- Operating Revenues $1.3 billion; $1.4 billion in
2023
- Income from Operations $42.4 million; $31.3 million in
2023
- Diluted Earnings per Share $0.18; $0.15 in 2023
- Adjusted Diluted Earnings per Share $0.20; $0.16 in
2023
- Full year 2025 Adjusted Diluted Earnings per Share guidance
of $0.90 - $1.20
- Full year 2025 Net Capital Expenditures guidance of
approximately $400 - $450 million
Schneider National, Inc. (NYSE: SNDR, “Schneider” or the
“Company”), a leading transportation and logistics services
company, today announced results for the three months ended
December 31, 2024.
“In the second quarter of 2024, signs of seasonality returned to
the freight market and were even more evident in the fourth
quarter. The year ended positively as carriers continued to exit
the market and demand aligned more closely to seasonal
expectations,” said Mark Rourke, President and Chief Executive
Officer of Schneider. “The fourth quarter reflected the cumulative
effects of actions we have taken to expand margins, which resulted
in year over year earnings improvement across all our reportable
segments for the first time since the second quarter of 2022.
Intermodal achieved its second consecutive quarter of year over
year earnings growth with continued improvement in volume and
revenue per order. Our Dedicated business delivered resilient
results through organic fleet growth and continues to have a strong
new business pipeline. In December, we successfully completed our
third Dedicated acquisition in as many years. Bringing Cowan
Systems into our family of companies aligns with our long-term
strategic vision to provide customer-centric dedicated solutions as
the cornerstone of our Truckload segment and broaden our presence
to provide greater value to our customers. As of the end of the
year, with the Cowan acquisition, Dedicated represents 70% of our
Truckload segment.”
“I would like to recognize our associates, particularly our
professional drivers, for their unwavering dedication and
commitment throughout the year. I would also like to thank our
customers and stakeholders for their support. As we look ahead to
2025 and what we believe will be a year of improving freight market
conditions, we expect to build on the momentum of the fourth
quarter with a focus on restoring margins and positioning the
business for through-cycle growth.”
Results of Operations (unaudited)
The following table summarizes the Company’s results of
operations for the periods indicated.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except ratios & per
share amounts)
2024
2023
Change
2024
2023
Change
Operating revenues
$
1,339.1
$
1,371.7
(2)%
$
5,290.5
$
5,498.9
(4)%
Revenues (excluding fuel surcharge)
1,205.7
1,194.8
1%
4,714.3
4,814.6
(2)%
Income from operations
42.4
31.3
35%
165.2
296.4
(44)%
Adjusted income from operations
45.0
32.6
38%
172.2
302.9
(43)%
Operating ratio
96.8
%
97.7
%
90 bps
96.9
%
94.6
%
(230) bps
Adjusted total operating expenses, net of
fuel surcharge revenue
1,160.7
1,162.2
—%
4,542.1
4,511.7
1%
Adjusted operating ratio
96.3
%
97.3
%
100 bps
96.3
%
93.7
%
(260) bps
Net income
$
32.6
$
27.4
19%
$
117.0
$
238.5
(51)%
Adjusted net income
34.5
28.4
21%
122.3
243.4
(50)%
Adjusted EBITDA
152.2
131.6
16%
580.2
699.6
(17)%
Diluted earnings per share
0.18
0.15
20%
0.66
1.34
(51)%
Adjusted diluted earnings per share
0.20
0.16
25%
0.69
1.37
(50)%
Weighted average diluted shares
outstanding
176.2
177.1
(0.9)
176.1
178.2
(2.1)
Enterprise Results
Enterprise income from operations for the fourth quarter of 2024
was $42.4 million, an increase of $11.1 million, or 35%, compared
to the same quarter in 2023. Diluted earnings per share in the
fourth quarter of 2024 was $0.18 compared to $0.15 in the prior
year. Adjusted diluted earnings per share was $0.20 in the fourth
quarter of 2024 compared to $0.16 in the same period a year ago.
Compared to 2023, non-GAAP items in the fourth quarter included
$1.4 million of transaction costs related to the acquisition of
Cowan Systems.
In 2024, Schneider achieved significant reductions in our DOT
reportable accidents, attaining an all-time low accident frequency.
At the same time, the industry overall has seen a surge in
litigious activity, including litigation funding, nuclear verdicts,
and inflated settlements which has increased the cost and
volatility of claims reserves, as well as insurance premiums.
Refinement of reserve estimates, primarily relating to three
accident claims from prior years, resulted in approximately $7.0
million of expense in the quarter, a $0.03 earnings per share
impact.
Cash Flow and Capitalization
At December 31, 2024, the Company had $526.8 million outstanding
on total debt and finance lease obligations compared to $302.1
million as of December 31, 2023. The Company had cash and cash
equivalents of $117.6 million and $102.4 million as of December 31,
2024, and December 31, 2023, respectively.
The Company’s cash provided by operating activities for 2024
increased slightly year over year. Net capital expenditures were
lower compared to the same period a year ago primarily due to
reduced purchases of transportation equipment. Despite freight
market conditions, we have generated strong free cash flow. For
2024, free cash flow increased $199.6 million compared to the same
period in 2023.
In February 2023, the Company announced the approval of a $150.0
million stock repurchase program. As of December 31, 2024, the
Company had repurchased a total of 3.8 million Class B shares for a
total of $95.5 million under the program. In October 2024, the
Company’s Board of Directors declared a $0.095 dividend payable to
shareholders of record as of December 13, 2024, which was paid on
January 8, 2025. On January 27, 2025, the Company’s Board of
Directors declared a $0.095 dividend payable to shareholders of
record as of March 14, 2025, expected to be paid on April 9, 2025.
As of December 31, 2024, the Company had returned $66.6 million in
the form of dividends to shareholders year to date.
Results of Operations – Reportable Segments
Truckload
Truckload revenues (excluding fuel surcharge) for the fourth
quarter of 2024 were $560.1 million, an increase of $9.4 million,
or 2%, compared to the same quarter in 2023 due to the acquisition
of Cowan Systems, Dedicated organic new business growth, and a
higher Network rate per total mile, partially offset by lower
Network volumes. Dedicated average truck count increased 8% year
over year due to the Cowan Systems acquisition and new business
growth, while Network average truck count was down 13%. Truckload
revenue per truck per week was $4,100, an increase compared to the
same quarter in 2023, as both Network and Dedicated revenue per
truck per week improved year over year.
Truckload income from operations was $19.8 million in the fourth
quarter of 2024, an increase of $1.0 million, or 5%, compared to
the same quarter in 2023 primarily due to Dedicated organic new
business growth and the acquisition of Cowan Systems, partially
offset by increased insurance expense. Truckload operating ratio
was 96.5% in the fourth quarter of 2024 compared to 96.6% in the
fourth quarter of 2023.
Intermodal
Intermodal revenues (excluding fuel surcharge) for the fourth
quarter of 2024 were $276.2 million, an increase of $15.6 million,
or 6%, compared to the same quarter in 2023 primarily due to volume
growth of 3% and higher revenue per order. Revenue per order was
$2,536, an increase of $52, or 2% year over year, partially due to
changes in freight mix which impacted length of haul.
Intermodal income from operations for the fourth quarter of 2024
was $17.2 million, an increase of $11.0 million, or 177%, compared
to the same quarter in 2023. In addition to the volume growth and
increased revenue per order mentioned above, internal cost actions,
network optimization, and improved dray productivity contributed to
the increase in earnings. Intermodal operating ratio was 93.8%
compared to 97.6% in the same quarter in 2023, an improvement of
380 basis points.
Logistics
Logistics revenues (excluding fuel surcharge) for the fourth
quarter of 2024 were $323.9 million, a decrease of $18.2 million,
or 5%, compared to the same quarter in 2023 primarily due to lower
brokerage revenue per order and volumes, which were down 6% and 5%,
respectively, year over year, partially offset by the Cowan Systems
acquisition.
Logistics income from operations for the fourth quarter of 2024
was $8.5 million, an increase of $2.4 million, or 39%, compared to
the same quarter in 2023 primarily due to higher brokerage net
revenue per order and the Cowan Systems acquisition, partially
offset by lower brokerage volume noted above. Logistics operating
ratio was 97.4% in the fourth quarter of 2024, compared to 98.2% in
the fourth quarter of 2023, an improvement of 80 basis points.
Business Outlook
(in millions, except per share data)
Current Guidance
Adjusted diluted earnings per share
$0.90 - $1.20
Net capital expenditures
$400- $450
“We anticipate continued improvement in freight market
conditions in 2025, leading to revenue and earnings growth with
enhanced margins and asset returns progressing throughout the
year,” said Darrell Campbell, Executive Vice President and Chief
Financial Officer of Schneider. “For 2025, our Truckload Network
focus is on returning the business to profitability by improving
price, growing variable cost capacity, and continuing to execute
cost and asset efficiency actions. For our Dedicated business, we
anticipate top-line and earnings growth from organic new business
and the accretive impact of Cowan Systems, including expected
acquisition synergies. For Intermodal, we expect both volume growth
and price improvement by leveraging our differentiated market
position and rail partnerships. For our Logistics segment, we
expect to continue to operate profitably as we take advantage of
our technology and leading Power Only offering which augments our
Truckload Network business.”
Campbell added, “Our 2025 full year adjusted diluted earnings
per share guidance is $0.90 - $1.20, which assumes a full year
effective tax rate of 23.0% - 24.0%. Our full year net capital
expenditure guidance is $400 to $450 million, which consists
primarily of replacement capital and growth capital for Dedicated
and Intermodal.”
Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures,
including revenues (excluding fuel surcharge); adjusted income from
operations; adjusted total operating expenses, net of fuel
surcharge revenues; adjusted operating ratio; adjusted net income;
adjusted EBITDA; free cash flow; and adjusted diluted earnings per
share. Management believes the use of non-GAAP measures assists
investors in understanding the business, as further described
below. The non-GAAP information provided is used by Company
management and may not be comparable to similar measures disclosed
by other companies. The non-GAAP measures used herein have
limitations as analytical tools and should not be considered in
isolation or as substitutes for analysis of results as reported
under GAAP.
A reconciliation of net income per share to adjusted diluted
earnings per share as projected for 2025 is not provided. Schneider
does not forecast net income per share as the Company cannot,
without unreasonable effort, estimate or predict with certainty
various components of net income. The components of net income that
cannot be predicted include expenses for items that do not relate
to core operating performance, such as costs related to potential
future acquisitions, as well as the related tax impact of these
items. Further, in the future, other items with similar
characteristics to those currently included in adjusted net income,
that have a similar impact on the comparability of periods, and
which are not known at this time may exist and impact adjusted net
income.
About Schneider National, Inc.
Schneider National, Inc. and its subsidiaries (together
“Schneider,” the “Company,” “we,” “us,” or “our”) are among the
largest providers of surface transportation and logistics solutions
in North America. We offer a multimodal portfolio of services and
an array of capabilities and resources that leverage artificial
intelligence, data science, and analytics to provide innovative
solutions that coordinate the timely, safe, and effective movement
of customer products. The Company offers truckload, intermodal, and
logistics services to a diverse customer base throughout the
continental United States, Canada, and Mexico. We were founded in
1935 and have been a publicly held holding company since our IPO in
2017. Our stock is publicly traded on the NYSE under the ticker
symbol SNDR.
Our diversified portfolio of complementary service offerings
enables us to serve the varied needs of our customers and to
allocate capital that maximizes returns across all market cycles
and economic conditions. Our service offerings include
transportation of full-truckload freight, which we directly
transport utilizing either our company-owned transportation
equipment and company drivers, owner-operators, or third-party
carriers under contract with us. We have arrangements with most of
the major North American rail carriers to transport freight in
containers. We also provide customized freight movement,
transportation equipment, labor, systems, and delivery services
tailored to meet individual customer requirements, which typically
involve long-term contracts. These arrangements are generally
referred to as dedicated services and may include multiple pickups
and drops, local deliveries, freight handling, specialized
equipment, and freight network design. In addition, we provide
comprehensive logistics services with a network of thousands of
qualified third-party carriers. We also lease equipment to third
parties through our wholly owned subsidiary Schneider Finance,
Inc., which is primarily engaged in leasing trucks to
owner-operators, including, but not limited to, owner-operators
with whom we contract, and we provide insurance for both company
drivers and owner-operators through our wholly owned insurance
subsidiary.
Conference Call and Webcast Information
The Company will host an earnings conference call today at 10:30
a.m. Eastern Time. The conference call can be accessed by dialing
800-715-9871 toll-free or 646-307-1963 (conference ID: 2793697). A
webcast of the conference call can also be accessed on the Investor
Relations section of the Company’s website, Schneider.com, along
with the current quarterly investor presentation.
SCHNEIDER NATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in millions, except
per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Operating revenues
$
1,339.1
$
1,371.7
$
5,290.5
$
5,498.9
Operating expenses:
Purchased transportation
498.3
549.6
1,991.3
2,184.5
Salaries, wages, and benefits
354.5
355.4
1,409.7
1,359.1
Fuel and fuel taxes
95.5
111.9
398.2
437.4
Depreciation and amortization
106.5
100.7
413.7
382.5
Operating supplies and expenses—net
156.3
149.0
636.5
576.0
Insurance and related expenses
50.8
37.3
151.5
114.3
Other general expenses
34.8
36.5
124.4
148.7
Total operating expenses
1,296.7
1,340.4
5,125.3
5,202.5
Income from operations
42.4
31.3
165.2
296.4
Other expenses (income):
Interest income
(1.6
)
(0.7
)
(4.3
)
(7.0
)
Interest expense
4.7
4.1
16.6
14.2
Other expenses (income)—net
(1.9
)
0.4
0.7
(16.9
)
Total other expenses (income)—net
1.2
3.8
13.0
(9.7
)
Income before income taxes
41.2
27.5
152.2
306.1
Provision for income taxes
8.6
0.1
35.2
67.6
Net income
$
32.6
$
27.4
$
117.0
$
238.5
Weighted average shares outstanding
175.2
176.2
175.5
177.3
Basic earnings per share
$
0.19
$
0.16
$
0.67
$
1.35
Weighted average diluted shares
outstanding
176.2
177.1
176.1
178.2
Diluted earnings per share
$
0.18
$
0.15
$
0.66
$
1.34
Dividends per share of common stock
$
0.095
$
0.09
$
0.38
$
0.36
SCHNEIDER NATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in
millions)
December 31,
2024
December 31,
2023
Assets
Cash and cash equivalents
$
117.6
$
102.4
Trade accounts receivable—net
600.0
575.7
Other current assets
397.7
432.8
Net property and equipment
2,869.4
2,581.7
Other noncurrent assets
949.0
864.6
Total Assets
$
4,933.7
$
4,557.2
Liabilities and Shareholders’
Equity
Trade accounts payable
$
253.1
$
241.3
Current maturities of debt and finance
lease obligations
106.0
104.5
Other current liabilities
345.4
260.4
Long-term debt and finance lease
obligations
420.8
197.6
Deferred income taxes
565.6
595.7
Other noncurrent liabilities
255.9
200.9
Shareholders’ Equity
2,986.9
2,956.8
Total Liabilities and Shareholders’
Equity
$
4,933.7
$
4,557.2
SCHNEIDER NATIONAL, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in
millions)
Year Ended
December 31,
2024
2023
Net cash provided by operating
activities
$
686.1
$
680.0
Net cash used in investing activities
(791.5
)
(907.6
)
Net cash provided by (used in) financing
activities
120.6
(55.7
)
Net increase (decrease) in cash and cash
equivalents
$
15.2
$
(283.3
)
Net capital expenditures
$
(380.3
)
$
(573.8
)
Schneider National, Inc.
Revenues and Income (Loss) from Operations by Segment
(unaudited)
Revenues by Segment
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Truckload
$
560.1
$
550.7
$
2,170.7
$
2,155.7
Intermodal
276.2
260.6
1,041.2
1,050.7
Logistics
323.9
342.1
1,281.3
1,393.7
Other
88.8
83.9
383.9
333.4
Fuel surcharge
133.4
176.9
576.2
684.3
Inter-segment eliminations
(43.3
)
(42.5
)
(162.8
)
(118.9
)
Operating revenues
$
1,339.1
$
1,371.7
$
5,290.5
$
5,498.9
Income (Loss) from Operations by
Segment
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Truckload
$
19.8
$
18.8
$
89.1
$
170.7
Intermodal
17.2
6.2
54.5
71.0
Logistics
8.5
6.1
32.7
45.9
Other
(3.1
)
0.2
(11.1
)
8.8
Income from operations
$
42.4
$
31.3
$
165.2
$
296.4
Schneider National, Inc. Key
Performance Indicators by Segment (unaudited)
We monitor and analyze a number of KPIs in order to manage our
business and evaluate our financial and operating performance.
Truckload
The following table presents our Truckload segment KPIs for the
periods indicated, consistent with how revenues and expenses are
reported internally for segment purposes.
The two operations that make up our Truckload segment are as
follows:
- Dedicated - Transportation services with equipment
devoted to customers under long-term contracts.
- Network - Transportation services of one-way
shipments.
Cowan Systems’ dedicated operations and M&M impacts are
included in Dedicated beginning in the fourth quarter of 2024 and
third quarter of 2023, respectively.
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Dedicated
Revenues (excluding fuel surcharge)
(1)
$
375.3
$
341.3
$
1,410.6
$
1,272.0
Average trucks (2) (3)
7,174
6,641
6,829
6,233
Revenue per truck per week (4)
$
4,179
$
4,138
$
4,041
$
4,011
Network
Revenues (excluding fuel surcharge)
(1)
$
185.1
$
210.1
$
760.3
$
884.5
Average trucks (2) (3)
3,745
4,301
3,926
4,374
Revenue per truck per week (4)
$
3,948
$
3,933
$
3,788
$
3,974
Total Truckload
Revenues (excluding fuel surcharge)
(5)
$
560.1
$
550.7
$
2,170.7
$
2,155.7
Average trucks (2) (3)
10,919
10,942
10,755
10,607
Revenue per truck per week (4)
$
4,100
$
4,057
$
3,948
$
3,996
Average company trucks (3)
9,595
9,103
9,244
8,695
Average owner-operator trucks (3)
1,324
1,839
1,511
1,912
Trailers (6)
54,459
47,460
54,459
47,460
Operating ratio (7)
96.5
%
96.6
%
95.9
%
92.1
%
(1)
Revenues (excluding fuel surcharge), in
millions, exclude revenue in transit.
(2)
Includes company and owner-operator
trucks.
(3)
Calculated based on beginning and end of
month counts and represents the average number of trucks available
to haul freight over the specified timeframe.
(4)
Calculated excluding fuel surcharge and
revenue in transit, consistent with how revenue is reported
internally for segment purposes, using weighted workdays.
(5)
Revenues (excluding fuel surcharge), in
millions, include revenue in transit at the operating segment level
and, therefore does not sum with amounts presented above.
(6)
Includes entire fleet of owned trailers,
including trailers with leasing arrangements between Truckload and
Logistics.
(7)
Calculated as segment operating expenses
divided by segment revenues (excluding fuel surcharge) including
revenue in transit and related expenses at the operating segment
level.
Intermodal
The following table presents the KPIs for our Intermodal segment
for the periods indicated.
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Orders (1)
109,906
106,377
419,833
415,095
Containers
26,553
26,991
26,553
26,991
Trucks
1,413
1,485
1,413
1,485
Revenue per order (2)
$
2,536
$
2,484
$
2,474
$
2,530
Operating ratio (3)
93.8
%
97.6
%
94.8
%
93.2
%
(1)
Based on delivered rail orders.
(2)
Calculated using rail revenues excluding
fuel surcharge and revenue in transit, consistent with how revenue
is reported internally for segment purposes.
(3)
Calculated as segment operating expenses
divided by segment revenues (excluding fuel surcharge) including
revenue in transit and related expenses at the operating segment
level.
Logistics
The following table presents the KPI for our Logistics segment
for the periods indicated. Cowan Systems’ logistics operations are
included in Logistics beginning in December 2024.
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Operating ratio (1)
97.4
%
98.2
%
97.4
%
96.7
%
(1)
Calculated as segment operating expenses
divided by segment revenues (excluding fuel surcharge) including
revenue in transit and related expenses at the operating segment
level.
Schneider National, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)
In this earnings release, we present the following non-GAAP
financial measures: (1) revenues (excluding fuel surcharge), (2)
adjusted income from operations, (3) adjusted operating expenses,
net of fuel surcharge revenues, (4) adjusted operating ratio, (5)
adjusted net income, (6) adjusted EBITDA, (7) free cash flow, and
(8) adjusted diluted earnings per share. We also provide
reconciliations of these measures to the most directly comparable
financial measures calculated and presented in accordance with
GAAP.
Management believes the use of each of these non-GAAP measures
assists investors in understanding our business by (1) removing the
impact of items from our operating results that, in our opinion, do
not reflect our core operating performance, (2) providing investors
with the same information our management uses internally to assess
our core operating performance, and (3) presenting comparable
financial results between periods. In addition, in the case of
revenues (excluding fuel surcharge), we believe the measure is
useful to investors because it isolates volume, price, and cost
changes directly related to industry demand and the way we operate
our business from the external factor of fluctuating fuel prices
and the programs we have in place to manage such fluctuations.
Fuel-related costs and their impact on our industry are important
to our results of operations, but they are often independent of
other, more relevant factors affecting our results of operations
and our industry. Free cash flow is used as a measure to assess
overall liquidity and does not represent residual cash flow
available for discretionary expenditures as it excludes certain
mandatory expenditures such as repayment of maturing debt.
Although we believe these non-GAAP measures are useful to
investors, they have limitations as analytical tools and may not be
comparable to similar measures disclosed by other companies. You
should not consider the non-GAAP measures in this report in
isolation or as substitutes for, or alternatives to, analysis of
our results as reported under GAAP. The exclusion of unusual or
infrequent items or other adjustments reflected in the non-GAAP
measures should not be construed as an inference that our future
results will not be affected by unusual or infrequent items or by
other items similar to such adjustments. Our management compensates
for these limitations by relying primarily on our GAAP results in
addition to using the non-GAAP measures.
Adjustments to arrive at non-GAAP measures are made at the
enterprise level, with the exception of fuel surcharge revenues,
which are not included in segment revenues.
Revenues (excluding fuel surcharge)
We define “revenues (excluding fuel surcharge)” as operating
revenues less fuel surcharge revenues, which are excluded from
revenues at the segment level. Included below is a reconciliation
of operating revenues, the most closely comparable GAAP financial
measure, to revenues (excluding fuel surcharge).
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Operating revenues
$
1,339.1
$
1,371.7
$
5,290.5
$
5,498.9
Less: Fuel surcharge revenues
133.4
176.9
576.2
684.3
Revenues (excluding fuel surcharge)
$
1,205.7
$
1,194.8
$
4,714.3
$
4,814.6
Adjusted income from operations
We define “adjusted income from operations” as income from
operations, adjusted to exclude material items that do not reflect
our core operating performance. Included below is a reconciliation
of income from operations, which is the most directly comparable
GAAP measure, to adjusted income from operations. Excluded items
for the periods shown are explained in the table and notes
below.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Income from operations
$
42.4
$
31.3
$
165.2
$
296.4
Litigation and audit assessments (1)
—
—
—
2.9
Acquisition-related costs (2)
1.4
—
2.0
0.9
Amortization of intangible assets (3)
1.2
1.3
5.0
2.7
Adjusted income from operations
$
45.0
$
32.6
$
172.2
$
302.9
(1)
Includes $2.9 million for the year ended
December 31, 2023 for charges related to adverse audit assessments
for prior period state sales tax on rolling stock equipment used
within that state.
(2)
Advisory, legal, and accounting costs
related to the acquisition of Cowan Systems in 2024 and M&M in
2023. Acquisition related costs for Cowan Systems totaling $2.0
million were recorded during 2024. Those costs were not considered
non-GAAP until the acquisition was complete in December 2024.
Acquisition related costs of $0.6 million and $1.4 million were
incurred in the third and fourth quarters, respectively.
(3)
Amortization expense related to intangible
assets acquired through recent business acquisitions. As we
finalized our purchase accounting adjustments related to intangible
assets, we made the decision to exclude the related amortization
expense from adjusted income from operations and adjusted net
income beginning in the fourth quarter of 2023. Although intangible
assets contribute to our revenue generation, the amortization of
intangible assets does not directly relate to transportation
services provided to our customers.
Adjusted operating ratio
We define “adjusted operating ratio” as total operating
expenses, adjusted to exclude material items that do not reflect
our core operating performance, divided by revenues (excluding fuel
surcharge). Included below is a reconciliation of operating ratio,
which is the most directly comparable GAAP measure, to adjusted
operating ratio.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except ratios)
2024
2023
2024
2023
Total operating expenses
$
1,296.7
$
1,340.4
$
5,125.3
$
5,202.5
Divide by: Operating revenues
1,339.1
1,371.7
5,290.5
5,498.9
Operating ratio
96.8
%
97.7
%
96.9
%
94.6
%
Total operating expenses
$
1,296.7
$
1,340.4
$
5,125.3
$
5,202.5
Adjusted for:
Fuel surcharge revenues
(133.4
)
(176.9
)
(576.2
)
(684.3
)
Litigation and audit assessments
—
—
—
(2.9
)
Acquisition-related costs
(1.4
)
—
(2.0
)
(0.9
)
Amortization of intangible assets
(1.2
)
(1.3
)
(5.0
)
(2.7
)
Adjusted total operating expenses, net of
fuel surcharge revenues
$
1,160.7
$
1,162.2
$
4,542.1
$
4,511.7
Operating revenues
$
1,339.1
$
1,371.7
$
5,290.5
$
5,498.9
Less: Fuel surcharge revenues
133.4
176.9
576.2
684.3
Revenues (excluding fuel surcharge)
$
1,205.7
$
1,194.8
$
4,714.3
$
4,814.6
Adjusted operating ratio
96.3
%
97.3
%
96.3
%
93.7
%
Adjusted net income
We define “adjusted net income” as net income, adjusted to
exclude material items that do not reflect our core operating
performance. Included below is a reconciliation of net income,
which is the most directly comparable GAAP measure, to adjusted net
income.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Net income
$
32.6
$
27.4
$
117.0
$
238.5
Litigation and audit assessments
—
—
—
2.9
Acquisition-related costs
1.4
—
2.0
0.9
Amortization of intangible assets
1.2
1.3
5.0
2.7
Income tax effect of non-GAAP adjustments
(1)
(0.7
)
(0.3
)
(1.7
)
(1.6
)
Adjusted net income
$
34.5
$
28.4
$
122.3
$
243.4
(1)
Our estimated tax rate on non-GAAP items
is determined annually using the applicable consolidated federal
and state effective tax rate, modified to remove the impact of tax
credits and adjustments that are not applicable to the specific
items. Due to the differences in the tax treatment of items
excluded from non-GAAP income, as well as the methodology applied
to our estimated annual tax rates as described above, our estimated
tax rate on non-GAAP items may differ from our GAAP tax rate and
from our actual tax liabilities.
Adjusted EBITDA
We define “adjusted EBITDA” as net income, adjusted to exclude
net interest expense, our provision for income taxes, depreciation
and amortization, and certain items that do not reflect our core
operating performance. Included below is a reconciliation of net
income, which is the most directly comparable GAAP measure, to
adjusted EBITDA.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Net income
$
32.6
$
27.4
$
117.0
$
238.5
Interest expense, net
3.1
3.4
12.3
7.2
Provision for income taxes
8.6
0.1
35.2
67.6
Depreciation and amortization
106.5
100.7
413.7
382.5
Litigation and audit assessments
—
—
—
2.9
Acquisition-related costs
1.4
—
2.0
0.9
Adjusted EBITDA
$
152.2
$
131.6
$
580.2
$
699.6
Free cash flow
We define “free cash flow” as net cash provided by operating
activities less net cash used for capital expenditures.
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2024
2023
2024
2023
Net cash provided by operating
activities
$
199.5
$
193.9
$
686.1
$
680.0
Purchases of transportation equipment
(85.9
)
(159.5
)
(414.0
)
(660.1
)
Purchases of other property and
equipment
(37.3
)
(8.4
)
(65.1
)
(42.3
)
Proceeds from sale of property and
equipment
17.5
22.4
98.8
128.6
Net capital expenditures
(105.7
)
(145.5
)
(380.3
)
(573.8
)
Free cash flow
$
93.8
$
48.4
$
305.8
$
106.2
Adjusted diluted earnings per share (1)
Three Months Ended
December 31,
Year Ended
December 31,
2024
2023
2024
2023
Diluted earnings per share
$
0.18
$
0.15
$
0.66
$
1.34
Non-GAAP adjustments, tax effected
0.01
0.01
0.03
0.03
Adjusted diluted earnings per share
$
0.20
$
0.16
$
0.69
$
1.37
(1)
Table may not sum due to rounding.
Special Note Regarding Forward-Looking Statements
This earnings release contains forward-looking statements,
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company’s current
expectations, beliefs, plans, or forecasts with respect to, among
other things, future events and financial performance and trends in
the business and industry. The words “may,” “will,” “could,”
“should,” “would,” “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” “prospects,” “potential,” “budget,”
“forecast,” “continue,” “predict,” “seek,” “objective,” “goal,”
“guidance,” “outlook,” “effort,” “target,” and similar words,
expressions, terms, and phrases among others, generally identify
forward-looking statements, which speak only as of the date the
statements were made. Forward-looking statements involve estimates,
expectations, projections, goals, forecasts, assumptions, risks,
and uncertainties. Readers are cautioned that a forward-looking
statement is not a guarantee of future performance and that actual
results could differ materially from those contained in the
forward-looking statement.
The statements in this news release are based on currently
available information and the current expectations, forecasts, and
assumptions of the Company’s management concerning risks and
uncertainties that could cause actual outcomes or results to differ
materially from those outcomes or results that are projected,
anticipated, or implied in these statements. Such risks and
uncertainties include, among others, those discussed in Part I,
Item 1A, “Risk Factors,” of the Company’s Annual Report on Form
10-K filed on February 23, 2024, subsequent Reports on Form 10-Q
and 8-K, and other filings we make with the U.S. Securities and
Exchange Commission. In addition to any such risks, uncertainties,
and other factors discussed elsewhere herein, risks, uncertainties,
and other factors that could cause or contribute to actual results
differing materially from those expressed or implied by the
forward-looking statements include, but are not limited to:
inflation, both in the U.S. and globally; our ability to
successfully manage operational challenges and disruptions, as well
as related federal, state, and local government responses arising
from future pandemics; economic and business risks inherent in the
truckload and transportation industry, including inflation, freight
cycles, and competitive pressures pertaining to pricing, capacity,
and service; our ability to effectively manage truck capacity
brought about by cyclical driver shortages and successfully execute
our yield management strategies; our ability to maintain key
customer and supply arrangements (including dedicated arrangements)
and to manage disruption of our business due to factors outside of
our control, such as natural disasters, acts of war or terrorism,
disease outbreaks, or pandemics; volatility in the market valuation
of our investments in strategic partners and technologies; our
ability to manage and effectively implement our growth and
diversification strategies and cost saving initiatives; our
dependence on our reputation and the Schneider brand and the
potential for adverse publicity, damage to our reputation, and the
loss of brand equity; risks related to demand for our service
offerings; risks associated with the loss of a significant customer
or customers; capital investments that fail to match customer
demand or for which we cannot obtain adequate funding; fluctuations
in the price or availability of fuel, the volume and terms of
diesel fuel purchase agreements, our ability to recover fuel costs
through our fuel surcharge programs, and potential changes in
customer preferences (e.g. truckload vs. intermodal services)
driven by diesel fuel prices; fluctuations in the value and demand
for our used Class 8 heavy-duty tractors and trailers; our ability
to attract and retain qualified drivers and owner-operators; our
reliance on owner-operators to provide a portion of our truck
fleet; our dependence on railroads in the operation of our
intermodal business; service instability, availability, and/or
increased costs from third-party capacity providers used by our
business; changes in the outsourcing practices of our third-party
logistics customers; difficulty in obtaining material, equipment,
goods, and services from our vendors and suppliers; variability in
insurance and claims expenses and the risks of insuring claims
through our captive insurance company; the impact of laws and
regulations that apply to our business, including those that relate
to the environment, taxes, associates, owner-operators, and our
captive insurance company; changes to those laws and regulations
and the increased costs of compliance with existing or future
federal, state, and local regulations; political, economic, and
other risks from cross-border operations and operations in multiple
countries; risks associated with financial, credit, and equity
markets, including our ability to service indebtedness and fund
capital expenditures and strategic initiatives; negative seasonal
patterns generally experienced in the trucking industry during
traditionally slower shipping periods and winter months; risks
associated with severe weather and similar events; significant
systems disruptions, including those caused by cybersecurity events
and firmware defects; exposure to claims and lawsuits in the
ordinary course of business; our ability to adapt to new
technologies and new participants in the truckload and
transportation industry.
The Company undertakes no obligation to publicly release any
revision to its forward-looking statements to reflect events or
circumstances after the date of this earnings release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250129847215/en/
Steve Bindas, Director of Investor Relations 920-357-SNDR
investor@schneider.com
Schneider National (NYSE:SNDR)
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