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13.02.2024 22:30:07 - dpa-AFX: GNW-Adhoc: GXO Reports Fourth Quarter and Full Year 2023 Results
Highlights
Business Highlights
GREENWICH, Conn., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the fourth quarter
and full year 2023.
Malcolm Wilson, Chief Executive Officer of GXO, said, "In the fourth quarter, we
delivered a successful operational peak for our customers, capping off what was
a truly great year for GXO.
"In 2023, GXO delivered strong growth in revenue, net income and adjusted
EBITDA, as well as record cash flows from operations and free cash flow, and a
stellar return on invested capital. We closed a tremendous $1 billion of
annualized new business wins, with nearly 40% coming from outsourcing as more
companies look to GXO to transform their supply chains. Through our acquisition
of PFS, we welcomed over 100 fantastic brands in high-growth verticals, and we
are now focused on supercharging PFS' growth.
"During the year, GXO continued to lead the industry in automation, deploying a
record amount of robotics and winning multiple long-term, highly automated
contracts with global blue-chip companies. These companies are looking to GXO
for continued innovation, and we anticipate the proliferation of AI and
automation deployment across our operations to accelerate in 2024 and beyond.
"We're uniquely positioned to help our customers make their supply chain
operations more productive today and more resilient tomorrow. Our 2024 guidance
reflects another year of solid revenue growth as well as continued strength in
profit and cash flow, and we are very excited about our long-term growth
trajectory."
Fourth Quarter 2023 Results
Revenue increased to $2.6 billion, compared with $2.5 billion for the fourth
quarter 2022.
Operating income increased to $87 million, compared with $74 million for the
fourth quarter 2022. Net income attributable to GXO increased to $73 million,
compared with $46 million for the fourth quarter 2022. Diluted earnings per
share increased to $0.61, compared with $0.39 for the fourth quarter 2022.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") was $193 million, compared with $205 million for the
fourth quarter 2022. Adjusted net income attributable to GXO(1) was $84 million,
compared with $99 million for the fourth quarter 2022. Adjusted diluted earnings
per share(1) was $0.70, compared with $0.83 for the fourth quarter 2022.
GXO generated $215 million of cash flows from operations, compared with $226
million for the fourth quarter 2022. In the fourth quarter of 2023, GXO
generated $151 million of free cash flow(1), compared with $141 million for the
fourth quarter 2022.
Full Year 2023 Results
Revenue increased to $9.8 billion, compared with $9.0 billion for 2022.
Operating income increased to $318 million, compared with $242 million for
2022. Net income attributable to GXO increased to $229 million, compared with
$197 million for 2022. Diluted earnings per share increased to $1.92, compared
with $1.67 for 2022.
Adjusted EBITDA(1) increased to $741 million, compared with $728 million for
2022. Adjusted net income attributable to GXO(1) was $309 million, compared with
$335 million for 2022. Adjusted diluted earnings per share(1) was $2.59,
compared with $2.85 for 2022.
GXO generated $558 million of cash flows from operations, compared with $542
million for 2022. GXO generated $302 million of free cash flow(1), compared with
$240 million for 2022. Cash flows from operations to net income attributable to
GXO and free cash flow conversion(1) ratios were 244% and 41%, respectively, for
2023. Cash flows from operations to net income attributable to GXO and free cash
flow conversion(1) ratios were 275% and 33%, respectively, for 2022.
Net income attributable to GXO to average invested capital and operating return
on invested capital(1) ratios were 22% and 36%, respectively, for 2023.
Cash Balances and Outstanding Debt
As of December 31, 2023, cash and cash equivalents and debt outstanding were
$468 million and $1.6 billion, respectively. GXO's balance sheet remains
investment grade and received credit rating outlook upgrades from S&P, Moody's
and Fitch during 2023.
2024 Guidance(2)
GXO's 2024 financial outlook is as follows:
Conference Call
GXO will hold a conference call on Wednesday, February 14, 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: 13743710. 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
February 28, 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 13743710.
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 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, free
cash flow conversion, organic revenue, organic revenue growth, 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, 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, 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. Restructuring costs primarily relate to
severance costs associated with business optimization initiatives.
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 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 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, 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 financial targets of organic revenue
growth, adjusted EBITDA, adjusted diluted earnings per share and free cash flow
conversion; the expected incremental revenue in 2024 and 2025 from new customer
wins in 2023; the proliferation of AI and automation deployment across our
operations to accelerate in 2024 and beyond; continued strong performance in
2024; and long-term growth trajectory. 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; 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; damage to our reputation; 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; failure in properly handling the inventory of our customers; 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 $ 2,590 $ 2,467 $ 9,778 $ 8,993
Direct operating
expense 2,160 2,035 8,035 7,443
Selling, general and
administrative expense 237 249 998 886
Depreciation and
amortization expense 93 87 361 329
Transaction and
integration costs 12 4 34 61
Restructuring costs
Other income
Income before income
taxes 68 59 266 264
Income tax (expense)
Net income
attributable to
noncontrolling
Net income
Earnings per share
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, 119,057 and 118,728 shares 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 $ 233 $ 200
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:
Taxes paid related to net share settlement of equity
Net (decrease) increase in cash, restricted cash and
cash equivalents (25 ) 162
Cash, restricted cash and cash equivalents, beginning
Cash, restricted cash and cash equivalents, end of
Reconciliation of cash, restricted cash and cash
equivalents
Revenuedisaggregated by geographical area was as follows:
---------------- --------- --------- --------- --------
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industries was as follows:
------------------------------------- --------- --------- --------- --------
-------------------------------- ----------- ----------- ----------- ----------
Net income attributable to GXO $ 73 $ 46 $ 229 $ 197
Net income attributable to
Depreciation and amortization
expense 93 87 361 329
Transaction and integration
Unrealized (gain) loss on
foreign currency options and
((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 12 4 34 61
Restructuring costs
and other 1 18 32 32
Unrealized (gain) loss
on foreign currency
options and other 7 27 (5 ) 13
Income tax associated
with the adjustments
above((1)) (9 ) (16 ) (30 ) (36 )
Discrete tax
Adjusted net income
attributable to
Adjusted basic
earnings per
share((3)) $ 0.71 $ 0.83 $ 2.60 $ 2.86
Adjusted diluted
earnings per
share((3)) $ 0.70 $ 0.83 $ 2.59 $ 2.85
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 sales of property
Cash flows from operations to
((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 percentage.)
Reconciliation of Revenue to Organic Revenue:
---------------------------------- ----------- --------- ----------- ----------
Revenue $ 2,590 $ 2,467 $ 9,778 $ 8,993
Revenue from acquired
((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, 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.)
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.)
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:
(((1) See the "Non-GAAP Financial Measures" section of this press release.))
Return on Invested Capital:
-------------------------------------------- ----------- ----------- ----------
Selected Assets:
Selected Liabilities:
Net income attributable to GXO to average
invested capital 22.5 %
Operating return on invested
capital((1)(2)) 36.0 %
((1) The ratio of operating return on invested capital is calculated as adjusted
EBITA, net of income taxes paid, divided by the average 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.
Â
* Fourth quarter revenue of $2.6 billion; net income attributable to GXO of
$73 million; adjusted EBITDA(1) of $193 million; diluted EPS of $0.61 and
adjusted diluted EPS(1) of $0.70
* Full year revenue of $9.8 billion; net income attributable to GXO of
$229 million; adjusted EBITDA(1 )of $741 million; diluted EPS of $1.92 and
adjusted diluted EPS(1) of $2.59
* Full year cash flows from operations of $558 million, equivalent to 244% of
net income attributable to GXO, and free cash flow(1) of $302 million,
equivalent to 41% of adjusted EBITDA(1)
* Announced 2024 guidance(2):
* Organic revenue growth(1) of 2%-5%
* Adjusted EBITDA(1) of $760-$790 million
* Adjusted diluted earnings per share(1) of $2.70-$2.90
* Free cash flow conversion(1 )of 30%-40% of adjusted EBITDA(1)
Business Highlights
* Signed more than $1 billion annualized revenue in 2023; -40% from
outsourcing
* -$600 million of incremental revenue booked for 2024, and -$230 million of
additional incremental revenue booked for 2025; 29% higher than last year
* Sales pipeline remains strong at approximately $2 billion
* Closed the acquisition of PFSweb on October 23, 2023
GREENWICH, Conn., Feb. 13, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc.
(https://gxo.com/) (NYSE: GXO) today announced results for the fourth quarter
and full year 2023.
Malcolm Wilson, Chief Executive Officer of GXO, said, "In the fourth quarter, we
delivered a successful operational peak for our customers, capping off what was
a truly great year for GXO.
"In 2023, GXO delivered strong growth in revenue, net income and adjusted
EBITDA, as well as record cash flows from operations and free cash flow, and a
stellar return on invested capital. We closed a tremendous $1 billion of
annualized new business wins, with nearly 40% coming from outsourcing as more
companies look to GXO to transform their supply chains. Through our acquisition
of PFS, we welcomed over 100 fantastic brands in high-growth verticals, and we
are now focused on supercharging PFS' growth.
"During the year, GXO continued to lead the industry in automation, deploying a
record amount of robotics and winning multiple long-term, highly automated
contracts with global blue-chip companies. These companies are looking to GXO
for continued innovation, and we anticipate the proliferation of AI and
automation deployment across our operations to accelerate in 2024 and beyond.
"We're uniquely positioned to help our customers make their supply chain
operations more productive today and more resilient tomorrow. Our 2024 guidance
reflects another year of solid revenue growth as well as continued strength in
profit and cash flow, and we are very excited about our long-term growth
trajectory."
Fourth Quarter 2023 Results
Revenue increased to $2.6 billion, compared with $2.5 billion for the fourth
quarter 2022.
Operating income increased to $87 million, compared with $74 million for the
fourth quarter 2022. Net income attributable to GXO increased to $73 million,
compared with $46 million for the fourth quarter 2022. Diluted earnings per
share increased to $0.61, compared with $0.39 for the fourth quarter 2022.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA(1)") was $193 million, compared with $205 million for the
fourth quarter 2022. Adjusted net income attributable to GXO(1) was $84 million,
compared with $99 million for the fourth quarter 2022. Adjusted diluted earnings
per share(1) was $0.70, compared with $0.83 for the fourth quarter 2022.
GXO generated $215 million of cash flows from operations, compared with $226
million for the fourth quarter 2022. In the fourth quarter of 2023, GXO
generated $151 million of free cash flow(1), compared with $141 million for the
fourth quarter 2022.
Full Year 2023 Results
Revenue increased to $9.8 billion, compared with $9.0 billion for 2022.
Operating income increased to $318 million, compared with $242 million for
2022. Net income attributable to GXO increased to $229 million, compared with
$197 million for 2022. Diluted earnings per share increased to $1.92, compared
with $1.67 for 2022.
Adjusted EBITDA(1) increased to $741 million, compared with $728 million for
2022. Adjusted net income attributable to GXO(1) was $309 million, compared with
$335 million for 2022. Adjusted diluted earnings per share(1) was $2.59,
compared with $2.85 for 2022.
GXO generated $558 million of cash flows from operations, compared with $542
million for 2022. GXO generated $302 million of free cash flow(1), compared with
$240 million for 2022. Cash flows from operations to net income attributable to
GXO and free cash flow conversion(1) ratios were 244% and 41%, respectively, for
2023. Cash flows from operations to net income attributable to GXO and free cash
flow conversion(1) ratios were 275% and 33%, respectively, for 2022.
Net income attributable to GXO to average invested capital and operating return
on invested capital(1) ratios were 22% and 36%, respectively, for 2023.
Cash Balances and Outstanding Debt
As of December 31, 2023, cash and cash equivalents and debt outstanding were
$468 million and $1.6 billion, respectively. GXO's balance sheet remains
investment grade and received credit rating outlook upgrades from S&P, Moody's
and Fitch during 2023.
2024 Guidance(2)
GXO's 2024 financial outlook is as follows:
* Organic revenue growth(1) of 2% to 5%; * Adjusted EBITDA(1) of $760 million to $790 million; * Adjusted diluted earnings per share(1) of $2.70 to $2.90; and * Free cash flow conversion(1) of 30% to 40% of adjusted EBITDA(1).
Conference Call
GXO will hold a conference call on Wednesday, February 14, 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: 13743710. 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
February 28, 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 13743710.
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 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, free
cash flow conversion, organic revenue, organic revenue growth, 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, 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, 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. Restructuring costs primarily relate to
severance costs associated with business optimization initiatives.
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 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 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, 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 financial targets of organic revenue
growth, adjusted EBITDA, adjusted diluted earnings per share and free cash flow
conversion; the expected incremental revenue in 2024 and 2025 from new customer
wins in 2023; the proliferation of AI and automation deployment across our
operations to accelerate in 2024 and beyond; continued strong performance in
2024; and long-term growth trajectory. 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; 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; damage to our reputation; 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; failure in properly handling the inventory of our customers; 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.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
--------------------------- --------------------------
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Revenue $ 2,590 $ 2,467 $ 9,778 $ 8,993
Direct operating
expense 2,160 2,035 8,035 7,443
Selling, general and
administrative expense 237 249 998 886
Depreciation and
amortization expense 93 87 361 329
Transaction and
integration costs 12 4 34 61
Restructuring costs
and other 1 18 32 32
------------- ------------- ------------- ------------
Operating income 87 74 318 242
Other income
(expense), net (7 ) (5 ) 1 51
Interest expense, net (12 ) (10 ) (53 ) (29 )
------------- ------------- ------------- ------------
Income before income
taxes 68 59 266 264
Income tax (expense)
benefit 5 (13 ) (33 ) (64 )
------------- ------------- ------------- ------------
Net income 73 46 233 200
Net income
attributable to
noncontrolling
interests - - (4 ) (3 )
------------- ------------- ------------- ------------
Net income
attributable to GXO $ 73 $ 46 $ 229 $ 197
------------- ------------- ------------- ------------
Earnings per share
Basic $ 0.61 $ 0.39 $ 1.93 $ 1.68 Diluted $ 0.61 $ 0.39 $ 1.92 $ 1.67
Weighted-average
common shares
outstanding
Basic 118,983 118,658 118,908 117,050
Diluted 119,671 119,126 119,490 117,616
GXO Logistics, Inc.
Consolidated Balance Sheets
(Unaudited)
December 31,
----------------------
(Dollars in millions, shares in thousands, except per
share amounts) 2023 2022
-------------------------------------------------------- ----------- ----------
ASSETS
Current assets
Cash and cash equivalents $ 468 $ 495
Accounts receivable, net of allowance of $11 and $12 1,753 1,647
Other current assets 347 286
----------- ----------
Total current assets 2,568 2,428
----------- ----------
Long-term assets
Property and equipment, net of accumulated
depreciation of $1,545 and $1,297 953 960 Operating lease assets 2,201 2,227 Goodwill 2,891 2,728
Intangible assets, net of accumulated amortization of
$528 and $456 567 570
Other long-term assets 327 306
----------- ----------
Total long-term assets 6,939 6,791
----------- ----------
Total assets $ 9,507 $ 9,219
----------- ----------
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 709 $ 717
Accrued expenses 966 995
Current debt 27 67
Current operating lease liabilities 597 560
Other current liabilities 327 193
----------- ----------
Total current liabilities 2,626 2,532
----------- ----------
Long-term liabilities
Long-term debt 1,620 1,739
Long-term operating lease liabilities 1,842 1,853
Other long-term liabilities 473 417
----------- ----------
Total long-term liabilities 3,935 4,009
----------- ----------
Commitments and Contingencies
Stockholders' Equity
Common Stock, $0.01 par value per share; 300,000
shares authorized, 119,057 and 118,728 shares 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 2,598 2,575
Retained earnings 552 323
Accumulated other comprehensive loss (239 ) (254 )
----------- ----------
Total stockholders' equity before noncontrolling
interests 2,912 2,645
----------- ----------
Noncontrolling interests 34 33
----------- ----------
Total equity 2,946 2,678
----------- ----------
Total liabilities and equity $ 9,507 $ 9,219
----------- ----------
GXO Logistics, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Year Ended
December 31,
----------------------
(In millions) 2023 2022
-------------------------------------------------------- ---------- -----------
Cash flows from operating activities:
Net income $ 233 $ 200
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization expense 361 329 Stock-based compensation expense 35 33 Deferred tax benefit (41 ) (7 ) Other 23 (17 )
Changes in operating assets and liabilities
Accounts receivable (17 ) (71 )
Other assets 28 24
Accounts payable (3 ) 45
Accrued expenses and other liabilities (61 ) 6
---------- -----------
Net cash provided by operating activities 558 542
---------- -----------
Cash flows from investing activities:
Capital expenditures (274 ) (342 )
Proceeds from sale of property and equipment 18 40
Acquisition of business, net of cash acquired (149 ) (876 )
Cross-currency swap agreements settlement (3 ) 21
Other (2 ) 8
---------- -----------
Net cash used in investing activities (410 ) (1,149 )
---------- -----------
Cash flows from financing activities:
Proceeds from debt, net - 917 Repayments of debt, net (140 ) (82 ) Repayment of finance lease obligations (29 ) (33 )
Taxes paid related to net share settlement of equity
awards (12 ) (16 )
Other (5 ) 1
---------- -----------
Net cash (used in) provided by financing activities (186 ) 787
---------- -----------
Effect of exchange rates on cash and cash equivalents 13 (18 )
---------- -----------
Net (decrease) increase in cash, restricted cash and
cash equivalents (25 ) 162
Cash, restricted cash and cash equivalents, beginning
of year 495 333
---------- -----------
Cash, restricted cash and cash equivalents, end of
year $ 470 $ 495
---------- -----------
Reconciliation of cash, restricted cash and cash
equivalents
Cash and cash equivalents $ 468 $ 495
Restricted cash (included in Other long-term assets) 2 -
---------- -----------
Total cash, restricted cash and cash equivalents $ 470 $ 495
---------- -----------
GXO Logistics, Inc.
Consolidated Statements of Cash Flows
Year Ended
December 31,
--------------------------
(In millions) 2023 2022
----------------------------------------------- ------------ -----------
Supplemental cash flow information:
Cash paid for interest, net $ 57 $ 34
Cash paid for income taxes, net 84 111
Noncash investing and financing activities:
Common stock issued for acquisition $ - $ 204
GXO Logistics, Inc.
Key Data
Disaggregation of Revenue
(Unaudited)
Revenuedisaggregated by geographical area was as follows:
Three Months
Ended December Year Ended
31, December 31,
------------------- ------------------
(In millions) 2023 2022 2023 2022
---------------- --------- --------- --------- --------
United Kingdom $ 969 $ 922 $ 3,664 $ 3,293
United States 792 786 2,909 2,861
Netherlands 221 191 831 699
France 204 199 830 729
Spain 133 128 529 488
Italy 103 88 382 331
Other 168 153 633 592
--------- --------- --------- --------
Total $ 2,590 $ 2,467 $ 9,778 $ 8,993
--------- --------- --------- --------
The Company's revenue can also be disaggregated by the customer's primary
industry. Revenue disaggregated by industries was as follows:
Three Months
Ended Year Ended
December 31, December 31,
------------------- ------------------
(In millions) 2023 2022 2023 2022
------------------------------------- --------- --------- --------- --------
Omnichannel retail $ 1,092 $ 1,031 $ 4,100 $ 3,649
Technology and consumer electronics 382 374 1,467 1,337
Food and beverage 327 318 1,331 1,327
Industrial and manufacturing 266 269 1,078 1,076
Consumer packaged goods 325 252 1,027 915
Other 198 223 775 689
--------- --------- --------- --------
Total $ 2,590 $ 2,467 $ 9,778 $ 8,993
--------- --------- --------- --------
GXO Logistics, Inc.
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITA
and Adjusted EBITDA and Adjusted EBITA Margins
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
----------------------- ----------------------
(In millions) 2023 2022 2023 2022
-------------------------------- ----------- ----------- ----------- ----------
Net income attributable to GXO $ 73 $ 46 $ 229 $ 197
Net income attributable to
noncontrolling interest - - 4 3
----------- ----------- ----------- ----------
Net income $ 73 $ 46 $ 233 $ 200
----------- ----------- ----------- ----------
Interest expense, net 12 10 53 29
Income tax expense (benefit) (5 ) 13 33 64
Depreciation and amortization
expense 93 87 361 329
Transaction and integration
costs 12 4 34 61 Restructuring costs and other 1 18 32 32
Unrealized (gain) loss on
foreign currency options and
other 7 27 (5 ) 13
----------- ----------- ----------- ----------
Adjusted EBITDA((1)) $ 193 $ 205 $ 741 $ 728
----------- ----------- ----------- ----------
Less: Depreciation 76 67 290 261
----------- ----------- ----------- ----------
Adjusted EBITA((1)) $ 117 $ 138 $ 451 $ 467
----------- ----------- ----------- ----------
Revenue $ 2,590 $ 2,467 $ 9,778 $ 8,993
Adjusted EBITDA margin((1)(2)) 7.5 % 8.3 % 7.6 % 8.1 %
Adjusted EBITA margin((1)(3)) 4.5 % 5.6 % 4.6 % 5.2 %
((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 Year Ended
December 31, December 31,
--------------------------- --------------------------
(Dollars in millions,
shares in thousands,
except per share
amounts) 2023 2022 2023 2022
------------------------ ------------- ------------- ------------- ------------
Net income
attributable to GXO $ 73 $ 46 $ 229 $ 197 Amortization expense 17 20 71 68
Transaction and
integration costs 12 4 34 61
Restructuring costs
and other 1 18 32 32
Unrealized (gain) loss
on foreign currency
options and other 7 27 (5 ) 13
Income tax associated
with the adjustments
above((1)) (9 ) (16 ) (30 ) (36 )
Discrete tax
benefit((2)) (17 ) - (22 ) -
------------- ------------- ------------- ------------
Adjusted net income
attributable to
GXO((3)) $ 84 $ 99 $ 309 $ 335
------------- ------------- ------------- ------------
Adjusted basic
earnings per
share((3)) $ 0.71 $ 0.83 $ 2.60 $ 2.86
Adjusted diluted
earnings per
share((3)) $ 0.70 $ 0.83 $ 2.59 $ 2.85
Weighted-average
common shares
outstanding
Basic 118,983 118,658 118,908 117,050 Diluted 119,671 119,126 119,490 117,616
((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 Year Ended
December 31, December 31,
--------------------- ----------------------
(In millions) 2023 2022 2023 2022
---------------------------------- ---------- ---------- ----------- ----------
Cash flows from operations $ 215 $ 226 $ 558 $ 542 Capital expenditures (69 ) (103 ) (274 ) (342 )
Proceeds from sales of property
and equipment 5 18 18 40
---------- ---------- ----------- ----------
Free cash flow((1)) $ 151 $ 141 $ 302 $ 240
---------- ---------- ----------- ----------
Cash flows from operations to
net income attributable to GXO 243.7 % 275.1 % Free cash flow conversion((1)) 40.8 % 33.0 %
((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 percentage.)
Reconciliation of Revenue to Organic Revenue:
Three Months Ended Year Ended
December 31, December 31,
--------------------- ----------------------
(In millions) 2023 2022 2023 2022
---------------------------------- ----------- --------- ----------- ----------
Revenue $ 2,590 $ 2,467 $ 9,778 $ 8,993
Revenue from acquired
business((1)) (82 ) - (460 ) -
Revenue from deconsolidation - - - (20 )
Foreign exchange rates (97 ) - (140 ) -
----------- --------- ----------- ----------
Organic revenue((2)) $ 2,411 $ 2,467 $ 9,178 $ 8,973
----------- --------- ----------- ----------
Revenue growth((3)) 5.0 % 8.7 %
Organic revenue growth((2)(4)) (2.3)% 2.3 %
((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, 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) December 31, 2023
----------------------------------- --------------------
Current debt $ 27
Long-term debt 1,620
--------------------
Total debt $ 1,647
--------------------
Less: Cash and cash equivalents (468 )
--------------------
Net debt((1)) $ 1,179
--------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Total debt to Net income attributable to GXO Ratio:
(In millions) December 31, 2023
------------------------------------------------ --------------------
Total debt $ 1,647
Net income attributable to GXO $ 229
--------------------
Debt to net income attributable to GXO ratio 7.2x
--------------------
Reconciliation of Net Leverage Ratio:
(In millions) December 31, 2023
--------------------------- --------------------
Net debt $ 1,179
Adjusted EBITDA((1)) $ 741
--------------------
Net leverage ratio((1)) 1.6x
--------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
GXO Logistics, Inc.
Liquidity Reconciliations
(Unaudited)
Reconciliation of Total Debt and Net Debt:
(In millions) December 31, 2022
----------------------------------- --------------------
Current debt $ 67
Long-term debt 1,739
--------------------
Total debt $ 1,806
--------------------
Less: Cash and cash equivalents (495 )
--------------------
Net debt((1)) $ 1,311
--------------------
((1) See the "Non-GAAP Financial Measures" section of this press release.)
Reconciliation of Total debt to Net income attributable to GXO Ratio:
(In millions) December 31, 2022
------------------------------------------------ --------------------
Total debt $ 1,806
Net income attributable to GXO $ 197
--------------------
Debt to net income attributable to GXO ratio 9.2x
--------------------
Reconciliation of Net Leverage Ratio:
(In millions) December 31, 2022
--------------------------- --------------------
Net debt $ 1,311
Adjusted EBITDA((1)) $ 728
--------------------
Net leverage ratio((1)) 1.8x
--------------------
((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:
Year Ended
(In millions) December 31, 2023
------------------------------------------------- --------------------
Adjusted EBITA((1)) $ 451
Less: Cash paid for income taxes (84 )
--------------------
Adjusted EBITA((1)), net of income taxes paid $ 367
--------------------
(((1) See the "Non-GAAP Financial Measures" section of this press release.))
Return on Invested Capital:
Year Ended December
31,
-----------------------
(In millions) 2023 2022 Average
-------------------------------------------- ----------- ----------- ----------
Selected Assets:
Accounts receivable, net $ 1,753 $ 1,647 $ 1,700 Other current assets 347 286 317 Property and equipment, net 953 960 957
Selected Liabilities:
Accounts payable $ (709 ) $ (717 ) $ (713 )
Accrued expenses (966 ) (995 ) (981 )
Other current liabilities (327 ) (193 ) (260 )
----------- ----------- ----------
Invested capital $ 1,051 $ 988 $ 1,020
----------- ----------- ----------
Net income attributable to GXO to average
invested capital 22.5 %
Operating return on invested
capital((1)(2)) 36.0 %
((1) The ratio of operating return on invested capital is calculated as adjusted
EBITA, net of income taxes paid, divided by the average 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.
Â
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
GXO LOGISTICS INC. DL-,01 | A3CU51 | Frankfurt | 45,200 | 05.07.24 09:59:01 | ±0,000 | ±0,00% | 45,000 | 46,400 | 45,200 | 45,200 |
