XPO Logistics Announces Third Quarter 2013 Results and Reaffirms Full Year Outlook
(Thomson Reuters ONE) -
Reports 42% Organic Growth Company-wide
Generates Significant Gross Margin Percentage Improvement in All Business Units
Rebrands Freight Forwarding Division as XPO Global Logistics
Opens Freight Forwarding Cold-start in Dallas and Adds
Brokerage Cold-starts in Houston and Richmond
GREENWICH, Conn. - November 4, 2013 - XPO Logistics, Inc. (NYSE: XPO) today
announced financial results for the third quarter of 2013.
Total revenue was $194.0 million for the third quarter, a 173.3% increase from
the same period in 2012. Gross margin dollars increased 251.0% year-over-year to
$34.8 million, and gross margin percentage increased by 400 basis points to
18.0%.
For the third quarter of 2013, the company reported a net loss of $6.0 million,
compared with a net loss of $3.1 million for the same period in 2012. The net
loss available to common shareholders was $6.8 million, or a loss of $0.28 per
diluted share, compared with a net loss of $3.9 million, or a loss of $0.22 per
diluted share, for the same period in 2012. The company's third quarter results
reflect: a $10.3 million tax benefit related to the release of a valuation
allowance against deferred tax assets; $3.1 million, or $1.9 million after-tax,
in accelerated amortization of intangible assets related to the rebranding of
the freight forwarding business; and $3.0 million, or $1.9 million after-tax,
for a commitment fee related to an undrawn debt funding option for the 3PD
transaction.
Earnings (loss) before interest, taxes, depreciation and amortization
("EBITDA"), a non-GAAP financial measure, was a loss of $10.3 million for the
third quarter of 2013, compared with a loss of $8.9 million for the same period
in 2012. EBITDA includes $1.2 million of non-cash share-based compensation in
each of the third quarters for 2013 and 2012. A reconciliation of EBITDA to net
income is provided in the attached financial tables.
The company had $67.3 million of cash as of September 30, 2013.
Rebrands Freight Forwarding Division as XPO Global Logistics
The company has rebranded its formerly named Concert Group Logistics (CGL)
division as XPO Global Logistics, to better reflect the role of freight
forwarding within the company's broader service offering. XPO Global Logistics
provides domestic and international freight forwarding services through 28
locations in the United States and Canada. The division has launched a new
website at www.xpogloballogistics.com.
Reaffirms Full Year 2013 Financial Outlook
The company has reaffirmed its full year 2013 outlook for an annual revenue run
rate of more than $1 billion as of December 31, and positive EBITDA for the
fourth quarter.
CEO Comments
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, "In
the third quarter, we drove 42% organic revenue growth on a year-over-year basis
company-wide. We also achieved significant increases in gross margin percentage
in every business unit. We delivered 146% organic revenue growth in our freight
brokerage division, and improved our truckload brokerage gross margin percentage
by 100 basis points. Our expedite division operated more efficiently, resulting
in year-over-year improvements in revenue and margin performance. And our
freight forwarding division continued to generate double-digit growth.
"We have brokerage cold-starts underway in Houston and Richmond, where we're
immersed in recruiting transportation talent. We recently received approval for
up to $1.9 million in state and local tax incentives to develop a large
brokerage facility in Louisville, Kentucky. And we're continuing to grow our
positions in LTL and intermodal. Our momentum is resonating with large shippers
who see that we have both the desire to outperform, and the resources to
deliver."
Jacobs continued, "While we reported a loss, as expected, our strategic
investments are driving significant revenue growth and margin improvement. Given
our trajectory, we're on track to meet our 2013 targets for positive EBITDA in
the fourth quarter and a billion dollar revenue run rate by year-end."
Third Quarter 2013 Results by Business Unit
* Freight brokerage: The company's freight brokerage business generated total
revenue of $152.6 million for the quarter, a 374.4% increase from the same
period in 2012. Gross margin percentage was 18.1% for the quarter, compared
with 12.6% for the same period in 2012, an improvement of 550 basis points.
The year-over-year increases in revenue and gross margin percentage were
primarily driven by the acquisition of 3PD, which typically generates higher
gross margin percentage than truckload brokerage, prior acquisitions and
growth of the company's brokerage cold-start locations. Truckload brokerage
gross margin, which excludes last-mile, improved 100 basis points versus the
same period in 2012. Third quarter operating loss was $3.4 million, compared
with a loss of $2.2 million a year ago, primarily reflecting an increase in
SG&A costs for sales force expansion, technology and training, as well as
increased intangible asset amortization relating to the acquisition of 3PD.
* Expedited transportation: The company's expedited transportation business
generated total revenue of $25.1 million for the quarter, a 5.7% increase
from the same period in 2012. Gross margin percentage was 18.1% for the
quarter, compared with 16.6% for the same period in 2012, an improvement of
150 basis points. The year-over-year increase in gross margin percentage
primarily reflects lower direct expenses, partially offset by the addition
of expedited air charter revenue from the 2013 acquisition of East Coast Air
Charter; air charter services typically generate higher revenue per load but
lower gross margin percentage than the company's over-the-road expedited
business. Third quarter operating income was $1.7 million, a 22.9% increase
from the same period in 2012, primarily reflecting the increase in gross
margin.
* Freight forwarding: The company's freight forwarding business generated
total revenue of $19.1 million for the quarter, a 10.5% increase from the
same period in 2012. The increase in revenue was primarily driven by growth
of the company's freight forwarding cold-starts and a higher volume of
international shipments. Gross margin percentage was 13.8% for the quarter,
an improvement of 270 basis points, compared with 11.1% for the same period
in 2012. The increase in gross margin percentage was primarily driven by
branch conversions from independent ownership to company ownership. Third
quarter operating loss was $2.6 million compared with income of $193,000 a
year ago. The operating loss in the quarter reflects the accelerated
amortization of $3.1 million, or $1.9 million after-tax, in intangible
assets related to the CGL trade name. Excluding this accelerated
amortization, operating income increased reflecting a higher gross margin.
* Corporate: Corporate SG&A expense for the third quarter of 2013 was $14.2
million, compared with $8.7 million for the third quarter of 2012. The
increase in SG&A expense was largely driven by an increase in purchased
services, including $3.2 million, or $2.0 million after-tax, of transaction
costs primarily related to the 3PD acquisition; and $1.5 million, or $0.9
million after-tax, of litigation costs; as well as an increase in corporate
shared services.
Nine Months 2013 Financial Results
For the nine months ended September 30, 2013, the company reported total revenue
of $445.1 million, a 161.7% increase from the first nine months of 2012.
Net loss was $37.9 million for the first nine months of 2013, compared with net
loss of $11.0 million for the same period last year. The company reported a
nine-month net loss available to common shareholders of $40.2 million, or a loss
of $1.99 per diluted share, compared with a net loss of $13.3 million, or a loss
of $0.89 per diluted share, for the same period in 2012. The company's nine
months results reflect: a $10.3 million tax benefit related to the release of a
valuation allowance against deferred tax assets; $3.1 million, or $1.9 million
after-tax, in accelerated amortization of intangible assets related to the
rebranding of the freight forwarding business; and $3.0 million, or $1.9 million
after-tax, for a commitment fee related to an undrawn debt funding option for
the 3PD transaction.
EBITDA was a loss of $32.4 million for the first nine months of 2013, compared
with a loss of $15.7 million for the same period in 2012, primarily reflecting
planned investments in scale, including a significant increase in sales
headcount year-over-year.
Announces Cold-starts
The company announced the August opening of a freight forwarding cold-start in
Dallas, Texas, and the addition of two freight brokerage cold-starts in Houston,
Texas, and Richmond, Va. In addition, the company has received approval for as
much as $1.9 million in state and local tax incentives related to a planned
brokerage center in Louisville, Ky.
Enters into ABL Facility
On October 18, 2013, the company entered into a $125 million multicurrency
secured revolving loan credit agreement (the "ABL facility") with a maturity of
five years. The principal amount of the commitments under the ABL facility may
be increased up to $200 million, subject to certain terms and conditions.
Conference Call
The company will hold a conference call on Tuesday, November 5, 2013, at 8:30
a.m. Eastern Time. Participants can call toll-free (from U.S./Canada)
1-800-447-0521; international callers dial +1-847-413-3238. A live webcast of
the conference will be available on the investor relations area of the company's
website, www.xpologistics.com/investors. The conference will be archived until
December 5, 2013. To access the replay by phone, call toll-free (from
U.S./Canada) 1-888-843-7419; international callers dial +1-630-652-3042. Use
participant passcode 35737223.
About XPO Logistics, Inc.
XPO Logistics, Inc. (NYSE: XPO) is one of the fastest growing providers of
transportation logistics services in North America, offering freight brokerage,
expedited transportation, white glove delivery and freight forwarding services.
The company is one of the leading freight brokerage firms in North America, the
largest provider of heavy goods, last-mile logistics, and a top expediter.
XPO is built to deliver constant growth in capacity and passionate service
through market-facing technologies and 89 locations in the United States and
Canada. The company uses its relationships with more than 23,000 ground, sea and
air carriers to move freight for over 9,500 customers in the manufacturing,
industrial, retail, commercial, life sciences and government sectors.
www.xpologistics.com
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined under
Securities and Exchange Commission ("SEC") rules, such as earnings (loss) before
interest, taxes, depreciation and amortization ("EBITDA") for the quarters and
nine-month periods ended September 30, 2013, and September 30, 2012. As required
by SEC rules, we provide reconciliations of these measures to the most directly
comparable measure under United States generally accepted accounting principles
("GAAP"), which are set forth in the attachments to this release. We believe
that EBITDA improves comparability from period to period by removing the impact
of our capital structure (interest expense from our outstanding debt), asset
base (depreciation and amortization) and tax consequences. In addition to its
use by management, we believe that EBITDA is a measure widely used by securities
analysts, investors and others to evaluate the financial performance of
companies in our industry. Other companies may calculate EBITDA differently, and
therefore our EBITDA may not be comparable to similarly titled measures of other
companies. EBITDA is not a measure of financial performance or liquidity under
GAAP and should not be considered in isolation or as an alternative to net
income, cash flows from operating activities and other measures determined in
accordance with GAAP. Items excluded from EBITDA are significant and necessary
components of the operations of our business, and, therefore, EBITDA should only
be used as a supplemental measure of our operating performance.
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, including, without limitation, our
2013 outlook with respect to annual revenue and fourth quarter 2013 EBITDA, the
planned addition of a brokerage center in Louisville, Ky., the amount of
potential tax incentives in connection with such brokerage center, and other
such matters. 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" 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
us in light of our experience and our perception of historical trends, current
conditions and expected future developments, as well as other factors we believe
are appropriate in the circumstances. These forward-looking statements are
subject to known and unknown risks, uncertainties and assumptions that may cause
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements. Factors
that might cause or contribute to a material difference include, but are not
limited to, those discussed in our filings with the SEC and the following:
economic conditions generally; competition; our ability to find suitable
acquisition candidates and execute our acquisition strategy; our ability to
raise debt and equity capital; our ability to attract and retain key employees
to execute our growth strategy; litigation, including litigation related to
misclassification of independent contractors; our ability to develop and
implement a suitable information technology system; our ability to maintain
positive relationships with our network of third-party transportation providers;
our ability to retain our largest customers; our ability to successfully
integrate acquired businesses; and governmental regulation. All forward-looking
statements set forth in this press 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 press 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, including our
2013 outlook, except to the extent required by law.
Investor Contact:
XPO Logistics, Inc.
Tavio Headley, +1-203-930-1602
tavio.headley(at)xpologistics.com
Media Contact:
Brunswick Group
Steve Lipin / Gemma Hart, +1-212-333-3810
XPO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2013 2012 2013 2012
------------ ----------- ------------ -----------
Revenues $ 193,982 $ 70,988 $ 445,071 $ 170,088
Expenses
Direct expense 159,147 61,064 374,636 144,925
------------ ----------- ------------ -----------
Gross margin 34,835 9,924 70,435 25,163
Sales general and
administrative expense 53,254 19,204 114,236 42,035
------------ ----------- ------------ -----------
Operating loss (18,419) (9,280) (43,801) (16,872)
------------ ----------- ------------ -----------
Other expense 235 314 294 319
Interest expense 6,415 15 12,585 30
------------ ----------- ------------ -----------
Loss before income tax
provision (25,069) (9,609) (56,680) (17,221)
Income tax benefit (19,044) (6,460) (18,748) (6,201)
------------ ----------- ------------ -----------
Net loss (6,025) (3,149) (37,932) (11,020)
Cumulative preferred
dividends (743) (750) (2,229) (2,250)
------------ ----------- ------------ -----------
Net loss available to common
shareholders $ (6,768) $ (3,899) $ (40,161) $ (13,270)
------------ ----------- ------------ -----------
Basic loss per share
Net loss $ (0.28) $ (0.22) $ (1.99) $ (0.89)
Diluted loss per share
Net loss $ (0.28) $ (0.22) $ (1.99) $ (0.89)
Weighted average common
shares outstanding
Basic weighted average
common shares outstanding 24,222 17,663 20,167 14,952
Diluted weighted average
common shares outstanding 24,222 17,663 20,167 14,952
XPO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
September
30, December 31,
2013 2012
------------- ----------------------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 67,259 $ 252,293
Accounts receivable, net of
allowances of $2,355 and $603,
respectively 123,082 61,245
Prepaid expenses 3,435 1,555
Deferred tax asset, current 1,288 1,406
Income tax receivable 2,265 2,569
Other current assets 5,081 1,866
------------- ----------------------------
Total current assets 202,410 320,934
------------- ----------------------------
Property and equipment, net of
$9,193 and $5,323
in accumulated depreciation,
respectively 39,668 13,090
Goodwill 302,847 55,947
Identifiable intangible assets, net
of $9,153 and $4,592
in accumulated amortization,
respectively 154,026 22,473
Deferred tax asset, long-term 73 0
Other long-term assets 1,308 764
------------- ----------------------------
Total long-term assets 497,922 92,274
------------- ----------------------------
Total assets $ 700,332 $ 413,208
------------- ----------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 36,535 $ 22,108
Accrued salaries and wages 8,598 3,516
Accrued expenses, other 33,356 21,123
Current maturities of notes payable
and capital leases 723 491
Other current liabilities 5,106 1,789
------------- ----------------------------
Total current liabilities 84,318 49,027
------------- ----------------------------
Convertible senior notes 112,717 108,280
Notes payable and capital leases,
net of current maturities 459 676
Deferred tax liability, long term 18,197 6,781
Other long-term liabilities 27,894 3,385
------------- ----------------------------
Total long-term liabilities 159,267 119,122
------------- ----------------------------
Stockholders' equity:
Preferred stock, $.001 par value;
10,000,000 shares;
74,225 shares issued and
outstanding 42,765 42,794
Common stock, $.001 par value;
150,000,000 shares authorized;
29,960,689 and 18,002,985 shares
issued, respectively;
and 29,915,689 and 17,957,985 shares
outstanding, respectively 29 18
Additional paid-in capital 514,508 262,641
Treasury stock, at cost, 45,000
shares held (107) (107)
Accumulated deficit (100,448) (60,287)
------------- ----------------------------
Total stockholders' equity 456,747 245,059
------------- ----------------------------
Total liabilities and
stockholders' equity $ 700,332 $ 413,208
------------- ----------------------------
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
2013 2012
-------------------------- ------------------------
Operating activities
Net loss $ (37,932) $ (11,020)
Adjustments to reconcile
net loss to net cash from
operating activities
Provisions for allowance
for doubtful accounts 1,855 645
Depreciation and
amortization 11,743 1,462
Stock compensation
expense 3,374 3,485
Accretion of debt 4,437 -
Other (201) (8)
Changes in assets and
liabilities, net of effects
of acquisitions:
Accounts receivable (28,096) (8,078)
Deferred tax expense (18,882) (4,276)
Income tax receivable (662) (1,824)
Prepaid expense and other
current assets (2,373) (436)
Other long-term assets (97) 12
Accounts payable (6,137) (3,136)
Accrued expenses and
other liabilities 11,426 6,255
-------------------------- ------------------------
Cash flows used by
operating activities (61,545) (16,919)
-------------------------- ------------------------
Investing activities
Acquisition of
businesses, net of cash
acquired (352,266) (7,011)
Proceeds from sale of
business interests 125 -
Payment for purchases of
property and equipment (6,535) (3,986)
-------------------------- ------------------------
Cash flows used by
investing activities (358,676) (10,997)
-------------------------- ------------------------
Financing Activities
Credit line, net activity (115) (2,178)
Proceeds from issuance of
convertible senior notes,
net - 120,287
Payments of notes payable
and capital leases (239) (2,089)
Payment of acquisition
earn-out (305) (450)
Proceeds from stock
offering, net 239,660 136,961
Proceeds from exercise of
options, net - 131
Payments of tax
withholdings for
restricted shares (1,585) -
Dividends paid to
preferred stockholders (2,229) (2,250)
-------------------------- ------------------------
Cash flows provided by
financing activities 235,187 250,412
-------------------------- ------------------------
Net (decrease) increase in
cash (185,034) 222,496
Cash and cash equivalents,
beginning of period 252,293 74,007
-------------------------- ------------------------
Cash and cash equivalents,
end of period $ 67,259 $ 296,503
-------------------------- ------------------------
Supplemental disclosure of
cash flow information:
Cash paid during the
period for interest 6,611 29
Cash paid during the
period for income taxes 907 244
Equity portion of
acquisition purchase price 10,446 -
Freight Brokerage
Summary Financial Table
(Unaudited)
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
--------------------------------------------- ---------------------------------------------
$ Change $ Change
2013 2012 Variance % 2013 2012 Variance %
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Revenue $ 152,616 $ 32,169 $ 120,447 374.4% $ 326,206 $ 53,974 $ 272,232 504.4%
Direct expense
Transportation
services 124,804 27,966 96,838 346.3% 275,466 47,128 228,338 484.5%
Other direct
expense 162 152 10 6.6% 457 244 213 87.3%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Total direct
expense 124,966 28,118 96,848 344.4% 275,923 47,372 228,551 482.5%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Gross
margin 27,650 4,051 23,599 582.5% 50,283 6,602 43,681 661.6%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
SG&A expense
Salaries &
benefits 17,559 3,961 13,598 343.3% 40,089 6,392 33,697 527.2%
Purchased
services 2,269 694 1,575 226.9% 4,062 1,022 3,040 297.5%
Other SG&A
expense 6,626 1,248 5,378 430.9% 11,551 1,857 9,694 522.0%
Depreciation
& amortization 4,611 317 4,294 1354.6% 6,805 413 6,392 1547.7%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Total SG&A
expense 31,065 6,220 24,845 399.4% 62,507 9,684 52,823 545.5%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Operating loss $ (3,415) $ (2,169) $ (1,246) 57.4% $ (12,224) $ (3,082) $ (9,142) 296.6%
----------- ----------- ----------- --------- ------------ ----------- ----------- --------
Freight Brokerage
Key Data
(Unaudited)
(In thousands, except personnel data)
3 Mos Ended 3 Mos Ended 9 Mos Ended 9 Mos Ended
September September September September
30, 30, 30, 30,
2013 2012 2013 2012
---------------- ---------------- ---------------- ---------------
Revenues
Truckload,
LTL, and
Intermodal $ 106,081 $ 32,169 $ 279,671 $ 53,974
Last Mile 46,535 - 46,535 -
---------------- ---------------- ---------------- ---------------
Total Revenue $ 152,616 $ 32,169 $ 326,206 $ 53,974
---------------- ---------------- ---------------- ---------------
Gross Margin
Truckload,
LTL, and
Intermodal $ 14,443 $ 4,051 $ 37,076 $ 6,602
Last Mile 13,207 - 13,207 -
---------------- ---------------- ---------------- ---------------
Total Gross
Margin $ 27,650 $ 4,051 $ 50,283 $ 6,602
---------------- ---------------- ---------------- ---------------
Gross Margin %
Truckload,
LTL, and
Intermodal 13.6% 12.6% 13.3% 12.2%
Last Mile 28.4% - 28.4% -
---------------- ---------------- ---------------- ---------------
Overall Gross
Margin % 18.1% 12.6% 15.4% 12.2%
---------------- ---------------- ---------------- ---------------
Freight
Brokerage
personnel (end
of period) 1,489 290
Note: Employee totals are as of period end, and primarily include the positions
of shipper sales, carrier procurement and brokerage operations, and reflect the
impact of recruitment and acquisitions.
Expedited Transportation
Summary Financial Table
(Unaudited)
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
----------------------------------------- -----------------------------------------
$ Change $ Change
2013 2012 Variance % 2013 2012 Variance %
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Revenue $ 25,101 $ 23,755 $ 1,346 5.7% $ 75,421 $ 71,906 $ 3,515 4.9%
Direct expense
Transportation
services 19,766 18,803 963 5.1% 60,447 55,995 4,452 8.0%
Other direct
expense 797 1,008 (211) -20.9% 2,419 2,673 (254) -9.5%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Total direct
expense 20,563 19,811 752 3.8% 62,866 58,668 4,198 7.2%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Gross
margin 4,538 3,944 594 15.1% 12,555 13,238 (683) -5.2%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
SG&A expense
Salaries &
benefits 1,893 1,615 278 17.2% 5,854 4,940 914 18.5%
Purchased
services 212 259 (47) -18.1% 747 707 40 5.7%
Other SG&A
expense 470 578 (108) -18.7% 1,587 1,513 74 4.9%
Depreciation &
amortization 224 77 147 190.9% 689 241 448 185.9%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Total SG&A
expense 2,799 2,529 270 10.7% 8,877 7,401 1,476 19.9%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Operating
income $ 1,739 $ 1,415 $ 324 22.9% $ 3,678 $ 5,837 $ (2,159) -37.0%
---------- ---------- ---------- -------- ---------- ---------- ----------- -------
Note: Total depreciation and amortization for the Expedited Transportation
operating segment included in both direct expense and SG&A, was $262 and $127
for the three-months ended September 30, 2013 and 2012, respectively, and $821
and $393 for the nine-month periods ended September 30, 2013 and 2012,
respectively.
Freight Forwarding
Summary Financial Table
(Unaudited)
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
--------------------------------------------- -------------------------------------------
$ $ Change
2013 2012 Variance Change % 2013 2012 Variance %
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
Revenue $ 19,129 $ 17,304 $ 1,825 10.5% $ 54,700 $ 49,229 $ 5,471 11.1%
Direct expense
Transportation
services 14,740 12,914 1,826 14.1% 41,593 36,577 5,016 13.7%
Station
commissions 1,706 2,428 (722) -29.7% 5,407 7,201 (1,794) -24.9%
Other direct
expense 35 34 1 2.9% 103 128 (25) -19.5%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
Total direct
expense 16,481 15,376 1,105 7.2% 47,103 43,906 3,197 7.3%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
Gross margin 2,648 1,928 720 37.3% 7,597 5,323 2,274 42.7%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
SG&A expense
Salaries &
benefits 1,618 1,059 559 52.8% 4,569 2,770 1,799 64.9%
Purchased
services 63 207 (144) -69.6% 311 394 (83) -21.1%
Other SG&A
expense 328 324 4 1.2% 1,048 1,072 (24) -2.2%
Depreciation &
amortization 3,227 145 3,082 2125.5% 3,407 433 2,974 686.8%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
Total SG&A
expense 5,236 1,735 3,501 201.8% 9,335 4,669 4,666 99.9%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
Operating
income $ (2,588) $ 193 $ (2,781) -1440.9% $ (1,738) $ 654 $ (2,392) -365.7%
----------- ---------- ----------- ---------- ----------- ---------- ----------- --------
XPO Corporate
Summary of Selling, General & Administrative Expense
(Unaudited)
(In thousands)
Three Months Ended September 30, Nine Months Ended September 30,
---------------------------------------- ----------------------------------------
$ Change $ Change
2013 2012 Variance % 2013 2012 Variance %
---------- --------- ---------- -------- ---------- ---------- ---------- -------
SG&A expense
Salaries &
benefits $ 5,995 $ 3,520 $ 2,475 70.3% $ 15,095 $ 9,665 $ 5,430 56.2%
Purchased
services 5,767 4,016 1,751 43.6% 12,921 7,660 5,261 68.7%
Other SG&A
expense 2,097 1,050 1,047 99.7% 4,791 2,733 2,058 75.3%
Depreciation
&
amortization 296 133 163 122.6% 710 223 487 218.4%
---------- --------- ---------- -------- ---------- ---------- ---------- -------
Total SG&A
expense $ 14,155 $ 8,719 $ 5,436 62.3% $ 33,517 $ 20,281 $ 13,236 65.3%
---------- --------- ---------- -------- ---------- ---------- ---------- -------
Note: Intercompany eliminations included revenue of $2.9 million and $2.2
million for the three-months ended September 30, 2013 and 2012, respectively, as
well as revenues of $11.3 million and $5.0 million for the year to date periods
ended September 30, 2013 and 2012, respectively, that eliminate upon
consolidation.
Reconciliation of Non-GAAP Measures
XPO Logistics, Inc.
Consolidated Reconciliation of EBITDA to Net Loss
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
Change Change
2013 2012 % 2013 2012 %
------------ ----------- ---------- ------------ ------------ ---------
Net loss
available to
common
shareholders $ (6,768) $ (3,899) 73.6% $ (40,161) $ (13,270) 202.6%
Preferred
dividends (743) (750) -0.9% (2,229) (2,250) -0.9%
------------ ----------- ---------- ------------ ------------ ---------
Net loss (6,025) (3,149) 91.3% (37,932) (11,020) 244.2%
------------ ----------- ---------- ------------ ------------ ---------
Interest
expense 6,415 15 42666.7% 12,585 30 41850.0%
Income tax
benefit (19,044) (6,460) 194.8% (18,748) (6,201) 202.3%
Depreciation
and
amortization 8,396 721 1064.5% 11,743 1,462 703.2%
------------ ----------- ---------- ------------ ------------ ---------
EBITDA $ (10,258) $ (8,873) 15.6% $ (32,352) $ (15,729) 105.7%
------------ ----------- ---------- ------------ ------------ ---------
Note: Please refer to the "Non-GAAP Financial Measures" section of the press
release.
XPO Logistics, Inc.
Consolidated Calculation of Diluted Weighted Shares Outstanding
Three Months Ended Nine Months Ended
--------------------------------- -------------------------------
September September September September
30, 2013 30, 2012 30, 2013 30, 2012
---------------- ---------------- ---------------- --------------
Basic common
stock
outstanding 24,221,987 17,663,403 20,167,436 14,952,059
---------------- ---------------- ---------------- --------------
Potentially
Dilutive
Securities:
Shares
underlying the
conversion
of preferred
stock to common
stock 10,604,891 10,714,286 10,608,752 10,714,286
Shares
underlying the
conversion
of the
convertible
senior notes 8,749,239 330,784 8,749,239 111,066
Shares
underlying
warrants to
purchase
common stock 7,348,157 5,516,551 6,721,704 5,770,577
Shares
underlying
stock options
to purchase
common stock 424,122 507,425 347,356 549,084
Shares
underlying
restricted
stock units 432,888 138,921 332,488 158,308
---------------- ---------------- ---------------- --------------
27,559,297 17,207,967 26,759,539 17,303,321
---------------- ---------------- ---------------- --------------
---------------- ---------------- ---------------- --------------
Diluted
weighted shares
outstanding 51,781,284 34,871,370 46,926,975 32,255,380
---------------- ---------------- ---------------- --------------
Note: For dilution purposes, GAAP requires diluted shares to be reflected on a
weighted average basis, which takes into account the portion of the period in
which the diluted shares were outstanding. The table above reflects the weighted
average diluted shares for the periods presented. The impact of this dilution
was not reflected in the earnings per share calculations on the Condensed
Consolidated Statements of Operations because the impact was anti-dilutive. The
treasury method was used to determine the shares underlying the warrants to
purchase common stock with an average closing market price of $22.31 per share
and $14.43 per share for the three-month periods ended September 30, 2013 and
2012, respectively, and $18.81 per share and $15.17 per share for the nine-month
periods ended September 30, 2013 and 2012, respectively.
For informational purposes, the following table represents fully diluted shares
as of September 30, 2013, calculated on a non-weighted basis without giving
effect to the portion of any period in which the diluted shares were
outstanding. The dilutive effect of the warrants, options and RSUs in the table
was calculated using the average closing market price of common stock for the
three-month period ended September 30, 2013. A non-weighted basis for
calculating fully diluted shares is a non-GAAP financial measure as defined
under SEC rules.
XPO Logistics, Inc.
Diluted Shares as of September 30, 2013
------------------------------------------
Common Stock Outstanding 29,915,689
Preferred stock 10,603,571
Convertible senior notes 8,749,239
Warrants 7,348,157
Outstanding stock options 724,536
Restricted stock units 552,584
------------------------------------------
Total 57,893,776
------------------------------------------
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: XPO Logistics, Inc. via Thomson Reuters ONE
[HUG#1740498]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2013 - 22:21 Uhr
Sprache: Deutsch
News-ID 312565
Anzahl Zeichen: 53553
contact information:
Town:
Greenwich
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"XPO Logistics Announces Third Quarter 2013 Results and Reaffirms Full Year Outlook"
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