Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the
largest flatbed, specialized transportation and logistics solutions
company in North America, today reported financial results for the
third quarter ended September 30, 2020.
Third Quarter Highlights:
- Revenue of $375.8 million
- Net Income of $15.7 million, or $0.22 per share attributable to
common stockholders
- Record Adjusted Net Income of $21.9 million
- Record Adjusted EBITDA of $57.6 million, up 33%
year-over-year
- Cash flows from operating activities of $39.5 million and Free
Cash Flow of $52.0 million
- Record Operating Ratio and Adjusted Operating Ratio of 92.5%
and 90.9%, respectively
- Cash and cash equivalents increased by $110.2 million
year-over-year to $189.8 million
Management Commentary
“We are pleased to report another very strong
quarter of financial and operational results, as Daseke effectively
leveraged its niche leadership position and improved operations to
deliver record quarterly performance in our Operating Income,
Operating Ratio, Adjusted Net income, and Adjusted EBITDA,” said
Chris Easter, Chief Executive Officer of Daseke. “While we continue
to face demand headwinds that have negatively impacted the
Company’s freight volumes and revenues, the significant work we
have undertaken to improve our operational performance and our
financial returns helped to more than overcome those top-line
challenges. Notably, we delivered significant improvement in our
quarterly net income and Adjusted EBITDA results in the face of a
17% decline in revenues as compared to the prior year period,
demonstrating the much-improved earnings power of our business and
operations, and our team’s ability to deliver meaningful
results.”
Easter continued, “The ongoing commitment to our
key focus areas, including cost discipline and best-in-class
operations, has helped solidify our foundation and established
improved consistency to our results. In turn, this more resilient
foundation has better positioned Daseke to execute upon unique
market opportunities, specifically in the Wind Energy and High
Security Cargo verticals, which helped lead the growth in our
Specialized segment results this quarter. This dynamic helped drive
record profitability and positions the Company to eventually
capture a broader-based reflation in demand across industrial
freight markets.”
Easter concluded, “While the last few months
have been challenging for the industrial economy, I am very proud
of how our team has stepped up to deliver outstanding performance
amid continued softness in the demand environment. Our commitment
to Daseke’s strategic priorities has put us in a position to
succeed and capitalize on market leadership opportunities, which in
turn are now translating into record operating income, positive net
earnings, and much improved cash flows. As the results from our
transformational efforts are becoming increasingly evident to our
bottom line, we have been able to organically strengthen our
balance sheet and financial flexibility through leverage reduction
and expanding liquidity. While there are still pockets of weakness
in certain end markets, we are encouraged by the recent
stabilization and sequential improvements across much of our
business. We are prepared to leverage our niche market leadership
position, which will help us continue to capture strong returns for
our shareholders, irrespective of the external environment.”
Third Quarter 2020 Financial
Results
Total revenue in the third quarter of 2020
decreased 17% to $375.8 million, compared to $450.4 million in the
year-ago quarter. Excluding the impact of the Aveda business to
both 2020 and 2019, third quarter revenue decreased by 6%. This
year-over-year decrease in revenue was driven primarily by the
economic impact of the COVID-19 pandemic, which led to lower
freight volumes and lower freight rates in both the flatbed and
specialized segments, which were partially offset by increased
project business.
Operating income in the third quarter of 2020
was $28.1 million, compared to operating loss of $316.6 million in
the year-ago quarter, which included non-cash impairment charges
and other restructuring costs. Adjusted operating income in the
quarter was $34.3 million, which increased 152% from $13.6 million
in the third quarter of 2019. This year over year increase was
driven by operational integrations and business improvement plans
executed over the trailing year, partially offset by weaker freight
volumes. Operating income results also benefited from decreases in
salaries, wages and employee benefits, fuel expense, maintenance
expense, purchased freight, depreciation and amortization, and
non-cash impairment charges.
Net income for the third quarter of 2020 was
$15.7 million, or $0.22 per share attributable to common
stockholders, compared to net loss of ($273.3) million, or ($4.25)
per share attributable to common stockholders, in the year-ago
quarter. Adjusted Net Income in the third quarter of 2020 was $21.9
million compared to Adjusted Net Income of $4.7 million in the
third quarter of 2019. Adjusted EBITDA in the third quarter of 2020
was $57.6 million compared to $43.2 million in the year-ago
quarter. Excluding the impact of the Aveda business, third quarter
Adjusted EBITDA increased 37% to $56.2 million compared to $40.9
million in the comparable period last year. The year-over-year
improvement in Adjusted EBITDA was driven primarily by growth in
specific Specialized segment end markets, and contributions from
the Company’s operational improvement plans, partially offset by
lower freight volumes.
Segment Results
Specialized Solutions - Specialized Solutions
revenue in the third quarter of 2020 was $235.2 million, a decrease
of 18% compared to $288.0 million in the year-ago quarter.
Operating income in the third quarter of 2020 was $31.1 million,
compared to operating loss of $187.6 million in the year-ago
quarter. Operating Ratio improved by 7,830 basis points to 86.8%,
compared to 165.1% in the year-ago quarter. Adjusted Operating
Ratio of 85.2% improved 870 basis points compared to Adjusted
Operating Ratio of 93.9% in the year-ago quarter. Net income in the
third quarter was $20.4 million compared to net loss of $162.0
million in the year ago quarter. Adjusted EBITDA in the third
quarter of 2020 increased 39% to $47.4 million compared to $34.2
million in the year-ago quarter, driven primarily by strong Wind
Energy and High Security Cargo revenues and margins, which were
partially offset by lower freight volumes. Rate per mile in the
third quarter of 2020 of $3.28 was down 7% from the prior-year
quarter, and revenue per tractor increased 4.7% to $67,500.
Excluding Aveda, Specialized rate per mile and revenue per tractor
increased 9% and 12%, respectively.
Flatbed Solutions - Flatbed Solutions revenue in
the third quarter of 2020 decreased 15% to $144.5 million, compared
to $169.8 million in the year-ago quarter. Operating income in the
third quarter of 2020 was $9.3 million, compared to an operating
loss of $107.9 million in the year-ago quarter. Operating ratio
improved by 6,990 basis points to 93.6%, compared to 163.5% in the
year-ago quarter. Adjusted Operating Ratio of 92.8% improved 220
basis points compared to 95.0% in the year-ago period. Net income
in the third quarter of 2020 was $4.6 million, compared to net loss
of $96.3 million in the year ago quarter. Adjusted EBITDA in the
third quarter of 2020 decreased 9% to $19.0 million, compared to
$20.8 million in the year-ago quarter, driven by lower freight
volumes due to the impact of the COVID-19 pandemic on various
industrial end markets and fleet downsizing efforts, partially
offset by operational integrations and business improvement plans,
as well as slightly improved freight rates and brokerage revenues.
Rate per mile in the third quarter of 2020 of $1.94 was up 2% from
the prior-year quarter, and revenue per tractor increased 1% to
$43,000.
Balance Sheet and Free Cash
Flow
At September 30, 2020, Daseke had cash and cash
equivalents of $189.8 million and $82.4 million available under its
revolving credit facility, for total available liquidity of $272.2
million. Total debt was $688.7 million and net debt was $498.9
million. This compares to cash and cash equivalents of $79.6
million and $84.6 million available on the revolving credit
facility, total available liquidity of $164.2 million, total debt
of $713.2 million, and net debt of $633.6 million on September 30,
2019. Our leverage ratio as defined by our credit agreement as of
September 30, 2020 was 2.6x.
Year to date, net cash provided by operating
activities was $122.4 million, cash capital expenditures were $18.0
million, and cash proceeds from the sale of excess property and
equipment were $52.0 million, resulting in Free Cash Flow of $156.4
million. During the same period, capital expenditures financed with
debt and capital leases net of notes receivables was $45.1 million.
This compares to net cash provided by operating activities of $89.4
million, cash capital expenditures of $17.4 million, and cash
proceeds from the sale of excess property and equipment of $23.8
million, resulting in Free Cash Flow of $95.8 million for the nine
months ending September 30, 2019. During the same period, capital
expenditures financed with debt and finance leases net of property
and equipment sold for notes receivable were $65.2 million.
For the quarter, net cash provided by operating
activities was $39.5 million, cash capital expenditures were $3.1
million, and cash proceeds from the sale of excess property and
equipment were $15.6 million, resulting in Free Cash Flow of $52.0
million. Additionally, capital expenditures financed with debt and
finance leases net of property and equipment sold for notes
receivable were $15.2 million.
Outlook
“We are very proud of our team’s ability to
execute in the face of a pandemic. These impressive quarterly
numbers also highlight our capability to thrive in complex, niche
markets,” said Jason Bates, Executive VP and Chief Financial
Officer of Daseke. “However, we want to acknowledge that this
quarter’s results benefitted from a number of High Security Cargo
related projects and an unprecedented backlog of Wind projects
executed at high-margins triggered by supply-demand imbalances
stemming from COVID-19. It is also important to reiterate the
traditional annual trends in the flatbed and specialized markets,
with Q2 and Q3 being seasonally strong, and Q4 and Q1 being
seasonally slower. As we look forward to 2021, uncertainty lingers
with regards to the macro-economic environment and COVID recovery.
Having said that, we anticipate consolidated freight volumes to
continue to incrementally improve into next year, but given the
record contributions from the Wind Energy and High Security Cargo
projects, a broader based recovery across our diverse slate of
industrial end markets will need to accelerate for us to repeat the
2020 trajectory.”
Conference Call
Daseke will hold a conference call today at
11:00 a.m. Eastern time to discuss its third quarter 2020 results.
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
Company’s website at https://www.daseke.com. Presentation materials
will be posted at the time of the call at
investor.daseke.com as well. Interested parties may also
participate in the call by dialing (855) 242-9918 and entering the
passcode 4193403. A replay of the conference call will be available
a few hours after the event on the investor relations section of
the Company’s website, under the events section.
About Daseke, Inc.
Daseke, Inc. is the largest flatbed and
specialized transportation and logistics company in North America.
Daseke offers comprehensive, best-in-class services to many of the
world’s most respected industrial shippers through experienced
people, a fleet of more than 5,000 tractors and 11,500 flatbed and
specialized trailers. For more information, please visit
www.daseke.com.
Use of Non-GAAP Measures
This news release includes non-GAAP financial
measures for the Company and its reporting segments, including
Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Operating
Expenses, Adjusted Operating Income (Loss), Adjusted Operating
Ratio, Free Cash Flow and Net Debt.
Please note that the non-GAAP measures described
below are not a substitute for, or more meaningful than, net income
(loss), cash flows from operating activities, operating income 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.
You can find the reconciliation of these
non‐GAAP measures to the nearest comparable GAAP measures in the
Reconciliation of Non‐GAAP Measures tables below.
Adjusted EBITDA
Daseke defines Adjusted EBITDA as net income
(loss) plus (i) depreciation and amortization, (ii) interest
expense, and other fees and charges associated with financings, net
of interest income, (iii) income taxes, (iv) acquisition-related
transaction expenses (including due diligence costs, legal,
accounting and other advisory fees and costs, retention and
severance payments and financing fees and expenses), (v) business
transformation costs, (vi) non-cash impairment, (vii) restructuring
charges, (viii) stock compensation expense, and (ix) impaired lease
termination. The Company’s board of directors and executive
management team use Adjusted EBITDA as a key measure of its
performance and for business planning. Adjusted EBITDA assists them
in comparing the Company’s operating performance over various
reporting periods on a consistent basis because it removes 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 also allows 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 also is routinely reviewed by its
executive management for that purpose. The Company believes its
presentation of Adjusted EBITDA 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)
Daseke defines Adjusted Net Income (Loss) as net
income (loss) adjusted for acquisition related transaction
expenses, business transformation costs, non-cash impairments,
restructuring charges, amortization of intangible assets, impaired
lease termination, the net impact of step-up in basis of acquired
assets and unusual or non-regularly recurring expenses or
recoveries. Daseke defines Adjusted Net Income (Loss) per share as
Adjusted Net Income (Loss) divided by the weighted average number
of shares of common stock outstanding during the period.
The Company’s board of directors and executive
management team use Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) per share 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. These measures also allow the Company
to more effectively evaluate its operating performance by allowing
it to compare the results of operations against its peers without
regard to its or its peers’ acquisition related items, such as
acquisition-related transaction expenses, non-cash impairments,
amortization of intangible assets and the net impact of the step up
in basis of acquired assets, as well as removing the impact of
unusual or non-regularly recurring expenses or recoveries. The
Company believes its presentation of Adjusted Net Income (Loss) and
Adjusted Net Income (Loss) per share are useful because it provides
investors and industry analysts the same information that it uses
internally for purposes of assessing its core operating
performance.
Adjusted Operating Expenses, Adjusted Operating
Income (Loss) and Adjusted Operating Ratio
The Company uses Adjusted Operating Expenses,
Adjusted Operating Income (Loss) and Adjusted Operating Ratio as a
supplement to its GAAP results in evaluating certain aspects of its
business, as described below. The Company defines Adjusted
Operating Expenses as (a) total operating expenses (i) less,
acquisition-related transaction expenses, non-cash impairment
charges, unusual or non-regularly recurring expenses or recoveries,
(ii) less, business transformation costs, (iii) adjusted for
impaired lease termination and (iv) further adjusted for the
net impact of the step-up in basis (such as increased depreciation
and amortization expense) and amortization of identifiable
intangible assets resulting from acquisitions. The Company defines
Adjusted Operating Income (Loss) as (a) total revenue less
(b) Adjusted Operating Expenses. The Company defines Adjusted
Operating Ratio as (a) Adjusted Operating Expenses, as
a percentage of (b) total revenue. The Company’s board of
directors and executive management team view Adjusted Operating
Expenses, Adjusted Operating Income (Loss) and Adjusted Operating
Ratio, and its key drivers of revenue quality, growth, expense
control and operating efficiency, as a very important measure of
the Company’s performance. The Company believes excluding
acquisition-related transaction expenses, additional depreciation
and amortization expenses as a result of acquisitions, unusual or
non-regularly recurring expenses or recoveries and non-cash
impairment enhances the comparability of its performance between
periods. The Company believes its presentation of Adjusted
Operating Ratio is useful because it provides investors and
industry analysts the same information that it uses internally for
purposes of assessing its core operating profitability.
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 net debt, make strategic investments, pay dividends to
common shareholders and repurchase stock.
Net Debt
Daseke defines net debt as total debt less cash
and cash equivalents. The Company’s board of directors and
executive management team use net debt to help assess the Company’s
liquidity and evaluate and plan for future liquidity needs. The
Company believes that the presentation of net debt is useful to
investors because it provides additional information regarding the
Company’s overall liquidity, financial flexibility, capital
structure and leverage.
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,
including its restructuring actions and cost reduction initiatives;
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. Accordingly, readers are cautioned not to place undue
reliance on the forward-looking statements.
The effect of the COVID-19 pandemic may remain
prevalent for a significant period of time and may continue to
adversely affect the Company’s business, results of operations and
financial condition even after the COVID-19 pandemic has subsided
and “stay at home” mandates have been lifted. The extent to which
the COVID-19 pandemic impacts the Company will depend on numerous
evolving factors and future developments that it cannot predict.
There are no comparable recent events that provide guidance as to
the effect the COVID-19 global pandemic may have, and, as a result,
the ultimate impact of the pandemic is highly uncertain and subject
to change. Additionally, the Company will regularly evaluate its
capital structure and liquidity position. From time to time and as
opportunities arise, the Company may access the debt capital
markets and modify its debt arrangements to optimize its capital
structure and liquidity position.
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
disruptions in capital and credit markets, the impact to the
Company’s business and operations resulting from the COVID-19
pandemic, 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
complete planned or future divestitures successfully, the Company’s
ability to adequately address downward pricing and other
competitive pressures, driver shortages and increases in driver
compensation or owner-operator contracted rates, loss of senior
management or key operating personnel, our ability to realize
intended benefits from its recent or future acquisitions,
seasonality and the impact of weather and other catastrophic
events, 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, the Company’s ability to generate sufficient cash to
service all of the Company’s indebtedness, restrictions in its
existing and future debt agreements, increases in interest rates,
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, litigation and governmental proceedings, and
insurance and claims expenses. You should not place undue reliance
on these forward-looking statements. 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:
Alpha IR GroupJoseph Caminiti or Chris
Hodges312-445-2870DSKE@alpha-ir.com
Daseke, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(Unaudited) |
(In millions, except share data) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
189.8 |
|
|
$ |
95.7 |
|
Accounts receivable, net |
|
|
172.5 |
|
|
|
197.8 |
|
Drivers’ advances and other receivables |
|
|
8.9 |
|
|
|
8.2 |
|
Parts supplies |
|
|
3.1 |
|
|
|
3.5 |
|
Assets held for sale |
|
|
0.4 |
|
|
|
— |
|
Prepaid and other current assets |
|
|
24.1 |
|
|
|
21.9 |
|
Total current assets |
|
|
398.8 |
|
|
|
327.1 |
|
Property and equipment, net |
|
|
379.0 |
|
|
|
439.0 |
|
Intangible assets, net |
|
|
97.4 |
|
|
|
109.1 |
|
Goodwill |
|
|
139.7 |
|
|
|
139.9 |
|
Right-of-use assets |
|
|
127.7 |
|
|
|
95.9 |
|
Other long-term assets |
|
|
33.0 |
|
|
|
29.6 |
|
Total assets |
|
$ |
1,175.6 |
|
|
$ |
1,140.6 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
15.4 |
|
|
$ |
20.5 |
|
Accrued expenses and other liabilities |
|
|
55.8 |
|
|
|
44.2 |
|
Accrued payroll, benefits and related taxes |
|
|
39.9 |
|
|
|
28.2 |
|
Accrued insurance and claims |
|
|
20.7 |
|
|
|
18.7 |
|
Current portion of long-term debt |
|
|
55.4 |
|
|
|
59.4 |
|
Other current liabilities |
|
|
52.2 |
|
|
|
48.8 |
|
Total current liabilities |
|
|
239.4 |
|
|
|
219.8 |
|
Line of credit |
|
|
— |
|
|
|
1.7 |
|
Long-term debt, net of current
portion |
|
|
625.1 |
|
|
|
631.6 |
|
Deferred tax liabilities |
|
|
69.6 |
|
|
|
69.9 |
|
Share-based payment
liability |
|
|
1.9 |
|
|
|
— |
|
Other long-term liabilities |
|
|
102.9 |
|
|
|
78.9 |
|
Total liabilities |
|
|
1,038.9 |
|
|
|
1,001.9 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Series A convertible preferred stock, $0.0001 par value; 10,000,000
shares authorized; 650,000 shares issued with liquidation
preference of $65.0 at September 30, 2020 and December 31,
2019 |
|
|
65.0 |
|
|
|
65.0 |
|
Common stock, par value $0.0001 per share; 250,000,000 shares
authorized, 65,018,760 and 64,589,075 shares issued and outstanding
at September 30, 2020 and December 31, 2019, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in-capital |
|
|
440.4 |
|
|
|
437.5 |
|
Accumulated deficit |
|
|
(368.2 |
) |
|
|
(363.4 |
) |
Accumulated other comprehensive
loss |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
Total stockholders’ equity |
|
|
136.7 |
|
|
|
138.7 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,175.6 |
|
|
$ |
1,140.6 |
|
Daseke, Inc. and Subsidiaries |
Consolidated Statements of Operations and Comprehensive
Income (Loss) |
(Unaudited) |
(In millions, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Company freight |
$ |
174.8 |
|
|
$ |
205.2 |
|
|
$ |
522.7 |
|
|
$ |
618.2 |
|
Owner operator freight |
|
103.3 |
|
|
|
118.3 |
|
|
|
307.1 |
|
|
|
351.1 |
|
Brokerage |
|
65.2 |
|
|
|
78.6 |
|
|
|
184.8 |
|
|
|
222.8 |
|
Logistics |
|
9.9 |
|
|
|
13.5 |
|
|
|
28.8 |
|
|
|
39.0 |
|
Fuel surcharge |
|
22.6 |
|
|
|
34.8 |
|
|
|
75.1 |
|
|
|
102.9 |
|
Total revenue |
|
375.8 |
|
|
|
450.4 |
|
|
|
1,118.5 |
|
|
|
1,334.0 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
95.8 |
|
|
|
127.7 |
|
|
|
305.6 |
|
|
|
371.1 |
|
Fuel |
|
20.2 |
|
|
|
34.1 |
|
|
|
67.1 |
|
|
|
105.3 |
|
Operations and maintenance |
|
45.5 |
|
|
|
56.8 |
|
|
|
136.4 |
|
|
|
164.7 |
|
Communications |
|
0.9 |
|
|
|
1.0 |
|
|
|
2.8 |
|
|
|
3.2 |
|
Purchased freight |
|
127.9 |
|
|
|
155.5 |
|
|
|
374.3 |
|
|
|
458.5 |
|
Administrative expenses |
|
12.6 |
|
|
|
21.4 |
|
|
|
50.0 |
|
|
|
54.7 |
|
Sales and marketing |
|
0.3 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
3.8 |
|
Taxes and licenses |
|
3.9 |
|
|
|
4.8 |
|
|
|
12.4 |
|
|
|
14.7 |
|
Insurance and claims |
|
16.3 |
|
|
|
13.4 |
|
|
|
46.9 |
|
|
|
38.1 |
|
Depreciation and amortization |
|
22.3 |
|
|
|
38.3 |
|
|
|
71.4 |
|
|
|
119.5 |
|
Gain on disposition of property and equipment |
|
(3.1 |
) |
|
|
(1.0 |
) |
|
|
(3.9 |
) |
|
|
(2.1 |
) |
Impairment |
|
— |
|
|
|
306.8 |
|
|
|
13.4 |
|
|
|
306.8 |
|
Restructuring charges |
|
5.1 |
|
|
|
6.9 |
|
|
|
8.6 |
|
|
|
6.9 |
|
Total operating expenses |
|
347.7 |
|
|
|
767.0 |
|
|
|
1,086.3 |
|
|
|
1,645.2 |
|
Income (loss) from operations |
|
28.1 |
|
|
|
(316.6 |
) |
|
|
32.2 |
|
|
|
(311.2 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.5 |
) |
|
|
(0.7 |
) |
Interest expense |
|
11.1 |
|
|
|
12.8 |
|
|
|
34.1 |
|
|
|
38.2 |
|
Write-off of deferred financing fees |
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
Other |
|
(0.6 |
) |
|
|
— |
|
|
|
(0.5 |
) |
|
|
(1.3 |
) |
Total other expense |
|
10.4 |
|
|
|
14.5 |
|
|
|
33.1 |
|
|
|
38.2 |
|
Income (loss) before income
taxes |
|
17.7 |
|
|
|
(331.1 |
) |
|
|
(0.9 |
) |
|
|
(349.4 |
) |
Income tax expense (benefit) |
|
2.0 |
|
|
|
(57.8 |
) |
|
|
0.2 |
|
|
|
(60.4 |
) |
Net income (loss) |
|
15.7 |
|
|
|
(273.3 |
) |
|
|
(1.1 |
) |
|
|
(289.0 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments, net of tax |
|
0.2 |
|
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
0.3 |
|
Comprehensive income (loss) |
$ |
15.9 |
|
|
$ |
(273.5 |
) |
|
$ |
(1.2 |
) |
|
$ |
(288.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
15.7 |
|
|
$ |
(273.3 |
) |
|
$ |
(1.1 |
) |
|
$ |
(289.0 |
) |
Less dividends to Series A convertible preferred stockholders |
|
(1.2 |
) |
|
|
(1.2 |
) |
|
|
(3.7 |
) |
|
|
(3.7 |
) |
Net income (loss) attributable to common stockholders |
$ |
14.5 |
|
|
$ |
(274.5 |
) |
|
$ |
(4.8 |
) |
|
$ |
(292.7 |
) |
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.22 |
|
|
$ |
(4.25 |
) |
|
$ |
(0.07 |
) |
|
$ |
(4.54 |
) |
Diluted |
$ |
0.22 |
|
|
$ |
(4.25 |
) |
|
$ |
(0.07 |
) |
|
$ |
(4.54 |
) |
Weighted-average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
64,823,973 |
|
|
|
64,583,275 |
|
|
|
64,692,039 |
|
|
|
64,525,777 |
|
Diluted |
|
71,700,156 |
|
|
|
64,583,275 |
|
|
|
64,692,039 |
|
|
|
64,525,777 |
|
Dividends declared per Series A
convertible preferred share |
$ |
1.91 |
|
|
$ |
1.91 |
|
|
$ |
5.72 |
|
|
$ |
5.72 |
|
Daseke, Inc. and Subsidiaries |
Consolidated Statements of Cash Flow |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2020 |
|
2019 |
Cash flows from
operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(1.1 |
) |
|
$ |
(289.0 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities |
|
|
|
|
|
|
Depreciation |
|
|
65.9 |
|
|
|
107.1 |
|
Amortization of intangible assets |
|
|
5.5 |
|
|
|
12.4 |
|
Amortization of deferred financing fees |
|
|
3.2 |
|
|
|
2.4 |
|
Non-cash operating lease expense |
|
|
0.2 |
|
|
|
19.7 |
|
Write-off of deferred financing fees |
|
|
— |
|
|
|
2.0 |
|
Stock-based compensation expense |
|
|
4.9 |
|
|
|
2.9 |
|
Deferred taxes |
|
|
0.2 |
|
|
|
(60.4 |
) |
Bad debt expense |
|
|
1.2 |
|
|
|
2.7 |
|
Gain on disposition of property and equipment |
|
|
(3.9 |
) |
|
|
(2.1 |
) |
Impairment |
|
|
13.4 |
|
|
|
306.8 |
|
Restructuring charges |
|
|
— |
|
|
|
6.9 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
Accounts receivable |
|
|
23.8 |
|
|
|
(23.5 |
) |
Drivers’ advances and other receivables |
|
|
(0.7 |
) |
|
|
(2.4 |
) |
Prepaid and other current assets |
|
|
(8.9 |
) |
|
|
(2.3 |
) |
Accounts payable |
|
|
(5.1 |
) |
|
|
1.8 |
|
Accrued expenses and other liabilities |
|
|
23.8 |
|
|
|
4.4 |
|
Net cash provided by operating activities |
|
|
122.4 |
|
|
|
89.4 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(18.0 |
) |
|
|
(17.4 |
) |
Proceeds from sale of property and equipment |
|
|
52.0 |
|
|
|
23.8 |
|
Net cash provided by investing activities |
|
|
34.0 |
|
|
|
6.4 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Advances on line of credit |
|
|
1,111.2 |
|
|
|
980.8 |
|
Repayments on line of credit |
|
|
(1,112.9 |
) |
|
|
(980.8 |
) |
Principal payments on long-term debt |
|
|
(57.3 |
) |
|
|
(57.8 |
) |
Deferred financing fees |
|
|
— |
|
|
|
(0.4 |
) |
Series A convertible preferred stock dividends |
|
|
(3.7 |
) |
|
|
(3.7 |
) |
Net cash used in financing activities |
|
|
(62.7 |
) |
|
|
(61.9 |
) |
|
|
|
|
|
|
|
Effect of exchange rates on
cash and cash equivalents |
|
|
0.4 |
|
|
|
(0.3 |
) |
|
|
|
|
|
|
|
Net increase in cash and cash
equivalents |
|
|
94.1 |
|
|
|
33.6 |
|
Cash and cash equivalents –
beginning of period |
|
|
95.7 |
|
|
|
46.0 |
|
Cash and cash equivalents –
end of period |
|
$ |
189.8 |
|
|
$ |
79.6 |
|
Daseke, Inc. and Subsidiaries |
Consolidated Statements of Cash Flow -
(Continued) |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2020 |
|
2019 |
Supplemental disclosure of cash flow
information |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
30.8 |
|
$ |
35.6 |
Cash paid for income taxes |
|
$ |
3.0 |
|
$ |
1.6 |
|
|
|
|
|
|
|
Noncash
investing and financing activities |
|
|
|
|
|
|
Property and equipment acquired with debt or finance lease
obligations |
|
$ |
45.4 |
|
$ |
65.6 |
Property and equipment sold for notes receivable |
|
$ |
0.3 |
|
$ |
0.4 |
Right-of-use assets acquired |
|
$ |
53.5 |
|
$ |
33.5 |
Daseke, Inc. and Subsidiaries |
Supplemental Information: Specialized
Solutions |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
Increase (Decrease) |
(Dollars in millions) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
129.7 |
|
|
55.1 |
|
$ |
155.4 |
|
|
54.0 |
|
|
$ |
(25.7 |
) |
|
(16.5 |
) |
Owner operator freight |
|
|
37.7 |
|
|
16.0 |
|
|
49.1 |
|
|
17.0 |
|
|
|
(11.4 |
) |
|
(23.2 |
) |
Brokerage |
|
|
47.8 |
|
|
20.3 |
|
|
54.5 |
|
|
18.9 |
|
|
|
(6.7 |
) |
|
(12.3 |
) |
Logistics |
|
|
9.1 |
|
|
3.9 |
|
|
12.9 |
|
|
4.5 |
|
|
|
(3.8 |
) |
|
(29.5 |
) |
Fuel surcharge |
|
|
10.9 |
|
|
4.7 |
|
|
16.1 |
|
|
5.6 |
|
|
|
(5.2 |
) |
|
(32.3 |
) |
Total revenue |
|
|
235.2 |
|
|
100.0 |
|
|
288.0 |
|
|
100.0 |
|
|
|
(52.8 |
) |
|
(18.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
204.1 |
|
|
86.8 |
|
|
475.6 |
|
|
165.1 |
|
|
|
(271.5 |
) |
|
(57.1 |
) |
Operating ratio |
|
|
86.8 |
% |
|
|
|
|
165.1 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
85.2 |
% |
|
|
|
|
93.9 |
% |
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
31.1 |
|
|
13.2 |
|
$ |
(187.6 |
) |
|
(65.1 |
) |
|
$ |
218.7 |
|
|
(116.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
38.9 |
|
|
|
|
|
43.2 |
|
|
|
|
|
(4.3 |
) |
|
(10.0 |
) |
Owner operator miles |
|
|
12.1 |
|
|
|
|
|
14.6 |
|
|
|
|
|
(2.5 |
) |
|
(17.1 |
) |
Total miles (in
millions)(2) |
|
|
51.0 |
|
|
|
|
|
57.8 |
|
|
|
|
|
(6.8 |
) |
|
(11.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
quarter-end |
|
|
1,960 |
|
|
|
|
|
2,472 |
|
|
|
|
|
(512 |
) |
|
(20.7 |
) |
Owner-operated tractors, at
quarter-end |
|
|
510 |
|
|
|
|
|
699 |
|
|
|
|
|
(189 |
) |
|
(27.0 |
) |
Number of trailers, at
quarter-end |
|
|
7,278 |
|
|
|
|
|
8,280 |
|
|
|
|
|
(1,002 |
) |
|
(12.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the quarter |
|
|
1,958 |
|
|
|
|
|
2,479 |
|
|
|
|
|
(521 |
) |
|
(21.0 |
) |
Owner-operated tractors,
average for the quarter |
|
|
523 |
|
|
|
|
|
694 |
|
|
|
|
|
(171 |
) |
|
(24.6 |
) |
Total tractors, average for
the quarter |
|
|
2,481 |
|
|
|
|
|
3,173 |
|
|
|
|
|
(692 |
) |
|
(21.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
intersegment revenues and expenses, as applicable, which are
eliminated in the Company’s consolidated results. |
(2) 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. |
Daseke, Inc. and Subsidiaries |
Supplemental Information: Specialized
Solutions |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
Increase (Decrease) |
(Dollars in millions) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
383.5 |
|
|
55.0 |
|
$ |
463.8 |
|
|
55.3 |
|
|
$ |
(80.3 |
) |
|
(17.3 |
) |
Owner operator freight |
|
|
118.7 |
|
|
17.0 |
|
|
142.4 |
|
|
17.0 |
|
|
|
(23.7 |
) |
|
(16.6 |
) |
Brokerage |
|
|
133.7 |
|
|
19.2 |
|
|
148.3 |
|
|
17.7 |
|
|
|
(14.6 |
) |
|
(9.8 |
) |
Logistics |
|
|
26.4 |
|
|
3.8 |
|
|
37.1 |
|
|
4.4 |
|
|
|
(10.7 |
) |
|
(28.8 |
) |
Fuel surcharge |
|
|
34.9 |
|
|
5.0 |
|
|
46.7 |
|
|
5.6 |
|
|
|
(11.8 |
) |
|
(25.3 |
) |
Total revenue |
|
|
697.2 |
|
|
100.0 |
|
|
838.3 |
|
|
100.0 |
|
|
|
(141.1 |
) |
|
(16.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
658.1 |
|
|
94.4 |
|
|
1,007.1 |
|
|
120.1 |
|
|
|
(349.0 |
) |
|
(34.7 |
) |
Operating ratio |
|
|
94.4 |
% |
|
|
|
|
120.1 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
90.9 |
% |
|
|
|
|
93.6 |
% |
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
39.1 |
|
|
5.6 |
|
$ |
(168.8 |
) |
|
(20.1 |
) |
|
$ |
207.9 |
|
|
(123.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
117.4 |
|
|
|
|
|
128.4 |
|
|
|
|
|
(11.0 |
) |
|
(8.6 |
) |
Owner operator miles |
|
|
38.2 |
|
|
|
|
|
40.7 |
|
|
|
|
|
(2.5 |
) |
|
(6.1 |
) |
Total miles (in
millions)(2) |
|
|
155.6 |
|
|
|
|
|
169.1 |
|
|
|
|
|
(13.5 |
) |
|
(8.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
period-end |
|
|
1,960 |
|
|
|
|
|
2,472 |
|
|
|
|
|
(512 |
) |
|
(20.7 |
) |
Owner-operated tractors, at
period-end |
|
|
510 |
|
|
|
|
|
699 |
|
|
|
|
|
(189 |
) |
|
(27.0 |
) |
Number of trailers, at
period-end |
|
|
7,278 |
|
|
|
|
|
8,280 |
|
|
|
|
|
(1,002 |
) |
|
(12.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the period |
|
|
2,263 |
|
|
|
|
|
2,492 |
|
|
|
|
|
(229 |
) |
|
(9.2 |
) |
Owner-operated tractors,
average for the period |
|
|
646 |
|
|
|
|
|
674 |
|
|
|
|
|
(28 |
) |
|
(4.2 |
) |
Total tractors, average for
the period |
|
|
2,909 |
|
|
|
|
|
3,166 |
|
|
|
|
|
(257 |
) |
|
(8.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
intersegment revenues and expenses, as applicable, which are
eliminated in the Company’s consolidated results. |
(2) 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. |
Daseke, Inc. and Subsidiaries |
Supplemental Information: Flatbed Solutions |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
Increase (Decrease) |
(Dollars in millions) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
47.1 |
|
|
32.6 |
|
$ |
55.2 |
|
|
32.5 |
|
|
$ |
(8.1 |
) |
|
(14.7 |
) |
Owner operator freight |
|
|
67.2 |
|
|
46.5 |
|
|
71.1 |
|
|
41.9 |
|
|
|
(3.9 |
) |
|
(5.5 |
) |
Brokerage |
|
|
17.6 |
|
|
12.2 |
|
|
23.6 |
|
|
13.9 |
|
|
|
(6.0 |
) |
|
(25.4 |
) |
Logistics |
|
|
0.7 |
|
|
0.5 |
|
|
0.7 |
|
|
0.4 |
|
|
|
— |
|
|
- |
|
Fuel surcharge |
|
|
11.9 |
|
|
8.2 |
|
|
19.2 |
|
|
11.3 |
|
|
|
(7.3 |
) |
|
(38.0 |
) |
Total revenue |
|
|
144.5 |
|
|
100.0 |
|
|
169.8 |
|
|
100.0 |
|
|
|
(25.3 |
) |
|
(14.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
135.2 |
|
|
93.6 |
|
|
277.7 |
|
|
163.5 |
|
|
|
(142.5 |
) |
|
(51.3 |
) |
Operating ratio |
|
|
93.6 |
% |
|
|
|
|
163.5 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
92.8 |
% |
|
|
|
|
95.0 |
% |
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
9.3 |
|
|
6.4 |
|
$ |
(107.9 |
) |
|
(63.5 |
) |
|
$ |
117.2 |
|
|
(108.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
23.1 |
|
|
|
|
|
27.8 |
|
|
|
|
|
(4.7 |
) |
|
(16.9 |
) |
Owner operator miles |
|
|
35.7 |
|
|
|
|
|
38.6 |
|
|
|
|
|
(2.9 |
) |
|
(7.5 |
) |
Total miles (in
millions)(2) |
|
|
58.8 |
|
|
|
|
|
66.4 |
|
|
|
|
|
(7.6 |
) |
|
(11.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
quarter-end |
|
|
1,019 |
|
|
|
|
|
1,264 |
|
|
|
|
|
(245 |
) |
|
(19.4 |
) |
Owner-operated tractors, at
quarter-end |
|
|
1,590 |
|
|
|
|
|
1,714 |
|
|
|
|
|
(124 |
) |
|
(7.2 |
) |
Number of trailers, at
quarter-end |
|
|
4,329 |
|
|
|
|
|
4,928 |
|
|
|
|
|
(599 |
) |
|
(12.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the quarter |
|
|
1,077 |
|
|
|
|
|
1,265 |
|
|
|
|
|
(188 |
) |
|
(14.9 |
) |
Owner-operated tractors,
average for the quarter |
|
|
1,581 |
|
|
|
|
|
1,701 |
|
|
|
|
|
(120 |
) |
|
(7.1 |
) |
Total tractors, average for
the quarter |
|
|
2,658 |
|
|
|
|
|
2,966 |
|
|
|
|
|
(308 |
) |
|
(10.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
intersegment revenues and expenses, as applicable, which are
eliminated in the Company’s consolidated results. |
(2) 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. |
Daseke, Inc. and Subsidiaries |
Supplemental Information: Flatbed Solutions |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
Increase (Decrease) |
(Dollars in millions) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
147.3 |
|
|
33.7 |
|
$ |
165.3 |
|
|
32.2 |
|
|
$ |
(18.0 |
) |
|
(10.9 |
) |
Owner operator freight |
|
|
193.5 |
|
|
44.3 |
|
|
213.1 |
|
|
41.6 |
|
|
|
(19.6 |
) |
|
(9.2 |
) |
Brokerage |
|
|
52.6 |
|
|
12.0 |
|
|
74.7 |
|
|
14.6 |
|
|
|
(22.1 |
) |
|
(29.6 |
) |
Logistics |
|
|
2.2 |
|
|
0.5 |
|
|
2.0 |
|
|
0.4 |
|
|
|
0.2 |
|
|
10.0 |
|
Fuel surcharge |
|
|
41.2 |
|
|
9.5 |
|
|
57.6 |
|
|
11.2 |
|
|
|
(16.4 |
) |
|
(28.5 |
) |
Total revenue |
|
|
436.8 |
|
|
100.0 |
|
|
512.7 |
|
|
100.0 |
|
|
|
(75.9 |
) |
|
(14.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
408.2 |
|
|
93.5 |
|
|
611.2 |
|
|
119.2 |
|
|
|
(203.0 |
) |
|
(33.2 |
) |
Operating ratio |
|
|
93.5 |
% |
|
|
|
|
119.2 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
92.8 |
% |
|
|
|
|
95.7 |
% |
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
28.6 |
|
|
6.5 |
|
$ |
(98.5 |
) |
|
(19.2 |
) |
|
$ |
127.1 |
|
|
(129.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
75.4 |
|
|
|
|
|
83.0 |
|
|
|
|
|
(7.6 |
) |
|
(9.2 |
) |
Owner operator miles |
|
|
107.1 |
|
|
|
|
|
113.0 |
|
|
|
|
|
(5.9 |
) |
|
(5.2 |
) |
Total miles (in
millions)(2) |
|
|
182.5 |
|
|
|
|
|
196.0 |
|
|
|
|
|
(13.5 |
) |
|
(6.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
period-end |
|
|
1,019 |
|
|
|
|
|
1,264 |
|
|
|
|
|
(245 |
) |
|
(19.4 |
) |
Owner-operated tractors, at
period-end |
|
|
1,590 |
|
|
|
|
|
1,714 |
|
|
|
|
|
(124 |
) |
|
(7.2 |
) |
Number of trailers, at
period-end |
|
|
4,329 |
|
|
|
|
|
4,928 |
|
|
|
|
|
(599 |
) |
|
(12.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the period |
|
|
1,154 |
|
|
|
|
|
1,324 |
|
|
|
|
|
(170 |
) |
|
(12.8 |
) |
Owner-operated tractors,
average for the period |
|
|
1,564 |
|
|
|
|
|
1,665 |
|
|
|
|
|
(101 |
) |
|
(6.1 |
) |
Total tractors, average for
the period |
|
|
2,718 |
|
|
|
|
|
2,989 |
|
|
|
|
|
(271 |
) |
|
(9.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
intersegment revenues and expenses, as applicable, which are
eliminated in the Company’s consolidated results. |
(2) 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. |
Daseke, Inc. and Subsidiaries |
Reconciliation of Adjusted Operating Ratio to Operating
Ratio |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
(Dollars in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
Consolidated |
|
Flatbed |
|
Specialized |
Revenue |
|
$ |
375.8 |
|
|
$ |
450.4 |
|
|
$ |
144.5 |
|
|
$ |
169.8 |
|
|
$ |
235.2 |
|
|
$ |
288.0 |
|
Salaries, wages and employee benefits |
|
|
95.8 |
|
|
|
127.7 |
|
|
|
29.9 |
|
|
|
35.0 |
|
|
|
60.3 |
|
|
|
82.6 |
|
Fuel |
|
|
20.2 |
|
|
|
34.1 |
|
|
|
7.2 |
|
|
|
12.5 |
|
|
|
13.0 |
|
|
|
21.7 |
|
Operations and maintenance |
|
|
45.5 |
|
|
|
56.8 |
|
|
|
11.0 |
|
|
|
13.2 |
|
|
|
34.4 |
|
|
|
43.3 |
|
Purchased freight |
|
|
127.9 |
|
|
|
155.5 |
|
|
|
67.3 |
|
|
|
77.8 |
|
|
|
64.6 |
|
|
|
85.2 |
|
Depreciation and amortization |
|
|
22.3 |
|
|
|
38.3 |
|
|
|
9.3 |
|
|
|
14.2 |
|
|
|
12.8 |
|
|
|
23.8 |
|
Impairment |
|
|
— |
|
|
|
306.8 |
|
|
|
— |
|
|
|
113.2 |
|
|
|
— |
|
|
|
193.6 |
|
Restructuring |
|
|
5.1 |
|
|
|
6.9 |
|
|
|
0.2 |
|
|
|
0.9 |
|
|
|
4.9 |
|
|
|
3.5 |
|
Other operating expenses |
|
|
30.9 |
|
|
|
40.9 |
|
|
|
10.3 |
|
|
|
10.9 |
|
|
|
14.1 |
|
|
|
21.9 |
|
Operating expenses |
|
|
347.7 |
|
|
|
767.0 |
|
|
|
135.2 |
|
|
|
277.7 |
|
|
|
204.1 |
|
|
|
475.6 |
|
Operating income (loss) |
|
|
28.1 |
|
|
|
(316.6 |
) |
|
|
9.3 |
|
|
|
(107.9 |
) |
|
|
31.1 |
|
|
|
(187.6 |
) |
Operating ratio |
|
|
92.5 |
% |
|
|
170.3 |
% |
|
|
93.6 |
% |
|
|
163.5 |
% |
|
|
86.8 |
% |
|
|
165.1 |
% |
Business transformation costs |
|
|
1.6 |
|
|
|
6.8 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.7 |
|
Impairment |
|
|
— |
|
|
|
306.8 |
|
|
|
— |
|
|
|
113.2 |
|
|
|
— |
|
|
|
193.6 |
|
Restructuring |
|
|
5.1 |
|
|
|
6.9 |
|
|
|
0.2 |
|
|
|
0.9 |
|
|
|
4.9 |
|
|
|
3.5 |
|
Amortization of intangible assets |
|
|
1.9 |
|
|
|
4.2 |
|
|
|
0.9 |
|
|
|
1.5 |
|
|
|
1.0 |
|
|
|
2.7 |
|
Impaired lease termination |
|
|
(2.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
Net impact of step-up in basis of acquired assets |
|
|
— |
|
|
|
5.5 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
|
|
4.8 |
|
Adjusted operating expenses |
|
|
341.5 |
|
|
|
436.8 |
|
|
|
134.1 |
|
|
|
161.3 |
|
|
|
200.5 |
|
|
|
270.3 |
|
Adjusted operating income |
|
$ |
34.3 |
|
|
$ |
13.6 |
|
|
$ |
10.4 |
|
|
$ |
8.5 |
|
|
$ |
34.7 |
|
|
$ |
17.7 |
|
Adjusted operating ratio |
|
|
90.9 |
% |
|
|
97.0 |
% |
|
|
92.8 |
% |
|
|
95.0 |
% |
|
|
85.2 |
% |
|
|
93.9 |
% |
Daseke, Inc. and Subsidiaries |
Reconciliation of Adjusted Operating Ratio to Operating
Ratio |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
(Dollars in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
Consolidated |
|
Flatbed |
|
Specialized |
Revenue |
|
$ |
1,118.5 |
|
|
$ |
1,334.0 |
|
|
$ |
436.8 |
|
|
$ |
512.7 |
|
|
$ |
697.2 |
|
|
$ |
838.3 |
|
Salaries, wages and employee benefits |
|
|
305.6 |
|
|
|
371.1 |
|
|
|
94.0 |
|
|
|
104.4 |
|
|
|
198.2 |
|
|
|
246.4 |
|
Fuel |
|
|
67.1 |
|
|
|
105.3 |
|
|
|
24.4 |
|
|
|
37.8 |
|
|
|
42.8 |
|
|
|
67.5 |
|
Operations and maintenance |
|
|
136.4 |
|
|
|
164.7 |
|
|
|
32.0 |
|
|
|
40.5 |
|
|
|
104.2 |
|
|
|
123.6 |
|
Purchased freight |
|
|
374.3 |
|
|
|
458.5 |
|
|
|
197.0 |
|
|
|
237.8 |
|
|
|
193.2 |
|
|
|
237.8 |
|
Depreciation and amortization |
|
|
71.4 |
|
|
|
119.5 |
|
|
|
27.8 |
|
|
|
42.6 |
|
|
|
42.9 |
|
|
|
76.4 |
|
Impairment |
|
|
13.4 |
|
|
|
306.8 |
|
|
|
— |
|
|
|
113.2 |
|
|
|
13.4 |
|
|
|
193.6 |
|
Restructuring |
|
|
8.6 |
|
|
|
6.9 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
8.3 |
|
|
|
3.5 |
|
Other operating expenses |
|
|
109.5 |
|
|
|
112.4 |
|
|
|
32.7 |
|
|
|
34.0 |
|
|
|
55.1 |
|
|
|
58.3 |
|
Operating expenses |
|
|
1,086.3 |
|
|
|
1,645.2 |
|
|
|
408.2 |
|
|
|
611.2 |
|
|
|
658.1 |
|
|
|
1,007.1 |
|
Operating income (loss) |
|
|
32.2 |
|
|
|
(311.2 |
) |
|
|
28.6 |
|
|
|
(98.5 |
) |
|
|
39.1 |
|
|
|
(168.8 |
) |
Operating ratio |
|
|
97.1 |
% |
|
|
123.3 |
% |
|
|
93.5 |
% |
|
|
119.2 |
% |
|
|
94.4 |
% |
|
|
120.1 |
% |
Business transformation costs |
|
|
7.7 |
|
|
|
6.8 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
2.1 |
|
|
|
0.7 |
|
Impairment |
|
|
13.4 |
|
|
|
306.8 |
|
|
|
— |
|
|
|
113.2 |
|
|
|
13.4 |
|
|
|
193.6 |
|
Restructuring |
|
|
8.6 |
|
|
|
6.9 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
8.3 |
|
|
|
3.5 |
|
Amortization of intangible assets |
|
|
5.5 |
|
|
|
12.4 |
|
|
|
2.5 |
|
|
|
4.5 |
|
|
|
3.0 |
|
|
|
7.9 |
|
Impaired lease termination |
|
|
(2.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
Net impact of step-up in basis of acquired assets |
|
|
— |
|
|
|
18.2 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
16.6 |
|
Adjusted operating expenses |
|
|
1,053.5 |
|
|
|
1,294.1 |
|
|
|
405.3 |
|
|
|
490.9 |
|
|
|
633.7 |
|
|
|
784.8 |
|
Adjusted operating income |
|
$ |
65.0 |
|
|
$ |
39.9 |
|
|
$ |
31.5 |
|
|
$ |
21.8 |
|
|
$ |
63.5 |
|
|
$ |
53.5 |
|
Adjusted operating ratio |
|
|
94.2 |
% |
|
|
97.0 |
% |
|
|
92.8 |
% |
|
|
95.7 |
% |
|
|
90.9 |
% |
|
|
93.6 |
% |
Daseke, Inc. and Subsidiaries |
Reconciliation of Net Income (Loss) to Adjusted EBITDA by
Segment |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2020 |
|
September 30, 2020 |
(Dollars in millions) |
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
Net income (loss) |
|
$ |
4.6 |
|
|
$ |
20.4 |
|
|
$ |
(9.3 |
) |
|
$ |
15.7 |
|
|
$ |
14.9 |
|
|
$ |
16.5 |
|
|
$ |
(32.5 |
) |
|
$ |
(1.1 |
) |
Depreciation and amortization |
|
|
9.3 |
|
|
|
12.8 |
|
|
|
0.2 |
|
|
|
22.3 |
|
|
|
27.8 |
|
|
|
42.9 |
|
|
|
0.7 |
|
|
|
71.4 |
|
Interest income |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.5 |
) |
Interest expense |
|
|
2.3 |
|
|
|
2.9 |
|
|
|
5.9 |
|
|
|
11.1 |
|
|
|
7.2 |
|
|
|
8.7 |
|
|
|
18.2 |
|
|
|
34.1 |
|
Income tax expense (benefit) |
|
|
2.4 |
|
|
|
8.4 |
|
|
|
(8.8 |
) |
|
|
2.0 |
|
|
|
6.8 |
|
|
|
14.1 |
|
|
|
(20.7 |
) |
|
|
0.2 |
|
Business transformation costs |
|
|
— |
|
|
|
0.1 |
|
|
|
1.5 |
|
|
|
1.6 |
|
|
|
0.1 |
|
|
|
2.1 |
|
|
|
5.5 |
|
|
|
7.7 |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
13.4 |
|
Impaired lease termination |
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
|
|
(2.4 |
) |
Restructuring |
|
|
0.2 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
5.1 |
|
|
|
0.3 |
|
|
|
8.3 |
|
|
|
— |
|
|
|
8.6 |
|
Stock based compensation |
|
|
0.3 |
|
|
|
0.3 |
|
|
|
1.7 |
|
|
|
2.3 |
|
|
|
0.5 |
|
|
|
1.1 |
|
|
|
3.3 |
|
|
|
4.9 |
|
Adjusted
EBITDA |
|
$ |
19.0 |
|
|
$ |
47.4 |
|
|
$ |
(8.8 |
) |
|
$ |
57.6 |
|
|
$ |
57.4 |
|
|
$ |
104.7 |
|
|
$ |
(25.8 |
) |
|
$ |
136.3 |
|
Less Aveda Adjusted
EBITDA |
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
(3.0 |
) |
Adjusted EBITDA
ex-Aveda |
|
$ |
19.0 |
|
|
$ |
46.0 |
|
|
$ |
(8.8 |
) |
|
$ |
56.2 |
|
|
$ |
57.4 |
|
|
$ |
107.7 |
|
|
$ |
(25.8 |
) |
|
$ |
139.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2019 |
|
September 30, 2019 |
|
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
Net loss |
|
$ |
(96.3 |
) |
|
$ |
(162.0 |
) |
|
$ |
(15.0 |
) |
|
$ |
(273.3 |
) |
|
$ |
(93.6 |
) |
|
$ |
(152.1 |
) |
|
$ |
(43.3 |
) |
|
$ |
(289.0 |
) |
Depreciation and amortization |
|
|
14.2 |
|
|
|
23.8 |
|
|
|
0.3 |
|
|
|
38.3 |
|
|
|
42.6 |
|
|
|
76.4 |
|
|
|
0.5 |
|
|
|
119.5 |
|
Interest income |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
(0.5 |
) |
|
|
(0.7 |
) |
Interest expense |
|
|
2.8 |
|
|
|
3.3 |
|
|
|
6.7 |
|
|
|
12.8 |
|
|
|
8.2 |
|
|
|
9.8 |
|
|
|
20.2 |
|
|
|
38.2 |
|
Write-off of unamortized deferred financing fees |
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
2.0 |
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
2.0 |
|
Income tax expense (benefit) |
|
|
(14.2 |
) |
|
|
(29.1 |
) |
|
|
(14.5 |
) |
|
|
(57.8 |
) |
|
|
(12.6 |
) |
|
|
(25.8 |
) |
|
|
(22.0 |
) |
|
|
(60.4 |
) |
Business transformation costs |
|
|
0.1 |
|
|
|
0.7 |
|
|
|
6.0 |
|
|
|
6.8 |
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
6.0 |
|
|
|
6.8 |
|
Impairment |
|
|
113.2 |
|
|
|
193.6 |
|
|
|
— |
|
|
|
306.8 |
|
|
|
113.2 |
|
|
|
193.6 |
|
|
|
— |
|
|
|
306.8 |
|
Restructuring |
|
|
0.9 |
|
|
|
3.5 |
|
|
|
2.5 |
|
|
|
6.9 |
|
|
|
0.9 |
|
|
|
3.5 |
|
|
|
2.5 |
|
|
|
6.9 |
|
Stock based compensation |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
1.0 |
|
|
|
0.5 |
|
|
|
1.3 |
|
|
|
1.1 |
|
|
|
2.9 |
|
Adjusted
EBITDA |
|
$ |
20.8 |
|
|
$ |
34.2 |
|
|
$ |
(11.8 |
) |
|
$ |
43.2 |
|
|
$ |
59.1 |
|
|
$ |
107.4 |
|
|
$ |
(33.5 |
) |
|
$ |
133.0 |
|
Less Aveda Adjusted
EBITDA |
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
2.3 |
|
|
|
— |
|
|
|
14.6 |
|
|
|
— |
|
|
|
14.6 |
|
Adjusted EBITDA
ex-Aveda |
|
$ |
20.8 |
|
|
$ |
31.9 |
|
|
$ |
(11.8 |
) |
|
$ |
40.9 |
|
|
$ |
59.1 |
|
|
$ |
92.8 |
|
|
$ |
(33.5 |
) |
|
$ |
118.4 |
|
Daseke, Inc. and Subsidiaries |
Reconciliation of Net Income (Loss) to Adjusted Net
Income |
(Unaudited) |
(In millions) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollars in millions, except share and per share
data) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) |
|
$ |
15.7 |
|
|
$ |
(273.3 |
) |
|
$ |
(1.1 |
) |
|
$ |
(289.0 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Business transformation costs |
|
|
1.6 |
|
|
|
6.8 |
|
|
|
7.7 |
|
|
|
6.8 |
|
Impairment |
|
|
— |
|
|
|
306.8 |
|
|
|
13.4 |
|
|
|
306.8 |
|
Restructuring |
|
|
5.1 |
|
|
|
6.9 |
|
|
|
8.6 |
|
|
|
6.9 |
|
Amortization of intangible assets |
|
|
1.9 |
|
|
|
4.2 |
|
|
|
5.5 |
|
|
|
12.4 |
|
Impaired lease termination |
|
|
(2.4 |
) |
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
Net impact of step-up in basis of acquired assets |
|
|
— |
|
|
|
5.5 |
|
|
|
— |
|
|
|
18.2 |
|
Tax impact of impairments |
|
|
— |
|
|
|
(52.2 |
) |
|
|
(2.7 |
) |
|
|
(52.2 |
) |
Adjusted Net Income |
|
$ |
21.9 |
|
|
$ |
4.7 |
|
|
$ |
29.0 |
|
|
$ |
9.9 |
|
Daseke, Inc. and Subsidiaries |
Reconciliation of cash flows from operating activities to
Free Cash Flow |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollars in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net cash provided by operating activities |
|
$ |
39.5 |
|
|
$ |
34.5 |
|
|
$ |
122.4 |
|
|
$ |
89.4 |
|
Purchases of property and
equipment |
|
|
(3.1 |
) |
|
|
(5.3 |
) |
|
|
(18.0 |
) |
|
|
(17.4 |
) |
Proceeds from sale of property
and equipment |
|
|
15.6 |
|
|
|
7.3 |
|
|
|
52.0 |
|
|
|
23.8 |
|
Free Cash
Flow |
|
$ |
52.0 |
|
|
$ |
36.5 |
|
|
$ |
156.4 |
|
|
$ |
95.8 |
|
Daseke, Inc. and Subsidiaries |
Reconciliation of total debt to net debt |
(Unaudited) |
(In millions) |
|
|
As of September 30, |
|
|
2020 |
|
2019 |
Term Loan Facility |
|
$ |
484.8 |
|
|
$ |
489.7 |
|
Equipment term loans |
|
|
174.1 |
|
|
|
197.5 |
|
Finance lease obligations |
|
|
29.8 |
|
|
|
26.0 |
|
Total debt |
|
|
688.7 |
|
|
|
713.2 |
|
Less: cash and cash
equivalents |
|
|
(189.8 |
) |
|
|
(79.6 |
) |
Net debt |
|
$ |
498.9 |
|
|
$ |
633.6 |
|
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