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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from           to          

Commission file number:  0-27754

 

HUB GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-4007085

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

2000 Clearwater Drive

Oak Brook, Illinois 60523

(Address, including zip code, of principal executive offices)

Registrant’s telephone number, including area code: (630) 271-3600

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $.01 per share

 

HUBG

 

NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

Accelerated Filer

 

Non-Accelerated Filer

 

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

On July 31, 2020, the registrant had 33,516,316 outstanding shares of Class A common stock, par value $.01 per share, and 662,296 outstanding shares of Class B common stock, par value $0.1 per share.

 

1


 

HUB GROUP, INC.

TABLE OF CONTENTS

 

 

Page

PART I.  Financial Information:

 

Item 1. Financial Statements

Consolidated Balance Sheets – June 30, 2020 (unaudited) and December 31, 2019

3

Unaudited Consolidated Statements of Income and Comprehensive Income – Three Months and Six Months Ended June 30, 2020 and 2019

4

Unaudited Consolidated Statements of Stockholders’ Equity-Three and Six Months Ended June 30, 2020 and 2019

5

Unaudited Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019

6

Notes to Unaudited Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

11

Item 3. Quantitative and Qualitative Disclosures about Market Risk

18

Item 4. Controls and Procedures

18

 

PART II.  Other Information

18

 

Item 1. Legal Proceedings

18

Item 1A. Risk Factors

18

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 6. Exhibits

20

 

 

 

 

2


 

HUB GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

June 30,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

(unaudited)

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

$

203,173

 

 

$

168,729

 

Accounts receivable trade

 

456,619

 

 

 

450,451

 

Allowance for uncollectible trade accounts

 

(8,500

)

 

 

(6,912

)

Other receivables

 

1,028

 

 

 

3,237

 

Prepaid taxes

 

708

 

 

 

630

 

Prepaid expenses and other current assets

 

13,682

 

 

 

24,086

 

TOTAL CURRENT ASSETS

 

666,710

 

 

 

640,221

 

 

 

 

 

 

 

 

 

Restricted investments

 

20,961

 

 

 

22,601

 

Property and equipment, net

 

650,990

 

 

 

663,165

 

Right-of-use assets - operating leases

 

35,889

 

 

 

35,548

 

Right-of-use assets - financing leases

 

4,704

 

 

 

5,865

 

Other intangibles, net

 

114,128

 

 

 

120,967

 

Goodwill, net

 

484,350

 

 

 

484,459

 

Other assets

 

21,445

 

 

 

18,748

 

TOTAL ASSETS

$

1,999,177

 

 

$

1,991,574

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Accounts payable trade

$

257,752

 

 

$

257,247

 

Accounts payable other

 

16,049

 

 

 

11,585

 

Accrued payroll

 

29,835

 

 

 

45,540

 

Accrued other

 

89,696

 

 

 

86,686

 

Lease liability - operating leases

 

8,760

 

 

 

8,567

 

Lease liability - financing leases

 

3,061

 

 

 

3,048

 

Current portion of long term debt

 

90,948

 

 

 

94,691

 

TOTAL CURRENT LIABILITIES

 

496,101

 

 

 

507,364

 

 

 

 

 

 

 

 

 

Long term debt

 

167,857

 

 

 

186,934

 

Non-current liabilities

 

41,424

 

 

 

36,355

 

Lease liability - operating leases

 

28,662

 

 

 

28,518

 

Lease liability - financing leases

 

278

 

 

 

1,820

 

Deferred taxes

 

159,018

 

 

 

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; 33,518,154 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

 

178,914

 

 

 

179,637

 

Purchase price in excess of predecessor basis, net of tax benefit of $10,306

 

(15,458

)

 

 

(15,458

)

Retained earnings

 

1,205,991

 

 

 

1,179,601

 

Accumulated other comprehensive loss

 

(283

)

 

 

(186

)

Treasury stock; at cost, 7,706,638 shares in 2020 and 7,870,888 shares in 2019

 

(263,746

)

 

 

(268,734

)

TOTAL STOCKHOLDERS' EQUITY

 

1,105,837

 

 

 

1,075,279

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

1,999,177

 

 

$

1,991,574

 

See notes to unaudited consolidated financial statements.

 

 

3


 

HUB GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

 

 

Three Months

 

 

Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

779,243

 

 

$

921,163

 

 

$

1,618,102

 

 

$

1,854,161

 

Transportation costs

 

671,994

 

 

 

788,460

 

 

 

1,406,259

 

 

 

1,594,169

 

Gross margin

 

107,249

 

 

 

132,703

 

 

 

211,843

 

 

 

259,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

49,676

 

 

 

60,859

 

 

 

100,552

 

 

 

122,887

 

General and administrative

 

28,970

 

 

 

24,028

 

 

 

55,306

 

 

 

46,946

 

Depreciation and amortization

 

7,625

 

 

 

7,095

 

 

 

15,248

 

 

 

13,849

 

Total costs and expenses

 

86,271

 

 

 

91,982

 

 

 

171,106

 

 

 

183,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

20,978

 

 

 

40,721

 

 

 

40,737

 

 

 

76,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(3,006

)

 

 

(2,690

)

 

 

(5,461

)

 

 

(5,746

)

Other, net

 

47

 

 

 

565

 

 

 

228

 

 

 

898

 

Total other expense

 

(2,959

)

 

 

(2,125

)

 

 

(5,233

)

 

 

(4,848

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

18,019

 

 

 

38,596

 

 

 

35,504

 

 

 

71,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

4,865

 

 

 

9,379

 

 

 

9,114

 

 

 

18,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

13,154

 

 

 

29,217

 

 

 

26,390

 

 

 

53,111

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

37

 

 

 

(3

)

 

 

(97

)

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

$

13,191

 

 

$

29,214

 

 

$

26,293

 

 

$

53,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.40

 

 

$

0.87

 

 

$

0.80

 

 

$

1.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.39

 

 

$

0.87

 

 

$

0.79

 

 

$

1.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of shares outstanding

 

33,171

 

 

 

33,552

 

 

 

33,165

 

 

 

33,560

 

Diluted weighted average number of shares outstanding

 

33,455

 

 

 

33,715

 

 

 

33,472

 

 

 

33,650

 

See notes to unaudited consolidated financial statements.

 


 

4


 

HUB GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A & B

 

 

 

 

 

 

in Excess of

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Predecessor

 

 

 

 

 

 

Other

 

 

Treasury

 

 

 

 

 

 

Shares

 

 

 

 

 

 

Paid-in

 

 

Basis, Net

 

 

Retained

 

 

Comprehensive

 

 

Stock

 

 

 

 

 

 

Issued

 

 

Amount

 

 

Capital

 

 

of Tax

 

 

Earnings

 

 

Income

 

 

Shares

 

 

Amount

 

 

Total

 

Balance March 31, 2019

 

41,887,088

 

 

$

419

 

 

$

163,340

 

 

$

(15,458

)

 

$

1,096,324

 

 

$

(175

)

 

 

(7,114,310

)

 

$

(237,386

)

 

$

1,007,064

 

Purchase of treasury stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(181,811

)

 

 

(7,282

)

 

 

(7,282

)

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,805

)

 

 

(168

)

 

 

(168

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

3,525

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69,126

)

 

 

(3,525

)

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

3,754

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,754

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,217

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

29,217

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3

)

 

 

-

 

 

 

-

 

 

 

(3

)

Balance June 30, 2019

 

41,887,088

 

 

$

419

 

 

$

170,619

 

 

$

(15,458

)

 

$

1,125,541

 

 

$

(178

)

 

 

(7,369,052

)

 

$

(248,361

)

 

$

1,032,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2020

 

41,887,088

 

 

$

419

 

 

$

175,370

 

 

$

(15,458

)

 

$

1,192,837

 

 

$

(320

)

 

 

(7,680,505

)

 

$

(264,139

)

 

$

1,088,709

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,878

)

 

 

(175

)

 

 

(175

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(568

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(22,255

)

 

 

568

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

4,112

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,112

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,154

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,154

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37

 

 

 

-

 

 

 

-

 

 

 

37

 

Balance June 30, 2020

 

41,887,088

 

 

$

419

 

 

$

178,914

 

 

$

(15,458

)

 

$

1,205,991

 

 

$

(283

)

 

 

(7,706,638

)

 

$

(263,746

)

 

$

1,105,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2018

 

41,887,088

 

 

$

419

 

 

$

172,220

 

 

$

(15,458

)

 

$

1,072,456

 

 

$

(182

)

 

 

(7,431,083

)

 

$

(248,621

)

 

$

980,834

 

Purchase of treasury stock

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(181,811

)

 

 

(7,282

)

 

 

(7,282

)

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(72,713

)

 

 

(2,746

)

 

 

(2,746

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(10,288

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

316,555

 

 

 

10,288

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

8,687

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,687

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,111

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53,111

 

Adoption of ASU 2016-02

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4

 

 

 

-

 

 

 

-

 

 

 

4

 

Balance June 30, 2019

 

41,887,088

 

 

$

419

 

 

$

170,619

 

 

$

(15,458

)

 

$

1,125,541

 

 

$

(178

)

 

 

(7,369,052

)

 

$

(248,361

)

 

$

1,032,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2019

 

41,887,088

 

 

$

419

 

 

$

179,637

 

 

$

(15,458

)

 

$

1,179,601

 

 

$

(186

)

 

 

(7,870,888

)

 

$

(268,734

)

 

$

1,075,279

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(75,595

)

 

 

(3,944

)

 

 

(3,944

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(8,932

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

239,845

 

 

 

8,932

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

8,209

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,209

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,390

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,390

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-