Heartland Express Q3 2024: Revenue and Net Income

TL;DR

HTLD Q3 2024: $78.5M revenue, $12.2M net income. Stable performance.

AI Summary

Heartland Express Inc. reported its Q3 2024 results, with total operating revenues for the nine months ended September 30, 2024, reaching $78,496,760. The company's net income for the same period was $12,194,000. As of September 30, 2024, Heartland Express had total assets of $395,000,000.

Why It Matters

This filing provides insight into the financial performance of Heartland Express, a trucking company, which can impact investors and the broader transportation sector.

Risk Assessment

Risk Level: low — The filing appears to be a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $78.5B — Total Operating Revenues (Nine months ended September 30, 2024)
• $12.2M — Net Income (Nine months ended September 30, 2024)
• $395.0M — Total Assets (As of September 30, 2024)

Key Players & Entities

• Heartland Express Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• $78,496,760 (dollar_amount) — Total operating revenues for the nine months ended September 30, 2024
• $12,194,000 (dollar_amount) — Net income for the nine months ended September 30, 2024
• $395,000,000 (dollar_amount) — Total assets as of September 30, 2024

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value HTLD NASDAQ Indicate by che
• $2.3 — 739 $ 28,123 Trade receivables, net of $2.3 and $2.7 million allowance in 2024 and
• $2.7 million — 123 Trade receivables, net of $2.3 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-20240930.htm (10-Q) — 779KB
• exhibit3112024q3.htm (EX-31.1) — 14KB
• exhibit3122024q3.htm (EX-31.2) — 14KB
• exhibit3212024q3.htm (EX-32.1) — 6KB
• exhibit3222024q3.htm (EX-32.2) — 7KB
• 0000799233-24-000041.txt ( ) — 4321KB
• htld-20240930.xsd (EX-101.SCH) — 32KB
• htld-20240930_cal.xml (EX-101.CAL) — 50KB
• htld-20240930_def.xml (EX-101.DEF) — 107KB
• htld-20240930_lab.xml (EX-101.LAB) — 502KB
• htld-20240930_pre.xml (EX-101.PRE) — 308KB
• htld-20240930_htm.xml (XML) — 415KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the Nine Months Ended Septe m ber 30, 2024 and 2023 (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 15

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 26

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 2 PART I HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED 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 — —

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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