SAIA Saia Inc

 

 

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): February 02, 2024

 

 

SAIA, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			0-49983	48-1229851
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
11465 Johns Creek Parkway Suite 400
Johns Creek, Georgia				30097
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 770 232-5067

 

No Changes.

(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:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $.001 per share		SAIA		Nasdaq Global Select Market

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. ☐

 

 

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Item 2.02	Results of Operations and Financial Condition

On February 2, 2024 Saia, Inc. issued a press release announcing its fourth quarter 2023 results. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K.

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, of the Exchange Act, except as otherwise expressly stated in any such filing.

 

 

Item 9.01	Financial Statements and Exhibits
99.1	Press release of Saia, Inc. dated February 2, 2024 announcing results of operations.
104	Cover Page Interactive Date File (embedded within the Inline XBRL document)

 

 

 

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SIGNATURE

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 hereunto duly authorized.

 

				SAIA, INC.
		Date: February 2, 2024		/s/ Kelly W. Benton
				Kelly W. Benton
				Vice President and Chief Accounting Officer (Principal Accounting Officer)

 

 

 

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Exhibit 99.1

 

Saia Reports Fourth Quarter Results

 

JOHNS CREEK, GA – February 2, 2024 – Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter 2023 financial results. Diluted earnings per share for the quarter were $3.33 compared to $2.65 in the fourth quarter of 2022. Full year diluted earnings per share were $13.26 in 2023 compared to $13.40 in 2022.

 

Highlights from the fourth quarter and full year operating results were as follows:

 

Fourth Quarter 2023 Compared to Fourth Quarter 2022 Results

 

 

Full Year 2023 Results Compared to Full Year 2022 Results

 

 

Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “I am pleased to bring 2023 to a close by reporting that our fourth quarter operating ratio improved by 90 basis points year-over-year to 85.0%. Our market share gains have been meaningful since last summer's industry disruption, and it has been very satisfying for our organization to step up and provide excellent service to both new and

 

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Saia, Inc. Fourth Quarter 2023 Results

Page 2

 

existing customers. To this end, we have onboarded nearly 1,500 new associates since the end of the second quarter and closed the year with just under 14,000 employees company-wide.”

“We ended the fourth quarter by being the winning bidder for the purchase of 17 terminals, along with lease rights for 11 additional terminal properties. We completed the acquisition of these properties in mid-January. These terminals, once opened, will allow us to provide direct coverage in new markets, add density in existing markets and serve as replacement terminals for some of our existing leased and owned facilities. In 2024, we have plans to open 15-20 new terminals and will relocate from a handful of existing properties into new locations,” continued Holzgrefe.

“Saia celebrates its 100th anniversary in 2024, and our future has never been brighter. As we add direct service to new geographies, we are rounding out our value proposition through a strong service offering, including a claims ratio of 0.63% in 2023, which is among the best in our industry. Our customers who value that level of quality have shown that they will increasingly use our service when we add new coverage areas,” said Holzgrefe.

“Moving into 2024, we remain focused on operational excellence in order to meet customer expectations. In doing so, we are able to price for that high level of service which is key to achieving our profitability goals,” concluded Holzgrefe.

 

Financial Position and Capital Expenditures

 

We ended 2023 with $296.2 million of cash on hand and total debt of $16.5 million, which compares to $187.4 million of cash on hand and total debt of $31.0 million at December 31, 2022.

 

Net capital expenditures were $437.2 million during 2023, compared to $365.5 million in net capital expenditures during 2022. In 2024, we anticipate that net capital expenditures will be approximately $1 billion, subject to ongoing evaluation of market conditions.

 

Conference Call

 

Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-888-440-5655 or 1-646-960-0338 referencing conference ID #9246157. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through March 3, 2024 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-800-770-2030 or 1-647-362-9199 referencing conference ID #9246157.

 

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 194 terminals with service across 45 states. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.

 

 

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Saia, Inc. Fourth Quarter 2023 Results

Page 3

 

Cautionary Note Regarding Forward-Looking Statements

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in operating expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (10) failure to keep pace with technological developments; (11) labor relations, including the adverse impact should a portion of our workforce become unionized; (12) cost, availability and resale value of real property and revenue equipment; (13) supply chain disruption and delays on new equipment delivery; (14) capacity and highway infrastructure constraints; (15) risks arising from international business operations and relationships; (16) seasonal factors, harsh weather and disasters caused by climate change; (17) economic declines in the geographic regions or industries in which our customers operate; (18) the creditworthiness of our customers and their ability to pay for services; (19) our need for capital and uncertainty of the credit markets; (20) the possibility of defaults under our debt agreements, including violation of financial covenants; (21) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (22) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (23) dependence on key employees; (24) employee turnover from changes to compensation and benefits or market factors; (25) increased costs of healthcare benefits; (26) damage to our reputation from adverse publicity, including from the use of or impact from social media; (27) failure to make future acquisitions or to achieve acquisition synergies; (28) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (29) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (30) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and

 

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Saia, Inc. Fourth Quarter 2023 Results

Page 4

 

environmental regulations; (31) unforeseen costs from new and existing data privacy laws; (32) changes in accounting and financial standards or practices; (33) widespread outbreak of an illness or any other communicable disease, including the COVID-19 pandemic; (34) international conflicts and geopolitical instability; (35) increasing investor and customer sensitivity to social and sustainability issues, including climate change; (36) provisions in our governing documents and Delaware law that may have anti-takeover effects; (37) issuances of equity that would dilute stock ownership; (38) weakness, disruption or loss of confidence in financial or credit markets; and (39) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.

As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

 

# # #

CONTACT: Saia, Inc.

Douglas Col

Executive Vice President and Chief Financial Officer

Investors@saia.com

 

 

 

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Saia, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
		December 31, 2023		December 31, 2022
Assets
Current Assets:
Cash and cash equivalents		$296,215		$187,390
Accounts receivable, net		311,742		290,306
Prepaid expenses and other		40,737		53,190
Total current assets		648,694		530,886
Property and Equipment:
Cost		2,881,800		2,478,824
Less: accumulated depreciation		1,118,492		996,204
Net property and equipment		1,763,308		1,482,620
Operating Lease Right-of-Use Assets		118,734		120,455
Other Assets		52,829		40,749
Total assets		$2,583,565		$2,174,710
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable		$141,877		$99,792
Wages and employees' benefits		75,514		66,684
Other current liabilities		68,735		68,165
Current portion of long-term debt		10,173		14,519
Current portion of operating lease liability		25,757		24,925
Total current liabilities		322,056		274,085
Other Liabilities:
Long-term debt, less current portion		6,315		16,489
Operating lease liability, less current portion		96,462		98,581
Deferred income taxes		155,841		145,771
Claims, insurance and other		61,397		60,443
Total other liabilities		320,015		321,284
Stockholders' Equity:
Common stock		27		26
Additional paid-in capital		285,092		277,366
Deferred compensation trust		(5,679)		(5,248)
Retained earnings		1,662,054		1,307,197
Total stockholders' equity		1,941,494		1,579,341
Total liabilities and stockholders' equity		$2,583,565		$2,174,710

 

 

 

 

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Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Years Ended December 31, 2023 and 2022
(Amounts in thousands, except per share data)
(Unaudited)
		Fourth Quarter				Years
		2023		2022		2023		2022
Operating Revenue		$751,132		$655,726		$2,881,433		$2,792,057
Operating Expenses:
Salaries, wages and employees' benefits		345,831		287,777		1,301,280		1,169,539
Purchased transportation		65,444		60,377		238,688		315,896
Fuel, operating expenses and supplies		144,291		144,694		563,688		558,456
Operating taxes and licenses		18,002		15,011		69,542		63,824
Claims and insurance		18,945		15,661		67,984		56,601
Depreciation and amortization		45,689		39,625		178,845		157,203
Operating losses (gains), net		267		(110)		910		50
Total operating expenses		638,469		563,035		2,420,937		2,321,569
Operating Income		112,663		92,691		460,496		470,488
Nonoperating (Income) Expenses:
Interest expense		935		670		2,535		2,611
Interest income		(3,158)		(83)		(6,208)		(217)
Other, net		(722)		(1,160)		(2,058)		46
Nonoperating (income) expenses, net		(2,945)		(573)		(5,731)		2,440
Income Before Income Taxes		115,608		93,264		466,227		468,048
Income Tax Provision		26,380		22,402		111,370		110,626
Net Income		$89,228		$70,862		$354,857		$357,422
Weighted average common shares outstanding - basic		26,648		26,561		26,632		26,520
Weighted average common shares outstanding - diluted		26,785		26,691		26,763		26,674
Basic earnings per share		$3.35		$2.67		$13.32		$13.48
Diluted earnings per share		$3.33		$2.65		$13.26		$13.40

 

 

 

 

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Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the twelve months ended December 31, 2023 and 2022
(Amounts in thousands)
(Unaudited)
		Years
		2023		2022
Operating Activities:
Net cash provided by operating activities		$577,945		$473,026
Net cash provided by operating activities		577,945		473,026
Investing Activities:
Acquisition of property and equipment		(439,879)		(367,429)
Proceeds from disposal of property and equipment		2,727		1,917
Other		(11,544)		–
Net cash used in investing activities		(448,696)		(365,512)
Financing Activities:
Proceeds from stock option exercises		4,875		4,511
Shares withheld for taxes		(9,216)		(11,752)
Other financing activity		(16,083)		(19,471)
Net cash used in financing activities		(20,424)		(26,712)
Net Increase in Cash and Cash Equivalents		108,825		80,802
Cash and Cash Equivalents, beginning of period		187,390		106,588
Cash and Cash Equivalents, end of period		$296,215		$187,390

 

 

 

 

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Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended December 31, 2023 and 2022
(Unaudited)
								Fourth Quarter
		Fourth Quarter				%		Amount/Workday				%
		2023		2022		Change		2023		2022		Change
Workdays								61		61
Operating ratio		85.0%		85.9%
LTL tonnage (1)		1,345		1,243		8.2		22.05		20.37		8.2
LTL shipments (1)		2,047		1,734		18.1		33.56		28.43		18.1
LTL revenue/cwt.		$27.21		$25.42		7.0
LTL revenue/cwt., excluding fuel surcharges		$22.47		$20.11		11.7
LTL revenue/shipment		$357.50		$364.44		(1.9)
LTL revenue/shipment, excluding fuel surcharges		$295.22		$288.34		2.4
LTL pounds/shipment		1,314		1,433		(8.3)
LTL length of haul (2)		895		892		0.3
(1)	In thousands.
(2)	In miles.
Note:	LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy.

 

 

 

 

 

 

 

 

 

 

 

 

 

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Saia, Inc. and Subsidiaries
Financial Information
For the Years Ended December 31, 2023 and 2022
(Unaudited)
														Year Over Year
		Year Over Year								%				Amount/Workday								%
		2023				2022				Change				2023				2022				Change
Workdays															252				253
Operating ratio			84.0	%			83.1	%
LTL tonnage (1)			5,543				5,473				1.3				22.00				21.63				1.7
LTL shipments (1)			7,997				7,697				3.9				31.73				30.42				4.3
LTL revenue/cwt.		$	25.38			$	24.70				2.8
LTL revenue/cwt., excluding fuel surcharges		$	20.99			$	19.63				6.9
LTL revenue/shipment		$	351.90			$	351.27				0.2
LTL revenue/shipment, excluding fuel surcharges		$	291.00			$	279.16				4.2
LTL pounds/shipment			1,386				1,422				(2.5	)
LTL length of haul (2)			894				904				(1.1	)
(1)	In thousands.
(2)	In miles.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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v3.24.0.1

Document And Entity Information	Feb. 02, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 02, 2024
Entity Registrant Name	SAIA, INC.
Entity Central Index Key	0001177702
Entity Emerging Growth Company	false
Entity File Number	0-49983
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1229851
Entity Address, Address Line One	11465 Johns Creek Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Johns Creek
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	232-5067
Entity Information, Former Legal or Registered Name	No Changes.
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	SAIA
Security Exchange Name	NASDAQ

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