Hub Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hub Group, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial positions and recent acquisitions.</b>

AI Summary

Hub Group, Inc. (HUBG) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Hub Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing references various equipment notes due between 2024 and 2029. It also mentions a credit agreement dated February 28, 2022. The company completed the Forward Air Final Mile Acquisition on December 20, 2023. Key financial statement items like common stock, retained earnings, and additional paid-in capital are noted for various dates.

Why It Matters

For investors and stakeholders tracking Hub Group, Inc., this filing contains several important signals. The filing provides an update on the company's financial health and debt obligations, including various equipment notes and a credit agreement, which are crucial for investors to assess financial risk and stability. Mention of the Forward Air Final Mile Acquisition indicates strategic growth initiatives, allowing stakeholders to evaluate the company's expansion strategy and its potential impact on future performance.

Risk Assessment

Risk Level: medium — Hub Group, Inc. shows moderate risk based on this filing. The company has multiple outstanding equipment notes and a credit agreement, indicating a level of financial leverage that requires careful monitoring.

Analyst Insight

Investors should review the detailed financial statements and debt schedules within the 10-Q to understand Hub Group's current financial obligations and liquidity.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-03 — Filing Date (Date the report was filed)
• 2022-02-28 — Credit Agreement Date (Date of the credit agreement)
• 2023-12-20 — Acquisition Date (Date of Forward Air Final Mile Acquisition)

Key Players & Entities

• Hub Group, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filed as of date
• 0000940942 (company) — Central Index Key
• 4731 (industry_code) — Standard Industrial Classification
• 2001 HUB GROUP WAY (address) — Business address
• Forward Air Final Mile Acquisition (company) — Acquisition mentioned
• 2023-12-20 (date) — Acquisition date

FAQ

Industry Context

Hub Group operates in the transportation and logistics industry, focusing on freight arrangement and cargo transportation.

Regulatory Implications

The filing is a standard 10-Q report, which is a mandatory quarterly filing for public companies with the U.S. Securities and Exchange Commission (SEC).

What Investors Should Do

1. Analyze the company's debt structure, including the terms and maturity dates of the various equipment notes.
2. Review the impact of the Forward Air Final Mile Acquisition on the company's operational and financial performance.
3. Examine the company's liquidity and cash flow position as detailed in the financial statements.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-12-20: Acquisition Completion — Date of the Forward Air Final Mile Acquisition.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 per share HUBG NASDAQ Securities

Filing Documents

• hubg-20240331.htm (10-Q) — 1099KB
• hubg-ex31_1.htm (EX-31.1) — 14KB
• hubg-ex31_2.htm (EX-31.2) — 14KB
• hubg-ex32_1.htm (EX-32.1) — 7KB
• 0000950170-24-052763.txt (&nbsp;) — 4668KB
• hubg-20240331.xsd (EX-101.SCH) — 846KB
• hubg-20240331_htm.xml (XML) — 595KB

Financial Information

PART I. Financial Information: Item1. Financial Statements Condensed Consolidated Balance Sheets – March 31, 2024 (unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Income and Comprehensive Income – Three Months Ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity – Three Months Ended March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 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 12

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 17

Other Information

PART II. Other Information 17

Legal Proceedings

Item 1. Legal Proceedings 17

Risk Factors

Item 1A. Risk Factors 17

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18

Other Information

Item 5. Other Information 18

Exhibits

Item 6. Exhibits 18 2 PAR T I. FINANCIAL INFORMATION It em 1. Financial Statements HUB GROUP, INC. CONDENSED C ONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31, December 31, 2024 2023 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 195,362 $ 187,270 Accounts receivable trade, net 588,957 600,197 Accounts receivable other 4,940 3,358 Prepaid taxes 10,078 17,331 Prepaid expenses and other current assets 28,621 41,089 TOTAL CURRENT ASSETS 827,958 849,245 Restricted investments 20,393 20,763 Property and equipment, net 777,209 791,692 Right-of-use assets - operating leases 209,171 210,742 Right-of-use assets - financing leases 2,152 2,522 Other intangibles, net 295,943 304,607 Goodwill 735,460 733,695 Other non-current assets 22,984 22,781 TOTAL ASSETS $ 2,891,270 $ 2,936,047 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable trade $ 320,919 $ 349,378 Accounts payable other 18,179 14,471 Accrued payroll 31,964 21,731 Accrued other 126,475 121,253 Lease liability - operating leases 45,775 44,690 Lease liability - financing leases 1,253 1,579 Current portion of long-term debt 104,035 105,108 TOTAL CURRENT LIABILITIES 648,600 658,210 Long-term debt 230,775 245,574 Other non-current liabilities 52,932 55,287 Lease liability - operating leases 175,481 177,699 Lease liability - financing leases 823 865 Deferred taxes 160,443 163,767 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; 61,847,444 shares outstanding in 2024 and 62,200,921 shares outstanding in 2023. 723 755

View Full Filing

View this 10-Q filing on SEC EDGAR