Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - Hub Group, Inc. | hubg-ex321_6.htm |
| EX-31.2 - EX-31.2 - Hub Group, Inc. | hubg-ex312_7.htm |
| EX-31.1 - EX-31.1 - Hub Group, Inc. | hubg-ex311_8.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2016 or
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 0-27754
HUB GROUP, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
36-4007085 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
2000 Clearwater Drive
Oak Brook, Illinois 60523
(Address, including zip code, of principal executive offices)
(630) 271-3600
(Registrant’s telephone number, including area code)
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large Accelerated Filer |
☒ |
|
Accelerated Filer |
☐ |
|
Non-Accelerated Filer |
☐ |
|
Smaller Reporting Company |
☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On October 25, 2016, the registrant had 33,195,497 outstanding shares of Class A common stock, par value $.01 per share, and 662,296 outstanding shares of Class B common stock, par value $.01 per share.
INDEX
2
(in thousands, except share amounts)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2016 |
|
|
2015 |
|
||
|
ASSETS |
(unaudited) |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
135,195 |
|
|
$ |
207,749 |
|
|
Accounts receivable trade, net |
|
445,574 |
|
|
|
379,987 |
|
|
Accounts receivable other |
|
7,036 |
|
|
|
10,344 |
|
|
Prepaid taxes |
|
1,971 |
|
|
|
362 |
|
|
Deferred taxes |
|
- |
|
|
|
8,412 |
|
|
Prepaid expenses and other current assets |
|
16,508 |
|
|
|
17,756 |
|
|
TOTAL CURRENT ASSETS |
|
606,284 |
|
|
|
624,610 |
|
|
|
|
|
|
|
|
|
|
|
Restricted investments |
|
20,563 |
|
|
|
21,108 |
|
|
Property and equipment, net |
|
406,885 |
|
|
|
374,847 |
|
|
Other intangibles, net |
|
12,167 |
|
|
|
13,139 |
|
|
Goodwill, net |
|
262,431 |
|
|
|
262,594 |
|
|
Other assets |
|
3,887 |
|
|
|
4,848 |
|
|
TOTAL ASSETS |
$ |
1,312,217 |
|
|
$ |
1,301,146 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts payable trade |
$ |
265,659 |
|
|
$ |
230,432 |
|
|
Accounts payable other |
|
23,330 |
|
|
|
21,495 |
|
|
Accrued payroll |
|
23,989 |
|
|
|
33,020 |
|
|
Accrued other |
|
45,846 |
|
|
|
38,733 |
|
|
Current portion of capital lease |
|
2,672 |
|
|
|
2,608 |
|
|
Current portion of long term debt |
|
39,769 |
|
|
|
32,409 |
|
|
TOTAL CURRENT LIABILITIES |
|
401,265 |
|
|
|
358,697 |
|
|
|
|
|
|
|
|
|
|
|
Long term debt |
|
104,561 |
|
|
|
100,895 |
|
|
Non-current liabilities |
|
22,562 |
|
|
|
20,233 |
|
|
Long term portion of capital lease |
|
11,270 |
|
|
|
13,299 |
|
|
Deferred taxes |
|
164,699 |
|
|
|
160,182 |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2016 and 2015 |
- |
|
|
- |
|
||
|
Common stock |
|
|
|
|
|
|
|
|
Class A: $.01 par value; 97,337,700 shares authorized and 41,224,792 shares issued in 2016 and 2015; 33,195,497 shares outstanding in 2016 and 35,633,961 shares outstanding in 2015 |
|
412 |
|
|
|
412 |
|
|
Class B: $.01 par value; 662,300 shares authorized; 662,296 shares issued and outstanding in 2016 and 2015 |
|
7 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
171,371 |
|
|
|
174,285 |
|
|
Purchase price in excess of predecessor basis, net of tax benefit of $10,306 |
|
(15,458 |
) |
|
|
(15,458 |
) |
|
Retained earnings |
|
717,319 |
|
|
|
660,758 |
|
|
Accumulated other comprehensive loss |
|
(241 |
) |
|
|
(178 |
) |
|
Treasury stock; at cost, 8,029,295 shares in 2016 and 5,590,831 shares in 2015 |
|
(265,550 |
) |
|
|
(171,986 |
) |
|
TOTAL STOCKHOLDERS' EQUITY |
|
607,860 |
|
|
|
647,840 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
1,312,217 |
|
|
$ |
1,301,146 |
|
See notes to unaudited consolidated financial statements.
3
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
|
|
Three Months |
|
|
Nine Months |
|
||||||||||
|
|
Ended September 30, |
|
|
Ended September 30, |
|
||||||||||
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
932,814 |
|
|
$ |
899,869 |
|
|
$ |
2,594,230 |
|
|
$ |
2,635,323 |
|
|
Transportation costs |
|
821,360 |
|
|
|
794,805 |
|
|
|
2,259,899 |
|
|
|
2,339,402 |
|
|
Gross margin |
|
111,454 |
|
|
|
105,064 |
|
|
|
334,331 |
|
|
|
295,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
42,610 |
|
|
|
36,357 |
|
|
|
130,075 |
|
|
|
114,670 |
|
|
Agent fees and commissions |
|
19,072 |
|
|
|
17,862 |
|
|
|
54,334 |
|
|
|
49,374 |
|
|
General and administrative |
|
17,641 |
|
|
|
15,461 |
|
|
|
50,368 |
|
|
|
44,295 |
|
|
Depreciation and amortization |
|
2,276 |
|
|
|
1,966 |
|
|
|
6,559 |
|
|
|
5,893 |
|
|
Total costs and expenses |
|
81,599 |
|
|
|
71,646 |
|
|
|
241,336 |
|
|
|
214,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
29,855 |
|
|
|
33,418 |
|
|
|
92,995 |
|
|
|
81,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(888 |
) |
|
|
(757 |
) |
|
|
(2,655 |
) |
|
|
(2,218 |
) |
|
Interest and dividend income |
|
104 |
|
|
|
22 |
|
|
|
286 |
|
|
|
47 |
|
|
Other, net |
|
27 |
|
|
|
(952 |
) |
|
|
1,178 |
|
|
|
(2,095 |
) |
|
Total other expense |
|
(757 |
) |
|
|
(1,687 |
) |
|
|
(1,191 |
) |
|
|
(4,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes |
|
29,098 |
|
|
|
31,731 |
|
|
|
91,804 |
|
|
|
77,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
11,174 |
|
|
|
11,899 |
|
|
|
35,243 |
|
|
|
28,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
17,924 |
|
|
$ |
19,832 |
|
|
$ |
56,561 |
|
|
$ |
48,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
(10 |
) |
|
|
(80 |
) |
|
|
(63 |
) |
|
|
(100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
$ |
17,914 |
|
|
$ |
19,752 |
|
|
$ |
56,498 |
|
|
$ |
48,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.54 |
|
|
$ |
0.55 |
|
|
$ |
1.66 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
$ |
0.54 |
|
|
$ |
0.55 |
|
|
$ |
1.66 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of shares outstanding |
|
33,212 |
|
|
|
35,769 |
|
|
|
34,098 |
|
|
|
35,970 |
|
|
Diluted weighted average number of shares outstanding |
|
33,366 |
|
|
|
35,903 |
|
|
|
34,172 |
|
|
|
36,049 |
|
See notes to unaudited consolidated financial statements.
4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2016 |
|
|
2015 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net Income |
$ |
56,561 |
|
|
$ |
48,575 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
32,665 |
|
|
|
26,662 |
|
|
Deferred taxes |
|
13,269 |
|
|
|
5,757 |
|
|
Compensation expense related to share-based compensation plans |
|
6,318 |
|
|
|
5,843 |
|
|
Gain on sale of assets |
|
(382 |
) |
|
|
(116 |
) |
|
Excess tax benefits from share based compensation |
|
(524 |
) |
|
|
(40 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Restricted investments |
|
545 |
|
|
|
1,389 |
|
|
Accounts receivable, net |
|
(62,324 |
) |
|
|
6,540 |
|
|
Prepaid taxes |
|
(1,609 |
) |
|
|
13,579 |
|
|
Prepaid expenses and other current assets |
|
1,244 |
|
|
|
(1,442 |
) |
|
Other assets |
|
961 |
|
|
|
(56 |
) |
|
Accounts payable |
|
37,080 |
|
|
|
21,308 |
|
|
Accrued expenses |
|
(6,968 |
) |
|
|
8,337 |
|
|
Non-current liabilities |
|
2,181 |
|
|
|
(3,505 |
) |
|
Net cash provided by operating activities |
|
79,017 |
|
|
|
132,831 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of equipment |
|
1,573 |
|
|
|
922 |
|
|
Purchases of property and equipment |
|
(59,883 |
) |
|
|
(40,951 |
) |
|
Net cash used in investing activities |
|
(58,310 |
) |
|
|
(40,029 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
36,100 |
|
|
|
31,376 |
|
|
Repayments of long term debt |
|
(25,074 |
) |
|
|
(16,836 |
) |
|
Stock tendered for payments of withholding taxes |
|
(2,484 |
) |
|
|
(2,902 |
) |
|
Purchase of treasury stock |
|
(100,000 |
) |
|
|
(28,823 |
) |
|
Capital lease payments |
|
(1,965 |
) |
|
|
(1,883 |
) |
|
Excess tax benefits from share-based compensation |
|
212 |
|
|
|
166 |
|
|
Net cash used in financing activities |
|
(93,211 |
) |
|
|
(18,902 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(50 |
) |
|
|
(122 |
) |
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(72,554 |
) |
|
|
73,778 |
|
|
Cash and cash equivalents beginning of the period |
|
207,749 |
|
|
|
109,769 |
|
|
Cash and cash equivalents end of the period |
$ |
135,195 |
|
|
$ |
183,547 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash paid for: |
|
|
|
|
|
|
|
|
Interest |
$ |
2,636 |
|
|
$ |
2,227 |
|
|
Income taxes |
$ |
26,826 |
|
|
$ |
6,469 |
|
See notes to unaudited consolidated financial statements.
5
CONSOLIDATED FINANCIAL STATEMENTS
|
NOTE 1. |
Interim Financial Statements |
Our accompanying unaudited consolidated financial statements of Hub Group, Inc. (“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 September 30, 2016 and results of operations for the three and nine months ended September 30, 2016 and 2015.
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, 2015. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality.
|
NOTE 2. |
Business Segments |
We report two distinct business segments. The first segment is Mode, which includes the Mode Transportation, LLC (“Mode LLC”) business we acquired on April 1, 2011. The second segment is Hub, which is all business other than Mode.
Hub offers comprehensive intermodal, truck brokerage and logistics services. Our employees operate the freight through a network of operating centers located in the United States, Canada and Mexico. Each operating center is strategically located in a market with a significant concentration of shipping customers and one or more railheads. Hub has full time employees located throughout the United States, Canada and Mexico.
Mode LLC has Independent Business Owners (“IBOs”) who sell and operate the business throughout North America, as well as sales only agents. Mode LLC also has a company managed operation and corporate offices in Dallas, TX, a temperature protected services division, Temstar, located in Oak Brook, IL and corporate offices in Memphis, TN.
Mode LLC markets and operates its freight transportation services, consisting of intermodal, truck brokerage and logistics, primarily through agents who enter into contractual arrangements with Mode LLC.
The following is a summary of operating results and certain other financial data for our business segments (in thousands):
|
|
Three Months |
|
|
Three Months |
|
||||||||||||||||||||
|
|
Ended September 30, 2016 |
|
|
Ended September 30, 2015 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
||||
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
||||
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
||||||||
|
Revenue |
$ |
716,699 |
|
$ |
251,611 |
|
$ |
(35,496 |
) |
$ |
932,814 |
|
|
$ |
680,559 |
|
$ |
239,375 |
|
$ |
(20,065 |
) |
$ |
899,869 |
|
|
Transportation costs |
|
638,154 |
|
|
218,702 |
|
|
(35,496 |
) |
|
821,360 |
|
|
|
606,081 |
|
|
208,789 |
|
|
(20,065 |
) |
|
794,805 |
|
|
Gross margin |
|
78,545 |
|
|
32,909 |
|
|
- |
|
|
111,454 |
|
|
|
74,478 |
|
|
30,586 |
|
|
- |
|
|
105,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
38,775 |
|
|
3,835 |
|
|
- |
|
|
42,610 |
|
|
|
32,917 |
|
|
3,440 |
|
|
- |
|
|
36,357 |
|
|
Agent fees and commissions |
|
20 |
|
|
19,052 |
|
|
- |
|
|
19,072 |
|
|
|
14 |
|
|
17,848 |
|
|
- |
|
|
17,862 |
|
|
General and administrative |
|
15,969 |
|
|
1,672 |
|
|
- |
|
|
17,641 |
|
|
|
13,659 |
|
|
1,802 |
|
|
- |
|
|
15,461 |
|
|
Depreciation and amortization |
|
1,959 |
|
|
317 |
|
|
- |
|
|
2,276 |
|
|
|
1,647 |
|
|
319 |
|
|
- |
|
|
1,966 |
|
|
Total costs and expenses |
|
56,723 |
|
|
24,876 |
|
|
- |
|
|
81,599 |
|
|
|
48,237 |
|
|
23,409 |
|
|
- |
|
|
71,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
21,822 |
|
$ |
8,033 |
|
$ |
- |
|
$ |
29,855 |
|
|
$ |
26,241 |
|
$ |
7,177 |
|
$ |
- |
|
$ |
33,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
$ |
34,411 |
|
$ |
255 |
|
$ |
- |
|
$ |
34,666 |
|
|
$ |
15,817 |
|
$ |
1,418 |
|
$ |
- |
|
$ |
17,235 |
|
6
The following tables summarize our revenue by segment and business line (in thousands) for the quarter ended September 30:
|
|
Three Months |
|
|
Three Months |
|
||||||||||||||||||||
|
|
Ended September 30, 2016 |
|
|
Ended September 30, 2015 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
||||
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
||||
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
||||||||
|
Intermodal |
$ |
466,283 |
|
$ |
126,052 |
|
$ |
(21,857 |
) |
$ |
570,478 |
|
|
$ |
459,921 |
|
$ |
124,009 |
|
$ |
(18,699 |
) |
$ |
565,231 |
|
|
Truck brokerage |
|
96,906 |
|
|
79,627 |
|
|
(174 |
) |
|
176,359 |
|
|
|
83,828 |
|
|
80,612 |
|
|
(696 |
) |
|
163,744 |
|
|
Logistics |
|
153,510 |
|
|
45,932 |
|
|
(13,465 |
) |
|
185,977 |
|
|
|
136,810 |
|
|
34,754 |
|
|
(670 |
) |
|
170,894 |
|
|
Total revenue |
$ |
716,699 |
|
$ |
251,611 |
|
$ |
(35,496 |
) |
$ |
932,814 |
|
|
$ |
680,559 |
|
$ |
239,375 |
|
$ |
(20,065 |
) |
$ |
899,869 |
|
The following is a summary of operating results and certain other financial data for our business segments (in thousands):
|
|
Nine Months |
|
|
Nine Months |
|
||||||||||||||||||||
|
|
Ended September 30, 2016 |
|
|
Ended September 30, 2015 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
||||
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
||||
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
||||||||
|
Revenue |
$ |
1,980,450 |
|
$ |
692,366 |
|
$ |
(78,586 |
) |
$ |
2,594,230 |
|
|
$ |
2,010,453 |
|
$ |
686,744 |
|
$ |
(61,874 |
) |
$ |
2,635,323 |
|
|
Transportation costs |
|
1,739,676 |
|
|
598,809 |
|
|
(78,586 |
) |
|
2,259,899 |
|
|
|
1,800,628 |
|
|
600,648 |
|
|
(61,874 |
) |
|
2,339,402 |
|
|
Gross margin |
|
240,774 |
|
|
93,557 |
|
|
- |
|
|
334,331 |
|
|
|
209,825 |
|
|
86,096 |
|
|
- |
|
|
295,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
118,658 |
|
|
11,417 |
|
|
- |
|
|
130,075 |
|
|
|
103,865 |
|
|
10,805 |
|
|
- |
|
|
114,670 |
|
|
Agent fees and commissions |
|
47 |
|
|
54,287 |
|
|
- |
|
|
54,334 |
|
|
|
43 |
|
|
49,331 |
|
|
- |
|
|
49,374 |
|
|
General and administrative |
|
44,917 |
|
|
5,451 |
|
|
- |
|
|
50,368 |
|
|
|
39,051 |
|
|
5,244 |
|
|
- |
|
|
44,295 |
|
|
Depreciation and amortization |
|
5,603 |
|
|
956 |
|
|
- |
|
|
6,559 |
|
|
|
4,912 |
|
|
981 |
|
|
- |
|
|
5,893 |
|
|
Total costs and expenses |
|
169,225 |
|
|
72,111 |
|
|
- |
|
|
241,336 |
|
|
|
147,871 |
|
|
66,361 |
|
|
- |
|
|
214,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
71,549 |
|
$ |
21,446 |
|
$ |
- |
|
$ |
92,995 |
|
|
$ |
61,954 |
|
$ |
19,735 |
|
$ |
- |
|
$ |
81,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
$ |
59,356 |
|
$ |
527 |
|
$ |
- |
|
$ |
59,883 |
|
|
$ |
39,365 |
|
$ |
1,586 |
|
$ |
- |
|
$ |
40,951 |
|
|
|
As of September 30, 2016 |
|
|
As of December 31, 2015 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
|
|
|
|
|
|
|
Inter- |
|
Hub |
|
||||
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
|
|
|
|
|
|
|
Segment |
|
Group |
|
||||
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
|
Hub |
|
Mode |
|
Elims |
|
Total |
|
||||||||
|
Total assets |
$ |
1,139,068 |
|
$ |
183,198 |
|
$ |
(10,049 |
) |
$ |
1,312,217 |
|
|
$ |
1,127,042 |
|
$ |
181,514 |
|
$ |
(7,410 |
) |
$ |
1,301,146 |
|
|
Goodwill |
|
233,042 |
|
|
29,389 |
|
|
- |
|||||||||||||||||