HEARTLAND EXPRESS INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
HTLD$10.09-0.6%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited)
| HEARTLAND EXPRESS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except per share amounts)(unaudited) | ||
|---|---|---|
| ASSETS | September 30,2024 | December 31,2023 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | $30,739 | $28,123 |
| Trade receivables, net of $2.3 and $2.7 million allowance in 2024 and 2023, respectively | 100,017 | 102,740 |
| Prepaid tires | 9,372 | 10,650 |
| Other current assets | 15,772 | 17,602 |
| Income tax receivable | 1,228 | 10,157 |
| Total current assets | 157,128 | 169,272 |
| PROPERTY AND EQUIPMENT | ||
| Land and land improvements | 119,182 | 118,682 |
| Buildings | 151,679 | 149,780 |
| Furniture and fixtures | 6,824 | 6,835 |
| Shop and service equipment | 22,106 | 20,822 |
| Revenue equipment | 995,743 | 1,021,208 |
| Construction in progress | 2,051 | 2,582 |
| Property and equipment, gross | 1,297,585 | 1,319,909 |
| Less accumulated depreciation | 536,948 | 434,558 |
| Property and equipment, net | 760,637 | 885,351 |
| GOODWILL | 322,597 | 322,597 |
| OTHER INTANGIBLES, NET | 94,774 | 98,537 |
| OTHER ASSETS | 15,570 | 14,953 |
| DEFERRED INCOME TAXES, NET | 1,158 | 1,494 |
| OPERATING LEASE RIGHT OF USE ASSETS | 9,589 | 17,442 |
| $1,361,453 | $1,509,646 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued liabilities | $41,618 | $37,777 |
| Compensation and benefits | 29,294 | 28,492 |
| Insurance accruals | 24,561 | 21,507 |
| Long-term debt and finance lease liabilities - current portion | 8,734 | 9,303 |
| Operating lease liabilities - current portion | 6,790 | 9,259 |
| Other accruals | 23,728 | 17,138 |
| Total current liabilities | 134,725 | 123,476 |
| LONG-TERM LIABILITIES | ||
| Income taxes payable | 6,119 | 6,270 |
| Long-term debt and finance lease liabilities less current portion | 198,053 | 290,696 |
| Operating lease liabilities less current portion | 2,799 | 8,183 |
| Deferred income taxes, net | 163,769 | 189,121 |
| Accident and work comp accruals less current portion | 30,239 | 26,640 |
| Total long-term liabilities | 400,979 | 520,910 |
| COMMITMENTS AND CONTINGENCIES (Note 14) | ||
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, par value $.01; authorized 5,000 shares; none issued | — | — |
| Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2024 and 2023; outstanding 78,495 and 79,039 in 2024 and 2023, respectively | 907 | 907 |
| Additional paid-in capital | 3,315 | 4,527 |
| Retained earnings | 1,027,505 | 1,060,094 |
| Treasury stock, at cost; 12,194 and 11,650 shares in 2024 and 2023, respectively | (205,978) | (200,268) |
| 825,749 | 865,260 | |
| $1,361,453 | $1,509,646 | |
| HEARTLAND EXPRESS, INC. AND SUBSIDIARIES | ||||
|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
| (in thousands, except per share amounts) | ||||
| (unaudited) | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| OPERATING REVENUE | $259,861 | $295,026 | $804,935 | $932,111 |
| OPERATING EXPENSES | ||||
| Salaries, wages, and benefits | 107,392 | 118,923 | 330,205 | 362,566 |
| Rent and purchased transportation | 18,343 | 26,674 | 63,893 | 88,285 |
| Fuel | 43,793 | 55,809 | 138,125 | 163,205 |
| Operations and maintenance | 19,338 | 16,596 | 52,334 | 47,669 |
| Operating taxes and licenses | 5,010 | 5,400 | 15,580 | 16,400 |
| Insurance and claims | 11,341 | 9,330 | 38,898 | 30,766 |
| Communications and utilities | 2,765 | 2,496 | 7,475 | 8,051 |
| Depreciation and amortization | 44,955 | 51,113 | 137,596 | 147,919 |
| Other operating expenses | 14,539 | 17,190 | 43,596 | 51,443 |
| Gain on disposal of property and equipment | (476) | (1,065) | (1,510) | (15,873) |
| 267,000 | 302,466 | 826,192 | 900,431 | |
| Operating (loss) income | (7,139) | (7,440) | (21,257) | 31,680 |
| Interest income | 258 | 276 | 911 | 1,352 |
| Interest expense | (4,243) | (6,067) | (14,119) | (18,254) |
| (Loss) income before income taxes | (11,124) | (13,231) | (34,465) | 14,778 |
| Federal and state income taxes (benefit) | (1,841) | (2,528) | (6,596) | 5,098 |
| Net (loss) income | $(9,283) | $(10,703) | $(27,869) | $9,680 |
| Other comprehensive income, net of tax | — | — | — | — |
| Comprehensive (loss) income | $(9,283) | $(10,703) | $(27,869) | $9,680 |
| Net (loss) income per share | ||||
| Basic | $(0.12) | $(0.14) | $(0.35) | $0.12 |
| Diluted | $(0.12) | $(0.14) | $(0.35) | $0.12 |
| Weighted average shares outstanding | ||||
| Basic | 78,489 | 79,021 | 78,814 | 79,003 |
| Diluted | 78,500 | 79,103 | 78,866 | 79,069 |
| Dividends declared per share | $0.02 | $0.02 | $0.06 | $0.06 |
| HEARTLAND EXPRESS, INC. AND SUBSIDIARIES | |||||
|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | |||||
| (in thousands, except per share amounts) | |||||
| (unaudited) | |||||
| Capital · Additional | |||||
| Stock, · Paid-In · Retained · Treasury | |||||
| Common | Capital | Earnings | Stock | Total | |
| Balance, December 31, 2023 | $907 | $4,527 | $1,060,094 | $(200,268) | $865,260 |
| Net loss | — | — | (15,108) | — | (15,108) |
| Dividends on common stock, $0.02 per share | — | — | (1,582) | — | (1,582) |
| Stock-based compensation, net of tax | — | (9) | — | 229 | 220 |
| Balance, March 31, 2024 | $907 | $4,518 | $1,043,404 | $(200,039) | $848,790 |
| Net loss | — | — | (3,478) | — | (3,478) |
| Repurchases of common stock | — | — | — | (7,281) | (7,281) |
| Dividends on common stock, $0.02 per share | — | — | (1,569) | — | (1,569) |
| Stock-based compensation, net of tax | — | (185) | — | 489 | 304 |
| Balance, June 30, 2024 | $907 | $4,333 | $1,038,357 | $(206,831) | $836,766 |
| Net loss | — | — | (9,283) | — | (9,283) |
| Dividends on common stock, $0.02 per share | — | — | (1,569) | — | (1,569) |
| Stock-based compensation, net of tax | — | (1,018) | — | 853 | (165) |
| Balance, September 30, 2024 | $907 | $3,315 | $1,027,505 | $(205,978) | $825,749 |
| Capital · Additional | |||||
| Stock, · Paid-In · Retained · Treasury | |||||
| Common | Capital | Earnings | Stock | Total | |
| Balance, December 31, 2022 | $907 | $4,165 | $1,051,641 | $(201,236) | $855,477 |
| Net income | — | — | 12,612 | — | 12,612 |
| Dividends on common stock, $0.02 per share | — | — | (1,581) | — | (1,581) |
| Stock-based compensation, net of tax | — | 32 | — | 79 | 111 |
| Balance, March 31, 2023 | $907 | $4,197 | $1,062,672 | $(201,157) | $866,619 |
| Net income | — | — | 7,771 | — | 7,771 |
| Dividends on common stock, $0.02 per share | — | — | (1,580) | — | (1,580) |
| Stock-based compensation, net of tax | — | (299) | — | 426 | 127 |
| Balance, June 30, 2023 | $907 | $3,898 | $1,068,863 | $(200,731) | $872,937 |
| Net loss | — | — | (10,703) | — | (10,703) |
| Dividends on common stock, $0.02 per share | — | — | (1,581) | — | (1,581) |
| Stock-based compensation, net of tax | — | 363 | — | 114 | 477 |
| Balance, September 30, 2023 | $907 | $4,261 | $1,056,579 | $(200,617) | $861,130 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.