Marten Transport Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marten Transport Ltd. filed its 2023 10-K report detailing operations and financial performance across its trucking segments.</b>

AI Summary

MARTEN TRANSPORT LTD (MRTN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Marten Transport Ltd. reported its fiscal year 2023 results on February 28, 2024. The company operates in the trucking industry, classified under SIC code 4213. Key business segments include Brokerage, Intermodal, Dedicated, and Truckload services. The filing details financial data for the fiscal years ending December 31, 2021, 2022, and 2023. The company's principal executive offices are located in Mondovi, Wisconsin.

Why It Matters

For investors and stakeholders tracking MARTEN TRANSPORT LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Marten Transport's business, financial condition, and results of operations for the fiscal year ended December 31, 2023, crucial for investors assessing the company's performance and outlook. The detailed segment information (Brokerage, Intermodal, Dedicated, Truckload) allows stakeholders to understand revenue drivers and operational focus within the company.

Risk Assessment

Risk Level: medium — MARTEN TRANSPORT LTD shows moderate risk based on this filing. The company operates in the highly competitive trucking industry, which is subject to economic fluctuations, fuel price volatility, and regulatory changes, all of which can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Marten Transport's operational efficiency and market position.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (Filed as of date)
• 2021-01-01 — Start Date (Fiscal year 2021)
• 2023-12-31 — End Date (Fiscal year 2023)

Key Players & Entities

• MARTEN TRANSPORT LTD (company) — Filer name
• MRTN (company) — Ticker symbol
• DE (company) — State of incorporation
• WI (company) — State of business address
• MN (company) — State of mail address
• 4213 (regulator) — Standard Industrial Classification

FAQ

Risk Factors

• Competition [medium — market]: The trucking industry is highly competitive, with numerous carriers, potentially impacting pricing and market share.
• Fuel Price Volatility [medium — financial]: Fluctuations in fuel prices can significantly affect operating costs and profitability.
• Government Regulations [medium — regulatory]: The company is subject to various federal, state, and local regulations that can increase compliance costs and operational complexity.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Marten Transport Ltd.)

Key Financial Figures

• $1.131 billion — ated environment. In 2023, we generated $1.131 billion in operating revenue. Approximately 58%
• $20.7 million — rves to reflect our experience. We have $20.7 million in standby letters of credit to guarant

Filing Documents

• mrtn20231231_10k.htm (10-K) — 1611KB
• ex_627041.htm (EX-4.7) — 23KB
• ex_627040.htm (EX-23.1) — 2KB
• ex_627044.htm (EX-31.1) — 12KB
• ex_627045.htm (EX-31.2) — 12KB
• ex_627046.htm (EX-32.1) — 6KB
• ex_627042.htm (EX-97.1) — 49KB
• g01.jpg (GRAPHIC) — 74KB
• 0001437749-24-005794.txt (&nbsp;) — 6957KB
• mrtn-20231231.xsd (EX-101.SCH) — 56KB
• mrtn-20231231_def.xml (EX-101.DEF) — 417KB
• mrtn-20231231_lab.xml (EX-101.LAB) — 387KB
• mrtn-20231231_pre.xml (EX-101.PRE) — 448KB
• mrtn-20231231_cal.xml (EX-101.CAL) — 47KB
• mrtn20231231_10k_htm.xml (XML) — 872KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 6 ITEM 1B. UNRESOLVED STAFF COMMENTS 13 ITEM 1C. CYBERSECURITY 13 ITEM 2.

PROPERTIES

PROPERTIES 14 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 14 ITEM 4. MINE SAFETY DISCLOSURES 14 ITEM 4A. INFORMATION ABOUT OUR EXECUTIVE OFFICERS 15 PART II ITEM 5. MARKET FOR REGISTRANT ' S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 16 ITEM 6. [RESERVED] ITEM 7. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 53 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 53 ITEM 9B. OTHER INFORMATION 53 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 53 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 54 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 54 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 54 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 54 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 55 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 55 ITEM 16. FORM 10-K SUMMARY 60 OTHER Signature Page 61 i FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K contains certain forward-looking statements. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements not of historical fact may be considered forward-looking statements. Written words such as " may " " expect, " " believe, " " anticipate, " " plan, " " goal, " or " estimate, " or other variations of these or similar words, identify such statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to us that could cause such material differences are identified in this Annual Report on Form 10-K under the heading " Risk Factors " beginning on page 6. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised, however, to consult any future disclosures we make on related subjects in future filings with the Securities and Exchange Commission, or SEC. References in this Annual Report to " we, " " us, " " our, " or the " Company " or similar terms refer to Marten Transport, Ltd. and its consolidated subsidiaries unless the context otherwise requires. PART I ITEM 1.

BUSINESS

BUSINESS Overview We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across our five distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. In 2023, we generated $1.131 billion in operating revenue. Approximately 58% of our Truckload and Dedicated revenue in 2023 resulted from hauling temperature-sensitive products and 42% from hauling dry freight. We operate throughout the United States and in parts of Mexico and Canada, with our revenue primarily generated from within the United States. We provide regional truckload carrier services in the Southeast, West Coast, Midwest, South Central and Northeast regions. Our primary medium-to-long-haul traffic lanes are between the Midwest and the West Coast, Southwest, Southeast, and the East Coast, as well as from California to the Pacific Northwest. In 2023, our average length of haul was 414 miles. Our growth strategy is to expand our business organically by offering shippers a high level of service and significant freight capacity. We market primarily to shippers that offer consistent volumes of freight in the lanes we prefer and are willing to compensate us for a high level of service. With our fleet of 3,349 company and independent contractor tractors, we offer service levels that include up to 99% on-time performance and delivery within the narrow time windows often required when shipping perishable commodities. We have four reporting segments – Truckload, Dedicated, Intermodal and Brokerage. Financial information regarding these segments can be found in Footnote 14 to the Notes

RISK FACTORS

RISK FACTORS The following factors a

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View this 10-K filing on SEC EDGAR