XPO (NYSE: XPO) today announced its financial results for the first
quarter 2024. The company reported diluted earnings from continuing
operations per share of $0.56, compared with $0.15 for the same
period in 2023, and adjusted diluted earnings from continuing
operations per share of $0.81, compared with $0.56 for the same
period in 2023.
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First
Quarter 2024 Summary Results |
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Three months ended March 31, |
|
Revenue |
|
Operating Income (Loss) |
(in
millions) |
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|
2024 |
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|
2023 |
|
Change % |
|
2024 |
|
|
|
2023 |
|
|
Change % |
North
American Less-Than-Truckload Segment |
|
$ |
1,221 |
|
$ |
1,120 |
|
9.0 |
% |
|
$ |
165 |
|
|
$ |
103 |
|
|
60.2 |
% |
European
Transportation Segment |
|
|
797 |
|
|
787 |
|
1.3 |
% |
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|
(4 |
) |
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(3 |
) |
|
33.3 |
% |
Corporate |
|
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- |
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- |
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0.0 |
% |
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|
(23 |
) |
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|
(42 |
) |
|
-45.2 |
% |
Total |
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$ |
2,018 |
|
$ |
1,907 |
|
5.8 |
% |
|
$ |
138 |
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$ |
58 |
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137.9 |
% |
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Three months ended March 31, |
|
Adjusted Operating Income(1) |
|
Adjusted EBITDA(1) |
(in
millions) |
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|
2024 |
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|
2023 |
|
Change % |
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|
2024 |
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2023 |
|
|
Change % |
North
American Less-Than-Truckload Segment |
|
$ |
175 |
|
$ |
117 |
|
49.6 |
% |
|
$ |
255 |
|
|
$ |
182 |
|
|
40.1 |
% |
European
Transportation Segment |
|
|
9 |
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|
10 |
|
-10.0 |
% |
|
|
38 |
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|
37 |
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|
2.7 |
% |
Corporate |
|
|
NA |
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|
NA |
|
NA |
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|
(5 |
) |
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|
(9 |
) |
|
-44.4 |
% |
Total |
|
$ |
NA |
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$ |
NA |
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NA |
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$ |
288 |
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$ |
210 |
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37.1 |
% |
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Three months ended March 31, |
|
Net Income(2) |
|
Diluted EPS(3) |
(in
millions, except for per-share data) |
|
|
2024 |
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|
2023 |
|
Change % |
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|
2024 |
|
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|
2023 |
|
|
Change % |
Total |
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$ |
67 |
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$ |
17 |
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294.1 |
% |
|
$ |
0.56 |
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$ |
0.15 |
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273.3 |
% |
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Diluted Weighted-Average Common Shares
Outstanding |
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Three months ended March 31, |
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Adjusted Diluted EPS(1)(3) |
(in
millions, except for per-share data) |
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|
2024 |
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2023 |
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|
2024 |
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|
2023 |
|
|
Change % |
Total |
|
|
120 |
|
|
116 |
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$ |
0.81 |
|
|
$ |
0.56 |
|
|
44.6 |
% |
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Amounts may
not add due to rounding. |
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NA - Not
applicable |
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(1) See the “Non-GAAP
Financial Measures” section of the press release |
(2) Net income from
continuing operations |
(3) Diluted earnings
from continuing operations per share ("diluted EPS") |
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Mario Harik, chief executive officer of XPO, said, “Our strong
first quarter financial results exceeded expectations, giving us a
solid start to 2024. Companywide, year-over-year, we grew revenue
by 6%, adjusted EBITDA by 37% and adjusted diluted EPS by 45%.
“In North American LTL, every key operating and financial metric
reflected the team’s strong execution of our LTL 2.0 plan. We
reported a 50% increase in adjusted operating income, with a
390-basis-point improvement in adjusted operating ratio to 85.7%.
This was underpinned by yield growth, ex-fuel, of 9.8% and an
acceleration in revenue per shipment. Our tonnage per day was 2.6%
higher than in the first quarter a year ago, with 4.7% more
shipments per day.
“We also delivered one of the best damage claims ratios in the
industry at 0.3%, continuing our record performance. We’re
determined to become the leading LTL service provider by giving our
customers the best possible service experience every time we move
their freight.”
Harik continued, “While we’ve made significant progress in
executing our LTL 2.0 plan, we’re still in the early stages of
unlocking our full potential.”
First Quarter Highlights
For the first quarter 2024, the company generated revenue of
$2.02 billion, compared to $1.91 billion for the same period in
2023. The year-over-year increase in revenue was due primarily to
higher yield and tonnage per day in the North American LTL segment,
partially offset by lower fuel surcharge revenue.
Operating income was $138 million for the first quarter,
compared with $58 million for the same period in 2023. Net income
from continuing operations was $67 million for the first quarter,
compared to $17 million for the same period in 2023. Diluted
earnings from continuing operations per share was $0.56 for the
first quarter, compared with $0.15 for the same period in 2023.
Adjusted net income from continuing operations, a non-GAAP
financial measure, was $97 million for the first quarter, compared
with $65 million for the same period in 2023. Adjusted diluted EPS,
a non-GAAP financial measure, was $0.81 for the first quarter,
compared with $0.56 for the same period in 2023.
Adjusted earnings before interest, taxes, depreciation and
amortization (“adjusted EBITDA”), a non-GAAP financial measure, was
$288 million for the first quarter, compared with $210 million for
the same period in 2023.
The company generated $145 million of cash flow from operating
activities in the first quarter, and ended the quarter with $229
million of cash and cash equivalents on hand, after $299 million of
net capital expenditures.
Results by Business Segment
-
North American Less-Than-Truckload (LTL): The segment
generated revenue of $1.22 billion for the first quarter
2024, compared with $1.12 billion for the same period in 2023. On a
year-over-year basis, shipments per day increased 4.7%, tonnage per
day increased 2.6%, and yield, excluding fuel, increased 9.8%.
Including fuel, yield increased 7.0%. Operating income was
$165 million for the first quarter 2024, compared with $103 million
for the same period in 2023. Adjusted operating income, a non-GAAP
financial measure, was $175 million for the first quarter, compared
with $117 million for the same period in 2023. Adjusted operating
ratio, a non-GAAP financial measure, was 85.7%, reflecting a
year-over-year improvement of 390 basis points. Adjusted EBITDA for
the first quarter 2024 was $255 million, compared with $182 million
for the same period in 2023. The year-over-year increase in
adjusted EBITDA was due primarily to higher yield, excluding fuel,
and an increase in tonnage per day, partially offset by lower fuel
surcharge revenue.
-
European Transportation: The segment generated revenue of $797
million for the first quarter 2024, compared with $787 million for
the same period in 2023. Operating income was a loss of $4 million
for the first quarter, compared with a loss of $3 million for the
same period in 2023. Adjusted EBITDA was $38 million for the
first quarter, compared with $37 million for the same period in
2023.
-
Corporate: The segment generated an operating loss of $23
million for the first quarter 2024, compared with a loss of $42
million for the same period in 2023. The year-over-year improvement
in operating loss was due primarily to an $8 million reduction in
transaction and integration costs and an $11 million reduction in
restructuring costs.Adjusted EBITDA, a non-GAAP financial measure,
was a loss of $5 million for the first quarter 2024, compared with
a loss of $9 million for the same period in 2023, reflecting a
year-over-year improvement from the company’s continued
rationalization of corporate overhead costs.
Conference Call
The company will hold a conference call on Friday, May 3, 2024,
at 8:30 a.m. Eastern Time. Participants can call toll-free (from
US/Canada) 1-877-269-7756; international callers dial
+1-201-689-7817. A live webcast of the conference will be available
on the investor relations area of the company’s website,
xpo.com/investors. The conference will be archived until June 2,
2024. To access the replay by phone, call toll-free (from
US/Canada) 1-877-660-6853; international callers dial
+1-201-612-7415. Use participant passcode 13745666.
About XPO
XPO, Inc. (NYSE: XPO) is a leader in asset-based
less-than-truckload (LTL) freight transportation in North America.
The company’s customer-focused organization efficiently moves 18
billion pounds of freight per year, enabled by its proprietary
technology. XPO serves approximately 52,000 customers with
610 locations and 39,000 employees in North America and Europe,
with headquarters in Greenwich, Conn., USA. Visit xpo.com for more
information, and connect with XPO on
LinkedIn, Facebook, Instagram, X and
YouTube.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange
Commission (“SEC”), we provide reconciliations of the non-GAAP
financial measures contained in this press release to the most
directly comparable measure under GAAP, which are set forth in the
financial tables attached to this press release.
XPO’s non-GAAP financial measures in this press release include:
adjusted earnings before interest, taxes, depreciation and
amortization (“adjusted EBITDA”) on a consolidated basis and for
corporate; adjusted EBITDA margin on a consolidated basis; adjusted
net income from continuing operations; adjusted diluted earnings
from continuing operations per share (“adjusted diluted EPS”);
adjusted operating income for our North American
Less-Than-Truckload and European Transportation segments; and
adjusted operating ratio for our North American Less-Than-Truckload
segment.
We believe that the above adjusted financial measures facilitate
analysis of our ongoing business operations because they exclude
items that may not be reflective of, or are unrelated to, XPO and
its business segments’ core operating performance, and may assist
investors with comparisons to prior periods and assessing trends in
our underlying businesses. Other companies may calculate these
non-GAAP financial measures differently, and therefore our measures
may not be comparable to similarly titled measures of other
companies. These non-GAAP financial measures should only be used as
supplemental measures of our operating performance.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income
from continuing operations, adjusted diluted EPS, adjusted
operating income and adjusted operating ratio include adjustments
for transaction and integration costs, as well as restructuring
costs and other adjustments as set forth in the attached tables.
Transaction and integration adjustments are generally incremental
costs that result from an actual or planned acquisition,
divestiture or spin-off and may include transaction costs,
consulting fees, stock-based compensation, retention awards,
internal salaries and wages (to the extent the individuals are
assigned full-time to integration and transformation activities)
and certain costs related to integrating and converging IT systems.
Restructuring costs primarily relate to severance costs associated
with business optimization initiatives. Management uses these
non-GAAP financial measures in making financial, operating and
planning decisions and evaluating XPO’s and each business segment’s
ongoing performance.
We believe that adjusted EBITDA and adjusted EBITDA margin
improve comparability from period to period by removing the impact
of our capital structure (interest and financing expenses), asset
base (depreciation and amortization), tax impacts and other
adjustments as set out in the attached tables that management has
determined are not reflective of core operating activities and
thereby assist investors with assessing trends in our underlying
businesses. We believe that adjusted net income from continuing
operations and adjusted diluted EPS improve the comparability of
our operating results from period to period by removing the impact
of certain costs and gains that management has determined are not
reflective of our core operating activities, including amortization
of acquisition-related intangible assets, transaction and
integration costs, restructuring costs and other adjustments as set
out in the attached tables. We believe that adjusted operating
income and adjusted operating ratio improve the comparability of
our operating results from period to period by removing the impact
of certain transaction and integration costs and restructuring
costs, as well as amortization expenses as set out in the attached
tables.
Forward-looking Statements
This release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. In some cases,
forward-looking statements can be identified by the use of
forward-looking terms such as “anticipate,” “estimate,” “believe,”
“continue,” “could,” “intend,” “may,” “plan,” “potential,”
“predict,” “should,” “will,” “expect,” “objective,” “projection,”
“forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,”
“trajectory” or the negative of these terms or other comparable
terms. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate in the circumstances.
These forward-looking statements are subject to known and
unknown risks, uncertainties and assumptions that may cause actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Factors that might cause or contribute
to a material difference include the risks discussed in our filings
with the SEC, and the following: the effects of business, economic,
political, legal, and regulatory impacts or conflicts upon our
operations; supply chain disruptions and shortages, strains on
production or extraction of raw materials, cost inflation and labor
and equipment shortages; our ability to align our investments in
capital assets, including equipment, service centers, and
warehouses to our customers’ demands; our ability to implement our
cost and revenue initiatives; the effectiveness of our action plan,
and other management actions, to improve our North American LTL
business; our ability to benefit from a sale, spin-off or other
divestiture of one or more business units or to successfully
integrate and realize anticipated synergies, cost savings and
profit opportunities from acquired companies; goodwill
impairment; issues related to compliance with data protection
laws, competition laws, and intellectual property laws;
fluctuations in currency exchange rates, fuel prices and fuel
surcharges; the expected benefits of the spin-offs of GXO
Logistics, Inc. and RXO, Inc.; our ability to develop and
implement suitable information technology systems; the impact of
potential cyber-attacks and information technology or data security
breaches or failures; our indebtedness; our ability to raise debt
and equity capital; fluctuations in interest rates; seasonal
fluctuations; our ability to maintain positive relationships with
our network of third-party transportation providers; our ability to
attract and retain key employees including qualified drivers; labor
matters; litigation; and competition and pricing pressures.
All forward-looking statements set forth in this release are
qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by us
will be realized or, even if substantially realized, that they will
have the expected consequences to or effects on us or our business
or operations. Forward-looking statements set forth in this release
speak only as of the date hereof, and we do not undertake any
obligation to update forward-looking statements except to the
extent required by law.
Investor ContactBrian Scasserra+1
617-607-6429brian.scasserra@xpo.com
Media ContactJaycie Cooper+1
475-400-5003jaycie.cooper@xpo.com
XPO,
Inc. |
Condensed
Consolidated Statements of Income |
(Unaudited) |
(In
millions, except per share data) |
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|
Three Months
Ended |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
Revenue |
$ |
2,018 |
|
|
$ |
1,907 |
|
|
5.8 |
% |
Salaries, wages and employee benefits |
|
834 |
|
|
|
762 |
|
|
9.4 |
% |
Purchased transportation |
|
438 |
|
|
|
457 |
|
|
-4.2 |
% |
Fuel, operating expenses and supplies |
|
413 |
|
|
|
427 |
|
|
-3.3 |
% |
Operating taxes and licenses |
|
19 |
|
|
|
15 |
|
|
26.7 |
% |
Insurance and claims |
|
38 |
|
|
|
44 |
|
|
-13.6 |
% |
Gains on sales of property and equipment |
|
(2 |
) |
|
|
(3 |
) |
|
-33.3 |
% |
Depreciation and amortization expense |
|
117 |
|
|
|
101 |
|
|
15.8 |
% |
Transaction and integration costs |
|
14 |
|
|
|
22 |
|
|
-36.4 |
% |
Restructuring costs |
|
8 |
|
|
|
24 |
|
|
-66.7 |
% |
Operating income |
|
138 |
|
|
|
58 |
|
|
137.9 |
% |
Other income |
|
(10 |
) |
|
|
(5 |
) |
|
100.0 |
% |
Interest expense |
|
58 |
|
|
|
42 |
|
|
38.1 |
% |
Income from continuing operations before income tax
provision |
|
90 |
|
|
|
21 |
|
|
328.6 |
% |
Income tax provision |
|
23 |
|
|
|
4 |
|
|
475.0 |
% |
Income from continuing operations |
|
67 |
|
|
|
17 |
|
|
294.1 |
% |
Loss from discontinued operations, net of taxes |
|
- |
|
|
- |
(3 |
) |
|
-100.0 |
% |
Net
income |
$ |
67 |
|
|
$ |
14 |
|
|
378.6 |
% |
|
|
|
|
|
|
|
|
Net
income (loss) |
|
|
|
|
|
|
|
Continuing operations |
$ |
67 |
|
|
$ |
17 |
|
|
|
Discontinued operations |
|
- |
|
|
|
(3 |
) |
|
|
Net income |
$ |
67 |
|
|
$ |
14 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.58 |
|
|
$ |
0.15 |
|
|
|
Discontinued operations |
|
- |
|
|
|
(0.02 |
) |
|
|
Basic earnings per share |
$ |
0.58 |
|
|
$ |
0.13 |
|
|
|
Diluted earnings (loss) per share |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.56 |
|
|
$ |
0.15 |
|
|
|
Discontinued operations |
|
- |
|
|
|
(0.02 |
) |
|
|
Diluted earnings per share |
$ |
0.56 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
Basic weighted-average common shares outstanding |
|
116 |
|
|
|
116 |
|
|
|
Diluted weighted-average common shares outstanding |
|
120 |
|
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add
due to rounding. |
|
|
|
XPO,
Inc. |
|
Condensed
Consolidated Balance Sheets |
|
(Unaudited) |
|
(In
millions, except per share data) |
|
|
|
|
|
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|
|
|
March
31, |
|
December
31, |
|
|
2024 |
|
|
2023 |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
229 |
|
|
$ |
412 |
|
|
Accounts receivable, net of allowances of $44 and $45,
respectively |
|
1,077 |
|
|
|
973 |
|
|
Other current assets |
|
222 |
|
|
|
208 |
|
|
Total current assets |
|
1,528 |
|
|
|
1,593 |
|
|
Long-term assets |
|
|
|
|
|
|
Property and equipment, net of $1,892 and $1,853 in accumulated
depreciation, respectively |
|
3,257 |
|
|
|
3,075 |
|
|
Operating lease assets |
|
727 |
|
|
|
708 |
|
|
Goodwill |
|
1,484 |
|
|
|
1,498 |
|
|
Identifiable intangible assets, net of $463 and $452 in accumulated
amortization, respectively |
406 |
|
|
|
422 |
|
|
Other long-term assets |
|
201 |
|
|
|
196 |
|
|
Total long-term assets |
|
6,076 |
|
|
|
5,899 |
|
|
Total assets |
$ |
7,603 |
|
|
$ |
7,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
$ |
570 |
|
|
$ |
532 |
|
|
Accrued expenses |
|
782 |
|
|
|
775 |
|
|
Short-term borrowings and current maturities of long-term debt |
|
63 |
|
|
|
69 |
|
|
Short-term operating lease liabilities |
|
129 |
|
|
|
121 |
|
|
Other current liabilities |
|
79 |
|
|
|
93 |
|
|
Total current liabilities |
|
1,622 |
|
|
|
1,590 |
|
|
Long-term liabilities |
|
|
|
|
|
|
Long-term debt |
|
3,323 |
|
|
|
3,335 |
|
|
Deferred tax liability |
|
342 |
|
|
|
337 |
|
|
Employee benefit obligations |
|
89 |
|
|
|
91 |
|
|
Long-term operating lease liabilities |
|
598 |
|
|
|
588 |
|
|
Other long-term liabilities |
|
297 |
|
|
|
285 |
|
|
Total long-term liabilities |
|
4,649 |
|
|
|
4,636 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Common stock, $0.001 par value; 300 shares authorized; 116 shares
issued and |
|
|
|
|
|
|
outstanding as of March 31, 2024 and December 31, 2023 |
|
- |
|
|
|
- |
|
|
Additional paid-in capital |
|
1,302 |
|
|
|
1,298 |
|
|
Retained earnings |
|
252 |
|
|
|
185 |
|
|
Accumulated other comprehensive loss |
|
(222 |
) |
|
|
(217 |
) |
|
Total equity |
|
1,332 |
|
|
|
1,266 |
|
|
Total liabilities and equity |
$ |
7,603 |
|
|
$ |
7,492 |
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding. |
|
|
|
|
|
|
|
|
XPO,
Inc. |
|
Condensed
Consolidated Statements of Cash Flows |
|
(Unaudited) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Cash flows from operating activities of continuing
operations |
|
|
|
|
|
|
Net income |
$ |
67 |
|
|
$ |
14 |
|
|
Loss from discontinued operations, net of taxes |
|
- |
|
|
|
(3 |
) |
|
Income from continuing operations |
|
67 |
|
|
|
17 |
|
|
Adjustments to reconcile income from continuing operations
to net cash from operating activities |
|
|
|
|
|
|
|
Depreciation
and amortization |
|
117 |
|
|
|
101 |
|
|
|
Stock
compensation expense |
|
19 |
|
|
|
22 |
|
|
|
Accretion of
debt |
|
3 |
|
|
|
3 |
|
|
|
Deferred tax
expense (benefit) |
|
8 |
|
|
|
(2 |
) |
|
|
Gains on
sales of property and equipment |
|
(2 |
) |
|
|
(3 |
) |
|
|
Other |
|
1 |
|
|
|
17 |
|
|
Changes in assets and liabilities |
|
|
|
|
|
|
|
Accounts
receivable |
|
(117 |
) |
|
|
(69 |
) |
|
|
Other
assets |
|
(20 |
) |
|
|
(24 |
) |
|
|
Accounts
payable |
|
48 |
|
|
|
(8 |
) |
|
|
Accrued
expenses and other liabilities |
|
21 |
|
|
|
22 |
|
|
Net cash provided by operating activities from continuing
operations |
|
145 |
|
|
|
76 |
|
|
Cash flows from investing activities of continuing
operations |
|
|
|
|
|
|
|
Payment for
purchases of property and equipment |
|
(306 |
) |
|
|
(224 |
) |
|
|
Proceeds
from sale of property and equipment |
|
7 |
|
|
|
8 |
|
|
Net cash used in investing activities from continuing
operations |
|
(299 |
) |
|
|
(216 |
) |
|
Cash flows from financing activities of continuing
operations |
|
|
|
|
|
|
|
Repayment of
debt and finance leases |
|
(21 |
) |
|
|
(16 |
) |
|
|
Payment for
debt issuance costs |
|
(4 |
) |
|
|
- |
|
|
|
Change in
bank overdrafts |
|
11 |
|
|
|
19 |
|
|
|
Payment for
tax withholdings for restricted shares |
|
(15 |
) |
|
|
(12 |
) |
|
|
Other |
|
- |
|
|
|
(1 |
) |
|
Net cash used in financing activities from continuing
operations |
|
(29 |
) |
|
|
(10 |
) |
|
Cash flows from discontinued operations |
|
|
|
|
|
|
|
Operating
activities of discontinued operations |
|
- |
|
|
|
(8 |
) |
|
|
Investing
activities of discontinued operations |
|
- |
|
|
|
1 |
|
|
Net cash used in discontinued operations |
|
- |
|
|
|
(7 |
) |
|
Effect of exchange rates on cash, cash equivalents and restricted
cash |
|
- |
|
|
|
2 |
|
|
Net decrease in cash, cash equivalents and restricted
cash |
|
(183 |
) |
|
|
(155 |
) |
|
Cash, cash equivalents and restricted cash, beginning of
period |
|
419 |
|
|
|
470 |
|
|
Cash, cash equivalents and restricted cash, end of
period |
$ |
235 |
|
|
$ |
315 |
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding. |
|
|
|
|
|
|
|
|
|
North
American Less-Than-Truckload Segment |
|
Summary
Financial Table |
|
(Unaudited) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
|
|
Revenue (excluding fuel surcharge revenue) |
$ |
1,011 |
|
|
$ |
903 |
|
|
12.0 |
% |
|
Fuel surcharge revenue |
|
210 |
|
|
|
217 |
|
|
-3.2 |
% |
|
Revenue |
|
1,221 |
|
|
|
1,120 |
|
|
9.0 |
% |
|
Salaries, wages and employee benefits |
|
613 |
|
|
|
555 |
|
|
10.5 |
% |
|
Purchased transportation |
|
78 |
|
|
|
99 |
|
|
-21.2 |
% |
|
Fuel, operating expenses and supplies (1) |
|
243 |
|
|
|
248 |
|
|
-2.0 |
% |
|
Operating taxes and licenses |
|
16 |
|
|
|
12 |
|
|
33.3 |
% |
|
Insurance and claims |
|
21 |
|
|
|
28 |
|
|
-25.0 |
% |
|
Losses on sales of property and equipment |
|
2 |
|
|
|
1 |
|
|
100.0 |
% |
|
Depreciation and amortization |
|
82 |
|
|
|
68 |
|
|
20.6 |
% |
|
Restructuring costs |
|
- |
|
|
|
6 |
|
|
-100.0 |
% |
|
Operating income |
|
165 |
|
|
|
103 |
|
|
60.2 |
% |
|
Operating ratio (2) |
|
86.4 |
% |
|
|
90.8 |
% |
|
|
|
Amortization expense |
|
9 |
|
|
|
8 |
|
|
|
|
Restructuring costs |
|
- |
|
|
|
6 |
|
|
|
|
Adjusted operating income
(3) |
$ |
175 |
|
|
$ |
117 |
|
|
49.6 |
% |
|
Adjusted operating ratio (3)
(4) |
|
85.7 |
% |
|
|
89.6 |
% |
|
|
|
Depreciation expense |
|
73 |
|
|
|
60 |
|
|
|
|
Pension income |
|
6 |
|
|
|
4 |
|
|
|
|
Other |
|
- |
|
|
|
1 |
|
|
|
|
Adjusted EBITDA (5) |
$ |
255 |
|
|
$ |
182 |
|
|
40.1 |
% |
|
Adjusted EBITDA margin (6) |
|
20.9 |
% |
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add
due to rounding. |
|
(1) Fuel, operating
expenses and supplies includes fuel-related taxes. |
|
(2) Operating ratio is
calculated as (1 - (Operating income divided by Revenue)). |
|
(3) See the “Non-GAAP
Financial Measures” section of the press release. |
|
(4) Adjusted operating
ratio is calculated as (1 - (Adjusted operating income divided by
Revenue)); adjusted operating margin is the inverse of adjusted
operating ratio. |
|
(5) Adjusted EBITDA is
used by our chief operating decision maker to evaluate segment
profit (loss) in accordance with ASC 280. |
|
(6) Adjusted EBITDA
margin is calculated as Adjusted EBITDA divided by Revenue. |
|
|
|
|
|
|
|
|
|
|
North
American Less-Than-Truckload |
|
Summary Data
Table |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
Change % |
|
|
|
|
|
|
|
|
|
|
Pounds per
day (thousands) |
|
70,709 |
|
|
68,889 |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
Shipments
per day |
|
51,392 |
|
|
49,107 |
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
Average
weight per shipment (in pounds) |
|
1,376 |
|
|
1,403 |
|
-1.9 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per
shipment (including fuel surcharges) |
$ |
373.88 |
|
$ |
356.06 |
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
Revenue per
shipment (excluding fuel surcharges) |
$ |
309.57 |
|
$ |
286.88 |
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
Gross
revenue per hundredweight (including fuel surcharges) (1) |
$ |
27.80 |
|
$ |
25.99 |
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
Gross
revenue per hundredweight (excluding fuel surcharges) (1) |
$ |
23.13 |
|
$ |
21.06 |
|
9.8 |
% |
|
|
|
|
|
|
|
|
|
|
Average
length of haul (in miles) |
|
848.3 |
|
|
831.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
average load factor (2) |
|
22,869 |
|
|
23,095 |
|
-1.0 |
% |
|
|
|
|
|
|
|
|
|
|
Average age
of tractor fleet (years) |
|
4.2 |
|
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of
working days |
|
63.5 |
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gross revenue per hundredweight excludes the adjustment
required for financial statement purposes in accordance with the
company's revenue recognition policy. |
|
(2) Total average load factor equals freight pound miles divided by
total linehaul miles. |
|
Note: Table excludes the company's trailer manufacturing
operations. |
|
|
|
|
|
|
|
|
|
|
European
Transportation Segment |
|
Summary
Financial Table |
|
(Unaudited) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
797 |
|
|
$ |
787 |
|
|
1.3 |
% |
|
Salaries, wages and employee benefits |
|
215 |
|
|
|
203 |
|
|
5.9 |
% |
|
Purchased transportation |
|
360 |
|
|
|
358 |
|
|
0.6 |
% |
|
Fuel, operating expenses and supplies (1) |
|
170 |
|
|
|
175 |
|
|
-2.9 |
% |
|
Operating taxes and licenses |
|
3 |
|
|
|
3 |
|
|
0.0 |
% |
|
Insurance and claims |
|
14 |
|
|
|
15 |
|
|
-6.7 |
% |
|
Gains on sales of property and equipment |
|
(4 |
) |
|
|
(4 |
) |
|
0.0 |
% |
|
Depreciation and amortization |
|
34 |
|
|
|
32 |
|
|
6.3 |
% |
|
Transaction and integration costs |
|
1 |
|
|
|
1 |
|
|
0.0 |
% |
|
Restructuring costs |
|
8 |
|
|
|
7 |
|
|
14.3 |
% |
|
Operating loss |
$ |
(4 |
) |
|
$ |
(3 |
) |
|
33.3 |
% |
|
Amortization expense |
|
5 |
|
|
|
5 |
|
|
|
|
Transaction and integration costs |
|
1 |
|
|
|
1 |
|
|
|
|
Restructuring costs |
|
8 |
|
|
|
7 |
|
|
|
|
Adjusted operating income
(2) |
$ |
9 |
|
|
$ |
10 |
|
|
-10.0 |
% |
|
Depreciation expense |
|
29 |
|
|
|
27 |
|
|
|
|
Adjusted EBITDA (3) |
$ |
38 |
|
|
$ |
37 |
|
|
2.7 |
% |
|
Adjusted EBITDA margin (4) |
|
4.8 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add
due to rounding. |
|
(1) Fuel, operating
expenses and supplies includes fuel-related taxes. |
|
(2) See the “Non-GAAP
Financial Measures” section of the press release. |
|
(3) Adjusted EBITDA is
used by our chief operating decision maker to evaluate segment
profit (loss) in accordance with ASC 280. |
|
(4) Adjusted EBITDA
margin is calculated as Adjusted EBITDA divided by Revenue. |
|
|
|
|
|
|
|
|
|
|
Corporate |
|
Summary
Financial Table |
|
(Unaudited) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
- |
|
|
$ |
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
5 |
|
|
|
4 |
|
|
25.0 |
% |
|
Fuel, operating expenses and supplies |
|
- |
|
|
|
4 |
|
|
-100.0 |
% |
|
Operating taxes and licenses |
|
- |
|
|
|
- |
|
|
0.0 |
% |
|
Insurance and claims |
|
3 |
|
|
|
1 |
|
|
200.0 |
% |
|
Depreciation and amortization |
|
1 |
|
|
|
1 |
|
|
0.0 |
% |
|
Transaction and integration costs |
|
13 |
|
|
|
21 |
|
|
-38.1 |
% |
|
Restructuring costs |
|
- |
|
|
|
11 |
|
|
-100.0 |
% |
|
Operating loss |
$ |
(23 |
) |
|
$ |
(42 |
) |
|
-45.2 |
% |
|
Other income (expense) (1) |
|
3 |
|
|
|
- |
|
|
|
|
Depreciation and amortization |
|
1 |
|
|
|
1 |
|
|
|
|
Transaction and integration costs |
|
13 |
|
|
|
21 |
|
|
|
|
Restructuring costs |
|
- |
|
|
|
11 |
|
|
|
|
Adjusted EBITDA (2) |
$ |
(5 |
) |
|
$ |
(9 |
) |
|
-44.4 |
% |
|
|
|
|
|
|
|
|
|
|
Amounts may not add
due to rounding. |
|
(1) Other income
(expense) consists of foreign currency gain (loss) and other income
(expense). |
|
(2) See the “Non-GAAP
Financial Measures” section of the press release. |
|
|
|
|
|
|
|
|
|
|
XPO,
Inc. |
|
Reconciliation of Non-GAAP Measures |
|
(Unaudited) |
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
2023 |
|
|
Change % |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income from Continuing Operations to
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Net income
from continuing operations |
$ |
67 |
|
|
$ |
17 |
|
|
294.1 |
% |
|
Interest
expense |
|
58 |
|
|
|
42 |
|
|
|
|
Income tax
provision |
|
23 |
|
|
|
4 |
|
|
|
|
Depreciation
and amortization expense |
|
117 |
|
|
|
101 |
|
|
|
|
Transaction
and integration costs |
|
14 |
|
|
|
22 |
|
|
|
|
Restructuring costs |
|
8 |
|
|
|
24 |
|
|
|
|
Adjusted EBITDA (1) |
$ |
288 |
|
|
$ |
210 |
|
|
37.1 |
% |
|
Revenue |
$ |
2,018 |
|
|
$ |
1,907 |
|
|
5.8 |
% |
|
Adjusted EBITDA margin (1)
(2) |
|
14.2 |
% |
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add
due to rounding. |
|
(1) See the “Non-GAAP
Financial Measures” section of the press release. |
|
(2) Adjusted EBITDA
margin is calculated as Adjusted EBITDA divided by Revenue. |
|
|
|
|
|
|
|
|
|
|
XPO,
Inc. |
|
|
Reconciliation of Non-GAAP Measures (cont.) |
|
(Unaudited) |
|
(In
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income from Continuing Operations and
Diluted Earnings Per Share from Continuing Operations to Adjusted
Net Income from Continuing Operations and Adjusted Earnings Per
Share from Continuing Operations |
|
|
|
|
|
|
|
Net income from continuing operations |
$ |
67 |
|
|
$ |
17 |
|
|
|
|
Amortization
of acquisition-related intangible assets |
|
14 |
|
|
|
13 |
|
|
|
|
Transaction
and integration costs |
|
14 |
|
|
|
22 |
|
|
|
|
Restructuring costs |
|
8 |
|
|
|
24 |
|
|
|
|
Income tax
associated with the adjustments above (1) |
|
(7 |
) |
|
|
(11 |
) |
|
|
Adjusted net income from continuing operations
(2) |
$ |
97 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings from continuing operations per
share (2) |
$ |
0.81 |
|
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding |
|
120 |
|
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding. |
|
|
|
|
|
|
|
|
|
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|
(1) This line item reflects the aggregate tax benefit of all
non-tax related adjustments reflected in the table above. The
detail by line item is as follows: |
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|
Amortization of acquisition-related intangible assets |
|
3 |
|
|
|
3 |
|
|
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|
Transaction and integration costs |
|
2 |
|
|
|
3 |
|
|
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|
Restructuring costs |
|
2 |
|
|
|
5 |
|
|
|
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|
$ |
7 |
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|
$ |
11 |
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|
The income tax rate applied to reconciling items is based on the
GAAP annual effective tax rate, excluding discrete items,
non-deductible compensation, and contribution- and margin-based
taxes. |
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(2) See the "Non-GAAP Financial Measures" section of the press
release. |
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