SAIA INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SAIA INC filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and corporate history.</b>

AI Summary

SAIA INC (SAIA) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. SAIA INC filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and credit agreements. Key dates mentioned include the filing date of April 26, 2024, and the period end date of March 31, 2024. The company was formerly known as SCS TRANSPORTATION INC, with a name change date of July 17, 2002. The SIC code for SAIA INC is 4213 (TRUCKING (NO LOCAL)).

Why It Matters

For investors and stakeholders tracking SAIA INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of SAIA INC for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, debt structure, and future outlook.

Risk Assessment

Risk Level: — SAIA INC shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any unusual or high-risk events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand SAIA INC's current financial health and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-26 — Filing Date (Filed as of date)
• 4213 — SIC Code (Standard Industrial Classification)
• 2002-07-17 — Name Change Date (Date of name change from SCS TRANSPORTATION INC)

Key Players & Entities

• SAIA INC (company) — Filer name
• SCS TRANSPORTATION INC (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-04-26 (date) — Filing date
• 4213 (other) — Standard Industrial Classification

FAQ

Industry Context

SAIA INC operates in the trucking industry, a sector critical for logistics and supply chain management in the United States.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and other key performance indicators.
2. Examine any disclosed debt agreements or credit facilities to understand the company's leverage.
3. Review the 'Risk Factors' section (if present in the full document) for potential challenges facing SAIA INC.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter
• 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize SAIA INC within the trucking industry.)

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would need to be compared for year-over-year or sequential changes.

Filing Documents

• saia-20240331.htm (10-Q) — 913KB
• 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
• 0000950170-24-049188.txt (&nbsp;) — 3270KB
• saia-20240331.xsd (EX-101.SCH) — 564KB
• saia-20240331_htm.xml (XML) — 282KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1:

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the quarters ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the quarters ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 ITEM 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 ITEM 4:

Controls and Procedures

Controls and Procedures 18

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1:

Legal Proceedings

Legal Proceedings 19 ITEM 1A:

Risk Factors

Risk Factors 19 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 19 ITEM 5: Other Information 19 ITEM 6: Exhibits 20 Signature 21 2

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements Saia, Inc. and Subsidiaries Condensed Consolida ted Balance Sheets (unaudited) March 31, 2024 December 31, 2023 Assets (in thousands, except share and per share data) Current Assets: Cash and cash equivalents $ 12,308 $ 296,215 Accounts receivable, net 345,808 311,742 Prepaid expenses 51,231 32,648 Other current assets 6,913 8,089 Total current assets 416,260 648,694 Property and Equipment, at cost 3,336,493 2,881,800 Less: accumulated depreciation and amortization 1,159,629 1,118,492 Net property and equipment 2,176,864 1,763,308 Operating Lease Right-of-Use Assets 129,520 118,734 Goodwill and Identifiable Intangibles, net 17,082 17,296 Other Noncurrent Assets 25,988 35,533 Total assets $ 2,765,714 $ 2,583,565 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 153,487 $ 141,877 Wages, vacation and employees' benefits 55,318 75,514 Claims and insurance accruals 36,612 41,641 Other current liabilities 58,331 27,094 Current portion of long-term debt 7,498 10,173 Current portion of operating lease liability 26,526 25,757 Total current liabilities 337,772 322,056 Other Liabilities: Long-term debt, less current portion 76,553 6,315 Operating lease liability, less current portion 98,190 96,462 Deferred income taxes 157,626 155,841 Claims, insurance and other 66,635 61,397 Total other liabilities 399,004 320,015 Commitments and Contingencies (Note 3) Stockholders' Equity: Preferred stock, $ 0.001 par value, 50,000 shares authorized, none issued and outstanding - - Common stock, $ 0.001 par value, 100,000,000 shares authorized, 26,588,162 and 26,549,372 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 27 27 Additional paid-in-capital 282,090 285,092 Deferred compensation trust, 69,412

Business

Business The Company provides national less-than-truckload (LTL) services through a single integrated organization. While more than 97 percent of its revenue has been derived from transporting LTL shipments across 46 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited transportation and logistics services across North America. The Company's customer base is diversified across numerous industries. Revenue Recognition The Company's revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company's performance obligations arise when it receives a bill of lading (BOL) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received and accepted, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. Each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from one to five days . Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company's LTL, non-asset truckload and expedited transportation services over the transit time of the shipment as it moves from origin to destination based on the transit status at the end of each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: Revenue associated with shipments in transit is recognized ratably over the transit time; and Adjustments to revenue for billing adjustments and collectability

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 This Management's Discussion and Analysis should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and our 2023 audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Those consolidated financial statements include additional information about our significant accounting policies, practices and the transactions that underlie our financial results. Cautionary Note Regarding Forward-Looking Statements The Securities and Exchange Commission (the SEC) encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This Quarterly Report on Form 10-Q, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains these types of statements, which are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as otherwise required by applicable law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this Quarterly Report on Form 10-Q and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, the following: