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Daseke Names Jonathan Shepko as Chief Executive Officer

ADDISON, Texas, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, announced today that its Board of Directors has appointed Jonathan Shepko as permanent Chief Executive Officer (“CEO”), effective immediately. Mr. Shepko had formerly served as interim Chief Executive Officer since January 2021, in addition to serving Daseke as a director since 2017, and a board observer since 2014.  

Charles “Chuck” Serianni, Daseke’s Chairman, stated, “Jonathan has been a highly involved member of our Board of Directors since Daseke became a publicly traded company in 2017. His leadership as our Interim CEO over the last several months, as well as his deep knowledge of our business, industry, and capital markets, each have been instrumental in advancing Daseke’s comprehensive operational and financial restructuring. Jonathan’s success is evident in the record financial results the Company achieved during the second quarter of 2021.”

Serianni added, “The Board of Directors performed an extensive search, interviewed several candidates, and believes that Jonathan brings the appropriate skillset to lead the Company’s strategic path to growth and provides valuable continuity to support the Company as it finalizes its operational transformation. We look forward to his continued leadership as he works together with a deep bench of talented leaders across the organization to execute our strategic vision and drive long-term value for our shareholders.”

Jonathan Shepko noted, “I’m thrilled and humbled to serve the Daseke stakeholders as its CEO. The talent we have across the organization is truly a differentiator for our company, and I look forward to working with this experienced collection of emerging leaders. We are the largest flatbed, specialized transportation and logistics solutions company in North America, and we have a unique opportunity to leverage that position to drive significant, sustainable growth and shareholder value. Our strategic direction and near-term priorities will not change. We will continue to be focused on accelerating technology integration to increase our productivity and efficiency, streamlining our operational structure to create a cohesive network, and pursuing organic growth and targeted M&A to better serve our customers and drive efficiencies through our operating platform.”

About Jonathan Shepko

Jonathan Shepko has served as Interim CEO of Daseke since January 2021 and as a member of the Board since February 2017. Mr. Shepko is a Co-founder and Managing Partner of Stonehollow Capital Partners, which makes direct equity investments in private companies across the United States. He has extensive capital markets and direct investing experience, having served as Managing Partner of EF Capital Management, LP, the investment arm of a substantial single-family office, Managing Director at Ares Management, and Managing Director of CLG Energy Finance (an affiliate of Beal Bank), and a senior role with EnCap Investments, LP. Over the course of his career, he has served in various senior management capacities of portfolio company investments. Collectively, Mr. Shepko has underwritten and managed nearly $2 billion in direct equity and debt financings, spanning multiple industries, including investments in high-growth, as well as mature companies. Mr. Shepko graduated magna cum laude with a degree in Finance from Texas A&M University.

About Daseke, Inc.

Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of more than 4,500 tractors and 11,000 flatbed and specialized trailers. For more information, please visit www.daseke.com.

Forward‐Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. Projected financial information, including our guidance outlook, are forward-looking statements. Forward-looking statements may also include statements about the Company’s goals, including its restructuring actions and cost reduction initiatives; the Company’s financial strategy, liquidity and capital required for its business strategy and plans; the Company’s competition and government regulations; general economic conditions; and the Company’s future operating results.

These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.

The effect of the COVID-19 pandemic may remain prevalent for a significant period of time and may continue to adversely affect the Company’s business, results of operations and financial condition even after the COVID-19 pandemic has subsided and “stay at home” mandates have been lifted. The extent to which the COVID-19 pandemic impacts the Company will depend on numerous evolving factors and future developments that it cannot predict. There are no comparable recent events that provide guidance as to the effect the COVID-19 global pandemic may have, and, as a result, the ultimate impact of the pandemic is highly uncertain and subject to change. Additionally, the Company will regularly evaluate its capital structure and liquidity position. From time to time and as opportunities arise, the Company may access the debt capital markets and modify its debt arrangements to optimize its capital structure and liquidity position.

Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors”.

Investor Relations:

Alpha IR Group
Joseph Caminiti or Chris Hodges
312-445-2870
[email protected]


Sours: https://www.globenewswire.com/news-release/2021/08/03/2273553/0/en/Daseke-Names-Jonathan-Shepko-as-Chief-Executive-Officer.html

Daseke Reports Record Results for Second Quarter of 2021 and Raises 2021 Outlook

ADDISON, Texas, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today reported financial results for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights:

  • Revenue of $404.0 million
  • Net income of $35.3 million, or $0.49 per diluted share attributable to common stockholders, compared to $1.6 million in last year’s second quarter
  • Record Adjusted Net Income ex-Aveda of $30.2 million, or $0.42 per diluted share attributable to common stockholders
  • Record Adjusted EBITDA of $69.2 million
    • Results up 20% compared to prior quarterly record of $57.6 million in Q3 2020
  • Cash flows from operating activities of $28.6 million and Free Cash Flow of $32.3 million
  • Delivered record Operating Ratio (“OR”) of 88.8% and record Adjusted Operating Ratio of 88.0%
  • Raising Full Year 2021 Outlook
    • Revenue range of $1.5 billion to $1.6 billion, up 6.9% from previous range
    • Adjusted EBITDA range of $200 million to $210 million, up 20.6% from previous range

Management Commentary

"We are pleased to report record results for our second quarter and announce an increase in our revenue and Adjusted EBITDA outlook for 2021. Over the last two years we have worked diligently to integrate and transform our operations. Because of these efforts, we were able to recruit drivers, seat trucks and optimize our network efficiency, while constructively working with our customers to align on the right balance between rates and needed capacity. It is the partnership we have with our customers, the work ethic of our driver community and the relentless focus on execution by our OpCo management teams that underpinned this resounding improvement in our year-over-year, quarterly Adjusted EBITDA of more than 50%. “Our ability to deliver several consecutive quarters of solid financial results, our record outperformance of this second quarter 2021 and the increase in our 2021 financial outlook each demonstrates the momentum and success of our strategy," said Jonathan Shepko, Chief Executive Officer of Daseke.

Second Quarter 2021 Financial Results

Total revenue in the second quarter of 2021 increased 14.9% to $404.0 million, compared to $351.7 million in the year-ago quarter. Excluding the impact of the Aveda Transportation and Energy Services (“Aveda”) business to 2020, second quarter revenue increased by 18.2%. This year-over-year increase in revenue was driven primarily by record freight rates in the Flatbed segment.

Operating income in the second quarter of 2021 was $45.3 million, compared to operating income of $12.4 million in the year-ago quarter. The change in operating income was primarily driven by a rate environment in the Flatbed segment that has returned to pre-pandemic levels, lower salaries stemming from prior fleet rationalization efforts, better than anticipated performance on insurance and claims, additional gains on sales of assets and the divestiture of the Aveda business, which had a greater operating loss in the year-ago quarter. Excluding Aveda, operating income in the second quarter of 2021 was $45.5 million compared to operating income of $18.9 million in the prior-year quarter.

Net income for the second quarter of 2021 was $35.3 million, or $0.49 per diluted share attributable to common stockholders, compared to net income of $1.6 million, or $0.00 per share attributable to common stockholders, in the year-ago quarter. The year-over-year change was due to the increase in operating income discussed above, combined with a $9.4 million increase in other income, primarily related to reduced interest expense but also aided by additional non-cash gains resulting from the change in fair value of warrant liability, partially offset by an increase in income tax expense due to the higher pre-tax income. Adjusted Net Income excluding Aveda was $30.2 million in the second quarter of 2021, compared to $9.8 million in the year-ago quarter. Adjusted EBITDA in the second quarter of 2021 was $69.2 million, compared to $43.7 million in the year-ago quarter. Excluding the impact of the Aveda business, second quarter Adjusted EBITDA increased 51.2% to $69.4 million compared to $45.9 million in the comparable period last year.

Segment Results

Specialized Solutions – During the second quarter, the Specialized Solutions segment (all measures presented Ex-Aveda to reflect the exit of that business in 2020) benefitted from continued strong demand and freight rates, primarily serving construction, high security cargo and glass, which largely offset reduced activity in the wind energy market versus last year’s second quarter. Overall, this business mix shift led to a 2.3% increase in average freight rate per mile, while revenue per truck increased by 12.3% versus last year’s second quarter due primarily to an improvement in miles per truck per day. Operations improved versus last year driven by the Company’s end market portfolio approach, offsetting the mix shift away from wind energy project revenues.

Flatbed Solutions – The Flatbed Solutions segment experienced a rate environment that has returned to pre-pandemic levels, as rates increased 38.9% compared to last year’s second quarter and offset the impact of shifting to asset light and fleet downsizing. Freight volumes declined due to fleet-rightsizing efforts over the course of prior year and into 2021. Despite the lower fleet size, load volume increased as excess capacity was directed to the brokerage business. Recovery in various industrial end markets to pre-pandemic levels, particularly in construction and steel and other metals, contributed to the strong rate environment.

Capital Summary and Updated 2021 Outlook

At June 30, 2021, Daseke had cash and cash equivalents of $111.7 million and $119.3 million available under its revolving credit facility, for total available liquidity of $231.0 million. Total debt was $594.4 million and net debt was $482.7 million. This compares to cash and cash equivalents of $176.2 million and $83.2 million available on the revolving credit facility, total available liquidity of $259.4 million, total debt of $679.7 million, and net debt of $503.5 million on December 31, 2020.

For the quarter, net cash provided by operating activities was $28.6 million, cash capital expenditures were $12.8 million, and cash proceeds from the sale of excess property and equipment were $16.5 million, resulting in Free Cash Flow of $32.3 million. Additionally, capital expenditures financed with debt and finance leases were $14.8 million. This compares to net cash provided by operating activities of $53.2 million, cash capital expenditures of $10.4 million, and cash proceeds from the sale of excess property and equipment of $30.6 million, resulting in Free Cash Flow of $73.4 million in the second quarter of 2020. Capital expenditures financed with debt and finance leases were $30.0 million in the second quarter of 2020.

“We are pleased with the significant operational and financial progress the entire Daseke team delivered in the second quarter, as we continue to execute on profitability improvement, most notably our Adjusted Operating Ratio of 88.0%,” said Jason Bates, Executive Vice President and Chief Financial Officer of Daseke.  “While the industrial end-market recovery in various verticals to near pre-pandemic levels certainly played a part in this quarter’s numbers, this impressive performance is a testament to the breadth and capabilities of our OpCo teams, who efficiently executed in this unprecedented environment.  Although we do anticipate continued industry-wide cost pressures in the form of driver recruitment and retention, equipment acquisition, as well as insurance and other general expenses into the foreseeable future, with our team’s strong year-to-date execution and the expectation that we will continue to see momentum from our business improvement initiatives, we are increasing our full year 2021 Outlook at this time.  We currently anticipate a range of revenue of $1.5 billion to $1.6 billion, with a range for Adjusted EBITDA of $200 million to $210 million.  Our CAPEX estimates remain unchanged at this time. Utilizing the midpoints, these outlook increases represent a 6.9% and 20.6% increase in revenue and Adjusted EBITDA, respectively, from our previous guidance. With this significant increase to Adjusted EBITDA and no corresponding increase to CAPEX, we also anticipate a commensurate improvement to the Free Cash Flow generation in 2021 beyond previous expectations.”

Conference Call

Daseke will hold a conference call today at 11:00 a.m. Eastern time to discuss its second quarter 2021 results and 2021 outlook. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on the Company’s website at https://www.daseke.com. Presentation materials will be posted at the time of the call at investor.daseke.com as well. Interested parties may also participate in the call by dialing (855) 242-9918 and entering the passcode 1980152. A replay of the conference call will be available a few hours after the event on the investor relations section of the Company’s website, under the events section.

About Daseke, Inc.

Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of more than 4,500 tractors and 11,000 flatbed and specialized trailers. For more information, please visit www.daseke.com.

Use of Non-GAAP Measures

This news release includes non-GAAP financial measures for the Company and its reporting segments, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Operating Income, Adjusted Net Income (Loss), Adjusted earnings per share, Adjusted Operating Ratio, Free Cash Flow and Net Debt. This news release also includes GAAP and non-GAAP measures appended with ex-Aveda, which represent the measure excluding the impact of our Aveda business, which we disposed of in 2020.

Please note that the non-GAAP measures described below are not a substitute for, or more meaningful than, net income (loss), cash flows from operating activities, operating income or any other measure prescribed by GAAP, and there are limitations to using non-GAAP measures. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital, tax structure and the historic costs of depreciable assets. Also, other companies in Daseke’s industry may define these non‐GAAP measures differently than Daseke does, and as a result, it may be difficult to use these non‐GAAP measures to compare the performance of those companies to Daseke’s performance. Because of these limitations, these non-GAAP measures should not be considered a measure of the income generated by Daseke’s business or discretionary cash available to it to invest in the growth of its business. Daseke’s management compensates for these limitations by relying primarily on Daseke’s GAAP results and using these non-GAAP measures supplementally.

You can find the reconciliation of these non‐GAAP measures to the nearest comparable GAAP measures in the tables below.

Adjusted EBITDA

Daseke defines Adjusted EBITDA as net income (loss) plus (i) depreciation and amortization, (ii) interest, (iii) income taxes, and (iv) other material items that management believes do not reflect our core operating performance. Adjusted EBITDA ex-Aveda is defined as Adjusted EBITDA less the Adjusted EBITDA of the Aveda business, which we disposed of in 2020. Adjusted EBITDA ex-Aveda margin is defined as Adjusted EBITDA ex-Aveda divided by Total revenue ex-Aveda.

We have not reconciled non‐GAAP forward-looking measures to their corresponding GAAP measures because certain items that impact these measures are unavailable or cannot be reasonably predicted without unreasonable efforts. In particular, we have not reconciled our expectations as to forward-looking Adjusted EBITDA to net income due to the difficulty in making an accurate projection as to the change in fair value of warrant liability, which will have a significant impact on our GAAP net income; accordingly, a reconciliation of forward-looking Adjusted EBITDA to net income is not available without unreasonable efforts.

The Company’s board of directors and executive management team use Adjusted EBITDA and Adjusted EBITDA ex-Aveda (collectively discussed below as "Adjusted EBITDA Metrics") as key measures of its performance and for business planning. Adjusted EBITDA Metrics assists them in comparing the Company’s operating performance over various reporting periods on a consistent basis because it removes from the Company’s operating results the impact of items that, in their opinion, do not reflect the Company’s core operating performance. Adjusted EBITDA Metrics also allows the Company to more effectively evaluate its operating performance by comparing the results of operations against its peers without regard to its or its peers’ financing method or capital structure. The Company’s method of computing Adjusted EBITDA Metrics is substantially consistent with that used in its debt covenants and also is routinely reviewed by its executive management for that purpose. The Company believes its presentation of Adjusted EBITDA Metrics is useful because it provides investors and industry analysts the same information that the Company uses internally for purposes of assessing its core operating performance.

Adjusted Net Income (Loss) and Adjusted Earnings Per Share

Daseke defines Adjusted Net Income (Loss) ex-Aveda as net income (loss) adjusted for material items that management believes do not reflect our core operating performance. Daseke defines Adjusted Net Income (Loss) ex-Aveda per share as Adjusted Net Income (Loss) ex-Aveda divided by the weighted average number of shares of common stock outstanding during the period under the two-class method.

The Company’s board of directors and executive management team use these measures as key measures of its performance and for business planning. These measures assist them in comparing its operating performance over various reporting periods on a consistent basis because it removes from operating results the impact of items that, in its opinion, do not reflect the Company’s core operating performance. The Company believes its presentation of these measures are useful because it provides investors and industry analysts the same information that it uses internally for purposes of assessing its core operating performance.

Total revenue ex-Aveda, Adjusted Operating Income (Loss) and Adjusted Operating Ratio

The Company uses Total revenue ex-Aveda, Adjusted Operating Income (Loss) ex-Aveda and Adjusted Operating Ratio ex-Aveda as a supplement to its GAAP results in evaluating certain aspects of its business, as described below. The Company defines Adjusted Operating Income (Loss) as (a) total revenue less (b) Adjusted Operating Expenses. The Company defines Adjusted Operating Expenses as (a) total operating expenses (i) less material items that management believes do not reflect our core operating performance. The Company defines Adjusted Operating Ratio as (a) Adjusted Operating Expenses, as a percentage of (b) total revenue. The Company defines previously defined terms appended with ex-Aveda as their previously defined term excluding the impact of the Aveda business, which we disposed of in 2020.

The Company’s board of directors and executive management team view these non-GAAP measures, and their key drivers of revenue quality, growth, expense control and operating efficiency, as very important measures of the Company’s performance. The Company believes excluding these items enhances the comparability of its performance between periods. The Company believes its presentation of these non-GAAP measures are useful because they provide investors and industry analysts the same information that it uses internally for purposes of assessing its core operating profitability.

Free Cash Flow

Daseke defines Free Cash Flow as net cash provided by operating activities less purchases of property and equipment, plus proceeds from sale of property and equipment, as such amounts are shown on the face of the Statements of Cash Flows.

The Company’s board of directors and executive management team use Free Cash Flow to assess the Company’s liquidity and ability to repay maturing debt, fund operations and make additional investments. The Company believes Free Cash Flow provides useful information to investors because it is an important indicator of the Company’s liquidity, including its ability to reduce net debt, make strategic investments, pay dividends to common shareholders and repurchase stock.

Net Debt

Daseke defines net debt as total debt less cash and cash equivalents. The Company’s board of directors and executive management team use net debt to help assess the Company’s liquidity and evaluate and plan for future liquidity needs. The Company believes that the presentation of net debt is useful to investors because it provides additional information regarding the Company’s overall liquidity, financial flexibility, capital structure and leverage.

Management’s view ofCore Operating Performance

In the non-GAAP measures discussed above, management refers to certain material items that management believes do not reflect the Company’s core operating performance, which management believes represent its performance in the ordinary, ongoing and customary course of its operations. Management views the Company’s core operating performance as its operating results excluding the impact of items including, but not limited to, stock-based compensation, impairments, amortization of intangible assets, restructuring, business transformation costs, and severance. Management believes excluding these items enables investors to evaluate more clearly and consistently the Company’s core operational performance in the same manner that management evaluates its core operational performance.

Forward‐Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. Projected financial information, including our guidance outlook, are forward-looking statements. Forward-looking statements may also include statements about the Company’s goals, including its restructuring actions and cost reduction initiatives; the Company’s financial strategy, liquidity and capital required for its business strategy and plans; the Company’s competition and government regulations; general economic conditions; and the Company’s future operating results.

These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.

The effect of the COVID-19 pandemic may remain prevalent for a significant period of time and may continue to adversely affect the Company’s business, results of operations and financial condition even after the COVID-19 pandemic has subsided and “stay at home” mandates have been lifted. The extent to which the COVID-19 pandemic impacts the Company will depend on numerous evolving factors and future developments that it cannot predict. There are no comparable recent events that provide guidance as to the effect the COVID-19 global pandemic may have, and, as a result, the ultimate impact of the pandemic is highly uncertain and subject to change. Additionally, the Company will regularly evaluate its capital structure and liquidity position. From time to time and as opportunities arise, the Company may access the debt capital markets and modify its debt arrangements to optimize its capital structure and liquidity position.

Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors”.

Investor Relations:

Alpha IR Group
Joseph Caminiti or Chris Hodges
312-445-2870
[email protected]

Daseke, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(In millions, except share and per share data)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Revenues:
Company freight$163.6$167.0$308.7$347.9
Owner operator freight129.196.0234.2203.8
Brokerage66.757.9115.2119.6
Logistics10.78.819.218.9
Fuel surcharge33.922.060.652.5
Total revenue404.0351.7737.9742.7
Operating expenses:
Salaries, wages and employee benefits93.499.4184.1209.8
Fuel27.018.252.446.9
Operations and maintenance37.345.367.690.9
Purchased freight155.3112.2276.7246.4
Administrative and other expenses28.038.066.979.4
Depreciation and amortization22.222.844.449.1
(Gain) loss on disposition of property and equipment(4.6)0.4(7.7)(0.8)
Impairment13.4
Restructuring charges0.13.00.13.5
Total operating expenses358.7339.3684.5738.6
Income from operations45.312.453.44.1
Other expense (income)(0.7)8.715.520.6
Income (loss) before income taxes46.03.737.9(16.5)
Income tax expense (benefit)10.72.19.9(1.8)
Net income (loss)35.31.628.0(14.7)
Net income (loss)$35.3$1.6$28.0$(14.7)
Less dividends to Series A convertible preferred stockholders(1.3)(1.3)(2.5)(2.5)
Net income (loss) attributable to common stockholders$34.0$0.3$25.5$(17.2)
Income (loss) per common share:
Basic$0.52$0.00$0.39$(0.27)
Diluted$0.49$0.00$0.38$(0.27)
Weighted-average common shares outstanding:
Basic64,842,62064,173,16464,960,83364,625,347
Diluted71,866,30364,711,21066,154,57164,625,347
Dividends declared per Series A convertible preferred share$1.91$1.91$3.81$3.81
Daseke, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(Unaudited)
(In millions)
June 30,December 31,
20212020
ASSETS
Current assets:
Cash and cash equivalents$111.7$176.2
Accounts receivable, net189.8154.4
Other current assets33.134.5
Total current assets334.6365.1
Property and equipment, net393.8402.7
Goodwill and intangible assets, net230.8233.9
Other long-term assets128.9125.2
Total assets$1,088.1$1,126.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$16.2$16.5
Accrued expenses53.835.7
Current portion of long-term debt55.454.0
Other current liabilities92.984.5
Total current liabilities218.3190.7
Long-term debt, net of current portion530.8618.6
Other long-term liabilities181.0178.8
Total liabilities930.1988.1
Stockholders’ equity158.0138.8
Total liabilities and stockholders’ equity$1,088.1$1,126.9
Daseke, Inc. and Subsidiaries
Consolidated Condensed Statements of Cash Flow
(Unaudited)
(In millions)
Six Months Ended
June 30,
20212020
Net cash provided by operating activities$58.1$82.9
Net cash provided by investing activities8.621.5
Net cash used in financing activities(130.9)(43.3)
Effect of exchange rates on cash and cash equivalents(0.3)0.5
$(64.5)$61.6
Property and equipment acquired with debt or finance lease obligations$29.2$30.0
Property and equipment sold for notes receivable$$0.1
Daseke, Inc. and Subsidiaries
Reconciliation of cash flows provided by operating activities to Free Cash Flow
(Unaudited)
(In millions)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net cash provided by operating activities$28.6$53.2$58.1$82.9
Purchases of property and equipment(12.8)(10.4)(18.0)(14.9)
Proceeds from sale of property and equipment16.530.626.636.4
Free Cash Flow$32.3$73.4$66.7$104.4
Daseke, Inc. and Subsidiaries
Reconciliation of total debt to net debt
(Unaudited)
(In millions)
June 30,December 31,
20212020
Term Loan Facility$399.0$483.5
Equipment term loans163.6164.9
Finance lease obligations31.831.3
Total debt594.4679.7
Less: cash and cash equivalents(111.7)(176.2)
Net debt$482.7$503.5
Daseke, Inc. and Subsidiaries
Supplemental Information: Specialized Solutions
(Unaudited)
Three Months Ended June 30,
20212020Increase (Decrease)
(Dollars in millions, except rate per mile and revenue per tractor)$%$%$%
REVENUE(1):
Company freight$118.352.3$121.654.9$(3.3)(2.7)
Owner operator freight40.718.038.317.32.46.3
Brokerage41.518.443.119.5(1.6)(3.7)
Logistics9.34.18.13.71.214.8
Fuel surcharge16.37.210.44.75.956.7
Total revenue226.1100.0221.5100.04.62.1
OPERATING EXPENSES(1):
Total operating expenses197.187.2207.093.5(9.9)(4.8)
Operating ratio87.2%93.5%
Adjusted operating ratio86.6%91.0%
Adjusted operating ratio ex-Aveda86.5%89.4%
INCOME (LOSS) FROM OPERATIONS$29.012.8$14.56.5$14.5100.0
OPERATING STATISTICS:
Company miles38.337.80.51.3
Owner operator miles12.712.8(0.1)(0.8)
Total miles (in millions)(2)51.050.60.40.8
Rate per mile$3.12$3.16$(0.04)(1.3)
Rate per mile ex-Aveda$3.12$3.05$0.072.3
Revenue per tractor$66,700$56,400$10,30018.3
Revenue per tractor ex-Aveda$66,700$59,400$7,30012.3
Company-operated tractors, at quarter-end1,8781,986(108)(5.4)
Owner-operated tractors, at quarter-end511555(44)(7.9)
Number of trailers, at quarter-end7,0597,280(221)(3.0)
Company-operated tractors, average for the quarter1,8712,205(334)(15.1)
Owner-operated tractors, average for the quarter512631(119)(18.9)
Total tractors, average for the quarter2,3832,836(453)(16.0)
(1) Includes intersegment revenues and expenses, as applicable, which are eliminated in the Company’s consolidated results.
(2) Miles are estimated based on information received as the date of filing. Miles may change quarter to quarter when final information is received from each operating segment.
Daseke, Inc. and Subsidiaries
Supplemental Information: Specialized Solutions
(Unaudited)
Six Months Ended June 30,
20212020Increase (Decrease)
(Dollars in millions, except rate per mile and revenue per tractor)$%$%$%
REVENUE(1):
Company freight$221.154.0$253.754.9$(32.6)(12.8)
Owner operator freight75.318.481.017.5(5.7)(7.0)
Brokerage68.116.686.018.6(17.9)(20.8)
Logistics16.54.017.33.7(0.8)(4.6)
Fuel surcharge28.87.023.95.24.920.5
Total revenue409.8100.0461.9100.0(52.1)(11.3)
Sours: https://www.globenewswire.com/news-release/2021/08/03/2273604/0/en/Daseke-Reports-Record-Results-for-Second-Quarter-of-2021-and-Raises-2021-Outlook.html
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Boyd Bros. Driver Achieves 2 Million Miles of Safe Driving

onSeptember 26, 2019inBoyd Bros. Transportation

Driver receives brand new truck designed for breast cancer awareness Myron Moffett has accomplished a feat that few professional truck drivers will ever do during their careers. He recently achieved 2 million miles of safe driving as a company driver with Boyd Bros. Transportation. “It is a huge goal to work for and I’m proud […]

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Today’s Trucking: Top Manitoba driver honors military roots

onSeptember 19, 2019inBig Freight Systems

WINNIPEG, Man. – Every driver has a story about how they got into the trucking industry, and for Manitoba’s 2019 Driver of the Year, the how is just the beginning of what has been quite a journey. Robert Pigeau comes from a military background, having served for more than 21 years as a chef. Driving […]

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Three New Directors Bring Expertise, Experience In Business Operations To Daseke Board

onAugust 1, 2019inDaseke

The three new members of Daseke Inc.’s board of directors come from diverse industries and backgrounds, but they share a wealth of experience and knowledge about supply chain and logistics and a focus on the operational details that allow companies to deliver optimal service to customers. They also share an appreciation for what Daseke has […]

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Heavy Duty Trucking: 2019 Innovators: Getting Technology Right Is Tricky

onJune 10, 2019inSmokey Point Distributing

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Heavy Duty Trucking: Reducing Pay Volatility Helps Fleet Keep Quality Drivers

onJune 3, 2019inTri-State Trucking

May 20, 2019 • by Steven Martinez When John Wilbur took over as Roadmaster Group’s CEO in 2011, the Glendale, Arizona-based company was suffering from severe turnover. At times Roadmaster, the parent company of several secure truckload transportation fleets, saw turnover rise above 100%. Turnover is a major problem for most fleets, but recruiting is even harder […]

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Daseke Adds Three Operationally-Focused Business Leaders to Board of Directors

onMay 28, 2019inDaseke

Operations, Transportation Finance and Human Resources Executives Expand Daseke’s Board to 11 Members ADDISON, Texas – MAY 28, 2019 – Daseke, Inc. (NASDAQ: DSKE), the largest flatbed, specialized transportation, and logistics provider in North America, today announced it has added three new members to the company’s board of directors. Ena Williams, Chuck Serianni and Kim […]

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Heavy Duty Trucking: 2019 Fleet Innovators: Trucking’s Best and Brightest Leaders

onMay 23, 2019inSmokey Point Distributing

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Dallas Business Journal: How this Daseke finance leader anticipated, then resolved software challenges

onMay 16, 2019inDaseke

Brian Womack May 14, 2019, 2:46pm CDT Amanda Hemker is a vice president who knows finance — but she also knows her software. The VP and corporate controller at Daseke Inc. (Nasdaq: DSKE) recently took on a big project to implement a technology upgrade that took roughly six months at the company that ships goods on flat-bed […]

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CCJ: Roadmaster Group unveils employee ‘Legacy Lodge’

onApril 19, 2019inRoadmaster Group, Tri-State Trucking

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Daseke’s New Chief Operating Officer Is On the Move

onApril 11, 2019inDaseke

From growing up in a military family to his service as a decorated officer in the Army, from working for the world’s biggest retailer to a series of executive roles at transportation and logistics companies, Chris Easter has a lifetime of experience in getting people and things from one place to another. He has a […]

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Sours: https://www.daseke.com/daseke-news/
Consolidating Flatbed and Specialized Transportation - Daseke

Flatbed truckload company Daseke (NASDAQ: DSKE) announced several changes Tuesday, including its CEO’s resignation, changes to the board and an in-line financial update.

CEO who led the corporate turnaround resigns

The press release said CEO Chris Easter retired Dec. 31 to attend to family obligations. The company has inserted current board member Jonathan Shepko, a managing partner at private equity firm Stonehollow Capital, to fill the role on an interim basis while a search is conducted.

Easter joined Daseke in the newly created chief operating officer role in January 2019 as the company embarked on a restructuring plan to improve operations after a decade of acquisitions. Easter then took the helm on an interim basis when founder, chairman and former CEO Don Daseke stepped down abruptly in August 2019. He was named the permanent CEO in February.

“This has been a very difficult decision for me personally, but I have a number of family-related obligations that need my full attention. As a result, I made the decision to retire from Daseke at the end of the year,” Easter stated in the press release. “We have successfully executed a dramatic turnaround in our performance while navigating through a global pandemic. Daseke’s strategy is sound, the business is performing well and the team is poised to continue forward with this momentum.”

The Addison, Texas-based company’s turnaround started with the addition of Easter as well as board changes that included operationally focused leadership. The group set its sights on integrating the roughly 20 acquisitions made since its 2009 inception. The plans included the consolidation of a separately operated network of carriers, divesting its oil rig transportation unit, disposing underutilized equipment and reducing headcount.

“Among other things, Chris helped to reset our operational strategy and built a solid leadership team with decades of transportation experience. The board is confident in the team’s ability to execute on our current strategy and guide Daseke to a bright future. The board respects Chris’ decision to retire and we wish him the very best in the future,” said Chairman Brian Bonner.

Shepko has held various leadership roles with private equity firms focused on the energy and infrastructure verticals.

“I look forward to leading Daseke during this interim period, with a goal of making further progress on our current strategic path and driving continued operational and financial performance. I expect to be fully engaged with the team and leading the organization with assistance from Brian as if my role were permanent; we must continue our transformation,” said Shepko.

New board composition

Daseke announced that it has reached separate agreements with shareholder Lyons Capital, which holds approximately 5% of the company’s stock, and former founder Daseke, who holds 28% of the outstanding shares, regarding the board’s makeup.

Lyons Capital inserted Grant Garbers to the board effective New Year’s Day. Daseke investment partner Hennessy Capital, which took the carrier public via a special purpose acquisition company merger in 2017, will no longer occupy board seats following the company’s annual meeting.

Garbers will replace Kevin Charlton, who was the president and COO at Hennessy Capital. Additionally, Daseke Vice Chairman Daniel Hennessy, who is the chairman and CEO at Hennessy Capital, will not be nominated for reelection at the 2021 annual meeting, according to a separate filing with the Securities and Exchange Commission.

Garbers has been a managing director at investment banking firm Harrison Co. since June. Previously he was with Capstone Headwaters in a similar capacity for 13 years. Garbers was also an independent director at Roadmaster Group, which was acquired by Daseke in 2017.

The board plans to elect current director Chuck Serianni as chairman following the annual meeting if he is reelected to the board, according to the filing. Serianni is the CFO at waste management company Republic Services (NYSE: RSG), which operates approximately 16,000 trucks daily.

Bonner and the new CEO will be nominated for board seats as well. Board member Kimberly Warmbier has stepped down.

A separate agreement calls for Daseke to be renominated to the board at the annual meeting. Daseke was serving as chairman emeritus most recently. The release said that Daseke plans to vote in favor of the company’s omnibus share plan, which covers executive equity compensation, and the plan to increase the number of shares that may be granted as awards.

The company announced that it has implemented a share repurchase program to buy back at least 3 million shares of common stock.

“We are pleased to have reached these agreements with Lyons Capital and with Mr. Daseke. We look forward to continuing our constructive relationship with these two large shareholders and appreciate their support for continuing our improvement initiatives and the execution of our current strategy,” Bonner added.

In-line financial update

The company also announced it “performed well” during the fourth quarter, achieving its internal forecasts, which are “in line with analyst consensus” expectations for revenue and adjusted earnings before interest, taxes, depreciation and amortization, excluding the positive impact of the divestiture.

Shares of DSKE were up 7% in midday trading Tuesday.

Click for more FreightWaves articles by Todd Maiden.

Sours: https://www.freightwaves.com/news/shake-up-at-daseke-will-bring-new-ceo-board-changes

News daseke

Flatbed & Specialized Transportation Solutions

Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of approximately 4,500 tractors and 11,000 flatbed and specialized trailers, and a million-plus square feet of industrial warehousing space.

Experience Matters

Our people are knowledgeable and have been tested with some of the most challenging loads in the transportation industry. Our scale of operations, national freight network and one of the most modern and efficient flatbed and specialized equipment fleets in North America has been built to meet our customer’s unique needs. We are committed to supporting our teams in their dedication to operational excellence and creating sustainable value.

The Daseke operating companies’ senior management stays close with our customers. Each of the operating companies has its own senior executive team. At the same time, the companies regularly collaborate with each other to offer our customers the best, safest and most cost-efficient transportation and logistics solutions. The Daseke operating company CEOs represent the deepest management team in flatbed and specialized transportation with an average of almost thirty years of experience with their companies. The operating companies are often named as best places to work and recognized for their outstanding safety records.

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Sours: https://www.daseke.com/
How to Say Daseke

A note and left. The contract was for six months, and let the dear reader not think that we were some kind of murderers, not at all, we helped. The brotherly people, whom I, moreover, sympathized with. I had to do about the same thing as before in Chechnya, so I was in my element there, and, as Oleg. Put it, I was ventilated.

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