Saia Inc. Files Q2 2024 10-Q

TL;DR

Saia's Q2 10-Q is in. Financials look solid, check credit/shelf agreements.

AI Summary

Saia 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 data and disclosures related to their credit and shelf agreements are included.

Why It Matters

This filing provides investors with the latest financial health and operational status of Saia Inc., crucial for understanding their performance in the trucking industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-07-26 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point for financial performance analysis.)

Key Players & Entities

• SAIA INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240726 (date) — Filing Date
• SCS TRANSPORTATION INC (company) — Former Company Name
• saia:CreditAgreementMember (dollar_amount) — Financial Agreement
• saia:ShelfAgreementMember (dollar_amount) — Financial Agreement

FAQ

Filing Documents

• saia-20240630.htm (10-Q) — 1115KB
• 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
• 0000950170-24-086878.txt ( ) — 3750KB
• saia-20240630.xsd (EX-101.SCH) — 589KB
• saia-20240630_htm.xml (XML) — 372KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1:

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the quarters and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the quarters and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 18 ITEM 4:

Controls and Procedures

Controls and Procedures 18

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1:

Legal Proceedings

Legal Proceedings 20 ITEM 1A:

Risk Factors

Risk Factors 20 ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds 20 ITEM 5: Other Information 20 ITEM 6: Exhibits 21 Signature 22 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) June 30, 2024 December 31, 2023 Assets (in thousands, except share and per share data) Current Assets: Cash and cash equivalents $ 11,169 $ 296,215 Accounts receivable, net 375,868 311,742 Prepaid expenses 42,762 32,648 Income tax receivable 7,165 - Other current assets 9,097 8,089 Total current assets 446,061 648,694 Property and Equipment, at cost 3,535,457 2,881,800 Less: accumulated depreciation and amortization 1,194,231 1,118,492 Net property and equipment 2,341,226 1,763,308 Operating Lease Right-of-Use Assets 127,441 118,734 Goodwill and Identifiable Intangibles, net 16,869 17,296 Other Noncurrent Assets 25,525 35,533 Total assets $ 2,957,122 $ 2,583,565 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 155,590 $ 141,877 Wages, vacation and employees' benefits 62,614 75,514 Claims and insurance accruals 39,682 41,641 Other current liabilities 36,303 27,094 Current portion of long-term debt 7,577 10,173 Current portion of operating lease liability 26,062 25,757 Total current liabilities 327,828 322,056 Other Liabilities: Long-term debt, less current portion 169,098 6,315 Operating lease liability, less current portion 97,480 96,462 Deferred income taxes 159,925 155,841 Claims, insurance and other 66,705 61,397 Total other liabilities 493,208 320,015 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, 26,589,913 and 26,549,372 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 27 27 Additional paid-in-capital 287,611 285,092 D

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," "potential" 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 forwar