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C O N F I D E N T I A L
Presented by
1
J.B. HUNTQ2 2021 RESULTS
This presentation and discussion may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,”
“anticipates,” “intends,” “estimates,” or similar expressions are intended to identify these
forward-looking statements. These statements are based on J.B. Hunt’s current plans and
expectations and involve risks and uncertainties that could cause future activities and
results of operations to be materially different from those set forth in the forward-looking
statements. For further information, please refer to J.B. Hunt’s reports and filings with the
Securities and Exchange Commission.
DISCLOSURE
DISTINCT & COMPLEMENTARY BUSINESSES
Intermodal (JBI)• Largest, 100% 53’ high-cube container fleet
• Largest drayage fleet in North America
• Priority loading and unloading at major rail terminals
Dedicated Contract Services (DCS)• Fleet creation, conversion, and augmentation
• Design & implementation of value-driven supply chain solutions
• On-site management
Integrated Capacity Solutions (ICS)• Non-asset based offering of dry van, flatbed, refrigerated,
expedited, and LTL services.
• 40- and 20-foot box domestic and international containers and
international intermodal services
• Services to all 50 States, Canada, and Mexico
Final Mile Services (FMS)• Largest final mile asset network in the US
• Provider of both asset and non-asset big and bulky delivery and
installation services
• Nationwide fulfillment and retail-pooling distribution services
Truckload (JBT)• One of the largest capacity networks in North America
• Instant tracking via the Internet
• GPS trailer tracking
44%
22%
21%
7%6%
2Q 2021 Revenue Mix
JBI
DCS
ICS
FMS
JBT
56%
33%
1% 4%6%
0%
20%
40%
60%
80%
JBI DCS ICS FMS JBT
Percentage of 2Q 2021 Operating Income by Business Segment
2Q 2021 RESULTS VS. 2Q 2020
OVERVIEW
2Q 2021 Revenue:$2.91 billion; up 36%
2Q 2021 Revenue, excl FSC:$2.61 billion; up 31%
2Q 2021 Operating Income:$241.5 million; up 38%
2Q 2021 EPS:$1.61 vs. $1.14; up 41%
SEGMENT PERFORMANCE
Intermodal (JBI)Revenue: $1.29 billion; up 21%
Operating Income: $134.6 million; up 26%
Dedicated Contract Services (DCS)Revenue: $621 million; up 17%
Operating Income: $79.0 million; down 5%
Integrated Capacity Solutions (ICS)Revenue: $607 million; up 100%
Operating Income: $3.1 million; vs. $(13.1) million loss in Q2 ’20
Final Mile Services (FMS)Revenue: $212 million; up 52%
Operating Income: $10.7 million; vs. $(5.2) million loss in Q2 ‘20
Truckload (JBT)Revenue: $184 million; up 70%
Operating Income: $14.2 million; up 308%
2Q RESULTS CONSOLIDATED
$5,585
$6,165 $6,188 $6,555
$7,190
$8,615
$9,165
$9,637
$2,146
$2,908
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
Revenue(in millions)
$577 $632
$716 $721
$624 $681
$734 $713
$175
$242
$-
$100
$200
$300
$400
$500
$600
$700
$800
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
Operating Income(in millions)
$2.87 $3.16 $3.66 $3.81
$6.18
$4.43 $4.77 $4.74
$1.14 $1.61
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
Diluted EPS
KEY POINTS
• Industry leading Intermodal franchise
• Differentiated and specialized Dedicated business
• Independent brokerage/management services
• Lighter Truckload asset model
SEGMENT
DISCUSSION
7
INTERMODAL (JBI)
JBI load volumes increased 6% over the same period in 2020.
Eastern network volumes increased 9% and transcontinental
volumes increased 3% from second quarter 2020. Demand for
intermodal service remains robust, however, significant
restrictions across the rail network were implemented
throughout the quarter by rail service providers reflecting
challenges within their network related to car imbalances and
chassis and labor shortages. In addition, customer detention of
trailing equipment was at an all-time high during the quarter
further pressuring the availability of capacity and our volumes
during the quarter. Despite these volume-related challenges,
revenue increased 21% year-over-year, reflecting the 6%
increase in volumes and a 15% increase in gross revenue per
load. Excluding fuel surcharge revenue, revenue per load
increased 9% year-over-year.
Operating income increased 26% from the prior year period
primarily driven by the increase in volume, complemented with
higher rate and cost recovery efforts. These benefits were
partially offset by higher rail and third-party dray purchased
transportation expense, higher costs to attract and retain
drivers, and higher equipment cost. The current period ended
with approximately 99,400 units of trailing capacity and 5,820
power units in the dray fleet.
$3,456 $3,687 $3,665 $3,796
$4,084
$4,717 $4,745 $4,675
$1,065 $1,289
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
JBI Revenue(in millions)
INTERMODAL (JBI) PERFORMANCE
15%
1%
-1%
21%
-5%
0%
5%
10%
15%
20%
25%
FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y
JBI Revenue Change
-2%
12%
-4%
26%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y
JBI Operating Income Change
1,679
1,690
1,676 1,678
1,650
1,675
1,700
2019 2020 2Q 20 2Q 21
JBI Average Length of Haul
$2,397
$2,315 $2,249
$2,580
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
$2,500
$2,600
2019 2020 2Q 20 2Q 21
JBI Revenue per Load
DEDICATED (DCS)
DCS revenue increased 17% during the current quarter over the
same period in 2020. Productivity, defined as revenue per truck
per week, increased approximately 11% vs. 2020. Productivity
excluding fuel surcharge revenue increased 7% from a year ago
primarily from higher utilization of assets, contracted indexed-
based price escalators, and less idled equipment in the quarter. A
net additional 832 revenue producing trucks were in the fleet by
the end of the quarter compared to the prior year, and a net
additional 555 versus the end of the first quarter 2021. Customer
retention rates remain above 98%.
Operating income decreased by 5% from the prior year quarter.
Higher revenue and productivity were more than offset by
increases in driver wage and recruiting costs, non-driver
personnel salary, wages and incentive compensation, higher
group medical expense, and elevated costs related to the
implementation of new, long term contracts.
*In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional “JBHT FMS Segmentation” investor presentation.
$1,788
$2,128 $2,196
$533 $621
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
2018 2019 2020 2Q 20 2Q 21
DCS Revenue(in millions)
DEDICATED (DCS) PERFORMANCE
19%
3%
17%
0%
5%
10%
15%
20%
FY19/FY18 FY20/FY19 2Q Y/Y
DCS Revenue Change
42%
13%
-5%-10%
0%
10%
20%
30%
40%
50%
FY19/FY18 FY20/FY19 2Q Y/Y
DCS Operating Income Change
4,378 4,373 4,250
4,707
1,000
2,000
3,000
4,000
5,000
6,000
2019 2020 2Q 20 2Q 21
DCS Revenue Per Truck Per Week
3,353,553
3,676,212
907,221 996,650
-
1,000,000
2,000,000
3,000,000
4,000,000
2019 2020 2Q 20 2Q 21
DCS Loads
INTEGRATED (ICS)
ICS revenue increased 100% during the current quarter vs. the
second quarter 2020. Segment volumes increased 20% during
the quarter with truckload volumes increasing 30% from the prior
year period. Revenue per load increased 66%. In addition to
changes in customer freight mix, revenue per load was favorably
impacted by higher contractual and spot rates in our truckload
business as compared to the second quarter 2020. Contractual
volumes represented approximately 48% of the total load
volume and 35% of the total revenue in the current quarter
compared to 67% and 55%, respectively, in second quarter
2020. Of the total reported ICS revenue, approximately $396
million was executed through the Marketplace for J.B. Hunt 360
compared to $229 million in second quarter 2020.
Operating income increased to $3.1 million compared to an
operating loss of $13.1 million in the second quarter 2020.
Benefits from higher gross profit margin dollars and increased
scale in the Marketplace for J.B. Hunt 360 platform were partially
offset by higher personnel and technology costs as compared to
the same period 2020. Gross profit margin percent decreased to
10.5% in the current period versus 11.8% in the same period
last year primarily as a result of tighter industry capacity
dynamics versus the prior year period. ICS carrier base
increased 30% vs. second quarter 2020.
$537
$718 $699
$852
$1,025
$1,335
$1,348
$1,658
$304
$608
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
ICS Revenue(in millions)
INTEGRATED (ICS) PERFORMANCE
30%
1%
23%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY18/FY17 FY19/FY18 FY20/FY19 2Q Y/Y
ICS Revenue Change
($11.1)
($44.7)
($13.1)
$3.1
($50.0)
($45.0)
($40.0)
($35.0)
($30.0)
($25.0)
($20.0)
($15.0)
($10.0)
($5.0)
$0.0
$5.0
2019 2020 2Q 20 2Q 21
ICS Operating Income/(Loss) (in millions)
13.1%
9.9%
11.8%
10.5%
0%
5%
10%
15%
2019 2020 2Q 20 2Q 21
ICS Gross Profit Margin
1,243,992 1,265,897
274,399
330,127
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2019 2020 2Q 20 2Q 21
ICS Loads
FINAL MILE SERVICES (FMS)*
FMS revenue increased 52% compared to the same period 2020.
Stop count within FMS increased 59% during the current quarter vs.
a year ago, primarily from the addition of multiple customer
contracts implemented over the last year. Additionally, the prior
year period included temporary suspension of operations at several
of our customers’ sites as a result of COVID-19. Productivity,
defined as revenue per stop, decreased approximately 5%
compared to the prior year period primarily from a shift in the mix of
business between asset and asset-light operations.
Operating income increased to $10.7 million compared to an
operating loss of $5.2 million in the second quarter 2020. The
increase in operating income in the second quarter 2021 was
primarily the result of higher volumes compared to the prior year
period and a $3.2 million benefit from the net settlement of claims,
partially offset by higher personnel expense related to salary,
wages and incentive comp.
*In March 2020, J.B. Hunt separated its DCS segment into two reportable segments: DCS and FMS. See additional “JBHT FMS Segmentation” investor presentation.
$375
$567
$689
$140
$212
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
$650
$700
2018 2019 2020 2Q 20 2Q 21
FMS Revenue(in millions)
FINAL MILE SERVICES (FMS)
51%
22%
52%
0%
10%
20%
30%
40%
50%
60%
FY19/FY18 FY20/FY19 2Q Y/Y
FMS Revenue Change
($8.8)
($0.9)
($5.2)
$10.7
($10.0)
($8.0)
($6.0)
($4.0)
($2.0)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2019 2020 2Q 20 2Q 21
FMS Operating Income/(Loss) (in millions)
4,432,591
5,771,533
1,093,182
1,732,962
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2019 2020 2Q 20 2Q 21
FMS Stops
1,254 1,405 1,333
1,488
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2019 2020 2Q 20 2Q 21
FMS Average Truck
TRUCKLOAD (JBT)
JBT revenue increased 70% from the same period in 2020.
Revenue excluding fuel surcharge revenue increased 66%
primarily from a 58% increase in revenue per load excluding fuel
surcharge revenue and a 5% increase in load count compared
to a year ago. The increase in revenue per load excluding fuel
surcharge revenue was driven by a 40% increase in revenue per
loaded mile excluding fuel surcharge revenue and a 13%
increase in average length of haul. Load count growth and the
length of haul increase were primarily related to the continued
expansion of J.B. Hunt 360box™ which leverages the J.B. Hunt
360 platform to access drop-trailer capacity for customers
across our transportation network. Comparable contractual
customer rates were up approximately 25% compared to the
same period 2020. The current period ended with 8,958 trailers
and 1,770 tractors, compared to 7,985 and 1,897 respectively.
Operating income increased to $14.2 million compared to $3.5
million in the second quarter 2020. Benefits from increased load
counts and revenue per load were partially offset by increases in
purchased transportation expense and higher salary and wage
expenses for non-driving personnel related to the continued
expansion of 360box and increased usage of non-asset power.
$391 $386 $386 $388 $378
$417
$389
$463
$108
$184
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
2013 2014 2015 2016 2017 2018 2019 2020 2Q 20 2Q 21
JBT Revenue(in millions)
TRUCKLOAD (JBT) PERFORMANCE
1,958 1,837 1,979
1,772
500
1,000
1,500
2,000
2,500
2019 2020 2Q 20 2Q 21
JBT Average Tractors
346,459
406,550
103,314 108,538
-
100,000
200,000
300,000
400,000
500,000
2019 2020 2Q 20 2Q 21
JBT Loads
$3,917 $3,978
$3,686
$4,714
$-
$1,000
$2,000
$3,000
$4,000
$5,000
2019 2020 2Q 20 2Q 21
JBT Revenue per Tractor per Week
18.9% 18.8%19.1% 19.6%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2019 2020 2Q 20 2Q 21
JBT Average Nonpaid Empty Mile
SUMMARY
Competitively differentiated
Unique intermodal network
Distinct advantages in dedicated segments
Network economics and brand strength to penetrate new markets
Complemented by industry dynamics
Shippers need to reduce costs
Shippers demand on-time service
Increasingly complex supply-chains
Positioned for growth
Leading positions in large and consolidating markets
Clear value proposition for our customers
Best-in-class systems and technology
BALANCE SHEET
THANK YOU
20
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