Heartland Express Inc (HTLD)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	1,207,458	1,287,007	1,265,957	1,147,609	967,968	761,214	639,850	606,157	607,284	614,931	624,601	631,373	645,289	656,727	642,353	623,597	596,815	576,591	579,962	593,644
Total assets	US$ in thousands	1,509,650	1,575,520	1,596,660	1,612,510	1,669,490	1,701,590	1,113,200	947,113	928,542	958,280	956,985	949,421	951,176	959,751	930,499	913,291	898,931	949,043	859,837	832,935
Total asset turnover		0.80	0.82	0.79	0.71	0.58	0.45	0.57	0.64	0.65	0.64	0.65	0.67	0.68	0.68	0.69	0.68	0.66	0.61	0.67	0.71

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $1,207,458K ÷ $1,509,650K
= 0.80

The total asset turnover of Heartland Express, Inc. has shown fluctuating trends over the past eight quarters. In Q4 2023 and Q3 2023, the company achieved total asset turnover ratios of 0.80 and 0.82 respectively, indicating that the company generated $0.80 and $0.82 in revenue for every $1 of assets during those quarters. These figures demonstrate a relatively efficient utilization of assets to generate revenue during this period.

Comparing these recent results to the previous quarters, there is a noticeable improvement in total asset turnover from Q1 2023 (0.71) to Q4 2023 (0.80). This suggests that the company has effectively increased its revenue generation relative to its asset base.

Furthermore, a longer-term analysis reveals a significant improvement in total asset turnover since Q1 2022 (0.64) and especially Q4 2022 (0.58), indicating that the company has become more efficient in utilizing its assets to generate revenue over time. However, it's essential to note the dip in Q3 2022 (0.45) before the subsequent uptrend in the ratios.

Overall, the increasing trend in total asset turnover from Q1 2022 to Q4 2023 suggests that Heartland Express, Inc. has been effectively managing its assets to drive revenue generation, indicating potential operational efficiency and financial health.