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07.05.2024 22:30:05 - dpa-AFX: GNW-Adhoc: GXO Reports First Quarter 2024 Results
* First quarter revenue of $2.5 billion, up 6% year over year; organic revenue
growth(1) of 1%
* Signed new business wins of approximately $250 million in annualized revenue
GREENWICH, Conn., May 07, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the first quarter
2024.
Malcolm Wilson, chief executive officer of GXO, said, "We delivered a strong
start to 2024, reflecting our solid execution amid improving industry dynamics.
The company grew revenue by 6% to $2.5 billion and delivered positive organic
revenue growth, while gaining market share. We look forward to driving continued
growth throughout 2024 and are on track to achieve our full-year outlook.
"We're seeing strengthening demand from global blue-chip customers to realize
operational efficiencies today while planning fulfillment strategies to meet
their future needs. We signed approximately $250 million dollars of new business
during the quarter, and total new business wins were up 55% year over year. More
than half of these new wins came from customers outsourcing to us or partnering
with us for the first time.
"In the first quarter, we also announced our strategic acquisition of Wincanton,
which we closed last week. Wincanton gives us a platform for growth in
attractive verticals, including industrial and aerospace in Europe, and we
expect to deliver double-digit accretion to adjusted EPS post-synergies.
"Looking forward, our new business wins and our sales pipeline give us
confidence that our growth trajectory is accelerating. We're investing in our
sales organization, expanding automation and AI across our footprint, and
diversifying into new geographies and verticals to best position ourselves to
deliver shareholder value through profitable growth."
First Quarter 2024 Results
Revenue increased to $2.5 billion, compared with $2.3 billion for the first
quarter 2023. Net loss was $36 million, primarily driven by a $63 million
expense associated with legacy litigation, compared with $26 million net income
for the first quarter 2023. Diluted loss per share was $0.31, compared with
$0.21 diluted earnings per share for the first quarter 2023.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") was $154 million, compared with $158 million for the
first quarter 2023. Adjusted diluted EPS(1) was $0.45, compared with $0.49 for
the first quarter 2023.
GXO generated $50 million of cash flow from operations, compared with
$39 million for the first quarter 2023. In the first quarter of 2024, GXO used
$17 million of free cash flow(1), compared with $43 million used for the first
quarter 2023.
Cash Balances and Outstanding Debt
As of March 31, 2024, cash and cash equivalents and debt outstanding were $423
million and $1.6 billion, respectively, as part of GXO's investment grade
balance sheet.
Updated guidance
As previously announced on April 24, 2024, the company reiterated its guidance
for the full year 2024 and its 2027 financial targets as follows:
Conference Call
GXO will hold a conference call on Wednesday, May 8, 2024, at 8:30 a.m. Eastern
Time. Participants can call toll-free (from US/Canada) 877-407-8029;
international callers dial +1 201-689-8029. Conference ID: 13745710. A live
webcast of the conference will be available on the Investor Relations area of
the company's website, investors.gxo.com. The conference will be archived until
May 22, 2024. To access the replay by phone, call toll-free (from US/Canada)
877-660-6853; international callers dial +1 201-612-7415. Use participant
passcode 13745710.
About GXO Logistics
GXO Logistics, Inc. (NYSE: GXO) is the world's largest pure-play contract
logistics provider and is benefiting from the rapid growth of ecommerce,
automation and outsourcing. GXO is committed to providing a diverse, world-class
workplace for more than 130,000 team members across more than 970 facilities
totaling approximately 200 million square feet. The company partners with the
world's leading blue-chip companies to solve complex logistics challenges with
technologically advanced supply chain and ecommerce solutions, at scale and with
speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit
GXO.com
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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 below.
GXO's non-GAAP financial measures in this press release include: adjusted
earnings before interest, taxes, depreciation and amortization ("adjusted
EBITDA"), adjusted EBITDA margin, adjusted EBITDA CAGR, adjusted earnings before
interest, taxes and amortization ("adjusted EBITA"), adjusted EBITA, net of
income taxes paid, adjusted EBITA margin, adjusted net income attributable to
GXO, adjusted earnings per share (basic and diluted) ("adjusted EPS"), adjusted
diluted EPS CAGR, free cash flow, free cash flow conversion, organic revenue,
organic revenue growth, organic revenue CAGR, net leverage ratio, net debt, and
operating return on invested capital ("ROIC").
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, GXO's 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 used by other companies. GXO's non-GAAP financial
measures should only be used as supplemental measures of our operating
performance.
Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and
adjusted EPS include adjustments for transaction and integration costs,
litigation expenses as well as restructuring costs and other adjustments as set
forth in the financial table below. 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,
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 separating IT systems. Litigation expenses
primarily relate to the settlement of ongoing legal matters. Restructuring costs
primarily relate to severance costs associated with business optimization
initiatives.
We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA,
adjusted EBITA, net of income taxes paid, and adjusted EBITA 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, which management has determined are not reflective of core operating
activities and thereby assist investors with assessing trends in our underlying
businesses.
We believe that organic revenue and organic revenue growth are important
measures because they exclude the impact of foreign currency exchange rate
fluctuations, revenue from acquired businesses and revenue from disposed
business.
We believe that adjusted net income attributable to GXO and adjusted EPS improve
the comparability of our operating results from period to period by removing the
impact of certain costs and gains, which management has determined are not
reflective of our core operating activities, including amortization of
acquisition-related intangible assets.
We believe that free cash flow and free cash flow conversion are important
measures of our ability to repay maturing debt or fund other uses of capital
that we believe will enhance stockholder value. We calculate free cash flow as
cash flows from operations less capital expenditures plus proceeds from sale of
property and equipment. We calculate free cash flow conversion as free cash flow
divided by adjusted EBITDA, expressed as a percentage.
We believe that net debt and net leverage ratio are important measures of our
overall liquidity position and are calculated by adding bank overdrafts and
removing cash and cash equivalents from our total debt and net debt as a ratio
of our adjusted EBITDA. We calculate ROIC as our adjusted EBITA, net of income
taxes paid divided by the average invested capital. We believe ROIC provides
investors with an important perspective on how effectively GXO deploys capital
and use this metric internally as a high-level target to assess overall
performance throughout the business cycle.
Management uses these non-GAAP financial measures in making financial, operating
and planning decisions and evaluating GXO's ongoing performance.
With respect to our financial targets for full-year 2024 organic revenue growth,
adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion and our
2027 financial targets of organic revenue CAGR, adjusted EBITDA, adjusted EBITDA
CAGR, adjusted diluted EPS CAGR, free cash flow conversion and ROIC, a
reconciliation of these non-GAAP measures to the corresponding GAAP measures is
not available without unreasonable effort due to the variability and complexity
of the reconciling items described above that we exclude from these non-GAAP
target measures. The variability of these items may have a significant impact on
our future GAAP financial results and, as a result, we are unable to prepare the
forward-looking statements of income and cash flows prepared in accordance with
GAAP, that would be required to produce such a reconciliation.
Forward-Looking Statements
This press 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, including our full-year 2024 guidance, our 2027 guidance, and the
expected impact of the acquisition of Wincanton on our results of operations. 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.
However, the absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on certain
assumptions and analyses made by the company in light of its experience and its
perception of historical trends, current conditions and expected future
developments, as well as other factors the company believes 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, but are not limited to, the risks discussed in our filings
with the SEC and the following: economic conditions generally; supply chain
challenges, including labor shortages; competition and pricing pressures; our
ability to align our investments in capital assets, including equipment, service
centers and warehouses, to our respective customers' demands; our ability to
successfully integrate and realize anticipated benefits, synergies, cost savings
and profit improvement opportunities with respect to acquired companies,
including the acquisition of Wincanton; acquisitions may be unsuccessful or
result in other risks or developments that adversely affect our financial
condition and results; our ability to develop and implement suitable information
technology systems and prevent failures in or breaches of such systems; our
indebtedness; our ability to raise debt and equity capital; litigation; labor
matters, including our ability to manage its subcontractors, and risks
associated with labor disputes at our customers' facilities and efforts by labor
organizations to organize its employees; risks associated with defined benefit
plans for our current and former employees; our ability to attract or retain
necessary talent; the increased costs associated with labor; fluctuations in
currency exchange rates; fluctuations in fixed and floating interest rates;
fluctuations in customer confidence and spending; issues related to our
intellectual property rights; governmental regulation, including environmental
laws, trade compliance laws, as well as changes in international trade policies
and tax regimes; governmental or political actions, including the United
Kingdom's exit from the European Union; natural disasters, terrorist attacks or
similar incidents; damage to our reputation; a material disruption of our
operations; the inability to achieve the level of revenue growth, cash
generation, cost savings, improvement in profitability and margins, fiscal
discipline, or strengthening of competitiveness and operations anticipated or
targeted; failure in properly handling the inventory of our customers; the
impact of potential cyber-attacks and information technology or data security
breaches; and the inability to implement technology initiatives or business
systems successfully; our ability to achieve Environmental, Social and
Governance goals; and a determination by the IRS that the distribution or
certain related spin-off transactions should be treated as taxable transactions.
Other unknown or unpredictable factors could cause actual results to differ
materially from those in the forward-looking statements. Such forward-looking
statements should therefore be construed in the light of such factors.
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 to reflect subsequent events or circumstances,
changes in expectations or the occurrence of unanticipated events, except to the
extent required by law.
Investor Contact
Chris Jordan
+1 (203) 769-7228
chris.jordan@gxo.com (mailto:chris.jordan@gxo.com)
Media Contact
Matthew Schmidt
+1 (203) 307-2809
matt.schmidt@gxo.com (mailto:matt.schmidt@gxo.com)
(Dollars in millions, shares in
thousands, except per share
amounts) 2024 2023
---------------------------------- ------------- ------------------------------
Selling, general and
administrative expense 249 258
Depreciation and amortization
expense 92 83
Transaction and integration
Income (loss) before income
Net income attributable to
Net income (loss) attributable
Earnings (loss) per share
Weighted-average common shares
outstanding
((1) During the first quarter of 2024, a trial was held in the United States
District Court for the Western District of Missouri in connection with a
dispute between the Company and one of its customers related to the start-up
of the customer's warehouse that occurred in 2018 (Lindt et al v. GXO
Warehouse Company, Inc., docket no. 4:22-cv-00384-BP). In March 2024, the jury
returned verdicts in favor of the customer. The Company recognized a $63
million expense in the three months ended March 31, 2024 for the jury
verdicts, potential post-trial awards of interest, associated legal fees,
costs and other related expenses. The Company believes that this case was
incorrectly decided and intends to pursue post-verdict remedies as necessary,
including an appeal, and will pursue reimbursement under its existing
insurance policies.)
(Dollars in millions, shares in thousands, except per
share amounts) 2024 2023
-------------------------------------------------------- ----------- ----------
ASSETS
Current assets
Long-term assets
Property and equipment, net of accumulated
Intangible assets, net of accumulated amortization of
LIABILITIES AND EQUITY
Current liabilities
Long-term liabilities
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 par value per share; 300,000
shares authorized, 119,368 and 119,057 issued and
outstanding 1 1
Preferred Stock, $0.01 par value per share; 10,000
Accumulated Other Comprehensive Income (Loss)
---------------------------------------------------------- ---------- ---------
Cash flows from operating activities:
Net income (loss) $ (36 ) $ 26
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Changes in operating assets and liabilities
Cash flows from investing activities:
Cash flows from financing activities:
Taxes paid related to net share settlement of equity
Net decrease in cash, restricted cash and cash
equivalents (45 ) (69 )
Cash, restricted cash and cash equivalents, beginning of
Cash, restricted cash and cash equivalents, end of
Reconciliation of cash, restricted cash and cash
equivalents
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industries was as follows:
------------------------------------ ----------- ------------------------------
Omnichannel retail$ 1,022 $ 964
Technology and consumer
------------------------------ ------------ ----------- ---------- ------------
Net income (loss)
attributable to GXO $ (37 ) $ 25 $ 229 $ 167
Net income attributable to
Depreciation and
amortization expense 92 83 361 370
Transaction and integration
costs 19 13 34 40
Restructuring costs and
Unrealized gain on foreign
Adjusted EBITDA
margin((1)(3)) 6.3 % 6.8 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Operating income margin is calculated as operating income (loss) divided
by revenue for the period.)
((3) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by
revenue for the period.)
------------------------- ----------- ----------- ---------- ------------------
Net income (loss)
attributable to GXO $ (37 ) $ 25 $ 229 $ 167
Net income attributable
Income tax expense
Transaction and
integration costs 19 13 34 40
Restructuring costs and
Unrealized gain on
foreign currency
Adjusted EBITA
margin((1)(2)) 3.3 % 4.0 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue
for the period.)
(Dollars in millions, shares in thousands, except
per share amounts) 2024 2023
---------------------------------------------------- ------------- ------------
Income tax associated with the adjustments
Weighted-average common shares outstanding
((1) The income tax rate applied to items is based on the GAAP annual
effective tax rate.)
((2) Discrete tax benefit from intangible assets and the release of valuation
allowances.)
((3) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Cash Flows from Operations to Free Cash Flow:
------------------------------------- ------------- ---------------------------
Proceeds from sale of property and
Cash flows from operations to net
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) The Company calculates free cash flow conversion as free cash flow
divided by adjusted EBITDA, expressed as a percentage.)
Reconciliation of Revenue to Organic Revenue:
------------------------------------ ----------- ------------------------------
Revenue $ 2,456 $ 2,323
Revenue from acquired
business((1)) (63 ) -
Revenue from disposed
((1) The Company excludes revenue from acquired and disposed businesses for
periods that are no comparable.)
((2) See the "Non-GAAP Financial Measures" section of this press release.)
((3) Revenue growth is calculated as the change in the period-over-period
revenue divided by the prior period, expressed as a percentage.)
((4) Organic revenue growth is calculated as the change in the period-over-
period organic revenue divided by the prior period, expressed as a
percentage.)
Adjusted EBITA, net of income taxes paid:
------------------------------- ---------- ---------- --------------- ---------
Adjusted EBITA((1)) $ 81 $ 92 $ 451 $ 440
Less: Cash paid for income
Adjusted EBITA, net of income
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Return on Invested Capital:
------------------------------- ----------- ----------- -----------------------
Selected Assets:
Selected Liabilities:
Trailing twelve months net
income
to average invested capital 15.8 %
Operating return on invested
capital((1)(2)) 32.7 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) The ratio of operating return on invested capital is calculated as
trailing twelve months adjusted EBITA, net of income taxes paid, divided by
the average invested capital.)
_____________________________
(¹ For definitions of non-GAAP measures see the "Non-GAAP Financial Measures"
section in this press release.)
(² Our guidance reflects current FX rates.)
(³ Compound Annual Growth Rate (CAGR).)
Â
growth(1) of 1%
* Signed new business wins of approximately $250 million in annualized revenue
in 1Q 2024; up 55% year over year * Sales pipeline at 12-month high of $2.2 billion * Completed acquisition of Wincanton on April 29, 2024
GREENWICH, Conn., May 07, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the first quarter
2024.
Malcolm Wilson, chief executive officer of GXO, said, "We delivered a strong
start to 2024, reflecting our solid execution amid improving industry dynamics.
The company grew revenue by 6% to $2.5 billion and delivered positive organic
revenue growth, while gaining market share. We look forward to driving continued
growth throughout 2024 and are on track to achieve our full-year outlook.
"We're seeing strengthening demand from global blue-chip customers to realize
operational efficiencies today while planning fulfillment strategies to meet
their future needs. We signed approximately $250 million dollars of new business
during the quarter, and total new business wins were up 55% year over year. More
than half of these new wins came from customers outsourcing to us or partnering
with us for the first time.
"In the first quarter, we also announced our strategic acquisition of Wincanton,
which we closed last week. Wincanton gives us a platform for growth in
attractive verticals, including industrial and aerospace in Europe, and we
expect to deliver double-digit accretion to adjusted EPS post-synergies.
"Looking forward, our new business wins and our sales pipeline give us
confidence that our growth trajectory is accelerating. We're investing in our
sales organization, expanding automation and AI across our footprint, and
diversifying into new geographies and verticals to best position ourselves to
deliver shareholder value through profitable growth."
First Quarter 2024 Results
Revenue increased to $2.5 billion, compared with $2.3 billion for the first
quarter 2023. Net loss was $36 million, primarily driven by a $63 million
expense associated with legacy litigation, compared with $26 million net income
for the first quarter 2023. Diluted loss per share was $0.31, compared with
$0.21 diluted earnings per share for the first quarter 2023.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") was $154 million, compared with $158 million for the
first quarter 2023. Adjusted diluted EPS(1) was $0.45, compared with $0.49 for
the first quarter 2023.
GXO generated $50 million of cash flow from operations, compared with
$39 million for the first quarter 2023. In the first quarter of 2024, GXO used
$17 million of free cash flow(1), compared with $43 million used for the first
quarter 2023.
Cash Balances and Outstanding Debt
As of March 31, 2024, cash and cash equivalents and debt outstanding were $423
million and $1.6 billion, respectively, as part of GXO's investment grade
balance sheet.
Updated guidance
As previously announced on April 24, 2024, the company reiterated its guidance
for the full year 2024 and its 2027 financial targets as follows:
* 2024 Guidance(2)
* Standalone basis (unchanged):
* Organic revenue growth(1) of 2% to 5%;
* Adjusted EBITDA(1) of $760 million to $790 million;
* Adjusted diluted EPS(1) of $2.70 to $2.90; and
* Free cash flow conversion(1) of 30% to 40% of adjusted EBITDA(1).
* Including expected impact of Wincanton acquisition:
* Organic revenue growth(1) of 2% to 5%;
* Adjusted EBITDA(1) of $805 million to $835 million;
* Adjusted diluted EPS(1) of $2.73 to $2.93; and
* Free cash flow conversion(1 )of 30% to 40% of adjusted EBITDA(1).
* 2027 Financial Targets(2)
* Organic revenue CAGR (2024-2027)(1,)(3) of approximately 10%, to
approximately $15.5 billion to $16.0 billion of revenue;
* Approximately 15% adjusted EBITDA CAGR (2024-2027)(1,3), to
approximately $1.25 billion to $1.30 billion of adjusted EBITDA(1);
* Adjusted diluted EPS CAGR (2024-2027)(1,3) of more than 15%;
* Free cash flow conversion(1) of greater than 30% of adjusted EBITDA
(2024-2027)(1); and
* Operating return on invested capital(1) of more than 30%.
Conference Call
GXO will hold a conference call on Wednesday, May 8, 2024, at 8:30 a.m. Eastern
Time. Participants can call toll-free (from US/Canada) 877-407-8029;
international callers dial +1 201-689-8029. Conference ID: 13745710. A live
webcast of the conference will be available on the Investor Relations area of
the company's website, investors.gxo.com. The conference will be archived until
May 22, 2024. To access the replay by phone, call toll-free (from US/Canada)
877-660-6853; international callers dial +1 201-612-7415. Use participant
passcode 13745710.
About GXO Logistics
GXO Logistics, Inc. (NYSE: GXO) is the world's largest pure-play contract
logistics provider and is benefiting from the rapid growth of ecommerce,
automation and outsourcing. GXO is committed to providing a diverse, world-class
workplace for more than 130,000 team members across more than 970 facilities
totaling approximately 200 million square feet. The company partners with the
world's leading blue-chip companies to solve complex logistics challenges with
technologically advanced supply chain and ecommerce solutions, at scale and with
speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit
GXO.com
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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 below.
GXO's non-GAAP financial measures in this press release include: adjusted
earnings before interest, taxes, depreciation and amortization ("adjusted
EBITDA"), adjusted EBITDA margin, adjusted EBITDA CAGR, adjusted earnings before
interest, taxes and amortization ("adjusted EBITA"), adjusted EBITA, net of
income taxes paid, adjusted EBITA margin, adjusted net income attributable to
GXO, adjusted earnings per share (basic and diluted) ("adjusted EPS"), adjusted
diluted EPS CAGR, free cash flow, free cash flow conversion, organic revenue,
organic revenue growth, organic revenue CAGR, net leverage ratio, net debt, and
operating return on invested capital ("ROIC").
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, GXO's 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 used by other companies. GXO's non-GAAP financial
measures should only be used as supplemental measures of our operating
performance.
Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and
adjusted EPS include adjustments for transaction and integration costs,
litigation expenses as well as restructuring costs and other adjustments as set
forth in the financial table below. 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,
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 separating IT systems. Litigation expenses
primarily relate to the settlement of ongoing legal matters. Restructuring costs
primarily relate to severance costs associated with business optimization
initiatives.
We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA,
adjusted EBITA, net of income taxes paid, and adjusted EBITA 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, which management has determined are not reflective of core operating
activities and thereby assist investors with assessing trends in our underlying
businesses.
We believe that organic revenue and organic revenue growth are important
measures because they exclude the impact of foreign currency exchange rate
fluctuations, revenue from acquired businesses and revenue from disposed
business.
We believe that adjusted net income attributable to GXO and adjusted EPS improve
the comparability of our operating results from period to period by removing the
impact of certain costs and gains, which management has determined are not
reflective of our core operating activities, including amortization of
acquisition-related intangible assets.
We believe that free cash flow and free cash flow conversion are important
measures of our ability to repay maturing debt or fund other uses of capital
that we believe will enhance stockholder value. We calculate free cash flow as
cash flows from operations less capital expenditures plus proceeds from sale of
property and equipment. We calculate free cash flow conversion as free cash flow
divided by adjusted EBITDA, expressed as a percentage.
We believe that net debt and net leverage ratio are important measures of our
overall liquidity position and are calculated by adding bank overdrafts and
removing cash and cash equivalents from our total debt and net debt as a ratio
of our adjusted EBITDA. We calculate ROIC as our adjusted EBITA, net of income
taxes paid divided by the average invested capital. We believe ROIC provides
investors with an important perspective on how effectively GXO deploys capital
and use this metric internally as a high-level target to assess overall
performance throughout the business cycle.
Management uses these non-GAAP financial measures in making financial, operating
and planning decisions and evaluating GXO's ongoing performance.
With respect to our financial targets for full-year 2024 organic revenue growth,
adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion and our
2027 financial targets of organic revenue CAGR, adjusted EBITDA, adjusted EBITDA
CAGR, adjusted diluted EPS CAGR, free cash flow conversion and ROIC, a
reconciliation of these non-GAAP measures to the corresponding GAAP measures is
not available without unreasonable effort due to the variability and complexity
of the reconciling items described above that we exclude from these non-GAAP
target measures. The variability of these items may have a significant impact on
our future GAAP financial results and, as a result, we are unable to prepare the
forward-looking statements of income and cash flows prepared in accordance with
GAAP, that would be required to produce such a reconciliation.
Forward-Looking Statements
This press 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, including our full-year 2024 guidance, our 2027 guidance, and the
expected impact of the acquisition of Wincanton on our results of operations. 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.
However, the absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on certain
assumptions and analyses made by the company in light of its experience and its
perception of historical trends, current conditions and expected future
developments, as well as other factors the company believes 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, but are not limited to, the risks discussed in our filings
with the SEC and the following: economic conditions generally; supply chain
challenges, including labor shortages; competition and pricing pressures; our
ability to align our investments in capital assets, including equipment, service
centers and warehouses, to our respective customers' demands; our ability to
successfully integrate and realize anticipated benefits, synergies, cost savings
and profit improvement opportunities with respect to acquired companies,
including the acquisition of Wincanton; acquisitions may be unsuccessful or
result in other risks or developments that adversely affect our financial
condition and results; our ability to develop and implement suitable information
technology systems and prevent failures in or breaches of such systems; our
indebtedness; our ability to raise debt and equity capital; litigation; labor
matters, including our ability to manage its subcontractors, and risks
associated with labor disputes at our customers' facilities and efforts by labor
organizations to organize its employees; risks associated with defined benefit
plans for our current and former employees; our ability to attract or retain
necessary talent; the increased costs associated with labor; fluctuations in
currency exchange rates; fluctuations in fixed and floating interest rates;
fluctuations in customer confidence and spending; issues related to our
intellectual property rights; governmental regulation, including environmental
laws, trade compliance laws, as well as changes in international trade policies
and tax regimes; governmental or political actions, including the United
Kingdom's exit from the European Union; natural disasters, terrorist attacks or
similar incidents; damage to our reputation; a material disruption of our
operations; the inability to achieve the level of revenue growth, cash
generation, cost savings, improvement in profitability and margins, fiscal
discipline, or strengthening of competitiveness and operations anticipated or
targeted; failure in properly handling the inventory of our customers; the
impact of potential cyber-attacks and information technology or data security
breaches; and the inability to implement technology initiatives or business
systems successfully; our ability to achieve Environmental, Social and
Governance goals; and a determination by the IRS that the distribution or
certain related spin-off transactions should be treated as taxable transactions.
Other unknown or unpredictable factors could cause actual results to differ
materially from those in the forward-looking statements. Such forward-looking
statements should therefore be construed in the light of such factors.
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 to reflect subsequent events or circumstances,
changes in expectations or the occurrence of unanticipated events, except to the
extent required by law.
Investor Contact
Chris Jordan
+1 (203) 769-7228
chris.jordan@gxo.com (mailto:chris.jordan@gxo.com)
Media Contact
Matthew Schmidt
+1 (203) 307-2809
matt.schmidt@gxo.com (mailto:matt.schmidt@gxo.com)
GXO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31,
--------------------------------------------
(Dollars in millions, shares in
thousands, except per share
amounts) 2024 2023
---------------------------------- ------------- ------------------------------
Revenue $ 2,456 $ 2,323 Direct operating expense 2,056 1,906
Selling, general and
administrative expense 249 258
Depreciation and amortization
expense 92 83
Transaction and integration
costs 19 13
Restructuring costs and other 16 21
Litigation expense((1)) 63 -
------------- ------------------------------
Operating income (loss) (39 ) 42
Other income, net 6 -
Interest expense, net (13 ) (13 )
------------- ------------------------------
Income (loss) before income
taxes (46 ) 29
Income tax (expense) benefit 10 (3 )
------------- ------------------------------
Net income (loss) (36 ) 26
Net income attributable to
Noncontrolling Interests ("NCI") (1 ) (1 )
------------- ------------------------------
Net income (loss) attributable
to GXO $ (37 ) $ 25
------------- ------------------------------
Earnings (loss) per share
Basic $ (0.31 ) $ 0.21 Diluted $ (0.31 ) $ 0.21
Weighted-average common shares
outstanding
Basic 119,273 118,781 Diluted 119,273 119,231
((1) During the first quarter of 2024, a trial was held in the United States
District Court for the Western District of Missouri in connection with a
dispute between the Company and one of its customers related to the start-up
of the customer's warehouse that occurred in 2018 (Lindt et al v. GXO
Warehouse Company, Inc., docket no. 4:22-cv-00384-BP). In March 2024, the jury
returned verdicts in favor of the customer. The Company recognized a $63
million expense in the three months ended March 31, 2024 for the jury
verdicts, potential post-trial awards of interest, associated legal fees,
costs and other related expenses. The Company believes that this case was
incorrectly decided and intends to pursue post-verdict remedies as necessary,
including an appeal, and will pursue reimbursement under its existing
insurance policies.)
GXO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
December
March 31, 31,
(Dollars in millions, shares in thousands, except per
share amounts) 2024 2023
-------------------------------------------------------- ----------- ----------
ASSETS
Current assets
Cash and cash equivalents $ 423 $ 468
Accounts receivable, net of allowance of $10 and $11 1,665 1,753
Other current assets 375 347
----------- ----------
Total current assets 2,463 2,568
----------- ----------
Long-term assets
Property and equipment, net of accumulated
depreciation of $1,599 and $1,545 951 953 Operating lease assets 2,192 2,201 Goodwill 2,870 2,891
Intangible assets, net of accumulated amortization of
$542 and $528 542 567
Other long-term assets 362 327
----------- ----------
Total long-term assets 6,917 6,939
----------- ----------
Total assets $ 9,380 $ 9,507
----------- ----------
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 615 $ 709
Accrued expenses 976 966
Current debt 126 27
Current operating lease liabilities 597 597
Other current liabilities 311 327
----------- ----------
Total current liabilities 2,625 2,626
----------- ----------
Long-term liabilities
Long-term debt 1,511 1,620
Long-term operating lease liabilities 1,836 1,842
Other long-term liabilities 505 473
----------- ----------
Total long-term liabilities 3,852 3,935
----------- ----------
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 par value per share; 300,000
shares authorized, 119,368 and 119,057 issued and
outstanding 1 1
Preferred Stock, $0.01 par value per share; 10,000
shares authorized, none issued and outstanding - -
Additional Paid-In Capital ("APIC") 2,602 2,598
Retained earnings 515 552
Accumulated Other Comprehensive Income (Loss)
("AOCIL") (249 ) (239 )
----------- ----------
Total stockholders' equity before NCI 2,869 2,912
----------- ----------
NCI 34 34
----------- ----------
Total equity 2,903 2,946
----------- ----------
Total liabilities and equity $ 9,380 $ 9,507
----------- ----------
GXO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
March 31,
--------------------
(In millions) 2024 2023
---------------------------------------------------------- ---------- ---------
Cash flows from operating activities:
Net income (loss) $ (36 ) $ 26
Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation and amortization expense 92 83 Stock-based compensation expense 8 9 Deferred tax benefit (2 ) (7 ) Other 14 9
Changes in operating assets and liabilities
Accounts receivable 70 57
Other assets (42 ) 11
Accounts payable (106 ) (49 )
Accrued expenses and other liabilities 52 (100 )
---------- ---------
Net cash provided by operating activities 50 39
---------- ---------
Cash flows from investing activities:
Capital expenditures (73 ) (91 )
Proceeds from sale of property and equipment 6 9
Purchase of Wincanton plc shares (15 ) -
---------- ---------
Net cash used in investing activities (82 ) (82 )
---------- ---------
Cash flows from financing activities:
Repayments of debt, net - (21 ) Repayments of finance lease obligations (8 ) (8 )
Taxes paid related to net share settlement of equity
awards (4 ) (4 )
Other 4 4
---------- ---------
Net cash used in financing activities (8 ) (29 )
---------- ---------
Effect of exchange rates on cash and cash equivalents (5 ) 3
---------- ---------
Net decrease in cash, restricted cash and cash
equivalents (45 ) (69 )
Cash, restricted cash and cash equivalents, beginning of
period 470 495
---------- ---------
Cash, restricted cash and cash equivalents, end of
period $ 425 $ 426
---------- ---------
Reconciliation of cash, restricted cash and cash
equivalents
Cash and cash equivalents $ 423 $ 426
Restricted Cash (included in Other long-term assets) 2 -
---------- ---------
Total cash, restricted cash and cash equivalents $ 425 $ 426
---------- ---------
GXO Logistics, Inc.
Key Data
Disaggregation of Revenue
(Unaudited)
Revenue disaggregated by geographical area was as follows:
Three Months Ended March 31,
----------------------------------------
(In millions) 2024 2023
------------------ ----------------- --------------------
United Kingdom $ 913 $ 844
United States 747 714
Netherlands 218 196
France 200 202
Spain 129 127
Italy 93 88
Other 156 152
----------------- --------------------
Total $ 2,456 $ 2,323
----------------- --------------------
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industries was as follows:
Three Months Ended March 31,
------------------------------------------
(In millions) 2024 2023
------------------------------------ ----------- ------------------------------
Omnichannel retail$ 1,022 $ 964
Technology and consumer
electronics 382 366
Food and beverage 316 307
Consumer packaged goods 295 226
Industrial and manufacturing 266 270
Other 175 190
----------- ------------------------------
Total $ 2,456 $ 2,323
----------- ------------------------------
GXO Logistics, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
and Adjusted EBITDA Margins
(Unaudited)
Year Trailing
Ended Twelve
Three Months Ended December Months
March 31, 31, Ended
------------------------ March
(In millions) 2024 2023 2023 31, 2024
------------------------------ ------------ ----------- ---------- ------------
Net income (loss)
attributable to GXO $ (37 ) $ 25 $ 229 $ 167
Net income attributable to
NCI 1 1 4 4
------------ ----------- ---------- ------------
Net income (loss) $ (36 ) $ 26 $ 233 $ 171
------------ ----------- ---------- ------------
Interest expense, net 13 13 53 53
Income tax expense (benefit) (10 ) 3 33 20
Depreciation and
amortization expense 92 83 361 370
Transaction and integration
costs 19 13 34 40
Restructuring costs and
other 16 21 32 27 Litigation expense 63 - - 63
Unrealized gain on foreign
currency options and other (3 ) (1 ) (5 ) (7 )
------------ ----------- ---------- ------------
Adjusted EBITDA((1)) $ 154 $ 158 $ 741 $ 737
------------ ----------- ---------- ------------
Revenue $ 2,456 $ 2,323
Operating income (loss) $ (39 ) $ 42
Operating income margin((2)) (1.6 )% 1.8 %
Adjusted EBITDA
margin((1)(3)) 6.3 % 6.8 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Operating income margin is calculated as operating income (loss) divided
by revenue for the period.)
((3) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by
revenue for the period.)
GXO Logistics, Inc.
Reconciliation of Net Income (loss) to Adjusted EBITA
and Adjusted EBITA Margins
(Unaudited)
Year
Ended
Three Months Ended December
March 31, 31, Trailing Twelve
----------------------- Months Ended
(In millions) 2024 2023 2023 March 31, 2024
------------------------- ----------- ----------- ---------- ------------------
Net income (loss)
attributable to GXO $ (37 ) $ 25 $ 229 $ 167
Net income attributable
to NCI 1 1 4 4
----------- ----------- ---------- ------------------
Net income (loss) $ (36 ) $ 26 $ 233 $ 171
----------- ----------- ---------- ------------------
Interest expense, net 13 13 53 53
Income tax expense
(benefit) (10 ) 3 33 20 Amortization expense 19 17 71 73
Transaction and
integration costs 19 13 34 40
Restructuring costs and
other 16 21 32 27 Litigation expense 63 - - 63
Unrealized gain on
foreign currency
options and other (3 ) (1 ) (5 ) (7 )
----------- ----------- ---------- ------------------
Adjusted EBITA((1)) $ 81 $ 92 $ 451 $ 440
----------- ----------- ---------- ------------------
Revenue $ 2,456 $ 2,323
Adjusted EBITA
margin((1)(2)) 3.3 % 4.0 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue
for the period.)
GXO Logistics, Inc.
Reconciliation of Net Income (loss) to Adjusted Net Income
and Adjusted Earnings Per Share
(Unaudited)
Three Months Ended March
31,
--------------------------
(Dollars in millions, shares in thousands, except
per share amounts) 2024 2023
---------------------------------------------------- ------------- ------------
Net income (loss) $ (36 ) $ 26
Net income attributable to NCI (1 ) (1 )
------------- ------------
Net income (loss) attributable to GXO $ (37 ) $ 25
------------- ------------
Amortization expense 19 17
Transaction and integration costs 19 13
Restructuring costs and other 16 21
Litigation expense 63 -
Unrealized gain on foreign currency options (3 ) (1 )
Income tax associated with the adjustments
above((1)) (23 ) (11 )
Discrete tax benefit((2)) - (5 )
------------- ------------
Adjusted net income attributable to GXO((3)) $ 54 $ 59
------------- ------------
Adjusted basic EPS((3)) $ 0.45 $ 0.50
Adjusted diluted EPS((3)) $ 0.45 $ 0.49
Weighted-average common shares outstanding
Basic 119,273 118,781 Diluted 119,273 119,231
((1) The income tax rate applied to items is based on the GAAP annual
effective tax rate.)
((2) Discrete tax benefit from intangible assets and the release of valuation
allowances.)
((3) See the "Non-GAAP Financial Measures" section of this press release.)
GXO Logistics, Inc.
Other Reconciliations
(Unaudited)
Reconciliation of Cash Flows from Operations to Free Cash Flow:
Three Months Ended March 31,
-----------------------------------------
(In millions) 2024 2023
------------------------------------- ------------- ---------------------------
Cash flows from operations $ 50 $ 39 Capital expenditures (73 ) (91 )
Proceeds from sale of property and
equipment 6 9
------------- ---------------------------
Free cash flow((1)) $ (17 ) $ (43 )
------------- ---------------------------
Cash flows from operations to net
income (loss) (138.9 )% 150.0 % Free cash flow conversion((1)(2)) (11.0 )% (27.2 )%
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) The Company calculates free cash flow conversion as free cash flow
divided by adjusted EBITDA, expressed as a percentage.)
Reconciliation of Revenue to Organic Revenue:
Three Months Ended March 31,
------------------------------------------
(In millions) 2024 2023
------------------------------------ ----------- ------------------------------
Revenue $ 2,456 $ 2,323
Revenue from acquired
business((1)) (63 ) -
Revenue from disposed
business((1)) (1 ) (4 )
Foreign exchange rates (50 ) -
----------- ------------------------------
Organic revenue((2)) $ 2,342 $ 2,319
----------- ------------------------------
Revenue growth((3)) 5.7 %
Organic revenue growth((2)(4)) 1.0 %
((1) The Company excludes revenue from acquired and disposed businesses for
periods that are no comparable.)
((2) See the "Non-GAAP Financial Measures" section of this press release.)
((3) Revenue growth is calculated as the change in the period-over-period
revenue divided by the prior period, expressed as a percentage.)
((4) Organic revenue growth is calculated as the change in the period-over-
period organic revenue divided by the prior period, expressed as a
percentage.)
GXO Logistics, Inc.
Liquidity Reconciliations
(Unaudited)
Reconciliation of Total Debt and Net Debt:
(In millions) March 31, 2024
----------------------------------- ---------------------------------------
Current debt $ 126
Long-term debt 1,511
---------------------------------------
Total debt $ 1,637
Plus Bank overdrafts 2
Less: Cash and cash equivalents (423 )
---------------------------------------
Net debt((1)) $ 1,216
---------------------------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Total debt to Net income Ratio:
(In millions) March 31, 2024
------------------------------------- -----------------
Total debt $ 1,637
Trailing twelve months net income $ 171
-----------------
Debt to net income ratio 9.6x
-----------------
Reconciliation of Net Leverage Ratio:
(In millions) March 31, 2024
----------------------------------------------- ---------------------------
Net debt $ 1,216
Trailing twelve months adjusted EBITDA((1)) $ 737
---------------------------
Net leverage ratio((1)) 1.6x
---------------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
GXO Logistics, Inc.
Return on Invested Capital
(Unaudited)
Adjusted EBITA, net of income taxes paid:
Three Months Trailing
Ended March 31, Year Ended Twelve
--------------------- Months
Ended
March
December 31,
(In millions) 2024 2023 31, 2023 2024
------------------------------- ---------- ---------- --------------- ---------
Adjusted EBITA((1)) $ 81 $ 92 $ 451 $ 440
Less: Cash paid for income
taxes (1 ) - (84 ) (85 )
---------- ---------- --------------- ---------
Adjusted EBITA, net of income
taxes paid((1)) $ 80 $ 92 $ 367 $ 355
---------- ---------- --------------- ---------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Return on Invested Capital:
March 31,
-----------------------
(In millions) 2024 2023 Average
------------------------------- ----------- ----------- -----------------------
Selected Assets:
Accounts receivable, net $ 1,665 $ 1,605 $ 1,635 Other current assets 375 280 328 Property and equipment, net 951 964 958
Selected Liabilities:
Accounts payable $ (615 ) $ (652 ) $ (634 )
Accrued expenses (976 ) (908 ) (942 )
Other current liabilities (311 ) (209 ) (260 )
----------- ----------- -----------------------
Invested capital $ 1,089 $ 1,080 $ 1,085
----------- ----------- -----------------------
Trailing twelve months net
income
to average invested capital 15.8 %
Operating return on invested
capital((1)(2)) 32.7 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) The ratio of operating return on invested capital is calculated as
trailing twelve months adjusted EBITA, net of income taxes paid, divided by
the average invested capital.)
_____________________________
(¹ For definitions of non-GAAP measures see the "Non-GAAP Financial Measures"
section in this press release.)
(² Our guidance reflects current FX rates.)
(³ Compound Annual Growth Rate (CAGR).)
Â
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
GXO LOGISTICS INC. DL-,01 | A3CU51 | Frankfurt | 47,600 | 17.05.24 15:29:01 | ±0,000 | ±0,00% | 0,000 | 0,000 | 47,800 | 47,600 |
