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 first quarter ended March 31, 2023
and provided an update to its 2023 outlook.
Management Commentary
Jonathan Shepko, Chief Executive Officer of
Daseke commented, “Despite an industry-wide decline in freight
rates and rising interest rates that pressured earnings in the
first quarter of 2023, the fundamental performance of the Company,
as demonstrated by improvements to operational metrics and Adjusted
EBITDA, was solid. In fact, in the first quarter we delivered the
second-best first quarter in our Company’s history. We purposefully
shifted freight in favor of our higher-margin company-truck fleets,
allocated higher-rate loads to our asset-based fleet, and increased
company loads by 4.1% versus the prior-year quarter, while also
increasing both the total number and overall utilization of our
company-owned tractors. Our Flatbed Solutions segment emphasized
productivity, improving average length of haul and reducing
deadhead to offset a softer-than-forecast rate environment,
resulting in increased Adjusted EBITDA margin as compared to each
of the prior-year and sequential quarters. While some of our
geographies and end markets continued to show signs of slowing,
many of our Specialized Solutions segment end markets have been
resilient."
Shepko continued, "Earlier this year, we
announced our capital allocation priorities, and in keeping with
these commitments, we recently completed specific actions designed
to enhance the strength of our balance sheet, using $70 million of
cash on hand for the reduction of debt and the redemption of the
class of preferred shares with the highest dividend obligation.
These decisive steps deliver immediate accretion to common
stockholders, adding approximately $0.11 of annualized earnings per
share. We will continue evaluating opportunities for additional,
outsized repayments to reduce gross leverage.”
"Looking ahead into the remainder of 2023, we
expect freight market conditions to remain challenging, without
clear visibility into the timing and magnitude of a recovery in the
broader economy. We do not expect to see the seasonal up-tick
characteristic of the spring and summer months. If this expectation
prevails, we anticipate full-year 2023 performance to be lower than
our initial outlook, with Adjusted EBITDA likely to range between
$210 million and $220 million for the year, and reduced net capital
expenditure guidance of $135 million to $145 million. We believe
these revisions are generally consistent with the recalibrations
announced by most of our truckload peers this quarter. That said,
we are making progress in our One Daseke initiatives, and investing
in our equipment and technology, while continuing cost and revenue
optimization initiatives across the organization. In addition to
providing downside mitigation, more importantly, these initiatives
will ensure we are better positioned to outperform during the
recovery cycle.”
2023 Updated Outlook
- Adjusted EBITDA of $210 million to $220 million
- Capital expenditures, net of property and equipment sales, $135
million to $145 million
First-quarter 2023 Consolidated
Financial Results (comparisons to first-quarter 2022)
Total revenue in the first quarter of 2023
("current-year quarter") was $399.8 million compared to $421.0
million in the first quarter of 2022 ("prior-year quarter")
primarily due to the deceleration in freight rates across the
transportation industry. As compared to the prior-year quarter,
rate per mile decreased $0.16, or 5.4%, to $2.80. During the first
quarter of 2023, Daseke invested in additional company-owned
tractors, expanded the company-driver team, and strategically
prioritized loads on the company-owned fleet. These additions
delivered a $4.3 million increase in company-freight revenue and a
9.8% increase in company miles driven to 56.9 million. Strong
commercial efforts in the quarter captured $3.8 million of
incremental logistics revenue. Revenue gains in company-freight,
logistics, and fuel surcharge were more than offset by declines in
owner-operator freight revenue and brokerage revenue, due to
Daseke's intentional shift toward loading the company-owned fleet
and compounded by the macro trend of lower available freight
volumes. Total miles driven increased 0.6% to 97.2 million, as an
increase in company miles more than offset a decline in
owner-operator miles.
Operating expenses were $387.9 million in the
first quarter of 2023, reflecting a $14.9 million improvement
primarily due to lower purchased freight and insurance claims
expenses, partially offset by increases in salaries, wages, and
employee benefits, as well as operations and maintenance expenses.
Purchased freight expense decreased with the reduction in
owner-operator miles and brokerage revenue; while salaries, wages
and employee benefits expense increased due to incremental driver
compensation, headcount, and stock compensation; and operations and
maintenance expense increased primarily due to inflation in repair
and tire costs, and pilot car costs. The decline in total revenue
outpaced the improvement in operating expenses in the current-year
quarter and resulted in a Company operating ratio (OR) of 97.0%,
compared to 95.7% in the first quarter of 2022. The increase in OR
was predominantly attributable to Flatbed Solutions segment
results, as the impact of this segment's revenue reduction and
operating expense increase negated the contribution from the
Specialized Solutions segment. Income from operations in the first
quarter of 2023 was $11.9 million, compared to $18.2 million in the
prior-year quarter, as the decline in total revenue exceeded the
reduction in operating expenses. In the current-year quarter,
Adjusted operating ratio (Adjusted OR, defined as Adjusted
operating expenses, net of fuel surcharge, as a percentage of Net
revenue) was 93.4%.
Net income for the first quarter of 2023 was
$0.5 million, and after consideration of the Series A and Series B
preferred stock dividends, net loss attributable to common
stockholders was $2.2 million, or $0.05 of EPS loss, compared to
the prior-year quarter net income of $13.0 million and net income
attributable to common stockholders of $11.7 million, or $0.18 of
EPS. As compared to the prior-year quarter, $7.2 million of the net
income decrease related to incremental net-interest expense and the
expiration of warrants in the prior-year quarter that did not
recur. The $4.1 million of incremental net-interest expense
resulted from rising floating interest rates, as the Company's debt
balance was nearly equal to the prior-year quarter. In the
prior-year quarter, the Company recognized a $4.7 million gain on
the expiration of warrants. With regard to EPS, approximately $0.19
of comparative period decline related to the increased net-interest
expense and the expiration of warrants mentioned above, as well as
$1.5 million in cash dividends associated with Series B preferred
shares issued in November of 2022. Adjusted primarily for
stock-based compensation and business transformation expenses, in
the current-year quarter, Adjusted net income was $8.3 million and
Adjusted net income attributable to common stockholders was $5.6
million, or $0.12 of Adjusted EPS, compared to $17.1 million of
Adjusted net income and $16.9 million of Adjusted net income
attributable to common stockholders, or $0.24 of Adjusted EPS. In
the first quarter of 2023, the Company reported Adjusted EBITDA of
$46.8 million, compared to $49.6 million.
First-quarter 2023 Segment Results
(comparisons to first-quarter 2022)
Specialized Solutions Segment– During the first
quarter of 2023, Specialized Solutions segment revenue increased
1.8% to $230.7 million, compared to $226.6 million in the
prior-year period. Segment revenue growth resulted from strength in
the agriculture and energy end markets and the contribution from
the SJ Transportation acquisition, which was completed in the
prior-year quarter, and was partially offset by declines primarily
in the construction and manufacturing end markets. In the
current-year quarter, company-freight revenue increased 0.6% due to
a 5.0% increase in miles driven, partially offset by a 4.2%
decrease in company rate per mile, while owner-operator freight
revenue decreased 9.0% due to fewer miles driven, partially offset
by an increase in the rate per mile associated with incremental
high-security cargo loads. As compared to the prior-year quarter,
Logistics revenue increased $3.8 million primarily due to strong
commercial efforts to obtain incremental storage revenue generated
through warehousing. Brokerage revenue slightly increased in the
current-year quarter, primarily due to additional wind-energy
projects. Overall, the Specialized Solutions segment reported
approximately flat miles and realized an average rate per mile of
$3.31.
Income from operations in the first quarter of
2023 was $8.7 million, compared to $8.8 million, as inflationary
cost pressures, primarily expenses associated with revenue
growth—such as driver compensation—as well as operations and
maintenance expense, slightly outpaced revenue growth. Specialized
Solutions segment OR in the first quarter of 2023 was 96.2%
compared to 96.1%. In both the current-year quarter and prior-year
quarter, Adjusted income from operations and Adjusted OR were $15.5
million and 92.4%, respectively. In the first quarter of 2023, net
income decreased to $2.1 million, from $6.2 million in the
prior-year quarter, primarily due to increased interest expense
associated with rising interest rates. In the current-year quarter,
Adjusted EBITDA increased slightly to $27.9 million, compared to
$27.3 million.
Flatbed Solutions Segment– During the first
quarter of 2023, Flatbed Solutions revenue was $169.1 million,
compared to $194.4 million, with the year-over-year decline driven
by a 9.3% degradation in rate per mile to $2.34. Flatbed Solutions
segment increased the average length of haul by 5.3% year over
year, and exited the current-period quarter with 1.6% lower
deadhead than the exit rate in the prior-year quarter. Strength
primarily in the manufacturing end market was more than offset by a
decline in the steel and construction end markets. Company freight
revenue increased 8.7% due to a 20.9% increase in miles driven,
partially offset by a 10.1% decrease in the company rate per mile.
Owner-operator freight decreased 15.7% due to decreases in miles
driven and owner-operator rate per mile. In the current-year
quarter, average company-owned tractors increased 19.3%, while
average owner-operator tractors decreased 3.4%. Our asset-right
strategy typically amplifies use of brokerage service in strong
rate environments; accordingly, brokerage revenue decreased 43.1%
in the current-year quarter.
Following the decline in revenue, income from
operations in the first quarter of 2023 was $3.2 million, compared
to $9.4 million. In the first quarter of 2023, Flatbed Solutions OR
was 98.1%, compared to 95.2%, due to lower revenue combined with
inflationary cost pressures in items such as operations and
maintenance, and driver compensation, as well as ordinary costs
associated with the 20.9% increase in miles driven. Adjusted income
from operations in the first quarter of 2023 was $7.5 million,
compared to $13.9 million. Adjusted OR was 94.8% in the first
quarter of 2023, compared to 91.9%. Net loss was $1.6 million in
the first quarter of 2023, compared to net income of $6.8 million,
primarily due to increased interest expense associated with rising
interest rates and incremental depreciation and amortization
expenses. Adjusted EBITDA was $18.9 million, compared to $22.3
million.
Cash, Liquidity, and Capital Allocation
Summary
As of March 31, 2023, Daseke reported cash
and cash equivalents of $161.3 million, as well as $104.6 million
available under its revolving credit facility, for total available
liquidity of $265.9 million—a modest improvement compared to
December 31, 2022. Total debt was $668.7 million as of
March 31, 2023, approximately equal to the prior quarter
end.
Subsequent to March 31, 2023, Daseke used
$50.0 million of cash on hand to reduce the term-loan balance to
$342.0 million, resulting in pro forma total debt of $618.7
million, effecting meaningful progress toward the previously stated
long-term gross-leverage target of 1.5 to 2.0 times total debt to
Adjusted EBITDA. Additionally, Daseke used $20.3 million of cash on
hand to redeem all Series B-1 preferred shares that were then
receiving 13% cash dividends. By removing these shares, the Company
will no longer pay the associated $2.6 million in annual dividends.
Pro forma for these transactions, EPS would have improved $0.03 in
the first quarter of 2023. Pro forma for these transactions, total
available liquidity was $195.6 million, including a cash and cash
equivalents balance of $91.0 million and $104.6 million available
under its revolving credit facility, as of March 31, 2023.
For the first quarter 2023, net cash provided by
operating activities was $31.0 million, cash capital expenditures
were $9.3 million, and cash proceeds from the sale of property and
equipment were $12.0 million, resulting in Free Cash Flow of $33.7
million, reflecting improvement as compared to the prior-year
quarter and supporting Daseke's debt reduction goal.
Conference Call
Daseke will hold a conference call today at
11:00 a.m. Eastern time to discuss its first-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
accompanying presentation slides available on the Investors tab of
the Company’s website at www.daseke.com. Participants are
encouraged to join via a listen-only mode with this link:
https://edge.media-server.com/mmc/p/jsphwmsp. 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. Presentation materials will also be posted at the
time of the call at investor.daseke.com.
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
decisionmaker with intersegment revenues and expenses eliminated at
the applicable reportable segment level, as wellas 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
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 months ended
March 31, 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.
Pro Forma Adjustments
All figures indicated as pro forma net income,
pro forma EPS loss, pro forma Adjusted Net Income and pro forma
Adjusted EPS in this news release give effect to (1) the Series B-1
redemption as though it had occurred on December 31, 2022, thereby
reducing Series B preferred dividends by approximately $0.7 million
for the three months ended March 31, 2023 and (2) the $50.0 million
term loan prepayment as though it had occurred on December 31,
2022, thereby reducing interest expense by approximately $1.1
million, increasing income taxes by $0.5 million, thus increasing
net income by $0.6 million for the three months ended March 31,
2023.
All figures indicated as total available pro
forma liquidity, pro forma total debt, pro forma total cash and
cash equivalents in this news release give effect to the term loan
prepayment and Series B-1 redemption as though they had occurred on
March 31, 2023.
Use of Non-GAAP Measures
This news release includes non-GAAP financial
measures for the Company and its reporting segments, including
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income from
operations, Adjusted net income (loss), Adjusted net income (loss)
attributable to common stockholders, Adjusted EPS, Adjusted
Operating Ratio, Free Cash Flow, and Net revenue.
Please note that the non-GAAP measures described
below are not a substitute for, or more meaningful than, net income
(loss), net income (loss) margin, income from operations, net
income (loss) attributable to common stockholders, EPS, operating
ratio, cash flows from operating activities, revenue, or any other
measure prescribed by GAAP, and there are limitations to using
non-GAAP measures. Certain items excluded from these non-GAAP
measures are significant components in understanding and assessing
a company’s financial performance, such as a company’s cost of
capital, tax structure, and the historic costs of depreciable
assets. Also, other companies in Daseke’s industry may define these
non‐GAAP measures differently than Daseke does, and as a result, it
may be difficult to use these non‐GAAP measures to compare the
performance of those companies to Daseke’s performance. Because of
these limitations, these non-GAAP measures should not be considered
a measure of the income generated by Daseke’s business or
discretionary cash available to it to invest in the growth of its
business. Daseke’s management compensates for these limitations by
relying primarily on Daseke’s GAAP results and using these non-GAAP
measures supplementally.
The reconciliation of these non‐GAAP measures to
the nearest comparable GAAP measures are found in the tables
below.
Adjusted EBITDA and Adjusted EBITDA margin
Daseke defines Adjusted EBITDA as net income
(loss) plus (i) depreciation and amortization, (ii) interest
expense, net, (iii) income taxes, and (iv) other material items
that management believes do not reflect our core operating
performance. Adjusted EBITDA margin is defined as Adjusted EBITDA
divided by net revenue.
Previously, the Company defined Adjusted EBITDA
margin as Adjusted EBITDA divided by total revenue. However, 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. The
comparative period was also adjusted based on the revised
definition. See following tables for net income (loss) margin and
Adjusted EBITDA margin for the three and twelve months ended
December 31, 2022 using 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 its performance and for business planning. Adjusted
EBITDA and Adjusted EBITDA margin assist them in comparing the
Company’s operating performance over various reporting periods on a
consistent basis because they remove from the Company’s operating
results the impact of items that, in their opinion, do not reflect
the Company’s core operating performance. Adjusted EBITDA and
Adjusted EBITDA margin also allow the Company to more effectively
evaluate its operating performance by comparing the results of
operations against its peers without regard to its or its peers’
financing method or capital structure. The Company’s method of
computing Adjusted EBITDA is substantially consistent with that
used in its debt covenants and is also routinely reviewed by its
executive management for that purpose. The Company believes its
presentation of Adjusted EBITDA and Adjusted EBITDA margin is
useful because it provides investors and industry analysts the same
information that the Company uses internally for purposes of
assessing its core operating performance.
Adjusted Net Income (Loss), Adjusted Net Income
(Loss) Attributable to Common Stockholders and Adjusted EPS
Daseke defines (i) Adjusted net income (loss) as
net income (loss) adjusted for material items that management
believes do not reflect our core operating performance, (ii)
Adjusted net income (loss) attributable to common stockholders as
the numerator for diluted EPS - adjusted net income available to
common stockholders - two class method and (iii) Adjusted EPS as
Adjusted net income (loss) available to common stockholders divided
by the weighted average number of shares of common stock
outstanding during the period under the two-class method.
The Company’s board of directors and executive
management team use these measures as key measures of its
performance and for business planning. These measures assist them
in comparing its operating performance over various reporting
periods on a consistent basis because it removes from operating
results the impact of items that, in its opinion, do not reflect
the Company’s core operating performance. The Company believes its
presentation of these measures is useful because it provides
investors and industry analysts the same information that it uses
internally for purposes of assessing its core operating
performance.
Adjusted Income (Loss) from Operations and
Adjusted Operating Ratio
The Company uses Adjusted income (loss) from
operations and Adjusted OR as a supplement to its GAAP results in
evaluating certain aspects of its business, as described below. The
Company defines Adjusted income (loss) from operations as (a) total
revenue less (b) Adjusted operating expenses. The Company defines
Adjusted operating expenses as total operating expenses, less
material items that management believes do not reflect our core
operating performance. The Company defines Adjusted OR as Adjusted
operating expenses, less fuel surcharge revenue as a percentage of
net revenue.
Previously, the Company defined Adjusted OR as
Adjusted operating expenses as a percentage of total revenue.
However, 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. The
comparative period was also adjusted based on the revised
definition. See following tables for Adjusted OR for the three and
twelve months ended December 31, 2022 using the revised
definition.
The Company’s board of directors and executive
management team view these non-GAAP measures and their key drivers
of revenue quality, growth, expense control, and operating
efficiency as very important measures of the Company’s performance.
These measures assist them in comparing the Company’s performance
over various reporting periods on a consistent basis because they
remove from operating results the impact of items that, in its
opinion, do not reflect the Company’s core operating performance.
The Company believes its presentation of these non-GAAP measures
are useful because they provide investors and industry analysts the
same information that it uses internally for purposes of assessing
its core operating profitability. In addition, fuel surcharge
revenue is often volatile and eliminating the impact of this source
of revenue from Adjusted OR affords a more consistent basis for
comparing this ratio between periods.
Free Cash Flow
Daseke defines Free Cash Flow as net cash
provided by operating activities less purchases of property and
equipment, plus proceeds from sale of property and equipment, as
such amounts are shown on the face of the Statements of Cash
Flows.
The Company’s board of directors and executive
management team use Free Cash Flow to assess the Company’s
liquidity and ability to repay maturing debt, fund operations, and
make additional investments. The Company believes Free Cash Flow
provides useful information to investors because it is an important
indicator of the Company’s liquidity, including its ability to
reduce debt, make strategic investments, and repurchase stock.
Net Revenue
Daseke defines Net revenue as revenue less fuel
surcharge (FSC). The Company’s board of directors and executive
management team use Net revenue to help assess the Company’s
revenue excluding the impact of fuel surcharge, which often
fluctuates with fuel cost. The Company believes that the
presentation of Net revenue is useful to investors because fuel
surcharge is often volatile and eliminating the impact of this
source of revenue affords a more consistent basis for comparing its
revenue between periods.
Management’s View of Core Operating
Performance
In the non-GAAP measures discussed above,
management refers to certain material items that management
believes do not reflect the Company’s core operating performance,
which management believes represents its performance in the
ordinary, ongoing and customary course of its operations.
Management views the Company’s core operating performance as its
operating results excluding the impact of items including, but not
limited to, stock-based compensation, impairments, amortization of
intangible assets, restructuring and business transformation costs,
severance, and all income and expenses related to the Aveda
Transportation and Energy Services (Aveda) business. Management
believes excluding these items enables investors to evaluate more
clearly and consistently the Company’s core operating performance
in the same manner that management evaluates its core operating
performance.
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. GriffinVice 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 |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
Company freight |
|
$ |
160.3 |
|
|
$ |
156.0 |
|
Owner operator freight |
|
|
112.2 |
|
|
|
129.8 |
|
Brokerage |
|
|
60.6 |
|
|
|
78.2 |
|
Logistics |
|
|
15.2 |
|
|
|
11.4 |
|
Fuel surcharge |
|
|
51.5 |
|
|
|
45.6 |
|
Total revenue |
|
|
399.8 |
|
|
|
421.0 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
|
105.2 |
|
|
|
97.5 |
|
Fuel |
|
|
35.6 |
|
|
|
35.1 |
|
Operations and maintenance |
|
|
42.1 |
|
|
|
35.3 |
|
Purchased freight |
|
|
144.4 |
|
|
|
171.6 |
|
Administrative |
|
|
18.8 |
|
|
|
17.3 |
|
Taxes and licenses |
|
|
3.8 |
|
|
|
3.6 |
|
Insurance and claims |
|
|
16.7 |
|
|
|
23.4 |
|
Acquisition-related transaction expenses |
|
|
0.4 |
|
|
|
1.4 |
|
Depreciation and amortization |
|
|
25.1 |
|
|
|
21.6 |
|
Gain on disposition of property and equipment |
|
|
(5.2 |
) |
|
|
(4.6 |
) |
Restructuring charges |
|
|
1.0 |
|
|
|
0.6 |
|
Total operating expenses |
|
|
387.9 |
|
|
|
402.8 |
|
Income from operations |
|
|
11.9 |
|
|
|
18.2 |
|
|
|
|
|
|
|
|
Other
expense (income): |
|
|
|
|
|
|
Interest income |
|
|
(1.4 |
) |
|
|
(0.1 |
) |
Interest expense |
|
|
12.6 |
|
|
|
7.1 |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
(4.7 |
) |
Other |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
Total other expense |
|
|
11.0 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
0.9 |
|
|
|
16.4 |
|
Income
tax expense |
|
|
0.4 |
|
|
|
3.4 |
|
Net income |
|
|
0.5 |
|
|
|
13.0 |
|
Other
comprehensive loss: |
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(0.1 |
) |
|
|
1.1 |
|
Comprehensive income |
|
$ |
0.4 |
|
|
$ |
14.1 |
|
|
|
|
|
|
|
|
Net
income |
|
$ |
0.5 |
|
|
$ |
13.0 |
|
Less dividends to Series A convertible preferred stockholders |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
Less dividends to Series B perpetual preferred stockholders |
|
|
(1.5 |
) |
|
|
— |
|
Net income (loss) attributable to common stockholders |
|
$ |
(2.2 |
) |
|
$ |
11.8 |
|
Earnings
(loss) per common share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.19 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
45,143,654 |
|
|
|
62,891,317 |
|
Diluted |
|
|
45,143,654 |
|
|
|
65,433,575 |
|
Dividends declared per Series A convertible preferred share |
|
$ |
1.91 |
|
|
$ |
1.91 |
|
Dividends declared per Series B perpetual preferred share |
|
$ |
21.94 |
|
|
$ |
— |
|
DASEKE, INC AND SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
161.3 |
|
|
$ |
|
153.4 |
|
Accounts receivable, net of allowance of $1.8 and $2.3 at March 31,
2023 and December 31, 2022, respectively |
|
|
|
175.3 |
|
|
|
|
179.0 |
|
Drivers’ advances and other receivables |
|
|
|
7.7 |
|
|
|
|
7.9 |
|
Other current assets |
|
|
|
35.6 |
|
|
|
|
37.9 |
|
Total current assets |
|
|
|
379.9 |
|
|
|
|
378.2 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
|
493.5 |
|
|
|
|
488.3 |
|
Intangible assets, net |
|
|
|
79.1 |
|
|
|
|
80.6 |
|
Goodwill |
|
|
|
137.3 |
|
|
|
|
137.3 |
|
Right-of-use assets |
|
|
|
105.1 |
|
|
|
|
107.6 |
|
Other
non-current assets |
|
|
|
2.9 |
|
|
|
|
3.4 |
|
Total assets |
|
$ |
|
1,197.8 |
|
|
$ |
|
1,195.4 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
|
18.3 |
|
|
$ |
|
14.7 |
|
Accrued expenses and other liabilities |
|
|
|
46.3 |
|
|
|
|
44.9 |
|
Accrued payroll, benefits and related taxes |
|
|
|
27.0 |
|
|
|
|
30.8 |
|
Accrued insurance and claims |
|
|
|
41.1 |
|
|
|
|
40.6 |
|
Current portion of long-term debt |
|
|
|
80.8 |
|
|
|
|
78.4 |
|
Current operating lease liabilities |
|
|
|
34.7 |
|
|
|
|
34.4 |
|
Total current liabilities |
|
|
|
248.2 |
|
|
|
|
243.8 |
|
|
|
|
|
|
|
|
|
|
Line of
credit |
|
|
|
— |
|
|
|
|
— |
|
Long-term debt, net of current portion |
|
|
|
581.8 |
|
|
|
|
582.3 |
|
Deferred
tax liabilities |
|
|
|
95.9 |
|
|
|
|
95.0 |
|
Non-current operating lease liabilities |
|
|
|
76.7 |
|
|
|
|
79.6 |
|
Other
non-current liabilities |
|
|
|
1.8 |
|
|
|
|
1.7 |
|
Total liabilities |
|
|
|
1,004.4 |
|
|
|
|
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 March 31, 2023 and December 31, 2022 |
|
|
|
65.0 |
|
|
|
|
65.0 |
|
Series B perpetual preferred stock, $0.0001 par value; 67,597
shares issued and outstanding with liquidation preference of $67.6
at March 31, 2023 and December 31, 2022 |
|
|
|
67.6 |
|
|
|
|
67.6 |
|
Common stock, par value $0.0001 per share; 250,000,000 shares
authorized, 45,186,400 and 45,028,041 shares issued and outstanding
at March 31, 2023 and December 31, 2022, respectively |
|
|
|
— |
|
|
|
|
— |
|
Additional paid-in-capital |
|
|
|
295.8 |
|
|
|
|
293.1 |
|
Accumulated deficit |
|
|
|
(234.5 |
) |
|
|
|
(232.3 |
) |
Accumulated other comprehensive loss |
|
|
|
(0.5 |
) |
|
|
|
(0.4 |
) |
Total stockholders’ equity |
|
|
|
193.4 |
|
|
|
|
193.0 |
|
Total liabilities and stockholders’ equity |
|
$ |
|
1,197.8 |
|
|
$ |
|
1,195.4 |
|
DASEKE, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Dollars in millions) |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$ |
0.5 |
|
|
$ |
13.0 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
23.6 |
|
|
|
19.9 |
|
Amortization of intangible assets |
|
|
1.5 |
|
|
|
1.7 |
|
Amortization of deferred financing fees |
|
|
0.3 |
|
|
|
0.3 |
|
Non-cash operating lease expense |
|
|
(0.1 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
(4.7 |
) |
Stock-based compensation expense |
|
|
5.1 |
|
|
|
4.2 |
|
Deferred taxes |
|
|
0.8 |
|
|
|
0.3 |
|
Bad debt expense (recovery) |
|
|
(0.4 |
) |
|
|
0.1 |
|
Gain on disposition of property and equipment |
|
|
(5.2 |
) |
|
|
(4.6 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
4.1 |
|
|
|
(26.4 |
) |
Drivers’ advances and other receivables |
|
|
0.3 |
|
|
|
(4.7 |
) |
Other current assets |
|
|
2.7 |
|
|
|
4.3 |
|
Accounts payable |
|
|
4.4 |
|
|
|
5.4 |
|
Accrued expenses and other liabilities |
|
|
(6.6 |
) |
|
|
20.4 |
|
Net cash provided by operating activities |
|
|
31.0 |
|
|
|
29.2 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(9.3 |
) |
|
|
(8.8 |
) |
Proceeds from sale of property and equipment |
|
|
12.0 |
|
|
|
11.5 |
|
Cash paid for acquisitions, net of cash received |
|
|
— |
|
|
|
(19.3 |
) |
Net cash (used in) provided by investing activities |
|
|
2.7 |
|
|
|
(16.6 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Advances on line of credit |
|
|
402.4 |
|
|
|
422.1 |
|
Repayments on line of credit |
|
|
(402.4 |
) |
|
|
(422.1 |
) |
Principal payments on long-term debt |
|
|
(22.3 |
) |
|
|
(15.3 |
) |
Exercise of stock options, net |
|
|
— |
|
|
|
0.8 |
|
Exercise of warrants |
|
|
— |
|
|
|
9.4 |
|
Series A convertible preferred stock dividends |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
Series B perpetual preferred stock dividends |
|
|
(2.3 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(25.8 |
) |
|
|
(6.3 |
) |
|
|
|
|
|
|
|
Effect
of exchange rates on cash and cash equivalents |
|
|
— |
|
|
|
(0.3 |
) |
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
|
7.9 |
|
|
|
6.0 |
|
Cash and
cash equivalents – beginning of period |
|
|
153.4 |
|
|
|
147.5 |
|
Cash and
cash equivalents – end of period |
|
$ |
161.3 |
|
|
$ |
153.5 |
|
DASEKE, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS –
(Continued) |
(Unaudited) |
(Dollars in millions) |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Supplemental disclosure of cash flow
information |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
12.3 |
|
|
$ |
7.1 |
|
Cash paid for income taxes |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
|
|
|
|
|
|
Noncash investing and financing activities |
|
|
|
|
|
|
Property and equipment acquired with debt or finance lease
obligations |
|
$ |
23.8 |
|
|
$ |
7.3 |
|
Right-of-use assets acquired |
|
$ |
7.3 |
|
|
$ |
8.1 |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow |
|
(Unaudited) |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Net cash provided by operating activities |
|
$ |
|
31.0 |
|
|
$ |
|
29.2 |
|
Purchases of property and
equipment |
|
|
|
(9.3 |
) |
|
|
|
(8.8 |
) |
Proceeds from sale of property
and equipment |
|
|
|
12.0 |
|
|
|
|
11.5 |
|
Free Cash
Flow |
|
$ |
|
33.7 |
|
|
$ |
|
31.9 |
|
Daseke, Inc. and Subsidiaries |
Consolidated Supplemental Information |
(Unaudited) |
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
160.3 |
|
|
|
40.1 |
|
% |
|
$ |
156.0 |
|
|
|
37.1 |
|
% |
|
$ |
4.3 |
|
|
|
2.8 |
|
% |
Owner
operator freight |
|
|
112.2 |
|
|
|
28.1 |
|
|
|
|
129.8 |
|
|
|
30.8 |
|
|
|
|
(17.6 |
) |
|
|
(13.6 |
) |
|
Brokerage |
|
|
60.6 |
|
|
|
15.2 |
|
|
|
|
78.2 |
|
|
|
18.6 |
|
|
|
|
(17.6 |
) |
|
|
(22.5 |
) |
|
Logistics |
|
|
15.2 |
|
|
|
3.8 |
|
|
|
|
11.4 |
|
|
|
2.7 |
|
|
|
|
3.8 |
|
|
|
33.3 |
|
|
Fuel
surcharge |
|
|
51.5 |
|
|
|
12.8 |
|
|
|
|
45.6 |
|
|
|
10.8 |
|
|
|
|
5.9 |
|
|
|
12.9 |
|
|
Total revenue |
|
$ |
399.8 |
|
|
|
100.0 |
|
% |
|
$ |
421.0 |
|
|
|
100.0 |
|
% |
|
$ |
(21.2 |
) |
|
|
(5.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
$ |
105.2 |
|
|
|
26.3 |
|
% |
|
$ |
97.5 |
|
|
|
23.2 |
|
% |
|
$ |
7.7 |
|
|
|
7.9 |
|
% |
Fuel |
|
|
35.6 |
|
|
|
8.9 |
|
|
|
|
35.1 |
|
|
|
8.3 |
|
|
|
|
0.5 |
|
|
|
1.4 |
|
|
Operations and maintenance |
|
|
42.1 |
|
|
|
10.5 |
|
|
|
|
35.3 |
|
|
|
8.4 |
|
|
|
|
6.8 |
|
|
|
19.3 |
|
|
Purchased freight |
|
|
144.4 |
|
|
|
36.1 |
|
|
|
|
171.6 |
|
|
|
40.8 |
|
|
|
|
(27.2 |
) |
|
|
(15.9 |
) |
|
Administrative |
|
|
18.8 |
|
|
|
4.7 |
|
|
|
|
17.3 |
|
|
|
4.1 |
|
|
|
|
1.5 |
|
|
|
8.7 |
|
|
Taxes
and licenses |
|
|
3.8 |
|
|
|
1.0 |
|
|
|
|
3.6 |
|
|
|
0.9 |
|
|
|
|
0.2 |
|
|
|
5.6 |
|
|
Insurance and claims |
|
|
16.7 |
|
|
|
4.2 |
|
|
|
|
23.4 |
|
|
|
5.6 |
|
|
|
|
(6.7 |
) |
|
|
(28.6 |
) |
|
Acquisition-related transaction expenses |
|
|
0.4 |
|
|
|
0.1 |
|
|
|
|
1.4 |
|
|
|
0.3 |
|
|
|
|
(1.0 |
) |
|
|
(71.4 |
) |
|
Depreciation and amortization |
|
|
25.1 |
|
|
|
6.3 |
|
|
|
|
21.6 |
|
|
|
5.1 |
|
|
|
|
3.5 |
|
|
|
16.2 |
|
|
Gain on
disposition of revenue property and equipment |
|
|
(5.2 |
) |
|
|
(1.2 |
) |
|
|
|
(4.6 |
) |
|
|
(1.1 |
) |
|
|
|
(0.6 |
) |
|
|
13.0 |
|
|
Restructuring charges |
|
|
1.0 |
|
|
|
0.3 |
|
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
|
0.4 |
|
|
|
66.7 |
|
|
Total operating expenses |
|
$ |
387.9 |
|
|
|
97.0 |
|
% |
|
$ |
402.8 |
|
|
|
95.7 |
|
% |
|
$ |
(14.9 |
) |
|
|
(3.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS |
|
$ |
11.9 |
|
|
|
3.0 |
|
% |
|
$ |
18.2 |
|
|
|
4.3 |
|
% |
|
$ |
(6.3 |
) |
|
|
(34.6 |
) |
% |
ADJUSTED INCOME FROM OPERATIONS |
|
$ |
23.0 |
|
|
|
5.8 |
|
% |
|
$ |
29.4 |
|
|
|
7.0 |
|
% |
|
$ |
(6.4 |
) |
|
|
(21.8 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
(1.4 |
) |
|
|
(0.4 |
) |
% |
|
$ |
(0.1 |
) |
|
|
— |
|
% |
|
$ |
(1.3 |
) |
|
|
1,300.0 |
|
% |
Interest
expense |
|
|
12.6 |
|
|
|
3.2 |
|
|
|
|
7.1 |
|
|
|
1.7 |
|
|
|
|
5.5 |
|
|
|
77.5 |
|
|
Change
in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
|
(4.7 |
) |
|
|
(1.1 |
) |
|
|
|
4.7 |
|
|
|
(100.0 |
) |
|
Other |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
|
0.3 |
|
|
|
(60.0 |
) |
|
Total other expense |
|
$ |
11.0 |
|
|
|
2.8 |
|
% |
|
$ |
1.8 |
|
|
|
0.4 |
|
% |
|
$ |
9.2 |
|
|
|
511.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
0.9 |
|
|
|
0.2 |
|
% |
|
$ |
16.4 |
|
|
|
3.9 |
|
% |
|
$ |
(15.5 |
) |
|
|
(94.5 |
) |
% |
Income
tax expense |
|
|
0.4 |
|
|
|
0.1 |
|
|
|
|
3.4 |
|
|
|
0.8 |
|
|
|
|
(3.0 |
) |
|
|
(88.2 |
) |
|
Net income |
|
$ |
0.5 |
|
|
|
0.1 |
|
|
|
$ |
13.0 |
|
|
|
3.1 |
|
|
|
$ |
(12.5 |
) |
|
|
(96.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
miles |
|
|
56.9 |
|
|
|
|
|
|
|
51.8 |
|
|
|
|
|
|
|
5.1 |
|
|
|
9.8 |
|
% |
Owner
operator miles |
|
|
40.3 |
|
|
|
|
|
|
|
44.8 |
|
|
|
|
|
|
|
(4.5 |
) |
|
|
(10.0 |
) |
|
Total
miles (in millions)(1) |
|
|
97.2 |
|
|
|
|
|
|
|
96.6 |
|
|
|
|
|
|
|
0.6 |
|
|
|
0.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per
mile(2) |
|
$ |
2.80 |
|
|
|
|
|
|
$ |
2.96 |
|
|
|
|
|
|
$ |
(0.16 |
) |
|
|
(5.4 |
) |
% |
Revenue
per tractor(3) |
|
$ |
55,800 |
|
|
|
|
|
|
$ |
61,900 |
|
|
|
|
|
|
$ |
(6,100 |
) |
|
|
(9.9 |
) |
|
Operating ratio |
|
|
97.0 |
% |
|
|
|
|
|
|
95.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Ratio |
|
|
93.4 |
% |
|
|
|
|
|
|
92.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned tractors, at quarter-end |
|
|
2,907 |
|
|
|
|
|
|
|
2,518 |
|
|
|
|
|
|
|
389 |
|
|
|
15.4 |
|
% |
Owner
operator tractors, at quarter-end |
|
|
1,907 |
|
|
|
|
|
|
|
2,047 |
|
|
|
|
|
|
|
(140 |
) |
|
|
(6.8 |
) |
|
Number
of trailers, at quarter-end |
|
|
11,076 |
|
|
|
|
|
|
|
11,051 |
|
|
|
|
|
|
|
25 |
|
|
|
0.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
owned tractors, average for the quarter |
|
|
2,930 |
|
|
|
|
|
|
|
2,556 |
|
|
|
|
|
|
|
374 |
|
|
|
14.6 |
|
% |
Owner
operator tractors, average for the quarter |
|
|
1,956 |
|
|
|
|
|
|
|
2,060 |
|
|
|
|
|
|
|
(104 |
) |
|
|
(5.0 |
) |
|
Total
tractors, average for the quarter |
|
|
4,886 |
|
|
|
|
|
|
|
4,616 |
|
|
|
|
|
|
|
270 |
|
|
|
5.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
(2) 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. |
(3) 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. |
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Specialized
Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
115.4 |
|
|
|
50.0 |
|
% |
|
$ |
|
114.7 |
|
|
|
50.6 |
|
% |
|
$ |
|
0.7 |
|
|
|
0.6 |
|
% |
Owner operator freight |
|
|
|
38.3 |
|
|
|
16.6 |
|
|
|
|
|
42.1 |
|
|
|
18.6 |
|
|
|
|
|
(3.8 |
) |
|
|
(9.0 |
) |
|
Brokerage |
|
|
|
37.2 |
|
|
|
16.1 |
|
|
|
|
|
37.1 |
|
|
|
16.4 |
|
|
|
|
|
0.1 |
|
|
|
0.3 |
|
|
Logistics |
|
|
|
14.2 |
|
|
|
6.2 |
|
|
|
|
|
10.4 |
|
|
|
4.6 |
|
|
|
|
|
3.8 |
|
|
|
36.5 |
|
|
Fuel surcharge |
|
|
|
25.6 |
|
|
|
11.1 |
|
|
|
|
|
22.3 |
|
|
|
9.8 |
|
|
|
|
|
3.3 |
|
|
|
14.8 |
|
|
Total revenue |
|
$ |
|
230.7 |
|
|
|
100.0 |
|
% |
|
$ |
|
226.6 |
|
|
|
100.0 |
|
% |
|
$ |
|
4.1 |
|
|
|
1.8 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
70.6 |
|
|
|
30.6 |
|
|
|
$ |
|
66.1 |
|
|
|
29.2 |
|
% |
|
$ |
|
4.5 |
|
|
|
6.8 |
|
% |
Fuel |
|
|
|
25.1 |
|
|
|
10.9 |
|
|
|
|
|
25.2 |
|
|
|
11.1 |
|
|
|
|
|
(0.1 |
) |
|
|
(0.4 |
) |
|
Operations and
maintenance |
|
|
|
30.1 |
|
|
|
13.0 |
|
|
|
|
|
24.8 |
|
|
|
10.9 |
|
|
|
|
|
5.3 |
|
|
|
21.4 |
|
|
Purchased freight |
|
|
|
61.3 |
|
|
|
26.6 |
|
|
|
|
|
64.6 |
|
|
|
28.5 |
|
|
|
|
|
(3.3 |
) |
|
|
(5.1 |
) |
|
Depreciation and
amortization |
|
|
|
13.1 |
|
|
|
5.7 |
|
|
|
|
|
12.5 |
|
|
|
5.5 |
|
|
|
|
|
0.6 |
|
|
|
4.8 |
|
|
Restructuring charges |
|
|
|
0.6 |
|
|
|
0.3 |
|
|
|
|
|
0.3 |
|
|
|
0.1 |
|
|
|
|
|
0.3 |
|
|
|
100.0 |
|
|
Other operating expenses |
|
|
|
21.2 |
|
|
|
9.2 |
|
|
|
|
|
24.3 |
|
|
|
10.7 |
|
|
|
|
|
(3.1 |
) |
|
|
(12.8 |
) |
|
Total operating expenses |
|
$ |
|
222.0 |
|
|
|
96.2 |
|
% |
|
$ |
|
217.8 |
|
|
|
96.1 |
|
% |
|
$ |
|
4.2 |
|
|
|
1.9 |
|
% |
INCOME FROM
OPERATIONS |
|
$ |
|
8.7 |
|
|
|
3.8 |
|
% |
|
$ |
|
8.8 |
|
|
|
3.9 |
|
% |
|
$ |
|
(0.1 |
) |
|
|
(1.1 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS |
|
$ |
|
15.5 |
|
|
|
6.7 |
|
% |
|
$ |
|
15.5 |
|
|
|
6.8 |
|
% |
|
$ |
|
— |
|
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
37.8 |
|
|
|
|
|
|
|
|
36.0 |
|
|
|
|
|
|
|
|
1.8 |
|
|
|
5.0 |
|
% |
Owner operator miles |
|
|
|
8.7 |
|
|
|
|
|
|
|
|
10.6 |
|
|
|
|
|
|
|
|
(1.9 |
) |
|
|
(17.9 |
) |
|
Total miles (in
millions)(1) |
|
|
|
46.5 |
|
|
|
|
|
|
|
|
46.6 |
|
|
|
|
|
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per mile(2) |
|
$ |
|
3.31 |
|
|
|
|
|
|
$ |
|
3.36 |
|
|
|
|
|
|
$ |
|
(0.05 |
) |
|
|
(1.5 |
) |
% |
Revenue per tractor(3) |
|
$ |
|
62,400 |
|
|
|
|
|
|
$ |
|
68,600 |
|
|
|
|
|
|
$ |
|
(6,200 |
) |
|
|
(9.0 |
) |
|
Operating ratio |
|
|
|
96.2 |
% |
|
|
|
|
|
|
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Ratio |
|
|
|
92.4 |
% |
|
|
|
|
|
|
|
92.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
2,002 |
|
|
|
|
|
|
|
|
1,795 |
|
|
|
|
|
|
|
|
207 |
|
|
|
11.5 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
420 |
|
|
|
|
|
|
|
|
479 |
|
|
|
|
|
|
|
|
(59 |
) |
|
|
(12.3 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
7,134 |
|
|
|
|
|
|
|
|
7,005 |
|
|
|
|
|
|
|
|
129 |
|
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
2,029 |
|
|
|
|
|
|
|
|
1,801 |
|
|
|
|
|
|
|
|
228 |
|
|
|
12.7 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
434 |
|
|
|
|
|
|
|
|
485 |
|
|
|
|
|
|
|
|
(51 |
) |
|
|
(10.5 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,463 |
|
|
|
|
|
|
|
|
2,286 |
|
|
|
|
|
|
|
|
177 |
|
|
|
7.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
(2) 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. |
|
|
(3) 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. |
|
|
Daseke, Inc. and Subsidiaries |
|
|
Supplemental Information: Flatbed Solutions |
|
|
(Unaudited) |
|
|
(Dollars in millions, except rate per mile and revenue per
tractor) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
|
Amount |
|
|
% |
|
Amount |
|
|
% |
|
Absolute |
|
|
Relative |
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
|
44.9 |
|
|
|
26.6 |
|
% |
|
$ |
|
41.3 |
|
|
|
21.2 |
|
% |
|
$ |
|
3.6 |
|
|
|
8.7 |
|
% |
Owner operator freight |
|
|
|
73.9 |
|
|
|
43.7 |
|
|
|
|
|
87.7 |
|
|
|
45.1 |
|
|
|
|
|
(13.8 |
) |
|
|
(15.7 |
) |
|
Brokerage |
|
|
|
23.4 |
|
|
|
13.8 |
|
|
|
|
|
41.1 |
|
|
|
21.1 |
|
|
|
|
|
(17.7 |
) |
|
|
(43.1 |
) |
|
Logistics |
|
|
|
1.0 |
|
|
|
0.6 |
|
|
|
|
|
1.0 |
|
|
|
0.5 |
|
|
|
|
|
— |
|
|
|
— |
|
|
Fuel surcharge |
|
|
|
25.9 |
|
|
|
15.3 |
|
|
|
|
|
23.3 |
|
|
|
12.1 |
|
|
|
|
|
2.6 |
|
|
|
11.2 |
|
|
Total revenue |
|
$ |
|
169.1 |
|
|
|
100.0 |
|
% |
|
$ |
|
194.4 |
|
|
|
100.0 |
|
% |
|
$ |
|
(25.3 |
) |
|
|
(13.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee
benefits |
|
$ |
|
34.6 |
|
|
|
20.5 |
|
% |
|
$ |
|
31.4 |
|
|
|
16.2 |
|
% |
|
$ |
|
3.2 |
|
|
|
10.2 |
|
% |
Fuel |
|
|
|
10.5 |
|
|
|
6.2 |
|
|
|
|
|
9.9 |
|
|
|
5.1 |
|
|
|
|
|
0.6 |
|
|
|
6.1 |
|
|
Operations and
maintenance |
|
|
|
12.0 |
|
|
|
7.1 |
|
|
|
|
|
10.5 |
|
|
|
5.4 |
|
|
|
|
|
1.5 |
|
|
|
14.3 |
|
|
Purchased freight |
|
|
|
83.1 |
|
|
|
49.1 |
|
|
|
|
|
107.0 |
|
|
|
55.0 |
|
|
|
|
|
(23.9 |
) |
|
|
(22.3 |
) |
|
Depreciation and
amortization |
|
|
|
12.0 |
|
|
|
7.1 |
|
|
|
|
|
9.1 |
|
|
|
4.7 |
|
|
|
|
|
2.9 |
|
|
|
31.9 |
|
|
Restructuring charges |
|
|
|
0.4 |
|
|
|
0.2 |
|
|
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
|
|
0.1 |
|
|
|
33.3 |
|
|
Other operating expenses |
|
|
|
13.3 |
|
|
|
7.9 |
|
|
|
|
|
16.8 |
|
|
|
8.6 |
|
|
|
|
|
(3.5 |
) |
|
|
(20.8 |
) |
|
Total operating expenses |
|
$ |
|
165.9 |
|
|
|
98.1 |
|
% |
|
$ |
|
185.0 |
|
|
|
95.2 |
|
% |
|
$ |
|
(19.1 |
) |
|
|
(10.3 |
) |
% |
INCOME FROM
OPERATIONS |
|
$ |
|
3.2 |
|
|
|
1.9 |
|
% |
|
$ |
|
9.4 |
|
|
|
4.8 |
|
% |
|
$ |
|
(6.2 |
) |
|
|
(66.0 |
) |
% |
ADJUSTED INCOME FROM
OPERATIONS |
|
$ |
|
7.5 |
|
|
|
4.4 |
|
% |
|
$ |
|
13.9 |
|
|
|
7.2 |
|
% |
|
$ |
|
(6.4 |
) |
|
|
(46.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
|
19.1 |
|
|
|
|
|
|
|
|
15.8 |
|
|
|
|
|
|
|
|
3.3 |
|
|
|
20.9 |
|
% |
Owner operator miles |
|
|
|
31.6 |
|
|
|
|
|
|
|
|
34.2 |
|
|
|
|
|
|
|
|
(2.6 |
) |
|
|
(7.6 |
) |
|
Total miles (in
millions)(1) |
|
|
|
50.7 |
|
|
|
|
|
|
|
|
50.0 |
|
|
|
|
|
|
|
|
0.7 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per mile(2) |
|
$ |
|
2.34 |
|
|
|
|
|
|
$ |
|
2.58 |
|
|
|
|
|
|
$ |
|
(0.24 |
) |
|
|
(9.3 |
) |
% |
Revenue per tractor(3) |
|
$ |
|
49,000 |
|
|
|
|
|
|
$ |
|
55,400 |
|
|
|
|
|
|
$ |
|
(6,400 |
) |
|
|
(11.6 |
) |
|
Operating ratio |
|
|
|
98.1 |
% |
|
|
|
|
|
|
|
95.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Ratio |
|
|
|
94.8 |
% |
|
|
|
|
|
|
|
91.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors, at
quarter-end |
|
|
|
905 |
|
|
|
|
|
|
|
|
723 |
|
|
|
|
|
|
|
|
182 |
|
|
|
25.2 |
|
% |
Owner operator tractors, at
quarter-end |
|
|
|
1,487 |
|
|
|
|
|
|
|
|
1,568 |
|
|
|
|
|
|
|
|
(81 |
) |
|
|
(5.2 |
) |
|
Number of trailers, at
quarter-end |
|
|
|
3,942 |
|
|
|
|
|
|
|
|
4,046 |
|
|
|
|
|
|
|
|
(104 |
) |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company owned tractors,
average for the quarter |
|
|
|
901 |
|
|
|
|
|
|
|
|
755 |
|
|
|
|
|
|
|
|
146 |
|
|
|
19.3 |
|
% |
Owner operator tractors,
average for the quarter |
|
|
|
1,522 |
|
|
|
|
|
|
|
|
1,575 |
|
|
|
|
|
|
|
|
(53 |
) |
|
|
(3.4 |
) |
|
Total tractors, average for
the quarter |
|
|
|
2,423 |
|
|
|
|
|
|
|
|
2,330 |
|
|
|
|
|
|
|
|
93 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
(2) 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. |
|
|
(3) 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. |
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Revenue to Net Revenue |
|
Reconciliation of Operating Ratio to Adjusted Operating
Ratio |
|
Reconciliation of Income from Operations to Adjusted Income
from Operations |
|
(Unaudited) |
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Consolidated |
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
Revenue |
|
$ |
|
399.8 |
|
|
$ |
|
421.0 |
|
|
$ |
|
169.1 |
|
|
$ |
|
194.4 |
|
|
$ |
|
230.7 |
|
|
$ |
|
226.6 |
|
Less: Fuel surcharge
revenue |
|
|
|
(51.5 |
) |
|
|
|
(45.6 |
) |
|
|
|
(25.9 |
) |
|
|
|
(23.3 |
) |
|
|
|
(25.6 |
) |
|
|
|
(22.3 |
) |
Net
Revenue |
|
$ |
|
348.3 |
|
|
$ |
|
375.4 |
|
|
$ |
|
143.2 |
|
|
$ |
|
171.1 |
|
|
$ |
|
205.1 |
|
|
$ |
|
204.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
399.8 |
|
|
$ |
|
421.0 |
|
|
$ |
|
169.1 |
|
|
$ |
|
194.4 |
|
|
$ |
|
230.7 |
|
|
$ |
|
226.6 |
|
Operating
expenses |
|
|
|
387.9 |
|
|
|
|
402.8 |
|
|
|
|
165.9 |
|
|
|
|
185.0 |
|
|
|
|
222.0 |
|
|
|
|
217.8 |
|
Income from Operations |
|
$ |
|
11.9 |
|
|
$ |
|
18.2 |
|
|
$ |
|
3.2 |
|
|
$ |
|
9.4 |
|
|
$ |
|
8.7 |
|
|
$ |
|
8.8 |
|
Operating ratio |
|
|
|
97.0 |
% |
|
|
|
95.7 |
% |
|
|
|
98.1 |
% |
|
|
|
95.2 |
% |
|
|
|
96.2 |
% |
|
|
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
5.1 |
|
|
|
|
4.2 |
|
|
|
|
2.0 |
|
|
|
|
1.9 |
|
|
|
|
3.1 |
|
|
|
|
2.3 |
|
Acquisition-related transaction expenses |
|
|
|
0.4 |
|
|
|
|
1.4 |
|
|
|
|
0.1 |
|
|
|
|
0.6 |
|
|
|
|
0.3 |
|
|
|
|
0.8 |
|
Restructuring charges |
|
|
|
1.0 |
|
|
|
|
0.6 |
|
|
|
|
0.4 |
|
|
|
|
0.3 |
|
|
|
|
0.6 |
|
|
|
|
0.3 |
|
Business transformation |
|
|
|
2.9 |
|
|
|
|
2.3 |
|
|
|
|
1.2 |
|
|
|
|
1.0 |
|
|
|
|
1.7 |
|
|
|
|
1.3 |
|
Severance |
|
|
|
0.1 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
— |
|
Amortization of intangible assets |
|
|
|
1.5 |
|
|
|
|
1.7 |
|
|
|
|
0.6 |
|
|
|
|
0.7 |
|
|
|
|
0.9 |
|
|
|
|
1.0 |
|
Aveda operating expenses, net |
|
|
|
0.1 |
|
|
|
|
1.0 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
1.0 |
|
Adjusted operating expenses |
|
|
|
376.8 |
|
|
|
|
391.6 |
|
|
|
|
161.6 |
|
|
|
|
180.5 |
|
|
|
|
215.2 |
|
|
|
|
211.1 |
|
Adjusted Income from Operations |
|
$ |
|
23.0 |
|
|
$ |
|
29.4 |
|
|
$ |
|
7.5 |
|
|
$ |
|
13.9 |
|
|
$ |
|
15.5 |
|
|
$ |
|
15.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
348.3 |
|
|
$ |
|
375.4 |
|
|
$ |
|
143.2 |
|
|
$ |
|
171.1 |
|
|
$ |
|
205.1 |
|
|
$ |
|
204.3 |
|
Adjusted operating
expenses |
|
|
|
376.8 |
|
|
|
|
391.6 |
|
|
|
|
161.6 |
|
|
|
|
180.5 |
|
|
|
|
215.2 |
|
|
|
|
211.1 |
|
Less: Fuel surcharge
revenue |
|
|
|
(51.5 |
) |
|
|
|
(45.6 |
) |
|
|
|
(25.9 |
) |
|
|
|
(23.3 |
) |
|
|
|
(25.6 |
) |
|
|
|
(22.3 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
325.3 |
|
|
$ |
|
346.0 |
|
|
$ |
|
135.7 |
|
|
$ |
|
157.2 |
|
|
$ |
|
189.6 |
|
|
$ |
|
188.8 |
|
Adjusted Operating Ratio |
|
|
|
93.4 |
% |
|
|
|
92.2 |
% |
|
|
|
94.8 |
% |
|
|
|
91.9 |
% |
|
|
|
92.4 |
% |
|
|
|
92.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
|
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, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Revenue |
|
$ |
|
165.3 |
|
|
$ |
|
242.9 |
|
|
$ |
|
408.2 |
|
|
Less: Fuel surcharge
revenue |
|
|
|
(27.9 |
) |
|
|
|
(29.8 |
) |
|
|
|
(57.7 |
) |
|
Net
Revenue |
|
$ |
|
137.4 |
|
|
$ |
|
213.1 |
|
|
$ |
|
350.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
165.3 |
|
|
$ |
|
242.9 |
|
|
$ |
|
408.2 |
|
|
Operating
expenses |
|
|
|
162.6 |
|
|
|
|
230.4 |
|
|
|
|
393.0 |
|
|
Income from Operations |
|
$ |
|
2.7 |
|
|
$ |
|
12.5 |
|
|
$ |
|
15.2 |
|
|
Operating ratio |
|
|
|
98.4 |
% |
|
|
|
94.9 |
% |
|
|
|
96.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
1.1 |
|
|
|
|
1.6 |
|
|
|
|
2.7 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
1.6 |
|
|
|
|
1.6 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.1 |
|
|
|
|
— |
|
|
|
|
0.1 |
|
|
Restructuring charges |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
Business transformation |
|
|
|
1.7 |
|
|
|
|
2.6 |
|
|
|
|
4.3 |
|
|
Severance |
|
|
|
0.3 |
|
|
|
|
0.2 |
|
|
|
|
0.5 |
|
|
Amortization of intangible assets |
|
|
|
0.7 |
|
|
|
|
1.0 |
|
|
|
|
1.7 |
|
|
Aveda operating expenses, net |
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
Adjusted operating expenses |
|
|
|
158.6 |
|
|
|
|
223.0 |
|
|
|
|
381.6 |
|
|
Adjusted Income from Operations |
|
$ |
|
6.7 |
|
|
$ |
|
19.9 |
|
|
$ |
|
26.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
137.4 |
|
|
$ |
|
213.1 |
|
|
$ |
|
350.5 |
|
|
Adjusted operating
expenses |
|
|
|
158.6 |
|
|
|
|
223.0 |
|
|
|
|
381.6 |
|
|
Less: Fuel surcharge
revenue |
|
|
|
(27.9 |
) |
|
|
|
(29.8 |
) |
|
|
|
(57.7 |
) |
|
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
130.7 |
|
|
$ |
|
193.2 |
|
|
$ |
|
323.9 |
|
|
Adjusted Operating Ratio |
|
|
|
95.1 |
% |
|
|
|
90.7 |
% |
|
|
|
92.4 |
% |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Operating Ratio to Adjusted Operating
Ratio |
|
Reconciliation of Income from Operations to Adjusted Income
from Operations |
|
(Unaudited) |
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
Revenue |
|
$ |
|
769.0 |
|
|
$ |
|
1,004.3 |
|
|
$ |
|
1,773.3 |
|
Less: Fuel surcharge
revenue |
|
|
|
(116.0 |
) |
|
|
|
(122.1 |
) |
|
|
|
(238.1 |
) |
Net
Revenue |
|
$ |
|
653.0 |
|
|
$ |
|
882.2 |
|
|
$ |
|
1,535.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
|
769.0 |
|
|
$ |
|
1,004.3 |
|
|
$ |
|
1,773.3 |
|
Operating
expenses |
|
|
|
729.9 |
|
|
|
|
945.0 |
|
|
|
|
1,674.9 |
|
Income from Operations |
|
$ |
|
39.1 |
|
|
$ |
|
59.3 |
|
|
$ |
|
98.4 |
|
Operating ratio |
|
|
|
94.9 |
% |
|
|
|
94.1 |
% |
|
|
|
94.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
4.9 |
|
|
|
|
6.6 |
|
|
|
|
11.5 |
|
Impairment |
|
|
|
— |
|
|
|
|
9.4 |
|
|
|
|
9.4 |
|
Acquisition-related transaction expenses |
|
|
|
1.6 |
|
|
|
|
2.2 |
|
|
|
|
3.8 |
|
Restructuring charges |
|
|
|
1.0 |
|
|
|
|
1.4 |
|
|
|
|
2.4 |
|
Business transformation |
|
|
|
4.5 |
|
|
|
|
6.1 |
|
|
|
|
10.6 |
|
Severance |
|
|
|
2.1 |
|
|
|
|
2.6 |
|
|
|
|
4.7 |
|
Amortization of intangible assets |
|
|
|
3.0 |
|
|
|
|
3.9 |
|
|
|
|
6.9 |
|
Aveda operating expenses, net |
|
|
|
— |
|
|
|
|
1.1 |
|
|
|
|
1.1 |
|
Adjusted operating expenses |
|
|
|
712.8 |
|
|
|
|
911.7 |
|
|
|
|
1,624.5 |
|
Adjusted Income from Operations |
|
$ |
|
56.2 |
|
|
$ |
|
92.6 |
|
|
$ |
|
148.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue |
|
$ |
|
653.0 |
|
|
$ |
|
882.2 |
|
|
$ |
|
1,535.2 |
|
Adjusted operating
expenses |
|
|
|
712.8 |
|
|
|
|
911.7 |
|
|
|
|
1,624.5 |
|
Less: Fuel surcharge
revenue |
|
|
|
(116.0 |
) |
|
|
|
(122.1 |
) |
|
|
|
(238.1 |
) |
Adjusted operating
expenses, net of fuel surcharge |
|
$ |
|
596.8 |
|
|
$ |
|
789.6 |
|
|
$ |
|
1,386.4 |
|
Adjusted Operating Ratio |
|
|
|
91.4 |
% |
|
|
|
89.5 |
% |
|
|
|
90.3 |
% |
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 |
|
|
|
|
March 31, 2023 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Net income (loss) |
|
$ |
|
(1.6 |
) |
|
$ |
|
2.1 |
|
|
$ |
|
0.5 |
|
|
Depreciation and amortization |
|
|
|
12.0 |
|
|
|
|
13.1 |
|
|
|
|
25.1 |
|
|
Interest income |
|
|
|
(0.6 |
) |
|
|
|
(0.8 |
) |
|
|
|
(1.4 |
) |
|
Interest expense |
|
|
|
5.3 |
|
|
|
|
7.3 |
|
|
|
|
12.6 |
|
|
Income tax expense |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
Stock based compensation |
|
|
|
2.0 |
|
|
|
|
3.1 |
|
|
|
|
5.1 |
|
|
Restructuring charges |
|
|
|
0.4 |
|
|
|
|
0.6 |
|
|
|
|
1.0 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
Business transformation |
|
|
|
1.2 |
|
|
|
|
1.7 |
|
|
|
|
2.9 |
|
|
Severance |
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
0.1 |
|
|
|
|
0.1 |
|
|
Adjusted
EBITDA |
|
$ |
|
18.9 |
|
|
$ |
|
27.9 |
|
|
$ |
|
46.8 |
|
|
Total
revenue |
|
|
|
169.1 |
|
|
|
|
230.7 |
|
|
|
|
399.8 |
|
|
Net
revenue |
|
|
|
143.2 |
|
|
|
|
205.1 |
|
|
|
|
348.3 |
|
|
Net income (loss)
margin |
|
|
|
(0.9 |
) |
% |
|
|
0.9 |
|
% |
|
|
0.1 |
|
% |
Adjusted EBITDA
margin |
|
|
|
13.2 |
|
% |
|
|
13.6 |
|
% |
|
|
13.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
March 31, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Net income |
|
$ |
|
6.8 |
|
|
$ |
|
6.2 |
|
|
$ |
|
13.0 |
|
|
Depreciation and amortization |
|
|
|
9.1 |
|
|
|
|
12.5 |
|
|
|
|
21.6 |
|
|
Interest income |
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
|
(0.1 |
) |
|
Interest expense |
|
|
|
3.1 |
|
|
|
|
4.0 |
|
|
|
|
7.1 |
|
|
Income tax expense |
|
|
|
1.7 |
|
|
|
|
1.7 |
|
|
|
|
3.4 |
|
|
Stock based compensation |
|
|
|
1.9 |
|
|
|
|
2.3 |
|
|
|
|
4.2 |
|
|
Restructuring charges |
|
|
|
0.3 |
|
|
|
|
0.3 |
|
|
|
|
0.6 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.6 |
|
|
|
|
0.8 |
|
|
|
|
1.4 |
|
|
Business transformation |
|
|
|
1.0 |
|
|
|
|
1.3 |
|
|
|
|
2.3 |
|
|
Change in fair value of warrant liability |
|
|
|
(2.1 |
) |
|
|
|
(2.6 |
) |
|
|
|
(4.7 |
) |
|
Aveda expenses, net |
|
|
|
— |
|
|
|
|
0.8 |
|
|
|
|
0.8 |
|
|
Adjusted
EBITDA |
|
$ |
|
22.3 |
|
|
$ |
|
27.3 |
|
|
$ |
|
49.6 |
|
|
Total
revenue |
|
|
|
194.4 |
|
|
|
|
226.6 |
|
|
|
|
421.0 |
|
|
Net
revenue |
|
|
|
171.1 |
|
|
|
|
204.3 |
|
|
|
|
375.4 |
|
|
Net income
margin |
|
|
|
3.5 |
|
% |
|
|
2.7 |
|
% |
|
|
3.1 |
|
% |
Adjusted EBITDA
margin |
|
|
|
13.0 |
|
% |
|
|
13.4 |
|
% |
|
|
13.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Net income |
|
$ |
|
1.6 |
|
|
$ |
|
5.3 |
|
|
$ |
|
6.9 |
|
|
Depreciation and amortization |
|
|
|
11.2 |
|
|
|
|
13.4 |
|
|
|
|
24.6 |
|
|
Interest income |
|
|
|
(0.7 |
) |
|
|
|
(0.6 |
) |
|
|
|
(1.3 |
) |
|
Interest expense |
|
|
|
4.8 |
|
|
|
|
6.8 |
|
|
|
|
11.6 |
|
|
Income tax expense (benefit) |
|
|
|
(3.0 |
) |
|
|
|
1.6 |
|
|
|
|
(1.4 |
) |
|
Stock based compensation |
|
|
|
1.1 |
|
|
|
|
1.6 |
|
|
|
|
2.7 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
1.6 |
|
|
|
|
1.6 |
|
|
Restructuring charges |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.4 |
|
|
Acquisition-related transaction expenses |
|
|
|
0.1 |
|
|
|
|
— |
|
|
|
|
0.1 |
|
|
Business transformation |
|
|
|
1.7 |
|
|
|
|
2.6 |
|
|
|
|
4.3 |
|
|
Severance |
|
|
|
0.3 |
|
|
|
|
0.2 |
|
|
|
|
0.5 |
|
|
Aveda (income) expenses, net |
|
|
|
— |
|
|
|
|
(0.4 |
) |
|
|
|
(0.4 |
) |
|
Adjusted
EBITDA |
|
$ |
|
17.2 |
|
|
$ |
|
32.4 |
|
|
$ |
|
49.6 |
|
|
Total
revenue |
|
|
|
165.3 |
|
|
|
|
242.9 |
|
|
|
|
408.2 |
|
|
Net
revenue |
|
|
|
137.4 |
|
|
|
|
213.1 |
|
|
|
|
350.5 |
|
|
Net income
margin |
|
|
|
1.0 |
|
% |
|
|
2.2 |
|
% |
|
|
1.7 |
|
% |
Adjusted EBITDA
margin |
|
|
|
12.5 |
|
% |
|
|
15.2 |
|
% |
|
|
14.2 |
|
% |
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
|
|
Flatbed Solutions |
|
|
Specialized Solutions |
|
|
Consolidated |
|
|
Net income |
|
$ |
|
21.7 |
|
|
$ |
|
28.5 |
|
|
$ |
|
50.2 |
|
|
Depreciation and amortization |
|
|
|
40.4 |
|
|
|
|
52.4 |
|
|
|
|
92.8 |
|
|
Interest income |
|
|
|
(1.1 |
) |
|
|
|
(1.7 |
) |
|
|
|
(2.8 |
) |
|
Interest expense |
|
|
|
15.1 |
|
|
|
|
20.3 |
|
|
|
|
35.4 |
|
|
Income tax expense |
|
|
|
5.6 |
|
|
|
|
14.0 |
|
|
|
|
19.6 |
|
|
Stock based compensation |
|
|
|
4.9 |
|
|
|
|
6.6 |
|
|
|
|
11.5 |
|
|
Impairment |
|
|
|
— |
|
|
|
|
9.4 |
|
|
|
|
9.4 |
|
|
Restructuring charges |
|
|
|
1.0 |
|
|
|
|
1.4 |
|
|
|
|
2.4 |
|
|
Acquisition-related transaction expenses |
|
|
|
1.6 |
|
|
|
|
2.2 |
|
|
|
|
3.8 |
|
|
Business transformation |
|
|
|
4.5 |
|
|
|
|
6.1 |
|
|
|
|
10.6 |
|
|
Severance |
|
|
|
2.1 |
|
|
|
|
2.6 |
|
|
|
|
4.7 |
|
|
Change in fair value of warrant liability |
|
|
|
(2.1 |
) |
|
|
|
(2.6 |
) |
|
|
|
(4.7 |
) |
|
Aveda (income) expenses, net |
|
|
|
— |
|
|
|
|
2.0 |
|
|
|
|
2.0 |
|
|
Adjusted
EBITDA |
|
$ |
|
93.7 |
|
|
$ |
|
141.2 |
|
|
$ |
|
234.9 |
|
|
Total
revenue |
|
|
|
769.0 |
|
|
|
|
1,004.3 |
|
|
|
|
1,773.3 |
|
|
Net
revenue |
|
|
|
653.0 |
|
|
|
|
882.2 |
|
|
|
|
1,535.2 |
|
|
Net income
margin |
|
|
|
2.8 |
|
% |
|
|
2.8 |
|
% |
|
|
2.8 |
|
% |
Adjusted EBITDA
margin |
|
|
|
14.3 |
|
% |
|
|
16.0 |
|
% |
|
|
15.3 |
|
% |
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income to Adjusted Net
Income |
|
Reconciliation of EPS to Adjusted EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
|
0.5 |
|
|
$ |
|
13.0 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
|
0.4 |
|
|
|
|
3.4 |
|
Income before income
taxes |
|
|
|
0.9 |
|
|
|
|
16.4 |
|
Add: |
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
|
5.1 |
|
|
|
|
4.2 |
|
Restructuring charges |
|
|
|
1.0 |
|
|
|
|
0.6 |
|
Business transformation |
|
|
|
2.9 |
|
|
|
|
2.3 |
|
Severance |
|
|
|
0.1 |
|
|
|
|
— |
|
Acquisition-related transaction expenses |
|
|
|
0.4 |
|
|
|
|
1.4 |
|
Amortization of intangible assets |
|
|
|
1.5 |
|
|
|
|
1.7 |
|
Change in fair value of warrant liability |
|
|
|
— |
|
|
|
|
(4.7 |
) |
Aveda expenses, net |
|
|
|
0.1 |
|
|
|
|
0.8 |
|
Adjusted income before income taxes |
|
|
|
12.0 |
|
|
|
|
22.7 |
|
Income tax expense at adjusted effective rate |
|
|
|
(3.7 |
) |
|
|
|
(5.6 |
) |
Adjusted Net
Income |
|
$ |
|
8.3 |
|
|
$ |
|
17.1 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
|
0.5 |
|
|
$ |
|
13.0 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.5 |
) |
|
|
|
— |
|
Net income attributable to common stockholders |
|
|
|
(2.2 |
) |
|
|
|
11.8 |
|
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 |
|
$ |
|
(2.2 |
) |
|
$ |
|
11.7 |
|
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 |
|
$ |
|
(2.2 |
) |
|
$ |
|
11.7 |
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of EPS to Adjusted EPS
(continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Adjusted Net Income |
|
$ |
|
8.3 |
|
|
$ |
|
17.1 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(1.5 |
) |
|
|
|
— |
|
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
|
|
|
(0.2 |
) |
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
5.6 |
|
|
$ |
|
15.7 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
|
— |
|
|
$ |
|
1.2 |
|
Add back allocation earnings to participating securities |
|
|
|
— |
|
|
|
|
0.2 |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
|
— |
|
|
|
|
(0.2 |
) |
Numerator for diluted
EPS - adjusted net income available to common stockholders - two
class method |
|
$ |
|
5.6 |
|
|
$ |
|
16.9 |
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
(0.05 |
) |
|
$ |
|
0.19 |
|
Adjusted EPS |
|
$ |
|
0.12 |
|
|
$ |
|
0.25 |
|
Diluted EPS |
|
|
|
|
|
|
|
|
EPS |
|
$ |
|
(0.05 |
) |
|
$ |
|
0.18 |
|
Adjusted EPS |
|
$ |
|
0.12 |
|
|
$ |
|
0.24 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
|
45,143,654 |
|
|
|
|
62,891,317 |
|
Basic - adjusted |
|
|
|
45,143,654 |
|
|
|
|
62,891,317 |
|
Diluted |
|
|
|
45,143,654 |
|
|
|
|
65,433,575 |
|
Diluted - adjusted |
|
|
|
47,722,758 |
|
|
|
|
71,085,748 |
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Pro forma Net Income to Pro forma
Adjusted Net Income |
|
Reconciliation of Pro forma EPS to Pro forma Adjusted
EPS |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, 2023 |
|
Pro forma Net income |
|
$ |
|
1.1 |
|
Adjusted for: |
|
|
|
|
Pro forma Income tax
expense |
|
|
|
0.9 |
|
Pro forma Income
before income taxes |
|
|
|
2.0 |
|
Add: |
|
|
|
|
Stock based compensation |
|
|
|
5.1 |
|
Restructuring charges |
|
|
|
1.0 |
|
Business transformation |
|
|
|
2.9 |
|
Severance |
|
|
|
0.1 |
|
Acquisition-related transaction expenses |
|
|
|
0.4 |
|
Amortization of intangible assets |
|
|
|
1.5 |
|
Aveda expenses, net |
|
|
|
0.1 |
|
Pro forma Adjusted Income before income taxes |
|
|
|
13.1 |
|
Pro forma income tax expense at adjusted effective rate |
|
|
|
(4.0 |
) |
Pro forma Adjusted Net
Income |
|
$ |
|
9.1 |
|
|
|
|
|
|
Pro forma net income |
|
$ |
|
1.1 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(0.8 |
) |
Pro forma net income attributable to common stockholders |
|
|
|
(0.9 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - net income available to common stockholders - two class
method (Pro forma) |
|
$ |
|
(0.9 |
) |
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 income available to common stockholders - two class
method (Pro forma) |
|
$ |
|
(0.9 |
) |
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Pro forma EPS to Pro forma Adjusted EPS
(continued) |
|
(Unaudited) |
|
(Dollars in millions, except per share data) |
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2023 |
|
Pro forma Adjusted Net Income |
|
$ |
|
9.1 |
|
Less Series A preferred dividends |
|
|
|
(1.2 |
) |
Less Series B preferred dividends |
|
|
|
(0.8 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
|
— |
|
Numerator for basic
EPS - adjusted net income available to common stockholders - two
class method (Pro forma) |
|
$ |
|
7.1 |
|
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 (Pro forma) |
|
$ |
|
7.1 |
|
|
|
|
|
|
Basic EPS - Pro forma |
|
|
|
|
Pro forma EPS |
|
$ |
|
(0.02 |
) |
Pro forma Adjusted EPS |
|
$ |
|
0.16 |
|
Diluted EPS - Pro forma |
|
|
|
|
Pro forma EPS |
|
$ |
|
(0.02 |
) |
Pro forma Adjusted EPS |
|
$ |
|
0.15 |
|
Weighted-average common shares outstanding (Pro
forma): |
|
|
|
|
Basic |
|
|
|
45,143,654 |
|
Basic - adjusted |
|
|
|
45,143,654 |
|
Diluted |
|
|
|
45,143,654 |
|
Diluted - adjusted |
|
|
|
47,722,758 |
|
Daseke (NASDAQ:DSKEW)
過去 株価チャート
から 4 2024 まで 5 2024
Daseke (NASDAQ:DSKEW)
過去 株価チャート
から 5 2023 まで 5 2024