Heartland Express Inc (HTLD)

Debt-to-assets ratio

		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
Long-term debt	US$ in thousands	290,696	334,796	336,177	352,645	399,062	447,374	8,623	—	0	—	—	—	—	—	—	—	—	—	—	—
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
Debt-to-assets ratio		0.19	0.21	0.21	0.22	0.24	0.26	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $290,696K ÷ $1,509,650K
= 0.19

The debt-to-assets ratio of Heartland Express, Inc. has been relatively stable over the past eight quarters, ranging from 0.00 to 0.27. The ratio increased from 0.00 in Q1 2022 to 0.25 in Q4 2022, indicating a significant increase in debt relative to assets during this period.

However, there was a sharp decrease in the ratio in Q2 2022 to 0.04, suggesting a substantial reduction in debt levels relative to assets. This decrease was likely due to a reduction in debt or an increase in assets during that quarter.

Subsequently, the ratio increased gradually, reaching 0.23 in Q1 2023. The most recent ratio in Q4 2023 stood at 0.20, showing a slight improvement compared to the previous quarter.

Overall, the trend in the debt-to-assets ratio indicates that the company has maintained a relatively conservative level of debt compared to its assets, with some fluctuations observed over the quarters. It's important to consider additional financial metrics and factors to gain a more holistic understanding of Heartland Express, Inc.'s financial health and leverage position.