J.B. Hunt Transport Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>J.B. Hunt Transport Services, Inc. has submitted its comprehensive 2023 annual report on Form 10-K detailing its financial performance and business operations.</b>

AI Summary

HUNT J B TRANSPORT SERVICES INC (JBHT) filed a Annual Report (10-K) with the SEC on February 23, 2024. J.B. Hunt Transport Services, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. The report includes detailed financial statements and segment information. The company is incorporated in Arkansas (AR) and its fiscal year ends on December 31st. The filing was made on February 23, 2024.

Why It Matters

For investors and stakeholders tracking HUNT J B TRANSPORT SERVICES INC, this filing contains several important signals. This 10-K filing provides investors and analysts with the official year-end financial data, enabling a thorough assessment of J.B. Hunt's performance and strategic positioning. The detailed segment information within the report allows for an in-depth understanding of the revenue drivers and operational health across J.B. Hunt's various business units.

Risk Assessment

Risk Level: — HUNT J B TRANSPORT SERVICES INC shows moderate risk based on this filing. The filing is a standard annual report (10-K) which typically contains historical financial data and business overview, posing no immediate new risks.

Analyst Insight

Review the detailed segment performance and financial statements in the 10-K to understand J.B. Hunt's operational strengths and potential areas for growth in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (Date filed)
• 0000728535 — Central Index Key (Filer's unique identifier)

Key Players & Entities

• HUNT J B TRANSPORT SERVICES INC (company) — Filer name
• JBHT (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• AR (location) — State of incorporation

FAQ

Industry Context

J.B. Hunt Transport Services operates within the trucking and logistics industry, a critical sector for supply chain management and freight transportation in North America.

Regulatory Implications

The filing is a standard SEC disclosure (Form 10-K) required under the Securities Exchange Act of 1934 for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine the segment reporting to understand the performance of JBT, FMS, DCS, JBI, and ICS.
3. Review any disclosed risk factors or management discussion and analysis for forward-looking insights.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from the previous filing (2022 10-K) would be needed for a full 'vs last filing' analysis.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value JBHT NASDAQ Securities
• $181.03 — 0, 2023, was $ 15.0 billion (based upon $181.03 per share). As of February 20, 2024, t
• $6.21 billion — Revenue for the JBI segment in 2023 was $6.21 billion. DCS Segment DCS focuses on private
• $3.54 billion — mber 31, 2023. DCS revenue for 2023 was $3.54 billion. ICS Segment ICS provides traditiona
• $1.39 billion — arty carriers. ICS revenue for 2023 was $1.39 billion. 4 FMS Segment FMS provides last-mi
• $918 million — mber 31, 2023. FMS revenue for 2023 was $918 million. JBT Segment The service offering in
• $789 million — e JBT segment. JBT revenue for 2023 was $789 million. Marketing and Operations We transpo
• $38 million — 1996, the program has awarded more than $38 million to over 4,700 drivers. We believe that

Filing Documents

• jbht20231231_10k.htm (10-K) — 1459KB
• ex_628107.htm (EX-4.1) — 20KB
• ex_628108.htm (EX-21.1) — 5KB
• ex_628109.htm (EX-22.1) — 2KB
• ex_628110.htm (EX-23.1) — 2KB
• ex_628111.htm (EX-24.1) — 33KB
• ex_628112.htm (EX-31.1) — 12KB
• ex_628113.htm (EX-31.2) — 12KB
• ex_628114.htm (EX-32.1) — 7KB
• ex_628115.htm (EX-97.1) — 24KB
• image01.jpg (GRAPHIC) — 71KB
• 0001437749-24-005368.txt (&nbsp;) — 7415KB
• jbht-20231231.xsd (EX-101.SCH) — 57KB
• jbht-20231231_def.xml (EX-101.DEF) — 453KB
• jbht-20231231_lab.xml (EX-101.LAB) — 385KB
• jbht-20231231_pre.xml (EX-101.PRE) — 489KB
• jbht-20231231_cal.xml (EX-101.CAL) — 55KB
• jbht20231231_10k_htm.xml (XML) — 1111KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 11 Item 1C. Cybersecurity 12 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 13 Item 4. Mine Safety Disclosures 13 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 14 Item 6. [Reserved] 15 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27 Item 9A.

Controls and Procedures

Controls and Procedures 27 Item 9B. Other Information 27 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 27 PART III Item 10. Directors, Executive Officers and Corporate Governance 28 Item 11.

Executive Compensation

Executive Compensation 28 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 28 Item 13. Certain Relationships and Related Transactions, and Director Independence 28 Item 14. Principal Accounting Fees and Services 28 PART IV Item 15. Exhibits, Financial Statement Schedules 29

Signatures

Signatures 32 1

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report, including documents which are incorporated by reference and other documents which we file periodically with the Securities and Exchange Commission (SEC), contains statements that may be considered to be " forward-looking statements. " Such statements relate to our predictions concerning future events or operations and are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When we use words like " may, " " plan, " " contemplate, " " anticipate, " " believe, " " intend, " " continue, " " expect, " " project, " " goals, " " strategy, " " future, " " predict, " " seek, " " estimate, " " likely, " " could, " " should, " " would, " and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements are inherently uncertain, subject to risks, and should be viewed with caution. These statements are based on our belief or interpretation of information currently available. Shareholders and prospective investors are cautioned that actual results and future events may differ materially from these forward-looking statements as a result of many factors. Some of the factors and events that are not within our control and that could have a material impact on future operating results include the following: general economic and business conditions; potential business or operational disruptions resulting from the effects of a national or international health pandemic; competition and competitive rate fluctuations; excess capacity in the intermodal or trucking industries; a loss of one or more major customers; cost and availability of diesel fuel; interference with or termination of our relationships with certain railroads; rail service delays; disruptions to U.S. port-of-call activity; ability to attract and retain qualified drivers, delivery personnel, independent

BUSINESS

ITEM 1. BUSINESS OVERVIEW We are one of the largest surface transportation, delivery, and logistics companies in North America. J.B. Hunt Transport Services, Inc. is a publicly held holding company that, through our wholly owned subsidiaries, provides a wide range of reliable transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico. Unless otherwise indicated by the context, "we," "us," "our," the "Company", and "JBHT" refer to J.B. Hunt Transport Services, Inc. and its consolidated subsidiaries. We were incorporated in Arkansas on August 10, 1961, and have been a publicly held company since our initial public offering in 1983. Our service offerings include transportation of full-truckload containerized freight, which we directly transport utilizing our company-controlled revenue equipment and company drivers, independent contractors, or third-party carriers. We have arrangements with most of the major North American rail carriers to transport freight in containers or trailers, while we perform the majority of the pickup and delivery services. We also provide customized freight movement, revenue equipment, labor, systems, and delivery services that are tailored to meet individual customers' requirements and typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, freight handling, specialized equipment, and freight network design. In addition, we provide or arrange for local and home delivery services, generally referred to as last-mile delivery services, to customers through a network of cross-dock and other delivery system locations throughout the continental United States. Utilizing thousands of reliable third-party carriers, we also provide comprehensive freight transportation brokerage and logistics services. In addition to dry-van, full-load operations, we also arrang