ArcBest Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ArcBest Corp. filed its Q1 2024 10-Q report, detailing financial activities and corporate information.</b>

AI Summary

ARCBEST CORP /DE/ (ARCB) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. ArcBest Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 8401 McClure Drive, Fort Smith, AR. ArcBest Corp. was formerly known as Arkansas Best Corp. /DE/. The filing includes information related to stock repurchase programs and common stock.

Why It Matters

For investors and stakeholders tracking ARCBEST CORP /DE/, this filing contains several important signals. This 10-Q provides a quarterly update on ArcBest's financial performance and operational status, crucial for investors to assess recent trends. The filing contains specific details on stock repurchase programs and common stock, which can indicate management's confidence and capital allocation strategy.

Risk Assessment

Risk Level: low — ARCBEST CORP /DE/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for updates on revenue, net income, and the impact of stock repurchase programs on shareholder value.

Key Numbers

• 20240331 — Period End Date (Conformed period of report)
• 20240503 — Filing Date (Filed as of date)
• 19930917 — Date of Name Change (Former company name change date)
• 4797856000 — Business Phone (Business phone number)

Key Players & Entities

• ARCBEST CORP /DE/ (company) — Filer name
• 20240331 (date) — Conformed period of report
• 20240503 (date) — Filed as of date
• 8401 MCCLURE DRIVE (address) — Business address street 1
• FORT SMITH (location) — Business address city
• AR (location) — Business address state
• 72916 (postal_code) — Business address zip
• ARKANSAS BEST CORP /DE/ (company) — Former company name

FAQ

Industry Context

ArcBest Corp. operates in the trucking industry, providing transportation and logistics services.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including filing quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's stock repurchase program details and their potential impact on share price.
3. Compare Q1 2024 results with previous periods to identify trends in revenue and profitability.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 Par Value ARCB Nasdaq Indicate by

Filing Documents

• arcb-20240331x10q.htm (10-Q) — 2409KB
• arcb-20240331xex3d1.htm (EX-3.1) — 52KB
• arcb-20240331xex10d1.htm (EX-10.1) — 98KB
• arcb-20240331xex10d2.htm (EX-10.2) — 154KB
• arcb-20240331xex10d3.htm (EX-10.3) — 182KB
• arcb-20240331xex31d1.htm (EX-31.1) — 12KB
• arcb-20240331xex31d2.htm (EX-31.2) — 13KB
• arcb-20240331xex32.htm (EX-32) — 12KB
• 0001558370-24-006654.txt (&nbsp;) — 11414KB
• arcb-20240331.xsd (EX-101.SCH) — 61KB
• arcb-20240331_cal.xml (EX-101.CAL) — 108KB
• arcb-20240331_def.xml (EX-101.DEF) — 260KB
• arcb-20240331_lab.xml (EX-101.LAB) — 558KB
• arcb-20240331_pre.xml (EX-101.PRE) — 446KB
• arcb-20240331x10q_htm.xml (XML) — 2363KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets —March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations — For the Three Months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income — For the Three Months ended March 31, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity — For the Three Months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows — For the Three Months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 50 Item 1A.

Risk Factors

Risk Factors 50 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

SIGNATURES

SIGNATURES 53 Table of Contents PART I . FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ARCBEST CORPORATION CONSOLIDATED BALANCE SHEET S March 31 December 31 2024 2023 (Unaudited) (in thousands, except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 172,855 $ 262,226 Short-term investments 68,065 67,842 Accounts receivable, less allowances (2024 – $ 9,184 ; 2023 – $ 10,346 ) 433,717 430,122 Other accounts receivable, less allowances (2024 – $ 733 ; 2023 – $ 731 ) 11,389 52,124 Prepaid expenses 39,232 37,034 Prepaid and refundable income taxes 22,084 24,319 Other 11,136 11,116 TOTAL CURRENT ASSETS 758,478 884,783 PROPERTY, PLANT AND EQUIPMENT Land and structures 491,555 460,068 Revenue equipment 1,119,446 1,126,055 Service, office, and other equipment 318,252 319,466 Software 176,988 173,354 Leasehold improvements 25,173 24,429 2,131,414 2,103,372 Less allowances for depreciation and amortization 1,193,584 1,188,548 PROPERTY, PLANT AND EQUIPMENT, net 937,830 914,824 GOODWILL 304,753 304,753 INTANGIBLE ASSETS, net 97,940 101,150 OPERATING RIGHT-OF-USE ASSETS 174,987 169,999 DEFERRED INCOME TAXES 10,032 8,140 OTHER LONG-TERM ASSETS 73,123 101,445 TOTAL ASSETS $ 2,357,143 $ 2,485,094 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 209,908 $ 214,004 Income taxes payable 8 10,410 Accrued expenses 313,494 378,029 Current portion of long-term debt 63,179 66,948 Current portion of operating lease liabilities 31,986 32,172 TOTAL CURRENT LIABILITIES 618,575 701,563 LONG-TERM DEBT, less current portion 148,992 161,990 OPERATING LEASE LIABILITIES, less current portion 174,085 176,621 POSTRETIREMENT LIABILITIES, less current portion 13,318 13,319 CONTINGENT CONSIDERATION 100,220 92,900 OTHER LONG-TERM LIABILITIES 34,422 40,553 DEFERRED INCOME TAXES 44,798 55,785 STOCKHOLDERS' EQUI

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A – ORGANIZATIO N AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION Organization and Description of Business ArcBest Corporation (the "Company") is a multibillion-dollar integrated logistics company that leverages technology and a full suite of shipping and logistics solutions to meet customers' supply chain needs. The Company, which started over a century ago as a local freight hauler, is now a logistics powerhouse with global reach. The Company's operations are conducted through its two reportable operating segments: Asset-Based, which consists of ABF Freight System, Inc. and certain other subsidiaries ("ABF Freight"), and Asset-Light, which includes MoLo Solutions, LLC ("MoLo"), Panther Premium Logistics ("Panther"), and certain other subsidiaries. References to the Company in this Quarterly Report on Form 10-Q are primarily to the Company and its subsidiaries on a consolidated basis. The Asset-Based segment represented approximately 63 % of the Company's total revenues before other revenues and intercompany eliminations for the three months ended March 31, 2024. As of March 2024, approximately 82 % of the Asset-Based segment's employees were covered under a collective bargaining agreement, the ABF National Master Freight Agreement (the "2023 ABF NMFA"), with the International Brotherhood of Teamsters (the "IBT"), which will remain in effect through June 30, 2028. Financial Statement Presentation On February 28, 2023, the Company sold FleetNet America, Inc. ("FleetNet"), a wholly owned subsidiary and reportable operating segment of the Company, for an aggregate adjusted cash purchase price of $ 100.9 million, including post-closing adjustments. The sale of FleetNet was a strategic shift for the Company as it exited the fleet roadside assistance and maintenance management business; therefore, the sale was accounted for as discontinued operations. As such, historical results o

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View this 10-Q filing on SEC EDGAR