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Press Release: Hub Group, Inc. Reports Fourth -2-

· 02/04/2021 16:05
HUB GROUP, INC. CONSOLIDATED STATEMENTS OF EARNINGS (in thousands, except per share amounts) (unaudited) Three Months Ended December 31, ------------------------------------------ 2020 2019 --------------- --------------- % of % of Amount Revenue Amount Revenue --------- --------- --------- --------- Revenue $952,730 100.0% $900,681 100.0% Transportation costs 847,171 88.9% 774,821 86.0% ------- ----- ------- ----- Gross margin 105,559 11.1% 125,860 14.0% Costs and expenses: Salaries and benefits 42,649 4.5% 53,311 5.9% General and administrative 23,446 2.4% 26,354 3.0% Depreciation and amortization 8,292 0.9% 7,331 0.8% ------- ----- ------- ----- Total costs and expenses 74,387 7.8% 86,996 9.7% Operating income 31,172 3.3% 38,864 4.3% Other income (expense): Interest expense (2,048) -0.2% (2,468) -0.3% Other, net (86) 0.0% 877 0.1% ------- ----- ------- ----- Total other expense (2,134) -0.2% (1,591) -0.2% Income before provision for income taxes 29,038 3.1% 37,273 4.1% Provision for income taxes 6,650 0.7% 9,318 1.0% ------- ----- ------- ----- Net income $ 22,388 $ 27,955 ======= ======= Earnings per share Basic $ 0.67 $ 0.85 ======= ======= Diluted $ 0.67 $ 0.84 ======= ======= Basic weighted average number of shares outstanding 33,212 32,982 ======= ======= Diluted weighted average number of shares outstanding 33,630 33,357 ======= ======= HUB GROUP, INC. CONSOLIDATED STATEMENTS OF EARNINGS (in thousands, except per share amounts) (unaudited) Twelve Months Ended December 31, ---------------------------------------------- 2020 2019 ----------------- ----------------- % of % of Amount Revenue Amount Revenue ----------- --------- ----------- --------- Revenue $3,495,644 100.0% $3,668,117 100.0% Transportation costs 3,070,207 87.8% 3,147,047 85.8% --------- ----- --------- ----- Gross margin 425,437 12.2% 521,070 14.2% Costs and expenses: Salaries and benefits 188,777 5.4% 235,963 6.4% General and administrative 99,597 2.9% 104,206 2.8% Depreciation and amortization 31,237 0.9% 28,481 0.8% --------- ----- --------- ----- Total costs and expenses 319,611 9.2% 368,650 10.0% Operating income 105,826 3.0% 152,420 4.2% Other income (expense): Interest expense (9,746) -0.3% (10,994) -0.3% Other, net 20 0.0% 2,444 0.0% --------- ----- --------- ----- Total other expense (9,726) -0.3% (8,550) -0.3% Income before provision for income taxes 96,100 2.7% 143,870 3.9% Provision for income taxes 22,541 0.6% 36,699 1.0% --------- ----- --------- ----- Net income $ 73,559 $ 107,171 ========= ========= Earnings per share Basic $ 2.22 $ 3.22 ========= ========= Diluted $ 2.19 $ 3.20 ========= ========= Basic weighted average number of shares outstanding 33,180 33,284 ========= ========= Diluted weighted average number of shares outstanding 33,543 33,480 ========= ========= HUB GROUP, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) December 31, December 31, 2020 2019 --------- --------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 124,506 $ 168,729 Accounts receivable trade, net 518,975 443,539 Accounts receivable other 1,265 3,237 Prepaid taxes 1,336 630 Prepaid expenses and other current assets 26,753 24,086 --------- --------- TOTAL CURRENT ASSETS 672,835 640,221 Restricted investments 23,353 22,601 Property and equipment, net 671,101 663,165 Right-of-use assets - operating leases 43,573 35,548 Right-of-use assets - financing leases 3,557 5,865 Other intangibles, net 163,953 120,967 Goodwill, net 508,555 484,459 Other assets 18,469 18,748 TOTAL ASSETS $ 2,105,396 $ 1,991,574 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable trade $ 285,320 $ 257,247 Accounts payable other 12,680 11,585 Accrued payroll 23,044 45,540 Accrued other 102,613 86,686 Lease liability - operating leases 10,093 8,567 Lease liability - financing leases 1,793 3,048 Current portion of long term debt 93,562 94,691 --------- --------- TOTAL CURRENT LIABILITIES 529,105 507,364 Long term debt 176,797 186,934 Non-current liabilities 42,910 36,355 Lease liability - operating leases 36,328 28,518 Lease liability - financing leases 8 1,820 Deferred taxes 162,325 155,304 STOCKHOLDERS' EQUITY: Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2020 and 2019 - - Common stock Class A: $.01 par value; 97,337,700 shares authorized and 41,224,792 shares issued in 2020 and 2019; 33,549,708 shares outstanding in 2020 and 33,353,904 shares outstanding in 2019 412 412 Class B: $.01 par value; 662,300 shares authorized; 662,296 shares issued and outstanding in 2020 and 2019 7 7 Additional paid-in capital 186,058 179,637 Purchase price in excess of predecessor basis, net of tax benefit of $10,306 (15,458) (15,458) Retained earnings 1,253,160 1,179,601

general economic and financial market conditions and on our customers, counterparties, employees and third-party service providers; our ability to sustain or the effects of plans intended to improve operational execution and performance; changes in or implementation of governmental or regulatory rules and interpretations affecting tax, wage and hour matters, health and safety, labor and employment, insurance or other undeterminable areas; intermodal costs and prices, the integration of NSD and any other acquisitions and expenses relating thereto; the future performance of Hub's Intermodal, Truck Brokerage, Dedicated and Logistics business lines; driver shortages; the amount and timing of strategic investments or divestitures by Hub; the failure to implement and integrate critical information technology systems; cyber security incidents, retail and other customers encountering adverse economic conditions and other factors described from time to time in Hub Group's SEC reports, press releases and other communications. Hub Group assumes no liability to update any such forward-looking statements.

SOURCE: Hub Group, Inc.

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February 04, 2021 16:05 ET (21:05 GMT)