J.B. Hunt Transport Services, Inc. Reports U.S. GAAP Revenues, Net Earnings and Earnings Per Share for the First Quarter 2022
J.B. Hunt Transport Services reported strong first quarter 2022 results with revenue of $3.49 billion, a 33% increase year-over-year. Net earnings rose to $243.3 million, or $2.29 per diluted share, compared to $1.37 in Q1 2021. Operating income increased 61% to $334.3 million, driven by revenue growth across all segments. Intermodal revenue grew 36%, while Dedicated Contract Services and Integrated Capacity Solutions saw revenue increases of 28% and 29%, respectively. However, Final Mile Services faced challenges with an operating loss of $0.2 million.
- First quarter revenue up 33% year-over-year to $3.49 billion.
- Net earnings increased to $243.3 million, or $2.29 per share, up from $146.6 million.
- Operating income up 61% to $334.3 million.
- Intermodal revenue grew 36%, driven by a 28% increase in revenue per load.
- Dedicated Contract Services revenue increased 28% with a 20% rise in average revenue-producing trucks.
- Integrated Capacity Solutions revenue rose 29%; operating income increased 243%.
- Final Mile Services revenue increased only 8%, with an operating loss of $0.2 million.
- Increase in rail and truck purchased transportation costs affecting profitability.
- Labor disruptions and supply chain challenges negatively impacted operational performance.
-
First Quarter 2022 Revenue:
; up$3.49 billion 33% -
First Quarter 2022 Operating Income:
; up$334.3 million 61% -
First Quarter 2022 EPS:
vs.$2.29 $1.37
Total operating revenue for the current quarter was
Total freight transactions in the Marketplace for J.B. Hunt 360 increased
Operating income for the current quarter increased
Net interest expense for the current quarter increased approximately
The effective income tax rate decreased to
Segment Information:
Intermodal (JBI)
-
First Quarter 2022 Segment Revenue:
; up$1.60 billion 36% -
First Quarter 2022 Operating Income:
; up$201.0 million 87%
Intermodal volumes increased
Operating income increased
Dedicated Contract Services (DCS)
-
First Quarter 2022 Segment Revenue:
; up$741 million 28% -
First Quarter 2022 Operating Income:
; up$77.1 million 4%
DCS revenue increased
Operating income increased
Integrated Capacity Solutions (ICS)
-
First Quarter 2022 Segment Revenue:
; up$675 million 29% -
First Quarter 2022 Operating Income:
; up$25.0 million 243%
ICS revenue increased
Operating income increased
Truck (JBT)
-
First Quarter 2022 Segment Revenue:
; up$264 million 77% -
First Quarter 2022 Operating Income:
; up$31.5 million 210%
JBT revenue increased
JBT operating income increased
Final Mile Services (FMS)
-
First Quarter 2022 Segment Revenue:
; up$218 million 8% -
First Quarter 2022 Operating Income/(Loss):
; compared to$(0.2) million in Q1’21$8.5 million
FMS revenue increased
Operating income decreased to an operating loss of
Cash Flow and Capitalization:
At
Our net capital expenditures for the first quarter 2022 approximated
In the first quarter 2022, we purchased approximately 382,000 shares of common stock for approximately
Conference Call Information:
The Company will hold a conference call today from 4:00–5:00 pm CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investors.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.
Forward-Looking Statements:
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended
About J.B. Hunt
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Condensed Consolidated Statements of Earnings |
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(in thousands, except per share data) |
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(unaudited) |
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Three Months Ended March |
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2022 |
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2021 |
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% Of |
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% Of |
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Amount |
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Revenue |
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Amount |
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Revenue |
Operating revenues, excluding fuel surcharge revenues | $ |
3,042,217 |
$ |
2,388,034 |
||||
Fuel surcharge revenues | 446,371 |
230,115 |
||||||
Total operating revenues | 3,488,588 |
|
2,618,149 |
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Operating expenses | ||||||||
Rents and purchased transportation | 1,837,340 |
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1,352,301 |
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Salaries, wages and employee benefits | 763,591 |
|
620,032 |
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Fuel and fuel taxes | 189,466 |
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113,040 |
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Depreciation and amortization | 148,763 |
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137,545 |
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Operating supplies and expenses | 106,939 |
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81,698 |
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General and administrative expenses, net of asset dispositions | 37,447 |
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44,891 |
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Insurance and claims | 46,131 |
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38,030 |
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Operating taxes and licenses | 15,749 |
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13,814 |
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Communication and utilities | 8,868 |
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9,146 |
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Total operating expenses | 3,154,294 |
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2,410,497 |
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Operating income | 334,294 |
|
207,652 |
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Net interest expense | 12,586 |
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12,024 |
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Earnings before income taxes | 321,708 |
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195,628 |
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Income taxes | 78,383 |
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49,022 |
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Net earnings | $ |
243,325 |
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$ |
146,606 |
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Average diluted shares outstanding | 106,075 |
106,816 |
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Diluted earnings per share | $ |
2.29 |
$ |
1.37 |
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Financial Information By Segment | ||||||||||||
(in thousands) | ||||||||||||
(unaudited) | ||||||||||||
Three Months Ended March | ||||||||||||
2022 |
2021 |
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% Of | % Of | |||||||||||
Amount | Total | Amount | Total | |||||||||
Revenue | ||||||||||||
Intermodal | $ | 1,603,385 |
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46 |
% |
$ | 1,177,131 |
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45 |
% |
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Dedicated | 741,306 |
|
21 |
% |
579,958 |
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22 |
% |
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Integrated Capacity Solutions | 675,391 |
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19 |
% |
524,946 |
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20 |
% |
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Truckload | 264,343 |
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8 |
% |
149,531 |
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6 |
% |
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Final Mile Services | 218,454 |
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6 |
% |
201,883 |
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8 |
% |
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Subtotal | 3,502,879 |
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100 |
% |
2,633,449 |
|
101 |
% |
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Intersegment eliminations | (14,291 |
) |
(0 |
%) |
(15,300 |
) |
(1 |
%) |
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Consolidated revenue | $ | 3,488,588 |
|
100 |
% |
$ | 2,618,149 |
|
100 |
% |
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Operating income | ||||||||||||
Intermodal | $ | 200,972 |
|
60 |
% |
$ | 107,468 |
|
52 |
% |
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Dedicated | 77,104 |
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23 |
% |
74,339 |
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36 |
% |
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Integrated Capacity Solutions | 24,963 |
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8 |
% |
7,269 |
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3 |
% |
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Truckload | 31,490 |
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9 |
% |
10,173 |
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5 |
% |
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Final Mile Services | (180 |
) |
(0 |
%) |
8,498 |
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4 |
% |
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Other (1) | (55 |
) |
(0 |
%) |
(95 |
) |
(0 |
%) |
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Operating income | $ | 334,294 |
|
100 |
% |
$ | 207,652 |
|
100 |
% |
(1) Includes corporate support activity |
Operating Statistics by Segment |
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(unaudited) |
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Three Months Ended March |
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2022 |
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2021 |
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Intermodal | ||||||||
Loads | 510,736 |
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478,285 |
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Average length of haul | 1,671 |
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1,687 |
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Revenue per load | $ | 3,139 |
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$ | 2,461 |
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Average tractors during the period * | 6,262 |
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5,718 |
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Tractors (end of period) * | 6,343 |
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5,744 |
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Trailing equipment (end of period) | 109,329 |
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99,043 |
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Average effective trailing equipment usage | 105,884 |
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94,603 |
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Dedicated | ||||||||
Loads | 1,041,842 |
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942,220 |
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Average length of haul | 164 |
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162 |
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Revenue per truck per week** | $ | 4,846 |
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$ | 4,576 |
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Average trucks during the period*** | 11,946 |
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9,961 |
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Trucks (end of period) *** | 12,172 |
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9,951 |
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Trailing equipment (end of period) | 30,343 |
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27,283 |
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Integrated Capacity Solutions | ||||||||
Loads | 328,712 |
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292,365 |
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Revenue per load | $ | 2,055 |
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$ | 1,796 |
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Gross profit margin | 13.0 |
% |
12.4 |
% |
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Employee count (end of period) | 1,027 |
|
936 |
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Approximate number of third-party carriers (end of period) | 147,000 |
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107,700 |
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Marketplace for J.B. Hunt 360 revenue (millions) | $ | 430.4 |
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$ | 359.0 |
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Truckload | ||||||||
Loads | 120,527 |
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103,062 |
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Average trailers during the period | 11,456 |
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8,571 |
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Revenue per load | $ | 2,193 |
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$ | 1,451 |
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Average length of haul | 492 |
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446 |
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Tractors (end of period) | ||||||||
Company-owned | 709 |
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798 |
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Independent contractor | 1,527 |
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918 |
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Total tractors | 2,236 |
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1,716 |
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Trailers (end of period) | 11,655 |
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8,571 |
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Final Mile Services | ||||||||
Stops | 1,344,829 |
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1,676,025 |
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Average trucks during the period*** | 1,556 |
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1,514 |
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* Includes company-owned and independent contractor tractors |
** Using weighted workdays |
*** Includes company-owned, independent contractor, and customer-owned trucks |
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Condensed Consolidated Balance Sheets |
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(in thousands) |
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(unaudited) |
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ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 144,529 |
$ | 355,549 |
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Accounts receivable, net | 1,745,647 |
1,506,619 |
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Prepaid expenses and other | 364,977 |
451,201 |
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Total current assets | 2,255,153 |
2,313,369 |
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Property and equipment | 6,950,327 |
6,680,316 |
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Less accumulated depreciation | 2,716,061 |
2,612,661 |
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Net property and equipment | 4,234,266 |
4,067,655 |
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Other assets, net | 542,522 |
413,324 |
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$ | 7,031,941 |
$ | 6,794,348 |
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LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current debt | $ | 351,214 |
$ | 355,972 |
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Trade accounts payable | 854,879 |
772,736 |
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Claims accruals | 309,949 |
307,210 |
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Accrued payroll and payroll taxes | 143,181 |
190,950 |
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Other accrued expenses | 125,507 |
102,732 |
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Total current liabilities | 1,784,730 |
1,729,600 |
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Long-term debt | 945,628 |
945,257 |
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Other long-term liabilities | 294,314 |
256,233 |
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Deferred income taxes | 753,727 |
745,442 |
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Stockholders' equity | 3,253,542 |
3,117,816 |
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$ | 7,031,941 |
$ | 6,794,348 |
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Supplemental Data |
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(unaudited) |
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Actual shares outstanding at end of period (000) | 104,783 |
105,094 |
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Book value per actual share outstanding at end of period | $ | 31.05 |
$ | 29.67 |
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Three Months Ended March |
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2022 |
2021 |
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Net cash provided by operating activities (000) | $ | 291,785 |
$ | 364,658 |
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Net capital expenditures (000) | $ | 289,126 |
$ | 85,854 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220418005473/en/
Senior Vice President – Finance
(479) 820-2723
Source:
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