Hub Group Inc

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

About 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.

Jun 30, 2024 · Filed Aug 2, 2024

HUBG$24.70+2.0%Stored close · as of Nov 9, 2026

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Contents

Financial Statements Condensed Consolidated Balance Sheets – June 30, 2024 (unaudited) and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	June 30,	December 31,
	2024	2023
ASSETS · (unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$220,247	$187,270
Accounts receivable trade, net	583,759	600,197
Accounts receivable other	3,771	3,358
Prepaid taxes	12,791	17,331
Prepaid expenses and other current assets	16,139	41,089
TOTAL CURRENT ASSETS	836,707	849,245
Restricted investments	21,044	20,763
Property and equipment, net	759,779	791,692
Right-of-use assets - operating leases	196,465	210,742
Right-of-use assets - financing leases	1,538	2,522
Other intangibles, net	248,391	304,607
Goodwill	771,894	733,695
Other non-current assets	22,885	22,781
TOTAL ASSETS	$2,858,703	$2,936,047
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable trade	$325,569	$349,378
Accounts payable other	24,143	14,471
Accrued payroll	29,429	21,731
Accrued other	111,874	121,253
Lease liability - operating leases	40,142	44,690
Lease liability - financing leases	805	1,579
Current portion of long-term debt	103,192	105,108
TOTAL CURRENT LIABILITIES	635,154	658,210
Long-term debt	209,875	245,574
Other non-current liabilities	53,213	55,287
Lease liability - operating leases	163,669	177,699
Lease liability - financing leases	664	865
Deferred taxes	154,998	163,767
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2024 and 2023.	-	-
Common stock
Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228 shares issued in 2024 and 75,524,189 shares issued in 2023; 61,653,003 shares outstanding in 2024 and 62,200,921 shares outstanding in 2023.	723	755
Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and outstanding in 2024 and 2023.	6	6
Additional paid-in capital	211,346	209,830
Retained earnings	1,989,600	1,949,110
Accumulated other comprehensive loss	(200)	(129)
Treasury stock; at cost, 10,650,225 shares in 2024 and 13,323,268 shares in 2023.	(560,345)	(524,927)
TOTAL STOCKHOLDERS' EQUITY	1,641,130	1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$2,858,703	$2,936,047

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Operating revenue	$986,495	$1,040,462	$1,985,988	$2,192,727
Operating expenses:
Purchased transportation and warehousing	727,236	763,609	1,467,408	1,630,540
Salaries and benefits	141,856	141,823	286,352	279,254
Depreciation and amortization	37,772	35,386	76,103	70,835
Insurance and claims	12,639	11,676	25,257	24,359
General and administrative	27,877	26,757	55,111	52,298
Gain on sale of assets, net	(413)	(859)	(910)	(4,834)
Total operating expenses	946,967	978,392	1,909,321	2,052,452
Operating income	39,528	62,070	76,667	140,275
Other income (expense):
Interest expense	(3,689)	(3,116)	(7,588)	(6,086)
Interest income	1,808	2,087	3,201	3,463
Other, net	(66)	69	(236)	108
Total other expense, net	(1,947)	(960)	(4,623)	(2,515)
Income before provision for income taxes	37,581	61,110	72,044	137,760
Provision for income taxes	8,566	14,605	15,976	29,475
Net income	29,015	46,505	56,068	108,285
Other comprehensive income:
Foreign currency translation adjustments	(63)	44	(71)	78
Total comprehensive income	$28,952	$46,549	$55,998	$108,363
Basic earnings per common share	$0.48	$0.73	$0.92	$1.68
Diluted earnings per common share	$0.47	$0.72	$0.91	$1.66
Basic weighted average number of shares outstanding	60,710	64,074	61,018	64,586
Diluted weighted average number of shares outstanding	61,108	64,586	61,387	65,132

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

Class A & B · Accumulated
Common Stock · Additional · Other
Shares · Paid-in · Retained · Comprehensive · Treasury Stock
	Issued	Amount	Capital	Earnings	Income	Shares	Amount	Total
Balance March 31, 2023	76,099,092	$761	$190,311	$1,843,362	$(180)	(9,542,030)	$(375,206)	$1,659,048
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(2,695)	(212)	(212)
Purchase of treasury stock	-	-	-	-	-	(1,323,425)	(100,026)	(100,026)
Issuance of restricted stock awards, net of forfeitures	-	-	2,868	-	-	(32,507)	(2,868)	-
Share-based compensation expense	-	-	5,377	-	-	-	-	5,377
Net income	-	-	-	46,505	-	-	-	46,505
Foreign currency translation adjustment	-	-	-	-	44	-	-	44
Balance June 30, 2023	76,099,092	$761	$198,556	$1,889,867	$(136)	(10,900,657)	$(478,312)	$1,610,736
Balance March 31, 2024	72,878,131	$729	$208,964	$1,968,361	$(137)	(10,455,784)	$(555,701)	$1,622,216
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(4,237)	(178)	(178)
Purchase of treasury stock	-	-	-	-	-	(179,875)	(7,182)	(7,182)
Federal excise tax on purchased treasury stock	-	-	-	-	-	-	(295)	(295)
Issuance of restricted stock awards, net of forfeitures	-	-	(3,011)	-	-	(10,329)	3,011	-
Share-based compensation expense	-	-	5,393	-	-	-	-	5,393
Dividends paid	-	-	-	(7,604)	-	-	-	(7,604)
Dividends accrued	-	-	-	(172)	-	-	-	(172)
Net income	-	-	-	29,015	-	-	-	29,015
Foreign currency translation adjustment	-	-	-	-	(63)	-	-	(63)
Balance June 30, 2024	72,878,131	$729	$211,346	$1,989,600	$(200)	(10,650,225)	$(560,345)	$1,641,130
Balance December 31, 2022	76,099,092	$761	$192,365	$1,781,582	$(214)	(9,656,044)	$(374,892)	$1,599,602
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(98,209)	(7,818)	(7,818)
Purchase of treasury stock	-	-	-	-	-	(1,323,425)	(100,026)	(100,026)
Issuance of restricted stock awards, net of forfeitures	-	-	(4,424)	-	-	177,021	4,424	-
Share-based compensation expense	-	-	10,615	-	-	-	-	10,615
Net income	-	-	-	108,285	-	-	-	108,285
Foreign currency translation adjustment	-	-	-	-	78	-	-	78
Balance June 30, 2023	76,099,092	$761	$198,556	$1,889,867	$(136)	(10,900,657)	$(478,312)	$1,610,736
Balance December 31, 2023	76,099,092	$761	$209,830	$1,949,110	$(129)	(13,323,268)	$(524,927)	$1,634,645
Adjustment related to stock split	(3,220,961)	(32)	32	-	-	3,220,961	-	-
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(190,304)	(8,664)	(8,664)
Purchase of treasury stock	-	-	-	-	-	(767,803)	(32,938)	(32,938)
Federal excise tax on purchased treasury stock	-	-	-	-	-	-	(1,765)	(1,765)
Issuance of restricted stock awards, net of forfeitures	-	-	(7,949)	-	-	410,189	7,949	-
Share-based compensation expense	-	-	9,433	-	-	-	-	9,433
Dividends paid	-	-	-	(15,230)	-	-	-	(15,230)
Dividends accrued	-	-	-	(348)	-	-	-	(348)
Net income	-	-	-	56,068	-	-	-	56,068
Foreign currency translation adjustment	-	-	-	-	(71)	-	-	(71)
Balance June 30, 2024	72,878,131	$729	$211,346	$1,989,600	$(200)	(10,650,225)	$(560,345)	$1,641,130

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.