saia-10q_20220331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 0-49983

Saia, Inc.

(Exact name of registrant as specified in its charter)

Delaware		48-1229851
(State of incorporation)		(I.R.S. Employer Identification No.)
11465 Johns Creek Parkway, Suite 400
Johns Creek, GA		30097
(Address of principal executive offices)		(Zip Code)

(770) 232-5067

(Registrant’s telephone number, including area code)

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

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 26,408,402 shares of Common Stock outstanding at April 29, 2022.

SAIA, INC. AND SUBSIDIARIES

INDEX

		PAGE

PART I. FINANCIAL INFORMATION

ITEM 1:	Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	3

	Condensed Consolidated Statements of Operations for the quarters ended March 31, 2022 and 2021	4

	Condensed Consolidated Statements of Stockholders’ Equity for the quarters ended March 31, 2022 and 2021	5

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	6

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2:	Management's Discussion and Analysis of Financial Condition and Results of Operations	12

ITEM 3:	Quantitative and Qualitative Disclosures About Market Risk	19

ITEM 4:	Controls and Procedures	20

PART II. OTHER INFORMATION

ITEM 1:	Legal Proceedings	21

ITEM 1A:	Risk Factors	21

ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	21

ITEM 3:	Defaults Upon Senior Securities	21

ITEM 4:	Mine Safety Disclosures	21

ITEM 5:	Other Information	21

ITEM 6:	Exhibits	22

Signature		23

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Saia, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

	March 31, 2022			December 31, 2021
Assets	(in thousands, except share and per share data)
Current Assets:
Cash and cash equivalents	$	141,325		$	106,588
Accounts receivable, net		322,343			276,755
Prepaid expenses and other		46,998			32,912
Total current assets		510,666			416,255
Property and Equipment, at cost		2,162,492			2,144,528
Less: accumulated depreciation		890,927			864,074
Net property and equipment		1,271,565			1,280,454
Operating Lease Right-of-Use Assets		103,892			107,781
Goodwill and Identifiable Intangibles, net		18,866			19,157
Other Noncurrent Assets		27,360			21,603
Total assets	$	1,932,349		$	1,845,250
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	130,163		$	114,010
Wages, vacation and employees’ benefits		62,125			73,109
Claims and insurance accruals		44,853			54,717
Other current liabilities		61,618			38,551
Current portion of long-term debt		18,373			19,396
Current portion of operating lease liability		21,989			21,565
Total current liabilities		339,121			321,348
Other Liabilities:
Long-term debt, less current portion		26,506			31,008
Operating lease liability, less current portion		84,062			88,409
Deferred income taxes		122,106			124,137
Claims, insurance and other		69,064			60,015
Total other liabilities		301,738			303,569
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.001 par value, 50,000,000 shares authorized, 26,408,402 and 26,336,589 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		26			26
Additional paid-in-capital		267,745			274,633
Deferred compensation trust, 80,174 and 94,627 shares of common stock at cost at March 31, 2022 and December 31, 2021, respectively		(5,480	)		(4,101	)
Retained earnings		1,029,199			949,775
Total stockholders’ equity		1,291,490			1,220,333
Total liabilities and stockholders’ equity	$	1,932,349		$	1,845,250

See accompanying notes to condensed consolidated financial statements.

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the quarters ended March 31, 2022 and 2021

(unaudited)

	First Quarter
	2022		2021
	(in thousands, except per share data)
Operating Revenue	$	661,216	$	484,074
Operating Expenses:
Salaries, wages and employees' benefits		289,463		244,437
Purchased transportation		78,248		45,031
Fuel, operating expenses and supplies		122,771		84,901
Operating taxes and licenses		16,573		14,338
Claims and insurance		10,736		11,480
Depreciation and amortization		39,952		35,372
Loss (gain) from property disposals, net		24		(199	)
Total operating expenses		557,767		435,360
Operating Income		103,449		48,714
Nonoperating Expenses (Income):
Interest expense		692		852
Other, net		235		(131	)
Nonoperating expenses, net		927		721
Income Before Income Taxes		102,522		47,993
Income Tax Provision		23,098		10,702
Net Income	$	79,424	$	37,291

Weighted average common shares outstanding – basic		26,391		26,285
Weighted average common shares outstanding – diluted		26,670		26,671

Basic Earnings Per Share	$	3.01	$	1.42
Diluted Earnings Per Share	$	2.98	$	1.40

See accompanying notes to condensed consolidated financial statements.

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the quarters ended March 31, 2022 and 2021

(unaudited)

	Common Shares		Common Stock		Additional Paid-in Capital			Deferred Compensation Trust			Retained Earnings		Total
	(in thousands, except share data)
Balance at December 31, 2021		26,336,589	$	26	$	274,633		$	(4,101	)	$	949,775	$	1,220,333
Stock compensation, including options and long-term incentives		—		—		2,056			—			—		2,056
Exercise of stock options less shares withheld for taxes		10,992		—		907			—			—		907
Shares issued for long-term incentive awards, net of shares withheld for taxes		60,821		—		(11,230	)		—			—		(11,230	)
Purchase of shares by Deferred Compensation Trust		—		—		2,445			(2,445	)		—		—
Sale of shares by Deferred Compensation Trust		—		—		(1,066	)		1,066			—		—
Net income		—		—		—			—			79,424		79,424
Balance at March 31, 2022		26,408,402	$	26	$	267,745		$	(5,480	)	$	1,029,199	$	1,291,490

SEC Form 10-Q filed by Saia Inc.