附錄99.1
xpo公佈2024年第三季度業績報告
康涅狄格州格林威治 - 2024年10月30日 - xpo （紐交所：xpo）今天宣布了其2024年第三季度的財務業績。該公司報告持續營運的淨每股稀釋收益為0.79美元，較2023年同期的0.72美元提高，並調整持續營運的每股稀釋收益為1.02美元，較2023年同期的0.88美元提高。
2024年第三季總結結果
| 三個月截至9月30日， | 營業收入 | 營運收入（損失） | ||||||||||||||||||||||
| (以百萬為單位) | 2024 | 2023 | 更改 % | 2024 | 2023 | 更改 % | ||||||||||||||||||
| 北美地區 Less-Than-Truckload 部門 | $ | 1,251 | $ | 1,228 | 1.9 | % | $ | 188 | $ | 161 | 16.8 | % | ||||||||||||
| 歐洲 交通 分享 | 803 | 752 | 6.8 | % | 6 | 8 | -25.0 | % | ||||||||||||||||
| 公司股份 | - | - | 0.0 | % | (18 | ) | (15 | ) | 20.0 | % | ||||||||||||||
| 總計 | $ | 2,053 | $ | 1,980 | 3.7 | % | $ | 176 | $ | 154 | 14.3 | % | ||||||||||||
| 截至9月30日的三個月間, | 營業淨收入調整後(1) | 調整後的稅前利潤減除折舊及攤銷後的費用(1)(2) | ||||||||||||||||||||||
| (以百萬為單位) | 2024 | 2023 | 更改 % | 2024 | 2023 | 更改 % | ||||||||||||||||||
| 北美未滿貨物卡車分部 | $ | 198 | $ | 170 | 16.5 | % | $ | 284 | $ | 241 | 17.8 | % | ||||||||||||
| 歐洲交通分部 | 13 | 15 | -13.3 | % | 44 | 44 | 0.0 | % | ||||||||||||||||
| 公司股份 | NA | NA | NA | 5 | (7 | ) | 不適用 | |||||||||||||||||
| 總計 | $ | NA | $ | NA | NA | $ | 333 | $ | 278 | 19.8 | % | |||||||||||||
| 截至九月三十日止三個月的營業收入 | 凈利潤 (2)(3) | 攤薄後每股收益 (2)(4) | ||||||||||||||||||||||
| (單位：百萬，每股數據除外) | 2024 | 2023 | 更改 % | 2024 | 2023 | 更改 % | ||||||||||||||||||
| 總計 | $ | 95 | $ | 86 | 10.5 | % | $ | 0.79 | $ | 0.72 | 9.7 | % | ||||||||||||
| 截至9月30日止三個月內 | 攤薄後加權平均 普通股份 已發行的 | 每股攤薄後調整收益(1)(2)(4) | ||||||||||||||||||||||
| （以百萬為單位，每股數據除外） | 2024 | 2023 | 2024 | 2023 | 更改 % | |||||||||||||||||||
| 總計 | 120 | 119 | $ | 1.02 | $ | 0.88 | 15.9 | % | ||||||||||||||||
NM - 無意義
金額可能因四捨五入而無法相加。
NA - 不適用
(1)請參閱新聞稿中的“非依據美國通用會計原則的財務指標”部分
(2) 收益包括在本季度出售的私人公司過去投資中獲得的900萬美元利潤（稅後700萬美元或每股0.06美元）
(3)持續營運的淨收入
(4)淨收益每股（「攤薄後每股收益」）
XPO首席執行官Mario Harik表示：“我們在第三季度實現了強勁的年度收益增長，持續改善業務並在疲軟的貨運環境中取得進展。在全公司範圍內，我們將調整後的EBITDA增加了20％，調整後的每股收益增加了16％。”
在美國境內的LTL市場，我們通過調整後的營業收入增長了17%，實現了84.2%的調整後營業比率，比上一年提高了200個基點，在我們的目標區間的高端。我們將除燃料外的收益提高了6.7%，並將每次裝運的營業收入提高了6.6%，這得益於價格的提升。此外，通過我們自家的科技更有效地管理變量成本，我們實現了對頂端增長更強的運營槓桿。而且，我們在線路採購方面比計劃提前了三年，這提高了我們的網絡效率和服務質量。
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哈利克繼續說：“我們正在交付2024年我們承諾的強勁業績，同時將業務定位在貨運市場恢復時加速盈利增長。我們提供的世界級服務為客戶創造價值，將繼續成為我們利潤擴張的關鍵驅動因素。”
第三季度亮點
截至2024年第三季，公司的營業收入為205億美元，相比之下，2023年同期為19.8億美元。營業收入的年增率增加主要是由於北美LTL部門收益增加和歐洲交通部門成交量增長。.
第三季度營業收入達到17600萬美元，較2023年同期的15400萬美元增加。持續營運的凈利潤為第三季度的9500萬美元，較2023年同期的8600萬美元增加。每股持續營運的稀釋盈利為第三季度的0.79美元，較2023年同期的0.72美元增加。
持續營運調整後凈利潤，一個非通用會計財務指標，在第三季度為12200萬美元，較2023年同期的10500萬美元高。調整後每股收益，一個非通用會計財務指標，在第三季度為1.02美元，較2023年同期的0.88美元高。
調整後的利息、稅項、折舊和攤銷前息稅折舊及攤銷（「調整後的EBITDA」），一項非通用會計原則財務指標，第三季達3,3300萬美元，較2023年同期的2,7800萬美元高。
公司第三季度從營運活動中產生了26400萬美元的現金流，季末現金及現金等價物為37800萬美元，扣除淨資本支出後剩餘12300萬美元。
業務部門成果
| · | 北美地區的Less-Than-Truckload (LTL)： 這個部分在2024年第三季度營業收入為12.5億美元，與2023年同期的12.3億美元相比下，每日發貨量減少了3.2%，每日貨運量減少了3.9%，收益（不含燃料）增加了6.7%。包括燃料在內，收益增加了3.7%。 |
第三季度營運收入為18800萬美元，較2023年同期的16100萬美元增加，調整後的營運收入，一項非依據通用會計原則（GAAP）財務指標，為19800萬美元，較2023年同期的17000萬美元增加。調整後的營運比率，一項非GAAP財務指標，為84.2%，反映年度基點改善200個基本點。
調整後的EBITDA 2024年第三季度的收入為$2,8400萬，相比之下，2023年同期為$2,4100萬。調整後的EBITDA增加了18％，主要是由於年度较高的產量（燃料除外）和較低的購買運輸成本，部分抵消了較低的燃油附加費收入。
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| · | 歐洲 交通： 該部門於2024年第三季度營業收入為8,0300萬美元，較2023年同期的7,5200萬美元增加，主要是成交量增長所致。營運收入為第三季度的600萬美元，較2023年同期的800萬美元減少。 |
調整後的EBITDA在2024年第三季度和2023年同期均為4400萬美元。
| · | 企業： 該部門在2024年第三季度產生運營虧損1800萬美元，相比之下，2023年同期虧損1500萬美元。 |
Adjusted EBITDA, a non-GAAP financial measure, was $5 million for the third quarter 2024, compared with a loss of $7 million for the same period in 2023, including a benefit of $9 million from a gain on a past investment in a private company that was sold in the quarter.
Conference Call
The company will hold a conference call on Wednesday, October 30, 2024, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 1-877-269-7756; international callers dial +1-201-689-7817. A live webcast of the conference will be available on the investor relations area of the company’s website, xpo.com/investors. The conference will be archived until November 29, 2024. To access the replay by phone, call toll-free (from US/Canada) 1-877-660-6853; international callers dial +1-201-612-7415. Use participant passcode 13749187.
About XPO
XPO, Inc. (NYSE: XPO) is a leader in asset-based less-than-truckload (LTL) freight transportation in North America. The company’s customer-focused organization efficiently moves 18 billion pounds of freight per year, enabled by its proprietary technology. XPO serves approximately 54,000 customers with 611 locations and 38,000 employees in North America and Europe, with headquarters in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on LinkedIn, Facebook, X, Instagram and YouTube.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.
XPO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) on a consolidated basis and for corporate; adjusted EBITDA margin on a consolidated basis; adjusted net income from continuing operations; adjusted diluted earnings from continuing operations per share (“adjusted diluted EPS”); adjusted operating income for our North American Less-Than-Truckload and European Transportation segments; and adjusted operating ratio for our North American Less-Than-Truckload segment.
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We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, XPO and its business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income from continuing operations, adjusted diluted EPS, adjusted operating income and adjusted operating ratio include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, stock-based compensation, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Restructuring costs primarily relate to severance costs associated with business optimization initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating XPO’s and each business segment’s ongoing performance.
We believe that adjusted EBITDA and adjusted EBITDA margin improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. We believe that adjusted net income from continuing operations and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains that management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables. We believe that adjusted operating income and adjusted operating ratio improve the comparability of our operating results from period to period by removing the impact of certain transaction and integration costs and restructuring costs, as well as amortization expenses as set out in the attached tables.
Forward-looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
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These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following: the effects of business, economic, political, legal, and regulatory impacts or conflicts upon our operations; supply chain disruptions and shortages, strains on production or extraction of raw materials, cost inflation and labor and equipment shortages; our ability to align our investments in capital assets, including equipment, service centers, and warehouses to our customers’ demands; our ability to implement our cost and revenue initiatives; the effectiveness of our action plan, and other management actions, to improve our North American LTL business; our ability to continue insourcing linehaul in ways that enhance our network efficiency and service; the anticipated impact of a freight market recovery on our business; our ability to benefit from a sale, spin-off or other divestiture of one or more business units or to successfully integrate and realize anticipated synergies, cost savings and profit opportunities from acquired companies; goodwill impairment; issues related to compliance with data protection laws, competition laws, and intellectual property laws; fluctuations in currency exchange rates, fuel prices and fuel surcharges; the expected benefits of the spin-offs of GXO Logistics, Inc. and RXO, Inc.; our ability to develop and implement suitable information technology systems; the impact of potential cyber-attacks and information technology or data security breaches or failures; our indebtedness; our ability to raise debt and equity capital; fluctuations in interest rates; seasonal fluctuations; our ability to maintain positive relationships with our network of third-party transportation providers; our ability to attract and retain key employees including qualified drivers; labor matters; litigation; and competition and pricing pressures.
All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.
Investor Contact
Brian Scasserra
+1 617-607-6429
brian.scasserra@xpo.com
Media Contact
Cole Horton
+1 203-609-6004
cole.horton@xpo.com
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XPO, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Revenue | $ | 2,053 | $ | 1,980 | 3.7 | % | $ | 6,150 | $ | 5,804 | 6.0 | % | ||||||||||||
| Salaries, wages and employee benefits | 852 | 809 | 5.3 | % | 2,541 | 2,354 | 7.9 | % | ||||||||||||||||
| Purchased transportation | 430 | 437 | -1.6 | % | 1,303 | 1,338 | -2.6 | % | ||||||||||||||||
| Fuel, operating expenses and supplies | 399 | 406 | -1.7 | % | 1,213 | 1,223 | -0.8 | % | ||||||||||||||||
| Operating taxes and licenses | 21 | 15 | 40.0 | % | 61 | 45 | 35.6 | % | ||||||||||||||||
| Insurance and claims | 33 | 39 | -15.4 | % | 105 | 129 | -18.6 | % | ||||||||||||||||
| (Gains) losses on sales of property and equipment | - | 1 | -100.0 | % | (5 | ) | (4 | ) | 25.0 | % | ||||||||||||||
| Depreciation and amortization expense | 126 | 110 | 14.5 | % | 365 | 318 | 14.8 | % | ||||||||||||||||
| Transaction and integration costs | 13 | 8 | 62.5 | % | 39 | 47 | -17.0 | % | ||||||||||||||||
| Restructuring costs | 3 | 1 | 200.0 | % | 17 | 35 | -51.4 | % | ||||||||||||||||
| Operating income | 176 | 154 | 14.3 | % | 511 | 319 | 60.2 | % | ||||||||||||||||
| Other income | (15 | ) | (4 | ) | 275.0 | % | (31 | ) | (12 | ) | 158.3 | % | ||||||||||||
| Debt extinguishment loss | - | - | 0.0 | % | - | 23 | -100.0 | % | ||||||||||||||||
| Interest expense | 56 | 41 | 36.6 | % | 170 | 126 | 34.9 | % | ||||||||||||||||
| Income from continuing operations before income tax provision | 135 | 117 | 15.4 | % | 372 | 182 | 104.4 | % | ||||||||||||||||
| Income tax provision | 40 | 31 | 29.0 | % | 60 | 48 | 25.0 | % | ||||||||||||||||
| Income from continuing operations | 95 | 86 | 10.5 | % | 312 | 134 | 132.8 | % | ||||||||||||||||
| Loss from discontinued operations, net of taxes | - | (2 | ) | -100.0 | % | - | (3 | ) | -100.0 | % | ||||||||||||||
| Net income | $ | 95 | $ | 84 | 13.1 | % | $ | 312 | $ | 131 | 138.2 | % | ||||||||||||
| Net income (loss) | ||||||||||||||||||||||||
| Continuing operations | $ | 95 | $ | 86 | $ | 312 | $ | 134 | ||||||||||||||||
| Discontinued operations | - | (2 | ) | - | (3 | ) | ||||||||||||||||||
| Net income | $ | 95 | $ | 84 | $ | 312 | $ | 131 | ||||||||||||||||
| Basic earnings (loss) per share (1) | ||||||||||||||||||||||||
| Continuing operations | $ | 0.81 | $ | 0.74 | $ | 2.68 | $ | 1.16 | ||||||||||||||||
| Discontinued operations | - | (0.01 | ) | - | (0.02 | ) | ||||||||||||||||||
| Basic earnings per share | $ | 0.81 | $ | 0.73 | $ | 2.68 | $ | 1.14 | ||||||||||||||||
| Diluted earnings (loss) per share (1) | ||||||||||||||||||||||||
| Continuing operations | $ | 0.79 | $ | 0.72 | $ | 2.60 | $ | 1.14 | ||||||||||||||||
| Discontinued operations | - | (0.01 | ) | - | (0.02 | ) | ||||||||||||||||||
| Diluted earnings per share | $ | 0.79 | $ | 0.71 | $ | 2.60 | $ | 1.12 | ||||||||||||||||
| Weighted-average common shares outstanding | ||||||||||||||||||||||||
| Basic weighted-average common shares outstanding | 116 | 116 | 116 | 116 | ||||||||||||||||||||
| Diluted weighted-average common shares outstanding | 120 | 119 | 120 | 118 | ||||||||||||||||||||
Amounts may not add due to rounding.
(1) The sum of quarterly earnings (loss) per share may not equal year-to-date amounts due to differences in the weighted-average number of shares outstanding during the respective periods.
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XPO, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions, except per share data)
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 378 | $ | 412 | ||||
| Accounts receivable, net of allowances of $46 and $45, respectively | 1,064 | 973 | ||||||
| Other current assets | 212 | 208 | ||||||
| Total current assets | 1,654 | 1,593 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net of $1,991 and $1,853 in accumulated depreciation, respectively | 3,357 | 3,075 | ||||||
| Operating lease assets | 750 | 708 | ||||||
| Goodwill | 1,516 | 1,498 | ||||||
| Identifiable intangible assets, net of $499 and $452 in accumulated amortization, respectively | 381 | 422 | ||||||
| Other long-term assets | 266 | 196 | ||||||
| Total long-term assets | 6,269 | 5,899 | ||||||
| Total assets | $ | 7,923 | $ | 7,492 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 445 | $ | 532 | ||||
| Accrued expenses | 805 | 775 | ||||||
| Short-term borrowings and current maturities of long-term debt | 68 | 69 | ||||||
| Short-term operating lease liabilities | 134 | 121 | ||||||
| Other current liabilities | 112 | 93 | ||||||
| Total current liabilities | 1,563 | 1,590 | ||||||
| Long-term liabilities | ||||||||
| Long-term debt | 3,343 | 3,335 | ||||||
| Deferred tax liability | 371 | 337 | ||||||
| Employee benefit obligations | 88 | 91 | ||||||
| Long-term operating lease liabilities | 614 | 588 | ||||||
| Other long-term liabilities | 303 | 285 | ||||||
| Total long-term liabilities | 4,719 | 4,636 | ||||||
| Stockholders’ equity | ||||||||
| Common stock, $0.001 par value; 300 shares authorized; 116 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | - | - | ||||||
| Additional paid-in capital | 1,340 | 1,298 | ||||||
| Retained earnings | 496 | 185 | ||||||
| Accumulated other comprehensive loss | (195 | ) | (217 | ) | ||||
| Total equity | 1,641 | 1,266 | ||||||
| Total liabilities and equity | $ | 7,923 | $ | 7,492 | ||||
Amounts may not add due to rounding.
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XPO, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities of continuing operations | ||||||||
| Net income | $ | 312 | $ | 131 | ||||
| Loss from discontinued operations, net of taxes | - | (3 | ) | |||||
| Income from continuing operations | 312 | 134 | ||||||
| Adjustments to reconcile income from continuing operations to net cash from operating activities | ||||||||
| Depreciation and amortization | 365 | 318 | ||||||
| Stock compensation expense | 64 | 58 | ||||||
| Accretion of debt | 8 | 8 | ||||||
| Deferred tax expense | 39 | 16 | ||||||
| Gains on sales of property and equipment | (5 | ) | (4 | ) | ||||
| Other | - | 46 | ||||||
| Changes in assets and liabilities | ||||||||
| Accounts receivable | (87 | ) | (141 | ) | ||||
| Other assets | (71 | ) | (24 | ) | ||||
| Accounts payable | (29 | ) | (38 | ) | ||||
| Accrued expenses and other liabilities | 21 | 70 | ||||||
| Net cash provided by operating activities from continuing operations | 619 | 443 | ||||||
| Cash flows from investing activities of continuing operations | ||||||||
| Payment for purchases of property and equipment | (623 | ) | (494 | ) | ||||
| Proceeds from sale of property and equipment | 17 | 19 | ||||||
| Proceeds from settlement of cross currency swaps | - | 2 | ||||||
| Proceeds from sale of investment | 8 | - | ||||||
| Net cash used in investing activities from continuing operations | (598 | ) | (473 | ) | ||||
| Cash flows from financing activities of continuing operations | ||||||||
| Proceeds from issuance of debt | - | 1,977 | ||||||
| Repurchase of debt | - | (2,003 | ) | |||||
| Repayment of debt and finance leases | (64 | ) | (50 | ) | ||||
| Payment for debt issuance costs | (4 | ) | (15 | ) | ||||
| Change in bank overdrafts | 32 | 30 | ||||||
| Payment for tax withholdings for restricted shares | (21 | ) | (12 | ) | ||||
| Other | (1 | ) | 1 | |||||
| Net cash used in financing activities from continuing operations | (59 | ) | (72 | ) | ||||
| Cash flows from discontinued operations | ||||||||
| Operating activities of discontinued operations | - | (11 | ) | |||||
| Investing activities of discontinued operations | - | 2 | ||||||
| Net cash used in discontinued operations | - | (9 | ) | |||||
| Effect of exchange rates on cash, cash equivalents and restricted cash | 5 | 2 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (33 | ) | (109 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 419 | 470 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 385 | $ | 361 | ||||
Amounts may not add due to rounding.
| 8 |
North American Less-Than-Truckload Segment
Summary Financial Table
(Unaudited)
(In millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Revenue (excluding fuel surcharge revenue) | $ | 1,055 | $ | 1,005 | 5.0 | % | $ | 3,130 | $ | 2,848 | 9.9 | % | ||||||||||||
| Fuel surcharge revenue | 195 | 223 | -12.6 | % | 613 | 636 | -3.6 | % | ||||||||||||||||
| Revenue | 1,251 | 1,228 | 1.9 | % | 3,743 | 3,484 | 7.4 | % | ||||||||||||||||
| Salaries, wages and employee benefits | 642 | 616 | 4.2 | % | 1,894 | 1,744 | 8.6 | % | ||||||||||||||||
| Purchased transportation | 58 | 97 | -40.2 | % | 204 | 283 | -27.9 | % | ||||||||||||||||
| Fuel, operating expenses and supplies (1) | 231 | 244 | -5.3 | % | 710 | 718 | -1.1 | % | ||||||||||||||||
| Operating taxes and licenses | 17 | 11 | 54.5 | % | 49 | 35 | 40.0 | % | ||||||||||||||||
| Insurance and claims | 21 | 20 | 5.0 | % | 63 | 81 | -22.2 | % | ||||||||||||||||
| Losses on sales of property and equipment | 3 | 4 | -25.0 | % | 7 | 6 | 16.7 | % | ||||||||||||||||
| Depreciation and amortization | 89 | 75 | 18.7 | % | 257 | 214 | 20.1 | % | ||||||||||||||||
| Transaction and integration costs | - | - | 0.0 | % | 1 | - | NM | |||||||||||||||||
| Restructuring costs | - | - | 0.0 | % | 2 | 10 | -80.0 | % | ||||||||||||||||
| Operating income | 188 | 161 | 16.8 | % | 556 | 393 | 41.5 | % | ||||||||||||||||
| Operating ratio (2) | 85.0 | % | 86.8 | % | 85.1 | % | 88.7 | % | ||||||||||||||||
| Amortization expense | 9 | 9 | 27 | 26 | ||||||||||||||||||||
| Transaction and integration costs | - | - | 1 | - | ||||||||||||||||||||
| Restructuring costs | - | - | 2 | 10 | ||||||||||||||||||||
| Adjusted operating income (3) | $ | 198 | $ | 170 | 16.5 | % | $ | 587 | $ | 429 | 36.8 | % | ||||||||||||
| Adjusted operating ratio (3) (4) | 84.2 | % | 86.2 | % | 84.3 | % | 87.7 | % | ||||||||||||||||
| Depreciation expense | 80 | 66 | 229 | 188 | ||||||||||||||||||||
| Pension income | 6 | 5 | 19 | 13 | ||||||||||||||||||||
| Other | - | - | - | 1 | ||||||||||||||||||||
| Adjusted EBITDA (5) | $ | 284 | $ | 241 | 17.8 | % | $ | 836 | $ | 631 | 32.5 | % | ||||||||||||
| Adjusted EBITDA margin (6) | 22.7 | % | 19.6 | % | 22.3 | % | 18.1 | % | ||||||||||||||||
Amounts may not add due to rounding.
NM - Not meaningful.
(1) Fuel, operating expenses and supplies includes fuel-related taxes.
(2) Operating ratio is calculated as (1 - (Operating income divided by Revenue)) using the underlying unrounded amounts.
(3) See the “Non-GAAP Financial Measures” section of the press release.
(4) Adjusted operating ratio is calculated as (1 - (Adjusted operating income divided by Revenue)) using the underlying unrounded amounts; adjusted operating margin is the inverse of adjusted operating ratio.
(5) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280.
(6) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.
| 9 |
North American Less-Than-Truckload
Summary Data Table
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Pounds per day (thousands) | 69,470 | 72,257 | -3.9 | % | 70,950 | 70,465 | 0.7 | % | ||||||||||||||||
| Shipments per day | 51,921 | 53,637 | -3.2 | % | 52,281 | 51,303 | 1.9 | % | ||||||||||||||||
| Average weight per shipment (in pounds) | 1,338 | 1,347 | -0.7 | % | 1,357 | 1,374 | -1.2 | % | ||||||||||||||||
| Revenue per shipment (including fuel surcharges) | $ | 379.00 | $ | 366.36 | 3.5 | % | $ | 374.57 | $ | 357.20 | 4.9 | % | ||||||||||||
| Revenue per shipment (excluding fuel surcharges) | $ | 319.75 | $ | 299.85 | 6.6 | % | $ | 313.16 | $ | 291.96 | 7.3 | % | ||||||||||||
| Gross revenue per hundredweight (including fuel surcharges) (1) | $ | 28.77 | $ | 27.74 | 3.7 | % | $ | 28.20 | $ | 26.59 | 6.1 | % | ||||||||||||
| Gross revenue per hundredweight (excluding fuel surcharges) (1) | $ | 24.34 | $ | 22.81 | 6.7 | % | $ | 23.67 | $ | 21.84 | 8.4 | % | ||||||||||||
| Average length of haul (in miles) | 855.7 | 850.0 | 850.5 | 839.4 | ||||||||||||||||||||
| Total average load factor (2) | 22,644 | 22,683 | -0.2 | % | 22,800 | 22,862 | -0.3 | % | ||||||||||||||||
| Average age of tractor fleet (years) | 4.2 | 5.2 | ||||||||||||||||||||||
| Number of working days | 63.5 | 62.5 | 191.0 | 190.0 | ||||||||||||||||||||
(1) Gross revenue per hundredweight excludes the adjustment required for financial statement purposes in accordance with the company's revenue recognition policy.
(2) Total average load factor equals freight pound miles divided by total linehaul miles.
Note: Table excludes the company's trailer manufacturing operations. Percentages presented are calculated using the underlying unrounded amounts.
| 10 |
European Transportation Segment
Summary Financial Table
(Unaudited)
(In millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Revenue | $ | 803 | $ | 752 | 6.8 | % | $ | 2,407 | $ | 2,320 | 3.8 | % | ||||||||||||
| Salaries, wages and employee benefits | 206 | 189 | 9.0 | % | 634 | 595 | 6.6 | % | ||||||||||||||||
| Purchased transportation | 372 | 340 | 9.4 | % | 1,100 | 1,055 | 4.3 | % | ||||||||||||||||
| Fuel, operating expenses and supplies (1) | 168 | 162 | 3.7 | % | 503 | 499 | 0.8 | % | ||||||||||||||||
| Operating taxes and licenses | 4 | 4 | 0.0 | % | 12 | 10 | 20.0 | % | ||||||||||||||||
| Insurance and claims | 12 | 15 | -20.0 | % | 39 | 43 | -9.3 | % | ||||||||||||||||
| Gains on sales of property and equipment | (4 | ) | (3 | ) | 33.3 | % | (12 | ) | (10 | ) | 20.0 | % | ||||||||||||
| Depreciation and amortization | 36 | 35 | 2.9 | % | 106 | 100 | 6.0 | % | ||||||||||||||||
| Transaction and integration costs | 1 | 1 | 0.0 | % | 2 | 2 | 0.0 | % | ||||||||||||||||
| Restructuring costs | 2 | 1 | 100.0 | % | 13 | 9 | 44.4 | % | ||||||||||||||||
| Operating income | $ | 6 | $ | 8 | -25.0 | % | $ | 12 | $ | 17 | -29.4 | % | ||||||||||||
| Other expense | (1 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||
| Amortization expense | 5 | 6 | 16 | 16 | ||||||||||||||||||||
| Transaction and integration costs | 1 | 1 | 2 | 2 | ||||||||||||||||||||
| Restructuring costs | 2 | 1 | 13 | 9 | ||||||||||||||||||||
| Adjusted operating income (2) | $ | 13 | $ | 15 | -13.3 | % | $ | 41 | $ | 43 | -4.7 | % | ||||||||||||
| Depreciation expense | 31 | 29 | 90 | 84 | ||||||||||||||||||||
| Adjusted EBITDA (3) | $ | 44 | $ | 44 | 0.0 | % | $ | 131 | $ | 127 | 3.1 | % | ||||||||||||
| Adjusted EBITDA margin (4) | 5.4 | % | 5.8 | % | 5.4 | % | 5.5 | % | ||||||||||||||||
Amounts may not add due to rounding.
(1) Fuel, operating expenses and supplies includes fuel-related taxes.
(2) See the “Non-GAAP Financial Measures” section of the press release.
(3) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280.
(4) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.
| 11 |
Corporate
Summary Financial Table
(Unaudited)
(In millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Revenue | $ | - | $ | - | 0.0 | % | $ | - | $ | - | 0.0 | % | ||||||||||||
| Salaries, wages and employee benefits | 4 | 4 | 0.0 | % | 13 | 15 | -13.3 | % | ||||||||||||||||
| Fuel, operating expenses and supplies | - | - | 0.0 | % | - | 6 | -100.0 | % | ||||||||||||||||
| Operating taxes and licenses | - | - | 0.0 | % | - | - | 0.0 | % | ||||||||||||||||
| Insurance and claims | - | 4 | -100.0 | % | 3 | 5 | -40.0 | % | ||||||||||||||||
| Depreciation and amortization | 1 | - | NM | 3 | 4 | -25.0 | % | |||||||||||||||||
| Transaction and integration costs | 12 | 7 | 71.4 | % | 36 | 45 | -20.0 | % | ||||||||||||||||
| Restructuring costs | 1 | - | NM | 2 | 16 | -87.5 | % | |||||||||||||||||
| Operating loss | $ | (18 | ) | $ | (15 | ) | 20.0 | % | $ | (57 | ) | $ | (91 | ) | -37.4 | % | ||||||||
| Other income (expense) (1) | 9 | 1 | 13 | - | ||||||||||||||||||||
| Depreciation and amortization | 1 | - | 3 | 4 | ||||||||||||||||||||
| Transaction and integration costs | 12 | 7 | 36 | 45 | ||||||||||||||||||||
| Restructuring costs | 1 | - | 2 | 16 | ||||||||||||||||||||
| Adjusted EBITDA (2) | $ | 5 | $ | (7 | ) | NM | $ | (3 | ) | $ | (26 | ) | -88.5 | % | ||||||||||
Amounts may not add due to rounding.
NM - Not meaningful.
(1) Other income (expense) consists of foreign currency gain (loss) and other income (expense), which is primarily comprised of investment income in 2024.
(2) See the “Non-GAAP Financial Measures” section of the press release.
| 12 |
XPO, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited)
(In millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | Change % | 2024 | 2023 | Change % | |||||||||||||||||||
| Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA | ||||||||||||||||||||||||
| Net income from continuing operations | $ | 95 | $ | 86 | 10.5 | % | $ | 312 | $ | 134 | 132.8 | % | ||||||||||||
| Debt extinguishment loss | - | - | - | 23 | ||||||||||||||||||||
| Interest expense | 56 | 41 | 170 | 126 | ||||||||||||||||||||
| Income tax provision | 40 | 31 | 60 | 48 | ||||||||||||||||||||
| Depreciation and amortization expense | 126 | 110 | 365 | 318 | ||||||||||||||||||||
| Transaction and integration costs | 13 | 8 | 39 | 47 | ||||||||||||||||||||
| Restructuring costs | 3 | 1 | 17 | 35 | ||||||||||||||||||||
| Other | - | 1 | - | 1 | ||||||||||||||||||||
| Adjusted EBITDA (1) | $ | 333 | $ | 278 | 19.8 | % | $ | 964 | $ | 732 | 31.7 | % | ||||||||||||
| Revenue | $ | 2,053 | $ | 1,980 | 3.7 | % | $ | 6,150 | $ | 5,804 | 6.0 | % | ||||||||||||
| Adjusted EBITDA margin (1) (2) | 16.2 | % | 14.0 | % | 15.7 | % | 12.6 | % | ||||||||||||||||
Amounts may not add due to rounding.
(1) See the “Non-GAAP Financial Measures” section of the press release.
(2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.
| 13 |
XPO, Inc.
Reconciliation of Non-GAAP Measures (cont.)
(Unaudited)
(In millions, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of Net Income from Continuing Operations and Diluted Earnings Per Share from Continuing Operations to Adjusted Net Income from Continuing Operations and Adjusted Earnings Per Share from Continuing Operations | ||||||||||||||||
| Net income from continuing operations | $ | 95 | $ | 86 | $ | 312 | $ | 134 | ||||||||
| Debt extinguishment loss | - | - | - | 23 | ||||||||||||
| Amortization of acquisition-related intangible assets | 14 | 15 | 43 | 42 | ||||||||||||
| Transaction and integration costs | 13 | 8 | 39 | 47 | ||||||||||||
| Restructuring costs | 3 | 1 | 17 | 35 | ||||||||||||
| Income tax associated with the adjustments above (1) | (5 | ) | (5 | ) | (18 | ) | (28 | ) | ||||||||
| European legal entity reorganization (2) | 2 | - | (40 | ) | - | |||||||||||
| Adjusted net income from continuing operations (3) | $ | 122 | $ | 105 | $ | 354 | $ | 253 | ||||||||
| Adjusted diluted earnings from continuing operations per share (3) | $ | 1.02 | $ | 0.88 | $ | 2.95 | $ | 2.15 | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Diluted weighted-average common shares outstanding | 120 | 119 | 120 | 118 | ||||||||||||
| Amounts may not add due to rounding. | ||||||||||||||||
| (1) This line item reflects the aggregate tax benefit of all non-tax related adjustments reflected in the table above. The detail by line item is as follows: | ||||||||||||||||
| Debt extinguishment loss | $ | - | $ | - | $ | - | $ | 5 | ||||||||
| Amortization of acquisition-related intangible assets | 3 | 4 | 10 | 10 | ||||||||||||
| Transaction and integration costs | 1 | - | 4 | 5 | ||||||||||||
| Restructuring costs | 1 | 1 | 4 | 8 | ||||||||||||
| $ | 5 | $ | 5 | $ | 18 | $ | 28 | |||||||||
Amounts may not add due to rounding.
The income tax rate applied to reconciling items is based on the GAAP annual effective tax rate, excluding discrete items, non-deductible compensation, and contribution- and margin-based taxes.
(2) Reflects a tax benefit recognized in the second quarter of 2024 and the subsequent adjustment recognized in the third quarter of 2024 related to a legal entity reorganization within our European Transportation business.
(3) See the "Non-GAAP Financial Measures" section of the press release.
| 14 |