SAIA INC Files 2023 Annual Report on Form 10-K

TL;DR

<b>SAIA INC has filed its 2023 10-K annual report detailing its operations and financial standing for the fiscal year ending December 31, 2023.</b>

AI Summary

SAIA INC (SAIA) filed a Annual Report (10-K) with the SEC on February 23, 2024. SAIA INC filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Trucking (SIC 4213). SAIA INC was formerly known as SCS TRANSPORTATION INC, with a name change on July 17, 2002. The filing includes details on various financial instruments and equity components such as Performance Shares, Restricted Stock, and Common Stock.

Why It Matters

For investors and stakeholders tracking SAIA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SAIA INC's financial performance, operational activities, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects. The detailed disclosures within the 10-K are essential for regulatory compliance and offer insights into the company's assets, liabilities, equity, and business segments, enabling informed investment decisions.

Risk Assessment

Risk Level: low — SAIA INC shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate any immediate or unusual risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand SAIA INC's performance and outlook for the upcoming year.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-23 — Filing Date (FILED AS OF DATE)
• 2023-01-01 — Reporting Period Start Date (Reporting Period)
• 2023-12-31 — Reporting Period End Date (Reporting Period)

Key Players & Entities

• SAIA INC (company) — COMPANY CONFORMED NAME
• SCS TRANSPORTATION INC (company) — FORMER COMPANY
• DE (state) — STATE OF INCORPORATION
• GA (state) — STATE
• JOHNS CREEK (city) — CITY
• 7702325067 (phone) — BUSINESS PHONE
• 4213 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 2023-12-31 (date) — FISCAL YEAR END

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding SAIA INC's financial health and operations for the fiscal year 2023.)

SIC

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates SAIA INC's core business is in the Trucking industry (4213).)

Key Financial Figures

• $1.5 billion — e years, Saia has invested in excess of $1.5 billion in capital expenditures, primarily for
• $2.9 billion — r. In 2023, Saia generated revenue of $2.9 billion and operating income of $460.5 million
• $460.5 million — of $2.9 billion and operating income of $460.5 million compared to revenue of $2.8 billion and
• $2.8 billion — f $460.5 million compared to revenue of $2.8 billion and operating income of $470.5 million
• $470.5 million — of $2.8 billion and operating income of $470.5 million in 2022. In 2023, the average Saia LTL

Filing Documents

• saia-20231231.htm (10-K) — 2103KB
• saia-ex10_132.htm (EX-10.13(2)) — 55KB
• saia-ex10_145.htm (EX-10.14(5)) — 95KB
• saia-ex10_146.htm (EX-10.14(6)) — 42KB
• saia-ex21_1.htm (EX-21.1) — 7KB
• saia-ex23_1.htm (EX-23.1) — 4KB
• saia-ex31_1.htm (EX-31.1) — 12KB
• saia-ex31_2.htm (EX-31.2) — 12KB
• saia-ex32_1.htm (EX-32.1) — 7KB
• saia-ex32_2.htm (EX-32.2) — 7KB
• saia-ex97_1.htm (EX-97.1) — 47KB
• img238169029_0.jpg (GRAPHIC) — 227KB
• 0000950170-24-019368.txt (&nbsp;) — 9825KB
• saia-20231231.xsd (EX-101.SCH) — 1309KB
• saia-20231231_htm.xml (XML) — 1582KB

Business

Business 3 Additional Information 10 Executive Officers of the Registrant 11 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 32 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 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III. Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 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 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accountant Fees and Services 70 PART IV. Item 15. Exhibits, Financial Statement Schedules 71 Item 16. Form 10-K Summary 75

Signatures

Signatures 76 2 PART I.

Business

Item 1. Business Overview Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia (Saia, Inc. together with its subsidiaries, the Company or Saia). We provide less-than-truckload (LTL) services through a single integrated organization. While more than 97% of our revenue is derived from transporting LTL shipments, we also offer customers a wide range of other value-added services, including non-asset truckload, expedited and logistics services across North America. Founded in 1924, Saia Motor Freight Line, LLC (Saia LTL Freight), a wholly-owned subsidiary of Saia, Inc., is a leading LTL carrier that serves 45 states and provides LTL services to Canada and Mexico through relationships with third-party interline carriers. Saia LTL Freight specializes in offering its customers a range of LTL services including time-definite and expedited options. Saia LTL Freight primarily provides its customers with solutions for shipments between 100 and 10,000 pounds. As of December 31, 2023, Saia LTL Freight operated a network comprised of 198 owned and leased facilities, including three general offices and one warehouse. At December 31, 2023, Saia LTL Freight owned approximately 6,500 tractors and 22,100 trailers, including equipment acquired with finance leases. Over the past five years, Saia has invested in excess of $1.5 billion in capital expenditures, primarily for real estate, revenue equipment and technology. The real estate investments have been made to support Saia's long-term strategy of expanding our footprint in both new and existing markets in order to be closer to our customers and support our goals to gain market share. Equipment and technology investments have been made to support this growth as well as improve our fleet. The investments have provided us improved fuel economy, enhanced safety features across the fleet and reduced carbon emissions. We have also made investments in technology to su