0001177702false00011777022024-02-022024-02-02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): February 02, 2024 |
SAIA, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
0-49983 |
48-1229851 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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11465 Johns Creek Parkway Suite 400 |
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Johns Creek, Georgia |
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30097 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 770 232-5067 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock, par value $.001 per share |
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SAIA |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 |
Results of Operations and Financial Condition |
On February 2, 2024 Saia, Inc. issued a press release announcing its fourth quarter 2023 results. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, of the Exchange Act, except as otherwise expressly stated in any such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SAIA, INC. |
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Date: February 2, 2024 |
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/s/ Kelly W. Benton |
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Kelly W. Benton |
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Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Exhibit 99.1
Saia Reports Fourth Quarter Results
JOHNS CREEK, GA – February 2, 2024 – Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter 2023 financial results. Diluted earnings per share for the quarter were $3.33 compared to $2.65 in the fourth quarter of 2022. Full year diluted earnings per share were $13.26 in 2023 compared to $13.40 in 2022.
Highlights from the fourth quarter and full year operating results were as follows:
Fourth Quarter 2023 Compared to Fourth Quarter 2022 Results
•Revenue was $751.1 million, a 14.5% increase
•Operating income was $112.7 million, a 21.5% increase
•Operating ratio of 85.0% compared to 85.9%
•LTL shipments per workday increased 18.1%
•LTL tonnage per workday increased 8.2%
•LTL revenue per hundredweight, excluding fuel surcharge revenue, increased 11.7%
•LTL revenue per shipment, excluding fuel surcharge revenue, increased 2.4%
Full Year 2023 Results Compared to Full Year 2022 Results
•Revenue was $2.9 billion, a 3.2% increase
•Operating income was $460.5 million, a 2.1% decrease
•Operating ratio of 84.0% compared to 83.1%
•LTL shipments per workday increased 4.3%
•LTL tonnage per workday increased 1.7%
•LTL revenue per hundredweight, excluding fuel surcharge revenue, increased 6.9%
•LTL revenue per shipment, excluding fuel surcharge revenue, increased 4.2%
Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “I am pleased to bring 2023 to a close by reporting that our fourth quarter operating ratio improved by 90 basis points year-over-year to 85.0%. Our market share gains have been meaningful since last summer's industry disruption, and it has been very satisfying for our organization to step up and provide excellent service to both new and
Saia, Inc. Fourth Quarter 2023 Results
Page 2
existing customers. To this end, we have onboarded nearly 1,500 new associates since the end of the second quarter and closed the year with just under 14,000 employees company-wide.”
“We ended the fourth quarter by being the winning bidder for the purchase of 17 terminals, along with lease rights for 11 additional terminal properties. We completed the acquisition of these properties in mid-January. These terminals, once opened, will allow us to provide direct coverage in new markets, add density in existing markets and serve as replacement terminals for some of our existing leased and owned facilities. In 2024, we have plans to open 15-20 new terminals and will relocate from a handful of existing properties into new locations,” continued Holzgrefe.
“Saia celebrates its 100th anniversary in 2024, and our future has never been brighter. As we add direct service to new geographies, we are rounding out our value proposition through a strong service offering, including a claims ratio of 0.63% in 2023, which is among the best in our industry. Our customers who value that level of quality have shown that they will increasingly use our service when we add new coverage areas,” said Holzgrefe.
“Moving into 2024, we remain focused on operational excellence in order to meet customer expectations. In doing so, we are able to price for that high level of service which is key to achieving our profitability goals,” concluded Holzgrefe.
Financial Position and Capital Expenditures
We ended 2023 with $296.2 million of cash on hand and total debt of $16.5 million, which compares to $187.4 million of cash on hand and total debt of $31.0 million at December 31, 2022.
Net capital expenditures were $437.2 million during 2023, compared to $365.5 million in net capital expenditures during 2022. In 2024, we anticipate that net capital expenditures will be approximately $1 billion, subject to ongoing evaluation of market conditions.
Conference Call
Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-888-440-5655 or 1-646-960-0338 referencing conference ID #9246157. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through March 3, 2024 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-800-770-2030 or 1-647-362-9199 referencing conference ID #9246157.
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 194 terminals with service across 45 states. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.
Saia, Inc. Fourth Quarter 2023 Results
Page 3
Cautionary Note Regarding Forward-Looking Statements
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in operating expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (10) failure to keep pace with technological developments; (11) labor relations, including the adverse impact should a portion of our workforce become unionized; (12) cost, availability and resale value of real property and revenue equipment; (13) supply chain disruption and delays on new equipment delivery; (14) capacity and highway infrastructure constraints; (15) risks arising from international business operations and relationships; (16) seasonal factors, harsh weather and disasters caused by climate change; (17) economic declines in the geographic regions or industries in which our customers operate; (18) the creditworthiness of our customers and their ability to pay for services; (19) our need for capital and uncertainty of the credit markets; (20) the possibility of defaults under our debt agreements, including violation of financial covenants; (21) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (22) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (23) dependence on key employees; (24) employee turnover from changes to compensation and benefits or market factors; (25) increased costs of healthcare benefits; (26) damage to our reputation from adverse publicity, including from the use of or impact from social media; (27) failure to make future acquisitions or to achieve acquisition synergies; (28) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (29) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (30) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and
Saia, Inc. Fourth Quarter 2023 Results
Page 4
environmental regulations; (31) unforeseen costs from new and existing data privacy laws; (32) changes in accounting and financial standards or practices; (33) widespread outbreak of an illness or any other communicable disease, including the COVID-19 pandemic; (34) international conflicts and geopolitical instability; (35) increasing investor and customer sensitivity to social and sustainability issues, including climate change; (36) provisions in our governing documents and Delaware law that may have anti-takeover effects; (37) issuances of equity that would dilute stock ownership; (38) weakness, disruption or loss of confidence in financial or credit markets; and (39) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.
As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
# # #
CONTACT: Saia, Inc.
Douglas Col
Executive Vice President and Chief Financial Officer
Investors@saia.com
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Saia, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(Amounts in thousands) |
(Unaudited) |
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December 31, 2023 |
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December 31, 2022 |
Assets |
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Current Assets: |
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Cash and cash equivalents |
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$296,215 |
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$187,390 |
Accounts receivable, net |
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311,742 |
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290,306 |
Prepaid expenses and other |
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40,737 |
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53,190 |
Total current assets |
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648,694 |
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530,886 |
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Property and Equipment: |
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Cost |
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2,881,800 |
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2,478,824 |
Less: accumulated depreciation |
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1,118,492 |
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996,204 |
Net property and equipment |
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1,763,308 |
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1,482,620 |
Operating Lease Right-of-Use Assets |
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118,734 |
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120,455 |
Other Assets |
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52,829 |
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40,749 |
Total assets |
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$2,583,565 |
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$2,174,710 |
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Liabilities and Stockholders' Equity |
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Current Liabilities: |
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Accounts payable |
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$141,877 |
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$99,792 |
Wages and employees' benefits |
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75,514 |
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66,684 |
Other current liabilities |
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68,735 |
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68,165 |
Current portion of long-term debt |
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10,173 |
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14,519 |
Current portion of operating lease liability |
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25,757 |
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24,925 |
Total current liabilities |
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322,056 |
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274,085 |
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Other Liabilities: |
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Long-term debt, less current portion |
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6,315 |
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16,489 |
Operating lease liability, less current portion |
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96,462 |
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98,581 |
Deferred income taxes |
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155,841 |
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145,771 |
Claims, insurance and other |
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61,397 |
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60,443 |
Total other liabilities |
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320,015 |
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321,284 |
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Stockholders' Equity: |
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Common stock |
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27 |
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26 |
Additional paid-in capital |
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285,092 |
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277,366 |
Deferred compensation trust |
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(5,679) |
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(5,248) |
Retained earnings |
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1,662,054 |
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1,307,197 |
Total stockholders' equity |
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1,941,494 |
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1,579,341 |
Total liabilities and stockholders' equity |
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$2,583,565 |
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$2,174,710 |
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Saia, Inc. and Subsidiaries |
Consolidated Statements of Operations |
For the Quarters and Years Ended December 31, 2023 and 2022 |
(Amounts in thousands, except per share data) |
(Unaudited) |
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Fourth Quarter |
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Years |
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2023 |
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2022 |
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2023 |
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2022 |
Operating Revenue |
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$751,132 |
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$655,726 |
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$2,881,433 |
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$2,792,057 |
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Operating Expenses: |
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Salaries, wages and employees' benefits |
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345,831 |
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287,777 |
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1,301,280 |
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1,169,539 |
Purchased transportation |
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65,444 |
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60,377 |
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238,688 |
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315,896 |
Fuel, operating expenses and supplies |
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144,291 |
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144,694 |
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563,688 |
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558,456 |
Operating taxes and licenses |
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18,002 |
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15,011 |
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69,542 |
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63,824 |
Claims and insurance |
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18,945 |
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15,661 |
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67,984 |
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56,601 |
Depreciation and amortization |
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45,689 |
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39,625 |
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178,845 |
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157,203 |
Operating losses (gains), net |
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267 |
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(110) |
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910 |
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50 |
Total operating expenses |
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638,469 |
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563,035 |
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2,420,937 |
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2,321,569 |
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Operating Income |
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112,663 |
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92,691 |
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460,496 |
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470,488 |
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Nonoperating (Income) Expenses: |
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Interest expense |
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935 |
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670 |
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2,535 |
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2,611 |
Interest income |
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(3,158) |
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(83) |
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(6,208) |
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(217) |
Other, net |
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(722) |
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(1,160) |
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(2,058) |
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46 |
Nonoperating (income) expenses, net |
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(2,945) |
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(573) |
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(5,731) |
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2,440 |
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Income Before Income Taxes |
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115,608 |
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93,264 |
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466,227 |
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468,048 |
Income Tax Provision |
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26,380 |
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22,402 |
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111,370 |
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110,626 |
Net Income |
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$89,228 |
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$70,862 |
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$354,857 |
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$357,422 |
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Weighted average common shares outstanding - basic |
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26,648 |
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26,561 |
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26,632 |
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26,520 |
Weighted average common shares outstanding - diluted |
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26,785 |
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26,691 |
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26,763 |
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26,674 |
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Basic earnings per share |
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$3.35 |
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$2.67 |
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$13.32 |
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$13.48 |
Diluted earnings per share |
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$3.33 |
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$2.65 |
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$13.26 |
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$13.40 |
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Saia, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash Flows |
For the twelve months ended December 31, 2023 and 2022 |
(Amounts in thousands) |
(Unaudited) |
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Years |
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2023 |
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2022 |
Operating Activities: |
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Net cash provided by operating activities |
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$577,945 |
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$473,026 |
Net cash provided by operating activities |
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577,945 |
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473,026 |
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Investing Activities: |
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Acquisition of property and equipment |
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(439,879) |
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(367,429) |
Proceeds from disposal of property and equipment |
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2,727 |
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1,917 |
Other |
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(11,544) |
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– |
Net cash used in investing activities |
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(448,696) |
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(365,512) |
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Financing Activities: |
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Proceeds from stock option exercises |
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4,875 |
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4,511 |
Shares withheld for taxes |
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(9,216) |
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(11,752) |
Other financing activity |
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(16,083) |
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(19,471) |
Net cash used in financing activities |
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(20,424) |
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(26,712) |
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Net Increase in Cash and Cash Equivalents |
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108,825 |
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80,802 |
Cash and Cash Equivalents, beginning of period |
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187,390 |
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106,588 |
Cash and Cash Equivalents, end of period |
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$296,215 |
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$187,390 |
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Saia, Inc. and Subsidiaries |
Financial Information |
For the Quarters Ended December 31, 2023 and 2022 |
(Unaudited) |
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Fourth Quarter |
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Fourth Quarter |
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% |
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Amount/Workday |
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% |
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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
Workdays |
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61 |
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61 |
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Operating ratio |
85.0% |
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85.9% |
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LTL tonnage (1) |
1,345 |
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1,243 |
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8.2 |
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22.05 |
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20.37 |
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8.2 |
LTL shipments (1) |
2,047 |
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1,734 |
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18.1 |
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33.56 |
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28.43 |
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18.1 |
LTL revenue/cwt. |
$27.21 |
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$25.42 |
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7.0 |
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LTL revenue/cwt., excluding fuel surcharges |
$22.47 |
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$20.11 |
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11.7 |
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LTL revenue/shipment |
$357.50 |
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$364.44 |
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(1.9) |
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LTL revenue/shipment, excluding fuel surcharges |
$295.22 |
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$288.34 |
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2.4 |
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LTL pounds/shipment |
1,314 |
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1,433 |
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(8.3) |
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LTL length of haul (2) |
895 |
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892 |
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0.3 |
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(1) |
In thousands. |
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(2) |
In miles. |
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Note: |
LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy. |
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Saia, Inc. and Subsidiaries |
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Financial Information |
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For the Years Ended December 31, 2023 and 2022 |
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(Unaudited) |
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Year Over Year |
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Year Over Year |
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% |
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Amount/Workday |
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% |
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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
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Workdays |
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252 |
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253 |
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Operating ratio |
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84.0 |
% |
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83.1 |
% |
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LTL tonnage (1) |
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5,543 |
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|
|
5,473 |
|
|
|
1.3 |
|
|
|
22.00 |
|
|
|
21.63 |
|
|
|
1.7 |
|
LTL shipments (1) |
|
7,997 |
|
|
|
7,697 |
|
|
|
3.9 |
|
|
|
31.73 |
|
|
|
30.42 |
|
|
|
4.3 |
|
LTL revenue/cwt. |
$ |
25.38 |
|
|
$ |
24.70 |
|
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
LTL revenue/cwt., excluding fuel surcharges |
$ |
20.99 |
|
|
$ |
19.63 |
|
|
|
6.9 |
|
|
|
|
|
|
|
|
|
|
LTL revenue/shipment |
$ |
351.90 |
|
|
$ |
351.27 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
LTL revenue/shipment, excluding fuel surcharges |
$ |
291.00 |
|
|
$ |
279.16 |
|
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
LTL pounds/shipment |
|
1,386 |
|
|
|
1,422 |
|
|
|
(2.5 |
) |
|
|
|
|
|
|
|
|
|
LTL length of haul (2) |
|
894 |
|
|
|
904 |
|
|
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
In thousands. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) |
In miles. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
v3.24.0.1
Document And Entity Information
|
Feb. 02, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Feb. 02, 2024
|
Entity Registrant Name |
SAIA, INC.
|
Entity Central Index Key |
0001177702
|
Entity Emerging Growth Company |
false
|
Entity File Number |
0-49983
|
Entity Incorporation, State or Country Code |
DE
|
Entity Tax Identification Number |
48-1229851
|
Entity Address, Address Line One |
11465 Johns Creek Parkway
|
Entity Address, Address Line Two |
Suite 400
|
Entity Address, City or Town |
Johns Creek
|
Entity Address, State or Province |
GA
|
Entity Address, Postal Zip Code |
30097
|
City Area Code |
770
|
Local Phone Number |
232-5067
|
Entity Information, Former Legal or Registered Name |
No Changes.
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, par value $.001 per share
|
Trading Symbol |
SAIA
|
Security Exchange Name |
NASDAQ
|
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Saia (NASDAQ:SAIA)
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