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4th Quarter 2014 Earnings

Call Presentation

February 11, 2015

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Financial information in this presentation is preliminary and based upon information available to the Company as of the

date of this presentation. As such, this information remains subject to the completion of normal quarter-end closing and

interim review procedures, which could result in changes, some of which could be material, to the preliminary

information provided in this presentation.

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,

as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements

are made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These statements generally

may be identified by their use of terms or phrases such as “expects,” “estimates,” “anticipates,” “projects,” “believes,”

“plans,” “goals,” “intends,” “may,” “will,” “should,” “could,” “potential,” “continue,” “future” and terms or phrases of similar

substance. Forward-looking statements are based upon the current beliefs and expectations of our management and

are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause

future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-

looking statements. Accordingly, actual results may differ materially from those set forth in the forward-looking

statements. Readers should review and consider the factors that may affect future results and other disclosures by the

Company in its press releases, Annual Report on Form 10-K and other filings with the Securities and Exchange

Commission. Any forward-looking statement speaks only as of the date on which it is made. We disclaim any obligation

to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the

forward-looking information. In light of these risks and uncertainties, the forward-looking events and circumstances

discussed in this presentation might not occur.

All forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety

by this cautionary statement.

References to the “Company,” “we,” “us,” “our” and words of similar import refer to USA Truck, Inc. and its subsidiary.

Safe Harbor Statement

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113.6 117.6

125.0 125.9 125.8

80

90

100

110

120

130

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Base Revenue (1)

Q4 Consolidated Results

Consolidated base revenue increased

$12.2 million, or 10.7%, over Q4 2013

Net income jumped $8.8 million to $4.2

million versus $(4.6) million loss last year

EPS of $0.40, best Q4 in company history

– Highest EPS of any quarter since Q3 2005

– $0.84 per share improvement over Q4 2013

9th consecutive quarter of year-over-year

improvements

($/M)

(0.44) (0.15)

0.07 0.26

0.40

-0.50

-0.30

-0.10

0.10

0.30

0.50

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Earnings/Loss per Share (2) ($/Share)

(1) Base revenue excludes fuel surcharge revenue.

(2) Q4 2013 includes a $0.35 per share non-cash charge related to the long-term claims liability reserve

and $0.09 per share in non-operating legal and related defense expenses.

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104.1

93.2

85

90

95

100

105

Q4 2013 Trucking SCS Q4 2014

Operating Ratio

(4.7) (1.0)

4.3 5.4

8.6

-6

-4

-2

0

2

4

6

8

10

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Operating Income/(Loss) (1)

Q4 Consolidated Results

($/M) Third consecutive quarter of positive

operating income

$13.3 million improvement in operating

income compared to Q4 2013

– Trucking contributed $11.8 million of the

increase

Consolidated OR improved 1,090 basis

points to 93.2%

– Balanced contribution from Trucking and

SCS

– Trucking OR: 95.1%

– SCS OR: 88.8%

(%)

(1) Q4 2013 includes a $6.0 million non-cash charge related to the

long-term claims liability reserve.

(5.4)

(5.6)

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Q4 Trucking Highlights

Base revenue increased $3.5 million, or

4.2%, YOY

$12 million reduction in operating expenses

– $2.9 million contribution from fleet fuel

efficiency initiatives, including investments in

new equipment and enhancements to the

existing fleet

– Average miles per gallon up 10.4% YOY

– Insurance and claims expenses at 4.4% of

base revenue versus 5.7% for Q4 2013

– Variable expense reductions partially offset

by increases in driver compensation

$11.8 million YOY improvement in operating

income to $4.2 million

– Improved pricing and yield management

– Improved operational execution

– Lower operating expenses

1,400 basis-point improvement in OR

to 95.1%

(1) Base revenue excludes fuel surcharge revenue.

(2) Q4 2013 includes a $6.0 million non-cash charge related to the long-term

claims liability reserve.

83.3 80.2

83.2 86.1 86.8

60

65

70

75

80

85

90

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Base Revenue (1)

($/M)

(7.6) (6.1) (1.7)

0.01 4.2

-10

-8

-6

-4

-2

0

2

4

6

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Operating Income/(Loss) (2) ($/M)

($/M)

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Q4 Trucking Operating Metrics

Weekly revenue per seated

truck above $3,000 for fourth

consecutive quarter

– Grew 9.1% on 13.5% increase

in rate per loaded mile

Maximizing utilization of

company-owned fleet

– Growing dedicated fleet

– Increased size of owner-

operator fleet 37%

Positive results from driver

recruitment and retention

initiatives

Q4 2013 Q4 2014 Difference

Weekly Revenue Per Seated Truck ($) 2,963 3,233 9.1%

Total Miles (000s) 57,079 52,471 (8.1)%

Rate Per Loaded Mile ($) 1.672 1.898 13.5%

Average No. of In-service Trucks 2,235 2,194 (1.8)%

Average No. of Seated Trucks 2,139 2,043 (4.5)%

Annualized Driver Turnover (%) 106.5 100.0 650 bps

Average Length of Haul (miles) 608 598 (1.6)%

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30.4

37.4

41.8

39.9 39.0

10

15

20

25

30

35

40

45

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Base Revenue (1)

Q4 SCS Highlights

Base revenue jumped 28.5% YOY

– Higher load volumes

– Total revenue per employee increased

14.5%

Operating income increased 49.6% YOY

– Gross margin widened 270 bps to 17.3%

– Continued improvement in employee

productivity

– Operating ratio improved 160 bps

to 88.8%

(1) Base revenue excludes fuel surcharge revenue.

($/M)

2.9

5.1

6.0 5.3

4.4

0

1

2

3

4

5

6

7

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

Operating Income ($/M)

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FY 2014 Overview

Executing Plan to Drive Operating Leverage

Operational

Execution

Cost

Effectiveness

Profitable

Revenue

Growth

Turnaround Accomplishments

Reduced maintenance costs/mile

Significantly improved fuel efficiency

Continued to refine the freight network

Further improved yield management

Expanded SCS operating income

Built foundation for strong dedicated

business

Increased owner-operator fleet

Increased revenue from customers

utilizing more than one service offering

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2

(12.6)

(23.3)

(8.7)

17.2

-30

-20

-10

0

10

20

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Operating Income/(Loss) (2)

FY 2014 Consolidated Results

386.9 411.0 408.7 443.9

494.3

0

100

200

300

400

500

600

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Base Revenue (1) ($/M)

($/M)

(0.32) (1.05)

(1.71)

(0.88)

0.58

-2.20

-1.60

-1.00

-0.40

0.20

0.80

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Earnings/Loss per Share (3) ($/Share)

Achieved FY 2014 financial goals:

– Positive operating income

– Positive EPS

Record base revenue, up 11.4% over

FY 2013

Operating income increased $25.9 million

over FY 2013

– Trucking OR approaching breakeven

– SCS operating income more than doubled

EPS highest in 8 years

– GAAP EPS of $0.58 per share

– Non-GAAP EPS of $0.74 compared to

$(0.44) for FY 2013

0.0

(1) Base revenue excludes fuel surcharge revenue.

(2) FY 2013 includes a $6.0 million non-cash charge related to the long-term

claims liability reserve.

(3) FY 2013 includes a $0.35 per share non-cash charge related to the long-

term claims liability reserve and $0.09 per share in non-operating legal and

related defense expenses.

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Balance Sheet and Liquidity

($/MM) 12/31/12 12/31/13 12/31/14

Total Debt 138.3 128.9 117.5

Total Capitalization 247.7 227.8 222.9

Debt to Adj. EBITDA (1) 6.3x 3.0x 1.9x

Cash Flow from Operations 15.5 35.9 49.7

$11.4 million reduction in debt during FY 2014

FY 2014 improvement in cash flow from operations reflects enhanced

operational effectiveness across all services

Net cash capital for FY 2014 of $37.5 million

– Continued reinvestment in rolling stock

FY 2015 planned net cash capital of $55 to $70 million

(1) See Appendix for calculation of Adjusted EBITDA.

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Refinancing

$170 million senior secured revolving credit facility completed on

February 5, 2015

– Lower cost of capital

• Immediate interest rate reduction of 75 bps

– Enhanced flexibility

– Substantially increases company’s access to capital

– Improved terms reflect significant progress in improving operational effectiveness

Non-cash write-off of unamortized debt issuance costs of $0.8 million to be

taken in Q1 2015

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Trucking

Asset-Light SCS

2015: Positioning USAK as

Capacity Solutions Provider

Executing Strategy to Drive Growth as Capacity Solutions Provider

>90 of Top 100 Customers Use Multiple Services

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2015 Outlook

2015: “Even Better”

DRIVE OPERATING AND ASSET LEVERAGE

Growth in revenue, operating income

and EPS

Further improve yield management

Continued expansion of owner-operator

fleet

Increased wallet share of customers’

transportation spend

Grow dedicated freight business

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Appendix

Non-GAAP Reconciliation

RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA

(UNAUDITED)

(in thousands)

Three Months Ended Year Ended

December 31, December 31,

2014 2013 2014 2013 2012

GAAP net income (loss)……………………………………….. $ 4,182 $ (4,636) $ 6,033 $ (9,110) $ (17,671)

Add:

Income tax expense (benefit)………………………………… 3,326 (2,446) 5,193 (3,988) (9,589)

Interest, net…………………………………………………… 738 910 3,008 3,662 4,052

Depreciation and amortization……………………………….. 10,556 11,547 43,830 44,947 45,058

EBITDA……………………………………………………..…. $ 18,802 $ 5,375 $ 58,064 $ 35,511 $ 21,850

Add:

Long-term claims liability reserve adjustment………………. -- 5,970 -- 5,970 --

Defense costs………………………………………………… 171 1,480 2,764 1,480 --

Adjusted EBITDA……………………………………………… $ 18,973 $ 12,825 $ 60,828 $ 42,961 $ 21,850

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Appendix

Non-GAAP Reconciliation

RECONCILIATION OF GAAP DILUTED INCOME (LOSS) PER SHARE TO ADJUSTED INCOME LOSS PER SHARE

(UNAUDITED)

Three Months Ended Year Ended

December 31, December 31,

2014 2013 2014 2013

GAAP diluted earnings (loss) per share……………………………………… $ 0.40 $ (0.45) $ 0.58 $ (0.88)

Adjusted for:

Income tax expense (benefit)……………………………………………… 0.32 (0.24) 0.49 (0.39)

Income before income taxes……………………………………………..... 0.72 (0.69) 1.07 (1.27)

Long-term claims liability reserve adjustment……………………………. -- 0.58 -- (0.58)

Defense costs……………………………………………………………… 0.02 0.14 0.27 (0.14)

Adjusted income before taxes……………………………………………….. 0.74 0.04 1.34 (0.55)

Provision for income tax expense………………………………………… 0.33 0.04 0.60 0.11

Adjusted diluted earnings (loss) per share…………………………………... $ 0.41 $ 0.00 $ 0.74 $ (0.44)