Daseke, Inc. (NASDAQ:DSKE) reported Q2 EPS of $0.42, $0.04 better than the analyst estimate of $0.38. Revenue for the quarter came in at $481.3 million versus the consensus estimate of $427.39 million.
Capital Summary and Outlook:
At June 30, 2022, Daseke had cash and cash equivalents of $152.0 million, as well as $125.3 million available under its revolving credit facility, for total available liquidity of $277.3 million. Total debt was $604.3 million and net debt was $452.3 million. This compares to cash and cash equivalents of $147.5 million and $107.8 million available under the revolving credit facility, total available liquidity of $255.3 million, total debt of $594.5 million, and net debt of $447.0 million on December 31, 2021.
For the second quarter of 2022, net cash provided by operating activities was $22.7 million, cash capital expenditures were $16.4 million, and cash proceeds from the sale of property and equipment were $8.9 million, resulting in Free Cash Flow of $15.2 million. Additionally, capital expenditures financed with debt and finance leases were $34.0 million in the second quarter of 2022. This compares to net cash provided by operating activities of $28.6 million, cash capital expenditures of $12.8 million, and cash proceeds from the sale of property and equipment of $16.5 million, resulting in Free Cash Flow of $32.3 million in the second quarter of 2021. Capital expenditures financed with debt and finance leases were $14.8 million in the second quarter of 2021. Net cash provided by operating activities and Free Cash Flow were each negatively impacted in the quarter by $10.6 million in incremental cash taxes, when compared to the second quarter of 2021. In addition, Free Cash Flow was negatively impacted by $11.2 million in incremental net cash capital expenditures, when compared to the second quarter of 2021.
Jason Bates, Chief Financial Officer of Daseke commented, "We are proud of the entire team here at Daseke for another strong quarter, in spite of various macro and industry headwinds. As we have noted in previous quarters, we continue to observe disruptions in the global supply chain, slowing our ability to access new equipment, and giving rise to various inflationary pressures. Our strategic alignment with niche, defensible end-markets in the industrial economy, as opposed to the commodity oriented consumer retail markets, has been a key factor in our ongoing success. We continue to see strength in freight rates, and have also flexed our asset-light service offering to capture additional freight throughout the year. As such, we are raising our full-year consolidated 2022 revenue outlook at this time, now expecting an increase between 12% and 15% year-over-year. Having said that, we are not immune to the various inflationary cost pressures the industry has experienced thus far in 2022, which combined with the increase in our asset light business and associated margin impact, leads us to reaffirm our previously provided Adjusted EBITDA guidance for the year of 5% to 10% year-over-year improvement. While the first half of 2022 has been plagued by equipment delays, we expect that a majority of the equipment will be delivered in the second half of the year and are therefore reaffirming our full-year 2022 net capital expenditures outlook of $145 to $155 million."