On this page of StockholderLetter.com we present the 3/31/2023 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.
HEARTLAND EXPRESS Annual Report 2022
To Our Stockholders: The year of 2022 may go down as one of the most impactful years in our company s long history of success, and that is why I am extremely proud of our drivers and our entire support team and what we have delivered together. In partnership with you, our stockholders, we IRFXVHG RQ GHOLYHULQJ VXSHULRU VHUYLFH WR RXU FXVWRPHUV D VDIH ZRUNLQJ HQYLURQPHQW IRU RXU HPSOR\HHV DQG JHQHUDWHG VWURQJ QDQFLDO results. But during 2022 we took things to new heights as we completed two large acquisitions that we expect will double our size as a company and double our family of brands that you see running up and down America s highways. We know there is great opportunity with our latest two acquisitions that will take time to capitalize on. We are now a family that consists of Heartland Express, Millis Transfer, Smith Transport, and Contract Freighters, Inc. ( CFI ), all stronger together. Not many companies that have been in business for 45 years decide to take a challenge like that on, but we did it. It is truly inspiring to see our teamwork and discipline as a company that allows us to take advantage of these growth opportunities when they present themselves. We thank you, our stockholders, for your continued support of our drivers, and our supporting employees. ZDV D VLJQL FDQW \HDU QDQFLDOO\ DV ZH GHOLYHUHG PLOOLRQ RI RSHUDWLQJ UHYHQXHV DQG VWRFNKROGHUV HTXLW\ RI PLOOLRQ both all-time records in the history of our Company. At this time next year, we expect to be able to share with you a new all-time record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ur long-term focus, continued cost controls, and the discipline to make the right investments at the right time, have made us successful over the history of our company. Our operating model is built on a foundation that has been successful in good operating environments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three-year timeline. 6PLWK 7UDQVSRUW MRLQHG RXU IDPLO\ RQ 0D\ RSHUDWLQJ RXW RI WKHLU 5RDULQJ 6SULQJ 3HQQV\OYDQLD KHDGTXDUWHUV 7KH\ EURXJKW DQ excellent group of drivers and employees and the customers of Smith Transport helped to further diversify our consolidated freight mix.
 • shareholder letter icon 3/31/2023 Letter Continued (Full PDF)
 • stockholder letter icon 3/29/2024 HTLD Stockholder Letter
 • stockholder letter icon 3/28/2025 HTLD Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon HTLD Benford's Law Stock Score = 85


HTLD 3/31/2023 Shareholder/Stockholder Letter Transcript:

HEARTLAND EXPRESS
Annual Report 2022



To Our Stockholders:
The year of 2022 may go down as one of the most impactful years in our company   s long history of success, and that is why I am extremely
proud of our drivers and our entire support team and what we have delivered together. In partnership with you, our stockholders, we
IRFXVHG RQ GHOLYHULQJ VXSHULRU VHUYLFH WR RXU FXVWRPHUV  D VDIH ZRUNLQJ HQYLURQPHQW IRU RXU HPSOR\HHV  DQG JHQHUDWHG VWURQJ   QDQFLDO 
results. But during 2022 we took things to new heights as we completed two large acquisitions that we expect will double our size as a
company and double our family of brands that you see running up and down America   s highways. We know there is great opportunity with
our latest two acquisitions that will take time to capitalize on. We are now a family that consists of Heartland Express, Millis Transfer,
Smith Transport, and Contract Freighters, Inc. (   CFI   ), all stronger together. Not many companies that have been in business for 45 years
decide to take a challenge like that on, but we did it. It is truly inspiring to see our teamwork and discipline as a company that allows us
to take advantage of these growth opportunities when they present themselves. We thank you, our stockholders, for your continued support
of our drivers, and our supporting employees.
     ZDV D VLJQL  FDQW \HDU   QDQFLDOO\  DV ZH GHOLYHUHG        PLOOLRQ RI RSHUDWLQJ UHYHQXHV DQG VWRFNKROGHUV   HTXLW\ RI        PLOOLRQ  
both all-time records in the history of our Company. At this time next year, we expect to be able to share with you a new all-time record
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Our long-term focus, continued cost controls, and the discipline to make the right investments at the right time, have made us successful
over the history of our company. Our operating model is built on a foundation that has been successful in good operating environments
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three-year timeline.
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excellent group of drivers and employees and the customers of Smith Transport helped to further diversify our consolidated freight mix.




shareholder letter icon 3/31/2023 Letter Continued (Full PDF)
 

HTLD Stockholder/Shareholder Letter (HEARTLAND EXPRESS INC) 3/31/2023 | www.StockholderLetter.com
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