Saia, Inc. (Nasdaq: SAIA), a leading transportation provider
offering national less-than-truckload (LTL), non-asset truckload,
expedited and logistics services, today reported third quarter 2023
financial results. Diluted earnings per share for the quarter were
$3.67 compared to $3.67 in the third quarter of 2022.
Highlights from the third quarter operating
results were as follows:
Third Quarter 2023 Compared to Third Quarter 2022
Results
- Revenue was $775.1 million, a 6.2% increase
- Operating income was $128.4 million, a 0.1% increase
- Operating ratio of 83.4% compared to 82.4%
- LTL shipments per workday increased 12.2%
- LTL tonnage per workday increased 6.7%
- LTL revenue per hundredweight, excluding fuel surcharge revenue
increased 8.4%
- LTL revenue per shipment, excluding fuel surcharge revenue
increased 3.0%
Saia President and CEO, Fritz Holzgrefe,
commented on the quarter stating, “I am pleased with how third
quarter results came together, especially in light of the
significant step-up in volume in late July resulting from the
shutdown of a large LTL competitor. Our team worked some very long
hours to handle a 10% increase in shipments per day compared to
June levels while maintaining our high customer service levels. We
have added more than 1,000 new employees since the end of the
second quarter, and onboarding and training activities are
ongoing.”
“Our operating ratio deteriorated by 100 basis
points compared to last year, but expenses were generally well
controlled. Salaries, wages and benefits increased by nearly 16%
compared to last year from a combination of employee growth and an
average wage increase of 4.1% implemented in July. Despite the
significant increase in headcount and hours, total operating
expenses grew by only 7.6%. As new employees gain experience, we
expect to see improved productivity and less overtime related to
onboarding and training,” stated Holzgrefe.
“While there are costs associated with the rapid
step-up in volume, I was pleased with how our team kept the network
fluid and provided excellent service for our customers. Over the
past couple years, we have heightened our focus on our core value
of “Customer First”, and there was no better example of that than
managing through Q3. Our teams consistently went above and beyond
to satisfy customer demand, and we believe that this will continue
to serve us well as we continue to grow our footprint,” continued
Holzgrefe. “I was also pleased to see the core pricing environment
remain positive in the quarter. Despite the headwinds from weight
per shipment, revenue per shipment, excluding fuel surcharge,
increased 3%. As the incremental volume began flowing into the
system, our team was focused on ensuring that the freight profile
and margins met our expectations. We were pleased to see the focus
that our team has put on providing reliable, quality service which
supports our profitability initiatives,” concluded Holzgrefe.
Financial Position and Capital Expenditures
We ended the third quarter of 2023 with $249.3
million of cash on hand and total debt of $18.9 million, which
compares to $149.8 million of cash on hand and total debt of $34.9
million at September 30, 2022.
Net capital expenditures were $338.4 million
during the first nine months of 2023, compared to $278.0 million in
net capital expenditures during the first nine months of 2022. In
2023, we anticipate that net capital expenditures will be in excess
of $400 million, subject to ongoing evaluation of market
conditions.
Conference Call
Management will hold a conference call to
discuss quarterly results today at 10:00 a.m. Eastern Time. To
participate in the call, please dial 1-888-440-5655 or
1-646-960-0338 referencing conference ID #9246157. Callers should
dial in five to ten minutes in advance of the conference call. This
call will be webcast live via the Company website at
www.saia.com/about-us/investor-relations/financial-releases.
A replay of the call will be offered two hours after the completion
of the call through November 27, 2023 at 11:59 P.M. Eastern Time.
The replay will be available by dialing 1-800-770-2030 or
1-647-362-9199 referencing conference ID #9246157.
Saia, Inc. (NASDAQ: SAIA) offers customers a
wide range of less-than-truckload, non-asset truckload, expedited
and logistics services. With headquarters in Georgia, Saia LTL
Freight operates 193 terminals with service across 45 states. For
more information on Saia, Inc. visit the Investor Relations section
at www.saia.com/about-us/investor-relations.
Cautionary Note Regarding
Forward-Looking Statements
The Securities and Exchange Commission
encourages companies to disclose forward-looking information so
that investors can better understand the future prospects of a
company and make informed investment decisions. This news release
may contain these types of statements, which are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995.
Words such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,”
“should” and similar words or expressions are intended to identify
forward-looking statements. Investors should not place undue
reliance on forward-looking statements and the Company undertakes
no obligation to publicly update or revise any forward-looking
statements, except as required by law. All forward-looking
statements reflect the present expectation of future events of our
management as of the date of this news release and are subject to a
number of important factors, risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in any forward-looking statements. These factors, risks,
uncertainties and assumptions include, but are not limited to, (1)
general economic conditions including downturns or inflationary
periods in the business cycle; (2) operation within a highly
competitive industry and the adverse impact from downward pricing
pressures, including in connection with fuel surcharges, and other
factors; (3) industry-wide external factors largely out of our
control; (4) cost and availability of qualified drivers, dock
workers, mechanics and other employees, purchased transportation
and fuel; (5) inflationary increases in operating expenses and
corresponding reductions of profitability; (6) cost and
availability of diesel fuel and fuel surcharges; (7) cost and
availability of insurance coverage and claims expenses and other
expense volatility, including for personal injury, cargo loss and
damage, workers’ compensation, employment and group health plan
claims; (8) failure to successfully execute the strategy to expand
our service geography; (9) costs and liabilities from the
disruption in or failure of our technology or equipment essential
to our operations, including as a result of cyber incidents,
security breaches, malware or ransomware attacks; (10) failure to
keep pace with technological developments; (11) labor relations,
including the adverse impact should a portion of our workforce
become unionized; (12) cost, availability and resale value of real
property and revenue equipment; (13) supply chain disruption and
delays on new equipment delivery; (14) capacity and highway
infrastructure constraints; (15) risks arising from international
business operations and relationships; (16) seasonal factors, harsh
weather and disasters caused by climate change; (17) economic
declines in the geographic regions or industries in which our
customers operate; (18) the creditworthiness of our customers and
their ability to pay for services; (19) our need for capital and
uncertainty of the credit markets; (20) the possibility of defaults
under our debt agreements, including violation of financial
covenants; (21) inaccuracies and changes to estimates and
assumptions used in preparing our financial statements; (22)
failure to operate and grow acquired businesses in a manner that
support the value allocated to acquired businesses; (23) dependence
on key employees; (24) employee turnover from changes to
compensation and benefits or market factors; (25) increased costs
of healthcare benefits; (26) damage to our reputation from adverse
publicity, including from the use of or impact from social media;
(27) failure to make future acquisitions or to achieve acquisition
synergies; (28) the effect of litigation and class action lawsuits
arising from the operation of our business, including the
possibility of claims or judgments in excess of our insurance
coverages or that result in increases in the cost of insurance
coverage or that preclude us from obtaining adequate insurance
coverage in the future; (29) the potential of higher corporate
taxes and new regulations, including with respect to climate
change, employment and labor law, healthcare and securities
regulation; (30) the effect of governmental regulations, including
hours of service and licensing compliance for drivers, engine
emissions, the Compliance, Safety, Accountability (CSA) initiative,
regulations of the Food and Drug Administration and Homeland
Security, and healthcare and environmental regulations; (31)
unforeseen costs from new and existing data privacy laws; (32)
changes in accounting and financial standards or practices; (33)
widespread outbreak of an illness or any other communicable
disease, including the COVID-19 pandemic; (34) international
conflicts and geopolitical instability; (35) increasing investor
and customer sensitivity to social and sustainability issues,
including climate change; (36) provisions in our governing
documents and Delaware law that may have anti-takeover effects;
(37) issuances of equity that would dilute stock ownership; (38)
weakness, disruption or loss of confidence in financial or credit
markets; and (39) other financial, operational and legal risks and
uncertainties detailed from time to time in the Company’s SEC
filings.
As a result of these and other factors, no
assurance can be given as to our future results and achievements.
Accordingly, a forward-looking statement is neither a prediction
nor a guarantee of future events or circumstances and those future
events or circumstances may not occur. You should not place undue
reliance on the forward-looking statements, which speak only as of
the date of this news release. We are under no obligation, and we
expressly disclaim any obligation, to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as otherwise required by
law.
CONTACT: |
Saia,
Inc. |
|
Douglas Col |
|
Executive Vice President and Chief Financial Officer |
|
Investors@saia.com |
Saia, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(Amounts in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
249,262 |
|
|
$ |
187,390 |
|
Accounts receivable, net |
|
|
345,940 |
|
|
|
290,306 |
|
Prepaid expenses and other |
|
|
50,391 |
|
|
|
53,190 |
|
Total current assets |
|
|
645,593 |
|
|
|
530,886 |
|
|
|
|
|
|
Property and
Equipment: |
|
|
|
|
Cost |
|
|
2,789,357 |
|
|
|
2,478,824 |
|
Less: accumulated depreciation |
|
|
1,115,858 |
|
|
|
996,204 |
|
Net property and equipment |
|
|
1,673,499 |
|
|
|
1,482,620 |
|
Operating Lease
Right-of-Use Assets |
|
|
126,122 |
|
|
|
120,455 |
|
Other
Assets |
|
|
40,105 |
|
|
|
40,749 |
|
Total assets |
|
$ |
2,485,319 |
|
|
$ |
2,174,710 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts payable |
|
$ |
112,594 |
|
|
$ |
99,792 |
|
Wages, vacation and employees' benefits |
|
|
77,721 |
|
|
|
66,684 |
|
Other current liabilities |
|
|
71,137 |
|
|
|
68,165 |
|
Current portion of long-term debt |
|
|
10,971 |
|
|
|
14,519 |
|
Current portion of operating lease liability |
|
|
26,805 |
|
|
|
24,925 |
|
Total current liabilities |
|
|
299,228 |
|
|
|
274,085 |
|
|
|
|
|
|
Other
Liabilities: |
|
|
|
|
Long-term debt, less current portion |
|
|
7,963 |
|
|
|
16,489 |
|
Operating lease liability, less current portion |
|
|
102,848 |
|
|
|
98,581 |
|
Deferred income taxes |
|
|
163,267 |
|
|
|
145,771 |
|
Claims, insurance and other |
|
|
62,550 |
|
|
|
60,443 |
|
Total other liabilities |
|
|
336,628 |
|
|
|
321,284 |
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
Common stock |
|
|
27 |
|
|
|
26 |
|
Additional paid-in capital |
|
|
282,175 |
|
|
|
277,366 |
|
Deferred compensation trust |
|
|
(5,565 |
) |
|
|
(5,248 |
) |
Retained earnings |
|
|
1,572,826 |
|
|
|
1,307,197 |
|
Total stockholders' equity |
|
|
1,849,463 |
|
|
|
1,579,341 |
|
Total liabilities and stockholders' equity |
|
$ |
2,485,319 |
|
|
$ |
2,174,710 |
|
|
|
|
|
|
|
|
|
|
|
Saia, Inc. and Subsidiaries |
Consolidated Statements of Operations |
For the Quarters and Nine Months Ended September 30, 2023
and 2022 |
(Amounts in thousands, except per share data) |
(Unaudited) |
|
|
|
|
|
|
|
Third Quarter |
|
Nine Months |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating
Revenue |
|
$ |
775,144 |
|
|
$ |
729,561 |
|
|
$ |
2,130,301 |
|
|
$ |
2,136,331 |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
Salaries, wages and employees' benefits |
|
|
344,605 |
|
|
|
297,247 |
|
|
|
955,449 |
|
|
|
881,762 |
|
Purchased transportation |
|
|
76,746 |
|
|
|
85,452 |
|
|
|
173,244 |
|
|
|
255,519 |
|
Fuel, operating expenses and supplies |
|
|
144,282 |
|
|
|
145,461 |
|
|
|
419,397 |
|
|
|
413,762 |
|
Operating taxes and licenses |
|
|
17,018 |
|
|
|
16,261 |
|
|
|
51,540 |
|
|
|
48,813 |
|
Claims and insurance |
|
|
18,024 |
|
|
|
15,988 |
|
|
|
49,039 |
|
|
|
40,940 |
|
Depreciation and amortization |
|
|
45,618 |
|
|
|
40,682 |
|
|
|
133,156 |
|
|
|
117,578 |
|
Other operating, net |
|
|
416 |
|
|
|
115 |
|
|
|
643 |
|
|
|
160 |
|
Total operating expenses |
|
|
646,709 |
|
|
|
601,206 |
|
|
|
1,782,468 |
|
|
|
1,758,534 |
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
128,435 |
|
|
|
128,355 |
|
|
|
347,833 |
|
|
|
377,797 |
|
|
|
|
|
|
|
|
|
|
Nonoperating (Income)
Expenses: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
454 |
|
|
|
581 |
|
|
|
1,600 |
|
|
|
1,941 |
|
Interest income |
|
|
(2,423 |
) |
|
|
(72 |
) |
|
|
(3,050 |
) |
|
|
(134 |
) |
Other, net |
|
|
157 |
|
|
|
140 |
|
|
|
(1,336 |
) |
|
|
1,206 |
|
Nonoperating (income) expenses, net |
|
|
(1,812 |
) |
|
|
649 |
|
|
|
(2,786 |
) |
|
|
3,013 |
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
|
130,247 |
|
|
|
127,706 |
|
|
|
350,619 |
|
|
|
374,784 |
|
Income Tax
Provision |
|
|
32,034 |
|
|
|
29,815 |
|
|
|
84,990 |
|
|
|
88,224 |
|
Net
Income |
|
$ |
98,213 |
|
|
$ |
97,891 |
|
|
$ |
265,629 |
|
|
$ |
286,560 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding - basic |
|
|
26,644 |
|
|
|
26,539 |
|
|
|
26,626 |
|
|
|
26,506 |
|
Weighted average common shares
outstanding - diluted |
|
|
26,779 |
|
|
|
26,676 |
|
|
|
26,755 |
|
|
|
26,663 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share |
|
$ |
3.69 |
|
|
$ |
3.69 |
|
|
$ |
9.98 |
|
|
$ |
10.81 |
|
Diluted earnings per
share |
|
$ |
3.67 |
|
|
$ |
3.67 |
|
|
$ |
9.93 |
|
|
$ |
10.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saia, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
For the nine months ended September 30, 2023 and
2022 |
(Amounts in thousands) |
(Unaudited) |
|
|
Nine Months |
|
|
|
2023 |
|
|
|
2022 |
|
Operating
Activities: |
|
|
|
|
Net cash provided by operating
activities |
|
$ |
416,268 |
|
|
$ |
344,074 |
|
Net cash provided by operating activities |
|
|
416,268 |
|
|
|
344,074 |
|
Investing
Activities: |
|
|
|
|
Acquisition of property and equipment |
|
|
(340,528 |
) |
|
|
(279,057 |
) |
Proceeds from disposal of property and equipment |
|
|
2,141 |
|
|
|
1,061 |
|
Other |
|
|
1,379 |
|
|
|
– |
|
Net cash used in investing activities |
|
|
(337,008 |
) |
|
|
(277,996 |
) |
Financing
Activities: |
|
|
|
|
Proceeds from stock option exercises |
|
|
4,791 |
|
|
|
4,416 |
|
Shares withheld for taxes |
|
|
(9,126 |
) |
|
|
(11,703 |
) |
Other financing activity |
|
|
(13,053 |
) |
|
|
(15,554 |
) |
Net cash used in financing activities |
|
|
(17,388 |
) |
|
|
(22,841 |
) |
Net Increase in Cash
and Cash Equivalents |
|
|
61,872 |
|
|
|
43,237 |
|
Cash and Cash Equivalents,
beginning of period |
|
|
187,390 |
|
|
|
106,588 |
|
Cash and Cash Equivalents, end
of period |
|
$ |
249,262 |
|
|
$ |
149,825 |
|
|
|
|
|
|
|
|
|
|
|
Saia, Inc. and Subsidiaries |
Financial Information |
For the Quarters Ended September 30, 2023 and
2022 |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
|
|
|
Third Quarter |
|
% |
|
Amount/Workday |
|
% |
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
2023 |
|
2022 |
|
Change |
Workdays |
|
|
|
|
|
|
63 |
|
64 |
|
|
Operating
ratio |
|
83.4 |
% |
|
|
82.4 |
% |
|
|
|
|
|
|
|
|
LTL tonnage
(1) |
|
1,467 |
|
|
|
1,397 |
|
|
5.0 |
|
|
23.29 |
|
21.83 |
|
6.7 |
LTL shipments
(1) |
|
2,158 |
|
|
|
1,954 |
|
|
10.4 |
|
|
34.25 |
|
30.52 |
|
12.2 |
LTL
revenue/cwt. |
$ |
25.87 |
|
|
$ |
25.10 |
|
|
3.1 |
|
|
|
|
|
|
|
LTL revenue/cwt.,
excluding fuel surcharge |
$ |
21.39 |
|
|
$ |
19.74 |
|
|
8.4 |
|
|
|
|
|
|
|
LTL
revenue/shipment |
$ |
351.64 |
|
|
$ |
359.04 |
|
|
(2.1 |
) |
|
|
|
|
|
|
LTL
revenue/shipment, excluding fuel surcharge |
$ |
290.79 |
|
|
$ |
282.41 |
|
|
3.0 |
|
|
|
|
|
|
|
LTL
pounds/shipment |
|
1,360 |
|
|
|
1,431 |
|
|
(5.0 |
) |
|
|
|
|
|
|
LTL length of haul
(2) |
|
896 |
|
|
|
897 |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
In thousands. |
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
In miles. |
|
|
|
|
|
|
|
|
|
|
|
Note: |
LTL operating
statistics exclude transportation and logistics services where
pricing is generally not determined by weight. The LTL operating
statistics also exclude the adjustment required for financial
statement purposes in accordance with the Company's revenue
recognition policy. |
Saia (NASDAQ:SAIA)
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