Marten Transport Announces Fourth Quarter and Year End Results
January 25 2022 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 26.1%
improvement in net income to $24.7 million, or 30 cents per diluted
share, for the fourth quarter ended December 31, 2021, from $19.6
million, or 24 cents per diluted share, for the fourth quarter of
2020. The fourth-quarter earnings also improved sequentially from
2021 third-quarter net income of $21.3 million, or 26 cents per
diluted share. For the year ended December 31, 2021, net income
improved 22.9% to $85.4 million, or $1.02 per diluted share, from
$69.5 million, or 84 cents per diluted share, for 2020.
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Operating Results Comparison |
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|
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|
|
Percentage |
|
Percentage |
|
Percentage |
|
Percentage |
|
|
|
|
Increase |
|
Increase |
|
Increase |
|
Increase |
|
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|
Three Months |
|
Year |
|
Year |
|
Year |
|
|
|
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Ended |
|
Ended |
|
Ended |
|
Ended |
|
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|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
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|
|
2021 vs. 2020 |
|
2021 vs. 2020 |
|
2020 vs. 2019 |
|
2019 vs. 2018 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
17.4 |
% |
|
11.4 |
% |
|
3.7 |
% |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
Operating revenue, net of fuel surcharges |
|
12.5 |
% |
|
8.3 |
% |
|
6.8 |
% |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
20.0 |
% |
|
19.8 |
% |
|
21.9 |
% |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
26.1 |
% |
|
22.9 |
% |
|
13.8 |
% |
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating revenue for each of the quarter and
year ended December 31, 2021 was the highest amount for any quarter
and year in Marten’s 76-year history. Operating revenue improved
17.4% to $266.9 million for the fourth quarter of 2021 from $227.3
million for the fourth quarter of 2020, and improved 11.4% to
$973.6 million for 2021 from $874.4 million for 2020. Excluding
fuel surcharges, operating revenue improved 12.5% to $232.9 million
for the 2021 quarter from $207.0 million for the 2020 quarter, and
improved 8.3% to $855.9 million for 2021 from $790.6 million for
2020. Fuel surcharge revenue increased to $34.0 million for the
2021 quarter from $20.4 million for the 2020 quarter, and increased
to $117.7 million for 2021 from $83.8 million for 2020 due to
significantly higher fuel prices.
Operating income for each of the quarter and
year ended December 31, 2021 was also the highest amount for any
quarter and year in Marten’s history. Operating income improved
20.0% to $30.7 million for the fourth quarter of 2021 from $25.6
million for the fourth quarter of 2020. Operating income improved
19.8% to $111.7 million for 2021 from $93.2 million for 2020.
Operating expenses as a percentage of operating
revenue improved to 88.5% for the fourth quarter of 2021 from 88.8%
for the fourth quarter of 2020. Operating expenses as a percentage
of operating revenue, with both amounts net of fuel surcharges,
improved to 86.8% from 87.7%.
Operating expenses as a percentage of operating
revenue improved to 88.5% for 2021 from 89.3% for 2020. Operating
expenses as a percentage of operating revenue, with both amounts
net of fuel surcharges, improved to 87.0%, the best ratio for any
year since Marten became a public company in 1986, from 88.2%.
Executive Chairman Randolph L. Marten
stated, “Marten’s bright and determined people consistently produce
strong profitable growth, to be continued…”
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Operating Results throughout the Pandemic – Percentage
Increase Over Same Quarter of Prior Year |
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Q2 2020 |
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Q3 2020 |
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Q4 2020 |
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Q1 2021 |
|
Q2 2021 |
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Q3 2021 |
|
Q4 2021 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating revenue |
0.1 |
% |
|
0.5 |
% |
|
4.7 |
% |
|
2.0 |
% |
|
9.4 |
% |
|
16.3 |
% |
|
17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue, net of fuel surcharges |
4.7 |
% |
|
3.8 |
% |
|
8.8 |
% |
|
2.5 |
% |
|
5.0 |
% |
|
12.8 |
% |
|
12.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
26.6 |
% |
|
21.8 |
% |
|
36.0 |
% |
|
33.1 |
% |
|
12.9 |
% |
|
16.8 |
% |
|
20.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
19.4 |
% |
|
8.8 |
% |
|
24.5 |
% |
|
31.3 |
% |
|
18.1 |
% |
|
17.9 |
% |
|
26.1 |
% |
|
|
|
|
Current Investor Presentation
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 Marten’s prospects for
future growth and 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, 2020 and in Part II, Item
1A of the Company’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2021. 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, Chief Executive Officer, 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, |
|
December 31, |
(In
thousands, except share information) |
|
2021 |
|
2020 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
56,995 |
|
|
$ |
66,127 |
|
Receivables: |
|
|
|
|
|
|
|
|
Trade, net |
|
|
99,003 |
|
|
|
83,426 |
|
Other |
|
|
6,971 |
|
|
|
4,202 |
|
Prepaid expenses and other |
|
|
23,980 |
|
|
|
21,903 |
|
Total current assets |
|
|
186,949 |
|
|
|
175,658 |
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
Revenue equipment, buildings and land, office equipment and
other |
|
|
956,476 |
|
|
|
930,123 |
|
Accumulated depreciation |
|
|
(274,199 |
) |
|
|
(275,950 |
) |
Net property and equipment |
|
|
682,277 |
|
|
|
654,173 |
|
Other noncurrent assets |
|
|
1,464 |
|
|
|
1,805 |
|
Total assets |
|
$ |
870,690 |
|
|
$ |
831,636 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
20,150 |
|
|
$ |
25,702 |
|
Insurance and claims accruals |
|
|
42,014 |
|
|
|
39,595 |
|
Accrued and other current liabilities |
|
|
31,395 |
|
|
|
24,497 |
|
Total current liabilities |
|
|
93,559 |
|
|
|
89,794 |
|
Deferred income taxes |
|
|
125,163 |
|
|
|
121,098 |
|
Noncurrent operating lease liabilities |
|
|
291 |
|
|
|
411 |
|
Total liabilities |
|
|
219,013 |
|
|
|
211,303 |
|
|
|
|
|
|
|
|
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|
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; 83,034,404 shares at December 31, 2021, and 82,705,005
shares at December 31, 2020, issued and outstanding |
|
|
830 |
|
|
|
827 |
|
Additional paid-in capital |
|
|
85,718 |
|
|
|
85,070 |
|
Retained earnings |
|
|
565,129 |
|
|
|
534,436 |
|
Total stockholders’ equity |
|
|
651,677 |
|
|
|
620,333 |
|
Total liabilities and stockholders’ equity |
|
$ |
870,690 |
|
|
$ |
831,636 |
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
Three Months |
|
Year |
|
|
Ended December 31, |
|
Ended December 31, |
(In thousands, except per share information) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
$ |
266,876 |
|
|
$ |
227,333 |
|
|
$ |
973,644 |
|
|
$ |
874,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
|
88,577 |
|
|
|
79,121 |
|
|
|
317,962 |
|
|
|
300,155 |
|
Purchased transportation |
|
|
54,592 |
|
|
|
40,937 |
|
|
|
193,221 |
|
|
|
154,613 |
|
Fuel and fuel taxes |
|
|
36,435 |
|
|
|
24,700 |
|
|
|
131,288 |
|
|
|
98,133 |
|
Supplies and maintenance |
|
|
11,592 |
|
|
|
11,314 |
|
|
|
45,459 |
|
|
|
47,815 |
|
Depreciation |
|
|
25,964 |
|
|
|
25,914 |
|
|
|
102,562 |
|
|
|
102,893 |
|
Operating taxes and licenses |
|
|
2,498 |
|
|
|
2,837 |
|
|
|
10,534 |
|
|
|
10,840 |
|
Insurance and claims |
|
|
10,649 |
|
|
|
12,294 |
|
|
|
41,987 |
|
|
|
47,454 |
|
Communications and utilities |
|
|
2,030 |
|
|
|
2,050 |
|
|
|
8,350 |
|
|
|
8,011 |
|
Gain on disposition of revenue equipment |
|
|
(4,436 |
) |
|
|
(2,834 |
) |
|
|
(16,295 |
) |
|
|
(8,733 |
) |
Gain on disposition of facility |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,718 |
) |
Other |
|
|
8,298 |
|
|
|
5,442 |
|
|
|
26,887 |
|
|
|
21,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
236,199 |
|
|
|
201,775 |
|
|
|
861,955 |
|
|
|
781,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
30,677 |
|
|
|
25,558 |
|
|
|
111,689 |
|
|
|
93,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
(16 |
) |
|
|
(13 |
) |
|
|
(43 |
) |
|
|
(140 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
30,693 |
|
|
|
25,571 |
|
|
|
111,732 |
|
|
|
93,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes expense |
|
|
5,963 |
|
|
|
5,967 |
|
|
|
26,304 |
|
|
|
23,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
24,730 |
|
|
$ |
19,604 |
|
|
$ |
85,428 |
|
|
$ |
69,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.30 |
|
|
$ |
0.24 |
|
|
$ |
1.03 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
0.30 |
|
|
$ |
0.24 |
|
|
$ |
1.02 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
|
$ |
0.04 |
|
|
$ |
0.54 |
|
|
$ |
0.66 |
|
|
$ |
0.633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.SEGMENT
INFORMATION(Unaudited)
|
|
|
|
|
|
|
|
|
|
Dollar |
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
Change |
|
|
Three Months |
|
Three Months |
|
Three Months |
|
|
Ended |
|
Ended |
|
Ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
(Dollars in
thousands) |
|
2021 |
|
2020 |
|
2021 vs. 2020 |
|
2021 vs. 2020 |
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
|
$ |
91,848 |
|
|
$ |
87,460 |
|
|
$ |
4,388 |
|
|
|
5.0 |
% |
Truckload fuel surcharge revenue |
|
|
14,345 |
|
|
|
8,733 |
|
|
|
5,612 |
|
|
|
64.3 |
|
Total Truckload revenue |
|
|
106,193 |
|
|
|
96,193 |
|
|
|
10,000 |
|
|
|
10.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
|
73,928 |
|
|
|
71,313 |
|
|
|
2,615 |
|
|
|
3.7 |
|
Dedicated fuel surcharge revenue |
|
|
14,994 |
|
|
|
9,670 |
|
|
|
5,324 |
|
|
|
55.1 |
|
Total Dedicated revenue |
|
|
88,922 |
|
|
|
80,983 |
|
|
|
7,939 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
23,275 |
|
|
|
20,817 |
|
|
|
2,458 |
|
|
|
11.8 |
|
Intermodal fuel surcharge revenue |
|
|
4,627 |
|
|
|
1,959 |
|
|
|
2,668 |
|
|
|
136.2 |
|
Total Intermodal revenue |
|
|
27,902 |
|
|
|
22,776 |
|
|
|
5,126 |
|
|
|
22.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
|
43,859 |
|
|
|
27,381 |
|
|
|
16,478 |
|
|
|
60.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
|
$ |
266,876 |
|
|
$ |
227,333 |
|
|
$ |
39,543 |
|
|
|
17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
14,750 |
|
|
$ |
11,270 |
|
|
$ |
3,480 |
|
|
|
30.9 |
% |
Dedicated |
|
|
8,321 |
|
|
|
9,900 |
|
|
|
(1,579 |
) |
|
|
(15.9 |
) |
Intermodal |
|
|
3,328 |
|
|
|
2,166 |
|
|
|
1,162 |
|
|
|
53.6 |
|
Brokerage |
|
|
4,278 |
|
|
|
2,222 |
|
|
|
2,056 |
|
|
|
92.5 |
|
Total operating income |
|
$ |
30,677 |
|
|
$ |
25,558 |
|
|
$ |
5,119 |
|
|
|
20.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
86.1 |
% |
|
|
88.3 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
90.6 |
|
|
|
87.8 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
88.1 |
|
|
|
90.5 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
90.2 |
|
|
|
91.9 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
88.5 |
% |
|
|
88.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Dollar |
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
Change |
|
|
Year |
|
Year |
|
Year |
|
|
Ended |
|
Ended |
|
Ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
(Dollars in thousands) |
|
2021 |
|
|
2020 |
|
2021 vs. 2020 |
|
2021 vs. 2020 |
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
|
$ |
346,289 |
|
|
$ |
342,357 |
|
|
$ |
3,932 |
|
|
|
1.1 |
% |
Truckload fuel surcharge revenue |
|
|
50,377 |
|
|
|
36,791 |
|
|
|
13,586 |
|
|
|
36.9 |
|
Total Truckload revenue |
|
|
396,666 |
|
|
|
379,148 |
|
|
|
17,518 |
|
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
|
276,883 |
|
|
|
271,550 |
|
|
|
5,333 |
|
|
|
2.0 |
|
Dedicated fuel surcharge revenue |
|
|
52,559 |
|
|
|
38,234 |
|
|
|
14,325 |
|
|
|
37.5 |
|
Total Dedicated revenue |
|
|
329,442 |
|
|
|
309,784 |
|
|
|
19,658 |
|
|
|
6.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
|
87,468 |
|
|
|
79,944 |
|
|
|
7,524 |
|
|
|
9.4 |
|
Intermodal fuel surcharge revenue |
|
|
14,777 |
|
|
|
8,789 |
|
|
|
5,988 |
|
|
|
68.1 |
|
Total Intermodal revenue |
|
|
102,245 |
|
|
|
88,733 |
|
|
|
13,512 |
|
|
|
15.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
|
145,291 |
|
|
|
96,709 |
|
|
|
48,582 |
|
|
|
50.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
|
$ |
973,644 |
|
|
$ |
874,374 |
|
|
$ |
99,270 |
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
$ |
51,032 |
|
|
$ |
39,637 |
|
|
$ |
11,395 |
|
|
|
28.7 |
% |
Dedicated |
|
|
36,395 |
|
|
|
40,909 |
|
|
|
(4,514 |
) |
|
|
(11.0 |
) |
Intermodal |
|
|
9,479 |
|
|
|
5,730 |
|
|
|
3,749 |
|
|
|
65.4 |
|
Brokerage |
|
|
14,783 |
|
|
|
6,970 |
|
|
|
7,813 |
|
|
|
112.1 |
|
Total operating income |
|
$ |
111,689 |
|
|
$ |
93,246 |
|
|
$ |
18,443 |
|
|
|
19.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
|
87.1 |
% |
|
|
89.5 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
|
89.0 |
|
|
|
86.8 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
|
90.7 |
|
|
|
93.5 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
|
89.8 |
|
|
|
92.8 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
|
88.5 |
% |
|
|
89.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
|
|
Three Months |
|
Year |
|
|
Ended December 31, |
|
Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
|
$ |
106,193 |
|
|
$ |
96,193 |
|
|
$ |
396,666 |
|
|
$ |
379,148 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
|
$ |
4,663 |
|
|
$ |
4,116 |
|
|
$ |
4,315 |
|
|
$ |
3,926 |
|
Average tractors(1) |
|
|
1,499 |
|
|
|
1,617 |
|
|
|
1,539 |
|
|
|
1,668 |
|
Average miles per trip |
|
|
515 |
|
|
|
526 |
|
|
|
516 |
|
|
|
547 |
|
Non-revenue miles percentage(2) |
|
|
10.4 |
% |
|
|
10.4 |
% |
|
|
10.1 |
% |
|
|
10.7 |
% |
Total miles (in thousands) |
|
|
35,679 |
|
|
|
40,185 |
|
|
|
147,192 |
|
|
|
165,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
|
$ |
88,922 |
|
|
$ |
80,983 |
|
|
$ |
329,442 |
|
|
$ |
309,784 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
|
$ |
3,592 |
|
|
$ |
3,350 |
|
|
$ |
3,377 |
|
|
$ |
3,316 |
|
Average tractors(1) |
|
|
1,566 |
|
|
|
1,620 |
|
|
|
1,572 |
|
|
|
1,566 |
|
Average miles per trip |
|
|
330 |
|
|
|
303 |
|
|
|
322 |
|
|
|
305 |
|
Non-revenue miles percentage(2) |
|
|
1.2 |
% |
|
|
0.7 |
% |
|
|
1.0 |
% |
|
|
0.7 |
% |
Total miles (in thousands) |
|
|
32,491 |
|
|
|
34,044 |
|
|
|
128,256 |
|
|
|
132,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
|
$ |
27,902 |
|
|
$ |
22,776 |
|
|
$ |
102,245 |
|
|
$ |
88,733 |
|
Loads |
|
|
8,102 |
|
|
|
8,708 |
|
|
|
32,987 |
|
|
|
36,444 |
|
Average tractors |
|
|
152 |
|
|
|
125 |
|
|
|
143 |
|
|
|
106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
|
$ |
43,859 |
|
|
$ |
27,381 |
|
|
$ |
145,291 |
|
|
$ |
96,709 |
|
Loads |
|
|
19,345 |
|
|
|
13,928 |
|
|
|
66,512 |
|
|
|
58,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2021 and December 31, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tractors(1) |
|
|
3,204 |
|
|
|
3,331 |
|
|
|
|
|
|
|
|
|
Average age of company tractors (in years) |
|
|
1.4 |
|
|
|
1.6 |
|
|
|
|
|
|
|
|
|
Total trailers |
|
|
5,299 |
|
|
|
5,395 |
|
|
|
|
|
|
|
|
|
Average age of company trailers (in years) |
|
|
3.3 |
|
|
|
3.0 |
|
|
|
|
|
|
|
|
|
Ratio of trailers to tractors(1) |
|
|
1.7 |
|
|
|
1.6 |
|
|
|
|
|
|
|
|
|
Total refrigerated containers |
|
|
634 |
|
|
|
433 |
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Year |
|
|
Ended December 31, |
|
Ended December 31, |
(In thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
43,295 |
|
|
$ |
34,891 |
|
|
$ |
171,204 |
|
|
$ |
189,598 |
|
Net cash (used for) investing activities |
|
|
(21,592 |
) |
|
|
(12,577 |
) |
|
|
(123,734 |
) |
|
|
(106,325 |
) |
Net cash (used for) financing activities |
|
|
(48,608 |
) |
|
|
(44,466 |
) |
|
|
(56,602 |
) |
|
|
(48,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
82,983 |
|
|
|
82,690 |
|
|
|
82,872 |
|
|
|
82,527 |
|
Diluted |
|
|
83,420 |
|
|
|
83,311 |
|
|
|
83,408 |
|
|
|
83,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Includes tractors driven by both company-employed drivers and
independent contractors. Independent contractors provided 93 and
143 tractors as of December 31, 2021 and 2020, respectively. |
|
|
(2) |
|
Represents the percentage of miles for which the company is not
compensated. |
|
|
|
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