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
quarter ended March 31, 2021.
First Quarter Highlights:
- Revenue of
$333.9 million
- Net loss of
$7.3 million, or ($0.13) per share attributable to common
stockholders, compared to net loss of $16.3 million in last year’s
first quarter
- Adjusted Net
Income ex-Aveda was $4.1 million, or $0.04 per share attributable
to common stockholders
- Adjusted
EBITDA was $35.5 million
- Cash flows
from operating activities of $29.5 million and Free Cash Flow of
$34.4 million
- Delivered
Operating Ratio (“OR”) of 97.6% and Adjusted Operating Ratio of
95.6%
- Successfully
refinanced term loan, reducing annual cash interest and extending
the maturity to 2028 and increased the ABL revolving commitment to
$150 million
Management Commentary
“We are pleased to report another solid quarter
of financial and operational results, as the organization continues
to demonstrate the value of our diverse portfolio of customers and
end-markets served by our flatbed and specialized segments,” said
Jonathan Shepko, Interim Chief Executive Officer of Daseke. “Our
market-leading position in the Flatbed segment positioned the
business to capture the strengthening demand across the
building-related complex, delivering encouraging operating results
leading into our peak season. Additionally, Daseke’s cash flow and
margin profiles continue to show resilience, due in large part to
the transformational work we have accomplished in establishing cost
discipline, optimizing operations, and right-sizing our fleet.”
Shepko continued, “Improvements in our business
fundamentals and strong cash flows have meaningfully transformed
the financial position of our Company. During the first quarter, we
successfully refinanced our term loan, receiving improved credit
terms that will drive an annual reduction in cash interest expense
of approximately $11 million. Further, in support of Daseke’s
comprehensive operational and balance sheet restructuring, our
rating agencies upgraded the Company’s credit ratings.
Additionally, we increased our ABL revolving commitment from $100
million to $150 million. Greater financial flexibility, combined
with strong cash flow generation, better position our Company to
capitalize on select growth opportunities as we look to the future.
We are encouraged by the broader-based demand uplift we are
observing across many of the industrial verticals wherein we have
established competitive advantages, and we will continue to
leverage our differentiated scale and capabilities to serve our
industrial market customers, while maximizing long-term value for
our shareholders.”
First Quarter 2021 Financial
Results
Total revenue in the first quarter of 2021
decreased 15% to $333.9 million, compared to $391.0 million in the
year-ago quarter. Excluding the impact of the Aveda Transportation
and Energy Services (“Aveda”) business to 2020, first quarter
revenue decreased by 4%. This year-over-year decrease in revenue
was driven primarily by lower freight volumes from fleet
downsizing, offset by improved freight rates in the Flatbed
segment.
Operating income in the first quarter of 2021
was $8.1 million, compared to operating loss of $8.3 million in the
year-ago quarter. The increase in operating income was primarily
driven by the divestiture of the Aveda business. Excluding Aveda,
operating income in the first quarter of 2021 was $8.4 million
compared to operating income of $11.0 million in the prior-year
quarter. The decline was largely due to increased insurance and
claims cost, increased fuel costs, and stock compensation expense
only partially offset by gains on sale of assets and lower
operating costs.
Net loss for the first quarter of 2021 was $7.3
million, or ($0.13) per share attributable to common stockholders,
compared to net loss of $16.3 million, or ($0.27) per share
attributable to common stockholders, in the year-ago quarter. The
year-over-year change in net loss was due to insurance and claims
costs, increased fuel cost, and lower freight revenues from select
wind energy markets, partially offset by growth in volumes and
improvement in freight rates in the Flatbed segment, and the
impairment taken on the Aveda business in the first quarter of
2020. Adjusted Net Income excluding Aveda was $4.1 million in the
first quarter of 2021, compared to $3.0 million in the year-ago
quarter. Adjusted EBITDA in the first quarter of 2021 was $35.5
million, compared to $35.0 million in the year-ago quarter.
Excluding the impact of the Aveda business, first quarter Adjusted
EBITDA decreased 4% to $35.8 million compared to $37.2 million in
the comparable period last year.
Segment Results
Specialized Solutions – During the first
quarter, the Specialized segment (all measures presented Ex-Aveda
to reflect the exit of that business in 2020) benefitted from
improved demand and freight rates primarily serving high security
cargo, construction equipment and commercial glass, which largely
offset reduced activity in wind energy and aerospace markets versus
last year’s first quarter. Overall, this business mix shift led to
a 2% decline in average freight rate per mile, while revenue per
truck increased by 4% versus last year’s first quarter due
primarily to improved asset utilization. Operations improved
slightly vs. last year despite the mix shift away from wind energy
project revenues and lower miles due to fleet downsizing.
Flatbed Solutions – The Flatbed Solutions
segment experienced a resurgence in freight rates, rising 15%
compared to last year’s first quarter. Freight volumes increased on
a per-truck basis, with prior year fleet downsizing efforts
contributing to a decline in total volumes on company assets. End
market strength, particularly in construction and steel and other
metals, contributed to the strong rate environment.
Balance Sheet and Free Cash
Flow
At March 31, 2020, Daseke had cash and cash
equivalents of $107.3 million and $82.7 million available under its
revolving credit facility, for total available liquidity of $190
million. Total debt was $595.2 million and net debt was $487.9
million. This compares to cash and cash equivalents of $176.2
million and $83.2 million available on the revolving credit
facility, total available liquidity of $259.4 million, total debt
of $679.7 million, and net debt of $503.5 million on December 31,
2020.
For the quarter, net cash provided by operating
activities was $29.5 million, cash capital expenditures were $5.2
million, and cash proceeds from the sale of excess property and
equipment were $10.1 million, resulting in Free Cash Flow of $34.4
million. Additionally, capital expenditures financed with debt and
finance leases were $14.4 million. This compares to net cash
provided by operating activities of $29.7 million, cash capital
expenditures of $4.5 million, and cash proceeds from the sale of
excess property and equipment of $5.8 million, resulting in Free
Cash Flow of $31.0 million in the first quarter of 2020. Capital
expenditures financed with debt and finance leases were $9.8
million in the first quarter of 2020.
Conference Call
Daseke will hold a conference call today at
11:00 a.m. Eastern time to discuss its first quarter 2021 results
and 2021 outlook. Investors, analysts, and members of the media
interested in listening to the live presentation are encouraged to
join a webcast of the call with accompanying presentation slides,
available on the 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 4570038. 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 EBITDA margin, Adjusted Operating Income,
Adjusted Net Income (Loss) ex-Aveda, Adjusted earnings per share
ex-Aveda, Adjusted Operating Ratio, Adjusted Operating Ratio
ex-Aveda, Free Cash Flow and Net Debt. This news release also
includes GAAP and non-GAAP measures appended with ex-Aveda, which
represent the measure excluding the impact of our Aveda business,
which we disposed of in 2020.
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, (iii)
income taxes, and (iv) other material items that management
believes do not reflect our core operating performance. Adjusted
EBITDA ex-Aveda is defined as Adjusted EBITDA less the Adjusted
EBITDA of the Aveda business, which we disposed of in 2020.
Adjusted EBITDA ex-Aveda margin is defined as Adjusted EBITDA
ex-Aveda divided by Total revenue ex-Aveda.The Company’s board of
directors and executive management team use Adjusted EBITDA and
Adjusted EBITDA ex-Aveda (collectively discussed below as "Adjusted
EBITDA Metrics") as key measures of its performance and for
business planning. Adjusted EBITDA Metrics 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 Metrics 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 Metrics 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 Metrics 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) and Adjusted Earnings
Per Share
Daseke defines Adjusted Net Income (Loss)
ex-Aveda as net income (loss) adjusted for material items that
management believes do not reflect our core operating performance.
Daseke defines Adjusted Net Income (Loss) ex-Aveda per share as
Adjusted Net Income (Loss) ex-Aveda divided by the weighted average
number of shares of common stock outstanding during the period
under the two-class method.
The Company’s board of directors and executive
management team use these measures as key measures of its
performance and for business planning. These measures assist them
in comparing its operating performance over various reporting
periods on a consistent basis because it removes from operating
results the impact of items that, in its opinion, do not reflect
the Company’s core operating performance. The Company believes its
presentation of these measures are useful because it provides
investors and industry analysts the same information that it uses
internally for purposes of assessing its core operating
performance.
Total revenue ex-Aveda, Adjusted Operating
Income (Loss) and Adjusted Operating Ratio
The Company uses Total revenue ex-Aveda,
Adjusted Operating Income (Loss) ex-Aveda and Adjusted Operating
Ratio ex-Aveda as a supplement to its GAAP results in evaluating
certain aspects of its business, as described below. The Company
defines Adjusted Operating Income (Loss) as (a) total revenue less
(b) Adjusted Operating Expenses. The Company defines Adjusted
Operating Expenses as (a) total operating expenses (i) less
material items that management believes do not reflect our core
operating performance. The Company defines Adjusted Operating Ratio
as (a) Adjusted Operating Expenses, as a percentage of (b) total
revenue. The Company defines previously defined terms appended with
ex-Aveda as their previously defined term excluding the impact of
the Aveda business, which we disposed of in 2020.
The Company’s board of directors and executive
management team view these non-GAAP measures, and their key drivers
of revenue quality, growth, expense control and operating
efficiency, as very important measures of the Company’s
performance. The Company believes excluding these items enhances
the comparability of its performance between periods. The Company
believes its presentation of these non-GAAP measures are useful
because they provide investors and industry analysts the same
information that it uses internally for purposes of assessing its
core operating profitability.
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.
Management’s view of Core Operating
Performance
In the non-GAAP measures discussed above,
management refers to certain material items that management
believes do not reflect the Company’s core operating performance,
which management believes represent its performance in the
ordinary, ongoing and customary course of its operations.
Management views the Company’s core operating performance as its
operating results excluding the impact of items including, but not
limited to, stock-based compensation, impairments, amortization of
intangible assets, restructuring, business transformation costs,
and severance. Management believes excluding these items enables
investors to evaluate more clearly and consistently the Company’s
core operational performance in the same manner that management
evaluates its core operational performance.
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 Statements of Operations and Comprehensive
Income (Loss) |
(Unaudited) |
(In millions, except share and per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
Company freight |
$ |
145.1 |
|
|
$ |
180.9 |
|
Owner operator freight |
|
105.1 |
|
|
|
107.8 |
|
Brokerage |
|
48.5 |
|
|
|
61.7 |
|
Logistics |
|
8.5 |
|
|
|
10.1 |
|
Fuel surcharge |
|
26.7 |
|
|
|
30.5 |
|
Total revenue |
|
333.9 |
|
|
|
391.0 |
|
Operating expenses: |
|
|
|
|
|
Salaries, wages and employee benefits |
|
90.7 |
|
|
|
110.4 |
|
Fuel |
|
25.4 |
|
|
|
28.7 |
|
Operations and maintenance |
|
30.3 |
|
|
|
45.6 |
|
Purchased freight |
|
121.4 |
|
|
|
134.2 |
|
Administrative and other expenses |
|
38.9 |
|
|
|
41.4 |
|
Depreciation and amortization |
|
22.2 |
|
|
|
26.3 |
|
Gain on disposition of property and equipment |
|
(3.1 |
) |
|
|
(1.2 |
) |
Impairment |
|
— |
|
|
|
13.4 |
|
Restructuring charges |
|
— |
|
|
|
0.5 |
|
Total operating expenses |
|
325.8 |
|
|
|
399.3 |
|
Income (loss) from operations |
|
8.1 |
|
|
|
(8.3 |
) |
Other expense (income) |
|
16.2 |
|
|
|
11.9 |
|
Loss before income taxes |
|
(8.1 |
) |
|
|
(20.2 |
) |
Income tax benefit |
|
(0.8 |
) |
|
|
(3.9 |
) |
Net loss |
|
(7.3 |
) |
|
|
(16.3 |
) |
|
|
|
|
|
|
Net loss |
$ |
(7.3 |
) |
|
$ |
(16.3 |
) |
Less dividends to Series A convertible preferred stockholders |
|
(1.2 |
) |
|
|
(1.2 |
) |
Net loss attributable to common stockholders |
$ |
(8.5 |
) |
|
$ |
(17.5 |
) |
Loss per common share: |
|
|
|
|
|
Basic |
$ |
(0.13 |
) |
|
$ |
(0.27 |
) |
Diluted |
$ |
(0.13 |
) |
|
$ |
(0.27 |
) |
Weighted-average common shares
outstanding: |
|
|
|
|
|
Basic |
|
65,080,364 |
|
|
|
64,598,025 |
|
Diluted |
|
65,080,364 |
|
|
|
64,598,025 |
|
Dividends declared per Series A
convertible preferred share |
$ |
1.91 |
|
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Consolidated Balance Sheets |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
107.3 |
|
|
$ |
176.2 |
|
Accounts receivable, net |
|
|
157.7 |
|
|
|
154.4 |
|
Other current assets |
|
|
28.5 |
|
|
|
34.5 |
|
Total current assets |
|
|
293.5 |
|
|
|
365.1 |
|
Property and equipment, net |
|
|
394.3 |
|
|
|
402.7 |
|
Goodwill and intangible assets,
net |
|
|
232.3 |
|
|
|
233.9 |
|
Other long-term assets |
|
|
125.7 |
|
|
|
125.2 |
|
Total assets |
|
$ |
1,045.8 |
|
|
$ |
1,126.9 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
12.7 |
|
|
$ |
16.5 |
|
Accrued expenses |
|
|
74.5 |
|
|
|
65.6 |
|
Current portion of long-term debt |
|
|
53.4 |
|
|
|
54.0 |
|
Other current liabilities |
|
|
68.5 |
|
|
|
54.6 |
|
Total current liabilities |
|
|
209.1 |
|
|
|
190.7 |
|
Long-term debt, net of current
portion |
|
|
533.7 |
|
|
|
618.6 |
|
Other long-term liabilities |
|
|
171.3 |
|
|
|
178.8 |
|
Total liabilities |
|
|
914.1 |
|
|
|
988.1 |
|
Stockholders’ equity |
|
|
131.7 |
|
|
|
138.8 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,045.8 |
|
|
$ |
1,126.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Consolidated Statements of Cash Flow |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
29.5 |
|
|
$ |
29.7 |
|
Net cash provided by investing activities |
|
|
4.9 |
|
|
|
1.3 |
|
Net cash used in financing activities |
|
|
(103.1 |
) |
|
|
(20.0 |
) |
Effect of exchange rates on cash and cash equivalents |
|
|
(0.2 |
) |
|
|
0.8 |
|
|
|
$ |
(68.9 |
) |
|
$ |
11.8 |
|
|
|
|
|
|
|
|
Property and equipment acquired with debt or finance lease
obligations |
|
$ |
14.4 |
|
|
$ |
9.8 |
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Reconciliation of cash flows from operating activities to
Free Cash Flow |
(Unaudited) |
(In millions) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
$ |
29.5 |
|
|
$ |
29.7 |
|
Purchases of property and
equipment |
|
(5.2 |
) |
|
|
(4.5 |
) |
Proceeds from sale of property
and equipment |
|
10.1 |
|
|
|
5.8 |
|
Free Cash
Flow |
$ |
34.4 |
|
|
$ |
31.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Reconciliation of total debt to net debt |
(Unaudited) |
(In millions) |
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
Term Loan Facility |
|
$ |
400.0 |
|
|
$ |
483.5 |
|
Equipment term loans |
|
|
163.8 |
|
|
|
164.9 |
|
Finance lease obligations |
|
|
31.4 |
|
|
|
31.3 |
|
Total debt |
|
|
595.2 |
|
|
|
679.7 |
|
Less: cash and cash
equivalents |
|
|
(107.3 |
) |
|
|
(176.2 |
) |
Net debt |
|
$ |
487.9 |
|
|
$ |
503.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Supplemental Information: Specialized
Solutions |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
2021 |
|
2020 |
|
|
Increase (Decrease) |
(Dollars in millions, except rate per mile) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
102.7 |
|
|
55.9 |
|
$ |
132.1 |
|
|
55.0 |
|
|
$ |
(29.4 |
) |
|
(22.3 |
) |
Owner operator freight |
|
|
34.6 |
|
|
18.8 |
|
|
42.8 |
|
|
17.8 |
|
|
|
(8.2 |
) |
|
(19.2 |
) |
Brokerage |
|
|
26.6 |
|
|
14.5 |
|
|
42.8 |
|
|
17.8 |
|
|
|
(16.2 |
) |
|
(37.9 |
) |
Logistics |
|
|
7.2 |
|
|
3.9 |
|
|
9.1 |
|
|
3.8 |
|
|
|
(1.9 |
) |
|
(20.9 |
) |
Fuel surcharge |
|
|
12.5 |
|
|
6.8 |
|
|
13.6 |
|
|
5.7 |
|
|
|
(1.1 |
) |
|
(8.1 |
) |
Total revenue |
|
|
183.6 |
|
|
100.0 |
|
|
240.4 |
|
|
100.0 |
|
|
|
(56.8 |
) |
|
(23.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
173.1 |
|
|
94.3 |
|
|
246.9 |
|
|
102.7 |
|
|
|
(73.8 |
) |
|
(29.9 |
) |
Operating ratio |
|
|
94.3 |
% |
|
|
|
|
102.7 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
93.6 |
% |
|
|
|
|
96.1 |
% |
|
|
|
|
|
|
|
Adjusted operating ratio
ex-Aveda |
|
|
93.5 |
% |
|
|
|
|
92.8 |
% |
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
10.5 |
|
|
5.7 |
|
$ |
(6.5 |
) |
|
(2.7 |
) |
|
$ |
17.0 |
|
|
(261.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
37.9 |
|
|
|
|
|
40.7 |
|
|
|
|
|
(2.8 |
) |
|
(6.9 |
) |
Owner operator miles |
|
|
11.4 |
|
|
|
|
|
13.3 |
|
|
|
|
|
(1.9 |
) |
|
(14.3 |
) |
Total miles (in
millions)(2) |
|
|
49.3 |
|
|
|
|
|
54.0 |
|
|
|
|
|
(4.7 |
) |
|
(8.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per mile |
|
$ |
2.78 |
|
|
|
|
$ |
3.24 |
|
|
|
|
$ |
(0.45 |
) |
|
(14.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
period-end |
|
|
1,878 |
|
|
|
|
|
2,341 |
|
|
|
|
|
(463 |
) |
|
(19.8 |
) |
Owner-operated tractors, at
period-end |
|
|
510 |
|
|
|
|
|
676 |
|
|
|
|
|
(166 |
) |
|
(24.6 |
) |
Number of trailers, at
period-end |
|
|
7,270 |
|
|
|
|
|
8,110 |
|
|
|
|
|
(840 |
) |
|
(10.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the period |
|
|
1,894 |
|
|
|
|
|
2,344 |
|
|
|
|
|
(450 |
) |
|
(19.2 |
) |
Owner-operated tractors,
average for the period |
|
|
506 |
|
|
|
|
|
680 |
|
|
|
|
|
(174 |
) |
|
(25.6 |
) |
Total tractors, average for
the period |
|
|
2,400 |
|
|
|
|
|
3,024 |
|
|
|
|
|
(624 |
) |
|
(20.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, |
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Increase (Decrease) |
(Dollars in millions, except rate per mile) |
|
$ |
|
% |
|
$ |
|
% |
|
|
$ |
|
% |
REVENUE(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company freight |
|
$ |
44.8 |
|
|
29.2 |
|
$ |
51.4 |
|
|
33.1 |
|
|
$ |
(6.6 |
) |
|
(12.8 |
) |
Owner operator freight |
|
|
71.0 |
|
|
46.3 |
|
|
66.1 |
|
|
42.6 |
|
|
|
4.9 |
|
|
7.4 |
|
Brokerage |
|
|
22.1 |
|
|
14.4 |
|
|
19.6 |
|
|
12.6 |
|
|
|
2.5 |
|
|
12.8 |
|
Logistics |
|
|
1.2 |
|
|
0.8 |
|
|
0.8 |
|
|
0.5 |
|
|
|
0.4 |
|
|
50.0 |
|
Fuel surcharge |
|
|
14.4 |
|
|
9.5 |
|
|
17.3 |
|
|
11.1 |
|
|
|
(2.9 |
) |
|
(16.8 |
) |
Total revenue |
|
|
153.5 |
|
|
100.0 |
|
|
155.2 |
|
|
100.0 |
|
|
|
(1.7 |
) |
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
142.5 |
|
|
92.8 |
|
|
146.6 |
|
|
94.5 |
|
|
|
(4.1 |
) |
|
(2.8 |
) |
Operating ratio |
|
|
92.8 |
% |
|
|
|
|
94.5 |
% |
|
|
|
|
|
|
|
|
Adjusted operating ratio |
|
|
92.2 |
% |
|
|
|
|
93.8 |
% |
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS |
|
$ |
11.0 |
|
|
7.2 |
|
$ |
8.6 |
|
|
5.5 |
|
|
$ |
2.4 |
|
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
STATISTICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company miles |
|
|
20.8 |
|
|
|
|
|
26.6 |
|
|
|
|
|
|
(5.8 |
) |
|
(21.8 |
) |
Owner operator miles |
|
|
33.3 |
|
|
|
|
|
36.6 |
|
|
|
|
|
|
(3.3 |
) |
|
(9.0 |
) |
Total miles (in
millions)(2) |
|
|
54.1 |
|
|
|
|
|
63.2 |
|
|
|
|
|
|
(9.1 |
) |
|
(14.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rate per mile |
|
$ |
2.14 |
|
|
|
|
$ |
1.86 |
|
|
|
|
|
$ |
0.28 |
|
|
15.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors, at
period-end |
|
|
907 |
|
|
|
|
|
1,217 |
|
|
|
|
|
|
(310 |
) |
|
(25.5 |
) |
Owner-operated tractors, at
period-end |
|
|
1,581 |
|
|
|
|
|
1,517 |
|
|
|
|
|
|
64 |
|
|
4.2 |
|
Number of trailers, at
period-end |
|
|
4,208 |
|
|
|
|
|
4,594 |
|
|
|
|
|
|
(386 |
) |
|
(8.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated tractors,
average for the period |
|
|
939 |
|
|
|
|
|
1,214 |
|
|
|
|
|
|
(275 |
) |
|
(22.7 |
) |
Owner-operated tractors,
average for the period |
|
|
1,592 |
|
|
|
|
|
1,564 |
|
|
|
|
|
|
28 |
|
|
1.8 |
|
Total tractors, average for
the period |
|
|
2,531 |
|
|
|
|
|
2,778 |
|
|
|
|
|
|
(247 |
) |
|
(8.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Operating Ratio to Adjusted Operating
Ratio ex-Aveda |
Reconciliation of Operating Income (Loss) to Operating
Income (Loss) ex-Aveda |
Reconciliation of Revenue to Revenue ex-Aveda |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
(Dollars in millions) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
Consolidated |
|
Flatbed |
|
Specialized |
Revenue |
|
$ |
333.9 |
|
|
$ |
391.0 |
|
|
$ |
153.5 |
|
|
$ |
155.2 |
|
|
$ |
183.6 |
|
|
$ |
240.4 |
|
Less Aveda Revenue |
|
|
— |
|
|
|
(42.0 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
(42.0 |
) |
Revenue
ex-Aveda |
|
$ |
333.9 |
|
|
$ |
349.0 |
|
|
|
|
|
|
|
|
$ |
183.6 |
|
|
$ |
198.4 |
|
Salaries, wages and employee benefits |
|
|
90.7 |
|
|
|
110.4 |
|
|
|
28.6 |
|
|
|
33.4 |
|
|
|
56.6 |
|
|
|
74.2 |
|
Fuel |
|
|
25.4 |
|
|
|
28.7 |
|
|
|
8.3 |
|
|
|
10.4 |
|
|
|
17.1 |
|
|
|
18.3 |
|
Operations and maintenance |
|
|
30.3 |
|
|
|
45.6 |
|
|
|
10.3 |
|
|
|
10.7 |
|
|
|
20.0 |
|
|
|
34.7 |
|
Purchased freight |
|
|
121.4 |
|
|
|
134.2 |
|
|
|
75.4 |
|
|
|
70.5 |
|
|
|
49.4 |
|
|
|
68.5 |
|
Depreciation and amortization |
|
|
22.2 |
|
|
|
26.3 |
|
|
|
8.8 |
|
|
|
9.1 |
|
|
|
13.1 |
|
|
|
16.9 |
|
Impairment |
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
Restructuring |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
Other operating expenses |
|
|
35.8 |
|
|
|
40.2 |
|
|
|
11.1 |
|
|
|
12.5 |
|
|
|
16.9 |
|
|
|
20.4 |
|
Operating expenses |
|
|
325.8 |
|
|
|
399.3 |
|
|
|
142.5 |
|
|
|
146.6 |
|
|
|
173.1 |
|
|
|
246.9 |
|
Less Aveda Operating Expenses |
|
|
(0.3 |
) |
|
|
(61.3 |
) |
|
|
|
|
|
|
|
|
(0.3 |
) |
|
|
(61.3 |
) |
Operating expenses ex-Aveda |
|
|
325.5 |
|
|
|
338.0 |
|
|
|
|
|
|
|
|
|
172.8 |
|
|
|
185.6 |
|
Operating income (loss) |
|
$ |
8.1 |
|
|
$ |
(8.3 |
) |
|
$ |
11.0 |
|
|
$ |
8.6 |
|
|
$ |
10.5 |
|
|
$ |
(6.5 |
) |
Operating income ex-Aveda |
|
$ |
8.4 |
|
|
$ |
11.0 |
|
|
|
|
|
|
|
|
$ |
10.8 |
|
|
$ |
12.8 |
|
Operating ratio |
|
|
97.6 |
% |
|
|
102.1 |
% |
|
|
92.8 |
% |
|
|
94.5 |
% |
|
|
94.3 |
% |
|
|
102.7 |
% |
Operating ratio ex-Aveda |
|
|
97.5 |
% |
|
|
96.8 |
% |
|
|
|
|
|
|
|
|
94.1 |
% |
|
|
93.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation |
|
|
2.4 |
|
|
|
0.9 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Impairment |
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.4 |
|
Amortization of intangible assets |
|
|
1.7 |
|
|
|
1.8 |
|
|
|
0.8 |
|
|
|
0.8 |
|
|
|
0.9 |
|
|
|
1.0 |
|
Third party debt refinancing charges |
|
|
2.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other (1) |
|
|
0.1 |
|
|
|
3.9 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
1.2 |
|
Adjusted operating expenses |
|
|
319.3 |
|
|
|
379.3 |
|
|
|
141.6 |
|
|
|
145.5 |
|
|
|
171.9 |
|
|
|
231.0 |
|
Less Aveda Operating Expense Adjustments |
|
|
— |
|
|
|
(14.4 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
(14.4 |
) |
Adjusted operating expenses ex-Aveda |
|
|
319.0 |
|
|
|
332.4 |
|
|
|
|
|
|
|
|
|
171.6 |
|
|
|
184.1 |
|
Adjusted operating income |
|
$ |
14.6 |
|
|
$ |
11.7 |
|
|
$ |
11.9 |
|
|
$ |
9.7 |
|
|
$ |
11.7 |
|
|
$ |
9.4 |
|
Adjusted operating income ex-Aveda |
|
$ |
14.9 |
|
|
$ |
16.6 |
|
|
|
|
|
|
|
|
$ |
12.0 |
|
|
$ |
14.3 |
|
Adjusted operating ratio |
|
|
95.6 |
% |
|
|
97.0 |
% |
|
|
92.2 |
% |
|
|
93.8 |
% |
|
|
93.6 |
% |
|
|
96.1 |
% |
Adjusted operating ratio ex-Aveda |
|
|
95.5 |
% |
|
|
95.2 |
% |
|
|
|
|
|
|
|
|
93.5 |
% |
|
|
92.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other
includes business transformation costs, restructuring and
severance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA
ex-Aveda by Segment |
|
Reconciliation of Net Income (Loss) Margin to Adjusted
EBITDA ex-Aveda Margin by Segment |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2021 |
|
(Dollars in millions) |
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
|
$ |
6.6 |
|
|
$ |
6.4 |
|
|
$ |
(20.3 |
) |
|
$ |
(7.3 |
) |
|
Depreciation and amortization |
|
|
8.8 |
|
|
|
13.1 |
|
|
|
0.3 |
|
|
|
22.2 |
|
|
Interest income |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
Interest expense |
|
|
1.7 |
|
|
|
2.1 |
|
|
|
7.3 |
|
|
|
11.1 |
|
|
Income tax expense (benefit) |
|
|
2.7 |
|
|
|
2.4 |
|
|
|
(5.9 |
) |
|
|
(0.8 |
) |
|
Stock based compensation |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
2.0 |
|
|
|
2.4 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
5.6 |
|
|
|
5.6 |
|
|
Third party debt refinancing charges |
|
|
— |
|
|
|
— |
|
|
|
2.3 |
|
|
|
2.3 |
|
|
Other (1) |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Adjusted
EBITDA |
|
$ |
19.8 |
|
|
$ |
24.3 |
|
|
$ |
(8.6 |
) |
|
$ |
35.5 |
|
|
Less Aveda Adjusted
EBITDA |
|
|
|
|
|
(0.3 |
) |
|
|
|
|
|
(0.3 |
) |
|
Adjusted EBITDA
ex-Aveda |
|
|
|
|
$ |
24.6 |
|
|
|
|
|
$ |
35.8 |
|
|
Total
revenue |
|
|
153.5 |
|
|
|
183.6 |
|
|
|
(3.2 |
) |
|
|
333.9 |
|
|
Total revenue
ex-Aveda |
|
|
|
|
|
183.6 |
|
|
|
|
|
|
333.9 |
|
|
Net income (loss)
margin |
|
|
4.3 |
|
% |
|
3.5 |
|
% |
|
634.4 |
|
% |
|
(2.2 |
) |
% |
Adjusted EBITDA
margin |
|
|
12.9 |
|
% |
|
13.2 |
|
% |
|
268.8 |
|
% |
|
10.6 |
|
% |
Adjusted EBITDA
ex-Aveda margin |
|
|
|
|
|
13.4 |
|
% |
|
|
|
|
10.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other
includes business transformation costs, restructuring, and
severance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA
ex-Aveda by Segment |
|
Reconciliation of Net Income (Loss) Margin to Adjusted
EBITDA ex-Aveda Margin by Segment |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, 2020 |
|
(Dollars in millions) |
|
Flatbed |
|
Specialized |
|
Corporate |
|
Consolidated |
|
Net income (loss) |
|
$ |
4.2 |
|
|
$ |
(12.6 |
) |
|
$ |
(7.9 |
) |
|
$ |
(16.3 |
) |
|
Depreciation and amortization |
|
|
9.1 |
|
|
|
16.9 |
|
|
|
0.3 |
|
|
|
26.3 |
|
|
Interest income |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
Interest expense |
|
|
2.5 |
|
|
|
3.1 |
|
|
|
6.4 |
|
|
|
12.0 |
|
|
Income tax expense (benefit) |
|
|
1.9 |
|
|
|
1.8 |
|
|
|
(7.6 |
) |
|
|
(3.9 |
) |
|
Stock based compensation |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.9 |
|
|
Change in fair value of warrant liability |
|
|
— |
|
|
|
— |
|
|
|
(1.0 |
) |
|
|
(1.0 |
) |
|
Impairment |
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
13.4 |
|
|
Other (1) |
|
|
0.1 |
|
|
|
1.2 |
|
|
|
2.6 |
|
|
|
3.9 |
|
|
Adjusted
EBITDA |
|
$ |
17.9 |
|
|
$ |
24.1 |
|
|
$ |
(7.0 |
) |
|
$ |
35.0 |
|
|
Less Aveda Adjusted
EBITDA |
|
|
|
|
|
(2.2 |
) |
|
|
|
|
|
(2.2 |
) |
|
Adjusted EBITDA
ex-Aveda |
|
|
|
|
$ |
26.3 |
|
|
|
|
|
$ |
37.2 |
|
|
Total
revenue |
|
|
155.2 |
|
|
|
240.4 |
|
|
|
(4.6 |
) |
|
|
391.0 |
|
|
Total revenue
ex-Aveda |
|
|
|
|
|
198.4 |
|
|
|
|
|
|
349.0 |
|
|
Net income (loss)
margin |
|
|
2.7 |
|
% |
|
(5.2 |
) |
% |
|
171.7 |
|
% |
|
(4.2 |
) |
% |
Adjusted EBITDA
margin |
|
|
11.5 |
|
% |
|
10.0 |
|
% |
|
152.2 |
|
% |
|
9.0 |
|
% |
Adjusted EBITDA
ex-Aveda margin |
|
|
|
|
|
13.3 |
|
% |
|
|
|
|
10.7 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other
includes business transformation costs, restructuring and
severance. |
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Reconciliation of Net Income (Loss) to Adjusted Net Income
ex-Aveda |
Reconciliation of Net Income (Loss) to Net Income (Loss)
ex-Aveda |
Reconciliation of Earnings Per Share to Adjusted Earnings
Per Share ex-Aveda |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
(Dollars in millions, except share and per share
data) |
|
2021 |
|
|
2020 |
|
Net income (loss) |
|
$ |
(7.3 |
) |
|
|
(16.3 |
) |
Less Aveda Net income
(loss) |
|
|
(0.2 |
) |
|
|
(19.1 |
) |
Net income (loss)
ex-Aveda |
|
|
(7.1 |
) |
|
|
2.8 |
|
Adjusted for: |
|
|
|
|
|
|
Income tax expense
(benefit) ex-Aveda |
|
|
(0.8 |
) |
|
|
(3.9 |
) |
Less Aveda Income tax expense
(benefit) |
|
|
(0.1 |
) |
|
|
(1.0 |
) |
Income tax expense
(benefit) ex-Aveda |
|
|
(0.7 |
) |
|
|
(2.9 |
) |
Income (loss) before
income taxes |
|
|
(8.1 |
) |
|
|
(20.2 |
) |
Income (loss) before
income taxes ex-Aveda |
|
|
(7.8 |
) |
|
|
(0.1 |
) |
Add: |
|
|
|
|
|
|
Stock based compensation |
|
|
2.4 |
|
|
|
0.9 |
|
Impairment |
|
|
— |
|
|
|
13.4 |
|
Amortization of intangible assets |
|
|
1.7 |
|
|
|
1.8 |
|
Debt refinancing related charges |
|
|
3.7 |
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
5.6 |
|
|
|
(1.0 |
) |
Other (1) |
|
|
0.1 |
|
|
|
3.9 |
|
Adjusted income (loss) before income taxes |
|
|
5.4 |
|
|
|
(1.2 |
) |
Less Aveda adjustments |
|
|
— |
|
|
|
14.3 |
|
Adjusted income (loss) before income taxes
ex-Aveda |
|
|
5.7 |
|
|
|
4.6 |
|
Income tax (expense) benefit at adjusted effective rate |
|
|
(1.6 |
) |
|
|
(1.6 |
) |
Adjusted Net Income
ex-Aveda |
|
$ |
4.1 |
|
|
$ |
3.0 |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(7.3 |
) |
|
$ |
(16.3 |
) |
Less Series A preferred dividends |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
Net income (loss) attributable to common stockholders |
|
|
(8.5 |
) |
|
|
(17.5 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
— |
|
|
|
— |
|
Numerator for basic
EPS - income (loss) available to common stockholders - two class
method |
|
$ |
(8.5 |
) |
|
$ |
(17.5 |
) |
Effect of dilutive
securities: |
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
— |
|
|
$ |
— |
|
Add back allocation earnings to participating securities |
|
|
— |
|
|
|
— |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
— |
|
|
|
— |
|
Numerator for diluted
EPS - income (loss) available to common shareholders - two class
method |
|
$ |
(8.5 |
) |
|
$ |
(17.5 |
) |
|
|
|
|
|
|
|
(1) Other
primarily includes business transformation costs, restructuring and
severance. |
|
|
|
|
|
|
|
Daseke, Inc. and Subsidiaries |
Reconciliation of Earnings Per Share to Adjusted Earnings
Per Share ex-Aveda (continued) |
(Unaudited) |
|
|
|
Three Months Ended March 31, |
(Dollars in millions, except share and per share
data) |
|
2021 |
|
|
2020 |
|
Adjusted Net Income ex-Aveda |
|
$ |
4.1 |
|
|
$ |
3.0 |
|
Less Series A preferred dividends |
|
|
(1.2 |
) |
|
|
(1.2 |
) |
Allocation of earnings to non-vested participating restricted stock
units |
|
|
— |
|
|
|
— |
|
Numerator for basic
EPS - adjusted income available to common shareholders ex-Aveda -
two class method |
|
$ |
2.9 |
|
|
$ |
1.8 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
Add back Series A preferred dividends |
|
$ |
— |
|
|
$ |
— |
|
Add back allocation earnings to participating securities |
|
|
— |
|
|
|
— |
|
Reallocation of earnings to participating securities considering
potentially dilutive securities |
|
|
— |
|
|
|
— |
|
Numerator for diluted
EPS - adjusted income available to common shareholders ex-Aveda -
two class method |
|
$ |
2.9 |
|
|
$ |
1.8 |
|
|
|
|
|
|
|
|
Basic EPS |
|
|
|
|
|
|
Net income (loss) attributable
to common stockholders |
|
$ |
(0.13 |
) |
|
|
(0.27 |
) |
Adjusted net income
attributable to common stockholders ex-Aveda |
|
$ |
0.04 |
|
|
|
0.03 |
|
Diluted EPS |
|
|
|
|
|
|
Net income (loss) attributable
to common stockholders |
|
$ |
(0.13 |
) |
|
|
(0.27 |
) |
Adjusted net income
attributable to common stockholders ex-Aveda |
|
$ |
0.04 |
|
|
|
0.03 |
|
Weighted-average common
shares outstanding: |
|
|
|
|
|
|
Basic |
|
65,080,364 |
|
|
64,598,025 |
|
Diluted |
|
65,080,364 |
|
|
64,598,025 |
|
Basic - adjusted ex-Aveda |
|
65,080,364 |
|
|
64,598,025 |
|
Diluted - adjusted ex-Aveda |
|
66,075,643 |
|
|
64,602,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Daseke (NASDAQ:DSKE)
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