Saia(US:SAIA)2022-11-01 20:15Financial Performance - Operating revenue for Q3 2022 was $729,561,000, a 18.4% increase from $616,216,000 in Q3 2021[11] - Net income for Q3 2022 reached $97,891,000, up 22.8% from $79,709,000 in Q3 2021[11] - Operating income for the nine months ended September 30, 2022, was $377,797,000, a 58.9% increase from $237,756,000 in the same period of 2021[11] - Basic earnings per share for Q3 2022 were $3.69, compared to $3.03 in Q3 2021, representing a 21.8% increase[11] - Consolidated operating income for Q3 2022 was $128.4 million, up from $106.1 million in Q3 2021[49] - Diluted earnings per share for Q3 2022 were $3.67, compared to $2.98 in the prior year quarter, reflecting a significant increase[49] - Net income for the nine months ended September 30, 2022, was $286,560, compared to $179,474 for the same period in 2021, representing a 59.8% increase[18] Assets and Liabilities - Total assets increased to $2,140,324,000 as of September 30, 2022, compared to $1,845,250,000 at December 31, 2021, reflecting a growth of 16.0%[9] - Total stockholders' equity rose to $1,506,482,000 at September 30, 2022, up from $1,220,333,000 at December 31, 2021, marking a 23.5% increase[9] - Current assets totaled $551,402,000 as of September 30, 2022, up from $416,255,000 at December 31, 2021, indicating a 32.4% increase[9] - The estimated fair value of total debt was $34.8 million as of September 30, 2022, down from $50.8 million at December 31, 2021[35] - Total liabilities recognized under finance leases were $34.9 million as of September 30, 2022, down from $50.4 million at December 31, 2021[40] - The Company had outstanding letters of credit of $31.2 million under the Amended Credit Agreement as of September 30, 2022, compared to $29.3 million at December 31, 2021[39] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2022, was $344,074, up from $267,686 in 2021, indicating a 28.5% growth[18] - Cash and cash equivalents increased to $149,825,000 as of September 30, 2022, from $106,588,000 at December 31, 2021, reflecting a growth of 40.5%[9] - Net cash used in investing activities was $278.0 million for the nine months ended September 30, 2022, compared to $148.9 million in the same period last year, reflecting increased capital expenditures[69] - The company invested $279,057 in property and equipment during the nine months ended September 30, 2022, compared to $154,884 in 2021, reflecting an increase of 80.4%[18] Revenue Drivers - The Company's LTL revenue per shipment increased by 20.1% to $359.04 in Q3 2022, while LTL tonnage per workday decreased by 0.4% to 1.4 million tons[57] - Fuel surcharge revenue as a percentage of operating revenue increased to 20.5% in Q3 2022, compared to 13.9% in Q3 2021, due to rising fuel costs[58] - The Company’s customer base is diversified across numerous industries, with over 96% of revenue derived from transporting less-than-truckload (LTL) shipments across 45 states[24] Operational Efficiency - The operating ratio improved to 82.4% in Q3 2022 from 82.8% in Q3 2021, attributed to pricing initiatives, cost control, and operational efficiencies[49] - Total operating expenses for Q3 2022 were $601,206,000, an increase of 18.0% from $510,099,000 in Q3 2021[11] - The company reported a 10.5% increase in salaries, wages, and employee benefits, totaling $297,247,000 in Q3 2022 compared to $277,087,000 in Q3 2021[11] Tax and Legal Matters - The effective tax rate for Q3 2022 was 23.3%, down from 24.3% in Q3 2021, primarily due to tax credits related to alternative fuels[65] - The Company is subject to legal proceedings that may not materially affect its financial condition but could impact results of operations in specific periods[34] Risk Management - The Company is exposed to market risks including interest rates and fuel prices, with a fuel surcharge program in place to mitigate fuel price volatility[84] - Ongoing insurance and claims expenses could significantly reduce and cause volatility in the Company's earnings[97] - The Company may face significant liabilities for claims not covered by insurance, adversely affecting its financial condition and liquidity[103]