||||||||||||||||
Adjusted Operating Income | $ | 20,260 | $ | 29,940 | $ | 38,858 | $ | 139,212 | $ | 100,416 | $ | 127,000 | $ | 140,944 | $ | 185,307 | $ | 228,270 | $ | 553,667 | ||||||||||||||||||||
Adjusted Operating Ratio | 89.5 | % | 84.6 | % | 89.7 | % | 85.8 | % | 88.9 | % | 86.5 | % | 84.9 | % | 80.9 | % | 86.9 | % | 85.3 | % | ||||||||||||||||||||
Logistics: | ||||||||||||||||||||||||||||||||||||||||
GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 44,008 | $ | 43,829 | $ | 54,267 | $ | 93,821 | $ | 89,189 | $ | 99,188 | $ | 113,387 | $ | 134,280 | $ | 235,925 | $ | 436,044 | ||||||||||||||||||||
Total operating expenses | (41,595 | ) | (41,480 | ) | (51,138 | ) | (86,544 | ) | (85,230 | ) | (94,573 | ) | (103,236 | ) | (121,014 | ) | (220,757 | ) | (404,053 | ) | ||||||||||||||||||||
Operating income | $ | 2,413 | $ | 2,349 | $ | 3,129 | $ | 7,277 | $ | 3,959 | $ | 4,615 | $ | 10,151 | $ | 13,266 | $ | 15,168 | $ | 31,991 | ||||||||||||||||||||
Operating ratio | 94.5 | % | 94.6 | % | 94.2 | % | 92.2 | % | 95.6 | % | 95.3 | % | 91.0 | % | 90.1 | % | 93.6 | % | 92.7 | % | ||||||||||||||||||||
Non-GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 44,008 | $ | 43,829 | $ | 54,267 | $ | 93,821 | $ | 89,189 | $ | 99,188 | $ | 113,387 | $ | 134,280 | $ | 235,925 | $ | 436,044 | ||||||||||||||||||||
Intersegment transactions | (1,386 | ) | (1,649 | ) | (1,159 | ) | (3,621 | ) | (3,138 | ) | (2,787 | ) | (1,990 | ) | (1,459 | ) | (7,815 | ) | (9,374 | ) | ||||||||||||||||||||
Revenue, excluding intersegment transactions | 42,622 | 42,180 | 53,108 | 90,200 | 86,051 | 96,401 | 111,397 | 132,821 | 228,110 | 426,670 | ||||||||||||||||||||||||||||||
Total operating expenses | 41,595 | 41,480 | 51,138 | 86,544 | 85,230 | 94,573 | 103,236 | 121,014 | 220,757 | 404,053 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Impairments (3) | — | — | — | — | — | — | — | (794 | ) | — | (794 | ) | ||||||||||||||||||||||||||||
Intersegment transactions | (1,386 | ) | (1,649 | ) | (1,159 | ) | (3,621 | ) | (3,138 | ) | (2,787 | ) | (1,990 | ) | (1,459 | ) | (7,815 | ) | (9,374 | ) | ||||||||||||||||||||
Adjusted Operating Expenses | 40,209 | 39,831 | 49,979 | 82,923 | 82,092 | 91,786 | 101,246 | 118,761 | 212,942 | 393,885 | ||||||||||||||||||||||||||||||
Adjusted Operating Income | $ | 2,413 | $ | 2,349 | $ | 3,129 | $ | 7,277 | $ | 3,959 | $ | 4,615 | $ | 10,151 | $ | 14,060 | $ | 15,168 | $ | 32,785 | ||||||||||||||||||||
Adjusted Operating Ratio | 94.3 | % | 94.4 | % | 94.1 | % | 91.9 | % | 95.4 | % | 95.2 | % | 90.9 | % | 89.4 | % | 93.4 | % | 92.3 | % | ||||||||||||||||||||
QUARTERLY ADJUSTED OPERATING RATIO BY REPORTABLE SEGMENT (UNAUDITED)(1)(2) — Continued
(Dollars in thousands)
Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | 2017 | 2018 | |||||||||||||||||||||||||||||||
Intermodal: | ||||||||||||||||||||||||||||||||||||||||
GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 3,916 | $ | 4,219 | $ | 29,068 | $ | 113,123 | $ | 110,267 | $ | 120,047 | $ | 130,369 | $ | 138,138 | $ | 150,326 | $ | 498,821 | ||||||||||||||||||||
Total operating expenses | (3,806 | ) | (3,994 | ) | (27,361 | ) | (108,124 | ) | (106,319 | ) | (115,567 | ) | (120,681 | ) | (124,982 | ) | (143,285 | ) | (467,549 | ) | ||||||||||||||||||||
Operating income | $ | 110 | $ | 225 | $ | 1,707 | $ | 4,999 | $ | 3,948 | $ | 4,480 | $ | 9,688 | $ | 13,156 | $ | 7,041 | $ | 31,272 | ||||||||||||||||||||
Operating ratio | 97.2 | % | 94.7 | % | 94.1 | % | 95.6 | % | 96.4 | % | 96.3 | % | 92.6 | % | 90.5 | % | 95.3 | % | 93.7 | % | ||||||||||||||||||||
Non-GAAP Presentation | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 3,916 | $ | 4,219 | $ | 29,068 | $ | 113,123 | $ | 110,267 | $ | 120,047 | $ | 130,369 | $ | 138,138 | $ | 150,326 | $ | 498,821 | ||||||||||||||||||||
Intersegment transactions | (130 | ) | (70 | ) | (53 | ) | (167 | ) | (137 | ) | (217 | ) | (203 | ) | (666 | ) | (420 | ) | (1,223 | ) | ||||||||||||||||||||
Revenue, excluding intersegment transactions | 3,786 | 4,149 | 29,015 | 112,956 | 110,130 | 119,830 | 130,166 | 137,472 | 149,906 | 497,598 | ||||||||||||||||||||||||||||||
Total operating expenses | 3,806 | 3,994 | 27,361 | 108,124 | 106,319 | 115,567 | 120,681 | 124,982 | 143,285 | 467,549 | ||||||||||||||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||||||||||||||||
Impairments (3) | — | — | — | — | — | — | — | (45 | ) | — | (45 | ) | ||||||||||||||||||||||||||||
Intersegment transactions | (130 | ) | (70 | ) | (53 | ) | (167 | ) | (137 | ) | (217 | ) | (203 | ) | (666 | ) | (420 | ) | (1,223 | ) | ||||||||||||||||||||
Adjusted Operating Expenses | 3,676 | 3,924 | 27,308 | 107,957 | 106,182 | 115,350 | 120,478 | 124,271 | 142,865 | 466,281 | ||||||||||||||||||||||||||||||
Adjusted Operating Income | $ | 110 | $ | 225 | $ | 1,707 | $ | 4,999 | $ | 3,948 | $ | 4,480 | $ | 9,688 | $ | 13,201 | $ | 7,041 | $ | 31,317 | ||||||||||||||||||||
Adjusted Operating Ratio | 97.1 | % | 94.6 | % | 94.1 | % | 95.6 | % | 96.4 | % | 96.3 | % | 92.6 | % | 90.4 | % | 95.3 | % | 93.7 | % | ||||||||||||||||||||
(1) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (1). |
(2) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (2). |
(3) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (4). |
(4) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (5). |
(5) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (7). |
(6) | See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (8). |