NOTE 19 – QUARTERLY RESULTS (UNAUDITED)

The following tables set forth certain unaudited consolidated quarterly financial data for each of the last eight quarters during our fiscal years ended December 31, 2019 and 2018. We have derived the information from unaudited Consolidated Financial Statements that, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments, except as noted) necessary for a fair presentation of such quarterly information. The third and fourth quarters of 2019 include impairment charges of $306.8 million and $6.0 million, respectively, and $6.9 million and $1.5 million, respectively, of integration and restructuring expenses related to the implementation of Project Synchronize, BIP, and Project Pivot. The second quarter of 2018 includes an impairment charge of $2.8 million related to the trade names category of intangible assets and a $14.0 million deferred tax benefit to recognize deferred tax liabilities for valuations of intangible assets related to the December 2017 acquisitions, remeasured at the TCJA rate. The fourth quarter of 2018 includes an impairment charge of $11.1 million related to one reporting unit’s carrying value exceeding its estimated fair value. The operating results for any quarter are not necessarily indicative of the results to be expected for any future period.


	2019 Quarter Ended
	Mar. 31		June. 30		Sep. 30		Dec. 31
	(In millions, except per share data)
Revenue:
Company freight	$	206.2	$	206.9	$	205.2	$	186.3
Owner operator freight		111.0		121.7		118.3		104.3
Brokerage		71.4		72.8		78.6		71.9
Logistics		12.4		13.1		13.5		8.5
Fuel surcharge		32.0		36.1		34.8		32.0
Total revenue		433.0		450.6		450.4		403.0
Operating expenses:
Salaries, wages and employee benefits		119.1		124.3		127.7		112.1
Fuel		35.0		36.2		34.1		33.2
Operations and maintenance		54.8		53.1		56.8		48.4
Communications		1.0		1.2		1.0		1.2
Purchased freight		146.6		156.4		155.5		139.2
Administrative expense		16.1		17.2		21.4		20.8
Sales and marketing		1.2		1.3		1.3		1.3
Taxes and licenses		4.9		5.0		4.8		4.5
Insurance and claims		12.5		12.2		13.4		11.8
Acquisition transaction expenses		—		—		—		—
Depreciation and amortization		41.5		39.7		38.3		27.0
Gain on disposition of equipment		(0.4)		(0.7)		(1.0)		(3.1)
Impairment		—		—		306.8		6.0
Restructuring charges		—		—		6.9		1.5
Total operating expenses		432.3		445.9		767.0		403.9
Total other expense		11.9		11.8		14.5		11.7
Benefit for income taxes		(1.9)		(0.7)		(57.8)		5.8
Net loss		(9.3)		(6.4)		(273.3)		(18.4)
Less dividends to preferred stockholders		(1.2)		(1.3)		(1.2)		(1.3)
Net loss attributable to common stockholders	$	(10.5)	$	(7.7)	$	(274.5)	$	(19.7)
Net loss per common share - Basic	$	(0.16)	$	(0.12)	$	(4.25)	$	(0.31)
Net loss per common share - Diluted	$	(0.16)	$	(0.12)	$	(4.25)	$	(0.31)


	2018 Quarter Ended
	Mar. 31		June. 30		Sep. 30		Dec. 31
	(In millions, except per share data)
Revenue:
Company freight	$	144.6	$	160.0	$	206.9	$	210.2
Owner operator freight		95.5		112.6		122.6		109.8
Brokerage		46.1		60.1		82.2		78.0
Logistics		10.7		8.9		11.6		11.6
Fuel surcharge		30.7		35.3		38.3		37.4
Total revenue		327.6		376.9		461.6		447.0
Operating expenses:
Salaries, wages and employee benefits		82.3		90.7		114.8		119.6
Fuel		33.4		31.3		38.9		37.5
Operations and maintenance		34.6		40.4		51.5		55.0
Communications		0.7		0.8		0.9		0.9
Purchased freight		117.7		141.6		170.6		158.7
Administrative expense		12.2		13.1		16.1		17.1
Sales and marketing		0.6		0.8		1.0		1.0
Taxes and licenses		3.7		3.9		4.7		4.9
Insurance and claims		9.2		10.4		12.7		13.5
Acquisition transaction expenses		0.4		1.4		0.6		0.2
Depreciation and amortization		25.2		31.7		36.8		37.4
Gain on disposition of equipment		(0.1)		(0.5)		(0.9)		(1.7)
Impairment		—		2.8		—		11.1
Total operating expenses		319.9		368.4		447.7		455.2
Total other expense		8.9		9.5		11.0		13.6
Provision (benefit) for income taxes		(0.4)		(14.5)		0.7		(1.7)
Net income (loss)		(0.8)		13.5		2.2		(20.1)
Less dividends to preferred stockholders		(1.2)		(1.3)		(1.2)		(1.2)
Net income (loss) available to common stockholders	$	(2.0)	$	12.2	$	1.0	$	(21.3)
Net income (loss) per common share - Basic	$	(0.04)	$	0.20	$	0.01	$	(0.33)
Net income (loss) per common share - Diluted	$	(0.04)	$	0.20	$	0.01	$	(0.33)