Company Name ArcBest Corp

Source Refinitiv Fundamentals

Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 3,980,067,000 2,940,163,000
Cost of Goods Sold 882,036,000 667,637,000
Gross Profit 3,098,031,000 2,272,526,000
Operating Expenses 2,817,045,000 2,174,248,000
Operating Income 280,986,000 98,278,000
Interest Expense -8,904,000 -11,697,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/25/2022 02/26/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Ernst & Young LLP Ernst & Young LLP
Auditor Opinion Unqualified Unqualified

Revenue 3,980,067,000 2,940,163,000

Net Sales 3,980,067,000 2,940,163,000
Gross Revenue
Sales Returns and Allowances
Excise Tax Receipts
Other Revenue, Total
Interest Income, Non-Bank
Other Revenue
Total Revenue 3,980,067,000 2,940,163,000
Cost of Revenue, Total 882,036,000 667,637,000
 Cost of Revenue 882,036,000 667,637,000
Excise Taxes Payments
Gross Profit 3,098,031,000 2,272,526,000
Selling/General/Admin. Expenses, Total 2,429,250,000 1,868,869,000
Selling/General/Administrative Expense 1,230,997,000 773,175,000
Labor & Related Expense 1,198,253,000 1,095,694,000
Advertising Expense
Research & Development
Depreciation/Amortization 105,186,000 104,040,000
Depreciation 105,186,000 104,040,000
Amortization of Intangibles
Amortization of Acquisition Costs
Interest Exp.(Inc.),Net-Operating, Total
Interest Expense, Net - Operating
Interest/Investment Income - Operating
Interest Expense(Income) - Net Operating
Unusual Expense (Income) -15,599,000 -3,309,000
Purchased R&D Written-Off
Restructuring Charge 0
Litigation
Impairment-Assets Held for Use 0
Impairment-Assets Held for Sale
Loss(Gain) on Sale of Assets - Operating -8,676,000 -3,309,000
Other Unusual Expense (Income) -6,923,000 0
Other Operating Expenses, Total 298,208,000 204,648,000
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability Adjustment
Other Operating Expense 10,531,000 9,627,000
Other, Net 287,677,000 195,021,000
Total Operating Expense 3,699,081,000 2,841,885,000
Operating Income 280,986,000 98,278,000
Interest Inc.(Exp.),Net-Non-Op., Total -7,629,000 -8,081,000
Interest Expense, Net Non-Operating -8,904,000 -11,697,000
Interest/Invest Income - Non-Operating 1,275,000 3,616,000
Interest Income(Exp), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net 3,797,000 2,299,000
Foreign Currency Adjustment
Unrealized Gains (Losses)
Minimum Pension Liability Adjustment
Other Non-Operating Income (Expense) 3,797,000 2,299,000
Net Income Before Taxes 277,154,000 92,496,000
Provision for Income Taxes 63,633,000 21,396,000
Net Income After Taxes 213,521,000 71,100,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 213,521,000 71,100,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income 213,521,000 71,100,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 213,521,000 71,100,000
Income Available to Com Incl ExtraOrd 213,521,000 71,100,000
Basic Weighted Average Shares 25,471,940 25,410,230
Basic EPS Excluding Extraordinary Items 8,382,600 2,798,090
Basic EPS Including Extraordinary Items 8,382,600 2,798,090
Dilution Adjustment
Diluted Net Income 213,521,000 71,100,000
Diluted Weighted Average Shares 26,772,130 26,422,520
Diluted EPS Excluding ExtraOrd Items 7,975,500 2,690,890
Diluted EPS Including ExtraOrd Items 7,975,500 2,690,890
DPS - Common Stock Primary Issue 320,000 320,000
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 8,139,000 8,157,000
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total 5,969,000
(Gain) Loss on Sale of Assets, Suppl.
Impairment-Assets Held for Sale, Suppl.
Impairment-Assets Held for Use, Suppl.
Litigation Charge, Supplemental
Purchased R&D Written-Off, Supplemental
Restructuring Charge, Supplemental
Other Unusual Expense(Income), Suppl. 5,969,000
Total Special Items -9,630,000 -3,309,000
Normalized Income Before Taxes 267,524,000 89,187,000
Effect of Special Items on Income Taxes -2,210,990 -765,430
Inc Tax Ex Impact of Sp Items 61,422,010 20,630,570
Normalized Income After Taxes 206,101,990 68,556,430
Normalized Inc. Avail to Com. 206,101,990 68,556,430
Basic Normalized EPS 8,091,340 2,697,990
Diluted Normalized EPS 7,698,380 2,594,620
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 5,357,000 4,012,000
Rental Expense, Supplemental 26,552,000 24,559,000
Labor & Related Expense Suppl. 1,198,253,000 1,095,694,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 1,705,000 1,412,500
Audit-Related Fees 71,000
Tax Fees 33,480 37,460
All Other Fees 2,500 2,000
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 77,838,660 77,292,520
Operating Margin 7,059,830 3,342,600
Pretax Margin 6,963,550 3,145,950
Effective Tax Rate 22,959,440 23,131,810
Net Profit Margin 5,364,760 2,418,230
Normalized EBIT 271,356,000 94,969,000
Normalized EBITDA 395,577,000 213,360,000
Current Tax - Total 71,222,000 13,681,000
Current Tax - Domestic 56,451,000 10,001,000
Current Tax - Foreign 341,000 413,000
Current Tax - Local 14,430,000 3,267,000
Current Tax - Other
Current Tax - Total
Deferred Tax - Total -7,589,000 7,715,000
Deferred Tax - Domestic -6,098,000 5,948,000
Deferred Tax - Foreign 63,000 -22,000
Deferred Tax - Local -1,554,000 1,789,000
Deferred Tax - Other
Deferred Tax - Total
Income Tax - Total 63,633,000 21,396,000
Domestic Tax - Other
Foreign Tax - Other
Local Tax - Other
Other Tax
Adjustment 63,633,000 21,396,000
Income Tax by Region - Total
Domestic Tax
Foreign Tax
Local Tax
Other Tax
Interest Cost - Domestic 4,000 9,000
Service Cost - Domestic 0 0
Prior Service Cost - Domestic
Expected Return on Assets - Domestic 0 0
Actuarial Gains and Losses - Domestic 9,000 8,000
Curtailments & Settlements - Domestic 0 89,000
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense 13,000 106,000
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement 427,000 576,000
Service Cost - Post-Retirement 192,000 187,000
Prior Service Cost - Post-Retirement 0 -1,000
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir. -548,000 -597,000
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense 71,000 165,000
Defined Contribution Expense - Domestic 323,093,000 305,994,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 323,177,000 306,265,000
Discount Rate - Domestic 1,100,000 2,400,000
Discount Rate - Foreign
Discount Rate - Post-Retirement 2,300,000 3,100,000
Expected Rate of Return - Domestic 0 1,400,000
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost 431,000 585,000
Total Plan Service Cost 192,000 187,000
Total Plan Expected Return 0 0

Balance Sheet 2021 2020

Avg Total Assets 1,945,842,000 1,715,107,500
Avg Operating Assets 1,584,426,500 1,264,418,000
Avg Net Payables 241,149,500 152,636,000
Avg Net Receivables 451,607,000 301,724,500
Avg Net PPE 798,246,000 772,973,500
Avg Net Inventory
Avg Cash
Avg Cash And Cash Equivalents 33,548,500 49,278,500
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/25/2022 02/26/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Ernst & Young LLP Ernst & Young LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 124,959,000 369,362,000

Cash 72,790,000 240,687,000
Cash & Equivalents 3,830,000 63,267,000
Short Term Investments 48,339,000 65,408,000
Total Receivables, Net 595,438,000 335,213,000
Accounts Receivable - Trade, Net 582,344,000 320,870,000
Notes Receivable - Short Term
Receivables - Other 13,094,000 14,343,000
Total Inventory
Inventories - Finished Goods
Inventories - Work In Progress
Inventories - Raw Materials
Inventories - Other
LIFO Reserve
Prepaid Expenses 49,758,000 49,171,000
Other Current Assets, Total 5,898,000 4,422,000
 Restricted Cash - Current
Deferred Income Tax - Current Asset
Discountinued Operations - Current Asset
Other Current Assets 5,898,000 4,422,000
Total Current Assets 776,053,000 758,168,000
Property/Plant/Equipment, Total - Net 802,607,000 793,885,000
Property/Plant/Equipment, Total - Gross 1,881,668,000 1,786,292,000
Accumulated Depreciation, Total -1,079,061,000 -992,407,000
Goodwill, Net 300,337,000 88,320,000
Goodwill - Gross
Accumulated Goodwill Amortization
Adjustment 300,337,000 88,320,000
Intangibles, Net 126,580,000 54,981,000
Intangibles - Gross 162,956,000 86,001,000
Accumulated Intangible Amortization -36,376,000 -31,020,000
Long Term Investments
LT Investment - Affiliate Companies
LT Investments - Other
Note Receivable - Long Term
Other Long Term Assets, Total 107,099,000 83,654,000
Deferred Charges
Pension Benefits - Overfunded
Deferred Income Tax - Long Term Asset 5,470,000 6,158,000
Discontinued Operations - LT Asset
Restricted Cash - Long Term
Other Long Term Assets 101,629,000 77,496,000
Other Assets, Total
Other Assets
Total Assets 2,112,676,000 1,779,008,000
Accounts Payable 311,401,000 170,898,000
Payable/Accrued
Accrued Expenses 318,366,000 255,266,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 50,615,000 67,105,000
Other Current liabilities, Total 22,312,000 13,278,000
Dividends Payable
Customer Advances
Security Deposits
Income Taxes Payable 12,087,000 316,000
Other Payables
Deferred Income Tax - Current Liability
Discontinued Operations - Curr Liability
Other Current Liabilities 10,225,000 12,962,000
Total Current Liabilities 702,694,000 506,547,000
Total Long Term Debt 174,917,000 217,119,000
Long Term Debt 174,917,000 217,118,000
Capital Lease Obligations 0 1,000
Total Debt 225,532,000 284,224,000
Deferred Income Tax 64,893,000 72,407,000
Deferred Income Tax - LT Liability 64,893,000 72,407,000
Minority Interest
Other Liabilities, Total 241,105,000 154,342,000
Reserves
Pension Benefits - Underfunded 16,733,000 18,555,000
Other Long Term Liabilities 224,372,000 135,787,000
Discontinued Operations - Liabilities
Other Liabilities
Total Liabilities 1,183,609,000 950,415,000
Redeemable Preferred Stock, Total
Redeemable Preferred Stock
Redeemable Convertible Preferred Stock
Preferred Stock - Non Redeemable, Net
Preferred Stock - Non Redeemable
Convertible Preferred Stock - Non Rdmbl
Treasury Stock - Preferred
General Partner
Common Stock, Total 294,000 290,000
Common Stock 294,000 290,000
Limited Partner
Additional Paid-In Capital 318,033,000 342,354,000
Retained Earnings (Accumulated Deficit) 801,314,000 595,932,000
Treasury Stock - Common -194,273,000 -111,173,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total 3,699,000 1,190,000
Translation Adjustment -770,000 -872,000
Other Equity
Minimum Pension Liability Adjustment 4,160,000 3,260,000
Other Comprehensive Income 309,000 -1,198,000
Total Equity 929,067,000 828,593,000
Total Liabilities & Shareholders' Equity 2,112,676,000 1,779,008,000
Total Common Shares Outstanding 24,867,080 25,388,370
Shares Outs - Common Stock Primary Issue 24,867,080 25,388,370
Shares Outstanding - Common Issue 2
Shares Outstanding - Common Issue 3
Shares Outstanding - Common Issue 4
Treas Shares - Common Stock Prmry Issue 4,492,510 3,656,940
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Shares Outstanding - Preferred Issue 1
Shares Outstanding - Preferred Issue 2
Shares Outstanding - Preferred Issue 3
Shares Outstanding - Preferred Issue 4
Shares Outstanding - Preferred Issue 5
Shares Outstanding - Preferred Issue 6
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest 929,067,000 828,593,000
Full-Time Employees 14,000,000,000 13,000,000,000
Part-Time Employees
Number of Common Shareholders 196,000,000 213,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net 300,337,000 88,320,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl. 36,376,000 31,020,000
Long Term Debt Financial Sector, Suppl. 6,900,000
Capital Lease Oblig. - Fin Sector, Suppl
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term 88,835,000 97,839,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 776,053,000 758,168,000
Quick Ratio 1,104,400 1,496,740
Current Ratio 1,104,400 1,496,740
Net Debt 100,573,000 -85,138,000
Tangible Book Value 502,150,000 685,292,000
Tangible Book Value per Share 20,193,360 26,992,360
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 236,379,000 298,989,000
Long Term Debt Maturing within 1 Year 55,058,000 73,379,000
Long Term Debt Maturing in Year 2 51,599,000 64,749,000
Long Term Debt Maturing in Year 3 95,675,000 48,892,000
Long Term Debt Maturing in Year 4 22,856,000 102,393,000
Long Term Debt Maturing in Year 5 10,898,000 9,576,000
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 147,274,000 113,641,000
Long Term Debt Maturing in 4-5 Years 33,754,000 111,969,000
Long Term Debt Matur. in Year 6 & Beyond 293,000 0
Total Capital Leases, Supplemental 2,000 8,000
Interest Costs 0 0
Executory Costs
Adjustment 2,000 8,000
Capital Lease Payments Due in Year 1 2,000 7,000
Capital Lease Payments Due in Year 2 0 1,000
Capital Lease Payments Due in Year 3 0 0
Capital Lease Payments Due in Year 4 0 0
Capital Lease Payments Due in Year 5 0 0
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 0 1,000
Capital Lease Payments Due in 4-5 Years 0 0
Cap. Lease Pymts. Due in Year 6 & Beyond 0 0
Total Operating Leases, Supplemental 111,575,000 119,321,000
Operating Lease Payments Due in Year 1 25,567,000 24,629,000
Operating Lease Payments Due in Year 2 19,800,000 21,073,000
Operating Lease Payments Due in Year 3 17,414,000 16,755,000
Operating Lease Payments Due in Year 4 14,839,000 14,668,000
Operating Lease Payments Due in Year 5 11,404,000 12,153,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 37,214,000 37,828,000
Operating Lease Pymts. Due in 4-5 Years 26,243,000 26,821,000
Oper. Lse. Pymts. Due in Year 6 & Beyond 22,551,000 30,043,000
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic 381,000 392,000
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations 17,373,000 19,143,000
Total Funded Status -17,373,000 -19,143,000
Discount Rate - Domestic 1,800,000 1,100,000
Discount Rate - Foreign
Discount Rate - Post-Retirement 2,700,000 2,300,000
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic -381,000 -392,000
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement -16,992,000 -18,751,000
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet -17,373,000 -19,143,000
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations 17,373,000 19,143,000
Total Plan Assets
 transportation-related to certain consumer household goods se
Business Description offerings in ground expedite, truckload, dedicated, intermodal,
warehousing and distribution, and international freight transpor
provides roadside assistance and maintenance management s
party service providers.

Website https://arcb.com/
Ownership Minority Owner: Invesco Capital Management LLC (1.03%)
Minority Owner: Morgan Stanley & Co. LLC (1.11%)
Minority Owner: Goldman Sachs Asset Management, L.P. (1.2
Minority Owner: Nuveen LLC (1.28%)
Minority Owner: Vanguard Extended Market Index Fund (1.34%
Minority Owner: iShares S&P Small-Cap 600 Growth ETF (1.3
Minority Owner: Charles Schwab Investment Management, Inc
Minority Owner: Renaissance Technologies LLC (1.56%)
Minority Owner: JP Morgan Asset Management (1.6%)
Minority Owner: Vanguard Small-Cap Value Index Fund (1.6%
Minority Owner: BofA Global Research (US) (1.65%)
Minority Owner: Columbia Threadneedle Investments (US) (1.7
Minority Owner: abrdn Inc. (1.89%)
Minority Owner: Geode Capital Management, L.L.C. (2.05%)
Minority Owner: Jacobs Levy Equity Management, Inc. (2.14%
Minority Owner: iShares Russell 2000 ETF (2.16%)
Minority Owner: Vanguard Small-Cap Index Fund (2.4%)
Minority Owner: DFA U.S. Small Cap Value Portfolio (2.67%)
Minority Owner: LSV Asset Management (2.75%)
Minority Owner: Vanguard Total Stock Market Index Fund (2.8
Minority Owner: AllianceBernstein L.P. (3.15%)
Minority Owner: State Street Global Advisors (US) (4.12%)
Minority Owner: iShares Core S&P Small-Cap ETF (7.41%)
Minority Owner: Dimensional Fund Advisors, L.P. (7.56%)
Minority Owner: The Vanguard Group, Inc. (10.9%)
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Subsidiaries ABF Cartage Inc
ABF Farms Inc
ABF Freight Funding LLC
ABF Freight System (BC) Ltd
ABF Freight System Canada Ltd
ABF Freight System De Mexico Inc
ABF Freight System Inc
Abf Global Supply Chain Inc
Abf Logistics Ii Inc
Abf Logistics Inc
ABF Supply Chain Solutions, Inc.
Albert Companies Inc
Arcbest Dedicated LLC
Arcbest Enterprise Customer Solutions Inc
Arcbest Enterprise Solutions Inc
Arcbest Funding LLC
Arcbest II Inc
 Arcbest International Inc
ArcBest Technologies Inc
Arkansas Best Corp
Contract Logistics LLC
Expedited Solutions Inc
Fleetnet America Inc
Freightvalue Inc
Fti Groups Inc
Global Supply Chain Services Inc
Land-Marine Cargo Inc
Logistics Holdings Inc
MoLo Solutions Inc
Motor Carrier Insurance Inc
Motor Carrier Insurance Ltd
Moving Solutions Inc
Panther II Transportation Inc
Panther Premium Logistics Inc
Transport Realty Inc
Worldway Corp

Ticker ARCB
Exchange NASD - NASDAQ
Number Of Employees 14000
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 4011 - Trans: Railroads Line-Haul Operating
4013 - Trans: Switching & Terminal Devices
4212 - Trans: Local Trucking, Without Storage
4412 - Trans: Deep Sea Foreign Transport of Freight
6719 - Fin: Holding Companies, nec
8742 - Serv: Management Consulting Services
 2019
2,988,310,000
689,032,000
2,299,278,000
2,235,508,000 Tested Party´s Fiscal Ye
63,770,000 Ended:
-11,467,000
From the income statem
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2019 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/A
02/28/2020 Depreciation/Amortization Depreciation/Amortizati
Yes Total Operating Expense Total Operating Expense
U.S. GAAP Operating Income Operating Income
Ernst & Young LLP
Unqualified From the balance sheet From the balance shee
Selected Assets Selected Assets
2,988,310,000 Cash and Short Term Investments Cash and Short-Term In
2,988,310,000 Total Receivables, Net Total Receivables, Net
Total Inventory Total Inventory

Property/Plant/Equipment, Total - Net Property/Plant/Equipme

Total Assets Total Assets
excluded
Accounts Payable Accounts Payable
2,988,310,000 Total Liabilities Total Liabilities
689,032,000
 689,032,000

2,299,278,000 Total Equity

1,869,952,000
721,191,000
1,148,761,000

101,142,000
101,142,000

excluded
excluded
excluded
20,622,000

26,514,000

-5,892,000
0
243,792,000
excluded
excluded
excluded
10,789,000
233,003,000
2,924,540,000
63,770,000
-5,014,000
-11,467,000
6,453,000

-7,285,000

-7,285,000
51,471,000
11,486,000
39,985,000

39,985,000
 0

0
39,985,000

-22,000

-22,000
39,963,000
39,963,000
25,535,530
1,565,000
1,565,000

39,963,000
26,450,060
1,510,890
1,510,890
320,000

8,187,000

20,622,000
 72,093,000
4,601,900
16,087,900
56,005,100
55,983,100
2,192,360
2,116,560

4,367,000
25,657,000
1,148,761,000

1,500,000
7,500
27,510
7,090

76,942,420
2,133,980
1,722,410
22,315,480
1,337,310
84,392,000
196,858,000
6,075,000
2,202,000
2,060,000
1,813,000
 5,411,000
4,196,000
-6,000
1,221,000

11,486,000

11,486,000

663,000
0
0
-31,000
355,000
4,534,000

5,521,000

1,212,000
320,000
-33,000

898,000

2,397,000
325,746,000

333,664,000
 4,200,000
1,400,000

1,875,000
320,000
-31,000

2019
1,595,219,000
1,177,073,500
139,079,500
289,815,000
691,625,000

50,269,000

12/31/2019
12/31/2019
10-K
02/28/2020
Yes
U.S. GAAP
Ernst & Young LLP
Unqualified

318,488,000
166,619,000
35,290,000
116,579,000
301,353,000
282,579,000

18,774,000

excluded
39,816,000
4,745,000
 4,745,000
664,402,000
752,062,000
1,701,417,000
-949,355,000
88,320,000

88,320,000
58,832,000
86,315,000
-27,483,000

87,591,000

7,725,000

79,866,000

1,651,207,000
134,374,000

233,014,000
0
57,305,000
19,584,000

12,000

19,572,000
444,277,000
266,214,000
266,206,000
8,000
323,519,000
66,210,000
66,210,000
 111,463,000

20,294,000
91,169,000

888,164,000

288,000
288,000

333,943,000
533,187,000
-104,578,000

203,000
-1,533,000

2,152,000
-416,000
763,043,000
1,651,207,000
25,406,260
25,406,260

3,404,640
 763,043,000
13,000,000,000

231,000,000

88,320,000

27,483,000

52,277,000

664,402,000
1,495,470
1,495,470
5,031,000
615,891,000
24,241,700

348,780,000
66,391,000
102,223,000
52,849,000
37,030,000
 90,084,000

155,072,000
127,114,000
203,000
15,000
0

15,000
7,000
7,000
1,000
0
0

8,000
0
0
72,542,000
22,576,000
16,737,000
12,253,000
8,871,000
6,275,000

28,990,000
15,146,000
5,830,000

3,236,000
 20,630,000
23,866,000
-23,866,000
2,400,000

4,200,000

-3,236,000

-20,630,000

-23,866,000

23,866,000
n consumer household goods self-move services. The ArcBest segment provides service
uckload, dedicated, intermodal, household goods moving, managed transportation,
and international freight transportation for air, ocean, and ground. The FleetNet segment
and maintenance management services for commercial vehicles through a network of third-

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Technologies LLC (1.56%)
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 Information from Financial Statements
ArcBest Corp
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $3,980,067 $2,940,163

Total Cost of Revenue $882,036 $667,637
Gross Profit $3,098,031 $2,272,526
Total Selling/General/Admin. Expenses $2,429,250 $1,868,869
Depreciation/Amortization $105,186 $104,040
Total Operating Expense $3,699,081 $2,841,885
Operating Income $280,986 $98,278

From the balance sheet

Selected Assets
Cash and Short-Term Investments $124,959 $369,362
Total Receivables, Net $595,438 $335,213
Total Inventory $0 $0

Property/Plant/Equipment, Net $802,607 $793,885

Total Assets $2,112,676 $1,779,008

Accounts Payable $311,401 $170,898

Total Liabilities $1,183,609 $950,415
$929,067 $828,593
$0 $0
2019

$2,988,310
$689,032
$2,299,278
$1,869,952
$101,142
$2,924,540
$63,770
7.60% 3.46% 2.18%

$318,488
$301,353
$0

$752,062
$1,651,207

$134,374
$888,164
$763,043
$0
Company Name Covenant Logistics Group Inc
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 1,046,003,000 838,561,000
Cost of Goods Sold 435,326,000 299,323,000
Gross Profit 610,677,000 539,238,000
Operating Expenses 543,515,000 553,265,000
Operating Income 67,162,000 -14,027,000
Interest Expense -2,791,000 -6,841,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/28/2022 03/05/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Revenue 1,046,003,000 838,561,000

Net Sales 1,046,003,000 838,561,000
Gross Revenue
Sales Returns and Allowances
Excise Tax Receipts
Other Revenue, Total
Interest Income, Non-Bank
Other Revenue
Total Revenue 1,046,003,000 838,561,000
Cost of Revenue, Total 435,326,000 299,323,000
 Cost of Revenue 435,326,000 299,323,000
Excise Taxes Payments
Gross Profit 610,677,000 539,238,000
Selling/General/Admin. Expenses, Total 493,433,000 463,076,000
Selling/General/Administrative Expense 143,187,000 152,387,000
Labor & Related Expense 350,246,000 310,689,000
Advertising Expense
Research & Development
Depreciation/Amortization 53,881,000 65,472,000
Depreciation 53,881,000 65,472,000
Amortization of Intangibles
Amortization of Acquisition Costs
Interest Exp.(Inc.),Net-Operating, Total
Interest Expense, Net - Operating
Interest/Investment Income - Operating
Interest Expense(Income) - Net Operating
Unusual Expense (Income) -3,799,000 24,717,000
Purchased R&D Written-Off
Restructuring Charge 2,162,000
Litigation
Impairment-Assets Held for Use 0 26,569,000
Impairment-Assets Held for Sale
Loss(Gain) on Sale of Assets - Operating -3,799,000 -4,014,000
Other Unusual Expense (Income)
Other Operating Expenses, Total
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability Adjustment
Other Operating Expense
Other, Net
Total Operating Expense 978,841,000 852,588,000
Operating Income 67,162,000 -14,027,000
Interest Inc.(Exp.),Net-Non-Op., Total 11,991,000 -2,897,000
Interest Expense, Net Non-Operating -2,791,000 -6,841,000
Interest/Invest Income - Non-Operating 14,782,000 3,944,000
Interest Income(Exp), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net
Foreign Currency Adjustment
Unrealized Gains (Losses)
Minimum Pension Liability Adjustment
Other Non-Operating Income (Expense)
Net Income Before Taxes 79,153,000 -16,924,000
Provision for Income Taxes 20,962,000 -2,804,000
Net Income After Taxes 58,191,000 -14,120,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 58,191,000 -14,120,000
Accounting Change
Discontinued Operations 3,387,000 -38,133,000
Extraordinary Item
Tax on Extraordinary Items -847,000 9,535,000
Total Extraordinary Items 2,540,000 -28,598,000
Net Income 60,731,000 -42,718,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 58,191,000 -14,120,000
Income Available to Com Incl ExtraOrd 60,731,000 -42,718,000
Basic Weighted Average Shares 16,803,000 17,358,000
Basic EPS Excluding Extraordinary Items 3,463,130 -813,460
Basic EPS Including Extraordinary Items 3,614,300 -2,461,000
Dilution Adjustment
Diluted Net Income 60,731,000 -42,718,000
Diluted Weighted Average Shares 17,020,000 17,358,000
Diluted EPS Excluding ExtraOrd Items 3,418,980 -813,460
Diluted EPS Including ExtraOrd Items 3,568,210 -2,461,000
DPS - Common Stock Primary Issue
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 0 0
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total
(Gain) Loss on Sale of Assets, Suppl.
Impairment-Assets Held for Sale, Suppl.
Impairment-Assets Held for Use, Suppl.
Litigation Charge, Supplemental
Purchased R&D Written-Off, Supplemental
Restructuring Charge, Supplemental
Other Unusual Expense(Income), Suppl.
Total Special Items -3,799,000 24,717,000
Normalized Income Before Taxes 75,354,000 7,793,000
Effect of Special Items on Income Taxes -1,006,080 8,650,950
Inc Tax Ex Impact of Sp Items 19,955,920 5,846,950
Normalized Income After Taxes 55,398,090 1,946,050
Normalized Inc. Avail to Com. 55,398,090 1,946,050
Basic Normalized EPS 3,296,920 112,110
Diluted Normalized EPS 3,254,880 112,110
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 4,043,000 5,097,000
Rental Expense, Supplemental 24,002,000 21,212,000
Labor & Related Expense Suppl. 350,246,000 310,689,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental 14,782,000 3,944,000
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 591,040
Audit-Related Fees 0
Tax Fees 0
All Other Fees 0
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 58,381,950 64,305,160
Operating Margin 6,420,820 -1,672,750
Pretax Margin 7,567,190 -2,018,220
Effective Tax Rate 26,482,890
Net Profit Margin 5,563,180 -1,683,840
Normalized EBIT 63,363,000 10,690,000
Normalized EBITDA 117,244,000 76,187,000
Current Tax - Total 12,652,000 2,412,000
Current Tax - Domestic 9,875,000 63,000
Current Tax - Foreign
Current Tax - Local 2,777,000 2,349,000
Current Tax - Other
Current Tax - Total
Deferred Tax - Total 8,311,000 -5,216,000
Deferred Tax - Domestic 6,584,000 -2,391,000
Deferred Tax - Foreign
Deferred Tax - Local 1,727,000 -2,825,000
Deferred Tax - Other
Deferred Tax - Total
Income Tax - Total 20,962,000 -2,804,000
Domestic Tax - Other
Foreign Tax - Other
Local Tax - Other
Other Tax -1,000
Adjustment 20,963,000 -2,804,000
Income Tax by Region - Total
Domestic Tax
Foreign Tax
Local Tax
Other Tax
Interest Cost - Domestic
Service Cost - Domestic
Prior Service Cost - Domestic
Expected Return on Assets - Domestic
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 1,900,000 700,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 1,900,000 700,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost
Total Plan Service Cost
Total Plan Expected Return

Balance Sheet 2021 2020

Avg Total Assets 664,189,000 779,178,000
Avg Operating Assets 566,261,500 668,952,000
Avg Net Payables 30,801,000 28,720,000
Avg Net Receivables 116,828,500 129,560,000
Avg Net PPE 368,967,500 454,327,500
Avg Net Inventory 3,221,000 3,664,500
Avg Cash
Avg Cash And Cash Equivalents 8,409,500 25,999,000
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/28/2022 03/05/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 8,412,000 8,407,000

Cash
Cash & Equivalents 8,412,000 8,407,000
Short Term Investments
Total Receivables, Net 161,331,000 109,074,000
Accounts Receivable - Trade, Net 142,362,000 91,295,000
Notes Receivable - Short Term
Receivables - Other 18,969,000 17,779,000
Total Inventory 3,323,000 3,119,000
Inventories - Finished Goods
Inventories - Work In Progress
Inventories - Raw Materials
Inventories - Other
LIFO Reserve
Adjustment 3,323,000 3,119,000
Prepaid Expenses 12,536,000 11,924,000
Other Current Assets, Total 2,925,000 15,272,000
Restricted Cash - Current
Deferred Income Tax - Current Asset
Discountinued Operations - Current Asset 2,925,000 15,007,000
Other Current Assets 0 265,000
Total Current Assets 188,527,000 147,796,000
Property/Plant/Equipment, Total - Net 346,483,000 391,452,000
Property/Plant/Equipment, Total - Gross 518,406,000 541,276,000
Accumulated Depreciation, Total -171,923,000 -149,824,000
Goodwill, Net 42,518,000 42,518,000
Goodwill - Gross
Accumulated Goodwill Amortization
Adjustment 42,518,000 42,518,000
Intangibles, Net 20,475,000 24,518,000
Intangibles - Gross 32,600,000 34,000,000
Accumulated Intangible Amortization -12,125,000 -9,482,000
Long Term Investments 44,196,000 34,365,000
LT Investment - Affiliate Companies 44,196,000 34,365,000
LT Investments - Other
Note Receivable - Long Term 7,329,000 24,378,000
Other Long Term Assets, Total 2,134,000 11,689,000
Deferred Charges
Pension Benefits - Overfunded
Deferred Income Tax - Long Term Asset
Discontinued Operations - LT Asset 1,275,000 9,535,000
Restricted Cash - Long Term
Other Long Term Assets 859,000 2,154,000
Other Assets, Total
Other Assets
Total Assets 651,662,000 676,716,000
Accounts Payable 29,907,000 31,695,000
Payable/Accrued
Accrued Expenses 99,711,000 85,748,000
Notes Payable/Short Term Debt 0 1,215,000
Current Port. of LT Debt/Capital Leases 12,570,000 13,264,000
Other Current liabilities, Total 557,000 1,459,000
Dividends Payable
Customer Advances
Security Deposits
Income Taxes Payable
Other Payables
Deferred Income Tax - Current Liability
Discontinued Operations - Curr Liability 0 816,000
Other Current Liabilities 557,000 643,000
Total Current Liabilities 142,745,000 133,381,000
Total Long Term Debt 24,316,000 58,644,000
Long Term Debt 20,347,000 47,888,000
Capital Lease Obligations 3,969,000 10,756,000
Total Debt 36,886,000 73,123,000
Deferred Income Tax 84,661,000 74,553,000
 Deferred Income Tax - LT Liability 84,661,000 74,553,000
Minority Interest
Other Liabilities, Total 50,241,000 119,496,000
Reserves
Pension Benefits - Underfunded
Other Long Term Liabilities 45,141,000 75,345,000
Discontinued Operations - Liabilities 5,100,000 44,151,000
Other Liabilities
Total Liabilities 301,963,000 386,074,000
Redeemable Preferred Stock, Total
Redeemable Preferred Stock
Redeemable Convertible Preferred Stock
Preferred Stock - Non Redeemable, Net
Preferred Stock - Non Redeemable
Convertible Preferred Stock - Non Rdmbl
Treasury Stock - Preferred
General Partner
Common Stock, Total 185,000 197,000
Common Stock 185,000 197,000
Limited Partner
Additional Paid-In Capital 149,406,000 143,438,000
Retained Earnings (Accumulated Deficit) 225,076,000 166,325,000
Treasury Stock - Common -23,662,000 -17,067,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total -1,306,000 -2,251,000
Translation Adjustment
Other Equity
Minimum Pension Liability Adjustment
Other Comprehensive Income -1,306,000 -2,251,000
Total Equity 349,699,000 290,642,000
Total Liabilities & Shareholders' Equity 651,662,000 676,716,000
Total Common Shares Outstanding 16,764,160 17,134,210
Shares Outs - Common Stock Primary Issue 14,414,160 14,784,210
Shares Outstanding - Common Issue 2 2,350,000 2,350,000
Shares Outstanding - Common Issue 3
Shares Outstanding - Common Issue 4
Treas Shares - Common Stock Prmry Issue 1,711,630 1,398,930
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Shares Outstanding - Preferred Issue 1
Shares Outstanding - Preferred Issue 2
Shares Outstanding - Preferred Issue 3
Shares Outstanding - Preferred Issue 4
Shares Outstanding - Preferred Issue 5
Shares Outstanding - Preferred Issue 6
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest 349,699,000 290,642,000
Full-Time Employees 4,500,000,000 4,900,000,000
Part-Time Employees
Number of Common Shareholders 74,000,000 86,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net 42,518,000 42,518,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl. 12,125,000 9,482,000
Long Term Debt Financial Sector, Suppl. 4,900,000 2,300,000
Capital Lease Oblig. - Fin Sector, Suppl 1,000,000 1,800,000
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term 21,554,000 21,474,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 185,204,000 144,677,000
Quick Ratio 1,297,450 1,084,690
Current Ratio 1,320,730 1,108,070
Net Debt 28,474,000 64,716,000
Tangible Book Value 286,706,000 223,606,000
Tangible Book Value per Share 17,102,320 13,050,270
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 26,069,000 55,465,000
Long Term Debt Maturing within 1 Year 5,722,000 7,577,000
Long Term Debt Maturing in Year 2 1,241,000 8,085,000
Long Term Debt Maturing in Year 3 1,294,000 5,703,000
Long Term Debt Maturing in Year 4 1,350,000 1,294,000
Long Term Debt Maturing in Year 5 1,408,000 16,350,000
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 2,535,000 13,788,000
Long Term Debt Maturing in 4-5 Years 2,758,000 17,644,000
Long Term Debt Matur. in Year 6 & Beyond 15,054,000 16,456,000
Total Capital Leases, Supplemental 10,634,000 16,443,000
Interest Costs -381,000
Executory Costs
Adjustment 10,634,000 16,824,000
Capital Lease Payments Due in Year 1 6,922,000 6,324,000
Capital Lease Payments Due in Year 2 3,712,000 6,884,000
Capital Lease Payments Due in Year 3 0 3,616,000
Capital Lease Payments Due in Year 4 0 0
Capital Lease Payments Due in Year 5 0 0
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 3,712,000 10,500,000
Capital Lease Payments Due in 4-5 Years 0 0
Cap. Lease Pymts. Due in Year 6 & Beyond 0 0
Total Operating Leases, Supplemental 37,365,000 38,463,000
Operating Lease Payments Due in Year 1 17,644,000 18,543,000
Operating Lease Payments Due in Year 2 9,036,000 15,523,000
Operating Lease Payments Due in Year 3 2,206,000 6,762,000
Operating Lease Payments Due in Year 4 2,112,000 28,000
Operating Lease Payments Due in Year 5 2,170,000 9,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 11,242,000 22,285,000
Operating Lease Pymts. Due in 4-5 Years 4,282,000 37,000
Oper. Lse. Pymts. Due in Year 6 & Beyond 4,197,000 -2,402,000
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations
Total Plan Assets
capacity over contracted periods. The Managed Freight busine
Business Description management services (TMS). The Brokerage services provide
freight to third parties. The Warehousing segment provides day
The Company also provides shuttle and switching services rela
yards and to/from warehouses.

Website https://www.covenantlogistics.com/
Ownership Minority Owner: DFA U.S. Micro Cap Portfolio (1%)
Minority Owner: PGIM Quantitative Solutions LLC (1.04%)
Minority Owner: Tweed (John A) (1.07%)
Minority Owner: AQR Capital Management, LLC (1.09%)
Minority Owner: DFA U.S. Small Cap Portfolio (1.17%)
Minority Owner: Vanguard Extended Market Index Fund (1.18%
Minority Owner: BlackRock Advantage Small Cap Core Fund (
Minority Owner: DFA U.S. Targeted Value Portfolio (1.31%)
Minority Owner: Bridgeway Capital Management, LLC (1.35%)
Minority Owner: Geode Capital Management, L.L.C. (1.57%)
Minority Owner: Hillsdale Investment Management Inc. (1.64%
Minority Owner: Hogan (Joey B) (1.71%)
Minority Owner: First Horizon Advisors, Inc. (1.87%)
Minority Owner: BlackRock Financial Management, Inc. (2.03%
Minority Owner: iShares Russell 2000 ETF (2.1%)
Minority Owner: Patton Albertson & Miller, LLC (2.1%)
Minority Owner: Jacobs Levy Equity Management, Inc. (2.21%
Minority Owner: Vanguard Total Stock Market Index Fund (2.3
Minority Owner: Acadian Asset Management LLC (2.71%)
Minority Owner: DFA U.S. Small Cap Value Portfolio (2.75%)
Minority Owner: State Street Global Advisors (US) (2.84%)
Minority Owner: LSV Asset Management (3.26%)
Minority Owner: The Vanguard Group, Inc. (4.88%)
Minority Owner: Willett (Gregory) (8.26%)
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Minority Owner: Dimensional Fund Advisors, L.P. (9.46%)
Minority Owner: Parker (David Ray) (12.92%)
Subsidiaries AAT Carriers Inc
Covenant Asset Management LLC
Covenant Logistics Inc
Covenant Transport Inc
Covenant Transport Solutions Inc
CTG Leasing Company
Heritage Insurance Inc
IQS Insurance Retention Group Inc
IQS Insurance Risk Retention Group Inc
Landair Holdings Inc
Landair Leasing Inc
Landair Logistics Inc
Landair Transport Inc
Southern Refrigerated Transport Inc
Star Transportation Inc
 Transport Management Services LLC

Ticker CVLG
Exchange NASD - NASDAQ
Number Of Employees 4500
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 4731 - Trans: Freight Transportation Arrangement
 2019
885,387,000
319,962,000
565,425,000
556,656,000 Tested Party´s Fiscal Ye
8,769,000 Ended:
-8,218,000
From the income state
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2020 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/A
03/05/2021 Depreciation/Amortization Depreciation/Amortizati
Yes Total Operating Expense Total Operating Expens
U.S. GAAP Operating Income Operating Income
Grant Thornton LLP
Unqualified From the balance sheet From the balance shee
Selected Assets Selected Assets
885,387,000 Cash and Short Term Investments Cash and Short-Term In
885,387,000 Total Receivables, Net Total Receivables, Net
Total Inventory Total Inventory

Property/Plant/Equipment, Total - Net Property/Plant/Equipme

Total Assets Total Assets
excluded
Accounts Payable Accounts Payable
885,387,000 Total Liabilities Total Liabilities
319,962,000
319,962,000

565,425,000 Total Equity

477,804,000
157,306,000
320,498,000

80,502,000
80,502,000

excluded
excluded
excluded
-1,650,000

-1,650,000

excluded
excluded
excluded

876,618,000
8,769,000
-1,201,000
-8,218,000
7,017,000

7,568,000
2,349,000
5,219,000

5,219,000
 4,372,000

-1,114,000
3,258,000
8,477,000

5,219,000
8,477,000
18,435,000
283,100
459,830

8,477,000
18,635,000
280,060
454,900

-1,650,000
 5,918,000
-512,140
1,836,860
4,081,140
4,081,140
221,380
219,000

2,924,000
24,719,000
320,498,000

7,017,000

63,861,900
990,410
854,770
31,038,580
589,460
7,119,000
87,648,000
-1,212,000
-2,040,000

828,000
3,561,000
3,976,000

-415,000

2,349,000

2,349,000
 2019
827,582,000
732,274,000
23,923,000
159,459,000
483,899,000
4,138,500

33,359,000

12/31/2019
12/31/2019
10-K
03/09/2020
Yes
U.S. GAAP
KPMG LLP
Unqualified

43,591,000

43,591,000

181,735,000
167,825,000

13,910,000
4,210,000

excluded
4,210,000
11,707,000
 13,142,000

12,010,000
1,132,000
254,385,000
517,203,000
725,383,000
-208,180,000
42,518,000

42,518,000
29,615,000
34,000,000
-4,385,000
31,906,000
31,906,000

6,013,000

6,013,000

881,640,000
25,745,000

73,100,000
592,000
61,635,000
185,000

185,000
161,257,000
226,187,000
200,177,000
26,010,000
288,414,000
80,330,000
 80,330,000

63,755,000

63,755,000

531,529,000

197,000
197,000

141,885,000
209,043,000

-1,014,000

-1,014,000
350,111,000
881,640,000
18,515,150
16,165,150
2,350,000

0
0
 350,111,000
5,550,000,000

87,000,000

42,518,000

4,385,000

40,882,000

250,175,000
1,551,410
1,577,510
244,823,000
277,978,000
15,013,540

254,708,000
54,524,000
71,231,000
82,150,000
 27,703,000
1,294,000

153,381,000
28,997,000
17,806,000
33,268,000
-2,375,000

35,643,000
8,185,000
7,719,000
9,269,000
9,080,000
1,390,000

16,988,000
10,470,000
0
60,342,000
21,991,000
18,223,000
16,014,000
7,293,000
439,000

34,237,000
7,732,000
-3,618,000
ds. The Managed Freight business includes brokerage services and transportation
The Brokerage services provide logistics capacity by outsourcing the carriage of customers'
ehousing segment provides day-to-day warehouse management services to customers.
uttle and switching services related to shuttling containers and trailers in or around freight

com/
o Cap Portfolio (1%)
ative Solutions LLC (1.04%)
A) (1.07%)
Management, LLC (1.09%)
ll Cap Portfolio (1.17%)
ended Market Index Fund (1.18%)
vantage Small Cap Core Fund (1.21%)
eted Value Portfolio (1.31%)
pital Management, LLC (1.35%)
Management, L.L.C. (1.57%)
tment Management Inc. (1.64%)
B) (1.71%)
Advisors, Inc. (1.87%)
ancial Management, Inc. (2.03%)
ll 2000 ETF (2.1%)
on & Miller, LLC (2.1%)
quity Management, Inc. (2.21%)
al Stock Market Index Fund (2.38%)
Management LLC (2.71%)
ll Cap Value Portfolio (2.75%)
lobal Advisors (US) (2.84%)
nagement (3.26%)
Group, Inc. (4.88%)
y) (8.26%)
titutional Trust Company, N.A. (8.35%)
und Advisors, L.P. (9.46%)
Ray) (12.92%)

LLC

nc

p Inc
Group Inc

rt Inc
es LLC

Local
tation Arrangement
 Information from Financial Statements
Covenant Logistics Group Inc
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $1,046,003 $838,561

Total Cost of Revenue $435,326 $299,323
Gross Profit $610,677 $539,238
Total Selling/General/Admin. Expenses $493,433 $463,076
Depreciation/Amortization $53,881 $65,472
Total Operating Expense $978,841 $852,588
Operating Income $67,162 -$14,027

From the balance sheet

Selected Assets
Cash and Short-Term Investments $8,412 $8,407
Total Receivables, Net $161,331 $109,074
Total Inventory $3,323 $3,119

Property/Plant/Equipment, Net $346,483 $391,452

Total Assets $651,662 $676,716

Accounts Payable $29,907 $31,695

Total Liabilities $301,963 $386,074
$349,699 $290,642
$0 $0
2019

$885,387
$319,962
$565,425
$477,804
$80,502
$876,618
$8,769
6.86% -1.65% 1.00%

$43,591
$181,735
$4,210

$517,203
$881,640

$25,745
$531,529
$350,111
$0
Company Name Heartland Express, Inc.
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 607,284,000 645,262,000
Cost of Goods Sold
Gross Profit 607,284,000 645,262,000
Operating Expenses 501,877,000 551,843,000
Operating Income 105,407,000 93,419,000
Interest Expense 0 0
R and D Expense
Advertising Expense 2,200,000 1,800,000
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/25/2022 02/22/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Revenue 607,284,000 645,262,000

Other Revenue, Total
Total Revenue 607,284,000 645,262,000
Cost of Revenue, Total
Gross Profit 607,284,000 645,262,000
Selling/General/Admin. Expenses, Total 415,932,000 431,738,000
Research & Development
Depreciation/Amortization 104,183,000 110,337,000
Interest Exp.(Inc.),Net-Operating, Total
Unusual Expense (Income) -37,438,000 -14,830,000
Other Operating Expenses, Total 19,200,000 24,598,000
Total Operating Expense 501,877,000 551,843,000
Operating Income 105,407,000 93,419,000
Interest Inc.(Exp.),Net-Non-Op., Total 640,000 842,000
Gain (Loss) on Sale of Assets
Other, Net
Net Income Before Taxes 106,047,000 94,261,000
Provision for Income Taxes 26,770,000 23,455,000
Net Income After Taxes 79,277,000 70,806,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 79,277,000 70,806,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income 79,277,000 70,806,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 79,277,000 70,806,000
Income Available to Com Incl ExtraOrd 79,277,000 70,806,000
Basic Weighted Average Shares 79,573,000 81,388,000
Basic EPS Excluding Extraordinary Items 996,280 869,980
Basic EPS Including Extraordinary Items 996,280 869,980
Dilution Adjustment
Diluted Net Income 79,277,000 70,806,000
Diluted Weighted Average Shares 79,612,000 81,444,000
Diluted EPS Excluding ExtraOrd Items 995,790 869,380
Diluted EPS Including ExtraOrd Items 995,790 869,380
DPS - Common Stock Primary Issue 80,000 80,000
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue 500,000
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 45,872,000 6,502,000
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total
Total Special Items -37,438,000 -14,830,000
Normalized Income Before Taxes 68,609,000 79,431,000
Effect of Special Items on Income Taxes -9,450,670 -3,690,150
Inc Tax Ex Impact of Sp Items 17,319,330 19,764,850
Normalized Income After Taxes 51,289,670 59,666,150
Normalized Inc. Avail to Com. 51,289,670 59,666,150
Basic Normalized EPS 644,560 733,110
Diluted Normalized EPS 644,250 732,600
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 2,400,000 2,400,000
Rental Expense, Supplemental 3,810,000 4,643,000
Labor & Related Expense Suppl. 250,035,000 269,482,000
EPS, Supplemental
Advertising Expense, Supplemental 2,200,000 1,800,000
Equity in Affiliates, Supplemental
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 449,360 430,000
Audit-Related Fees 116,130 12,500
Tax Fees 42,900 112,580
All Other Fees 0 0
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin
Operating Margin 17,357,120 14,477,690
Pretax Margin 17,462,510 14,608,170
Effective Tax Rate 25,243,520 24,883,040
Net Profit Margin 13,054,350 10,973,220
Normalized EBIT 67,969,000 78,589,000
Normalized EBITDA 172,201,000 188,970,000
Current Tax - Total 32,639,000 15,307,000
Deferred Tax - Total -5,869,000 8,148,000
Income Tax - Total 26,770,000 23,455,000
Income Tax by Region - Total
Interest Cost - Domestic
Service Cost - Domestic
Prior Service Cost - Domestic
Expected Return on Assets - Domestic
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 2,200,000 2,300,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 2,200,000 2,300,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost
Total Plan Service Cost
Total Plan Expected Return

Balance Sheet 2021 2020

Avg Total Assets 939,859,000 925,053,500
Avg Operating Assets 768,342,000 791,858,500
Avg Net Payables
Avg Net Receivables 54,194,500 56,165,000
Avg Net PPE 513,597,500 532,783,500
Avg Net Inventory
Avg Cash
Avg Cash And Cash Equivalents 135,797,000 95,268,000
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/25/2022 02/22/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 157,742,000 113,852,000

Total Receivables, Net 56,907,000 55,577,000
Total Inventory
Prepaid Expenses 9,168,000 8,241,000
Other Current Assets, Total 9,406,000 15,342,000
Total Current Assets 233,223,000 193,012,000
Property/Plant/Equipment, Total - Net 487,915,000 539,280,000
Goodwill, Net 168,295,000 168,295,000
Intangibles, Net 22,355,000 24,746,000
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total 16,754,000 25,843,000
Other Assets, Total
Total Assets 928,542,000 951,176,000
Accounts Payable
Payable/Accrued 20,538,000 12,751,000
Accrued Expenses 51,056,000 56,816,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases
Other Current liabilities, Total 0 1,475,000
Total Current Liabilities 71,594,000 71,042,000
Total Long Term Debt 0 0
Total Debt 0 0
Deferred Income Tax 89,971,000 104,004,000
Minority Interest
Other Liabilities, Total 39,875,000 51,796,000
Total Liabilities 201,440,000 226,842,000
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net 0 0
Common Stock, Total 907,000 907,000
Additional Paid-In Capital 4,141,000 4,330,000
Retained Earnings (Accumulated Deficit) 924,375,000 890,970,000
Treasury Stock - Common -202,321,000 -171,873,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total
Total Equity 727,102,000 724,334,000
Total Liabilities & Shareholders' Equity 928,542,000 951,176,000
Total Common Shares Outstanding 78,923,000 80,653,000
Treas Shares - Common Stock Prmry Issue 11,766,000 10,036,000
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest 727,102,000 724,334,000
Full-Time Employees 3,180,000,000 3,780,000,000
Part-Time Employees
Number of Common Shareholders 276,000,000 272,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net 168,295,000 168,295,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl. 18,845,000 16,454,000
Long Term Debt Financial Sector, Suppl.
Capital Lease Oblig. - Fin Sector, Suppl
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 233,223,000 193,012,000
Quick Ratio 3,257,580 2,716,870
Current Ratio 3,257,580 2,716,870
Net Debt -157,742,000 -113,852,000
Tangible Book Value 536,452,000 531,293,000
Tangible Book Value per Share 6,797,160 6,587,390
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental
Long Term Debt Maturing within 1 Year
Long Term Debt Maturing in Year 2
Long Term Debt Maturing in Year 3
Long Term Debt Maturing in Year 4
Long Term Debt Maturing in Year 5
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years
Long Term Debt Maturing in 4-5 Years
Long Term Debt Matur. in Year 6 & Beyond
Total Capital Leases, Supplemental
Capital Lease Payments Due in Year 1
Capital Lease Payments Due in Year 2
Capital Lease Payments Due in Year 3
Capital Lease Payments Due in Year 4
Capital Lease Payments Due in Year 5
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years
Capital Lease Payments Due in 4-5 Years
Cap. Lease Pymts. Due in Year 6 & Beyond
Total Operating Leases, Supplemental
Operating Lease Payments Due in Year 1
Operating Lease Payments Due in Year 2
Operating Lease Payments Due in Year 3
Operating Lease Payments Due in Year 4
Operating Lease Payments Due in Year 5
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years
Operating Lease Pymts. Due in 4-5 Years
Oper. Lse. Pymts. Due in Year 6 & Beyond
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations
Total Plan Assets
primary customers include retailers and manufacturers. The Co
Business Description communication systems. The Company operates approximatel
addition to its terminal and corporate headquarters in North Lib
of Iowa, Heartland Express Services, Inc., Heartland Express M
and Millis Transfer, LLC.

Website https://www.heartlandexpress.com/
Ownership Minority Owner: Vanguard Small-Cap Value Index Fund (1.01%
Minority Owner: Geode Capital Management, L.L.C. (1.11%)
Minority Owner: iShares Russell 2000 ETF (1.19%)
Minority Owner: Vanguard Small-Cap Index Fund (1.52%)
Minority Owner: Vanguard Total Stock Market Index Fund (1.7
Minority Owner: American Century Value Fund (2.13%)
Minority Owner: Gerdin (Ann S) (2.45%)
Minority Owner: State Street Global Advisors (US) (2.71%)
Minority Owner: ArrowMark Colorado Holdings, LLC (3.23%)
Minority Owner: Dimensional Fund Advisors, L.P. (3.78%)
Minority Owner: iShares Core S&P Small-Cap ETF (4.42%)
Minority Owner: American Century Mid Cap Value Fund (5.2%
Minority Owner: 2009 Gerdin Heartland Trust (5.38%)
Minority Owner: The Vanguard Group, Inc. (6.64%)
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Minority Owner: American Century Investment Management, In
Minority Owner: Ann S. Gerdin Revocable Trust (11.03%)
Minority Owner: Gerdin (Michael J) (22.65%)
Subsidiaries Gordon Trucking Inc
Heartland Express Inc of Iowa
Heartland Express Maintenance Services Inc
Heartland Express Services Inc
Midwest Holding Group LLC
Millis Transfer LLC

Ticker HTLD
Exchange NASD - NASDAQ
Number Of Employees 3180
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 4212 - Trans: Local Trucking, Without Storage
6719 - Fin: Holding Companies, nec
 2019
596,815,000

596,815,000
502,540,000 Tested Party´s Fiscal Ye
94,275,000 Ended:
-1,052,000
From the income state
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2019 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/A
02/25/2020 Depreciation/Amortization Depreciation/Amortizati
Yes Total Operating Expense Total Operating Expens
U.S. GAAP Operating Income Operating Income
Grant Thornton LLP
Unqualified From the balance sheet From the balance shee
Selected Assets Selected Assets
596,815,000 Cash and Short Term Investments Cash and Short-Term In
Total Assets Total Assets
596,815,000 Total Liabilities Total Liabilities

596,815,000 Total Equity

410,888,000

100,212,000

-31,341,000
 22,781,000
502,540,000
94,275,000
2,903,000

97,178,000
24,211,000
72,967,000

72,967,000

72,967,000

72,967,000
72,967,000
81,980,000
890,060
890,060

72,967,000
82,024,000
889,580
889,580
80,000

6,563,000
-31,341,000
65,837,000
-7,808,320
16,402,680
49,434,320
49,434,320
603,000
602,680

2,700,000
300,000
240,139,000

1,900,000

556,220
240,190
95,820
0

15,796,350
16,282,770
24,914,080
12,226,070
62,934,000
163,866,000
19,820,000
4,391,000
24,211,000

1,600,000

1,600,000
 2019
852,572,000
697,967,500

52,854,000
464,703,500

119,066,000

12/31/2019
12/31/2019
10-K
02/25/2020
Yes
U.S. GAAP
Grant Thornton LLP
Unqualified

76,684,000
57,076,000

9,107,000
8,947,000
151,814,000
526,287,000
168,295,000
27,136,000

25,399,000

898,931,000

11,060,000
52,347,000
0

63,407,000
0
0
93,698,000

57,167,000
214,272,000
 0
907,000
4,141,000
826,666,000
-147,055,000

684,659,000
898,931,000
82,028,000
8,661,000

684,659,000
4,050,000,000

238,000,000

168,295,000

14,064,000

151,814,000
2,394,280
2,394,280
-76,684,000
489,228,000
5,964,160
 ilers and manufacturers. The Company's over-the-road tractors are equipped with mobile
Company operates approximately 24 terminal facilities throughout the United States in
porate headquarters in North Liberty, Iowa. Its subsidiaries include Heartland Express, Inc.
rvices, Inc., Heartland Express Maintenance Services, Inc., Midwest Holding Group, LLC

com/
all-Cap Value Index Fund (1.01%)
Management, L.L.C. (1.11%)
ll 2000 ETF (1.19%)
all-Cap Index Fund (1.52%)
al Stock Market Index Fund (1.75%)
tury Value Fund (2.13%)
) (2.45%)
lobal Advisors (US) (2.71%)
lorado Holdings, LLC (3.23%)
und Advisors, L.P. (3.78%)
S&P Small-Cap ETF (4.42%)
tury Mid Cap Value Fund (5.2%)
eartland Trust (5.38%)
Group, Inc. (6.64%)
titutional Trust Company, N.A. (9.15%)
tury Investment Management, Inc. (10.46%)
Revocable Trust (11.03%)
el J) (22.65%)

e Services Inc
c
 Local
Without Storage
, nec
 Information from Financial Statements
Heartland Express, Inc.
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $607,284 $645,262

Total Cost of Revenue $0 $0
Gross Profit $607,284 $645,262
Total Selling/General/Admin. Expenses $415,932 $431,738
Depreciation/Amortization $104,183 $110,337
Total Operating Expense $501,877 $551,843
Operating Income $105,407 $93,419

From the balance sheet

Selected Assets
Cash and Short-Term Investments $157,742 $113,852
Total Assets $928,542 $951,176
Total Liabilities $201,440 $226,842

$727,102 $724,334
$0 $0
2019

$596,815
$0
$596,815
$410,888
$100,212
$502,540
$94,275
21.00% 16.93% 18.76%

$76,684
$898,931
$214,272

$684,659
$0
Company Name Titanium Transportation Group Inc
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country Canada
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency Canadian Dollar

Income Statement 2021

Net Sales 399,443,000
Cost of Goods Sold 247,895,000
Gross Profit 151,548,000
Operating Expenses 142,416,000
Operating Income 9,132,000
Interest Expense -1,252,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021
Period Length 12 Months
Update Date 12/31/2021
Source ARS
Source Date 03/08/2022
Consolidated Yes
Accounting Standard International Financial Reporting Stand.
Auditor Name MNP LLP
Auditor Opinion Unqualified

Revenue 399,443,000
Other Revenue, Total
Total Revenue 399,443,000
Cost of Revenue, Total 247,895,000
Gross Profit 151,548,000
Selling/General/Admin. Expenses, Total 109,655,000
Research & Development
Depreciation/Amortization 21,337,000
Interest Exp.(Inc.),Net-Operating, Total
Unusual Expense (Income) 735,000
Other Operating Expenses, Total 10,689,000
Total Operating Expense 390,311,000
Operating Income 9,132,000
Interest Inc.(Exp.),Net-Non-Op., Total -2,967,000
Gain (Loss) on Sale of Assets 1,524,000
Other, Net
Net Income Before Taxes 7,689,000
Provision for Income Taxes 2,654,000
Net Income After Taxes 5,035,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 5,035,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income 5,035,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 5,035,000
Income Available to Com Incl ExtraOrd 5,035,000
Basic Weighted Average Shares 39,887,330
Basic EPS Excluding Extraordinary Items 126,230
Basic EPS Including Extraordinary Items 126,230
Dilution Adjustment
Diluted Net Income 5,035,000
Diluted Weighted Average Shares 41,338,890
Diluted EPS Excluding ExtraOrd Items 121,800
Diluted EPS Including ExtraOrd Items 121,800
DPS - Common Stock Primary Issue 80,000
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 3,374,000
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total
Total Special Items -789,000
Normalized Income Before Taxes 6,900,000
Effect of Special Items on Income Taxes -272,340
Inc Tax Ex Impact of Sp Items 2,381,660
Normalized Income After Taxes 4,518,340
Normalized Inc. Avail to Com. 4,518,340
Basic Normalized EPS 113,280
Diluted Normalized EPS 109,300
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 967,000
Rental Expense, Supplemental
Labor & Related Expense Suppl. 62,483,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 195,000
Audit-Related Fees 61,500
Tax Fees 0
All Other Fees 0
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 37,939,830
Operating Margin 2,286,180
Pretax Margin 1,924,930
Effective Tax Rate 34,516,840
Net Profit Margin 1,260,510
Normalized EBIT 9,867,000
Normalized EBITDA 31,204,000
Current Tax - Total
Deferred Tax - Total
Income Tax - Total
Income Tax by Region - Total
Interest Cost - Domestic
Service Cost - Domestic
Prior Service Cost - Domestic
Expected Return on Assets - Domestic
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost
Total Plan Service Cost
Total Plan Expected Return

Balance Sheet 2021

Avg Total Assets 186,215,215
Avg Operating Assets 165,133,000
Avg Net Payables 16,467,675
Avg Net Receivables 51,016,600
Avg Net PPE 104,669,330
Avg Net Inventory
Avg Cash
Avg Cash And Cash Equivalents
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021
Update Date 12/31/2021
Source ARS
Source Date 03/08/2022
Consolidated Yes
Accounting Standard International Financial Reporting Stand.
Auditor Name MNP LLP
Auditor Opinion Unqualified

Cash and Short Term Investments 18,046,000

Total Receivables, Net 69,561,000
Total Inventory
Prepaid Expenses 3,701,000
Other Current Assets, Total 9,200,000
Total Current Assets 100,508,000
Property/Plant/Equipment, Total - Net 120,230,000
Goodwill, Net 3,543,000
Intangibles, Net 6,690,000
Long Term Investments
Note Receivable - Long Term 2,303,000
Other Long Term Assets, Total 392,000
Other Assets, Total
Total Assets 233,666,000
Accounts Payable 20,660,000
Payable/Accrued
Accrued Expenses
Notes Payable/Short Term Debt 36,805,000
Current Port. of LT Debt/Capital Leases 18,348,000
Other Current liabilities, Total 20,569,000
Total Current Liabilities 96,382,000
Total Long Term Debt 49,680,000
Total Debt 104,833,000
Deferred Income Tax 13,890,000
Minority Interest
Other Liabilities, Total
Total Liabilities 159,952,000
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net
Common Stock, Total 48,204,000
Additional Paid-In Capital 8,812,000
Retained Earnings (Accumulated Deficit) 16,698,000
Treasury Stock - Common
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total
Total Equity 73,714,000
Total Liabilities & Shareholders' Equity 233,666,000
Total Common Shares Outstanding 44,037,510
Treas Shares - Common Stock Prmry Issue 0
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest 73,714,000
Full-Time Employees 1,100,000,000
Part-Time Employees
Number of Common Shareholders
Other Property/Plant/Equipment - Net
Intangibles - Net 6,690,000
Goodwill - Net 3,543,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl.
Long Term Debt Financial Sector, Suppl.
Capital Lease Oblig. - Fin Sector, Suppl
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 100,508,000
Quick Ratio 1,042,810
Current Ratio 1,042,810
Net Debt 86,787,000
Tangible Book Value 63,481,000
Tangible Book Value per Share 1,441,520
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 33,475,000
Long Term Debt Maturing within 1 Year 9,723,000
Long Term Debt Maturing in Year 2 7,783,000
Long Term Debt Maturing in Year 3 6,221,000
Long Term Debt Maturing in Year 4 5,305,000
Long Term Debt Maturing in Year 5 3,133,000
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 14,004,000
Long Term Debt Maturing in 4-5 Years 8,438,000
Long Term Debt Matur. in Year 6 & Beyond 1,310,000
Total Capital Leases, Supplemental 34,553,000
Capital Lease Payments Due in Year 1 8,624,000
Capital Lease Payments Due in Year 2 7,229,000
Capital Lease Payments Due in Year 3 4,726,000
Capital Lease Payments Due in Year 4 3,140,000
Capital Lease Payments Due in Year 5 2,031,000
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 11,955,000
Capital Lease Payments Due in 4-5 Years 5,171,000
Cap. Lease Pymts. Due in Year 6 & Beyond 8,803,000
Total Operating Leases, Supplemental
Operating Lease Payments Due in Year 1
Operating Lease Payments Due in Year 2
Operating Lease Payments Due in Year 3
Operating Lease Payments Due in Year 4
Operating Lease Payments Due in Year 5
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years
Operating Lease Pymts. Due in 4-5 Years
Oper. Lse. Pymts. Due in Year 6 & Beyond
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations
Total Plan Assets

Business Description Titanium Transportation Group Inc. is a Canada-based transpo

logistics broker servicing all of North America with distribution t
Company provides truckload, cross-border trucking services, fr
units, 3,000 trailers and independent owner operators.

Website http://www.ttgi.com/
Ownership Minority Owner: Daniel Theodore (7.13%)
Minority Owner: Trunkeast Investments Canada, Ltd. (27.64%)
Subsidiaries Muskoka Transport Ltd
ProNorth Transportation Inc
Xpress Group

Ticker TTNM
Exchange TSE - Toronto Stock Exchange
Number Of Employees 1100
Primary US SIC 4212 - Trans: Local Trucking, Without Storage
Secondary US SIC 4731 - Trans: Freight Transportation Arrangement
p Inc

2020 2019
200,741,650 167,028,910
115,074,840 82,632,200
85,666,810 84,396,710
75,904,620 79,466,350
9,762,190 4,930,360
-1,515,860 -1,527,640

12/31/2020 12/31/2019
12 Months 12 Months
12/31/2020 12/31/2019
ARS ARS
03/09/2021 03/10/2020
Yes Yes
International Financial Reporting Stand. International Financial Reporting Stand.
MNP LLP MNP LLP
Unqualified Unqualified

200,741,650 167,028,910

200,741,650 167,028,910
115,074,840 82,632,200
85,666,810 84,396,710
60,354,040 60,115,200

13,332,220 13,523,900

-3,370,000
 5,588,360 5,827,250
190,979,460 162,098,550
9,762,190 4,930,360
-2,552,270 -3,074,560
1,656,080 600,680

8,866,000 2,456,480
2,600,340 871,450
6,265,660 1,585,030

6,265,660 1,585,030

6,265,660 1,585,030

6,265,670 1,585,030
6,265,670 1,585,030
36,058,030 36,214,620
173,770 43,770
173,770 43,770

6,265,670 1,585,030
37,318,130 36,692,540
167,900 43,200
167,900 43,200

733,390 0
-5,026,080 -600,680
3,839,930 1,855,800
-1,474,110 -213,100
1,126,220 658,360
2,713,710 1,197,440
2,713,710 1,197,440
75,260 33,070
72,720 32,630

228,600 228,600

35,611,660 33,068,170

110,000 90,000
0 5,000
0 0
0 0

42,675,150 50,528,200
4,863,070 2,951,800
4,416,630 1,470,690
29,329,310 35,475,560
3,121,260 948,960
6,392,200 4,930,360
19,923,620 18,454,260
 2020 2019
137,076,990 140,740,805
128,864,800 132,457,115
10,045,030 7,725,665
30,369,380 25,959,290
93,341,070 101,128,915

12/31/2020 12/31/2019
12/31/2020 12/31/2019
ARS ARS
03/09/2021 03/10/2020
Yes Yes
International Financial Reporting Stand. International Financial Reporting Stand.
MNP LLP MNP LLP
Unqualified Unqualified

3,089,010 442,830
39,165,260 27,934,410

2,134,800 2,294,620
127,290 156,660
44,516,360 30,828,520
89,108,660 97,573,480
1,968,290 1,968,290
857,050 1,085,650

1,908,950 3,565,330
405,120 368,280

138,764,430 135,389,550
12,275,350 7,814,710

2,617,990 7,080,570
9,382,040 13,812,820
11,604,120 7,069,920
35,879,500 35,778,020
48,342,930 51,918,650
60,342,960 72,812,040
7,470,530 7,089,400

91,692,960 94,786,070
 23,252,440 22,812,410
8,781,960 8,257,350
15,037,040 9,533,720

47,071,450 40,603,480
138,764,410 135,389,540
36,739,190 36,357,580
0 0

47,071,450 40,603,480
1,100,000,000 600,000,000

857,050 1,085,650
1,968,290 1,968,290

44,516,350 30,828,520
1,240,720 861,660
1,240,720 861,660
57,253,950 72,369,210
44,246,110 37,549,540
1,204,330 1,032,780

17,533,000 19,642,000
5,076,000 6,156,000
4,641,000 4,389,000
3,187,000 3,934,000
1,614,000 2,458,000
1,198,000 852,000

7,828,000 8,323,000
2,812,000 3,310,000
1,817,000 1,853,000
40,192,000 45,008,000
4,306,000 6,575,000
1,579,000 4,034,000
980,000 1,282,000
994,000 667,000
1,005,000 667,000

2,559,000 5,316,000
1,999,000 1,334,000
31,328,000 31,783,000
p Inc. is a Canada-based transportation and logistics company servicing in Canada and the United States. The Company is a truck-based c
f North America with distribution terminals based in Bolton, Bracebridge, Napanee, North Bay, Windsor, Belleville, Cornwall and Brantford, O
cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. The Company has approximate
endent owner operators.

dore (7.13%)
vestments Canada, Ltd. (27.64%)

ge

Without Storage
ortation Arrangement
 Information fr
Titanium Tran
Tested Party´s Fiscal Year
Ended:

From the income statement

Revenue
Total Revenue Total Revenue
Cost of Revenue, Total Total Cost of Revenue
Gross Profit Gross Profit
Selling/General/Admin. Expenses, Total Total Selling/General/Admin. Expenses
Depreciation/Amortization Depreciation/Amortization
Total Operating Expense Total Operating Expense
Operating Income Operating Income

From the balance sheet From the balance sheet

Selected Assets Selected Assets
Cash and Short Term Investments Cash and Short-Term Investments
Total Assets Total Assets
Total Liabilities Total Liabilities

Total Equity
The Company is a truck-based carrier and
eville, Cornwall and Brantford, Ontario. The
The Company has approximately 800 power
 Information from Financial Statements
Titanium Transportation Group Inc
2021 2020 2019

$399,443 $200,742 $167,029

$247,895 $115,075 $82,632
$151,548 $85,667 $84,397
penses $109,655 $60,354 $60,115
$21,337 $13,332 $13,524
$390,311 $190,979 $162,099
$9,132 $9,762 $4,930

$18,046 $3,089 $443

$233,666 $138,764 $135,390
$159,952 $91,693 $94,786

$73,714 $47,071 $40,603

$0 $0 $0
2.34% 5.11% 3.04%
Company Name USA Truck, Inc.
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 710,387,000 551,138,000
Cost of Goods Sold 394,233,000 265,520,000
Gross Profit 316,154,000 285,618,000
Operating Expenses 278,835,000 272,760,000
Operating Income 37,319,000 12,858,000
Interest Expense -3,929,000 -5,605,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/17/2022 02/24/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Revenue 710,387,000 551,138,000

Other Revenue, Total
Total Revenue 710,387,000 551,138,000
Cost of Revenue, Total 394,233,000 265,520,000
Gross Profit 316,154,000 285,618,000
Selling/General/Admin. Expenses, Total 226,255,000 214,058,000
Research & Development
Depreciation/Amortization 35,865,000 41,359,000
Interest Exp.(Inc.),Net-Operating, Total
Unusual Expense (Income) -811,000 1,250,000
Other Operating Expenses, Total 17,526,000 16,093,000
Total Operating Expense 673,068,000 538,280,000
Operating Income 37,319,000 12,858,000
Interest Inc.(Exp.),Net-Non-Op., Total -3,929,000 -5,605,000
Gain (Loss) on Sale of Assets
Other, Net -334,000 -298,000
Net Income Before Taxes 33,056,000 6,955,000
Provision for Income Taxes 8,288,000 2,209,000
Net Income After Taxes 24,768,000 4,746,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 24,768,000 4,746,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income 24,768,000 4,746,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 24,768,000 4,746,000
Income Available to Com Incl ExtraOrd 24,768,000 4,746,000
Basic Weighted Average Shares 8,815,000 8,775,000
Basic EPS Excluding Extraordinary Items 2,809,760 540,850
Basic EPS Including Extraordinary Items 2,809,760 540,850
Dilution Adjustment
Diluted Net Income 24,768,000 4,746,000
Diluted Weighted Average Shares 8,973,000 8,874,000
Diluted EPS Excluding ExtraOrd Items 2,760,280 534,820
Diluted EPS Including ExtraOrd Items 2,760,280 534,820
DPS - Common Stock Primary Issue
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 0 0
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total
Total Special Items -811,000 1,250,000
Normalized Income Before Taxes 32,245,000 8,205,000
Effect of Special Items on Income Taxes -203,340 397,020
Inc Tax Ex Impact of Sp Items 8,084,660 2,606,020
Normalized Income After Taxes 24,160,340 5,598,980
Normalized Inc. Avail to Com. 24,160,340 5,598,980
Basic Normalized EPS 2,740,820 638,060
Diluted Normalized EPS 2,692,560 630,940
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 1,290,000 1,348,000
Rental Expense, Supplemental 8,753,000 8,069,000
Labor & Related Expense Suppl. 155,352,000 141,355,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 430,000 430,000
Audit-Related Fees 7,230
Tax Fees 0
All Other Fees 7,500
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 44,504,470 51,823,320
Operating Margin 5,253,330 2,332,990
Pretax Margin 4,653,240 1,261,930
Effective Tax Rate 25,072,600 31,761,320
Net Profit Margin 3,486,550 861,130
Normalized EBIT 36,508,000 14,108,000
Normalized EBITDA 72,373,000 55,467,000
Current Tax - Total 9,788,000 2,621,000
Deferred Tax - Total -1,500,000 -412,000
Income Tax - Total 8,288,000 2,209,000
Income Tax by Region - Total
Interest Cost - Domestic
Service Cost - Domestic
Prior Service Cost - Domestic
Expected Return on Assets - Domestic
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 700,000 600,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 700,000 600,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost
Total Plan Service Cost
Total Plan Expected Return

Balance Sheet 2021 2020

Avg Total Assets 357,133,500 350,471,000
Avg Operating Assets 350,950,000 340,979,000
Avg Net Payables 31,711,500 28,233,000
Avg Net Receivables 82,075,000 56,918,500
Avg Net PPE 238,577,000 253,876,500
Avg Net Inventory 1,181,000 872,000
Avg Cash
Avg Cash And Cash Equivalents
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/17/2022 02/24/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name Grant Thornton LLP Grant Thornton LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 1,352,000 325,000

Total Receivables, Net 100,166,000 66,857,000
Total Inventory 1,387,000 975,000
Prepaid Expenses 10,103,000 8,749,000
Other Current Assets, Total 0 2,635,000
Total Current Assets 113,008,000 79,541,000
Property/Plant/Equipment, Total - Net 229,845,000 247,309,000
Goodwill, Net 5,231,000 5,231,000
Intangibles, Net 13,815,000 15,105,000
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total 2,136,000 3,046,000
Other Assets, Total
Total Assets 364,035,000 350,232,000
Accounts Payable 36,378,000 27,045,000
Payable/Accrued
Accrued Expenses 24,973,000 24,833,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 25,164,000 18,446,000
Other Current liabilities, Total 685,000 2,649,000
Total Current Liabilities 87,200,000 72,973,000
Total Long Term Debt 119,629,000 135,834,000
Total Debt 144,793,000 154,280,000
Deferred Income Tax 21,914,000 23,414,000
Minority Interest
Other Liabilities, Total 23,867,000 33,310,000
Total Liabilities 252,610,000 265,531,000
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net 0 0
Common Stock, Total 123,000 120,000
Additional Paid-In Capital 63,752,000 60,692,000
Retained Earnings (Accumulated Deficit) 103,283,000 78,515,000
Treasury Stock - Common -55,733,000 -54,626,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total
Total Equity 111,425,000 84,701,000
Total Liabilities & Shareholders' Equity 364,035,000 350,232,000
Total Common Shares Outstanding 8,895,610 8,744,740
Treas Shares - Common Stock Prmry Issue 3,367,420 3,293,220
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest 111,425,000 84,701,000
Full-Time Employees 2,100,000,000 2,000,000,000
Part-Time Employees
Number of Common Shareholders 879,000,000 916,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net 5,231,000 5,231,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl. 4,085,000 2,795,000
Long Term Debt Financial Sector, Suppl. 4,100,000 3,580,000
Capital Lease Oblig. - Fin Sector, Suppl 2,900,000 5,000,000
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term 16,644,000 21,690,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 111,621,000 78,566,000
Quick Ratio 1,280,060 1,076,640
Current Ratio 1,295,960 1,090,010
Net Debt 143,441,000 153,955,000
Tangible Book Value 92,379,000 64,365,000
Tangible Book Value per Share 10,384,790 7,360,420
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental
Long Term Debt Maturing within 1 Year
Long Term Debt Maturing in Year 2
Long Term Debt Maturing in Year 3
Long Term Debt Maturing in Year 4
Long Term Debt Maturing in Year 5
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years
Long Term Debt Maturing in 4-5 Years
Long Term Debt Matur. in Year 6 & Beyond
Total Capital Leases, Supplemental 70,369,000 66,137,000
Capital Lease Payments Due in Year 1 16,435,000 13,894,000
Capital Lease Payments Due in Year 2 26,765,000 13,894,000
Capital Lease Payments Due in Year 3 18,078,000 24,711,000
Capital Lease Payments Due in Year 4 14,348,000 15,256,000
Capital Lease Payments Due in Year 5 86,000 4,187,000
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 44,843,000 38,605,000
Capital Lease Payments Due in 4-5 Years 14,434,000 19,443,000
Cap. Lease Pymts. Due in Year 6 & Beyond 0 75,000
Total Operating Leases, Supplemental 23,323,000 28,528,000
Operating Lease Payments Due in Year 1 6,840,000 7,004,000
Operating Lease Payments Due in Year 2 6,327,000 6,456,000
Operating Lease Payments Due in Year 3 6,012,000 6,192,000
Operating Lease Payments Due in Year 4 5,086,000 5,918,000
Operating Lease Payments Due in Year 5 762,000 5,049,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 12,339,000 12,648,000
Operating Lease Pymts. Due in 4-5 Years 5,848,000 10,967,000
Oper. Lse. Pymts. Due in Year 6 & Beyond -1,704,000 -2,091,000
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations
Total Plan Assets
utilizing equipment owned or leased by the Company or indepe
Business Description provides truckload motor carrier services to specific customers
times. The USAT Logistics consists of the Company’s freight b
fleet consists of approximately 2,065 tractors, which included a
approximately 6,263 trailers.

Website https://www.usa-truck.com/
Ownership
Subsidiaries B & G Leasing LLC
Davis Transfer Company Inc
Davis Transfer Logistics Inc
International Freight Services Inc
Skyraider Risk Retention Group Inc

Ticker
Exchange NASD - NASDAQ
Number Of Employees 2100
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 8742 - Serv: Management Consulting Services
 2019
522,631,000
249,725,000
272,906,000
270,591,000 Tested Party´s Fiscal Ye
2,315,000 Ended:
-6,597,000
From the income state
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2019 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/A
02/19/2020 Depreciation/Amortization Depreciation/Amortizati
Yes Total Operating Expense Total Operating Expens
U.S. GAAP Operating Income Operating Income
Grant Thornton LLP
Unqualified From the balance sheet From the balance shee
Selected Assets Selected Assets
522,631,000 Cash and Short Term Investments Cash and Short-Term In
Total Assets Total Assets
522,631,000 Total Liabilities Total Liabilities
249,725,000
272,906,000 Total Equity
215,427,000

37,193,000

732,000
 17,239,000
520,316,000
2,315,000
-6,597,000

-572,000
-4,854,000
-156,000
-4,698,000

-4,698,000

-4,698,000

-4,698,000
-4,698,000
8,525,000
-551,090
-551,090

-4,698,000
8,525,000
-551,090
-551,090

0
 732,000
-4,122,000
256,200
100,200
-4,222,200
-4,222,200
-495,270
-495,270

1,383,000
10,374,000
136,436,000

442,500

52,217,720
442,950
-928,760

-898,910
3,047,000
40,240,000
-464,000
308,000
-156,000

700,000

700,000
 2019
337,367,500
327,169,500
26,451,500
53,521,000
242,914,500
745,500

12/31/2019
12/31/2019
10-K
02/19/2020
Yes
U.S. GAAP
Grant Thornton LLP
Unqualified

97,000
55,261,000
769,000
7,855,000
2,542,000
66,524,000
260,444,000
5,231,000
16,453,000

2,058,000

350,710,000
29,421,000

23,386,000
0
36,944,000
1,648,000
91,399,000
141,746,000
178,690,000
24,017,000

15,337,000
272,499,000
 0
120,000
63,238,000
73,769,000
-58,916,000

78,211,000
350,710,000
8,553,340
3,434,230

78,211,000
2,050,000,000

910,000,000

5,231,000

1,587,000

5,812,000

65,755,000
719,430
727,840
178,593,000
56,527,000
6,608,760

89,176,000
33,334,000
12,488,000
12,488,000
23,346,000
13,853,000

24,976,000
37,199,000
1,102,000
11,862,000
6,297,000
1,948,000
1,529,000
1,179,000
888,000
3,477,000
2,067,000
21,000
ased by the Company or independent contractors. Its dedicated freight service offering
r services to specific customers for movement of freight over particular routes at specified
sists of the Company’s freight brokerage, logistics, and rail intermodal service offerings. Its
2,065 tractors, which included approximately 628 independent contractor tractors, and

nc
p Inc

Local
sulting Services
 Information from Financial Statements
USA Truck, Inc.
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $710,387 $551,138

Total Cost of Revenue $394,233 $265,520
Gross Profit $316,154 $285,618
Total Selling/General/Admin. Expenses $226,255 $214,058
Depreciation/Amortization $35,865 $41,359
Total Operating Expense $673,068 $538,280
Operating Income $37,319 $12,858

From the balance sheet

Selected Assets
Cash and Short-Term Investments $1,352 $325
Total Assets $364,035 $350,232
Total Liabilities $252,610 $265,531

$111,425 $84,701
$0 $0
2019

$522,631
$249,725
$272,906
$215,427
$37,193
$520,316
$2,315
5.54% 2.39% 0.44%

$97
$350,710
$272,499

$78,211
$0
Company Name Werner Enterprises, Inc.
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 2,734,372,000 2,372,178,000
Cost of Goods Sold 452,567,000 332,966,000
Gross Profit 2,281,805,000 2,039,212,000
Operating Expenses 1,972,659,000 1,811,774,000
Operating Income 309,146,000 227,438,000
Interest Expense -4,423,000 -4,215,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/28/2022 02/24/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Revenue 2,734,372,000 2,372,178,000

Other Revenue, Total
Total Revenue 2,734,372,000 2,372,178,000
Cost of Revenue, Total 452,567,000 332,966,000
Gross Profit 2,281,805,000 2,039,212,000
Selling/General/Admin. Expenses, Total 1,744,384,000 1,535,067,000
Research & Development
Depreciation/Amortization 267,700,000 263,286,000
Interest Exp.(Inc.),Net-Operating, Total
Unusual Expense (Income) 1,600,000
Other Operating Expenses, Total -41,025,000 13,421,000
Total Operating Expense 2,425,226,000 2,144,740,000
Operating Income 309,146,000 227,438,000
Interest Inc.(Exp.),Net-Non-Op., Total 37,105,000 -2,581,000
Gain (Loss) on Sale of Assets
Other, Net -236,000 -163,000
Net Income Before Taxes 346,015,000 224,694,000
Provision for Income Taxes 84,537,000 55,616,000
Net Income After Taxes 261,478,000 169,078,000
Minority Interest -2,426,000
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 259,052,000 169,078,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income 259,052,000 169,078,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd 259,052,000 169,078,000
Income Available to Com Incl ExtraOrd 259,052,000 169,078,000
Basic Weighted Average Shares 67,434,000 69,018,000
Basic EPS Excluding Extraordinary Items 3,841,560 2,449,770
Basic EPS Including Extraordinary Items 3,841,560 2,449,770
Dilution Adjustment 0
Diluted Net Income 259,052,000 169,078,000
Diluted Weighted Average Shares 67,855,000 69,427,000
Diluted EPS Excluding ExtraOrd Items 3,817,730 2,435,330
Diluted EPS Including ExtraOrd Items 3,817,730 2,435,330
DPS - Common Stock Primary Issue 430,000 360,000
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 30,864,000 24,770,000
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total
Total Special Items 1,600,000
Normalized Income Before Taxes 347,615,000 224,694,000
Effect of Special Items on Income Taxes 390,910
Inc Tax Ex Impact of Sp Items 84,927,910 55,616,000
Normalized Income After Taxes 262,687,090 169,078,000
Normalized Inc. Avail to Com. 260,261,090 169,078,000
Basic Normalized EPS 3,859,490 2,449,770
Diluted Normalized EPS 3,835,550 2,435,330
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 1,900,000
Rental Expense, Supplemental 15,700,000 6,800,000
Labor & Related Expense Suppl. 895,012,000 795,847,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental 40,317,000
Minority Interest, Supplemental -2,426,000
Research & Development Exp, Supplemental
Audit Fees 883,240 773,750
Audit-Related Fees
Tax Fees
All Other Fees
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 83,448,960 85,963,700
Operating Margin 11,305,920 9,587,730
Pretax Margin 12,654,280 9,472,050
Effective Tax Rate 24,431,600 24,751,880
Net Profit Margin 9,473,910 7,127,540
Normalized EBIT 310,746,000 227,438,000
Normalized EBITDA 578,446,000 490,724,000
Current Tax - Total 55,049,000 65,849,000
Deferred Tax - Total 29,488,000 -10,233,000
Income Tax - Total 84,537,000 55,616,000
Income Tax by Region - Total
Interest Cost - Domestic
Service Cost - Domestic
Prior Service Cost - Domestic
Expected Return on Assets - Domestic
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 4,904,000 4,748,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 4,904,000 4,748,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost
Total Plan Service Cost
Total Plan Expected Return

Balance Sheet 2021 2020

Avg Total Assets 2,380,194,500 2,150,270,000
Avg Operating Assets 2,100,173,500 1,911,452,000
Avg Net Payables 88,625,000 88,948,500
Avg Net Receivables 408,761,000 338,375,000
Avg Net PPE 1,597,455,000 1,545,430,500
Avg Net Inventory 11,601,000 10,652,500
Avg Cash
Avg Cash And Cash Equivalents 41,765,000 27,876,000
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/28/2022 02/24/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 54,196,000 29,334,000

Total Receivables, Net 497,353,000 375,302,000
Total Inventory 11,140,000 12,062,000
Prepaid Expenses 17,549,000 17,231,000
Other Current Assets, Total 50,975,000 22,987,000
Total Current Assets 631,213,000 456,916,000
Property/Plant/Equipment, Total - Net 1,641,701,000 1,553,209,000
Goodwill, Net 74,618,000
Intangibles, Net 55,315,000
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total 200,866,000 146,551,000
Other Assets, Total
Total Assets 2,603,713,000 2,156,676,000
Accounts Payable 93,987,000 83,263,000
Payable/Accrued
Accrued Expenses 152,065,000 140,964,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 5,000,000 25,000,000
Other Current liabilities, Total 17,631,000 24,787,000
Total Current Liabilities 268,683,000 274,014,000
Total Long Term Debt 422,500,000 175,000,000
Total Debt 427,500,000 200,000,000
Deferred Income Tax 268,499,000 237,870,000
Minority Interest 35,947,000
Other Liabilities, Total 280,534,000 274,752,000
Total Liabilities 1,276,163,000 961,636,000
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net
Common Stock, Total 805,000 805,000
Additional Paid-In Capital 121,904,000 116,039,000
Retained Earnings (Accumulated Deficit) 1,667,104,000 1,438,916,000
Treasury Stock - Common -441,659,000 -337,887,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total -20,604,000 -22,833,000
Total Equity 1,327,550,000 1,195,040,000
Total Liabilities & Shareholders' Equity 2,603,713,000 2,156,676,000
Total Common Shares Outstanding 65,790,110 67,931,730
Treas Shares - Common Stock Prmry Issue 14,743,420 12,601,810
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable 35,947,000
Total Equity & Minority Interest 1,363,497,000 1,195,040,000
Full-Time Employees 13,525,000,000 12,292,000,000
Part-Time Employees
Number of Common Shareholders 413,000,000 369,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net 55,315,000
Goodwill - Net 74,618,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl.
Long Term Debt Financial Sector, Suppl. 7,630,000 3,820,000
Capital Lease Oblig. - Fin Sector, Suppl
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current 1,200,000 1,500,000
Deferred Revenue - Long Term 22,634,000 6,949,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 620,073,000 444,854,000
Quick Ratio 2,307,820 1,623,470
Current Ratio 2,349,290 1,667,490
Net Debt 409,251,000 170,666,000
Tangible Book Value 1,197,617,000 1,195,040,000
Tangible Book Value per Share 18,203,600 17,591,780
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 427,500,000 200,000,000
Long Term Debt Maturing within 1 Year 5,000,000 25,000,000
Long Term Debt Maturing in Year 2 5,000,000 0
Long Term Debt Maturing in Year 3 417,500,000 0
Long Term Debt Maturing in Year 4 0 175,000,000
Long Term Debt Maturing in Year 5 0 0
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 422,500,000 0
Long Term Debt Maturing in 4-5 Years 0 175,000,000
Long Term Debt Matur. in Year 6 & Beyond 0 0
Total Capital Leases, Supplemental
Capital Lease Payments Due in Year 1
Capital Lease Payments Due in Year 2
Capital Lease Payments Due in Year 3
Capital Lease Payments Due in Year 4
Capital Lease Payments Due in Year 5
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years
Capital Lease Payments Due in 4-5 Years
Cap. Lease Pymts. Due in Year 6 & Beyond
Total Operating Leases, Supplemental 29,014,000 10,370,000
Operating Lease Payments Due in Year 1 7,048,000 3,696,000
Operating Lease Payments Due in Year 2 5,638,000 2,772,000
Operating Lease Payments Due in Year 3 4,681,000 1,748,000
Operating Lease Payments Due in Year 4 3,882,000 1,404,000
Operating Lease Payments Due in Year 5 2,739,000 969,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 10,319,000 4,520,000
Operating Lease Pymts. Due in 4-5 Years 6,621,000 2,373,000
Oper. Lse. Pymts. Due in Year 6 & Beyond 5,026,000 -219,000
Pension Obligation - Domestic
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic 10,621,000 9,104,000
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic -12,755,000 -11,321,000
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet -2,134,000 -2,217,000
Equity % - Domestic
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations
Total Plan Assets
utilizing either dry van or specialized trailers. One-Way Trucklo
Business Description such as the medium-to-long-haul van (Van), the expedited, the
Temperature Controlled fleet. The Werner Logistics segment in
non-trucking services to its customers, which includes Truckloa
Logistics international (WGL) and Werner Final Mile (Final Mile

Website https://www.werner.com/
Ownership Minority Owner: BlackRock Financial Management, Inc. (1.07%
Minority Owner: Aperio Group, LLC (1.11%)
Minority Owner: Northern Trust Investments, Inc. (1.15%)
Minority Owner: Jacobs Levy Equity Management, Inc. (1.22%
Minority Owner: Vanguard Extended Market Index Fund (1.24%
Minority Owner: William Blair Investment Management, LLC (1
Minority Owner: Millennium Management LLC (1.29%)
Minority Owner: abrdn Inc. (1.31%)
Minority Owner: AQR Capital Management, LLC (1.55%)
Minority Owner: Vanguard Small-Cap Value Index Fund (1.55%
Minority Owner: DFA U.S. Small Cap Value Portfolio (1.6%)
Minority Owner: Allspring Special Small Cap Val Fd (1.68%)
Minority Owner: Geode Capital Management, L.L.C. (1.79%)
Minority Owner: Allspring Global Investments, LLC (2.09%)
Minority Owner: iShares Russell 2000 ETF (2.24%)
Minority Owner: Delaware Small Cap Value Fund (2.34%)
Minority Owner: Vanguard Small-Cap Index Fund (2.34%)
Minority Owner: Delaware Small Cap Core Fund (2.5%)
Minority Owner: iShares Core S&P Mid-Cap ETF (2.73%)
Minority Owner: Vanguard Total Stock Market Index Fund (2.7
Minority Owner: Victory Sycamore Small Company Opportunity
Minority Owner: State Street Global Advisors (US) (3.6%)
Minority Owner: LSV Asset Management (4.14%)
Minority Owner: Victory Capital Management Inc. (5.07%)
Minority Owner: Dimensional Fund Advisors, L.P. (5.83%)
Minority Owner: Werner (Gregory L) (6.34%)
Minority Owner: Macquarie Investment Management (6.84%)
 Minority Owner: The Vanguard Group, Inc. (9%)
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Subsidiaries American Institute of Trucking Inc
Career Path Training Corp
CG&G II Inc
CG&G, Inc.
Drivers Management LLC
ECM Associated LLC
Ecm Transport LLC
Fleet Truck Sales Inc
Gra Gar LLC
NEHDS Logistics LLC
Wecc Inc
Werner de Mexico S de RL de CV
Werner Enterprises Canada Corp
Werner Global Logistics Inc
Werner Global Logistics (Barbados) SRL
Werner Global Logistics Mexico S de RL de CV
Werner Global Logistics Shanghai Co Ltd
Werner Global Logistics US LLC
Werner Global Logistics-Hong Kong Ltd
Werner Leasing de Mexico S de RL de CV
Werner Leasing LLC
Werner Management Inc
Werner Transportation Inc

Ticker WERN
Exchange NASD - NASDAQ
Number Of Employees 13525
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 8742 - Serv: Management Consulting Services
nc.
ls

rica

2019
2,463,701,000
418,837,000
2,044,864,000
1,819,392,000 Tested Party´s Fiscal Year
225,472,000 Ended:
-6,854,000
From the income statement
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2019 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/Admin.
02/27/2020 Depreciation/Amortization Depreciation/Amortization
Yes Total Operating Expense Total Operating Expense
U.S. GAAP Operating Income Operating Income
KPMG LLP
Unqualified From the balance sheet From the balance sheet
Selected Assets Selected Assets
2,463,701,000 Cash and Short Term Investments Cash and Short-Term Investm
Total Assets Total Assets
2,463,701,000 Total Liabilities Total Liabilities
418,837,000
2,044,864,000 Total Equity
1,567,666,000

249,527,000
 2,199,000
2,238,229,000
225,472,000
-3,528,000

-38,000
221,906,000
54,962,000
166,944,000

166,944,000

166,944,000

166,944,000
166,944,000
69,567,000
2,399,760
2,399,760

166,944,000
70,026,000
2,384,030
2,384,030
360,000

3,750,000

286,082,000
221,906,000

54,962,000
166,944,000
166,944,000
2,399,760
2,384,030

8,500,000
818,487,000

623,750
0
0
0

82,999,680
9,151,760
9,007,020
24,768,150
6,776,150
225,472,000
474,999,000
38,561,000
16,401,000
54,962,000

4,414,000

4,414,000
 2019
2,113,684,000
1,872,283,000
96,207,500
333,336,500
1,512,607,000
9,651,500

30,174,000

12/31/2019
12/31/2019
10-K
02/27/2020
Yes
U.S. GAAP
KPMG LLP
Unqualified

26,418,000
386,662,000
9,243,000
16,757,000
27,254,000
466,334,000
1,537,652,000

139,878,000

2,143,864,000
94,634,000

111,740,000
0
75,000,000
27,466,000
308,840,000
225,000,000
300,000,000
249,669,000

249,347,000
1,032,856,000
 805,000
112,649,000
1,294,608,000
-282,326,000

-14,728,000
1,111,008,000
2,143,864,000
69,244,530
11,289,010

1,111,008,000
12,736,000,000

338,000,000

1,300,000
8,153,000

457,091,000
1,480,030
1,509,950
273,582,000
1,111,008,000
16,044,700

300,000,000
75,000,000
0
0
0
225,000,000

0
225,000,000
0

11,736,000
3,920,000
3,063,000
2,148,000
1,225,000
1,179,000
5,211,000
2,404,000
201,000

8,284,000

-9,588,000

-1,304,000
n or specialized trailers. One-Way Truckload unit consists of various operating fleets,
to-long-haul van (Van), the expedited, the regional short-haul (Regional) and
ed fleet. The Werner Logistics segment includes four operating units that provide
to its customers, which includes Truckload Logistics, the intermodal, Werner Global
l (WGL) and Werner Final Mile (Final Mile).

om/
kRock Financial Management, Inc. (1.07%)
io Group, LLC (1.11%)
hern Trust Investments, Inc. (1.15%)
bs Levy Equity Management, Inc. (1.22%)
guard Extended Market Index Fund (1.24%)
am Blair Investment Management, LLC (1.24%)
nnium Management LLC (1.29%)
n Inc. (1.31%)
Capital Management, LLC (1.55%)
guard Small-Cap Value Index Fund (1.55%)
U.S. Small Cap Value Portfolio (1.6%)
ring Special Small Cap Val Fd (1.68%)
de Capital Management, L.L.C. (1.79%)
ring Global Investments, LLC (2.09%)
res Russell 2000 ETF (2.24%)
ware Small Cap Value Fund (2.34%)
guard Small-Cap Index Fund (2.34%)
ware Small Cap Core Fund (2.5%)
res Core S&P Mid-Cap ETF (2.73%)
guard Total Stock Market Index Fund (2.73%)
ory Sycamore Small Company Opportunity Fund (3.24%)
e Street Global Advisors (US) (3.6%)
Asset Management (4.14%)
ory Capital Management Inc. (5.07%)
ensional Fund Advisors, L.P. (5.83%)
ner (Gregory L) (6.34%)
quarie Investment Management (6.84%)
Vanguard Group, Inc. (9%)
kRock Institutional Trust Company, N.A. (11%)
Trucking Inc
Corp

LLC
C

de RL de CV
Canada Corp
ics Inc
ics (Barbados) SRL
ics Mexico S de RL de CV
ics Shanghai Co Ltd
ics US LLC
ics-Hong Kong Ltd
Mexico S de RL de CV

Inc
n Inc

ng, Except Local

ment Consulting Services
 Information from Financial Statements
Werner Enterprises, Inc.
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $2,734,372 $2,372,178

Total Cost of Revenue $452,567 $332,966
Gross Profit $2,281,805 $2,039,212
Total Selling/General/Admin. Expenses $1,744,384 $1,535,067
Depreciation/Amortization $267,700 $263,286
Total Operating Expense $2,425,226 $2,144,740
Operating Income $309,146 $227,438

From the balance sheet

Selected Assets
Cash and Short-Term Investments $54,196 $29,334
Total Assets $2,603,713 $2,156,676
Total Liabilities $1,276,163 $961,636

$1,327,550 $1,195,040
$0 $0
2019

$2,463,701
$418,837
$2,044,864
$1,567,666
$249,527
$2,238,229
$225,472
12.75% 10.60% 10.07%

$26,418
$2,143,864
$1,032,856

$1,111,008
$0
Company Name XPO Logistics Inc
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 12,806,000,000 10,199,000,000
Cost of Goods Sold 8,945,000,000 6,950,000,000
Gross Profit 3,861,000,000 3,249,000,000
Operating Expenses 3,299,000,000 3,021,000,000
Operating Income 562,000,000 228,000,000
Interest Expense -211,000,000 -307,000,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2021
Source 10-K 10-K
Source Date 02/16/2022 02/16/2022
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Revenue 12,806,000,000 10,199,000,000

Other Revenue, Total
Total Revenue 12,806,000,000 10,199,000,000
Cost of Revenue, Total 8,945,000,000 6,950,000,000
Gross Profit 3,861,000,000 3,249,000,000
Selling/General/Admin. Expenses, Total 1,322,000,000 1,210,000,000
Research & Development
Depreciation/Amortization 476,000,000 470,000,000
Interest Exp.(Inc.),Net-Operating, Total
Unusual Expense (Income) 41,000,000 22,000,000
Other Operating Expenses, Total 1,460,000,000 1,319,000,000
Total Operating Expense 12,244,000,000 9,971,000,000
Operating Income 562,000,000 228,000,000
Interest Inc.(Exp.),Net-Non-Op., Total -209,000,000 -304,000,000
Gain (Loss) on Sale of Assets
Other, Net 57,000,000 41,000,000
Net Income Before Taxes 410,000,000 -35,000,000
Provision for Income Taxes 87,000,000 -18,000,000
Net Income After Taxes 323,000,000 -17,000,000
Minority Interest 0 3,000,000
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items 323,000,000 -14,000,000
Accounting Change
Discontinued Operations 92,000,000 173,000,000
Extraordinary Item 4,000,000
Tax on Extraordinary Items -79,000,000 -53,000,000
Total Extraordinary Items 13,000,000 124,000,000
Net Income 336,000,000 110,000,000
Preferred Dividends 0 -3,000,000
General Partners' Distributions
Miscellaneous Earnings Adjustment 0 -28,000,000
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income 0 -31,000,000
Income Available to Com Excl ExtraOrd 323,000,000 -45,000,000
Income Available to Com Incl ExtraOrd 336,000,000 79,000,000
Basic Weighted Average Shares 112,000,000 92,000,000
Basic EPS Excluding Extraordinary Items 2,883,930 -489,130
Basic EPS Including Extraordinary Items 3,000,000 858,700
Dilution Adjustment
Diluted Net Income 336,000,000 79,000,000
Diluted Weighted Average Shares 114,000,000 92,000,000
Diluted EPS Excluding ExtraOrd Items 2,833,330 -489,130
Diluted EPS Including ExtraOrd Items 2,947,370 858,700
DPS - Common Stock Primary Issue
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 0 2,000,000
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total -42,000,000 -15,000,000
Total Special Items -1,000,000 7,000,000
Normalized Income Before Taxes 409,000,000 -28,000,000
Effect of Special Items on Income Taxes -212,200 2,450,000
Inc Tax Ex Impact of Sp Items 86,787,810 -15,550,000
Normalized Income After Taxes 322,212,200 -12,450,000
Normalized Inc. Avail to Com. 322,212,200 -40,450,000
Basic Normalized EPS 2,876,890 -439,670
Diluted Normalized EPS 2,826,420 -439,670
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental 86,000,000 87,000,000
Rental Expense, Supplemental 235,000,000 221,000,000
Labor & Related Expense Suppl.
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental
Minority Interest, Supplemental 0 3,000,000
Research & Development Exp, Supplemental
Audit Fees 5,306,000
Audit-Related Fees 4,815,200
Tax Fees 5,890
All Other Fees 0
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 30,149,930 31,856,060
Operating Margin 4,388,570 2,235,510
Pretax Margin 3,201,620 -343,170
Effective Tax Rate 21,219,510
Net Profit Margin 2,522,260 -441,220
Normalized EBIT 561,000,000 235,000,000
Normalized EBITDA 1,035,000,000 747,000,000
Current Tax - Total 82,000,000 57,000,000
Deferred Tax - Total 5,000,000 -75,000,000
Income Tax - Total 87,000,000 -18,000,000
Income Tax by Region - Total
Interest Cost - Domestic 39,000,000 54,000,000
Service Cost - Domestic
Prior Service Cost - Domestic 1,000,000 0
Expected Return on Assets - Domestic -101,000,000 -102,000,000
Actuarial Gains and Losses - Domestic
Curtailments & Settlements - Domestic
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense -61,000,000 -48,000,000
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 60,000,000 57,000,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense -1,000,000 9,000,000
Discount Rate - Domestic 1,960,000 2,960,000
Discount Rate - Foreign
Discount Rate - Post-Retirement 2,670,000 2,200,000
Expected Rate of Return - Domestic 5,000,000 5,600,000
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost 39,000,000 54,000,000
Total Plan Service Cost
Total Plan Expected Return -101,000,000 -102,000,000

Balance Sheet 2021 2020

Avg Total Assets 12,442,000,000 15,152,500,000
Avg Operating Assets 7,753,000,000 10,308,500,000
Avg Net Payables 982,000,000 1,005,500,000
Avg Net Receivables 1,892,500,000 2,090,000,000
Avg Net PPE 2,725,500,000 3,842,000,000
Avg Net Inventory
Avg Cash
Avg Cash And Cash Equivalents 995,500,000 1,054,000,000
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2021
Source 10-K 10-K
Source Date 02/16/2022 02/16/2022
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 260,000,000 1,731,000,000

Total Receivables, Net 2,105,000,000 1,680,000,000
Total Inventory
Prepaid Expenses
Other Current Assets, Total 312,000,000 1,967,000,000
Total Current Assets 2,677,000,000 5,378,000,000
Property/Plant/Equipment, Total - Net 2,716,000,000 2,735,000,000
Goodwill, Net 2,479,000,000 2,536,000,000
Intangibles, Net 580,000,000 675,000,000
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total 255,000,000 4,853,000,000
Other Assets, Total
Total Assets 8,707,000,000 16,177,000,000
Accounts Payable 1,110,000,000 854,000,000
Payable/Accrued
Accrued Expenses 1,277,000,000 1,196,000,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 58,000,000 1,281,000,000
Other Current liabilities, Total 93,000,000 1,830,000,000
Total Current Liabilities 2,538,000,000 5,161,000,000
Total Long Term Debt 3,514,000,000 5,240,000,000
Total Debt 3,572,000,000 6,521,000,000
Deferred Income Tax 316,000,000 286,000,000
Minority Interest 0 140,000,000
Other Liabilities, Total 1,201,000,000 2,641,000,000
Total Liabilities 7,569,000,000 13,468,000,000
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net 0 1,000,000
Common Stock, Total 115,000 102,000
Additional Paid-In Capital 1,179,000,000 1,998,000,000
Retained Earnings (Accumulated Deficit) 43,000,000 868,000,000
Treasury Stock - Common
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total -84,115,000 -158,102,000
Total Equity 1,138,000,000 2,709,000,000
Total Liabilities & Shareholders' Equity 8,707,000,000 16,177,000,000
Total Common Shares Outstanding 115,000,000 102,000,000
Treas Shares - Common Stock Prmry Issue 0 0
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding 1,000 1,000
Treasury Shares - Preferred Issue 1 0 0
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable 0 140,000,000
Total Equity & Minority Interest 1,138,000,000 2,849,000,000
Full-Time Employees 42,000,000,000 102,000,000,000
Part-Time Employees
Number of Common Shareholders 115,000,000 133,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net 2,479,000,000 2,536,000,000
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl. 612,000,000 536,000,000
Long Term Debt Financial Sector, Suppl. 8,000,000 7,000,000
Capital Lease Oblig. - Fin Sector, Suppl 6,000,000 6,000,000
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term 752,000,000 696,000,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 2,677,000,000 5,378,000,000
Quick Ratio 1,054,770 1,042,050
Current Ratio 1,054,770 1,042,050
Net Debt 3,312,000,000 4,931,000,000
Tangible Book Value -1,921,000,000 -503,000,000
Tangible Book Value per Share -16,704,350 -4,931,370
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 3,456,000,000
Long Term Debt Maturing within 1 Year 0
Long Term Debt Maturing in Year 2 0
Long Term Debt Maturing in Year 3 1,000,000
Long Term Debt Maturing in Year 4 3,153,000,000
Long Term Debt Maturing in Year 5 1,000,000
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 1,000,000
Long Term Debt Maturing in 4-5 Years 3,154,000,000
Long Term Debt Matur. in Year 6 & Beyond 301,000,000
Total Capital Leases, Supplemental 237,000,000
Capital Lease Payments Due in Year 1 61,000,000
Capital Lease Payments Due in Year 2 56,000,000
Capital Lease Payments Due in Year 3 49,000,000
Capital Lease Payments Due in Year 4 34,000,000
Capital Lease Payments Due in Year 5 18,000,000
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 105,000,000
Capital Lease Payments Due in 4-5 Years 52,000,000
Cap. Lease Pymts. Due in Year 6 & Beyond 37,000,000
Total Operating Leases, Supplemental 922,000,000
Operating Lease Payments Due in Year 1 206,000,000
Operating Lease Payments Due in Year 2 189,000,000
Operating Lease Payments Due in Year 3 151,000,000
Operating Lease Payments Due in Year 4 113,000,000
Operating Lease Payments Due in Year 5 88,000,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 340,000,000
Operating Lease Pymts. Due in 4-5 Years 201,000,000
Oper. Lse. Pymts. Due in Year 6 & Beyond 175,000,000
Pension Obligation - Domestic 1,925,000,000 2,052,000,000
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic 2,009,000,000 2,062,000,000
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic 84,000,000 10,000,000
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations 113,000,000 122,000,000
Total Funded Status -29,000,000 -112,000,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic 5,000,000 5,600,000
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic 156,000,000 88,000,000
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic -72,000,000 -78,000,000
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet 84,000,000 10,000,000
Equity % - Domestic 12,500,000 15,700,000
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic 85,800,000 82,500,000
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic 1,700,000 1,800,000
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations 2,038,000,000 2,174,000,000
Total Plan Assets 2,009,000,000 2,062,000,000
regional, inter-regional and transcontinental LTL freight service
Business Description States service to and from Mexico and Canada, as well as intra
Services segment includes last mile logistics for heavy goods s
and direct-to-consumer channels. It also includes non-core bro
its European transportation offerings.

Website https://www.xpo.com/
Ownership Minority Owner: Fidelity Value Fund (1.05%)
Minority Owner: Jacobs Private Equity, LLC (1.13%)
Minority Owner: Vanguard Extended Market Index Fund (1.17%
Minority Owner: MFS Mid Cap Value Fund (1.18%)
Minority Owner: Dimensional Fund Advisors, L.P. (1.21%)
Minority Owner: Geode Capital Management, L.L.C. (1.31%)
Minority Owner: Vanguard Small-Cap Value Index Fund (1.6%
Minority Owner: ClearBridge Investments, LLC (1.84%)
Minority Owner: MFS Investment Management (2.18%)
Minority Owner: Anomaly Capital Management, LP (2.38%)
Minority Owner: Vanguard Small-Cap Index Fund (2.41%)
Minority Owner: AllianceBernstein L.P. (2.49%)
Minority Owner: State Street Global Advisors (US) (2.52%)
Minority Owner: iShares Core S&P Mid-Cap ETF (2.53%)
Minority Owner: Vanguard Total Stock Market Index Fund (2.8
Minority Owner: Fidelity Management & Research Company LL
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Minority Owner: The Vanguard Group, Inc. (8.75%)
Minority Owner: Orbis Investment Management Ltd. (8.85%)
Minority Owner: MFN Partners Management LP (11.02%)
Subsidiaries Ajg International Transport Ltd
Autolog SNC
Bounce Logistics Inc
Bridge Terminal Transport Services Inc
Brive Transit SNC
Christian Salvesen SA
Concert Group Logistics Inc
De l'Aubifresne SCI
Di Ci Vrac Sud Ouest SARL
Emery Air Freight
Fiege Borruso SpA
Fiege Logistics Italia SpA
Gel Service SA
GXO Logistics Drinkflow Holdings Ltd
Gxo Logistics Drinks Ltd
Gxo Logistics Europe SAS
Gxo Logistics France SAS
GXO Logistics Pension Trustee Ltd
Gxo Logistics Supply Chain Inc
GXO LOGISTICS SWITZERLAND SAGL
Gxo Logistics UK Ltd
GXO Logistics Worldwide Holding Company LLC
Hopkinson Transport (Chesterfield) Ltd
Immotrans SARL
Intermodal Container Service Inc
Inveralmond Insurance Ltd
Jacobson Companies Inc
Jacobson Logistics Company LC
Jacobson Packaging Company LC
Jacobson Staffing Company LC
Jacobson Transportation Company Inc
JHCI Acquisition Inc
JHCI Holdings Inc
Lambda 5 Ltd
Lambda 6 Ltd
Landstar Supply Chain Solutions Inc
Landstar Supply Chain Solutions LLC
Locad 10 GIE
Locad 11 GIE
Locad 12 GIE
Marie Brizard Wine & Spirits International
ND Care SARL
ND CTL SARL
ND Genas SASU
ND Informatique SNC
ND Logistics Deutschland GmbH
ND Logistics Italia SpA
ND Logistics Rus OOO
ND Logistics Srl
ND Logitics Espana Servicios Integrales SLU
ND Red Europe SAS
ND Services SNC
ND Silo Iberica SA
ND Thier GmbH
ND Volumen Iberia
ND W
Ndfi Logistica y Transporte SL
NDO America Inc
NDO Beijing Freight Forwarding Co Ltd
NDO Belgium NV
NDO Brasil Agenciamento de Carga Ltda
NDO Chile SA
NDO Freight Forwarding Tianjin Co Ltd
Ndo India Pvt Ltd
New Breed Leasing of New Jersey Inc
New Breed Logistics of South Carolina LLC
New Breed Logistics of Texas LLC
Norbert Dentressangle Gerposa SL
Norbert Dentressangle Iberica Este SL
Norbert Dentressangle Italia SRL
Norbert Dentressangle Logistics Antwerp NV
Norbert Dentressangle Logistics Ireland Ltd
Norbert Dentressangle Logistics Welkenraedt SA
Norbert Dentressangle Maroc SARL
Norbert Dentressangle Overseas France SAS
Norbert Dentressangle Overseas HK Ltd
Norbert Dentressangle Overseas Ireland Ltd
Norbert Dentressangle Overseas Romania SRL
Norbert Dentressangle Overseas Rus ZAO
Norbert Dentressangle Overseas Spain SL
Norbert Dentressangle Transport Services Ireland Ltd
Omega VII SARL
Omega X SARL
Optima Service Solutions LLC
OWL Logistics Shanghai Ltd
OWL Ocean World Lines Berlin & GmbH Co KG
OWL Ocean World Lines Deutschland GmbH
Pacer Cartage Inc
Pacer Comercial de Mexico S de RL de CV
Pacer Holdings Cooperatief UA
Pacer International Hong Kong Ltd
Pacer International Logistics Hong Kong Ltd
Pacer Services Inc
Pacer Stacktrain LLC
Pacer Transportation Solutions (Sin) Pte Ltd
Pacer Transportation Solutions (Sin) Pte. Ltd.
Pacer Transportation Solutions Inc
Port De Bouc Transit SNC
Salvesen Logistics Ltd
Salvesen Property SCI
Savam Lux SA
Seattle Acquisition Corp
Servicios Auxiliares CCH SLU
Simply Logistics Inc
SNN Clermont SAS
Sonecovi Nord SAS
Sonecovi Sud SARL
Stacktrain Mexico S de RL de CV
TCG East and South BV
TD Holding BV
TDG (UK) Ltd
TDG BV
TDG Deutschland GmbH
TDG Logistics SA
TDG Ltd
TDG Overseas Ltd
TDG SA
TFND Sud Est SARL
Thier GmbH
THT Logistics SARL
TND Limousin SASU
Transimmo Picardie SNC
Transportation Resources Inc
Transports Hardy SAS
Transports Norbert Dentressangle Hungary Kft
Transports Norbert Dentressangle Slovakia sro
Xpo Air Charter LLC
Xpo Bulk UK Ltd
XPO CNW Inc
XPO Distribution Europe France SASU
Xpo Express Inc
XPO GF Holding USA Inc
XPO Global Forwarding Inc
Xpo Global Forwarding International SAS
Xpo Global Forwarding Uk Ltd
XPO Graduates Europe SARL
Xpo Holding Transport Solutions Europe SASU
Xpo Holdings UK and Ireland Ltd
XPO Intermodal Inc
Xpo Investment UK Ltd
XPO Key PL Europe SASU
Xpo Last Mile Canada Inc
XPO Last Mile France SASU
XPO Last Mile Holding Inc
Xpo Last Mile Inc
XPO Last Mile Inc
XPO Logistics Canada Inc
XPO Logistics Express LLC
XPO Logistics France
Xpo Logistics France SASU
XPO Logistics Freight Inc
Xpo Logistics Group Ltd
XPO Logistics LLC
XPO Logistics Services UK Limited
Xpo Logistics Supply Chain Holding Co
XPO Logistics Truckload Inc
XPO Logistics Trustees Ltd
 XPO Maintenance France SNC
Xpo Maintenance UK Ltd
XPO NLM, Inc.
XPO Ocean World Lines Europe GmbH
XPO Pharma France SAS
XPO Supply Chain Belgium NV
XPO Supply Chain CZ sro
XPO Supply Chain Frais France SARL
XPO Supply Chain H France SAS
XPO Supply Chain International SAS
XPO Supply Chain Netherlands BV
XPO Supply Chain Nord & Est France SAS
XPO Supply Chain Nord France SARL
XPO Supply Chain Paris & Ouest France SASU
XPO Supply Chain Poland Sp z o o
XPO Supply Chain Portugal Lda
XPO Supply Chain Romania SRL
XPO Supply Chain Sport France SARL
XPO Transport Frigo France SASU
XPO Transport Location France SNC
XPO Transport Solutions Auvergne France SAS
XPO Transport Solutions Central Europe SASU
XPO Transport Solutions Centre France SAS
XPO Transport Solutions Champagne France SASU
XPO Transport Solutions Est France SAS
XPO Transport Solutions Formation France SNC
Xpo Transport Solutions Holding Spain SL
XPO Transport Solutions Ile de France SAS
XPO Transport Solutions Nord France SAS
XPO Transport Solutions Ouest France SAS
XPO Transport Solutions Poland Sp z o o
Xpo Transport Solutions Portugal Lda
XPO Transport Solutions Rhone-Alpes France SAS
XPO Transport Solutions Romania SRL
XPO Transport Solutions Sud Ouest France SAS
XPO Transport Solutions Support Services France SNC
Xpo Transport Solutions UK Ltd
XPO Volume Franchise France SARL
XPO Volume Nord France SAS
XPO Volume Sud France SAS
XPO Vrac Chimie France SAS
XPO Vrac Hydro France SAS
XPO Vrac Silo France SASU

Ticker XPO
Exchange NYSE - New York Stock Exchange
Number Of Employees 43000
Primary US SIC 4212 - Trans: Local Trucking, Without Storage
Secondary US SIC 4213 - Trans: Trucking, Except Local
4225 - Trans: General Warehousing & Storage
4226 - Trans: Special Warehousing & Storage, nec
4522 - Trans: Air Transportation, Nonscheduled
4731 - Trans: Freight Transportation Arrangement
8742 - Serv: Management Consulting Services
s

ca

2019
10,681,000,000
7,359,000,000
3,322,000,000
2,766,000,000 Tested Party´s Fiscal Year
556,000,000 Ended:
-268,000,000
From the income statemen
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2021 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/Admin
02/16/2022 Depreciation/Amortization Depreciation/Amortization
Yes Total Operating Expense Total Operating Expense
U.S. GAAP Operating Income Operating Income
KPMG LLP
Unqualified From the balance sheet From the balance sheet
Selected Assets Selected Assets
10,681,000,000 Cash and Short Term Investments Cash and Short-Term Invest
Total Assets Total Assets
10,681,000,000 Total Liabilities Total Liabilities
7,359,000,000
3,322,000,000 Total Equity
1,068,000,000

467,000,000

-48,000,000
 1,279,000,000
10,125,000,000
556,000,000
-278,000,000

23,000,000
301,000,000
60,000,000
241,000,000
0

241,000,000

247,000,000

-69,000,000
178,000,000
419,000,000
-3,000,000

-37,000,000

-40,000,000
201,000,000
379,000,000
96,000,000
2,093,750
3,947,920

379,000,000
106,000,000
1,896,230
3,575,470

0
 -96,000,000
-144,000,000
157,000,000
-28,704,320
31,295,680
125,704,320
85,704,320
892,750
808,530

96,000,000
197,000,000

31,101,960
5,205,510
2,818,090
19,933,550
1,881,850
412,000,000
921,000,000
20,000,000
40,000,000
60,000,000

66,000,000

-90,000,000

-24,000,000

57,000,000

33,000,000
4,080,000

5,800,000

66,000,000
 -90,000,000

2019
13,199,000,000
11,956,000,000
1,207,500,000
2,548,000,000
3,777,000,000

439,500,000

12/31/2019
12/31/2019
10-K
02/10/2020
Yes
U.S. GAAP
KPMG LLP
Unqualified

377,000,000
2,500,000,000

465,000,000
3,342,000,000
4,949,000,000
4,450,000,000
1,092,000,000

295,000,000

14,128,000,000
1,157,000,000

1,882,000,000
0
84,000,000
135,000,000
3,258,000,000
5,182,000,000
5,266,000,000
495,000,000
153,000,000
2,297,000,000
11,385,000,000
 41,000,000
92,000
2,061,000,000
786,000,000

-145,092,000
2,743,000,000
14,128,000,000
92,000,000
0

70,000
0

153,000,000
2,896,000,000
100,000,000,000

135,000,000

4,450,000,000

850,000,000

1,776,000,000

3,342,000,000
1,025,780
1,025,780
5,083,000,000
-2,840,000,000
-30,869,570

5,072,000,000
26,000,000
3,000,000
1,201,000,000
536,000,000
1,001,000,000

1,204,000,000
1,537,000,000
2,305,000,000
346,000,000
71,000,000
67,000,000
64,000,000
70,000,000
49,000,000

131,000,000
119,000,000
82,000,000
2,244,000,000
553,000,000
503,000,000
405,000,000
316,000,000
226,000,000
 908,000,000
542,000,000
241,000,000
1,862,000,000
1,323,000,000
41,000,000
1,863,000,000
1,362,000,000
0
1,000,000
39,000,000
-41,000,000
1,862,000,000
1,323,000,000

41,000,000
-42,000,000

2,040,000
3,870,000
5,800,000
4,850,000

76,000,000
39,000,000

-75,000,000
0
-41,000,000

-1,000,000
17,000,000
 81,500,000
91,600,000

1,500,000
8,400,000

3,267,000,000
3,225,000,000
and transcontinental LTL freight services. Its services include cross-border United
rom Mexico and Canada, as well as intra-Canada service. The Brokerage and Other
udes last mile logistics for heavy goods sold through e-commerce, omnichannel retail
r channels. It also includes non-core brokered freight transportation modes, as well as
ation offerings.

y Value Fund (1.05%)

s Private Equity, LLC (1.13%)
uard Extended Market Index Fund (1.17%)
Mid Cap Value Fund (1.18%)
nsional Fund Advisors, L.P. (1.21%)
e Capital Management, L.L.C. (1.31%)
uard Small-Cap Value Index Fund (1.6%)
Bridge Investments, LLC (1.84%)
nvestment Management (2.18%)
aly Capital Management, LP (2.38%)
uard Small-Cap Index Fund (2.41%)
ceBernstein L.P. (2.49%)
Street Global Advisors (US) (2.52%)
es Core S&P Mid-Cap ETF (2.53%)
uard Total Stock Market Index Fund (2.81%)
y Management & Research Company LLC (3.95%)
Rock Institutional Trust Company, N.A. (6.76%)
anguard Group, Inc. (8.75%)
Investment Management Ltd. (8.85%)
Partners Management LP (11.02%)
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f Texas LLC
e Gerposa SL
e Iberica Este SL
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e Logistics Antwerp NV
e Logistics Ireland Ltd
e Logistics Welkenraedt SA
e Maroc SARL
e Overseas France SAS
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e Overseas Ireland Ltd
e Overseas Romania SRL
e Overseas Rus ZAO
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ais France SARL
France SAS
ernational SAS
therlands BV
rd & Est France SAS
rd France SARL
ris & Ouest France SASU
land Sp z o o
rtugal Lda
mania SRL
ort France SARL
France SASU
on France SNC
ns Auvergne France SAS
ns Central Europe SASU
ns Centre France SAS
ns Champagne France SASU
ns Est France SAS
ns Formation France SNC
ns Holding Spain SL
ns Ile de France SAS
ns Nord France SAS
ns Ouest France SAS
ns Poland Sp z o o
ns Portugal Lda
ns Rhone-Alpes France SAS
ns Romania SRL
ns Sud Ouest France SAS
ns Support Services France SNC
ns UK Ltd
e France SARL
nce SAS
nce SAS
nce SAS
ce SAS
SASU

ck Exchange

ucking, Without Storage

g, Except Local
Warehousing & Storage
 Warehousing & Storage, nec
sportation, Nonscheduled
Transportation Arrangement
ment Consulting Services
 Information from Financial Statements
XPO Logistics Inc
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $12,806,000 $10,199,000

Total Cost of Revenue $8,945,000 $6,950,000
Gross Profit $3,861,000 $3,249,000
Total Selling/General/Admin. Expenses $1,322,000 $1,210,000
Depreciation/Amortization $476,000 $470,000
Total Operating Expense $12,244,000 $9,971,000
Operating Income $562,000 $228,000

From the balance sheet

Selected Assets
Cash and Short-Term Investments $260,000 $1,731,000
Total Assets $8,707,000 $16,177,000
Total Liabilities $7,569,000 $13,468,000

$1,138,000 $2,709,000
$0 $0
2019

$10,681,000
$7,359,000
$3,322,000
$1,068,000
$467,000
$10,125,000
$556,000
4.59% 2.29% 5.49%

$377,000
$14,128,000
$11,385,000

$2,743,000
$0
Company Name Yellow Corp
Source Refinitiv Fundamentals
Location Type
Registry Number
Registry Name
Street Address
Street Address 2
City
State/Province
Postal Code
Country United States of America
Latest Consolidated Tax Year Available 12/31/2021
Latest Unconsolidated Tax Year Available
Currency United States Dollar

Income Statement 2021 2020

Net Sales 5,121,800,000 4,513,700,000
Cost of Goods Sold 4,539,100,000 4,128,000,000
Gross Profit 582,700,000 385,700,000
Operating Expenses 479,100,000 329,200,000
Operating Income 103,600,000 56,500,000
Interest Expense -150,700,000 -135,900,000
R and D Expense
Advertising Expense
Period End Date 12/31/2021 12/31/2020
Period Length 12 Months 12 Months
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/04/2022 02/11/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Revenue 5,121,800,000 4,513,700,000

Net Sales 5,121,800,000 4,513,700,000
Gross Revenue
Sales Returns and Allowances
Excise Tax Receipts
Other Revenue, Total
Interest Income, Non-Bank
Other Revenue
Total Revenue 5,121,800,000 4,513,700,000
Cost of Revenue, Total 4,539,100,000 4,128,000,000
 Cost of Revenue 4,539,100,000 4,128,000,000
Excise Taxes Payments
Gross Profit 582,700,000 385,700,000
Selling/General/Admin. Expenses, Total 40,900,000
Selling/General/Administrative Expense 40,900,000
Labor & Related Expense
Advertising Expense
Research & Development
Depreciation/Amortization 143,600,000 134,900,000
Depreciation 143,600,000 134,900,000
Amortization of Intangibles
Amortization of Acquisition Costs
Interest Exp.(Inc.),Net-Operating, Total
Interest Expense, Net - Operating
Interest/Investment Income - Operating
Interest Expense(Income) - Net Operating
Unusual Expense (Income) 700,000 -45,300,000
Purchased R&D Written-Off
Restructuring Charge
Litigation
Impairment-Assets Held for Use 0 0
Impairment-Assets Held for Sale
Loss(Gain) on Sale of Assets - Operating 700,000 -45,300,000
Other Unusual Expense (Income) 0 0
Other Operating Expenses, Total 293,900,000 239,600,000
Foreign Currency Adjustment
Unrealized Losses (Gains)
Minimum Pension Liability Adjustment
Other Operating Expense 293,900,000 239,600,000
Other, Net
Total Operating Expense 5,018,200,000 4,457,200,000
Operating Income 103,600,000 56,500,000
Interest Inc.(Exp.),Net-Non-Op., Total -150,700,000 -135,900,000
Interest Expense, Net Non-Operating -150,700,000 -135,900,000
Interest/Invest Income - Non-Operating
Interest Income(Exp), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net -58,900,000 6,300,000
Foreign Currency Adjustment
Unrealized Gains (Losses)
Minimum Pension Liability Adjustment
Other Non-Operating Income (Expense) -58,900,000 6,300,000
Net Income Before Taxes -106,000,000 -73,100,000
Provision for Income Taxes 3,100,000 -19,600,000
Net Income After Taxes -109,100,000 -53,500,000
Minority Interest
Equity In Affiliates
U.S. GAAP Adjustment
Net Income Before Extra. Items -109,100,000 -53,500,000
Accounting Change
Discontinued Operations
Extraordinary Item
Tax on Extraordinary Items
Total Extraordinary Items
Net Income -109,100,000 -53,500,000
Preferred Dividends
General Partners' Distributions
Miscellaneous Earnings Adjustment
Pro Forma Adjustment
Interest Adjustment - Primary EPS
Total Adjustments to Net Income
Income Available to Com Excl ExtraOrd -109,100,000 -53,500,000
Income Available to Com Incl ExtraOrd -109,100,000 -53,500,000
Basic Weighted Average Shares 50,720,000 41,694,000
Basic EPS Excluding Extraordinary Items -2,151,030 -1,283,160
Basic EPS Including Extraordinary Items -2,151,030 -1,283,160
Dilution Adjustment
Diluted Net Income -109,100,000 -53,500,000
Diluted Weighted Average Shares 50,720,000 41,694,000
Diluted EPS Excluding ExtraOrd Items -2,151,030 -1,283,160
Diluted EPS Including ExtraOrd Items -2,151,030 -1,283,160
DPS - Common Stock Primary Issue
Dividends per Share - Com Stock Issue 2
Dividends per Share - Com Stock Issue 3
Dividends per Share - Com Stock Issue 4
Special DPS - Common Stock Primary Issue
Special DPS - Common Stock Issue 2
Special DPS - Common Stock Issue 3
Special DPS - Common Stock Issue 4
Gross Dividends - Common Stock 0 0
Pro Forma Stock Compensation Expense
Net Income after Stock Based Comp. Exp.
Basic EPS after Stock Based Comp. Exp.
Diluted EPS after Stock Based Comp. Exp.
Stock-Based Compensation, Supplemental
Interest Expense, Supplemental
Interest Capitalized, Supplemental
Interest Expense (Financial Oper), Suppl
Net Revenues
Depreciation, Supplemental
Funds From Operations - REIT
Non-Recurring Items, Supplemental, Total 65,500,000 7,800,000
(Gain) Loss on Sale of Assets, Suppl. 800,000 300,000
Impairment-Assets Held for Sale, Suppl.
Impairment-Assets Held for Use, Suppl.
Litigation Charge, Supplemental
Purchased R&D Written-Off, Supplemental
Restructuring Charge, Supplemental 0 3,900,000
Other Unusual Expense(Income), Suppl. 64,700,000 3,600,000
Total Special Items 66,200,000 -37,500,000
Normalized Income Before Taxes -39,800,000 -110,600,000
Effect of Special Items on Income Taxes 23,170,000 -13,125,000
Inc Tax Ex Impact of Sp Items 26,270,000 -32,725,000
Normalized Income After Taxes -66,070,000 -77,875,000
Normalized Inc. Avail to Com. -66,070,000 -77,875,000
Basic Normalized EPS -1,302,640 -1,867,770
Diluted Normalized EPS -1,302,640 -1,867,770
Amort of Acquisition Costs, Supplemental
Amort of Intangibles, Supplemental
Rental Expense, Supplemental 133,300,000 160,900,000
Labor & Related Expense Suppl. 2,921,700,000 2,770,100,000
EPS, Supplemental
Advertising Expense, Supplemental
Equity in Affiliates, Supplemental
Minority Interest, Supplemental
Research & Development Exp, Supplemental
Audit Fees 2,345,000 2,473,000
Audit-Related Fees 0 0
Tax Fees 0 0
All Other Fees 0 0
Reported Recurring Revenue
Reported Net Premiums Written
Reported Total Revenue
Reported Operating Revenue
Reported Total Cost of Revenue
Reported Total Sales, General & Admin.
Reported Gross Profit
Reported Operating Profit
Reported Operating Profit Margin
Reported Ordinary Profit
Reported Net Income After Tax
Reported Basic EPS
Reported Diluted EPS
Reported Net Business Profits
Islamic Income
Zakat
Islamic Section, Supplemental
Gross Margin 11,376,860 8,545,100
Operating Margin 2,022,730 1,251,740
Pretax Margin -2,069,580 -1,619,510
Effective Tax Rate
Net Profit Margin -2,130,110 -1,185,280
Normalized EBIT 169,800,000 19,000,000
Normalized EBITDA 313,400,000 153,900,000
Current Tax - Total 3,600,000 -4,700,000
Current Tax - Domestic 0 -6,200,000
Current Tax - Foreign 2,200,000 1,100,000
Current Tax - Local 1,400,000 400,000
Current Tax - Other
Current Tax - Total
Deferred Tax - Total -500,000 -14,900,000
Deferred Tax - Domestic 0 -9,400,000
Deferred Tax - Foreign -500,000 -300,000
Deferred Tax - Local 0 -5,200,000
Deferred Tax - Other
Deferred Tax - Total
Income Tax - Total 3,100,000 -19,600,000
Domestic Tax - Other
Foreign Tax - Other
Local Tax - Other
Other Tax
Adjustment 3,100,000 -19,600,000
Income Tax by Region - Total
Domestic Tax
Foreign Tax
Local Tax
Other Tax
Interest Cost - Domestic 30,700,000 37,100,000
Service Cost - Domestic
Prior Service Cost - Domestic -400,000 14,300,000
Expected Return on Assets - Domestic -48,000,000 -61,100,000
Actuarial Gains and Losses - Domestic 12,100,000 14,300,000
Curtailments & Settlements - Domestic 64,700,000 3,600,000
Transition Costs - Domestic
Other Pension, Net - Domestic
Domestic Pension Plan Expense 59,100,000 8,200,000
Interest Cost - Foreign
Service Cost - Foreign
Prior Service Cost - Foreign
Expected Return on Assets - Foreign
Actuarial Gains and Losses - Foreign
Curtailments & Settlements - Foreign
Transition Costs - Foreign
Other Pension, Net - Foreign
Foreign Pension Plan Expense
Interest Cost - Post-Retirement
Service Cost - Post-Retirement
Prior Service Cost - Post-Retirement
Expected Return on Assets - Post-Retir.
Actuarial Gains and Losses - Post-Retir.
Curtailments & Settlements - Post-Retir.
Transition Costs - Post-Retirement
Other Post-Retirement, Net
Post-Retirement Plan Expense
Defined Contribution Expense - Domestic 599,700,000 612,300,000
Defined Contribution Expense - Foreign
Defined Contribution Expense Retirement
Total Pension Expense 658,800,000 620,500,000
Discount Rate - Domestic 2,810,000 3,560,000
Discount Rate - Foreign
Discount Rate - Post-Retirement
Expected Rate of Return - Domestic 5,000,000 7,000,000
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Assumptions
Total Plan Interest Cost 30,700,000 37,100,000
Total Plan Service Cost
Total Plan Expected Return -48,000,000 -61,100,000

Balance Sheet 2021 2020

Avg Total Assets 2,305,700,000 2,008,700,000
Avg Operating Assets 1,818,900,000 1,628,650,000
Avg Net Payables 169,550,000 162,200,000
Avg Net Receivables 584,350,000 484,700,000
Avg Net PPE 1,178,650,000 1,098,250,000
Avg Net Inventory
Avg Cash
Avg Cash And Cash Equivalents 375,000,000 274,250,000
Avg LIFO Reserve
Avg Invested Capital
Period End Date 12/31/2021 12/31/2020
Update Date 12/31/2021 12/31/2020
Source 10-K 10-K
Source Date 02/04/2022 02/11/2021
Consolidated Yes Yes
Accounting Standard U.S. GAAP U.S. GAAP
Auditor Name KPMG LLP KPMG LLP
Auditor Opinion Unqualified Unqualified

Cash and Short Term Investments 310,700,000 439,300,000

Cash
Cash & Equivalents 310,700,000 439,300,000
Short Term Investments
Total Receivables, Net 663,700,000 505,000,000
Accounts Receivable - Trade, Net 663,700,000 505,000,000
Notes Receivable - Short Term
Receivables - Other
Total Inventory
Inventories - Finished Goods
Inventories - Work In Progress
Inventories - Raw Materials
Inventories - Other
LIFO Reserve
Adjustment
Prepaid Expenses 65,000,000 46,800,000
Other Current Assets, Total 4,100,000 38,700,000
Restricted Cash - Current 4,100,000 38,700,000
Deferred Income Tax - Current Asset
Discountinued Operations - Current Asset
Other Current Assets
Total Current Assets 1,043,500,000 1,029,800,000
Property/Plant/Equipment, Total - Net 1,317,100,000 1,040,200,000
Property/Plant/Equipment, Total - Gross 3,349,400,000 3,071,500,000
Accumulated Depreciation, Total -2,032,300,000 -2,031,300,000
Goodwill, Net
Goodwill - Gross
Accumulated Goodwill Amortization
Intangibles, Net
Intangibles - Gross
Accumulated Intangible Amortization
Adjustment
Long Term Investments
LT Investment - Affiliate Companies
LT Investments - Other
Note Receivable - Long Term
Other Long Term Assets, Total 65,000,000 115,800,000
Deferred Charges
Pension Benefits - Overfunded
Deferred Income Tax - Long Term Asset 1,400,000 900,000
Discontinued Operations - LT Asset
Restricted Cash - Long Term
Other Long Term Assets 63,600,000 114,900,000
Other Assets, Total
Other Assets
Total Assets 2,425,600,000 2,185,800,000
Accounts Payable 178,400,000 160,700,000
Payable/Accrued
Accrued Expenses 454,900,000 437,000,000
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 72,300,000 4,000,000
Other Current liabilities, Total 118,500,000 99,000,000
Dividends Payable
Customer Advances
Security Deposits
Income Taxes Payable 72,800,000 70,500,000
Other Payables
Deferred Income Tax - Current Liability
Discontinued Operations - Curr Liability
Other Current Liabilities 45,700,000 28,500,000
Total Current Liabilities 824,100,000 700,700,000
Total Long Term Debt 1,482,200,000 1,221,400,000
Long Term Debt 1,258,200,000 998,300,000
Capital Lease Obligations 224,000,000 223,100,000
Total Debt 1,554,500,000 1,225,400,000
Deferred Income Tax
 Deferred Income Tax - LT Liability
Minority Interest
Other Liabilities, Total 482,800,000 487,000,000
Reserves
Pension Benefits - Underfunded 88,200,000 16,700,000
Other Long Term Liabilities 394,600,000 470,300,000
Discontinued Operations - Liabilities
Other Liabilities
Total Liabilities 2,789,100,000 2,409,100,000
Redeemable Preferred Stock, Total
Redeemable Preferred Stock
Redeemable Convertible Preferred Stock
Preferred Stock - Non Redeemable, Net 0
Preferred Stock - Non Redeemable
Convertible Preferred Stock - Non Rdmbl 0
Treasury Stock - Preferred
General Partner
Common Stock, Total 500,000 500,000
Common Stock 500,000 500,000
Limited Partner
Additional Paid-In Capital 2,388,300,000 2,383,600,000
Retained Earnings (Accumulated Deficit) -2,475,000,000 -2,365,900,000
Treasury Stock - Common -92,700,000 -92,700,000
ESOP Debt Guarantee
Unrealized Gain (Loss)
Other Equity, Total -184,600,000 -148,800,000
Translation Adjustment
Other Equity
Minimum Pension Liability Adjustment
Other Comprehensive Income -184,600,000 -148,800,000
Total Equity -363,500,000 -223,300,000
Total Liabilities & Shareholders' Equity 2,425,600,000 2,185,800,000
Total Common Shares Outstanding 50,954,590 50,191,590
Shares Outs - Common Stock Primary Issue 50,954,590 50,191,590
Shares Outstanding - Common Issue 2
Shares Outstanding - Common Issue 3
Shares Outstanding - Common Issue 4
Treas Shares - Common Stock Prmry Issue 410 410
Treasury Shares - Common Issue 2
Treasury Shares - Common Issue 3
Treasury Shares - Common Issue 4
Total Preferred Shares Outstanding
Shares Outstanding - Preferred Issue 1
Shares Outstanding - Preferred Issue 2
Shares Outstanding - Preferred Issue 3
Shares Outstanding - Preferred Issue 4
Shares Outstanding - Preferred Issue 5
Shares Outstanding - Preferred Issue 6
Treasury Shares - Preferred Issue 1
Treasury Shares - Preferred Issue 2
Treasury Shares - Preferred Issue 3
Treasury Shares - Preferred Issue 4
Treasury Shares - Preferred Issue 5
Treasury Shares - Preferred Issue 6
Minority Interest - Redeemable
Minority Interest - Non Redeemable
Total Equity & Minority Interest -363,500,000 -223,300,000
Full-Time Employees 32,000,000,000 30,000,000,000
Part-Time Employees
Number of Common Shareholders 238,000,000 302,000,000
Other Property/Plant/Equipment - Net
Intangibles - Net
Goodwill - Net
Short Term Debt Financial Sector, Suppl.
Curr Port - LTD/Cap Lse Fin Sec., Suppl.
Long Term Debt Financial Sector, Suppl. 4,000,000 3,300,000
Capital Lease Oblig. - Fin Sector, Suppl
Accumulated Goodwill Amortization Suppl.
Accumulated Intangible Amort, Suppl.
Deferred Revenue - Current
Deferred Revenue - Long Term 118,900,000 172,600,000
Total Risk-Weighted Capital
Tier 1 Capital %
Total Capital %
Trading Account
Credit Exposure
Non-Performing Loans
Assets under Management
Total Current Assets less Inventory 1,043,500,000 1,029,800,000
Quick Ratio 1,266,230 1,469,670
Current Ratio 1,266,230 1,469,670
Net Debt 1,243,800,000 786,100,000
Tangible Book Value -363,500,000 -223,300,000
Tangible Book Value per Share -7,133,800 -4,448,950
Reported Total Assets
Reported Total Liabilities
Shareholders' Equity Excl. Stock Subscr.
Reported Shareholder's Equity
Reported Net Assets
Reported Net Assets to Total Assets
Reported Return on Assets
Reported Return on Equity
Islamic Investments & Deposits
Islamic Receivables
Islamic Debt
Islamic Section, Supplemental
Total Long Term Debt, Supplemental 1,614,500,000 1,058,100,000
Long Term Debt Maturing within 1 Year 72,400,000 1,400,000
Long Term Debt Maturing in Year 2 5,600,000 66,600,000
Long Term Debt Maturing in Year 3 1,326,300,000 0
Long Term Debt Maturing in Year 4 3,400,000 990,100,000
Long Term Debt Maturing in Year 5 200,000 0
Long Term Debt Maturing in Year 6
Long Term Debt Maturing in Year 7
Long Term Debt Maturing in Year 8
Long Term Debt Maturing in Year 9
Long Term Debt Maturing in Year 10
Long Term Debt Maturing in 2-3 Years 1,331,900,000 66,600,000
Long Term Debt Maturing in 4-5 Years 3,600,000 990,100,000
Long Term Debt Matur. in Year 6 & Beyond 206,600,000 0
Total Capital Leases, Supplemental 224,000,000 225,900,000
Interest Costs
Executory Costs
Adjustment 224,000,000 225,900,000
Capital Lease Payments Due in Year 1 4,300,000 2,500,000
Capital Lease Payments Due in Year 2 5,600,000 4,100,000
Capital Lease Payments Due in Year 3 3,900,000 4,900,000
Capital Lease Payments Due in Year 4 3,400,000 2,400,000
Capital Lease Payments Due in Year 5 200,000 200,000
Capital Lease Payments Due in Year 6
Capital Lease Payments Due in Year 7
Capital Lease Payments Due in Year 8
Capital Lease Payments Due in Year 9
Capital Lease Payments Due in Year 10
Capital Lease Payments Due in 2-3 Years 9,500,000 9,000,000
Capital Lease Payments Due in 4-5 Years 3,600,000 2,600,000
Cap. Lease Pymts. Due in Year 6 & Beyond 206,600,000 211,800,000
Total Operating Leases, Supplemental 195,400,000 286,800,000
Operating Lease Payments Due in Year 1 94,400,000 142,500,000
Operating Lease Payments Due in Year 2 56,900,000 95,000,000
Operating Lease Payments Due in Year 3 27,100,000 52,700,000
Operating Lease Payments Due in Year 4 15,200,000 22,900,000
Operating Lease Payments Due in Year 5 11,800,000 10,800,000
Operating Lease Payments Due in Year 6
Operating Lease Payments Due in Year 7
Operating Lease Payments Due in Year 8
Operating Lease Payments Due in Year 9
Operating Lease Payments Due in Year 10
Operating Lease Pymts. Due in 2-3 Years 84,000,000 147,700,000
Operating Lease Pymts. Due in 4-5 Years 27,000,000 33,700,000
Oper. Lse. Pymts. Due in Year 6 & Beyond -10,000,000 -37,100,000
Pension Obligation - Domestic 813,300,000 1,142,300,000
Pension Obligation - Foreign
Post-Retirement Obligation
Plan Assets - Domestic 767,400,000 1,190,700,000
Plan Assets - Foreign
Plan Assets - Post-Retirement
Funded Status - Domestic -45,900,000 48,400,000
Funded Status - Foreign
Funded Status - Post-Retirement
Accumulated Obligation - Domestic 813,300,000 1,142,300,000
Accumulated Obligation - Foreign
Accumulated Obligation - Post-Retirement
Unfunded Plan Obligations
Total Funded Status -45,900,000 48,400,000
Discount Rate - Domestic
Discount Rate - Foreign
Discount Rate - Post-Retirement 3,080,000 2,810,000
Expected Rate of Return - Domestic
Expected Rate of Return - Foreign
Expected Rate of Return - Post-Retir.
Compensation Rate - Domestic
Compensation Rate - Foreign
Compensation Rate - Post-Retirement
Pension Payment Rate - Domestic
Pension Payment Rate - Foreign
Period End Assumptions
Prepaid Benefits - Domestic 40,500,000 63,200,000
Prepaid Benefits - Foreign
Prepaid Benefits - Post-Retirement
Intangible Assets - Domestic
Intangible Assets - Foreign
Intangible Assets - Post-Retirement
Accrued Liabilities - Domestic -86,400,000 -14,800,000
Accrued Liabilities - Foreign
Accrued Liabilities - Post-Retirement
Other Assets, Net - Domestic
Other Assets, Net - Foreign
Other Assets, Net - Post-Retirement
Net Domestic Pension Assets
Net Foreign Pension Assets
Net Post-Retirement Assets
Net Assets Recognized on Balance Sheet -45,900,000 48,400,000
Equity % - Domestic 32,000,000 60,000,000
Equity % - Foreign
Equity % - Post-Retirement
Debt Securities % - Domestic 49,000,000 31,000,000
Debt Securities % - Foreign
Debt Securities % - Post-Retirement
Real Estate % - Domestic
Real Estate % - Foreign
Real Estate % - Post-Retirement
Private Investments % - Domestic
Private Investments % - Foreign
Private Investments % - Post-Retirement
Other Investments % - Domestic 19,000,000 9,000,000
Other Investments % - Foreign
Other Investments % - Post-Retirement
Asset Allocation
Total Plan Obligations 813,300,000 1,142,300,000
Total Plan Assets 767,400,000 1,190,700,000
chemicals, food, furniture, glass, machinery, metal, metal prod
Business Description textiles, wood and other manufactured products or component
USF Holland LLC (Holland), New Penn Motor Express LLC (Ne
YRC Inc. and YRC Freight Canada Company (YRC Freight). T
Yellow Logistics, Inc. (HNRY Logistics, Inc).

Website https://www.myyellow.com/
Ownership Minority Owner: Citadel Advisors LLC (1.03%)
Minority Owner: Marshall Wace LLP (1.19%)
Minority Owner: BlackRock Institutional Trust Company, N.A. (
Minority Owner: Charles Schwab Investment Management, Inc
Minority Owner: Kennedy Capital Management, Inc. (1.37%)
Minority Owner: Millennium Management LLC (1.47%)
Minority Owner: Front Street Capital Management, Inc. (1.57%
Minority Owner: Renaissance Technologies LLC (1.63%)
Minority Owner: Jacobs Levy Equity Management, Inc. (1.73%
Minority Owner: Elm Ridge Capital Management, LLC (1.79%)
Minority Owner: Hightower Advisors, LLC (2.44%)
Minority Owner: Vanguard Total Stock Market Index Fund (2.9
Minority Owner: Two Sigma Investments, LP (3.56%)
Minority Owner: Cooper Creek Partners Management LLC (4.3
Minority Owner: D. E. Shaw & Co., L.P. (4.65%)
Minority Owner: The Vanguard Group, Inc. (5.13%)
Subsidiaries 1105481 Ontario Inc
Express Lane Service Inc
HNRY Logistics Inc
Meridian IQ Indonesia International PT
MERIDIAN IQ L L C (Duplicate)
MIQ Logistics LLC
New Penn Motor Express LLC
OPK Insurance Co Ltd
Preston Corp
Reimer Express Lines Ltd
Reimer Holding BV
Roadway Express SA de CV
Roadway Express International Inc
Roadway LLC
Roadway Next Day Corp
Roadway Reverse Logistics Inc
Transcontinental Lease S de RL de CV
USF Bestway Inc
USF Dugan Inc
USF Glen Moore Inc
USF Holland International Sales Corp
USF Holland LLC
USF Reddaway Inc
USF RedStar LLC
YRC Association Solutions Inc
Yrc Enterprise Services Inc
 YRC Freight Canada Co
YRC Inc
YRC International Investments Inc
YRC Logistics Asia Ltd
YRC Logistics Inc
YRC Logistics Services Inc
YRC Mortgages LLC
YRC Regional Transportation Inc
YRC Regional Transportation Inc (Duplicate)
Yrc Services S De RL De CV
YRC Transportation SA de CV
YRC Worldwide Pte Ltd
YRCW Receivables LLC

Ticker YELL
Exchange NASD - NASDAQ
Number Of Employees 32000
Primary US SIC 4213 - Trans: Trucking, Except Local
Secondary US SIC 4212 - Trans: Local Trucking, Without Storage
6719 - Fin: Holding Companies, nec
ls

rica

2019
4,871,200,000
4,278,800,000
592,400,000
587,400,000 Tested Party´s Fiscal Year
5,000,000 Ended:
-111,200,000
From the income statement
Revenue
12/31/2019 Total Revenue Total Revenue
12 Months Cost of Revenue, Total Total Cost of Revenue
12/31/2019 Gross Profit Gross Profit
10-K Selling/General/Admin. Expenses, Total Total Selling/General/Admin.
03/11/2020 Depreciation/Amortization Depreciation/Amortization
Yes Total Operating Expense Total Operating Expense
U.S. GAAP Operating Income Operating Income
KPMG LLP
Unqualified From the balance sheet From the balance sheet
Selected Assets Selected Assets
4,871,200,000 Cash and Short Term Investments Cash and Short-Term Investm
4,871,200,000 Total Receivables, Net Total Receivables, Net
Total Inventory Total Inventory

Property/Plant/Equipment, Total - Net Property/Plant/Equipment, Ne

Total Assets Total Assets
excluded
Accounts Payable Accounts Payable
4,871,200,000 Total Liabilities Total Liabilities
4,278,800,000
4,278,800,000

592,400,000 Total Equity

188,100,000
188,100,000

152,400,000
152,400,000

excluded
excluded
excluded
5,700,000

8,200,000

-13,700,000
11,200,000
241,200,000
excluded
excluded
excluded
241,200,000

4,866,200,000
5,000,000
-111,200,000
-111,200,000

-2,100,000

-2,100,000
-108,300,000
-4,300,000
-104,000,000

-104,000,000
-104,000,000

-104,000,000
-104,000,000
33,252,000
-3,127,630
-3,127,630

-104,000,000
33,252,000
-3,127,630
-3,127,630

900,000
-900,000

1,800,000
6,600,000
 -101,700,000
2,310,000
-1,990,000
-99,710,000
-99,710,000
-2,998,620
-2,998,620

188,100,000
2,963,700,000

2,831,950
0
0
0

12,161,270
102,640
-2,223,270

-2,135,000
11,600,000
164,000,000
-1,300,000
0
2,000,000
-3,300,000
 -3,000,000
0
-3,000,000
0

-4,300,000

-4,300,000

45,700,000
0
12,800,000
-57,300,000
12,800,000
1,800,000

15,800,000

631,100,000

646,900,000
4,440,000
 7,000,000

45,700,000
0
-57,300,000

2019
1,724,350,000
1,495,200,000
170,850,000
467,350,000
976,200,000

168,400,000

12/31/2019
12/31/2019
10-K
03/11/2020
Yes
U.S. GAAP
KPMG LLP
Unqualified

109,200,000

109,200,000

464,400,000
464,400,000

excluded

44,600,000
 0
0

618,200,000
1,156,300,000
3,147,600,000
-1,991,300,000

57,100,000

600,000

56,500,000

1,831,600,000
163,700,000

437,100,000
0
4,300,000
46,900,000

25,800,000

21,100,000
652,000,000
861,400,000
858,100,000
3,300,000
865,700,000
0
 0

759,400,000

236,500,000
522,900,000

2,272,800,000

300,000
300,000

2,332,900,000
-2,312,400,000
-92,700,000

-369,300,000

-369,300,000
-441,200,000
1,831,600,000
33,714,590
33,714,590

410
 -441,200,000
29,000,000,000

317,000,000

246,300,000

618,200,000
948,160
948,160
756,500,000
-441,200,000
-13,086,320

858,700,000
57,600,000
57,400,000
57,400,000
 343,150,000
343,150,000

114,800,000
686,300,000
0
3,500,000
-3,000,000

6,500,000
600,000
600,000
600,000
600,000
700,000

1,200,000
1,300,000
3,400,000
367,100,000
154,400,000
128,900,000
77,800,000
41,100,000
16,300,000

206,700,000
57,400,000
-51,400,000
1,128,800,000

900,000,000

-228,800,000
1,128,800,000

-228,800,000

3,560,000

6,100,000

-234,900,000

-228,800,000
33,000,000

30,000,000

37,000,000

1,128,800,000
 900,000,000
ture, glass, machinery, metal, metal products, non-bulk petroleum products, rubber,
her manufactured products or components. The Company’s LTL subsidiaries include
olland), New Penn Motor Express LLC (New Penn), USF Reddaway Inc. (Reddaway),
reight Canada Company (YRC Freight). The Company also offers services through
(HNRY Logistics, Inc).

w.com/
del Advisors LLC (1.03%)
shall Wace LLP (1.19%)
kRock Institutional Trust Company, N.A. (1.2%)
les Schwab Investment Management, Inc. (1.2%)
nedy Capital Management, Inc. (1.37%)
nnium Management LLC (1.47%)
t Street Capital Management, Inc. (1.57%)
aissance Technologies LLC (1.63%)
bs Levy Equity Management, Inc. (1.73%)
Ridge Capital Management, LLC (1.79%)
tower Advisors, LLC (2.44%)
guard Total Stock Market Index Fund (2.98%)
Sigma Investments, LP (3.56%)
per Creek Partners Management LLC (4.36%)
. Shaw & Co., L.P. (4.65%)
Vanguard Group, Inc. (5.13%)

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 Information from Financial Statements
Yellow Corp
Tested Party´s Fiscal Year
2021 2020

From the income statement

Total Revenue $5,121,800 $4,513,700

Total Cost of Revenue $4,539,100 $4,128,000
Gross Profit $582,700 $385,700
Total Selling/General/Admin. Expenses $40,900 $0
Depreciation/Amortization $143,600 $134,900
Total Operating Expense $5,018,200 $4,457,200
Operating Income $103,600 $56,500

From the balance sheet

Selected Assets
Cash and Short-Term Investments $310,700 $439,300
Total Receivables, Net $663,700 $505,000
Total Inventory $0 $0

Property/Plant/Equipment, Net $1,317,100 $1,040,200

Total Assets $2,425,600 $2,185,800

Accounts Payable $178,400 $160,700

Total Liabilities $2,789,100 $2,409,100
-$363,500 -$223,300
$0 $0
2019

$4,871,200
$4,278,800
$592,400
$188,100
$152,400
$4,866,200
$5,000
2.06% 1.27% 0.10%

$109,200
$464,400
$0

$1,156,300
$1,831,600

$163,700
$2,272,800
-$441,200
$0