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HUBG Hub

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Trading SymbolHUBG
Entity Registrant NameHUB GROUP, INC.
Entity Central Index Key0000940942
Current Fiscal Year End Date--12-31
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Shell Companyfalse
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Title of 12(b) SecurityClass A Common Stock, par value $0.01 per share
Security Exchange NameNASDAQ
Entity File Number0-27754
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number36-4007085
Entity Address, Address Line One2000 Clearwater Drive
Entity Address, City or TownOak Brook
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60523
City Area Code630
Local Phone Number271-3600
Document Quarterly Reporttrue
Document Transition Reportfalse
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding33,764,632
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding662,296

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents $ 226,264 $ 124,506
Accounts receivable trade, net507,377 518,975
Other receivables3,364 1,265
Prepaid taxes985 1,336
Prepaid expenses and other current assets17,898 26,753
TOTAL CURRENT ASSETS755,888 672,835
Restricted investments21,735 23,353
Property and equipment, net641,858 671,101
Right-of-use assets - operating leases42,859 43,573
Right-of-use assets - financing leases2,973 3,557
Other intangibles, net150,857 163,953
Goodwill, net520,592 508,555
Other assets18,005 18,469
TOTAL ASSETS2,154,767 2,105,396
CURRENT LIABILITIES:
Accounts payable trade317,798 285,320
Accounts payable other17,019 12,680
Accrued payroll33,395 23,044
Accrued other111,942 102,613
Lease liability - operating leases10,233 10,093
Lease liability - financing leases1,023 1,793
Current portion of long-term debt89,531 93,562
TOTAL CURRENT LIABILITIES580,941 529,105
Long-term debt154,341 176,797
Non-current liabilities41,085 42,910
Lease liability - operating leases35,037 36,328
Lease liability - financing leases6 8
Deferred taxes166,856 162,325
STOCKHOLDERS' EQUITY:
Preferred stock: $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2021 and 2020
Additional paid-in capital182,005 186,058
Purchase price in excess of predecessor basis, net of tax benefit of $10,30615,458 15,458
Retained earnings1,270,390 1,253,160
Accumulated other comprehensive loss(201)(191)
Treasury stock; at cost, 7,469,756 shares in 2021 and 7,675,084 shares in 2020(260,654)(266,065)
TOTAL STOCKHOLDERS' EQUITY1,176,501 1,157,923
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY2,154,767 2,105,396
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock412 412
Class B Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock $ 7 $ 7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized2,000,000 2,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Purchase price in excess of predecessor basis, tax benefit $ 10,306
Treasury stock, shares7,469,756 7,675,084
Class A Common Stock [Member]
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized97,337,700 97,337,700
Common stock, shares issued41,224,792 41,224,792
Common stock, shares outstanding33,755,036 33,549,708
Class B Common Stock [Member]
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized662,300 662,300
Common stock, shares issued662,296 662,296
Common stock, shares outstanding662,296 662,296

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenue $ 919,553 $ 838,859
Transportation costs810,806 734,265
Gross margin108,747 104,594
Costs and expenses:
Salaries and benefits56,951 50,876
General and administrative19,243 26,336
Depreciation and amortization8,502 7,623
Total costs and expenses84,696 84,835
Operating income24,051 19,759
Other income (expense):
Interest expense(1,905)(2,455)
Interest and dividend income1 403
Other expense, net(93)(222)
Total other expense(1,997)(2,274)
Income before provision for income taxes22,054 17,485
Provision for income taxes4,824 4,249
Net income17,230 13,236
Other comprehensive (loss) income:
Foreign currency translation adjustments(10)(134)
Total comprehensive income $ 17,220 $ 13,102
Basic earnings per common share $ 0.52 $ 0.40
Diluted earnings per common share $ 0.51 $ 0.40
Basic weighted average number of shares outstanding33,419 33,159
Diluted weighted average number of shares outstanding33,775 33,488

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in ThousandsTotalClass A and B Common Stock [Member]Additional Paid-in Capital [Member]Purchase Price Of Excess Of Predecessor Basis, Net Of Tax [Member]Retained Earnings [Member]Accumulated Other Comprehensive Income [Member]Treasury Stock [Member]
Beginning Balance at Dec. 31, 2019 $ 1,075,279 $ 419 $ 179,637 $ (15,458) $ 1,179,601 $ (186) $ (268,734)
Beginning Balance (in shares) at Dec. 31, 201941,887,088 (7,870,888)
Stock withheld for payments of withholding taxes(3,769) $ (3,769)
Stock withheld for payments of withholding taxes (in shares)(71,717)
Issuance of restricted stock awards, net of forfeitures(8,364) $ 8,364
Issuance of restricted stock awards, net of forfeitures (in shares)262,100
Share-based compensation expense4,097 4,097
Net income13,236 13,236
Foreign currency translation adjustment(134)(134)
Ending Balance at Mar. 31, 20201,088,709 $ 419 175,370 (15,458)1,192,837 (320) $ (264,139)
Ending Balance (in shares) at Mar. 31, 202041,887,088 (7,680,505)
Beginning Balance at Dec. 31, 20201,157,923 $ 419 186,058 (15,458)1,253,160 (191) $ (266,065)
Beginning Balance (in shares) at Dec. 31, 202041,887,088 (7,675,084)
Stock withheld for payments of withholding taxes(3,759) $ (3,759)
Stock withheld for payments of withholding taxes (in shares)(65,979)
Issuance of restricted stock awards, net of forfeitures(9,170) $ 9,170
Issuance of restricted stock awards, net of forfeitures (in shares)271,307
Share-based compensation expense5,117 5,117
Net income17,230 17,230
Foreign currency translation adjustment(10)(10)
Ending Balance at Mar. 31, 2021 $ 1,176,501 $ 419 $ 182,005 $ (15,458) $ 1,270,390 $ (201) $ (260,654)
Ending Balance (in shares) at Mar. 31, 202141,887,088 (7,469,756)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income $ 17,230 $ 13,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization32,111 30,576
Deferred taxes4,325 696
Compensation expense related to share-based compensation plans5,117 4,097
(Gain) loss on sale of assets(1,924)121
Other operating activities 240
Changes in operating assets and liabilities, net of acquisitions:
Restricted investments1,618 4,409
Accounts receivable, net8,389 (9,480)
Prepaid taxes350 (50)
Prepaid expenses and other current assets8,825 9,054
Other assets(189)(477)
Accounts payable36,820 19,657
Accrued expenses18,695 (28,551)
Non-current liabilities(3,994)(2,875)
Net cash provided by operating activities127,373 40,653
Cash flows from investing activities:
Proceeds from sale of equipment14,933 497
Purchases of property and equipment(9,522)(25,467)
Net cash provided by (used in) investing activities5,411 (24,970)
Cash flows from financing activities:
Repayments of long-term debt(33,381)(24,373)
Stock withheld for payments of withholding taxes(3,759)(3,769)
Finance lease payments(772)(747)
Proceeds from issuance of debt6,894 121,444
Net cash (used in) provided by financing activities(31,018)92,555
Effect of exchange rate changes on cash and cash equivalents(8)(87)
Net increase in cash and cash equivalents101,758 108,151
Cash and cash equivalents beginning of the period124,506 168,729
Cash and cash equivalents end of the period226,264 276,880
Supplemental disclosures of cash paid for:
Interest2,005 2,563
Income taxes $ 317 $ 355

Interim Financial Statements

Interim Financial Statements3 Months Ended
Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Interim Financial StatementsNOTE 1. Interim Financial Statements Our accompanying unaudited consolidated financial statements of Hub Group, Inc. (the “Company,” “Hub,” “we”, “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading. The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of March 31, 2021 and results of operations for the three months ended March 31, 2021 and 2020. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 . Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality. Certain prior year immaterial amounts have been reclassified in Note 4, Revenue from Contracts with Customers, to conform with the current year presentation.

Acquisitions

Acquisitions3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
AcquisitionsNOTE 2. Acquisition On December 9, 2020 , we acquired 100 % of the equity interest of NonstopDelivery, LLC ("NSD"). Total consideration for the transaction was $ 104.6 million which consisted of cash paid of $ 89.7 million, the settlement of Hub’s accounts receivable due from NSD of $ 14.8 million and the true-up of certain post-closing activities of $ 0.1 million. The acquisition of NSD expanded our logistics service offering to include residential last mile logistics. NSD operates through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition date are included in our logistics line of business. The initial accounting for the acquisition of NSD is incomplete as we, with the support of our valuation specialist, are in the process of finalizing the fair market value calculations of the acquired net assets. In addition, the Company is in the process of reviewing the applicable future cash flows used in determining the purchase accounting. Finally, certain post-closing activities outlined in the acquisition agreement remain incomplete. As a result, the amounts recorded in the consolidated financial statements related to the NSD acquisition are preliminary and the measurement period remains open. The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):
December 9, 2020
Cash and cash equivalents $ 4,829
Accounts receivable trade 26,250
Prepaid expenses and other current assets 207
Property and equipment 1,018
Right of use assets - operating leases 1,295
Goodwill, net 36,388
Other intangibles 47,700
Other assets 42
Total assets acquired $ 117,729
Accounts payable trade $ 9,972
Accrued payroll 1,324
Accrued other 578
Lease liability - operating leases short-term 373
Lease liability - operating leases long-term 922
Total liabilities assumed $ 13,169
Total consideration $ 104,560
Cash paid, net $ 84,845 The NSD acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of December 9, 2020 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the NSD acquisition was primarily attributable to potential expansion and future development of the acquired business. The following table presents the carrying amount of goodwill (in thousands):
Total
Balance at January 1, 2021 $ 508,555
Acquisition 12,073
Other ( 36 )
Balance at March 31, 2021 $ 520,592 The changes noted as "acquisition" in the above table refer to purchase accounting adjustments related to the NSD acquisition. The changes noted as "other" in the above table refer to the amortization of the income tax benefit of tax goodwill in excess of financial statement goodwill. Tax history and attributes are not inherited in an equity purchase of this kind; however, the goodwill and other intangibles recognized in this purchase will be fully tax deductible over a period of 15 years . The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands):
Accumulated Balance at Estimated Useful
Amount Amortization March 31, 2021 Life
Customer relationships $ 46,200 $ 1,027 $ 45,173 15 years
Agent relationships $ 600 $ 50 $ 550 4 years
Trade name $ 900 $ 200 $ 700 18 months The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition for the three months ended March 31, 2021 was $ 0.8 million. The intangible assets have a weighted average useful life of approximately 14.33 years. Amortization expense related to NSD for the next five years is as follows (in thousands):
Total
Remainder of 2021 $ 2,873
2022 3,480
2023 3,230
2024 3,218
2025 3,080
The following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts):
Three Months Ended
March 31, 2020
Revenue $ 854,960
Net income $ 13,789
Earnings per share
Basic $ 0.42
Diluted $ 0.41 The unaudited pro forma consolidated results for the periods shown were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and NSD. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma consolidated results are not necessarily indicative of what our consolidated results of operations actually would have been had we completed the acquisition on January 1, 2020.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNOTE 3. Earnings Per Share The following is a reconciliation of our earnings per share (in thousands, except for per share data):
Three Months Ended, March 31,
2021 2020
Net income for basic and diluted earnings per share $ 17,230 $ 13,236
Weighted average shares outstanding - basic 33,419 33,159
Dilutive effect of restricted stock 356 329
Weighted average shares outstanding - diluted 33,775 33,488
Earnings per share - basic $ 0.52 $ 0.40
Earnings per share - diluted $ 0.51 $ 0.40

Revenue from Contract with Cust

Revenue from Contract with Customers3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with CustomersNOTE 4. Revenue from Contracts with Customers Hub offers comprehensive multimodal solutions including intermodal, logistics, truck brokerage, and dedicated services. Hub has full time employees located throughout the United States, Canada and Mexico. Intermodal. As an intermodal provider, we arrange for the movement of our customers’ freight in containers, typically over long distances of 750 miles or more. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Local pickup and delivery services between origin or destination and rail terminals (referred to as “drayage”) are provided by our subsidiary Hub Group Trucking, Inc. (“HGT”) and third-party local trucking companies. Logistics. Hub’s logistics operation offers a wide range of transportation management services and technology solutions including shipment optimization, load consolidation, mode selection, carrier management, load planning and execution and web-based shipment visibility. Our multi-modal transportation capabilities include small parcel, heavyweight, expedited, less-than-truckload, truckload, intermodal, last mile delivery, railcar and international shipping. We leverage proprietary technology along with collaborative relationships with retailers and logistics providers to deliver cost savings and performance-enhancing supply chain services to consumer-packaged goods clients. We contract with third-party warehouse providers in seven markets across North America to which our customers ship their goods to be stored and eventually consolidated, along with goods from other customers into full truckload shipments destined to major North American retailers. These services offer our customers shipment visibility, transportation cost savings, high service levels and compliance with retailers’ increasingly stringent supply chain requirements. On December 9, 2020, we acquired NSD. NSD provides basic, residential last mile delivery services through a non-asset business model, working with a network of over 170 carriers throughout the country. The financial results of NSD since the acquisition are included in our logistics line of business. Truck Brokerage. We operate one of the largest truck brokerage operations, providing customers with an over the road service option for their transportation needs. Our brokerage service does not operate any trucks; instead we match customers’ needs with carriers’ capacity to provide the most effective service and price combination. We have contracts with a substantial base of carriers allowing us to meet the varied needs of our customers. Dedicated. Our dedicated operation contracts with customers who seek to outsource a portion of their trucking transportation needs. We offer a dedicated fleet of equipment and drivers to each customer, as well as the management and infrastructure to operate according to the customer’s high service expectations. Contracts with customers generally include fixed and variable pricing arrangements and may include charges for early termination which serves to reduce the financial risk we bear with respect to the utilization of our equipment. The following table summarizes our disaggregated revenue by business line (in thousands):
Three Months Ended March 31,
2021 2020
Intermodal $ 506,004 $ 478,034
Logistics 217,035 200,202
Truck brokerage 127,262 98,017
Dedicated 69,252 62,606
Total revenue $ 919,553 $ 838,859

Fair Value Measurement

Fair Value Measurement3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementNOTE 5. Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable, accounts payable and borrowings under our revolving line of credit approximated fair value as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the fair value of the Company’s fixed-rate borrowings was $ 4.1 million and $ 6.1 million more than the historical carrying value of $ 243.9 million and $ 270.4 million, respectively. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to the Company for borrowings on similar terms and maturities. We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of March 31, 2021 and December 31, 2020, our cash and temporary investments were with high quality financial institutions in demand deposit accounts (DDAs), savings accounts and an interest bearing checking account. Restricted investments included $ 21.7 million and $ 23.4 million as of March 31, 2021 and December 31, 2020, respectively, of mutual funds which are reported at fair value. These investments relate to our nonqualified deferred compensation plan. Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification.

Long-Term Debt and Financing Ar

Long-Term Debt and Financing Arrangements3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt and Financing ArrangementsNOTE 6. Long-Term Debt and Financing Arrangements On July 1, 2017, we entered into a $ 350 million unsecured credit agreement (the “Credit Agreement”) that matures on July 1, 2022 . At March 31, 2021, we had standby letters of credit that expire at various dates in 2021. As of March 31, 2021 , our letters of credit were $ 37.4 million. Our unused and available borrowings were $ 312.6 million as of March 31, 2021 and $ 312.3 million as of December 31, 2020. We were in compliance with our debt covenants as of March 31, 2021 and December 31, 2020. We have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers and containers. The Notes are secured by the underlying equipment financed with the proceeds from the Notes.
March 31, December 31,
2021 2020
(in thousands)
Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate $ 2,265 $ 8,902
Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021 ; interest is paid monthly at a fixed annual rate of 1.72 % 13,529 -
Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020 ; interest is paid monthly at a fixed annual rate between 1.51 % and 1.80 % 70,749 74,494
Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017 , 2019 and 2020 ; interest is paid monthly at a fixed annual rate between 2.50 % and 3.59 % 46,042 49,920
Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019 ; interest is paid monthly at a fixed annual rate of between 2.20 % and 4.20 % 93,331 112,668
Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017 ; interest is paid monthly at a fixed annual rate between 2.20 % and 2.90 % 7,840 8,943
Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017 ; interest is paid monthly at a fixed annual rate between 2.02 % and 2.96 % 10,116 15,432
243,872 270,359
Less current portion ( 89,531 ) ( 93,562 )
Total long-term debt $ 154,341 $ 176,797

Legal Matters

Legal Matters3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Legal MattersNOTE 7. Legal Matters Robles On January 25, 2013 , a complaint was filed in the U.S. District Court for the Eastern District of California (Sacramento Division) by Salvador Robles against our subsidiary HGT. The action was brought on behalf of a class comprised of present and former California-based truck drivers for HGT who, from January 2009 to September 2014 were classified as independent contractors. It alleged that HGT misclassified these drivers as independent contractors and that such drivers were employees. It asserted various violations of the California Labor Code and claimed that HGT engaged in unfair competition practices. The complaint sought, among other things, declaratory and injunctive relief, monetary damages and attorney’s fees. In May 2013, the complaint was amended to add similar claims based on Mr. Robles’ status as an employed company driver. These additional claims were only on behalf of Mr. Robles and not a putative class. Although the Company believes that the California drivers were properly classified as independent contractors at all times because litigation is expensive, time-consuming and could interrupt our business operations, HGT made settlement offers to individual drivers with respect to the claims alleged in this lawsuit, without admitting liability. In late 2014, HGT converted its model from independent contractors to employee drivers in California. In early 2016, HGT closed its operations in Southern California. Adame On August 5, 2015, a suit was filed in state court in San Bernardino County, California on behalf of 63 named plaintiffs against HGT and five Company employees. The lawsuit alleges claims similar to those being made in the Robles case and seeks monetary penalties under the Private Attorneys General Act. In September 2019, the Plaintiffs’ counsel and Hub agreed in principle to settle all claims under both the Robles and Adame matters for $ 4.8 million, which was recorded in the third quarter of 2019 and is included in Accrued other on the accompanying Consolidated Balance Sheet. The settlements are subject to final court approval. We are involved in certain other claims and pending litigation arising from the normal conduct of business, including putative class-action lawsuits in which the plaintiffs are current and former California-based drivers who allege claims for unpaid wages, failure to provide meal and rest periods, failure to reimburse incurred business expenses and other items. Based on management's present knowledge, management does not believe that loss contingencies arising from these pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period.

New Pronouncements

New Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New PronouncementsNOTE 8. New Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU clarifies and simplifies accounting for income taxes by eliminating certain exceptions for intraperiod tax allocation principles, the methodology for calculating income tax rates in an interim period, and recognition of deferred taxes for outside basis differences in an investment, among other updates. We adopted this standard on January 1, 2021, as required, but it did not have a material impact on our consolidated financial statements.

Acquisition (Tables)

Acquisition (Tables)3 Months Ended
Mar. 31, 2021
Business Acquisition [Line Items]
Schedule of Components of Other Intangibles AcquiredThe components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands):
Accumulated Balance at Estimated Useful
Amount Amortization March 31, 2021 Life
Customer relationships $ 46,200 $ 1,027 $ 45,173 15 years
Agent relationships $ 600 $ 50 $ 550 4 years
Trade name $ 900 $ 200 $ 700 18 months
Nonstop Delivery, LLC [Member]
Business Acquisition [Line Items]
Schedule of Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities AssumedThe following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):
December 9, 2020
Cash and cash equivalents $ 4,829
Accounts receivable trade 26,250
Prepaid expenses and other current assets 207
Property and equipment 1,018
Right of use assets - operating leases 1,295
Goodwill, net 36,388
Other intangibles 47,700
Other assets 42
Total assets acquired $ 117,729
Accounts payable trade $ 9,972
Accrued payroll 1,324
Accrued other 578
Lease liability - operating leases short-term 373
Lease liability - operating leases long-term 922
Total liabilities assumed $ 13,169
Total consideration $ 104,560
Cash paid, net $ 84,845
Schedule of Carrying Amount of GoodwillThe following table presents the carrying amount of goodwill (in thousands):
Total
Balance at January 1, 2021 $ 508,555
Acquisition 12,073
Other ( 36 )
Balance at March 31, 2021 $ 520,592
Schedule of Amortization ExpenseAmortization expense related to NSD for the next five years is as follows (in thousands):
Total
Remainder of 2021 $ 2,873
2022 3,480
2023 3,230
2024 3,218
2025 3,080
Schedule of Unaudited Pro forma Consolidated Results of OperationsThe following unaudited pro forma consolidated results of operations present the effects of NSD as though it had been acquired as of January 1, 2020 (in thousands, except for per share amounts):
Three Months Ended
March 31, 2020
Revenue $ 854,960
Net income $ 13,789
Earnings per share
Basic $ 0.42
Diluted $ 0.41

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Earnings Per ShareThe following is a reconciliation of our earnings per share (in thousands, except for per share data):
Three Months Ended, March 31,
2021 2020
Net income for basic and diluted earnings per share $ 17,230 $ 13,236
Weighted average shares outstanding - basic 33,419 33,159
Dilutive effect of restricted stock 356 329
Weighted average shares outstanding - diluted 33,775 33,488
Earnings per share - basic $ 0.52 $ 0.40
Earnings per share - diluted $ 0.51 $ 0.40

Revenue from Contract with Cu_2

Revenue from Contract with Customers (Tables)3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Disaggregated Revenue by Business LineThe following table summarizes our disaggregated revenue by business line (in thousands):
Three Months Ended March 31,
2021 2020
Intermodal $ 506,004 $ 478,034
Logistics 217,035 200,202
Truck brokerage 127,262 98,017
Dedicated 69,252 62,606
Total revenue $ 919,553 $ 838,859

Long-Term Debt and Financing _2

Long-Term Debt and Financing Arrangements (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding DebtMarch 31, December 31,
2021 2020
(in thousands)
Interim funding for equipment received and expected to be converted to an equipment note in subsequent period; interest paid at a variable rate $ 2,265 $ 8,902
Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021 ; interest is paid monthly at a fixed annual rate of 1.72 % 13,529 -
Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020 ; interest is paid monthly at a fixed annual rate between 1.51 % and 1.80 % 70,749 74,494
Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017 , 2019 and 2020 ; interest is paid monthly at a fixed annual rate between 2.50 % and 3.59 % 46,042 49,920
Secured Equipment Notes due on various dates in 2023 commencing on various dates in 2016 through 2019 ; interest is paid monthly at a fixed annual rate of between 2.20 % and 4.20 % 93,331 112,668
Secured Equipment Notes due on various dates in 2022 commencing on various dates in 2015 through 2017 ; interest is paid monthly at a fixed annual rate between 2.20 % and 2.90 % 7,840 8,943
Secured Equipment Notes due on various dates in 2021 commencing on various dates in 2014 through 2017 ; interest is paid monthly at a fixed annual rate between 2.02 % and 2.96 % 10,116 15,432
243,872 270,359
Less current portion ( 89,531 ) ( 93,562 )
Total long-term debt $ 154,341 $ 176,797

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in MillionsDec. 09, 2020USD ($)CarrierMar. 31, 2021USD ($)
Business Acquisition [Line Items]
Business acquisition, cash paid $ 89.7
Post-Closing Activities $ 0.1
Nonstop Delivery, LLC [Member]
Business Acquisition [Line Items]
Business acquisition dateDec. 9,
2020
Percentage of equity interests acquired100.00%
Consideration for transaction $ 104.6
Settlement of accounts receivable due from subsidiary $ 14.8
Number of network carriers | Carrier170
Goodwill and other intangible assets tax deductible, period15 years
Amortization of Intangible Assets $ 0.8
Intangible assets, weighted average useful life14 years 3 months 29 days

Acquisition - Summarizes the Pr

Acquisition - Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities (Details) - USD ($) $ in ThousandsDec. 09, 2020Mar. 31, 2021Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill, net $ 520,592 $ 508,555
Nonstop Delivery L L C [Member]
Business Acquisition [Line Items]
Cash and cash equivalents $ 4,829
Accounts receivable trade26,250
Prepaid expenses and other current assets207
Property and equipment1,018
Right of use assets - operating leases1,295
Goodwill, net36,388 $ 520,592 $ 508,555
Other intangibles47,700
Other assets42
Total assets acquired117,729
Accounts payable trade9,972
Accrued payroll1,324
Accrued other578
Lease liability - operating leases short-term373
Lease liability - operating leases long-term922
Total liabilities assumed13,169
Total consideration104,560
Cash paid, net $ 84,845

Acquisition - Components of Oth

Acquisition - Components of Other Intangible Acquired (Details) - Non stop Delivery LLC $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Customer Relationships [Member]
Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross $ 46,200
Finite-Lived Intangible Assets, Accumulated Amortization1,027
Finite-Lived Intangible Assets, Net, Total $ 45,173
Intangible assets estimated useful life15 years
Trade Names [Member]
Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross $ 900
Finite-Lived Intangible Assets, Accumulated Amortization200
Finite-Lived Intangible Assets, Net, Total $ 700
Intangible assets estimated useful life18 months
Agent Relationships [Member]
Other Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross $ 600
Finite-Lived Intangible Assets, Accumulated Amortization50
Finite-Lived Intangible Assets, Net, Total $ 550
Intangible assets estimated useful life4 years

Acquisition - Schedule of Carry

Acquisition - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Goodwill, Beginning Balance $ 508,555
Goodwill, Ending Balance520,592
Nonstop Delivery L L C [Member]
Business Acquisition [Line Items]
Goodwill, Beginning Balance508,555
Acquisition12,073
Other(36)
Goodwill, Ending Balance $ 520,592

Acquisition - Amortization expe

Acquisition - Amortization expense (Details) - Nonstop Delivery L L C [Member] $ in ThousandsMar. 31, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2021 $ 2,873
20223,480
20233,230
20243,218
2025 $ 3,080

Acquisition - Unaudited Pro for

Acquisition - Unaudited Pro forma Consolidated Results of Operations (Details) - Nonstop Delivery L L C [Member] $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)$ / shares
Business Acquisition [Line Items]
Revenue | $ $ 854,960
Net Income | $ $ 13,789
Earnings per share
Basic | $ / shares $ 0.42
Diluted | $ / shares $ 0.41

Reconciliation of Earnings Per

Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share $ 17,230 $ 13,236
Weighted average shares outstanding - basic33,419 33,159
Dilutive effect of restricted stock356 329
Weighted average shares outstanding - diluted33,775 33,488
Earnings per share - basic $ 0.52 $ 0.40
Earnings per share - diluted $ 0.51 $ 0.40

Revenue from Contracts with Cus

Revenue from Contracts with Customers - Additional Information (Detail)Dec. 09, 2020Carrier
Nonstop Delivery, LLC [Member]
Revenue From Contracts With Customers [Line Items]
Number of network carriers170

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Summary of Disaggregated Revenue by Business Line (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue From Contract With Customer Excluding Assessed Tax $ 919,553 $ 838,859
Intermodal [Member]
Disaggregation of Revenue [Line Items]
Revenue From Contract With Customer Excluding Assessed Tax506,004 478,034
Logistics [Member]
Disaggregation of Revenue [Line Items]
Revenue From Contract With Customer Excluding Assessed Tax217,035 200,202
Truck Brokerage [Member]
Disaggregation of Revenue [Line Items]
Revenue From Contract With Customer Excluding Assessed Tax127,262 98,017
Dedicated Carrier [Member]
Disaggregation of Revenue [Line Items]
Revenue From Contract With Customer Excluding Assessed Tax $ 69,252 $ 62,606

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Fair Value Measurement [Line Items]
Carrying value of debt $ 243,872 $ 270,359
Restricted investments21,700 23,400
Fixed-rate Borrowings [Member]
Fair Value Measurement [Line Items]
Increase (decrease) in fair value of debt4,100 6,100
Carrying value of debt $ 243,900 $ 270,400

Long-Term Debt and Financing _3

Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($)Jul. 01, 2017Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Outstanding letters of credit $ 37,400
Revolving Credit Facility [Member] | Bank Revolving Line Of Credit [Member]
Line Of Credit Facility [Line Items]
Unused and available borrowings under bank revolving line of credit and credit agreement $ 312,600,000 $ 312,300,000
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Amount of credit agreement $ 350,000
Line of Credit Facility, Expiration DateJul. 1,
2022

Schedule of Outstanding Debt (D

Schedule of Outstanding Debt (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Interim funding for equipment received and expected to be converted to an equipment note in subsequent year; interest paid at a variable rate $ 2,265 $ 8,902
Secured long-term debt243,872 270,359
Less current portion(89,531)(93,562)
Total long-term debt154,341 176,797
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Secured long-term debt13,529 0
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Secured long-term debt70,749 74,494
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Secured long-term debt46,042 49,920
Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Secured long-term debt93,331 112,668
Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Secured long-term debt7,840 8,943
Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Secured long-term debt $ 10,116 $ 15,432

Schedule of Outstanding Debt (P

Schedule of Outstanding Debt (Parenthetical) (Detail)3 Months Ended
Mar. 31, 2021
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Equipment notes due period2026
Payment Frequencymonthly
Interest rate secured debt1.72%
Secured Equipment Notes due in 2026 [Member] | Commencing on 2021 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2021
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Equipment notes due period2025
Payment Frequencymonthly
Secured Equipment Notes due in 2025 [Member] | Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2020
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Equipment notes due period2024
Payment Frequencymonthly
Secured Equipment Notes due in 2024 [Member] | Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2020
Secured Equipment Notes due in 2024 [Member] | Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2019
Secured Equipment Notes due in 2024 [Member] | Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2017
Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Equipment notes due period2021
Payment Frequencymonthly
Secured Equipment Notes due in 2021 [Member] | Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2017
Secured Equipment Notes due in 2021 [Member] | Commencing on 2014 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2014
Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Equipment notes due period2023
Payment Frequencymonthly
Secured Equipment Notes due in 2023 [Member] | Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2019
Secured Equipment Notes due in 2023 [Member] | Commencing on 2016 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2016
Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Equipment notes due period2022
Payment Frequencymonthly
Secured Equipment Notes due in 2022 [Member] | Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2017
Secured Equipment Notes due in 2022 [Member] | Commencing on 2015 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment2015
Minimum [Member] | Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt1.51%
Minimum [Member] | Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.50%
Minimum [Member] | Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.02%
Minimum [Member] | Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.20%
Minimum [Member] | Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.20%
Maximum [Member] | Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt1.80%
Maximum [Member] | Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt3.59%
Maximum [Member] | Secured Equipment Notes due in 2021 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.96%
Maximum [Member] | Secured Equipment Notes due in 2023 [Member]
Debt Instrument [Line Items]
Interest rate secured debt4.20%
Maximum [Member] | Secured Equipment Notes due in 2022 [Member]
Debt Instrument [Line Items]
Interest rate secured debt2.90%

Legal Matters - Additional Info

Legal Matters - Additional Information (Detail) $ in MillionsAug. 05, 2015PlaintiffEmployeeMar. 31, 2021Sep. 30, 2019USD ($)
Robles Lawsuits [Member]
Loss Contingencies [Line Items]
Complaint filed dateJanuary 25, 2013
Number of plaintiffs against HGT | Plaintiff63
Number of employees filed lawsuit | Employee5
Robles and Adame Lawsuits | Accrued Other [Member]
Loss Contingencies [Line Items]
Claims settlement recorded in consolidated balance sheet | $ $ 4.8