Saia(US:SAIA)2023-04-28 20:26Financial Performance - Operating revenue for Q1 2023 was $660,535, a slight decrease of 0.1% from $661,216 in Q1 2022[12] - Net income for Q1 2023 was $76,097, down 4.4% from $79,424 in Q1 2022[12] - Operating expenses for Q1 2023 totaled $561,392, an increase of 0.6% compared to $557,767 in Q1 2022[12] - Basic earnings per share for Q1 2023 were $2.86, down from $3.01 in Q1 2022, a decrease of 5.0%[12] - Consolidated operating income for Q1 2023 was $99.1 million, down from $103.4 million in Q1 2022[44] - Diluted earnings per share were $2.85 in Q1 2023, compared to $2.98 in the prior year quarter[44] - The operating ratio was 85.0% in Q1 2023, compared to 84.4% in Q1 2022[44] Assets and Liabilities - Total current assets decreased to $513,514 in Q1 2023 from $530,886 in Q4 2022, a decline of 3.5%[10] - Cash and cash equivalents at the end of Q1 2023 were $166,425, down 11.1% from $187,390 at the end of Q4 2022[16] - Total liabilities increased slightly to $591,859 in Q1 2023 from $595,369 in Q4 2022, reflecting a decrease of 0.3%[10] - Total stockholders' equity increased to $1,650,940 in Q1 2023 from $1,579,341 in Q4 2022, reflecting a growth of 4.5%[10] - The estimated fair value of total debt was $26.7 million as of March 31, 2023, down from $31.2 million as of December 31, 2022[29] - Total debt as of March 31, 2023 was $26.5 million, a decrease from $31.0 million as of December 31, 2022[30] Cash Flow and Investments - The company reported a net cash provided by operating activities of $119,270 for Q1 2023, an increase of 24.2% from $95,961 in Q1 2022[16] - Net cash used in investing activities was $128.1 million in Q1 2023, significantly higher than $45.4 million in Q1 2022, due to increased capital expenditures[65] - The Company invested $128,415 in property and equipment during Q1 2023, significantly higher than $46,259 in Q1 2022[16] - The Company plans to exceed $400 million in net capital expenditures for 2023, with $128.1 million already spent in the first three months[67] Operational Metrics - LTL shipments decreased by 7.1% and LTL tonnage decreased by 5.5% compared to the prior year quarter[44] - LTL tonnage decreased by 5.5% to 1.3 million tons, while LTL shipments fell by 7.1% to 1.8 million shipments in Q1 2023[53] - Revenue per shipment increased by 7.6% to $354.37 in Q1 2023, attributed to changes in business mix and pricing actions[53] - Working capital increased to $243.0 million as of March 31, 2023, up from $171.5 million a year earlier[63] Credit and Financing - The Company entered into a new unsecured credit agreement maintaining a line of credit of $300 million, extending the term until February 2028, with a total borrowing capacity of up to $450 million[69] - As of March 31, 2023, the Company had $268.8 million available under the 2023 Credit Agreement for general corporate purposes[70] - The Company had outstanding letters of credit of $31.2 million under credit agreements as of March 31, 2023[34] - The Company had outstanding letters of credit of $33.0 million and surety bonds of $55.8 million as of March 31, 2023[73] Tax and Compliance - The effective tax rate for Q1 2023 was 23.2%, up from 22.5% in Q1 2022, primarily due to stock compensation activity[57] - The Company accrued approximately $4.1 million for uncertain tax positions and $93.5 million for claims and insurance liabilities as of March 31, 2023[74] - There were no material changes to the risk factors identified in the Annual Report for the year ended December 31, 2022[89] - The report is signed on behalf of the registrant in compliance with the Securities Exchange Act of 1934[95] Management and Reporting - Douglas L. Col serves as the Executive Vice President and Chief Financial Officer of Saia, Inc.[96] - The date of the report is April 28, 2023[97]