We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Roadrunner Transportation Systems Inc | NYSE:RRTS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.93 | 0 | 01:00:00 |
|
|
|
|
|
Delaware
|
|
20-2454942
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1431 Opus Place, Suite 530
Downers Grove, Illinois
|
|
60515
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
|
o
|
|
Accelerated filer
|
|
x
|
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
o
|
|
|
|
|
Emerging growth company
|
|
o
|
|
|
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS.
|
(In thousands, except par value)
|
June 30,
2018 |
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
35,638
|
|
|
$
|
25,702
|
|
Accounts receivable, net of allowances of $10,404 and $10,891, respectively
|
293,038
|
|
|
321,629
|
|
||
Income tax receivable
|
13,838
|
|
|
14,749
|
|
||
Prepaid expenses and other current assets
|
27,819
|
|
|
36,306
|
|
||
Total current assets
|
370,333
|
|
|
398,386
|
|
||
Property and equipment,
net of accumulated depreciation of $118,064 and $107,037, respectively
|
163,440
|
|
|
159,547
|
|
||
Other assets:
|
|
|
|
||||
Goodwill
|
264,826
|
|
|
264,826
|
|
||
Intangible assets, net
|
46,062
|
|
|
49,648
|
|
||
Other noncurrent assets
|
5,737
|
|
|
3,636
|
|
||
Total other assets
|
316,625
|
|
|
318,110
|
|
||
Total assets
|
$
|
850,398
|
|
|
$
|
876,043
|
|
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current maturities of debt
|
$
|
10,012
|
|
|
$
|
9,950
|
|
Accounts payable
|
148,053
|
|
|
171,905
|
|
||
Accrued expenses and other current liabilities
|
101,105
|
|
|
105,409
|
|
||
Total current liabilities
|
259,170
|
|
|
287,264
|
|
||
Deferred tax liabilities
|
11,033
|
|
|
14,282
|
|
||
Other long-term liabilities
|
18,790
|
|
|
10,873
|
|
||
Long-term debt, net of current maturities
|
178,472
|
|
|
189,460
|
|
||
Preferred stock
|
335,979
|
|
|
263,317
|
|
||
Total liabilities
|
803,444
|
|
|
765,196
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
||||
Stockholders’ investment:
|
|
|
|
||||
Common stock $.01 par value; 105,000 shares authorized; 38,507 and 38,423 shares issued and outstanding
|
385
|
|
|
384
|
|
||
Additional paid-in capital
|
403,984
|
|
|
403,166
|
|
||
Retained deficit
|
(357,415
|
)
|
|
(292,703
|
)
|
||
Total stockholders’ investment
|
46,954
|
|
|
110,847
|
|
||
Total liabilities and stockholders’ investment
|
$
|
850,398
|
|
|
$
|
876,043
|
|
(In thousands, except per share amounts)
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues
|
$
|
558,026
|
|
|
$
|
530,579
|
|
|
$
|
1,128,010
|
|
|
$
|
1,009,499
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased transportation costs
|
380,072
|
|
|
358,432
|
|
|
781,035
|
|
|
674,717
|
|
||||
Personnel and related benefits
|
75,838
|
|
|
75,672
|
|
|
151,725
|
|
|
150,082
|
|
||||
Other operating expenses
|
99,712
|
|
|
94,758
|
|
|
197,211
|
|
|
191,588
|
|
||||
Depreciation and amortization
|
9,124
|
|
|
9,210
|
|
|
18,189
|
|
|
18,515
|
|
||||
Operations restructuring costs
|
4,655
|
|
|
—
|
|
|
4,655
|
|
|
—
|
|
||||
Total operating expenses
|
569,401
|
|
|
538,072
|
|
|
1,152,815
|
|
|
1,034,902
|
|
||||
Operating loss
|
(11,375
|
)
|
|
(7,493
|
)
|
|
(24,805
|
)
|
|
(25,403
|
)
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest expense - preferred stock
|
31,609
|
|
|
25,040
|
|
|
38,724
|
|
|
25,040
|
|
||||
Interest expense - debt
|
2,623
|
|
|
3,315
|
|
|
5,051
|
|
|
9,840
|
|
||||
Total interest expense
|
34,232
|
|
|
28,355
|
|
|
43,775
|
|
|
34,880
|
|
||||
Loss from debt extinguishment
|
—
|
|
|
9,827
|
|
|
—
|
|
|
9,827
|
|
||||
Loss before income taxes
|
(45,607
|
)
|
|
(45,675
|
)
|
|
(68,580
|
)
|
|
(70,110
|
)
|
||||
Benefit from income taxes
|
(3,652
|
)
|
|
(7,812
|
)
|
|
(2,982
|
)
|
|
(12,304
|
)
|
||||
Net loss
|
$
|
(41,955
|
)
|
|
$
|
(37,863
|
)
|
|
$
|
(65,598
|
)
|
|
$
|
(57,806
|
)
|
Loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(1.09
|
)
|
|
$
|
(0.99
|
)
|
|
$
|
(1.70
|
)
|
|
$
|
(1.51
|
)
|
Diluted
|
$
|
(1.09
|
)
|
|
$
|
(0.99
|
)
|
|
$
|
(1.70
|
)
|
|
$
|
(1.51
|
)
|
Weighted average common stock outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
38,507
|
|
|
38,412
|
|
|
38,479
|
|
|
38,389
|
|
||||
Diluted
|
38,507
|
|
|
38,412
|
|
|
38,479
|
|
|
38,389
|
|
(In thousands)
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(65,598
|
)
|
|
$
|
(57,806
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
18,552
|
|
|
19,302
|
|
||
Change in fair value of preferred stock
|
37,663
|
|
|
8,928
|
|
||
Amortization of preferred stock issuance costs
|
1,061
|
|
|
16,112
|
|
||
Loss on disposal of property and equipment
|
1,972
|
|
|
492
|
|
||
Share-based compensation
|
895
|
|
|
1,268
|
|
||
Loss from debt extinguishment
|
—
|
|
|
9,827
|
|
||
Provision for bad debts
|
2,030
|
|
|
1,601
|
|
||
Deferred tax benefit
|
(3,544
|
)
|
|
(13,904
|
)
|
||
Changes in:
|
|
|
|
||||
Accounts receivable
|
27,156
|
|
|
(12,271
|
)
|
||
Income tax receivable
|
911
|
|
|
3,551
|
|
||
Prepaid expenses and other assets
|
6,900
|
|
|
3,438
|
|
||
Accounts payable
|
(23,852
|
)
|
|
(20,883
|
)
|
||
Accrued expenses and other liabilities
|
(5,052
|
)
|
|
988
|
|
||
Net cash used in operating activities
|
(906
|
)
|
|
(39,357
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(11,391
|
)
|
|
(7,278
|
)
|
||
Proceeds from sale of property and equipment
|
927
|
|
|
1,970
|
|
||
Net cash used in investing activities
|
(10,464
|
)
|
|
(5,308
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under revolving credit facilities
|
—
|
|
|
63,368
|
|
||
Payments under revolving credit facilities
|
—
|
|
|
(236,068
|
)
|
||
Debt borrowings
|
557
|
|
|
—
|
|
||
Debt payments
|
(11,846
|
)
|
|
(277,750
|
)
|
||
Debt issuance cost
|
—
|
|
|
(842
|
)
|
||
Cash collateralization of letters of credit
|
—
|
|
|
(20,737
|
)
|
||
Payments of debt extinguishment costs
|
—
|
|
|
(4,911
|
)
|
||
Preferred stock issuance costs
|
(1,061
|
)
|
|
(16,112
|
)
|
||
Proceeds from issuance of preferred stock and warrants
|
34,999
|
|
|
540,500
|
|
||
Issuance of restricted stock units, net of taxes paid
|
(76
|
)
|
|
(215
|
)
|
||
Payment of capital lease obligation
|
(1,267
|
)
|
|
(2,415
|
)
|
||
Net cash provided by financing activities
|
21,306
|
|
|
44,818
|
|
||
Net increase in cash and cash equivalents
|
9,936
|
|
|
153
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
25,702
|
|
|
29,513
|
|
||
End of period
|
$
|
35,638
|
|
|
$
|
29,666
|
|
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
4,966
|
|
|
$
|
9,727
|
|
Cash paid for (refunds from) income taxes, net
|
$
|
144
|
|
|
$
|
(2,426
|
)
|
Non-cash capital leases and other obligations to acquire assets
|
$
|
10,451
|
|
|
$
|
—
|
|
|
TES
|
|
LTL
|
|
Ascent
|
|
Total
|
||||||||
Goodwill
|
$
|
92,926
|
|
|
$
|
—
|
|
|
$
|
171,900
|
|
|
$
|
264,826
|
|
|
TES
|
|
LTL
|
|
Ascent
|
|
Total
|
||||||||
Accumulated goodwill impairment charges
|
$
|
132,408
|
|
|
$
|
197,312
|
|
|
$
|
46,763
|
|
|
$
|
376,483
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net Carrying
Value |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net Carrying
Value |
||||||||||||
TES
|
$
|
55,008
|
|
|
$
|
(20,735
|
)
|
|
$
|
34,273
|
|
|
$
|
55,008
|
|
|
$
|
(18,470
|
)
|
|
$
|
36,538
|
|
LTL
|
2,498
|
|
|
(1,839
|
)
|
|
659
|
|
|
2,498
|
|
|
(1,748
|
)
|
|
750
|
|
||||||
Ascent
|
27,152
|
|
|
(16,022
|
)
|
|
11,130
|
|
|
27,152
|
|
|
(14,792
|
)
|
|
12,360
|
|
||||||
Total
|
$
|
84,658
|
|
|
$
|
(38,596
|
)
|
|
$
|
46,062
|
|
|
$
|
84,658
|
|
|
$
|
(35,010
|
)
|
|
$
|
49,648
|
|
Remainder 2018
|
$
|
3,537
|
|
2019
|
6,819
|
|
|
2020
|
6,447
|
|
|
2021
|
6,265
|
|
|
2022
|
5,826
|
|
|
Thereafter
|
17,168
|
|
|
Total
|
$
|
46,062
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
|
|
|
|
||||
Revolving credit facility
|
$
|
147,037
|
|
|
$
|
147,037
|
|
Term loans
|
44,570
|
|
|
55,858
|
|
||
Total debt
|
$
|
191,607
|
|
|
$
|
202,895
|
|
Less: Debt issuance costs and discount
|
(3,123
|
)
|
|
(3,485
|
)
|
||
Total debt, net of debt issuance costs and discount
|
188,484
|
|
|
199,410
|
|
||
Less: Current maturities
|
(10,012
|
)
|
|
(9,950
|
)
|
||
Total debt, net of current maturities
|
$
|
178,472
|
|
|
$
|
189,460
|
|
•
|
$200.0 million
asset-based revolving line of credit, of which
$20.0 million
may be used for swing line loans and
$30.0 million
may be used for letters of credit;
|
•
|
$56.8 million
term loan facility; and
|
•
|
$35.0 million
asset-based facility available to finance future capital expenditures, which was subsequently terminated before being utilized.
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Preferred stock:
|
|
|
|
||||
Series B Preferred
|
$
|
171,917
|
|
|
$
|
146,649
|
|
Series C Preferred
|
83,541
|
|
|
76,096
|
|
||
Series D Preferred
|
2,258
|
|
|
6,672
|
|
||
Series E Preferred
|
39,456
|
|
|
33,900
|
|
||
Series E-1 Preferred
|
38,807
|
|
|
—
|
|
||
Total Preferred stock
|
$
|
335,979
|
|
|
$
|
263,317
|
|
|
Series B
|
Series C
|
Series D
|
Series E
|
Series E-1
|
Shares at $0.01 Par Value at Issuance
|
155,000
|
55,000
|
100
|
90,000
|
35,728
|
Shares Outstanding at June 30, 2018
|
155,000
|
55,000
|
100
|
37,500
|
35,728
|
Price per Share
|
$1,000
|
$1,000
|
$1.00
|
$1,000
|
$1,000/$960
|
Dividend Rate
|
Adjusted LIBOR + 3.00% + Additional Rate (4.75-12.50%) based on leverage. Additional 3.00% upon certain triggering events.
|
Adjusted LIBOR + 3.00% + Additional Rate (4.75-12.50%) based on leverage. Additional 3.00% upon certain triggering events.
|
Right to participate equally and ratably in all cash dividends paid on common stock.
|
Adjusted LIBOR + 5.25% + Additional Rate (8.50%). Additional 3.00% upon certain triggering events.
|
Adjusted LIBOR + 5.25% + Additional Rate (8.50%). Additional 3.00% upon certain triggering events.
|
Dividend Rate at June 30, 2018
|
17.396%
|
17.396%
|
N/A
|
15.646%
|
15.646%
|
Redemption Term
|
8 Years
|
8 Years
|
8 Years
|
6 Years
|
6 Years
|
Redemption Rights
|
From Closing Date:
12-24 months: 105% 24-36 months: 103% |
65% premium (subject to stock movement)
|
|
From Closing Date:
0-12 months: 106.5% 12-24 months: 103.5% |
From Closing Date:
0-12 months: 106.5% 12-24 months: 103.5% |
•
|
the Series B Preferred Stock using a lattice model that takes into consideration the Company's call right on the instrument based on simulated future interest rates;
|
•
|
the Series C Preferred Stock using a lattice model that takes into consideration the future redemption value on the instrument, which is tied to the Company's stock price;
|
•
|
the Series D Preferred Stock using a static discounted cash flow approach, where the expected redemption value of the instrument is based on the value of the Company's stock as of the measurement date grown at the risk-free rate; and
|
•
|
the Series E and E-1 Preferred Stock via application of both (i) a static discounted cash flow approach and (ii) a lattice model that takes into consideration the Company's call right on this instrument based on simulated future interest rates.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30
|
|
June 30
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance, beginning of period
|
$
|
286,874
|
|
|
$
|
—
|
|
|
$
|
263,317
|
|
|
$
|
—
|
|
Issuance of preferred stock at fair value
|
17,499
|
|
|
537,930
|
|
|
34,999
|
|
|
537,930
|
|
||||
Change in fair value of preferred stock
(1)
|
31,606
|
|
|
8,928
|
|
|
37,663
|
|
|
8,928
|
|
||||
Balance, end of period
|
$
|
335,979
|
|
|
$
|
546,858
|
|
|
$
|
335,979
|
|
|
$
|
546,858
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
88,538
|
|
|
$
|
177,940
|
|
|
$
|
111,733
|
|
|
$
|
197,468
|
|
Net loss
|
(41,955
|
)
|
|
(37,863
|
)
|
|
(65,598
|
)
|
|
(57,806
|
)
|
||||
Share-based compensation
|
372
|
|
|
658
|
|
|
895
|
|
|
1,268
|
|
||||
Issuance of warrants
|
—
|
|
|
2,571
|
|
|
—
|
|
|
2,571
|
|
||||
Issuance of restricted stock units, net of taxes paid
|
(1
|
)
|
|
(20
|
)
|
|
(76
|
)
|
|
(215
|
)
|
||||
Ending balance
|
$
|
46,954
|
|
|
$
|
143,286
|
|
|
$
|
46,954
|
|
|
$
|
143,286
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
TES
|
|
300,037
|
|
|
262,797
|
|
|
$
|
626,104
|
|
|
$
|
490,284
|
|
||
LTL
|
|
117,164
|
|
|
121,968
|
|
|
230,289
|
|
|
230,744
|
|
||||
Ascent
|
|
144,630
|
|
|
148,088
|
|
|
279,573
|
|
|
293,560
|
|
||||
Eliminations
|
|
(3,805
|
)
|
|
(2,274
|
)
|
|
(7,956
|
)
|
|
(5,089
|
)
|
||||
Total
|
|
$
|
558,026
|
|
|
$
|
530,579
|
|
|
$
|
1,128,010
|
|
|
$
|
1,009,499
|
|
Operating (loss) income:
|
|
|
|
|
|
|
|
|
||||||||
TES
(1)
|
|
(750
|
)
|
|
3,456
|
|
|
$
|
3,650
|
|
|
$
|
1,735
|
|
||
LTL
|
|
(3,743
|
)
|
|
(3,264
|
)
|
|
(12,427
|
)
|
|
(5,985
|
)
|
||||
Ascent
|
|
7,314
|
|
|
7,217
|
|
|
14,021
|
|
|
14,852
|
|
||||
Corporate
|
|
(14,196
|
)
|
|
(14,902
|
)
|
|
(30,049
|
)
|
|
(36,005
|
)
|
||||
Total
|
|
$
|
(11,375
|
)
|
|
$
|
(7,493
|
)
|
|
$
|
(24,805
|
)
|
|
$
|
(25,403
|
)
|
Interest expense
|
|
34,232
|
|
|
28,355
|
|
|
43,775
|
|
|
34,880
|
|
||||
Loss from debt extinguishment
|
|
—
|
|
|
9,827
|
|
|
$
|
—
|
|
|
$
|
9,827
|
|
||
Loss before income taxes
|
|
$
|
(45,607
|
)
|
|
$
|
(45,675
|
)
|
|
$
|
(68,580
|
)
|
|
$
|
(70,110
|
)
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
||||||||
TES
|
|
6,241
|
|
|
6,197
|
|
|
$
|
12,537
|
|
|
$
|
12,473
|
|
||
LTL
|
|
900
|
|
|
953
|
|
|
1,813
|
|
|
1,914
|
|
||||
Ascent
|
|
1,168
|
|
|
1,631
|
|
|
2,356
|
|
|
3,287
|
|
||||
Corporate
|
|
815
|
|
|
429
|
|
|
1,483
|
|
|
841
|
|
||||
Total
|
|
$
|
9,124
|
|
|
$
|
9,210
|
|
|
$
|
18,189
|
|
|
$
|
18,515
|
|
Capital expenditures:
(2)
|
|
|
|
|
|
|
|
|
||||||||
TES
|
|
2,940
|
|
|
2,047
|
|
|
$
|
5,937
|
|
|
$
|
5,391
|
|
||
LTL
|
|
55
|
|
|
387
|
|
|
255
|
|
|
631
|
|
||||
Ascent
|
|
355
|
|
|
289
|
|
|
709
|
|
|
571
|
|
||||
Corporate
|
|
12,510
|
|
|
625
|
|
|
14,934
|
|
|
685
|
|
||||
Total
|
|
$
|
15,860
|
|
|
$
|
3,348
|
|
|
$
|
21,835
|
|
|
$
|
7,278
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Assets:
|
|
|
|
|
||||
TES
|
|
$
|
417,144
|
|
|
$
|
458,945
|
|
LTL
|
|
80,354
|
|
|
79,065
|
|
||
Ascent
|
|
271,620
|
|
|
271,400
|
|
||
Corporate
|
|
83,316
|
|
|
68,445
|
|
||
Eliminations
(3)
|
|
(2,036
|
)
|
|
(1,812
|
)
|
||
Total
|
|
$
|
850,398
|
|
|
$
|
876,043
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
(In thousands, except for %’s)
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||
|
TES
|
%
|
|
LTL
|
%
|
|
Ascent
|
%
|
|
Corporate/ Eliminations
|
|
Total
|
|||||||||||||
Revenues
|
$
|
300,037
|
|
53.8
|
%
|
|
$
|
117,164
|
|
21.0
|
%
|
|
$
|
144,630
|
|
25.9
|
%
|
|
$
|
(3,805
|
)
|
|
$
|
558,026
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Purchased transportation costs
|
194,702
|
|
64.9
|
%
|
|
82,318
|
|
70.3
|
%
|
|
106,861
|
|
73.9
|
%
|
|
(3,809
|
)
|
|
380,072
|
|
|||||
Personnel and related benefits
|
39,794
|
|
13.3
|
%
|
|
17,428
|
|
14.9
|
%
|
|
12,465
|
|
8.6
|
%
|
|
6,151
|
|
|
75,838
|
|
|||||
Other operating expenses
(1)
|
60,050
|
|
20.0
|
%
|
|
20,261
|
|
17.3
|
%
|
|
16,822
|
|
11.6
|
%
|
|
7,234
|
|
|
104,367
|
|
|||||
Depreciation and amortization
|
6,241
|
|
2.1
|
%
|
|
900
|
|
0.8
|
%
|
|
1,168
|
|
0.8
|
%
|
|
815
|
|
|
9,124
|
|
|||||
Total operating expenses
|
300,787
|
|
100.2
|
%
|
|
120,907
|
|
103.2
|
%
|
|
137,316
|
|
94.9
|
%
|
|
10,391
|
|
|
569,401
|
|
|||||
Operating income (loss)
|
(750
|
)
|
(0.2
|
)%
|
|
(3,743
|
)
|
(3.2
|
)%
|
|
7,314
|
|
5.1
|
%
|
|
(14,196
|
)
|
|
(11,375
|
)
|
|||||
Total interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
34,232
|
|
|||||||||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,607
|
)
|
||||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(3,652
|
)
|
||||||||||||
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(41,955
|
)
|
(In thousands, except for %’s)
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||
|
TES
|
%
|
|
LTL
|
%
|
|
Ascent
|
%
|
|
Corporate/ Eliminations
|
|
Total
|
|||||||||||||
Revenues
|
$
|
262,797
|
|
49.5
|
%
|
|
$
|
121,968
|
|
23.0
|
%
|
|
$
|
148,088
|
|
27.9
|
%
|
|
$
|
(2,274
|
)
|
|
$
|
530,579
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Purchased transportation costs
|
165,544
|
|
63.0
|
%
|
|
86,792
|
|
71.2
|
%
|
|
108,370
|
|
73.2
|
%
|
|
(2,274
|
)
|
|
358,432
|
|
|||||
Personnel and related benefits
|
38,029
|
|
14.5
|
%
|
|
17,922
|
|
14.7
|
%
|
|
15,635
|
|
10.6
|
%
|
|
4,086
|
|
|
75,672
|
|
|||||
Other operating expenses
|
49,571
|
|
18.9
|
%
|
|
19,565
|
|
16.0
|
%
|
|
15,235
|
|
10.3
|
%
|
|
10,387
|
|
|
94,758
|
|
|||||
Depreciation and amortization
|
6,197
|
|
2.4
|
%
|
|
953
|
|
0.8
|
%
|
|
1,631
|
|
1.1
|
%
|
|
429
|
|
|
9,210
|
|
|||||
Total operating expenses
|
259,341
|
|
98.7
|
%
|
|
125,232
|
|
102.7
|
%
|
|
140,871
|
|
95.1
|
%
|
|
12,628
|
|
|
538,072
|
|
|||||
Operating income (loss)
|
3,456
|
|
1.3
|
%
|
|
(3,264
|
)
|
(2.7
|
)%
|
|
7,217
|
|
4.9
|
%
|
|
(14,902
|
)
|
|
(7,493
|
)
|
|||||
Total interest expense
|
|
|
|
|
|
|
|
|
|
|
|
28,355
|
|
||||||||||||
Loss from debt extinguishment
|
|
|
|
|
|
|
|
|
|
|
|
9,827
|
|
||||||||||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(45,675
|
)
|
||||||||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(7,812
|
)
|
||||||||||||
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(37,863
|
)
|
(In thousands)
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
TES
|
|
LTL
|
|
Ascent
|
|
Corporate/ Eliminations
|
|
Total
|
||||||||||
Net (loss) income
|
$
|
(758
|
)
|
|
$
|
(3,763
|
)
|
|
$
|
7,285
|
|
|
$
|
(44,719
|
)
|
|
$
|
(41,955
|
)
|
Plus: Total interest expense
|
8
|
|
|
20
|
|
|
29
|
|
|
34,175
|
|
|
34,232
|
|
|||||
Plus: Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,652
|
)
|
|
(3,652
|
)
|
|||||
Plus: Depreciation and amortization
|
6,241
|
|
|
900
|
|
|
1,168
|
|
|
815
|
|
|
9,124
|
|
|||||
Plus: Long-term incentive compensation expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
426
|
|
|
426
|
|
|||||
Plus: Operations restructuring costs
|
4,655
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,655
|
|
|||||
Plus: Corporate restructuring and restatement costs
|
—
|
|
|
—
|
|
|
—
|
|
|
3,911
|
|
|
3,911
|
|
|||||
Adjusted EBITDA
(2)
|
$
|
10,146
|
|
|
$
|
(2,843
|
)
|
|
$
|
8,482
|
|
|
$
|
(9,044
|
)
|
|
$
|
6,741
|
|
(In thousands)
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
TES
|
|
LTL
|
|
Ascent
|
|
Corporate/ Eliminations
|
|
Total
|
|
Less: Unitrans
|
|
Total w/o Unitrans
|
||||||||||||||
Net (loss) income
|
$
|
3,475
|
|
|
$
|
(3,312
|
)
|
|
$
|
7,181
|
|
|
$
|
(45,207
|
)
|
|
$
|
(37,863
|
)
|
|
$
|
2,026
|
|
|
$
|
(39,889
|
)
|
Plus: Total interest expense
|
(19
|
)
|
|
48
|
|
|
36
|
|
|
28,290
|
|
|
28,355
|
|
|
—
|
|
|
28,355
|
|
|||||||
Plus: Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,812
|
)
|
|
(7,812
|
)
|
|
—
|
|
|
(7,812
|
)
|
|||||||
Plus: Depreciation and amortization
|
6,197
|
|
|
953
|
|
|
1,631
|
|
|
429
|
|
|
9,210
|
|
|
295
|
|
|
8,915
|
|
|||||||
Plus: Long-term incentive compensation expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
659
|
|
|
659
|
|
|
—
|
|
|
659
|
|
|||||||
Plus: Loss on debt extinguishments
|
—
|
|
|
—
|
|
|
—
|
|
|
9,827
|
|
|
9,827
|
|
|
—
|
|
|
9,827
|
|
|||||||
Plus: Corporate restructuring and restatement costs
|
—
|
|
|
—
|
|
|
—
|
|
|
9,052
|
|
|
9,052
|
|
|
—
|
|
|
9,052
|
|
|||||||
Adjusted EBITDA
(2)
|
$
|
9,653
|
|
|
$
|
(2,311
|
)
|
|
$
|
8,848
|
|
|
$
|
(4,762
|
)
|
|
$
|
11,428
|
|
|
$
|
2,321
|
|
|
$
|
9,107
|
|
(In thousands, except for %’s)
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||
|
TES
|
%
|
|
LTL
|
%
|
|
Ascent
|
%
|
|
Corporate/ Eliminations
|
|
Total
|
|||||||||||||
Revenues
|
$
|
626,104
|
|
55.5
|
%
|
|
$
|
230,289
|
|
20.4
|
%
|
|
$
|
279,573
|
|
24.8
|
%
|
|
$
|
(7,956
|
)
|
|
$
|
1,128,010
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Purchased transportation costs
|
419,303
|
|
67.0
|
%
|
|
164,315
|
|
71.4
|
%
|
|
205,374
|
|
73.5
|
%
|
|
(7,957
|
)
|
|
781,035
|
|
|||||
Personnel and related benefits
|
78,962
|
|
12.6
|
%
|
|
35,563
|
|
15.4
|
%
|
|
24,606
|
|
8.8
|
%
|
|
12,594
|
|
|
151,725
|
|
|||||
Other operating expenses
(1)
|
111,652
|
|
17.8
|
%
|
|
41,025
|
|
17.8
|
%
|
|
33,216
|
|
11.9
|
%
|
|
15,973
|
|
|
201,866
|
|
|||||
Depreciation and amortization
|
12,537
|
|
2.0
|
%
|
|
1,813
|
|
0.8
|
%
|
|
2,356
|
|
0.8
|
%
|
|
1,483
|
|
|
18,189
|
|
|||||
Total operating expenses
|
622,454
|
|
99.4
|
%
|
|
242,716
|
|
105.4
|
%
|
|
265,552
|
|
95.0
|
%
|
|
22,093
|
|
|
1,152,815
|
|
|||||
Operating income (loss)
|
3,650
|
|
0.6
|
%
|
|
(12,427
|
)
|
(5.4
|
)%
|
|
14,021
|
|
5.0
|
%
|
|
(30,049
|
)
|
|
(24,805
|
)
|
|||||
Total interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
43,775
|
|
|||||||||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(68,580
|
)
|
||||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(2,982
|
)
|
||||||||||||
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(65,598
|
)
|
(In thousands, except for %’s)
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||
|
TES
|
%
|
|
LTL
|
%
|
|
Ascent
|
%
|
|
Corporate/ Eliminations
|
|
Total
|
|||||||||||||
Revenues
|
$
|
490,284
|
|
48.6
|
%
|
|
$
|
230,744
|
|
22.9
|
%
|
|
$
|
293,560
|
|
29.1
|
%
|
|
$
|
(5,089
|
)
|
|
$
|
1,009,499
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Purchased transportation costs
|
302,478
|
|
61.7
|
%
|
|
162,711
|
|
70.5
|
%
|
|
214,595
|
|
73.1
|
%
|
|
(5,067
|
)
|
|
674,717
|
|
|||||
Personnel and related benefits
|
76,084
|
|
15.5
|
%
|
|
34,737
|
|
15.1
|
%
|
|
31,009
|
|
10.6
|
%
|
|
8,252
|
|
|
150,082
|
|
|||||
Other operating expenses
|
97,514
|
|
19.9
|
%
|
|
37,367
|
|
16.2
|
%
|
|
29,817
|
|
10.2
|
%
|
|
26,890
|
|
|
191,588
|
|
|||||
Depreciation and amortization
|
12,473
|
|
2.5
|
%
|
|
1,914
|
|
0.8
|
%
|
|
3,287
|
|
1.1
|
%
|
|
841
|
|
|
18,515
|
|
|||||
Total operating expenses
|
488,549
|
|
99.6
|
%
|
|
236,729
|
|
102.6
|
%
|
|
278,708
|
|
94.9
|
%
|
|
30,916
|
|
|
1,034,902
|
|
|||||
Operating income (loss)
|
1,735
|
|
0.4
|
%
|
|
(5,985
|
)
|
(2.6
|
)%
|
|
14,852
|
|
5.1
|
%
|
|
(36,005
|
)
|
|
(25,403
|
)
|
|||||
Total interest expense
|
|
|
|
|
|
|
|
|
|
|
|
34,880
|
|
||||||||||||
Loss on debt extinguishment
|
|
|
|
|
|
|
|
|
|
|
|
9,827
|
|
||||||||||||
Loss before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(70,110
|
)
|
||||||||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
|
|
|
|
(12,304
|
)
|
||||||||||||
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(57,806
|
)
|
(In thousands)
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
TES
|
|
LTL
|
|
Ascent
|
|
Corporate/ Eliminations
|
|
Total
|
||||||||||
Net (loss) income
|
$
|
3,631
|
|
|
$
|
(12,483
|
)
|
|
$
|
13,962
|
|
|
$
|
(70,708
|
)
|
|
$
|
(65,598
|
)
|
Plus: Total interest expense
|
19
|
|
|
56
|
|
|
59
|
|
|
43,641
|
|
|
43,775
|
|
|||||
Plus: Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,982
|
)
|
|
(2,982
|
)
|
|||||
Plus: Depreciation and amortization
|
12,537
|
|
|
1,813
|
|
|
2,356
|
|
|
1,483
|
|
|
18,189
|
|
|||||
Plus: Long-term incentive compensation expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,003
|
|
|
1,003
|
|
|||||
Plus: Operations restructuring costs
|
4,655
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,655
|
|
|||||
Plus: Corporate restructuring and restatement costs
|
—
|
|
|
—
|
|
|
—
|
|
|
10,824
|
|
|
10,824
|
|
|||||
Adjusted EBITDA
(2)
|
$
|
20,842
|
|
|
$
|
(10,614
|
)
|
|
$
|
16,377
|
|
|
$
|
(16,739
|
)
|
|
$
|
9,866
|
|
(In thousands)
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||||||
|
TES
|
|
LTL
|
|
Ascent
|
|
Corporate/ Eliminations
|
|
Total
|
|
Less: Unitrans
|
|
Total w/o Unitrans
|
||||||||||||||
Net (loss) income
|
$
|
1,771
|
|
|
$
|
(6,111
|
)
|
|
$
|
14,777
|
|
|
$
|
(68,243
|
)
|
|
$
|
(57,806
|
)
|
|
$
|
4,453
|
|
|
$
|
(62,259
|
)
|
Plus: Total interest expense
|
(36
|
)
|
|
126
|
|
|
75
|
|
|
34,715
|
|
|
34,880
|
|
|
—
|
|
|
34,880
|
|
|||||||
Plus: Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,304
|
)
|
|
(12,304
|
)
|
|
—
|
|
|
(12,304
|
)
|
|||||||
Plus: Depreciation and amortization
|
12,473
|
|
|
1,914
|
|
|
3,287
|
|
|
841
|
|
|
18,515
|
|
|
589
|
|
|
17,926
|
|
|||||||
Plus: Long-term incentive compensation expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1,268
|
|
|
1,268
|
|
|
—
|
|
|
1,268
|
|
|||||||
Plus: Loss on debt extinguishments
|
—
|
|
|
—
|
|
|
—
|
|
|
9,827
|
|
|
9,827
|
|
|
—
|
|
|
9,827
|
|
|||||||
Plus: Corporate restructuring and restatement costs
|
—
|
|
|
—
|
|
|
—
|
|
|
16,750
|
|
|
16,750
|
|
|
—
|
|
|
16,750
|
|
|||||||
Adjusted EBITDA
(2)
|
$
|
14,208
|
|
|
$
|
(4,071
|
)
|
|
$
|
18,139
|
|
|
$
|
(17,146
|
)
|
|
$
|
11,130
|
|
|
$
|
5,042
|
|
|
$
|
6,088
|
|
•
|
Adjusted EBITDA does not reflect our cash expenditures, future requirements for capital expenditures, or contractual commitments;
|
•
|
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt or dividend payments on our preferred stock;
|
•
|
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
|
•
|
Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Revenue
|
$
|
117,164
|
|
|
$
|
121,968
|
|
|
(3.9
|
)%
|
|
$
|
230,289
|
|
|
$
|
230,744
|
|
|
(0.2
|
)%
|
Less: Backhaul Revenue
|
3,133
|
|
|
—
|
|
|
|
|
3,133
|
|
|
—
|
|
|
|
||||||
Less: Eliminations
|
(69
|
)
|
|
(64
|
)
|
|
|
|
(146
|
)
|
|
(116
|
)
|
|
|
||||||
Adjusted Revenue
|
114,100
|
|
|
122,032
|
|
|
(6.5
|
%)
|
|
227,302
|
|
|
230,860
|
|
|
(1.5
|
%)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Revenue excluding fuel
|
98,397
|
|
|
108,191
|
|
|
(9.1
|
%)
|
|
196,735
|
|
|
204,152
|
|
|
(3.6
|
%)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted Revenue per hundredweight (incl. fuel)
|
$
|
21.03
|
|
|
$
|
19.73
|
|
|
6.6
|
%
|
|
$
|
21.00
|
|
|
$
|
19.56
|
|
|
7.4
|
%
|
Adjusted Revenue per hundredweight (excl. fuel)
|
$
|
18.13
|
|
|
$
|
17.49
|
|
|
3.7
|
%
|
|
$
|
18.17
|
|
|
$
|
17.29
|
|
|
5.1
|
%
|
Adjusted Revenue per shipment (incl. fuel)
|
$
|
240.77
|
|
|
$
|
212.86
|
|
|
13.1
|
%
|
|
$
|
236.54
|
|
|
$
|
211.66
|
|
|
11.8
|
%
|
Adjusted Revenue per shipment (excl. fuel)
|
$
|
207.63
|
|
|
$
|
188.72
|
|
|
10.0
|
%
|
|
$
|
204.73
|
|
|
$
|
187.17
|
|
|
9.4
|
%
|
Weight per shipment (lbs.)
|
1,145
|
|
|
1,079
|
|
|
6.1
|
%
|
|
1,127
|
|
|
1,082
|
|
|
4.2
|
%
|
||||
Shipments per day
|
7,405
|
|
|
8,958
|
|
|
(17.3
|
%)
|
|
7,507
|
|
|
8,521
|
|
|
(11.9
|
)%
|
|
Series B
|
Series C
|
Series D
|
Series E
|
Series E-1
|
Shares at $0.01 Par Value at Issuance
|
155,000
|
55,000
|
100
|
90,000
|
35,728
|
Shares Outstanding at June 30, 2018
|
155,000
|
55,000
|
100
|
37,500
|
35,728
|
Price per Share
|
$1,000
|
$1,000
|
$1.00
|
$1,000
|
$1,000/$960
|
Dividend Rate
|
Adjusted LIBOR + 3.00% + Additional Rate (4.75-12.50%) based on leverage. Additional 3.00% upon certain triggering events.
|
Adjusted LIBOR + 3.00% + Additional Rate (4.75-12.50%) based on leverage. Additional 3.00% upon certain triggering events.
|
Right to participate equally and ratably in all cash dividends paid on common stock.
|
Adjusted LIBOR + 5.25% + Additional Rate (8.50%). Additional 3.00% upon certain triggering events.
|
Adjusted LIBOR + 5.25% + Additional Rate (8.50%). Additional 3.00% upon certain triggering events.
|
Dividend Rate at June 30, 2018
|
17.396%
|
17.396%
|
N/A
|
15.646%
|
15.646%
|
Redemption Term
|
8 Years
|
8 Years
|
8 Years
|
6 Years
|
6 Years
|
Redemption Rights
|
From Closing Date:
12-24 months: 105% 24-36 months: 103% |
65% premium (subject to stock movement)
|
|
From Closing Date:
0-12 months: 106.5% 12-24 months: 103.5% |
From Closing Date:
0-12 months: 106.5% 12-24 months: 103.5% |
•
|
$200.0 million
asset-based revolving line of credit, of which
$20.0 million
may be used for swing line loans and
$30.0 million
may be used for letters of credit;
|
•
|
$56.8 million
term loan facility; and
|
•
|
$35.0 million
asset-based facility available to finance future capital expenditures, which was subsequently terminated before utilized.
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2018
|
|
2017
|
||||
Net cash (used in) provided by:
|
|
|
|
||||
Operating activities
|
$
|
(906
|
)
|
|
(39,357
|
)
|
|
Investing activities
|
(10,464
|
)
|
|
(5,308
|
)
|
||
Financing activities
|
21,306
|
|
|
44,818
|
|
||
Net change in cash and cash equivalents
|
$
|
9,936
|
|
|
$
|
153
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 1.
|
LEGAL PROCEEDINGS.
|
ITEM 1A.
|
RISK FACTORS.
|
ITEM 6.
|
EXHIBITS
|
Exhibit Number
|
|
Exhibit
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
ROADRUNNER TRANSPORTATION SYSTEMS, INC.
|
|
|
|
|
Date: August 7, 2018
|
By:
|
|
/s/ Terence R. Rogers
|
|
|
|
Terence R. Rogers
|
|
|
|
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
1 Year Roadrunner Transportatio... Chart |
1 Month Roadrunner Transportatio... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions