USX - Earnings call transcript Q1 2022 | U.S. Xpress Enterprises Inc

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Operator

Good afternoon, ladies and gentlemen. Welcome to the U.S. Xpress First Quarter 2020 Earnings Conference Call.

During today’s presentation, all parties will be in listen-only mode.

Following the presentation, the conference will be open for questions and instructions will follow at that time.

conference recorded. this reminder, a is being As I to Investor Matt like to Relations. call over turn the Garvie, would now Vice President of Please sir. go ahead,

Matt Garvie

the followed XXXX our operator, Xpress and Fuller, will CEO, you, and discuss our afternoon, financial Peterson, President Welcome Thank call our lead today, who good U.S. Xpress’s first Eric conference earnings to Quarter will call. by Eric results. everyone. U.S. CFO,

statements. forecasts includes other that and forward-looking Our discussion today are information considered

expected they are actual next these to reflect in SEC XX-Q SEC the materially. to our statements XX-K current outlook, days. ended the uncertainties several for in cause While of filed filed Form March number statements. with update undertake obligation in can These described to and recent quarter or results the no that subject forward-looking risks Xpress’ are our duty a the and differ most U.S. with the be risk We that factors is to XX, XXXX,

today’s earnings of results release. During our in U.S. The a isolation for discuss performance. as which accordance measures, in be of should our evaluating be the non-GAAP in presentation believe found or certain can comparable GAAP. to GAAP additional be we A most considered helpful information substitute not non-GAAP in we with reconciliation these prepared this call, will measures measure can

Investors section website. reminder, a of our will be replay of a As the on this available call

We presentation investor.usxpress.com. also have accompany at also website an our available posted updated supplemental on discussion to today’s

Fuller. I this call turn would call. referencing of with be over that, today’s the of portions part to as will We to Eric supplement like And

Eric Fuller

XXXX. quarter in of provide Today, update of we the on the sequential and discussion like outlook provide the first our key from you, to saw remainder and our the would our other Thank financial segments I following Peters’ market in highlight business for in good Eric quarter, everyone. achievements improvement Matt, afternoon, Variant an results,

I our we a growing spent to reminder, the the profitability quarter Atlanta first time, with determining division. results a where from its our growth the to turn much our efforts improve resources needed in our the reviewing engine team and As company Variant of focus the is business corner sustainable and improving and of long-term for business startup the is critical financial nimble to Variant success. to the ultimately and

to we select $XXX tractor increase first X% week which utilization operations million of debt We to large a X% X% experience increase freight technology professional rate time same contributed continue improving improve customer for implement able for optimizer head. revenue the availability drivers. our there a with compared per and in net the of combined of fleet at to average $XX revenue the driver revenue to single-threaded generated was quarter, our X% In is million cost count service quarter, that amount freight help the and our capacity, for that an the the we a able X% of per improve one-way Variant to XXXX. from, in increase need while movement primarily the in and The sequentially X,XXX. per levels mile. can reorganized the believe to the customers average quarter in first utilization improve we increase We mile. XX% increase tractor and The to sequentially is per lower as revenue increase to approximating first fuel, in increase revenue due quarter saw to the to establish quarter a Variant in business. was of accountability, was due sequentially increase were which Exiting fourth a to run increasing operating in

tractors X,XXX the to tractors quarter with XXX added we quarter, fleet. the fleet, the in During the Variant exiting

XXX% we expect our coming in which impact the in process we liked. have quarter we an overall as as Variants totaled would didn’t will grow to have the turnover grew positive first on quarter, turnover in in quarters. we spiked we the the Although due fleet quarter, much changes implemented

saw in However, which transitioned increase an in more operations. workflows, the and turnover short-term, to brought we our fleet operating to we as structure discipline

quarter. to decline X% Turning the utilization year-over-year in due year-over-year was revenue division, average The division tractor drivers decline an to achievements was the due sequentially our in revenue stronger by increased In to other March. in but from and performed XX% per of in week increase XX% business the early in up partially $X,XXX our Dedicated quarter, caused the segments. to revenue seasonally partially X% per fourth in per mile, number the in which offset strong COVID by was utilization. of truck a was The part increase off

count. is going the as continue growth tractor Our profitability. forward to optimizing such, focus modest for Dedicated in portfolio we expect for And

approximately segment $XX This small loss breakeven. year-over-year and driven of approximately an increase was the load. a million, XX% per in of but XX% quarter our a revenue within Our being revenue produced of in Brokerage increase generated by operating segment was expectations

We to break this for XXXX. even segment expect the of to continue remainder

which to U.S. quarter turn I employees at who our over call tirelessly to worked to to We us over like in call one last discuss Xpress. accelerate Peterson. thank would to transformation turn that I the the With Eric gives our of direction. moving all over lot of Before that, quarter, financials, to Peterson have Eric a want the I progress our the we in made right confidence are

Eric Peterson

to discuss outlook. first would and well as the priorities allocation before as everyone. afternoon, in back capital Eric, quarter market guidance provide This some financial turning Eric the our call you, I Thank and to afternoon, provide our like performance financial to good

million quarter, $XX.X or increase a generated revenues. million revenue excluding Turning in XX.X% revenue The XX.X% fuel to Brokerage year-over-year. an in our or program, increase $XXX.X performance segment increase a XX.X% was surcharge segment million, in and result with increase the first revenue $XX.X associated Truckload we the our of of primarily in of revenues

XXXX. to to operating operating in quarter which were expenses. the first cash million, Turning the Total compared recognized $XXX.X $XX.X million of adjusted expenses of quarter. This non XX.X% increase excludes write-offs, we an $X million adjusted in or

reminder, our a stack. I and last days including spent the technology Variant, XX Eric reviewing As

transitions growth. startup As scalable to from nimble on a the Variant key instituted management business, focused a approach, earnings disciplined team more metrics has and a

index our optimization levels. Our prioritize review we determined previous our freight corner, to to that to and need turn the engine product returning advancing

such, of first term such XXXX only projects, As well a be to increase small and longer represent index it relate initiatives, advance when or improving from professional would salary, product These technological write-offs quarter, of higher the increased first optimization quarter, from but percentage mile. internally to the in as developed our no driver engine benefits In which quality drivers longer our to the for both to compared directly our contribute driven increase our pay technology as certain solutions. million due per wages the in miles $XX wages company quarter funded.

the due tractors company. growth costs and due million partially our decrease expenses, the first across $X.X maintenance addition, continue brokerage quarter In contractor digitization compared and due for inflation increase expenses combined staff to to load to wage XXXX. cost in by to headcount in which compared to driver miles to increase in offset the per $XX.X quarter, efforts of office also transportation invest as in company increased of driven the acquisition the quarter part XXXX. was million first we increase independent Purchase increased increased Operating to as with increased supplies equipment contributed

impact on Lastly, the price quarter. and fuel of $X.X income million operating in the rapidly in March rose had negative a

to truckload Turning segment. our

fleet As of to the This row in added sequentially our previous XX.X% the earnings coverage our in business approximately we equipment of fixed leverage have potential seated the fourth costs, to we third related overall discussed decreased tractor must to fleet, continue model. Sequentially, as a to on count revenue as improved in fleet XXX cost quarter operating XX.X% percentage tractors quarter in calls, representing order our a of realize the adding we revenue to growth contributed from sequential quarter. excluding fixed costs growth.

As liked seen the we would in Variant Eric in growth have have to more mentioned, quarter. tractor

coverage modest fixed seeing a However, positive. in cost fleet better growth is

opportunities improve see of overall grow a cost our size as revenue we percentage to our our reduce cost and discipline to continue We fixed throughout fleet as further company. the

cost As fixed a our contributes X% of million of as decrease percentage of a $XX.X reminder, contribution earnings fuel. net in approximately revenue each pre-tax

to believe more than Following our total where in bring tractors our count seated This seated revenues our additional XX infrastructure and tractors additional relative capable meaningful to Truckload X,XXX day million we an fuel, at handling infrastructure. current of today. net seated additional X,XXX to equate we without continue Variant, is are adding of would tractor review $XXX to total that

Turning of proceeds. to capital net expenditures

$X from laid equipment net quarter capital For quarter. to from was XXXX, in trailers as $XX.X as primarily sale used tractors net compared increase deliveries were first and the previously to The well the of to the was primarily of equipment, million CapEx XXXX. in net quarter, were which due anticipated first in in which expenditures, million of fewer the proceeds

investment as In fleet terms as our continue priorities, to prioritize of our the initiatives in well company. we’ll allocation technology capital across

at first million debt, debt. of including the of end the as to at less cash XXXX. end current net of $XXX.X long-term defined to At maturities, compared we quarter end debt, million $XXX.X net was Turning the quarter, the which balances the

Our grow at end expect over the as leverage to ratio our X.X we it decrease of the earnings and quarter was times first time.

tougher second Modest per OTR double approximately than back due Variant contract assist of expect To the fleet the full primarily digit comps count low growth the we the for year. a guidance. but blended rates in driven sequential overall the models, your to in the potentially by to growth. rate higher half with in likely lower truck truckload the year, year, in the mile with second up increase through that half in of XXXX, quarter, Turning XX% average following;

see to coming quarters. sequential in utilization expect modest We in improvement the

XX% for and discrete supply before capital items, expenditures $XXX effective of addition, tax chain net we issues unknown to million, additional any assuming no the year million full expect months. approximately In $XXX interest expense continue and the and XX% rate coming million between between an in $XX

intact, to sequentially improve we as believe We will remains hold. our continue take Variant to remediation the thesis continue have undertaken continue and that efforts, to

overall to are financial improve outlook. fleet with our in Eric Variant in that, With growth improvement the sequential call the Fuller sequential ahead. will results turn to key the I combined quarters for Continued back

Eric Fuller

Thank you, Eric.

we market don’t of market, terms coming previous the quarters to favorable quarters. overall of a In expect the as in compared backdrop

we inflation, environment. geopolitical the higher the first filling pressure, slowdown in a general consumers seen from concerns interest have whether demand around The or quarter. As freight cost exiting rates

ports seeing in lockdowns are in outside China. more the congestion to We due the Shanghai

to need of increased However, that we an pendulum although up, swing back that China the expect is freight this timing to uncertain. once move dynamic and back opens

In to become addition, we to COVID allocated are also shift more cautious dollars discretionary and experience base fewer of relaxed restrictions structural are more goods. potentially tangible as a spending

On has the across industry. the tractors carriers supply become somewhat our side, in easier seating larger

be early, spot the consequence of out drivers. into a some than business While fleets of this the professional for rotation may back company market

In work impact addition, will along in supply in market. expect demand could such other the fields, the chain with cycle mute help find drivers issues the equipment continued as the turns, which we some of softening construction, to as

are of up. pressures quarters. increasing are is throughout maintenance, and the should the can’t cost industry. together, retracted are cost This office in be both inflation new all coming doing insurance, our business. and to support easily Finally, equipment inflationary help And rates the expenses across prices, therefore driver taken increased fuel we business Wages, and seeing contract increasing,

which of factors industry our the discussed control. Beyond we out consider be largely above, to

company factors, and we Variants primarily on focused our metrics sequentially specific the growing overall are under tractor are We key our control, believe which improving fleet.

ready well of count, sequentially we revenue And turnover, improves the progress to safety total truck be which as that, turnover month we Variants utilization, April, operator, year. our expect seated in apparent the staff. efforts our on saw take in metrics, tractor we Variants per remediation with Further are as will questions. decline During throughout eventually improvement and

Operator

begin now will Our Wolfe question question-and-answer will come Scott from [Operator with We Research. first the session. Instructions] Group

may You go now ahead.

Scott Group

want your weaker Hey, – stabilization you an and is on views. and that more seeing any broadly, curious just signs any thanks. you signs have obviously of impact that spot on Afternoon. in pricing of Are the lots spot just add focus market spot starting contractual rebound you Eric, discussion? to on weakness. anything And to

Eric Fuller

just from slide mean, seeing Sure. we’ve sliding kind bit week a a even to right invasion gotten loads a volume as obviously, perspective was Yes. to a spot and the many perspective, maybe in market each started we maybe weakness previous. seen spot there the I of out week not was from market and on week, of when the been there as that worse available there’s sequentially there little the almost we’ve meaning Ukrainian almost week pricing it’s

And have a weakness. we of so seen good bit

I positive market is market I is, both the and on weaker side now potentially the that that short-lived. think there’s think the real in right Now, carrier some shipper more – this we’re the side concerns

concerns we think I as to from hitting online start summer shipments start back into and we some see have fall. come ports. to If capacity late and real a early get standpoint see China we the

you some I real that concern lot of so there’s think see of And could tightness. a

handle excess still that the or types of to number about is more making customers trucks of lot a there’s that capacity concern demand. around with any of communication sure surge maintain we a So

on this contract side. about I lead believe cycle on do and as of I that this the being bit the we’re of of And cycle that think cycles cycle the lot there’s being so more a seeing the little think as nature macro at a pressure previous I that are fairly some not not downside cycle. And it’s to conditions mindful point, this lot the lived. be customers could concerns in short And a that long

Scott Group

or And just other? or of kick kick season, along that lines, gives that one season, is June whatever uptick any way spring May in anything beverage confidence that confidence then sort the going in produce to those you not

Eric Fuller

really mean, have now. in season I to should big surge haven’t seen start been feeling and produce it we a by we

yet. summer. may we I see China, a we strength caused that really I But of occurring think felt spike front haven’t on get half still of think the weakness that’s we lid a a the bit beverages. little keeps shutdown as the being really maybe in the which in by into Probably some in of

Scott Group

Okay.

from this my margin you mean do question, last sequentially we margin think does XX% in in standpoint? range that what maybe improvement so – And from we’ll XQ? see Should truckload a

Eric Fuller

it we’re Yes. us, results. overall in Scott. I answer making significant Well, I ways, improvements for our two some mean,

that talked spreading cost truck growing and We’re count more we’ve our about over units.

are see confident long And so that into see able that basis. carriers sustain as earnings flat contract for our QX feel most from we improvement to a positively can on QX. us, from even we sequential truckload that as some broadly I in think more rates earnings probably would

Scott Group

margin are a thinking think about What you truckload you – you do for year? there’s chance for some year-over-year this

Eric Fuller

XXX look, spreading cost our heavily do. – spread also really looking we’re the We And mean, take costs added more QX. seeing units. our we’re trying down but to costs, of our where about we’ve additional can I model costs, since was and the an we’re more at cost we and Yes. end definitely that actually growing, trucks – of seated over infrastructure

like five no, three a bit over really actually XXX more little it, weeks, trucks. so, able to weeks add so we’ve what or And is been

we going very add year, can So for back because going us that earnings that cost to lot continue that’s of spreading to go more the half to confident out. trucks and into we the have help we as feel a we’re

Scott Group

Thank you time. it. Okay. the for Appreciate

Eric Fuller

Thank you.

Operator

will JPMorgan. Ossenbeck Our next with come question from Brian

now may go You ahead.

Brian Ossenbeck

Hey, the afternoon. question. for taking Thanks

at was in it then looked it does just that’s quite sound making elaborate and you bit. follow-up I April, like changes if was ask because process more of turnover So to where improvement. wanted because spike some like the and the you’re flows, a organization Variant, there some the incremental can guess what on you can the did with about trending turnover I if changing And

Eric Fuller

Yes.

internal and had have process a go we – do. we had that team engineering we So

the those previously, number So lack in. we – an with we what of as of knowledge. processes a go and we year perspective, December made workflow Variant in was process as had last a from domain changes mentioned on a was – And identified team on the and analysis had management a the we there through engineering

And broken some processes. so was there

And little of can line having lot and of new that call, a the in that connectivity, group and of fleet managing a but to workflow changed implementing. what got first of were March. And that groups, a of the – have sorry, and and to number driver in February, we we these, back in rolled of bit accountability. started, the that community new the with re-engineered be March, of the connectivity got our of have kind went the so kind in out processes I’m employees rolled in smaller April the had so training we we bit had in some out a with for workflow we a And training good we a trucks them processes the got trucks, structure or and

that meant And off a spike call saw a so people time. on attribute had number that we turnover spike what we of We of was And a in that people in in that the can wait look lot good we less of a other think because floor. situation. saw We at, we to had our part that increase the metrics floor. I a

April trained. As those into we’ve we out. Everybody’s all gotten rolled have communities now

belt results. our be at else. community time it think the in turnover, see everything whether as I utilization, be of it to deadhead, more community seeing We’re improvements, the because our to substantial we April kind we’re structure look rest bake a March. their looks whether in some confident good we in see we as communities, out positive in with get of And significant improvement feel rolled we similar that that seeing we’ll has under board, we’ll And that to that turnover the this even relative that relative across in statistics new further improvement really one time everything better February,

Brian Ossenbeck

for So driver’s they leave. Maybe to just turnover that, sounds like the it I go put training side they’re more like, the things or doing efficient, was want point them didn’t through maybe cause to differently. reason on on finer just the we’re the getting a

Eric Fuller

Yes.

floor. off about was it we people more the So had in March,

good And they more drivers a time up had was for quicker. so answered seconds. when and new our this the there call people floor, some XX and because, we for getting the Well, of drivers, within so average a training were phone we call frustration were wait say, off let’s that frustrated easier workflow spiked portion

they day interaction had with we fleet. our weren’t to with leaving, their so And drivers day satisfied because

Now everybody seen on the that not early we side in think new this structure, we’re and have the in significant training already we it the in under it. – improvements we’ve and back of working back see going some to floor

Brian Ossenbeck

breakeven before Okay. Got the that can breakeven of how Has it. you of there, seated many of trucks? fixed it you get chance number And trucks? out in on point? where you out to And can to where then are some and have a hit over spreading of that point get the think the need than changed Do what just more that it rather good have think if cost you come dynamics pulling has just changed, that you structure? trucks into terms you

Eric Peterson

Yes.

is and I talked cost would we you were fourth point, inflection that added, it basically in X.X% to XX% our we every that was I’d where guide and our fixed between cost it Slide X%. the number. in XXX quarter too supplement, a trucks drop about percentage that where to and just as And guided X think like of revenue we said, a before, high, fixed for we Brian,

dropped seated of quarter average we percentage and and fixed saw as Our first happen the a in by what revenue by X%. is tractors XXX, they you our increased cost

you line. breakeven we that’s And extra point contribute for are so inflection proof that volumes – that bottom point, were the where on going to earnings to what at the the

we’re grow in quarter. the So continuing to

growth. so we And still trajectory a have of similar

so can that’s success. that watch you And we should our line, –

every grow where that’s you’ll see that talk quarter, As on you we margin see tractors about the seated our expansion.

Brian Ossenbeck

follow-up, quick I just then if one And could. Okay.

little and Just bit within on seems time to on load broker. least some like growth a update we came good weaker – in than you a were at pretty be expecting a give brokerage can trends

So that an that update year. going the on see of the where you and throughout rest

that And the in so growth volume here off starting maybe crimped quarter. anything, hit Thank you. first

Eric Fuller

Yes.

of year. flat our We our brokerage to a selectivity were it to trucks. volumes the previous for trying manage relative is intend obviously in maximize So we – QX the how is component

so dip maybe not we where into we’re from bit we get And a volume. as full cycles volume getting little customers, that brokerage our to into the have may

there an market. and into we said, as the there be with assets, the selectivity more perspective on brokerage utilization and some maximize and So try to moving overall much we favorable for could But first that are a foremost. our headwinds volume

until March. We had much we are probably seeing than opportunity to really easier source capacity what seen up

for And anticipate year being the division. brokerage positive so we in in our rest the of territory

Brian Ossenbeck

for it. Okay, Appreciate guys. Thanks the time.

Operator

Morgan Our next from from will question come Ravi Stanley. Shanker

go may ahead. You now

Christyne McGarvey

This guys. Christyne for is Hey question. McGarvey Ravi. on taking Thanks for my

little one fairly Just there your unpack your of comments here. a you circle a cycle be for to can the down might in to earlier call kind of thoughts us kind lived of wanted short back Hoping that about influx the away, that with up of a tail a in eye I haven’t think, long down cycle. capacity also bit traditional more? we of is seen an in but to that that some wisdom goes capacity, cycle, particular Maybe

thinking are guys you that out? how about So playing

Eric Fuller

what the out I amount of typically, the peak so. of it mean, you kind quarters from to driven, and of trough, bleed the And takes it’s supply it’s about typically, that starting Yes. supply or have it market six takes time. so

have we the that cycle. think some dynamics this at entrants came lot new in came high a very One, price interesting a point. I of

in the buying few still market, most market, were the they maybe used tractors new off but maybe premiums. at likely the market, So used buying but a

at spot and They’re And and in And to very trailer and seeing rates how the now most what cycles prior very market. right this rates So, new I than also they’re seen equipment higher truck scenario. probably high to cost cost locking fuel the a paying seeing point. that relative a that in side I weather in they’re both think high rates. on in the that we’ve know point entrants spot depressed don’t think

think I cycles. I probably capacity out quicker matriculate seen than think And – so you’ve you’ll in start what prior one, see to

now, strong used still right think market. there’s a I truck

may advantage truck the you people to and market. into out market those used to trucks So see that quicker, walk put not back of exposed take to try the as and in, prices be

we So out from could much that quicker. a anticipate perspective supply come supply much,

September, we big Now, demand, is August think or I question shipments the pendulum as do think of early maybe that where that and see been haven’t we see we could mark, pent-up start maybe the kind of starting been but there’s the start hit China there things come to U.S., that online shipped back swing, hit to because number demand shore. a to hasn’t

demand to start see you spike. so And

where see, of little storm relatively that that’s kind of could quickly. a a So we flips be perfect bit there market this

Christyne McGarvey

where the Got of fixed percentage market, maybe enter looser helps kind front, Is will as dynamic. sort it. if just that about backdrop more becomes actually helpful. a easier, do a you kind scenario becomes story the as of tractors tractors easier? out can Or well. cost any That’s And revenue one ask getting part on slightly push there really that because of of of softer seating that we

Eric Peterson

Yes.

makes accelerate a we extent, that clear our growth You’re exactly To that can fixed basis per lower. the unit on we have cost our right. to

when a market favorable worked a tractors us it tough for very be of XXX against and And we this was actually would market where year, so us period so over that against the a worked much purpose. dropped softer as seated as

Christyne McGarvey

the it. leave time. there. will I Got appreciate Really it

Eric Fuller

Thank you.

Operator

Instructions] Adam [Operator Bank from Our America. Roszkowski of question next will with come

go You may now ahead.

Adam Roszkowski

question. Ken Hoexter. Roszkowski Adam on for is Thanks this taking Hey, my for

expect the low rest for on the upside you that year. of mentioned for You there’s But brokerage the breakeven business, growth.

business one So to to spot? remind another it in the get I – truckload what to business. to going what some business get take tied just the road is this this the us you question And of over leverage is percentage can guess, is is then

Eric Fuller

Yes.

the on that fees, profitability on So focused in we’re business brokerage driving unit.

profitability And feel potentially, can I drive confident at. and from so improved we’re profitability that we where greatly

perspective, foremost, relative prioritizing where a Now from volume and we and there’s we last we – seeing hire obviously to were because are of trucks, from pressure a are were we a bit first perspective little volume year. there our

And again, think be I so we’re we’ll profitable. – like

I we’re over what – maybe have but that to think brokerage even working maybe improved improvement being we’re we items significant anticipating what the sight through hopefully see quarters, can those today, couple in of further next some a we’re and line profitability. than we

As a XX% as to I sometimes revenues, like it’s our relates can to up run XX%. typically as range. percentage it percentage of spike in XX% we XX% think a then that our But spot of overall OTR, more towards

Adam Roszkowski

of momentum basically, reach… the your. that following from is half, right on even kind question, the but here up Got to brokerage volume positive on way for operating of half And just back then the break ratio the rest the of but year,

Eric Fuller

relates think profitability. I it momentum as to positive

there’s said, constraints I we, think I some as Potentially, prioritize our like assets. around volumes.

and our some there’s some drive it division. profitability think upon opportunity we think think headwinds as relates the the I could of volumes so very, confident can there rest brokerage in I year we feel profitability, brokerage, be And but to overall that I through further very improve And that. to

Adam Roszkowski

Okay. Thank you.

Eric Fuller

Thank you.

Operator

That to me, Eric Matt concludes question-and-answer our like I session. to over turn it remarks. for closing now Fuller would –pardon

Eric Fuller

participation today. for everyone your Thank you

focused we key Before internal we the I very we’ve and our in are on. going significant April, reiterate in confident in and we’re type that Variant want we seen our improvements to making to we drive that close, are improvements control, are within well feel metrics that results these of

right dialed update as quarter a on progress call. to and thank second the the we metrics we forward. focused for making you providing are you on on going your right into and Thanks our We so support to much. deliver and team need forward what changes focused are we look driving very We a

Operator

conference for you has The now concluded. Thank presentation. attending today’s

You may disconnect.

U.S. Xpress Enterprises (USX) 8 May 222022 Q1 Earnings call transcript