Saia Inc. Files Q3 2024 10-Q Financial Report

TL;DR

Saia Inc. 10-Q filed. Q3 2024 financials out. Check balance sheet.

AI Summary

Saia Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and balance sheet items are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors and analysts with a detailed look at Saia Inc.'s financial health and operational performance during the third quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 20240930 — Period End Date (The report covers financial data up to this date.)
• 20241025 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SAIA INC (company) — Filer of the 10-Q
• 20240930 (date) — Conformed period of report
• 20241025 (date) — Filing date
• SCS TRANSPORTATION INC (company) — Former company name

FAQ

Filing Documents

• saia-20240930.htm (10-Q) — 1228KB
• 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
• 0000950170-24-117401.txt ( ) — 3838KB
• saia-20240930.xsd (EX-101.SCH) — 543KB
• saia-20240930_htm.xml (XML) — 395KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1:

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the quarters and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity for the quarters and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 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 12 ITEM 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 ITEM 4:

Controls and Procedures

Controls and Procedures 19

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) September 30, 2024 December 31, 2023 Assets (in thousands, except share and per share data) Current Assets: Cash and cash equivalents $ 14,405 $ 296,215 Accounts receivable, net 372,396 311,742 Prepaid expenses 35,746 32,648 Income tax receivable 8,329 1,005 Other current assets 6,471 7,084 Total current assets 437,347 648,694 Property and Equipment, at cost 3,704,281 2,881,800 Less: accumulated depreciation and amortization 1,222,373 1,118,492 Net property and equipment 2,481,908 1,763,308 Operating Lease Right-of-Use Assets 121,336 118,734 Goodwill and Identifiable Intangibles, net 16,656 17,296 Other Noncurrent Assets 24,877 35,533 Total assets $ 3,082,124 $ 2,583,565 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 161,241 $ 141,877 Wages, vacation and employees' benefits 70,613 75,514 Claims and insurance accruals 40,799 41,641 Other current liabilities 41,580 27,094 Current portion of long-term debt 6,761 10,173 Current portion of operating lease liability 25,679 25,757 Total current liabilities 346,673 322,056 Other Liabilities: Long-term debt, less current portion 184,202 6,315 Operating lease liability, less current portion 92,325 96,462 Deferred income taxes 161,867 155,841 Claims, insurance and other 65,572 61,397 Total other liabilities 503,966 320,015 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, 26,595,075 and 26,549,372 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 27 27 Additional paid-in-capital 291,319

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 48 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 statement