8-K/A
Hunt J B Transport Services Inc (JBHT)
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 19, 2021
J.B. HUNT TRANSPORT SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
| Arkansas | 0-11757 | 71-0335111 |
|---|---|---|
| (State or other Jurisdiction of<br><br> <br>Incorporation or Organization | Commission File Number | (IRS Employer<br><br> <br>Identification No.) |
| ****<br><br> <br>615 J.B. Hunt Corporate Drive<br><br> <br>Lowell, Arkansas | <br><br> <br><br><br> <br>72745 | <br><br> <br><br><br> <br>(479) 820-0000 |
| (Address of Principal Executive Offices) | (Zip Code) | (Registrant’s telephone number) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | JBHT | NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLANATORY NOTE
This Current Report on Form 8-K/A is being filed to revise and update our Current Report on Form 8-K filed on January 19, 2021 (the “Original Report”). The purpose of this amendment is to amend the disclosure within Exhibit 99.1 provided in Item 9.01 of the Original Report to correct the date of the news release which was incorrectly reported in the original Exhibit 99.1. Except as otherwise provided herein, the other disclosures made in the Original Report remain unchanged.
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 19, 2021 we issued a news release announcing our revenues and earnings for the fourth quarter ended December 31, 2020. A copy of the news release is attached as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
99.1 News release dated January 19, 2021 issued by J.B. Hunt Transport Services, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 22^nd^ day of January, 2021.
| J.B. HUNT TRANSPORT SERVICES, INC. | |
|---|---|
| BY: | /s/ John N. Roberts, III |
| John N. Roberts, III | |
| President and Chief Executive Officer | |
| (Principal Executive Officer) | |
| BY: | /s/ John Kuhlow |
| John Kuhlow | |
| Chief Financial Officer, | |
| Executive Vice President | |
| (Principal Financial Officer) |
ex_221168.htm
Exhibit 99.1
| J.B. Hunt Transport Services, Inc. | Contact: A. Brad Delco |
|---|---|
| 615 J.B. Hunt Corporate Drive | Vice President – Finance & Investor Relations |
| Lowell, Arkansas 72745 | (479) 820-2723 |
| (NASDAQ: JBHT) |
FOR IMMEDIATE RELEASE
J.B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES, NET EARNINGS AND EARNINGS PER SHARE
FOR BOTH THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2020
| ■ Fourth Quarter 2020 **** Revenue: | $2.74 billion; up 12 % |
|---|---|
| ■ Fourth Quarter 2020 Operating Income: | $207.7 million; up 1 % |
| ■ Fourth Quarter 2020 **** EPS: | $1.44 vs. $1.35; up 7 % |
| ■ Full Year 2020 **** Revenue: | $9.64 billion; up 5 % |
| ■ Full Year 2020 Operating **** Income: | $713.1 million; down 3 % |
| ■ Full Year 2020 **** EPS: | $4.74 vs. $4.77; down 1% |
LOWELL, Ark., January 19, 2021 - J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced fourth quarter 2020 net earnings of $154.0 million, or diluted earnings per share of $1.44 vs. fourth quarter 2019 net earnings of $144.7 million, or $1.35 per diluted share.
Total operating revenue for the current quarter was $2.74 billion, compared with $2.45 billion for the fourth quarter 2019. Revenue growth in the quarter was driven primarily by our Integrated Capacity Solutions (ICS) and Truck (JBT) segments, which grew 56% and 50% respectively, as both segments were able to leverage capacity in the marketplace for J.B. Hunt 360°^®^ for our customers during the quarter. Final Mile Services (FMS) revenue grew 30%, driven by the December 2019 acquisition and new contractual business onboarded throughout 2020. Dedicated (DCS) revenue grew 3%, primarily from a 9% increase in loads and a modest increase in the fleet. Revenue growth was partially offset by a 1% decline in revenue in Intermodal (JBI), and a 34% decline in fuel surcharge revenue. Current quarter total operating revenue, excluding fuel surcharges, increased approximately 18% vs. the comparable quarter 2019.
Total freight transactions in the Marketplace for J.B. Hunt 360° increased to $468 million in the fourth quarter 2020 compared to $289 million in the prior year quarter. ICS revenue on the platform increased to $387 million with an approximate 27% increase in volume versus the year ago period. JBI and JBT executed approximately $40 million and $41 million, respectively, of their third-party dray and independent contractor costs through the freight platform during the quarter.
Operating income for the current quarter totaled $207.7 million vs. $205.1 million for the fourth quarter 2019. The benefit from increased revenue was offset with cost increases in rail and other third-party purchase transportation costs, including outsource dray costs; increases in driver wages and recruiting costs, investments in technology spend on new applications and legacy operating systems, higher salary and wage expenses for non-driving personnel, and higher group medical expense.
Interest expense in the current quarter decreased primarily from lower interest rates from fourth quarter 2019. The fourth quarter effective tax rates for 2020 and 2019 were 22.0% and 24.8%, respectively. The annual effective tax rates for 2020 and 2019 were 24.0% and 24.2%, respectively. We expect our 2021 annual tax rate to be between 24.0% and 25.0%.
Segment Information:
Intermodal (JBI)
■ Fourth Quarter 2020 Segment Revenue: $1.25 billion; down 1%
■ Fourth Quarter 2020 Operating Income: $110.8 million; down 16%
JBI total volumes increased 1% over the same period in 2019. Transcontinental loads grew by 1% and eastern network loads were flat compared to the fourth quarter 2019. Volumes in the quarter continued to be heavily constrained by rail congestion and service issues stemming from elevated demand levels and labor challenges in rail, truck and customer operations that escalated into the mid-to-late part of December. Segment revenue decreased 1%, reflecting the 1% increase in volume offset by a 2% decrease in revenue per load, which is a result of the combination of freight mix, customer rates, and fuel surcharges. Revenue per load excluding fuel surcharge revenue was up 4% year over year.
Operating income decreased 16% from the prior year period. The decline in operating income is primarily attributable to lost productivity and higher costs across rail, truck and customer operations associated with congestion and service disruptions stemming from strong demand, general labor tightness, and other challenges attributable to COVID-19. Specific to JBI, greater utilization and costs related to 3^rd^ party drayage capacity, higher costs to attract and retain drivers, and increased group medical expense also contributed to the decline. The current period ended with approximately 98,700 units of trailing capacity and approximately 5,660 power units in the dray fleet.
Dedicated Contract Services (DCS)
■ Fourth Quarter 2020 Segment Revenue: $568 million; up 3%
■ Fourth Quarter 2020 Operating Income: $77.6 million; up 4%
DCS revenue increased 3% during the current quarter over the same period 2019. Productivity (revenue per truck per week) increased approximately 1% vs. 2019. Productivity excluding fuel surcharge revenue increased approximately 4% from a year ago primarily from higher utilization of assets, contracted indexed-based price escalators, and less equipment idled in the quarter. A net additional 132 revenue producing trucks, 188 net additions sequentially from third quarter 2020, were in the fleet by the end of the quarter. Customer retention rates remain above 98%.
Operating income increased 4% over the prior year quarter. The benefits from increased productivity of assets, reduced driver turnover and lower travel and entertainment expenses were partially offset by increases in driver wages and recruiting costs partially related to recent customer start-up accounts, higher salary and wages for non-driver personnel, and group medical cost increases.
Integrated Capacity Solutions (ICS)
■ Fourth Quarter 2020 Segment Revenue: $587 million; up 56%
■ Fourth Quarter 2020 Operating Income: $5.6 million; compared to $(11.8) million Operating Loss in 4Q’19
ICS revenue increased 56% in the current quarter vs. the fourth quarter 2019. Revenue growth was driven primarily from a 39% increase in revenue per load which was favorably impacted by freight mix changes and higher spot and contractual rates as compared to the fourth quarter 2019. Segment volumes increased 13%, with truckload volumes increasing at a rate greater than 20% in the quarter vs. the prior year period. Contractual volumes represented approximately 51% of the total load volume and 35% of the total revenue in the current quarter compared to 66% and 54%, respectively, in fourth quarter 2019. Of the total reported ICS revenue, approximately $387 million was executed through the Marketplace for J.B. Hunt 360° compared to $225 million in fourth quarter 2019.
Operating income increased to $5.6 million compared to an operating loss of $11.8 million in the fourth quarter of 2019. Benefits from increased scale in the marketplace for J.B Hunt 360° platform, combined with higher gross margins, were partially offset by higher personnel and technology investments as compared to the same period of 2019. Gross profit margins increased to 10.8% in the current period versus 10.6% in the prior year period. ICS carrier base increased 19% year over year.
Final Mile Services (FMS)
■ Fourth Quarter 2020 Segment Revenue: $213 million; up 30%
■ Fourth Quarter 2020 Operating Income: $5.5 million; up 12%
FMS revenue increased 30% compared to the same period 2019. Stop count within FMS increased 42% during the current quarter vs. a year ago, primarily from the December 2019 acquisition and the addition of multiple customer contracts implemented throughout 2020. Productivity, defined as revenue per stop, decreased approximately 9% compared to the prior year period primarily from a shift in the mix of business between asset and asset-light operations.
Operating income increased 12% over the prior year quarter driven primarily by increases in revenue, which was partially offset by investments in service quality performance controls across the network, increased insurance and claims costs, higher bad debt expense, and increases in group medical expense.
Truck (JBT)
■ Fourth Quarter 2020 Segment Revenue: $140 million; up 50%
■ Fourth Quarter 2020 Operating Income: $8.4 million; up 32%
JBT revenue increased 50% in the quarter compared to the same period in 2019. Revenue excluding fuel surcharge revenue increased 58% as a result of a 23% increase in load count and a 28% increase in revenue per load excluding fuel surcharge revenue compared to a year ago. Load count growth was primarily driven from the continued expansion of 360box which leverages the J.B. Hunt 360° platform to access a greater amount of capacity for customers. Revenue per loaded mile excluding fuel surcharge revenue increased approximately 19% year-over-year while comparable contractual customer rates were up approximately 5% compared to the same period 2019. At the end of the period, JBT operated 1,769 tractors and 8,567 trailers compared to 1,831 and 6,975 one year ago, respectively.
Operating income increased 32% compared to the same quarter 2019. Benefits from increased load counts and revenue per load were partially offset by increases in purchased transportation expense. In addition, higher salary and wage expenses for non-driving personnel and increased investment in technology, related to the expansion of 360box, weighed on operating income performance.
Cash Flow and Capitalization:
At December 31, 2020, we had total debt outstanding of $1.31 billion outstanding on various debt instruments which is comparable to the total debt levels at December 31, 2019, and September 30, 2020.
Our net capital expenditures for 2020 approximated $601 million vs. $688 million in 2019. At December 31, 2020, we had cash and cash equivalents of $313 million.
In the fourth quarter 2020, we purchased approximately 144,000 shares of our common stock for approximately $17 million. At December 31, 2020, we had approximately $503 million remaining under our share repurchase authorization. Actual shares outstanding at December 31, 2020, approximated 105.7 million.
Conference Call Information:
The Company will hold a conference call today from 4:00–5:15 pm CT to discuss the quarterly earnings. To participate in the call, dial 1-833-397-0851 (domestic) or 516-575-8759 (international) 15 minutes prior to the start of the call and provide the following conference ID: 2070198. A replay of the call will be posted on its website here later this evening.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2019 and Quarterly Report filed on Form 10-Q for the period ended September 30, 2020. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.
About J.B. Hunt
J.B. Hunt Transport Services, Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.
| J.B. HUNT TRANSPORT SERVICES, INC.<br><br> <br>Condensed Consolidated Statements of Earnings<br><br> <br>(in thousands, except per share data)<br><br> <br>(unaudited) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | |||||||||
| **** | **** | % Of | **** | **** | % Of | |||||
| Amount | Revenue | Amount | Revenue | |||||||
| Operating revenues, excluding fuel surcharge revenues | $ | 2,551,777 | $ | 2,168,497 | ||||||
| Fuel surcharge revenues | 185,875 | 281,826 | ||||||||
| Total operating revenues | 2,737,652 | 100.0 | % | 2,450,323 | 100.0 | % | ||||
| Operating expenses | ||||||||||
| Rents and purchased transportation | 1,486,341 | 54.3 | % | 1,246,130 | 50.9 | % | ||||
| Salaries, wages and employee benefits | 625,168 | 22.8 | % | 561,507 | 22.9 | % | ||||
| Depreciation and amortization | 134,589 | 4.9 | % | 128,418 | 5.2 | % | ||||
| Fuel and fuel taxes | 93,551 | 3.4 | % | 118,269 | 4.8 | % | ||||
| Operating supplies and expenses | 83,515 | 3.1 | % | 83,633 | 3.4 | % | ||||
| General and administrative expenses, net of asset dispositions | 48,431 | 1.8 | % | 51,277 | 2.1 | % | ||||
| Insurance and claims | 35,809 | 1.3 | % | 32,289 | 1.3 | % | ||||
| Operating taxes and licenses | 13,757 | 0.5 | % | 14,345 | 0.6 | % | ||||
| Communication and utilities | 8,800 | 0.3 | % | 9,381 | 0.4 | % | ||||
| Total operating expenses | 2,529,961 | 92.4 | % | 2,245,249 | 91.6 | % | ||||
| Operating income | 207,691 | 7.6 | % | 205,074 | 8.4 | % | ||||
| Net interest expense | 10,344 | 0.4 | % | 12,776 | 0.6 | % | ||||
| Earnings before income taxes | 197,347 | 7.2 | % | 192,298 | 7.8 | % | ||||
| Income taxes | 43,340 | 1.6 | % | 47,622 | 1.9 | % | ||||
| Net earnings | $ | 154,007 | 5.6 | % | $ | 144,676 | 5.9 | % | ||
| Average diluted shares outstanding | 106,738 | 107,529 | ||||||||
| Diluted earnings per share | $ | 1.44 | $ | 1.35 | ||||||
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||||||||
| --- | ||||||||||
| Condensed Consolidated Statements of Earnings | ||||||||||
| (in thousands, except per share data) | ||||||||||
| (unaudited) | ||||||||||
| Twelve Months Ended December 31 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | |||||||||
| **** | **** | % Of | **** | **** | % Of | |||||
| Amount | Revenue | Amount | Revenue | |||||||
| Operating revenues, excluding fuel surcharge revenues | $ | 8,879,653 | $ | 8,122,600 | ||||||
| Fuel surcharge revenues | 756,920 | 1,042,658 | ||||||||
| Total operating revenues | 9,636,573 | 100.0 | % | 9,165,258 | 100.0 | % | ||||
| Operating expenses | ||||||||||
| Rents and purchased transportation | 4,954,123 | 51.4 | % | 4,528,812 | 49.4 | % | ||||
| Salaries, wages and employee benefits | 2,347,716 | 24.4 | % | 2,167,851 | 23.7 | % | ||||
| Depreciation and amortization | 527,375 | 5.5 | % | 499,145 | 5.4 | % | ||||
| Fuel and fuel taxes | 357,483 | 3.7 | % | 463,195 | 5.1 | % | ||||
| Operating supplies and expenses | 334,350 | 3.5 | % | 333,113 | 3.6 | % | ||||
| General and administrative expenses, net of asset dispositions | 180,083 | 1.8 | % | 191,933 | 2.1 | % | ||||
| Insurance and claims | 134,482 | 1.4 | % | 157,251 | 1.7 | % | ||||
| Operating taxes and licenses | 54,331 | 0.6 | % | 55,336 | 0.6 | % | ||||
| Communication and utilities | 33,511 | 0.3 | % | 34,797 | 0.4 | % | ||||
| Total operating expenses | 8,923,454 | 92.6 | % | 8,431,433 | 92.0 | % | ||||
| Operating income | 713,119 | 7.4 | % | 733,825 | 8.0 | % | ||||
| Net interest expense | 47,094 | 0.5 | % | 52,930 | 0.6 | % | ||||
| Earnings before income taxes | 666,025 | 6.9 | % | 680,895 | 7.4 | % | ||||
| Income taxes | 159,990 | 1.6 | % | 164,575 | 1.8 | % | ||||
| Net earnings | $ | 506,035 | 5.3 | % | $ | 516,320 | 5.6 | % | ||
| Average diluted shares outstanding | 106,766 | 108,307 | ||||||||
| Diluted earnings per share | $ | 4.74 | $ | 4.77 |
| Financial Information By Segment | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended December 31 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | |||||||||||
| **** | **** | **** | % Of | **** | **** | **** | % Of | |||||
| Amount | Total | Amount | Total | |||||||||
| Revenue | ||||||||||||
| Intermodal | $ | 1,249,065 | 46 | % | $ | 1,267,142 | 52 | % | ||||
| Dedicated | 568,349 | 21 | % | 552,712 | 22 | % | ||||||
| Integrated Capacity Solutions | 587,277 | 21 | % | 376,537 | 15 | % | ||||||
| Final Mile Services | 213,161 | 8 | % | 164,228 | 7 | % | ||||||
| Truck | 140,384 | 5 | % | 93,640 | 4 | % | ||||||
| Subtotal | 2,758,236 | 101 | % | 2,454,259 | 100 | % | ||||||
| Intersegment eliminations | (20,584 | ) | (1 | %) | (3,936 | ) | (0 | %) | ||||
| Consolidated revenue | $ | 2,737,652 | 100 | % | $ | 2,450,323 | 100 | % | ||||
| Operating income | ||||||||||||
| Intermodal | $ | 110,751 | 53 | % | $ | 131,097 | 64 | % | ||||
| Dedicated | 77,564 | 37 | % | 74,629 | 36 | % | ||||||
| Integrated Capacity Solutions | 5,575 | 3 | % | (11,843 | ) | (6 | %) | |||||
| Final Mile Services | 5,514 | 3 | % | 4,936 | 3 | % | ||||||
| Truck | 8,367 | 4 | % | 6,321 | 3 | % | ||||||
| Other (1) | (80 | ) | 0 | % | (66 | ) | 0 | % | ||||
| Operating income | $ | 207,691 | 100 | % | $ | 205,074 | 100 | % | ||||
| Twelve Months Ended December 31 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| **** | 2020 | **** | 2019 | |||||||||
| **** | **** | **** | **** | **** | **** | **** | **** | **** | % Of | |||
| **** | Amount | **** | Total | Amount | Total | |||||||
| Revenue | ||||||||||||
| Intermodal | $ | 4,675,074 | 48 | % | $ | 4,744,636 | 52 | % | ||||
| Dedicated | 2,196,200 | 23 | % | 2,128,247 | 23 | % | ||||||
| Integrated Capacity Solutions | 1,658,182 | 17 | % | 1,348,336 | 15 | % | ||||||
| Final Mile Services | 688,431 | 7 | % | 566,564 | 6 | % | ||||||
| Truck | 462,720 | 5 | % | 389,301 | 4 | % | ||||||
| Subtotal | 9,680,607 | 100 | % | 9,177,084 | 100 | % | ||||||
| Intersegment eliminations | (44,034 | ) | (0 | %) | (11,826 | ) | (0 | %) | ||||
| Consolidated revenue | $ | 9,636,573 | 100 | % | $ | 9,165,258 | 100 | % | ||||
| Operating income | ||||||||||||
| Intermodal | $ | 428,403 | 60 | % | $ | 447,479 | 61 | % | ||||
| Dedicated | 313,987 | 44 | % | 277,376 | 38 | % | ||||||
| Integrated Capacity Solutions | (44,699 | ) | (6 | %) | (11,088 | ) | (2 | %) | ||||
| Final Mile Services | (945 | ) | (0 | %) | (8,797 | ) | (1 | %) | ||||
| Truck | 16,574 | 2 | % | 29,046 | 4 | % | ||||||
| Other (1) | (201 | ) | (0 | %) | (191 | ) | (0 | %) | ||||
| Operating income | $ | 713,119 | 100 | % | $ | 733,825 | 100 | % | ||||
| (1) Includes corporate support activity | ||||||||||||
| --- |
| Operating Statistics by Segment | ||||||
|---|---|---|---|---|---|---|
| (unaudited) | ||||||
| Three Months Ended December 31 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | |||||
| Intermodal | **** | **** | **** | **** | **** | **** |
| Loads | 524,906 | 520,898 | ||||
| Average length of haul | 1,711 | 1,707 | ||||
| Revenue per load | $ | 2,380 | $ | 2,433 | ||
| Average tractors during the period * | 5,667 | 5,587 | ||||
| Tractors (end of period) * | 5,663 | 5,559 | ||||
| Trailing equipment (end of period) | 98,689 | 96,743 | ||||
| Average effective trailing equipment usage | 97,267 | 92,571 | ||||
| Dedicated | **** | **** | **** | **** | **** | **** |
| Loads | 949,757 | 874,892 | ||||
| Average length of haul | 159 | 164 | ||||
| Revenue per truck per week** | $ | 4,544 | $ | 4,481 | ||
| Average trucks during the period*** | 9,833 | 9,721 | ||||
| Trucks (end of period) *** | 9,911 | 9,779 | ||||
| Trailing equipment (end of period) | 27,290 | 27,015 | ||||
| Integrated Capacity Solutions | **** | **** | **** | **** | **** | **** |
| Loads | 369,188 | 328,060 | ||||
| Revenue per load | $ | 1,591 | $ | 1,148 | ||
| Gross profit margin | 10.8 | % | 10.6 | % | ||
| Employee count (end of period) | 1,011 | 1,213 | ||||
| Approximate number of third-party carriers (end of period) | 100,200 | 84,400 | ||||
| Marketplace for J.B. Hunt 360° revenue (millions) | $ | 387.1 | $ | 225.5 | ||
| Final Mile Services | **** | **** | **** | **** | **** | **** |
| Stops | 1,849,215 | 1,299,691 | ||||
| Average trucks during the period*** | 1,537 | 1,298 | ||||
| Truck | **** | **** | **** | **** | **** | **** |
| Loads | 107,253 | 86,891 | ||||
| Loaded miles (000) | 45,423 | 34,388 | ||||
| Nonpaid empty mile percentage | 18.4 | % | 19.2 | % | ||
| Revenue per tractor per week** | $ | 4,410 | $ | 4,017 | ||
| Average tractors during the period * | 1,772 | 1,875 | ||||
| Tractors (end of period) | ||||||
| Company-owned | 798 | 845 | ||||
| Independent contractor | 971 | 986 | ||||
| Total tractors | 1,769 | 1,831 | ||||
| Trailers (end of period) | 8,567 | 6,975 | ||||
| * Includes company-owned and independent contractor tractors | ||||||
| --- | ||||||
| ** Using weighted workdays | ||||||
| *** Includes company-owned, independent contractor, and customer-owned trucks |
| Operating Statistics by Segment | ||||||
|---|---|---|---|---|---|---|
| (unaudited) | ||||||
| Twelve Months Ended December 31 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| 2020 | 2019 | |||||
| Intermodal | **** | **** | **** | **** | **** | **** |
| Loads | 2,019,391 | 1,979,169 | ||||
| Average length of haul | 1,690 | 1,679 | ||||
| Revenue per load | $ | 2,315 | $ | 2,397 | ||
| Average tractors during the period * | 5,530 | 5,635 | ||||
| Tractors (end of period) * | 5,663 | 5,559 | ||||
| Trailing equipment (end of period) | 98,689 | 96,743 | ||||
| Average effective trailing equipment usage | 90,514 | 86,836 | ||||
| Dedicated | **** | **** | **** | **** | **** | **** |
| Loads | 3,676,212 | 3,353,553 | ||||
| Average length of haul | 160 | 168 | ||||
| Revenue per truck per week** | $ | 4,373 | $ | 4,378 | ||
| Average trucks during the period*** | 9,743 | 9,471 | ||||
| Trucks (end of period) *** | 9,911 | 9,779 | ||||
| Trailing equipment (end of period) | 27,290 | 27,015 | ||||
| Integrated Capacity Solutions | **** | **** | **** | **** | **** | **** |
| Loads | 1,265,897 | 1,243,992 | ||||
| Revenue per load | $ | 1,310 | $ | 1,084 | ||
| Gross profit margin | 9.9 | % | 13.1 | % | ||
| Employee count (end of period) | 1,011 | 1,213 | ||||
| Approximate number of third-party carriers (end of period) | 100,200 | 84,400 | ||||
| Marketplace for J.B. Hunt 360° revenue (millions) | $ | 1,142.2 | $ | 839.8 | ||
| Final Mile Services | **** | **** | **** | **** | **** | **** |
| Stops | 5,771,533 | 4,432,591 | ||||
| Average trucks during the period*** | 1,405 | 1,254 | ||||
| Truck | **** | **** | **** | **** | **** | **** |
| Loads | 406,550 | 346,459 | ||||
| Loaded miles (000) | 171,141 | 143,511 | ||||
| Nonpaid empty mile percentage | 18.8 | % | 18.9 | % | ||
| Revenue per tractor per week** | $ | 3,978 | $ | 3,917 | ||
| Average tractors during the period* | 1,837 | 1,958 | ||||
| Tractors (end of period) | ||||||
| Company-owned | 798 | 845 | ||||
| Independent contractor | 971 | 986 | ||||
| Total tractors | 1,769 | 1,831 | ||||
| Trailers (end of period) | 8,567 | 6,975 | ||||
| * Includes company-owned and independent contractor tractors | ||||||
| --- | ||||||
| ** Using weighted workdays | ||||||
| *** Includes company-owned, independent contractor, and customer-owned trucks |
| J.B. HUNT TRANSPORT SERVICES, INC. | ||||
|---|---|---|---|---|
| Condensed Consolidated Balance Sheets | ||||
| (in thousands) | ||||
| (unaudited) | ||||
| December 31, 2020 | December 31, 2019 | |||
| --- | --- | --- | --- | --- |
| ASSETS | **** | **** | **** | **** |
| Current assets: | ||||
| Cash and cash equivalents | $ | 313,302 | $ | 35,000 |
| Accounts Receivable | 1,124,403 | 1,011,829 | ||
| Prepaid expenses and other | 423,269 | 434,470 | ||
| Total current assets | 1,860,974 | 1,481,299 | ||
| Property and equipment | 5,908,710 | 5,640,806 | ||
| Less accumulated depreciation | 2,219,816 | 2,019,940 | ||
| Net property and equipment | 3,688,894 | 3,620,866 | ||
| Other assets, net | 397,337 | 368,689 | ||
| $ | 5,947,205 | $ | 5,470,854 | |
| LIABILITIES & STOCKHOLDERS' EQUITY | **** | **** | **** | **** |
| Current liabilities: | ||||
| Trade accounts payable | $ | 587,510 | $ | 602,601 |
| Claims accruals | 276,056 | 279,590 | ||
| Accrued payroll | 172,327 | 68,220 | ||
| Other accrued expenses | 90,294 | 85,355 | ||
| Total current liabilities | 1,126,187 | 1,035,766 | ||
| Long-term debt | 1,305,424 | 1,295,740 | ||
| Other long-term liabilities | 204,577 | 173,241 | ||
| Deferred income taxes | 710,879 | 699,078 | ||
| Stockholders' equity | 2,600,138 | 2,267,029 | ||
| $ | 5,947,205 | $ | 5,470,854 | |
| Supplemental Data | ||||
| --- | ||||
| (unaudited) | ||||
| December 31, 2020 | December 31, 2019 | |||
| --- | --- | --- | --- | --- |
| Actual shares outstanding at end of period (000) | 105,654 | 106,213 | ||
| Book value per actual share outstanding at end of period | $ | 24.61 | $ | 21.34 |
| Twelve Months Ended December 31 | ||||
| --- | --- | --- | --- | --- |
| 2020 | 2019 | |||
| Net cash provided by operating activities (000) | $ | 1,122,859 | $ | 1,098,347 |
| Net capital expenditures (000) | $ | 600,769 | $ | 688,197 |