Hub Group Inc

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

PART I. Financial Information

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	September 30,	December 31,
	2024	2023
ASSETS · (unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$186,139	$187,270
Accounts receivable trade, net	576,352	600,197
Accounts receivable other	5,683	3,358
Prepaid taxes	11,026	17,331
Prepaid expenses and other current assets	26,196	41,089
TOTAL CURRENT ASSETS	805,396	849,245
Restricted investments	21,342	20,763
Property and equipment, net	741,753	791,692
Right-of-use assets - operating leases	228,137	210,742
Right-of-use assets - financing leases	1,226	2,522
Other intangibles, net	240,162	304,607
Goodwill	772,542	733,695
Other non-current assets	22,567	22,781
TOTAL ASSETS	$2,833,125	$2,936,047
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable trade	$305,838	$349,378
Accounts payable other	28,636	14,471
Accrued payroll	34,442	21,731
Accrued other	105,638	121,253
Lease liability - operating leases	42,853	44,690
Lease liability - financing leases	656	1,579
Current portion of long-term debt	99,850	105,108
TOTAL CURRENT LIABILITIES	617,913	658,210
Long-term debt	187,240	245,574
Other non-current liabilities	54,939	55,287
Lease liability - operating leases	193,851	177,699
Lease liability - financing leases	498	865
Deferred taxes	152,414	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; 60,818,637 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	216,585	209,830
Retained earnings	2,005,539	1,949,110
Accumulated other comprehensive loss	(232)	(129)
Treasury stock; at cost, 11,484,591 shares in 2024 and 13,323,268 shares in 2023.	(596,351)	(524,927)
TOTAL STOCKHOLDERS' EQUITY	1,626,270	1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$2,833,125	$2,936,047

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Operating revenue	$986,892	$1,024,835	$2,972,880	$3,217,562
Operating expenses:
Purchased transportation and warehousing	739,995	772,650	2,207,403	2,403,190
Salaries and benefits	142,948	138,503	429,300	417,757
Depreciation and amortization	32,386	36,065	108,489	106,899
Insurance and claims	10,217	11,681	35,474	36,041
General and administrative	29,674	24,146	84,785	76,445
Gain on sale of assets, net	(427)	(765)	(1,337)	(5,599)
Total operating expenses	954,793	982,280	2,864,114	3,034,733
Operating income	32,099	42,555	108,766	182,829
Other income (expense):
Interest expense	(3,582)	(3,537)	(11,170)	(9,623)
Interest income	2,249	2,838	5,450	6,302
Other, net	(23)	(188)	(259)	(81)
Total other expense, net	(1,356)	(887)	(5,979)	(3,402)
Income before provision for income taxes	30,743	41,668	102,787	179,427
Provision for income taxes	7,140	11,209	23,116	40,684
Net income	23,603	30,459	79,671	138,743
Other comprehensive (loss) income:
Foreign currency translation adjustments	(32)	(31)	(103)	47
Total comprehensive income	$23,571	$30,428	$79,568	$138,790
Basic earnings per common share	$0.39	$0.49	$1.31	$2.17
Diluted earnings per common share	$0.39	$0.48	$1.30	$2.15
Basic weighted average number of shares outstanding	60,374	62,278	60,803	63,816
Diluted weighted average number of shares outstanding	60,949	62,986	61,241	64,416

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

Class A & B · Accumulated
Common Stock · Additional · Other
Shares · Paid-in · Retained · Comprehensive · Treasury Stock
	Issued	Amount	Capital	Earnings	(Loss) Income	Shares	Amount	Total
Balance June 30, 2023	76,099,092	$761	$198,556	$1,889,867	$(136)	(10,900,657)	$(478,312)	$1,610,736
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(2,324)	(185)	(185)
Purchase of treasury stock	-	-	-	-	-	(208,330)	(17,326)	(17,326)
Issuance of restricted stock awards, net of forfeitures	-	-	475	-	-	(2,783)	(475)	-
Share-based compensation expense	-	-	5,416	-	-	-	-	5,416
Net income	-	-	-	30,459	-	-	-	30,459
Foreign currency translation adjustment	-	-	-	-	(31)	-	-	(31)
Balance September 30, 2023	76,099,092	$761	$204,447	$1,920,326	$(167)	(11,114,094)	$(496,298)	$1,629,069
Balance June 30, 2024	72,878,131	$729	$211,346	$1,989,600	$(200)	(10,650,225)	$(560,345)	$1,641,130
Stock tendered for payments of withholding taxes related to awards vested	-	-	-	-	-	(8,655)	(400)	(400)
Purchase of treasury stock	-	-	-	-	-	(824,149)	(35,335)	(35,335)
Federal excise tax on purchased treasury stock	-	-	-	-	-	-	(294)	(294)
Issuance of restricted stock awards, net of forfeitures	-	-	(23)	-	-	(1,562)	23	-
Share-based compensation expense	-	-	5,262	-	-	-	-	5,262
Dividends paid	-	-	-	(7,503)	-	-	-	(7,503)
Dividends accrued	-	-	-	(161)	-	-	-	(161)
Net income	-	-	-	23,603	-	-	-	23,603
Foreign currency translation adjustment	-	-	-	-	(32)	-	-	(32)
Balance September 30, 2024	72,878,131	$729	$216,585	$2,005,539	$(232)	(11,484,591)	$(596,351)	$1,626,270
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	-	-	-	-	-	(100,533)	(8,003)	(8,003)
Purchase of treasury stock	-	-	-	-	-	(1,531,755)	(117,352)	(117,352)
Issuance of restricted stock awards, net of forfeitures	-	-	(3,949)	-	-	174,238	3,949	-
Share-based compensation expense	-	-	16,031	-	-	-	-	16,031
Net income	-	-	-	138,743	-	-	-	138,743
Foreign currency translation adjustment	-	-	-	-	47	-	-	47
Balance September 30, 2023	76,099,092	$761	$204,447	$1,920,326	$(167)	(11,114,094)	$(496,298)	$1,629,069
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	-	-	-	-	-	(198,959)	(9,064)	(9,064)
Purchase of treasury stock	-	-	-	-	-	(1,591,952)	(68,273)	(68,273)
Federal excise tax on purchased treasury stock	-	-	-	-	-	-	(2,059)	(2,059)
Issuance of restricted stock awards, net of forfeitures	-	-	(7,972)	-	-	408,627	7,972	-
Share-based compensation expense	-	-	14,695	-	-	-	-	14,695
Dividends paid	-	-	-	(22,733)	-	-	-	(22,733)
Dividends accrued	-	-	-	(509)	-	-	-	(509)
Net income	-	-	-	79,671	-	-	-	79,671
Foreign currency translation adjustment	-	-	-	-	(103)	-	-	(103)
Balance September 30, 2024	72,878,131	$729	$216,585	$2,005,539	$(232)	(11,484,591)	$(596,351)	$1,626,270
Note: Some amounts may not foot due to rounding.

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