0000950170-24-089971 | 10-Q | XBRL Viewer

Segment Reporting - Additional Information (Detail)	6 Months Ended
Segment Reporting - Additional Information (Detail)	Jun. 30, 2024 Segment Operators Containers Tractors Drivers Trailers
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment	2
Number of Tractor \| Tractors	2,200
Number of Drivers \| Drivers	2,900
Number of Trailer \| Trailers	4,300
Number of Independent Owners \| Operators	400
Number of Containers \| Containers	50,000

Acquisition

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Acquisition

NOTE 3. Acquisitions

Forward Air Final Mile Acquisition

On December 20, 2023, we acquired 100% of the equity interest of Forward Air Final Mile (“FAFM”). FAFM provides residential last mile delivery services and installation of big and bulky goods, with a focus on appliances, throughout the United States. Total consideration for the transaction was $257.2 million. $260.9 million was paid in cash in December 2023 while $3.7 million was received from the seller in the second quarter of 2024 as part of the post-closing true-up of net working capital. The financial results of FAFM, since the date of acquisition, are included in our Logistics segment.

The FAFM acquisition expanded our final mile services to include the delivery and installation of appliances. FAFM provides residential last mile delivery services through a non-asset business model, working with a network of over 350 carriers throughout the country.

The initial accounting for the acquisition of FAFM is incomplete as we, with the support of our valuation specialist, are in the process of finalizing the fair market value calculations of the acquired net assets. Based on refined inputs incorporated into the fair market value calculations during the quarter ended June 30, 2024, we have estimated that the fair value of intangible assets totals $94.7 million as of December 20, 2023. This represents a $39.8 million decrease relative to the initial estimated fair value of the intangible assets and results in a corresponding increase to goodwill. The amounts recorded in the condensed consolidated financial statements related to the FAFM acquisition are preliminary pending finalization of the fair market value analyses, and the measurement period remains open.

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):


	December 20, 2023
Accounts receivable trade	$	28,355
Prepaid expenses and other current assets		2,305
Property and equipment		2,792
Right-of-use assets - operating leases		15,258
Other intangibles		94,700
Goodwill		142,122
Other assets		173
Total assets acquired	$	285,705

Accounts payable trade	$	155
Accounts payable other		2,298
Accrued payroll		1,271
Accrued other		9,488
Lease liability - operating leases short-term		5,697
Other long-term liabilities		19
Lease liability - operating leases long-term		9,560
Total liabilities assumed	$	28,488

Total consideration, net	$	257,217

Cash paid, net	$	257,217

The FAFM acquisition was accounted for as a purchase business combination in accordance with ASC 805 “Business Combinations.” Assets acquired and liabilities assumed were recorded in the accompanying condensed consolidated balance sheet at their estimated fair values as of December 20, 2023 with the remaining unallocated purchase price recorded as goodwill. The goodwill recognized in the FAFM acquisition was primarily attributable to potential expansion and future development of the acquired business.

Tax history and attributes are not inherited in an equity purchase of this kind, however, the goodwill and other intangibles recognized in this purchase will be fully tax deductible over a period of 15 years.

The components of “Other intangibles” listed in the table above as of the acquisition date are preliminary and are pending finalization of the fair market valuations of the acquired intangibles. Amounts for these components are as follows (in thousands):


							Estimated
			Accumulated		Balance at		Useful
	Amount		Amortization		June 30, 2024		Life
Customer relationships	$	92,500	$	3,854	$	88,646	13 years
Developed technology	$	1,200	$	325	$	875	2 years
Independent service provider network	$	1,000	$	542	$	458	1 year

The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition was $1.7 million and $4.3 million for the three months and six months ended June 30, 2024, respectively. The intangible assets have a remaining weighted average useful life of approximately 12.25 years.

Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):


	Total
2024 (Remainder of year)	$	4,316
2025		7,690
2026		7,115
2027		7,115
2028		7,115

FAFM's actual results are included in our condensed consolidated financial statements since the acquisition date of December 20, 2023. The following unaudited pro forma condensed consolidated results of operations present the effects of FAFM as though it had been acquired as of January 1, 2023 (in thousands, except for per share amounts):


	Three Months Ended		Six Months Ended
	June 30, 2023		June 30, 2023
Revenue	$	1,109,022	$	2,330,644
Net income	$	46,953	$	108,767
Earnings per share
Basic	$	0.73	$	1.68
Diluted	$	0.73	$	1.67

The unaudited pro forma condensed consolidated results for the periods above were prepared using the acquisition method of accounting and are based on the historical financial information of Hub and FAFM. The historical financial information has been adjusted to give effect to the pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The unaudited pro forma condensed consolidated results are not necessarily indicative of what our condensed consolidated results of operations actually would have been had we completed the FAFM acquisition as of January 1, 2023.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	HUBG
Entity Registrant Name	HUB GROUP, INC.
Entity Central Index Key	0000940942
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Security Exchange Name	NASDAQ
Entity File Number	0-27754
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4007085
Entity Address, Address Line One	2001 Hub Group Way
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	271-3600
Document Transition Report	false
Document Quarterly Report	true
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,597,319
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		574,903

Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

NOTE 5. Fair Value Measurement

The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximated fair value as of June 30, 2024 and December 31, 2023. As of June 30, 2024, the fair value of the Company’s fixed-rate borrowings was $2.1 million less than the historical carrying value of $313.1 million. As of December 31, 2023, the fair value of the Company's fixed-rate borrowings was $1.4 million less than the historical carrying value of $350.7 million. The fair value of the fixed-rate borrowings was estimated using an income approach based on current interest rates available to the Company for borrowings on similar terms and maturities.

We consider as cash equivalents all highly liquid instruments with an original maturity of three months or less. As of June 30, 2024 and December 31, 2023, our cash and temporary investments were with high quality financial institutions in demand deposit accounts, savings accounts, checking accounts and money market accounts.

Restricted investments included $21.0 million and $20.8 million as of June 30, 2024 and December 31, 2023, respectively, of mutual funds and other security investments which are reported at fair value. These investments relate to our non-qualified deferred compensation plan and insurance deposits.

Our assets and liabilities measured at fair value are based on valuation techniques which consider prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. These valuation methods are based on either quoted market prices (Level 1) or inputs, other than quoted prices in active markets, that are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, accounts receivable, accounts payable and mutual funds and related liabilities are defined as “Level 1,” while long-term debt is defined as “Level 2” of the fair value hierarchy in the Fair Value Measurements and Disclosures Topic of the Codification.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

NOTE 8. Subsequent Event

In June 2024, we entered into a lease agreement for nearly one million square feet of additional warehouse space in Pennsylvania. The lease commenced on July 1, 2024 and includes a non-cancellable lease term of seven years. The total undiscounted non-cancellable lease payments over the lease term are estimated to be approximately $47 million.

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 2. Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Net income for basic and diluted earnings per share	$	29,015	$	46,505	$	56,068	$	108,285

Weighted average shares outstanding - basic		60,710		64,074		61,018		64,586

Dilutive effect of restricted stock		398		512		369		546

Weighted average shares outstanding - diluted		61,108		64,586		61,387		65,132

Earnings per share - basic	$	0.48	$	0.73	$	0.92	$	1.68

Earnings per share - diluted	$	0.47	$	0.72	$	0.91	$	1.66

Acquisition - Additional Information (Detail) - Forward Air Final Mile Acquisition [Member] $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 20, 2023 USD ($) Carrier	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Business acquisition date	Dec. 20, 2023
Percentage of equity interests acquired	100.00%
Consideration for transaction	$ 257.2	$ 3.7
Cash consideration for business acquisition				$ 260.9
Number of network carriers \| Carrier	350
Estimated fair value of intangible assets	$ 94.7
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	$ 39.8
Goodwill and other intangible assets tax deductible, period	15 years
Amortization expense of intangible assets		$ 1.7	$ 4.3
Intangible assets, remaining weighted average useful life		12 years 3 months	12 years 3 months

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Class A and B Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Beginning Balance at Dec. 31, 2022	$ 1,599,602	$ 761	$ 192,365	$ 1,781,582	$ (214)	$ (374,892)
Beginning Balance (in shares) at Dec. 31, 2022		76,099,092				(9,656,044)
Stock tendered for payments of withholding taxes related to awards vested	(7,818)					$ (7,818)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(98,209)
Purchase of treasury stock	(100,026)					$ (100,026)
Purchase of treasury shares (in shares)						(1,323,425)
Issuance of restricted stock awards, net of forfeitures			(4,424)			$ 4,424
Issuance of restricted stock awards, net of forfeitures (in shares)						177,021
Share-based compensation expense	10,615		10,615
Net Income (Loss)	108,285			108,285
Foreign currency translation adjustment	78				78
Ending Balance at Jun. 30, 2023	1,610,736	$ 761	198,556	1,889,867	(136)	$ (478,312)
Ending Balance (in shares) at Jun. 30, 2023		76,099,092				(10,900,657)
Beginning Balance at Mar. 31, 2023	1,659,048	$ 761	190,311	1,843,362	(180)	$ (375,206)
Beginning Balance (in shares) at Mar. 31, 2023		76,099,092				(9,542,030)
Stock tendered for payments of withholding taxes related to awards vested	(212)					$ (212)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(2,695)
Purchase of treasury stock	(100,026)					$ (100,026)
Purchase of treasury shares (in shares)						(1,323,425)
Issuance of restricted stock awards, net of forfeitures			2,868			$ (2,868)
Issuance of restricted stock awards, net of forfeitures (in shares)						(32,507)
Share-based compensation expense	5,377		5,377
Net Income (Loss)	46,505			46,505
Foreign currency translation adjustment	44				44
Ending Balance at Jun. 30, 2023	1,610,736	$ 761	198,556	1,889,867	(136)	$ (478,312)
Ending Balance (in shares) at Jun. 30, 2023		76,099,092				(10,900,657)
Beginning Balance at Dec. 31, 2023	1,634,645	$ 761	209,830	1,949,110	(129)	$ (524,927)
Beginning Balance (in shares) at Dec. 31, 2023		76,099,092				(13,323,268)
Adjustment related to stock split		$ (32)	32
Adjustment related to stock split, (in shares)		(3,220,961)				3,220,961
Stock tendered for payments of withholding taxes related to awards vested	(8,664)					$ (8,664)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(190,304)
Purchase of treasury stock	$ (32,938)					$ (32,938)
Purchase of treasury shares (in shares)	767,803					(767,803)
Federal excise tax on purchased treasury stock	$ (1,765)					$ (1,765)
Issuance of restricted stock awards, net of forfeitures			(7,949)			$ 7,949
Issuance of restricted stock awards, net of forfeitures (in shares)						410,189
Share-based compensation expense	9,433		9,433
Dividends paid	(15,230)			(15,230)
Dividends accrued	(348)			(348)
Net Income (Loss)	56,068			56,068
Foreign currency translation adjustment	(71)				(71)
Ending Balance at Jun. 30, 2024	1,641,130	$ 729	211,346	1,989,600	(200)	$ (560,345)
Ending Balance (in shares) at Jun. 30, 2024		72,878,131				(10,650,225)
Beginning Balance at Mar. 31, 2024	1,622,216	$ 729	208,964	1,968,361	(137)	$ (555,701)
Beginning Balance (in shares) at Mar. 31, 2024		72,878,131				(10,455,784)
Stock tendered for payments of withholding taxes related to awards vested	(178)					$ (178)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(4,237)
Purchase of treasury stock	$ (7,182)					$ (7,182)
Purchase of treasury shares (in shares)	179,875					(179,875)
Federal excise tax on purchased treasury stock	$ (295)					$ (295)
Issuance of restricted stock awards, net of forfeitures			(3,011)			$ 3,011
Issuance of restricted stock awards, net of forfeitures (in shares)						(10,329)
Share-based compensation expense	5,393		5,393
Dividends paid	(7,604)			(7,604)
Dividends accrued	(172)			(172)
Net Income (Loss)	29,015			29,015
Foreign currency translation adjustment	(63)				(63)
Ending Balance at Jun. 30, 2024	$ 1,641,130	$ 729	$ 211,346	$ 1,989,600	$ (200)	$ (560,345)
Ending Balance (in shares) at Jun. 30, 2024		72,878,131				(10,650,225)

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$ 0	$ 3,265
Secured long-term debt	313,067	350,682
Less current portion	(103,192)	(105,108)
Total long-term debt	209,875	245,574
Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Secured long-term debt	18,096	0
Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Secured long-term debt	95,683	105,744
Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Secured long-term debt	128,222	147,192
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Secured long-term debt	47,617	55,797
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Secured long-term debt	21,585	30,930
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Secured long-term debt	$ 1,864	$ 7,754

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false

Acquisition (Tables)

6 Months Ended

Jun. 30, 2024

Forward Air Final Mile Acquisition [Member]

Business Acquisition [Line Items]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):


	December 20, 2023
Accounts receivable trade	$	28,355
Prepaid expenses and other current assets		2,305
Property and equipment		2,792
Right-of-use assets - operating leases		15,258
Other intangibles		94,700
Goodwill		142,122
Other assets		173
Total assets acquired	$	285,705

Accounts payable trade	$	155
Accounts payable other		2,298
Accrued payroll		1,271
Accrued other		9,488
Lease liability - operating leases short-term		5,697
Other long-term liabilities		19
Lease liability - operating leases long-term		9,560
Total liabilities assumed	$	28,488

Total consideration, net	$	257,217

Cash paid, net	$	257,217

Schedule of Components of Other Intangibles Acquired


							Estimated
			Accumulated		Balance at		Useful
	Amount		Amortization		June 30, 2024		Life
Customer relationships	$	92,500	$	3,854	$	88,646	13 years
Developed technology	$	1,200	$	325	$	875	2 years
Independent service provider network	$	1,000	$	542	$	458	1 year

Schedule of Amortization Expense

Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):


	Total
2024 (Remainder of year)	$	4,316
2025		7,690
2026		7,115
2027		7,115
2028		7,115

Choptank Transport, LLC [Member]

Business Acquisition [Line Items]

Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations

The following unaudited pro forma condensed consolidated results of operations present the effects of FAFM as though it had been acquired as of January 1, 2023 (in thousands, except for per share amounts):


	Three Months Ended		Six Months Ended
	June 30, 2023		June 30, 2023
Revenue	$	1,109,022	$	2,330,644
Net income	$	46,953	$	108,767
Earnings per share
Basic	$	0.73	$	1.68
Diluted	$	0.73	$	1.67

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Operating revenue	$ 986,495	$ 1,040,462	$ 1,985,988	$ 2,192,727
Operating expenses:
Purchased transportation and warehousing	727,236	763,609	1,467,408	1,630,540
Salaries and benefits	141,856	141,823	286,352	279,254
Depreciation and amortization	37,772	35,386	76,103	70,835
Insurance and claims	12,639	11,676	25,257	24,359
General and administrative	27,877	26,757	55,111	52,298
Gain on sale of assets, net	(413)	(859)	(910)	(4,834)
Total operating expenses	946,967	978,392	1,909,321	2,052,452
Operating income	39,528	62,070	76,667	140,275
Other income (expense):
Interest expense	(3,689)	(3,116)	(7,588)	(6,086)
Interest income	1,808	2,087	3,201	3,463
Other, net	(66)	69	(236)	108
Total other expense, net	(1,947)	(960)	(4,623)	(2,515)
Income before provision for income taxes	37,581	61,110	72,044	137,760
Provision for income taxes	8,566	14,605	15,976	29,475
Net income	29,015	46,505	56,068	108,285
Other comprehensive income:
Foreign currency translation adjustments	(63)	44	(71)	78
Total comprehensive income	$ 28,952	$ 46,549	$ 55,998	$ 108,363
Basic earnings per common share	$ 0.48	$ 0.73	$ 0.92	$ 1.68
Diluted earnings per common share	$ 0.47	$ 0.72	$ 0.91	$ 1.66
Basic weighted average number of shares outstanding	60,710	64,074	61,018	64,586
Diluted weighted average number of shares outstanding	61,108	64,586	61,387	65,132

Long-Term Debt and Financing Arrangements

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Financing Arrangements

NOTE 6. Long-Term Debt and Financing Arrangements

In February 2022, we entered into a five-year, $350 million unsecured credit agreement (the "Credit Agreement"). Borrowings under the Credit Agreement generally bear interest at a variable rate equal to (i) the secured overnight financing rate (published by the Federal Reserve Bank of New York, “SOFR”), plus a specified margin based on the term of such borrowing, plus a specified margin based upon Hub’s total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% and one-month SOFR) plus a specified margin based upon the Total Net Leverage Ratio. The specified margin for SOFR loans varies from 100.0 to 175.0 basis points per annum. The specified margin for base rate loans varies from 0.0 to 75.0 basis points per annum. Hub must also pay (1) a commitment fee ranging from 10.0 to 25.0 basis points per annum (based upon the Total Net Leverage Ratio) on the aggregate unused commitments and (2) a letter of credit fee ranging from 100.0 to 175.0 basis points per annum (based upon the Total Net Leverage Ratio) on the undrawn amount of letters of credit.

We have standby letters of credit that expire in both 2024 and 2025. As of June 30, 2024 and December 31, 2023, our letters of credit were $0.8 million and $0.9 million, respectively.

As of June 30, 2024 and December 31, 2023, we had no borrowings under the Credit Agreement and our unused and available borrowings were $349.2 million and $349.1 million, respectively. We were in compliance with our debt covenants as of June 30, 2024 and December 31, 2023.

We have entered into various Equipment Notes (“Notes”) for the purchase of tractors, trailers, containers and refrigeration units. The Notes are secured by the underlying equipment financed in the agreements.


Our outstanding Notes are as follows (in thousands):	June 30,			December 31,
	2024			2023
Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$	-		$	3,265

Secured Equipment Notes due on various dates in 2029 commencing on various dates in 2024; interest is paid monthly at a fixed annual rate between 5.73% and 6.24%		18,096			-

Secured Equipment Notes due on various dates in 2028 commencing on various dates in 2023; interest is paid monthly at a fixed annual rate between 5.21% and 6.32%		95,683			105,744

Secured Equipment Notes due on various dates in 2027 commencing on various dates in 2022 and 2023; interest is paid monthly at a fixed annual rate between 2.07% and 6.45%		128,222			147,192

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 2.41%		47,617			55,797

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		21,585			30,930

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.40%		1,864			7,754

Total debt		313,067			350,682

Less current portion of long-term debt		(103,192	)		(105,108	)

Total long-term debt	$	209,875		$	245,574

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share

The following is a reconciliation of our earnings per share (in thousands, except for per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Net income for basic and diluted earnings per share	$	29,015	$	46,505	$	56,068	$	108,285

Weighted average shares outstanding - basic		60,710		64,074		61,018		64,586

Dilutive effect of restricted stock		398		512		369		546

Weighted average shares outstanding - diluted		61,108		64,586		61,387		65,132

Earnings per share - basic	$	0.48	$	0.73	$	0.92	$	1.68

Earnings per share - diluted	$	0.47	$	0.72	$	0.91	$	1.66

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement [Line Items]
Carrying value of debt	$ 313,067	$ 350,682
Restricted investments	21,000	20,800
Fixed-rate Borrowings [Member]
Fair Value Measurement [Line Items]
Increase (decrease) in fair value of debt	2,100	1,400
Carrying value of debt	$ 313,100	$ 350,700

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Acquisition - Schedule of components of Other Intangibles Acquired (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Customer Relationships [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 92,500
Finite-lived intangible assets, Accumulated Amortization	3,854
Finite-Lived Intangible Assets, Net, Total	$ 88,646
Intangible assets estimated useful life	13 years
Developed Technology [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 1,200
Finite-lived intangible assets, Accumulated Amortization	325
Finite-Lived Intangible Assets, Net, Total	$ 875
Intangible assets estimated useful life	2 years
Independent Service Provider Network [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 1,000
Finite-lived intangible assets, Accumulated Amortization	542
Finite-Lived Intangible Assets, Net, Total	$ 458
Intangible assets estimated useful life	1 year

Acquisitions - Schedule of Amortization Expense (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024 (Remainder of year)	$ 4,316
Year 1	7,690
Year 2	7,115
Year 3	7,115
Year 4	$ 7,115

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Reporting - Summarize our Financial and Operating Data by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ 986,495	$ 1,040,462	$ 1,985,988	$ 2,192,727
Operating income	39,528	62,070	76,667	140,275
Depreciation and amortization	37,772	35,386	76,103	70,835
Intermodal [Member]
Segment Reporting Information [Line Items]
Operating revenue	561,033	614,632	1,113,066	1,323,881
Operating income	13,639	31,777	26,670	80,981
Depreciation and amortization	27,270	27,117	54,319	54,003
Logistics [Member]
Segment Reporting Information [Line Items]
Operating revenue	459,088	453,549	939,312	922,690
Operating income	25,889	30,293	49,997	59,294
Depreciation and amortization	10,502	8,269	21,784	16,832
Inter-segment [Member]
Segment Reporting Information [Line Items]
Operating revenue	$ (33,626)	$ (27,719)	$ (66,390)	$ (53,844)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2024
Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2029
Payment Frequency	monthly
Secured Equipment Notes due in 2029 [Member] \| Commencing on 2024 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2024
Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2028
Payment Frequency	monthly
Secured Equipment Notes due in 2028 [Member] \| Commencing on 2023 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2023
Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2027
Payment Frequency	monthly
Secured Equipment Notes due in 2027 [Member] \| Commencing on 2023 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2023
Secured Equipment Notes due in 2027 [Member] \| Commencing on 2022 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2022
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2026
Payment Frequency	monthly
Secured Equipment Notes due in 2026 [Member] \| Commencing on 2021 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2021
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2025
Payment Frequency	monthly
Secured Equipment Notes due in 2025 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Equipment notes due period	2024
Payment Frequency	monthly
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2020 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2020
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2019 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2019
Secured Equipment Notes due in 2024 [Member] \| Commencing on 2017 [Member]
Debt Instrument [Line Items]
Equipment notes, date of first required payment	2017
Minimum [Member] \| Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	5.73%
Minimum [Member] \| Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	5.21%
Minimum [Member] \| Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.07%
Minimum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.48%
Minimum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.51%
Minimum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.50%
Maximum [Member] \| Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.24%
Maximum [Member] \| Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.32%
Maximum [Member] \| Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	6.45%
Maximum [Member] \| Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	2.41%
Maximum [Member] \| Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	1.80%
Maximum [Member] \| Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Interest rate secured debt	3.40%

Acquisitions - Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations (Detail) - Forward Air Final Mile Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 1,109,022	$ 2,330,644
Net income	$ 46,953	$ 108,767
Earnings per share
Basic	$ 0.73	$ 1.68
Diluted	$ 0.73	$ 1.67

Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 29,015	$ 46,505	$ 56,068	$ 108,285
Weighted average shares outstanding - basic	60,710	64,074	61,018	64,586
Dilutive effect of restricted stock	398	512	369	546
Weighted average shares outstanding - diluted	61,108	64,586	61,387	65,132
Earnings per share - basic	$ 0.48	$ 0.73	$ 0.92	$ 1.68
Earnings per share - diluted	$ 0.47	$ 0.72	$ 0.91	$ 1.66

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Acquisition - Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		6 Months Ended
	Dec. 20, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 771,894		$ 733,695
Lease liability - operating leases long-term		163,669		$ 177,699
Cash paid, net		$ (3,701)	$ (108)
Forward Air Final Mile Acquisition [Member]
Business Acquisition [Line Items]
Accounts receivable trade	$ 28,355
Prepaid expenses and other current assets	2,305
Property and equipment	2,792
Right of use assets - operating leases	15,258
Other intangibles	94,700
Goodwill	142,122
Other assets	173
Total assets acquired	285,705
Accounts payable trade	155
Accounts payable other	2,298
Accrued payroll	1,271
Accrued other	9,488
Lease liability - operating leases short-term	5,697
Other long term liabilities	19
Lease liability - operating leases long-term	9,560
Total liabilities assumed	28,488
Total consideration, net	257,217
Cash paid, net	$ 257,217

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 56,068	$ 108,285
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and right-of-use assets	99,100	91,474
Impairment of right-of-use asset	0	2,012
Deferred taxes	(9,249)	10,837
Non-cash share-based compensation expense	9,433	10,615
Gain on sale of assets, net	(910)	(4,834)
Changes in operating assets and liabilities, net of acquisition:
Restricted investments	(281)	(2,197)
Accounts receivable, net	15,784	103,270
Prepaid taxes	4,537	1,729
Prepaid expenses and other current assets	19,697	17,469
Other non-current assets	(1,503)	(1,899)
Accounts payable	(14,270)	(55,085)
Accrued expenses	(6,542)	(47,700)
Non-current liabilities	(21,399)	(12,595)
Net cash provided by operating activities	150,465	221,381
Cash flows from investing activities:
Proceeds from sale of equipment	5,750	15,135
Purchases of property and equipment	(31,255)	(65,635)
Acquisitions, net of cash acquired	3,701	108
Net cash used in investing activities	(21,804)	(50,392)
Cash flows from financing activities:
Repayments of long-term debt	(53,233)	(56,191)
Purchase of treasury stock	(32,938)	(100,026)
Dividends paid	(15,230)	0
Stock withheld for payments of withholding taxes	(8,664)	(7,818)
Finance lease payments	(1,217)	(1,501)
Proceeds from issuance of debt	15,618	50,289
Net cash used in financing activities	(95,664)	(115,247)
Effect of exchange rate changes on cash and cash equivalents	(20)	45
Net increase in cash and cash equivalents	32,977	55,787
Cash and cash equivalents beginning of the period	187,270	286,642
Cash and cash equivalents end of the period	220,247	342,429
Supplemental disclosures of cash paid for:
Interest paid	7,413	6,688
Income taxes paid, net	$ 20,684	$ 14,410

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury Stock, Shares	10,650,225	13,323,268
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	97,337,700	97,337,700
Common stock, shares issued	72,303,228	75,524,189
Common stock, shares outstanding	61,653,003	62,200,921
Class B Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	662,300	662,300
Common stock, shares issued	574,903	574,903
Common stock, shares outstanding	574,903	574,903

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summarize our financial and operating data by segment

The following tables summarize our financial and operating data by segment (in thousands):


	Three Months Ended						Six Months Ended
Operating Revenue	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	561,033		$	614,632		$	1,113,066		$	1,323,881
Logistics		459,088			453,549			939,312			922,690
Inter-segment eliminations		(33,626	)		(27,719	)		(66,390	)		(53,844	)
Total operating revenue	$	986,495		$	1,040,462		$	1,985,988		$	2,192,727



	Three Months Ended						Six Months Ended
Operating Income	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	13,639		$	31,777		$	26,670		$	80,981
Logistics		25,889			30,293			49,997			59,294
Total operating income	$	39,528		$	62,070		$	76,667		$	140,275




	Three Months Ended						Six Months Ended
Depreciation and Amortization	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	27,270		$	27,117		$	54,319		$	54,003
Logistics		10,502			8,269			21,784			16,832
Total depreciation and amortization	$	37,772		$	35,386		$	76,103		$	70,835

Legal Matters

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal Matters

NOTE 7. Legal Matters

The Company is involved in certain claims and pending litigation arising from the normal conduct of business, including putative class-action lawsuits involving employment related claims. Based on management's present knowledge, management does not believe that any potential unrecorded loss contingencies arising from these pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals for settlements or losses determined to be probable and estimable. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 220,247	$ 187,270
Accounts receivable trade, net	583,759	600,197
Accounts receivable other	3,771	3,358
Prepaid taxes	12,791	17,331
Prepaid expenses and other current assets	16,139	41,089
TOTAL CURRENT ASSETS	836,707	849,245
Restricted investments	21,044	20,763
Property and equipment, net	759,779	791,692
Right-of-use assets - operating leases	196,465	210,742
Right-of-use assets - financing leases	1,538	2,522
Other intangibles, net	248,391	304,607
Goodwill	771,894	733,695
Other non-current assets	22,885	22,781
TOTAL ASSETS	2,858,703	2,936,047
CURRENT LIABILITIES:
Accounts payable trade	325,569	349,378
Accounts payable other	24,143	14,471
Accrued payroll	29,429	21,731
Accrued other	111,874	121,253
Lease liability - operating leases	40,142	44,690
Lease liability - financing leases	805	1,579
Current portion of long-term debt	103,192	105,108
TOTAL CURRENT LIABILITIES	635,154	658,210
Long-term debt	209,875	245,574
Other non-current liabilities	53,213	55,287
Lease liability - operating leases	163,669	177,699
Lease liability - financing leases	664	865
Deferred taxes	154,998	163,767
STOCKHOLDERS' EQUITY:
Preferred stock:$.01 par value; 2,000,000 shares authorized; no shares issued or outstanding in 2024 and 2023	0	0
Additional paid-in capital	211,346	209,830
Retained earnings	1,989,600	1,949,110
Accumulated other comprehensive loss	(200)	(129)
Treasury stock; at cost, 10,650,225 shares in 2024 and 13,323,268 shares in 2023.	(560,345)	(524,927)
TOTAL STOCKHOLDERS' EQUITY	1,641,130	1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,858,703	2,936,047
Class A Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	723	755
Class B Common Stock [Member]
STOCKHOLDERS' EQUITY:
Common stock	$ 6	$ 6

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 4. Segment Reporting

We have two reportable segments: Intermodal and Transportation Solutions (“ITS”) and Logistics which are based primarily on the services each segment provides. Our ITS segment includes our asset-light business lines: intermodal and dedicated trucking. Our Logistics segment includes our non-asset business lines: managed transportation, truck brokerage, final mile, consolidation, warehousing and fulfillment.

Intermodal and Transportation Solutions. Our Intermodal and Transportation Solutions segment offers high service, nationwide door-to-door intermodal transportation, providing value, visibility and reliability in both transcontinental and local lanes by combining rail transportation with local trucking. This segment includes our trucking operations which provides our customers with local pickup and delivery (referred to as “drayage”) as well as high service local and regional trucking transportation using equipment dedicated to their needs. We arrange for the movement of our customers’ freight in one of our approximately 50,000 containers. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Drayage between origin or destination and rail terminals are provided by our own trucking operations and third parties with whom we contract. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer’s high service expectations. As of June 30, 2024, our trucking transportation operation consisted of approximately 2,200 tractors, 2,900 employee drivers and 4,300 trailers. We also contract for services with approximately 400 independent owner-operators.

Logistics. Our Logistics segment offers a wide range of services including transportation management, freight brokerage services, shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, warehousing, fulfillment, cross-docking, consolidation services and final mile delivery. These services include a full range of trucking transportation services, including dry van, expedited, less-than-truckload, refrigerated and flatbed, all of which is provided by third party carriers with whom we contract. We also leverage proprietary technology along with collaborative relationships with third party service providers to deliver cost savings and performance-enhancing supply chain services to our clients. Our transportation management offering also serves as a source of volume for our ITS segment.

The following tables summarize our financial and operating data by segment (in thousands):


	Three Months Ended						Six Months Ended
Operating Revenue	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	561,033		$	614,632		$	1,113,066		$	1,323,881
Logistics		459,088			453,549			939,312			922,690
Inter-segment eliminations		(33,626	)		(27,719	)		(66,390	)		(53,844	)
Total operating revenue	$	986,495		$	1,040,462		$	1,985,988		$	2,192,727



	Three Months Ended						Six Months Ended
Operating Income	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	13,639		$	31,777		$	26,670		$	80,981
Logistics		25,889			30,293			49,997			59,294
Total operating income	$	39,528		$	62,070		$	76,667		$	140,275




	Three Months Ended						Six Months Ended
Depreciation and Amortization	June 30,						June 30,
	2024			2023			2024			2023
Intermodal and Transportation Solutions	$	27,270		$	27,117		$	54,319		$	54,003
Logistics		10,502			8,269			21,784			16,832
Total depreciation and amortization	$	37,772		$	35,386		$	76,103		$	70,835

Separate balance sheets are not presented by segment to our Chief Operating Decision Maker (“CODM”). Our CODM uses consolidated asset information to make capital decisions.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Interim Financial Statements

6 Months Ended

Jun. 30, 2024

Quarterly Financial Information Disclosure [Abstract]

Interim Financial Statements

NOTE 1. Interim Financial Statements

Our accompanying unaudited condensed consolidated financial statements of Hub Group, Inc. (the “Company,” “Hub,” “we,” “us” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements have been omitted pursuant to those rules and regulations. However, we believe that the disclosures contained herein are adequate to make the information presented not misleading.

The financial statements reflect, in our opinion, all material adjustments (which include only normal recurring adjustments) necessary to fairly present our financial position as of June 30, 2024 and results of operations for the three and six months ended June 30, 2024 and 2023.

These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 10-K”). Results of operations in interim periods are not necessarily indicative of results to be expected for a full year due partially to seasonality.

On January 4, 2024, the Company announced a two-for-one stock split of the Company’s Class A and Class B common stock. The stock split was implemented in the form of a distribution of one additional Class A share for each share outstanding. The record date for the stock split was as of the close of business on January 16, 2024. The Company distribution date of the additional shares was January 26, 2024. As a result of the stock split, the number of authorized shares remained unchanged. Additionally, the par value per share of the common stock remains unchanged. All other share amounts in our condensed consolidated balance sheets, condensed consolidated statements of income and comprehensive income, condensed consolidated statements of stockholders' equity and related footnote disclosures have been adjusted and presented as though the stock split had occurred as of the earliest period presented.

On February 22, 2024, the Board declared a quarterly cash dividend of $0.125 per share on the Company’s Class A and Class B common stock. The dividend was paid on March 27, 2024 to stockholders of record as of March 8, 2024. On May 23, 2024, the Board declared a quarterly cash dividend of $0.125 per share on the Company’s Class A and Class B common stock. The dividend was paid on June 26, 2024 to stockholders of record as of June 7, 2024. The declarations and payments of the quarterly cash dividends were subject to the approval of the Board at its sole discretion and in compliance with applicable laws and regulations.

In October 2023, the Board authorized the purchase of up to $250 million of our Class A Common Stock pursuant to a share repurchase program. During the quarter ended June 30, 2024, we purchased 179,875 shares for approximately $7 million. During the six months ended June 30, 2024, we purchased 767,803 shares for approximately $33 million.

Due to presentation changes made in our condensed consolidated balance sheets and condensed consolidated statement of shareholders' equity, certain prior year amounts have been reclassified to conform with the current year presentation.

Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 23, 2024	Feb. 22, 2024	Oct. 31, 2023
Dividends payable, amount per share					$ 0.125	$ 0.125
Purchase of treasury shares (in shares)	179,875		767,803
Purchase of treasury shares	$ 7,182	$ 100,026	$ 32,938	$ 100,026
Class A Common Stock [Member] \| 2023 Share Repurchase Program [Member]
Stock repurchase program, authorized amount							$ 250,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 29,015	$ 46,505	$ 56,068	$ 108,285

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($)		6 Months Ended
	Feb. 28, 2022	Jun. 30, 2024	Dec. 31, 2023
Minimum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	0.10%
Maximum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	0.25%
Letter of Credit [Member] \| Minimum [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	1.00%
Letter of Credit [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Commitment fee on unused commitments	1.75%
Standby Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Letters of credit expiration, year		2025
Outstanding letters of credit		$ 800,000	$ 900,000
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Amount of credit agreement	$ 350,000,000
Term of credit agreement	5 years
Credit agreement interest rate description		(i) the secured overnight financing rate (published by the Federal Reserve Bank of New York, “SOFR”), plus a specified margin based on the term of such borrowing, plus a specified margin based upon Hub’s total net leverage ratio (as defined in the Credit Agreement) (the "Total Net Leverage Ratio"), or (ii) the base rate (which is the highest of (a) the administrative agent's prime rate, (b) the federal funds rate plus 0.50% or (c) the sum of 1% and one-month SOFR) plus a specified margin based upon the Total Net Leverage Ratio.
Borrowings under bank revolving line of credit		$ 0	0
Unused and available borrowings under bank revolving line of credit and credit agreement		$ 349,200,000	$ 349,100,000
Credit Agreement [Member] \| Federal Funds Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.50%
Credit Agreement [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.00%
Description of variable rate basis	one-month SOFR
Credit Agreement [Member] \| Minimum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.00%
Credit Agreement [Member] \| Minimum [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.00%
Credit Agreement [Member] \| Maximum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	0.75%
Credit Agreement [Member] \| Maximum [Member] \| Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1.75%

Long-Term Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt


Our outstanding Notes are as follows (in thousands):	June 30,			December 31,
	2024			2023
Interim funding for equipment received and expected to be converted to an equipment note in a subsequent period; interest paid at a variable rate	$	-		$	3,265

Secured Equipment Notes due on various dates in 2029 commencing on various dates in 2024; interest is paid monthly at a fixed annual rate between 5.73% and 6.24%		18,096			-

Secured Equipment Notes due on various dates in 2028 commencing on various dates in 2023; interest is paid monthly at a fixed annual rate between 5.21% and 6.32%		95,683			105,744

Secured Equipment Notes due on various dates in 2027 commencing on various dates in 2022 and 2023; interest is paid monthly at a fixed annual rate between 2.07% and 6.45%		128,222			147,192

Secured Equipment Notes due on various dates in 2026 commencing on various dates in 2021; interest is paid monthly at a fixed annual rate between 1.48% and 2.41%		47,617			55,797

Secured Equipment Notes due on various dates in 2025 commencing on various dates in 2020; interest is paid monthly at a fixed annual rate between 1.51% and 1.80%		21,585			30,930

Secured Equipment Notes due on various dates in 2024 commencing on various dates in 2017, 2019 and 2020; interest is paid monthly at a fixed annual rate between 2.50% and 3.40%		1,864			7,754

Total debt		313,067			350,682

Less current portion of long-term debt		(103,192	)		(105,108	)

Total long-term debt	$	209,875		$	245,574

Subsequent Events - Additional Information (Detail) ft² in Millions, $ in Millions	Jul. 01, 2024 USD ($)	Jun. 30, 2024 ft²
Warehouse [Member]
Subsequent Events
Area of land \| ft²		1
Subsequent Event [Member]
Subsequent Events
Lease commencement date	Jul. 01, 2024
Lease term extension description	The lease commenced on July 1, 2024 and includes a non-cancellable lease term of seven years.
Non-cancellable lease term	7 years
Undiscounted non-cancellable lease payments \| $	$ 47