Hub (HUBG) 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		60,787,701
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		574,903

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 186,139	$ 187,270
Accounts receivable trade, net	576,352	600,197
Accounts receivable other	5,683	3,358
Prepaid taxes	11,026	17,331
Prepaid expenses and other current assets	26,196	41,089
TOTAL CURRENT ASSETS	805,396	849,245
Restricted investments	21,342	20,763
Property and equipment, net	741,753	791,692
Right-of-use assets - operating leases	228,137	210,742
Right-of-use assets - financing leases	1,226	2,522
Other intangibles, net	240,162	304,607
Goodwill	772,542	733,695
Other non-current assets	22,567	22,781
TOTAL ASSETS	2,833,125	2,936,047
CURRENT LIABILITIES:
Accounts payable trade	305,838	349,378
Accounts payable other	28,636	14,471
Accrued payroll	34,442	21,731
Accrued other	105,638	121,253
Lease liability - operating leases	42,853	44,690
Lease liability - financing leases	656	1,579
Current portion of long-term debt	99,850	105,108
TOTAL CURRENT LIABILITIES	617,913	658,210
Long-term debt	187,240	245,574
Other non-current liabilities	54,939	55,287
Lease liability - operating leases	193,851	177,699
Lease liability - financing leases	498	865
Deferred taxes	152,414	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	216,585	209,830
Retained earnings	2,005,539	1,949,110
Accumulated other comprehensive loss	(232)	(129)
Treasury stock; at cost, 11,484,591 shares in 2024 and 13,323,268 shares in 2023.	(596,351)	(524,927)
TOTAL STOCKHOLDERS' EQUITY	1,626,270	1,634,645
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,833,125	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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	11,484,591	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	60,818,637	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

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating revenue	$ 986,892	$ 1,024,835	$ 2,972,880	$ 3,217,562
Costs and expenses:
Purchased transportation and warehousing	739,995	772,650	2,207,403	2,403,190
Salaries and benefits	142,948	138,503	429,300	417,757
Depreciation and amortization	32,386	36,065	108,489	106,899
Insurance and claims	10,217	11,681	35,474	36,041
General and administrative	29,674	24,146	84,785	76,445
Gain on sale of assets, net	(427)	(765)	(1,337)	(5,599)
Total operating expenses	954,793	982,280	2,864,114	3,034,733
Operating income	32,099	42,555	108,766	182,829
Other income (expense):
Interest expense	(3,582)	(3,537)	(11,170)	(9,623)
Interest income	2,249	2,838	5,450	6,302
Other, net	(23)	(188)	(259)	(81)
Total other expense, net	(1,356)	(887)	(5,979)	(3,402)
Income before provision for income taxes	30,743	41,668	102,787	179,427
Provision for income taxes	7,140	11,209	23,116	40,684
Net income	23,603	30,459	79,671	138,743
Other comprehensive (loss) income:
Foreign currency translation adjustments	(32)	(31)	(103)	47
Total comprehensive income	$ 23,571	$ 30,428	$ 79,568	$ 138,790
Basic earnings per common share	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Diluted earnings per common share	$ 0.39	$ 0.48	$ 1.3	$ 2.15
Basic weighted average number of shares outstanding	60,374	62,278	60,803	63,816
Diluted weighted average number of shares outstanding	60,949	62,986	61,241	64,416

CONSOLIDATED STATEMENTS OF STOC

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 (Loss) 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	(8,003)					$ (8,003)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(100,533)
Purchase of treasury stock	(117,352)					$ (117,352)
Purchase of treasury shares (in shares)						(1,531,755)
Issuance of restricted stock awards, net of forfeitures			(3,949)			$ 3,949
Issuance of restricted stock awards, net of forfeitures (in shares)						174,238
Share-based compensation expense	16,031		16,031
Net Income (Loss)	138,743			138,743
Foreign currency translation adjustment	47				47
Ending Balance at Sep. 30, 2023	1,629,069	$ 761	204,447	1,920,326	(167)	$ (496,298)
Ending Balance (in shares) at Sep. 30, 2023		76,099,092				(11,114,094)
Beginning Balance at Jun. 30, 2023	1,610,736	$ 761	198,556	1,889,867	(136)	$ (478,312)
Beginning Balance (in shares) at Jun. 30, 2023		76,099,092				(10,900,657)
Stock tendered for payments of withholding taxes related to awards vested	(185)					$ (185)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(2,324)
Purchase of treasury stock	(17,326)					$ (17,326)
Purchase of treasury shares (in shares)						(208,330)
Issuance of restricted stock awards, net of forfeitures			475			$ (475)
Issuance of restricted stock awards, net of forfeitures (in shares)						(2,783)
Share-based compensation expense	5,416		5,416
Net Income (Loss)	30,459			30,459
Foreign currency translation adjustment	(31)				(31)
Ending Balance at Sep. 30, 2023	1,629,069	$ 761	204,447	1,920,326	(167)	$ (496,298)
Ending Balance (in shares) at Sep. 30, 2023		76,099,092				(11,114,094)
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	(9,064)					$ (9,064)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(198,959)
Purchase of treasury stock	(68,273)					$ (68,273)
Federal excise tax on purchased treasury stock	$ (2,059)					$ (2,059)
Purchase of treasury shares (in shares)	1,591,952					(1,591,952)
Issuance of restricted stock awards, net of forfeitures			(7,972)			$ 7,972
Issuance of restricted stock awards, net of forfeitures (in shares)						408,627
Share-based compensation expense	$ 14,695		14,695
Dividends paid	(22,733)			(22,733)
Dividends accrued	(509)			(509)
Net Income (Loss)	79,671			79,671
Foreign currency translation adjustment	(103)				(103)
Ending Balance at Sep. 30, 2024	1,626,270	$ 729	216,585	2,005,539	(232)	$ (596,351)
Ending Balance (in shares) at Sep. 30, 2024		72,878,131				(11,484,591)
Beginning Balance at Jun. 30, 2024	1,641,130	$ 729	211,346	1,989,600	(200)	$ (560,345)
Beginning Balance (in shares) at Jun. 30, 2024		72,878,131				(10,650,225)
Stock tendered for payments of withholding taxes related to awards vested	(400)					$ (400)
Stock tendered for payments of withholding taxes related to awards vested (in shares)						(8,655)
Purchase of treasury stock	(35,335)					$ (35,335)
Federal excise tax on purchased treasury stock	$ (294)					$ (294)
Purchase of treasury shares (in shares)	824,149					(824,149)
Issuance of restricted stock awards, net of forfeitures			(23)			$ 23
Issuance of restricted stock awards, net of forfeitures (in shares)						(1,562)
Share-based compensation expense	$ 5,262		5,262
Dividends paid	(7,503)			(7,503)
Dividends accrued	(161)			(161)
Net Income (Loss)	23,603			23,603
Foreign currency translation adjustment	(32)				(32)
Ending Balance at Sep. 30, 2024	$ 1,626,270	$ 729	$ 216,585	$ 2,005,539	$ (232)	$ (596,351)
Ending Balance (in shares) at Sep. 30, 2024		72,878,131				(11,484,591)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 79,671	$ 138,743
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and right-of-use assets	145,474	136,775
Impairment of right-of-use asset	0	2,012
Deferred taxes	(11,652)	18,832
Non-cash share-based compensation expense	14,695	16,031
Gain on sale of assets, net	(1,337)	(5,599)
Changes in operating assets and liabilities, net of acquisitions:
Restricted investments	(579)	(1,744)
Accounts receivable, net	22,967	83,664
Prepaid taxes	6,305	(2,108)
Prepaid expenses and other current assets	11,210	6,161
Other non-current assets	(2,083)	(2,515)
Accounts payable	(29,520)	516
Accrued expenses	(10,106)	(46,243)
Non-current liabilities	(31,230)	(21,848)
Net cash provided by operating activities	193,815	322,677
Cash flows from investing activities:
Proceeds from sale of equipment	9,792	20,208
Purchases of property and equipment	(43,220)	(105,667)
Acquisitions, net of cash acquired	3,701	108
Net cash used in investing activities	(29,727)	(85,351)
Cash flows from financing activities:
Repayments of long-term debt	(81,356)	(80,965)
Purchase of treasury stock	(68,273)	(117,352)
Dividends paid	(22,733)	0
Stock withheld for payments of withholding taxes	(9,064)	(8,003)
Finance lease payments	(1,532)	(2,097)
Proceeds from issuance of debt	17,764	85,107
Net cash used in financing activities	(165,194)	(123,310)
Effect of exchange rate changes on cash and cash equivalents	(25)	28
Net (decrease) increase in cash and cash equivalents	(1,131)	114,044
Cash and cash equivalents beginning of the period	187,270	286,642
Cash and cash equivalents end of the period	186,139	400,686
Supplemental disclosures of cash paid for:
Interest	11,301	9,547
Income taxes paid, net	$ 28,406	$ 23,260

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 23,603	$ 30,459	$ 79,671	$ 138,743

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 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 September 30, 2024 and results of operations for the three and nine months ended September 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, we announced a two-for-one stock split of our 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. Our 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 our 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 our Class A and Class B common stock. The dividend was paid on June 26, 2024 to stockholders of record as of June 7, 2024. On August 27, 2024, the Board declared a quarterly cash dividend of $ 0.125 per share on our Class A and Class B common stock. The dividend was paid on September 25, 2024 to stockholders of record as of September 6, 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 September 30, 2024, we purchased 824,149 sh ares for approximately $ 35 million. During the nine months ended September 30, 2024 , we purchased 1,591,952 shares for approxima tely $ 68 mil lion. We routinely evaluate the useful life attributed to our assets. During the third quarter ended September 30, 2024, we determined that the useful lives of certain transportation equipment should be increased to 20 years based on historical experience related to the use of this equipment and our expectation of its future usability. In addition, we changed the estimated salvage values of the transportation equipment to reflect current expectations at the end of the revised useful life. We accounted for these items as changes in estimate that were applied prospectively, effective as of July 1, 2024. These changes in estimate resulted in a reduction of depreciation expense of $ 5.0 million, an increase to net income of $ 3.8 million and an increase in both basic and diluted earnings per share of $ 0.06 , during the three months ended September 30, 2024. 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 23,603 $ 30,459 $ 79,671 $ 138,743 Weighted average shares outstanding - basic 60,374 62,278 60,803 63,816 Dilutive effect of restricted stock 575 708 438 600 Weighted average shares outstanding - diluted 60,949 62,986 61,241 64,416 Earnings per share - basic $ 0.39 $ 0.49 $ 1.31 $ 2.17 Earnings per share - diluted $ 0.39 $ 0.48 $ 1.30 $ 2.15

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	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 final mile 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 ca rriers throughout the country. The initial accounting for the final mile acquisition 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. The amounts recorded in the condensed consolidated financial statements related to the final mile 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 $ 28,086 Prepaid expenses and other current assets 2,305 Property and equipment 2,488 Right-of-use assets - operating leases 15,258 Other intangibles 94,700 Goodwill 142,770 Other assets 173 Total assets acquired $ 285,780 Accounts payable trade $ 155 Accounts payable other 2,298 Accrued payroll 1,271 Accrued other 9,563 Lease liability - operating leases short-term 5,697 Other long-term liabilities 19 Lease liability - operating leases long-term 9,560 Total liabilities assumed $ 28,563 Total consideration, net $ 257,217 Cash paid, net $ 257,217 The final mile 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 final mile 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 f ully 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 September 30, 2024 Life Customer relationships $ 92,500 $ 5,633 $ 86,867 13 years Developed technology $ 1,200 $ 475 $ 725 2 years Independent service provider network $ 1,000 $ 792 $ 208 1 year The above intangible assets are amortized using the straight-line method. Amortization expense related to this acquisition was $ 2.2 million and $ 6.5 m illion for the three months and nine months ended September 30, 2024, respectively. The intangible assets have a remaining weighted average useful life of approximatel y 12.05 years. Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands): Total 2024 (Remainder of year) $ 2,137 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 Nine Months Ended September 30, 2023 September 30, 2023 Revenue $ 1,097,306 $ 3,427,950 Net income $ 30,863 $ 139,629 Earnings per share Basic $ 0.50 $ 2.19 Diluted $ 0.49 $ 2.17 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 final mile acquisition as of January 1, 2023.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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 ITS 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 September 30, 2024 , our trucking transportation operation consisted of approximately 2,100 tractors, 3,000 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 Nine Months Ended Operating Revenue September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 559,968 $ 595,308 $ 1,673,034 $ 1,919,189 Logistics 460,847 460,309 1,400,159 1,382,999 Inter-segment eliminations ( 33,923 ) ( 30,782 ) ( 100,313 ) ( 84,626 ) Total operating revenue $ 986,892 $ 1,024,835 $ 2,972,880 $ 3,217,562 Three Months Ended Nine Months Ended Operating Income September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 13,516 $ 13,484 $ 40,186 $ 94,639 Logistics 18,583 29,071 68,580 88,190 Total operating income $ 32,099 $ 42,555 $ 108,766 $ 182,829 Three Months Ended Nine Months Ended Depreciation and Amortization September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 21,249 $ 27,493 $ 75,568 $ 81,751 Logistics 11,137 8,572 32,921 25,148 Total depreciation and amortization $ 32,386 $ 36,065 $ 108,489 $ 106,899 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.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023. As of September 30, 2024, the fair value of our fixed-rate borrowings was $ 2.5 million more than the historical carrying value of $ 287.1 million. As of December 31, 2023 , the fair value of our 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 us 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 September 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 $ 21.3 million and $ 20.8 million as of September 30, 2024 and December 31, 2023, respectively, of mutual funds 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 that 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, which are observable either directly or indirectly (Level 2), or unobservable inputs (Level 3). Cash and cash equivalents, mutual funds, accounts receivable and accounts payable 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.

Long-Term Debt and Financing Ar

Long-Term Debt and Financing Arrangements	9 Months Ended
	Sep. 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 2025 . As of September 30, 2024, and December 31, 2023, our letters of credit totaled $ 0.8 million and $ 0.9 million, respectively. As of September 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 September 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): September 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 5.11 % and 6.24 % 19,402 - 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 % 90,168 105,744 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 % 118,196 147,192 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 % 42,178 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 % 16,523 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 3.59 % 623 7,754 Total debt 287,090 350,682 Less current portion of long-term debt ( 99,850 ) ( 105,108 ) Total long-term debt $ 187,240 $ 245,574

Legal Matters

Legal Matters	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	NOTE 7. Legal Matters We are 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 our 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 our financial position, operating results or cash flows for any particular period.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	NOTE 8. Subsequent Event In October 2024, we entered into an investment agreement with Corporación Interamericana de Logística, S.A. de C.V. and certain associated entities (commonly known as "EASO"), a family-led, intermodal and trucking logistics provider headquartered in Mexico City to acquire a controlling interest in EASO. We funded the closing consideration of $ 51.0 million with cash on hand in exchange for a 51 % equity stake in EASO. EASO specializes in intermodal, dedicated trucking, truckload and freight brokerage services. Through a network of terminals across Mexico, EASO serves the entire Mexican domestic market and main logistics hubs in the U.S. using its intermodal cross-border network. EASO is the largest intermodal carrier in Mexico and will enable us to add significant scale to our intermodal and transportation solutions business. With a substantial increase in cross-border trade activity from nearshoring, this partnership improves our ability to provide a cross-border service offering and provides increased intermodal conversion opportunities.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income $ 23,603 $ 30,459 $ 79,671 $ 138,743 Weighted average shares outstanding - basic 60,374 62,278 60,803 63,816 Dilutive effect of restricted stock 575 708 438 600 Weighted average shares outstanding - diluted 60,949 62,986 61,241 64,416 Earnings per share - basic $ 0.39 $ 0.49 $ 1.31 $ 2.17 Earnings per share - diluted $ 0.39 $ 0.48 $ 1.30 $ 2.15

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 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 $ 28,086 Prepaid expenses and other current assets 2,305 Property and equipment 2,488 Right-of-use assets - operating leases 15,258 Other intangibles 94,700 Goodwill 142,770 Other assets 173 Total assets acquired $ 285,780 Accounts payable trade $ 155 Accounts payable other 2,298 Accrued payroll 1,271 Accrued other 9,563 Lease liability - operating leases short-term 5,697 Other long-term liabilities 19 Lease liability - operating leases long-term 9,560 Total liabilities assumed $ 28,563 Total consideration, net $ 257,217 Cash paid, net $ 257,217
Schedule of Components of Other Intangibles Acquired	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 September 30, 2024 Life Customer relationships $ 92,500 $ 5,633 $ 86,867 13 years Developed technology $ 1,200 $ 475 $ 725 2 years Independent service provider network $ 1,000 $ 792 $ 208 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) $ 2,137 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 Nine Months Ended September 30, 2023 September 30, 2023 Revenue $ 1,097,306 $ 3,427,950 Net income $ 30,863 $ 139,629 Earnings per share Basic $ 0.50 $ 2.19 Diluted $ 0.49 $ 2.17

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended Operating Revenue September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 559,968 $ 595,308 $ 1,673,034 $ 1,919,189 Logistics 460,847 460,309 1,400,159 1,382,999 Inter-segment eliminations ( 33,923 ) ( 30,782 ) ( 100,313 ) ( 84,626 ) Total operating revenue $ 986,892 $ 1,024,835 $ 2,972,880 $ 3,217,562 Three Months Ended Nine Months Ended Operating Income September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 13,516 $ 13,484 $ 40,186 $ 94,639 Logistics 18,583 29,071 68,580 88,190 Total operating income $ 32,099 $ 42,555 $ 108,766 $ 182,829 Three Months Ended Nine Months Ended Depreciation and Amortization September 30, September 30, 2024 2023 2024 2023 Intermodal and Transportation Solutions $ 21,249 $ 27,493 $ 75,568 $ 81,751 Logistics 11,137 8,572 32,921 25,148 Total depreciation and amortization $ 32,386 $ 36,065 $ 108,489 $ 106,899

Long-Term Debt and Financing _2

Long-Term Debt and Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	Our outstanding Notes are as follows (in thousands): September 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 5.11 % and 6.24 % 19,402 - 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 % 90,168 105,744 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 % 118,196 147,192 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 % 42,178 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 % 16,523 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 3.59 % 623 7,754 Total debt 287,090 350,682 Less current portion of long-term debt ( 99,850 ) ( 105,108 ) Total long-term debt $ 187,240 $ 245,574

Interim Financial Statements (D

Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 27, 2024	May 23, 2024	Feb. 22, 2024	Oct. 31, 2023
Dividends payable, amount per share					$ 0.125	$ 0.125	$ 0.125
Purchase of treasury shares (in shares)	824,149		1,591,952
Purchase of treasury shares	$ 35,335	$ 17,326	$ 68,273	$ 117,352
Net Income (Loss)	$ 23,603	$ 30,459	$ 79,671	$ 138,743
Earnings per share - basic	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Earnings per share - diluted	$ 0.39	$ 0.48	$ 1.3	$ 2.15
Transportation Equipment [Member]
Property and equipment estimated life	20 years		20 years
Depreciation	$ 5,000
Net Income (Loss)	$ 3,800
Earnings per share - basic	$ 0.06
Earnings per share - diluted	$ 0.06
Class A Common Stock [Member] | 2023 Share Repurchase Program [Member]
Stock repurchase program, authorized amount								$ 250,000

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 23,603	$ 30,459	$ 79,671	$ 138,743
Weighted average shares outstanding - basic	60,374	62,278	60,803	63,816
Dilutive effect of restricted stock	575	708	438	600
Weighted average shares outstanding - diluted	60,949	62,986	61,241	64,416
Earnings per share - basic	$ 0.39	$ 0.49	$ 1.31	$ 2.17
Earnings per share - diluted	$ 0.39	$ 0.48	$ 1.3	$ 2.15

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - Forward Air Final Mile Acquisition [Member] $ in Millions		3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 20, 2023 USD ($) Carrier	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Business acquisition date	Dec. 20, 2023
Percentage of equity interests acquired	100%
Consideration for transaction	$ 257.2		$ 3.7
Cash consideration for business acquisition					$ 260.9
Number of network carriers | Carrier	350
Goodwill and other intangible assets tax deductible, period	15 years
Amortization expense of intangible assets		$ 2.2		$ 6.5
Intangible assets, remaining weighted average useful life		12 years 18 days		12 years 18 days

Acquisitions - Summarizes the P

Acquisitions - Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 772,542		$ 733,695
Lease liability - operating leases long-term		193,851		$ 177,699
Cash paid, net		$ (3,701)	$ (108)
Forward Air Final Mile Acquisition [Member]
Business Acquisition [Line Items]
Accounts receivable trade	$ 28,086
Prepaid expenses and other current assets	2,305
Property and equipment	2,488
Right of use assets - operating leases	15,258
Other intangibles	94,700
Goodwill	142,770
Other assets	173
Total assets acquired	285,780
Accounts payable trade	155
Accounts payable other	2,298
Accrued payroll	1,271
Accrued other	9,563
Lease liability - operating leases short-term	5,697
Other long-term liabilities	19
Lease liability - operating leases long-term	9,560
Total liabilities assumed	28,563
Total consideration, net	257,217
Cash paid, net	$ 257,217

Acquisitions - Schedule of comp

Acquisitions - Schedule of components of Other Intangibles Acquired (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Sep. 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	5,633
Finite-lived intangible assets, Net, Total	$ 86,867
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	475
Finite-lived intangible assets, Net, Total	$ 725
Intangible assets estimated useful life	2 years
Independent Transmission and Distribution System [Member]
Other Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	$ 1,000
Finite-lived intangible assets, Accumulated Amortization	792
Finite-lived intangible assets, Net, Total	$ 208
Intangible assets estimated useful life	1 year

Acquisitions - Schedule of Amor

Acquisitions - Schedule of Amortization Expense (Detail) - Forward Air Final Mile Acquisition [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2024 (Remainder of year)	$ 2,137
Year 1	7,690
Year 2	7,115
Year 3	7,115
Year 4	$ 7,115

Acquisitions - Schedule of Unau

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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 1,097,306	$ 3,427,950
Net income	$ 30,863	$ 139,629
Earnings per share
Basic	$ 0.5	$ 2.19
Diluted	$ 0.49	$ 2.17

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 Containers Segment Operators Drivers Tractors Trailers
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	2
Number of Tractor | Tractors	2,100
Number of Drivers | Drivers	3,000
Number of Trailer | Trailers	4,300
Number of Independent Owners | Operators	400
Number of Containers | Containers	50,000

Segment Reporting - Summarize o

Segment Reporting - Summarize our Financial and Operating Data by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ 986,892	$ 1,024,835	$ 2,972,880	$ 3,217,562
Operating income	32,099	42,555	108,766	182,829
Depreciation and amortization	32,386	36,065	108,489	106,899
Intermodal [Member]
Segment Reporting Information [Line Items]
Operating revenue	559,968	595,308	1,673,034	1,919,189
Operating income	13,516	13,484	40,186	94,639
Depreciation and amortization	21,249	27,493	75,568	81,751
Logistics [Member]
Segment Reporting Information [Line Items]
Operating revenue	460,847	460,309	1,400,159	1,382,999
Operating income	18,583	29,071	68,580	88,190
Depreciation and amortization	11,137	8,572	32,921	25,148
Inter-segment [Member]
Segment Reporting Information [Line Items]
Operating revenue	$ (33,923)	$ (30,782)	$ (100,313)	$ (84,626)

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement [Line Items]
Carrying value of debt	$ 287,090	$ 350,682
Restricted investments	21,300	20,800
Fixed-rate Borrowings [Member]
Fair Value Measurement [Line Items]
Increase (decrease) in fair value of debt	2,500	1,400
Carrying value of debt	$ 287,100	$ 350,700

Long-Term Debt and Financing _3

Long-Term Debt and Financing Arrangements - Additional Information (Detail) - USD ($)		9 Months Ended	12 Months Ended
	Feb. 28, 2022	Sep. 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%
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%
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%
Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate [Member]
Line Of Credit Facility [Line Items]
Interest rate under the credit agreement	1%
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 _4

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 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	287,090	350,682
Less current portion	(99,850)	(105,108)
Total long-term debt	187,240	245,574
Secured Equipment Notes due in 2029 [Member]
Debt Instrument [Line Items]
Secured long-term debt	19,402	0
Secured Equipment Notes due in 2028 [Member]
Debt Instrument [Line Items]
Secured long-term debt	90,168	105,744
Secured Equipment Notes due in 2027 [Member]
Debt Instrument [Line Items]
Secured long-term debt	118,196	147,192
Secured Equipment Notes due in 2026 [Member]
Debt Instrument [Line Items]
Secured long-term debt	42,178	55,797
Secured Equipment Notes due in 2025 [Member]
Debt Instrument [Line Items]
Secured long-term debt	16,523	30,930
Secured Equipment Notes due in 2024 [Member]
Debt Instrument [Line Items]
Secured long-term debt	$ 623	$ 7,754

Long-Term Debt and Financing _5

Long-Term Debt and Financing Arrangements - Schedule of Outstanding Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 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	5.11%
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	3.59%

Subsequent Event - Additional i

Subsequent Event - Additional information (Details) - Subsequent Event [Member] - EASO Acquisition [Member] $ in Millions	Oct. 31, 2024 USD ($)
Subsequent Event [Line Items]
Consideration for transaction	$ 51
Percentage of equity interests acquired	51%