XPO Logistics Announces First Quarter 2015 Results
(Thomson Reuters ONE) -
Agrees to acquire Bridge Terminal Transport to expand drayage capacity
Raises 2015 year-end run rate targets to at least $9.5 billion of revenue and
$625 million of EBITDA
Rebrands all services as XPO Logistics and launches new website
GREENWICH, Conn. - May 4, 2015 - XPO Logistics, Inc. (NYSE: XPO) today announced
financial results for the first quarter of 2015. Total gross revenue increased
148.9% year-over-year to $703.0 million, and net revenue increased 349.0% to
$262.2 million.
The company reported a net loss of $14.7 million for the quarter, compared with
a net loss of $28.3 million for the same period in 2014. The net loss available
to common shareholders was $15.4 million, or a loss of $0.20 per diluted share,
compared with a net loss available to common shareholders of $29.1 million, or a
loss of $0.70 per diluted share, for the same period in 2014.
The adjusted net loss available to common shareholders, a non-GAAP measure, was
$9.9 million, or a loss of $0.13 per share for the quarter, excluding the items
detailed below. This compares to an adjusted net loss available to common
shareholders of $16.7 million, or a loss of $0.40 per share, for the first
quarter of 2014.
Adjusted net loss available to common shareholders for the first quarter of
2015 excludes: $6.5 million, or $4.8 million after-tax, of costs related to the
conversion of the company's convertible senior notes; $0.6 million, or $0.4
million after-tax, of transaction and integration costs; and $0.5 million, or
$0.3 million after-tax, of accelerated amortization of trade names related to
the rebranding to XPO Logistics. Reconciliations of adjusted net loss available
to common shareholders and adjusted EPS are provided in the attached financial
tables.
Adjusted earnings before interest, taxes, depreciation and amortization
("adjusted EBITDA"), a non-GAAP financial measure, improved to $29.2 million for
the quarter, compared with $0.6 million for the same period in 2014. Adjusted
EBITDA in the first quarter of 2015 excludes $0.6 million of transaction and
integration costs and includes $2.3 million of non-cash share-based
compensation. A reconciliation of adjusted EBITDA to net loss is provided in the
attached financial tables.
Agrees to Acquire Bridge Terminal Transport
On May 4, 2015, XPO entered into a definitive agreement to acquire Bridge
Terminal Transport Services, Inc. ("BTT"), one of the largest asset-light
drayage providers in the United States. The transaction is subject to customary
closing conditions, including antitrust clearance, and is expected to close in
the second quarter of 2015. The transaction is expected to be immediately
accretive to earnings before the benefits of cross-selling and other synergies.
XPO intends to rebrand and integrate BTT with XPO Logistics.
The purchase price is $100 million, excluding any working capital adjustments,
with no assumption of debt. BTT had revenue of $232.0 million for the trailing
12 months ended March 31, 2015. The purchase price represents a consideration of
8.1 times EBITDA of $12.4 million for the same 12-month period.
In business for 33 years, BTT arranges ground transportation through a network
of 28 terminals and approximately 1,300 independent owner operators. BTT has
approximately 250 employees and 1,800 customers, including many multinational
companies, with its top ten customers having an average tenure of 19 years with
BTT. The acquisition will significantly expand XPO's drayage capacity on the
East Coast.
Raises Full Year Financial Targets
In light of XPO's previously announced agreement to acquire Norbert
Dentressangle SA, and its agreement to acquire Bridge Terminal Transport
Services, Inc., the company has raised its 2015 targets to an annual revenue run
rate of at least $9.5 billion and an annual EBITDA run rate of at least $625
million by December 31.
CEO Comments
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said,
"Our first quarter performance reflects the resilience of our diversified
service offering. We generated strong results in our last mile and expedite
businesses, and in our logistics segment. These gains were offset by a weak spot
market for freight brokerage and the disruption of our intermodal business due
to the West Coast port slowdowns. March was a more broadly favorable operating
environment, with an upswing that continued into April."
Jacobs continued, "We're continuing to invest in resources that make our core
services more compelling to customers. Today we agreed to acquire BTT, one of
the largest asset-light drayage providers in the United States. Our purchase of
BTT will almost triple our drayage capacity to over 2,000 independent owner
operators. When we close the transaction, we'll have approximately 6,200
independent owner operators in our network, providing service to our customers
in intermodal, last mile and expedite. We'll integrate BTT and rebrand the
operations under our single, global brand of XPO Logistics."
Jacobs concluded, "In light of our recent M&A announcements, we've raised our
2015 targets for revenue and EBITDA. We're now targeting a year-end revenue run
rate of at least $9.5 billion, and EBITDA of at least $625 million - more than
twice the EBITDA target we set just three months ago."
First Quarter 2015 Results by Segment
* Transportation: The company's transportation segment, which includes truck
brokerage and intermodal, last mile, expedite and global forwarding,
generated total gross revenue of $562.2 million for the quarter, a 99.1%
increase from the same period in 2014. The year-over-year increase in
revenue was primarily due to acquisitions of intermodal and last mile
companies, as well as 10% organic growth, or an estimated 18% organic growth
excluding the impacts of lower fuel prices. Net revenue margin for the first
quarter was 21.6%, compared with 20.7% in 2014. The increase was primarily
due to the acquisitions, and to margin improvements in the truck brokerage
and last mile businesses. First quarter EBITDA for the segment improved to
$23.3 million, compared with $10.8 million a year ago. First quarter
operating income for the segment improved to $3.6 million, compared with
$0.1 million a year ago. The increases in EBITDA and operating income were
largely due to improved performance by the company's truck brokerage and
expedite businesses, and to the intermodal acquisition. A reconciliation of
EBITDA to operating income for the transportation segment is provided in the
attached financial tables.
* Logistics: The company's logistics segment, which provides contract
logistics and related supply chain services, generated net revenue of $140.8
million, EBITDA of $20.1 million and operating income of $6.4 million. XPO's
acquisition of the contract logistics business was completed on September
2, 2014. A reconciliation of EBITDA to operating income for the logistics
segment is provided in the attached financial tables.
* Corporate: Corporate SG&A expense was $14.8 million, compared with $21.5
million for the first quarter of 2014. The decrease was primarily due to a
reduction in transaction-related costs. Corporate SG&A for the quarter
includes: $1.2 million, or $0.7 million after-tax, of transaction and
integration costs related to acquisitions; $2.3 million, or $1.4 million
after-tax, of non-cash share-based compensation; and $1.2 million, or $0.7
million after-tax, of litigation costs.
Rebrands All Services as XPO Logistics and Launches New Website at www.xpo.com
The company has aligned its services under the single global brand of XPO
Logistics. The rebranding reflects XPO's ability to serve customers with a
complete range of supply chain solutions, including freight brokerage,
intermodal, technology-enabled contract logistics, last mile, expedite and
global forwarding.
In conjunction with the rebranding, the company has launched a single,
integrated web presence at www.xpo.com. The new site serves as the online point
of contact for XPO's customers, carriers, job seekers and other interested
parties.
Opens Global Forwarding Cold-start
The company further expanded its global forwarding network with the addition of
a cold-start location in Fort Lauderdale, Fla., in the first quarter.
Conference Call
The company will hold a conference call on Tuesday, May 5, 2015, at 8:30 a.m.
Eastern Time. Participants can call toll-free (from U.S./Canada)
1-800-708-4539; international callers dial +1-847-619-6396. A live webcast of
the conference will be available on the investor relations area of the company's
website, www.xpo.com/investors. The conference will be archived until June
4, 2015. 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 39419720.
About XPO Logistics, Inc.
XPO Logistics, Inc. (NYSE: XPO) is one of the largest and fastest-growing
providers of transportation and logistics services in North America. The company
is the second largest freight brokerage firm, the third largest provider of
intermodal services, the largest provider of last mile logistics for heavy
goods, the largest manager of expedite shipments, and a leading provider of
highly engineered, technology-enabled contract logistics, with growing positions
in managed transportation, global forwarding and less-than-truckload brokerage.
XPO facilitates more than 39,000 deliveries a day through its service portfolio.
XPO has 201 locations and over 10,000 employees. Its two business units -
transportation and logistics - utilize relationships with ground, rail, sea and
air carriers and other suppliers to serve over 15,000 customers in the
manufacturing, retail, e-commerce, industrial, technology, aerospace,
commercial, life sciences and governmental sectors. The company has more than
4,900 trucks under contract to its drayage, expedite and last mile subsidiaries,
and has access to additional capacity through its relationships with over
32,000 other carriers. For more information: www.xpo.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 adjusted net loss
available to common shareholders and adjusted earnings (loss) before interest,
taxes, depreciation and amortization ("adjusted EBITDA"), in each case for the
quarters ended March 31, 2015 and 2014. 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 adjusted net loss
available to common shareholders improves comparability from period to period by
removing the impact of nonrecurring expense items, including costs related to
the conversion of the company's convertible senior notes; acquisition-related
transaction and integration costs; and accelerated amortization of trade names
related to the rebranding to XPO Logistics. We believe that adjusted 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 the
nonrecurring expense items noted above. In addition to its use by management, we
believe that adjusted 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 adjusted EBITDA differently, and
therefore our measure may not be comparable to similarly titled measures of
other companies. Adjusted 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 adjusted EBITDA
are significant and necessary components of the operations of our business, and,
therefore, adjusted 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 the expected closing
dates for the acquisitions by XPO Logistics of Norbert Dentressangle SA and
Bridge Terminal Transport Services, Inc. ("BTT"), the expected impact of the
transactions and the related financing, including the expected impact on XPO
Logistics' results of operations and EBITDA, and the expected ability to retain
acquired companies' businesses and to grow XPO's and the acquired companies'
businesses. 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 those discussed in XPO's filings with the SEC and the
following: economic conditions generally; competition; XPO's ability to find
suitable acquisition candidates and execute its acquisition strategy; the
expected impact of the Norbert Dentressangle and BTT acquisitions, including the
expected impact on XPO's results of operations; the ability to obtain the
requisite regulatory approvals and, in the case of the BTT acquisition, to
satisfy other closing conditions; XPO's ability to successfully complete the
contemplated tender offer and acquisition of Norbert Dentressangle's publicly
held shares; the ability to successfully integrate and realize anticipated
synergies and cost savings with respect to Norbert Dentressangle, BTT and other
acquired companies; XPO's ability to raise debt and equity capital; XPO's
ability to attract and retain key employees to execute its growth strategy,
including retention of Norbert Dentressangle's and BTT's management teams;
litigation, including litigation related to alleged misclassification of
independent contractors; the ability to develop and implement a suitable
information technology system; the ability to maintain positive relationships
with XPO's, Norbert Dentressangle's and BTT's networks of third-party
transportation providers; the ability to retain XPO's, Norbert Dentressangle's,
BTT's and other acquired companies' largest customers; rail and other network
changes; weather and other service disruptions; 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 will be realized or, even if substantially
realized, that they will have the expected consequences to, or effects on, XPO
or its businesses or operations. Forward-looking statements set forth in this
document speak only as of the date hereof, and XPO undertakes no 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.
Information concerning Norbert Dentressangle contained in this press release has
been sourced from publicly available information. The public tender offer that
will be filed by XPO on Norbert Dentressangle shares will be described in an
information memorandum, which will be subject to the review and approval of the
French Autorité des marchés financiers.
Investor Contact:
XPO Logistics, Inc.
Tavio Headley, +1-203-930-1602
tavio.headley(at)xpo.com
Media Contact:
Brunswick Group
Gemma Hart, +1-212-333-3810
XPO Logistics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
-------------------------
2015 2014
------------- -----------
Revenue $ 703.0 $ 282.4
Operating expenses
Cost of purchased transportation and services 440.8 224.0
Direct operating expense 151.2 4.0
Sales, general and administrative expense 115.8 75.8
------------- -----------
Total operating expenses 707.8 303.8
------------- -----------
Operating loss (4.8) (21.4)
------------- -----------
Other expense 0.4 0.1
Interest expense 23.1 10.1
------------- -----------
Loss before income tax benefit (28.3) (31.6)
Income tax benefit (13.6) (3.3)
------------- -----------
Net loss (14.7) (28.3)
Cumulative preferred dividends (0.7) (0.8)
------------- -----------
Net loss available to common shareholders $ (15.4) $ (29.1)
------------- -----------
Basic loss per share
Net loss $ (0.20) $ (0.70)
Diluted loss per share
Net loss $ (0.20) $ (0.70)
Weighted average common shares outstanding
Basic weighted average common shares outstanding 78.8 41.3
Diluted weighted average common shares outstanding 78.8 41.3
XPO Logistics, Inc.
Condensed Consolidated Balance Sheets
(In millions, except share and per share data)
March 31, December 31,
2015 2014
-------------- -------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 1,034.3 $ 644.1
Accounts receivable, net of allowances of $10.0
and $9.8, respectively 504.7 543.8
Prepaid expenses 16.5 13.2
Deferred tax asset 1.6 9.2
Income tax receivable - 15.4
Other current assets 10.3 7.4
-------------- -------------
Total current assets 1,567.4 1,233.1
-------------- -------------
Property and equipment, net of $63.0 and $47.3
in accumulated depreciation,
respectively 219.2 221.9
Goodwill 967.8 929.3
Identifiable intangible assets, net of $92.6 and
$74.6 in accumulated amortization,
respectively 343.0 341.5
Restricted cash 5.0 9.1
Other long-term assets 30.7 26.3
-------------- -------------
Total long-term assets 1,565.7 1,528.1
-------------- -------------
Total assets $ 3,133.1 $ 2,761.2
-------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 245.1 $ 252.7
Accrued salaries and wages 46.1 50.1
Accrued expenses, other 98.4 69.8
Current maturities of long-term debt 1.8 1.8
Other current liabilities 7.0 6.7
-------------- -------------
Total current liabilities 398.4 381.1
-------------- -------------
Senior notes due 2019 915.5 500.0
Convertible senior notes 63.4 91.9
Revolving credit facility and other long-term
debt, net of current maturities 0.4 0.2
Deferred tax liability 41.5 74.5
Other long-term liabilities 35.5 58.4
-------------- -------------
Total long-term liabilities 1,056.3 725.0
-------------- -------------
Commitments and contingencies
Stockholders' equity:
Series A convertible perpetual preferred stock,
$.001 par value; 10,000,000 shares;
73,335 shares issued and outstanding at March
31, 2015 and December 31, 2014,
respectively 42.2 42.2
Common stock, $.001 par value; 150,000,000
shares authorized; 79,659,071
and 77,421,683 shares issued and outstanding at
March 31, 2015 and
December 31, 2014, respectively 0.1 0.1
Additional paid-in capital 1,870.6 1,831.9
Accumulated deficit (234.5) (219.1)
-------------- -------------
Total stockholders' equity 1,678.4 1,655.1
-------------- -------------
Total liabilities and stockholders' equity $ 3,133.1 $ 2,761.2
-------------- -------------
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Three Months Ended
March 31,
------------------------
2015 2014
------------ -----------
Operating activities
Net loss $ (14.7) $ (28.3)
Adjustments to reconcile net loss to net cash from
operating activities
Provisions for allowance for doubtful accounts 1.1 2.2
Depreciation and amortization 33.8 11.3
Stock compensation expense 2.3 2.2
Accretion of debt 1.6 1.4
Deferred tax expense (15.8) (4.5)
Loss on conversion of debt 6.5 2.3
Other (0.3) (0.1)
Changes in assets and liabilities, net of effects of
acquisitions:
Accounts receivable 50.6 (56.4)
Income tax receivable 15.8 2.3
Prepaid expense and other current assets (4.6) 0.1
Other long-term assets (0.8) (0.1)
Accounts payable (10.6) 48.7
Accrued expenses and other liabilities (17.6) 10.2
------------ -----------
Cash flows provided (used) by operating activities 47.3 (8.7)
------------ -----------
Investing activities
Acquisition of businesses, net of cash acquired (58.2) (191.0)
Payment for purchases of property and equipment (11.4) (3.9)
Other - 0.2
------------ -----------
Cash flows used by investing activities (69.6) (194.7)
------------ -----------
Financing activities
Proceeds from common stock offerings - 414.0
Payment for equity issuance costs - (0.8)
Proceeds from issuance of senior notes 414.7 -
Payment for debt issuance costs (4.5) -
Repayment of borrowings on revolving credit facility - (75.0)
Payment for cash held as collateral in lending
arrangement - (11.3)
Receipt of cash held as collateral in lending
arrangement 5.0 -
Dividends paid to preferred stockholders (0.7) (0.7)
Other (2.0) (0.4)
------------ -----------
Cash flows provided by financing activities 412.5 325.8
------------ -----------
Net increase in cash 390.2 122.4
Cash and cash equivalents, beginning of period 644.1 21.5
------------ -----------
Cash and cash equivalents, end of period $ 1,034.3 $ 143.9
------------ -----------
Supplemental disclosure of cash flow information:
Cash paid for interest $ 39.9 $ 4.3
Cash received from income taxes $ (13.9) $ (1.5)
Equity portion of acquisition purchase price $ 0.8 $ 108.8
Equity issued upon conversion of debt $ 35.6 $ 10.5
Transportation
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended March 31,
---------------------------------------------
$
2015 2014 Variance Change %
----------- ----------- ----------- ---------
Revenue $ 562.2 $ 282.4 $ 279.8 99.1%
Cost of purchased transportation
and services 440.8 224.0 216.8 96.8%
----------- ----------- ----------- ---------
Net revenue 121.4 58.4 63.0 107.9%
----------- ----------- ----------- ---------
Direct operating expense 30.2 4.0 26.2 655.0%
SG&A expense
Salaries & benefits 48.3 31.2 17.1 54.8%
Other SG&A expense 14.5 9.7 4.8 49.5%
Purchased services 5.7 2.7 3.0 111.1%
Depreciation & amortization 19.1 10.7 8.4 78.5%
----------- ----------- ----------- ---------
Total SG&A expense 87.6 54.3 33.3 61.3%
----------- ----------- ----------- ---------
Operating income $ 3.6 $ 0.1 $ 3.5 3500.0%
----------- ----------- ----------- ---------
Accelerated amortization of
trade names 0.1 - 0.1 100.0%
Other depreciation &
amortization 19.6 10.7 8.9 83.2%
----------- ----------- ----------- ---------
EBITDA $ 23.3 $ 10.8 $ 12.5 115.7%
----------- ----------- ----------- ---------
Transportation
Key Data by Service Offering
(Unaudited)
(In millions)
Three Months Ended
March 31,
---------------------
2015 2014
--------- -----------
Revenue by Service Offering
Truckload and Intermodal $ 352.2 $ 144.6
Last Mile 134.1 87.1
Expedite 37.7 33.8
Global Forwarding 45.1 19.5
Eliminations (6.9) (2.6)
--------- -----------
Total Revenue by Service Offering $ 562.2 $ 282.4
--------- -----------
Net Revenue by Service Offering
Truckload and Intermodal $ 64.8 $ 19.9
Last Mile 38.9 24.4
Expedite 12.7 11.4
Global Forwarding 5.0 2.7
--------- -----------
Total Net Revenue by Service Offering $ 121.4 $ 58.4
--------- -----------
Net Revenue % by Service Offering
Truckload and Intermodal 18.4% 13.8%
Last Mile 29.0% 28.0%
Expedite 33.7% 33.7%
Global Forwarding 11.1% 13.8%
--------- -----------
Overall Net Revenue % by Service Offering 21.6% 20.7%
--------- -----------
Direct Operating Expense by Service Offering
Truckload and Intermodal $ 22.2 $ -
Last Mile 8.0 4.0
--------- -----------
Total Direct Operating Expense by Service Offering $ 30.2 $ 4.0
--------- -----------
Logistics
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended March 31,
---------------------------------------
$
2015 2014 Variance Change %
--------- -------- ---------- ---------
Net revenue $ 140.8 $ - $ 140.8 100.0%
Direct operating expense 121.0 - 121.0 100.0%
SG&A expense
Salaries & benefits 5.1 - 5.1 100.0%
Other SG&A expense 1.7 - 1.7 100.0%
Purchased services 0.6 - 0.6 100.0%
Depreciation & amortization 6.0 - 6.0 100.0%
--------- -------- ---------- ---------
Total SG&A expense 13.4 - 13.4 100.0%
--------- -------- ---------- ---------
Operating income $ 6.4 $ - $ 6.4 100.0%
--------- -------- ---------- ---------
Accelerated amortization of trade
names 0.4 - 0.4 100.0%
Other depreciation & amortization 13.3 - 13.3 100.0%
--------- -------- ---------- ---------
EBITDA $ 20.1 $ - $ 20.1 100.0%
--------- -------- ---------- ---------
XPO Corporate
Summary of Sales, General & Administrative Expense
(Unaudited)
(In millions)
Three Months Ended March 31,
---------------------------------------
$
2015 2014 Variance Change %
--------- -------- ---------- ---------
SG&A expense
Salaries & benefits $ 7.5 $ 9.9 $ (2.4) -24.2%
Other SG&A expense 2.4 3.6 (1.2) -33.3%
Purchased services 4.5 7.5 (3.0) -40.0%
Depreciation & amortization 0.4 0.5 (0.1) -20.0%
--------- -------- ---------- ---------
Total SG&A expense $ 14.8 $ 21.5 $ (6.7) -31.2%
--------- -------- ---------- ---------
Reconciliation of Non-GAAP Measures
XPO Logistics, Inc.
Consolidated Reconciliation of Net Loss to EBITDA
(Unaudited)
(In millions)
Three Months Ended March 31,
-------------------------------------
2015 2014 Change %
------------ ------------ -----------
Net loss available to common shareholders $ (15.4) $ (29.1) -47.1%
Preferred dividends (0.7) (0.8) -12.5%
------------ ------------ -----------
Net loss (14.7) (28.3) -48.1%
------------ ------------ -----------
Debt commitment fees((1)) - 4.5 -100.0%
Loss on conversion of convertible senior
notes((1)) 6.5 2.3 182.6%
Other interest expense 16.6 3.3 403.0%
Income tax benefit (13.6) (3.3) 312.1%
Accelerated amortization of trade names 0.5 - 100.0%
Other depreciation & amortization 33.3 11.3 194.7%
------------ ------------ -----------
EBITDA $ 28.6 $ (10.2) -380.4%
------------ ------------ -----------
Transaction & integration costs 0.6 10.8 -94.4%
------------ ------------ -----------
Adjusted EBITDA $ 29.2 $ 0.6 4766.7%
------------ ------------ -----------
(1)Debt commitment fees and loss on conversion of convertible senior notes are
recorded in interest expense.
Note: Please refer to the "Non-GAAP Financial Measures" section of the press
release.
Reconciliation of Non-GAAP Measures
XPO Logistics, Inc.
Consolidated Reconciliation of GAAP Net Loss and Net Loss Per Share to
Adjusted Net Loss and Net Loss Per Share
(Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
---------------------------------------------
2015 2014
------------ --------------------------------
GAAP net loss available to common
shareholders $ (15.4) $ (29.1)
Transaction and integration
costs 0.6 10.8
Debt commitment fees((1)) - 4.5
Loss on conversion of
convertible senior notes((1)) 6.5 2.3
Accelerated amortization of
trade names 0.5 -
Tax impact of above adjustment (2.1) (5.2)
------------ --------------------------------
Adjusted net loss available to
common shareholders $ (9.9) $ (16.7)
------------ --------------------------------
Adjusted basic loss per share
Adjusted net loss $ (0.13) $ (0.40)
Adjusted diluted loss per share
Adjusted net loss $ (0.13) $ (0.40)
Weighted average common shares
outstanding
Basic weighted average common
shares outstanding 78.8 41.3
Diluted weighted average common
shares outstanding 78.8 41.3
(1)Debt commitment fees and loss on conversion of convertible senior notes are
recorded in interest expense.
Note: Please refer to the "Non-GAAP Financial Measures" section of the press
release.
XPO Logistics, Inc.
Consolidated Calculation of Diluted Weighted Shares Outstanding
(Unaudited)
Three Months Ended March
31,
--------------------------
2015 2014
------------- ------------
Basic weighted-average common
shares outstanding 78,825,639 41,312,894
------------- ------------
Potentially Dilutive Securities:
Shares underlying the conversion
of preferred stock to common stock 10,476,430 10,503,286
Shares underlying the conversion
of the convertible senior notes 5,171,353 7,741,643
Shares underlying warrants to
purchase common stock 8,776,365 8,004,967
Shares underlying stock options
to purchase common stock 633,392 529,385
Shares underlying restricted stock units and
performance-based restricted stock units 1,025,632 565,825
------------- ------------
26,083,172 27,345,106
------------- ------------
Diluted weighted-average common
shares outstanding 104,908,811 68,658,000
------------- ------------
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, stock
options, RSUs and PRSUs with an average closing market price of common stock of
$41.90 per share and $28.85 per share for the three-months ended March 31, 2015
and 2014, respectively.
1Q 15 XPO Press Release:
http://hugin.info/155059/R/1918663/686716.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1918663]
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2015 - 22:20 Uhr
Sprache: Deutsch
News-ID 390714
Anzahl Zeichen: 50309
contact information:
Town:
Greenwich
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"XPO Logistics Announces First Quarter 2015 Results"
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XPO Logistics, Inc. (Nachricht senden)
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