DELAWARE | 001-34734 | 20-2454942 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
1431 Opus Place, Suite 530 Downers Grove, Illinois | 60515 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.01 per share | RRTS | The New York Stock Exchange |
Emerging growth company | o |
Item 7.01. | Regulation FD Disclosure. | |
Item 9.01. | Financial Statements and Exhibits. | |
(a) | Financial Statements of Business Acquired. | |
Not applicable. | ||
(b) | Pro Forma Financial Information. | |
Not applicable. | ||
(c) | Shell Company Transactions. | |
Not applicable. | ||
(d) | Exhibits. | |
Exhibit | ||
Number | ||
99.1 |
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. |
ROADRUNNER TRANSPORTATION SYSTEMS, INC. | ||||||
Date: August 13, 2019 | By: | /s/ Curtis W. Stoelting | ||||
Curtis W. Stoelting | ||||||
Chief Executive Officer (Principal Executive Officer) |
(In thousands) | Three Months Ended March 31, 2019 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 131,692 | $ | 142,771 | $ | 102,823 | $ | 137,011 | $ | (7,149 | ) | $ | 507,148 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 95,485 | 122,158 | 71,591 | 60,690 | (7,149 | ) | 342,775 | ||||||||||||||||
Personnel and related benefits | 13,743 | 9,918 | 17,556 | 30,845 | 7,153 | 79,215 | |||||||||||||||||
Other operating expenses | 15,410 | 5,403 | 18,872 | 43,302 | 6,627 | 89,614 | |||||||||||||||||
Depreciation and amortization | 1,682 | 2,096 | 638 | 9,091 | 2,035 | 15,542 | |||||||||||||||||
Impairment charges | — | — | — | — | 778 | 778 | |||||||||||||||||
Total operating expenses | 126,320 | 139,575 | 108,657 | 143,928 | 9,444 | 527,924 | |||||||||||||||||
Operating (loss) income | 5,372 | 3,196 | (5,834 | ) | (6,917 | ) | (16,593 | ) | (20,776 | ) | |||||||||||||
Total interest expense | 3,882 | ||||||||||||||||||||||
Loss on debt restructuring | 2,270 | ||||||||||||||||||||||
Loss before income taxes | (26,928 | ) | |||||||||||||||||||||
Provision for income taxes | 71 | ||||||||||||||||||||||
Net loss | $ | (26,999 | ) | ||||||||||||||||||||
Total Assets | $ | 304,956 | $ | 139,475 | $ | 121,364 | $ | 284,936 | $ | 131,548 | $ | 982,279 | |||||||||||
Capital expenditures (1) | $ | 1,837 | $ | 1,148 | $ | 1,772 | $ | 5,724 | $ | 25,833 | $ | 36,314 |
(In thousands) | Three Months Ended March 31, 2019 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 5,267 | $ | 3,196 | $ | (5,868 | ) | $ | (7,609 | ) | $ | (21,985 | ) | $ | (26,999 | ) | |||||||
Plus: Total interest expense | 92 | — | 34 | 692 | 3,064 | 3,882 | |||||||||||||||||
Plus: Provision for income taxes | 13 | — | — | — | 58 | 71 | |||||||||||||||||
Plus: Depreciation and amortization | 1,682 | 2,096 | 638 | 9,091 | 2,035 | 15,542 | |||||||||||||||||
Plus: Impairment charges | — | — | — | — | 778 | 778 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 1,731 | 1,731 | |||||||||||||||||
Plus: Loss on debt restructuring | — | — | — | — | 2,270 | 2,270 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 3,432 | 3,432 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 7,054 | $ | 5,292 | $ | (5,196 | ) | $ | 2,174 | $ | (8,617 | ) | $ | 707 |
(In thousands) | Three Months Ended March 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 134,943 | $ | 194,766 | $ | 113,125 | $ | 144,557 | $ | (17,407 | ) | $ | 569,984 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 98,513 | 172,609 | 81,997 | 65,248 | (17,404 | ) | 400,963 | ||||||||||||||||
Personnel and related benefits | 12,141 | 8,673 | 18,135 | 30,495 | 6,443 | 75,887 | |||||||||||||||||
Other operating expenses | 16,394 | 5,037 | 20,764 | 46,565 | 8,739 | 97,499 | |||||||||||||||||
Depreciation and amortization | 1,188 | 1,994 | 913 | 4,302 | 668 | 9,065 | |||||||||||||||||
Total operating expenses | 128,236 | 188,313 | 121,809 | 146,610 | (1,554 | ) | 583,414 | ||||||||||||||||
Operating (loss) income | 6,707 | 6,453 | (8,684 | ) | (2,053 | ) | (15,853 | ) | (13,430 | ) | |||||||||||||
Total interest expense | 9,543 | ||||||||||||||||||||||
Loss before income taxes | (22,973 | ) | |||||||||||||||||||||
Provision for income taxes | 670 | ||||||||||||||||||||||
Net loss | $ | (23,643 | ) | ||||||||||||||||||||
Total Assets | $ | 248,732 | $ | 206,205 | $ | 79,620 | $ | 279,554 | $ | 70,379 | $ | 884,490 | |||||||||||
Capital expenditures (1) | $ | 354 | $ | 1,107 | $ | 200 | $ | 1,890 | $ | 2,424 | $ | 5,975 |
(In thousands) | Three Months Ended March 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 6,677 | $ | 6,453 | $ | (8,720 | ) | $ | (2,064 | ) | $ | (25,989 | ) | $ | (23,643 | ) | |||||||
Plus: Total interest expense | 30 | — | 36 | 11 | 9,466 | 9,543 | |||||||||||||||||
Plus: Provision for income taxes | — | — | — | — | 670 | 670 | |||||||||||||||||
Plus: Depreciation and amortization | 1,188 | 1,994 | 913 | 4,302 | 668 | 9,065 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 577 | 577 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 6,913 | 6,913 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 7,895 | $ | 8,447 | $ | (7,771 | ) | $ | 2,249 | $ | (7,695 | ) | $ | 3,125 |
(In thousands) | Three Months Ended September 30, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 145,632 | $ | 146,217 | $ | 113,948 | $ | 140,663 | $ | (9,876 | ) | $ | 536,584 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 107,146 | 124,671 | 81,422 | 62,314 | (9,875 | ) | 365,678 | ||||||||||||||||
Personnel and related benefits | 12,687 | 10,313 | 17,402 | 31,367 | 6,349 | 78,118 | |||||||||||||||||
Other operating expenses | 17,142 | 3,530 | 19,288 | 49,016 | 5,019 | 93,995 | |||||||||||||||||
Depreciation and amortization | 1,183 | 2,069 | 876 | 4,387 | 1,099 | 9,614 | |||||||||||||||||
Total operating expenses | 138,158 | 140,583 | 118,988 | 147,084 | 2,592 | 547,405 | |||||||||||||||||
Operating (loss) income | 7,474 | 5,634 | (5,040 | ) | (6,421 | ) | (12,468 | ) | (10,821 | ) | |||||||||||||
Total interest expense | 35,798 | ||||||||||||||||||||||
Loss before income taxes | (46,619 | ) | |||||||||||||||||||||
Benefit from income taxes | (5,058 | ) | |||||||||||||||||||||
Net loss | $ | (41,561 | ) | ||||||||||||||||||||
Total Assets | $ | 273,298 | $ | 145,032 | $ | 78,410 | $ | 262,521 | $ | 88,035 | $ | 847,296 | |||||||||||
Capital expenditures (1) | $ | 496 | $ | 1,597 | $ | 505 | $ | 880 | $ | 16,719 | $ | 20,197 |
(In thousands) | Three Months Ended September 30, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 7,319 | $ | 5,634 | $ | (5,072 | ) | $ | (6,555 | ) | $ | (42,887 | ) | $ | (41,561 | ) | |||||||
Plus: Total interest expense | 26 | — | 32 | 134 | 35,606 | 35,798 | |||||||||||||||||
Plus: (Benefit from) provision for income taxes | 129 | — | — | — | (5,187 | ) | (5,058 | ) | |||||||||||||||
Plus: Depreciation and amortization | 1,183 | 2,069 | 876 | 4,387 | 1,099 | 9,614 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 951 | 951 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 4,713 | 4,713 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 8,657 | $ | 7,703 | $ | (4,164 | ) | $ | (2,034 | ) | $ | (5,705 | ) | $ | 4,457 |
(In thousands) | Three Months Ended December 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 147,867 | $ | 167,212 | $ | 108,044 | $ | 141,720 | $ | (13,296 | ) | $ | 551,547 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 108,528 | 135,182 | 77,282 | 64,006 | (13,296 | ) | 371,702 | ||||||||||||||||
Personnel and related benefits | 14,980 | 9,352 | 17,586 | 30,553 | 7,439 | 79,910 | |||||||||||||||||
Other operating expenses | 15,879 | 9,978 | 21,436 | 49,231 | 9,738 | 106,262 | |||||||||||||||||
Depreciation and amortization | 1,510 | 2,131 | 1,165 | 7,683 | 2,475 | 14,964 | |||||||||||||||||
Impairment charges | — | — | — | 1,582 | — | 1,582 | |||||||||||||||||
Total operating expenses | 140,897 | 156,643 | 117,469 | 153,055 | 6,356 | 574,420 | |||||||||||||||||
Operating (loss) income | 6,970 | 10,569 | (9,425 | ) | (11,335 | ) | (19,652 | ) | (22,873 | ) | |||||||||||||
Total interest expense | 37,339 | ||||||||||||||||||||||
Loss before income taxes | (60,212 | ) | |||||||||||||||||||||
Benefit from income taxes | (1,774 | ) | |||||||||||||||||||||
Net loss | $ | (58,438 | ) | ||||||||||||||||||||
Total Assets | $ | 276,994 | $ | 136,795 | $ | 73,706 | $ | 244,760 | $ | 121,202 | $ | 853,457 | |||||||||||
Capital expenditures (1) | $ | 882 | $ | 952 | $ | 362 | $ | 411 | $ | 28,457 | $ | 31,064 |
(In thousands) | Three Months Ended December 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 6,945 | $ | 10,569 | $ | (9,454 | ) | $ | (11,497 | ) | $ | (55,001 | ) | $ | (58,438 | ) | |||||||
Plus: Total interest expense | 23 | — | 29 | 162 | 37,125 | 37,339 | |||||||||||||||||
Plus: (Benefit from) provision for income taxes | 2 | — | — | — | (1,776 | ) | (1,774 | ) | |||||||||||||||
Plus: Depreciation and amortization | 1,510 | 2,131 | 1,165 | 7,683 | 2,475 | 14,964 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 742 | 742 | |||||||||||||||||
Plus: Fleet impairment charges | — | — | — | 1,582 | — | 1,582 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 6,687 | 6,687 | |||||||||||||||||
Plus: Adjustments for contingent purchase obligation | — | — | — | — | 1,840 | 1,840 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 8,480 | $ | 12,700 | $ | (8,260 | ) | $ | (2,070 | ) | $ | (7,908 | ) | $ | 2,942 |
(In thousands) | Year ended December 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 573,072 | $ | 672,965 | $ | 452,281 | $ | 572,701 | $ | (54,878 | ) | $ | 2,216,141 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 421,048 | 573,483 | 323,019 | 255,743 | (54,878 | ) | 1,518,415 | ||||||||||||||||
Personnel and related benefits | 52,273 | 37,376 | 70,551 | 123,171 | 26,382 | 309,753 | |||||||||||||||||
Other operating expenses (3) | 66,237 | 23,412 | 81,749 | 199,995 | 30,730 | 402,123 | |||||||||||||||||
Depreciation and amortization | 5,049 | 8,230 | 3,854 | 20,577 | 5,057 | 42,767 | |||||||||||||||||
Impairment Charges | — | — | — | 1,582 | — | 1,582 | |||||||||||||||||
Total operating expenses | 544,607 | 642,501 | 479,173 | 601,068 | 7,291 | 2,274,640 | |||||||||||||||||
Operating (loss) income | 28,465 | 30,464 | (26,892 | ) | (28,367 | ) | (62,169 | ) | (58,499 | ) | |||||||||||||
Total interest expense | 116,912 | ||||||||||||||||||||||
Loss before income taxes | (175,411 | ) | |||||||||||||||||||||
Benefit from income taxes | (9,814 | ) | |||||||||||||||||||||
Net loss | $ | (165,597 | ) | ||||||||||||||||||||
Total Assets | $ | 276,994 | $ | 136,795 | $ | 73,706 | $ | 244,760 | $ | 121,202 | $ | 853,457 | |||||||||||
Capital expenditures (1) | $ | 2,087 | $ | 4,978 | $ | 1,122 | $ | 4,799 | $ | 60,110 | $ | 73,096 |
(In thousands) | Year ended December 31, 2018 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 28,226 | $ | 30,464 | $ | (27,009 | ) | $ | (28,682 | ) | $ | (168,596 | ) | $ | (165,597 | ) | |||||||
Plus: Total interest expense | 108 | — | 117 | 315 | 116,372 | 116,912 | |||||||||||||||||
Plus: (Benefit from) provision for income taxes | 131 | — | — | — | (9,945 | ) | (9,814 | ) | |||||||||||||||
Plus: Depreciation and amortization | 5,049 | 8,230 | 3,854 | 20,577 | 5,057 | 42,767 | |||||||||||||||||
Plus: Fleet impairment charges | — | — | — | 1,582 | — | 1,582 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 2,696 | 2,696 | |||||||||||||||||
Plus: Operations restructuring costs | — | — | — | 4,655 | — | 4,655 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 22,224 | 22,224 | |||||||||||||||||
Plus: Adjustments for contingent purchase obligation | — | — | — | — | 1,840 | 1,840 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 33,514 | $ | 38,694 | $ | (23,038 | ) | $ | (1,553 | ) | $ | (30,352 | ) | $ | 17,265 |
(In thousands) | Year ended December 31, 2017 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Revenues | $ | 570,223 | $ | 548,059 | $ | 463,519 | $ | 553,184 | $ | (43,694 | ) | $ | 2,091,291 | ||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation costs | 418,170 | 468,749 | 331,177 | 255,969 | (43,687 | ) | 1,430,378 | ||||||||||||||||
Personnel and related benefits | 58,196 | 33,275 | 70,521 | 117,306 | 17,627 | 296,925 | |||||||||||||||||
Other operating expenses (4) | 60,997 | 16,418 | 83,851 | 178,002 | 19,023 | 358,291 | |||||||||||||||||
Depreciation and amortization | 5,965 | 7,985 | 4,353 | 17,550 | 1,894 | 37,747 | |||||||||||||||||
Impairment charges | 4,402 | — | — | — | — | 4,402 | |||||||||||||||||
Total operating expenses | 547,730 | 526,427 | 489,902 | 568,827 | (5,143 | ) | 2,127,743 | ||||||||||||||||
Operating (loss) income | 22,493 | 21,632 | (26,383 | ) | (15,643 | ) | (38,551 | ) | (36,452 | ) | |||||||||||||
Total interest expense | 64,049 | ||||||||||||||||||||||
Loss on early extinguishment of debt | 15,876 | ||||||||||||||||||||||
Loss before income taxes | (116,377 | ) | |||||||||||||||||||||
Benefit from income taxes | (25,191 | ) | |||||||||||||||||||||
Net loss | $ | (91,186 | ) | ||||||||||||||||||||
Total Assets | $ | 271,400 | $ | 190,162 | $ | 79,065 | $ | 272,327 | $ | 63,089 | $ | 876,043 | |||||||||||
Capital expenditures (1) | $ | 1,397 | $ | 4,695 | $ | 1,641 | $ | 7,138 | $ | 6,839 | $ | 21,710 |
(In thousands) | Year ended December 31, 2017 | ||||||||||||||||||||||
Ascent | Active On-Demand | LTL | TL | Corporate/ Eliminations | Total | ||||||||||||||||||
Net (loss) income | $ | 22,350 | $ | 21,632 | $ | (26,578 | ) | $ | (15,599 | ) | $ | (92,991 | ) | $ | (91,186 | ) | |||||||
Plus: Total interest expense | 143 | — | 195 | (44 | ) | 63,755 | 64,049 | ||||||||||||||||
Plus: Benefit from income taxes | — | — | — | — | (25,191 | ) | (25,191 | ) | |||||||||||||||
Plus: Depreciation and amortization | 5,965 | 7,985 | 4,353 | 17,550 | 1,894 | 37,747 | |||||||||||||||||
Plus: Impairment charges | 4,402 | — | — | — | — | 4,402 | |||||||||||||||||
Plus: Long-term incentive compensation expenses | — | — | — | — | 2,450 | 2,450 | |||||||||||||||||
Plus: Gain on sale of Unitrans | — | — | — | — | (35,440 | ) | (35,440 | ) | |||||||||||||||
Plus: Loss on debt extinguishments | — | — | — | — | 15,876 | 15,876 | |||||||||||||||||
Plus: Corporate restructuring and restatement costs | — | — | — | — | 32,321 | 32,321 | |||||||||||||||||
Adjusted EBITDA(2) | $ | 32,860 | $ | 29,617 | $ | (22,030 | ) | $ | 1,907 | $ | (37,326 | ) | $ | 5,028 |
• | 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. |