10-Q 1 saia-20220930.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

OR

 

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

Commission file number: 0-49983

 

Saia, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

48-1229851

(State of incorporation)

 

(I.R.S. Employer

Identification No.)

11465 Johns Creek Parkway, Suite 400

 

 

Johns Creek, GA

 

30097

(Address of principal executive offices)

 

(Zip Code)

(770) 232-5067

(Registrant’s telephone number, including area code)

 

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

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $.001 per share

 

SAIA

 

The Nasdaq Global Select Market

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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

There were 26,462,463 shares of Common Stock outstanding at October 27, 2022.

1


 

 

SAIA, INC. AND SUBSIDIARIES

INDEX

 

 

 

 

PAGE

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

ITEM 1:

Financial Statements

 

3

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the quarters and nine months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the quarters and nine months ended September 30, 2022 and 2021

 

5

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

 

7

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

ITEM 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

12

 

 

 

 

ITEM 3:

Quantitative and Qualitative Disclosures About Market Risk

 

19

 

 

 

 

ITEM 4:

Controls and Procedures

 

20

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

ITEM 1:

Legal Proceedings

 

21

 

 

 

 

ITEM 1A:

Risk Factors

 

21

 

 

 

 

ITEM 2:

Unregistered Sales of Equity Securities and Use of Proceeds

 

22

 

 

 

 

ITEM 3:

Defaults Upon Senior Securities

 

22

 

 

 

 

ITEM 4:

Mine Safety Disclosures

 

22

 

 

 

 

ITEM 5:

Other Information

 

22

 

 

 

 

ITEM 6:

Exhibits

 

23

 

 

 

 

Signature

 

24

 

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

Saia, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Assets

 

(in thousands, except share and per share data)

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,825

 

 

$

106,588

 

Accounts receivable, net

 

 

335,595

 

 

 

276,755

 

Income tax receivable

 

 

11,859

 

 

 

 

Prepaid expenses and other

 

 

54,123

 

 

 

32,912

 

Total current assets

 

 

551,402

 

 

 

416,255

 

Property and Equipment, at cost

 

 

2,403,702

 

 

 

2,144,528

 

Less: accumulated depreciation

 

 

964,533

 

 

 

864,074

 

Net property and equipment

 

 

1,439,169

 

 

 

1,280,454

 

Operating Lease Right-of-Use Assets

 

 

107,456

 

 

 

107,781

 

Goodwill and Identifiable Intangibles, net

 

 

18,362

 

 

 

19,157

 

Other Noncurrent Assets

 

 

23,935

 

 

 

21,603

 

Total assets

 

$

2,140,324

 

 

$

1,845,250

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

114,697

 

 

$

114,010

 

Wages, vacation and employees’ benefits

 

 

79,193

 

 

 

73,109

 

Claims and insurance accruals

 

 

74,799

 

 

 

54,717

 

Other current liabilities

 

 

31,116

 

 

 

38,551

 

Current portion of long-term debt

 

 

15,914

 

 

 

19,396

 

Current portion of operating lease liability

 

 

22,750

 

 

 

21,565

 

Total current liabilities

 

 

338,469

 

 

 

321,348

 

Other Liabilities:

 

 

 

 

 

 

Long-term debt, less current portion

 

 

18,936

 

 

 

31,008

 

Operating lease liability, less current portion

 

 

87,388

 

 

 

88,409

 

Deferred income taxes

 

 

124,960

 

 

 

124,137

 

Claims, insurance and other

 

 

64,089

 

 

 

60,015

 

Total other liabilities

 

 

295,373

 

 

 

303,569

 

Stockholders’ Equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value, 50,000 shares authorized,
     
none issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized,
     
26,462,463 and 26,336,589 shares issued and outstanding at
     September 30, 2022 and December 31, 2021, respectively

 

 

26

 

 

 

26

 

Additional paid-in-capital

 

 

275,358

 

 

 

274,633

 

Deferred compensation trust, 70,578 and 94,627 shares of common
     stock at cost at September 30, 2022 and December 31, 2021, respectively

 

 

(5,237

)

 

 

(4,101

)

Retained earnings

 

 

1,236,335

 

 

 

949,775

 

Total stockholders’ equity

 

 

1,506,482

 

 

 

1,220,333

 

Total liabilities and stockholders’ equity

 

$

2,140,324

 

 

$

1,845,250

 

 

See accompanying notes to condensed consolidated financial statements.

3


 

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the quarters and nine months ended September 30, 2022 and 2021

(unaudited)

 

 

 

Third Quarter

 

 

Nine Months

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands, except per share data)

 

Operating Revenue

 

$

729,561

 

 

$

616,216

 

 

$

2,136,331

 

 

$

1,671,623

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages and employees' benefits

 

 

297,247

 

 

 

277,087

 

 

 

881,762

 

 

 

790,310

 

Purchased transportation

 

 

85,452

 

 

 

72,193

 

 

 

255,519

 

 

 

179,705

 

Fuel, operating expenses and supplies

 

 

145,461

 

 

 

98,834

 

 

 

413,762

 

 

 

274,399

 

Operating taxes and licenses

 

 

16,261

 

 

 

14,572

 

 

 

48,813

 

 

 

43,469

 

Claims and insurance

 

 

15,988

 

 

 

15,518

 

 

 

40,940

 

 

 

44,326

 

Depreciation and amortization

 

 

40,682

 

 

 

35,742

 

 

 

117,578

 

 

 

105,773

 

Loss (gain) from property disposals, net

 

 

115

 

 

 

(3,847

)

 

 

160

 

 

 

(4,115

)

Total operating expenses

 

 

601,206

 

 

 

510,099

 

 

 

1,758,534

 

 

 

1,433,867

 

Operating Income

 

 

128,355

 

 

 

106,117

 

 

 

377,797

 

 

 

237,756

 

Nonoperating Expenses (Income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

581

 

 

 

777

 

 

 

1,941

 

 

 

2,463

 

Other, net

 

 

68

 

 

 

14

 

 

 

1,072

 

 

 

(547

)

Nonoperating expenses, net

 

 

649

 

 

 

791

 

 

 

3,013

 

 

 

1,916

 

Income Before Income Taxes

 

 

127,706

 

 

 

105,326

 

 

 

374,784

 

 

 

235,840

 

Income Tax Provision

 

 

29,815

 

 

 

25,617

 

 

 

88,224

 

 

 

56,366

 

Net Income

 

$

97,891

 

 

$

79,709

 

 

$

286,560

 

 

$

179,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

26,539

 

 

 

26,334

 

 

 

26,506

 

 

 

26,317

 

Weighted average common shares outstanding – diluted

 

 

26,676

 

 

 

26,713

 

 

 

26,663

 

 

 

26,699

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

3.69

 

 

$

3.03

 

 

$

10.81

 

 

$

6.82

 

Diluted Earnings Per Share

 

$

3.67

 

 

$

2.98

 

 

$

10.75

 

 

$

6.72

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the quarters and nine months ended September 30, 2022 and 2021

(unaudited)

 

 

 

Common Shares

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Deferred Compensation Trust

 

 

Retained Earnings

 

 

Total

 

 

 

(in thousands, except share data)

 

Balance at December 31, 2021

 

 

26,336,589

 

 

$

26

 

 

$

274,633

 

 

$

(4,101

)

 

$

949,775

 

 

$

1,220,333

 

Stock compensation, including options and long-term incentives

 

 

 

 

 

 

 

 

2,056

 

 

 

 

 

 

 

 

 

2,056

 

Exercise of stock options, less shares withheld for taxes

 

 

10,992

 

 

 

 

 

 

907

 

 

 

 

 

 

 

 

 

907

 

Shares issued for long-term incentive awards, net of shares withheld for taxes

 

 

60,821

 

 

 

 

 

 

(11,230

)

 

 

 

 

 

 

 

 

(11,230

)

Purchase of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

2,445

 

 

 

(2,445

)

 

 

 

 

 

 

Sale of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

(1,066

)

 

 

1,066

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,424

 

 

 

79,424

 

Balance at March 31, 2022

 

 

26,408,402

 

 

$

26

 

 

$

267,745

 

 

$

(5,480

)

 

$

1,029,199

 

 

$

1,291,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation, including options and long-term incentives

 

 

 

 

 

 

 

 

1,756

 

 

 

 

 

 

 

 

 

1,756

 

Director deferred share activity

 

 

2,327

 

 

 

 

 

 

1,170

 

 

 

 

 

 

 

 

 

1,170

 

Exercise of stock options, less shares withheld for taxes

 

 

1,007

 

 

 

 

 

 

101

 

 

 

 

 

 

 

 

 

101

 

Shares issued for long-term incentive awards, net of shares withheld for taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

631

 

 

 

(631

)

 

 

 

 

 

 

Sale of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

(8

)

 

 

8

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,245

 

 

 

109,245

 

Balance at June 30, 2022

 

 

26,411,736

 

 

$

26

 

 

$

271,395

 

 

$

(6,103

)

 

$

1,138,444

 

 

$

1,403,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation, including options and long-term incentives

 

 

 

 

 

 

 

 

1,894

 

 

 

 

 

 

 

 

 

1,894

 

Director deferred share activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options less shares withheld for taxes

 

 

48,329

 

 

 

 

 

 

3,408

 

 

 

 

 

 

 

 

 

3,408

 

Shares issued for long-term incentive awards, net of shares withheld for taxes

 

 

2,398

 

 

 

 

 

 

(473

)

 

 

 

 

 

 

 

 

(473

)

Purchase of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

93

 

 

 

(93

)

 

 

 

 

 

 

Sale of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

(959

)

 

 

959

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

97,891

 

 

 

97,891

 

Balance at September 30, 2022

 

 

26,462,463

 

 

$

26

 

 

$

275,358

 

 

$

(5,237

)

 

$

1,236,335

 

 

$

1,506,482

 

 

 

5


 

 

 

Common Shares

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Deferred Compensation Trust

 

 

Retained Earnings

 

 

Total

 

 

 

(in thousands, except share data)

 

Balance at December 31, 2020

 

 

26,236,570

 

 

$

26

 

 

$

267,666

 

 

$

(2,944

)

 

$

696,540

 

 

$

961,288

 

Stock compensation, including options and long-term incentives

 

 

 

 

 

 

 

 

1,711

 

 

 

 

 

 

 

 

 

1,711

 

Exercise of stock options, less shares withheld for taxes

 

 

46,741

 

 

 

 

 

 

3,678

 

 

 

 

 

 

 

 

 

3,678

 

Shares issued for long-term incentive awards, net of shares withheld for taxes

 

 

50,381

 

 

 

 

 

 

(6,350

)

 

 

 

 

 

 

 

 

(6,350

)

Purchase of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

742

 

 

 

(742

)

 

 

 

 

 

 

Sale of shares by Deferred Compensation Trust

 

 

 

 

 

 

 

 

(17

)

 

 

17

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,291

 

 

 

37,291

 

Balance at March 31, 2021

 

 

26,333,692

 

 

$

26

 

 

$

267,430

 

 

$

(3,669

)

 

$

733,831

 

 

$

997,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation, including options and long-term incentives

 

 

 

 

 

 

 

 

1,810

 

 

 

 

 

 

 

 

 

1,810

 

Director deferred share activity