$MRTN
MARTEN TRANSPORT LTD

2022 Q1 Form 10-Q Financial Statement

#000143774922011121 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $287.3M $223.0M
YoY Change 28.8% 2.01%
Cost Of Revenue $191.0M $142.7M
YoY Change 33.87% 0.85%
Gross Profit $96.25M $80.30M
YoY Change 19.87% 4.15%
Gross Profit Margin 33.51% 36.0%
Selling, General & Admin $29.92M $27.30M
YoY Change 9.6% -6.19%
% of Gross Profit 31.09% 34.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.14M $25.69M
YoY Change 1.78% 1.02%
% of Gross Profit 27.16% 31.99%
Operating Expenses $251.4M $199.0M
YoY Change 26.31% -0.78%
Operating Profit $35.86M $24.00M
YoY Change 49.42% 33.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.000K $10.00K
YoY Change -30.0% -89.69%
Pretax Income $35.87M $24.01M
YoY Change 49.39% 32.43%
Income Tax $8.332M $6.002M
% Of Pretax Income 23.23% 25.0%
Net Earnings $27.53M $18.01M
YoY Change 52.91% 31.26%
Net Earnings / Revenue 9.58% 8.07%
Basic Earnings Per Share $0.33 $0.22
Diluted Earnings Per Share $0.33 $0.22
COMMON SHARES
Basic Shares Outstanding 82.94M 82.76M
Diluted Shares Outstanding 83.25M 83.36M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.53M $88.60M
YoY Change -24.91% 145.43%
Cash & Equivalents $66.53M $88.58M
Short-Term Investments
Other Short-Term Assets $22.38M $19.40M
YoY Change 15.34% 1.57%
Inventory
Prepaid Expenses
Receivables $126.8M $89.55M
Other Receivables $4.317M $3.400M
Total Short-Term Assets $220.0M $201.1M
YoY Change 9.44% 26.02%
LONG-TERM ASSETS
Property, Plant & Equipment $663.8M $652.6M
YoY Change 1.72% -1.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.545M $1.698M
YoY Change -9.01% -16.31%
Total Long-Term Assets $665.4M $654.3M
YoY Change 1.69% -1.67%
TOTAL ASSETS
Total Short-Term Assets $220.0M $201.1M
Total Long-Term Assets $665.4M $654.3M
Total Assets $885.4M $855.3M
YoY Change 3.51% 3.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.16M $32.06M
YoY Change -9.05% -7.93%
Accrued Expenses $37.63M $24.10M
YoY Change 56.15% 10.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.4M $97.85M
YoY Change 11.78% 7.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $336.0K $300.0K
YoY Change 12.0% -50.0%
Total Long-Term Liabilities $336.0K $300.0K
YoY Change 12.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.4M $97.85M
Total Long-Term Liabilities $336.0K $300.0K
Total Liabilities $236.6M $220.4M
YoY Change 7.38% 2.24%
SHAREHOLDERS EQUITY
Retained Earnings $587.7M $549.1M
YoY Change 7.02% 3.79%
Common Stock $61.08M $85.85M
YoY Change -28.86% 6.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $648.8M $635.0M
YoY Change
Total Liabilities & Shareholders Equity $885.4M $855.3M
YoY Change 3.51% 3.69%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $27.53M $18.01M
YoY Change 52.91% 31.26%
Depreciation, Depletion And Amortization $26.14M $25.69M
YoY Change 1.78% 1.02%
Cash From Operating Activities $39.94M $43.57M
YoY Change -8.33% 0.21%
INVESTING ACTIVITIES
Capital Expenditures -$11.92M -$31.30M
YoY Change -61.92% -32.1%
Acquisitions
YoY Change
Other Investing Activities $38.00K $37.00K
YoY Change 2.7% -5.13%
Cash From Investing Activities $409.0K -$17.42M
YoY Change -102.35% -52.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$30.82M -$3.697M
YoY Change 733.57% 70.13%
NET CHANGE
Cash From Operating Activities $39.94M $43.57M
Cash From Investing Activities $409.0K -$17.42M
Cash From Financing Activities -$30.82M -$3.697M
Net Change In Cash $9.532M $22.46M
YoY Change -57.55% 380.34%
FREE CASH FLOW
Cash From Operating Activities $39.94M $43.57M
Capital Expenditures -$11.92M -$31.30M
Free Cash Flow $51.86M $74.87M
YoY Change -30.74% -16.42%

Facts In Submission

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WeightedAverageNumberOfSharesOutstandingBasic
82758000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
308000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
601000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83246000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83359000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
30000000.0 USD
CY2022Q1 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
18500000 USD
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
11500000 USD
CY2022Q1 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
18500000 USD
CY2022Q1 mrtn Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit
LineOfCreditFacilityDividendRestrictionsPercentageOfNetIncomeLimit
0.25 pure
CY2022Q1 mrtn Line Of Credit Facility Waiver To Pay Dividends Maximum
LineOfCreditFacilityWaiverToPayDividendsMaximum
80000000 USD
CY2019Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
34000000 USD
CY2019Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1800000
CY2020Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
2700000
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1300000
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
25000000.0 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
8400000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1300000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3300000 USD
CY2022Q1 mrtn Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit
LineOfCreditFacilityDividendRestrictionsPercentageOfNetIncomeLimit
0.25 pure
CY2022Q1 mrtn Line Of Credit Facility Waiver To Pay Dividends Maximum
LineOfCreditFacilityWaiverToPayDividendsMaximum
80000000 USD
CY2022Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
369000 USD
CY2021Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
336000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
583000 USD
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
5 pure
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 pure
CY2022Q1 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0 USD
CY2022Q1 us-gaap Revenues
Revenues
287281000 USD
CY2021Q1 us-gaap Revenues
Revenues
223046000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
35858000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
23998000 USD

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