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We are a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States and Mexico, as well as in certain Canadian provinces. Our consolidated operating subsidiaries also provide transportation services in Mexico under agreements with Mexican carriers.
The business is unprofitable at the operating level (-10.71% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.3% YoY. Margins deteriorated 5.6pp alongside, both lines moving the wrong way.
ROIC dropped from -4.93% to -8.77%, capital efficiency is deteriorating. Negative free cash flow of -$23M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$585M
▼ -16.3% YoY
Net Income (TTM)
-$44M
▼ -65.5% YoY
Op. Margin
-9.43%
▼ -5.6pp YoY
ROIC
-7.75%
▼ -3.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$34M
▲ +71.4% YoY
Op. Cash Flow (TTM)
$10M
▼ -70.6% YoY
Net Debt
$246M
Cash & Equiv.
$81M
5Y CAGR: +4.2%
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