Skip to content
Dots

Hub Group Reports Third Quarter 2024 Results

Highlights:

  • GAAP diluted earnings per share (EPS) of $0.39 and revenue of $1.0 billion for the third quarter
  • Non-GAAP adjusted EPS of $0.52, which excludes adjustments for a network alignment initiative and transaction related expenses in the quarter
  • Quarterly operating income of $32 million or 3.3% of revenue, adjusted operating income (non-GAAP) of $42 million or 4.3% of revenue
  • Returned $91 million to shareholders year-to-date through stock repurchases of $68 million, including $35 million in the third quarter, and dividend payments of $23 million
  • Strong balance sheet with cash and cash equivalents of $186 million and net debt/EBITDA LTM (non-GAAP) of 0.3x as of September 30, 2024
  • Expanded Mexico Intermodal and cross-border service offering by forming a joint venture with Mexico-based EASO
  • Voted #3 on the Top Ten 3PL list by Inbound Logistics

OAK BROOK, Ill., Oct. 30, 2024 (GLOBE NEWSWIRE) — Hub Group, Inc. (Nasdaq: HUBG) announced third quarter 2024 net income of $23.6 million and diluted earnings per share of $0.39. Adjusting for network alignment and transaction related expenses of $10.4 million (pre-tax), third quarter 2024 adjusted net income (non-GAAP) of $31.6 million grew 3.7% from the prior year net income of $30.5 million. Adjusted EPS (non-GAAP) of $0.52 per diluted share increased $0.04 from $0.48 EPS reported in the third quarter of 2023.

“I am pleased with the team’s performance in the third quarter as our disciplined market approach resulted in Intermodal volume growth of 12% and adjusted EPS growth in the quarter. In addition, we recently closed the joint venture with EASO to enhance our solutions for our customers and add significant scale to our Intermodal capabilities in Mexico. Although market conditions remain challenging, we continue to enhance earnings stability and growth over the long term by focusing on yield management, effectively managing costs, our capital structure, and providing excellent service to our customers,” said Phil Yeager, Hub Group’s President, Chief Executive Officer and Vice Chairman.

Third Quarter 2024 Results

Consolidated revenue for the third quarter of 2024 was $987 million, a 3.7% decrease from $1,025 million reported in the third quarter of 2023. Revenue was impacted by lower revenue per load including fuel and accessorial revenue in Intermodal and Brokerage, partially offset by Intermodal volume growth of 12% and contributions from the Final Mile acquisition.

Purchased transportation and warehousing costs of $740 million were $32.7 million lower than prior year. Salaries and benefits of $143 million were $4.4 million higher than prior year due to the Final Mile acquisition. Total legacy headcount, which excludes acquisition employees, drivers and warehouse employees, declined by 5%. Depreciation and amortization of $32.4 million decreased $3.7 million from prior year due to a change in useful life estimates offsetting expenses associated with the Final Mile acquisition. Insurance and claims totaled $10.2 million, a $1.5 million decrease due to lower claim costs in the quarter. General and administrative expenses of $29.7 million included transaction expenses related to the joint venture and operating costs associated with the Final Mile acquisition which were partially offset by cost management efforts. Gain on sale was $0.4 million in the quarter.

GAAP operating income for the third quarter was $32.1 million or 3.3% of revenue and adjusted operating income (non-GAAP) was $42.5 million or 4.3% of revenue. Prior year operating income was $42.6 million or 4.2% of revenue. Adjusted EBITDA (non-GAAP) for the third quarter was $88.8 million. Net debt/EBITDA LTM (non-GAAP) was 0.3x for the third quarter, below the leverage target range of 0.75 to 1.25x.

Intermodal and Transportation Solutions (“ITS”) Segment revenue was $560 million in the third quarter, down from $595 million in the prior year. Higher Intermodal volume and Dedicated revenue partially offset lower Intermodal revenue per load, accessorial revenue and fuel revenue. GAAP ITS operating income was $13.5 million, or 2.4% of revenue, comparable to the prior year operating income of $13.5 million. Adjusted ITS operating income (non-GAAP) was $15.0 million, or 2.7% of revenue, which excludes expenses of $1.5 million related to the EASO transaction and other adjustments in the quarter.

Third quarter Logistics Segment revenue was $461 million, comparable to $460 million in the prior year as Final Mile revenue offset lower brokerage revenue. GAAP Logistics operating income was $18.6 million, or 4.0% of revenue, down from $29.1 million in the prior year, due to expenses related to the network alignment project. Adjusted Logistics operating income (non-GAAP) was $27.5 million, or 6.0% of revenue, which excludes network alignment expenses and other adjustments of $8.9 million.

Capital expenditures for the third quarter of 2024 totaled $12.0 million as we continued to manage our spend. As of September 30, 2024, we had cash and cash equivalents of $186 million. Year-to-date the company returned $91 million to shareholders through stock repurchases of $68 million, including over $35 million in the third quarter, and dividend payments of $23 million.

2024 Outlook

We expect our 2024 adjusted diluted earnings per share will range from $1.85 to $1.95. We estimate revenue of approximately $4.0 billion for the full year. We project an effective tax rate of approximately 23% and capital expenditures in the range of $45 million to $65 million for the full year.

Non-GAAP Financial Measures

In this press release, we present certain non-GAAP financial measures, including adjusted EPS, adjusted operating income, adjusted EBITDA, and net debt/EBITDA. As required by the rules of the Securities and Exchange Commission (“SEC”), we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP, along with an explanation why management believes these non-GAAP financial measures provide relevant and useful information. These non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to non-GAAP measures that may be presented by other companies. We have provided our outlook regarding adjusted diluted earnings per share, which is a non-GAAP financial measure that excludes certain expenses. We have not reconciled this non-GAAP financial measure to the corresponding GAAP financial measure because guidance for the various reconciling items is not provided. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of the company’s control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

Certain Forward-Looking Statements:

Statements in this press release that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause the actual performance of Hub Group to differ materially from those expressed or implied by this discussion and, therefore, should be viewed with caution. Further information on the risks that may affect Hub Group’s business is included in filings it makes with the SEC from time to time, including those discussed under the “Risk Factors” section in Hub Group’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Hub Group assumes no obligation to update any such forward-looking statements.

Conference Call

Hub Group, Inc. will hold a conference call at 5:00 p.m. Eastern Time on October 30, 2024, to discuss our third quarter 2024 results. Hosting the conference call will be Phil Yeager, President, CEO and Vice Chairman and Kevin Beth, 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/BIcfa856aaac854dd78f769dbbf85a3b2e 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.

About Hub Group

Hub Group offers comprehensive transportation and logistics management solutions. Keeping our customers’ needs in focus, Hub Group designs, continually optimizes, and applies industry-leading technology to our customers’ supply chains for better service, greater efficiency, and total visibility. As an award-winning, publicly traded company (Nasdaq: HUBG) with over $4 billion in revenue, our nearly 6,000 employees and drivers across the globe are always in pursuit of “The Way Ahead” – a commitment to service, integrity and innovation. For more information, visit hubgroup.com.

SOURCE: Hub Group, Inc.
CONTACT: Lorna Williams, Investor Relations, lornawilliams@hubgroup.com

HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share amounts)
(unaudited)
           
  Three Months Ended September 30,
    2024       2023  
    % of     % of
  Amount Revenue   Amount Revenue
Operating revenue $ 986,892     100.0 %   $ 1,024,835     100.0 %
           
Operating expenses:          
Purchased transportation and warehousing   739,995     75.0 %     772,650     75.4 %
Salaries and benefits   142,948     14.5 %     138,503     13.5 %
Depreciation and amortization   32,386     3.3 %     36,065     3.5 %
Insurance and claims   10,217     1.0 %     11,681     1.1 %
General and administrative   29,674     3.0 %     24,146     2.4 %
Gain on sale of assets, net   (427 )   -0.1 %     (765 )   -0.1 %
Total operating expenses   954,793     96.7 %     982,280     95.8 %
           
Operating income   32,099     3.3 %     42,555     4.2 %
           
Other income (expense):          
Interest expense, net   (1,333 )   -0.1 %     (699 )   -0.1 %
Other, net   (23 )   -0.0 %     (188 )   -0.0 %
Total other expense, net   (1,356 )   -0.1 %     (887 )   -0.1 %
           
Income before provision for income taxes   30,743     3.2 %     41,668     4.1 %
           
Provision for income taxes   7,140     0.7 %     11,209     1.1 %
           
Net income $ 23,603       $ 30,459    
           
Earnings per share          
Basic $ 0.39       $ 0.49    
Diluted $ 0.39       $ 0.48    
           
Basic weighted average number of shares outstanding   60,374         62,278    
Diluted weighted average number of shares outstanding   60,949         62,986    
           
HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share amounts)
(unaudited)
           
  Nine Months Ended September 30,
    2024       2023  
    % of     % of
  Amount Revenue   Amount Revenue
Operating revenue $ 2,972,880     100.0 %   $ 3,217,562     100.0 %
           
Operating expenses:          
Purchased transportation and warehousing   2,207,403     74.3 %     2,403,190     74.7 %
Salaries and benefits   429,300     14.4 %     417,757     13.0 %
Depreciation and amortization   108,489     3.6 %     106,899     3.3 %
Insurance and claims   35,474     1.2 %     36,041     1.1 %
General and administrative   84,785     2.9 %     76,445     2.4 %
Gain on sale of assets, net   (1,337 )   -0.1 %     (5,599 )   -0.2 %
Total operating expenses   2,864,114     96.3 %     3,034,733     94.3 %
           
Operating income   108,766     3.7 %     182,829     5.7 %
           
Other income (expense):          
Interest expense, net   (5,720 )   -0.2 %     (3,321 )   -0.1 %
Other, net   (259 )   -0.0 %     (81 )   -0.0 %
Total other expense, net   (5,979 )   -0.2 %     (3,402 )   -0.1 %
           
Income before provision for income taxes   102,787     3.5 %     179,427     5.6 %
           
Provision for income taxes   23,116     0.8 %     40,684     1.3 %
           
Net income $ 79,671       $ 138,743    
           
Earnings per share          
Basic $ 1.31       $ 2.17    
Diluted $ 1.30       $ 2.15    
           
Basic weighted average number of shares outstanding   60,803         63,816    
Diluted weighted average number of shares outstanding   61,241         64,416    
           
HUB GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
  September 30,   December 31,
    2024       2023  
  (unaudited)    
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents $ 186,139     $ 187,270  
Accounts receivable trade, net   576,352       600,197  
Accounts receivable other   5,683       3,358  
Prepaid taxes   11,026       17,331  
Prepaid expenses and other current assets   26,196       41,089  
TOTAL CURRENT ASSETS   805,396       849,245  
       
Restricted investments   21,342       20,763  
Property and equipment, net   741,753       791,692  
Right-of-use assets – operating leases   228,137       210,742  
Right-of-use assets – financing leases   1,226       2,522  
Other intangibles, net   240,162       304,607  
Goodwill   772,542       733,695  
Other non-current assets   22,567       22,781  
TOTAL ASSETS $ 2,833,125     $ 2,936,047  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
CURRENT LIABILITIES:      
Accounts payable trade $ 305,838     $ 349,378  
Accounts payable other   28,636       14,471  
Accrued payroll   34,442       21,731  
Accrued other   105,638       121,253  
Lease liability – operating leases   42,853       44,690  
Lease liability – financing leases   656       1,579  
Current portion of long-term debt   99,850       105,108  
TOTAL CURRENT LIABILITIES   617,913       658,210  
       
Long-term debt   187,240       245,574  
Other non-current liabilities   54,939       55,287  
Lease liability – operating leases   193,851       177,699  
Lease liability – financing leases   498       865  
Deferred taxes   152,414       163,767  
       
STOCKHOLDERS’ EQUITY:      
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2024 and 2023.          
Common stock      
Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228 shares issued in 2024 and 75,524,189 shares issued in 2023; 60,818,637 shares outstanding in 2024 and 62,200,921 shares outstanding in 2023.   723       755  
Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and outstanding in both 2024 and 2023.   6       6  
Additional paid-in capital   216,585       209,830  
Retained earnings   2,005,539       1,949,110  
Accumulated other comprehensive loss   (232 )     (129 )
Treasury stock; at cost, 11,484,591 shares in 2024 and 13,323,268 shares in 2023   (596,351 )     (524,927 )
TOTAL STOCKHOLDERS’ EQUITY   1,626,270       1,634,645  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,833,125     $ 2,936,047  
       
HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
       
  Nine Months Ended September 30,
    2024       2023  
       
       
Cash flows from operating activities:      
Net income $ 79,671     $ 138,743  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangibles and right-of-use assets   145,474       136,775  
Impairment of right-of-use asset         2,012  
Deferred taxes   (11,652 )     18,832  
Non-cash share-based compensation expense   14,695       16,031  
Gain on sale of assets, net   (1,337 )     (5,599 )
Changes in operating assets and liabilities, net of acquisitions:      
Restricted investments   (579 )     (1,744 )
Accounts receivable, net   22,967       83,664  
Prepaid taxes   6,305       (2,108 )
Prepaid expenses and other current assets   11,210       6,161  
Other non-current assets   (2,083 )     (2,515 )
Accounts payable   (29,520 )     516  
Accrued expenses   (10,106 )     (46,243 )
Non-current liabilities   (31,230 )     (21,848 )
 Net cash provided by operating activities   193,815       322,677  
       
Cash flows from investing activities:      
Proceeds from sale of equipment   9,792       20,208  
Purchases of property and equipment   (43,220 )     (105,667 )
Acquisitions, net of cash acquired   3,701       108  
 Net cash used in investing activities   (29,727 )     (85,351 )
       
Cash flows from financing activities:      
Repayments of long term debt   (81,356 )     (80,965 )
Purchase of treasury stock   (68,273 )     (117,352 )
Dividends paid   (22,733 )      
Stock withheld for payments of withholding taxes   (9,064 )     (8,003 )
Finance lease payments   (1,532 )     (2,097 )
Proceeds from issuance of debt   17,764       85,107  
 Net cash used in financing activities   (165,194 )     (123,310 )
       
       
Effect of exchange rate changes on cash and cash equivalents   (25 )     28  
       
Net (decrease) increase in cash and cash equivalents   (1,131 )     114,044  
Cash and cash equivalents beginning of period   187,270       286,642  
Cash and cash equivalents end of period $ 186,139     $ 400,686  
       
HUB GROUP, INC.
FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)
(in thousands)
(unaudited)
           
  Three Months Ended September 30,
        NON-GAAP      
    NON-GAAP Adjusted    
Operating Revenue   2024   Adjustments (1)   2024       2023  
Intermodal and Transportation Services $ 559,968   $   $ 559,968     $ 595,308  
Logistics   460,847         460,847       460,309  
Inter-segment eliminations   (33,923 )       (33,923 )     (30,782 )
Total operating revenue $ 986,892   $   $ 986,892     $ 1,024,835  
           
  Three Months Ended September 30,
        NON-GAAP      
    NON-GAAP Adjusted    
Operating Income   2024   Adjustments (1)   2024       2023  
Intermodal and Transportation Services $ 13,516   $ 1,440   $ 14,956     $ 13,484  
Logistics   18,583     8,949     27,532       29,071  
Total operating income $ 32,099   $ 10,389   $ 42,488     $ 42,555  
           
  Three Months Ended September 30,
        NON-GAAP      
    NON-GAAP Adjusted    
Depreciation and Amortization   2024   Adjustments (1)   2024       2023  
Intermodal and Transportation Services $ 21,249   $   $ 21,249     $ 27,493  
Logistics   11,137         11,137       8,572  
Total depreciation and amortization $ 32,386   $   $ 32,386     $ 36,065  

(1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion.

HUB GROUP, INC.
FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)
(in thousands)
(unaudited)
           
  Nine Months Ended September 30,
Operating Revenue   2024   Non-GAAP
Adjustments (1)
Non-GAAP
Adjusted
2024
    2023  
Intermodal and Transportation Services $ 1,673,034             $ 1,919,189  
Logistics   1,400,159               1,382,999  
Inter-segment eliminations   (100,313 )             (84,626 )
Total operating revenue $ 2,972,880             $ 3,217,562  
           
  Nine Months Ended September 30,
      Non-GAAP    
    Non-GAAP Adjusted    
Operating Income   2024   Adjustments (1)   2024       2023  
Intermodal and Transportation Services $ 40,186   $ 1,440   $ 41,626     $ 94,639  
Logistics   68,580     8,949     77,529       88,190  
Total operating income $ 108,766   $ 10,389   $ 119,155     $ 182,829  
           
  Nine Months Ended September 30,
Depreciation and Amortization   2024   Non-GAAP
Adjustments (1)
Non-GAAP
Adjusted
2024
    2023  
Intermodal and Transportation Services $ 75,568             $ 81,751  
Logistics   32,921               25,148  
Total depreciation and amortization $ 108,489             $ 106,899  

(1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion.

HUB GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(unaudited)
 

The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share):

  Three Months Ended   Nine Months Ended
  September 30, 2024   September 30, 2024
  Pre-Tax   After-Tax   Per Share   Pre-Tax   After-Tax   Per Share
GAAP Earnings $ 30.7     $ 23.6     $ 0.39     $ 102.8     $ 79.7     $ 1.31  
Network Alignment (i)   8.4       6.4     $ 0.11       8.4       6.4     $ 0.11  
Transaction Related (ii)   0.9       0.7     $ 0.01       0.9       0.7     $ 0.01  
Other (iii)   1.1       0.8     $ 0.01       1.1       0.8     $ 0.01  
Non-GAAP Adjusted Earnings $ 41.1     $ 31.6     $ 0.52     $ 113.2     $ 87.7     $ 1.44  
                       

By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group’s performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability.

(i) Network Alignment consolidation expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business.

(ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024.

(iii) Other includes non-ordinary expenses related to employee matters.

HUB GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(unaudited)
 

The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items.

  Three Months Ended   Nine Months Ended
  September 30, 2024   September 30, 2024
  ITS   Logistics   Consolidated   ITS   Logistics   Consolidated
GAAP Operating Income $ 13.5     $ 18.6     $ 32.1     $ 40.2     $ 68.6     $ 108.8  
Network Alignment (i) $ 0.3     $ 8.1     $ 8.4     $ 0.3     $ 8.1     $ 8.4  
Transaction Related (ii) $ 0.5     $ 0.4     $ 0.9     $ 0.5     $ 0.4     $ 0.9  
Other (iii) $ 0.7     $ 0.4     $ 1.1     $ 0.7     $ 0.4     $ 1.1  
Non-GAAP Adjusted Operating Income $ 15.0     $ 27.5     $ 42.5     $ 41.7     $ 77.5     $ 119.2  
                       

By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group’s performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability.

(i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business.

(ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024.

(iii) Other includes non-ordinary expenses related to employee matters.

RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE
(in thousands)
(unaudited)
                   
    2023       2024       2024       2024      
  Q4   Q1   Q2   Q3   LTM (3)
Net Income $ 28,785     $ 27,053     $ 29,015     $ 23,603     $ 108,456  
Interest Expense, net   103       2,506       1,881       1,333       5,823  
Depreciation and Amortization (2)   47,674       49,605       49,495       46,374       193,148  
Provision for Income Taxes   992       7,410       8,566       7,140       24,108  
EBITDA $ 77,554     $ 86,574     $ 88,957     $ 78,450     $ 331,535  
                   
Network Alignment (i) $     $     $     $ 8,381     $ 8,381  
Transaction Related (ii)   5,092                   947       6,039  
Other (iii)                     1,061       1,061  
Adjusted EBITDA $ 82,646     $ 86,574     $ 88,957     $ 88,839     $ 347,016  
                   
EBITDA LTM (3) $ 397,079     $ 359,599     $ 340,753     $ 331,535      
Net Debt (4) $ 165,856     $ 141,524     $ 94,289     $ 102,105      
Net Debt / EBITDA LTM   0.4       0.4       0.3       0.3      
                   
Adjusted EBITDA LTM (3) $ 402,171     $ 364,691     $ 345,845     $ 347,016      
Net Debt / Adjusted EBITDA LTM   0.4       0.4       0.3       0.3      

(1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability and leverage for the periods presented.

(2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets.

(3) Last twelve months

(4) Total debt (including finance leases) less cash and cash equivalents

(i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business.

(ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023.

(iii) Other includes non-ordinary expenses related to employee matters.

Subscribe for More Hub Group News