Schneider National(US:SNDR)2023-04-27 20:03Financial Performance - Operating revenues decreased by approximately 12%, from $1,620.5 million in Q1 2022 to $1,428.7 million in Q1 2023[96] - Revenues excluding fuel surcharge fell by approximately 14%, from $1,454.5 million in Q1 2022 to $1,249.5 million in Q1 2023[96] - Income from operations declined by approximately 15%, from $135.1 million in Q1 2022 to $114.6 million in Q1 2023[101] - Adjusted net income decreased by approximately 4%, from $102.1 million in Q1 2022 to $98.0 million in Q1 2023[102] - The operating ratio increased to 92.0% in Q1 2023 from 91.7% in Q1 2022, indicating higher operating expenses relative to revenues[99] - Adjusted income from operations decreased by approximately 23%, from $148.4 million in Q1 2022 to $114.6 million in Q1 2023[104] Revenue Breakdown - Truckload segment revenues decreased by $11.4 million, or about 2%, to $537.0 million in Q1 2023 compared to Q1 2022[118] - Intermodal revenues decreased by $36.0 million, approximately 12%, to $266.1 million in Q1 2023 compared to Q1 2022[123] - Logistics revenues decreased by $163.5 million, approximately 30%, to $382.2 million in Q1 2023 compared to Q1 2022[127] - Income from operations for the Truckload segment decreased by $56.8 million, approximately 48%, to $62.6 million in Q1 2023 compared to Q1 2022[119] - Intermodal income from operations decreased by $8.9 million, approximately 23%, to $30.0 million in Q1 2023 compared to Q1 2022[124] - Logistics income from operations decreased by $23.4 million, approximately 56%, to $18.5 million in Q1 2023 compared to Q1 2022[128] Cash Flow and Expenditures - Net cash provided by operating activities increased by $47.5 million, approximately 35%, to $183.1 million in Q1 2023 compared to Q1 2022[139] - Net capital expenditures increased by $111.0 million to $120.9 million in Q1 2023 compared to Q1 2022, driven by higher purchases of transportation equipment[142] - Total cash, cash equivalents, and marketable securities increased to $443.1 million as of March 31, 2023, from $431.6 million as of December 31, 2022[135] Tax and Other Financial Metrics - The effective income tax rate decreased from 25.4% in Q1 2022 to 24.2% in Q1 2023[111] - Total other income increased by $26.3 million, driven by a pre-tax net gain of $17.6 million on equity investments in Q1 2023 compared to a loss of $8.4 million in Q1 2022[110] Accounting and Risk Assessment - Goodwill impairment evaluation will be performed as of October 31, 2023, with analysis expected to be finalized in Q4[145] - As of March 31, 2023, there were no off-balance sheet arrangements that could materially affect the company's financial condition[146] - There were no material changes to contractual obligations during the three months ended March 31, 2023[147] - Critical accounting estimates and policies remain unchanged from the disclosures made in the Annual Report for the year ended December 31, 2022[149] - Market risks have not changed significantly from those discussed in the Annual Report for the fiscal year ended December 31, 2022[150]