Start Time: 17:00 January 1, 0000 5:16 PM ET
U.S. Xpress Enterprises, Inc. (USX)
Q2 2022 Earnings Conference Call
August 03, 2022, 17:00 PM ET
Company Participants
Eric Fuller - President and CEO
Eric Peterson - CFO
Matt Garvie - VP, IR
Conference Call Participants
Operator
Greetings, ladies and gentlemen, and welcome to U.S. Xpress Capital Second Quarter of 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
I would now turn you over to your host, Mr. Matt Garvie, Vice President, Investor Relations.
Matt Garvie
Thank you, operator, and good afternoon, everyone. Welcome to the U.S. Xpress second quarter 2022 earnings call. Eric Fuller, U.S. Xpress' President and CEO, will lead our call today, followed by Eric Peterson, our CFO, who will discuss our financial results.
Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that can cause actual results to differ materially. These risk factors are described in U.S. Xpress' most recent Form 10-K filed with the SEC. We undertake no duty or obligation to update our forward-looking statements.
During today's call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the most comparable GAAP measure can be found in our earnings release.
As a reminder, a replay of this call will be available on the Investors section of our Web site. We have also posted an updated supplemental presentation to accompany today's discussion on our Web site at investor.usxpress.com. We will be referencing portions of this supplement as part of today's call.
And with that, I would like to turn the call over to Eric Fuller.
Eric Fuller
Thank you, Matt, and good afternoon, everyone. Today, I would like to provide an update on Variant's key metrics in the quarter, highlight key achievements in the quarter from our other business segments. And following Eric Peterson's discussion of our financial results provide our market outlook for the second half of 2022.
Turning to Variant. Variant generated operating revenue of $87 million in the second quarter net of fuel surcharges, an increase of 4% sequentially compared to the first quarter. This increase in revenue was primarily driven by an increase in seated truck count of 200 tractors, bringing the fleet size to 1,889 exiting the quarter, which more than offset the sequential declines in both utilization and rate per mile.