XPO Logistics Announces Third Quarter 2015 Results
(Thomson Reuters ONE) -
Reports $166 million of adjusted EBITDA, significantly exceeding target
Achieves organic margin improvement across all businesses
Exceeds expectations in Europe with adjusted EBITDA growth of more than 26% for
transport and 17% for logistics
Expects over $30 million of annualized savings from actions already taken with
Con-way integration
Appoints Tony Brooks as president of less-than-truckload business
Issues full year targets for adjusted EBITDA of at least $1.25 billion in 2016,
and at least $1.7 billion in 2018
GREENWICH, Conn. - November 4, 2015 - XPO Logistics, Inc. (NYSE: XPO) today
announced financial results for the third quarter of 2015. Total gross revenue
increased 256.5% year-over-year to $2.4 billion, and net revenue increased
542.4% to $1.1 billion.
On a GAAP basis, the company reported a net loss of $35.4 million for the
quarter, compared with a net loss of $11.6 million for the same period in 2014.
The net loss attributable to common shareholders was $93.1 million, or a loss of
$0.94 per diluted share, compared with a net loss attributable to common
shareholders of $12.3 million, or a loss of $0.23 per diluted share, for the
same period in 2014. The third quarter 2015 GAAP net loss includes $52.0 million
of non-cash accounting charges related to the beneficial conversion features of
the previously announced June 2015 $1.26 billion equity private placement; a
$31.6 million non-cash after-tax amortization charge; and $25.3 million of one-
time after-tax transaction and integration costs net of noncontrolling
interests.
On an adjusted basis, the net loss attributable to common shareholders, a non-
GAAP measure, was $15.2 million, or a loss of $0.15 per share for the quarter,
excluding the items detailed below. This compares with an adjusted net loss
attributable to common shareholders of $7.3 million, or a loss of $0.13 per
share, for the third quarter of 2014.
Adjusted net loss attributable to common shareholders for the third quarter of
2015 excludes: a $52.0 million non-cash accounting charge as referenced above;
$34.8 million, or $25.3 million after-tax, of one-time transaction and
integration costs net of noncontrolling interests; $1.1 million, or $0.9 million
after-tax, of costs related to the conversion of the company's convertible
senior notes; and a $0.4 million benefit, or $0.3 million after-tax, related to
the gain on sale of intermodal equipment. Reconciliations of adjusted net loss
attributable 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 $166.1 million
for the quarter, compared with $24.2 million for the same period in 2014.
Adjusted EBITDA in the third quarter of 2015 excludes $36.4 million of one-time
transaction and integration costs; and a $0.4 million benefit related to the
gain on sale of intermodal equipment assets. Adjusted EBITDA in the quarter
includes $2.7 million of non-cash share-based compensation. A reconciliation of
adjusted EBITDA to net loss is provided in the attached financial tables.
As of November 3, 2015, the company had approximately $530 million of cash, and
an undrawn $1 billion asset-backed revolver.
Financial Targets
Prior to the acquisition of Con-way Inc., XPO's target EBITDA run rate was $625
million at year-end - a goal the company significantly exceeded three months
early with its generation of $166 million of adjusted EBITDA in the third
quarter.
The company has annual revenue of $15 billion and adjusted EBITDA of $1.1
billion. The company has issued the following new financial targets:
* For 2016, full year adjusted EBITDA of at least $1.25 billion based on
existing operations.
* For 2018, full year adjusted EBITDA of approximately $1.7 billion based on
existing operations, an increase from the $1.5 billion previously targeted
for 2019.
Appoints Tony Brooks to Lead Less-Than-Truckload Business
As previously announced, the company has appointed Tony Brooks as president of
its less-than-truckload (LTL) business in North America, effective November
11, 2015. Mr. Brooks is a 30-year industry veteran with significant executive
experience in LTL operations, transportation and distribution networks and fleet
management. He has held senior positions in transportation and logistics with
Sysco Corporation, Dean Foods, Sears Holdings Corporation, PepsiCo/Frito-Lay and
Roadway Express, Inc.
CEO Comments
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, "In
our first full quarter of global results, we drove adjusted EBITDA to $166
million, significantly exceeding our target. In our transportation segment, we
improved margins year-over-year by optimizing our pricing and lowering our cost
of purchased transportation in truck brokerage and intermodal, last mile,
expedite and global forwarding. We're operating our logistics segment more
profitably worldwide, and we're executing on an exciting pipeline of cross-
selling opportunities. Our European operations overall are performing well ahead
of expectations - adjusted EBITDA in Europe was up over 26% year-over-year for
transport and 17% for logistics.
Jacobs continued, "I'm very pleased to welcome Tony Brooks, who will join us
next week as the president of our less-than-truckload business in North America.
We have an outstanding team of employees in LTL, and Tony is a veteran supply
chain leader who has run three of the largest transportation fleets in North
America. He has deep roots in LTL and a strong record of transforming large
transportation networks. We're excited that Tony will be leading our LTL
platform to its full potential as part of our larger service offering.
"We're in our strongest position yet to create value through the optimization of
our operations. Although we completed the purchase of Con-way just last Friday,
we've already taken out over $30 million of excess costs on an annualized basis.
We're targeting full year adjusted EBITDA of at least $1.25 billion next year.
And looking forward to 2018, we're targeting EBITDA of at least $1.7 billion -
$200 million higher and a year earlier than originally planned."
Third Quarter 2015 Results by Segment
* Transportation: The company's transportation segment generated total gross
revenue of $1.4 billion for the quarter, a 128.1% increase from the same
period in 2014. The year-over-year increase in segment revenue was primarily
due to the acquisitions of Norbert Dentressangle, Bridge Terminal Transport,
Atlantic Central Logistics and UX Specialized Logistics. Organic revenue
decreased 2.7% for the quarter, but increased an estimated 3.4% excluding
the impact of lower fuel prices. Excluding fuel and results from intermodal
- which had lower revenue but higher profitability - organic revenue
increased an estimated 10.2%.
Net revenue margin for the third quarter improved to 22.6%, compared with 20.4%
in 2014. The increase in net revenue margin was primarily due to price
optimization, lower purchased transportation costs, and the shedding of
unprofitable business. The company improved its margin percentages in all of its
transportation businesses from a year ago, including truck brokerage and
intermodal, last mile, expedite and global forwarding.
Third quarter adjusted EBITDA for the segment improved to $93.1 million,
compared with $28.1 million a year ago. Operating income improved to $30.9
million, compared with $4.9 million a year ago. The increases in adjusted EBITDA
and operating income reflect the impact of acquisitions as well as organic
adjusted EBITDA growth of 77%. The organic EBITDA growth was largely driven by
the truck brokerage and last mile businesses. A reconciliation of adjusted
EBITDA to operating income for the transportation segment is provided in the
attached financial tables.
* Logistics: The company's logistics segment generated gross revenue of $993.3
million, compared with $50.1 million from the same period in 2014. Net
revenue was $810.0 million, up from $50.1 million a year ago. Adjusted
EBITDA was $88.1 million, up from $8.0 million a year ago. Operating income
was $36.0 million, versus $4.5 million a year ago. EBITDA and operating
income in the segment exceeded expectations, primarily due to new contracts,
the shedding of unprofitable business, and operational improvements.
Revenue and profitability for the logistics segment for the third quarter of
2014 reflect a partial contribution from XPO's acquisition of New Breed on
September 2, 2014, and do not include XPO's European operations, which were
acquired on June 8, 2015. A reconciliation of adjusted EBITDA to operating
income for the logistics segment is provided in the attached financial tables.
* Corporate: Corporate SG&A expense was $22.8 million, compared with $23.0
million for the third quarter of 2014. Expense for quarter includes: $4.7
million, or $3.7 million after-tax, of transaction and integration costs
related to acquisitions; $1.4 million, or $1.0 million after-tax, of non-
cash share-based compensation; and $1.2 million, or $0.9 million after-tax,
of litigation costs.
Nine Months 2015 Financial Results
For the nine months ended September 30, 2015, the company reported total revenue
of $4.3 billion, a 180.6% increase from the same period in 2014.
On a GAAP basis, the company reported a net loss of $128.7 million for the first
nine months of 2015, compared with a net loss of $53.7 million for the same
period last year. The net loss attributable to common shareholders was $183.5
million, or a loss of $2.10 per diluted share, compared with a net loss of $55.9
million, or a loss of $1.13 per diluted share, for the same period in 2014. The
2015 GAAP net loss includes $52.0 million of non-cash accounting charges related
to the beneficial conversion features of the previously announced $1.26 billion
equity private placement; a $64.3 million non-cash after-tax amortization
charge; and $82.8 of one-time after-tax transaction and integration costs net of
noncontrolling interests.
On an adjusted basis, the net loss attributable to common shareholders, a non-
GAAP measure, was $38.4 million, or a loss of $0.44 per share for the first nine
months, excluding the items detailed below. This compares with an adjusted net
loss attributable to common shareholders of $27.3 million, or a loss of $0.55
per share, for the same period in 2014.
Adjusted net loss for the first nine months of 2015 excludes a $52.0 million
non-cash accounting charge as referenced above; $108.1 million, or $82.8 million
after-tax, of one-time transaction and integration costs net of noncontrolling
interests; $8.6 million, or $5.9 million after-tax, of debt commitment fees;
$8.0 million, or $6.8 million after-tax, of costs related to the conversion of
the company's convertible senior notes; $2.4 million, or $1.7 million after-tax,
of acceleration of trade names; and a $6.0 million benefit, or $4.1 million
after-tax, related to the gain on sale of intermodal equipment. Reconciliations
of adjusted net loss to common shareholders and adjusted EPS are provided in the
attached financial tables.
Adjusted EBITDA for the first nine months of 2015 improved to $274.7 million,
compared with $39.8 million for the same period in 2014. Adjusted EBITDA for the
first nine months of 2015 excludes $115.5 million of one-time transaction and
integration costs; and a $6.0 million benefit related to the gain on sale of
intermodal equipment assets. Adjusted EBITDA for the first nine months of 2015
includes $9.6 million of non-cash share-based compensation, excluding one-time
transaction and integration costs. A reconciliation of adjusted EBITDA to net
loss is provided in the attached financial table.
Conference Call
The company will hold a conference call on Thursday, November 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 December
5, 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 40886706.
About XPO Logistics, Inc.
XPO Logistics, Inc. (NYSE: XPO) is a top ten global provider of cutting-edge
supply chain solutions to the most successful companies in the world. The
company provides services for less-than-truckload transportation, truckload
brokerage and transportation, last mile logistics, engineered supply chain
solutions, high-value-add warehousing and distribution, ground and air expedite,
intermodal, drayage, global forwarding and managed transportation. XPO serves
more than 50,000 customers with a highly integrated network of over 84,000
employees and 1,469 locations in 32 countries. XPO's corporate headquarters is
in Greenwich, Conn., USA, and its European headquarters is in Lyon, France.
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
attributable to common shareholders and adjusted EBITDA, in each case for the
three- and nine-month periods ended September 30, 2015 and 2014, and EBITDA for
the Transportation and Logistics segments for the quarters ended September
30, 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 attributable to common
shareholders and adjusted diluted loss per share improves comparability from
period to period by removing the impact of nonrecurring expense items, including
preferred stock beneficial conversion charge, acquisition-related transaction
and integration costs; debt commitment fees; costs related to the rebranding to
XPO Logistics (including accelerated amortization of trade names); loss on the
conversion of the company's convertible senior notes; impact of non-controlling
interests; and gain on sale of intermodal equipment. We believe that EBITDA and
adjusted EBITDA improve 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, and the
nonrecurring expense items noted above. In addition to its use by management, we
believe that EBITDA and adjusted EBITDA are measures widely used by securities
analysts, investors and others to evaluate the financial performance of
companies in our industry. Other companies may calculate EBITDA and adjusted
EBITDA differently, and therefore our measure may not be comparable to similarly
titled measures of other companies. EBITDA and adjusted EBITDA are not measures
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 and adjusted EBITDA are significant and necessary components of the
operations of our business, and, therefore, EBITDA and 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 ability to
integrate operations, cross-sell services, realize cost savings, synergies and
profit improvement opportunities, and our 2016 and 2018 financial targets. 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 and pricing pressure;
XPO's ability to find suitable acquisition candidates and execute its
acquisition strategy; the expected impact of the Con-way acquisition and the
related financing, including the expected impact on XPO's results of operations;
the ability to successfully integrate and realize anticipated synergies, cost
savings and profit improvement opportunities with respect to Con-way 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 Con-way's key employees; litigation, including litigation
related to alleged misclassification of independent contractors; the ability to
develop and implement suitable information technology systems; the ability to
maintain positive relationships with XPO's and Con-way's networks of third-party
transportation providers; XPO's ability to attract and retain qualified drivers;
the ability to retain XPO's, Con-way's and other acquired companies' largest
customers; fuel price or fuel surcharge changes; rail and other network changes;
labor matters; 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 press release 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.
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 Nine Months Ended
September 30, September 30,
-------------------------- ---------------------------
2015 2014 2015 2014
------------- ------------ ------------- -------------
Revenue $ 2,362.1 $ 662.5 $ 4,281.0 $ 1,525.9
Operating expenses
Cost of transportation
and services 1,237.3 487.4 2,385.4 1,170.5
Direct operating
expense 798.1 71.0 1,267.5 102.2
Sales, general and
administrative expense 282.6 117.7 618.7 300.1
------------- ------------ ------------- -------------
Total operating
expenses 2,318.0 676.1 4,271.6 1,572.8
------------- ------------ ------------- -------------
Operating income (loss) 44.1 (13.6) 9.4 (46.9)
------------- ------------ ------------- -------------
Other expense 1.6 0.3 3.9 0.7
Foreign currency loss 14.5 - 34.6 -
Interest expense 61.5 17.8 120.9 31.3
------------- ------------ ------------- -------------
Loss before income tax
benefit (33.5) (31.7) (150.0) (78.9)
Income tax expense
(benefit) 1.9 (20.1) (21.3) (25.2)
------------- ------------ ------------- -------------
Net loss (35.4) (11.6) (128.7) (53.7)
Preferred stock
beneficial conversion
charge (52.0) - (52.0) -
Cumulative preferred
dividends (0.7) (0.7) (2.2) (2.2)
Net income
attributable to
noncontrolling interests (5.0) - (0.6) -
------------- ------------ ------------- -------------
Net loss attributable to
common shareholders $ (93.1) $ (12.3) $ (183.5) $ (55.9)
------------- ------------ ------------- -------------
Basic loss per share $ (0.94) $ (0.23) $ (2.10) $ (1.13)
Diluted loss per share $ (0.94) $ (0.23) $ (2.10) $ (1.13)
Weighted average common
shares outstanding
Basic weighted average
common shares
outstanding 98.6 54.5 87.3 49.5
Diluted weighted
average common shares
outstanding 98.6 54.5 87.3 49.5
XPO Logistics, Inc.
Condensed Consolidated Balance Sheets
(In millions, except share and per share data)
September December
30, 31,
2015 2014
------------- ------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 1,285.3 $ 644.1
Accounts receivable, net of allowances of $8.9 and
$9.8, respectively 1,647.2 543.8
Deferred tax asset, current 23.4 9.2
Other current assets 284.8 36.0
------------- ------------
Total current assets 3,240.7 1,233.1
------------- ------------
Property and equipment, net of $144.6 and $47.3 in
accumulated depreciation,
respectively 955.7 221.9
Goodwill 3,445.0 929.3
Identifiable intangible assets, net of $158.9 and
$74.6 in accumulated amortization,
respectively 1,159.4 341.5
Deferred tax asset, long-term 106.0 -
Other long-term assets 129.8 35.4
------------- ------------
Total long-term assets 5,795.9 1,528.1
------------- ------------
Total assets $ 9,036.6 $ 2,761.2
------------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 958.4 $ 252.7
Accrued expenses, other 648.9 119.9
Current maturities of long-term debt 120.3 1.8
Deferred tax liability, current 28.1 -
Other current liabilities 193.1 6.7
------------- ------------
Total current liabilities 1,948.8 381.1
------------- ------------
Long-term debt 3,359.1 592.1
Deferred tax liability, long-term 345.3 74.5
Employee benefit obligations 106.7 -
Other long-term liabilities 136.9 58.4
------------- ------------
Total long-term liabilities 3,948.0 725.0
------------- ------------
Commitments and contingencies
Stockholders' equity:
Convertible perpetual preferred stock, $.001 par
value; 10,000,000 shares authorized;
72,885 and 73,335 of Series A shares issued and
outstanding at September 30, 2015 and
December 31, 2014, respectively 42.0 42.2
Common stock, $.001 par value; 300,000,000 shares
authorized; 108,373,631
and 77,421,683 shares issued and outstanding at
September 30, 2015 and
December 31, 2014, respectively 0.1 0.1
Additional paid-in capital 3,164.1 1,831.9
Accumulated deficit (402.6) (219.1)
Accumulated other comprehensive loss 0.4 -
Noncontrolling interests 335.8 -
------------- ------------
Total stockholders' equity 3,139.8 1,655.1
------------- ------------
Total liabilities and stockholders' equity $ 9,036.6 $ 2,761.2
------------- ------------
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Nine Months Ended September
30,
----------------------------
2015 2014
--------------- ------------
Operating activities
Net loss $ (128.7) $ (53.7)
Adjustments to reconcile net loss to net cash from
operating activities
Provisions for allowance for doubtful accounts 2.1 5.1
Depreciation and amortization 191.9 63.8
Stock compensation expense 19.7 5.6
Accretion of debt 4.7 4.2
Deferred tax benefit (41.9) (28.7)
Gain on sale of assets (7.6) -
Loss on foreign currency transactions 11.9 -
Other 2.5 2.3
Changes in assets and liabilities, net of effects
of acquisitions:
Accounts receivable (2.3) (73.5)
Income tax receivable 27.5 2.9
Prepaid expense and other assets 5.0 1.3
Accounts payable (59.9) 39.7
Accrued expenses and other liabilities 14.5 17.7
--------------- ------------
Cash flows provided (used) by operating activities 39.4 (13.3)
--------------- ------------
Investing activities
Acquisition of businesses, net of cash acquired (1,609.8) (813.7)
Loss on forward contract related to acquisition (9.7) -
Payment for purchases of property and equipment (114.4) (21.6)
Proceeds from sale of assets 38.7 0.4
--------------- ------------
Cash flows used by investing activities (1,695.2) (834.9)
--------------- ------------
Financing activities
Proceeds from preferred stock and common stock
offerings 1,260.0 1,131.3
Payment for equity issuance costs (31.9) (33.4)
Proceeds from issuance of long-term debt 2,596.7 500.0
Payment for debt issuance costs (7.9) (10.4)
Repayment of long-term debt (1,067.4) -
Proceeds from borrowing on revolving credit
facility - 130.0
Repayment of borrowings on revolving credit
facility - (205.0)
Bank overdrafts 14.4 -
Purchase of noncontrolling interests (459.7) -
Dividends paid to preferred stockholders (2.2) (2.2)
Other 0.2 (3.5)
--------------- ------------
Cash flows provided by financing activities 2,302.2 1,506.8
--------------- ------------
Effect of exchange rates on cash (5.2) -
Net increase in cash 641.2 658.6
Cash and cash equivalents, beginning of period 644.1 21.5
--------------- ------------
Cash and cash equivalents, end of period $ 1,285.3 $ 680.1
--------------- ------------
Supplemental disclosure of cash flow information:
Cash paid for interest $ 93.5 $ 15.3
Cash paid (received) from income taxes $ 0.5 $ (1.1)
Equity portion of acquisition purchase price $ 1.5 $ 138.3
Equity issued upon conversion of debt $ 42.3 $ 10.5
Transportation
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended September 30, Nine Months Ended September 30,
----------------------------------------- -------------------------------------------
$ Change $ Change
2015 2014 Variance % 2015 2014 Variance %
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Revenue $ 1,396.8 $ 612.4 $ 784.4 128.1% $ 2,820.4 $ 1,475.8 $ 1,344.6 91.1%
Cost of
transportation
and services 1,081.7 487.4 594.3 121.9% 2,190.0 1,170.5 1,019.5 87.1%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Net revenue 315.1 125.0 190.1 152.1% 630.4 305.3 325.1 106.5%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Direct
operating
expense 135.4 29.1 106.3 365.3% 223.5 60.3 163.2 270.6%
SG&A expense
Salaries &
benefits 85.1 47.6 37.5 78.8% 199.9 126.0 73.9 58.7%
Other SG&A
expense 22.4 16.4 6.0 36.6% 53.0 40.7 12.3 30.2%
Purchased
services 9.9 5.8 4.1 70.7% 23.2 14.2 9.0 63.4%
Depreciation
& amortization 31.4 21.2 10.2 48.1% 73.1 55.9 17.2 30.8%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Total SG&A
expense 148.8 91.0 57.8 63.5% 349.2 236.8 112.4 47.5%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Operating
income $ 30.9 $ 4.9 $ 26.0 530.6% $ 57.7 $ 8.2 $ 49.5 603.7%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Accelerated
amortization
of trade names - - - 0.0% 0.4 3.3 (2.9) -87.9%
Other
depreciation &
amortization 54.8 23.2 31.6 136.2% 103.2 55.3 47.9 86.6%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
EBITDA $ 85.7 $ 28.1 $ 57.6 205.0% $ 161.3 $ 66.8 $ 94.5 141.5%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Transaction &
integration
costs 7.4 - 7.4 100.0% 14.5 - 14.5 100.0%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Adjusted
EBITDA $ 93.1 $ 28.1 $ 65.0 231.3% $ 175.8 $ 66.8 $ 109.0 163.2%
----------- --------- ---------- -------- ----------- ----------- ----------- -------
Transportation
Key Data by Service Offering
(Unaudited)
(In millions)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2015 2014 2015 2014
------------- ------------ ------------- ------------
Revenue by Service
Offering
North America
Brokerage and
Intermodal $ 478.9 $ 396.1 $ 1,252.3 $ 929.0
Last Mile 185.6 123.4 489.4 316.4
Expedite 32.3 36.6 111.5 106.4
Europe
Full Truckload 412.5 - 530.1 -
Less than Truckload 193.7 - 247.7 -
Global Forwarding 96.2 59.6 197.7 133.0
Eliminations (2.4) (3.3) (8.3) (9.0)
------------- ------------ ------------- ------------
Total Revenue by Service
Offering $ 1,396.8 $ 612.4 $ 2,820.4 $ 1,475.8
------------- ------------ ------------- ------------
Net Revenue by Service
Offering
North America
Brokerage and
Intermodal $ 94.6 $ 72.7 $ 239.6 $ 166.9
Last Mile 55.7 35.0 146.2 90.3
Expedite 10.5 11.0 36.7 33.5
Europe 137.2 - 177.2 -
Global Forwarding 17.1 6.3 30.7 14.6
------------- ------------ ------------- ------------
Total Net Revenue by
Service Offering $ 315.1 $ 125.0 $ 630.4 $ 305.3
------------- ------------ ------------- ------------
Net Revenue % by Service
Offering
North America
Brokerage and
Intermodal 19.8% 18.4% 19.1% 18.0%
Last Mile 30.0% 28.4% 29.9% 28.5%
Expedite 32.5% 30.1% 32.9% 31.5%
Europe 22.6% 0.0% 22.8% 0.0%
Global Forwarding 17.8% 10.6% 15.5% 11.0%
------------- ------------ ------------- ------------
Overall Net Revenue % by
Service Offering 22.6% 20.4% 22.4% 20.7%
------------- ------------ ------------- ------------
Direct Operating Expense
by Service Offering
North America
Brokerage and
Intermodal $ 31.0 $ 23.4 $ 77.6 $ 46.3
Last Mile 11.5 5.7 29.2 14.0
Europe 84.6 - 106.9 -
Global Forwarding 8.3 - 9.8 -
------------- ------------ ------------- ------------
Total Direct Operating
Expense by Service
Offering $ 135.4 $ 29.1 $ 223.5 $ 60.3
------------- ------------ ------------- ------------
Logistics
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended September 30, Nine Months Ended September 30,
--------------------------------------- -----------------------------------------
$ Change $ Change
2015 2014 Variance % 2015 2014 Variance %
--------- -------- ---------- --------- ----------- -------- ----------- --------
Revenue $ 993.3 $ 50.1 $ 943.2 1882.6% $ 1,493.7 $ 50.1 $ 1,443.6 2881.4%
Cost of
transportation
and services 183.3 - 183.3 100.0% 228.8 - 228.8 100.0%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Net revenue 810.0 50.1 759.9 1516.8% 1,264.9 50.1 1,214.8 2424.8%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Direct
operating
expense 662.8 41.9 620.9 1481.9% 1,044.0 41.9 1,002.1 2391.6%
SG&A expense
Salaries &
benefits 62.0 1.6 60.4 3775.0% 91.9 1.6 90.3 5643.8%
Other SG&A
expense 11.3 0.5 10.8 2160.0% 19.2 0.5 18.7 3740.0%
Purchased
services 13.5 0.4 13.1 3275.0% 17.6 0.4 17.2 4300.0%
Depreciation
& amortization 24.4 1.2 23.2 1933.3% 45.3 1.2 44.1 3675.0%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Total SG&A
expense 111.2 3.7 107.5 2905.4% 174.0 3.7 170.3 4602.7%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Operating
income $ 36.0 $ 4.5 $ 31.5 700.0% $ 46.9 $ 4.5 $ 42.4 942.2%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Accelerated
amortization
of trade names - - - 0.0% 2.0 - 2.0 100.0%
Other
depreciation &
amortization 46.9 3.5 43.4 1240.0% 85.2 3.5 81.7 2334.3%
--------- -------- ---------- --------- ----------- -------- ----------- --------
EBITDA $ 82.9 $ 8.0 $ 74.9 936.2% $ 134.1 $ 8.0 $ 126.1 1576.3%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Transaction &
integration
costs 5.2 - 5.2 100.0% 10.0 - 10.0 100.0%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Adjusted
EBITDA $ 88.1 $ 8.0 $ 80.1 1001.3% $ 144.1 $ 8.0 $ 136.1 1701.3%
--------- -------- ---------- --------- ----------- -------- ----------- --------
Logistics
Key Data by Service Offering
(Unaudited)
(In millions)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ------------------------
2015 2014 2015 2014
------------ ------------- ------------- ----------
Revenue by Service Offering
North America $ 292.1 $ 50.1 $ 615.1 $ 50.1
Europe 701.2 - 878.6 -
------------ ------------- ------------- ----------
Total Revenue by Service
Offering $ 993.3 $ 50.1 $ 1,493.7 $ 50.1
------------ ------------- ------------- ----------
Net Revenue by Service
Offering
North America $ 287.1 $ 50.1 $ 609.0 $ 50.1
Europe 522.9 - 655.9 -
------------ ------------- ------------- ----------
Total Net Revenue by
Service Offering $ 810.0 $ 50.1 $ 1,264.9 $ 50.1
------------ ------------- ------------- ----------
Direct Operating Expense by
Service Offering
North America $ 244.4 $ 41.9 $ 519.0 $ 41.9
Europe 418.4 - 525.0 -
------------ ------------- ------------- ----------
Total Direct Operating
Expense by Service Offering $ 662.8 $ 41.9 $ 1,044.0 $ 41.9
------------ ------------- ------------- ----------
Gross Margin by Service
Offering
North America $ 42.7 $ 8.2 $ 90.0 $ 8.2
Europe 104.5 - 130.9 -
------------ ------------- ------------- ----------
Total Gross Margin by
Service Offering $ 147.2 $ 8.2 $ 220.9 $ 8.2
------------ ------------- ------------- ----------
Gross Margin % by Service
Offering
North America 14.6% 16.4% 14.6% 16.4%
Europe 14.9% - 14.9% -
------------ ------------- ------------- ----------
Total Gross Margin % by
Service Offering 14.8% 16.4% 14.8% 16.4%
------------ ------------- ------------- ----------
XPO Corporate
Summary of Sales, General & Administrative Expense
(Unaudited)
(In millions)
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------- ------------------------------------
$ Change $ Change
2015 2014 Variance % 2015 2014 Variance %
-------- -------- ---------- -------- -------- -------- ---------- -------
SG&A expense
Salaries &
benefits $ 9.5 $ 6.9 $ 2.6 37.7% $ 33.9 $ 23.9 $ 10.0 41.8%
Other SG&A
expense 4.3 4.9 (0.6) -12.2% 15.5 10.1 5.4 53.5%
Purchased
services 8.6 10.5 (1.9) -18.1% 44.7 23.8 20.9 87.8%
Depreciation
&
amortization 0.4 0.7 (0.3) -42.9% 1.1 1.8 (0.7) -38.9%
-------- -------- ---------- -------- -------- -------- ---------- -------
Total SG&A
expense $ 22.8 $ 23.0 $ (0.2) -0.9% $ 95.2 $ 59.6 $ 35.6 59.7%
-------- -------- ---------- -------- -------- -------- ---------- -------
Intersegment Eliminations
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------- -------------------------------------
$ Change $ Change
2015 2014 Variance % 2015 2014 Variance %
---------- ------ ---------- -------- ----------- ------ ---------- -------
Revenue $ (28.0) $ - $ (28.0) 100.0% $ (33.1) $ - $ (33.1) 100.0%
Cost of
transportation
and services (27.7) - (27.7) 100.0% (33.4) - (33.4) 100.0%
---------- ------ ---------- -------- ----------- ------ ---------- -------
Net revenue (0.3) - (0.3) 100.0% 0.3 - 0.3 100.0%
---------- ------ ---------- -------- ----------- ------ ---------- -------
Direct
operating
expense (0.1) - (0.1) 100.0% - - - 0.0%
SG&A expense
Salaries &
benefits 0.1 - 0.1 100.0% 0.5 - 0.5 100.0%
Other SG&A
expense (0.3) - (0.3) 100.0% (0.3) - (0.3) 100.0%
Purchased
services - - - 0.0% 0.1 - 0.1 100.0%
Depreciation
& amortization - - - 0.0% - - - 0.0%
---------- ------ ---------- -------- ----------- ------ ---------- -------
Total SG&A
expense (0.2) - (0.2) 100.0% 0.3 - 0.3 100.0%
---------- ------ ---------- -------- ----------- ------ ---------- -------
Operating -
income $ (0.0) $ - $ (0.0) 0.0% $ (0.0) $ $ (0.0) 0.0%
---------- ------ ---------- -------- ----------- ------ ---------- -------
Note: Intersegment eliminations represent intercompany activity between the
Company's reportable segments that is eliminated upon consolidation. The
difference between operating loss component line items in the Consolidated
Summary Financial Table and the sum of the respective line items from the
Transportation and Logistics Summary Financial Tables above represents
intercompany eliminations between our reportable segments. The table above
summarizes the intersegment eliminations by line item.
Reconciliation of Non-GAAP Measures
XPO Logistics, Inc.
Consolidated Reconciliation of Net Loss to Adjusted EBITDA
(Unaudited)
(In millions)
Three Months Ended September Nine Months Ended September
Category 30, 30,
------------------------------- -------------------------------
Change Change
2015 2014 % 2015 2014 %
---------- ---------- --------- ------------ ---------- -------
Net loss Net loss
attributable attributable
to common to common
shareholders shareholders $ (93.1) $ (12.3) 656.9% $ (183.5) $ (55.9) 228.3%
Preferred Preferred
stock stock
beneficial beneficial
conversion conversion
charge charge (52.0) - 100.0% (52.0) - 100.0%
Cumulative
Preferred preferred
dividends dividends (0.7) (0.7) 0.0% (2.2) (2.2) 0.0%
Net income
attributable
to
Noncontrolling noncontrolling
interests interests (5.0) - 100.0% (0.6) - 100.0%
---------- ---------- --------- ------------ ---------- -------
Net loss Net loss (35.4) (11.6) 205.2% (128.7) (53.7) 139.7%
---------- ---------- --------- ------------ ---------- -------
Debt
commitment Interest
fees expense - 9.8 -100.0% 8.6 14.4 -40.3%
Loss on
conversion of
convertible Interest
senior notes expense 1.1 - 100.0% 8.0 2.3 100.0%
Other interest Interest
expense expense 60.4 8.0 655.0% 104.3 14.6 614.4%
Income tax Income tax
benefit benefit 1.9 (20.1) -109.5% (21.3) (25.2) -15.5%
Sales, general
Accelerated and
amortization administrative
of trade names expense - - 0.0% 2.4 3.3 -27.3%
Other Cost of
depreciation transportation
expense and services 18.6 - 100.0% 23.9 0.1 100.0%
Other Direct
depreciation operating
expense expense 27.3 4.1 100.0% 48.5 4.8 100.0%
Other Sales, general
depreciation & and
amortization administrative
expense expense 56.2 23.1 143.3% 119.5 55.6 114.9%
---------- ---------- --------- ------------ ---------- -------
EBITDA $ 130.1 $ 13.3 878.2% $ 165.2 $ 16.2 919.8%
---------- ---------- --------- ------------ ---------- -------
Transaction &
integration
costs Other expense 1.9 - 100.0% 9.7 - 100.0%
Transaction &
integration Foreign
costs currency loss 13.9 - 100.0% 30.9 - 100.0%
Sales, general
Transaction & and
integration administrative
costs expense 17.3 10.0 73.0% 69.1 22.3 209.9%
Gain on sale
of intermodal
equipment Other expense (0.4) - 100.0% (6.0) - 100.0%
Sales, general
and
Rebranding administrative
costs expense 3.3 0.9 266.7% 5.8 1.3 346.2%
---------- ---------- --------- ------------ ---------- -------
Adjusted
EBITDA $ 166.1 $ 24.2 586.4% $ 274.7 $ 39.8 590.2%
---------- ---------- --------- ------------ ---------- -------
Note: Please refer to the "Non-GAAP Financial Measures" section of the press
release. Adjusted EBITDA was prepared assuming 100% ownership of Norbert
Dentressangle.
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 Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2015 2014 2015 2014
------------ ------------- ------------- ------------
GAAP net loss
attributable to common
shareholders $ (93.1) $ (12.3) $ (183.5) $ (55.9)
Preferred stock
beneficial conversion
charge 52.0 - 52.0 -
Transaction &
integration costs 33.1 10.0 109.7 22.3
Debt commitment
fees((1)) - 9.8 8.6 14.4
Loss on conversion of
convertible senior
notes((1)) 1.1 - 8.0 2.3
Accelerated
amortization of trade
names - - 2.4 3.3
Gain on sale of
intermodal equipment (0.4) - (6.0) -
Rebranding costs 3.3 0.9 5.8 1.3
Impact of
noncontrolling interests
on above adjustments (1.6) - (7.4) -
Tax impact of above
adjustments (9.6) (7.0) (28.0) (15.0)
Release of tax
valuation allowance - (8.7) - -
------------ ------------- ------------- ------------
Adjusted net loss
attributable to common
shareholders $ (15.2) $ (7.3) $ (38.4) $ (27.3)
------------ ------------- ------------- ------------
Adjusted basic loss per
share $ (0.15) $ (0.13) $ (0.44) $ (0.55)
Adjusted diluted loss per
share $ (0.15) $ (0.13) $ (0.44) $ (0.55)
Weighted average common
shares outstanding
Basic weighted average
common shares outstanding 98.6 54.5 87.3 49.5
Diluted weighted
average common shares
outstanding 98.6 54.5 87.3 49.5
(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 September Nine Months Ended September
30, 30,
------------------------------ ----------------------------
2015 2014 2015 2014
------------- ---------------- ------------- --------------
Basic
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 22:15 Uhr
Sprache: Deutsch
News-ID 432114
Anzahl Zeichen: 65625
contact information:
Town:
Greenwich
Kategorie:
Business News
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"XPO Logistics Announces Third Quarter 2015 Results"
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