Hub Group, Inc. (NASDAQ:HUBG) announced fourth quarter 2022 net
income of $79 million, and diluted earnings per share of $2.42. Net
income for fourth quarter 2021 was $84 million, or $2.48 per
diluted share. Full year 2022 net income was $357 million, or
$10.64 per diluted share.
“Hub Group had a record year in 2022, delivering
26% revenue growth while more than doubling our earnings per share.
We grew ITS to over $3 billion in revenue and grew both Brokerage
and Logistics to $1 billion in revenue, while we supported our
customers with high service levels and innovative supply chain
solutions. Our strategy of service line diversification, and our
focus on transportation cost containment, yield improvement and
operating efficiency led to a significant increase in
profitability. Market conditions softened during the quarter, but
we anticipate demand will return by mid-2023. We remain focused on
managing our costs and capital structure, while supporting our
customers with great service and investing for growth to drive
success in a variety of market conditions,” said Phil Yeager, Hub
Group’s President and Chief Executive Officer.
Fourth Quarter and Full Year 2022
Results
Revenue for the fourth quarter of 2022 increased
by 2% to $1.3 billion compared to fourth quarter 2021. Full year
2022 revenue was $5.3 billion, up 26% as compared to 2021. Gross
margin for the quarter was 15.9% of revenue, with operating income
of $104 million (8.1% of revenue). EBITDA (non-GAAP)1 for the
quarter was $148 million.
Fourth quarter Intermodal and Transportation
Solutions (“ITS”) revenue increased 5% to $802 million, while full
year revenue grew to $3.3 billion. Intermodal revenue per load for
the quarter increased 19% and volume decreased 12% as compared to
prior year. Volume for the quarter was impacted by softer demand
conditions as retailers’ inventory levels improved from the lows
seen in 2021, which impacted demand for our services. ITS gross
margin decreased compared to the prior year due to lower volume,
higher transportation and equipment costs, and lower surcharges,
partially offset by higher pricing and accessorial revenue.
Fourth quarter Logistics revenue increased 9% to
$245 million due to organic growth with existing customers, and
revenue from recently acquired TAGG Logistics, LLC (“TAGG”),
partially offset by exited customers. Revenue for the full year
increased 11% to $989 million. Fourth quarter gross margin
increased due to growth with existing customers, new business
onboardings, yield management initiatives and the contribution from
TAGG, partially offset by higher warehousing and transportation
costs.
Full year Truck Brokerage revenue grew 52% to
$1.0 billion due to growth in revenue per load and the acquisition
of Choptank but declined 11% in the fourth quarter to $238 million
as higher transaction volumes were more than offset by lower
revenue per load. Gross margin for the quarter decreased relative
to fourth quarter 2021 due to lower revenue per load, partially
offset by lower costs for purchased transportation.
Costs and expenses increased to $100 million in
the fourth quarter of 2022 due to incremental operating costs from
TAGG, higher expenses for outside services, and lower gains on the
sale of equipment as compared to prior year, partially offset by
lower compensation expense.
Capital expenditures for the fourth quarter of
2022 totaled $61 million. As of December 31, 2022, we had cash and
cash equivalents of $287 million.
2023 Outlook
We expect our 2023 diluted earnings per share
will range from $7.00 to $8.00. We estimate revenue will range from
$5.2 to $5.4 billion, and that gross margin as a percentage of
revenue will range from 14.5% to 15.0%. We estimate our costs and
expenses will range from $420 to $440 million for the year. We
project our effective tax rate for the year will be 24-25%. We
expect capital expenditures for containers, tractors, warehousing
equipment and technology will range from $170 to $190 million.
Non-GAAP Financial Measure
In this press release, we present EBITDA, a
non-GAAP financial measure of profitability defined as earnings
before interest, taxes, depreciation, and amortization. As required
by the rules of the Securities and Exchange Commission (“SEC”), we
have provided herein a reconciliation of this non-GAAP financial
measure to Net Income, the most directly comparable measure under
GAAP. Management believes that EBITDA provides relevant and useful
information, which is used by our management as well as by many
analysts, investors and competitors in our industry. By providing
this non-GAAP measure, management intends to provide investors with
a meaningful, consistent comparison of the Company’s profitability
for the periods presented. EBITDA should be viewed in addition to,
and not as an alternative to or substitute for, measures determined
in accordance with GAAP, and is not necessarily comparable to
non-GAAP measures that may be presented by other companies.
CONFERENCE CALL
Hub Group, Inc. will hold a conference call at
5:00 p.m. Eastern Time on February 2, 2023, to discuss our fourth
quarter 2022 results.
Hosting the conference call will be Phil Yeager,
President and CEO. Also participating on the call will be Brian
Alexander, Chief Operating Officer, and Geoff DeMartino, Executive
Vice President, Chief Financial Officer and Treasurer.
This call is being webcast and can be accessed
through the Investors link on Hub Group’s web site
at www.hubgroup.com. The webcast is listen-only. Those
interested in participating in the question and answer session
should follow the telephone dial-in instructions below.
To participate in the conference call by
telephone, please pre-register
at https://register.vevent.com/register/BI0e495bb799694c1cb3763152fcd01ebf to
receive the dial-in number and unique PIN. On the day of the call,
dial in approximately ten minutes prior to the scheduled call time
and enter the unique participant PIN received during registration.
The call will be limited to 60 minutes, including questions and
answers. An audio replay will be available through the Investors
link on the Company's web site at www.hubgroup.com. This
replay will be available for 30 days.
CERTAIN FORWARD-LOOKING STATEMENTS: Statements
in this press release that are not historical may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. Forward-looking statements are inherently uncertain
and subject to risks, uncertainties and other factors that might
cause the actual performance of Hub Group, Inc. to differ
materially from those expressed or implied by this discussion and,
therefore, should be viewed with caution. All forward-looking
statements and information are provided pursuant to the safe harbor
established under the Private Securities Litigation Reform Act of
1995 and should be evaluated in the context of these factors.
Forward-looking statements generally may be identified by the use
of forward-looking terminology such as “trends”, “assumptions”,
“target”, “guidance”, “outlook”, “opportunity”, “future”, “plans”,
“goals”, “objectives”, “expects”, “anticipate”, “expected”, “may”,
“will”, “would”, “could”, “intend”, “believe”, “potential”,
“projected”, “estimate” (or the negative or derivative of each of
these terms), or similar words, and include our statements
regarding our outlook, profit improvement initiatives and capital
expenditures. These statements are based on Hub Group’s current
beliefs and expectations of future events or future results, and
involve risks and uncertainties that are difficult to predict and
subject to change. Factors that could cause actual results to
differ materially include, among other things, general or regional
economic conditions, including inflation and changes in trade
policy; the effect of the ongoing COVID-19 pandemic (including any
spikes, outbreaks or variants of the virus) and any future
government actions taken in response to the pandemic, on our
business operations and general economic and financial market
conditions; governmental or regulatory requirements affecting tax,
wage and hour matters, health and safety, labor and employment,
insurance or other areas; shipping and intermodal costs and prices,
the integration of acquisitions and expenses relating thereto;
driver shortages; the amount and timing of strategic investments or
divestitures by Hub Group; the failure to implement and integrate
critical information technology systems; cyber security incidents;
and retail and other customers encountering adverse economic
conditions. Further information on these factors and other risks
that may affect the Hub Group’s business is included in filings it
makes with the SEC from time to time, including but not limited to
those discussed under the “Risk Factors” section in Hub Group’s
Form 10-K for the fiscal year ended December 31, 2021, and other
filings with the SEC and in other investor communications of Hub
Group from time to time. Hub Group assumes no obligation to update
any such forward-looking statements.
SOURCE: Hub Group, Inc. |
CONTACT: Geoff DeMartino of Hub Group, Inc., +1-630-271-3623 |
HUB GROUP, INC. |
CONSOLIDATED STATEMENTS OF EARNINGS |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
% of |
|
|
% of |
|
|
|
Amount |
Revenue |
|
Amount |
Revenue |
Revenue |
$ |
1,285,503 |
|
100.0 |
% |
|
$ |
1,256,403 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
Transportation costs |
|
1,081,086 |
|
84.1 |
% |
|
|
1,043,671 |
|
83.1 |
% |
|
Gross margin |
|
204,417 |
|
15.9 |
% |
|
|
212,732 |
|
16.9 |
% |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Salaries and benefits |
|
62,422 |
|
4.9 |
% |
|
|
70,544 |
|
5.6 |
% |
|
General and administrative |
|
25,684 |
|
2.0 |
% |
|
|
13,418 |
|
1.1 |
% |
|
Depreciation and amortization |
|
12,024 |
|
0.9 |
% |
|
|
11,185 |
|
0.9 |
% |
|
|
Total costs and expenses |
|
100,130 |
|
7.8 |
% |
|
|
95,147 |
|
7.6 |
% |
|
|
|
|
|
|
|
|
Operating income |
|
104,287 |
|
8.1 |
% |
|
|
117,585 |
|
9.3 |
% |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
(1,381 |
) |
-0.1 |
% |
|
|
(1,747 |
) |
-0.1 |
% |
|
Other, net |
|
315 |
|
0.0 |
% |
|
|
137 |
|
0.0 |
% |
|
|
Total other expense, net |
|
(1,066 |
) |
-0.1 |
% |
|
|
(1,610 |
) |
-0.1 |
% |
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
103,221 |
|
8.0 |
% |
|
|
115,975 |
|
9.2 |
% |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
23,947 |
|
1.9 |
% |
|
|
31,661 |
|
2.5 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
79,274 |
|
|
|
$ |
84,314 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
$ |
2.45 |
|
|
|
$ |
2.52 |
|
|
|
Diluted |
$ |
2.42 |
|
|
|
$ |
2.48 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares outstanding |
|
32,397 |
|
|
|
|
33,456 |
|
|
Diluted weighted average number of shares outstanding |
|
32,815 |
|
|
|
|
33,983 |
|
|
|
|
|
|
|
|
|
|
HUB GROUP, INC. |
CONSOLIDATED STATEMENTS OF EARNINGS |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
% of |
|
|
% of |
|
|
|
Amount |
Revenue |
|
Amount |
Revenue |
Revenue |
$ |
5,340,490 |
|
100.0 |
% |
|
$ |
4,232,383 |
|
100.0 |
% |
|
|
|
|
|
|
|
|
Transportation costs |
|
4,450,985 |
|
83.3 |
% |
|
|
3,632,743 |
|
85.8 |
% |
|
Gross margin |
|
889,505 |
|
16.7 |
% |
|
|
599,640 |
|
14.2 |
% |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Salaries and benefits |
|
264,891 |
|
5.0 |
% |
|
|
247,240 |
|
5.9 |
% |
|
General and administrative |
|
103,933 |
|
1.9 |
% |
|
|
76,476 |
|
1.8 |
% |
|
Depreciation and amortization |
|
45,960 |
|
0.9 |
% |
|
|
37,467 |
|
0.9 |
% |
|
|
Total costs and expenses |
|
414,784 |
|
7.8 |
% |
|
|
361,183 |
|
8.6 |
% |
|
|
|
|
|
|
|
|
Operating income |
|
474,721 |
|
8.9 |
% |
|
|
238,457 |
|
5.6 |
% |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
(6,632 |
) |
-0.1 |
% |
|
|
(7,302 |
) |
-0.2 |
% |
|
Other, net |
|
(131 |
) |
-0.0 |
% |
|
|
(245 |
) |
-0.0 |
% |
|
|
Total other expense, net |
|
(6,763 |
) |
-0.1 |
% |
|
|
(7,547 |
) |
-0.2 |
% |
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
467,958 |
|
8.8 |
% |
|
|
230,910 |
|
5.5 |
% |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
111,010 |
|
2.1 |
% |
|
|
59,436 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
356,948 |
|
|
|
$ |
171,474 |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
Basic |
$ |
10.75 |
|
|
|
$ |
5.13 |
|
|
|
Diluted |
$ |
10.64 |
|
|
|
$ |
5.06 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares outstanding |
|
33,209 |
|
|
|
|
33,434 |
|
|
Diluted weighted average number of shares outstanding |
|
33,559 |
|
|
|
|
33,892 |
|
|
|
|
|
|
|
|
|
|
HUB GROUP, INC. |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share data) |
(unaudited) |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
286,642 |
|
|
$ |
159,784 |
|
|
|
Accounts receivable trade, net |
|
716,190 |
|
|
|
701,512 |
|
|
|
Accounts receivable other |
|
3,967 |
|
|
|
3,022 |
|
|
|
Prepaid taxes |
|
16,987 |
|
|
|
2,191 |
|
|
|
Prepaid expenses and other current assets |
|
32,914 |
|
|
|
27,779 |
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
1,056,700 |
|
|
|
894,288 |
|
|
|
|
|
|
|
|
|
|
Restricted investments |
|
18,065 |
|
|
|
24,256 |
|
|
Property and equipment, net |
|
783,683 |
|
|
|
681,451 |
|
|
Right-of-use assets - operating leases |
|
102,114 |
|
|
|
44,036 |
|
|
Right-of-use assets - financing leases |
|
1,194 |
|
|
|
1,252 |
|
|
Other intangibles, net |
|
197,386 |
|
|
|
196,672 |
|
|
Goodwill |
|
629,402 |
|
|
|
576,913 |
|
|
Other assets |
|
21,537 |
|
|
|
18,426 |
|
|
|
|
|
TOTAL ASSETS |
$ |
2,810,081 |
|
|
$ |
2,437,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable trade |
$ |
344,751 |
|
|
$ |
424,923 |
|
|
|
Accounts payable other |
|
15,563 |
|
|
|
12,493 |
|
|
|
Accrued payroll |
|
66,669 |
|
|
|
56,938 |
|
|
|
Accrued other |
|
132,324 |
|
|
|
82,827 |
|
|
|
Lease liability - operating leases |
|
29,547 |
|
|
|
11,364 |
|
|
|
Lease liability - financing leases |
|
1,175 |
|
|
|
1,251 |
|
|
|
Current portion of long term debt |
|
101,741 |
|
|
|
97,273 |
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
|
691,770 |
|
|
|
687,069 |
|
|
|
|
|
|
|
|
|
|
Long term debt |
|
240,724 |
|
|
|
177,479 |
|
|
Non-current liabilities |
|
43,505 |
|
|
|
41,572 |
|
|
Lease liability - operating leases |
|
78,557 |
|
|
|
34,916 |
|
|
Deferred taxes |
|
155,923 |
|
|
|
155,944 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
Preferred stock, $.01 par value; 2,000,000 shares authorized; |
|
|
|
|
|
|
no shares issued or outstanding in 2022 and 2021. |
|
- |
|
|
|
- |
|
|
|
Common stock |
|
|
|
|
|
|
Class A: $.01 par value; 97,337,700 shares authorized; 41,312,185
shares issued |
|
|
|
|
|
|
|
in 2022 and 41,224,792 shares issued in 2021; 32,646,621
shares |
|
|
|
|
|
|
|
outstanding in 2022 and 33,907,734 shares outstanding in 2021. |
|
413 |
|
|
|
412 |
|
|
|
|
Class B: $.01 par value; 662,300 shares authorized; |
|
|
|
|
|
|
|
574,903 shares issued and outstanding in 2022 and 662,296 shares
issued and |
|
6 |
|
|
|
7 |
|
|
|
|
|
outstanding in 2021. |
|
|
|
|
|
Additional paid-in capital |
|
208,165 |
|
|
|
189,256 |
|
|
|
Purchase price in excess of predecessor basis, net of tax |
|
|
|
|
|
benefit of $10,306 |
|
(15,458 |
) |
|
|
(15,458 |
) |
|
|
Retained earnings |
|
1,781,582 |
|
|
|
1,424,634 |
|
|
|
Accumulated other comprehensive loss |
|
(214 |
) |
|
|
(207 |
) |
|
|
Treasury stock; at cost, 8,665,564 shares in 2022 |
|
|
|
|
|
|
and 7,317,058 shares in 2021 |
|
(374,892 |
) |
|
|
(258,330 |
) |
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
|
1,599,602 |
|
|
|
1,340,314 |
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
2,810,081 |
|
|
$ |
2,437,294 |
|
|
|
|
|
|
|
|
|
HUB GROUP, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ |
356,948 |
|
|
$ |
171,474 |
|
|
Adjustments to reconcile net income |
|
|
|
|
|
to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
153,726 |
|
|
|
130,629 |
|
|
|
|
Impairment of ROU asset |
|
5,874 |
|
|
|
- |
|
|
|
|
Deferred taxes |
|
4,448 |
|
|
|
(3,992 |
) |
|
|
|
Compensation expense related to share-based compensation plans |
|
20,426 |
|
|
|
20,056 |
|
|
|
|
Gain on sale of assets |
|
(24,176 |
) |
|
|
(19,173 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Restricted investments |
|
6,191 |
|
|
|
(903 |
) |
|
|
|
Accounts receivable, net |
|
8,298 |
|
|
|
(115,568 |
) |
|
|
|
Prepaid taxes |
|
(14,796 |
) |
|
|
(856 |
) |
|
|
|
Prepaid expenses and other current assets |
|
(3,111 |
) |
|
|
(647 |
) |
|
|
|
Other assets |
|
(4,231 |
) |
|
|
(2,883 |
) |
|
|
|
Accounts payable |
|
(89,103 |
) |
|
|
78,448 |
|
|
|
|
Accrued expenses |
|
57,613 |
|
|
|
9,686 |
|
|
|
|
Non-current liabilities |
|
(19,944 |
) |
|
|
(13,436 |
) |
|
|
|
|
Net cash provided by operating activities |
|
458,163 |
|
|
|
252,835 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Proceeds from sale of equipment |
|
42,929 |
|
|
|
45,177 |
|
|
Purchases of property and equipment |
|
(219,140 |
) |
|
|
(132,952 |
) |
|
Cash used in acquisitions |
|
(102,661 |
) |
|
|
(122,360 |
) |
|
|
|
|
Net cash used in investing activities |
|
(278,872 |
) |
|
|
(210,135 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from issuance of debt |
|
179,195 |
|
|
|
112,001 |
|
|
Repayments of long term debt |
|
(111,482 |
) |
|
|
(107,608 |
) |
|
Purchase of treasury stock |
|
(75,000 |
) |
|
|
- |
|
|
Purchase of treasury stock from related party |
|
(34,767 |
) |
|
|
- |
|
|
Stock withheld for payments of withholding taxes |
|
(8,312 |
) |
|
|
(9,123 |
) |
|
Finance lease payments |
|
(2,093 |
) |
|
|
(2,682 |
) |
|
|
|
|
Net cash used in financing activities |
|
(52,459 |
) |
|
|
(7,412 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
26 |
|
|
|
(10 |
) |
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
126,858 |
|
|
|
35,278 |
|
Cash and cash equivalents beginning of period |
|
159,784 |
|
|
|
124,506 |
|
Cash and cash equivalents end of period |
$ |
286,642 |
|
|
$ |
159,784 |
|
|
|
|
|
|
|
|
|
HUB GROUP, INC. |
FINANCIAL INFORMATION BY BUSINESS LINE |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
Ended December 31, |
|
Ended December 31, |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Intermodal and transportation solutions |
$ |
802,268 |
|
$ |
764,292 |
|
$ |
3,301,835 |
|
$ |
2,656,128 |
|
|
|
|
|
|
|
|
Logistics |
|
244,998 |
|
|
223,767 |
|
|
988,922 |
|
|
887,388 |
|
|
|
|
|
|
|
|
Truck brokerage |
|
238,237 |
|
|
268,344 |
|
|
1,049,733 |
|
|
688,867 |
|
|
|
|
|
|
|
|
Total revenue |
$ |
1,285,503 |
$ |
1,256,403 |
$ |
5,340,490 |
$ |
4,232,383 |
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME TO EBITDA (1) |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months |
|
Ended December 31, |
|
|
|
|
|
Change |
|
Change |
|
|
2022 |
|
|
2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
Net income |
$ |
79,274 |
|
$ |
84,314 |
|
$ |
(5,040 |
) |
|
-6.0 |
% |
|
|
|
|
|
|
|
|
Interest expense |
|
1,381 |
|
|
1,747 |
|
|
(366 |
) |
|
-21.0 |
% |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
43,313 |
|
|
34,670 |
|
|
8,643 |
|
|
24.9 |
% |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
23,947 |
|
|
31,661 |
|
|
(7,714 |
) |
|
-24.4 |
% |
|
|
|
|
|
|
|
|
EBITDA |
$ |
147,915 |
|
$ |
152,392 |
|
$ |
(4,477 |
) |
|
-2.9 |
% |
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME TO EBITDA (1) |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Twelve Months |
|
Ended December 31, |
|
|
|
|
|
Change |
|
Change |
|
|
2022 |
|
|
2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
Net income |
$ |
356,948 |
|
$ |
171,474 |
|
$ |
185,474 |
|
|
108.2 |
% |
|
|
|
|
|
|
|
|
Interest expense |
|
6,632 |
|
|
7,302 |
|
|
(670 |
) |
|
-9.2 |
% |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
153,726 |
|
|
130,629 |
|
|
23,097 |
|
|
17.7 |
% |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
111,010 |
|
|
59,436 |
|
|
51,574 |
|
|
86.8 |
% |
|
|
|
|
|
|
|
|
EBITDA |
$ |
628,316 |
|
$ |
368,841 |
|
$ |
259,475 |
|
|
70.3 |
% |
|
|
|
|
|
|
|
|
(1) See the “Non-GAAP Financial Measure” section of this release
for the definition of EBITDA and a discussion of this non-GAAP
financial measure.
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