hubg-10q_20200930.htm
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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 September 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 October 30, 2020, the registrant had 33,494,226 outstanding shares of Class A common stock, par value $.01 per share, and 662,296 outstanding shares of Class B common stock, par value $.01 per share.

 

 


 

HUB GROUP, INC.

INDEX

 

 

Page

PART I.  Financial Information:

 

Item 1.  Financial Statements

 

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

3

Unaudited Consolidated Statements of Income and Comprehensive Income – Three Months and Nine Months Ended September 30, 2020 and 2019

4

Unaudited Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2020 and 2019

5

Unaudited Consolidated Statements of Cash Flows – Nine Months Ended September 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

17

Item 4.  Controls and Procedures

17

 

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

19

Item 6.  Exhibits

19

 

 

 

 

 

 

 

 

 

 

2


 

HUB GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

 

September 30,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

(unaudited)

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

Cash and cash equivalents

$

185,336

 

 

$

168,729

 

Accounts receivable trade

 

559,312

 

 

 

450,451

 

Allowance for uncollectible trade accounts

 

(8,574

)

 

 

(6,912

)

Other receivables

 

1,937

 

 

 

3,237

 

Prepaid taxes

 

1,780

 

 

 

630

 

Prepaid expenses and other current assets

 

13,661

 

 

 

24,086

 

TOTAL CURRENT ASSETS

 

753,452

 

 

 

640,221

 

 

 

 

 

 

 

 

 

Restricted investments

 

21,516

 

 

 

22,601

 

Property and equipment, net

 

638,940

 

 

 

663,165

 

Right-of-use assets - operating leases

 

34,400

 

 

 

35,548

 

Right-of-use assets - financing leases

 

4,145

 

 

 

5,865

 

Other intangibles, net

 

110,890

 

 

 

120,967

 

Goodwill, net

 

484,295

 

 

 

484,459

 

Other assets

 

17,332

 

 

 

18,748

 

TOTAL ASSETS

$

2,064,970

 

 

$

1,991,574

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Accounts payable trade

$

307,361

 

 

$

257,247

 

Accounts payable other

 

23,008

 

 

 

11,585

 

Accrued payroll

 

25,533

 

 

 

45,540

 

Accrued other

 

88,344

 

 

 

86,686

 

Lease liability - operating leases

 

8,956

 

 

 

8,567

 

Lease liability - financing leases

 

2,562

 

 

 

3,048

 

Current portion of long term debt

 

86,964

 

 

 

94,691

 

TOTAL CURRENT LIABILITIES

 

542,728

 

 

 

507,364

 

 

 

 

 

 

 

 

 

Long term debt

 

149,004

 

 

 

186,934

 

Non-current liabilities

 

49,242

 

 

 

36,355

 

Lease liability - operating leases

 

27,191

 

 

 

28,518

 

Lease liability - financing leases

 

12

 

 

 

1,820

 

Deferred taxes

 

161,782

 

 

 

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; 33,494,661 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

 

183,140

 

 

 

179,637

 

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

 

(15,458

)

 

 

(15,458

)

Retained earnings

 

1,230,772

 

 

 

1,179,601

 

Accumulated other comprehensive loss

 

(260

)

 

 

(186

)

Treasury stock; at cost, 7,730,131 shares in 2020 and 7,870,888 shares in 2019

 

(263,602

)

 

 

(268,734

)

TOTAL STOCKHOLDERS' EQUITY

 

1,135,011

 

 

 

1,075,279

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,064,970

 

 

$

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

 

 

Nine Months

 

 

Ended September 30,

 

 

Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

924,812

 

 

$

913,275

 

 

$

2,542,914

 

 

$

2,767,436

 

Transportation costs

 

816,777

 

 

 

778,057

 

 

 

2,223,036

 

 

 

2,372,226

 

Gross margin

 

108,035

 

 

 

135,218

 

 

 

319,878

 

 

 

395,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

45,576

 

 

 

59,765

 

 

 

146,128

 

 

 

182,652

 

General and administrative

 

20,845

 

 

 

30,906

 

 

 

76,151

 

 

 

77,852

 

Depreciation and amortization

 

7,697

 

 

 

7,301

 

 

 

22,945

 

 

 

21,150

 

Total costs and expenses

 

74,118

 

 

 

97,972

 

 

 

245,224

 

 

 

281,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

33,917

 

 

 

37,246

 

 

 

74,654

 

 

 

113,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(2,237

)

 

 

(2,780

)

 

 

(7,698

)

 

 

(8,526

)

Other, net

 

(122

)

 

 

669

 

 

 

106

 

 

 

1,567

 

Total other expense

 

(2,359

)

 

 

(2,111

)

 

 

(7,592

)

 

 

(6,959

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

31,558

 

 

 

35,135

 

 

 

67,062

 

 

 

106,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

6,777

 

 

 

9,030

 

 

 

15,891

 

 

 

27,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

24,781

 

 

 

26,105

 

 

 

51,171

 

 

 

79,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

23

 

 

 

(33

)

 

 

(74

)

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

$

24,804

 

 

$

26,072

 

 

$

51,097

 

 

$

79,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.75

 

 

$

0.79

 

 

$

1.54

 

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.74

 

 

$

0.78

 

 

$

1.53

 

 

$

2.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of shares outstanding

 

33,177

 

 

 

33,034

 

 

 

33,169

 

 

 

33,385

 

Diluted weighted average number of shares outstanding

 

33,597

 

 

 

33,265

 

 

 

33,513

 

 

 

33,522

 

 

See notes to unaudited consolidated financial statements.

 

 

4


 

HUB GROUP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase Price

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A & B

 

 

 

 

 

 

of 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 June 30, 2019

 

41,887,088

 

 

$

419

 

 

$

170,619

 

 

$

(15,458

)

 

$

1,125,541

 

 

$

(178

)

 

 

(7,369,052

)

 

$

(248,361

)

 

$

1,032,582

 

Purchase of treasury shares

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(444,509

)

 

 

(17,716

)

 

 

(17,716

)

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,168

)

 

 

(129

)

 

 

(129

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

1,383

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(32,735

)

 

 

(1,383

)

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

3,747

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,747

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,105

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,105

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(33

)

 

 

-

 

 

 

-

 

 

 

(33

)

Balance September 30, 2019

 

41,887,088

 

 

$

419

 

 

$

175,749

 

 

$

(15,458

)

 

$

1,151,646

 

 

$

(211

)

 

 

(7,849,464

)

 

$

(267,589

)

 

$

1,044,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2020

 

41,887,088

 

 

$

419

 

 

$

178,914

 

 

$

(15,458

)

 

$

1,205,991

 

 

$

(283

)

 

 

(7,706,638

)

 

$

(263,746

)

 

$

1,105,837

 

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,896

)

 

 

(97

)

 

 

(97

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(241

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,597

)

 

 

241

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

4,467

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,467

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

24,781

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

24,781

 

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23

 

 

 

-

 

 

 

-

 

 

 

23

 

Balance September 30, 2020

 

41,887,088

 

 

$

419

 

 

$

183,140

 

 

$

(15,458

)

 

$

1,230,772

 

 

$

(260

)

 

 

(7,730,131

)

 

$

(263,602

)

 

$

1,135,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 shares

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(626,320

)

 

 

(24,998

)

 

 

(24,998

)

Stock withheld for payments of withholding taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(75,881

)

 

 

(2,875

)

 

 

(2,875

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(8,905

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

283,820

 

 

 

8,905

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

12,434

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,434

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

79,216

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

79,216

 

Adoption of ASU 2016-02

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

Foreign currency translation adjustment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(29

)

 

 

-

 

 

 

-

 

 

 

(29

)

Balance September 30, 2019

 

41,887,088

 

 

$

419

 

 

$

175,749

 

 

$

(15,458

)

 

$

1,151,646

 

 

$

(211

)

 

 

(7,849,464

)

 

$

(267,589

)

 

$

1,044,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(77,491

)

 

 

(4,041

)

 

 

(4,041

)

Issuance of restricted stock awards, net of forfeitures

 

-

 

 

 

-

 

 

 

(9,173

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

218,248

 

 

 

9,173

 

 

 

-

 

Share-based compensation expense

 

-

 

 

 

-

 

 

 

12,676

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,676

 

Net income

 

-

 

 

 

-

 

 

 

-