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07.11.2023 22:30:04 - dpa-AFX: GNW-Adhoc: GXO Reports Third Quarter 2023 Results
Highlights
Business Highlights
* Secured incremental 2024 revenue from new business wins of $520 million, and
GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the third quarter
2023.
Malcolm Wilson, Chief Executive Officer of GXO, said, "Our third quarter results
reflect the resilience of our contractual business model as well as our high-
caliber operational and financial execution. We delivered record revenue, year-
over-year growth in net income attributable to GXO and adjusted EBITDA,
consistent margins, robust cash flow from operations, and outstanding wins. We
continue to take market share: through the third quarter, we have secured more
than half a billion dollars of new business for 2024. While the macro
environment is uncertain, we're driving strong performance in new business wins,
profits and cash flow.
"We believe our successful acquisition of PFSweb positions us squarely for
growth, particularly in North America, where PFS generates the majority of its
revenue. This is a fantastic organization with a unique set of capabilities and
a customer base of globally recognized brands that complements our own. We are
already working as one team to create commercial opportunities for our customers
and our business.
"Reflecting the resilience of our business model, and the acquisition of PFS, we
are upgrading our guidance for full-year adjusted EBITDA and EPS, for the third
time this year, while revising our full-year organic revenue growth guidance to
reflect expectations for a softer peak season.
"Looking ahead to next year, our structural business drivers remain strong and
we're seeing an acceleration of the trends that are driving our growth, as
customers look to increase productivity, optimize their working capital, and
better serve their end consumers. We will continue to grow by capitalizing on
our proven track record of transforming supply chains into a competitive
advantage, while maintaining a rigorous focus on contract governance, cost
discipline and capital allocation to create value for all our stakeholders."
Third Quarter 2023 Results
Revenue increased to $2.5 billion, up 8% year over year, compared with $2.3
billion for the third quarter 2022. Organic revenue(1) grew by 3%.
Operating income increased to $90 million, up 25% year over year, compared with
$72 million for the third quarter 2022.
Net income attributable to GXO was $66 million, up 5% year over year, compared
with $63 million for the third quarter 2022. Diluted earnings per share was
$0.55, up 4% year over year, compared with $0.53 for the third quarter 2022.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") increased to $200 million from $192 million in the third
quarter 2022.
Adjusted net income attributable to GXO(1) was $82 million, compared with $89
million for the third quarter 2022. Adjusted diluted earnings per share(1) was
$0.69, compared with $0.75 for the third quarter 2022.
GXO generated $243 million of cash flow from operations, compared with $116
million for the third quarter 2022. In the third quarter of 2023, GXO generated
$191 million of free cash flow(1) compared to $47 million for the third quarter
2022.
Cash Balances and Outstanding Debt
As of September 30, 2023, cash and cash equivalents and debt outstanding were
$473 million and $1.6 billion, respectively, as part of GXO's investment grade
balance sheet.
2023 Guidance
GXO's current 2023 financial outlook is as follows:
Conference Call
GXO will hold a conference call on Wednesday, November 8, 2023, 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: 13741225. 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
November 22, 2023. 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 13741225.
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 U.S. 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 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"), free cash flow, organic
revenue, organic revenue growth, net leverage ratio, net debt, and 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, as well
as restructuring costs and other adjustments as set forth in the financial
tables below. Transaction and integration adjustments are generally incremental
costs that result from an actual or planned acquisition or divestiture 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. Restructuring costs primarily relate to severance costs
associated with business optimization initiatives.
We believe that free cash flow is an important measure 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 net cash provided by operating
activities less payment for purchases of property and equipment plus proceeds
from sale of property and equipment.
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 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 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 deconsolidated
operations.
We believe that net leverage ratio and net debt are important measures of our
overall liquidity position and are calculated by 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
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 2023 organic revenue growth,
adjusted EBITDA, free cash flow, and adjusted diluted EPS, 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 2023 financial targets of organic revenue
growth, adjusted EBITDA, free cash flow, and adjusted diluted earnings per
share; the expected incremental revenue in 2024 and 2025 from new customer wins
in 2023; and our continued growth. 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: the impact of the COVID-19 pandemic; economic
conditions generally; supply chain challenges, including labor shortages; our
ability to align our investments in capital assets, including equipment, and
warehouses, to our customers' demands; our ability to successfully integrate and
realize anticipated synergies, cost savings and profit improvement opportunities
with respect to acquired companies; unsuccessful acquisitions or 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 our subcontractors, and risks associated with labor disputes
at our customers' facilities and efforts by labor organizations to organize our
employees; risks associated with defined benefit plans for our current and
former employees; our inability to attract or retain necessary talent; the
increased costs associated with labor; fluctuations in currency exchange rates;
fluctuations in fixed and floating interest rates; seasonal fluctuations; 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, including the conflict between Russia and Ukraine;
a material disruption of the company's 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; the impact of potential
cyber-attacks and information technology or data security breaches; the
inability to implement technology initiatives successfully; our ability to
achieve our 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.
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) 536 8493
chris.jordan@gxo.com
Media Contact
Matthew Schmidt
+1 (203) 307-2809
matt.schmidt@gxo.com
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Revenue $ 2,471 $ 2,287 $ 7,188 $ 6,526
Direct operating
expense 2,012 1,885 5,875 5,408
Selling, general and
administrative expense 258 227 761 637
Depreciation and
amortization expense 101 89 268 242
Transaction and
integration costs 3 14 22 57
Restructuring costs
Income before income
Net income
attributable to
noncontrolling
Net income
Earnings per share
data
Weighted-average
common shares
outstanding
(Dollars in millions, shares in thousands, except per
share amounts) 2023 2022
-------------------------------------------------------- ----------- ----------
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, 118,951 and 118,728 issued and
outstanding 1 1
Preferred Stock, $0.01 par value per share; 10,000
Total stockholders' equity before noncontrolling
-------------------------------------------------------- ---------- -----------
Cash flows from operating activities:
Net income $ 160 $ 154
Adjustments to reconcile net income to net cash
provided by operating activities
Changes in operating assets and liabilities
Cash flows from investing activities:
Cash flows from financing activities:
Effect of exchange rates on cash, restricted cash and
Net (decrease) increase in cash, restricted cash and
cash equivalents (21 ) 101
Cash, restricted cash and cash equivalents, beginning
Cash, restricted cash and cash equivalents, end of
Non-cash investing activities:
Revenue disaggregated by geographical area was as follows:
---------------- ----------- ----------- ----------- ----------
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industry was as follows:
Technology and consumer
------------------ ----------- ----------- ----------------------- ---------- ----------
Net income
attributable to
GXO $ 66 $ 63 $ 156 $ 151 $ 197 $ 202
Net income
attributable to
noncontrolling
Interest
expense, net 14 6 41 19 29 51
Income tax
expense 15 19 38 51 64 51
Depreciation and
amortization
expense 101 89 268 242 329 355
Transaction and
integration
costs 3 14 22 57 61 26
Restructuring
costs and other 7 - 31 14 32 49
Unrealized
(gain) loss on
foreign currency
options and
Adjusted
Less:
Adjusted
Adjusted EBITDA
margin(()(1)(2)) 8.1 % 8.4 % 7.6 % 8.0 %
Adjusted EBITA
margin(()(1)(3)) 4.7 % 5.4 % 4.6 % 5.0 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by
revenue.)
((3) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue.)
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Net income
Transaction and
integration costs 3 14 22 57
Restructuring costs
and other 7 - 31 14
Unrealized gain on
foreign currency
options and other (8 ) - (12 ) (14 )
Income tax associated
with the adjustments
above(()(1)) (4 ) (9 ) (21 ) (20 )
Discrete tax
Adjusted net income
attributable to
Adjusted basic
earnings per
share(()(3)) $ 0.69 $ 0.75 $ 1.89 $ 2.03
Adjusted diluted
earnings per
share(()(3)) $ 0.69 $ 0.75 $ 1.88 $ 2.02
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 the release of valuation allowances.)
((3) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow:
------------------------------------ ---------- ---------- ---------- ---------
Net cash provided by operating
Proceeds from sales of property
((1) See the "Non-GAAP Financial Measures" section of this press release. The
Company calculates free cash flow conversion as free cash flow divided by
adjusted EBITDA, expressed as a ratio.)
Reconciliation of Revenue to Organic Revenue:
-------------------------------- ----------- ----------- ----------- ----------
Revenue $ 2,471 $ 2,287 $ 7,188 $ 6,526
Revenue from acquired
Organic revenue
growth(()(2)(4)) 2.5 % 4.0 %
((1) The Company excludes revenue from the acquired business in the current
period for which there are no comparable revenues in the prior period.)
((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.)
((4) Organic revenue growth is calculated as the change in the period-over-
period organic revenue divided by the prior period.)
Reconciliation of Total Debt and Net Debt:
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Total debt to Net income attributable to GXO Ratio:
------------------------------------------------------- ---------------
Reconciliation of Net Leverage Ratio:
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Adjusted EBITA, net of income taxes paid:
----------------------------------- ---------- ---------- ---------- ----------
Adjusted EBITA(()(1)), net of
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Operating Return on Invested Capital:
-------------------------------------------- ----------- ----------- ----------
Selected Assets:
Selected Liabilities:
Ratio of Return on Invested
Capital(()(1)(2)) 35.9 %
((1) The ratio of return on invested capital is calculated as trailing twelve
months adjusted EBITA, net of income taxes paid, divided by invested capital.)
((2) See the "Non-GAAP Financial Measures" section of this press release.)
(________________________________________
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 and the acquisition of PFSweb.
Â
* Third quarter revenue grew 8% year over year to $2.5 billion, and organic
revenue(1) grew 3%
* Net income attributable to GXO grew to $66 million; operating income
increased by 25%; operating margins improved by 49 basis points; and
adjusted EBITDA(1) grew to $200 million
* Cash flow from operations of $243 million in 3Q 2023 compared to $116
million in 3Q 2022; 3Q 2023 free cash flow(1) of $191 million compared to
$47 million in 3Q 2022
* Updated full-year 2023 guidance(2):
* Adjusted diluted earnings per share(1 )upgraded from $2.45-$2.65 to
$2.55-$2.65
* Adjusted EBITDA(1) upgraded from $725-$755 million to $730-$755 million
* Organic revenue growth(1) revised from 6-8% to 2-4%
* Free cash flow conversion(1) of approximately 30% of adjusted EBITDA
reiterated
Business Highlights
* Signed new business wins of $841 million year to date; $181 million of new
business wins in 3Q 2023, almost half of which came from companies
outsourcing their operations
* Secured incremental 2024 revenue from new business wins of $520 million, and
incremental 2025 revenue of $187 million, through 3Q 2023 * Sales pipeline remains at approximately $2 billion * Closed the acquisition of PFSweb on October 23, 2023
GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the third quarter
2023.
Malcolm Wilson, Chief Executive Officer of GXO, said, "Our third quarter results
reflect the resilience of our contractual business model as well as our high-
caliber operational and financial execution. We delivered record revenue, year-
over-year growth in net income attributable to GXO and adjusted EBITDA,
consistent margins, robust cash flow from operations, and outstanding wins. We
continue to take market share: through the third quarter, we have secured more
than half a billion dollars of new business for 2024. While the macro
environment is uncertain, we're driving strong performance in new business wins,
profits and cash flow.
"We believe our successful acquisition of PFSweb positions us squarely for
growth, particularly in North America, where PFS generates the majority of its
revenue. This is a fantastic organization with a unique set of capabilities and
a customer base of globally recognized brands that complements our own. We are
already working as one team to create commercial opportunities for our customers
and our business.
"Reflecting the resilience of our business model, and the acquisition of PFS, we
are upgrading our guidance for full-year adjusted EBITDA and EPS, for the third
time this year, while revising our full-year organic revenue growth guidance to
reflect expectations for a softer peak season.
"Looking ahead to next year, our structural business drivers remain strong and
we're seeing an acceleration of the trends that are driving our growth, as
customers look to increase productivity, optimize their working capital, and
better serve their end consumers. We will continue to grow by capitalizing on
our proven track record of transforming supply chains into a competitive
advantage, while maintaining a rigorous focus on contract governance, cost
discipline and capital allocation to create value for all our stakeholders."
Third Quarter 2023 Results
Revenue increased to $2.5 billion, up 8% year over year, compared with $2.3
billion for the third quarter 2022. Organic revenue(1) grew by 3%.
Operating income increased to $90 million, up 25% year over year, compared with
$72 million for the third quarter 2022.
Net income attributable to GXO was $66 million, up 5% year over year, compared
with $63 million for the third quarter 2022. Diluted earnings per share was
$0.55, up 4% year over year, compared with $0.53 for the third quarter 2022.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") increased to $200 million from $192 million in the third
quarter 2022.
Adjusted net income attributable to GXO(1) was $82 million, compared with $89
million for the third quarter 2022. Adjusted diluted earnings per share(1) was
$0.69, compared with $0.75 for the third quarter 2022.
GXO generated $243 million of cash flow from operations, compared with $116
million for the third quarter 2022. In the third quarter of 2023, GXO generated
$191 million of free cash flow(1) compared to $47 million for the third quarter
2022.
Cash Balances and Outstanding Debt
As of September 30, 2023, cash and cash equivalents and debt outstanding were
$473 million and $1.6 billion, respectively, as part of GXO's investment grade
balance sheet.
2023 Guidance
GXO's current 2023 financial outlook is as follows:
* Organic revenue growth(1) of 2% to 4% (revised from 6% to 8%);
* Adjusted EBITDA(1) of $730 million to $755 million (upgraded from $725
million to $755 million);
* Free cash flow(1) conversion of approximately 30% of adjusted EBITDA(1)
reiterated; and
* Adjusted diluted earnings per share(1 )of $2.55 to $2.65 (upgraded from
$2.45 to $2.65).
Conference Call
GXO will hold a conference call on Wednesday, November 8, 2023, 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: 13741225. 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
November 22, 2023. 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 13741225.
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.
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Non-GAAP Financial Measures
As required by the rules of the U.S. 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 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"), free cash flow, organic
revenue, organic revenue growth, net leverage ratio, net debt, and 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, as well
as restructuring costs and other adjustments as set forth in the financial
tables below. Transaction and integration adjustments are generally incremental
costs that result from an actual or planned acquisition or divestiture 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. Restructuring costs primarily relate to severance costs
associated with business optimization initiatives.
We believe that free cash flow is an important measure 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 net cash provided by operating
activities less payment for purchases of property and equipment plus proceeds
from sale of property and equipment.
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 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 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 deconsolidated
operations.
We believe that net leverage ratio and net debt are important measures of our
overall liquidity position and are calculated by 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
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 2023 organic revenue growth,
adjusted EBITDA, free cash flow, and adjusted diluted EPS, 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 2023 financial targets of organic revenue
growth, adjusted EBITDA, free cash flow, and adjusted diluted earnings per
share; the expected incremental revenue in 2024 and 2025 from new customer wins
in 2023; and our continued growth. 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: the impact of the COVID-19 pandemic; economic
conditions generally; supply chain challenges, including labor shortages; our
ability to align our investments in capital assets, including equipment, and
warehouses, to our customers' demands; our ability to successfully integrate and
realize anticipated synergies, cost savings and profit improvement opportunities
with respect to acquired companies; unsuccessful acquisitions or 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 our subcontractors, and risks associated with labor disputes
at our customers' facilities and efforts by labor organizations to organize our
employees; risks associated with defined benefit plans for our current and
former employees; our inability to attract or retain necessary talent; the
increased costs associated with labor; fluctuations in currency exchange rates;
fluctuations in fixed and floating interest rates; seasonal fluctuations; 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, including the conflict between Russia and Ukraine;
a material disruption of the company's 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; the impact of potential
cyber-attacks and information technology or data security breaches; the
inability to implement technology initiatives successfully; our ability to
achieve our 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.
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) 536 8493
chris.jordan@gxo.com
Media Contact
Matthew Schmidt
+1 (203) 307-2809
matt.schmidt@gxo.com
GXO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- --------------------------
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Revenue $ 2,471 $ 2,287 $ 7,188 $ 6,526
Direct operating
expense 2,012 1,885 5,875 5,408
Selling, general and
administrative expense 258 227 761 637
Depreciation and
amortization expense 101 89 268 242
Transaction and
integration costs 3 14 22 57
Restructuring costs
and other 7 - 31 14
------------- ------------- ------------- ------------
Operating income 90 72 231 168
------------- ------------- ------------- ------------
Other income, net 7 17 8 56
Interest expense, net (14 ) (6 ) (41 ) (19 )
------------- ------------- ------------- ------------
Income before income
taxes 83 83 198 205
Income tax expense (15 ) (19 ) (38 ) (51 )
------------- ------------- ------------- ------------
Net income 68 64 160 154
Net income
attributable to
noncontrolling
interests (2 ) (1 ) (4 ) (3 )
------------- ------------- ------------- ------------
Net income
attributable to GXO $ 66 $ 63 $ 156 $ 151
------------- ------------- ------------- ------------
Earnings per share
data
Basic $ 0.55 $ 0.53 $ 1.31 $ 1.30 Diluted $ 0.55 $ 0.53 $ 1.31 $ 1.29
Weighted-average
common shares
outstanding
Basic 118,941 118,621 118,883 116,508
Diluted 119,645 119,065 119,430 117,107
GXO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September December
30, 31,
(Dollars in millions, shares in thousands, except per
share amounts) 2023 2022
-------------------------------------------------------- ----------- ----------
ASSETS
Current assets
Cash and cash equivalents $ 473 $ 495
Accounts receivable, net of allowance of $18 and $12 1,661 1,647
Other current assets 332 286
----------- ----------
Total current assets 2,466 2,428
----------- ----------
Long-term assets
Property and equipment, net of accumulated
depreciation of $1,463 and $1,297 923 960 Operating lease assets 2,133 2,227 Goodwill 2,734 2,728
Intangible assets, net of accumulated amortization of
$507 and $456 507 570
Other long-term assets 328 306
----------- ----------
Total long-term assets 6,625 6,791
----------- ----------
Total assets $ 9,091 $ 9,219
----------- ----------
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 597 $ 717
Accrued expenses 975 995
Current debt 26 67
Current operating lease liabilities 561 560
Other current liabilities 275 193
----------- ----------
Total current liabilities 2,434 2,532
----------- ----------
Long-term liabilities
Long-term debt 1,621 1,739
Long-term operating lease liabilities 1,800 1,853
Other long-term liabilities 419 417
----------- ----------
Total long-term liabilities 3,840 4,009
----------- ----------
Commitments and contingencies
Stockholders' Equity
Common Stock, $0.01 par value per share; 300,000
shares authorized, 118,951 and 118,728 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 2,593 2,575
Retained earnings 479 323
Accumulated other comprehensive loss (289 ) (254 )
----------- ----------
Total stockholders' equity before noncontrolling
interests 2,784 2,645
----------- ----------
Noncontrolling interests 33 33
----------- ----------
Total equity 2,817 2,678
----------- ----------
Total liabilities and equity $ 9,091 $ 9,219
----------- ----------
GXO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
----------------------
(In millions) 2023 2022
-------------------------------------------------------- ---------- -----------
Cash flows from operating activities:
Net income $ 160 $ 154
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization expense 268 242 Stock-based compensation expense 25 24 Deferred tax expense (benefit) (29 ) - Other 16 (4 )
Changes in operating assets and liabilities
Accounts receivable (23 ) (22 )
Other assets (39 ) (28 )
Accounts payable (69 ) (68 )
Accrued expenses and other liabilities 34 18
---------- -----------
Net cash provided by operating activities 343 316
---------- -----------
Cash flows from investing activities:
Capital expenditures (205 ) (239 )
Proceeds from sales of property and equipment 13 22
Acquisition of businesses, net of cash acquired - (874 )
Net proceeds from cross-currency swap agreements - 26
Other - 9
----------------------
Net cash used in investing activities (192 ) (1,056 )
----------------------
Cash flows from financing activities:
Proceeds from issuance of debt, net - 898
Repayments of debt, net (139 ) -
Repayments of finance lease obligations (24 ) (23 )
Taxes paid related to stock-based compensation awards (7 ) (12 )
Other - -
---------- -----------
Net cash provided by (used in) financing activities (170 ) 863
---------- -----------
Effect of exchange rates on cash, restricted cash and
cash equivalents (2 ) (22 )
---------- -----------
Net (decrease) increase in cash, restricted cash and
cash equivalents (21 ) 101
Cash, restricted cash and cash equivalents, beginning
of period 495 333
---------- -----------
Cash, restricted cash and cash equivalents, end of
period $ 474 $ 434
---------- -----------
Cash and cash equivalents $ 473 $ 434
Restricted Cash (included in Other long-term assets) 1 -
---------- -----------
Total cash, restricted cash and cash equivalents $ 474 $ 434
---------- -----------
Non-cash investing activities:
Common stock issued for acquisition $ - $ 203
GXO Logistics, Inc.
Key Data
Disaggregation of Revenue
(Unaudited)
Revenue disaggregated by geographical area was as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ----------------------
(In millions) 2023 2022 2023 2022
---------------- ----------- ----------- ----------- ----------
United Kingdom $ 958 $ 890 $ 2,695 $ 2,371
United States 711 709 2,117 2,075
France 207 171 626 530
Netherlands 216 175 610 508
Spain 133 117 396 360
Italy 97 81 279 243
Other 149 144 465 439
----------- ----------- ----------- ----------
Total $ 2,471 $ 2,287 $ 7,188 $ 6,526
----------- ----------- ----------- ----------
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industry was as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ----------------------
(In millions) 2023 2022 2023 2022-------------------------------- ----------- ----------- ----------- ----------
Omnichannel retail $ 1,051 $ 919 $ 3,041 $ 2,618
Technology and consumer
electronics 360 338 1,081 963
Food and beverage 362 335 1,004 1,009
Industrial and manufacturing 263 275 803 807
Consumer packaged goods 231 227 689 663
Other 204 193 570 466
----------- ----------- ----------- ----------
Total $ 2,471 $ 2,287 $ 7,188 $ 6,526
----------- ----------- ----------- ----------
GXO Logistics, Inc.
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITA
and Adjusted EBITDA and Adjusted EBITA Margins
(Unaudited)
Three Months Ended Nine Months Ended Year Trailing
September 30, September 30, Ended Twelve
----------------------- ----------------------- Months
Ended
December September
31, 30,
(In millions) 2023 2022 2023 2022 2022 2023
------------------ ----------- ----------- ----------------------- ---------- ----------
Net income
attributable to
GXO $ 66 $ 63 $ 156 $ 151 $ 197 $ 202
Net income
attributable to
noncontrolling
interest 2 1 4 3 3 4
----------- ----------- ----------------------- ---------- ----------
Net income $ 68 $ 64 $ 160 $ 154 $ 200 $ 206
----------- ----------- ----------------------- ---------- ----------
Interest
expense, net 14 6 41 19 29 51
Income tax
expense 15 19 38 51 64 51
Depreciation and
amortization
expense 101 89 268 242 329 355
Transaction and
integration
costs 3 14 22 57 61 26
Restructuring
costs and other 7 - 31 14 32 49
Unrealized
(gain) loss on
foreign currency
options and
other (8 ) - (12 ) (14 ) 13 15
----------- ----------- ----------------------- ---------- ----------
Adjusted
EBITDA(()(1)) $ 200 $ 192 $ 548 $ 523 $ 728 $ 753
----------- ----------- ----------------------- ---------- ----------
Less:
Depreciation 83 68 214 194 261 281
----------- ----------- ----------------------- ---------- ----------
Adjusted
EBITA(()(1)) $ 117 $ 124 $ 334 $ 329 $ 467 $ 472
----------- ----------- ----------------------- ---------- ----------
Revenue $ 2,471 $ 2,287 $ 7,188 $ 6,526
Adjusted EBITDA
margin(()(1)(2)) 8.1 % 8.4 % 7.6 % 8.0 %
Adjusted EBITA
margin(()(1)(3)) 4.7 % 5.4 % 4.6 % 5.0 %
((1) See the "Non-GAAP Financial Measures" section of this press release.)
((2) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by
revenue.)
((3) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue.)
GXO Logistics, Inc.
Reconciliation of Net Income to Adjusted Net Income
and Adjusted Earnings Per Share
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- --------------------------
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Net income
attributable to GXO $ 66 $ 63 $ 156 $ 151 Amortization expense 18 21 54 48
Transaction and
integration costs 3 14 22 57
Restructuring costs
and other 7 - 31 14
Unrealized gain on
foreign currency
options and other (8 ) - (12 ) (14 )
Income tax associated
with the adjustments
above(()(1)) (4 ) (9 ) (21 ) (20 )
Discrete tax
benefit(()(2)) - - (5 ) -
------------- ------------- ------------- ------------
Adjusted net income
attributable to
GXO(()(3)) $ 82 $ 89 $ 225 $ 236
------------- ------------- ------------- ------------
Adjusted basic
earnings per
share(()(3)) $ 0.69 $ 0.75 $ 1.89 $ 2.03
Adjusted diluted
earnings per
share(()(3)) $ 0.69 $ 0.75 $ 1.88 $ 2.02
Weighted-average
common shares
outstanding
Basic 118,941 118,621 118,883 116,508 Diluted 119,645 119,065 119,430 117,107
((1) The income tax rate applied to items is based on the GAAP annual effective
tax rate.)
((2) Discrete tax benefit from 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 Operating Activities to Free Cash Flow:
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- --------------------
(In millions) 2023 2022 2023 2022
------------------------------------ ---------- ---------- ---------- ---------
Net cash provided by operating
activities $ 243 $ 116 $ 343 $ 316 Capital expenditures (55 ) (85 ) (205 ) (239 )
Proceeds from sales of property
and equipment 3 16 13 22
---------- ---------- --------------------
Free Cash Flow(()(1)) $ 191 $ 47 $ 151 $ 99
---------- ---------- --------------------
((1) See the "Non-GAAP Financial Measures" section of this press release. The
Company calculates free cash flow conversion as free cash flow divided by
adjusted EBITDA, expressed as a ratio.)
Reconciliation of Revenue to Organic Revenue:
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- ----------------------
(In millions) 2023 2022 2023 2022
-------------------------------- ----------- ----------- ----------- ----------
Revenue $ 2,471 $ 2,287 $ 7,188 $ 6,526
Revenue from acquired
business(()(1)) - - (378 ) -
Revenue from deconsolidation - - - (20 )
Foreign exchange rates (126 ) - (43 ) -
----------- ----------- ----------------------
Organic revenue(()(2)) $ 2,345 $ 2,287 $ 6,767 $ 6,506
----------- ----------- ----------------------
Revenue growth(()(3)) 8.0 % 10.1 %
Organic revenue
growth(()(2)(4)) 2.5 % 4.0 %
((1) The Company excludes revenue from the acquired business in the current
period for which there are no comparable revenues in the prior period.)
((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.)
((4) Organic revenue growth is calculated as the change in the period-over-
period organic revenue divided by the prior period.)
GXO Logistics, Inc.
Liquidity Reconciliations
(Unaudited)
Reconciliation of Total Debt and Net Debt:
(In millions) September 30, 2023
----------------------------------- ---------------------
Current debt $ 26
Long-term debt 1,621
---------------------
Total debt $ 1,647
---------------------
Less: Cash and cash equivalents (473 )
---------------------
Net debt(()(1)) $ 1,174
---------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Total debt to Net income attributable to GXO Ratio:
September (In millions) 30, 2023
------------------------------------------------------- ---------------
Total debt $ 1,647
Trailing twelve months net income attributable to GXO $ 202
---------------
Debt to net income attributable to GXO ratio 8.2x
---------------
Reconciliation of Net Leverage Ratio:
(In millions) September 30, 2023
------------------------------------------------- ---------------------
Net debt $ 1,174
Trailing twelve months adjusted EBITDA(()(1)) $ 753
---------------------
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:
Nine Months Ended Year Trailing
September 30, Ended Twelve
---------- ---------- Months
Ended
December September
31, 30,
(In millions) 2023 2022 2022 2023
----------------------------------- ---------- ---------- ---------- ----------
Adjusted EBITA(()(1)) $ 334 $ 329 $ 467 $ 472
Less: Cash paid for income taxes (57 ) (74 ) (111 ) (94 )
---------- ---------- ---------- ----------
Adjusted EBITA(()(1)), net of
income taxes paid $ 277 $ 255 $ 356 $ 378
---------- ---------- ---------- ----------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Operating Return on Invested Capital:
September 30,
-----------------------
(In millions) 2023 2022 Average
-------------------------------------------- ----------- ----------- ----------
Selected Assets:
Accounts receivable, net $ 1,661 $ 1,507 $ 1,584 Other current assets 332 301 317 Property and equipment, net 923 914 919
Selected Liabilities:
Accounts payable $ (597 ) $ (568 ) $ (583 )
Accrued expenses (975 ) (952 ) (964 )
Other current liabilities (275 ) (162 ) (219 )
----------- ----------- ----------
Invested Capital $ 1,069 $ 1,040 $ 1,054
----------- ----------- ----------
Ratio of Return on Invested
Capital(()(1)(2)) 35.9 %
((1) The ratio of return on invested capital is calculated as trailing twelve
months adjusted EBITA, net of income taxes paid, divided by invested capital.)
((2) See the "Non-GAAP Financial Measures" section of this press release.)
(________________________________________
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 and the acquisition of PFSweb.
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| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
GXO LOGISTICS INC. DL-,01 | A3CU51 | Frankfurt | 45,600 | 28.06.24 15:29:01 | +0,800 | +1,79% | 0,000 | 0,000 | 45,800 | 45,600 |
