10-Q

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 SEPTEMBER 30, 2024


☐	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 26,595,075 shares of Common Stock outstanding at October 23, 2024.

SAIA, INC. AND SUBSIDIARIES

INDEX


		PAGE

PART I. FINANCIAL INFORMATION

ITEM 1:	Financial Statements	3

	Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	3

	Condensed Consolidated Statements of Operations for the quarters and nine months ended September 30, 2024 and 2023	4

	Condensed Consolidated Statements of Stockholders’ Equity for the quarters and nine months ended September 30, 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	7

	Notes to Condensed Consolidated Financial Statements	8

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	19

PART II. OTHER INFORMATION

ITEM 1:	Legal Proceedings	20

ITEM 1A:	Risk Factors	20

ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	20

ITEM 5:	Other Information	20

ITEM 6:	Exhibits	21

Signature		22

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Saia, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)


	September 30, 2024			December 31, 2023
Assets	(in thousands, except share and per share data)
Current Assets:
Cash and cash equivalents	$	14,405		$	296,215
Accounts receivable, net		372,396			311,742
Prepaid expenses		35,746			32,648
Income tax receivable		8,329			1,005
Other current assets		6,471			7,084
Total current assets		437,347			648,694
Property and Equipment, at cost		3,704,281			2,881,800
Less: accumulated depreciation and amortization		1,222,373			1,118,492
Net property and equipment		2,481,908			1,763,308
Operating Lease Right-of-Use Assets		121,336			118,734
Goodwill and Identifiable Intangibles, net		16,656			17,296
Other Noncurrent Assets		24,877			35,533
Total assets	$	3,082,124		$	2,583,565
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	161,241		$	141,877
Wages, vacation and employees’ benefits		70,613			75,514
Claims and insurance accruals		40,799			41,641
Other current liabilities		41,580			27,094
Current portion of long-term debt		6,761			10,173
Current portion of operating lease liability		25,679			25,757
Total current liabilities		346,673			322,056
Other Liabilities:
Long-term debt, less current portion		184,202			6,315
Operating lease liability, less current portion		92,325			96,462
Deferred income taxes		161,867			155,841
Claims, insurance and other		65,572			61,397
Total other liabilities		503,966			320,015
Commitments and Contingencies (Note 3)
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,595,075 and 26,549,372 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		27			27
Additional paid-in-capital		291,319			285,092
Deferred compensation trust, 70,560 and 69,672 shares of common stock at cost at September 30, 2024 and December 31, 2023, respectively		(7,877	)		(5,679	)
Retained earnings		1,948,016			1,662,054
Total stockholders’ equity		2,231,485			1,941,494
Total liabilities and stockholders’ equity	$	3,082,124		$	2,583,565

See accompanying notes to condensed consolidated financial statements.

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the quarters and nine months ended September 30, 2024 and 2023

(unaudited)


	Third Quarter						Nine Months
	2024			2023			2024			2023
	(in thousands, except per share data)
Operating Revenue	$	842,103		$	775,144		$	2,420,122		$	2,130,301
Operating Expenses:
Salaries, wages and employees' benefits		398,134			344,605			1,112,087			955,449
Purchased transportation		65,584			76,746			179,138			173,244
Fuel, operating expenses and supplies		158,733			144,282			475,935			419,397
Operating taxes and licenses		19,942			17,018			59,401			51,540
Claims and insurance		19,274			18,024			55,565			49,039
Depreciation and amortization		54,656			45,618			156,041			133,156
Other operating, net		609			416			1,279			643
Total operating expenses		716,932			646,709			2,039,446			1,782,468
Operating Income		125,171			128,435			380,676			347,833
Nonoperating (Income) Expenses:
Interest expense		2,997			454			5,951			1,600
Interest income		(45	)		(2,423	)		(910	)		(3,050	)
Other, net		(460	)		157			(1,574	)		(1,336	)
Nonoperating (income) expenses, net		2,492			(1,812	)		3,467			(2,786	)
Income Before Income Taxes		122,679			130,247			377,209			350,619
Income Tax Provision

SEC Form 10-Q filed by Saia Inc.