On this page of StockholderLetter.com we present the latest annual shareholder letter from HEARTLAND EXPRESS INC — ticker symbol HTLD. Reading current and past HTLD letters to shareholders can bring important insights into the investment thesis.
     $118$/
5(3257
To Our Stockholders:
The year of 2024 is now in our rear-view mirror. Our Company, and the transportation industry as a whole,
ZDV IDFHG ZLWK DQRWKHU YHU\ GLI  FXOW RSHUDWLQJ HQYLURQPHQW  7KDW VRXQGV YHU\ VLPLODU WR WKH GLVFXVVLRQ ODVW 
\HDU DQG WKDW ZDV FHUWDLQO\ WKH FDVH  )UHLJKW GHPDQG KDV FRQWLQXHG WR EH DW DOO WLPH ORZV IRU DQ H[WHQGHG 
SHULRG RI PRUH WKDQ WZR \HDUV  %HWWHU GD\V DUH DKHDG RI XV  'HVSLWH WKH LQGXVWU\ FKDOOHQJHV  ZH DUH SURXG RI 
KRZ ZH KDYH ZRUNHG WR LPSURYH DV DQ RUJDQL]DWLRQ  , FDQ DVVXUH \RX ZH KDYH QRW VDW LGOH ZDLWLQJ IRU WLPHV 
WR  LPSURYH   7KH  +HDUWODQG  ([SUHVV  IDPLO\  RI  FRPSDQLHV  KDYH  UHPDLQHG  GLVFLSOLQHG  DQG  IRFXVHG   PDNLQJ 
LQYHVWPHQWV LQ VWUDWHJLF SURMHFWV DQG RSHUDWLRQDO FKDQJHV LQ SUHSDUDWLRQ IRU WKH IXWXUH DQG H[SHFWHG EHWWHU 
days ahead in 2025.
'XULQJ      ZH UHFRJQL]HG WKH VHFRQG DQQLYHUVDU\ RI RXU WZR PRVW UHFHQW DFTXLVLWLRQV WKDW GRXEOHG WKH VL]H 
RI RXU RUJDQL]DWLRQ   6PLWK 7UDQVSRUW DQG &RQWUDFW )UHLJKWHUV  ,QF     &),     :H W\SLFDOO\ SULGH RXUVHOYHV RQ 
KDYLQJ D GHEW IUHH EDODQFH VKHHW  DQG ZH UHPDLQ FRPPLWWHG WR UHOLHYLQJ WKH GHEW DFTXLUHG WKURXJK WKH 6PLWK 
7UDQVSRUW DFTXLVLWLRQ DQG WKH GHEW QHHGHG WR IDFLOLWDWH WKH &), DFTXLVLWLRQ DV TXLFNO\ DV ZH FDQ  :H KDYH 
QRZ SDLG RII RYHU      PLOOLRQ VLQFH WKHVH WZR DFTXLVLWLRQV ZHUH FRPSOHWHG  :H DUH FRPPLWWHG WR HOLPLQDWLQJ 
RXU  GHEW  WKURXJK  WHDPZRUN   GLVFLSOLQH   DQG  VWD\LQJ  WUXH  WR  RXU  FRUH  RSHUDWLQJ  IXQGDPHQWDOV   %\  PDNLQJ 
VRXQG   QDQFLDO GHFLVLRQV  LPSURYLQJ RSHUDWLRQDO HI  FLHQFLHV  DQG ZRUNLQJ WRJHWKHU DV D WHDP  ZH H[SHFW WR 
VWUHQJWKHQ RXU   QDQFLDO SRVLWLRQ DQG VHFXUH ORQJ WHUP VXFFHVV ZLWK D UHFRYHU\ LQ WKH IUHLJKW PDUNHW 
2XU IRFXV UHPDLQV VWHDGIDVW RQ PDLQWDLQLQJ D   QDQFLDOO\ VWURQJ IRXQGDWLRQ  'XULQJ       ZH WRRN WKH WLPH WR 
GLYH LQWR VWUDWHJLF SURMHFWV  LQFOXGLQJ FRVW LPSURYHPHQWV  RSHUDWLQJ V\VWHP LQWHJUDWLRQV  DQG DVVHW XWLOL]DWLRQ 
VWUDWHJLHV  7KHVH VWUDWHJLF LQYHVWPHQWV DQG RSHUDWLRQDO LPSURYHPHQWV DUH GHVLJQHG WR PDLQWDLQ RXU UHVLOLHQFH 
LQ DQ HYHU FKDQJLQJ PDUNHW  2XU FRQWLQXHG SRVLWLYH RSHUDWLQJ FDVK   RZV DOORZ XV WR DGDSW  JURZ  DQG FRQWLQXH 
SURYLGLQJ WKH H[FHSWLRQDO VHUYLFH RXU FXVWRPHUV H[SHFW 
$  NH\  FRPSRQHQW  RI  RXU  VWUDWHJ\  LV  WKH  FRQWLQXRXV  LPSURYHPHQW  RI  RXU  RZQHG  WHUPLQDO  QHWZRUN   :H  RZQ 
WZHQW\ VHYHQ PDMRU WUXFNLQJ WHUPLQDO ORFDWLRQV WKDW DUH ZHOO SRVLWLRQHG DFURVV WKH 8QLWHG 6WDWHV  2XU IDFLOLWLHV 
DUH QHZ  QHZO\ UHPRGHOHG  RU RQ WKH OLVW IRU XSGDWHV YHU\ VRRQ  :H  UH DOVR ZRUNLQJ RQ D ODUJHU  QHZ  DQG 
LPSURYHG WHUPLQDO ORFDWLRQ LQ $OYDUDGR  7; ZKLFK ZH H[SHFW WR RSHQ LQ WKH ODWHU SDUW RI       %\ HQKDQFLQJ 
RXU LQIUDVWUXFWXUH DQG H[SDQGLQJ NH\ ORFDWLRQV  ZH DUH VWUHDPOLQLQJ ORJLVWLFV DQG FUHDWLQJ JUHDWHU HI  FLHQF\  
7KHVH LPSURYHPHQWV HQDEOH XV WR PHHW WKH HYROYLQJ QHHGV RI RXU FXVWRPHUV ZKLOH HQVXULQJ WKDW ZH RSHUDWH DW 
peak performance.
$GGLWLRQDOO\  ZH DUH FRPPLWWHG WR LQYHVWLQJ LQ RXU   HHW RI WUDFWRUV DQG WUDLOHUV WR HQVXUH RXU 'ULYHUV HQMR\ 
WKH ODWHVW VDIHW\  WHFKQRORJ\  UHOLDELOLW\  DQG FRPIRUWV DYDLODEOH  7KH DYHUDJH DJH RI RXU WUDFWRUV ZDV     \HDUV
 • shareholder letter icon 3/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/31/2023 HTLD Stockholder Letter
 • stockholder letter icon 3/29/2024 HTLD Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon HTLD Benford's Law Stock Score = 78


HTLD Shareholder/Stockholder Letter Transcript:

     $118$/
5(3257



To Our Stockholders:
The year of 2024 is now in our rear-view mirror. Our Company, and the transportation industry as a whole,
ZDV IDFHG ZLWK DQRWKHU YHU\ GLI  FXOW RSHUDWLQJ HQYLURQPHQW  7KDW VRXQGV YHU\ VLPLODU WR WKH GLVFXVVLRQ ODVW 
\HDU DQG WKDW ZDV FHUWDLQO\ WKH FDVH  )UHLJKW GHPDQG KDV FRQWLQXHG WR EH DW DOO WLPH ORZV IRU DQ H[WHQGHG 
SHULRG RI PRUH WKDQ WZR \HDUV  %HWWHU GD\V DUH DKHDG RI XV  'HVSLWH WKH LQGXVWU\ FKDOOHQJHV  ZH DUH SURXG RI 
KRZ ZH KDYH ZRUNHG WR LPSURYH DV DQ RUJDQL]DWLRQ  , FDQ DVVXUH \RX ZH KDYH QRW VDW LGOH ZDLWLQJ IRU WLPHV 
WR  LPSURYH   7KH  +HDUWODQG  ([SUHVV  IDPLO\  RI  FRPSDQLHV  KDYH  UHPDLQHG  GLVFLSOLQHG  DQG  IRFXVHG   PDNLQJ 
LQYHVWPHQWV LQ VWUDWHJLF SURMHFWV DQG RSHUDWLRQDO FKDQJHV LQ SUHSDUDWLRQ IRU WKH IXWXUH DQG H[SHFWHG EHWWHU 
days ahead in 2025.
'XULQJ      ZH UHFRJQL]HG WKH VHFRQG DQQLYHUVDU\ RI RXU WZR PRVW UHFHQW DFTXLVLWLRQV WKDW GRXEOHG WKH VL]H 
RI RXU RUJDQL]DWLRQ   6PLWK 7UDQVSRUW DQG &RQWUDFW )UHLJKWHUV  ,QF     &),     :H W\SLFDOO\ SULGH RXUVHOYHV RQ 
KDYLQJ D GHEW IUHH EDODQFH VKHHW  DQG ZH UHPDLQ FRPPLWWHG WR UHOLHYLQJ WKH GHEW DFTXLUHG WKURXJK WKH 6PLWK 
7UDQVSRUW DFTXLVLWLRQ DQG WKH GHEW QHHGHG WR IDFLOLWDWH WKH &), DFTXLVLWLRQ DV TXLFNO\ DV ZH FDQ  :H KDYH 
QRZ SDLG RII RYHU      PLOOLRQ VLQFH WKHVH WZR DFTXLVLWLRQV ZHUH FRPSOHWHG  :H DUH FRPPLWWHG WR HOLPLQDWLQJ 
RXU  GHEW  WKURXJK  WHDPZRUN   GLVFLSOLQH   DQG  VWD\LQJ  WUXH  WR  RXU  FRUH  RSHUDWLQJ  IXQGDPHQWDOV   %\  PDNLQJ 
VRXQG   QDQFLDO GHFLVLRQV  LPSURYLQJ RSHUDWLRQDO HI  FLHQFLHV  DQG ZRUNLQJ WRJHWKHU DV D WHDP  ZH H[SHFW WR 
VWUHQJWKHQ RXU   QDQFLDO SRVLWLRQ DQG VHFXUH ORQJ WHUP VXFFHVV ZLWK D UHFRYHU\ LQ WKH IUHLJKW PDUNHW 
2XU IRFXV UHPDLQV VWHDGIDVW RQ PDLQWDLQLQJ D   QDQFLDOO\ VWURQJ IRXQGDWLRQ  'XULQJ       ZH WRRN WKH WLPH WR 
GLYH LQWR VWUDWHJLF SURMHFWV  LQFOXGLQJ FRVW LPSURYHPHQWV  RSHUDWLQJ V\VWHP LQWHJUDWLRQV  DQG DVVHW XWLOL]DWLRQ 
VWUDWHJLHV  7KHVH VWUDWHJLF LQYHVWPHQWV DQG RSHUDWLRQDO LPSURYHPHQWV DUH GHVLJQHG WR PDLQWDLQ RXU UHVLOLHQFH 
LQ DQ HYHU FKDQJLQJ PDUNHW  2XU FRQWLQXHG SRVLWLYH RSHUDWLQJ FDVK   RZV DOORZ XV WR DGDSW  JURZ  DQG FRQWLQXH 
SURYLGLQJ WKH H[FHSWLRQDO VHUYLFH RXU FXVWRPHUV H[SHFW 
$  NH\  FRPSRQHQW  RI  RXU  VWUDWHJ\  LV  WKH  FRQWLQXRXV  LPSURYHPHQW  RI  RXU  RZQHG  WHUPLQDO  QHWZRUN   :H  RZQ 
WZHQW\ VHYHQ PDMRU WUXFNLQJ WHUPLQDO ORFDWLRQV WKDW DUH ZHOO SRVLWLRQHG DFURVV WKH 8QLWHG 6WDWHV  2XU IDFLOLWLHV 
DUH QHZ  QHZO\ UHPRGHOHG  RU RQ WKH OLVW IRU XSGDWHV YHU\ VRRQ  :H  UH DOVR ZRUNLQJ RQ D ODUJHU  QHZ  DQG 
LPSURYHG WHUPLQDO ORFDWLRQ LQ $OYDUDGR  7; ZKLFK ZH H[SHFW WR RSHQ LQ WKH ODWHU SDUW RI       %\ HQKDQFLQJ 
RXU LQIUDVWUXFWXUH DQG H[SDQGLQJ NH\ ORFDWLRQV  ZH DUH VWUHDPOLQLQJ ORJLVWLFV DQG FUHDWLQJ JUHDWHU HI  FLHQF\  
7KHVH LPSURYHPHQWV HQDEOH XV WR PHHW WKH HYROYLQJ QHHGV RI RXU FXVWRPHUV ZKLOH HQVXULQJ WKDW ZH RSHUDWH DW 
peak performance.
$GGLWLRQDOO\  ZH DUH FRPPLWWHG WR LQYHVWLQJ LQ RXU   HHW RI WUDFWRUV DQG WUDLOHUV WR HQVXUH RXU 'ULYHUV HQMR\ 
WKH ODWHVW VDIHW\  WHFKQRORJ\  UHOLDELOLW\  DQG FRPIRUWV DYDLODEOH  7KH DYHUDJH DJH RI RXU WUDFWRUV ZDV     \HDUV 



shareholder letter icon 3/28/2025 Letter Continued (Full PDF)
 

HTLD Stockholder/Shareholder Letter (HEARTLAND EXPRESS INC) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.