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Published by dan.benacquista, 2018-12-24 09:11:24

2018-11 One-Page P&L's with Notes

2018-11 One-Page P&L's with Notes

MODERN GROUP LLC
Summary of All Units

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
406.0 324.0 357.5 406.0
Drivers 60.0 61.0 66.1 60.0 8476.5
1283.3
Owner Operators 8713.0 10635.0 9023.1 8713.0 201646.0

Load Count 3,955,192.22 4,279,734.67 4,669,237.28 3,924,680.37 30,511.85 50,819,456.39
52,430.12 8,418,983.86
REVENUES 755,853.23 810,274.51 745,979.39 703,423.11 82,941.97
Mainline Revenue 4,711,045.45 5,090,009.18 5,415,216.67 4,628,103.48 59,238,440.25
Fuel Surcharge
59,928.04 73,526.00 66,511.91 (603.54) 59,928.04 768,387.95
Total Mainline Revenue (603.54)
(51,707.08) (61,103.66) (74,474.27) (51,103.54) (805,515.89)
Wash Revenue 8,220.96 12,422.34 (7,962.36) 8,824.50 (37,127.94)
Wash Expense
Net Wash Revenue 47,107.43 59,087.22 66,216.82 47,107.43 726,992.48

Accessorial Revenue 1,174,323.96 1,388,591.33 1,246,623.86 348,377.58 825,946.38 14,861,654.43
(1,022,952.69) (1,317,881.36) (1,092,406.20) (302,570.50) (720,382.19) (13,048,293.06)
Broker Revenue 45,807.08 105,564.19 1,813,361.37
Broker Expense 151,371.27 70,709.97 154,217.66
Broker Margin 13.1% 12.8% 12.2%
12.9% 5.1% 12.4%
Broker Margin % 747,455.86 243,221.04 12,180,232.69
990,676.90 980,322.36 1,096,461.01 (534,022.41) (203,881.43) (9,716,351.44)
Owner Operator Revenue (737,903.84) (783,072.53) (878,206.57) 213,433.45 39,339.61 2,463,881.25
Owner Operator Expense 252,773.06 197,249.83 218,254.44
Owner Operator Margin 19.9% 28.6% 16.2% 20.2%
25.5% 20.1%
O/O Margin %
143,162.14 142,850.14 224,500.31 5,723,936.92 143,162.14 1,590,197.54
Other Revenue 4,886,740.47
7,126,243.92 7,734,386.23 8,115,530.57 1,402,307.00 89,365,905.34
Total Revenue 5,313,680.31 5,572,328.68 6,070,443.53 426,939.84 65,795,744.95
Revenue, Net of OO, Broker, Wash Exp
OPERATING EXPENSES 1,069,494.70 1,151,223.86 1,154,643.21 957,320.15 112,174.55 12,778,840.80
Equipment 775,026.90 715,691.30 818,916.05 737,026.90 38,000.00 8,683,224.29
272,080.88 253,677.10 339,168.86 240,750.48 31,330.40 2,833,384.91
Fuel Expense 270,409.27 346,231.98 332,243.20 240,590.42 29,818.85 3,766,731.22
Tractor Expense 149,727.58 131,631.09 111,713.87 89,496.46 1,284,346.74
Trailer Expense 119,784.60 95,723.01 117,068.68 60,231.12 41,670.07 1,275,046.01
Equipment Maintenance 37,422.38 41,392.59 36,935.68 78,114.53 17,359.43 409,524.14
Collision Expense 20,062.95
Liability Insurance 2,693,946.31 2,735,570.93 2,910,689.55 2,334,096.55 359,849.76 31,031,098.11
Trucking Technology
Total Equipment Expense 79,719.74 95,296.27 97,719.22 29,168.78 50,550.96 1,063,487.80

Job Expense 177,985.75 173,478.39 169,615.29 200,852.81 (22,867.06) 1,851,878.49
Total Job Expenses 1,059,103.69 1,087,118.64 1,185,088.03 1,062,184.03 (3,080.34) 13,150,228.52

Labor Expense 124,143.73 196,716.89 131,359.95 104,841.01 124,143.73 1,443,456.48
Terminal Management 208,844.92 124,736.57 152,447.37 3,500.00 104,003.91 1,725,644.86
Driver Pay, Rev. Generating
Misc. Driver Pay 8,368.12 11,923.43 11,379.71 114,525.17 4,868.12 120,445.21
PTO, Holiday and Bonus Pay 124,358.75 117,833.01 158,959.02 204,699.70 9,833.58 1,637,002.41
Mechanic Labor 226,366.39 111,252.11 160,858.15 107,481.57 21,666.69 1,833,363.43
Payroll Taxes 130,863.74 (46,725.99) 1,425,618.53
Benefits Expense 60,755.58 33,080.22 46,451.53 6,960.00
Worker's Comp Expense 6,960.00 13,841.26 8,560.62 69,155.34 29,265.81 102,240.27
Payroll Fees 72,352.32 79,800.43 12,249.28 884,206.18
Recruiting and Retention 75,717.34 82,477.33 79,879.67 9,535.61 17,571.88 888,145.35
Rent 81,404.62 46,113.86 39,936.20 13,291.67 92,046.18 415,586.89
Office Expense 27,107.49 86,097.17 80,118.24 16,548.63 919,966.99
Travel Expense 105,337.85 17,957.32 11,999.13 3,859.89 366,484.42 144,288.36
Misc Expenses 20,408.52 2,174,978.52 2,400,865.55 1,940,378.33 776,885.14 26,542,071.97
2,306,862.75 5,005,845.72 5,409,274.32 (349,945.30) 58,636,657.88
Total Labor & Related 5,080,528.80 566,482.96 661,169.22 4,303,643.66 309,622.32 7,159,087.07
233,151.51 362,459.34 368,658.08 583,096.81 1,086,507.46 3,991,070.41
DIRECT COSTS 340,377.32 5,368,305.06 5,777,932.39 30,755.00 62,627,728.29
GROSS MARGIN 5,420,906.12 (4,575.00)
GENERAL OVERHEAD 113.63 25,739.24 4,334,398.66 (4,575.00) 87,279.90
Total Operating Expense (4,575.00) 10,103.28 (654,992.62)
(4,575.00) (17,343.46) (1,396.50) 552,341.81 170,788.70 (23,030.99)
BAD DEBT EXPENSE (7130) (102,650.81) (17,229.83) 34,446.02 9,616.12 64,248.91
START UP COSTS (7200) 180,404.82 221,253.45 258,065.12 (825,781.32) 3,103,767.75
GAIN OR LOSS ON SALE (7500) 176,798.02 120,357.38 542,725.69 (58.9%) 2,190,099.09
Total Other (283,055.63) 9.5%
EBITDA (4.0%) 44,455.43 137,707.73 913,668.66
Interest,Tax, Depreciation 0.6% 1.7% 1.0%

NET INCOME/(LOSS)
Margin %

MODERN TRANSPORTATION LLC
Northern Region

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
107.0 99.0 100.2 107.0
Drivers 4.0 5.0 4.3 4.0 2334.0
78.0
Owner Operators 2620.0 2624.0 2278.1 2620.0
50485.0
Load Count
1,232,717.60 1,104,672.73 1,267,789.31 1,212,240.09 20,477.51 13,931,886.04
REVENUES
Mainline Revenue 257,668.80 240,976.54 266,131.88 249,934.90 7,733.90 2,950,250.39
Fuel Surcharge 1,490,386.40 1,345,649.27 1,533,921.19 1,462,174.99 28,211.41 16,882,136.43

Total Mainline Revenue (853.40) (663.00) (661.01) (420.63) (432.77) (6,652.64)
(853.40) (663.00) (661.01) (420.63) (432.77) (6,652.64)
Wash Expense
Net Wash Revenue 660.58 1,357.00

Accessorial Revenue 43,657.63 51,265.00 63,315.91 3,894.75 39,762.88 658,077.46
(29,184.36) (29,930.22) (49,075.57) (4,125.00) (25,059.36) (494,000.76)
Broker Revenue 14,473.27 21,334.78 14,240.34 (230.25) 14,703.52 164,076.70
Broker Expense
Broker Margin 33.2% 41.6% 22.5% (5.9%) 37.0% 24.9%

Broker Margin % 64,831.80 82,329.92 100,029.43 63,197.20 1,634.60 1,162,392.14
(50,413.75) (51,493.43) (72,921.33) (43,285.10) (7,128.65) (844,988.36)
Owner Operator Revenue 14,418.05 30,836.49 27,108.11 19,912.10 (5,494.05) 317,403.78
Owner Operator Expense 27.3%
Owner Operator Margin 22.2% 37.5% 27.1% 31.5% (336.1%)

O/O Margin % 1,598,875.83 1,479,244.19 1,697,927.11 1,529,266.94 69,608.89 18,703,963.03
1,518,424.32 1,397,157.54 1,575,269.21 1,481,436.21 36,988.11 17,358,321.27
Total Revenue
Revenue, Net of OO, Broker, Wash Exp 355,075.64 311,765.36 345,452.15 322,092.23 32,983.41 3,823,010.11
OPERATING EXPENSES 213,400.90 212,921.40 209,912.58 222,124.46 (8,723.56) 2,333,444.56
Equipment (2,963.87)
48,917.79 48,999.79 42,108.01 51,881.66 (24,225.56) 478,737.36
Fuel Expense 52,376.84 75,210.32 87,425.90 76,602.40 172,784.38 982,974.90
Tractor Expense 192,346.82 (3,375.57) 23,871.07 19,562.44 4,139.66 409,268.51
Trailer Expense 28,790.27 24,540.12 29,589.70 24,650.61 3,945.82 321,419.98
Equipment Maintenance 10,666.07 177,940.28 106,814.94
Collision Expense 901,574.33 9,957.97 9,148.67 6,720.25 8,455,670.36
Liability Insurance 680,019.39 747,508.08 723,634.05
Trucking Technology
Total Equipment Expense 24,685.00 32,832.17 27,627.05 16,925.30 7,759.70 307,412.95

Job Expense 45,585.78 45,934.29 38,874.52 53,414.16 (7,828.38) 437,855.17
Total Job Expenses 335,122.03 252,023.45 321,157.58 320,709.57 14,412.46 3,573,315.83
27,469.22
Labor Expense 27,469.22 69,556.94 34,186.80 32,812.13 15,703.71 385,268.51
Terminal Management 48,515.84 22,685.13 34,501.18 34,886.40 377,634.23
Driver Pay, Rev. Generating 36,691.94 29,612.92 50,633.20 57,915.03 1,805.54 495,941.38
Misc. Driver Pay 51,930.68 20,499.23 28,626.43 32,139.96 (5,984.35) 334,025.72
PTO, Holiday and Bonus Pay 149,847.52 41,356.53 11,613.13 117,707.56 594,085.26
Payroll Taxes 19,055.06 4,537.26 32,996.51 7,441.93 120,416.17
Benefits Expense 28,467.68 13,158.44 9,534.56 (4,528.83) 329,779.96
Worker's Comp Expense 29,837.86 29,437.72 1,852.50
Recruiting and Retention 2,276.18 2,691.66 423.68 36,738.84
Rent 11,463.29 7,294.10 3,554.82 8,771.63 126,638.77
Office Expense 4,766.10 11,627.58 890.17
Travel Expense 860.48 581,921.22 (29.69) 11,219.28
Misc Expenses 757,285.70 586.24 1,239.12 1,322,480.57 175,364.48 6,822,919.12
1,683,545.03 500,491.96 604,730.04
Total Labor & Related 1,213,343.52 1,379,865.17 158,955.64 361,064.46 15,586,002.43
(165,120.71) 7,485.00 (324,076.35) 1,772,318.84
DIRECT COSTS 6,800.00 183,814.02 195,404.04 101,853.06
GROSS MARGIN 10,322.49 10,751.76 1,329,965.57 (685.00)
GENERAL OVERHEAD 1,690,345.03 151,470.64 360,379.46 15,687,855.49
Total Operating Expense (171,920.71) 1,223,666.01 1,390,616.93 3,432.37 (323,391.35) 1,670,465.78
EBITDA 121.34 173,491.53 184,652.28 121.34
Interest,Tax, Depreciation 148,038.27 (3,311.03)
(172,042.05) 173,491.53 184,652.28 9.7% 1,670,344.44
NET INCOME/(LOSS) (10.8%) 11.7% 10.9% (320,080.32) 8.9%
Margin % (459.8%)

Open Action Items

P&L Notes
Employee Benefits Actual health insurance claims higher than normal, driving overall increase in benefits cost.

Insurance Occupational Accident Insurance invoice missed in October, resulting in higher expense for terminals with
Premiums Owner/Operators in November.

MODERN TRANSPORTATION LLC
BROCKWAY INCLUDING HAMD 05+18
For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
55.0 51.0 46.8 55.0
Load Count 793.9 1054.0
1028.0 1162.0 1028.0
REVENUES 16482.0
Mainline Revenue
Fuel Surcharge 590,316.45 619,109.32 515,099.60 577,992.96 12,323.49 5,908,438.89

Total Mainline Revenue 180,805.96 176,201.49 140,729.41 176,494.07 4,311.89 1,655,321.03
771,122.41 795,310.81 655,829.02 754,487.03 16,635.38 7,563,759.92
Wash Expense
Net Wash Revenue (199.00) (275.74) (239.12) 40.12 (2,664.09)
(199.00) (275.74) (239.12) 40.12 (2,664.09)

Broker Revenue (202.00) 1,082.15 (202.00) 12,985.83
(202.00) (202.00) (202.00)
Broker Expense 1,082.15
Broker Margin 0.0% 0.0% 12,783.83
100.0%
Broker Margin % 0.0% 0.0% 0.0% 0.0% 98.4%
0.0% 183.33 0.0%
Owner Operator Revenue (361.77) 2,200.00
(178.44) (2,000.00)
Owner Operator Expense
Owner Operator Margin (97.3%) 200.00

O/O Margin % 9.1%

Total Revenue 771,122.41 795,310.81 657,094.50 754,487.03 16,635.38 7,578,945.75
Revenue, Net of OO, Broker, Wash Exp 770,721.41 795,310.81 656,456.99 754,247.91 16,473.50 7,574,079.66
OPERATING EXPENSES
Equipment 188,698.23 215,227.59 169,854.92 176,136.06 12,562.17 1,943,461.47
104,692.31 113,452.68 95,940.15 109,432.15 (4,739.84) 1,092,162.62
Fuel Expense 15,368.71
Tractor Expense 22,281.33 22,276.75 34,878.66 22,200.00 81.33 182,748.82
Trailer Expense 22,249.21 19,048.95 5,537.05 40,045.11 (17,795.90) 390,824.53
Equipment Maintenance 11,704.80 10,851.80 (11,651.80)
Collision Expense (800.00) 8,565.08 3,803.89 12,252.03 54,354.45
Liability Insurance 14,548.28 13,852.98 2,296.25 133,995.61
Trucking Technology 337,088.18 3,500.25 (244.49)
Total Equipment Expense 3,255.76 5,154.38 374,417.40 44,481.19
354,925.12 397,578.41 (19,492.28) 3,842,028.69
Job Expense
Total Job Expenses 3,395.75 4,246.02 3,954.95 3,202.82 192.93 44,633.07

Labor Expense 19,134.86 16,705.47 11,341.51 18,000.00 1,134.86 140,035.56
Terminal Management 160,249.88 159,540.81 141,296.78 170,229.00 (9,979.12) 1,613,885.97
Driver Pay, Rev. Generating 22,260.56
Misc. Driver Pay 22,260.56 37,720.36 20,785.56 15,848.43 13,636.18 243,559.53
PTO, Holiday and Bonus Pay 29,484.61 15,709.15 18,424.22 18,644.01 207,412.22
Payroll Taxes 18,818.90 17,464.02 24,018.81 26,960.31 174.89 235,646.35
Benefits Expense 27,726.69 10,117.94 12,534.51 16,270.97 766.38 153,166.60
Worker's Comp Expense 105,591.33 14,116.72 19,413.45 89,320.36 307,071.50
Recruiting and Retention 5,638.42 (4,360.12)
Rent 1,278.30 2,795.34 2,128.25 4,945.84 (3,116.85) 24,043.34
Office Expense 1,828.99 1,786.79 1,909.88 252.92 21,716.12
Travel Expense 1,168.05 1,231.04 525.00 4,186.66 12,586.16
Misc Expenses 777.92 1,392.82 4,004.28 1,225.00 (426.50) 39,002.87
5,411.66 113,850.22
Total Labor & Related 77.77 313.34 472.50 94,550.87 2,289.30
46.00 278,595.24 257,401.61 278,759.48 (78,077.37) 3,000,415.52
DIRECT COSTS 392,609.70 (457.00)
GROSS MARGIN 680,419.67 598,444.75 656,379.70 94,093.87 6,887,077.28
GENERAL OVERHEAD 750,930.57 114,891.14 58,012.25 97,868.21 (77,620.37) 687,002.38
Total Operating Expense 19,790.84 5,627.13 2,497.00 (1,796.77) 45,019.75
EBITDA 2,040.00 3,125.00
Interest,Tax, Depreciation 683,544.67 604,071.87 658,876.70 (75,823.60) 6,932,097.03
752,970.57 111,766.14 52,385.12 95,371.21 (455.8%) 641,982.63
NET INCOME/(LOSS) 17,750.84 1,796.77
Margin % 111,766.14 52,385.12 641,982.63
17,750.84 14.1% 8.0% 93,574.44 8.5%
2.3% 12.4%

Open Action Items

P&L Notes Received $3k credit for overbilling last month.
Tractor Lease

Accident Expense Actual repair costs were $800 lower than the expected expense amount we accrued.

Daily Minimum Drivers on loan not fullly captured, will be corrected beginning Jan with new DOL process.

Equipment Shuttle $2300 for moving equipment for Geneva re-start, and shuttling to/from Bradford for Guelph support.

Worker's Comp Linda Hollamby, will be an ongoing claim.
Deductible

Travel $5k for putting drivers in hotels during snowstorm and for driver on loan to Bradford.

MODERN TRANSPORTATION LLC YTD
GARDNERS 11

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo

REVENUES

Broker Revenue $25,948.00 $48,902.00 $26,364.83 $25,948.00 $309,380.00

Broker Expense (16,592.18) (29,930.22) (16,818.71) (16,592.18) (197,373.02)
Broker Margin 9,355.82 18,971.78 9,546.13 9,355.82 112,006.98

Broker Margin % 36.1% 38.8% 36.2% 0.0% 36.1% 36.2%

Total Revenue 25,948.00 48,902.00 26,364.83 25,948.00 309,380.00
Revenue, Net of OO, Broker, Wash Exp 9,355.82 18,971.78 9,546.13 9,355.82 112,006.98
OPERATING EXPENSES
Equipment 1,819.00 1,819.00 1,819.00 1,819.00 2,403.28 20,009.00
2,403.28 1,050.00 581.24 1,819.00 2,403.28 8,988.26
Trailer Expense 0.59 7.07
Equipment Maintenance 4,222.28 2,869.00
Liability Insurance 2,400.83 29,004.33
Total Equipment Expense
884.26 364.38 498.22 341.67 542.59 6,862.95
Job Expense
Total Job Expenses 2,103.61 3,739.75 3,685.93 4,583.33 (2,479.72) 37,748.09
1,687.41 (351.00) (6.87) 1,687.41 1,687.41
Labor Expense (8.04)
Terminal Management 1,738.99 149.58 369.74 83.33 1,738.99 5,797.35
Driver Pay, Rev. Generating 635.68 243.02 496.20 275.00 635.68 4,900.94
Misc. Driver Pay 11.15 23.38 (72.18)
PTO, Holiday and Bonus Pay 177.00 29.73 516.67 948.87 327.10
Payroll Taxes 1,223.87 135.00 158.33 2,635.87
Benefits Expense 453.36 166.67 240.70
Worker's Comp Expense 757.37 392.79 2.14 (103.39) 22.16
Recruiting and Retention 54.94 452.22 41.67 (166.67) 5,095.47
Rent 4,819.84 118.61 5,825.00 1,327.48
Office Expense 46.00 4.33
Travel Expense 8,259.02 8,053.22 29.29 7,985.67 2,434.02 351.53
Misc Expenses 13,365.56 10,918.56 0.27 (7,985.67) 49.28
5,379.89
Total Labor & Related (4,009.74) 20.00 5,312.26 228.00 3,975.93 59,942.68
8,073.22 8,213.67
DIRECT COSTS 13,365.56 10,898.56 8,211.31 (8,213.67) (228.00) 95,809.96
GROSS MARGIN (4,009.74) 1,334.81 5,151.89 16,197.02
GENERAL OVERHEAD 10,898.56 (8,213.67) 4,203.93
Total Operating Expense (4,009.74) 22.3% 41.41 0.0% 20.00
EBITDA (15.5%) 8,252.72 4,203.93 95,829.96
1,293.40 16.2% 16,177.02
NET INCOME/(LOSS)
Margin % 1,293.40 16,177.02
4.9% 5.2%

Open Action Items

P&L Notes Revenue down $24k- Plant had cooling fan failure, had to switch to higher cullet percentage.
Revenue One trailer needed major repair ($1600), and we placed three spare butterfly valves as stock.

Gravity
Maintenance

MODERN TRANSPORTATION LLC
GENEVA 41

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
14.0 15.0 17.3 14.0
Drivers 431.0
239.0 225.6 239.0
Load Count 5893.0

REVENUES 178,739.91 167,585.41 178,523.80 216.11 1,709,026.92
Mainline Revenue
Fuel Surcharge 19,251.01 59,665.57 17,852.38 1,398.63 563,073.72
197,990.92 227,250.97 196,376.18 1,614.74 2,272,100.64
Total Mainline Revenue

Broker Revenue 11,969.38 34,210.44 3,894.75 8,074.63 314,547.51
(12,390.18) (32,247.45) (296,425.74)
Broker Expense 1,962.99 (4,125.00) (8,265.18) 18,121.77
Broker Margin (420.80) (230.25) (190.55)
5.7% 5.8%
Broker Margin % (3.5%) 0.0% (5.9%) (2.4%)
0.0% 69.47 833.62
Owner Operator Revenue 0.0% (38.36) 0.0% 0.0% (460.35)
31.11 373.27
Owner Operator Expense
Owner Operator Margin 44.8% 44.8%

O/O Margin %

Total Revenue 209,960.30 261,530.87 200,270.93 9,689.37 2,587,481.77
Revenue, Net of OO, Broker, Wash Exp 197,570.12 229,245.06 196,145.93 1,424.19 2,290,595.68
OPERATING EXPENSES
Equipment 66,603.26 174.49 69,911.54 58,696.70 7,906.56 715,383.61
34,770.38 26,850.00 38,332.49 39,440.95 (4,670.57) 412,795.07
Fuel Expense (1,463.33)
Tractor Expense 3,120.00 2,808.00 4,056.00 4,583.33 (3,813.68) 44,616.00
Trailer Expense 4,718.62 5,967.13 9,485.89 8,532.30 (3,526.68) 102,734.80
Equipment Maintenance (15,241.56) 6,265.67 3,526.68
Collision Expense 3,205.37 4,134.96 3,981.74 (776.37) 34,742.40
Liability Insurance 1,165.90 1,283.60 1,152.39 230.90 39,674.62
Trucking Technology 113,583.53 21,841.66 133,338.94 935.00 (6,113.17) 12,349.21
Total Equipment Expense 119,696.70 1,362,295.71

Job Expense 290.59 16,035.33 1,852.95 408.33 (117.74) 20,792.11
Total Job Expenses
3,434.06 2,300.00 2,068.67 5,000.00 (1,565.94) 24,134.06
Labor Expense 51,272.92 47,600.00 (1,932.50) 526,327.11
Terminal Management 45,667.50 (2,434.64) (1,030.14)
Driver Pay, Rev. Generating 3,537.24 4,919.56 39,300.95
Misc. Driver Pay (1,030.14) 11,707.29 4,797.45 4,506.11 826.56 49,385.84
PTO, Holiday and Bonus Pay 8,579.61 9,678.06 281.59 73,017.81
Payroll Taxes 5,746.12 257.43 4,098.09 4,527.42 (2,013.94) 46,747.65
Benefits Expense 4,826.83 1,170.00 (2,591.21) 41,827.65
Worker's Comp Expense 4,787.70 1,448.51 1,079.92 1,850.00 6,695.39 19,904.25
Recruiting and Retention 1,913.39 (12.93) 21,091.57
Rent 7,664.12 2,742.57 160.00 214.64
Office Expense 423.53 83.33 1,502.71 4,567.92
Travel Expense 1,936.21 (1,666.50) 777.02 (59.00) 10,697.82
Misc Expenses 288.77 105.00 315.23
7,865.39 2,469.25 83,663.43 79,599.48 (5,915.68) 1,304.81
Total Labor & Related 218,855.32 199,704.51 7,339.87 858,307.44
1,837.07 1,822.58 10,389.75 2,241,395.26
DIRECT COSTS 1,285.31 (3,558.58) (5,915.68)
GROSS MARGIN 374.64 2,227.51 220,140.63 1,360.00 7,339.87 49,200.42
GENERAL OVERHEAD 9,104.44 201,064.51 15,469.91
Total Operating Expense 1,586.04 565.23 (4,918.58) (502.82) 2,256,865.17
EBITDA 9,104.44 33,730.51
Interest,Tax, Depreciation 46.00 21.21 3.5% 502.82 7,842.69
79,914.71 21,460.44 80.9% 33,730.51
NET INCOME/(LOSS) 193,788.83 (5,421.40) 1.3%
Margin % 59,337.43 (2.7%)
3,781.29 (59,337.43)
1,360.00
195,148.83 1,660.00
2,421.29 60,997.43
(60,997.43)

2,421.29 (60,997.43)
1.2% 0.0%

Open Action Items

P&L Notes Over-accrued for expected expense in October, this is the reversal.
Daily Minimum
Credited James McKenrick from Brockway to Geneva in error in October, lowering this month's expense
Worker's Comp by $2500
Deductible
$7600 for staffing up for resumed/increasing business levels.
Recruiting

MODERN TRANSPORTATION LLC
MEADVILLE 14

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
10.0 9.0 9.8 10.0
Load Count 229.0
548.0 522.0 455.5 548.0
REVENUES 9942.0
Mainline Revenue
Fuel Surcharge 133,145.92 123,136.47 131,707.70 129,515.89 3,630.03 1,439,253.44

Total Mainline Revenue 26,144.76 27,595.40 24,392.48 27,490.07 (1,345.31) 275,251.09
159,290.68 150,731.87 156,100.18 157,005.96 2,284.72 1,714,504.53
Wash Expense
Net Wash Revenue (42.40) (201.00) (20.28) (42.40) (285.80)
(42.40) (201.00) (20.28) (42.40) (285.80)

Total Revenue 159,290.68 150,731.87 156,100.18 157,005.96 2,284.72 1,714,504.53
Revenue, Net of OO, Broker, Wash Exp 159,248.28 150,530.87 156,079.89 157,005.96 2,242.32 1,714,218.73
OPERATING EXPENSES
Equipment 46,514.93 39,431.11 39,389.26 43,054.44 3,460.49 436,898.69
18,759.27 17,713.75 18,178.29 18,712.52 46.75 198,032.08
Fuel Expense
Tractor Expense 5,944.85 7,099.04 5,089.89 7,100.00 (1,155.15) 57,885.93
Trailer Expense 6,849.53 4,163.19 8,123.66 8,590.85 (1,741.32) 96,362.78
Equipment Maintenance 1,494.39 3,769.31 2,321.59 (2,321.59) 45,231.73
Collision Expense 2,685.61 2,264.83 2,494.99 2,621.15 26,671.90
Liability Insurance 635.25 64.46
Trucking Technology 675.49 628.99 510.00 125.25 6,929.47
Total Equipment Expense 81,389.44 72,841.80 77,674.38 82,910.55 (1,521.11) 868,012.58

Job Expense 722.33 778.36 1,122.95 250.00 472.33 11,726.61
Total Job Expenses
1,857.14 1,914.29 1,710.86 2,083.33 (226.19) 19,221.43
Labor Expense 41,298.54 36,226.45 38,456.27 38,924.00 2,374.54 426,082.69
Terminal Management 1,249.29
Driver Pay, Rev. Generating 1,249.29 647.57 678.33 2,914.49 8,223.26
Misc. Driver Pay 3,089.83 2,647.04 4,205.93 4,007.33 175.34 44,894.83
PTO, Holiday and Bonus Pay 3,670.83 3,076.82 5,151.13 5,308.00 (336.50) 50,091.56
Payroll Taxes 3,903.08 1,116.17 2,411.56 3,593.98 (1,404.92) 28,416.54
Benefits Expense 3,563.00 2,029.00 2,147.44 1,335.00 25,232.27
Worker's Comp Expense 1,796.65 1,199.97 1,340.00 (30.98)
Recruiting and Retention 1,326.70 1,226.40 582.33 461.65 8,146.21
Rent 1,282.90 160.00 (13.30) 14,770.55
Office Expense 105.83 140.36 100.00 (54.17)
Travel Expense 70.70 193.77 (100.00) 1,844.84
Misc Expenses 98.06 12.73 87.50 60.00 1,029.75
61,958.95 50.87 59,826.13 38.06
Total Labor & Related 144,070.72 50,307.50 142,986.68 2,132.82 415.16
56,958.89 628,369.09
DIRECT COSTS 15,177.56 123,927.66 14,019.28 1,084.04 1,508,108.28
GROSS MARGIN 340.00 26,603.21 135,756.21 340.00 1,158.28
GENERAL OVERHEAD 520.00 20,323.68 206,110.45
Total Operating Expense 144,410.72 450.28 143,326.68 1,084.04 4,201.08
EBITDA 14,837.56 124,447.66 13,679.28 1,158.28
Interest,Tax, Depreciation 26,083.21 136,206.50 403.82 1,512,309.36
14,837.56 19,873.40 (403.82) 201,909.37
NET INCOME/(LOSS) 9.3% 26,083.21 13,275.46
Margin % 17.3% 19,873.40 8.5% 1,562.10 201,909.37
12.7% 68.4% 11.8%

Open Action Items

P&L Notes
NONE

MODERN TRANSPORTATION LLC
OTTAWA 34

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
6.0 7.0 8.8 6.0
Load Count 203.0
361.0 444.0 381.2 361.0
REVENUES 8180.0
Mainline Revenue
Fuel Surcharge 77,017.76 102,284.28 111,085.35 77,481.00 (463.24) 1,170,358.57

Total Mainline Revenue 20,790.43 28,088.93 27,997.99 18,021.59 2,768.84 304,633.87
97,808.19 130,373.21 139,083.33 95,502.59 2,305.60 1,474,992.44

Wash Expense (234.00) (177.53) (181.51) 181.51 (1,484.74)
Net Wash Revenue (234.00) (177.53) (181.51) 181.51 (1,484.74)

Accessorial Revenue 31.63 379.50

Broker Revenue 1,849.50 68.71 1,849.50 2,070.00
Broker Margin 1,849.50 68.71 1,849.50 2,070.00
100.0%
Broker Margin % 100.0% 0.0% 0.0% 100.0% 100.0%
0.0% 97.16
Owner Operator Revenue 515.32 0.0% 515.32 1,165.92
515.32 97.16 515.32 515.32
Owner Operator Expense
Owner Operator Margin 0.0% 100.0% 0.0% 1,681.24

O/O Margin % 144.2%

Total Revenue 99,657.69 130,373.21 139,280.83 95,502.59 4,155.10 1,478,607.86
Revenue, Net of OO, Broker, Wash Exp 100,173.01 130,139.21 139,103.30 95,321.08 4,851.93 1,477,638.44
OPERATING EXPENSES
Equipment 14,359.11 20,487.53 20,307.31 11,765.55 2,593.56 215,386.46
17,461.37 17,927.52 20,756.10 16,791.28 670.09 222,843.12
Fuel Expense
Tractor Expense 4,655.00 4,655.00 5,658.58 5,828.75 (1,173.75) 60,424.00
Trailer Expense 4,105.51 11,791.22 8,835.27 3,352.09 753.42 92,448.93
Equipment Maintenance 177,559.22 2,133.23 200,193.51
Collision Expense 2,063.11 742.98 2,660.72 842.10 176,717.12 28,098.58
Liability Insurance 2,209.30 2,383.38 1,044.14 950.76 1,112.35 12,780.43
Trucking Technology 222,412.62 61,395.34 585.00 1,624.30 832,175.03
Total Equipment Expense 683.62 40,115.53
58,671.25 182,297.09
Job Expense
Total Job Expenses 1,994.20 1,280.55 2,797.03 741.64 1,252.56 29,869.75

Labor Expense 4,056.06 5,274.74 4,914.26 5,000.00 (943.94) 51,792.48
Terminal Management 24,638.71 24,696.93 27,747.01 17,282.57 7,356.14 300,976.46
Driver Pay, Rev. Generating
Misc. Driver Pay 967.99 422.66 941.34 2,524.63 967.99 11,088.99
PTO, Holiday and Bonus Pay 1,611.39 1,240.07 2,542.41 2,220.50 (913.24) 24,118.99
Payroll Taxes 1,858.09 2,138.23 3,336.87 5,498.47 (362.41) 34,836.89
Benefits Expense 3,464.65 2,497.93 3,497.53 1,806.54 (2,033.82) 36,227.75
Worker's Comp Expense 31,008.11 1,416.00 1,951.25 29,201.57 50,423.66
Recruiting and Retention 2,181.43 1,955.54 849.87 1,331.56
Rent 3,896.65 3,771.63 596.39 3,994.00 8,858.19
Office Expense 3,823.80 (97.35) 42,261.32
Travel Expense 418.57 462.03 326.89 91.68
Misc Expenses 3,619.78 2,317.16 315.09 400.00 3,219.78 3,659.15
2,375.92 95.97 23,826.80
Total Labor & Related 181.97 95.61 86.00 37,913.93
77,903.40 46,288.53 53.71 39,989.47 221,463.58 588.77
DIRECT COSTS 302,310.22 106,240.33 52,095.58 (216,611.65) 588,659.45
GROSS MARGIN (202,137.21) 116,287.95 80,846.64 1,450,704.23
GENERAL OVERHEAD 23,898.88 14,474.44 221,463.58
Total Operating Expense 680.00 840.00 22,815.35 (216,611.65) 26,934.21
EBITDA 302,990.22 699.90 680.00 7,925.01
Interest,Tax, Depreciation (202,817.21) 107,080.33 81,526.64 (190.94)
23,058.88 116,987.85 13,794.44 1,458,629.24
NET INCOME/(LOSS) (202,817.21) 22,115.45 (216,420.71) 19,009.20
Margin % (203.5%) 23,058.88 190.94 (5208.6%)
17.7% 22,115.45 19,009.20
15.9% 13,603.50 1.3%
14.2%

Open Action Items

P&L Notes $177k for Randy Foster rollover event.
Insurance Lisa Jordan on loan for whole month due to open positions, $6k.
Deductible
$29k for Randy Foster rollover event.
Drivers on Loan $3600 for Pat Eberlin and Lisa Jordan support.

Worker's Comp
Deductible

Travel

MODERN TRANSPORTATION LLC
SADDLEBROOK 16

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
18.0 14.0 13.4 18.0
Owner Operators 4.0 5.0 4.3 4.0 312.0
297.7 78.0
Load Count 262.0 306.0 262.0
6658.0
REVENUES
Mainline Revenue 162,539.56 167,177.66 240,384.09 162,878.63 (339.07) 2,642,042.97
Fuel Surcharge
10,676.64 9,090.72 13,346.44 10,076.79 599.85 151,970.68
Total Mainline Revenue 173,216.20 176,268.38 253,730.52 172,955.42 260.78 2,794,013.65

Wash Expense (612.00) (75.92) (612.00) (1,523.00)
Net Wash Revenue (612.00) (75.92) (612.00) (1,523.00)

Accessorial Revenue 628.96 977.50

Broker Revenue 2,231.50 1,174.00 854.55 2,231.50 8,725.12
Broker Margin 2,231.50 1,174.00 854.55 2,231.50 8,725.12

Broker Margin % 100.0% 100.0% 100.0% 0.0% 100.0% 100.0%

Owner Operator Revenue 64,831.80 82,329.92 99,679.47 63,197.20 1,634.60 1,158,192.60
(50,929.07) (51,493.43) (72,521.19) (43,285.10) (7,643.97) (843,043.33)
Owner Operator Expense 13,902.73 30,836.49 27,158.28 19,912.10 (6,009.37) 315,149.27
Owner Operator Margin 27.2%
21.4% 37.5% 27.2% 31.5% (367.6%)
O/O Margin %

Total Revenue 240,279.50 259,772.30 354,893.51 236,152.62 4,126.88 3,961,908.87
Revenue, Net of OO, Broker, Wash Exp 188,738.43 208,278.87 282,296.40 192,867.52 (4,129.09) 3,117,342.54
OPERATING EXPENSES
Equipment 25,101.51 22,392.15 31,396.43 21,192.29 3,909.22 356,869.31
24,929.87 24,928.01 26,300.56 25,842.40 (912.53) 291,265.65
Fuel Expense (861.20)
Tractor Expense 6,322.00 7,028.00 6,851.50 7,183.20 75,190.00
Trailer Expense 7,580.41 27,351.23 18,655.44 10,421.20 (2,840.79) 215,587.75
Equipment Maintenance 15,587.60 14,291.80
Collision Expense 4,408.34 1,063.54 2,253.71 1,295.80 32,635.09
Liability Insurance 2,878.90 4,227.31 6,740.58 3,209.03 1,199.31 73,373.44
Trucking Technology 86,808.63 1,598.56 1,639.79 2,028.90 20,009.99
Total Equipment Expense 88,588.80 93,838.01 850.00 16,814.71 1,064,931.23
69,993.92
Job Expense
Total Job Expenses 12,322.44 9,735.02 13,638.33 9,855.84 2,466.60 151,923.05

Labor Expense 10,879.16 11,604.43 11,027.97 13,747.50 (2,868.34) 119,868.53
Terminal Management 46,653.14 31,350.00 15,303.14 532,989.42
Driver Pay, Rev. Generating 18,846.04 46,349.77
Misc. Driver Pay 3,764.09 4,850.22 3,764.09 79,075.98
PTO, Holiday and Bonus Pay 4,181.09 18,964.53 7,914.14 3,611.96 (669.13) 31,676.03
Payroll Taxes 5,249.66 7,160.84 78,415.41
Benefits Expense 7,181.47 1,777.02 2,728.93 3,897.20 1,637.70 57,422.36
Worker's Comp Expense 6,525.00 1,735.50 20.63 158,540.66
Recruiting and Retention 3,600.92 3,792.88 7,183.95 3,850.00 42,674.37
Rent 4,320.98 2,627.80 43,433.01
Office Expense 2,947.78 5,133.49 277.28 1,865.42
Travel Expense 284.22 583.33 7,489.24
Misc Expenses 668.50 4,487.00 13,371.66 470.98 38,576.14
314.42 85.00 6.94
Total Labor & Related 93,622.65 2,840.67 3,876.67 71,148.83 5,192.54
192,753.72 150,998.59 85.17 1,195,353.69
DIRECT COSTS (4,015.29) 4,627.18 3,467.61 229.42
GROSS MARGIN 1,700.00 41,868.93 22,473.82 2,412,207.97
GENERAL OVERHEAD 194,453.72 598.60 755.93 1,700.00 41,755.13 705,134.57
Total Operating Expense (5,715.29) (45,884.22) 19,360.38
EBITDA 121.34 194.69 3,245.49 152,698.59
Interest,Tax, Depreciation 40,168.93 41,755.13 2,431,568.35
(5,836.63) 250.36 413.60 344.53 (45,884.22) 685,774.19
NET INCOME/(LOSS) (2.4%) 70,931.18 105,469.21 121.34
Margin % 169,255.00 39,824.40 (223.19)
212,945.55 16.9% 685,652.85
39,023.87 69,350.85 (45,661.03) 17.3%
2,060.00 1,779.45 (1106.4%)

171,315.00 214,725.00
36,963.87 67,571.40

36,963.87 67,571.40
14.2% 19.0%

Open Action Items

P&L Notes
Dump Maintenance T562 needed brakes, landing gear, and shocks.

Accident Expense $8k for repairs to SMI property, $6k accrued for O/O collision.

Driver Labor Downtime pay for Thanksgiving week, $10k.

Misc Pay Night Shift Differential

MODERN TRANSPORTATION LLC
VAN WERT 36

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
4.0 3.0 4.1 4.0
Load Count 105.0
182.0 190.0 124.3 182.0
REVENUES 3330.0
Mainline Revenue
90,958.00 92,965.00 101,927.17 85,847.81 5,110.19 1,062,765.25
Total Mainline Revenue 90,958.00 92,965.00 101,927.17 85,847.81 5,110.19 1,062,765.25

Wash Expense (228.00) (111.54) (695.01)
Net Wash Revenue (228.00) (111.54) (695.01)

Broker Revenue 1,659.25 1,189.00 735.23 1,659.25 10,369.00

Broker Expense 1,659.25 1,189.00 (9.42) 1,659.25 10,369.00
Broker Margin 725.81
100.0% 100.0% 100.0% 100.0%
Broker Margin % 98.7% 0.0%

Total Revenue 92,617.25 94,154.00 102,662.40 85,847.81 6,769.44 1,073,134.25
Revenue, Net of OO, Broker, Wash Exp 92,617.25 93,926.00 102,541.44 85,847.81 6,769.44 1,072,439.24
OPERATING EXPENSES
Equipment 13,798.60 14,052.49 14,592.69 11,247.19 2,551.41 155,010.57
12,787.70 12,049.44 10,404.99 11,905.16 882.54 116,346.02
Fuel Expense
Tractor Expense 4,775.61 3,314.00 3,264.33 3,167.38 1,608.23 37,863.61
Trailer Expense 4,470.28 5,838.60 6,865.74 5,660.85 (1,190.57) 76,027.85
Equipment Maintenance 3,912.11 42,111.33
Collision Expense 1,879.56 1,811.62 1,853.06 724.47 (724.47) 19,598.76
Liability Insurance 1,635.90 243.66 10,264.65
Trucking Technology 520.96 562.32 879.47 180.96 457,222.79
Total Equipment Expense 38,232.71 37,628.47 41,772.40 340.00 3,551.76
34,680.95
Job Expense
Total Job Expenses 5,075.43 392.51 3,762.62 2,125.00 2,950.43 41,605.41

Labor Expense 4,120.89 4,395.61 4,125.33 5,000.00 (879.11) 45,055.02
Terminal Management 14,926.85 16,041.70 15,324.00 (397.15) 171,366.77
Driver Pay, Rev. Generating 15,498.86 257.43
Misc. Driver Pay 257.43 330.20 1,754.80 909.01 4,019.80
PTO, Holiday and Bonus Pay 2,663.81 102.57 1,432.52 1,896.49 (225.41) 14,348.97
Payroll Taxes 1,671.08 1,866.63 3,226.02 (1,246.50) 19,032.42
Benefits Expense 1,979.52 904.84 1,768.85 (1,768.85) 11,717.72
Worker's Comp Expense 921.52 1,448.03
Recruiting and Retention 2,332.37 1,449.44 (489.10) 884.34 (2,000.08) 8,353.65
Rent 14,499.92 1,268.85 16,500.00 16,767.65
Office Expense 1,053.46 16,587.92 15.06 181,411.92
Travel Expense 260.06 516.86 245.00 43.98
Misc Expenses 177.31 (16,021.96) 1,108.08 133.33 88.03 5,264.05
128.03 118.57 (3,755.56) 13,153.86
Total Labor & Related 43,017.27 1,897.67 43,829.07 40.00 2,746.63
86,325.41 89,364.09 46,772.83 4,022.81 1,379.42
DIRECT COSTS 6,291.84 16,149.92 13,177.35 491,871.25
GROSS MARGIN 680.00 83,578.78 2,746.63
GENERAL OVERHEAD 87,005.41 2,304.76 868.27 2,269.03 4,022.81 990,699.45
Total Operating Expense 5,611.84 90,232.36 680.00 81,739.79
EBITDA 225.50 12,309.08 (193.49) 9,856.93
Interest,Tax, Depreciation 84,258.78
128.56 12,309.08 1,589.03 4,216.30 1,000,556.38
NET INCOME/(LOSS) 28,089.23 12.0% 193.49 62.3% 71,882.86
Margin %
66,110.21 1,395.54 71,882.86
27,815.79 1.6% 6.7%

2,097.49
68,207.70
25,718.30

5,611.84 25,718.30
6.1% 27.3%

Open Action Items

P&L Notes Determined that Idealease was erroneously billing us for tax on our leased trucks. We are pursuing a
Tractor Lease refund and correction moving forward, ~$700/mo.
Expense

MODERN TRANSPORTATION LLC
Southern Region

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
121.0 94.0 104.8 121.0
Drivers 14.0 12.0 9.2 14.0 2371.5
167.0
Owner Operators 2804.0 3344.0 2570.3 2804.0
56796.0
Load Count
1,196,027.88 1,462,949.34 1,411,588.07 1,231,465.30 (35,437.42) 15,688,819.69
REVENUES
Mainline Revenue 197,626.17 235,898.00 137,731.72 162,894.06 34,732.11 1,654,776.69
Fuel Surcharge 1,393,654.05 1,698,847.34 1,549,319.79 1,394,359.36 (705.31) 17,343,596.38

Total Mainline Revenue 3,395.00 5,400.00 3,507.50 (182.91) 3,395.00 42,425.00
(182.91)
Wash Revenue (2,990.00) (4,609.00) (5,672.69) (2,807.09) (60,804.53)
Wash Expense 405.00 791.00 (2,165.19) 587.91 (18,379.53)
Net Wash Revenue
15,685.21 17,939.73 6,547.03 15,685.21 90,959.60
Accessorial Revenue
340,489.42 385,125.31 381,031.93 335,934.99 4,554.43 4,141,161.10
Broker Revenue (283,784.91) (366,321.49) (313,096.61) (291,994.30) 8,209.39 (3,413,701.81)
Broker Expense 56,704.51 18,803.82 67,935.32 43,940.69 12,763.82
Broker Margin 727,459.29
16.7% 4.9% 17.8% 13.1% 280.3%
Broker Margin % 17.6%
265,497.00 257,354.69 181,985.91 238,425.66 27,071.34
Owner Operator Revenue (192,788.89) (190,398.07) (140,942.16) (139,145.93) (53,642.96) 2,177,565.12
Owner Operator Expense 72,708.11 66,956.62 41,043.76 99,279.73 (26,571.62) (1,673,612.11)
Owner Operator Margin
27.4% 26.0% 22.6% 41.6% (98.2%) 503,953.01
O/O Margin %
23.1%
Other Revenue
2,018,720.68 2,364,667.07 (166.67) 1,968,720.01 50,000.67 23,795,707.20
Total Revenue 1,539,156.88 1,803,338.51 1,537,396.87 1,760.01 18,647,588.75
Revenue, Net of OO, Broker, Wash Exp 2,122,225.50
OPERATING EXPENSES 1,662,514.05
Equipment
313,159.71 384,662.41 332,070.37 292,811.16 20,348.55 3,769,788.52
Fuel Expense 223,640.95 179,921.13 235,487.49 204,637.87 19,003.08 2,574,940.83
Tractor Expense
Trailer Expense 40,597.00 40,909.00 36,530.44 39,975.38 621.62 413,332.33
Equipment Maintenance 93,627.71 114,575.99 83,779.30 66,694.17 26,933.54 983,750.91
Collision Expense 148,937.30 21,327.20 19,093.15 129,844.15 389,784.12
Liability Insurance 36,095.83 27,559.95 30,945.86 26,742.52 346,705.74
Trucking Technology 32,800.73 9,353.31
Total Equipment Expense 9,678.22 12,492.54 9,536.60 5,048.00 4,630.22 98,892.79
865,736.72 792,921.75 749,677.27 655,002.25 210,734.47 8,577,195.24
Job Expense
Total Job Expenses 6,756.70 12,048.57 9,109.99 4,535.49 2,221.21 99,060.83

Labor Expense 44,538.44 38,681.31 39,815.29 45,672.50 (1,134.06) 429,968.01
Terminal Management 283,516.86 350,399.93 337,410.98 317,766.18 (34,249.32) 3,773,170.58
Driver Pay, Rev. Generating 37,137.77
Misc. Driver Pay 37,137.77 58,335.17 22,640.60 27,575.80 14,567.65 283,330.50
PTO, Holiday and Bonus Pay 42,143.45 20,643.95 30,110.96 3,500.00 313,071.54
Mechanic Labor (2,616.64)
Payroll Taxes 883.36 2,410.46 3,161.58 35,333.89 (1,945.45) 30,577.20
Benefits Expense 33,388.44 34,938.78 35,010.39 57,718.16 (9,876.65) 391,084.64
Worker's Comp Expense 47,841.51 23,019.97 38,351.39 30,836.22 (18,779.22) 427,205.61
Recruiting and Retention 12,057.00 28,429.71 11,997.75 (2,990.10) 303,444.09
Rent 3,052.77 12,558.74 13,587.06 (2,720.64) 140,160.68
Office Expense 9,007.65 12,859.58 106,313.06
Travel Expense 10,866.42 11,366.80 9,507.66 2,196.21 (87.47)
Misc Expenses 3,768.44 1,966.67 6,095.82 40,934.58
2,108.74 3,979.19 8,357.91 1,104.15 101,672.11
Total Labor & Related 8,062.49 17,343.05 1,555.88 852.50 (15,494.16)
1,956.65 570,679.53 549,002.94 197,461.52 18,683.15
DIRECT COSTS 533,508.78 1,762.40 1,329,466.79 1,208,540.68 (195,701.51) 6,359,615.75
GROSS MARGIN 1,406,002.20 578,793.36 333,047.26 3,449.42
GENERAL OVERHEAD 133,154.68 1,383,763.68 7,458.58 328,856.19 200,910.94 15,035,871.82
Total Operating Expense 9,569.42 1,336,925.37 6,120.00 (199,150.93) 3,611,716.93
EBITDA 1,415,571.62 419,574.83 325,588.68 (2,209.50) 82,870.70
Interest,Tax, Depreciation 123,585.26 11,660.30 1,214,660.68
325,588.68 322,736.19 (196,941.43) 15,118,742.52
NET INCOME/(LOSS) 123,585.26 1,395,423.98 15.3% 2,209.50 (393.9%) 3,528,846.23
Margin % 6.1% 407,914.53
320,526.69 3,528,846.23
407,914.53 16.3% 14.8%
17.3%

Open Action Items

P&L Notes
Employee Benefits Actual health insurance claims higher than normal, driving overall increase in benefits cost.

Insurance Occupational Accident Insurance invoice missed in October, resulting in higher expense for terminals with
Premiums Owner/Operators in November.

MODERN TRANSPORTATION LLC
ANDERSON 46

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
30.0 28.0 26.3 30.0
Load Count 333.6 573.0
389.0 436.0 389.0
REVENUES 6977.0
Mainline Revenue
Fuel Surcharge 384,839.25 424,040.65 372,505.22 379,382.48 5,456.77 4,156,728.24

Total Mainline Revenue 14,700.06 19,745.07 11,155.87 15,070.59 (370.53) 132,342.62
399,539.31 443,785.72 383,661.08 394,453.07 5,086.24 4,289,070.86

Wash Expense (362.00) (79.45) (182.91) (179.09) (1,143.34)
Net Wash Revenue (362.00) (79.45) (182.91) (179.09) (1,143.34)

Accessorial Revenue 591.25 177.63 2,131.57

Broker Revenue 113,324.87 155,794.17 161,464.16 123,599.01 (10,274.14) 1,669,200.70
(98,095.36) (157,759.23) (134,504.02) (111,375.00) 13,279.64 (1,404,737.86)
Broker Expense 15,229.51 26,960.14 12,224.01 3,005.50
Broker Margin (1,965.06) 264,462.84
13.4% 16.7% 9.9% (29.3%)
Broker Margin % (1.3%) 15.8%
0.0% 92.28 0.0% 0.0%
Owner Operator Revenue 0.0% 92.28 1,107.31
Owner Operator Margin 100.0% 1,107.31

O/O Margin % 100.0%

Total Revenue 512,864.18 600,171.14 545,395.15 518,052.08 (5,187.90) 5,961,510.44
Revenue, Net of OO, Broker, Wash Exp 414,406.82 442,411.91 410,811.68 406,494.17 7,912.65 4,555,629.24
OPERATING EXPENSES
Equipment 77,196.05 90,492.82 70,422.72 70,731.07 6,464.98 801,267.39
54,519.79 49,092.34 46,395.09 51,121.44 3,398.35 526,029.22
Fuel Expense
Tractor Expense 7,233.00 7,233.00 6,611.83 6,675.38 557.62 73,874.00
Trailer Expense 28,792.77 28,430.93 19,346.39 16,849.49 11,943.28 227,329.58
Equipment Maintenance (1,983.84) (5,752.67) 107,047.88
Collision Expense 7,986.06 9,233.29 5,752.67
Liability Insurance 3,811.11 8,045.10 7,097.43 6,472.41 1,513.65 78,918.21
Trucking Technology 179,538.78 1,514.64 1,691.06 1,020.00 2,791.11 21,441.46
Total Equipment Expense 182,824.99 160,797.83 158,622.46 20,916.32 1,835,907.74

Job Expense 520.94 766.87 1,184.98 658.33 (137.39) 12,216.49
Total Job Expenses
9,684.04 10,329.65 6,538.97 10,000.00 (315.96) 78,232.97
Labor Expense 82,956.08 105,479.47 85,043.10 88,610.00 (5,653.92) 953,741.11
Terminal Management 6,816.69
Driver Pay, Rev. Generating 6,816.69 9,112.26 7,016.86 6,130.39 2,373.37 80,236.93
Misc. Driver Pay 8,503.76 4,462.42 6,363.58 10,384.81 (1,242.45) 69,172.98
PTO, Holiday and Bonus Pay 9,142.36 10,282.44 8,494.61 15,776.55 98,595.93
Payroll Taxes 16,229.87 8,651.35 11,821.43 453.32 136,059.98
Benefits Expense 12,473.22 12,524.81 11,127.34 8,663.82 3,809.40 135,864.83
Worker's Comp Expense 1,773.29 5,328.96 3,368.94 2,295.84 37,434.50
Recruiting and Retention 2,054.07 1,634.98 1,648.34 1,666.67 (522.55) 18,405.85
Rent 387.40
Office Expense 497.21 785.41 600.69 280.00 217.21 6,786.99
Travel Expense 205.79 165.31 745.24 166.67 7,472.03
Misc Expenses 150.10 167.22 145.00 39.12 1,900.37
150,486.48 38.18 142,936.29 144,119.75 5.10 1,623,904.47
Total Labor & Related 330,546.20 168,795.24 304,919.10 303,400.54 3,472,028.70
83,860.62 105,892.58 103,093.63 6,366.73 1,083,600.54
DIRECT COSTS 1,385.00 352,387.10 1,512.51 1,360.00 15,793.62
GROSS MARGIN 331,931.20 90,024.81 306,431.61 304,760.54 27,145.66 3,487,822.32
GENERAL OVERHEAD 82,475.62 1,880.00 104,380.07 101,733.63 (19,233.01) 1,067,806.92
Total Operating Expense 863.69
EBITDA 82,475.62 354,267.10 104,380.07 25.00 1,067,806.92
Interest,Tax, Depreciation 16.1% 88,144.81 19.1% 100,869.94 27,170.66 17.9%
19.5% (19,258.01)
NET INCOME/(LOSS) 88,144.81
Margin % 14.7% (863.69)

(18,394.32)
354.6%

Open Action Items

P&L Notes Extended 539502 (blower truck) for an extra month, raising tractor lease by $2300.
Tractor Lease

Truck Maintenance $5k Blower installation on new truck 539503.

Trucking Install Lytx in two new trucks, $2k.
Technology

Misc Pay Night shift differential, $4k

Worker's Comp James Webb, Robert Chiella claims.
Deductible

MODERN TRANSPORTATION LLC
NEWNAN 04

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
10.0 10.0 20.1 10.0
Load Count 634.5 483.0
446.0 554.0 446.0
REVENUES 14530.0
Mainline Revenue
Fuel Surcharge 134,475.57 154,779.12 235,401.27 133,537.11 938.46 2,525,800.50

Total Mainline Revenue 25,456.12 25,575.83 46,826.28 25,137.36 318.76 497,567.03
159,931.69 180,354.95 282,227.55 158,674.47 1,257.22 3,023,367.53

Wash Expense (354.10) (4,249.19)
Net Wash Revenue (354.10) (4,249.19)

Accessorial Revenue 421.67 5,060.00

Broker Revenue 1,291.31 14,908.57
(1,078.86) (12,946.27)
Broker Expense
Broker Margin 212.46 1,962.30

Broker Margin % 0.0% 0.0% 16.5% 0.0% 0.0% 13.2%
0.0% 0.0% 0.0% 0.0%
Owner Operator Revenue 117.72 1,412.67
(188.57) (2,262.84)
Owner Operator Expense (70.85) (850.17)
Owner Operator Margin
(60.2%) (60.2%)
O/O Margin %

Other Revenue (166.67)

Total Revenue 159,931.69 180,354.95 283,891.58 158,674.47 1,257.22 3,044,748.77
Revenue, Net of OO, Broker, Wash Exp 159,931.69 180,354.95 282,270.05 158,674.47 1,257.22 3,025,290.47
OPERATING EXPENSES
Equipment 33,423.07 40,595.63 64,228.22 29,669.12 3,753.95 684,091.68
21,210.26 27,427.79 44,089.44 22,165.46 (955.20) 449,484.01
Fuel Expense (8.00)
Tractor Expense 4,992.00 5,304.00 7,499.58 5,000.00 (32.37) 79,387.00
Trailer Expense 3,021.31 5,139.45 8,744.43 3,053.68 94,859.51
Equipment Maintenance 132,879.51 12,308.92 4,268.96 2,183.89 130,695.62 184,107.04
Collision Expense 3,150.91 3,082.76 5,166.77 2,465.68 685.23 53,399.44
Liability Insurance 1,024.14 1,528.77 2,965.21 1,230.50 (206.36) 21,535.20
Trucking Technology 199,701.20 95,387.32 136,962.61 65,768.33 1,566,863.88
Total Equipment Expense 133,932.87

Job Expense 626.24 959.84 1,644.68 534.80 91.44 16,871.37
Total Job Expenses

Labor Expense 4,986.26 5,318.67 8,707.85 5,500.00 (513.74) 88,679.87
Terminal Management 34,325.86 36,857.00 (2,531.14) 748,233.81
Driver Pay, Rev. Generating 41,980.57 69,806.36
Misc. Driver Pay 938.64 5,684.21 938.64 31,895.38
PTO, Holiday and Bonus Pay 7,244.54 834.36 2,874.31 3,500.00 1,560.33 74,924.79
Mechanic Labor 4,464.13 (2,616.64) 30,577.20
Payroll Taxes 883.36 2,156.30 7,497.38 9,000.00 75,886.86
Benefits Expense 3,658.64 3,997.48 (805.49) 58,666.74
Worker's Comp Expense 6,094.14 2,410.46 3,161.58 2,949.75 (2,905.86) 55,589.66
Recruiting and Retention 8,249.00 1,416.67 4,251.52 21,228.26
Rent 3,624.23 7,267.91 (2,553.31) 13,673.26
Office Expense 396.44 449.80
Travel Expense 861.79 2,068.36 5,308.03 283.33 (554.88) 7,047.88
Misc Expenses 127.46 177.50 (322.34) 25,116.15
810.46 2,483.00 4,628.00 74,279.87 527.13
Total Labor & Related 140,583.00 (131.50) 2,278.02
46.00 195.24 1,863.45 18,091.47 (5,657.28) 1,233,797.88
DIRECT COSTS 68,622.59 1,020.00 128,367.03
GROSS MARGIN 268,950.03 1,785.94 1,238.39 141,603.00 (127,109.81) 2,817,533.13
GENERAL OVERHEAD (109,018.34) 17,071.47 2,744.42 207,757.34
Total Operating Expense 1,097.98 699.40 369.73 131,111.45 27,798.18
EBITDA 3,764.42 (129,854.23)
Interest,Tax, Depreciation 272,714.45 1,617.67 2,025.91 16,701.74 (369.73) 2,845,331.31
(112,782.76) 10.5% 179,959.16
NET INCOME/(LOSS) 15.55 201.04 (129,484.50)
Margin % (112,782.76) 65,588.33 115,279.61 (10299.3%) 179,959.16
(70.5%) 161,935.49 5.9%
253,886.89
18,419.46 28,383.16
3,775.30 2,386.11

165,710.79 256,273.01
14,644.16 25,997.05

14,644.16 25,997.05
8.1% 9.2%

Open Action Items

P&L Notes Anchor reduced usage, will continue in December, -$20k
Revenue Robeson collision and $100k accrual for expected expenses
Robeson collision, $5k.
Insurance
Deductible

Worker's Comp
Deductible

MODERN TRANSPORTATION LLC
NORFOLK 53

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
9.0 209.0 0.7 9.0
Drivers 17.0
192.0 21.1 192.0
Load Count 445.0

REVENUES 102,665.36 110,936.42 11,487.11 97,668.48 4,996.88 240,510.70
Mainline Revenue
Fuel Surcharge 26,741.28 30,033.78 3,038.18 13,284.48 13,456.80 63,199.38
129,406.64 140,970.20 14,525.29 110,952.96 18,453.68 303,710.08
Total Mainline Revenue
(201.00) (16.75) (201.00)
Wash Expense (201.00) (16.75) (201.00)
Net Wash Revenue

Total Revenue 129,406.64 140,970.20 14,525.29 110,952.96 18,453.68 303,710.08
Revenue, Net of OO, Broker, Wash Exp 129,406.64 140,769.20 14,508.54 110,952.96 18,453.68 303,509.08
OPERATING EXPENSES
Equipment 25,979.64 29,080.47 3,041.57 22,127.17 3,852.47 62,478.53
15,563.88 18,842.60 2,237.29 19,120.72 (3,556.84) 42,411.33
Fuel Expense 13,416.00
Tractor Expense 4,056.00 4,056.00 780.00 4,800.00 (744.00) 19,680.69
Trailer Expense 6,164.42 7,453.47 1,126.36 7,553.92 (1,389.50)
Equipment Maintenance 2,562.89 2,550.53 1,823.36 5,649.42
Liability Insurance 257.21 739.53 437.50
Trucking Technology 223.50 61,983.07 17.83 600.00 (376.50)
Total Equipment Expense 54,550.33 56,025.17 (1,474.84) 144,073.47
7,460.26
Job Expense
Total Job Expenses 2,096.50 2,964.08 299.12 1,152.00 944.50 5,685.91

Labor Expense 6,351.64 11,261.00 1,695.22 5,000.00 1,351.64 6,351.64
Terminal Management 32,964.86 32,960.00 4.86 53,307.47
Driver Pay, Rev. Generating 37,337.14 4,631.43 59,515.19
Misc. Driver Pay 3,938.05 700.00 3,938.05
PTO, Holiday and Bonus Pay 2,535.57 897.65 89.71 3,955.20 1,835.57 3,612.10
Payroll Taxes 2,965.60 7,200.00 7,700.74
Benefits Expense 3,045.54 394.60 2,319.60 (989.60)
Worker's Comp Expense 35.06 (7,164.94) 456.24
Recruiting and Retention 1,590.00 421.18 35.10 2,200.00 4,131.00
Rent 125.00 (729.60) 7,193.99
Office Expense 557.53 1,642.00 211.75 557.53 4,591.47
Travel Expense 1,595.97 100.00 (604.03) 3,372.23
Misc Expenses 253.12 553.04 54,559.80 363.32 35,091.17
488.32 3,319.74 2,420.33
Total Labor & Related 3,319.74 1,595.97 249.63 111,736.97 1,111.39 187,743.57
1,211.39 (784.01) 2,993.93 337,502.95
DIRECT COSTS 57,553.73 184.47 240.33 2,463.59 (33,993.87)
GROSS MARGIN 114,200.56 111,736.97 15,990.09 1,500.00
GENERAL OVERHEAD 15,206.08 12,136.15 2,647.62 (784.01) 680.00 339,002.95
Total Operating Expense 3,143.59 (35,493.87)
EBITDA 680.00 980.50 100.75 (784.01) 15,310.09
114,880.56 69,754.72 10,849.15 (0.7%) (35,493.87)
NET INCOME/(LOSS) 15,310.09 (11.7%)
Margin % 14,526.08 134,701.87 18,608.53 83.0%
6,067.33 (4,100.00)
14,526.08 820.00
11.2% 68.33
135,521.87 18,676.87
5,247.33 (4,168.33)

5,247.33 (4,168.33)
3.7% (28.7%)

Open Action Items

P&L Notes O-I Danville unable to take some loads due to weather.
Revenue Because rentals are billed by the week, the cost is lower this month by $3k, but was higher last month.
Replaced several super-singles, $3k
Tractor Rental $3k runout from startup; travel is done at this point.

Tires

Travel

MODERN TRANSPORTATION LLC
SANFORD INCLUDING LNG 03+35
For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
37.0 35.0 35.8 37.0
Load Count 771.5
1350.0 1665.0 1226.4 1350.0
REVENUES 27364.0
Mainline Revenue
Fuel Surcharge 317,786.85 457,105.17 443,548.58 362,948.53 (45,161.68) 4,909,666.90

Total Mainline Revenue 92,572.40 113,626.07 65,411.72 67,739.58 24,832.82 797,214.91
410,359.25 570,731.24 508,960.29 430,688.11 (20,328.86) 5,706,881.81

Wash Expense (299.83) (1,721.00)
Net Wash Revenue (299.83) (1,721.00)

Accessorial Revenue 888.89 9,241.62

Broker Revenue 96,819.88 97,682.77 117,165.62 88,455.98 8,363.90 1,248,955.30
(92,888.65) (970,154.62)
Broker Expense (61,158.71) (70,491.73) 24,276.97 (61,181.80) 23.09 278,800.68
Broker Margin 35,661.17 27,191.04 27,274.18 8,386.99 22.3%
20.7%
Broker Margin % 36.8% 27.8% 30.8% 100.3% (455.00)
(37.92) (455.00)
Owner Operator Expense (37.92)
Owner Operator Margin

Total Revenue 507,179.13 668,414.01 627,014.80 519,144.09 (11,964.96) 6,965,078.73
Revenue, Net of OO, Broker, Wash Exp 446,020.42 597,922.28 533,788.40 457,962.29 (11,941.87) 5,992,748.11
OPERATING EXPENSES
Equipment 103,062.15 132,042.11 109,592.57 99,798.34 3,263.81 1,248,592.39
77,591.40 52,080.36 72,296.30 53,745.44 23,845.96 794,535.85
Fuel Expense 8,418.00 8,418.00 8,456.17 94,158.00
Tractor Expense 22,081.17 28,142.58 26,047.27 8,333.33 84.67 297,987.37
Trailer Expense 3,559.73 8,086.99 3,682.08 16,451.30 5,629.87 40,044.05
Equipment Maintenance 9,450.13 10,057.31 8,868.24 (2,929.13) 98,867.24
Collision Expense 1,879.08 1,865.24 2,162.32 6,488.86 2,124.00 24,206.25
Liability Insurance 7,326.13
Trucking Technology 226,041.66 240,692.59 231,104.94 1,275.00 604.08 2,598,391.15
Total Equipment Expense 193,418.40 32,623.26

Job Expense 1,947.71 5,925.96 3,785.38 933.33 1,014.38 42,391.01
Total Job Expenses
13,598.91 12,043.96 13,587.06 15,000.00 (1,401.09) 146,219.94
Labor Expense 73,578.53 110,922.80 100,026.45 89,505.00 (15,926.47) 1,116,819.87
Terminal Management 15,788.83 15,788.83
Driver Pay, Rev. Generating 13,898.04 4,586.04 3,891.98 8,353.21 56,274.83
Misc. Driver Pay 10,361.01 10,568.23 10,631.00 10,515.74 5,544.83 103,943.63
PTO, Holiday and Bonus Pay 16,688.60 10,370.67 10,468.53 16,130.10 (154.73) 116,624.07
Payroll Taxes (16,205.00) 12,975.43 558.50 142,750.57
Benefits Expense 8,669.28 9,160.97
Worker's Comp Expense 3,353.84 (18,348.00) 6,467.53 4,272.00 (25,365.97) 40,355.76
Recruiting and Retention 2,072.00 2,984.27 2,125.00 (918.16) 32,290.34
Rent 4,624.23 2,083.73 (53.00) 22,932.78
Office Expense 660.53 2,072.00 1,308.57 696.67 (36.14) 13,844.01
Travel Expense 2,333.63 1,207.21 416.67 10,327.42
Misc Expenses 2,277.74 900.64 220.00 1,916.96
202.16 254.86 156,395.36 (17.84) 2,764.25
Total Labor & Related 136,331.08 311.51 165,580.03 350,747.09 1,805,147.47
149,305.67 400,470.35 107,215.20 (20,064.28)
DIRECT COSTS 364,320.45 133,318.05 2,040.00 4,445,929.63
GROSS MARGIN 81,699.97 395,924.22 1,842.72 352,787.09 13,573.36 1,546,818.48
GENERAL OVERHEAD 2,040.00 201,998.06 402,313.06 105,175.20 (25,515.23)
Total Operating Expense 131,475.33 976.08 21,081.93
EBITDA 366,360.45 2,825.00 13,573.36 4,467,011.56
Interest,Tax, Depreciation 79,659.97 398,749.22 131,475.33 104,199.12 (25,515.23) 1,525,736.55
199,173.06 21.0% 20.1%
NET INCOME/(LOSS) 79,659.97 (976.08) 1,525,736.55
Margin % 15.7% 199,173.06 21.9%
29.8% (24,539.15)
205.1%

Open Action Items

P&L Notes $20k for rented trucks for coverage durning removal of LNG tractors, this is now done.
Tractor Rental

Tire Expense $8k for repairs, $6k for stock.

Accident Expense Deer strike to 165336, $3600.

Worker's Comp $25k credit from Lynn McIver claim.
Deductible

Travel $2k Andrew Sink to Pittsburgh and Don's coverage at Sanford.

MODERN TRANSPORTATION LLC
SAVANNAH 19

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
35.0 21.0 22.0 35.0
Owner Operators 14.0 12.0 9.2 14.0 527.0
354.7 167.0
Load Count 427.0 480.0 427.0 7480.0

REVENUES 256,260.85 316,087.98 348,645.90 257,928.70 (1,667.85) 3,856,113.35
Mainline Revenue
Fuel Surcharge 38,156.31 46,917.25 11,299.69 41,662.05 (3,505.74) 164,452.75
294,417.16 363,005.23 359,945.58 299,590.75 (5,173.59) 4,020,566.10
Total Mainline Revenue

Wash Revenue 3,395.00 5,400.00 3,507.50 3,395.00 42,425.00

Wash Expense (2,628.00) (4,408.00) (4,922.56) (2,628.00) (53,490.00)
Net Wash Revenue 767.00 992.00 (1,415.06) 767.00 (11,065.00)

Accessorial Revenue 15,685.21 17,348.48 5,058.85 15,685.21 74,526.41

Broker Revenue 130,344.67 131,648.37 101,110.84 123,880.00 6,464.67 1,208,096.53
(124,530.84) (138,070.53) (84,625.08) (119,437.50) (5,093.34) (1,025,863.06)
Broker Expense 16,485.76 1,371.33
Broker Margin 5,813.83 (6,422.16) 4,442.50 182,233.47
16.3% 21.2%
Broker Margin % 4.5% (4.9%) 3.6% 15.1%
181,775.92 27,071.34
Owner Operator Revenue 265,497.00 257,354.69 (140,715.67) 238,425.66 (53,642.96) 2,175,045.14
(192,788.89) (190,398.07) 41,060.25 (139,145.93) (26,571.62) (1,670,894.27)
Owner Operator Expense 72,708.11 66,956.62 99,279.73
Owner Operator Margin 22.6% (98.2%) 504,150.87
27.4% 26.0% 41.6%
O/O Margin % 23.2%

Total Revenue 709,339.04 774,756.77 651,398.69 661,896.41 47,442.63 7,520,659.18
Revenue, Net of OO, Broker, Wash Exp 389,391.31 441,880.17 421,135.38 403,312.98 (13,921.67) 4,770,411.85
OPERATING EXPENSES
Equipment 73,498.80 92,451.38 84,785.29 70,485.46 3,013.34 973,358.53
54,755.62 32,478.04 70,469.38 58,484.81 (3,729.19) 762,480.42
Fuel Expense 15,898.00 15,898.00 13,182.86 15,166.67 152,497.33
Tractor Expense 33,568.04 45,409.56 28,514.86 22,785.78 731.33 343,893.76
Trailer Expense 12,498.06 10,782.26
Equipment Maintenance 12,945.84 9,147.88 4,142.87 4,667.73 58,585.15
Collision Expense 9,065.03 9,556.21 8,654.94 7,830.33 109,871.43
Liability Insurance 2,740.39 7,583.89 2,700.18 4,290.90
Trucking Technology 205,904.75 212,033.78 213,351.64 922.50 1,817.89 31,272.38
Total Equipment Expense 181,167.89 24,736.86 2,431,959.00

Job Expense 1,565.31 1,431.82 2,195.84 1,257.03 308.28 21,896.05
Total Job Expenses
9,917.59 10,989.03 10,981.41 10,172.50 (254.91) 110,483.59
Labor Expense 59,691.53 80,756.09 80,839.86 69,834.18 (10,142.65) 901,068.32
Terminal Management
Driver Pay, Rev. Generating 9,655.56 6,465.37 4,226.02 6,707.99 9,655.56 55,408.17
Misc. Driver Pay 9,961.54 2,559.35 5,529.31 6,014.01 3,253.55 61,418.04
PTO, Holiday and Bonus Pay 7,260.83 7,615.90 8,384.75 9,611.51 1,246.82 92,277.04
Payroll Taxes 8,793.84 3,209.80 8,211.41 6,694.35 89,272.08
Benefits Expense 5,949.78 4,750.96 5,995.09 2,480.16 (817.67) 67,502.84
Worker's Comp Expense 2,926.55 2,458.03 3,789.05 6,178.72 (744.57) 42,013.59
Recruiting and Retention 4,282.59 4,277.91 4,287.57 446.39 46,709.70
Rent 644.74 (1,896.13)
Office Expense 335.22 704.12 919.47 1,100.00 (309.52) 9,883.47
Travel Expense 1,392.87 1,146.18 2,038.51 292.87 23,665.34
Misc Expenses 210.00 137.00
347.00 416.66 832.02 119,648.16 866.74 9,320.18
Total Labor & Related 120,514.90 125,349.40 136,034.44 25,911.88 1,509,022.36
302,073.08 (39,833.55)
DIRECT COSTS 327,984.96 338,815.00 351,581.92 101,239.90 3,962,877.41
GROSS MARGIN 61,406.35 103,065.17 69,553.46 25,911.88 807,534.44
GENERAL OVERHEAD 1,700.00 1,648.91 1,700.00 (39,833.55) 16,696.97
Total Operating Expense 2,360.00 303,773.08
EBITDA 329,684.96 341,175.00 353,230.83 (39,833.55) 3,979,574.38
59,706.35 100,705.17 67,904.56 99,539.90 (84.0%) 790,837.47
NET INCOME/(LOSS)
Margin % 59,706.35 100,705.17 67,904.56 99,539.90 790,837.47
8.4% 13.0% 10.4% 15.0% 10.5%

Open Action Items

P&L Notes Both plants down for holiday, appx $70k impact on revenue.
Revenue

Pneumatic T323 complete replacement of fender and product discharge line $5k
Maintenance

Tires $13k, November had 6 trailers under the new process that all tires on the rear axles were replaced if the
trailer was at the terminal for repairs to be made.

Accident Expense $12k, James Jordan collision, landing gear on T330 and T596, T670 blowout.

Trucking Tech $1800 PeopleNet installs in new trucks.

Worker's Comp Kelvin Rogers claim from 2016, $300
Deductible

MODERN TRANSPORTATION LLC
Western Region

For the Eleven Months Ending Friday, November 30, 2018

November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
110.0 104.0 116.1 110.0
Drivers 1.0 1.0 0.8 1.0 2682.0
12.0
Owner Operators 2387.0 2662.0 2479.0 2387.0
55491.0
Load Count
1,219,343.97 1,349,574.37 1,486,764.56 1,219,416.50 (72.53) 15,957,209.22
REVENUES
Mainline Revenue 241,230.62 255,136.03 256,327.34 235,279.18 5,951.44 2,868,499.31
Fuel Surcharge 1,460,574.59 1,604,710.40 1,743,091.90 1,454,695.68 5,878.91 18,825,708.53

Total Mainline Revenue (200.00) (179.00) 283.33 (200.00) 3,200.00
(179.00)
Wash Revenue (185.00) (1,662.33) (185.00) (14,371.90)
Wash Expense (385.00) (1,379.00) (385.00) (11,171.90)
Net Wash Revenue
7,202.51 7,973.29 4,442.74 7,202.51 59,502.88
Accessorial Revenue
4,563.75 930.75 3,741.93 0.0% 4,563.75 17,809.84
Broker Revenue (10,823.00) (38,297.00) (12,714.88) (10,823.00) (131,376.51)
Broker Expense (6,259.25) (37,366.25) (8,972.95) 36,137.00 (6,259.25) (113,566.67)
Broker Margin (27,570.38)
(137.2%) (4014.6%) (239.8%) 8,566.62 (137.2%) (637.7%)
Broker Margin %
35,920.54 32,563.84 9,150.99 23.7% (216.46) 109,872.91
Owner Operator Revenue (25,567.51) (26,080.54) (6,911.68) 2,002.87 (82,732.96)
Owner Operator Expense 10,353.03 6,483.30 2,239.32 1,786.41 27,139.95
Owner Operator Margin
28.8% 19.9% 24.5% (825.3%) 24.7%
O/O Margin %
1,508,061.39 1,646,178.28 1,760,710.89 1,490,832.68 17,228.71 19,016,094.16
Total Revenue 1,471,485.88 1,581,621.74 1,739,422.01 1,463,262.30 8,223.58 18,787,612.79
Revenue, Net of OO, Broker, Wash Exp
OPERATING EXPENSES 321,555.94 355,039.82 353,131.89 283,264.94 38,291.00 3,844,501.69
Equipment 216,391.22 195,722.38 214,222.23 190,022.36 26,368.86 2,341,152.63

Fuel Expense 61,464.55 56,484.47 53,515.71 59,211.38 2,253.17 589,741.44
Tractor Expense 76,836.66 118,499.70 113,494.52 65,329.05 11,507.61 1,260,639.31
Trailer Expense 18,955.46 17,043.51
Equipment Maintenance 25,113.39 39,533.71 23,784.86 19,999.79 1,911.95 233,272.80
Collision Expense 24,911.20 27,970.06 5,113.60 299,275.07
Liability Insurance 6,855.51 5,397.20 1,458.31 100,334.18
Trucking Technology 727,172.73 7,438.92 9,140.04 640,268.23 86,904.50 8,668,917.12
Total Equipment Expense 797,630.20 795,259.31

Job Expense 11,061.36 16,240.23 15,520.62 3,849.65 7,211.71 148,536.21
Total Job Expenses
45,923.08 44,279.67 37,259.05 48,365.31 (2,442.23) 425,976.41
Labor Expense 348,169.09 370,765.49 399,378.62 347,042.08 1,127.01 4,352,587.06
Terminal Management 48,416.44
Driver Pay, Rev. Generating 48,416.44 54,752.23 52,901.56 31,038.12 25,149.57 560,920.51
Misc. Driver Pay 56,187.69 22,318.88 35,536.98 399,243.31
PTO, Holiday and Bonus Pay 36,455.09 252.39
Mechanic Labor 252.39 665.75 192.52 66,483.08 4,083.79 2,562.67
Payroll Taxes 40,538.88 39,002.78 47,556.98 33,895.98 7,309.97 506,846.78
Benefits Expense 73,793.05 36,942.86 55,735.80 14,312.98 (4,076.21) 624,608.56
Worker's Comp Expense 29,819.77 21,664.74 38,598.38 11,408.59 4,337.97 421,117.79
Recruiting and Retention 18,650.95 22,354.70 18,337.87 210,327.12
Rent 10,958.58 10,506.28 10,437.09 1,476.98 (450.01) 115,850.30
Office Expense 6,466.67 1,269.13
Travel Expense 2,746.11 4,544.80 4,362.72 25,566.33 44,619.41
Misc Expenses 32,033.00 18,847.55 26,256.18 851.39 2,907.07 273,065.80
597,796.27 113,451.22
Total Labor & Related 3,758.46 2,228.95 1,432.42 1,241,914.15 207,567.43 17,990.33
711,247.49 648,874.68 727,986.17 (199,343.85) 7,955,716.05
DIRECT COSTS 1,449,481.58 1,462,745.11 1,538,766.10 221,348.15 3,620.73
GROSS MARGIN 7,350.00 211,188.16 16,773,169.38
GENERAL OVERHEAD 22,004.30 118,876.63 200,655.92 (202,964.58) 2,014,443.41
Total Operating Expense 10,970.73 11,883.63 14,105.91 1,249,264.15 (3,204.23) 160,139.71
EBITDA 1,460,452.31 213,998.15
Interest,Tax, Depreciation 11,033.57 1,474,628.74 1,552,872.01 3,204.23 (199,760.35) 16,933,309.09
106,993.00 186,550.01 (1159.5%) 1,854,303.70
NET INCOME/(LOSS) 11,033.57 210,793.92
Margin % 0.7% 106,993.00 186,550.01 14.1% 1,854,303.70
6.5% 10.6% 9.8%

Open Action Items

P&L NoteEsmployee Benefits Actual health insurance claims higher than normal, driving overall increase in benefits cost.

Insurance Occupational Accident Insurance invoice missed in October, resulting in higher expense for terminals with
Premiums Owner/Operators in November.

MODERN TRANSPORTATION LLC
PROVO 23

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
18.0 17.0 20.1 18.0
Owner Operators 1.0 1.0 0.8 1.0 451.0
187.2 12.0
Load Count 224.0 253.0 224.0
3968.0
REVENUES
Mainline Revenue 239,901.24 286,676.39 282,718.03 242,354.35 (2,453.11) 3,066,667.31
Fuel Surcharge
17,522.04 19,653.84 17,252.19 17,432.86 89.18 194,245.20
Total Mainline Revenue 257,423.28 306,330.23 299,970.22 259,787.21 (2,363.93) 3,260,912.51

Wash Expense (80.06)
Net Wash Revenue (80.06)

Accessorial Revenue 6,572.51 7,787.65 2,037.90 6,572.51 31,027.34

Broker Revenue 1,049.50 690.25 941.23 1,049.50 11,251.20
(377.21) (4,526.51)
Broker Expense 1,049.50 690.25 564.02 1,049.50 6,724.69
Broker Margin
100.0% 100.0% 59.9% 100.0% 59.8%
Broker Margin % 0.0%
35,578.28 32,563.84 9,109.63 (558.72) 109,034.33
Owner Operator Revenue (25,403.60) (25,399.18) (6,731.67) 36,137.00 2,166.78 (80,408.93)
10,174.68 2,377.97 (27,570.38) 1,608.06 28,625.40
Owner Operator Expense 7,164.66
Owner Operator Margin 28.6% 26.1% 8,566.62 (287.8%) 26.3%
22.0%
O/O Margin % 23.7%

Total Revenue 300,623.57 347,371.97 312,058.98 295,924.21 4,699.36 3,412,225.38
Revenue, Net of OO, Broker, Wash Exp 275,219.97 321,972.79 304,870.04 268,353.83 6,866.14 3,327,289.94
OPERATING EXPENSES
Equipment 95,916.74 110,754.14 96,107.37 85,894.72 10,022.02 1,065,988.32
35,995.61 37,345.35 37,357.53 37,362.48 (1,366.87) 410,709.74
Fuel Expense 26,524.72 21,897.64 18,747.56 22,500.00 4,024.72 210,622.08
Tractor Expense 41,179.90 23,722.84 11,966.27 (4,112.12) 250,751.34
Trailer Expense 7,854.15 19,295.88 36,810.95
Equipment Maintenance 3,017.29 5,945.11 5,139.22 3,174.07 (156.78) 61,602.00
Collision Expense 6,188.15 986.81 5,642.15 3,583.63 2,604.52 12,721.50
Liability Insurance 1,151.29
Trucking Technology 986.27 237,404.83 187,867.95 840.00 146.27 2,049,205.93
Total Equipment Expense 176,482.93 165,321.17 11,161.76

Job Expense 1,948.16 3,142.35 3,421.29 829.17 1,118.99 41,545.24
Total Job Expenses
8,258.77 10,417.55 9,825.17 10,000.00 (1,741.23) 105,993.39
Labor Expense 56,143.28 2,675.29 710,077.93
Terminal Management 58,818.57 64,069.24 64,483.73 2,800.78
Driver Pay, Rev. Generating 5,106.92 5,266.65 61,911.78
Misc. Driver Pay 2,800.78 4,968.00 5,703.00 6,228.31 62,663.91
PTO, Holiday and Bonus Pay 14,250.75 140.72 82,765.89
Payroll Taxes 10,373.57 3,071.08 5,086.26 5,691.79 (3,445.29) 93,113.24
Benefits Expense 2,403.00 (1,549.79) 37,550.90
Worker's Comp Expense 6,369.03 6,558.04 7,612.87 4,750.00 5,305.59 61,352.18
Recruiting and Retention 53,827.21
Rent 10,805.46 6,911.72 7,609.16 286.79 (361.38)
Office Expense 1,666.67 275.28 9,218.63
Travel Expense 4,142.00 3,007.00 3,329.75 (247.78) 47,057.52
Misc Expenses 115.00 1,030.01
7,708.59 5,892.23 5,106.25 106,642.51 10,148.85 4,983.77
Total Labor & Related 22,429.60 1,330,516.35
4,388.62 4,847.19 4,916.40 272,792.85 (15,563.46)
DIRECT COSTS (4,439.02) 3,421,267.52
GROSS MARGIN 562.07 1,853.99 1,021.67 1,470.00 22,429.60 (93,977.58)
GENERAL OVERHEAD (15,563.46) 12,424.22
Total Operating Expense 1,418.89 966.28 4,859.95 274,262.85
EBITDA (5,909.02) (703.85) 3,433,691.74
Interest,Tax, Depreciation 1,145.01 68.63 406.01 703.85 (106,401.80)
116,791.36 112,630.95 119,960.21 (14,859.61)
NET INCOME/(LOSS) (6,612.87) (316.2%) (106,401.80)
Margin % 295,222.45 353,178.13 311,249.46 (2.2%) (3.1%)
(20,002.48) (31,205.34) (6,379.42)
1,343.43
1,470.00 1,850.00
296,692.45 355,028.13 312,592.89
(21,472.48) (33,055.34) (7,722.85)

(21,472.48) (33,055.34) (7,722.85)
(7.1%) (9.5%) (2.5%)

Open Action Items

P&L Notes Down ~ $40k; Empty trucks are causing loads to be brokered through Logistics, and both Granger and
Revenue ELDM had some shutdowns that reduce demand. December should be better from a shutdown
perspective, but hiring has only recently improved, so overall volume will remain low in December.

Fuel ~$5k higher than epected; John has provided driver-level detail and Jamond is reviewing behavior with the
Provo team.

Tire Expense $12k; Most of this is recovered in the Maintenance Not Processed credit this month, for late invoices from
earlier months.

Accident Expense 662705- Carry over from Oct. Billed out at $5472.00-We did receive a credit of $2800 on invoice-Accrual
was for $4700. Credit of $8655 from Oct Accrual… $1500 Pete Lien payment from Rollover earlier in the
year stemming from 3rd Party carrier-The carrier did not settle up with Pete Lien.

Exterior Washes $1500; Exterior wash agreement set with local vendor that has been cancelled. Will review after the winter
months.

Misc Pay Approx. $1100 is related to transloading, Delivery Detention, Equipment Shuttle, and Breakdown detention
make up the remaining dollars.

Recruiting $7700; Heavy recruiting spend expected to continue.

MODERN TRANSPORTATION LLC
ROCKY MOUNTAIN & DENVER 32+40
For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
14.0 13.0 18.3 14.0
Load Count 557.8 400.5
427.0 605.0 427.0
REVENUES 11841.0
Mainline Revenue
Fuel Surcharge 129,766.19 203,465.00 208,194.57 129,342.41 423.78 2,311,347.99

Total Mainline Revenue 35,191.32 48,971.38 43,789.80 35,406.71 (215.39) 512,396.22
164,957.51 252,436.38 251,984.37 164,749.12 208.39 2,823,744.21

Wash Expense (416.78) (2,482.45)
Net Wash Revenue (416.78) (2,482.45)

Accessorial Revenue 111.40 1,336.76

Broker Revenue 3,514.25 2.27 3,514.25 3,541.50

Broker Expense 3,514.25 (108.42) 3,514.25 (1,301.00)
Broker Margin (106.15) 2,240.50
100.0% (4674.3%) 100.0%
Broker Margin % 0.0% 0.0% 63.3%

Total Revenue 168,471.76 252,436.38 252,098.04 164,749.12 3,722.64 2,828,622.47
Revenue, Net of OO, Broker, Wash Exp 168,471.76 252,436.38 251,572.84 164,749.12 3,722.64 2,824,839.02
OPERATING EXPENSES
Equipment 22,128.77 30,385.97 34,425.00 16,569.07 5,559.70 378,200.91
33,577.84 31,883.74 29,383.01 24,980.12 8,597.72 328,305.07
Fuel Expense
Tractor Expense 8,837.83 8,484.83 7,877.49 8,736.32 101.51 88,181.36
Trailer Expense 8,261.04 2,027.85 17,993.11 4,766.30 3,494.74 205,756.90
Equipment Maintenance 2,284.52 7,127.32 1,335.79
Collision Expense 3,100.77 4,108.69 1,986.77 1,508.15 948.73 24,136.86
Liability Insurance 1,085.39 1,100.57 4,485.38 1,592.62 49,211.37
Trucking Technology 79,276.16 85,118.97 1,580.17 765.00 17,954.37
Total Equipment Expense 97,730.93 58,660.75 320.39 1,091,746.84
20,615.41
Job Expense
Total Job Expenses 3,110.55 1,530.40 1,858.58 708.34 2,402.21 23,549.48

Labor Expense 10,013.76 5,934.08 5,066.68 10,000.00 13.76 65,250.59
Terminal Management 65,028.46 66,981.19 51,295.00 (2,708.73) 753,829.75
Driver Pay, Rev. Generating 48,586.27 14,070.17 8,228.62
Misc. Driver Pay 7,150.09 4,807.81 (2,300.88) 73,841.95
PTO, Holiday and Bonus Pay 8,228.62 3,440.12 4,757.94 4,078.83 50,584.40
Payroll Taxes 5,355.83 7,026.12 7,604.19 673.01 74,420.71
Benefits Expense 2,506.93 3,457.61 4,460.39 4,656.66 (517.11) 53,342.80
Worker's Comp Expense 3,063.78 14,614.61 1,715.09 (1,134.88) 156,750.17
Recruiting and Retention 4,751.84 5,659.53 4,704.54 1,166.67 2,605.07 49,178.58
Rent
Office Expense 7,087.08 613.92 517.72 245.00 (41.67) 1,125.00
Travel Expense 16,983.00 14,962.27 3,750.00 41.38 5,105.53
Misc Expenses 3,521.78 6,950.87 144,120.35
19.80 239.76 97.50 1,071.63 3,352.19
Total Labor & Related 4,320.16 123,626.30 130,481.32 89,416.75 12,881.07 1,430,902.02
148,785.84 35,898.69 2,546,198.34
DIRECT COSTS 1,125.00 210,275.67 230,070.83 (32,176.05) 278,640.68
GROSS MARGIN 42,160.71 21,502.01 15,963.28 23,485.57
GENERAL OVERHEAD 286.38 2,730.00 2,234.85 2,450.00 35,898.69 2,569,683.91
Total Operating Expense (32,176.05) 255,155.11
EBITDA 10,700.87 213,005.67 232,305.68 151,235.84
Interest,Tax, Depreciation 39,430.71 19,267.16 13,513.28 (309.02) 255,155.11
1,169.13 309.02 9.0%
NET INCOME/(LOSS) 102,297.82 (31,867.03)
Margin % 13,204.26 (856.0%)
184,684.53 8.0%
(16,212.77)

2,450.00
187,134.53
(18,662.77)

(18,662.77) 39,430.71 19,267.16
(11.1%) 15.6% 7.6%

Open Action Items

P&L Notes Down $73k due to downtime at OC Denver and RMBC, also using OTC heavily to support open positions
Revenue

Tractor Lease Outgoing and incoming leased trucks overlapped; there will be a partial credit coming next month, ~$2500

Pneumatic $5k; Replaced one coupler plate, otherwise this was many small repairs to the fleet.
Maintenance

Truck Maintenance $4k for blower installs on new leased trucks.

Accident Expense $1,014 is from glass repairs from road hazards(Billed dates list 6/18,8/18, and 9/18) $145 from Ryder.. The
$1125 is listed as an accident expense but the repairs detailed would suggest that these were fender
repairs based on overall wear and tear.

Related Job $1500; Moving one pneumatic trailer from Saxonburg to Denver for increased OC requirements.
Expense

Daily Min $7k Unloader pay at OC Denver.

Drivers On Loan (3) drivers on loadn to support lack of drivers, $11k.

Worker's Comp Valente Womack minor incident, will not be ongoing; $137.
Deductible

Hotel $5k in hotel stays for DOL. All stays didn't exceed over 119.00 per night with one of the stays being at
$90.00 per night over approx. a two week stay. The lowest monthly cost since June.

Safety-Related $1k for PPE purchases.

MODERN TRANSPORTATION LLC
WACO 42

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
18.0 15.0 12.8 18.0
Load Count 360.8 221.0
506.0 483.0 506.0
REVENUES 6599.0
Mainline Revenue
Fuel Surcharge 178,429.81 165,729.91 149,642.19 174,434.66 3,995.15 1,764,433.22

Total Mainline Revenue 63,570.85 59,662.79 48,288.14 63,299.44 271.41 594,675.37
242,000.66 225,392.70 197,930.33 237,734.10 4,266.56 2,359,108.59

Owner Operator Revenue 0.0% 0.0% 41.36 0.0% 0.0% 496.32
Owner Operator Margin 41.36 496.32
100.0%
O/O Margin % 100.0%

Total Revenue 242,000.66 225,392.70 197,971.69 237,734.10 4,266.56 2,359,604.91
Revenue, Net of OO, Broker, Wash Exp 242,000.66 225,392.70 197,971.69 237,734.10 4,266.56 2,359,604.91
OPERATING EXPENSES
Equipment 32,180.24 32,671.74 24,840.87 31,315.71 864.53 301,732.95
25,493.23 22,048.96 18,159.77 23,481.02 2,012.21 217,871.12
Fuel Expense
Tractor Expense 3,744.00 3,744.00 2,158.00 3,600.00 144.00 27,144.00
Trailer Expense 18,340.66 9,863.62 7,378.43 8,931.13 9,409.53 105,422.57
Equipment Maintenance 1,722.01 2,407.52 (2,407.52)
Collision Expense 4,434.83 291.50 3,447.95 3,593.80 20,664.09
Liability Insurance 710.79 4,039.89 841.03 41,434.92
Trucking Technology 663.31 340.00 370.79
Total Equipment Expense 84,903.75 656.96 58,370.34 73,669.18 11,234.57 7,675.14
73,316.67 721,944.79
Job Expense
Total Job Expenses 629.96 2,607.12 844.39 195.83 434.13 8,465.80

Labor Expense 5,934.09 6,329.69 2,843.50 6,300.00 (365.91) 39,556.12
Terminal Management 43,564.34 40,001.84 34,166.94 44,820.30 (1,255.96) 410,102.13
Driver Pay, Rev. Generating 10,736.01 10,736.01
Misc. Driver Pay 8,584.62 7,785.13 2,759.87 2,289.37 88,772.70
PTO, Holiday and Bonus Pay 5,049.24 2,236.11 2,906.81 5,206.75 1,236.89 32,828.29
Payroll Taxes 6,443.64 5,534.23 4,813.84 4,148.20 2,349.38 58,013.98
Benefits Expense 6,497.58 2,217.49 4,210.27 4,486.51 47,639.90
Worker's Comp Expense 4,425.00 2,918.00 4,425.95 1,001.33 (61.51) 49,567.26
Recruiting and Retention 2,150.66 3,923.43 3,006.77 1,149.33 37,134.55
Office Expense 160.16
Travel Expense 428.42 600.35 431.72 150.00 268.26 5,385.64
Misc Expenses 3,794.53 332.54 553.01 3,644.53 10,275.97
192.45 55.00
Total Labor & Related 363.43 72,870.75 50.45 69,088.12 308.43 921.84
89,386.94 148,794.54 65,194.39 142,953.13 20,298.82 780,198.38
DIRECT COSTS 174,920.65 76,598.16 124,409.12 1,510,608.97
GROSS MARGIN 2,212.31 94,780.97 31,967.52
GENERAL OVERHEAD 67,080.01 151,006.85 73,562.57 (27,700.96) 848,995.94
Total Operating Expense 3,093.12 74,385.85 2,091.22 142,953.13 28,011.93
EBITDA 94,780.97 3,093.12
Interest,Tax, Depreciation 178,013.77 74,385.85 126,500.34 452.02 35,060.64 1,538,620.90
63,986.89 33.0% 71,471.35 (30,794.08) 820,984.01
NET INCOME/(LOSS) 94,328.95
Margin % 63,986.89 71,471.35 39.7% (452.02) 820,984.01
26.4% 36.1% 34.8%
(30,342.06)
(711.2%)

Open Action Items

P&L Notes $9k; Lime unloading screw down frequently and issues with sand elevator at O-I.
Detention Pay $1500 in tractor rental to meet the need of 17 drivers. Working with Bob to move in a permanent unit after
Weatherford transition.
Tractor Rental $6k; Continued issues with O-I Waco.
Tire Expense
Maintenance Not $5500 for 30 open RO's, mostly from Ryder
Processed $2500 for Sanford drivers moved from Weatherford to Waco to support O-I.
Hotel

MODERN TRANSPORTATION LLC
WAXI and SHUTTLE 07+52

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
18.0 18.0 22.1 18.0
Load Count 450.6 546.0
262.0 342.0 262.0
REVENUES 10939.0
Mainline Revenue
Fuel Surcharge 207,695.18 231,921.28 306,989.09 207,757.00 (61.82) 3,223,612.58

Total Mainline Revenue 4,590.75 5,939.29 19,469.77 5,661.61 (1,070.86) 186,358.68
212,285.93 237,860.57 326,458.86 213,418.61 (1,132.68) 3,409,971.26

Accessorial Revenue 1,863.44 22,361.29

Broker Revenue (43.00) 240.50 249.17 (43.00) 2,767.00
(43.00) (43.00) (43.00)
Broker Expense 240.50 249.17
Broker Margin 0.0% 0.0% 2,724.00
100.0% 100.0%
Broker Margin % (163.91) 0.0% (163.91) 98.4%
(163.91) (681.36) (180.01) (163.91)
Owner Operator Expense (681.36) (180.01) (2,324.03)
Owner Operator Margin (2,324.03)

Total Revenue 212,285.93 238,101.07 328,571.47 213,418.61 (1,132.68) 3,435,099.55
Revenue, Net of OO, Broker, Wash Exp 212,079.02 237,419.71 328,391.46 213,418.61 (1,339.59) 3,432,732.52
OPERATING EXPENSES
Equipment 28,761.63 32,027.15 48,562.44 28,124.88 636.75 493,807.72
34,591.47 30,719.55 41,900.55 32,417.96 2,173.51 447,383.86
Fuel Expense 10,976.50 117,801.00
Tractor Expense 9,303.00 9,303.00 17,836.74 9,300.00 3.00 195,045.90
Trailer Expense 11,141.97 20,112.93 10,943.06 198.91
Equipment Maintenance 5,076.66 490.17 37,897.47
Collision Expense 1,644.58 483.82 3,466.79 1,154.41 221.07 33,483.56
Liability Insurance 1,455.04 1,781.40 2,296.11 1,233.97 722.96 26,449.99
Trucking Technology 2,112.66 2,579.06 130,115.78 1,389.70 4,446.37 1,351,869.50
Total Equipment Expense 89,010.35 97,006.91 84,563.98

Job Expense 368.43 522.10 1,148.44 612.50 (244.07) 10,002.11
Total Job Expenses
3,791.22 5,274.74 5,156.77 6,651.67 (2,860.45) 53,604.57
Labor Expense 59,562.12 71,872.49 88,566.98 62,919.39 (3,357.27) 921,064.67
Terminal Management 8,888.61
Driver Pay, Rev. Generating 8,888.61 4,903.48 7,948.37 6,104.48 7,635.30 85,320.48
Misc. Driver Pay 13,739.78 5,205.69 7,363.37 6,694.28 81,340.49
PTO, Holiday and Bonus Pay 6,439.59 9,930.12 13,064.03 11.27 100,885.45
Payroll Taxes 6,705.55 5,643.15 10,272.18 6,128.89 (1,251.15) 112,776.61
Benefits Expense 11,812.88 4,032.00 4,709.98 3,471.00 51,937.90
Worker's Comp Expense 2,141.78 1,415.65 1,164.42 (966.89) 16,415.59
Recruiting and Retention 5,162.00 1,340.00 1,240.61 (2,423.06) 14,145.97
Rent 1,047.94 324.55
Office Expense 1,518.49 519.82 686.09 133.33 354.07 7,244.38
Travel Expense 159.23 220.68 276.25 223.15 2,659.83
Misc Expenses 547.70 152.91 106,932.29 380.82 1,326.20
514.15 22.62 137,663.70 192,108.77 (178.19) 1,448,722.14
Total Labor & Related 107,554.59 268,927.92 21,309.84 6,456.21 2,810,593.75
98.06 59,463.54 490.00 10,658.51 622,138.77
DIRECT COSTS 113,388.50 205,083.60 2,345.76 192,598.77 (11,998.10) 26,014.61
GROSS MARGIN 32,336.11 271,273.68 20,819.84 2,836,608.36
GENERAL OVERHEAD 202,767.28 812.74 57,117.78 366.07 6.41 596,124.16
Total Operating Expense 9,311.74 10,664.92
EBITDA 496.41 205,896.34 57,117.78 20,453.77 (12,004.51) 596,124.16
Interest,Tax, Depreciation 31,523.37 17.4% 9.6% 17.4%
203,263.69 (366.07)
NET INCOME/(LOSS) 8,815.33 31,523.37
Margin % 13.2% (11,638.44)
8,815.33 1027.5%
4.2%

Open Action Items

P&L Notes
Truck Maintenance $2600 in turn-in repairs on 553206.

Daily Min $7k Multiple TONU's for Vitro, V Womack on loan to Waco.

MODERN TRANSPORTATION LLC
WEATHERFORD 15

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
35.0 34.0 35.3 35.0
Load Count 768.9 885.5
793.0 791.0 793.0
REVENUES 18364.0
Mainline Revenue
Fuel Surcharge 399,107.86 393,623.47 456,361.04 401,365.00 (2,257.14) 4,745,179.52

Total Mainline Revenue 103,650.16 103,441.71 109,514.33 96,980.32 6,669.84 1,189,583.74
502,758.02 497,065.18 565,875.37 498,345.32 4,412.70 5,934,763.26

Wash Revenue (200.00) 283.33 (200.00) 3,200.00

Wash Expense (185.00) (1,129.65) (185.00) (11,459.45)
Net Wash Revenue (385.00) (846.32) (385.00) (8,259.45)

Accessorial Revenue 630.00 185.64 430.00 630.00 4,777.49

Broker Revenue (10,780.00) (38,297.00) 2,549.26 (10,780.00) 250.14
(10,780.00) (38,297.00) (11,288.75) (10,780.00) (114,220.00)
Broker Expense (8,739.49) (113,969.86)
Broker Margin 0.0% 0.0% 0.0%
(342.8%) (45562.4%)
Broker Margin % 342.26 0.0% 0.0% 342.26
342.26 0.0% 0.0% 342.26 342.26
Owner Operator Revenue 342.26
Owner Operator Margin 100.0% 100.0%
100.0%
O/O Margin %

Total Revenue 503,530.28 497,250.82 569,137.97 498,345.32 5,184.96 5,943,333.15
Revenue, Net of OO, Broker, Wash Exp 492,565.28 458,953.82 556,719.56 498,345.32 (5,780.04) 5,817,653.70
OPERATING EXPENSES
Equipment 125,189.33 128,509.73 127,329.31 104,162.73 21,026.60 1,376,813.13
74,687.66 62,327.68 72,948.82 60,634.78 14,052.88 781,106.86
Fuel Expense 11,495.00 11,495.00 12,092.17 12,375.00 129,457.00
Tractor Expense 28,387.49 35,441.31 40,366.64 23,401.85 (880.00) 438,107.35
Trailer Expense 10,426.89 10,715.48 9,266.51 7,537.51 4,985.64 106,843.24
Equipment Maintenance 8,657.08 7,790.10 9,293.55 8,460.97 2,889.38 97,698.94
Collision Expense 1,492.48 1,649.76 2,722.73 1,722.50 28,332.63
Liability Insurance 196.11
Trucking Technology 260,335.93 257,929.06 274,019.73 218,295.34 (230.02) 2,958,359.15
Total Equipment Expense 42,040.59

Job Expense 4,761.18 8,202.24 7,660.36 1,437.14 3,324.04 59,563.55
Total Job Expenses
16,325.24 14,723.61 13,083.60 13,813.64 2,511.60 145,571.74
Labor Expense 122,510.36 112,405.83 123,773.15 112,676.79 9,833.57 1,335,606.03
Terminal Management 12,737.61
Driver Pay, Rev. Generating 12,737.61 17,823.05 20,407.44 10,137.50 4,847.58 203,735.50
Misc. Driver Pay 14,985.08 7,540.36 12,099.59 131,091.96
PTO, Holiday and Bonus Pay 665.75 12,257.06 252.39
Mechanic Labor 252.39 192.52 23,165.91 1,458.88 2,562.67
Payroll Taxes 13,715.94 13,171.13 15,776.30 11,074.37 11,584.12 164,596.31
Benefits Expense 34,750.03 18,005.54 26,770.11 292,350.38
Worker's Comp Expense 10,388.99 5,079.72 (685.38) 107,106.32
Recruiting and Retention 7,304.96 9,915.16 3,166.67 (1,656.12)
Rent 3,423.60 4,617.73 3,702.13 41,604.43
Office Expense 2,705.01 3,115.19 3,107.42 363.81 (461.66) 33,679.62
Travel Expense 1,566.13 600.00 529.81 16,187.42
Misc Expenses 893.62 910.55 5,631.54 262.64 14,825.55 68,428.37
15,425.55 406.50 192,598.11 674.19
Total Labor & Related 1,915.56 543.93 412,330.59 56,452.14 6,942.33
936.83 202,605.76 236,569.02 86,014.73 101,816.77 2,549,463.08
DIRECT COSTS 249,050.25 468,737.06 2,940.00 (107,596.81)
GROSS MARGIN (9,783.24) 518,249.10 415,270.59 5,567,385.78
GENERAL OVERHEAD 514,147.36 3,648.58 38,470.47 83,074.73 31.20 250,267.92
Total Operating Expense (21,582.08) 472,385.64 5,276.55 1,175.63 101,847.97 60,104.16
EBITDA (13,431.82) (107,628.01)
Interest,Tax, Depreciation 2,971.20 523,525.65 81,899.10 5,627,489.94
517,118.56 (13,431.82) 33,193.91 16.4% (1,175.63) 190,163.76
NET INCOME/(LOSS) (24,553.28) (2.7%)
Margin % 33,193.91 (106,452.38) 190,163.76
(24,553.28) 5.8% (2053.1%) 3.2%
(4.9%)

Open Action Items

P&L Notes $11k to support Vitro Wichita Falls
Broker Expense

Fuel $15k+; Jamond to perform the same exercise with the Weatherford fuel as the Provo terminal. Based on
the reduction in fuel in comparison to the miles it would appear that there has been improvement or based
on changes to the fuel program we have forced some changes to some poor behavior.

Tractor Rental $12k for rented tractors for drivers on loan for Vitro.

Pneumatic $3400 on T174, $2k on T674, $1k brakes on T492
Maintenance

Accident Expense $4k Penske Expense.. $1483=Deer Strike… $1961=Repairs stemming from Tire Blowout… $2415= Trailer
repair- Alignmnet bolt broke… $1,026- Bumper repair… $1,060=Deer Strike…. $1217=Repair to coolant
system.

Tolls $2k; Jamond is reviewing invoices.

Driver on Loan $15k fo support of Vitro

Worker's Comp $540 for Burke (ongoing) and Wallace.
Deductible

Travel $15k for drivers on loan for Vitro; have curtailed.

MODERN TRANSPORTATION LLC
ARDMORE 49

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
7.0 7.0 7.5 7.0
Load Count 178.0
175.0 188.0 153.8 175.0
REVENUES 3780.0
Mainline Revenue
Fuel Surcharge 64,443.69 68,158.32 82,859.64 64,163.08 280.61 845,968.60

Total Mainline Revenue 16,705.50 17,467.02 18,013.11 16,498.24 207.26 191,240.10
81,149.19 85,625.34 100,872.75 80,661.32 487.87 1,037,208.70
Wash Expense
Net Wash Revenue (179.00) (35.83) (430.00)
(179.00) (35.83) (430.00)
Broker Expense
Broker Margin (940.50) (11,286.00)
(940.50) (11,286.00)

Total Revenue 81,149.19 85,625.34 100,872.75 80,661.32 487.87 1,037,208.70
Revenue, Net of OO, Broker, Wash Exp 81,149.19 85,446.34 99,896.41 80,661.32 487.87 1,025,492.70
OPERATING EXPENSES
Equipment 17,379.23 20,691.09 21,866.91 17,197.83 181.40 227,958.66
12,045.41 11,397.10 14,472.54 11,146.00 899.41 155,775.98
Fuel Expense (1,140.06)
Tractor Expense 1,560.00 1,560.00 1,664.00 2,700.06 (2,469.09) 16,536.00
Trailer Expense 2,851.35 9,874.09 6,196.77 5,320.44 147.97 65,555.25
Equipment Maintenance 1,582.18 1,619.71 1,434.21 (341.75)
Collision Expense 1,277.52 1,246.01 593.70 1,619.27 127.92 6,920.19
Liability Insurance 1,634.23 (2,594.20) 15,844.28
Trucking Technology 467.92 465.76 340.00
Total Equipment Expense 37,163.61 46,853.76 726.43 39,757.81 7,200.55
47,154.58 495,790.91
Job Expense
Total Job Expenses 243.08 236.02 587.56 66.67 176.41 5,410.03

Labor Expense 1,600.00 1,600.00 1,283.33 1,600.00 (4,059.89) 16,000.00
Terminal Management 15,127.43 17,387.63 19,187.32 5,024.81 221,906.55
Driver Pay, Rev. Generating 21,406.64 7,411.55
Misc. Driver Pay 5,024.81 4,402.91 2,121.54 47,338.10
PTO, Holiday and Bonus Pay 9,533.09 825.52 3,907.52 1,989.86 563.02 40,734.26
Payroll Taxes 2,552.88 4,250.00 (1,409.98) 26,164.44
Benefits Expense 2,840.02 1,943.96 3,323.00 1,857.76 25,385.63
Worker's Comp Expense 2,180.00 707.35 322.24 18,205.24
Recruiting and Retention 2,397.73 642.84 (642.84)
Rent 1,221.46 1,339.00 1,160.83 4,641.79
Office Expense 27.92 120.00 2,413.70 60.63 13,072.50
Travel Expense 96.67 (68.75)
Misc Expenses 179.01 1,203.90 1,602.93 166.67 12.34 1,477.81
46.00 46.17 523.76
Total Labor & Related 402.54 45.00 1.00 464.00
40,332.62 9.89 33,118.49 7,214.13
DIRECT COSTS 29,586.33 1,172.66 415,914.08
GROSS MARGIN 77,739.31 72,942.97 4,796.34
GENERAL OVERHEAD 3,409.88 76,676.11 139.39 7,718.35 (4,308.47) 917,115.02
Total Operating Expense 490.00 8,770.23 108,377.68
EBITDA 630.00 28.73 72,942.97 490.00
Interest,Tax, Depreciation 78,229.31 7,718.35 5,286.34 10,099.22
2,919.88 77,306.11 39.36 197.64 (4,798.47) 927,214.24
NET INCOME/(LOSS) 8,140.23 38,117.53
Margin % (197.64) 98,278.46
85,859.67
14,036.75 (4,600.83) 98,278.46
(943.0%) 9.5%
814.10
86,673.77
13,222.64

2,919.88 8,140.23 13,222.64 7,520.71
3.6% 9.5% 13.1% 9.3%

Open Action Items

P&L Notes
Accident Expense $1600 railer Rear Axle damage… Listed on invoice as caused by impact by Penske(N08016)

MODERN TRANSPORTATION LLC
TUSCALOOSA 26

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
22.0 3.0 5.4 22.0
Owner Operators 19.0 18.1 19.0 148.0
19.0 340.0
Load Count 314.0 371.0 275.1 314.0 5914.0

REVENUES 57,835.22 55,670.56 63,956.42 41,876.00 15,959.22 670,478.08
Mainline Revenue 132,529.04
Fuel Surcharge 11,892.82 13,623.58 12,523.29 9,631.48 2,261.34 803,007.12
69,728.04 69,294.14 76,479.71 51,507.48 18,220.56
Total Mainline Revenue 173,234.91
24,716.91 24,230.00 13,643.17 24,716.91 (124,889.61)
Wash Revenue 48,345.30
Wash Expense (11,924.29) (11,324.66) (10,772.86) (11,924.29)
Net Wash Revenue 12,792.62 12,905.34 2,870.31 12,792.62 13,678.36

Accessorial Revenue 595.00 0.61 1,549.28 595.00

Owner Operator Revenue 322,803.58 308,113.62 282,208.60 261,700.92 61,102.66 3,279,329.66
Owner Operator Expense
Owner Operator Margin (226,010.61) (241,135.20) (210,830.48) (205,781.92) (20,228.69) (2,453,473.83)
96,792.97 66,978.42 71,378.12 55,919.00 40,873.97 825,855.83
O/O Margin % 25.2%
30.0% 21.7% 25.3% 21.4% 66.9%
Total Revenue
Revenue, Net of OO, Broker, Wash Exp 417,843.53 401,638.37 373,880.75 313,208.40 104,635.13 4,269,250.05
OPERATING EXPENSES 179,908.63 149,178.51 152,277.42 107,426.48 72,482.15 1,690,886.61
Equipment
13,184.99 13,560.87 16,628.56 9,271.75 3,913.24 193,909.07
Fuel Expense 29,491.44 25,746.40 26,399.24 26,958.20 2,533.24 314,365.41
Tractor Expense 30,706.93 29,577.75 28,729.18 30,695.15 328,604.68
Trailer Expense 13,474.06 13,177.72 12,409.22 11.78 115,382.70
Equipment Maintenance 9,896.73 1,064.84
Collision Expense 10,512.59 4,181.42 4,955.09 683.24 12,659.69
Liability Insurance 4,560.18 1,581.15 6,622.43 771.40 (683.24) 76,596.60
Trucking Technology 87,825.31 1,997.11 1,250.00 9,741.19 26,309.07
Total Equipment Expense 101,930.19 95,228.35 82,038.96 3,310.18 1,067,827.22
19,891.23
Job Expense
Total Job Expenses 1,192.36 (112.96) 1,808.59 625.00 567.36 19,369.39

Labor Expense 10,642.86 11,978.02 12,234.70 12,916.67 (2,273.81) 128,563.13
Terminal Management 12,137.64 12,576.97 14,098.77 12,342.40 (204.76) 150,940.79
Driver Pay, Rev. Generating 747.31
Misc. Driver Pay 747.31 977.69 2,865.02 2,875.94 18,540.00
PTO, Holiday and Bonus Pay 6,550.95 1,776.27 1,795.07 1,146.08 3,675.01 25,336.85
Payroll Taxes 2,263.27 2,244.49 2,715.85 4,180.19 1,117.19 26,805.58
Benefits Expense 6,079.61 3,253.59 4,867.98 2,011.30 1,899.42 53,449.82
Worker's Comp Expense 1,604.00 1,374.00 1,779.83 1,984.67 17,023.36
Recruiting and Retention 2,312.52 2,188.04 4,923.37 1,750.00 (407.30) 49,720.47
Rent 1,510.39 1,497.40 1,420.53 327.85 15,898.22
Office Expense 450.00 (239.61) 10,045.91
Travel Expense 518.27 312.36 950.59 666.67
Misc Expenses 15.95 69.15 1,121.63 333.33 68.27 8,709.48
40,657.25 (650.72) 8,426.14
Total Labor & Related 306.27 901.96 714.00 123,321.21 513,459.75
44,689.04 39,149.94 49,487.34 (15,894.73) (27.06) 1,600,656.36
DIRECT COSTS 147,811.59 126,862.29 146,524.28 3,430.00 4,031.79 90,230.25
GROSS MARGIN 126,751.21 24,490.38 15,037.51
GENERAL OVERHEAD 32,097.04 22,316.22 5,753.14 (19,324.73) 47,991.77 1,615,693.87
Total Operating Expense 3,430.00 3,910.00 1,444.28 132.24 75,192.74
EBITDA 147,968.56 24,490.38
Interest,Tax, Depreciation 151,241.59 130,772.29 4,308.86 (19,456.97) 47,991.77 430.48
28,667.04 18,406.22 (6.2%)
NET INCOME/(LOSS) 108.83 26.80 (23.41) 74,762.26
Margin % 18,406.22 1.8%
28,558.21 4.6% 4,282.06 48,015.18
6.8% 1.1% 45.9%

Open Action Items

P&L Notes $4000 for installing PeopleNet units in new trucks.
Trucking
Technology $13k in profit. We are now charging Southern Ionics for washes on every load, but can often top-load and
save the expense. Also, we are charging Westrock for washes on each load, but will only wash at end of
Wash Margin campaign, and those washes will be costly due to hand-labor to remove residual product.

MODERN TRANSPORTATION LLC
SAXONBURG 25

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
28.0 8.0 10.8 28.0
Owner Operators 19.0 27.8 19.0 468.0
20.0 769.6 546.3
Load Count 454.0 431.0 454.0 21874.0

REVENUES 75,074.89 77,811.05 147,572.19 72,294.00 2,780.89 1,367,364.54
Mainline Revenue
Fuel Surcharge 8,845.87 10,810.92 12,667.90 12,694.50 (3,848.63) 134,689.52
83,920.76 88,621.97 160,240.09 84,988.50 (1,067.74) 1,502,054.06
Total Mainline Revenue

Wash Revenue 106.33 (11,996.06)
(11,996.06)
Wash Expense (1,180.42)
Net Wash Revenue (1,074.09)

Accessorial Revenue 2,812.41 519.13 17,945.36 2,812.41 164,501.96

Broker Revenue 18,850.00 10,000.00 80,936.82 18,850.00 668,995.62
(17,875.03) (9,000.00) (75,065.96) (17,875.03) (618,490.32)
Broker Expense 1,000.00 50,505.30
Broker Margin 974.97 5,870.86 974.97
10.0% 7.5%
Broker Margin % 5.2% 7.3% 0.0% 5.2%
238,114.70 4,104,220.36
Owner Operator Revenue 237,355.15 (226,315.63) 397,744.96 128,839.25 108,515.90 (3,590,594.79)
(207,480.36) 11,799.07 (344,814.19) (103,176.38) (104,303.98)
Owner Operator Expense 29,874.79 52,930.77 25,662.87 513,625.57
Owner Operator Margin 5.0% 4,211.92
12.6% 13.3% 19.9% 12.5%
O/O Margin % 3.9%

Other Revenue (6,383.33)

Total Revenue 342,938.32 337,255.80 650,590.23 213,827.75 129,110.57 6,439,772.00
Revenue, Net of OO, Broker, Wash Exp 117,582.93 101,940.17 229,529.66 110,651.37 6,931.56 2,218,690.83
OPERATING EXPENSES
Equipment 26,141.09 34,303.91 44,750.98 15,188.13 10,952.96 460,743.25
24,265.46 21,905.90 33,625.65 19,860.50 4,404.96 339,490.47
Fuel Expense 24,951.22 22,413.00 21,408.75 24,886.91 64.31 262,130.22
Tractor Expense 11,229.50 10,344.98 1,515.90 116,816.76
Trailer Expense 6,430.62 9,713.60 (1,366.30)
Equipment Maintenance 12,905.60 4,221.17 1,366.30 9,758.19 21,465.43
Collision Expense 917.64 3,662.34 11,981.84 3,147.41 305.14 125,253.53
Liability Insurance 610.61
Trucking Technology 100,410.51 1,176.58 612.50 25,635.16 11,907.10
Total Equipment Expense 89,326.38 127,509.94 74,775.35 1,337,806.76

Job Expense 7,611.84 507.56 5,865.86 2,483.33 5,128.51 64,958.02
Total Job Expenses

Labor Expense 22,435.69 21,327.62 24,917.28 22,567.50 (131.81) 262,714.98
Terminal Management 25,996.97 23,118.15 36,059.25 19,479.00 6,517.97 363,599.58
Driver Pay, Rev. Generating 5,351.01
Misc. Driver Pay 5,351.01 6,752.00 9,570.90 3,189.41 15,344.11 94,800.12
PTO, Holiday and Bonus Pay 18,533.52 4,203.07 5,866.19 7,232.37 71,216.96
Mechanic Labor 8,847.22 8,025.61 1,306.38 4,075.05 87,305.34
Payroll Taxes 7,232.37 4,002.32 10,870.92 5,795.35 2,642.34 87,844.90
Benefits Expense 5,381.43 3,657.72 4,680.43 3,217.15 1,279.77 55,482.86
Worker's Comp Expense 8,437.69 2,960.00 4,602.75 1,939.17 44,602.53
Recruiting and Retention 4,496.92 2,989.16 3,271.27 7,488.18 (649.45) 31,188.99
Rent 1,289.72 6,512.01 6,710.23 3,048.25 (935.12) 73,466.87
Office Expense 6,553.06 2,624.80 2,667.87 (1,278.71) 27,950.78
Travel Expense 1,769.54 4,301.10 1,637.32 166.67 1,099.11 20,826.59
Misc Expenses 1,265.78 1,507.63 382.50 142.24 13,565.32
924.34 120,387.64 68,579.56 40,688.88 1,234,565.82
Total Labor & Related 524.74 92,219.51 253,763.44 145,838.24 71,452.55 2,637,330.60
109,268.44 182,053.45 (24,233.79) (35,186.87) (64,520.99) (418,639.77)
DIRECT COSTS 1,352.24 1,470.00 13,579.75
GROSS MARGIN 217,290.79 (80,113.28) 255,115.69 147,308.24 632.67 2,650,910.35
GENERAL OVERHEAD (99,707.86) 2,934.60 (25,586.03) (36,656.87) 72,085.22 (432,219.52)
Total Operating Expense 157.30 (65,153.66)
EBITDA 2,102.67 184,988.05 160.29 2,378.73
Interest,Tax, Depreciation 219,393.46 (83,047.88) (36,814.17) 297.93
(101,810.53) (25,746.32) (17.2%) (434,598.25)
NET INCOME/(LOSS) 229.79 (4.0%) (65,451.59) (6.7%)
Margin % 455.23 (50.7%)
(83,277.67)
(102,265.76) (24.7%)
(29.8%)

Open Action Items

P&L Notes $10k excess cost due to shutdown and excess miles shuttling trailers via Bradford.
Fuel

Tractor Lease $4800 high; The turn in of 547179 didn’t hit yet and the start bill of 820156 was backdated.

Truck Maintenance $4400 for turn-in reparis on 547178.

Daily Minimum $3k for shuttling Guelph clay loads via Bradford; this will end mid-December.

Related Job $4k for border-crossing transponders.
Expense

MODERN TRANSPORTATION LLC
CINCINNATI 21

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
3.0 3.0 4.5 3.0
Owner Operators 1.0 3.1 0.0 93.0
37.0 62.0
Load Count 44.0 57.8 37.0 1215.0

REVENUES 43,368.03 57,055.06 67,265.51 45,518.08 (2,150.05) 726,503.06
Mainline Revenue 143,970.71
Fuel Surcharge 9,890.72 14,085.75 12,995.31 9,558.80 331.92 870,473.77
53,258.75 71,140.81 80,260.82 55,076.88 (1,818.13)
Total Mainline Revenue 130,589.00
(141,159.82)
Wash Revenue 9,618.00 15,116.00 11,626.50 9,618.00 (10,570.82)

Wash Expense (12,679.39) (15,583.00) (12,111.64) (12,679.39) 168,349.96
Net Wash Revenue (3,061.39) (467.00) (485.14) (3,061.39)
50,090.01
Accessorial Revenue 10,027.40 12,210.94 15,517.07 10,027.40 (59,575.61)
(9,485.60)
Broker Revenue 8,977.43 10,542.24 3,426.05 8,547.84 429.59
(7,384.00) (17,486.00) (4,349.30) (6,451.20) (932.80) (18.9%)
Broker Expense 1,593.43 (6,943.76) (923.25) 2,096.64 (503.21)
Broker Margin (117.1%) 629,774.20
17.7% (65.9%) (26.9%) 24.5% (553,883.90)
Broker Margin % 27,641.53 75,890.30
27,641.53 19,762.93 61,790.86 0.0% (10,147.48)
Owner Operator Revenue (10,147.48) (10,344.92) (55,900.51) 17,494.05 12.1%
17,494.05 9,418.01 5,890.35
Owner Operator Expense 63.3%
Owner Operator Margin 63.3% 47.7% 9.5%

O/O Margin %

Total Revenue 109,523.11 128,772.92 172,621.29 63,624.72 45,898.39 1,849,276.94
Revenue, Net of OO, Broker, Wash Exp 79,312.24 85,359.00 100,259.84 57,173.52 22,138.72 1,094,657.61
OPERATING EXPENSES
Equipment 10,024.29 10,638.98 15,292.55 11,979.99 (1,955.70) 161,607.77
18,776.59 18,899.11 17,760.16 18,220.16 556.43 194,534.44
Fuel Expense 10,927.20 11,677.20 12,742.64 11,500.00 (572.80) 137,462.58
Tractor Expense 546.07
Trailer Expense 3,598.03 1,818.01 7,561.39 3,051.96 (820.38) 79,218.58
Equipment Maintenance 42,000.00 5,736.27 820.38 775.29 68,147.30
Collision Expense 1,701.53 2,170.81 926.24 185.26 22,642.23
Liability Insurance 410.26 1,333.73 225.00
Trucking Technology 335.14 370.04 (1,285.83) 4,177.84
Total Equipment Expense 45,437.90 61,633.85 46,723.73 667,790.74
86,702.17
Job Expense
Total Job Expenses 5,941.09 5,710.31 5,528.53 416.67 5,524.42 62,563.33

Labor Expense 4,945.07 5,274.74 4,969.70 5,000.00 (54.93) 53,662.21
Terminal Management 14,426.12 17,724.28 19,778.84 14,819.84 (393.72) 215,396.32
Driver Pay, Rev. Generating 2,604.28
Misc. Driver Pay 2,604.28 4,201.43 4,831.20 1,839.47 (1,171.80) 51,427.71
PTO, Holiday and Bonus Pay 667.67 436.24 1,779.44 1,376.13 445.19 18,300.60
Payroll Taxes 3,115.98 2,760.00 870.56 32,013.79
Benefits Expense 1,821.32 1,921.80 3,232.61 1,687.63 (1,687.63) 32,844.40
Worker's Comp Expense 3,630.56 553.58 (1,091.25) 1,000.83 1,487.77 (13,342.88)
Recruiting and Retention 1,641.78 450.00 17,613.88
Rent 2,488.60 (20,084.84) 50.00
Office Expense 500.00 1,828.58 70.17 91.67 46.87 1,278.00
Travel Expense 138.54 500.00 107.98 333.33 (333.33) 1,312.79
Misc Expenses 701.92 245.43 50.00 314.37 2,332.11
364.37 1,071.69 263.06 29,008.90 2,577.63 3,441.71
Total Labor & Related 31,586.53 83.52 38,944.95 76,149.30 6,816.22 416,280.64
106,107.33 (18,975.78) 15,322.50 1,146,634.71
DIRECT COSTS 82,965.52 14,212.94 (5,847.48) 1,470.00 (51,977.10)
GROSS MARGIN (3,653.28) 751.93 77,619.30 6,816.22 8,052.20
GENERAL OVERHEAD 1,470.00 106,625.42 106,859.26 (20,445.78) 15,322.50 1,154,686.91
Total Operating Expense 84,435.52 (21,266.42) (6,599.42) 158.78 (60,029.30)
EBITDA (5,123.28) (70.53)
Interest,Tax, Depreciation 4,041.90 5.59 (20,604.56) 141.34
88.25 110,667.32 (32.4%) 15,393.03
NET INCOME/(LOSS) (25,308.32) (6,605.01) 33.5% (60,170.64)
Margin % (5,211.53) (3.8%) (3.3%)
(4.8%) 53.09

(25,361.41)
(19.7%)

Open Action Items

P&L NoteWs ash Margin Timing of $2,800 worth of heel and steaming charges to be reflected in December.
O/O Margin Some fuel expense was applied to Saxonburg during transition, will be correct in December.
Daily Minimum $1500 using Cincinnati driver to cover Guelph Clay shuttles to Bradford.

MODERN TRANSPORTATION LLC
HOUSTON (LA PORTE) 48

For the Eleven Months Ending Friday, November 30, 2018

Drivers November Prior Month 12 Mo. Avg. Theo. Spend Diff From Theo YTD
15.0 13.0 15.7 15.0
Owner Operators 3.0 3.0 2.9 3.0 343.0
97.0 152.7 97.0 59.0
Load Count 126.0
3005.0
REVENUES
Mainline Revenue 130,824.63 160,842.70 208,148.42 101,870.40 28,954.23 2,286,821.74
Fuel Surcharge
28,698.23 39,057.41 45,164.35 23,430.19 5,268.04 504,833.57
Total Mainline Revenue 159,522.86 199,900.11 253,312.77 125,300.59 34,222.27 2,791,655.31

Wash Revenue 22,398.13 28,780.00 33,405.43 22,398.13 371,663.34
Wash Expense
Net Wash Revenue (22,644.00) (28,527.00) (34,440.25) (22,644.00) (380,618.38)
(245.87) 253.00 (1,034.82) (245.87) (8,955.04)
Accessorial Revenue
6,418.53 12,304.27 12,324.36 6,418.53 137,511.59
Owner Operator Revenue
Owner Operator Expense 33,966.70 40,213.83 59,334.34 19,155.83 14,810.87 663,761.81
Owner Operator Margin
(25,495.24) (37,304.74) (43,400.49) (15,062.70) (10,432.54) (487,236.56)
O/O Margin % 8,471.46 2,909.09 15,933.85 4,093.13 4,378.33 176,525.25
24.9% 7.2% 21.4% 29.6%
Total Revenue 26.9% 26.6%
Revenue, Net of OO, Broker, Wash Exp
OPERATING EXPENSES 222,306.22 281,198.21 358,376.90 144,456.42 77,849.80 3,964,592.05
Equipment 174,166.98 215,366.47 280,536.16 129,393.72 44,773.26 3,096,737.11

Fuel Expense 30,353.04 38,953.52 47,099.54 22,711.95 7,641.09 522,153.50
Tractor Expense 49,060.34 60,574.98 51,133.91 55,203.35 (6,143.01) 573,573.86
Trailer Expense 26,929.05 16,028.75 23,646.98 22,600.00 4,329.05 268,617.76
Equipment Maintenance 19,266.47 15,473.70 16,558.57 12,476.45 192,559.06
Collision Expense 12,420.70 6,790.02 139,748.89
Liability Insurance 1,758.00 1,368.00 1,662.10 95.90
Trucking Technology 3,367.36 2,571.17 5,459.52 1,876.56 1,490.80 57,773.64
Total Equipment Expense 2,857.47 7,600.39 3,975.38 2,047.47 46,238.54
133,591.73 142,570.51 160,294.61 810.00 21,937.75 1,800,665.25
Job Expense 111,653.98
Total Job Expenses
2,845.42 2,059.94 2,230.01 333.34 2,512.08 28,252.11
Labor Expense
Terminal Management 3,914.83 6,002.74 11,473.93 12,916.67 (9,001.84) 113,138.58
Driver Pay, Rev. Generating 39,618.73 59,060.37 62,947.71 30,024.96 9,593.77 696,313.10
Misc. Driver Pay 2,417.70
PTO, Holiday and Bonus Pay 2,417.70 2,141.43 4,363.87 5,510.14 (1,927.86) 49,169.13
Payroll Taxes 3,582.28 3,179.27 3,829.64 4,021.20 41,814.12
Benefits Expense 4,181.01 5,345.29 8,145.82 9,847.89 159.81 87,192.20
Worker's Comp Expense 8,978.26 4,435.67 5,623.53 3,693.33 (869.63) 65,280.22
Recruiting and Retention 3,117.29 3,038.29 4,345.79 3,603.00 (576.04) 48,019.48
Rent 2,937.99 5,038.74 12,884.60 1,875.00 (665.01) 131,566.19
Office Expense 2,333.47 1,774.33 1,765.85 458.47 19,990.82
Travel Expense 1,266.97 1,022.84 420.00 370.89 11,324.94
Misc Expenses 790.89 2,455.72 1,630.68 1,000.00 3,097.80 22,259.21
4,097.80 1,811.90
Total Labor & Related 95,550.72 501.81 500.00 14.47 5,854.69
514.47 240,181.17 118,536.07 73,412.19 3,072.53 1,291,922.68
DIRECT COSTS 76,484.72 (24,814.70) 185,399.51 27,522.36
GROSS MARGIN 212,921.87 3,755.14 281,060.68 17,250.90 3,120,840.04
GENERAL OVERHEAD 243,936.31 (524.52) (56,005.79) (24,102.93)
Total Operating Expense (38,754.89) (28,569.84) 3,430.00 4.74 14,466.16
EBITDA 3,434.74 1,183.59 27,527.10
Interest,Tax, Depreciation (28,569.84) 282,244.27 188,829.51 17,246.16 3,135,306.20
216,356.61 (10.2%) (59,435.79) (38,569.09)
NET INCOME/(LOSS) (42,189.63) (1,708.10) (321.70) 1,286.58
Margin % 107.22 321.70
(42,189.63) 17,567.86 (39,855.67)
(19.0%) (1,815.32) (59,757.49) 22.6% (1.0%)
(0.5%) (41.4%)


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