# EDGAR Filing Document

**Accession Number:** 0000923571
**File Stem:** 0001008886-23-000008
**Filing Date:** 2023-2
**Character Count:** 43790
**Document Hash:** 44781dcdfa6b5ccadbc774b2ff28b791
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-23-000008.hdr.sgml**: 20230209

**ACCESSION NUMBER**: 0001008886-23-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230209

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230209

**DATE AS OF CHANGE**: 20230209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US XPRESS ENTERPRISES INC
- **CENTRAL INDEX KEY:** 0000923571
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **IRS NUMBER:** 621378182
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38528
- **FILM NUMBER:** 23606743

**BUSINESS ADDRESS:**
- **STREET 1:** 4080 JENKINS ROAD
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421
- **BUSINESS PHONE:** 4235103000

**MAIL ADDRESS:**
- **STREET 1:** 4080 JENKINS ROAD
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421

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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
**FORM 8-K** 

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the

#### Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported):&nbsp;&nbsp;&nbsp;&nbsp; February 9, 2023
![graphic](logousx.jpg)

#### US XPRESS ENTERPRISES INC
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada**<br>| **001-38528**<br>| **62-1378182**<br>|
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
|  **4080 Jenkins Road**<br>|  |
| **Chattanooga, Tennessee** | **37421**<br>|
| (Address of Principal Executive Offices) | (Zip Code) |

---

(423) 510-3000 <br> (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, $0.01 par value<br>| USX<br>| NYSE<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

□ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act.

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| | | |
|:---|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** | **Results of Operations and Financial Condition.** |
|  | On February 9, 2023, U.S. Xpress Enterprises, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2022. A copy of the press release is attached to this report as Exhibit 99. | On February 9, 2023, U.S. Xpress Enterprises, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2022. A copy of the press release is attached to this report as Exhibit 99. |
| **Item 9.01** | **Financial Statements and Exhibits.** | **Financial Statements and Exhibits.** |
|  | (d) | **Exhibits.** |
|  | EXHIBIT<br> <u>NUMBER</u> | <u>EXHIBIT DESCRIPTION</u> |
|  | [99](exhibit99.htm) | U.S. Xpress Enterprises, Inc. press release announcing financial and operating results for the quarter and year ended December 31, 2022. |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
|  | The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. | The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **U.S. Xpress Enterprises, Inc**. | **U.S. Xpress Enterprises, Inc**. |
|  | (Registrant) | (Registrant) |
| Date: February 9, 2023 | By: | /s/ Eric A. Peterson |
|  |  | **Eric A. Peterson** |
|  |  | *Chief Financial Officer and Treasurer* |

---

## Ex-99

------

**Exhibit 99**<br>

![](logousx.jpg)

#### U.S. Xpress Reports Fourth Quarter and Full Year 2022 Financial Results

#### Company surpasses $2.0 billion in operating revenue for the Full Year 2022

**Chattanooga, Tenn**. **– February 9, 2023** – U.S. Xpress Enterprises, Inc. (NYSE: USX) today announced financial and operating results for the fourth quarter and full year 2022.

#### Fourth Quarter 2022 Highlights (compared to Fourth Quarter 2021 unless noted otherwise)

&nbsp;&nbsp;&nbsp;&nbsp;• Operating revenue of $542.5 million compared to $531.6 million

&nbsp;&nbsp;&nbsp;&nbsp;• Operating loss of $5.7 million compared to operating loss of $5.1 million

&nbsp;&nbsp;&nbsp;&nbsp;• Sequentially, Realignment Plan-related cost savings were approximately $8.0 million in the fourth quarter, which on an
 annualized basis represents $32.0 million in fixed cost savings

&nbsp;&nbsp;&nbsp;&nbsp;• The Company has successfully completed the realignment of its Truckload Segment designed to improve operating profitability
 and cash flow as well as pay down debt in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• The Company generated $43.5 million in cash from operations and had liquidity of $106.1 million exiting 2022

"For the full year, we generated record operating revenue, identified significant fixed costs that we are taking out of the business, and realigned our Truckload segment to improve operating profitability going forward," said Eric Fuller, President, and CEO. "In the fourth quarter, sequential rate pressure from our spot market exposure and higher fuel costs more than offset the positive contributions from our Dedicated and Brokerage businesses as well as the progress made from our Realignment Plan. In 2023, we will continue to focus on execution, servicing our customers at a high level and reducing our spot market exposure. We believe the benefits from these initiatives combined with our lower fixed cost structure will become apparent as the market turns."

#### Fourth Quarter and Full Year 2022 Financial Performance

#### <br>

**---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Operating revenue | $542451 | $531605 | $2161170 | $1948526 |
| Revenue, excluding fuel surcharge | 475209 | 487280 | 1896149 | 1794278 |
| Operating income (loss) | (5668) | (5110) | (22150) | 18429 |
| Net income (loss) attributable to controlling interest | (11211) | (5286) | (40457) | 10870 |
| Earnings (losses) per diluted share | (0.22) | (0.10) | (0.79) | 0.21 |
| Adjusted net income (loss) attributable to controlling interest<sup>1</sup> | (9161) | (1995) | (32150) | 8158 |
| Adjusted earnings (losses) per diluted share<sup>1</sup> | $(0.18) | $(0.04) | $(0.63) | $0.16 |
| *Operating Ratio* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Truckload operating ratio | 102.6% | 102.0% | 102.0% | 99.0% |
| &nbsp;&nbsp;&nbsp; Brokerage operating ratio | 92.1% | 97.2% | 95.5% | 99.2% |
| Operating ratio | 101.0% | 101.0% | 101.0% | 99.1% |
| Adjusted operating ratio<sup>1</sup> | 101.2% | 100.2% | 101.2% | 98.7% |
| <sup>1</sup> See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. |

---

------

Operating revenue was $542.5 million, an increase of 2.0%, compared to the fourth quarter of 2021. Revenue, excluding fuel surcharge, was $475.2 million, a decrease of 2.5% compared to the fourth quarter of 2021.

Operating loss was $5.7 million for the fourth quarter of 2022 compared to $5.1 million in the fourth quarter of 2021.

Net loss attributable to controlling interest for the fourth quarter of 2022 was $11.2 million, or $0.22 per diluted share, compared to $5.3 million, or $0.10 per diluted share, in the fourth quarter of 2021.

Adjusted net loss attributable to controlling interest<sup>1</sup>, which excludes an unrealized loss on a strategic equity investment, for the fourth quarter of 2022 was $9.2 million, which compares to $2.0 million in the fourth quarter of 2021. As a reminder, adjusted net loss attributable to controlling interest<sup>1</sup> for the fourth quarter of 2021 excluded a non-cash impairment charge in addition to an unrealized loss on a strategic equity investment.

#### Truckload Segment

#### <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Truckload revenue | $464077 | $419747 | $1824855 | $1567520 |
| Truckload revenue, excluding fuel surcharge | 396835 | 375422 | 1559834 | 1413272 |
| Operating income (loss) | (11890) | (8230) | (37311) | 15323 |
| Operating ratio | 102.6% | 102.0% | 102.0% | 99.0% |
| Adjusted operating income (loss)<sup>1</sup> | $(11890) | $(3896) | $(37937) | $19657 |
| Adjusting operating ratio<sup>1</sup> | 103.0% | 101.0% | 102.4% | 98.6% |
| <sup>1</sup> - See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> - See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> - See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> - See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. | <sup>1</sup> - See "Non-GAAP Financial Measures" section of this earnings release for more detail including GAAP to Non-GAAP reconciliations. |

---

Truckload revenue, excluding fuel surcharge, was $396.8 million, an increase of 5.7%, compared to the fourth quarter of 2021. The increase was primarily due to a combination of a 13.4% increase in average available tractors and a 2.0% increase in overall average revenue per tractor per week as compared to the fourth quarter of 2021.

Truckload segment operating loss was $11.9 million, an increase of 44.5%, compared to the fourth quarter of 2021. The increased operating loss was due to the Company's spot market exposure, which combined with weaker overall freight volumes caused the average revenue per mile in the over-the-road (OTR) division to decrease by $0.06 per mile compared to the fourth quarter of 2021. In addition, net fuel expense was $0.09 per mile higher compared to the fourth quarter of 2021. These headwinds more than offset the cost savings in the quarter from the Company's Realignment Plan as well as the higher revenue per tractor per week in the Company's Dedicated division and the higher revenue miles per tractor in the Company's OTR division, which were captured across a larger fleet size compared to the fourth quarter of 2021.

Mr. Fuller commented, "I am proud of the progress that our team made since we announced the Realignment Plan in early September. During the quarter, the rate pressure we experienced from our spot market exposure more than offset the operational progress we made. It's important to highlight that had spot rates been at parity with contracted rates, we would have generated an additional approximately $26 million in operating income in the quarter. The team is working with an extreme sense of urgency to reduce our spot market exposure and I expect that this work combined with further improvements in our OTR utilization, and our lower fixed cost structure, will lead to incremental earnings as the market turns."

------

Brokerage Segment<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Brokerage revenue | $78374 | $111858 | $336315 | $381006 |
| Purchased transportation | 61019 | 96927 | 272660 | 332863 |
| Other operating expenses | 11133 | 11811 | 48494 | 45037 |
| Operating income  | $6222 | $3120 | $15161 | $3106 |
| Operating ratio | 92.1% | 97.2% | 95.5% | 99.2% |
| Load count | 28745 | 48551 | 133422 | 179178 |

---

Brokerage revenue was $78.4 million, a decrease of 29.9% compared to the fourth quarter of 2021. The decrease in Brokerage revenue was driven by a 40.8% decrease in load count which more than offset the 18.3% increase in revenue per load compared to the fourth quarter of 2021. The year-over-year decline in load count was primarily due to an increase in allocation of available freight to the Company's asset-based OTR fleet which increased by 15.1% compared to the fourth quarter of 2021.

Brokerage operating income was $6.2 million, an increase of 99.4% compared to the fourth quarter of 2021. This increase was due to the higher revenue per load and lower purchased transportation expense in the fourth quarter as compared to the fourth quarter of 2021.

#### Liquidity and Capital Allocation

At the end of the fourth quarter of 2022, the Company had $106.1 million of liquidity (defined as cash balances plus availability under the Company's revolving credit facility), $481.9 million of net debt (defined as long-term debt, including current maturities less cash balances), and $242.3 million of stockholders' equity.

For the full year 2022, capital expenditures, net of proceeds, were $153.1 million, and exclude equipment financed under operating leases.

For the full year 2023, the Company expects capital expenditures, net of proceeds to be less than $75.0 million while maintaining the average age of its fleet at less than 2.5 years and to exit 2023 with more liquidity than it had exiting 2022.

As a reminder, most of the Company's annual capital expenditures relate to tractors and trailers, for which the Company generally uses a combination of loan financing agreements and finance lease arrangements to fund these acquisitions.

#### Outlook

Mr. Fuller commented, "We made tremendous progress in 2022 realigning our Truckload operations and getting back to the basics in our OTR division. This message has been well received by our customers, and while the freight market is currently challenging, we will continue to focus on execution, servicing our customers at a high level, and reducing our spot market exposure. We expect the benefits from these initiatives combined with the cost savings from our Realignment Plan to positively impact our financial results as the market turns."

------

#### Conference Call Information

The Company will host a conference call and simultaneous webcast to discuss its fourth quarter 2022 financial and operating results on February 9, 2023, at 5:00 p.m. ET. The conference call can be accessed live by dialing 1-888-800-8518 or, for international callers, 1-646-307-1863 and asking to be joined to the US Xpress Fourth Quarter 2022 Earnings Conference Call. The simultaneous webcast can be accessed on the Investor Relations website at investor.usxpress.com.

#### Supplemental Financial Information

Additional information regarding the Company's operating results is provided below as well as on the Company's investor page at investor.usxpress.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP Financial Measures

In addition to our net income determined in accordance with U.S. generally accepted accounting principles (''GAAP''), we evaluate operating performance using certain non-GAAP measures, including Adjusted Operating Ratio, Adjusted Operating Income (Loss), Adjusted Net Income (Loss) Attributable to Controlling Interest, and Adjusted EPS (on a consolidated and, as applicable, segment basis). Management believes the use of non-GAAP measures assists investors and securities analysts in understanding the ongoing operating performance of our business by allowing more effective comparison between periods. Further, management uses non-GAAP Adjusted Operating Ratio, Adjusted Operating Income (Loss), Adjusted Net Income (Loss) Attributable to Controlling Interest, and Adjusted EPS measures on a supplemental basis to remove items that may not be an indicator of performance from period-to-period. In addition, management uses net debt, defined as long-term debt, including current maturities less cash balance. Management uses this metric to monitor the Company's financial leverage and believes it is useful to investors and securities analysts as it provides insight into our financial strength. The non-GAAP information provided is used by our management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools and should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. You should not consider the non-GAAP measures used herein in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for these limitations by relying primarily on GAAP results and using non-GAAP financial measures on a supplemental basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Adjusted Operating Income and Adjusted Operating Ratio (unaudited) |
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
| *(in thousands)* | 2022 | 2021 | 2022 | 2021 |
| GAAP Presentation:  |  |  |  |  |
| Total revenue | $542451 | $531605 | $2161170 | $1948526 |
| Total operating expenses | (548119) | (536715) | (2183320) | (1930097) |
| Operating income (loss) | $(5668) | $(5110) | $(22150) | $18429 |
| &nbsp;&nbsp;&nbsp; Operating ratio | 101.0% | 101.0% | 101.0% | 99.1% |
| Non-GAAP Presentation |  |  |  |  |
| Total revenue | $542451 | $531605 | $2161170 | $1948526 |
| Fuel surcharge | (67242) | (44325) | (265021) | (154248) |
| &nbsp;&nbsp;&nbsp; Revenue, excluding fuel surcharge | 475209 | 487280 | 1896149 | 1794278 |
| Total operating expenses | 548119 | 536715 | 2183320 | 1930097 |
| Adjusted for: |  |  |  |  |
| Fuel surcharge | (67242) | (44325) | (265021) | (154248) |
| Impairment charges<sup>1</sup> | - | (4334) | (4218) | (4334) |
| Gain on sale of terminal<sup>2</sup> | - | - | 4002 | - |
| &nbsp;&nbsp;&nbsp; Adjusted operating expenses | 480877 | 488056 | 1918083 | 1771515 |
| &nbsp;&nbsp;&nbsp; Adjusted operating income (loss) | $(5668) | $(776) | $(21934) | $22763 |
| &nbsp;&nbsp;&nbsp; Adjusted operating ratio | 101.2% | 100.2% | 101.2% | 98.7% |
| <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology |
| <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary |

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| | | | | |
|:---|:---|:---|:---|:---|
| Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited) | Non-GAAP Reconciliation - Truckload Adjusted Operating Income and Adjusted Operating Ratio (unaudited) |
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
| *(in thousands)* | 2022 | 2021 | 2022 | 2021 |
| Truckload GAAP Presentation:  |  |  |  |  |
| Total Truckload revenue | $464077 | $419747 | $1824855 | $1567520 |
| Total Truckload operating expenses | (475967) | (427977) | (1862166) | (1552197) |
| &nbsp;&nbsp;&nbsp; Truckload operating income (loss) | $(11890) | $(8230) | $(37311) | $15323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truckload operating ratio | 102.6% | 102.0% | 102.0% | 99.0% |
| Truckload Non-GAAP Presentation |  |  |  |  |
| Total Truckload revenue | $464077 | $419747 | $1824855 | $1567520 |
| Fuel surcharge | (67242) | (44325) | (265021) | (154248) |
| &nbsp;&nbsp;&nbsp; Revenue, excluding fuel surcharge | 396835 | 375422 | 1559834 | 1413272 |
| Total Truckload operating expenses | 475967 | 427977 | 1862166 | 1552197 |
| Adjusted for: |  |  |  |  |
| Fuel surcharge | (67242) | (44325) | (265021) | (154248) |
| Impairment charges<sup>1</sup> | - | (4334) | (3376) | (4334) |
| Gain on sale of terminal<sup>2</sup> | - | - | 4002 | - |
| &nbsp;&nbsp;&nbsp; Truckload Adjusted operating expenses | 408725 | 379318 | 1597771 | 1393615 |
| &nbsp;&nbsp;&nbsp; Truckload Adjusted operating income (loss) | $(11890) | $(3896) | $(37937) | $19657 |
| &nbsp;&nbsp;&nbsp; Truckload Adjusted operating ratio | 103.0% | 101.0% | 102.4% | 98.6% |
| <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>1</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology |
| <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary |

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| | | | | |
|:---|:---|:---|:---|:---|
| Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited) | Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited) | Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited) | Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited) | Non-GAAP Reconciliation - Adjusted Net Income and EPS (unaudited) |
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
| *(in thousands, except per share data)* | 2022 | 2021 | 2022 | 2021 |
| GAAP: Net income (loss) attributable to controlling interest | $(11211) | $(5286) | $(40457) | $10870 |
| Adjusted for: |  |  |  |  |
| Income tax provision (benefit) | (3323) | (4299) | (13179) | 433 |
| &nbsp;&nbsp;&nbsp; Income (loss) before income taxes attributable to controlling interest | $(14534) | $(9585) | $(53636) | $11303 |
| Unrealized loss (gain) on equity investment<sup>1</sup> | 2107 | 452 | 12096 | (7677) |
| Gain on sale of terminal<sup>2</sup> | - | - | (4002) | - |
| Gain on sale of equity method investment<sup>3</sup> | - | - | (1258) | - |
| Impairment charges<sup>4</sup> | - | 4334 | 4218 | 4334 |
| &nbsp;&nbsp;&nbsp; Adjusted income (loss) before income taxes | (12427) | (4799) | (42582) | 7960 |
| Adjusted income tax (benefit) | (3266) | (2804) | (10432) | (198) |
| &nbsp;&nbsp;&nbsp; Non-GAAP: Adjusted net income (loss) attributable to controlling interest | $(9161) | $(1995) | $(32150) | $8158 |
| GAAP: Earnings (losses) per diluted share | $(0.22) | $(0.10) | $(0.79) | $0.21 |
| Adjusted for: |  |  |  |  |
| Income tax expense attributable to controlling interest | (0.06) | (0.09) | (0.26) | 0.01 |
| &nbsp;&nbsp;&nbsp; Income (loss) before income taxes attributable to controlling interest | $(0.28) | $(0.19) | $(1.05) | $0.22 |
| Unrealized loss (gain) on equity investment<sup>1</sup> | 0.04 | 0.01 | 0.24 | (0.15) |
| Gain on sale of terminal<sup>2</sup> | - | - | (0.08) | - |
| Gain on sale of equity method investment<sup>3</sup> | - | - | (0.02) | - |
| Impairment charges<sup>4</sup> | - | 0.09 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp; Adjusted income (loss) before income taxes | (0.24) | (0.09) | (0.83) | 0.15 |
| Adjusted income tax (benefit) | (0.06) | (0.05) | (0.20) | (0.01) |
| &nbsp;&nbsp;&nbsp; Non-GAAP: Adjusted earnings (losses) per diluted share attributable to controlling interest | $(0.18) | $(0.04) | $(0.63) | $0.16 |
| <sup>1</sup>During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment  | <sup>1</sup>During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment  | <sup>1</sup>During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment  | <sup>1</sup>During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment  | <sup>1</sup>During 2022 and 2021, we recognized an unrealized loss (gain) on a strategic equity investment  |
| <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary | <sup>2</sup>During the second quarter of 2022, we recognized a gain of $4,002 on sale of terminal which was leased to a former subsidiary |
| <sup>3</sup>During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258 | <sup>3</sup>During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258 | <sup>3</sup>During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258 | <sup>3</sup>During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258 | <sup>3</sup>During the first quarter of 2022, we incurred a gain on sale related to an equity method investment in a former wholly owned subsidiary of $1,258 |
| <sup>4</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>4</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>4</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>4</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology | <sup>4</sup>During the first and third quarter of 2022, we incurred a non-cash adjustment due to the write off of obsolete technology |

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#### Forward Looking Statements

#### About U.S. Xpress

Through its subsidiaries, U.S. Xpress Enterprises, Inc. offers customers over-the-road, dedicated, and brokerage services. Founded in 1985, the Company utilizes a combination of smart technology, a modern fleet of tractors and a network of highly trained, professional drivers to efficiently move freight for a wide variety of customers. U.S. Xpress implements a range of digital initiatives and technology to drive innovation in the industry, streamline the value chain for customers and improve the overall driver experience.

#### Investor Contact
Matt Garvie

Vice President, Investor Relations

(423)-633-7153

mgarvie@usxpress.com

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| | | | | |
|:---|:---|:---|:---|:---|
| Condensed Consolidated Income Statements (unaudited) | Condensed Consolidated Income Statements (unaudited) | Condensed Consolidated Income Statements (unaudited) | Condensed Consolidated Income Statements (unaudited) | Condensed Consolidated Income Statements (unaudited) |
|  | Quarter Ended December 31, | Quarter Ended December 31, | Year Ending December 31, | Year Ending December 31, |
| *(in thousands, except per share data)* | 2022 | 2021 | 2022 | 2021 |
| Operating Revenue:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue, excluding fuel surcharge | $475209 | $487280 | $1896149 | $1794278 |
| &nbsp;&nbsp;&nbsp; Fuel surcharge | 67242 | 44325 | 265021 | 154248 |
| &nbsp;&nbsp;&nbsp; Total operating revenue | 542451 | 531605 | 2161170 | 1948526 |
| Operating Expenses:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Salaries, wages and benefits | 187432 | 174538 | 726308 | 619983 |
| &nbsp;&nbsp;&nbsp; Fuel and fuel taxes  | 87335 | 51973 | 328037 | 182875 |
| &nbsp;&nbsp;&nbsp; Vehicle rents  | 29254 | 24375 | 104121 | 90085 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization, net of (gain) loss | 25456 | 16880 | 82289 | 81976 |
| &nbsp;&nbsp;&nbsp; Purchased transportation  | 118710 | 175969 | 533014 | 634271 |
| &nbsp;&nbsp;&nbsp; Operating expense and supplies | 47822 | 42138 | 191654 | 147779 |
| &nbsp;&nbsp;&nbsp; Insurance premiums and claims  | 28283 | 24424 | 115735 | 83376 |
| &nbsp;&nbsp;&nbsp; Operating taxes and licenses  | 3883 | 4297 | 15663 | 14490 |
| &nbsp;&nbsp;&nbsp; Communications and utilities  | 3741 | 4610 | 14856 | 12639 |
| &nbsp;&nbsp;&nbsp; General and other operating  | 16203 | 17511 | 71643 | 62623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses  | 548119 | 536715 | 2183320 | 1930097 |
| Operating Income (Loss) | (5668) | (5110) | (22150) | 18429 |
| Other Expenses (Income): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 6073 | 3716 | 19054 | 14532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 2107 | 452 | 10838 | (7677) |
|  | 8180 | 4168 | 29892 | 6855 |
| Income (Loss) Before Income Taxes  | (13848) | (9278) | (52042) | 11574 |
| Income Tax Provision (Benefit) | (3323) | (4299) | (13179) | 433 |
| Net Income (Loss) | (10525) | (4979) | (38863) | 11141 |
| Net Income attributable to non-controlling interest | 686 | 307 | 1594 | 271 |
| Net Income (Loss) attributable to controlling interest | $(11211) | $(5286) | $(40457) | $10870 |
| Income (Loss) Per Share |  |  |  |  |
| Basic earnings (losses) per share  | $(0.22) | $(0.10) | $(0.79) | $0.22 |
| Basic weighted average shares outstanding | 51602 | 50598 | 51311 | 50370 |
| Diluted earnings (losses) per share  | $(0.22) | $(0.10) | $(0.79) | $0.21 |
| Diluted weighted average shares outstanding | 51602 | 50598 | 51311 | 52167 |

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| | | |
|:---|:---|:---|
| Condensed Consolidated Balance Sheets (unaudited) | Condensed Consolidated Balance Sheets (unaudited) | Condensed Consolidated Balance Sheets (unaudited) |
|  | December 31, | December 31, |
| *(in thousands)* | 2022 | 2021 |
| Assets |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2275 | $5695 |
| &nbsp;&nbsp;&nbsp; Customer receivables, net of allowance of $990 and $11, respectively | 222794 | 231687 |
| &nbsp;&nbsp;&nbsp; Other receivables | 17676 | 18046 |
| &nbsp;&nbsp;&nbsp; Prepaid insurance and licenses | 13847 | 13867 |
| &nbsp;&nbsp;&nbsp; Operating supplies | 8410 | 9550 |
| &nbsp;&nbsp;&nbsp; Assets held for sale | 25759 | 11831 |
| &nbsp;&nbsp;&nbsp; Other current assets | 46642 | 32020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 337403 | 322696 |
| Property and equipment, at cost | 980607 | 890933 |
| Less accumulated depreciation and amortization | (397806) | (370112) |
| Net property and equipment | 582801 | 520821 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 333498 | 292347 |
| &nbsp;&nbsp;&nbsp; Goodwill | 59221 | 59221 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 23784 | 24129 |
| &nbsp;&nbsp;&nbsp; Other | 44758 | 50829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other assets | 461261 | 426526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $1381465 | $1270043 |
| Liabilities and Stockholders' Equity  |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $111222 | $126910 |
| &nbsp;&nbsp;&nbsp; Book overdraft  | 4213 | 7096 |
| &nbsp;&nbsp;&nbsp; Accrued wages and benefits  | 35457 | 45011 |
| &nbsp;&nbsp;&nbsp; Claims and insurance accruals | 73372 | 44309 |
| &nbsp;&nbsp;&nbsp; Other accrued liabilities  | 8703 | 5962 |
| &nbsp;&nbsp;&nbsp; Current portion of operating leases | 105078 | 88375 |
| &nbsp;&nbsp;&nbsp; Current maturities of long-term debt and finance leases | 124033 | 85117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 462078 | 402780 |
| Long-term debt and finance leases, net of current maturities  | 360175 | 290392 |
| Less debt issuance costs | (310) | (357) |
| &nbsp;&nbsp;&nbsp; Net long-term debt and finance leases | 359865 | 290035 |
| Deferred income taxes  | 9718 | 24301 |
| Other long-term liabilities  | 22878 | 14457 |
| Claims and insurance accruals, long-term  | 50825 | 54819 |
| Noncurrent operating lease liability | 230505 | 205362 |
| Commitments and contingencies | - | - |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Common stock | 515 | 505 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 273781 | 267621 |
| &nbsp;&nbsp;&nbsp; Retained earnings (deficit) | (32017) | 8440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity  | 242279 | 276566 |
| Noncontrolling interest  | 3317 | 1723 |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity  | 245596 | 278289 |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $1381465 | $1270043 |

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| | | |
|:---|:---|:---|
| Condensed Consolidated Cash Flow Statements (unaudited) | Condensed Consolidated Cash Flow Statements (unaudited) | Condensed Consolidated Cash Flow Statements (unaudited) |
|  | Year Ending December 31, | Year Ending December 31, |
| *(in thousands)* | 2022 | 2021 |
| Operating activities  |  |  |
| Net income (loss) | $(38863) | $11141 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities:  | Adjustments to reconcile net income (loss) to net cash provided by operating activities:  | Adjustments to reconcile net income (loss) to net cash provided by operating activities:  |
| &nbsp;&nbsp;&nbsp; Deferred income tax benefit | (14583) | (861) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 82756 | 82975 |
| &nbsp;&nbsp;&nbsp; Gains on sale of property and equipment | (467) | (999) |
| &nbsp;&nbsp;&nbsp; Share based compensation | 5287 | 6244 |
| &nbsp;&nbsp;&nbsp; Other | 332 | 684 |
| &nbsp;&nbsp;&nbsp; Unrealized loss (gain) on investment | 12096 | (7677) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables  | 6839 | (38556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid insurance and licenses  | 99 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating supplies  | 1234 | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets  | (149) | (20578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other accrued liabilities  | (1564) | 41345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued wages and benefits  | (9553) | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities  | 43464 | 78567 |
| Investing activities  |  |  |
| Payments for purchases of property and equipment  | (199134) | (192366) |
| Proceeds from sales of property and equipment  | 46020 | 95369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities  | (153114) | (96997) |
| Financing activities  |  |  |
| Borrowings under lines of credit  | 494196 | 334512 |
| Payments under lines of credit  | (421896) | (310612) |
| Borrowings under long-term debt  | 130336 | 124721 |
| Payments of long-term debt and finance leases | (95054) | (137661) |
| Payments of financing costs  | - | (100) |
| Tax withholding related to net share settlement of restricted stock awards | (440) | (1237) |
| Proceeds from long-term consideration for sale of subsidiary | 648 | 617 |
| Proceeds from issuance of common stock under ESPP | 1323 | 1284 |
| Book overdraft  | (2883) | 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities  | 106230 | 18620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in cash and cash equivalents  | (3420) | 190 |
| Cash and cash equivalents |  |  |
| Beginning of year  | 5695 | 5505 |
| End of period | $2275 | $5695 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Truckload Statistics (unaudited) | Truckload Statistics (unaudited) | Truckload Statistics (unaudited) | Truckload Statistics (unaudited) | Truckload Statistics (unaudited) | Truckload Statistics (unaudited) | Truckload Statistics (unaudited) |
|  | Quarter Ended December 31, | Quarter Ended December 31, | % | Year Ending December 31, | Year Ending December 31, | % |
|  | 2022 | 2021 | Change | 2022 | 2021 | Change |
| *Over-the-road (OTR)* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average revenue per tractor per week<sup>1</sup> | $3638 | $3610 | 0.8% | $3808 | $3732 | 2.0% |
| &nbsp;&nbsp;&nbsp; Average revenue per mile<sup>1</sup> | $2.417 | $2.481 | (2.6%) | $2.492 | $2.333 | 6.8% |
| &nbsp;&nbsp;&nbsp; Average revenue miles per tractor per week | 1505 | 1455 | 3.4% | 1528 | 1600 | (4.5%) |
| &nbsp;&nbsp;&nbsp; Average tractors | 4160 | 3614 | 15.1% | 3858 | 3442 | 12.1% |
| *Dedicated* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average revenue per tractor per week<sup>1</sup> | $4792 | $4617 | 3.8% | $4823 | $4359 | 10.6% |
| &nbsp;&nbsp;&nbsp; Average revenue per mile<sup>1</sup> | $3.022 | $2.714 | 11.3% | $2.926 | $2.518 | 16.2% |
| &nbsp;&nbsp;&nbsp; Average revenue miles per tractor per week | 1586 | 1701 | (6.8%) | 1648 | 1731 | (4.8%) |
| &nbsp;&nbsp;&nbsp; Average tractors | 2812 | 2533 | 11.0% | 2696 | 2564 | 5.1% |
| *Consolidated* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Average revenue per tractor per week<sup>1</sup> | $4104 | $4025 | 2.0% | $4225 | $4000 | 5.6% |
| &nbsp;&nbsp;&nbsp; Average revenue per mile<sup>1</sup> | $2.669 | $2.586 | 3.2% | $2.679 | $2.416 | 10.9% |
| &nbsp;&nbsp;&nbsp; Average revenue miles per tractor per week | 1538 | 1556 | (1.2%) | 1577 | 1656 | (4.8%) |
| &nbsp;&nbsp;&nbsp; Average tractors | 6972 | 6147 | 13.4% | 6553 | 6006 | 9.1% |
| Average tractors - |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Company owned | 6077 | 5066 | 20.0% | 5605 | 4731 | 18.5% |
| &nbsp;&nbsp;&nbsp; Owner operators | 895 | 1081 | (17.2%) | 948 | 1275 | (25.6%) |
| Total average tractors | 6972 | 6147 | 13.4% | 6553 | 6006 | 9.1% |
| Miles driven -  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total company miles  | 132990 | 114713 | 15.9% | 503250 | 450493 | 11.7% |
| &nbsp;&nbsp;&nbsp; Total independent contractor miles  | 21922 | 26459 | (17.1%) | 93635 | 127596 | (26.6%) |
| Total miles | 154912 | 141172 | 9.7% | 596885 | 578089 | 3.3% |
| Independent contractor fuel surcharge | $10799 | $8420 | 28.3% | $44972 | $32503 | 38.4% |
| *<sup>1</sup> Excluding fuel surcharge revenues* | *<sup>1</sup> Excluding fuel surcharge revenues* | *<sup>1</sup> Excluding fuel surcharge revenues* |  |  |  |  |

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