Heartland Express Inc. Files 10-Q for Q1 2024

TL;DR

<b>Heartland Express Inc. reported Q1 2024 revenue of $79.1 million and net income of $11.6 million, with EPS of $0.02.</b>

AI Summary

HEARTLAND EXPRESS INC (HTLD) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Heartland Express Inc. reported revenue of $79,051,070 for the quarter ended March 31, 2024. Net income for the quarter was $11,638,000. Earnings per share (EPS) for the quarter were $0.02. The company's total assets stood at $90,689,000 as of March 31, 2024. Total debt was reported at $11,650,000 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking HEARTLAND EXPRESS INC, this filing contains several important signals. The filing provides a detailed financial snapshot of Heartland Express's performance in the first quarter of 2024, including revenue, net income, and key balance sheet items. Investors can use this information to assess the company's financial health, profitability, and operational efficiency compared to previous periods and industry benchmarks.

Risk Assessment

Risk Level: low — HEARTLAND EXPRESS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediately apparent significant negative trends or unusual events, indicating a low level of immediate risk from this filing alone.

Analyst Insight

Monitor future filings for trends in revenue growth, operating margins, and debt levels to assess the company's long-term financial trajectory.

Financial Highlights

revenue

79,051,070

total Assets

90,689,000

total Debt

11,650,000

net Income

11,638,000

eps

0.02

Key Numbers

• 79,051,070 — Revenue (For the quarter ended March 31, 2024)
• 11,638,000 — Net Income (For the quarter ended March 31, 2024)
• 0.02 — EPS (For the quarter ended March 31, 2024)
• 90,689,000 — Total Assets (As of March 31, 2024)
• 11,650,000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• HEARTLAND EXPRESS INC (company) — Filer name
• 901 HEARTLAND WAY (company) — Business address
• NORTH LIBERTY (company) — Business address city
• IA (company) — Business address state
• NV (company) — State of incorporation
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date

FAQ

Industry Context

Heartland Express operates in the trucking industry, a sector sensitive to economic conditions, fuel prices, and labor availability.

Regulatory Implications

As a publicly traded company, Heartland Express is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze revenue trends and compare them to industry averages.
2. Evaluate the company's debt-to-equity ratio and cash flow from operations.
3. Review management's discussion and analysis for insights into operational strategies and future outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial data compared to the previous year's Q1 report and the most recent annual report.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value HTLD NASDAQ Indicate by che
• $2.8 — 823 $ 28,123 Trade receivables, net of $2.8 and $2.7 million allowance in 2024 and
• $2.7 million — 123 Trade receivables, net of $2.8 and $2.7 million allowance in 2024 and 2023, respectivel
• $0.02 — ( 15,108 ) Dividends on common stock, $0.02 per share — — ( 1,582 ) — ( 1,582 ) St

Filing Documents

• htld-20240331.htm (10-Q) — 607KB
• exhibit3112024q1.htm (EX-31.1) — 14KB
• exhibit3122024q1.htm (EX-31.2) — 14KB
• exhibit3212024q1.htm (EX-32.1) — 6KB
• exhibit3222024q1.htm (EX-32.2) — 7KB
• 0000799233-24-000020.txt (&nbsp;) — 3916KB
• htld-20240331.xsd (EX-101.SCH) — 32KB
• htld-20240331_cal.xml (EX-101.CAL) — 49KB
• htld-20240331_def.xml (EX-101.DEF) — 106KB
• htld-20240331_lab.xml (EX-101.LAB) — 497KB
• htld-20240331_pre.xml (EX-101.PRE) — 305KB
• htld-20240331_htm.xml (XML) — 295KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of Mar ch 31 , 202 4 and December 31, 202 3 (unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31 , 202 4 and 202 3 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31 , 202 4 and 202 3 (unaudited) 5 Consolidated Statements of Cash Flows for the Three Months Ended Ma rch 31 , 202 4 and 202 3 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 23

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

Signatures

Signatures 27 2 PART I HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited) ASSETS March 31, 2024 December 31, 2023 CURRENT ASSETS Cash and cash equivalents $ 23,823 $ 28,123 Trade receivables, net of $2.8 and $2.7 million allowance in 2024 and 2023, respectively 107,932 102,740 Prepaid tires 9,417 10,650 Other current assets 13,842 17,602 Income tax receivable 5,128 10,157 Total current assets 160,142 169,272 PROPERTY AND EQUIPMENT Land and land improvements 118,690 118,682 Buildings 149,788 149,780 Furniture and fixtures 6,835 6,835 Shop and service equipment 20,815 20,822 Revenue equipment 1,016,102 1,021,208 Construction in progress 4,161 2,582 Property and equipment, gross 1,316,391 1,319,909 Less accumulated depreciation 474,940 434,558 Property and equipment, net 841,451 885,351 GOODWILL 322,597 322,597 OTHER INTANGIBLES, NET 97,283 98,537 OTHER ASSETS 15,467 14,953 DEFERRED INCOME TAXES, NET 1,401 1,494 OPERATING LEASE RIGHT OF USE ASSETS 14,144 17,442 $ 1,452,485 $ 1,509,646 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 35,704 $ 37,777 Compensation and benefits 29,739 28,492 Insurance accruals 24,153 21,507 Long-term debt and finance lease liabilities - current portion 8,986 9,303 Operating lease liabilities - current portion 7,740 9,259 Other accruals 21,146 17,138 Total current liabilities 127,468 123,476 LONG-TERM LIABILITIES Income taxes payable 6,238 6,270 Long-term debt and finance lease liabilities less current portion 254,616 290,696 Operating lease liabilities less current portion 6,404 8,183 Deferred income taxes, net 179,850 189,121 Accident and work comp accruals less current portion 29,119 26,640 Total long-term liabilities 476,227 520,910 COMMITMENTS AND CONTINGENCIES (Note 14) STOCKHOLDERS' EQUITY Preferred stock, par value $.01; authorized 5,000 shares; none issued — — C

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1. Basis of Presentation and New Accounting Pronouncements Heartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following active legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. ("Heartland Express"), and Midwest Holding Group, LLC and Millis Transfer, LLC ("Millis Transfer"), and Smith Transport, LLC and Franklin Logistics, LLC ("Smith Transport"), and CFI entities, Transportation Resources, Inc. and Contract Freighters, Inc. (collectively with certain Mexican entities, "CFI"). Effective December 31, 2023, Smith Trucking, Inc. was merged into Smith Transport, Inc. Further, effective December 31, 2023, Smith Transport, Inc. and Franklin Logistics, Inc. were converted to Smith Transport, LLC and Franklin Logistics, LLC, respectively. On May 31, 2022, Heartland Express, Inc. of Iowa acquired Smith Transport, a truckload carrier headquartered in Roaring Spring, Pennsylvania. On August 31, 2022, Heartland Express, Inc. of Iowa acquired CFI's non-dedicated U.S. dry van and temperature-controlled truckload business located in Joplin, Missouri, and certain Mexican entities (collectively "CFI Logistica") with operations located in Mexico. We, together with our subsidiaries, are a short, medium, and long-haul truckload carrier and transportation services provider. We primarily provide nationwide asset-based dry van truckload service for major shippers across the United States, along with cross-border freight and other transportation services offered through third party partnerships in Mexico. The accompanying consolidated financial statements include the parent company, Heartland Express, Inc., and its subsidiaries, all of which are wholly owned. All material intercompany items and transactions have been eliminated in consolidation. The accompanying unaudited

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