Hub (US:HUBG)2024-11-01 20:10Revenue Performance - Total operating revenue decreased by 4% to $986.9 million in Q3 2024 from $1,024.8 million in Q3 2023[35] - Intermodal and Transportation Solutions (ITS) revenue decreased by 6% to $560 million, primarily due to a 17% decline in intermodal revenue per load[38] - Logistics revenue remained consistent at approximately $461 million, with operating income decreasing to $19 million from $29 million in the previous year[39] - Total consolidated operating revenue decreased 8% to $2,973 million in 2024 from $3,218 million in 2023[52] - Intermodal and Transportation Solutions revenue decreased 13% to $1,673 million, with a 17% decrease in intermodal revenue per load[53] - Logistics revenue increased 1% to $1,400 million, driven by final mile acquisition[53] Income and Expenses - Net income decreased to $23.6 million in Q3 2024 from $30.5 million in Q3 2023, representing 2.5% of revenue[40] - Total operating income decreased to $108 million, 3.7% of revenue, compared to $183 million, 5.7% of revenue in 2023[54] - Net income decreased to $80 million, 2.7% of revenue, compared to $139 million, 4.3% of revenue in 2023[54] - Salaries and benefits increased to $143 million in 2024 from $139 million in 2023, representing 14.5% of revenue[42] - Salaries and benefits increased to $429 million, 14.4% of revenue, up from 13.0% in 2023[55] - Depreciation and amortization expense decreased to $32 million in 2024 from $36 million in 2023, accounting for 3.3% of revenue[43] - Depreciation and amortization expense increased to $108 million, 3.6% of revenue, from 3.3% in 2023[56] - General and administrative expenses increased to $30 million in 2024 from $24 million in 2023, representing 3.0% of revenue[45] Cash Flow and Capital Expenditures - Cash provided by operating activities decreased to $194 million in 2024 from $323 million in 2023[63] - Capital expenditures decreased by approximately $62 million in 2024, totaling $43 million[63] - As of September 30, 2024, the company had $186 million in cash and cash equivalents[61] Acquisitions - The company acquired 100% of Forward Air Final Mile for a total consideration of $257.2 million, with $260.9 million paid in cash in December 2023[31] Customer Concentration - The top 50 customers accounted for approximately 71% of revenue for the nine months ended September 30, 2024[33]