SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

Press Release: Hub Group, Inc. Reports Fourth -3-

· 02/04/2021 16:05
CONTACT: Maralee Volchko of Hub Group, Inc., +1-630-271-3745Accumulated other comprehensive loss (191) (186) Treasury stock; at cost, 7,675,084 shares in 2020 and 7,870,888 shares in 2019 (266,065) (268,734) --------- --------- TOTAL STOCKHOLDERS' EQUITY 1,157,923 1,075,279 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,105,396 $ 1,991,574 ========= ========= HUB GROUP, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Twelve Months Ended December 31, ------------------------------------------ 2020 2019 Cash flows from operating activities: Net income $ 73,559 $ 107,171 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 123,679 116,887 Deferred taxes 7,463 1,821 Compensation expense related to share-based compensation plans 17,053 16,286 Loss (gain) on sale of assets 907 (745) Other operating activities 6,385 - Changes in operating assets and liabilities, net of acquisitions: Restricted investments (752) (3,365) Accounts receivable, net (47,219) 32,732 Prepaid taxes (707) (14) Prepaid expenses and other current assets (2,508) 3,447 Other assets (2,177) (3,786) Accounts payable 5,594 (14,933) Accrued expenses (4,408) (122) Non-current liabilities (1,915) (870) Net cash provided by operating activities 174,954 254,509 ------------- ------------ Cash flows from investing activities: Proceeds from sale of equipment 3,289 10,025 Purchases of property and equipment (115,306) (94,847) Acquisitions, net of cash acquired (84,845) (734) Proceeds from the disposition of discontinued operations - 19,439 Net cash used in investing activities (196,862) (66,117) ------------- ------------ Cash flows from financing activities: Repayments of long term debt (198,741) (105,653) Purchase of treasury stock - (24,998) Stock withheld for payments of withholding taxes (7,963) (3,984) Finance lease payments (3,066) (2,954) Proceeds from issuance of debt 187,475 56,494 Net cash used in financing activities (22,295) (81,095) ------------- ------------ Effect of exchange rate changes on cash and cash equivalents (20) (3) ------------- ------------ Net (decrease) increase in cash and cash equivalents (44,223) 107,294 Cash and cash equivalents beginning of period 168,729 61,435 Cash and cash equivalents end of period $ 124,506 $ 168,729 ============= ============ HUB GROUP, INC. FINANCIAL INFORMATION BY BUSINESS LINE (in thousands) (unaudited) Three Months Twelve Months Ended December 31, Ended December 31, ---------------------- ---------------------- 2020 2019 2020 2019 Intermodal $ 576,225 $547,975 $2,091,984 $2,166,382 Logistics 181,934 183,000 704,824 769,195 Truck brokerage 126,441 99,582 431,127 433,793 Dedicated 68,130 70,124 267,709 298,747 -------- ------- --------- --------- Total Revenue $ 952,730 $900,681 $3,495,644 $3,668,117 ======== ======= ========= ========= RECONCILIATION OF NET INCOME TO EBITDA (in thousands) (unaudited) Three Months Ended December 31, ------------------------------------- Change Change 2020 2019 $ % ------ ------ -------- --------- Net income $22,388 $27,955 $(5,567) -19.9% Interest expense 2,048 2,468 (420) -17.0% Depreciation and amortization 31,881 30,168 1,713 5.7% Provision for income taxes 6,650 9,318 (2,668) -28.6% ------ ------ EBITDA $62,967 $69,909 $(6,942) -9.9% ====== ====== RECONCILIATION OF NET INCOME TO EBITDA (in thousands) (unaudited) Twelve Months Ended December 31, ---------------------------------------- Change Change 2020 2019 $ % ------- ------- --------- --------- Net income $ 73,559 $107,171 $(33,612) -31.4% Interest expense 9,746 10,994 (1,248) -11.4% Depreciation and amortization 123,679 116,888 6,791 5.8% Provision for income taxes 22,541 36,699 (14,158) -38.6% ------- ------- EBITDA $229,525 $271,752 $(42,227) -15.5% ======= =======

See the "Non-GAAP Financial Measure" section of this release for the definition of EBITDA and a discussion of this non-GAAP financial measure.

(1) For all non-GAAP measures presented, please see "Non-GAAP Financial Measure" and the reconciliations included in this press release.

(END) Dow Jones Newswires

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