8-K
MARTEN TRANSPORT LTD (MRTN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 16 , 20 20
MARTEN TRANSPORT, LTD.
(Exact name of registrant as specified in its charter)
| Delaware | 0-15010 | 39-1140809 |
|---|---|---|
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification Number) |
| 129 Marten Street<br> Mondovi, Wisconsin | 54755 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
(715) 926-4216
(Registrant’s telephone number, including area code)
Not applicable.
(Former name or former address, if changed since last report)
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 (see General Instruction A.2. below):
| ☐ | 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 Act:
| Title of each class: | Name of each exchange on which registered: |
|---|---|
| COMMON STOCK, PAR VALUE | THE NASDAQ STOCK MARKET LLC |
| .01 PER SHARE | (NASDAQ GLOBAL SELECT MARKET) |
All values are in US Dollars.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.
On July 16, 2020, the company issued a press release announcing financial results for the quarter ended June 30, 2020. Attached hereto as Exhibit 99.1 is a copy of the company’s press release dated July 16, 2020 announcing the company’s financial results for this period.
The press release also includes a discussion of operating revenue, net of fuel surcharge revenue; and operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue. The company provided these additional disclosures because management believes removing these items provide a more consistent basis for comparing results of operations from period to period. These financial measures in the press release have not been determined in accordance with generally accepted accounting principles (“GAAP”). Pursuant to Regulation G, the company has included a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For the discussion of operating revenue, net of fuel surcharge revenue; and operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, the most directly comparable GAAP financial measures are operating revenue, and operating expenses divided by operating revenue, which are reconciled in the attached Exhibit 99.1.
The information contained in this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 8 - Other Events
Item 8.01 Other Events.
On July 16, 2020, the company also announced in its press release announcing its financial results that its Board of Directors declared a three-for-two stock split of the company’s common stock and a regular quarterly cash dividend of $0.04 per share of common stock.
The three-for-two stock split of the company’s common stock will be effected in the form of a stock dividend payable on August 13, 2020 to stockholders of record as of July 30, 2020. Holders of the company’s common stock will receive an additional one-half share for each outstanding share of common stock held as of the record date. The stock split will increase the number of outstanding shares of common stock from approximately 55.1 million to approximately 82.7 million shares.
The regular quarterly cash dividend of $0.04 per share of common stock will be payable on September 30, 2020 to stockholders of record at the close of business on September 16, 2020.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Shell Company Transactions.
Not Applicable.
(d) Exhibits.
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated July 16, 2020 (included herewith). |
| 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.
| MARTEN TRANSPORT, LTD. | ||
|---|---|---|
| Dated: July 16, 2020 | By | /s/ James J. Hinnendael |
| James J. Hinnendael | ||
| Its: Executive Vice President and Chief Financial Officer |
2
ex_194009.htm
Exhibit 99.1
Marten Transport Announces Second Quarter Results and Declares Three-for-Two Stock Split and Regular Quarterly Dividend With a 50% Increase in Cash Payout
Reports highest operating income for any quarter in Company history
MONDOVI, Wis., July 16, 2020 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 19.4% improvement in net income to $18.1 million, or 33 cents per diluted share, for the second quarter ended June 30, 2020, from $15.2 million, or 28 cents per diluted share, for the second quarter of 2019. For the first six months of 2020, net income improved 10.8% to $31.9 million, or 58 cents per diluted share, from $28.7 million, or 52 cents per diluted share, for the first six months of 2019.
Marten Transport also announced today that its Board of Directors has declared a three-for-two stock split of the company’s common stock and a regular quarterly cash dividend of $0.04 per share of common stock. The stock split, while maintaining the current quarterly cash dividend amount per share, effectively increases the cash payout to stockholders by 50%.
| Operating Results Comparison | ||||||
|---|---|---|---|---|---|---|
| Percentage | Percentage | |||||
| Increase | Increase | |||||
| Three Months | Six Months | |||||
| Ended | Ended | |||||
| June 30, | June 30, | |||||
| 2020 vs. 2019 | 2020 vs. 2019 | |||||
| Operating revenue | 0.1 | % | 4.8 | % | ||
| Operating revenue, net of fuel surcharges | 4.7 | % | 7.4 | % | ||
| Operating income | 26.6 | % | 14.9 | % | ||
| Net income | 19.4 | % | 10.8 | % |
Operating revenue improved to $212.4 million for the second quarter of 2020 from $212.1 million for the second quarter of 2019, and improved 4.8% to $431.0 million for the first six months of 2020 from $411.1 million for the first six months of 2019. Excluding fuel surcharges, operating revenue improved 4.7% to $194.0 million for the 2020 quarter from $185.4 million for the 2019 quarter, and improved 7.4% to $387.4 million for the first six months of 2020 from $360.8 million for the first six months of 2019. Fuel surcharge revenue decreased to $18.3 million for the 2020 quarter from $26.7 million for the 2019 quarter and decreased to $43.6 million for the first six months of 2020 from $50.3 million for the first six months of 2019 due to significantly lower fuel prices.
Operating income improved 26.6% to a record $25.3 million for the second quarter of 2020 from $19.9 million for the second quarter of 2019. This quarter’s operating income was the highest for any quarter in Marten’s history, and was also a record excluding a $3.0 million, or 4 cents per diluted share, benefit from reduced net fuel expense as a percentage of revenue from the second quarter of 2019 to 2020. Operating income improved 14.9% to $43.3 million for the first six months of 2020 from $37.7 million for the first six months of 2019.
Operating expenses as a percentage of operating revenue improved to 88.1% for the second quarter of 2020 from 90.6% for the second quarter of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.0% from 89.2%.
Operating expenses as a percentage of operating revenue improved to 90.0% for the first six months of 2020 from 90.8% for the first six months of 2019. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 88.8% from 89.6%.
Chairman and Chief Executive Officer Randolph L. Marten said, “To each of our over 4,100 talented, hard-working drivers, maintenance personnel and employees across all functions and regions, you should be extremely proud of the strong results that you consistently drive, and of the record operating income in the second quarter that you earned. I sure am. Within an environment of significantly fluctuating customer freight volumes, we improved our Truckload miles per tractor by 4.8% over the second quarter of 2019 through our adaptive, continual redeployment of our drivers to match the changing freight demand by lane while minimizing empty miles. We plan on pursuing profitable growth opportunities in the second half of this year. We embrace our responsibility to keep our valued employees safe and healthy as they each contribute to our transporting and distributing the food, beverages and other consumer goods essential to millions of people in North America.”
“I am also pleased to announce this stock split which reflects our continued strong financial condition. The increased number of outstanding shares should increase trading activity, or float, in our common stock while our stockholders benefit from the 50% increase in our quarterly dividend cash payout.”
The three-for-two stock split of the company’s common stock will be effected in the form of a stock dividend payable on August 13, 2020 to stockholders of record as of July 30, 2020. Holders of the company’s common stock will receive an additional one-half share for each outstanding share of common stock held as of the record date. The stock split will increase the number of outstanding shares of common stock from approximately 55.1 million to approximately 82.7 million shares.
The regular quarterly cash dividend of $0.04 per share of common stock will be payable on September 30, 2020 to stockholders of record at the close of business on September 16, 2020. This is Marten’s 41^st^ consecutive quarterly cash dividend. With the payment of this dividend, Marten will have paid a total of $93.6 million in cash dividends, including special dividends totaling $52.1 million in 2019 and 2012, since the dividend program was implemented in 2010.
Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of the Company’s prospects for future growth and current expectations concerning future payment of dividends. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED BALANCE SHEETS
| December 31, | |||||
|---|---|---|---|---|---|
| (In thousands, except share information) | 2019 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 75,323 | $ | 31,461 | ||
| Receivables: | |||||
| Trade, net | 83,854 | 90,712 | |||
| Other | 12,639 | 11,055 | |||
| Prepaid expenses and other | 22,906 | 20,938 | |||
| Total current assets | 194,722 | 154,166 | |||
| Property and equipment: | |||||
| Revenue equipment, buildings and land, office equipment and other | 920,608 | 904,237 | |||
| Accumulated depreciation | (276,412 | ) | (263,843 | ) | |
| Net property and equipment | 644,196 | 640,394 | |||
| Other noncurrent assets | 1,916 | 2,026 | |||
| Total assets | 840,834 | $ | 796,586 | ||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | 26,176 | $ | 22,917 | ||
| Insurance and claims accruals | 35,834 | 31,729 | |||
| Accrued and other current liabilities | 25,569 | 21,680 | |||
| Total current liabilities | 87,579 | 76,326 | |||
| Deferred income taxes | 123,285 | 122,022 | |||
| Noncurrent operating lease liabilities | 572 | 649 | |||
| Total liabilities | 211,436 | 198,997 | |||
| Stockholders’ equity: | |||||
| Preferred stock, .01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | - | - | |||
| Common stock, .01 par value per share; 192,000,000 shares authorized; 55,107,805 shares at June 30, 2020, and 54,703,466 shares at December 31, 2019, issued and outstanding | 551 | 547 | |||
| Additional paid-in capital | 83,816 | 79,465 | |||
| Retained earnings | 545,031 | 517,577 | |||
| Total stockholders’ equity | 629,398 | 597,589 | |||
| Total liabilities and stockholders’ equity | 840,834 | $ | 796,586 |
All values are in US Dollars.
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months | Six Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended June 30, | Ended June 30, | |||||||||||
| (In thousands, except per share information) | 2020 | 2019 | 2020 | 2019 | ||||||||
| Operating revenue | $ | 212,384 | $ | 212,090 | $ | 431,030 | $ | 411,113 | ||||
| Operating expenses (income): | ||||||||||||
| Salaries, wages and benefits | 73,476 | 68,613 | 146,237 | 132,137 | ||||||||
| Purchased transportation | 36,165 | 38,668 | 76,610 | 76,917 | ||||||||
| Fuel and fuel taxes | 20,868 | 30,952 | 49,165 | 58,629 | ||||||||
| Supplies and maintenance | 11,833 | 11,502 | 24,061 | 22,623 | ||||||||
| Depreciation | 25,972 | 23,462 | 51,399 | 46,005 | ||||||||
| Operating taxes and licenses | 2,615 | 2,438 | 5,254 | 4,771 | ||||||||
| Insurance and claims | 11,633 | 9,862 | 23,917 | 19,737 | ||||||||
| Communications and utilities | 1,977 | 1,950 | 3,962 | 3,900 | ||||||||
| Gain on disposition of revenue equipment | (2,216 | ) | (1,230 | ) | (3,771 | ) | (2,778 | ) | ||||
| Other | 4,805 | 5,929 | 10,908 | 11,495 | ||||||||
| Total operating expenses | 187,128 | 192,146 | 387,742 | 373,436 | ||||||||
| Operating income | 25,256 | 19,944 | 43,288 | 37,677 | ||||||||
| Other | (13 | ) | (395 | ) | (110 | ) | (673 | ) | ||||
| Income before income taxes | 25,269 | 20,339 | 43,398 | 38,350 | ||||||||
| Income taxes expense | 7,135 | 5,149 | 11,546 | 9,614 | ||||||||
| Net income | $ | 18,134 | $ | 15,190 | $ | 31,852 | $ | 28,736 | ||||
| Basic earnings per common share | $ | 0.33 | $ | 0.28 | $ | 0.58 | $ | 0.53 | ||||
| Diluted earnings per common share | $ | 0.33 | $ | 0.28 | $ | 0.58 | $ | 0.52 | ||||
| Dividends declared per common share | $ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.06 |
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
| Dollar | Percentage | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Change | Change | |||||||||||
| Three Months | Three Months | Three Months | ||||||||||
| Ended | Ended | Ended | ||||||||||
| June 30, | June 30, | June 30, | ||||||||||
| (Dollars in thousands) | 2020 | 2019 | 2020 vs. 2019 | 2020 vs. 2019 | ||||||||
| Operating revenue: | ||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 85,966 | $ | 83,215 | $ | 2,751 | 3.3 | % | ||||
| Truckload fuel surcharge revenue | 8,234 | 12,807 | (4,573 | ) | (35.7 | ) | ||||||
| Total Truckload revenue | 94,200 | 96,022 | (1,822 | ) | (1.9 | ) | ||||||
| Dedicated revenue, net of fuel surcharge revenue | 67,076 | 56,160 | 10,916 | 19.4 | ||||||||
| Dedicated fuel surcharge revenue | 8,351 | 10,850 | (2,499 | ) | (23.0 | ) | ||||||
| Total Dedicated revenue | 75,427 | 67,010 | 8,417 | 12.6 | ||||||||
| Intermodal revenue, net of fuel surcharge revenue | 18,542 | 17,527 | 1,015 | 5.8 | ||||||||
| Intermodal fuel surcharge revenue | 1,759 | 3,076 | (1,317 | ) | (42.8 | ) | ||||||
| Total Intermodal revenue | 20,301 | 20,603 | (302 | ) | (1.5 | ) | ||||||
| Brokerage revenue | 22,456 | 28,455 | (5,999 | ) | (21.1 | ) | ||||||
| Total operating revenue | $ | 212,384 | $ | 212,090 | $ | 294 | 0.1 | % | ||||
| Operating income: | ||||||||||||
| Truckload | $ | 11,036 | $ | 8,045 | $ | 2,991 | 37.2 | % | ||||
| Dedicated | 11,452 | 7,700 | 3,752 | 48.7 | ||||||||
| Intermodal | 954 | 1,536 | (582 | ) | (37.9 | ) | ||||||
| Brokerage | 1,814 | 2,663 | (849 | ) | (31.9 | ) | ||||||
| Total operating income | $ | 25,256 | $ | 19,944 | $ | 5,312 | 26.6 | % | ||||
| Operating ratio: | ||||||||||||
| Truckload | 88.3 | % | 91.6 | % | ||||||||
| Dedicated | 84.8 | 88.5 | ||||||||||
| Intermodal | 95.3 | 92.5 | ||||||||||
| Brokerage | 91.9 | 90.6 | ||||||||||
| Consolidated operating ratio | 88.1 | % | 90.6 | % |
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
| Dollar | Percentage | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Change | Change | |||||||||||
| Six Months | Six Months | Six Months | ||||||||||
| Ended | Ended | Ended | ||||||||||
| June 30, | June 30, | June 30, | ||||||||||
| (Dollars in thousands) | 2020 | 2019 | 2020 vs. 2019 | 2020 vs. 2019 | ||||||||
| Operating revenue: | ||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 169,823 | $ | 163,382 | $ | 6,441 | 3.9 | % | ||||
| Truckload fuel surcharge revenue | 19,509 | 24,362 | (4,853 | ) | (19.9 | ) | ||||||
| Total Truckload revenue | 189,332 | 187,744 | 1,588 | 0.8 | ||||||||
| Dedicated revenue, net of fuel surcharge revenue | 131,235 | 105,084 | 26,151 | 24.9 | ||||||||
| Dedicated fuel surcharge revenue | 19,229 | 19,651 | (422 | ) | (2.1 | ) | ||||||
| Total Dedicated revenue | 150,464 | 124,735 | 25,729 | 20.6 | ||||||||
| Intermodal revenue, net of fuel surcharge revenue | 39,136 | 37,282 | 1,854 | 5.0 | ||||||||
| Intermodal fuel surcharge revenue | 4,845 | 6,292 | (1,447 | ) | (23.0 | ) | ||||||
| Total Intermodal revenue | 43,981 | 43,574 | 407 | 0.9 | ||||||||
| Brokerage revenue | 47,253 | 55,060 | (7,807 | ) | (14.2 | ) | ||||||
| Total operating revenue | $ | 431,030 | $ | 411,113 | $ | 19,917 | 4.8 | % | ||||
| Operating income: | ||||||||||||
| Truckload | $ | 17,821 | $ | 15,600 | $ | 2,221 | 14.2 | % | ||||
| Dedicated | 19,985 | 13,215 | 6,770 | 51.2 | ||||||||
| Intermodal | 2,260 | 3,930 | (1,670 | ) | (42.5 | ) | ||||||
| Brokerage | 3,222 | 4,932 | (1,710 | ) | (34.7 | ) | ||||||
| Total operating income | $ | 43,288 | $ | 37,677 | $ | 5,611 | 14.9 | % | ||||
| Operating ratio: | ||||||||||||
| Truckload | 90.6 | % | 91.7 | % | ||||||||
| Dedicated | 86.7 | 89.4 | ||||||||||
| Intermodal | 94.9 | 91.0 | ||||||||||
| Brokerage | 93.2 | 91.0 | ||||||||||
| Consolidated operating ratio | 90.0 | % | 90.8 | % |
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
| Three Months | Six Months | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ended June 30, | Ended June 30, | |||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Truckload Segment: | ||||||||||||
| Revenue (in thousands) | $ | 94,200 | $ | 96,022 | $ | 189,332 | $ | 187,744 | ||||
| Average revenue, net of fuel surcharges, per tractor per week^(1)^ | $ | 3,829 | $ | 3,876 | $ | 3,821 | $ | 3,867 | ||||
| Average tractors^(1)^ | 1,727 | 1,652 | 1,710 | 1,634 | ||||||||
| Average miles per trip | 557 | 532 | 558 | 546 | ||||||||
| Non-revenue miles percentage^(2)^ | 10.9 | % | 11.1 | % | 11.0 | % | 11.2 | % | ||||
| Total miles (in thousands) | 42,833 | 39,077 | 83,872 | 76,313 | ||||||||
| Dedicated Segment: | ||||||||||||
| Revenue (in thousands) | $ | 75,427 | $ | 67,010 | $ | 150,464 | $ | 124,735 | ||||
| Average revenue, net of fuel surcharges, per tractor per week^(1)^ | $ | 3,314 | $ | 3,460 | $ | 3,309 | $ | 3,424 | ||||
| Average tractors^(1)^ | 1,557 | 1,248 | 1,525 | 1,187 | ||||||||
| Average miles per trip | 307 | 314 | 306 | 318 | ||||||||
| Non-revenue miles percentage^(2)^ | 0.8 | % | 0.7 | % | 0.8 | % | 0.7 | % | ||||
| Total miles (in thousands) | 33,174 | 27,198 | 64,710 | 50,841 | ||||||||
| Intermodal Segment: | ||||||||||||
| Revenue (in thousands) | $ | 20,301 | $ | 20,603 | $ | 43,981 | $ | 43,574 | ||||
| Loads | 8,693 | 8,430 | 18,430 | 17,681 | ||||||||
| Average tractors | 98 | 81 | 99 | 84 | ||||||||
| Brokerage Segment: | ||||||||||||
| Revenue (in thousands) | $ | 22,456 | $ | 28,455 | $ | 47,253 | $ | 55,060 | ||||
| Loads | 15,280 | 16,185 | 31,388 | 31,451 | ||||||||
| At June 30, 2020 and June 30, 2019: | ||||||||||||
| Total tractors^(1)^ | 3,313 | 3,047 | ||||||||||
| Average age of company tractors (in years) | 1.8 | 1.9 | ||||||||||
| Total trailers | 5,364 | 5,437 | ||||||||||
| Average age of company trailers (in years) | 2.7 | 2.6 | ||||||||||
| Ratio of trailers to tractors^(1)^ | 1.6 | 1.8 | ||||||||||
| Three Months | Six Months | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ended June 30, | Ended June 30, | |||||||||||
| (In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
| Net cash provided by operating activities | $ | 60,587 | $ | 37,473 | $ | 104,067 | $ | 75,101 | ||||
| Net cash (used for) investing activities | (22,558 | ) | (39,034 | ) | (59,190 | ) | (45,770 | ) | ||||
| Net cash provided by (used for) financing activities | 1,158 | (1,173 | ) | (1,015 | ) | (3,302 | ) | |||||
| Weighted average shares outstanding: | ||||||||||||
| Basic | 55,018 | 54,616 | 54,914 | 54,585 | ||||||||
| Diluted | 55,422 | 55,081 | 55,345 | 55,055 | ||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 124 and 55 tractors as of June 30, 2020 and 2019, respectively. | |||||||||||
| --- | --- | |||||||||||
| (2) | Represents the percentage of miles for which the company is not compensated. |