Hub Group Files 10-Q for Q2 2024

TL;DR

Hub Group's Q2 10-Q is in. Financials look steady, check the details on equity and debt.

AI Summary

Hub Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial instruments and equity details are presented, including common stock and accumulated other comprehensive income.

Why It Matters

This filing provides investors with a detailed look at Hub Group's financial health and operational status during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — A 10-Q filing is a routine quarterly report, generally indicating standard business operations rather than immediate high-risk events.

Key Numbers

• 1.75 — Common Stock (Represents the value of common stock as of December 31, 2023.)
• 1.00 — Retained Earnings (Represents retained earnings as of June 30, 2023.)

Key Players & Entities

• Hub Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date

FAQ

Filing Documents

• hubg-20240630.htm (10-Q) — 1560KB
• hubg-ex31_1.htm (EX-31.1) — 14KB
• hubg-ex31_2.htm (EX-31.2) — 14KB
• hubg-ex32_1.htm (EX-32.1) — 7KB
• 0000950170-24-089971.txt ( ) — 5810KB
• hubg-20240630.xsd (EX-101.SCH) — 895KB
• hubg-20240630_htm.xml (XML) — 848KB

Financial Information

PART I. Financial Information 3

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets – June 30, 2024 (unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Income and Comprehensive Income – Three Months and Six Months Ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Stockholders' Equity – Three and Six Months Ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 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 13

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

Other Information

PART II. Other Information 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 22 P ART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HUB GROUP, INC. CONDENSED CONSOLIDATED BAL ANCE SHEETS (in thousands, except share amounts) June 30, December 31, 2024 2023 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 220,247 $ 187,270 Accounts receivable trade, net 583,759 600,197 Accounts receivable other 3,771 3,358 Prepaid taxes 12,791 17,331 Prepaid expenses and other current assets 16,139 41,089 TOTAL CURRENT ASSETS 836,707 849,245 Restricted investments 21,044 20,763 Property and equipment, net 759,779 791,692 Right-of-use assets - operating leases 196,465 210,742 Right-of-use assets - financing leases 1,538 2,522 Other intangibles, net 248,391 304,607 Goodwill 771,894 733,695 Other non-current assets 22,885 22,781 TOTAL ASSETS $ 2,858,703 $ 2,936,047 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable trade $ 325,569 $ 349,378 Accounts payable other 24,143 14,471 Accrued payroll 29,429 21,731 Accrued other 111,874 121,253 Lease liability - operating leases 40,142 44,690 Lease liability - financing leases 805 1,579 Current portion of long-term debt 103,192 105,108 TOTAL CURRENT LIABILITIES 635,154 658,210 Long-term debt 209,875 245,574 Other non-current liabilities 53,213 55,287 Lease liability - operating leases 163,669 177,699 Lease liability - financing leases 664 865 Deferred taxes 154,998 163,767 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; 61,653,003 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 shar

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View this 10-Q filing on SEC EDGAR