EX-99.1 2 saia-ex991_6.htm EX-99.1 saia-ex991_6.htm

Exhibit 99.1

 

 

Saia Reports Fourth Quarter and Full Year Results

 

JOHNS CREEK, GA. – February 2, 2018 – Saia, Inc. (NASDAQ: SAIA), a leading transportation provider offering multi-regional less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter and year-end 2017 financial results.

 

Fourth quarter 2017 diluted earnings per share of $1.82 compares to $0.40 in the fourth quarter of 2016.  For the full year 2017, our diluted earnings per share were $3.49 versus $1.87 in 2016.  During the fourth quarter of 2017, the Company recorded a reduction in deferred income tax liability that was required as a result of the passage of the Tax Cuts and Jobs Act.  Excluding this reduction, diluted earnings per share were $0.53 for the fourth quarter and $2.19 per share for 2017. 1

 

Highlights from our fourth quarter and full year operating results were as follows:

 

Fourth Quarter 2017 Compared to Fourth Quarter 2016 Results

 

Revenues were $353 million, a 17.7% increase

 

Operating income was $22.9 million, a 33.2% increase

 

Operating ratio improved by 80 basis points to 93.5

 

LTL shipments per workday increased 8.7%

 

LTL tonnage per workday increased 8.3%

 

LTL revenue per hundredweight increased 8.7%

 

2017 Results Compared to 2016 Results

 

Record revenues of $1.4 billion compares to $1.2 billion

 

Operating income was $94.7 million, a 19.7% increase

 

Operating ratio of 93.1 compares to 93.5

 

LTL shipments per workday increased 5.6%

 

LTL tonnage per workday increased 5.2%

 

LTL revenue per hundredweight increased 8.0%

 

“Fourth quarter results reflect not only significant growth from our expansion into new markets this past year, but are also indicative of continuing strong freight activity and disciplined pricing.  The two terminals we opened in the fourth quarter bring the 2017 total openings in new markets to six or approximately 4% terminal growth”, said Saia President and Chief Executive Officer, Rick O’Dell.  “Customers have been very responsive to our offering of an expanded service area and freight in and out of new markets in the Northeast in December accounted for 6.8% of daily LTL revenue”, O’Dell continued.

 

“Our revenue run rate in the Northeast has exceeded our expectations.  We believe both existing and new customers value our broader direct LTL shipping coverage and that this provides a potential future growth opportunity.  We also believe customers value the 98% on-time service standard and .73% cargo claims ratio that we achieved in the fourth quarter.  Our LTL yield increased by 8.7% in the quarter, marking our 30th consecutive quarter of year-over-year improvement”, stated O’Dell.

 

“In 2018 we plan to open terminals in 4-6 new markets, as we continue to execute on our plan to provide 48-state coverage for our customers over the next few years”, concluded O’Dell.

 

Financial Position and Capital Expenditures

Total debt was $132.9 million at December 31, 2017 and inclusive of the cash on-hand, net debt to total capital was 18.0%.  This compares to total debt of $73.8 million and net debt to total capital of 13.0% at December 31, 2016.

 

Net capital expenditures in 2017 were $217.0 million including equipment acquired with capital leases.  This compares to $152.4 million in net capital expenditures in 2016.  In 2018, we anticipate net capital expenditures of approximately $265 million.

 

 


Saia, Inc. Fourth Quarter 2017 Results

Page 2

 

Conference Call

Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 800-239-9838 or 323-794-2551 referencing conference ID #5145633.  Callers should dial in five to ten minutes in advance of the conference call.  This call will be webcast live via the Company web site at www.saiacorp.com.  A replay of the call will be offered two hours after the completion of the call through March 2, 2018 at 1:00 p.m. Eastern Time.  The replay will be available by dialing 888-203-1112 or 719-457-0820.

 

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services.  With headquarters in Georgia, Saia LTL Freight operates 154 terminals in 40 states.  For more information on Saia, Inc. visit the Investor Relations section at www.saiacorp.com.

 

Cautionary Note Regarding Forward-Looking Statements

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

 

Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns in the business cycle; (2) effectiveness of Company-specific performance improvement initiatives, including management of the cost structure to match shifts in customer volume levels; (3) the creditworthiness of our customers and their ability to pay for services; (4) failure to achieve acquisition synergies; (5) failure to operate and grow acquired businesses in a manner that supports the value allocated to these acquired businesses, including their goodwill; (6) economic declines in the geographic regions or industries in which our customers operate; (7) competitive initiatives and pricing pressures, including in connection with fuel surcharge; (8) loss of significant customers; (9) the Company’s need for capital and uncertainty of the credit markets; (10) the possibility of defaults under the Company’s debt agreements (including violation of financial covenants); (11) possible issuance of equity which would dilute stock ownership; (12) integration risks; (13) the effect of litigation including class action lawsuits; (14) cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets; (15) governmental regulations, including but not limited to Hours of Service, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting, Homeland Security, environmental regulations and the Food and Drug Administration; (16) changes in interpretation of accounting principles; (17) dependence on key employees; (18) inclement weather; (19) labor relations, including the adverse impact should a portion of the Company’s workforce become unionized; (20) terrorism risks; (21) self-insurance claims and other expense volatility; (22) cost and availability of insurance coverage; (23) increased costs of healthcare and prescription drugs, including as a result of healthcare reform legislation; (24) social media risks; (25) cyber security risk;  (26) failure to successfully execute the strategy to expand the Company’s service geography into the Northeastern United States; and (27) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.  In addition, information regarding the impact of the Tax Act is a preliminary estimate.  This estimate is a forward-looking statement and is subject to change, possibly materially, as the Company completes its financial statements.  Information regarding the impact of the Tax Act is based on the Company’s current calculations, as well as the Company’s current interpretations, assumptions and expectations relating to the Tax Act, which are subject to further guidance and change.  As a result of these and other factors, no assurance can be given as to our future results and achievements.  A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.

 

 

 

 


Saia, Inc. Fourth Quarter 2017 Results

Page 3

 

FOOTNOTE

 

1Non-GAAP Financial Disclosure and Reconciliation:

The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 and lowers U.S. corporate income tax rates as of January 1, 2018, among other changes.  The estimated impact of the Tax Act was a reduction of deferred income tax liability due to the effects of the remeasurement of deferred tax assets at lower enacted corporate tax rates.  Management believes that presenting the Company’s results excluding the Tax Act is meaningful as excluding this item increases the comparability of period-to-period results.  Diluted earnings per common share excluding the impact of the Tax Act is a non-GAAP financial measure.  Non-GAAP financial measures do not have definitions under GAAP and may be defined differently by and not be comparable to similar non-GAAP measures used by other companies.  The table below presents the calculation of diluted earnings per common share, excluding the impact of the Tax Act:

 

Saia, Inc. and Subsidiaries

 

Non-GAAP Diluted Earnings Per Share and Reconciliation to GAAP

 

For the Quarters and Years Ended December 31, 2017 and 2016

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

Years

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

1.82

 

 

$

0.40

 

 

$

3.49

 

 

$

1.87

 

Less: Diluted earnings per share impact of Tax Cuts and Jobs Act

 

 

(1.29

)

 

 

-

 

 

 

(1.30

)

 

 

-

 

Adjusted diluted earnings per share

 

$

0.53

 

 

$

0.40

 

 

$

2.19

 

 

$

1.87

 

 

# # #

 

 

 

 

CONTACT:

 

Saia, Inc.

 

 

Doug Col

 

 

dcol@saia.com

 

 

678.542.3910

 

 


 

Saia, Inc. and Subsidiaries

 

Condensed Consolidated Balance Sheets

 

(Amounts in thousands)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

December 31, 2016

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,720

 

 

$

1,539

 

Accounts receivable, net

 

 

170,610

 

 

 

135,083

 

Prepaid expenses and other

 

 

28,251

 

 

 

29,857

 

Total current assets

 

 

203,581

 

 

 

166,479

 

 

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT:

 

 

 

 

 

 

 

 

Cost

 

 

1,289,994

 

 

 

1,101,946

 

Less: accumulated depreciation

 

 

554,214

 

 

 

497,827

 

Net property and equipment

 

 

735,780

 

 

 

604,119

 

OTHER ASSETS

 

 

28,286

 

 

 

29,772

 

Total assets

 

$

967,647

 

 

$

800,370

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$

57,717

 

 

$

45,149

 

Wages and employees' benefits

 

 

39,748

 

 

 

31,700

 

Other current liabilities

 

 

55,657

 

 

 

51,333

 

Current portion of long-term debt

 

 

14,083

 

 

 

16,762

 

Total current liabilities

 

 

167,205

 

 

 

144,944

 

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES:

 

 

 

 

 

 

 

 

Long-term debt, less current portion

 

 

118,833

 

 

 

57,042

 

Deferred income taxes

 

 

59,423

 

 

 

80,199

 

Claims, insurance and other

 

 

39,639

 

 

 

35,107

 

Total other liabilities

 

 

217,895

 

 

 

172,348

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Common stock

 

 

26

 

 

 

25

 

Additional paid-in capital

 

 

246,454

 

 

 

237,846

 

Deferred compensation trust

 

 

(3,486

)

 

 

(3,190

)

Retained earnings

 

 

339,553

 

 

 

248,397

 

Total stockholders' equity

 

 

582,547

 

 

 

483,078

 

Total liabilities and stockholders' equity

 

$

967,647

 

 

$

800,370

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Saia, Inc. and Subsidiaries

 

Consolidated Statements of Operations

 

For the Quarters and Years Ended December 31, 2017 and 2016

 

(Amounts in thousands, except per share data)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

Years

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

OPERATING REVENUE

 

$

353,251

 

 

$

300,223

 

 

$

1,378,510

 

 

$

1,218,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and employees' benefits

 

 

194,579

 

 

 

171,169

 

 

 

766,790

 

 

 

696,046

 

Purchased transportation

 

 

21,270

 

 

 

13,890

 

 

 

81,482

 

 

 

56,329

 

Fuel, operating expenses and supplies

 

 

71,329

 

 

 

57,953

 

 

 

268,090

 

 

 

230,364

 

Operating taxes and licenses

 

 

11,242

 

 

 

9,798

 

 

 

43,330

 

 

 

40,025

 

Claims and insurance

 

 

9,152

 

 

 

10,676

 

 

 

37,162

 

 

 

39,625

 

Depreciation and amortization

 

 

22,495

 

 

 

19,330

 

 

 

87,102

 

 

 

76,240

 

Loss (gain) from property disposals, net

 

 

286

 

 

 

220

 

 

 

(183

)

 

 

716

 

Total operating expenses

 

 

330,353

 

 

 

283,036

 

 

 

1,283,773

 

 

 

1,139,345

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

22,898

 

 

 

17,187

 

 

 

94,737

 

 

 

79,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONOPERATING EXPENSES (INCOME):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

1,289

 

 

 

984

 

 

 

5,051

 

 

 

4,394

 

Other, net

 

 

(149

)

 

 

(30

)

 

 

(92

)

 

 

(177

)

Nonoperating expenses, net

 

 

1,140

 

 

 

954

 

 

 

4,959

 

 

 

4,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

21,758

 

 

 

16,233

 

 

 

89,778

 

 

 

74,919

 

Income tax expense (benefit)

 

 

(26,001

)

 

 

5,885

 

 

 

(1,378

)

 

 

26,895

 

NET INCOME

 

$

47,759

 

 

$

10,348

 

 

$

91,156

 

 

$

48,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

25,589

 

 

 

25,084

 

 

 

25,518

 

 

 

25,038

 

Average common shares outstanding - diluted

 

 

26,189

 

 

 

25,782

 

 

 

26,086

 

 

 

25,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.87

 

 

$

0.41

 

 

$

3.57

 

 

$

1.92

 

Diluted earnings per share

 

$

1.82

 

 

$

0.40

 

 

$

3.49

 

 

$

1.87

 

 

 

 


 

Saia, Inc. and Subsidiaries

 

Condensed Consolidated Statements of Cash Flows

 

For the Years Ended December 31, 2017 and 2016

 

(Amounts in thousands)

 

(Unaudited)

 

 

 

Years

 

 

 

2017

 

 

2016

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net cash provided by operating activities (1)

 

$

157,846

 

 

$

146,426

 

Net cash provided by operating activities

 

 

157,846

 

 

 

146,426

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(186,696

)

 

 

(119,365

)

Proceeds from disposal of property and equipment

 

 

5,172

 

 

 

1,682

 

Net cash used in investing activities

 

 

(181,524

)

 

 

(117,683

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayment of long-term debt

 

 

(7,143

)

 

 

(7,143

)

Borrowing (repayment) of revolving credit agreement, net

 

 

43,000

 

 

 

(14,534

)

Proceeds from stock option exercises

 

 

4,480

 

 

 

3,173

 

Shares withheld for taxes (1)

 

 

(1,250

)

 

 

(650

)

Other financing activity

 

 

(12,228

)

 

 

(8,174

)

Net cash provided by (used in) financing activities

 

 

26,859

 

 

 

(27,328

)

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

 

3,181

 

 

 

1,415

 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

 

 

1,539

 

 

 

124

 

CASH AND CASH EQUIVALENTS, END OF YEAR

 

$

4,720

 

 

$

1,539

 

 

 

 

 

 

 

 

 

 

NON-CASH ITEMS:

 

 

 

 

 

 

 

 

Equipment financed with capital leases

 

$

35,483

 

 

$

34,683

 

 

 

 

 

 

 

 

 

 

(1)  December 31, 2016 balances have been reclassified to conform with the 2017 adoption of the Financial Accounting Standards Board Accounting Standards Update 2016-09, Improvement to Employee Share-Based Payment Accounting.

 

 

 

 

 

 


 

Saia, Inc. and Subsidiaries

 

Financial  Information

 

For the Quarters Ended December 31, 2017 and 2016

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

%

 

 

Amount/Workday

 

 

%

 

 

 

 

2017

 

 

2016

 

 

Change

 

 

2017

 

 

2016

 

 

Change

 

Workdays

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61

 

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio

 

 

93.5

%

 

 

94.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tonnage (1)

LTL

 

912

 

 

 

842

 

 

 

8.3

 

 

 

14.95

 

 

 

13.80

 

 

 

8.3

 

 

 

TL

 

192

 

 

 

172

 

 

 

11.5

 

 

 

3.15

 

 

 

2.83

 

 

 

11.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipments (1)

LTL

 

1,636

 

 

 

1,506

 

 

 

8.7

 

 

 

26.83

 

 

 

24.69

 

 

 

8.7

 

 

 

TL

 

27

 

 

 

24

 

 

 

11.6

 

 

 

0.44

 

 

 

0.40

 

 

 

11.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue/cwt. (2)

LTL

$

17.89

 

 

$

16.45

 

 

 

8.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

$

6.00

 

 

$

5.61

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue/shipment (2)

LTL

$

199.39

 

 

$

183.91

 

 

 

8.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

$

853.36

 

 

$

798.53

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds/shipment

LTL

 

1,114

 

 

 

1,118

 

 

 

(0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

 

14,230

 

 

 

14,237

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Length of Haul (3)

 

 

828

 

 

 

792

 

 

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

In miles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Saia, Inc. and Subsidiaries

 

Financial  Information

 

For the Years Ended December 31, 2017 and 2016

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Over Year

 

 

 

 

 

 

 

 

Year Over Year

 

 

%

 

 

Amount/Workday

 

 

%

 

 

 

 

2017

 

 

2016

 

 

Change

 

 

2017

 

 

2016

 

 

Change

 

Workdays

 

 

 

 

 

 

 

 

 

 

 

 

 

 

252

 

 

 

253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating ratio

 

 

93.1

%

 

 

93.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tonnage (1)

LTL

 

3,711

 

 

 

3,541

 

 

 

4.8

 

 

 

14.73

 

 

 

14.00

 

 

 

5.2

 

 

 

TL

 

773

 

 

 

705

 

 

 

9.8

 

 

 

3.07

 

 

 

2.79

 

 

 

10.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipments (1)

LTL

 

6,666

 

 

 

6,335

 

 

 

5.2

 

 

 

26.45

 

 

 

25.04

 

 

 

5.6

 

 

 

TL

 

109

 

 

 

100

 

 

 

8.9

 

 

 

0.43

 

 

 

0.39

 

 

 

9.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue/cwt. (2)

LTL

$

17.20

 

 

$

15.93

 

 

 

8.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

$

5.84

 

 

$

5.56

 

 

 

5.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue/shipment (2)

LTL

$

191.55

 

 

$

178.13

 

 

 

7.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

$

831.37

 

 

$

785.65

 

 

 

5.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pounds/shipment

LTL

 

1,113

 

 

 

1,118

 

 

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL

 

14,232

 

 

 

14,126

 

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Length of Haul (3)

 

 

811

 

 

 

787

 

 

 

3.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)

Revenue does not include the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy and other revenue.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)

In miles