Refer to Exhibit 8.19. Is J.B. Hunt’s performance improving or declining overall? Why is it improving or declining in the most recent year? Which specific line items help you answer these questions?

Exhibit 8.19

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Exhibit 8.19 Vertical and Horizontal Analysis and Common-Size Financial Statements in J.B. Hunt's 2021 Annual Report/10-K In what way does this exhibit provide a horizontal analysis? In what way does it provide a vertical analysis? (Source: J.B. Hunt 2020 10-K/Annual Report, https://investor.jbhunt.com/ financials/annual-reports/ default.aspx. Accessed. 8/4/2022.) The following table sets forth items in our Consolidated Statements of Earnings as a percentage of operating revenues and the percentage increase or decrease of those items compared with the prior year. Operating revenues Operating expenses: Rents and purchased transportation Salarios, wages and employee benefite Depreciation and amortization Fuel and fuel taxes Operating supplies and expenses General and administrative expenses, net of asset dispositions Insurance and claims Operating taxes and licenses Communication and utilities Total operating expenses Operating income Net interest expense Earnings before income taxes Income taxes Net earnings Percentage of Operating Revenues 2021 100.0% 53.0 22.7 4.6 4.4 3.0 1.5 1.4 0.5 0.3 91.4 8.6 0.4 8.2 1.9 6.3% 2020 100.0% 51.4 24.4 6.6 3.7 3.5 1.8 1.4 0.6 0.3 92.6 7.4 0.5 6.9 1.6 5.3% 2019 100.0% 49.4 23.7 5.4 5.1 3.6 2.1 1.7 0.6 0.4 92.0 8.0 0.8 7.4 1.8 5.6% Percentage Change Between Years 2021 vs. 2020 26.3% 30.2 17.6 5.6 48.4 105 8.6 22.7 9.4 4.0 24.6 46.6 (2.8) 50. 1 49.4 50.3% 2020 vs. 2019 5.1% 9.4 8.3 5.7 (22.8) 0.4 (6.2) (14.5) (1.8) (3.7) 5.8 (2.8) (11.0) (2.8) (2.0)%