10/29/2024 | Press release | Distributed by Public on 10/29/2024 14:09
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
(In thousands, except per share amounts) | 2024 | 2023 |
Y/Y Change |
2024 | 2023 |
Y/Y Change |
||||||
Total revenues | $ | 745,701 | $ | 817,744 | (9) | % | $ | 2,275,579 | $ | 2,461,554 | (8) | % |
Truckload Transportation Services revenues | $ | 522,803 | $ | 572,195 | (9) | % | $ | 1,610,998 | $ | 1,730,717 | (7) | % |
Werner Logistics revenues | $ | 206,774 | $ | 230,252 | (10) | % | $ | 618,168 | $ | 683,470 | (10) | % |
Operating income | $ | 17,595 | $ | 37,900 | (54) | % | $ | 52,794 | $ | 138,484 | (62) | % |
Operating margin | 2.4 | % | 4.6 | % | (220) bps | 2.3 | % | 5.6 | % | (330) bps | ||
Net income attributable to Werner | $ | 6,565 | $ | 23,704 | (72) | % | $ | 22,342 | $ | 88,809 | (75) | % |
Diluted earnings per share | $ | 0.11 | $ | 0.37 | (72) | % | $ | 0.36 | $ | 1.39 | (75) | % |
Adjusted operating income (1)
|
$ | 21,606 | $ | 41,851 | (48) | % | $ | 61,466 | $ | 150,499 | (59) | % |
Adjusted operating margin (1)
|
2.9 | % | 5.1 | % | (220) bps | 2.7 | % | 6.1 | % | (340) bps | ||
Adjusted net income attributable to Werner (1)
|
$ | 9,233 | $ | 26,617 | (65) | % | $ | 28,572 | $ | 98,082 | (71) | % |
Adjusted diluted earnings per share (1)
|
$ | 0.15 | $ | 0.42 | (64) | % | $ | 0.45 | $ | 1.54 | (70) | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
(In thousands) | 2024 | 2023 |
Y/Y Change |
2024 | 2023 |
Y/Y Change |
||||||
Trucking revenues, net of fuel surcharge | $ | 449,864 | $ | 482,169 | (7) | % | $ | 1,377,883 | $ | 1,462,037 | (6) | % |
Trucking fuel surcharge revenues | 62,749 | 82,735 | (24) | % | 205,698 | 247,713 | (17) | % | ||||
Non-trucking and other revenues | 10,190 | 7,291 | 40 | % | 27,417 | 20,967 | 31 | % | ||||
Total revenues | $ | 522,803 | $ | 572,195 | (9) | % | $ | 1,610,998 | $ | 1,730,717 | (7) | % |
Operating income | $ | 21,607 | $ | 38,846 | (44) | % | $ | 63,445 | $ | 134,991 | (53) | % |
Operating margin | 4.1 | % | 6.8 | % | (270) bps | 3.9 | % | 7.8 | % | (390) bps | ||
Operating ratio | 95.9 | % | 93.2 | % | 270 bps | 96.1 | % | 92.2 | % | 390 bps | ||
Adjusted operating income (1)
|
$ | 24,469 | $ | 41,648 | (41) | % | $ | 70,501 | $ | 143,288 | (51) | % |
Adjusted operating margin (1)
|
4.7 | % | 7.3 | % | (260) bps | 4.4 | % | 8.3 | % | (390) bps | ||
Adjusted operating margin, net of fuel surcharge (1)
|
5.3 | % | 8.5 | % | (320) bps | 5.0 | % | 9.7 | % | (470) bps | ||
Adjusted operating ratio (1)
|
95.3 | % | 92.7 | % | 260 bps | 95.6 | % | 91.7 | % | 390 bps | ||
Adjusted operating ratio, net of fuel surcharge (1)
|
94.7 | % | 91.5 | % | 320 bps | 95.0 | % | 90.3 | % | 470 bps |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
(In thousands) | 2024 | 2023 |
Y/Y Change |
2024 | 2023 |
Y/Y Change |
||||||
Total revenues | $ | 206,774 | $ | 230,252 | (10) | % | $ | 618,168 | $ | 683,470 | (10) | % |
Operating expenses: | ||||||||||||
Purchased transportation expense | 176,205 | 194,921 | (10) | % | 525,758 | 568,816 | (8) | % | ||||
Other operating expenses | 30,914 | 33,319 | (7) | % | 94,534 | 103,350 | (9) | % | ||||
Total operating expenses | 207,119 | 228,240 | (9) | % | 620,292 | 672,166 | (8) | % | ||||
Operating income (loss) | $ | (345) | $ | 2,012 | (117) | % | $ | (2,124) | $ | 11,304 | (119) | % |
Operating margin | (0.2) | % | 0.9 | % | (110) bps | (0.3 | %) | 1.7 | % | (200) bps | ||
Adjusted operating income (1)
|
$ | 804 | $ | 3,161 | (75) | % | $ | 1,322 | $ | 15,022 | (91) | % |
Adjusted operating margin (1)
|
0.4 | % | 1.4 | % | (100) bps | 0.2 | % | 2.2 | % | (200) bps |
Prior (as of 7/30/24) |
Actual (as of 9/30/24) |
New (as of 10/29/24) |
|
TTS truck count from beginning of year to end of year |
(6)% to (3)% (annual) |
(7)% (YTD24) |
(8)% to (6)% (annual) |
Net capital expenditures |
$225M to $275M (annual) |
$206M (YTD24) |
$240M to $260M (annual) |
TTS Guidance | |||
Dedicated RPTPW* growth |
0% to 3% (annual) |
1.1% (YTD24) |
0% to 3% (annual) |
One-Way Truckload RPTM* growth |
(3)% to 0% (3Q24 vs. 3Q23) |
0.3% (3Q24 vs. 3Q23) |
0% to 3% (4Q24 vs. 4Q23) |
INCOME STATEMENT | ||||||||||||
(Unaudited) | ||||||||||||
(In thousands, except per share amounts) | ||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
$ | % | $ | % | $ | % | $ | % | |||||
Operating revenues | $ | 745,701 | 100.0 | $ | 817,744 | 100.0 | $ | 2,275,579 | 100.0 | $ | 2,461,554 | 100.0 |
Operating expenses: | ||||||||||||
Salaries, wages and benefits
|
258,335 | 34.6 | 268,054 | 32.8 | 783,492 | 34.4 | 802,742 | 32.6 | ||||
Fuel
|
64,886 | 8.7 | 90,369 | 11.0 | 214,506 | 9.4 | 259,523 | 10.5 | ||||
Supplies and maintenance
|
61,548 | 8.2 | 60,181 | 7.4 | 185,311 | 8.2 | 193,370 | 7.9 | ||||
Taxes and licenses
|
23,565 | 3.2 | 25,852 | 3.2 | 74,223 | 3.3 | 76,685 | 3.1 | ||||
Insurance and claims
|
27,678 | 3.7 | 31,261 | 3.8 | 95,937 | 4.2 | 104,552 | 4.2 | ||||
Depreciation and amortization | 71,584 | 9.6 | 74,586 | 9.1 | 218,526 | 9.6 | 223,797 | 9.1 | ||||
Rent and purchased transportation
|
211,667 | 28.4 | 224,556 | 27.5 | 626,009 | 27.5 | 661,866 | 26.9 | ||||
Communications and utilities
|
4,186 | 0.6 | 4,555 | 0.6 | 13,019 | 0.6 | 13,957 | 0.6 | ||||
Other
|
4,657 | 0.6 | 430 | - | 11,762 | 0.5 | (13,422) | (0.5) | ||||
Total operating expenses
|
728,106 | 97.6 | 779,844 | 95.4 | 2,222,785 | 97.7 | 2,323,070 | 94.4 | ||||
Operating income | 17,595 | 2.4 | 37,900 | 4.6 | 52,794 | 2.3 | 138,484 | 5.6 | ||||
Other expense (income): | ||||||||||||
Interest expense
|
11,093 | 1.5 | 8,661 | 1.1 | 28,084 | 1.2 | 24,716 | 1.0 | ||||
Interest income
|
(1,834) | (0.3) | (1,727) | (0.2) | (5,305) | (0.2) | (5,178) | (0.2) | ||||
Loss on investments in equity securities, net | 37 | - | 34 | - | 227 | - | 36 | - | ||||
Loss (earnings) from equity method investment | (295) | - | 110 | - | (21) | - | 954 | - | ||||
Other
|
50 | - | 284 | - | (181) | - | 377 | - | ||||
Total other expense, net | 9,051 | 1.2 | 7,362 | 0.9 | 22,804 | 1.0 | 20,905 | 0.8 | ||||
Income before income taxes | 8,544 | 1.2 | 30,538 | 3.7 | 29,990 | 1.3 | 117,579 | 4.8 | ||||
Income tax expense | 2,004 | 0.3 | 7,034 | 0.8 | 8,002 | 0.3 | 28,521 | 1.2 | ||||
Net income | 6,540 | 0.9 | 23,504 | 2.9 | 21,988 | 1.0 | 89,058 | 3.6 | ||||
Net loss (income) attributable to noncontrolling interest | 25 | - | 200 | - | 354 | - | (249) | - | ||||
Net income attributable to Werner | $ | 6,565 | 0.9 | $ | 23,704 | 2.9 | $ | 22,342 | 1.0 | $ | 88,809 | 3.6 |
Diluted shares outstanding | 62,022 | 63,737 | 62,862 | 63,703 | ||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.37 | $ | 0.36 | $ | 1.39 |
CONDENSED BALANCE SHEET | ||||
(In thousands, except share amounts) | ||||
September 30, 2024 |
December 31, 2023 |
|||
(Unaudited) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 54,660 | $ | 61,723 |
Accounts receivable, trade, less allowance of $7,496 and $9,337, respectively | 384,023 | 444,944 | ||
Other receivables | 25,199 | 25,479 | ||
Inventories and supplies | 15,442 | 18,077 | ||
Prepaid taxes, licenses and permits | 7,218 | 16,505 | ||
Other current assets | 60,424 | 67,900 | ||
Total current assets | 546,966 | 634,628 | ||
Property and equipment | 3,022,296 | 2,951,654 | ||
Less - accumulated depreciation | 1,001,471 | 978,698 | ||
Property and equipment, net | 2,020,825 | 1,972,956 | ||
Goodwill | 129,104 | 129,104 | ||
Intangible assets, net | 78,924 | 86,477 | ||
Other non-current assets (1)
|
345,898 | 334,771 | ||
Total assets | $ | 3,121,717 | $ | 3,157,936 |
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 164,410 | $ | 135,990 |
Current portion of long-term debt | - | 2,500 | ||
Insurance and claims accruals | 81,155 | 81,794 | ||
Accrued payroll | 54,833 | 50,549 | ||
Accrued expenses | 22,227 | 30,282 | ||
Other current liabilities | 35,084 | 29,470 | ||
Total current liabilities | 357,709 | 330,585 | ||
Long-term debt, net of current portion | 690,000 | 646,250 | ||
Other long-term liabilities | 66,867 | 54,275 | ||
Insurance and claims accruals, net of current portion (1)
|
228,192 | 239,700 | ||
Deferred income taxes | 292,139 | 320,180 | ||
Total liabilities | 1,634,907 | 1,590,990 | ||
Temporary equity - redeemable noncontrolling interest | 38,253 | 38,607 | ||
Stockholders' equity: | ||||
Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536
shares issued; 61,807,803 and 63,444,681 shares outstanding, respectively
|
805 | 805 | ||
Paid-in capital | 137,219 | 134,894 | ||
Retained earnings | 1,949,543 | 1,953,385 | ||
Accumulated other comprehensive loss | (21,437) | (9,684) | ||
Treasury stock, at cost; 18,725,733 and 17,088,855 shares, respectively | (617,573) | (551,061) | ||
Total stockholders' equity | 1,448,557 | 1,528,339 | ||
Total liabilities, temporary equity and stockholders' equity | $ | 3,121,717 | $ | 3,157,936 |
SUPPLEMENTAL INFORMATION | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Capital expenditures, net | $ | 87,909 | $ | 119,970 | $ | 206,105 | $ | 374,161 |
Cash flow from operations | $ | 61,043 | $ | 74,229 | $ | 258,700 | $ | 356,019 |
Return on assets (annualized) | 0.8 | % | 3.0 | % | 0.9 | % | 3.8 | % |
Return on equity (annualized) | 1.7 | % | 6.1 | % | 1.9 | % | 7.8 | % |
SEGMENT INFORMATION | ||||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenues | ||||||||
Truckload Transportation Services | $ | 522,803 | $ | 572,195 | $ | 1,610,998 | $ | 1,730,717 |
Werner Logistics | 206,774 | 230,252 | 618,168 | 683,470 | ||||
Other (1)
|
18,698 | 19,212 | 55,118 | 59,089 | ||||
Corporate | 674 | 487 | 1,877 | 1,463 | ||||
Subtotal | 748,949 | 822,146 | 2,286,161 | 2,474,739 | ||||
Inter-segment eliminations (2)
|
(3,248) | (4,402) | (10,582) | (13,185) | ||||
Total | $ | 745,701 | $ | 817,744 | $ | 2,275,579 | $ | 2,461,554 |
Operating Income (Loss) | ||||||||
Truckload Transportation Services | $ | 21,607 | $ | 38,846 | $ | 63,445 | $ | 134,991 |
Werner Logistics | (345) | 2,012 | (2,124) | 11,304 | ||||
Other (1)
|
(980) | (150) | (2,155) | 313 | ||||
Corporate | (2,687) | (2,808) | (6,372) | (8,124) | ||||
Total | $ | 17,595 | $ | 37,900 | $ | 52,794 | $ | 138,484 |
OPERATING STATISTICS BY SEGMENT | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
2024 | 2023 | % Chg | 2024 | 2023 | % Chg | |||||||
Truckload Transportation Services segment | ||||||||||||
Average trucks in service | 7,414 | 8,226 | (9.9) | % | 7,660 | 8,379 | (8.6) | % | ||||
Average revenues per truck per week (1)
|
$ | 4,667 | $ | 4,509 | 3.5 | % | $ | 4,612 | $ | 4,474 | 3.1 | % |
Total trucks (at quarter end) | ||||||||||||
Company | 7,155 | 7,905 | (9.5) | % | 7,155 | 7,905 | (9.5) | % | ||||
Independent contractor | 290 | 265 | 9.4 | % | 290 | 265 | 9.4 | % | ||||
Total trucks | 7,445 | 8,170 | (8.9) | % | 7,445 | 8,170 | (8.9) | % | ||||
Total trailers (at quarter end) | 25,860 | 27,150 | (4.8) | % | 25,860 | 27,150 | (4.8) | % | ||||
One-Way Truckload | ||||||||||||
Trucking revenues, net of fuel surcharge (in 000's) | $ | 164,577 | $ | 175,690 | (6.3) | % | $ | 502,697 | $ | 535,644 | (6.2) | % |
Average trucks in service | 2,605 | 2,972 | (12.3) | % | 2,707 | 3,079 | (12.1) | % | ||||
Total trucks (at quarter end) | 2,540 | 2,910 | (12.7) | % | 2,540 | 2,910 | (12.7) | % | ||||
Average percentage of empty miles | 15.33 | % | 14.43 | % | 6.2 | % | 14.98 | % | 14.18 | % | 5.6 | % |
Average revenues per truck per week (1)
|
$ | 4,860 | $ | 4,548 | 6.9 | % | $ | 4,763 | $ | 4,460 | 6.8 | % |
Average % change YOY in revenues per total mile (1)
|
0.3 | % | (4.8) | % | (1.2) | % | (4.4) | % | ||||
Average % change YOY in total miles per truck per week | 6.6 | % | 3.3 | % | 5.9 | % | 0.1 | % | ||||
Average completed trip length in miles (loaded) | 578 | 564 | 2.5 | % | 586 | 595 | (1.5) | % | ||||
Dedicated | ||||||||||||
Trucking revenues, net of fuel surcharge (in 000's) | $ | 285,287 | $ | 306,479 | (6.9) | % | $ | 875,186 | $ | 926,393 | (5.5) | % |
Average trucks in service | 4,809 | 5,254 | (8.5) | % | 4,953 | 5,300 | (6.5) | % | ||||
Total trucks (at quarter end) | 4,905 | 5,260 | (6.7) | % | 4,905 | 5,260 | (6.7) | % | ||||
Average revenues per truck per week (1)
|
$ | 4,563 | $ | 4,488 | 1.7 | % | $ | 4,531 | $ | 4,482 | 1.1 | % |
Werner Logistics segment | ||||||||||||
Average trucks in service | 20 | 37 | (45.9) | % | 22 | 36 | (38.9) | % | ||||
Total trucks (at quarter end) | 20 | 41 | (51.2) | % | 20 | 41 | (51.2) | % | ||||
Total trailers (at quarter end) | 3,475 | 2,865 | 21.3 | % | 3,475 | 2,865 | 21.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Operating Income and
Non-GAAP Adjusted Operating Margin(1)
|
$ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | |||||||||
Operating income and operating margin - (GAAP) | $ | 17,595 | 2.4 | % | $ | 37,900 | 4.6 | % | $ | 52,794 | 2.3 | % | $ | 138,484 | 5.6 | % | |
Non-GAAP adjustments: | |||||||||||||||||
Insurance and claims (2)
|
1,493 | 0.2 | % | 1,433 | 0.2 | % | 2,949 | 0.1 | % | 4,207 | 0.2 | % | |||||
Amortization of intangible assets (3)
|
2,518 | 0.3 | % | 2,518 | 0.3 | % | 7,553 | 0.4 | % | 7,808 | 0.3 | % | |||||
Gain on sale of real estate (4)
|
- | - | % | - | - | % | (1,830) | (0.1) | % | - | - | % | |||||
Non-GAAP adjusted operating income and
non-GAAP adjusted operating margin
|
$ | 21,606 | 2.9 | % | $ | 41,851 | 5.1 | % | $ | 61,466 | 2.7 | % | $ | 150,499 | 6.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Net Income
Attributable to Werner and Non-GAAP
Adjusted Diluted EPS (1)
|
$ | Diluted EPS | $ | Diluted EPS | $ | Diluted EPS | $ | Diluted EPS | |||||||||
Net income attributable to Werner and diluted EPS - (GAAP) | $ | 6,565 | $ | 0.11 | $ | 23,704 | $ | 0.37 | $ | 22,342 | $ | 0.36 | $ | 88,809 | $ | 1.39 | |
Non-GAAP adjustments: | |||||||||||||||||
Insurance and claims (2)
|
1,493 | 0.02 | 1,433 | 0.02 | 2,949 | 0.04 | 4,207 | 0.07 | |||||||||
Amortization of intangible assets, net of amount attributable to noncontrolling interest (3)
|
2,346 | 0.04 | 2,346 | 0.04 | 7,037 | 0.11 | 7,292 | 0.11 | |||||||||
Gain on sale of real estate (4)
|
- | - | - | - | (1,830) | (0.03) | - | - | |||||||||
Loss on investments in equity securities, net (5)
|
37 | - | 34 | - | 227 | - | 36 | - | |||||||||
Loss (earnings) from equity method investment (6)
|
(295) | - | 110 | - | (21) | - | 954 | 0.02 | |||||||||
Income tax effect of above adjustments (7)
|
(913) | (0.02) | (1,010) | (0.01) | (2,132) | (0.03) | (3,216) | (0.05) | |||||||||
Non-GAAP adjusted net income attributable to
Werner and non-GAAP adjusted diluted EPS
|
$ | 9,233 | $ | 0.15 | $ | 26,617 | $ | 0.42 | $ | 28,572 | $ | 0.45 | $ | 98,082 | $ | 1.54 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge(1)
|
$ | $ | $ | $ | ||||
Operating revenues - (GAAP) | $ | 745,701 | $ | 817,744 | $ | 2,275,579 | $ | 2,461,554 |
Non-GAAP adjustment: | ||||||||
Trucking fuel surcharge (8)
|
(62,749) | (82,735) | (205,698) | (247,713) | ||||
Non-GAAP Operating revenues, net of fuel surcharge | $ | 682,952 | $ | 735,009 | $ | 2,069,881 | $ | 2,213,841 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Operating Income and
Non-GAAP Adjusted Operating Margin(1)
|
$ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | |||||||||
Operating income and operating margin - (GAAP) | $ | 21,607 | 4.1 | % | $ | 38,846 | 6.8 | % | $ | 63,445 | 3.9 | % | $ | 134,991 | 7.8 | % | |
Non-GAAP adjustments: | |||||||||||||||||
Insurance and claims (2)
|
1,493 | 0.3 | % | 1,433 | 0.3 | % | 2,949 | 0.2 | % | 4,207 | 0.3 | % | |||||
Amortization of intangible assets (3)
|
1,369 | 0.3 | % | 1,369 | 0.2 | % | 4,107 | 0.3 | % | 4,090 | 0.2 | % | |||||
Non-GAAP adjusted operating income and
non-GAAP adjusted operating margin
|
$ | 24,469 | 4.7 | % | $ | 41,648 | 7.3 | % | $ | 70,501 | 4.4 | % | $ | 143,288 | 8.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Operating Expenses and
Non-GAAP Adjusted Operating Ratio(1)
|
$ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | |||||||||
Operating expenses and operating ratio - (GAAP) | $ | 501,196 | 95.9 | % | $ | 533,349 | 93.2 | % | $ | 1,547,553 | 96.1 | % | $ | 1,595,726 | 92.2 | % | |
Non-GAAP adjustments: | |||||||||||||||||
Insurance and claims (2)
|
(1,493) | (0.3) | % | (1,433) | (0.3) | % | (2,949) | (0.2) | % | (4,207) | (0.3) | % | |||||
Amortization of intangible assets (3)
|
(1,369) | (0.3) | % | (1,369) | (0.2) | % | (4,107) | (0.3) | % | (4,090) | (0.2) | % | |||||
Non-GAAP adjusted operating expenses and
non-GAAP adjusted operating ratio
|
$ | 498,334 | 95.3 | % | $ | 530,547 | 92.7 | % | $ | 1,540,497 | 95.6 | % | $ | 1,587,429 | 91.7 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge;
Non-GAAP Adjusted Operating Expenses, Net of Fuel Surcharge;
Non-GAAP Adjusted Operating Margin, Net of Fuel Surcharge;
and Non-GAAP Adjusted Operating Ratio, Net of Fuel Surcharge(1)
|
2024 | 2023 | 2024 | 2023 | ||||
$ | $ | $ | $ | |||||
Operating revenues - (GAAP) | $ | 522,803 | $ | 572,195 | $ | 1,610,998 | $ | 1,730,717 |
Less: Trucking fuel surcharge (8)
|
(62,749) | (82,735) | (205,698) | (247,713) | ||||
Operating revenues, net of fuel surcharge - (Non-GAAP) | 460,054 | 489,460 | 1,405,300 | 1,483,004 | ||||
Operating expenses - (GAAP) | 501,196 | 533,349 | 1,547,553 | 1,595,726 | ||||
Non-GAAP adjustments: | ||||||||
Trucking fuel surcharge (8)
|
(62,749) | (82,735) | (205,698) | (247,713) | ||||
Insurance and claims (2)
|
(1,493) | (1,433) | (2,949) | (4,207) | ||||
Amortization of intangible assets (3)
|
(1,369) | (1,369) | (4,107) | (4,090) | ||||
Non-GAAP adjusted operating expenses, net of fuel surcharge | 435,585 | 447,812 | 1,334,799 | 1,339,716 | ||||
Non-GAAP adjusted operating income | $ | 24,469 | $ | 41,648 | $ | 70,501 | $ | 143,288 |
Non-GAAP adjusted operating margin, net of fuel surcharge | 5.3 | % | 8.5 | % | 5.0 | % | 9.7 | % |
Non-GAAP adjusted operating ratio, net of fuel surcharge | 94.7 | % | 91.5 | % | 95.0 | % | 90.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Operating Revenues,
Less Purchased Transportation Expense (1)
|
$ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | |||||||||
Operating revenues - (GAAP) | $ | 206,774 | 100.0 | % | $ | 230,252 | 100.0 | % | $ | 618,168 | 100.0 | % | $ | 683,470 | 100.0 | % | |
Non-GAAP adjustment: | |||||||||||||||||
Purchased transportation expense (9)
|
(176,205) | (85.2) | % | (194,921) | (84.7) | % | (525,758) | (85.1) | % | (568,816) | (83.2) | % | |||||
Non-GAAP adjusted operating revenues, less purchased transportation expense | $ | 30,569 | 14.8 | % | $ | 35,331 | 15.3 | % | $ | 92,410 | 14.9 | % | $ | 114,654 | 16.8 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Non-GAAP Adjusted Operating Income (Loss)
and Non-GAAP Adjusted Operating Margin(1)
|
$ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | $ | % of Op. Rev. | |||||||||
Operating income (loss) and operating margin - (GAAP) | $ | (345) | (0.2) | % | $ | 2,012 | 0.9 | % | $ | (2,124) | (0.3) | % | $ | 11,304 | 1.7 | % | |
Non-GAAP adjustments: | |||||||||||||||||
Amortization of intangible assets (3)
|
1,149 | 0.6 | % | 1,149 | 0.5 | % | 3,446 | 0.5 | % | 3,718 | 0.5 | % | |||||
Non-GAAP adjusted operating income and
non-GAAP adjusted operating margin
|
$ | 804 | 0.4 | % | $ | 3,161 | 1.4 | % | $ | 1,322 | 0.2 | % | $ | 15,022 | 2.2 | % |