Final Mile Services® (FMS) Truckload (JBT) JBI DCS ICS 3Q 2023 Results vs. 3Q 2022 3Q 2023 EPS: $1.80 vs. $2.57; down 30% Final Mile Services (FMS) Revenue: $226 million; down 15% Operating Income: $13.0 million; up 33% 3Q Results Consolidated Operating Income (in millions) Segment Discussion $3,456 $3,687 $3,665 $3,796 $4,084 $4,717 $4,745 $4,675 $5,454 $7,022 $1,837 $1,555 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3Q 22 3Q 23 J. B. HUNT JBI Avera ...

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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-11757 J.B. HUNT TRANSPORT SERVICES, INC. (Exact name of registrant as specified in its charter) Arkansas 71-0335111 (State or other jurisdiction (I.R.S. Employer of ...

Q2 2023 Financial Performance - J.B. Hunt's Q2 2023 revenue was $3.13 billion, an 18% decrease compared to Q2 2022[5] - Excluding fuel surcharge, revenue was $2.71 billion, a 14% decrease[5] - Earnings per share (EPS) decreased by 25% to $1.81, compared to $2.42 in Q2 2022[5] - Consolidated operating income decreased 23% to $270.7 million[17] Segment Performance - Intermodal (JBI) revenue decreased 19% to $1.49 billion, with operating income down 29% to $142.9 million[5] - Dedicated Contract Services (DCS) revenue decreased 2% to $888 million, but operating income increased 21% to $113.6 million[17] - Integrated Capacity Solutions (ICS) revenue decreased significantly by 43% to $344 million, resulting in an operating loss of $4.4 million compared to a $23.2 million income in Q2 2022[5] - Final Mile Services (FMS) revenue decreased 19% to $224 million, while operating income increased 12% to $14.8 million[17] - Truckload (JBT) revenue decreased 16% to $192 million, with operating income down 81% to $3.8 million[5] Intermodal (JBI) Details - Intermodal volume decreased 7% due to weaker freight activity, especially import-related freight[21] - Gross revenue per load decreased 13% due to changes in freight mix, customer rates, and fuel surcharge revenues[21] Integrated Capacity Solutions (ICS) Details - ICS revenue per load decreased 24% due to lower contractual and transactional rates and changes in customer freight mix[34] - ICS gross profit margins decreased to 13% compared to 16.1% in the prior period[59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction (I.R.S. Employer of incorporation or Identification No.) organization) Commission File Number: 0-11757 Arkansas 71-0335111 615 J.B. Hunt Corporate Drive, Lowell, Arkansas 72745 (Address of principal executive offices) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) Q1 2023 Earnings Conference Call April 17, 2023 5:00 PM ET Company Participants Brad Delco - Senior Vice President, Finance John Roberts - Chief Executive Officer Shelley Simpson - President John Kuhlow - Chief Financial Officer Nick Hobbs - Chief Operations Officer and President, Contract Services Darren Field - President, Intermodal Brad Hicks - Executive Vice President, People and President, Highway Services Conference Call Participants Jordan Alliger - Go ...

Financial Performance Overview - J B Hunt's Q1 2023 operating income was $277.5 million, a 17% decrease compared to Q1 2022[5] - Q1 2023 revenue was $3.23 billion, a 7% decrease compared to Q1 2022[19] - Q1 2023 EPS was $1.89, down 18% from $2.29 in Q1 2022[63] Segment Performance - Dedicated Contract Services (DCS) revenue increased by 13% to $879 million, and operating income increased by 29% to $102.6 million[5] - Intermodal (JBI) revenue decreased by 4% to $1.54 billion, and operating income decreased by 16% to $168.7 million[85] - Integrated Capacity Solutions (ICS) revenue decreased significantly by 42% to $385 million, resulting in an operating loss of $5.4 million compared to an operating income of $24.2 million in Q1 2022[63] - Truckload (JBT) revenue decreased by 10% to $206 million, with operating income decreasing significantly by 83% to $5.0 million[85] - Final Mile Services (FMS) revenue decreased by 4% to $225 million, but operating income increased to $6.6 million from $0.6 million in Q1 2022[20] Segment Specifics - Intermodal volume decreased 5% due to weaker freight activity[23] - ICS gross profit declined 39% due to lower volume and revenue[44] - DCS revenue increased 13% primarily from a 7% increase in average revenue producing trucks and a 5% increase in productivity[90] - JBT revenue decreased 10% and revenue excluding fuel surcharge revenue decreased 15% primarily due to a 22% decline in revenue per load excluding fuel surcharge revenue partially offset by an 8% increase in load volume[110]

Part I [Business Overview](index=6&type=section&id=Item%201.%20Business) J.B. Hunt Transport Services, Inc. is a leading North American surface transportation and logistics company, offering diverse services through five segments and aiming to create the most efficient transportation network - The company's mission is to create the most efficient transportation network in North America, focusing on long-term customer relationships, multimodal solutions, and sustainability efforts, such as being an EPA SmartWay® Transport Partner for 12 consecutive years[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) - As of December 31, 2022, the company employed **37,151 people**, including **24,411 company drivers**, and had arrangements with **2,734 independent contractors**, with no unionized employees[44](index=44&type=chunk) - The company maintains a relatively new fleet to enhance customer service, attract drivers, and improve fuel efficiency, with an average tractor age of **2.6 years**, containers **8.3 years**, and trailers **6.3 years** at year-end 2022[52](index=52&type=chunk) [Operating Segments](index=8&type=section&id=Operating%20Segments) The company's operations are divided into five distinct segments: Intermodal (JBI), Dedicated Contract Services (DCS), Integrated Capacity Solutions (ICS), Truckload (JBT), and Final Mile Services (FMS) 2022 Revenue and Key Assets by Segment | Segment | 2022 Revenue | Key Assets (as of Dec 31, 2022) | | :--- | :--- | :--- | | **JBI** | $7.02 billion | 115,150 trailing equipment, 95,553 chassis, 6,081 tractors | | **DCS** | $3.38 billion | 12,328 company-owned trucks, 23,354 owned trailing equipment | | **ICS** | $2.39 billion | Approx. 156,400 third-party carriers | | **JBT** | $1.08 billion | 620 company-owned tractors, 14,718 company-owned trailers | | **FMS** | $980 million | 1,506 company-owned trucks, 1,297 owned trailing equipment | [Risk Factors](index=12&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to economic downturns, competition, fuel price volatility, driver shortages, dependence on third parties, customer concentration, and potential litigation - The business is highly dependent on a few major customers, with the top 10 customers accounting for approximately **38% of 2022 revenue**, and a single customer representing about **14% of total revenue**[74](index=74&type=chunk) - The company is dependent on third parties, including major railroads like BNSF and Norfolk Southern, where disruptions could materially impact business operations[65](index=65&type=chunk) - A determination that independent contractors are employees could significantly increase exposure under various federal and state tax, labor, and employment laws, potentially increasing costs[75](index=75&type=chunk) - The company relies heavily on its information technology systems, including the J.B. Hunt 360 platform, where a disruption or security breach could adversely affect business operations and reputation[77](index=77&type=chunk) [Properties](index=16&type=section&id=Item%202.%20Properties) J.B. Hunt owns its corporate headquarters in Lowell, Arkansas, and operates a significant network of owned or leased facilities across the United States to support its diverse operations Summary of Principal Facilities | Type | Acreage | Maintenance Shop/Cross-dock (sq ft) | Office Space (sq ft) | | :--- | :--- | :--- | :--- | | Maintenance and support | 563 | 935,000 | 198,000 | | Cross-dock and delivery | 82 | 4,567,000 | 140,000 | | Corporate headquarters | 130 | - | 707,000 | | Other facilities/yards | 555 | 995,000 | 266,000 | Part II [Common Stock Market, Dividends, and Buybacks](index=17&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) J.B. Hunt's common stock trades on NASDAQ under 'JBHT', with the company maintaining a policy of paying quarterly cash dividends and having authorized funds for stock repurchases - On January 19, 2023, the company increased its quarterly cash dividend to **$0.42 per share** from **$0.40 per share**[88](index=88&type=chunk) - As of December 31, 2022, the company had **$551.1 million** available for share repurchases under its authorized programs[89](index=89&type=chunk) [Management's Discussion and Analysis (MD&A)](index=19&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, consolidated operating revenues grew **21.7%** to **$14.81 billion**, with operating income rising **27.4%** to **$1.33 billion**, and net earnings increasing **27.4%** to **$969.4 million**, reflecting strong performance across all segments Consolidated Financial Performance (2022 vs. 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | $14.81 billion | $12.17 billion | +21.7% | | Operating Income | $1.33 billion | $1.05 billion | +27.4% | | Net Earnings | $969.4 million | $760.8 million | +27.4% | | Operating Ratio | 91.0% | 91.4% | -0.4 pts | - Net cash provided by operating activities increased to **$1.78 billion** in 2022 from **$1.22 billion** in 2021, primarily due to higher earnings[147](index=147&type=chunk) - The company has committed to spend approximately **$2.37 billion** during 2023 and 2024, primarily for the acquisition of tractors, containers, chassis, and other trailing equipment[154](index=154&type=chunk) [Results of Operations by Segment (2022 vs. 2021)](index=22&type=section&id=Results%20of%20Operations%20by%20Segment) In 2022, all segments contributed to profitability growth, with JBI, DCS, ICS, JBT, and FMS all reporting increased operating income Operating Income by Segment (in millions) | Segment | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | **JBI** | $800 | $603 | +32.7% | | **DCS** | $345 | $304 | +13.5% | | **ICS** | $59 | $46 | +28.3% | | **JBT** | $93 | $65 | +43.1% | | **FMS** | $35 | $28 | +25.0% | | **Total** | **$1,332** | **$1,046** | **+27.3%** | - JBI revenue increased **29%** due to a **24%** rise in revenue per load and a **4%** increase in load volume[118](index=118&type=chunk) - ICS revenue decreased **6%** on a **7%** volume decline, but operating income grew due to gross profit margin expansion from **11.8%** in 2021 to **14.7%** in 2022[122](index=122&type=chunk)[123](index=123&type=chunk) [Market Risk Disclosures](index=29&type=page&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rates, foreign currency, and commodity prices, with diesel fuel price volatility largely mitigated by fuel surcharge programs - A one-percentage-point increase in the applicable interest rate on the company's variable-rate debt would reduce annual pretax earnings by **$3.2 million**[155](index=155&type=chunk) - The company has historically recovered a majority of fuel price increases through customer fuel surcharges and, as of December 31, 2022, did not hold any derivative financial instruments to hedge fuel-price fluctuations[157](index=157&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[160](index=160&type=chunk) Part III [Directors, Executive Compensation, and Related Matters](index=31&type=section&id=Items%2010-14) Information regarding directors, executive officers, corporate governance, executive compensation, security ownership, and principal accounting fees is incorporated by reference from the company's upcoming proxy statement - The information required for Items 10, 11, 12, 13, and 14 is incorporated by reference from the Notice and Proxy Statement for the Annual Meeting of Stockholders to be held April 27, 2023[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2022) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | Approved by security holders | 1,542,366 | N/A (Restricted Share Units) | 4,233,978 | Part IV [Exhibits and Financial Statement Schedules](index=32&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the exhibits filed with the Form 10-K, including corporate governance documents and debt indentures, and presents the financial statement schedule for Valuation and Qualifying Accounts Schedule II – Valuation and Qualifying Accounts (in millions) | Allowance for Doubtful Accounts | Beginning Balance | Charged to Expense | Write-Offs, Net | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Dec 31, 2022** | $16.8 | $9.0 | $(3.5) | $22.3 | | **Dec 31, 2021** | $18.4 | $2.6 | $(4.2) | $16.8 | | **Dec 31, 2020** | $13.3 | $5.6 | $(0.5) | $18.4 | Financial Statements and Reports [Auditor's Reports and Management's Report on Internal Control](index=37&type=section&id=Auditor's%20Reports%20and%20Management's%20Report%20on%20Internal%20Control) Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, and PricewaterhouseCoopers LLP issued an unqualified opinion on both the financial statements and internal controls - Management concluded that as of December 31, 2022, the company's internal control over financial reporting was effective based on the COSO framework[191](index=191&type=chunk) - PricewaterhouseCoopers LLP issued an unqualified (clean) opinion on the consolidated financial statements for 2022 and 2021 and on the effectiveness of internal control over financial reporting[197](index=197&type=chunk) - The audit identified the personal injury and property damage claims accrual as a Critical Audit Matter, highlighting the significant judgment and complexity in estimating this liability[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [Consolidated Financial Statements](index=41&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect significant growth in 2022, with total assets increasing to **$7.79 billion**, net earnings of **$969.4 million**, and strong cash from operations at **$1.78 billion** Key Consolidated Balance Sheet Data (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total current assets | $2,211,778 | $2,313,369 | | Net property and equipment | $4,979,817 | $4,067,655 | | **Total assets** | **$7,786,582** | **$6,794,348** | | Total current liabilities | $1,568,231 | $1,729,600 | | Long-term debt | $1,261,738 | $945,257 | | **Total liabilities** | **$4,119,814** | **$3,676,532** | | **Total stockholders' equity** | **$3,666,768** | **$3,117,816** | Key Consolidated Earnings Data (in thousands, except EPS) | Account | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total operating revenues | $14,813,999 | $12,168,302 | $9,636,573 | | Operating income | $1,331,553 | $1,045,530 | $713,119 | | **Net earnings** | **$969,351** | **$760,806** | **$506,035** | | **Diluted earnings per share** | **$9.21** | **$7.14** | **$4.74** | Key Consolidated Cash Flow Data (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $1,776,882 | $1,223,898 | | Net cash used in investing activities | $(1,550,070) | $(877,018) | | Net cash used in financing activities | $(530,434) | $(304,633) | | **Net change in cash** | **$(303,622)** | **$42,247** | [Notes to Consolidated Financial Statements](index=45&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies and financial statement line items, including 2022 acquisitions, significant capital commitments, and liabilities for excess insurance claims - In 2022, the company acquired Zenith Freight Lines for **$87.1 million** and Alterri for **$31.1 million**, adding **$11.1 million** and **$8.8 million** to goodwill, respectively[283](index=283&type=chunk)[284](index=284&type=chunk) - The company has outstanding commitments of approximately **$2.37 billion** for 2023 and 2024, primarily for acquiring new tractors, containers, and other trailing equipment[276](index=276&type=chunk) - During 2022, the company recorded a **$94 million** liability for its estimated exposure for excess claims where existing insurance coverage layer aggregate limits have been exceeded[279](index=279&type=chunk) - The company's claims accrual for self-insured claims was approximately **$427 million** at December 31, 2022, up from **$287 million** in 2021[252](index=252&type=chunk)

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended September 30, 2022 OR Commission File Number: 0-11757 J.B. HUNT TRANSPORT SERVICES, INC. (Exact name of registrant as specified in its charter) Arkansas 71-0335111 (State or other jurisdiction (I.R.S. Employer of incorporation or Identification No.) organization) 615 J.B. Hunt Corporate Drive, Low ...

J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) Q3 2022 Earnings Conference Call October 18, 2022 5:00 PM ET Company Participants Brad Delco - SVP, Finance John Roberts - CEO Shelley Simpson - President John Kuhlow - CFO Nick Hobbs - COO and President, Contract Services Darren Field - President, Intermodal Brad Hicks - President, Highway Services Conference Call Participants Scott Group - Wolfe Research Chris Wetherbee - Citi Amit Mehrotra - Deutsche Bank Justin Long - Stephens Jon Chappell - Evercore ISI ...

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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-11757 J.B. HUNT TRANSPORT SERVICES, INC. (Exact name of registrant as specified in its charter) Arkansas 71-0335111 (State or other jurisdiction (I.R.S. Employer of ...