# EDGAR Filing Document

**Accession Number:** 0000940942
**File Stem:** 0001171843-25-004921
**Filing Date:** 2025-7
**Character Count:** 50150
**Document Hash:** 4fd5bdd19eb63fb598a032757dbabe87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004921.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001171843-25-004921

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hub Group, Inc.
- **CENTRAL INDEX KEY:** 0000940942
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 364007085
- **STATE OF INCORPORATION:** IL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27754
- **FILM NUMBER:** 251171686

**BUSINESS ADDRESS:**
- **STREET 1:** 2001 HUB GROUP WAY
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523
- **BUSINESS PHONE:** 6302713653

**MAIL ADDRESS:**
- **STREET 1:** 2001 HUB GROUP WAY
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Hub Group
- **DATE OF NAME CHANGE:** 20160718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HUB GROUP INC
- **DATE OF NAME CHANGE:** 19950313

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): July 31, 2025
_______________________________

#### Hub Group, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-27754** | **36-4007085** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 2001 Hub Group Way

#### Oak Brook, Illinois 60523
(Address of Principal Executive Offices) (Zip Code)

(630) 271-3600

(Registrant's telephone number, including area code)

#### NOT APPLICABLE
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock | HUBG | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On July 31, 2025, Hub Group, Inc. issued a press release announcing its second quarter 2025 results from operations. The press release is furnished as Exhibit 99.1 to this Form 8-K.

The information furnished in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| [99.1](exh_991.htm) | [Press release issued on July 31, 2025 announcing second quarter 2025 operating results for Hub Group, Inc.](exh_991.htm) |
| 104 | The cover page from this Current Report on Form 8-k, formatted in Inline XBRL |

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Hub Group, Inc.** | **Hub Group, Inc.** |
| Date: July 31, 2025 | By: | <u>/s/ Kevin W. Beth&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Kevin W. Beth |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Hub Group Reports Second Quarter 2025 Results**

**Highlights:**

* **GAAP diluted earnings per share (EPS) of $0.42 for the second quarter**

* **Second quarter revenue of $905.6 million**

* **Non-GAAP adjusted EPS of $0.45, which excludes adjustments for vendor settlements in the quarter** 

* **Operating income of $34 million or 3.8% of revenue, adjusted operating income (non-GAAP) of $36.9 million or 4.1% of revenue** 

* **Returned $29 million to shareholders year-to-date through dividend payments of $15 million and stock repurchases of $14 million**

* **Strong balance sheet with net debt/EBITDA LTM (non-GAAP) of 0.3x as of June 30, 2025**

* **Proposed Union Pacific and Norfolk Southern combination a catalyst for growth**

OAK BROOK, Ill., July 31, 2025 (GLOBE NEWSWIRE) -- Hub Group, Inc. (Nasdaq: HUBG) announced second quarter 2025 net income of $25 million and diluted earnings per share of $0.42. Adjusting for vendor settlement expenses of $2.6 million (pre-tax), second quarter 2025 adjusted net income (non-GAAP) of $27.0 million decreased 6.2% from the prior year net income of $29.0 million. Adjusted EPS (non-GAAP) of $0.45 per diluted share decreased $0.02 from $0.47 EPS reported in the second quarter of 2024.

"The team continues to navigate this operating environment with a focus on serving customers, improving productivity, and leveraging growth investments. Intermodal margin performance and new customer wins for the Final Mile business reflect success with our approach. Hub Group has made progress with cost-saving initiatives and remains opportunistic with capital deployment as reflected in the announced agreement to acquire certain assets from Marten Intermodal. Although market conditions remain challenging, higher margin and free cash flow performance from cycle trough-to-trough highlight the benefits of our strategy and execution, and we remain optimistic on the long-term growth opportunity," said Phil Yeager, Hub Group's President, Chief Executive Officer and Vice Chairman.

**Second Quarter 2025 Results**

Consolidated revenue for the second quarter of 2025 was $906 million, an 8% decrease from $986 million reported in the second quarter of 2024. Intermodal volume growth of 2% was offset by lower revenue per unit in intermodal and brokerage, decreased fuel revenue, and sub-seasonal demand across segments.

Purchased transportation and warehousing costs of $656 million were 10% lower than prior year. Salaries and benefits of $143 million were 1% higher than prior year driven by additional warehouse and driver team members and the EASO acquisition. Total legacy headcount, which excludes acquisition employees, drivers and warehouse employees, declined 3% from prior year. Depreciation and amortization of $32 million decreased 14% from prior year. Insurance and claims of $11 million decreased 16% due to lower claims costs in the quarter. General and administrative expenses increased from prior year due to the impact from vendor settlements in the quarter.

GAAP operating income for the second quarter was $34 million or 3.8% of revenue and adjusted operating income (non-GAAP) was $37 million or 4.1% of revenue. Prior year operating income was $39.5 million or 4.0% of revenue. Adjusted EBITDA (non-GAAP) for the second quarter was $85 million. Net debt/EBITDA LTM (non-GAAP) was 0.3x for the second quarter, below the leverage target range of 0.75 to 1.25x.

Intermodal and Transportation Solutions ("ITS") Segment revenue was $528 million in the second quarter, down from $561 million in the prior year due to intermodal mix, price and fuel impacts, along with lower dedicated revenue. ITS operating income was $14.4 million, or 2.7% of revenue, up from $13.6 million in the prior year.

Second quarter Logistics Segment revenue was $404 million, down from $459 million in the prior year due to lower volume and revenue per load in our brokerage business, exiting of unprofitable business in consolidation and fulfilment, and sub-seasonal demand in managed transportation and final mile businesses. GAAP Logistics operating income was $20 million, or 4.9% of revenue. Adjusted Logistics operating income (non-GAAP) was $23 million, or 5.6% of revenue, down from $26 million in the prior year, due to a lower brokerage margin.

Capital expenditures for the second quarter of 2025 totaled $11 million and decreased sequentially due to lower tractor fleet investment. As of June 30, 2025, we had cash and restricted cash of $164 million. Year-to-date the company returned $29 million to shareholders through dividend payments of $15 million and stock repurchases of $14 million.

**Proposed Union Pacific and Norfolk Southern Combination**

We are supportive of our rail partners Union Pacific and Norfolk Southern in their announced plan to form America's first transcontinental railroad. Throughout Hub Group's history, we have remained committed to serving customers and realizing the potential of intermodal transportation. The announced transaction would further accelerate our long-term growth opportunity. Specifically, a transcontinental network removes friction in gateways, reduces transit times, provides access to new markets, and increases competition with truck volume through new single-line service. We remain focused on executing our strategy and will stay in close communication with our rail partners.

**2025 Outlook**

We expect 2025 diluted earnings per share will range from $1.80 to $2.05. We estimate revenue of approximately $3.6 billion to $3.8 billion for the full year. We project an effective tax rate of approximately 24.5% and capital expenditures in the range of $40 million to $50 million for the full year.

**Non-GAAP Financial Measures**

In this press release, we present certain non-GAAP financial measures, including adjusted EPS, adjusted operating income, adjusted EBITDA, and net debt/EBITDA. As required by the rules of the Securities and Exchange Commission ("SEC"), we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP, along with an explanation why management believes these non-GAAP financial measures provide relevant and useful information. These non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to non-GAAP measures that may be presented by other companies.

**Certain Forward-Looking Statements:**

Statements in this press release that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause the actual performance of Hub Group to differ materially from those expressed or implied by this discussion and, therefore, should be viewed with caution. Further information on the risks that may affect Hub Group's business is included in filings it makes with the SEC from time to time, including those discussed under the "Risk Factors" section in Hub Group's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Hub Group assumes no obligation to update any such forward-looking statements.

**Conference Call**

Hub Group, Inc. will hold a conference call at 5:00 p.m. Eastern Time on July 31, 2025, to discuss our Second quarter 2025 results. Hosting the conference call will be Phil Yeager, President, CEO and Vice Chairman and Kevin Beth, Executive Vice President, Chief Financial Officer and Treasurer.

This call is being webcast and can be accessed through the Investors link on Hub Group's web site at <u>www.hubgroup.com</u>. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the telephone dial-in instructions below.

To participate in the conference call by telephone, please pre-register https://register-conf.media-server.com/register/BI812532441b224285a8849232f987af30 to receive the dial-in number and unique PIN. On the day of the call, dial in approximately ten minutes prior to the scheduled call time and enter the unique participant PIN received during registration. The call will be limited to 60 minutes, including questions and answers. An audio replay will be available through the Investors link on the Company's web site at www.hubgroup.com<u>.</u> This replay will be available for 30 days.

**About Hub Group**

Hub Group offers comprehensive transportation and logistics management solutions. Keeping our customers' needs in focus, Hub Group designs, continually optimizes, and applies industry-leading technology to our customers' supply chains for better service, greater efficiency, and total visibility. As an award-winning, publicly traded company (Nasdaq: HUBG) with approximately $4 billion in revenue, our nearly 6,000 employees and drivers across the globe are always in pursuit of "The Way Ahead" – a commitment to service, integrity and innovation. For more information, visit hubgroup.com.

SOURCE: Hub Group, Inc.

CONTACT: Garrett Holland, GHolland@hubgroup.com

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** |
| **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% of** |  | **% of** |
|  | **Amount** | **Revenue** | **Amount** | **Revenue** |
| Operating revenue | $905648 | 100.0% | $986495 | 100.0% |
| Operating expenses: |  |  |  |  |
| Purchased transportation and warehousing | 655904 | 72.4% | 727236 | 73.7% |
| Salaries and benefits | 143310 | 15.8% | 141856 | 14.4% |
| Depreciation and amortization | 32387 | 3.6% | 37772 | 3.8% |
| Insurance and claims | 10644 | 1.2% | 12639 | 1.3% |
| General and administrative | 28925 | 3.2% | 27877 | 2.8% |
| Loss (gain) on sale of assets, net | 130 | 0.0% | (413) | -0.0% |
| Total operating expenses | 871300 | 96.2% | 946967 | 96.0% |
| Operating income | 34348 | 3.8% | 39528 | 4.0% |
| Other income (expense): |  |  |  |  |
| Interest expense, net | (2129) | -0.2% | (1881) | -0.2% |
| Other, net | 728 | -0.0% | (66) | -0.0% |
| Total other expense, net | (1401) | -0.2% | (1947) | -0.2% |
| Income before provision for income taxes | 32947 | 3.6% | 37581 | 3.8% |
| Provision for income taxes | 7916 | 0.9% | 8566 | 0.9% |
| Net income | 25031 |  | 29015 |  |
| Less: Net loss attributable to non-controlling interests | (216) |  | - |  |
| Net income attributable to Hub Group, Inc. | $25247 |  | $29015 |  |
| Earnings per share |  |  |  |  |
| Basic | $0.42 |  | $0.48 |  |
| Diluted | $0.42 |  | $0.47 |  |
| Basic weighted average number of shares outstanding | 60002 |  | 60710 |  |
| Diluted weighted average number of shares outstanding | 60210 |  | 61108 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** | **CONSOLIDATED STATEMENTS OF EARNINGS** |
| **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | **% of** |  | **% of** |
|  | **Amount** | **Revenue** | **Amount** | **Revenue** |
| Operating revenue | $1820864 | 100.0% | $1985988 | 100.0% |
| Operating expenses: |  |  |  |  |
| Purchased transportation and warehousing | 1313827 | 72.2% | 1467408 | 73.9% |
| Salaries and benefits | 292723 | 16.1% | 286352 | 14.4% |
| Depreciation and amortization | 64966 | 3.5% | 76103 | 3.8% |
| Insurance and claims | 21526 | 1.2% | 25257 | 1.3% |
| General and administrative | 56070 | 3.1% | 55111 | 2.8% |
| Loss (gain) on sale of assets, net | 65 | 0.0% | (910) | -0.1% |
| Total operating expenses | 1749177 | 96.1% | 1909321 | 96.1% |
| Operating income | 71687 | 3.9% | 76667 | 3.9% |
| Other income (expense): |  |  |  |  |
| Interest expense, net | (4121) | -0.2% | (4387) | -0.2% |
| Other, net | 1023 | 0.1% | (236) | -0.0% |
| Total other expense, net | (3098) | -0.1% | (4623) | -0.2% |
| Income before provision for income taxes | 68589 | 3.8% | 72044 | 3.7% |
| Provision for income taxes | 16363 | 0.9% | 15976 | 0.8% |
| Net income | 52226 |  | 56068 |  |
| Less: Net income attributable to non-controlling interests | 131 |  | - |  |
| Net income attributable to Hub Group, Inc. | $52095 |  | $56068 |  |
| Earnings per share |  |  |  |  |
| Basic | $0.87 |  | $0.92 |  |
| Diluted | $0.86 |  | $0.91 |  |
| Basic weighted average number of shares outstanding | 60096 |  | 61018 |  |
| Diluted weighted average number of shares outstanding | 60314 |  | 61387 |  |

---

---

| | | |
|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| **(in thousands, except share data)** | **(in thousands, except share data)** | **(in thousands, except share data)** |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(unaudited)** |  |
| CURRENT ASSETS: |  |  |
| Cash and cash equivalents | $137048 | $98248 |
| Restricted cash | 26553 | 28700 |
| Accounts receivable trade, net | 541554 | 581516 |
| Accounts receivable other | 11887 | 10880 |
| Prepaid taxes | 11060 | 15115 |
| Prepaid expenses and other current assets | 17337 | 33870 |
| TOTAL CURRENT ASSETS | 745439 | 768329 |
| Restricted investments | 20005 | 21642 |
| Property and equipment, net | 725200 | 739896 |
| Right-of-use assets - operating leases | 219925 | 233651 |
| Right-of-use assets - financing leases | 731 | 1062 |
| Other intangibles, net | 259300 | 267357 |
| Goodwill | 804019 | 814309 |
| Other non-current assets | 25432 | 22097 |
| TOTAL ASSETS | $2800051 | $2868343 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| Accounts payable trade | $235295 | $279982 |
| Accounts payable other | 31260 | 29069 |
| Accrued payroll | 26820 | 32833 |
| Accrued other | 90337 | 91441 |
| Lease liability - operating leases | 44006 | 45492 |
| Lease liability - financing leases | 569 | 663 |
| Current portion of long-term debt | 97641 | 100001 |
| TOTAL CURRENT LIABILITIES | 525928 | 579481 |
| Deferred consideration | 28356 | 30639 |
| Long-term debt | 134279 | 164361 |
| Other non-current liabilities | 51551 | 51004 |
| Lease liability - operating leases | 186033 | 197664 |
| Lease liability - financing leases | 96 | 330 |
| Deferred taxes | 147600 | 152913 |
| STOCKHOLDERS' EQUITY: |  |  |
| Preferred stock, $.01 par value; 2,000,000 shares authorized; |  |  |
| no shares issued or outstanding in 2025 and 2024. |  |  |
| Common stock |  |  |
| Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228 |  |  |
| shares issued in both 2025 and 2024; 60,641,237 shares outstanding in 2025 |  |  |
| and 60,746,745 shares outstanding in 2024. | 723 | 723 |
| Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and |  |  |
| outstanding in both 2025 and 2024. | 6 | 6 |
| Additional paid-in capital | 216107 | 222039 |
| Retained earnings | 2059244 | 2022265 |
| Accumulated other comprehensive loss | 2672 | (1453) |
| Treasury stock; at cost, 11,661,991 shares in 2025 and 11,556,483 shares in 2024 | (603793) | (598583) |
| Total Hub Group, Inc. equity | 1674959 | 1644997 |
| Non-controlling interests | 51249 | 46954 |
| TOTAL STOCKHOLDERS' EQUITY | 1726208 | 1691951 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2800051 | $2868343 |

---

---

| | | |
|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net income | $52226 | $56068 |
| Adjustments to reconcile net income |  |  |
| to net cash provided by operating activities: |  |  |
| Depreciation and amortization of intangibles and right-of-use assets | 94448 | 99100 |
| Deferred taxes | (4191) | (9249) |
| Non-cash share-based compensation expense | 9345 | 9433 |
| Loss (gain) on sale of assets, net | 65 | (910) |
| Changes in operating assets and liabilities, net of acquisitions: |  |  |
| Restricted investments | 640 | (281) |
| Accounts receivable, net | 41251 | 15784 |
| Prepaid taxes | 4191 | 4537 |
| Prepaid expenses and other current assets | 16910 | 19697 |
| Other non-current assets | (4445) | (1503) |
| Accounts payable | (43705) | (14270) |
| Accrued expenses | (13552) | (6542) |
| Non-current liabilities | (21647) | (21399) |
| Net cash provided by operating activities | 131536 | 150465 |
| Cash flows from investing activities: |  |  |
| Proceeds from sale of equipment | 4056 | 5750 |
| Purchases of property and equipment | (30480) | (31255) |
| Acquisitions, net of cash acquired | - | 3701 |
| Net cash used in investing activities | (26424) | (21804) |
| Cash flows from financing activities: |  |  |
| Repayments of long term debt | (51729) | (53233) |
| Purchase of treasury stock | (13814) | (32938) |
| Dividends paid | (15000) | (15230) |
| Stock withheld for payments of withholding taxes | (6673) | (8664) |
| Finance lease payments | (328) | (1217) |
| Proceeds from issuance of debt | 19103 | 15618 |
| Net cash used in financing activities | (68441) | (95664) |
| Effect of exchange rate changes on cash and cash equivalents | (18) | (20) |
| Net increase in cash and cash equivalents | 36653 | 32977 |
| Cash and cash equivalents beginning of period | 126948 | 187270 |
| Cash and cash equivalents end of period | $163601 | $220247 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  | | | **NON-GAAP** | |
|  | | **NON-GAAP** | **Adjusted** | |
| **Operating Revenue** | **2025** | **Adjustments (1)** | **2025** | **2024** |
| Intermodal and Transportation Services | $528184 | $- | $528184 | $561033 |
| Logistics | 404310 |  | 404310 | 459088 |
| Inter-segment eliminations | (26846) | - | (26846) | (33626) |
| **Total operating revenue** | $905648 | $- | $905648 | $986495 |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  |  |  | **NON-GAAP** |  |
|  |  | **NON-GAAP** | **Adjusted** |  |
| **Operating Income** | **2025** | **Adjustments (1)** | **2025** | **2024** |
| Intermodal and Transportation Services | $14407 |  | $14407 | $13639 |
| Logistics | 19941 | 2575 | 22516 | 25889 |
| **Total operating income** | $34348 | $2575 | $36923 | $39528 |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|  |  |  | **NON-GAAP** |  |
|  |  | **NON-GAAP** | **Adjusted** |  |
| **Depreciation and Amortization** | **2025** | **Adjustments (1)** | **2025** | **2024** |
| Intermodal and Transportation Services | $22043 | $- | $22043 | $27270 |
| Logistics | 10344 | - | 10344 | 10502 |
| **Total depreciation and amortization** | $32387 | $- | $32387 | $37772 |
| (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** | **FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Operating Revenue** | **2025** | **Non-GAAP**<br>**Adjustments (1)** | **Non-GAAP**<br>**Adjusted**<br>**2025** | **2024** |
| Intermodal and Transportation Services | $1058206 |  | 1058206 | $1113066 |
| Logistics | 815311 |  | 815311 | 939312 |
| Inter-segment eliminations | (52653) | - | (52653) | (66390) |
| **Total operating revenue** | $1820864 | - | 1820864 | $1985988 |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  |  |  | **Non-GAAP** |  |
|  |  | **Non-GAAP** | **Adjusted** |  |
| **Operating Income** | **2025** | **Adjustments (1)** | **2025** | **2024** |
| Intermodal and Transportation Services | $28457 |  | $28457 | $26670 |
| Logistics | 43230 | 2575 | 45805 | 49997 |
| **Total operating income** | $71687 | $2575 | $74262 | $76667 |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Depreciation and Amortization** | **2025** | **Non-GAAP**<br>**Adjustments (1)** | **Non-GAAP**<br>**Adjusted**<br>**2025** | **2024** |
| Intermodal and Transportation Services | $44068 |  | 44068 | $54319 |
| Logistics | 20898 | - | 20898 | 21784 |
| **Total depreciation and amortization** | $64966 | - | 64966 | $76103 |
| (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. | (1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** |
| **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): | The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share): |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Pre-Tax** | **After-Tax** | **Per Share** | **Pre-Tax** | **After-Tax** | **Per Share** |
| GAAP Earnings | $32.9 | $25.0 | $0.42 | $68.6 | $52.2 | $0.86 |
| Vendor settlements (i) | 2.6 | 2.0 | $0.03 | 2.6 | 2.0 | $0.03 |
| Non-GAAP Adjusted Earnings | $35.5 | $27.0 | $0.45 | $71.2 | $54.2 | $0.89 |
| By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. |
| (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** | **HUB GROUP, INC.** |
| **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES** |
| **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** | **(in millions, except per share amounts)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. | The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items. |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **ITS** | **Logistics** | **Consolidated** | **ITS** | **Logistics** | **Consolidated** |
| GAAP Operating Income | $14.4 | $19.9 | $34.3 | $28.5 | $43.2 | $71.7 |
| Vendor settlements (i) | $- | $2.6 | $2.6 | $- | $2.6 | $2.6 |
| Non-GAAP Adjusted Operating Income | $14.4 | $22.5 | $36.9 | $28.5 | $45.8 | $74.3 |
| By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. | By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability. |
| (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** | **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** | **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** | **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** | **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** | **RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **2024** | **2024** | **2025** | **2025** |  |
|  | **Q3** | **Q4** | **Q1** | **Q2** | **LTM (3)** |
| Net Income | $23603 | $24372 | $27194 | $25031 | $100200 |
| Interest Expense, net | 1333 | 1858 | 1992 | 2129 | 7312 |
| Depreciation and Amortization (2) | 46374 | 47088 | 47046 | 47402 | 187910 |
| Provision for Income Taxes | 7140 | 5387 | 8447 | 7916 | 28890 |
| EBITDA | $78450 | $78705 | $84679 | $82478 | $324312 |
| Network Alignment (i) | $8381 | $4814 | $- | $- | $13195 |
| Transaction Related (ii) | 947 | 1194 |  |  | 2141 |
| Other (iii) | 1061 | 67 |  |  | 1128 |
| Vendor Settlements (iv) | - | - | - | 2575 | 2575 |
| Adjusted EBITDA | $88839 | $84780 | $84679 | $85053 | $343351 |
| EBITDA LTM (3) | $331535 | $332686 | $330791 | $324312 |  |
| Net Debt (4) | $102105 | $167106 | $140223 | $95537 |  |
| Net Debt / EBITDA LTM | 0.3 | 0.5 | 0.4 | 0.3 |  |
| Adjusted EBITDA LTM (3) | $347016 | $349150 | $347255 | $343351 |  |
| Net Debt / Adjusted EBITDA LTM | 0.3 | 0.5 | 0.4 | 0.3 |  |
| (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. | (1) By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented. |
| (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. | (2) Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets. |
| (3) Last twelve months | (3) Last twelve months | (3) Last twelve months | (3) Last twelve months | (3) Last twelve months | (3) Last twelve months |
| (4) Total debt (including finance leases) less cash and cash equivalents | (4) Total debt (including finance leases) less cash and cash equivalents | (4) Total debt (including finance leases) less cash and cash equivalents | (4) Total debt (including finance leases) less cash and cash equivalents | (4) Total debt (including finance leases) less cash and cash equivalents | (4) Total debt (including finance leases) less cash and cash equivalents |
| (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. | (i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business. |
| (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. | (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. | (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. | (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. | (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. | (ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023. |
| (iii) Other includes non-ordinary expenses related to employee matters. | (iii) Other includes non-ordinary expenses related to employee matters. | (iii) Other includes non-ordinary expenses related to employee matters. | (iii) Other includes non-ordinary expenses related to employee matters. | (iii) Other includes non-ordinary expenses related to employee matters. | (iii) Other includes non-ordinary expenses related to employee matters. |
| (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. | (iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities. |

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