Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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, 2024 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.)

2001 Hub Group Way

Oak Brook, Illinois 60523

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

(630) 271-3600

(Registrant’s telephone number, including area code)

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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. o

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 25, 2024, the registrant had 60,787,701 outstanding shares of Class A common stock, par value $.01 per share, and 574,903 outstanding shares of Class B common stock, par value $.01 per share.

HUB GROUP, INC.

TABLE OF CONTENTS


	Page
PART I. Financial Information	3

Item 1. Financial Statements
Condensed Consolidated Balance Sheets – September 30, 2024 (unaudited) and December 31, 2023	3
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income – Three and Nine Months Ended September 30, 2024 and 2023	4
Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2024 and 2023	5
Unaudited Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023	6
Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures about Market Risk	19
Item 4. Controls and Procedures	19
PART II. Other Information	20
Item 1. Legal Proceedings	20
Item 1A. Risk Factors	20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3. Defaults Upon Senior Securities	20
Item 4. Mine Safety Disclosures	20
Item 5. Other Information	20
Item 6. Exhibits	21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

HUB GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)


	September 30,			December 31,
	2024			2023
ASSETS	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	186,139		$	187,270
Accounts receivable trade, net		576,352			600,197
Accounts receivable other		5,683			3,358
Prepaid taxes		11,026			17,331
Prepaid expenses and other current assets		26,196			41,089
TOTAL CURRENT ASSETS		805,396			849,245

Restricted investments		21,342			20,763
Property and equipment, net		741,753			791,692
Right-of-use assets - operating leases		228,137			210,742
Right-of-use assets - financing leases		1,226			2,522
Other intangibles, net		240,162			304,607
Goodwill		772,542			733,695
Other non-current assets		22,567			22,781
TOTAL ASSETS	$	2,833,125		$	2,936,047

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable trade	$	305,838		$	349,378
Accounts payable other		28,636			14,471
Accrued payroll		34,442			21,731
Accrued other		105,638			121,253
Lease liability - operating leases		42,853			44,690
Lease liability - financing leases		656			1,579
Current portion of long-term debt		99,850			105,108
TOTAL CURRENT LIABILITIES		617,913			658,210

Long-term debt		187,240			245,574
Other non-current liabilities		54,939			55,287
Lease liability - operating leases		193,851			177,699
Lease liability - financing leases		498			865
Deferred taxes		152,414			163,767

STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2024 and 2023.		-		-
Common stock
Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228 shares issued in 2024 and 75,524,189 shares issued in 2023; 60,818,637 shares outstanding in 2024 and 62,200,921 shares outstanding in 2023.		723			755
Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and outstanding in 2024 and 2023.		6			6
Additional paid-in capital		216,585			209,830
Retained earnings		2,005,539			1,949,110
Accumulated other comprehensive loss		(232	)		(129	)
Treasury stock; at cost, 11,484,591 shares in 2024 and 13,323,268 shares in 2023.		(596,351	)		(524,927	)
TOTAL STOCKHOLDERS' EQUITY		1,626,270			1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,833,125		$	2,936,047

See notes to unaudited condensed consolidated financial statements.

HUB GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023

Operating revenue	$	986,892		$	1,024,835		$	2,972,880		$	3,217,562

Operating expenses:
Purchased transportation and warehousing		739,995			772,650			2,207,403			2,403,190
Salaries and benefits		142,948			138,503			429,300			417,757
Depreciation and amortization		32,386			36,065			108,489			106,899
Insurance and claims		10,217			11,681			35,474			36,041
General and administrative		29,674			24,146			84,785			76,445
Gain on sale of assets, net		(427	)		(765	)		(1,337	)		(5,599	)
Total operating expenses		954,793			982,280			2,864,114			3,034,733

Operating income		32,099			42,555			108,766			182,829

Other income (expense):
Interest expense		(3,582	)		(3,537	)		(11,170	)		(9,623	)
Interest income		2,249			2,838			5,450			6,302
Other, net		(23	)		(188	)		(259	)		(81	)
Total other expense, net		(1,356	)		(887	)		(5,979	)		(3,402	)

Income before provision for income taxes		30,743			41,668			102,787			179,427

Provision for income taxes		7,140			11,209			23,116			40,684

Net income		23,603			30,459			79,671			138,743

Other comprehensive (loss) income:
Foreign currency translation adjustments		(32	)		(31	)		(103	)		47

Total comprehensive income	$	23,571		$	30,428		$	79,568		$	138,790

Basic earnings per common share	$	0.39		$	0.49		$	1.31		$	2.17

Diluted earnings per common share	$	0.39		$	0.48		$	1.30		$	2.15

Basic weighted average number of shares outstanding		60,374			62,278			60,803			63,816
Diluted weighted average number of shares outstanding		60,949			62,986			61,241			64,416

See notes to unaudited condensed consolidated financial statements.

HUB GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)



	Class A & B												Accumulated
	Common Stock						Additional						Other
	Shares						Paid-in			Retained			Comprehensive			Treasury Stock
	Issued			Amount			Capital			Earnings			(Loss) Income			Shares			Amount			Total
Balance June 30, 2023		76,099,092		$	761		$	198,556		$	1,889,867		$	(136	)		(10,900,657	)	$	(478,312	)	$	1,610,736
Stock tendered for payments of withholding taxes related to awards vested		-			-			-			-			-			(2,324	)		(185	)		(185	)
Purchase of treasury stock		-			-			-			-			-			(208,330	)		(17,326	)		(17,326	)
Issuance of restricted stock awards, net of forfeitures		-			-			475			-			-			(2,783	)		(475	)		-
Share-based compensation expense		-			-			5,416			-			-			-			-			5,416
Net income		-			-			-			30,459			-			-			-			30,459
Foreign currency translation adjustment		-			-			-			-			(31	)		-			-			(31	)
Balance September 30, 2023		76,099,092		$	761		$	204,447		$	1,920,326		$	(167	)		(11,114,094	)	$	(496,298	)	$	1,629,069

Balance June 30, 2024		72,878,131		$	729		$	211,346		$	1,989,600		$	(200	)		(10,650,225	)	$	(560,345	)	$	1,641,130
Stock tendered for payments of withholding taxes related to awards vested		-			-			-			-			-			(8,655	)		(400	)		(400	)
Purchase of treasury stock		-			-			-			-			-			(824,149	)		(35,335	)		(35,335	)
Federal excise tax on purchased treasury stock		-			-			-			-			-			-			(294	)		(294	)
Issuance of restricted stock awards, net of forfeitures		-			-			(23	)		-			-			(1,562	)		23			-
Share-based compensation expense		-			-			5,262			-			-			-			-			5,262
Dividends paid		-			-			-			(7,503	)		-			-			-			(7,503	)
Dividends accrued		-			-			-			(161	)		-			-			-			(161	)
Net income		-			-			-			23,603			-			-			-			23,603
Foreign currency translation adjustment		-			-			-			-			(32	)		-			-			(32	)
Balance September 30, 2024		72,878,131		$	729		$	216,585		$	2,005,539		$	(232	)		(11,484,591	)	$	(596,351	)	$	1,626,270

Balance December 31, 2022		76,099,092		$	761		$	192,365		$	1,781,582		$	(214	)		(9,656,044	)	$	(374,892	)	$	1,599,602
Stock tendered for payments of withholding taxes related to awards vested		-			-			-			-			-			(100,533	)		(8,003	)		(8,003	)
Purchase of treasury stock		-			-			-			-			-			(1,531,755	)		(117,352	)		(117,352	)
Issuance of restricted stock awards, net of forfeitures		-			-			(3,949	)		-			-			174,238			3,949			-
Share-based compensation expense		-			-			16,031			-			-			-			-			16,031
Net income		-			-			-			138,743			-			-			-			138,743
Foreign currency translation adjustment		-			-			-			-			47			-			-			47
Balance September 30, 2023		76,099,092		$	761		$	204,447		$	1,920,326		$	(167	)		(11,114,094	)	$	(496,298	)	$	1,629,069

Balance December 31, 2023		76,099,092		$	761		$	209,830		$	1,949,110		$	(129	)		(13,323,268	)	$	(524,927	)	$	1,634,645
Adjustment related to stock split		(3,220,961	)		(32	)		32			-			-			3,220,961			-			-
Stock tendered for payments of withholding taxes related to awards vested		-			-			-			-			-			(198,959	)		(9,064	)		(9,064	)
Purchase of treasury stock		-			-			-			-			-			(1,591,952	)		(68,273	)		(68,273	)
Federal excise tax on purchased treasury stock		-			-			-			-			-			-			(2,059	)		(2,059	)
Issuance of restricted stock awards, net of forfeitures		-			-			(7,972	)		-			-			408,627			7,972			-
Share-based compensation expense		-			-			14,695			-			-			-			-			14,695
Dividends paid		-			-			-			(22,733	)		-			-			-			(22,733	)
Dividends accrued		-			-			-			(509	)		-			-			-			(509	)
Net income		-			-			-			79,671			-			-			-			79,671
Foreign currency translation adjustment		-			-			-			-			(103	)		-			-			(103	)
Balance September 30, 2024		72,878,131		$	729		$	216,585		$	2,005,539		$	(232	)		(11,484,591	)	$	(596,351	)	$	1,626,270

Note: Some amounts may not foot due to rounding.

See notes to unaudited condensed consolidated financial statements.

HUB GROUP, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Nine Months Ended September 30,
	2024			2023
Cash flows from operating activities:
Net income	$	79,671		$	138,743
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and right-of-use assets		145,474			136,775
Impairment of right-of-use asset		-			2,012
Deferred taxes		(11,652	)		18,832
Non-cash share-based compensation expense		14,695			16,031
Gain on sale of assets, net		(1,337	)		(5,599	)
Changes in operating assets and liabilities, net of acquisitions:
Restricted investments		(579	)		(1,744	)
Accounts receivable, net		22,967			83,664
Prepaid taxes		6,305			(2,108	)
Prepaid expenses and other current assets		11,210			6,161
Other non-current assets		(2,083	)		(2,515	)
Accounts payable		(29,520	)		516
Accrued expenses		(10,106	)		(46,243	)
Non-current liabilities		(31,230	)		(21,848	)
Net cash provided by operating activities		193,815			322,677

Cash flows from investing activities:
Proceeds from sale of equipment		9,792			20,208
Purchases of property and equipment		(43,220	)		(105,667	)
Acquisitions, net of cash acquired		3,701			108
Net cash used in investing activities		(29,727	)		(85,351	)

Cash flows from financing activities:
Repayments of long-term debt		(81,356	)		(80,965	)
Purchase of treasury stock		(68,273	)		(117,352	)
Dividends paid		(22,733	)		-
Stock withheld for payments of withholding taxes		(9,064	)		(8,003	)
Finance lease payments		(1,532	)		(2,097	)
Proceeds from issuance of debt		17,764			85,107
Net cash used in financing activities		(165,194	)		(123,310	)


Effect of exchange rate changes on cash and cash equivalents		(25	)		28

Net (decrease) increase in cash and cash equivalents	$	(1,131	)	$	114,044
Cash and cash equivalents beginning of the period	$	187,270		$	286,642
Cash and cash equivalents end of the period	$	186,139		$	400,686

Supplemental disclosures of cash paid for:
Interest	$	11,301		$	9,547
Income taxes paid, net	$	28,406		$	23,260

See notes to unaudited condensed consolidated financial statements.

HUB GROUP, INC.

NOTES TO UNAUDITED CONDENSED

CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Interim Financial Statements

Our accompanying unaudited condensed consolidated financial statements of Hub Group, Inc. (the “Company,” “Hub,” “we,” “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading.

The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of September 30, 2024 and results of operations for the three and nine months ended September 30, 2024 and 2023.

These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”). Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality.

On January 4, 2024, we announced a two-for-one stock split of our Class A and Class B common stock. The stock split was implemented in the form of a distribution of one additional Class A share for each share outstanding. The record date for the stock split was as of the close of business on January 16, 2024. Our distribution date of the additional shares was January 26, 2024. As a result of the stock split, the number of authorized shares remained unchanged. Additionally, the par value per share of the common stock remains unchanged. All other share amounts in our condensed consolidated balance sheets, condensed consolidated statements of income and comprehensive income, condensed consolidated statements of stockholders' equity and related footnote disclosures have been adjusted and presented as though the stock split had occurred as of the earliest period presented.

On February 22, 2024, the Board declared a quarterly cash dividend of $0.125 per share on our Class A and Class B common stock. The dividend was paid on March 27, 2024 to stockholders of record as of March 8, 2024. On May 23, 2024, the Board declared a quarterly cash dividend of $0.125 per share on our Class A and Class B common stock. The dividend was paid on June 26, 2024 to stockholders of record as of June 7, 2024. On August 27, 2024, the Board declared a quarterly cash dividend of $0.125 per share on our Class A and Class B common stock. The dividend was paid on September 25, 2024 to stockholders of record as of September 6, 2024. The declarations and payments of the quarterly cash dividends were subject to the approval of the Board at its sole discretion and in compliance with applicable laws and regulations.

In October 2023, the Board authorized the purchase of up to $250 million of our Class A Common Stock pursuant to a share repurchase program. During the quarter ended September 30, 2024, we purchased 824,149 shares for approximately $35 million. During the nine months ended September 30, 2024, we purchased 1,591,952 shares for approximately $68 million.

We routinely evaluate the useful life attributed to our assets. During the third quarter ended September 30, 2024, we determined that the useful lives of certain transportation equipment should be increased to 20 years based on historical experience related to the use of this equipment and our expectation of its future usability. In addition, we changed the estimated salvage values of the transportation equipment to reflect current expectations at the end of the revised useful life. We accounted for these items as changes in estimate that were applied prospectively, effective as of July 1, 2024. These changes in estimate resulted in a reduction of depreciation expense of $5.0 million, an increase to net income of $3.8 million and an increase in both basic and diluted earnings per share of $0.06, during the three months ended September 30, 2024.

Due to presentation changes made in our condensed consolidated balance sheets and condensed consolidated statement of shareholders' equity, certain prior year amounts have been reclassified to conform with the current year presentation.

NOTE 2. Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Net income	$	23,603	$	30,459	$	79,671	$	138,743

Weighted average shares outstanding - basic		60,374		62,278		60,803		63,816

Dilutive effect of restricted stock		575		708		438		600

Weighted average shares outstanding - diluted		60,949		62,986		61,241		64,416

Earnings per share - basic	$	0.39	$	0.49	$	1.31	$	2.17

Earnings per share - diluted	$	0.39	$	0.48	$	1.30	$	2.15

NOTE 3. Acquisitions

Forward Air Final Mile Acquisition

On December 20, 2023, we acquired 100% of the equity interest of Forward Air Final Mile (“FAFM”). FAFM provides residential last mile delivery services and installation of big and bulky goods, with a focus on appliances, throughout the United States. Total consideration for the transaction was $257.2 million. $260.9 million was paid in cash in December 2023 while $3.7 million was received from the seller in the second quarter of 2024 as part of the post-closing true-up of net working capital. The financial results of FAFM, since the date of acquisition, are included in our Logistics segment.

The final mile acquisition expanded our final mile services to include the delivery and installation of appliances. FAFM provides residential last mile delivery services through a non-asset business model, working with a network of over 350 carriers throughout the country.

The initial accounting for the final mile acquisition is incomplete as we, with the support of our valuation specialist, are in the process of finalizing the fair market value calculations of the acquired net assets. The amounts recorded in the condensed consolidated financial statements related to the final mile acquisition are preliminary pending finalization of the fair market value analyses, and the measurement period remains open.

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):


	December 20, 2023
Accounts receivable trade	$	28,086
Prepaid expenses and other current assets		2,305
Property and equipment		2,488
Right-of-use assets - operating leases		15,258
Other intangibles		94,700
Goodwill		142,770
Other assets		173
Total assets acquired	$	285,780

Accounts payable trade	$	155
Accounts payable other		2,298
Accrued payroll		1,271
Accrued other		9,563
Lease liability - operating leases short-term		5,697
Other long-term liabilities		19
Lease liability - operating leases long-term		9,560
Total liabilities assumed	$	28,563

Total consideration, net	$	257,217

Cash paid, net	$	257,217

The final mile acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying condensed consolidated balance sheet at their estimated fair values as of December 20, 2023 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the final mile acquisition was primarily attributable to potential expansion and future development of the acquired business.

Tax history and attributes are not inherited in an equity purchase of this kind, however, the goodwill and other intangibles recognized in this purchase will be fully tax deductible over a period of 15 years.

The components of “Other intangibles” listed in the table above as of the acquisition date are preliminary and are pending finalization of the fair market valuations of the acquired intangibles. Amounts for these components are as follows (in thousands):


							Estimated
			Accumulated		Balance at		Useful
	Amount		Amortization		September 30, 2024		Life
Customer relationships	$	92,500	$	5,633	$	86,867	13 years
Developed technology	$	1,200	$	475	$	725	2 years
Independent service provider network	$	1,000	$	792	$	208	1 year

The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition was $2.2 million and $6.5 million for the three months and nine months ended September 30, 2024, respectively. The intangible assets have a remaining weighted average useful life of approximately 12.05 years.

Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):


	Total
2024 (Remainder of year)	$	2,137
2025		7,690
2026		7,115
2027		7,115
2028		7,115

FAFM's actual results are included in our condensed consolidated financial statements since the acquisition date of December 20, 2023. The following unaudited pro forma condensed consolidated results of operations present the effects of FAFM as though it had been acquired as of January 1, 2023 (in thousands, except for per share amounts):


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Revenue	$	1,097,306	$	3,427,950
Net income	$	30,863	$	139,629
Earnings per share
Basic	$	0.50	$	2.19
Diluted	$	0.49	$	2.17

The unaudited pro forma condensed consolidated results for the periods above were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and FAFM. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma condensed consolidated results are not necessarily indicative of what our condensed consolidated results of operations actually would have been had we completed the final mile acquisition as of January 1, 2023.

NOTE 4. Segment Reporting

We have two reportable segments: Intermodal and Transportation Solutions (“ITS”) and Logistics which are based primarily on the services each segment provides. Our ITS segment includes our asset-light business lines: intermodal and dedicated trucking. Our Logistics segment includes our non-asset business lines: managed transportation, truck brokerage, final mile, consolidation, warehousing and fulfillment.

Intermodal and Transportation Solutions. Our ITS segment offers high service, nationwide door-to-door intermodal transportation, providing value, visibility and reliability in both transcontinental and local lanes by combining rail transportation with local trucking. This segment includes our trucking operations which provides our customers with local pickup and delivery (referred to as “drayage”) as well as high service local and regional trucking transportation using equipment dedicated to their needs. We arrange for the movement of our customers’ freight in one of our approximately 50,000 containers. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Drayage between origin or destination and rail terminals are provided by our own trucking operations and third parties with whom we contract. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer’s high service expectations. As of September 30, 2024, our trucking transportation operation consisted of approximately 2,100 tractors, 3,000 employee drivers and 4,300 trailers. We also contract for services with approximately 400 independent owner-operators.

Logistics. Our Logistics segment offers a wide range of services including transportation management, freight brokerage services, shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, warehousing, fulfillment, cross-docking, consolidation services and final mile delivery. These services include a full range of trucking transportation services, including dry van, expedited, less-than-truckload, refrigerated and flatbed, all of which is provided by third party carriers with whom we contract. We also leverage proprietary technology along with collaborative relationships with third party service providers to deliver cost savings and performance-enhancing supply chain services to our clients. Our transportation management offering also serves as a source of volume for our ITS segment.

The following tables summarize our financial and operating data by segment (in thousands):


	Three Months Ended						Nine Months Ended
Operating Revenue	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	559,968		$	595,308		$	1,673,034		$	1,919,189
Logistics		460,847			460,309			1,400,159			1,382,999
Inter-segment eliminations		(33,923	)		(30,782	)		(100,313	)		(84,626	)
Total operating revenue	$	986,892		$	1,024,835		$	2,972,880		$	3,217,562



	Three Months Ended						Nine Months Ended
Operating Income	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	13,516		$	13,484		$	40,186		$	94,639
Logistics		18,583			29,071			68,580			88,190
Total operating income	$	32,099		$	42,555		$	108,766		$	182,829




	Three Months Ended						Nine Months Ended
Depreciation and Amortization	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	21,249		$	27,493		$	75,568		$	81,751
Logistics		11,137			8,572			32,921			25,148
Total depreciation and amortization	$	32,386		$	36,065		$	108,489		$	106,899

Separate balance sheets are not presented by segment to our Chief Operating Decision Maker (“CODM”). Our CODM uses consolidated asset information to make capital decisions.

NOTE 5. Fair Value Measurement

The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of September 30, 2024 and December 31, 2023. As of September 30, 2024, the fair value of our fixed-rate borrowings was $2.5 million more than the historical carrying value of $287.1 million. As of December 31, 2023, the fair value of our fixed-rate borrowings was $1.4 million less than the historical carrying value of $350.7 million. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to us for borrowings on similar terms and maturities.

We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of September 30, 2024 and December 31, 2023, our cash and temporary investments were with high quality financial institutions in demand deposit accounts, savings accounts, checking accounts and money market accounts.

Restricted investments included $21.3 million and $20.8 million as of September 30, 2024 and December 31, 2023, respectively, of mutual funds which are reported at fair value. These investments relate to our non-qualified deferred compensation plan and insurance deposits.

Our assets and liabilities measured at fair value are based on valuation techniques that consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, which are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification.

NOTE 6. Long-Term Debt and Financing Arrangements

In February 2022, we entered into a five-year, $350 million unsecured credit agreement (the "Credit Agreement"). Borrowings under the Credit Agreement generally bear interest at a variable rate equal to (i) the secured overnight financing rate (published by the Federal Reserve Bank of New York, “SOFR”), plus a specified margin based on the term of such borrowing, plus a specified margin based upon Hub’s total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% and one-month SOFR) plus a specified margin based upon the Total Net Leverage Ratio. The specified margin for SOFR loans varies from 100.0 to 175.0 basis points per annum. The specified margin for base rate loans varies from 0.0 to 75.0 basis points per annum. Hub must also pay (1) a commitment fee ranging from 10.0 to 25.0 basis points per annum (based upon the Total Net Leverage Ratio) on the aggregate unused commitments and (2) a letter of credit fee ranging from 100.0 to 175.0 basis points per annum (based upon the Total Net Leverage Ratio) on the undrawn amount of letters of credit.

We have standby letters of credit that expire in 2025. As of September 30, 2024, and December 31, 2023, our letters of credit totaled $0.8 million and $0.9 million, respectively.

As of September 30, 2024 and December 31, 2023, we had no borrowings under the Credit Agreement and our unused and available borrowings were $349.2 million and $349.1 million, respectively. We were in compliance with our debt covenants as of September 30, 2024 and December 31, 2023.

We have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers, containers and refrigeration units. The Notes are secured by the underlying equipment financed in the agreements.

Our outstanding Notes are as follows (in thousands):


	September 30,			December 31,
	2024			2023

Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$	-		$	3,265

Secured Equipment Notes due on various dates in 2029 commencing on various dates in 2024; interest is paid monthly at a fixed annual rate between 5.11% and 6.24%		19,402			-

Secured Equipment Notes due on various dates in 2028 commencing on various dates in 2023; interest is paid monthly at a fixed annual rate between 5.21% and 6.32%		90,168			105,744

Secured Equipment Notes due on various dates in 2027 commencing on various dates in 2022 and 2023; interest is paid monthly at a fixed annual rate between 2.07% and 6.45%		118,196			147,192

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 2.41%		42,178			55,797

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		16,523			30,930

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		623			7,754

Total debt		287,090			350,682

Less current portion of long-term debt		(99,850	)		(105,108	)

Total long-term debt	$	187,240		$	245,574

NOTE 7. Legal Matters

We are involved in certain claims and pending litigation arising from the normal conduct of business, including putative class-action lawsuits involving employment related claims. Based on management's present knowledge, management does not believe that any potential unrecorded loss contingencies arising from these pending matters are likely to have a material adverse effect on our overall financial position, operating results or cash flows after taking into account any existing accruals for settlements or losses determined to be probable and estimable. However, actual outcomes could be material to our financial position, operating results or cash flows for any particular period.

NOTE 8. Subsequent Event

In October 2024, we entered into an investment agreement with Corporación Interamericana de Logística, S.A. de C.V. and certain associated entities (commonly known as "EASO"), a family-led, intermodal and trucking logistics provider headquartered in Mexico City to acquire a controlling interest in EASO. We funded the closing consideration of $51.0 million with cash on hand in exchange for a 51% equity stake in EASO.

EASO specializes in intermodal, dedicated trucking, truckload and freight brokerage services. Through a network of terminals across Mexico, EASO serves the entire Mexican domestic market and main logistics hubs in the U.S. using its intermodal cross-border network.

EASO is the largest intermodal carrier in Mexico and will enable us to add significant scale to our intermodal and transportation solutions business. With a substantial increase in cross-border trade activity from nearshoring, this partnership improves our ability to provide a cross-border service offering and provides increased intermodal conversion opportunities.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Statements in this section and other parts of this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause our actual performance to differ materially from those expressed or implied by this discussion and, therefore, should be viewed with caution. Further information on the risks that may affect our business is included in filings it makes with the SEC from time to time, including those discussed under the “Risk Factors” section in the 2023 10-K and subsequent filings. We assume no obligation to update any such forward-looking statements.

EXECUTIVE SUMMARY

We are a leading supply chain solutions provider in North America that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers. Our service offerings include a full range of freight transportation and logistics services, some of which are provided by assets we own and operate, and some of which are provided by third parties with whom we contract. Our services include intermodal, truckload, less-than-truckload, flatbed, temperature-controlled, dedicated and regional trucking. Other services include full outsource logistics solutions, transportation management services, freight consolidation, warehousing and fulfillment, final mile delivery, parcel and international services.

We service a large and diversified customer base in a broad range of industries, including retail, consumer products and durable goods. We believe our strategy to offer multi-modal supply chain management solutions serves to strengthen and deepen our relationships with our customers and allows us to provide a more cost effective and higher service solution.

Intermodal and Transportation Solutions. Our Intermodal and Transportation Solutions segment offers high service, nationwide door-to-door intermodal transportation, providing value, visibility and reliability in both transcontinental and local lanes by combining rail transportation with local trucking. This segment includes our trucking operations which provides our customers with local pickup and delivery as well as high service local and regional trucking transportation using equipment dedicated to their needs. In the first nine months of 2024, approximately 73% of our drayage services was provided by our own fleet. We arrange for the movement of our customers’ freight in one of our approximately 50,000 containers. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Drayage between origin or destination and rail terminals are provided by our own trucking operations and third parties with whom we contract. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer’s high service expectations. As of September 30, 2024, our trucking transportation operation consisted of approximately 2,100 tractors, 3,000 employee drivers and 4,300 trailers. We also contract for services with approximately 400 independent owner-operators. These assets and contractual services are used to support drayage for our intermodal service offering and to serve our customers who require high service local and regional trucking transportation using equipment dedicated to their needs. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer’s high service expectations.

Logistics. Our Logistics segment offers a wide range of non-asset-based services including transportation management, freight brokerage services, shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, warehousing, fulfillment, cross-docking, consolidation services and final mile delivery. Logistics includes our brokerage business which consists of a full range of trucking transportation services, including dry van, expedited, less-than-truckload (“LTL”), refrigerated and flatbed, all of which is provided by third-party carriers with whom we contract. We leverage proprietary technology along with collaborative relationships with third-party service providers to deliver cost savings and performance-enhancing supply chain services to our clients. Our transportation management offering also serves as a source of volume for our ITS segment. Many of the customers for these solutions are consumer goods companies who sell into the retail channel. Our final mile delivery offering provides residential final mile delivery and installation of appliances and big and bulky goods. Final mile operates through a network of independent service providers in company, customer and third-party facilities throughout the continental United States. Our business operates or has access to approximately 7 million square feet of warehousing and cross-dock space across North America, to which our customers ship their goods to be stored and distributed to destinations including residences, retail stores and other commercial locations. These services offer our customers shipment visibility, transportation cost savings, high service and compliance with retailers’ increasingly stringent supply chain requirements.

On December 20, 2023, we acquired 100% of the equity interest of Forward Air Final Mile (“FAFM”). Total consideration for the transaction was $257.2 million. $260.9 million was paid in cash in December 2023 while $3.7 million was received from the seller in the second quarter of 2024 as part of the post-closing true-up of net working capital.

We are focused on several margin enhancement projects including network optimization, matching of inbound and outbound loads, reducing empty miles, improving our recovery of accessorial costs, increasing our driver and asset utilization, reducing repositioning costs, providing holistic solutions and improving low profit freight. Hub’s top 50 customers represent approximately 71% of revenue for the nine months ended September 30, 2024, while one customer accounted for more than 10% of our revenue in both segments for both the nine months ended September 30, 2024 and 2023. We use various performance indicators to manage our business. We closely monitor operating cash flow, profit levels for our top customers, daily sales outstanding by customer account and vendor cost changes. On-time performance, customer service, cost per load and vendor service levels are also monitored closely.

The following table includes the one customer that represented 10% or more of our revenue by segment for the nine months ending September 30, 2024 and 2023, respectively:


	Nine Months Ended
Customer A	September 30,
	2024	2023
ITS	19%	14%
Logistics	16%	11%
Total operating revenue	18%	13%

Uncertainties and risks to our outlook include inflation, increased healthcare costs, a slowdown in consumer spending (driven by, among other factors, inflation, increases in interest rates, an economic recession and geopolitical concerns), a shift by consumers to spending on services at the expense of goods, an increase of retailers’ inventory levels, the ability of customers to pay our accounts receivable, elevated levels of transportation supply in the marketplace, aggressive pricing actions by our competitors and any inability to pass cost increases, such as transportation and warehouse costs, through to our customers, all of which could have a materially negative impact on our revenue, profitability and cash flow. Exiting of truckload capacity, retail inventory levels declining leading to restocking demand, a return of typical shipping peak season demands and a stronger used tractor market could have a materially positive impact on our revenue, profitability and cash flows.

RESULTS OF OPERATIONS

Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023

The following table summarizes our operating revenue by segment (in thousands):


	Three Months Ended
Operating Revenue	September 30,
	2024			2023
Intermodal and Transportation Solutions	$	559,968		$	595,308
Logistics		460,847			460,309
Inter-segment eliminations		(33,923	)		(30,782	)
Total operating revenue	$	986,892		$	1,024,835

The following table summarizes our operating income by segment (in thousands):


	Three Months Ended
Operating Income	September 30,
	2024		2023
Intermodal and Transportation Solutions	$	13,516	$	13,484
Logistics		18,583		29,071
Total operating income	$	32,099	$	42,555

Total consolidated operating revenue decreased 4% to $987 million in 2024 from $1,025 million in 2023.

Intermodal and Transportation Solutions (“ITS”) revenue decreased 6% to $560 million primarily due to a 17% decline in intermodal revenue per load mainly due to lower prices, fuel prices, accessorial revenue and mix, partially offset by a 12% increase in intermodal volume and a 2% increase in dedicated revenues due to growth with existing and new customers.

ITS operating income remained consistent at approximately $14 million in both 2024 and in 2023 and was 2% of revenue in both years. ITS experienced lower drayage costs, rail expenses and equipment costs, which were partially offset by lower revenue per load in intermodal. In third quarter of 2024, we decreased the portion of drayage handled on our own fleet to 71% as compared to 78% in the prior year. ITS operating income included approximately $1 million of transaction-related costs associated with the EASO investment agreement.

Logistics revenue remained consistent at approximately $461 million in both 2024 and 2023. Logistics experienced higher revenue due to the final mile acquisition, partially offset by lower revenue per load in our brokerage service line. Brokerage volume remained flat compared to the prior year. Operating income was 4% of revenue in 2024 as compared to 6% of revenue in 2023.

Logistics operating income was $19 million as compared to $29 million last year, as brokerage yields were lower than the prior year and we incurred approximately $8 million of incremental costs related to our network alignment initiative within consolidation and fulfillment.

The following is a summary of operating results and certain items in the condensed consolidated statements of income as a percentage of revenue (in thousands):


	Three Months Ended
	September 30,
	2024				2023

Operating revenue	$	986,892		100.0%	$	1,024,835		100.0%

Operating expenses:
Purchased transportation and warehousing		739,995		75.0%		772,650		75.4%
Salaries and benefits		142,948		14.5%		138,503		13.5%
Depreciation and amortization		32,386		3.3%		36,065		3.5%
Insurance and claims		10,217		1.0%		11,681		1.1%
General and administrative		29,674		3.0%		24,146		2.4%
Gain on sale of assets, net		(427	)	-0.1%		(765	)	-0.1%
Total operating expenses		954,793		96.7%		982,280		95.8%

Operating income	$	32,099		3.3%	$	42,555		4.2%

Other income (expense):
Interest expense		(3,582	)	-0.3%		(3,537	)	-0.4%
Interest income		2,249		0.2%		2,838		0.3%
Other, net		(23	)	0.0%		(188	)	0.0%
Total other expense, net		(1,356	)	-0.1%		(887	)	-0.1%

Income before provision for income taxes		30,743		3.2%		41,668		4.1%

Provision for income taxes		7,140		0.7%		11,209		1.1%

Net income	$	23,603		2.5%	$	30,459		3.0%

Purchased Transportation and Warehousing

Purchased transportation and warehousing costs decreased 4% to $740 million in 2024 from $773 million in 2023.

Purchased transportation and warehousing costs declined as compared to prior year due to reductions in external third-party carrier costs and lower accessorial costs, partially offset by network alignment costs.

Salaries and Benefits

Salaries and benefits increased to $143 million in 2024 from $139 million in 2023. As a percentage of revenue, salaries and benefits increased to 14.5% in 2024 from 13.5% in 2023.

While an increase of $9 million was primarily due to the final mile acquisition on December 20, 2023, this increase was partially offset by decreases in driver costs of $5 million resulting from lower driver headcount.

Headcount, which includes drivers, warehouse personnel and office employees, was 5,900, which includes 572 employees of final mile, as of September 30, 2024 and 5,600 as of September 30, 2023, respectively. The increase in headcount of office and warehouse employees was primarily due to the final mile acquisition, partially offset by a decrease in the number of drivers.

Depreciation and Amortization

Depreciation and amortization expense decreased to $32 million in 2024 from $36 million in 2023. This decrease was primarily related to decreased container depreciation expense resulting from changes made in the third quarter of 2024 to the estimated useful lives of our containers. This decrease was partially offset by an increase in the amortization of intangibles related to the final mile acquisition. This expense, as a percentage of revenue, decreased to 3.3% in 2024 from 3.5% in 2023. Depreciation expense includes transportation equipment, technology investments, leasehold improvements, warehouse equipment, office equipment and building improvements.

Insurance and Claims

Insurance and claims expense decreased to $10 million in 2024 from $12 million in 2023. This decrease was primarily due to a decrease in auto liability expense related to claim costs. These expenses, as a percentage of revenue, decreased to 1.0% in 2024 from 1.1% in 2023.

General and Administrative

General and administrative expenses increased to $30 million in 2024 from $24 million in 2023. These expenses, as a percentage of revenue, increased to 3.0% in 2024 from 2.4% in 2023.

This increase in general and administrative expenses was primarily due to the final mile acquisition on December 20, 2023, as well as IT software expense and transaction-related costs associated with the EASO investment agreement.

Gain on Sale of Assets, Net

Net gains on the sale of equipment decreased to $0.4 million in 2024 from $0.8 million in 2023. This decrease resulted from both less units sold and a lower average gain per unit sold in 2024 as compared to 2023.

Other Income (Expense)

Other expense, net remained consistent at $1 million in both 2024 and 2023.

Provision for Income Taxes

The provision for income taxes decreased to $7 million in 2024 from $11 million in 2023 due primarily to a decrease in pre-tax income. We provided for income taxes using an effective rate of 23.2% in 2024 and an effective rate of 26.9% in 2023. The third quarter 2024 effective tax rate of 23.2% was lower than the 2023 effective tax rate as our state apportionment was lower is 2024 and there was a valuation allowance recorded for a state tax credit in 2023.

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

The following table summarizes our operating revenue by segment (in thousands):


	Nine Months Ended
Operating Revenue	September 30,
	2024			2023
Intermodal and Transportation Solutions	$	1,673,034		$	1,919,189
Logistics		1,400,159			1,382,999
Inter-segment eliminations		(100,313	)		(84,626	)
Total operating revenue	$	2,972,880		$	3,217,562

The following table summarizes our operating income by segment (in thousands):


	Nine Months Ended
Operating Income	September 30,
	2024		2023
Intermodal and Transportation Solutions	$	40,186	$	94,639
Logistics		68,580		88,190
Total operating income	$	108,766	$	182,829

Total consolidated operating revenue decreased 8% to $2,973 million in 2024 from $3,218 million in 2023.

Intermodal and Transportation Solutions (“ITS”) revenue decreased 13% to $1,673 million primarily due a 17% decrease in intermodal revenue per load mainly due to lower prices, fuel prices, accessorial revenue and mix, partially offset by a 3% increase in intermodal volume and a 2% increase in dedicated revenues due to growth with existing and new customers.

ITS operating income decreased to $40 million, 2% of revenue, as compared to $95 million, 5% of revenue in the prior year due to lower intermodal revenue per load, partially offset by lower rail costs, lower fuel costs, lower drayage costs and lower equipment costs.

Logistics revenue increased 1% to $1,400 million primarily driven by an increase in final mile driven by the 4th quarter final mile acquisition, partially offset by lower revenue per load in our brokerage service line, lower revenue in managed transportation and consolidation and fulfillment. Brokerage volumes decreased 1% compared to the prior year.

Logistics operating income was 5% of revenue in 2024 as compared to 6% of revenue in 2023. Operating income was $69 million as compared to $88 million last year primarily driven by lower yields in brokerage and we incurred approximately $8 million of incremental costs related to our network alignment initiative within consolidation and fulfillment.

The following is a summary of operating results and certain items in the condensed consolidated statements of income as a percentage of revenue (in thousands):


	Nine Months Ended
	September 30,
	2024				2023

Operating revenue	$	2,972,880		100.0%	$	3,217,562		100.0%

Operating expenses:
Purchased transportation and warehousing		2,207,403		74.3%		2,403,190		74.7%
Salaries and benefits		429,300		14.4%		417,757		13.0%
Depreciation and amortization		108,489		3.6%		106,899		3.3%
Insurance and claims		35,474		1.2%		36,041		1.1%
General and administrative		84,785		2.9%		76,445		2.4%
Gain on sale of assets, net		(1,337	)	-0.1%		(5,599	)	-0.2%
Total operating expenses		2,864,114		96.3%		3,034,733		94.3%

Operating income	$	108,766		3.7%	$	182,829		5.7%

Other income (expense):
Interest expense		(11,170	)	-0.4%		(9,623	)	-0.3%
Interest income		5,450		0.2%		6,302		0.2%
Other, net		(259	)	0.0%		(81	)	0.0%
Total other expense, net		(5,979	)	-0.2%		(3,402	)	-0.1%

Income before provision for income taxes		102,787		3.5%		179,427		5.6%

Provision for income taxes		23,116		0.8%		40,684		1.3%

Net income	$	79,671		2.7%	$	138,743		4.3%

Purchased Transportation and Warehousing

Purchased transportation and warehousing costs decreased 8% to $2,207 million in 2024 from $2,403 million in 2023.

Salaries and Benefits

Salaries and benefits increased to $429 million in 2024 from $418 million in 2023. As a percentage of revenue, salaries and benefits increased to 14.4% in 2024 from 13.0% in 2023.

The increase was due primarily to the final mile acquisition, as well as an increase in incentive compensation expense of $5 million, partially offset by decreases in driver related expenses of $16 million related to lower driver headcount, lower office compensation expense of $7 million and lower restricted stock expense of $2 million.

Depreciation and Amortization

Depreciation and amortization expense increased to $108 million in 2024 from $107 million in 2023. This increase was related primarily to the amortization of intangibles related to the final mile acquisition, as well as increased technology and warehouse equipment depreciation expense. These increases were partially offset by decreased container depreciation expense resulting from changes made in the third quarter of 2024 to the estimated useful lives of our containers. This expense, as a percentage of revenue, increased to 3.6% in 2024 from 3.3% in 2023. Depreciation expense includes transportation equipment, technology investments, leasehold improvements, warehouse equipment, office equipment and building improvements.

Insurance and Claims

Insurance and claims expense decreased to $35 million in 2024 from $36 million in 2023. This decrease was primarily due to less claim expenses related to both auto liability and workers compensation claims in 2024. These expenses, as a percentage of revenue, increased to 1.2% in 2024 from 1.1% in 2023.

General and Administrative

General and administrative expenses increased to $85 million in 2024 from $76 million in 2023. These expenses, as a percentage of revenue, increased to 2.9% in 2024 from 2.4% in 2023.

This expense increase was primarily due to the final mile acquisition on December 20, 2023, as well as transaction-related costs associated with the EASO investment agreement, increases in legal expense and IT software expense. These increases were partially offset by less impairment of right-of-use assets of $2 million and a decrease in bad debt expense.

Gain on Sale of Assets, Net

Net gains on the sale of equipment decreased to $1 million in 2024 from $6 million in 2023. This decrease resulted from both less units sold and a lower average gain per unit sold in 2024 as compared to 2023.

Other Income (Expense)

Other expense, net increased to $6 million in 2024 from $3 million in 2023 due primarily to an increase in interest expense due to higher interest rates on our debt as well as a decrease of $1 million of interest income due to lower average cash balances.

Provision for Income Taxes

The provision for income taxes decreased to $23 million in 2024 from $41 million in 2023 due primarily to a decrease in pre-tax income. We provided for income taxes using an effective rate of 22.5% in 2024 as compared to an effective rate of 22.7% in 2023. The lower effective tax rate in 2024 resulted primarily from lower state apportionment in 2024.

LIQUIDITY AND CAPITAL RESOURCES

Our financing and liquidity strategy is to fund operating cash payments and future dividends through cash received from the provision of services, cash on hand, and to a lesser extent, from cash received from the sale of equipment. As of September 30, 2024, we had $186 million of cash and cash equivalents and $21 million of restricted investments. We generally fund our purchases of transportation equipment through the issuance of secured, fixed rate Equipment Notes. In prior years, we have funded our business acquisitions from cash on hand. Our investment agreement with EASO in October 2024 is consistent with this approach. See Note 8 of the condensed consolidated financial statements for details to this transaction. Payments for our other investing activities, such as the construction of our office buildings and our capitalized technology investments, have been funded by cash on hand or cash flows from operations. Cash used in financing activities including the purchase of treasury stock has been funded by cash from operations or cash on hand. We have not historically used our Credit Facility to fund our operating, investing, or financing cash needs, though it is available to fund future cash requirements as needed. Based on past performance and current expectations, we believe cash on hand and cash received from the provision of services, along with other financing sources, will provide us the necessary capital to fund transactions and achieve our planned growth for the next twelve months and the foreseeable future.

Cash provided by operating activities for the nine months ended September 30, 2024 was $194 million, which resulted primarily from net income of $80 million plus non-cash charges of $147 million, partially offset by the changes in operating assets and liabilities of $33 million.

Cash provided by operating activities totaled $194 million in 2024 compared to $323 million in 2023. The $129 million decrease in cash flow was primarily due to a decrease in net income of $59 million, a decrease in the change in assets and liabilities of $49 million and a decrease in non-cash charges of $21 million.

Net cash used in investing activities for the nine months ended September 30, 2024 was $30 million which included capital expenditures of $43 million, partially offset by proceeds from the sale of equipment of $10 million and $4 million related to the final mile acquisition. Capital expenditures of $43 million related primarily to tractors of $16 million, technology investments of $15 million, warehouse equipment of $7 million and the remainder for other transportation equipment.

Capital expenditures decreased by approximately $62 million in 2024 as compared to 2023. The 2024 decrease was due primarily to decreases in tractor purchases of $33 million, container purchases of $32 million as well as warehouse equipment and leasehold improvements of $2 million each. These decreases were partially offset by increased technology spend of $4 million.

In 2024, we estimate capital expenditures will range from $45 million to $65 million. Expected purchases include replacement tractors, technology projects and warehouse equipment. We plan to fund these expenditures with a combination of cash and debt.

Net cash used in financing activities for the nine months ended September 30, 2024 was $165 million which includes cash used for repayments of long-term debt of $81 million, the purchase of treasury stock of $68 million, dividends paid of $23 million, cash used for stock tendered for payments of withholding taxes of $9 million and finance lease payments of $2 million, partially offset by proceeds from the issuance of debt of $18 million. Debt incurred in 2024 was used to fund the purchase of transportation equipment.

The $42 million increase in cash used in financing activities for 2024 versus 2023 was primarily due to an increase in dividends paid of $23 million, an increase in cash paid for stock related to employee withholding taxes of $1 million and a decrease in proceeds from the issuance of debt of $67 million, partially offset by a decrease in the purchase of treasury stock of $49 million.

As a result of anticipated unfavorable timing differences, primarily related to depreciation and compensation, we expect our cash paid for income taxes in 2024 to exceed our income tax expense.

See Note 6 of the condensed consolidated financial statements for details related to interest rates and commitment fees.

We have standby letters of credit that expire in 2025. Our letters of credit were $1 million as of both September 30, 2024 and December 31, 2023.

As of September 30, 2024, and December 31, 2023, we had no borrowings under the Credit Agreement. Our unused and available borrowings were $349 million as of both September 30, 2024 and December 31, 2023. We were in compliance with our debt covenants as of September 30, 2024 and December 31, 2023.

We are continually evaluating the possible effects of current economic conditions and reasonable and supportable economic forecasts in operational cash flows, including the risks of declines in the overall freight market and our customers’ liquidity and ability to pay. We are monitoring working capital on a daily basis and are in frequent communications with our customers.

We do not have any off-balance sheet transactions, arrangements, obligations (including contingent obligations) or liabilities.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Refer to our 2023 10-K for a complete discussion regarding our critical accounting policies and estimates. As of September 30, 2024, there were no material changes to our critical accounting policies and estimates.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risk as of September 30, 2024 from that presented in our 2023 10-K.

Item 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures. As of September 30, 2024, an evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as such term is defined in Exchange Act Rule 13a-15(e)). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.

(b) Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) during the fiscal quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

On December 20, 2023, we completed the acquisition of Forward Air Final Mile. We are currently integrating processes, employees, technologies and operations. Management will continue to evaluate our internal controls over financial reporting as we complete our integration.

PART II. Other Information

Item 1. Legal Proceedings

For information regarding legal proceedings, see Note 7 “Legal Matters” to the Condensed Consolidated Financial Statements included in Part I, Item 1. “Financial Statements.”

Item 1A. Risk Factors

Investing in shares of our stock involves certain risks, including those identified and described in Part I, Item 1A of our 2023 10-K under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, our business and stock price can be materially and adversely affected. There have been no material changes to our risk factors since the 2023 Form 10-K.

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

In October 2023, the Board authorized the purchase of up to $250 million of our Class A Common Stock pursuant to a share repurchase program (the “2023 Program”). Under the 2023 Program, the shares may be repurchased in the open market or in privately negotiated transactions, from time to time subject to market and other conditions. The approved share repurchase program does not obligate us to repurchase any dollar amount or number of shares and the program may be modified, suspended or discontinued at any time.

During the three months ended September 30, 2024, we purchased 824,149 shares for approximately $35 million under the 2023 Program. During the nine months ended September 30, 2024, we purchased 1,591,952 shares for approximately $68 million under the 2023 Program.

During the three months ended September 30, 2024, we purchased 8,655 shares for approximately $0.4 million related to withholding upon vesting of restricted stock. During the nine months ended September 30, 2024, we purchased 198,959 shares for approximately $9.1 million related to withholding upon vesting of restricted stock.

The table below includes information on a monthly basis regarding shares purchased under the 2023 Program and the number of shares delivered to us to satisfy the mandatory tax withholding requirement upon vesting of restricted stock during the quarter ended September 30, 2024. Shares delivered to us to satisfy the mandatory tax withholding requirement upon vesting of restricted stock do not reduce the repurchase authority under the 2023 Program.


							Maximum Value of
	Total				Total Number of		Shares that May Yet
	Number of		Average		Shares Purchased as		Be Purchased Under
	Shares		Price Paid		Part of Publicly		the Program
	Purchased		Per Share		Announced Plan		(in 000’s)
July 2024		62,204	$	41.89		59,621	$	188,182
August 2024		766,084	$	42.95		764,528	$	155,348
September 2024		4,516	$	47.08		-	$	155,348
Total		832,804	$	42.89		824,149	$	155,348

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None of our directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during our fiscal quarter ended September 30, 2024, as such terms are defined under Item 408(a) of Regulation S-K.

Item 6. Exhibits INDEX TO EXHIBITS


Number	Exhibit

31.1	Rule 13a-14(a) Certification of Phillip D. Yeager, Chief Executive Officer.

31.2	Rule 13a-14(a) Certification of Kevin W. Beth, Chief Financial Officer.

32.1	Section 1350 Certifications of Phillip D. Yeager and Kevin W. Beth, Chief Executive Officer and Chief Financial Officer, respectively.

101	Interactive data files for this Quarterly Report on Form 10-Q, formatted in Inline XBRL: (i) the Condensed Consolidated Balance Sheets (unaudited); (ii) the Unaudited Condensed Consolidated Statements of Income and Comprehensive Income; (iii) the Unaudited Condensed Consolidated Statements of Stockholders’ Equity; (iv) the Unaudited Condensed Consolidated Statements of Cash Flows (unaudited); and (v) the Notes to Unaudited Condensed Consolidated Financial Statements. XBRL Instance Document-the XBRL Instance Document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document.

104	The cover page from this Quarterly Report on Form 10-Q (formatted in Inline XBRL and included in Exhibit 101).

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		HUB GROUP, INC.

DATE:	November 1, 2024	/s/ Kevin W. Beth
		Kevin W. Beth
		Executive Vice President, Chief Financial
		Officer and Treasurer
		(Principal Financial Officer)



		/s/ Brent M. Rhodes
		Brent M. Rhodes
		Executive Vice President, Chief
		Accounting Officer
		(Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION

I, Phillip D. Yeager, certify that:

I have reviewed this report on Form 10-Q of Hub Group, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting and;

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 1, 2024

	/s/ Phillip D. Yeager
	Name: Phillip D. Yeager
	Title: Chief Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kevin W. Beth, certify that:

I have reviewed this report on Form 10-Q of Hub Group, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 1, 2024

	/s/ Kevin W. Beth
	Name: Kevin W. Beth
	Title: Chief Financial Officer

Exhibit 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The following statement is provided by the undersigned to accompany the Form 10-Q for the quarter ended September 30, 2024 of Hub Group, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and shall not be deemed filed pursuant to any provision of the Exchange Act of 1934 or any other securities law.

Each of the undersigned certifies that the foregoing Report on Form 10-Q fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Hub Group, Inc.

Date: November 1, 2024


/s/ Phillip D. Yeager		/s/ Kevin W. Beth
Phillip D. Yeager		Kevin W. Beth
Chief Executive Officer		Chief Financial Officer
Hub Group, Inc.		Hub Group, Inc.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	HUBG
Entity Registrant Name	HUB GROUP, INC.
Entity Central Index Key	0000940942
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Security Exchange Name	NASDAQ
Entity File Number	0-27754
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4007085
Entity Address, Address Line One	2001 Hub Group Way
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	271-3600
Document Transition Report	false
Document Quarterly Report	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,787,701
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		574,903

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 186,139	$ 187,270
Accounts receivable trade, net	576,352	600,197
Accounts receivable other	5,683	3,358
Prepaid taxes	11,026	17,331
Prepaid expenses and other current assets	26,196	41,089
TOTAL CURRENT ASSETS	805,396	849,245
Restricted investments	21,342	20,763
Property and equipment, net	741,753	791,692
Right-of-use assets - operating leases	228,137	210,742
Right-of-use assets - financing leases	1,226	2,522
Other intangibles, net	240,162	304,607
Goodwill	772,542	733,695
Other non-current assets	22,567	22,781
TOTAL ASSETS	2,833,125	2,936,047
CURRENT LIABILITIES:
Accounts payable trade	305,838	349,378
Accounts payable other	28,636	14,471
Accrued payroll	34,442	21,731
Accrued other	105,638	121,253
Lease liability - operating leases	42,853	44,690
Lease liability - financing leases	656	1,579
Current portion of long-term debt	99,850	105,108
TOTAL CURRENT LIABILITIES	617,913	658,210
Long-term debt	187,240	245,574
Other non-current liabilities	54,939	55,287
Lease liability - operating leases	193,851	177,699
Lease liability - financing leases	498	865
Deferred taxes	152,414	163,767
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2024 and 2023.	0	0
Additional paid-in capital	216,585	209,830
Retained earnings	2,005,539	1,949,110
Accumulated other comprehensive loss	(232)	(129)
Treasury stock; at cost, 11,484,591 shares in 2024 and 13,323,268 shares in 2023.	(596,351)	(524,927)
TOTAL STOCKHOLDERS' EQUITY	1,626,270	1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,833,125	2,936,047
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	723	755
Class B Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	$ 6	$ 6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury Stock, Shares	11,484,591	13,323,268
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	97,337,700	97,337,700
Common stock, shares issued	72,303,228	75,524,189
Common stock, shares outstanding	60,818,637	62,200,921
Class B Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	662,300	662,300
Common stock, shares issued	574,903	574,903
Common stock, shares outstanding	574,903	574,903

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating revenue	$ 986,892	$ 1,024,835	$ 2,972,880	$ 3,217,562
Costs and expenses:
Purchased transportation and warehousing	739,995	772,650	2,207,403	2,403,190
Salaries and benefits	142,948	138,503	429,300	417,757
Depreciation and amortization	32,386	36,065	108,489	106,899
Insurance and claims	10,217	11,681	35,474	36,041
General and administrative	29,674	24,146	84,785	76,445
Gain on sale of assets, net	(427)	(765)	(1,337)	(5,599)
Total operating expenses	954,793	982,280	2,864,114	3,034,733
Operating income	32,099	42,555	108,766	182,829
Other income (expense):
Interest expense	(3,582)	(3,537)	(11,170)	(9,623)
Interest income	2,249	2,838	5,450	6,302
Other, net	(23)	(188)	(259)	(81)
Total other expense, net	(1,356)	(887)	(5,979)	(3,402)
Income before provision for income taxes	30,743	41,668	102,787	179,427
Provision for income taxes	7,140	11,209	23,116	40,684
Net income	23,603	30,459	79,671	138,743
Other comprehensive (loss) income:
Foreign currency translation adjustments	(32)	(31)	(103)	47
Total comprehensive income	$ 23,571	$ 30,428	$ 79,568	$ 138,790
Basic earnings per common share	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Diluted earnings per common share	$ 0.39	$ 0.48	$ 1.3	$ 2.15
Basic weighted average number of shares outstanding	60,374	62,278	60,803	63,816
Diluted weighted average number of shares outstanding	60,949	62,986	61,241	64,416

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A and B Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2022	$ 1,599,602	$ 761	$ 192,365	$ 1,781,582	$ (214)	$ (374,892)
Beginning Balance (in shares) at Dec. 31, 2022		76,099,092				(9,656,044)
Stock tendered for payments of withholding taxes related to awards vested	(8,003)					$ (8,003)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(100,533)
Purchase of treasury stock	(117,352)					$ (117,352)
Purchase of treasury shares (in shares)						(1,531,755)
Issuance of restricted stock awards, net of forfeitures			(3,949)			$ 3,949
Issuance of restricted stock awards, net of forfeitures (in shares)						174,238
Share-based compensation expense	16,031		16,031
Net Income (Loss)	138,743			138,743
Foreign currency translation adjustment	47				47
Ending Balance at Sep. 30, 2023	1,629,069	$ 761	204,447	1,920,326	(167)	$ (496,298)
Ending Balance (in shares) at Sep. 30, 2023		76,099,092				(11,114,094)
Beginning Balance at Jun. 30, 2023	1,610,736	$ 761	198,556	1,889,867	(136)	$ (478,312)
Beginning Balance (in shares) at Jun. 30, 2023		76,099,092				(10,900,657)
Stock tendered for payments of withholding taxes related to awards vested	(185)					$ (185)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(2,324)
Purchase of treasury stock	(17,326)					$ (17,326)
Purchase of treasury shares (in shares)						(208,330)
Issuance of restricted stock awards, net of forfeitures			475			$ (475)
Issuance of restricted stock awards, net of forfeitures (in shares)						(2,783)
Share-based compensation expense	5,416		5,416
Net Income (Loss)	30,459			30,459
Foreign currency translation adjustment	(31)				(31)
Ending Balance at Sep. 30, 2023	1,629,069	$ 761	204,447	1,920,326	(167)	$ (496,298)
Ending Balance (in shares) at Sep. 30, 2023		76,099,092				(11,114,094)
Beginning Balance at Dec. 31, 2023	1,634,645	$ 761	209,830	1,949,110	(129)	$ (524,927)
Beginning Balance (in shares) at Dec. 31, 2023		76,099,092				(13,323,268)
Adjustment related to stock split		$ (32)	32
Adjustment related to stock split, (in shares)		(3,220,961)				3,220,961
Stock tendered for payments of withholding taxes related to awards vested	(9,064)					$ (9,064)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(198,959)
Purchase of treasury stock	(68,273)					$ (68,273)
Federal excise tax on purchased treasury stock	$ (2,059)					$ (2,059)
Purchase of treasury shares (in shares)	1,591,952					(1,591,952)
Issuance of restricted stock awards, net of forfeitures			(7,972)			$ 7,972
Issuance of restricted stock awards, net of forfeitures (in shares)						408,627
Share-based compensation expense	$ 14,695		14,695
Dividends paid	(22,733)			(22,733)
Dividends accrued	(509)			(509)
Net Income (Loss)	79,671			79,671
Foreign currency translation adjustment	(103)				(103)
Ending Balance at Sep. 30, 2024	1,626,270	$ 729	216,585	2,005,539	(232)	$ (596,351)
Ending Balance (in shares) at Sep. 30, 2024		72,878,131				(11,484,591)
Beginning Balance at Jun. 30, 2024	1,641,130	$ 729	211,346	1,989,600	(200)	$ (560,345)
Beginning Balance (in shares) at Jun. 30, 2024		72,878,131				(10,650,225)
Stock tendered for payments of withholding taxes related to awards vested	(400)					$ (400)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(8,655)
Purchase of treasury stock	(35,335)					$ (35,335)
Federal excise tax on purchased treasury stock	$ (294)					$ (294)
Purchase of treasury shares (in shares)	824,149					(824,149)
Issuance of restricted stock awards, net of forfeitures			(23)			$ 23
Issuance of restricted stock awards, net of forfeitures (in shares)						(1,562)
Share-based compensation expense	$ 5,262		5,262
Dividends paid	(7,503)			(7,503)
Dividends accrued	(161)			(161)
Net Income (Loss)	23,603			23,603
Foreign currency translation adjustment	(32)				(32)
Ending Balance at Sep. 30, 2024	$ 1,626,270	$ 729	$ 216,585	$ 2,005,539	$ (232)	$ (596,351)
Ending Balance (in shares) at Sep. 30, 2024		72,878,131				(11,484,591)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 79,671	$ 138,743
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and right-of-use assets	145,474	136,775
Impairment of right-of-use asset	0	2,012
Deferred taxes	(11,652)	18,832
Non-cash share-based compensation expense	14,695	16,031
Gain on sale of assets, net	(1,337)	(5,599)
Changes in operating assets and liabilities, net of acquisitions:
Restricted investments	(579)	(1,744)
Accounts receivable, net	22,967	83,664
Prepaid taxes	6,305	(2,108)
Prepaid expenses and other current assets	11,210	6,161
Other non-current assets	(2,083)	(2,515)
Accounts payable	(29,520)	516
Accrued expenses	(10,106)	(46,243)
Non-current liabilities	(31,230)	(21,848)
Net cash provided by operating activities	193,815	322,677
Cash flows from investing activities:
Proceeds from sale of equipment	9,792	20,208
Purchases of property and equipment	(43,220)	(105,667)
Acquisitions, net of cash acquired	3,701	108
Net cash used in investing activities	(29,727)	(85,351)
Cash flows from financing activities:
Repayments of long-term debt	(81,356)	(80,965)
Purchase of treasury stock	(68,273)	(117,352)
Dividends paid	(22,733)	0
Stock withheld for payments of withholding taxes	(9,064)	(8,003)
Finance lease payments	(1,532)	(2,097)
Proceeds from issuance of debt	17,764	85,107
Net cash used in financing activities	(165,194)	(123,310)
Effect of exchange rate changes on cash and cash equivalents	(25)	28
Net (decrease) increase in cash and cash equivalents	(1,131)	114,044
Cash and cash equivalents beginning of the period	187,270	286,642
Cash and cash equivalents end of the period	186,139	400,686
Supplemental disclosures of cash paid for:
Interest	11,301	9,547
Income taxes paid, net	$ 28,406	$ 23,260

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 23,603	$ 30,459	$ 79,671	$ 138,743

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false

Interim Financial Statements

9 Months Ended

Sep. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Statements

NOTE 1. Interim Financial Statements

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 2. Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Net income	$	23,603	$	30,459	$	79,671	$	138,743

Weighted average shares outstanding - basic		60,374		62,278		60,803		63,816

Dilutive effect of restricted stock		575		708		438		600

Weighted average shares outstanding - diluted		60,949		62,986		61,241		64,416

Earnings per share - basic	$	0.39	$	0.49	$	1.31	$	2.17

Earnings per share - diluted	$	0.39	$	0.48	$	1.30	$	2.15

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisitions

NOTE 3. Acquisitions

Forward Air Final Mile Acquisition

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):


	December 20, 2023
Accounts receivable trade	$	28,086
Prepaid expenses and other current assets		2,305
Property and equipment		2,488
Right-of-use assets - operating leases		15,258
Other intangibles		94,700
Goodwill		142,770
Other assets		173
Total assets acquired	$	285,780

Accounts payable trade	$	155
Accounts payable other		2,298
Accrued payroll		1,271
Accrued other		9,563
Lease liability - operating leases short-term		5,697
Other long-term liabilities		19
Lease liability - operating leases long-term		9,560
Total liabilities assumed	$	28,563

Total consideration, net	$	257,217

Cash paid, net	$	257,217


							Estimated
			Accumulated		Balance at		Useful
	Amount		Amortization		September 30, 2024		Life
Customer relationships	$	92,500	$	5,633	$	86,867	13 years
Developed technology	$	1,200	$	475	$	725	2 years
Independent service provider network	$	1,000	$	792	$	208	1 year

Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):


	Total
2024 (Remainder of year)	$	2,137
2025		7,690
2026		7,115
2027		7,115
2028		7,115


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Revenue	$	1,097,306	$	3,427,950
Net income	$	30,863	$	139,629
Earnings per share
Basic	$	0.50	$	2.19
Diluted	$	0.49	$	2.17

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 4. Segment Reporting

The following tables summarize our financial and operating data by segment (in thousands):


	Three Months Ended						Nine Months Ended
Operating Revenue	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	559,968		$	595,308		$	1,673,034		$	1,919,189
Logistics		460,847			460,309			1,400,159			1,382,999
Inter-segment eliminations		(33,923	)		(30,782	)		(100,313	)		(84,626	)
Total operating revenue	$	986,892		$	1,024,835		$	2,972,880		$	3,217,562



	Three Months Ended						Nine Months Ended
Operating Income	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	13,516		$	13,484		$	40,186		$	94,639
Logistics		18,583			29,071			68,580			88,190
Total operating income	$	32,099		$	42,555		$	108,766		$	182,829




	Three Months Ended						Nine Months Ended
Depreciation and Amortization	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	21,249		$	27,493		$	75,568		$	81,751
Logistics		11,137			8,572			32,921			25,148
Total depreciation and amortization	$	32,386		$	36,065		$	108,489		$	106,899

Separate balance sheets are not presented by segment to our Chief Operating Decision Maker (“CODM”). Our CODM uses consolidated asset information to make capital decisions.

Fair Value Measurement

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

NOTE 5. Fair Value Measurement

Long-Term Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

NOTE 6. Long-Term Debt and Financing Arrangements

We have standby letters of credit that expire in 2025. As of September 30, 2024, and December 31, 2023, our letters of credit totaled $0.8 million and $0.9 million, respectively.

Our outstanding Notes are as follows (in thousands):


	September 30,			December 31,
	2024			2023

Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$	-		$	3,265

Secured Equipment Notes due on various dates in 2029 commencing on various dates in 2024; interest is paid monthly at a fixed annual rate between 5.11% and 6.24%		19,402			-

Secured Equipment Notes due on various dates in 2028 commencing on various dates in 2023; interest is paid monthly at a fixed annual rate between 5.21% and 6.32%		90,168			105,744

Secured Equipment Notes due on various dates in 2027 commencing on various dates in 2022 and 2023; interest is paid monthly at a fixed annual rate between 2.07% and 6.45%		118,196			147,192

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 2.41%		42,178			55,797

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		16,523			30,930

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		623			7,754

Total debt		287,090			350,682

Less current portion of long-term debt		(99,850	)		(105,108	)

Total long-term debt	$	187,240		$	245,574

Legal Matters

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal Matters

NOTE 7. Legal Matters

Subsequent Event

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Event

NOTE 8. Subsequent Event

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

Net income	$	23,603	$	30,459	$	79,671	$	138,743

Weighted average shares outstanding - basic		60,374		62,278		60,803		63,816

Dilutive effect of restricted stock		575		708		438		600

Weighted average shares outstanding - diluted		60,949		62,986		61,241		64,416

Earnings per share - basic	$	0.39	$	0.49	$	1.31	$	2.17

Earnings per share - diluted	$	0.39	$	0.48	$	1.30	$	2.15

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Forward Air Final Mile Acquisition [Member]

Business Acquisition [Line Items]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):


	December 20, 2023
Accounts receivable trade	$	28,086
Prepaid expenses and other current assets		2,305
Property and equipment		2,488
Right-of-use assets - operating leases		15,258
Other intangibles		94,700
Goodwill		142,770
Other assets		173
Total assets acquired	$	285,780

Accounts payable trade	$	155
Accounts payable other		2,298
Accrued payroll		1,271
Accrued other		9,563
Lease liability - operating leases short-term		5,697
Other long-term liabilities		19
Lease liability - operating leases long-term		9,560
Total liabilities assumed	$	28,563

Total consideration, net	$	257,217

Cash paid, net	$	257,217

Schedule of Components of Other Intangibles Acquired


							Estimated
			Accumulated		Balance at		Useful
	Amount		Amortization		September 30, 2024		Life
Customer relationships	$	92,500	$	5,633	$	86,867	13 years
Developed technology	$	1,200	$	475	$	725	2 years
Independent service provider network	$	1,000	$	792	$	208	1 year

Schedule of Amortization Expense

Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):


	Total
2024 (Remainder of year)	$	2,137
2025		7,690
2026		7,115
2027		7,115
2028		7,115

Choptank Transport, LLC [Member]

Business Acquisition [Line Items]

Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations

The following unaudited pro forma condensed consolidated results of operations present the effects of FAFM as though it had been acquired as of January 1, 2023 (in thousands, except for per share amounts):


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Revenue	$	1,097,306	$	3,427,950
Net income	$	30,863	$	139,629
Earnings per share
Basic	$	0.50	$	2.19
Diluted	$	0.49	$	2.17

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Summarize our financial and operating data by segment

The following tables summarize our financial and operating data by segment (in thousands):


	Three Months Ended						Nine Months Ended
Operating Revenue	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	559,968		$	595,308		$	1,673,034		$	1,919,189
Logistics		460,847			460,309			1,400,159			1,382,999
Inter-segment eliminations		(33,923	)		(30,782	)		(100,313	)		(84,626	)
Total operating revenue	$	986,892		$	1,024,835		$	2,972,880		$	3,217,562



	Three Months Ended						Nine Months Ended
Operating Income	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	13,516		$	13,484		$	40,186		$	94,639
Logistics		18,583			29,071			68,580			88,190
Total operating income	$	32,099		$	42,555		$	108,766		$	182,829




	Three Months Ended						Nine Months Ended
Depreciation and Amortization	September 30,						September 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	21,249		$	27,493		$	75,568		$	81,751
Logistics		11,137			8,572			32,921			25,148
Total depreciation and amortization	$	32,386		$	36,065		$	108,489		$	106,899

Long-Term Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Our outstanding Notes are as follows (in thousands):


	September 30,			December 31,
	2024			2023

Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$	-		$	3,265

Secured Equipment Notes due on various dates in 2029 commencing on various dates in 2024; interest is paid monthly at a fixed annual rate between 5.11% and 6.24%		19,402			-

Secured Equipment Notes due on various dates in 2028 commencing on various dates in 2023; interest is paid monthly at a fixed annual rate between 5.21% and 6.32%		90,168			105,744

Secured Equipment Notes due on various dates in 2027 commencing on various dates in 2022 and 2023; interest is paid monthly at a fixed annual rate between 2.07% and 6.45%		118,196			147,192

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 2.41%		42,178			55,797

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		16,523			30,930

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.59%		623			7,754

Total debt		287,090			350,682

Less current portion of long-term debt		(99,850	)		(105,108	)

Total long-term debt	$	187,240		$	245,574

Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 27, 2024	May 23, 2024	Feb. 22, 2024	Oct. 31, 2023
Dividends payable, amount per share					$ 0.125	$ 0.125	$ 0.125
Purchase of treasury shares (in shares)	824,149		1,591,952
Purchase of treasury shares	$ 35,335	$ 17,326	$ 68,273	$ 117,352
Net Income (Loss)	$ 23,603	$ 30,459	$ 79,671	$ 138,743
Earnings per share - basic	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Earnings per share - diluted	$ 0.39	$ 0.48	$ 1.3	$ 2.15
Transportation Equipment [Member]
Property and equipment estimated life	20 years		20 years
Depreciation	$ 5,000
Net Income (Loss)	$ 3,800
Earnings per share - basic	$ 0.06
Earnings per share - diluted	$ 0.06
Class A Common Stock [Member] \| 2023 Share Repurchase Program [Member]
Stock repurchase program, authorized amount								$ 250,000

Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 23,603	$ 30,459	$ 79,671	$ 138,743
Weighted average shares outstanding - basic	60,374	62,278	60,803	63,816
Dilutive effect of restricted stock	575	708	438	600
Weighted average shares outstanding - diluted	60,949	62,986	61,241	64,416
Earnings per share - basic	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Earnings per share - diluted	$ 0.39	$ 0.48	$ 1.3	$ 2.15

Acquisitions - Additional Information (Detail) - Forward Air Final Mile Acquisition [Member] $ in Millions		3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 20, 2023 USD ($) Carrier	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Business acquisition date	Dec. 20, 2023
Percentage of equity interests acquired	100.00%
Consideration for transaction	$ 257.2		$ 3.7
Cash consideration for business acquisition					$ 260.9
Number of network carriers \| Carrier	350
Goodwill and other intangible assets tax deductible, period	15 years
Amortization expense of intangible assets		$ 2.2		$ 6.5
Intangible assets, remaining weighted average useful life		12 years 18 days		12 years 18 days

Acquisitions - Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 772,542		$ 733,695
Lease liability - operating leases long-term		193,851		$ 177,699
Cash paid, net		$ (3,701)	$ (108)
Forward Air Final Mile Acquisition [Member]
Business Acquisition [Line Items]
Accounts receivable trade	$ 28,086
Prepaid expenses and other current assets	2,305
Property and equipment	2,488
Right of use assets - operating leases	15,258
Other intangibles	94,700
Goodwill	142,770
Other assets	173
Total assets acquired	285,780
Accounts payable trade	155
Accounts payable other	2,298
Accrued payroll	1,271
Accrued other	9,563
Lease liability - operating leases short-term	5,697
Other long-term liabilities	19
Lease liability - operating leases long-term	9,560
Total liabilities assumed	28,563
Total consideration, net	257,217
Cash paid, net	$ 257,217

Acquisitions - Schedule of components of Other Intangibles Acquired (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Customer Relationships [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 92,500
Finite-lived intangible assets, Accumulated Amortization	5,633
Finite-lived intangible assets, Net, Total	$ 86,867
Intangible assets estimated useful life	13 years
Developed Technology [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 1,200
Finite-lived intangible assets, Accumulated Amortization	475
Finite-lived intangible assets, Net, Total	$ 725
Intangible assets estimated useful life	2 years
Independent Transmission and Distribution System [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 1,000
Finite-lived intangible assets, Accumulated Amortization	792
Finite-lived intangible assets, Net, Total	$ 208
Intangible assets estimated useful life	1 year

Acquisitions - Schedule of Amortization Expense (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024 (Remainder of year)	$ 2,137
Year 1	7,690
Year 2	7,115
Year 3	7,115
Year 4	$ 7,115

Acquisitions - Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations (Detail) - Forward Air Final Mile Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 1,097,306	$ 3,427,950
Net income	$ 30,863	$ 139,629
Earnings per share
Basic	$ 0.5	$ 2.19
Diluted	$ 0.49	$ 2.17

Segment Reporting - Additional Information (Detail)	9 Months Ended
Segment Reporting - Additional Information (Detail)	Sep. 30, 2024 Containers Segment Operators Drivers Tractors Trailers
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment	2
Number of Tractor \| Tractors	2,100
Number of Drivers \| Drivers	3,000
Number of Trailer \| Trailers	4,300
Number of Independent Owners \| Operators	400
Number of Containers \| Containers	50,000

Segment Reporting - Summarize our Financial and Operating Data by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ 986,892	$ 1,024,835	$ 2,972,880	$ 3,217,562
Operating income	32,099	42,555	108,766	182,829
Depreciation and amortization	32,386	36,065	108,489	106,899
Intermodal [Member]
Segment Reporting Information [Line Items]
Operating revenue	559,968	595,308	1,673,034	1,919,189
Operating income	13,516	13,484	40,186	94,639
Depreciation and amortization	21,249	27,493	75,568	81,751
Logistics [Member]
Segment Reporting Information [Line Items]
Operating revenue	460,847	460,309	1,400,159	1,382,999
Operating income	18,583	29,071	68,580	88,190
Depreciation and amortization	11,137	8,572	32,921	25,148
Inter-segment [Member]
Segment Reporting Information [Line Items]
Operating revenue	$ (33,923)	$ (30,782)	$ (100,313)	$ (84,626)

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement [Line Items]
Carrying value of debt	$ 287,090	$ 350,682
Restricted investments	21,300	20,800
Fixed-rate Borrowings [Member]
Fair Value Measurement [Line Items]
Increase (decrease) in fair value of debt	2,500	1,400
Carrying value of debt	$ 287,100	$ 350,700

Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($)		9 Months Ended	12 Months Ended
	Feb. 28, 2022	Sep. 30, 2024	Dec. 31, 2023
Minimum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	0.10%
Maximum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	0.25%
Letter of Credit [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	1.00%
Letter of Credit [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	1.75%
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Letters of credit expiration, year			2025
Outstanding letters of credit		$ 800,000	$ 900,000
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Amount of credit agreement	$ 350,000,000
Term of credit agreement	5 years
Credit agreement interest rate description		(i) the secured overnight financing rate (published by the Federal Reserve Bank of New York, “SOFR”), plus a specified margin based on the term of such borrowing, plus a specified margin based upon Hub’s total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% and one-month SOFR) plus a specified margin based upon the Total Net Leverage Ratio.
Borrowings under bank revolving line of credit		$ 0	0
Unused and available borrowings under bank revolving line of credit and credit agreement		$ 349,200,000	$ 349,100,000
Credit Agreement [Member] \| Federal Funds Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.50%
Credit Agreement [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.00%
Description of variable rate basis	one-month SOFR
Credit Agreement [Member] \| Minimum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.00%
Credit Agreement [Member] \| Minimum [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.00%
Credit Agreement [Member] \| Maximum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.75%
Credit Agreement [Member] \| Maximum [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.75%

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$ 0	$ 3,265
Secured long-term debt	287,090	350,682
Less current portion	(99,850)	(105,108)
Total long-term debt	187,240	245,574
Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Secured long-term debt	19,402	0
Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Secured long-term debt	90,168	105,744
Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Secured long-term debt	118,196	147,192
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Secured long-term debt	42,178	55,797
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Secured long-term debt	16,523	30,930
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Secured long-term debt	$ 623	$ 7,754

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2024
Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2029
Payment Frequency	monthly
Secured Equipment Notes due in 2029 [Member] \| Commencing on 2024 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2024
Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2028
Payment Frequency	monthly
Secured Equipment Notes due in 2028 [Member] \| Commencing on 2023 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2023
Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2027
Payment Frequency	monthly
Secured Equipment Notes due in 2027 [Member] \| Commencing on 2023 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2023
Secured Equipment Notes due in 2027 [Member] \| Commencing on 2022 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2022
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2026
Payment Frequency	monthly
Secured Equipment Notes due in 2026 [Member] \| Commencing on 2021 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2021
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2025
Payment Frequency	monthly
Secured Equipment Notes due in 2025 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2024
Payment Frequency	monthly
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2019
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2017
Minimum [Member] \| Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	5.11%
Minimum [Member] \| Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	5.21%
Minimum [Member] \| Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.07%
Minimum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.48%
Minimum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.51%
Minimum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.50%
Maximum [Member] \| Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.24%
Maximum [Member] \| Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.32%
Maximum [Member] \| Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.45%
Maximum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.41%
Maximum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.80%
Maximum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	3.59%

Subsequent Event - Additional information (Details) - Subsequent Event [Member] - EASO Acquisition [Member] $ in Millions	Oct. 31, 2024 USD ($)
Subsequent Event [Line Items]
Consideration for transaction	$ 51.0
Percentage of equity interests acquired	51.00%

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