Marten Transport Announces Fourth Quarter and Year End Results
January 24 2023 - 4:01PM
Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 3.2%
improvement in net income to $25.5 million, or 31 cents per diluted
share, for the fourth quarter ended December 31, 2022, from $24.7
million, or 30 cents per diluted share, for the fourth quarter of
2021 – Marten’s sixteenth consecutive year-over-year increase in
quarterly profitability. For the year ended December 31, 2022, net
income improved 29.2% to $110.4 million, or $1.35 per diluted
share, from $85.4 million, or $1.02 per diluted share, for 2021.
|
|
|
|
|
|
|
|
Operating Results Comparison |
|
|
|
|
|
|
Percentage |
|
Percentage |
|
Percentage |
|
Percentage |
|
Percentage |
|
Increase |
|
Increase |
|
Increase |
|
Increase |
|
Increase |
|
Three
Months |
|
Year |
|
Year |
|
Year |
|
Year |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|
December
31, |
|
December
31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
2022 vs. 2021 |
|
2022 vs. 2021 |
|
2021 vs. 2020 |
|
2020 vs. 2019 |
|
2019 vs. 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
20.9 |
% |
|
29.8 |
% |
|
11.4 |
% |
|
3.7 |
% |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue, net of fuel surcharges |
15.8 |
% |
|
23.1 |
% |
|
8.3 |
% |
|
6.8 |
% |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
6.9 |
% |
|
28.3 |
% |
|
19.8 |
% |
|
21.9 |
% |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
3.2 |
% |
|
29.2 |
% |
|
22.9 |
% |
|
13.8 |
% |
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating revenue improved 20.9% to $322.6
million for the fourth quarter of 2022 from $266.9 million for the
fourth quarter of 2021. Excluding fuel surcharges, operating
revenue improved 15.8% to $269.7 million for the 2022 quarter from
$232.9 million for the 2021 quarter. Fuel surcharge revenue
increased to $52.9 million for the 2022 quarter from $34.0 million
for the 2021 quarter, reflecting significantly higher fuel
prices.
Operating revenue improved 29.8% to $1.264
billion for 2022, the highest amount for any year in Marten’s
77-year history, from $973.6 million for 2021. Excluding fuel
surcharges, operating revenue improved 23.1% to $1.053 billion for
2022 from $855.9 million for 2021. Fuel surcharge revenue increased
to $210.4 million for 2022 from $117.7 million for 2021.
Operating income improved 6.9% to $32.8 million
for the fourth quarter of 2022 from $30.7 million for the fourth
quarter of 2021. Operating income improved 28.3% to $143.3 million
for 2022, the highest amount for any year in Marten’s 77-year
history, from $111.7 million for 2021.
Operating expenses as a percentage of operating
revenue were 89.8% for the fourth quarter of 2022 and 88.5% for the
fourth quarter of 2021. Operating expenses as a percentage of
operating revenue, with both amounts net of fuel surcharges, were
87.8% for the 2022 quarter and 86.8% for the 2021 quarter.
Operating expenses as a percentage of operating
revenue were 88.7% for 2022 and 88.5% for 2021. Operating expenses
as a percentage of operating revenue, with both amounts net of fuel
surcharges, improved to 86.4% for 2022, the best ratio for any year
since Marten became a public company in 1986, from 87.0%.
Executive Chairman Randolph L. Marten stated,
“Consistent. Strong. Profitable. Organic Growth.”
“Our talented, disciplined people earned our
sixteenth consecutive quarter of year-over-year profit growth,
overcoming a freight environment made more challenging with
additional pressure from rail service weakness and severe weather.
In 2022, we attained our fifth consecutive year with each of our
then-highest operating revenue and operating income – and our third
consecutive year with our then-best operating ratio, net of fuel
surcharges, since Marten became a public company in 1986.”
“Our organic expansion throughout 2022 also
provides momentum for continued profitable growth as we began 2023
with 425 more of the industry’s top drivers than we employed at the
beginning of 2022.”
|
|
|
Operating Results Since the Pandemic Began – Percentage
Increase Over Same Quarter of Prior Year |
|
|
|
|
|
Q4 2022 |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
Q1 2021 |
|
Q4 2020 |
|
Q3 2020 |
|
Q2 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
20.9 |
% |
|
29.1 |
% |
|
41.8 |
% |
|
28.8 |
% |
|
17.4 |
% |
|
16.3 |
% |
|
9.4 |
% |
|
2.0 |
% |
|
4.7 |
% |
|
0.5 |
% |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue, net of fuel surcharges |
15.8 |
% |
|
21.8 |
% |
|
32.1 |
% |
|
23.8 |
% |
|
12.5 |
% |
|
12.8 |
% |
|
5.0 |
% |
|
2.5 |
% |
|
8.8 |
% |
|
3.8 |
% |
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
6.9 |
% |
|
18.5 |
% |
|
43.5 |
% |
|
49.4 |
% |
|
20.0 |
% |
|
16.8 |
% |
|
12.9 |
% |
|
33.1 |
% |
|
36.0 |
% |
|
21.8 |
% |
|
26.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
3.2 |
% |
|
20.6 |
% |
|
47.8 |
% |
|
52.9 |
% |
|
26.1 |
% |
|
17.9 |
% |
|
18.1 |
% |
|
31.3 |
% |
|
24.5 |
% |
|
8.8 |
% |
|
19.4 |
% |
|
|
Current Investor Presentation
Marten Transport, with headquarters in Mondovi,
Wis., is a multifaceted business offering a network of refrigerated
and dry truck-based transportation capabilities across Marten’s
five distinct business platforms - Truckload, Dedicated,
Intermodal, Brokerage and MRTN de Mexico. Marten is one of the
leading temperature-sensitive truckload carriers in the United
States, specializing in transporting and distributing food,
beverages and other consumer packaged goods that require a
temperature-controlled or insulated environment. The Company offers
service in the United States, Mexico and Canada, concentrating on
expedited movements for high-volume customers. Marten’s common
stock is traded on the Nasdaq Global Select Market under the symbol
MRTN.
This press release contains certain statements
that may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include a discussion of Marten’s prospects for
future growth and by their nature involve substantial risks and
uncertainties, and actual results may differ materially from those
expressed in such forward-looking statements. Important factors
known to the Company that could cause actual results to differ
materially from those discussed in the forward-looking statements
are discussed in Part I, Item 1A of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2021. The Company
undertakes no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACTS: Tim Kohl, Chief Executive Officer, and
Jim Hinnendael, Executive Vice President and Chief Financial
Officer, of Marten Transport, Ltd., 715-926-4216.
MARTEN TRANSPORT,
LTD.CONSOLIDATED CONDENSED BALANCE
SHEETS
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
(In
thousands, except share information) |
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
80,600 |
|
|
$ |
56,995 |
|
Receivables: |
|
|
|
|
|
|
|
Trade, net |
|
120,702 |
|
|
|
99,003 |
|
Other |
|
7,218 |
|
|
|
6,971 |
|
Prepaid expenses and other |
|
27,320 |
|
|
|
23,980 |
|
Total current assets |
|
235,840 |
|
|
|
186,949 |
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
Revenue equipment, buildings and land, office equipment and
other |
|
1,074,832 |
|
|
|
956,476 |
|
Accumulated depreciation |
|
(346,665 |
) |
|
|
(274,199 |
) |
Net property and equipment |
|
728,167 |
|
|
|
682,277 |
|
Other noncurrent assets |
|
1,672 |
|
|
|
1,464 |
|
Total assets |
$ |
965,679 |
|
|
$ |
870,690 |
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
37,299 |
|
|
$ |
20,150 |
|
Insurance and claims accruals |
|
45,747 |
|
|
|
42,014 |
|
Accrued and other current liabilities |
|
41,264 |
|
|
|
31,395 |
|
Total current liabilities |
|
124,310 |
|
|
|
93,559 |
|
Deferred income taxes |
|
137,041 |
|
|
|
125,163 |
|
Noncurrent operating lease liabilities |
|
409 |
|
|
|
291 |
|
Total liabilities |
|
261,760 |
|
|
|
219,013 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, $.01 par value per share; 2,000,000 shares
authorized; no shares issued and outstanding |
|
- |
|
|
|
- |
|
Common stock, $.01 par value per share; 192,000,000 shares
authorized; 81,115,132 shares at December 31, 2022, and 83,034,404
shares at December 31, 2021, issued and outstanding |
|
811 |
|
|
|
830 |
|
Additional paid-in capital |
|
47,188 |
|
|
|
85,718 |
|
Retained earnings |
|
655,920 |
|
|
|
565,129 |
|
Total stockholders’ equity |
|
703,919 |
|
|
|
651,677 |
|
Total liabilities and stockholders’ equity |
$ |
965,679 |
|
|
$ |
870,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months |
|
|
Year |
|
|
Ended December 31, |
|
|
Ended December 31, |
|
(In
thousands, except per share information) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenue |
$ |
322,584 |
|
|
$ |
266,876 |
|
|
$ |
1,263,878 |
|
|
$ |
973,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits |
|
104,722 |
|
|
|
88,577 |
|
|
|
390,304 |
|
|
|
317,962 |
|
Purchased transportation |
|
60,599 |
|
|
|
54,592 |
|
|
|
249,792 |
|
|
|
193,221 |
|
Fuel and fuel taxes |
|
55,567 |
|
|
|
36,435 |
|
|
|
218,571 |
|
|
|
131,288 |
|
Supplies and maintenance |
|
15,180 |
|
|
|
11,592 |
|
|
|
55,700 |
|
|
|
45,459 |
|
Depreciation |
|
29,625 |
|
|
|
25,964 |
|
|
|
111,014 |
|
|
|
102,562 |
|
Operating taxes and licenses |
|
2,712 |
|
|
|
2,498 |
|
|
|
10,763 |
|
|
|
10,534 |
|
Insurance and claims |
|
12,417 |
|
|
|
10,649 |
|
|
|
50,513 |
|
|
|
41,987 |
|
Communications and utilities |
|
2,538 |
|
|
|
2,030 |
|
|
|
9,177 |
|
|
|
8,350 |
|
Gain on disposition of revenue equipment |
|
(2,957 |
) |
|
|
(4,436 |
) |
|
|
(13,379 |
) |
|
|
(16,295 |
) |
Other |
|
9,398 |
|
|
|
8,298 |
|
|
|
38,079 |
|
|
|
26,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
289,801 |
|
|
|
236,199 |
|
|
|
1,120,534 |
|
|
|
861,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
32,783 |
|
|
|
30,677 |
|
|
|
143,344 |
|
|
|
111,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
(520 |
) |
|
|
(16 |
) |
|
|
(827 |
) |
|
|
(43 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
33,303 |
|
|
|
30,693 |
|
|
|
144,171 |
|
|
|
111,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
expense |
|
7,789 |
|
|
|
5,963 |
|
|
|
33,817 |
|
|
|
26,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
25,514 |
|
|
$ |
24,730 |
|
|
$ |
110,354 |
|
|
$ |
85,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
1.35 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share |
$ |
0.31 |
|
|
$ |
0.30 |
|
|
$ |
1.35 |
|
|
$ |
1.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared per common share |
$ |
0.06 |
|
|
$ |
0.04 |
|
|
$ |
0.24 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.SEGMENT
INFORMATION(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
Three Months |
|
|
Three Months |
|
|
Three Months |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
(Dollars in
thousands) |
2022 |
|
|
2021 |
|
|
2022 vs. 2021 |
|
|
2022 vs. 2021 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
$ |
108,565 |
|
|
$ |
91,848 |
|
|
$ |
16,717 |
|
|
|
18.2 |
% |
Truckload fuel surcharge revenue |
|
22,759 |
|
|
|
14,345 |
|
|
|
8,414 |
|
|
|
58.7 |
|
Total Truckload revenue |
|
131,324 |
|
|
|
106,193 |
|
|
|
25,131 |
|
|
|
23.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
87,985 |
|
|
|
73,928 |
|
|
|
14,057 |
|
|
|
19.0 |
|
Dedicated fuel surcharge revenue |
|
23,775 |
|
|
|
14,994 |
|
|
|
8,781 |
|
|
|
58.6 |
|
Total Dedicated revenue |
|
111,760 |
|
|
|
88,922 |
|
|
|
22,838 |
|
|
|
25.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
22,863 |
|
|
|
23,275 |
|
|
|
(412 |
) |
|
|
(1.8 |
) |
Intermodal fuel surcharge revenue |
|
6,390 |
|
|
|
4,627 |
|
|
|
1,763 |
|
|
|
38.1 |
|
Total Intermodal revenue |
|
29,253 |
|
|
|
27,902 |
|
|
|
1,351 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
50,247 |
|
|
|
43,859 |
|
|
|
6,388 |
|
|
|
14.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
$ |
322,584 |
|
|
$ |
266,876 |
|
|
$ |
55,708 |
|
|
|
20.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
$ |
13,414 |
|
|
$ |
14,750 |
|
|
$ |
(1,336 |
) |
|
|
(9.1 |
)% |
Dedicated |
|
12,877 |
|
|
|
8,321 |
|
|
|
4,556 |
|
|
|
54.8 |
|
Intermodal |
|
728 |
|
|
|
3,328 |
|
|
|
(2,600 |
) |
|
|
(78.1 |
) |
Brokerage |
|
5,764 |
|
|
|
4,278 |
|
|
|
1,486 |
|
|
|
34.7 |
|
Total operating income |
$ |
32,783 |
|
|
$ |
30,677 |
|
|
$ |
2,106 |
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
89.8 |
% |
|
|
86.1 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
88.5 |
|
|
|
90.6 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
97.5 |
|
|
|
88.1 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
88.5 |
|
|
|
90.2 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
89.8 |
% |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio, net of fuel surcharges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
87.6 |
% |
|
|
83.9 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
85.4 |
|
|
|
88.7 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
96.8 |
|
|
|
85.7 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
88.5 |
|
|
|
90.2 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio, net of fuel surcharges |
|
87.8 |
% |
|
|
86.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT,
LTD.SEGMENT
INFORMATION(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar |
|
|
Percentage |
|
|
|
|
|
|
|
|
|
|
Change |
|
|
Change |
|
|
Year |
|
|
Year |
|
|
Year |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
(Dollars in
thousands) |
2022 |
|
|
2021 |
|
|
2022 vs. 2021 |
|
|
2022 vs. 2021 |
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload revenue, net of fuel surcharge revenue |
$ |
411,448 |
|
|
$ |
346,289 |
|
|
$ |
65,159 |
|
|
|
18.8 |
% |
Truckload fuel surcharge revenue |
|
89,014 |
|
|
|
50,377 |
|
|
|
38,637 |
|
|
|
76.7 |
|
Total Truckload revenue |
|
500,462 |
|
|
|
396,666 |
|
|
|
103,796 |
|
|
|
26.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated revenue, net of fuel surcharge revenue |
|
336,973 |
|
|
|
276,883 |
|
|
|
60,090 |
|
|
|
21.7 |
|
Dedicated fuel surcharge revenue |
|
92,119 |
|
|
|
52,559 |
|
|
|
39,560 |
|
|
|
75.3 |
|
Total Dedicated revenue |
|
429,092 |
|
|
|
329,442 |
|
|
|
99,650 |
|
|
|
30.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal revenue, net of fuel surcharge revenue |
|
100,452 |
|
|
|
87,468 |
|
|
|
12,984 |
|
|
|
14.8 |
|
Intermodal fuel surcharge revenue |
|
29,313 |
|
|
|
14,777 |
|
|
|
14,536 |
|
|
|
98.4 |
|
Total Intermodal revenue |
|
129,765 |
|
|
|
102,245 |
|
|
|
27,520 |
|
|
|
26.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage revenue |
|
204,559 |
|
|
|
145,291 |
|
|
|
59,268 |
|
|
|
40.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenue |
$ |
1,263,878 |
|
|
$ |
973,644 |
|
|
$ |
290,234 |
|
|
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
$ |
59,392 |
|
|
$ |
51,032 |
|
|
$ |
8,360 |
|
|
|
16.4 |
% |
Dedicated |
|
50,566 |
|
|
|
36,395 |
|
|
|
14,171 |
|
|
|
38.9 |
|
Intermodal |
|
10,639 |
|
|
|
9,479 |
|
|
|
1,160 |
|
|
|
12.2 |
|
Brokerage |
|
22,747 |
|
|
|
14,783 |
|
|
|
7,964 |
|
|
|
53.9 |
|
Total operating income |
$ |
143,344 |
|
|
$ |
111,689 |
|
|
$ |
31,655 |
|
|
|
28.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
88.1 |
% |
|
|
87.1 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
88.2 |
|
|
|
89.0 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
91.8 |
|
|
|
90.7 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
88.9 |
|
|
|
89.8 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio |
|
88.7 |
% |
|
|
88.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio, net of fuel surcharges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload |
|
85.6 |
% |
|
|
85.3 |
% |
|
|
|
|
|
|
|
|
Dedicated |
|
85.0 |
|
|
|
86.9 |
|
|
|
|
|
|
|
|
|
Intermodal |
|
89.4 |
|
|
|
89.2 |
|
|
|
|
|
|
|
|
|
Brokerage |
|
88.9 |
|
|
|
89.8 |
|
|
|
|
|
|
|
|
|
Consolidated operating ratio, net of fuel surcharges |
|
86.4 |
% |
|
|
87.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)
|
|
|
|
|
|
|
Three Months |
|
|
Year |
|
|
Ended December 31, |
|
|
Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Truckload Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
131,324 |
|
|
$ |
106,193 |
|
|
$ |
500,462 |
|
|
$ |
396,666 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
$ |
4,683 |
|
|
$ |
4,663 |
|
|
$ |
4,898 |
|
|
$ |
4,315 |
|
Average tractors(1) |
|
1,763 |
|
|
|
1,499 |
|
|
|
1,611 |
|
|
|
1,539 |
|
Average miles per trip |
|
504 |
|
|
|
515 |
|
|
|
510 |
|
|
|
516 |
|
Non-revenue miles percentage(2) |
|
11.9 |
% |
|
|
10.4 |
% |
|
|
11.1 |
% |
|
|
10.1 |
% |
Total miles (in thousands) |
|
39,303 |
|
|
|
35,679 |
|
|
|
149,868 |
|
|
|
147,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
111,760 |
|
|
$ |
88,922 |
|
|
$ |
429,092 |
|
|
$ |
329,442 |
|
Average revenue, net of fuel surcharges, per tractor per
week(1) |
$ |
3,925 |
|
|
$ |
3,592 |
|
|
$ |
3,963 |
|
|
$ |
3,377 |
|
Average tractors(1) |
|
1,706 |
|
|
|
1,566 |
|
|
|
1,631 |
|
|
|
1,572 |
|
Average miles per trip |
|
345 |
|
|
|
330 |
|
|
|
341 |
|
|
|
322 |
|
Non-revenue miles percentage(2) |
|
1.1 |
% |
|
|
1.2 |
% |
|
|
1.1 |
% |
|
|
1.0 |
% |
Total miles (in thousands) |
|
34,910 |
|
|
|
32,491 |
|
|
|
136,310 |
|
|
|
128,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
29,253 |
|
|
$ |
27,902 |
|
|
$ |
129,765 |
|
|
$ |
102,245 |
|
Loads |
|
7,255 |
|
|
|
8,102 |
|
|
|
31,862 |
|
|
|
32,987 |
|
Average tractors |
|
181 |
|
|
|
152 |
|
|
|
175 |
|
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue (in thousands) |
$ |
50,247 |
|
|
$ |
43,859 |
|
|
$ |
204,559 |
|
|
$ |
145,291 |
|
Loads |
|
25,713 |
|
|
|
19,345 |
|
|
|
95,615 |
|
|
|
66,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December
31, 2022 and December 31, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tractors(1) |
|
3,660 |
|
|
|
3,204 |
|
|
|
|
|
|
|
|
|
Average age of company tractors (in years) |
|
1.7 |
|
|
|
1.4 |
|
|
|
|
|
|
|
|
|
Total trailers |
|
5,753 |
|
|
|
5,299 |
|
|
|
|
|
|
|
|
|
Average age of company trailers (in years) |
|
3.9 |
|
|
|
3.3 |
|
|
|
|
|
|
|
|
|
Ratio of trailers to tractors(1) |
|
1.6 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
Total refrigerated containers |
|
802 |
|
|
|
634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Year |
|
|
Ended December 31, |
|
|
Ended December 31, |
|
(In
thousands) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
$ |
56,268 |
|
|
$ |
43,295 |
|
|
$ |
219,489 |
|
|
$ |
171,204 |
|
Net cash
(used for) investing activities |
|
(42,542 |
) |
|
|
(21,592 |
) |
|
|
(134,958 |
) |
|
|
(123,734 |
) |
Net cash
(used for) financing activities |
|
(4,618 |
) |
|
|
(48,608 |
) |
|
|
(60,926 |
) |
|
|
(56,602 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
81,105 |
|
|
|
82,983 |
|
|
|
81,692 |
|
|
|
82,872 |
|
Diluted |
|
81,391 |
|
|
|
83,420 |
|
|
|
81,959 |
|
|
|
83,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 ) |
Includes tractors driven by both company-employed drivers and
independent contractors. Independent contractors provided 96 and 93
tractors as of December 31, 2022 and 2021, respectively. |
|
|
(2) |
Represents the percentage of miles for which the company is not
compensated. |
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