EX-99.1 2 ex_394782.htm EXHIBIT 99.1

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES SECOND QUARTER RESULTS

Reports highest operating revenue and operating income for any quarter in Marten’s history – and the best operating ratio, net of fuel surcharges, for any quarter since Marten became a public company in 1986

MONDOVI, Wis., July 18, 2022 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 47.8% improvement in net income to $31.7 million, or 39 cents per diluted share, for the second quarter ended June 30, 2022, from $21.4 million, or 26 cents per diluted share, for the second quarter of 2021. The 2022 second-quarter earnings also improved 15.0% sequentially from 2022 first-quarter net income of $27.5 million, or 33 cents per diluted share. For the first six months of 2022, net income improved 50.1% to $59.2 million, or 72 cents per diluted share, from $39.4 million, or 47 cents per diluted share, for the first six months of 2021.

| Operating Results Comparison |  |  |  |
|  |  | Percentage |  |  | Percentage |  |  | Percentage |  |  | Percentage |  |  | Percentage |  |
|  |  | Increase |  |  | Increase |  |  | Increase |  |  | Increase |  |  | Increase |  |
|  |  | Three Months |  |  | Three Months |  |  | Year |  |  | Year |  |  | Year |  |
|  |  | Ended |  |  | Ended |  |  | Ended |  |  | Ended |  |  | Ended |  |
|  |  | June 30, |  |  | March 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |
|  |  | 2022 vs. 2021 |  |  | 2022 vs. 2021 |  |  | 2021 vs. 2020 |  |  | 2020 vs. 2019 |  |  | 2019 vs. 2018 |  |
| Operating revenue |  |  | 41.8% |  |  |  | 28.8% |  |  |  | 11.4% |  |  |  | 3.7% |  |  |  | 7.1% |  |
| Operating revenue, net of fuel surcharges |  |  | 32.1% |  |  |  | 23.8% |  |  |  | 8.3% |  |  |  | 6.8% |  |  |  | 8.6% |  |
| Operating income |  |  | 43.5% |  |  |  | 49.4% |  |  |  | 19.8% |  |  |  | 21.9% |  |  |  | 8.7% |  |
| Net income |  |  | 47.8% |  |  |  | 52.9% |  |  |  | 22.9% |  |  |  | 13.8% |  |  |  | 11.0% |  |

Operating revenue for the second quarter of 2022 was the highest amount for any quarter in Marten’s 77-year history. Operating revenue improved 41.8% to $329.6 million for the second quarter of 2022 from $232.4 million for the second quarter of 2021 - and improved 14.7% from $287.3 million for the 2022 first quarter. Excluding fuel surcharges, operating revenue improved 32.1% to $269.1 million for the 2022 quarter from $203.7 million for the 2021 quarter - and improved 9.7% from $245.3 million for the 2022 first quarter. Fuel surcharge revenue increased to $60.4 million for the 2022 quarter from $28.8 million for the 2021 quarter due to significantly higher fuel prices.

Operating revenue improved 35.4% to $616.8 million for the first six months of 2022 from $455.5 million for the first six months of 2021. Excluding fuel surcharges, operating revenue improved 28.0% to $514.4 million for the first six months of 2022 from $401.8 million for the first six months of 2021. Fuel surcharge revenue increased to $102.4 million for the first six months of 2022 from $53.7 million for the first six months of 2021.

Operating income for the second quarter of 2022 was also the highest amount for any quarter in Marten’s history. Operating income improved 43.5% to $40.9 million for the second quarter of 2022 from $28.5 million for the second quarter of 2021 - and improved 14.2% from $35.9 million for the 2022 first quarter, which was up 16.9% from $30.7 million for the 2021 fourth quarter.

Operating income improved 46.2% to $76.8 million for the first six months of 2022 from $52.5 million for the first six months of 2021.

Operating expenses as a percentage of operating revenue improved to 87.6% for the second quarter of 2022 from 87.7% for the second quarter of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 84.8% for the 2022 quarter, the best ratio for any quarter since Marten became a public company in 1986, from 86.0% for the 2021 quarter.

Operating expenses as a percentage of operating revenue improved to 87.6% for the first six months of 2022 from 88.5% for the first six months of 2021. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 85.1% from 86.9%.

Executive Chairman Randolph L. Marten stated, “Consistent. Strong. Profitable. Organic Growth. Marten’s bright, driven people just earned our highest operating revenue and operating income for any quarter in our history, along with our best operating ratio, net of fuel surcharges, for any quarter since we became a public company in 1986 – achieving all three marks for the third time in our last five quarters.”

“The unrelenting national shortage of qualified drivers is a long-term double-edged sword for our industry, simultaneously tightening the freight market while limiting fleet size. Our ability to capitalize on the high level of demand we continue to see and apply our culture of continuous operating enhancements within our unique business model has largely contributed to our performance improvements. Our approach to overcoming the driver shortage is a heightened emphasis on structurally improving our drivers’ jobs and work-life balance by collaborating with our customers, while also increasing our driver compensation. The results - we continue to build on our success in expanding the capacity we provide as we began this year’s third quarter with 123 more of the industry’s top drivers than we employed at the beginning of the second quarter. We have now increased our number of drivers by 422, or 15.4%, since June 30, 2021.”

“Also, reflecting our confidence in Marten’s financial strength and commitment to enhancing stockholder value, we repurchased and retired 963,000 shares of our common stock for $16.8 million in the second quarter of 2022, in addition to the 1.3 million shares of our common stock for $25.0 million repurchased in the first quarter.”

| Operating Results Since the Pandemic Began – Percentage Increase Over Same Quarter of Prior Year |  |
|  |  | Q2 2022 |  |  | Q1 2022 |  |  | Q4 2021 |  |  | Q3 2021 |  |  | Q2 2021 |  |  | Q1 2021 |  |  | Q4 2020 |  |  | Q3 2020 |  |  | Q2 2020 |  |
| Operating revenue |  |  | 41.8% |  |  |  | 28.8% |  |  |  | 17.4% |  |  |  | 16.3% |  |  |  | 9.4% |  |  |  | 2.0% |  |  |  | 4.7% |  |  |  | 0.5% |  |  |  | 0.1% |  |
| Operating revenue, net of fuel surcharges |  |  | 32.1% |  |  |  | 23.8% |  |  |  | 12.5% |  |  |  | 12.8% |  |  |  | 5.0% |  |  |  | 2.5% |  |  |  | 8.8% |  |  |  | 3.8% |  |  |  | 4.7% |  |
| Operating income |  |  | 43.5% |  |  |  | 49.4% |  |  |  | 20.0% |  |  |  | 16.8% |  |  |  | 12.9% |  |  |  | 33.1% |  |  |  | 36.0% |  |  |  | 21.8% |  |  |  | 26.6% |  |
| Net income |  |  | 47.8% |  |  |  | 52.9% |  |  |  | 26.1% |  |  |  | 17.9% |  |  |  | 18.1% |  |  |  | 31.3% |  |  |  | 24.5% |  |  |  | 8.8% |  |  |  | 19.4% |  |

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Tim Kohl, Chief Executive Officer, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

|  | June 30, |  |  | December 31, |
(In thousands, except share information) |  | 2022 |  |  | 2021 |
|  | (Unaudited) |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 68,374 |  |  | $ | 56,995 |
Receivables: |  |  |  |  |  |  |  |
Trade, net |  |  | 138,391 |  |  |  | 99,003 |
Other |  |  | 3,681 |  |  |  | 6,971 |
Prepaid expenses and other |  |  | 27,437 |  |  |  | 23,980 |
Total current assets |  |  | 237,883 |  |  |  | 186,949 |
Property and equipment: |  |  |  |  |  |  |  |
Revenue equipment, buildings and land, office equipment and other |  |  | 992,400 |  |  |  | 956,476 |
Accumulated depreciation |  |  | (310,645 | ) |  |  | (274,199 | )
Net property and equipment |  |  | 681,755 |  |  |  | 682,277 |
Other noncurrent assets |  |  | 1,483 |  |  |  | 1,464 |
Total assets |  | $ | 921,121 |  |  | $ | 870,690 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 48,463 |  |  | $ | 20,150 |
Insurance and claims accruals |  |  | 45,689 |  |  |  | 42,014 |
Accrued and other current liabilities |  |  | 36,565 |  |  |  | 31,395 |
Total current liabilities |  |  | 130,717 |  |  |  | 93,559 |
Deferred income taxes |  |  | 129,972 |  |  |  | 125,163 |
Noncurrent operating lease liabilities |  |  | 275 |  |  |  | 291 |
Total liabilities |  |  | 260,964 |  |  |  | 219,013 |
Stockholders’ equity: |  |  |  |  |  |  |  |
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding |  |  | - |  |  |  | - |
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,014,564 shares at June 30, 2022, and 83,034,404 shares at December 31, 2021, issued and outstanding |  |  | 810 |  |  |  | 830 |
Additional paid-in capital |  |  | 44,867 |  |  |  | 85,718 |
Retained earnings |  |  | 614,480 |  |  |  | 565,129 |
Total stockholders’ equity |  |  | 660,157 |  |  |  | 651,677 |
Total liabilities and stockholders’ equity |  | $ | 921,121 |  |  | $ | 870,690 |

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

|  | Three Months |  |  | Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
(In thousands, except per share information) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating revenue |  | $ | 329,565 |  |  | $ | 232,442 |  |  | $ | 616,846 |  |  | $ | 455,488 |
Operating expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 96,460 |  |  |  | 75,296 |  |  |  | 185,809 |  |  |  | 148,294 |
Purchased transportation |  |  | 67,480 |  |  |  | 45,003 |  |  |  | 124,790 |  |  |  | 85,768 |
Fuel and fuel taxes |  |  | 61,337 |  |  |  | 32,007 |  |  |  | 105,705 |  |  |  | 60,944 |
Supplies and maintenance |  |  | 13,352 |  |  |  | 11,167 |  |  |  | 25,665 |  |  |  | 22,182 |
Depreciation |  |  | 26,865 |  |  |  | 25,540 |  |  |  | 53,008 |  |  |  | 51,227 |
Operating taxes and licenses |  |  | 2,663 |  |  |  | 2,718 |  |  |  | 5,303 |  |  |  | 5,430 |
Insurance and claims |  |  | 13,443 |  |  |  | 9,391 |  |  |  | 26,147 |  |  |  | 20,837 |
Communications and utilities |  |  | 2,239 |  |  |  | 2,056 |  |  |  | 4,504 |  |  |  | 4,139 |
Gain on disposition of revenue equipment |  |  | (4,812 | ) |  |  | (5,339 | ) |  |  | (9,352 | ) |  |  | (7,323 | )
Other |  |  | 9,601 |  |  |  | 6,085 |  |  |  | 18,472 |  |  |  | 11,474 |
Total operating expenses |  |  | 288,628 |  |  |  | 203,924 |  |  |  | 540,051 |  |  |  | 402,972 |
Operating income |  |  | 40,937 |  |  |  | 28,518 |  |  |  | 76,795 |  |  |  | 52,516 |
Other |  |  | (36 | ) |  |  | (9 | ) |  |  | (43 | ) |  |  | (19 | )
Income before income taxes |  |  | 40,973 |  |  |  | 28,527 |  |  |  | 76,838 |  |  |  | 52,535 |
Income taxes expense |  |  | 9,312 |  |  |  | 7,109 |  |  |  | 17,644 |  |  |  | 13,111 |
Net income |  | $ | 31,661 |  |  | $ | 21,418 |  |  | $ | 59,194 |  |  | $ | 39,424 |
Basic earnings per common share |  | $ | 0.39 |  |  | $ | 0.26 |  |  | $ | 0.72 |  |  | $ | 0.48 |
Diluted earnings per common share |  | $ | 0.39 |  |  | $ | 0.26 |  |  | $ | 0.72 |  |  | $ | 0.47 |
Dividends declared per common share |  | $ | 0.06 |  |  | $ | 0.04 |  |  | $ | 0.12 |  |  | $ | 0.08 |

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

|  |  |  |  |  |  |  |  |  | Dollar |  |  | Percentage |
|  |  |  |  |  |  |  |  |  | Change |  |  | Change |
|  | Three Months |  |  | Three Months |  |  | Three Months |
|  | Ended |  |  | Ended |  |  | Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 vs. 2021 |  |  | 2022 vs. 2021 |
Operating revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload revenue, net of fuel surcharge revenue |  | $ | 101,808 |  |  | $ | 83,633 |  |  | $ | 18,175 |  |  |  | 21.7 | %
Truckload fuel surcharge revenue |  |  | 25,164 |  |  |  | 12,308 |  |  |  | 12,856 |  |  |  | 104.5 |
Total Truckload revenue |  |  | 126,972 |  |  |  | 95,941 |  |  |  | 31,031 |  |  |  | 32.3 |
Dedicated revenue, net of fuel surcharge revenue |  |  | 84,389 |  |  |  | 67,227 |  |  |  | 17,162 |  |  |  | 25.5 |
Dedicated fuel surcharge revenue |  |  | 25,966 |  |  |  | 12,894 |  |  |  | 13,072 |  |  |  | 101.4 |
Total Dedicated revenue |  |  | 110,355 |  |  |  | 80,121 |  |  |  | 30,234 |  |  |  | 37.7 |
Intermodal revenue, net of fuel surcharge revenue |  |  | 27,681 |  |  |  | 22,031 |  |  |  | 5,650 |  |  |  | 25.6 |
Intermodal fuel surcharge revenue |  |  | 9,286 |  |  |  | 3,561 |  |  |  | 5,725 |  |  |  | 160.8 |
Total Intermodal revenue |  |  | 36,967 |  |  |  | 25,592 |  |  |  | 11,375 |  |  |  | 44.4 |
Brokerage revenue |  |  | 55,271 |  |  |  | 30,788 |  |  |  | 24,483 |  |  |  | 79.5 |
Total operating revenue |  | $ | 329,565 |  |  | $ | 232,442 |  |  | $ | 97,123 |  |  |  | 41.8 | %
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  | $ | 16,088 |  |  | $ | 13,197 |  |  | $ | 2,891 |  |  |  | 21.9 | %
Dedicated |  |  | 14,039 |  |  |  | 10,617 |  |  |  | 3,422 |  |  |  | 32.2 |
Intermodal |  |  | 4,097 |  |  |  | 1,850 |  |  |  | 2,247 |  |  |  | 121.5 |
Brokerage |  |  | 6,713 |  |  |  | 2,854 |  |  |  | 3,859 |  |  |  | 135.2 |
Total operating income |  | $ | 40,937 |  |  | $ | 28,518 |  |  | $ | 12,419 |  |  |  | 43.5 | %
Operating ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 87.3 | % |  |  | 86.2 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 87.3 |  |  |  | 86.7 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 88.9 |  |  |  | 92.8 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 87.9 |  |  |  | 90.7 |  |  |  |  |  |  |  |  |
Consolidated operating ratio |  |  | 87.6 | % |  |  | 87.7 | % |  |  |  |  |  |  |  |
Operating ratio, net of fuel surcharges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 84.2 | % |  |  | 84.2 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 83.4 |  |  |  | 84.2 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 85.2 |  |  |  | 91.6 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 87.9 |  |  |  | 90.7 |  |  |  |  |  |  |  |  |
Consolidated operating ratio, net of fuel surcharges |  |  | 84.8 | % |  |  | 86.0 | % |  |  |  |  |  |  |  |

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

|  |  |  |  |  |  |  |  |  | Dollar |  |  | Percentage |
|  |  |  |  |  |  |  |  |  | Change |  |  | Change |
|  | Six Months |  |  | Six Months |  |  | Six Months |
|  | Ended |  |  | Ended |  |  | Ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 vs. 2021 |  |  | 2022 vs. 2021 |
Operating revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload revenue, net of fuel surcharge revenue |  | $ | 196,978 |  |  | $ | 167,552 |  |  | $ | 29,426 |  |  |  | 17.6 | %
Truckload fuel surcharge revenue |  |  | 42,784 |  |  |  | 23,304 |  |  |  | 19,480 |  |  |  | 83.6 |
Total Truckload revenue |  |  | 239,762 |  |  |  | 190,856 |  |  |  | 48,906 |  |  |  | 25.6 |
Dedicated revenue, net of fuel surcharge revenue |  |  | 162,810 |  |  |  | 134,129 |  |  |  | 28,681 |  |  |  | 21.4 |
Dedicated fuel surcharge revenue |  |  | 44,305 |  |  |  | 24,229 |  |  |  | 20,076 |  |  |  | 82.9 |
Total Dedicated revenue |  |  | 207,115 |  |  |  | 158,358 |  |  |  | 48,757 |  |  |  | 30.8 |
Intermodal revenue, net of fuel surcharge revenue |  |  | 53,286 |  |  |  | 41,477 |  |  |  | 11,809 |  |  |  | 28.5 |
Intermodal fuel surcharge revenue |  |  | 15,323 |  |  |  | 6,119 |  |  |  | 9,204 |  |  |  | 150.4 |
Total Intermodal revenue |  |  | 68,609 |  |  |  | 47,596 |  |  |  | 21,013 |  |  |  | 44.1 |
Brokerage revenue |  |  | 101,360 |  |  |  | 58,678 |  |  |  | 42,682 |  |  |  | 72.7 |
Total operating revenue |  | $ | 616,846 |  |  | $ | 455,488 |  |  | $ | 161,358 |  |  |  | 35.4 | %
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  | $ | 31,659 |  |  | $ | 24,612 |  |  | $ | 7,047 |  |  |  | 28.6 | %
Dedicated |  |  | 24,684 |  |  |  | 19,553 |  |  |  | 5,131 |  |  |  | 26.2 |
Intermodal |  |  | 9,133 |  |  |  | 3,311 |  |  |  | 5,822 |  |  |  | 175.8 |
Brokerage |  |  | 11,319 |  |  |  | 5,040 |  |  |  | 6,279 |  |  |  | 124.6 |
Total operating income |  | $ | 76,795 |  |  | $ | 52,516 |  |  | $ | 24,279 |  |  |  | 46.2 | %
Operating ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 86.8 | % |  |  | 87.1 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 88.1 |  |  |  | 87.7 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 86.7 |  |  |  | 93.0 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 88.8 |  |  |  | 91.4 |  |  |  |  |  |  |  |  |
Consolidated operating ratio |  |  | 87.6 | % |  |  | 88.5 | % |  |  |  |  |  |  |  |
Operating ratio, net of fuel surcharges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 83.9 | % |  |  | 85.3 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 84.8 |  |  |  | 85.4 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 82.9 |  |  |  | 92.0 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 88.8 |  |  |  | 91.4 |  |  |  |  |  |  |  |  |
Consolidated operating ratio, net of fuel surcharges |  |  | 85.1 | % |  |  | 86.9 | % |  |  |  |  |  |  |  |

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

|  | Three Months |  |  | Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Truckload Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 126,972 |  |  | $ | 95,941 |  |  | $ | 239,762 |  |  | $ | 190,856 |
Average revenue, net of fuel surcharges, per tractor per week(1) |  | $ | 5,080 |  |  | $ | 4,146 |  |  | $ | 5,030 |  |  | $ | 4,101 |
Average tractors(1) |  |  | 1,542 |  |  |  | 1,552 |  |  |  | 1,515 |  |  |  | 1,580 |
Average miles per trip |  |  | 509 |  |  |  | 513 |  |  |  | 514 |  |  |  | 524 |
Non-revenue miles percentage(2) |  |  | 10.7 | % |  |  | 9.6 | % |  |  | 10.6 | % |  |  | 9.9 | %
Total miles (in thousands) |  |  | 36,752 |  |  |  | 37,285 |  |  |  | 72,124 |  |  |  | 75,568 |
Dedicated Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 110,355 |  |  | $ | 80,121 |  |  | $ | 207,115 |  |  | $ | 158,358 |
Average revenue, net of fuel surcharges, per tractor per week(1) |  | $ | 4,072 |  |  | $ | 3,268 |  |  | $ | 3,962 |  |  | $ | 3,241 |
Average tractors(1) |  |  | 1,594 |  |  |  | 1,582 |  |  |  | 1,589 |  |  |  | 1,601 |
Average miles per trip |  |  | 341 |  |  |  | 323 |  |  |  | 341 |  |  |  | 315 |
Non-revenue miles percentage(2) |  |  | 1.0 | % |  |  | 1.1 | % |  |  | 1.1 | % |  |  | 0.9 | %
Total miles (in thousands) |  |  | 34,134 |  |  |  | 32,255 |  |  |  | 66,887 |  |  |  | 64,254 |
Intermodal Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 36,967 |  |  | $ | 25,592 |  |  | $ | 68,609 |  |  | $ | 47,596 |
Loads |  |  | 8,703 |  |  |  | 8,646 |  |  |  | 16,997 |  |  |  | 16,628 |
Average tractors |  |  | 175 |  |  |  | 148 |  |  |  | 169 |  |  |  | 141 |
Brokerage Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 55,271 |  |  | $ | 30,788 |  |  | $ | 101,360 |  |  | $ | 58,678 |
Loads |  |  | 25,322 |  |  |  | 14,341 |  |  |  | 45,006 |  |  |  | 28,916 |
At June 30, 2022 and June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total tractors(1) |  |  | 3,395 |  |  |  | 3,162 |  |  |  |  |  |  |  |  |
Average age of company tractors (in years) |  |  | 1.6 |  |  |  | 1.5 |  |  |  |  |  |  |  |  |
Total trailers |  |  | 5,521 |  |  |  | 5,299 |  |  |  |  |  |  |  |  |
Average age of company trailers (in years) |  |  | 3.6 |  |  |  | 3.2 |  |  |  |  |  |  |  |  |
Ratio of trailers to tractors(1) |  |  | 1.6 |  |  |  | 1.7 |  |  |  |  |  |  |  |  |
Total refrigerated containers |  |  | 784 |  |  |  | 554 |  |  |  |  |  |  |  |  |

|  | Three Months |  |  | Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net cash provided by operating activities |  | $ | 58,730 |  |  | $ | 39,795 |  |  | $ | 98,670 |  |  | $ | 83,365 |
Net cash (used for) investing activities |  |  | (35,413 | ) |  |  | (44,021 | ) |  |  | (35,004 | ) |  |  | (61,438 | )
Net cash (used for) financing activities |  |  | (21,470 | ) |  |  | (3,685 | ) |  |  | (52,287 | ) |  |  | (7,382 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 81,689 |  |  |  | 82,840 |  |  |  | 82,310 |  |  |  | 82,799 |
Diluted |  |  | 82,015 |  |  |  | 83,397 |  |  |  | 82,617 |  |  |  | 83,384 |

(1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 85 and 118 tractors as of June 30, 2022 and 2021, respectively.

(2) | Represents the percentage of miles for which the company is not compensated.