XPO Logistics Announces First Quarter 2016 Results
(Thomson Reuters ONE) -
Reports $249 million of adjusted EBITDA
Increases North American less-than-truckload adjusted operating income by 54%
versus pre-acquisition results a year ago
Delivers higher-than-expected logistics results, led by Europe
Reaffirms full year targets for adjusted EBITDA of $1.25 billion in 2016 and
$1.7 billion in 2018
GREENWICH, Conn. - May 3, 2016 - XPO Logistics, Inc. (NYSE: XPO) today announced
financial results for the first quarter of 2016. Total gross revenue increased
404.4% year-over-year to $3.5 billion, and net revenue increased 510.5% to $1.6
billion.
The company reported a net loss attributable to common shareholders of $23.2
million for the quarter, or a loss of $0.21 per diluted share, compared with a
net loss attributable to common shareholders of $15.4 million, or a loss of
$0.20 per diluted share, for the same period in 2015. The first quarter 2016 net
loss includes $16.8 million of one-time after-tax transaction-related costs net
of noncontrolling interests, and a $26.9 million non-cash after-tax amortization
charge.
The adjusted net loss attributable to common shareholders, a non-GAAP measure,
was $9.3 million, or a loss of $0.08 per share for the first quarter of 2016,
excluding the items detailed below. This compares with an adjusted net loss
attributable to common shareholders of $9.9 million, or a loss of $0.13 per
share, for the first quarter of 2015.
The adjusted net loss attributable to common shareholders for the first quarter
of 2016 excludes: $27.1 million, or $16.8 million after-tax, of one-time
transaction-related costs net of noncontrolling interests; $0.7 million of
unrealized foreign exchange cost, net of tax; and a $5.8 million, or $3.6
million after-tax, benefit to depreciation and amortization related to the
updated purchase price allocation of acquired assets. 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 $249.3 million
for the quarter, compared with $29.2 million for the same period in 2015.
Adjusted EBITDA in the first quarter of 2016 excludes $27.1 million of one-time
transaction-related costs. A reconciliation of adjusted EBITDA to net loss is
provided in the attached financial tables.
As of March 31, 2016, the company had approximately $280 million of cash and
cash equivalents. Approximately 73% of the company's debt will not mature until
2021 or later.
Reaffirms Financial Targets
For 2016, the company reaffirmed its full year target of at least $1.25 billion
of adjusted EBITDA.
For 2018, the company reaffirmed its full year target of approximately $1.7
billion of adjusted EBITDA.
CEO Comments
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said,
"2016 is off to a stellar start. We generated $249 million of adjusted EBITDA in
the quarter, and organic revenue growth of almost 12%, excluding fuel. Our
freight brokerage and last mile businesses continued to lead our growth in North
America, while in Europe, our transportation and logistics segments exceeded
expectations for both sales and margins.
"The addition of less-than-truckload is proving to be a major win, despite a
sluggish macro environment. In the first quarter, we generated $58 million of
adjusted operating income from LTL, up 54% from last year's first quarter, pre-
acquisition. We're running LTL as a more efficient organization, with a $90
million run rate of profit improvement already in hand. This puts us well on the
way to achieving our target of improving annual profit by $170 million to $210
million by late next year. Most important, we're delivering record results for
shippers. We're improving on service levels that were already among the highest
in the industry, including on-time performance and damage-free freight."
Jacobs continued, "There are many reasons, unique to XPO, why we're
outperforming the general sluggishness in the industry. We have a strong
franchise in each of our service offerings, and we're also well diversified by
geography and customer verticals. We're executing on significant synergies and
cost saving opportunities from our acquisitions in Europe and LTL. We're
benefiting from our investments in technology, major procurement efficiencies
and global cross-selling initiatives. And we have many of the industry's best
operators leading all parts of the business. These are the reasons why we've
been able to grow adjusted EBITDA by eight times from a year ago - with best-in-
class organic growth on top of that."
First Quarter 2016 Results by Segment
* Transportation: The company's transportation segment generated total gross
revenue of $2.3 billion for the quarter, a 308.6% increase from the same
period in 2015. The year-over-year increase in revenue was primarily due to
2015 acquisitions, and organic revenue growth led by the last mile and truck
brokerage businesses.
Net revenue margin for the first quarter improved to 28.3%, compared with 21.6%
in 2015. The increase in margin was primarily due to the acquisition of the
less-than-truckload business, and organic margin improvement in truck brokerage
and last mile, partially offset by lower intermodal and expedite margins.
First quarter adjusted EBITDA for the transportation segment improved to $196.0
million, compared with $23.3 million a year ago. First quarter operating income
was $75.4 million, compared with operating income of $3.6 million a year ago.
The increases in adjusted EBITDA and operating income were primarily due to
2015 acquisitions, and improved profitability led by truck brokerage. Adjusted
EBITDA and operating income in the LTL business were higher than expected due to
pricing improvements and SG&A cost savings. A reconciliation of adjusted EBITDA
to operating income is provided in the attached financial tables.
* Logistics: The company's logistics segment generated gross revenue of $1.3
billion for the quarter, up 795.4% from $140.8 million for the same period
in 2015. Gross margin was $156.7 million, up 691.4% from $19.8 million a
year ago. Adjusted EBITDA was $87.8 million, up 336.8% from $20.1 million a
year ago. Operating income was $31.9 million, up 398.4% from $6.4 million a
year ago. The increases in gross revenue, gross margin, adjusted EBITDA and
operating income were primarily due to 2015 acquisitions.
Adjusted EBITDA and operating income for the logistics segment were both higher
than expected in the quarter, led by higher volumes from e-commerce and high
tech, and the strong performance of the European business overall. A
reconciliation of adjusted EBITDA to operating income is provided in the
attached financial tables.
* Corporate: Corporate SG&A expense was $44.9 million, compared with $14.8
million for the first quarter of 2015. The increase was largely due to one-
time transaction-related costs; salaries and benefits related to a larger
employee base; legal costs; and non-cash share-based compensation.
Shipper Survey Ranks XPO First in Eight Categories of LTL Service
Surveyed shippers in the 2015 LTL Carrier Customer Value and Loyalty Report
ranked the company highest among national LTL carriers in the categories of
trustworthiness; shipments picked up when promised; shipments delivered when
promised; ability to meet appointment times for pick-up; shipments delivered
with no shortages; competitive transit times; billing accuracy; and claims
processing. The findings, published by Mastio & Company, were based on more than
6,000 observations documented during interviews with 2,021 shippers.
Conference Call
The company will hold a conference call on Wednesday, May 4, 2016, at 8:30 a.m.
Eastern Time. Participants can call toll-free (from U.S./Canada)
1-877-269-7756; international callers dial +1-201-689-7817. A live webcast of
the conference will be available on the investor relations area of the company's
website, www.xpo.com/investors. The conference will be archived until June
4, 2016. To access the replay by phone, call toll-free (from U.S./Canada)
1-877-660-6853; international callers dial +1-201-612-7415. Use participant
passcode 13634749.
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 truckload brokerage and transportation, last mile
logistics, engineered supply chain solutions, high-value-add warehousing and
distribution, ground and air expedite, less-than-truckload transportation,
intermodal, drayage, managed transportation and global forwarding. XPO serves
more than 50,000 customers with a highly integrated network of over 87,000
employees and 1,440 locations in 33 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, adjusted diluted loss per share, earnings
before interest, taxes, depreciation and amortization ("EBITDA") and adjusted
EBITDA ("adjusted EBITDA"), in each case for the quarters ended March 31, 2016
and 2015, EBITDA and adjusted EBITDA for the Transportation and Logistics
segments for the quarters ended March 31, 2016 and 2015, and adjusted operating
income for the less-than-truckload business unit for the quarters ended March
31, 2016 and 2015. 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, adjusted diluted loss per share and adjusted operating income
improve comparability from period to period by removing the impact of
nonrecurring expense items such as one-time transaction-related costs net of
noncontrolling interests, unrealized foreign exchange cost, and a benefit to
depreciation and amortization related to the updated purchase price allocation
of acquired assets. 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) 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 document 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 maturity of the
company's debt, 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 pressures; our
ability to align our investments in capital assets, including equipment, service
centers and warehouses, to our customers' demands; our ability to successfully
manage our growth, including by maintaining effective internal controls; our
ability to successfully integrate and realize anticipated synergies, cost
savings and profit improvement opportunities with respect to acquired companies;
our ability to retain our and our acquired businesses' largest customers; our
ability to develop and implement suitable information technology systems; our
substantial indebtedness; our ability to raise debt and equity capital; our
ability to attract and retain key employees to execute our strategy, including
retention of acquired companies' key employees; our ability to maintain positive
relationships with our network of third-party transportation providers; our
ability to attract and retain qualified drivers; litigation, including
litigation related to alleged misclassification of independent contractors;
labor matters; risks associated with our self-insured claims; risks associated
with defined benefit plans for our current and former employees; fluctuations in
currency exchange rates; fluctuations in fixed and floating interest rates; our
ability to execute our growth strategy through acquisitions; fuel price and fuel
surcharge changes; weather and other service disruptions; and governmental
regulation. All forward-looking statements set forth in this document 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.
Investor Contact:
XPO Logistics, Inc.
Tavio Headley, +1-203-930-1602
tavio.headley(at)xpo.com
Media Contact:
Brunswick Group
Darren McDermott, +1-212-333-3810
XPO Logistics, Inc.
Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
-------------------------
2016 2015
------------- -----------
Revenue $ 3,545.7 $ 703.0
Operating expenses
Cost of transportation and services 1,945.1 440.8
Direct operating expense 1,106.2 151.2
Sales, general and administrative expense 432.0 115.8
------------- -----------
Total operating expenses 3,483.3 707.8
------------- -----------
Operating income (loss) 62.4 (4.8)
------------- -----------
Other expense 1.2 0.2
Foreign currency loss 3.1 0.2
Interest expense 93.1 23.1
------------- -----------
Loss before income tax benefit (35.0) (28.3)
Income tax benefit (15.7) (13.6)
------------- -----------
Net loss (19.3) (14.7)
Cumulative preferred dividends (0.7) (0.7)
Net income attributable to noncontrolling
interests (3.2) -
------------- -----------
Net loss attributable to common shareholders $ (23.2) $ (15.4)
------------- -----------
Basic loss per share $ (0.21) $ (0.20)
Diluted loss per share $ (0.21) $ (0.20)
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding 109.6 78.8
Diluted weighted-average common shares outstanding 109.6 78.8
XPO Logistics, Inc.
Consolidated Balance Sheets
(In millions, except share and per share data)
March 31, December 31,
2016 2015
-------------- -------------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 279.0 $ 289.8
Accounts receivable, net of allowances of $20.3
and $16.9, respectively 2,265.1 2,266.4
Other current assets 497.0 401.0
-------------- -------------
Total current assets 3,041.1 2,957.2
-------------- -------------
Property and equipment, net of $349.9 and $209.3
in accumulated depreciation, respectively 2,820.3 2,852.2
Goodwill 4,787.0 4,610.6
Identifiable intangible assets, net of $256.3
and $212.4 in accumulated amortization,
respectively 1,704.2 1,876.5
Deferred tax asset 2.8 113.6
Other long-term assets 236.9 233.1
-------------- -------------
Total long-term assets 9,551.2 9,686.0
-------------- -------------
Total assets $ 12,592.3 $ 12,643.2
-------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 997.7 $ 1,063.7
Accrued expenses 1,352.3 1,291.8
Current maturities of long-term debt 134.3 135.3
Other current liabilities 228.6 203.6
-------------- -------------
Total current liabilities 2,712.9 2,694.4
-------------- -------------
Long-term debt 5,379.1 5,272.6
Deferred tax liability 719.1 933.3
Employee benefit obligations 302.7 312.6
Other long-term liabilities 396.9 369.5
-------------- -------------
Total long-term liabilities 6,797.8 6,888.0
-------------- -------------
Commitments and contingencies
Stockholders' equity:
Convertible perpetual preferred stock, $.001 par
value; 10,000,000 shares authorized;
72,885 of Series A shares issued and outstanding
at March 31, 2016 and
December 31, 2015 42.0 42.0
Common stock, $.001 par value; 300,000,000
shares authorized; 109,736,757
and 109,523,493 shares issued and outstanding at
March 31, 2016 and
December 31, 2015, respectively 0.1 0.1
Additional paid-in capital 3,219.4 3,212.3
Accumulated deficit (488.2) (465.0)
Accumulated other comprehensive loss (47.3) (72.3)
Noncontrolling interests 355.6 343.7
-------------- -------------
Total stockholders' equity 3,081.6 3,060.8
-------------- -------------
Total liabilities and stockholders' equity $ 12,592.3 $ 12,643.2
-------------- -------------
XPO Logistics, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Three Months Ended
March 31,
----------------------
2016 2015
----------- ----------
Operating activities
Net loss $ (19.3) $ (14.7)
Adjustments to reconcile net loss to net cash from
operating activities
Depreciation and amortization 162.1 33.8
Deferred tax benefit (22.7) (15.8)
Non-cash stock compensation expense 11.9 2.3
Other 4.0 8.9
Changes in assets and liabilities, net of effects of
acquisitions:
Accounts receivable 30.9 50.6
Income tax receivable 1.4 15.8
Prepaid expense and other assets (67.2) (5.4)
Accounts payable (90.5) (10.6)
Accrued expenses and other liabilities (3.7) (17.6)
----------- ----------
Cash flows provided by operating activities 6.9 47.3
----------- ----------
Investing activities
Acquisition of businesses, net of cash acquired - (58.2)
Payment for purchases of property and equipment (114.7) (11.4)
Proceeds from sale of assets 17.5 -
----------- ----------
Cash flows used by investing activities (97.2) (69.6)
----------- ----------
Financing activities
Proceeds from issuance of long-term debt - 414.7
Payment for debt issuance costs - (4.5)
Repayment of long-term debt and capital leases (41.8) -
Proceeds from borrowing on revolving credit facility 200.0 -
Repayment of borrowing on revolving credit facility (100.0) -
Bank overdrafts 18.3 -
Dividends paid to preferred stockholders (0.7) (0.7)
Other - 3.0
----------- ----------
Cash flows provided by financing activities 75.8 412.5
----------- ----------
Effect of exchange rates on cash 3.7 -
Net (decrease) increase in cash (10.8) 390.2
Cash and cash equivalents, beginning of period 289.8 644.1
----------- ----------
Cash and cash equivalents, end of period $ 279.0 $ 1,034.3
----------- ----------
Supplemental disclosure of cash flow information:
Cash paid for interest $ 72.6 $ 39.9
Cash paid (received) for income taxes $ 4.8 $ (13.9)
Property and equipment acquired through increase in
accounts payable $ 19.5 $ -
Property and equipment acquired through increase in
capital lease $ 10.6 $ -
Equity portion of acquisition purchase price $ - $ 0.8
Equity issued upon conversion of debt $ - $ 35.6
Transportation
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended March 31,
-------------------------------------------------
2016 2015 $ Variance Change %
------------- ----------- ------------- ---------
Revenue $ 2,297.4 $ 562.2 $ 1,735.2 308.6%
Cost of transportation and
services 1,647.1 440.8 1,206.3 273.7%
------------- ----------- ------------- ---------
Net revenue 650.3 121.4 528.9 435.7%
------------- ----------- ------------- ---------
Direct operating expense 312.4 30.2 282.2 934.4%
SG&A expense
Salaries & benefits 147.3 48.3 99.0 205.0%
Other SG&A expense 37.0 14.5 22.5 155.2%
Purchased services 39.9 5.7 34.2 600.0%
Depreciation & amortization 38.3 19.1 19.2 100.5%
------------- ----------- ------------- ---------
Total SG&A expense 262.5 87.6 174.9 199.7%
------------- ----------- ------------- ---------
Operating income $ 75.4 $ 3.6 $ 71.8 1994.4%
------------- ----------- ------------- ---------
Accelerated amortization of
trade names - 0.1 (0.1) -100.0%
Other depreciation &
amortization 114.6 19.6 95.0 484.7%
------------- ----------- ------------- ---------
EBITDA $ 190.0 $ 23.3 $ 166.7 715.5%
------------- ----------- ------------- ---------
Transaction & integration
costs 2.7 - 2.7 100.0%
Rebranding costs 3.3 - 3.3 100.0%
------------- ----------- ------------- ---------
Adjusted EBITDA $ 196.0 $ 23.3 $ 172.7 741.2%
------------- ----------- ------------- ---------
Transportation
Key Data by Service Offering
(Unaudited)
(In millions)
Three Months Ended
March 31,
------------------------
2016 2015
------------- ----------
Revenue by Service Offering
North America
Freight Brokerage $ 512.7 $ 386.2
Less-Than-Truckload 830.5 -
Last Mile 178.9 134.1
Full Truckload 128.8 -
Europe
Full Truckload 392.9 -
Less-Than-Truckload 202.5 -
Global Forwarding 82.7 45.1
Eliminations (31.6) (3.2)
------------- ----------
Total Revenue by Service Offering $ 2,297.4 $ 562.2
------------- ----------
Net Revenue by Service Offering
North America
Freight Brokerage $ 91.6 $ 77.5
Less-Than-Truckload 324.3 -
Last Mile 53.4 38.9
Full Truckload 27.7 -
Europe 138.9 -
Global Forwarding 14.4 5.0
------------- ----------
Total Net Revenue by Service Offering $ 650.3 $ 121.4
------------- ----------
Net Revenue % by Service Offering
North America
Freight Brokerage 17.9% 20.1%
Less-Than-Truckload 39.0% -
Last Mile 29.8% 29.0%
Full Truckload 21.5% -
Europe 23.3% -
Global Forwarding 17.4% 11.1%
------------- ----------
Overall Net Revenue % by Service Offering 28.3% 21.6%
------------- ----------
Direct Operating Expense by Service Offering
North America
Freight Brokerage $ 23.9 $ 22.2
Less-Than-Truckload 183.0 -
Last Mile 14.0 8.0
Europe 86.9 -
Global Forwarding 4.6 -
------------- ----------
Total Direct Operating Expense by Service Offering $ 312.4 $ 30.2
------------- ----------
Beginning March 31, 2016, the Company's Expedite business is reflected within
Freight Brokerage for both periods presented.
Less-Than-Truckload revenue is before intercompany eliminations and includes
revenue from the Company's trailer manufacturing business.
XPO Logistics North American Less-Than-Truckload
Summary Data Table
(Unaudited)
Three Months Ended March
31,
---------------------------
2016 2015
------------ --------------
Pro Forma*
Number of Working Days 63.5 62.5
Lbs. per Day (Thousands) 71,801 75,911
% Change in Lbs. per Day** -5.4% -1.4%
Shipments per Day 53,507 56,290
% Change in Shipments per Day** -4.9% 0.9%
Avg. Weight per Shipment (in pounds) 1,342 1,349
% Change in Weight per Shipment** -0.5% -2.3%
Gross Revenue per Shipment $ 250.85 $ 251.69
Gross Revenue per CWT (including fuel surcharges) $ 18.69 $ 18.66
Gross Revenue per CWT (excluding fuel surcharges) $ 16.90 $ 16.22
% Change in Gross Revenue per CWT**
Including fuel surcharges 0.2% 3.6%
Excluding fuel surcharges 4.2% 8.6%
Average Length of Haul 803.1 793.2
Total Average Load Factor 22,365 22,118
Average Age of Tractor Fleet (Years) 5.58 5.52
Operating Ratio
Excluding Amortization Expense, Transaction
Costs
& Depreciation Adjustment from updated purchase
price allocation of acquired assets 92.9% 95.6%
*Pro Forma historical information
**Compared with the same quarter of the previous year
XPO Logistics North American Less-Than-Truckload
Adjusted Operating Ratio
(Unaudited)
(In millions)
Three Months Ended
March 31,
--------------------
2016 2015
---------- ---------
Revenue $ 820.0 $ 855.6
Operating income 52.5 37.9
---------- ---------
Operating ratio 93.6% 95.6%
---------- ---------
Transaction & integration costs 1.8 -
Amortization expense 5.8 -
Depreciation adjustment from updated purchase price
allocation of acquired assets (1.8) -
---------- ---------
Adjusted operating income $ 58.3 $ 37.9
---------- ---------
Adjusted operating ratio 92.9% 95.6%
---------- ---------
Logistics
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended March 31,
---------------------------------------------
$
2016 2015 Variance Change %
----------- ----------- ----------- ---------
Revenue $ 1,260.7 $ 140.8 $ 1,119.9 795.4%
Cost of transportation and
services 310.2 - 310.2 100.0%
----------- ----------- ----------- ---------
Net revenue 950.5 140.8 809.7 575.1%
----------- ----------- ----------- ---------
Direct operating expense 793.8 121.0 672.8 556.0%
SG&A expense
Salaries & benefits 69.2 5.1 64.1 1256.9%
Other SG&A expense 12.2 1.7 10.5 617.6%
Purchased services 21.7 0.6 21.1 3516.7%
Depreciation & amortization 21.7 6.0 15.7 261.7%
----------- ----------- ----------- ---------
Total SG&A expense 124.8 13.4 111.4 831.3%
----------- ----------- ----------- ---------
Operating income $ 31.9 $ 6.4 $ 25.5 398.4%
----------- ----------- ----------- ---------
Accelerated amortization of
trade names - 0.4 (0.4) -100.0%
Other depreciation &
amortization 47.1 13.3 33.8 254.1%
----------- ----------- ----------- ---------
EBITDA $ 79.0 $ 20.1 $ 58.9 293.0%
----------- ----------- ----------- ---------
Transaction & integration costs 8.6 - 8.6 100.0%
Rebranding costs 0.2 - 0.2 100.0%
----------- ----------- ----------- ---------
Adjusted EBITDA $ 87.8 $ 20.1 $ 67.7 336.8%
----------- ----------- ----------- ---------
Logistics
Key Data by Service Offering
(Unaudited)
(In millions)
Three Months Ended
March 31,
------------------------
2016 2015
------------- ----------
Revenue by Service Offering
North America $ 618.8 $ 140.8
Europe 641.9 -
------------- ----------
Total Revenue by Service Offering $ 1,260.7 $ 140.8
------------- ----------
Net Revenue by Service Offering
North America $ 470.3 $ 140.8
Europe 480.2 -
------------- ----------
Total Net Revenue by Service Offering $ 950.5 $ 140.8
------------- ----------
Direct Operating Expense by Service Offering
North America $ 400.0 $ 121.0
Europe 393.8 -
------------- ----------
Total Direct Operating Expense by Service Offering $ 793.8 $ 121.0
------------- ----------
Gross Margin by Service Offering
North America $ 70.3 $ 19.8
Europe 86.4 -
------------- ----------
Total Gross Margin by Service Offering $ 156.7 $ 19.8
------------- ----------
Gross Margin % by Service Offering
North America 11.4% 14.1%
Europe 13.5% -
------------- ----------
Total Gross Margin % by Service Offering 12.4% 14.1%
------------- ----------
XPO Corporate
Summary of Sales, General & Administrative Expense
(Unaudited)
(In millions)
Three Months Ended March 31,
---------------------------------------
$
2016 2015 Variance Change %
--------- -------- ---------- ---------
SG&A expense
Salaries & benefits $ 16.1 $ 7.5 $ 8.6 114.7%
Other SG&A expense 9.9 2.4 7.5 312.5%
Purchased services 18.5 4.5 14.0 311.1%
Depreciation & amortization 0.4 0.4 - 0.0%
--------- -------- ---------- ---------
Total SG&A expense $ 44.9 $ 14.8 $ 30.1 203.4%
--------- -------- ---------- ---------
Intersegment Eliminations
Summary Financial Table
(Unaudited)
(In millions)
Three Months Ended March 31,
--------------------------------------------
2016 2015 $ Variance Change %
------------ -------- ------------ ---------
Revenue $ (12.4) $ - $ (12.4) 100.0%
Cost of transportation and
services (12.2) - (12.2) 100.0%
------------ -------- ------------ ---------
Net revenue (0.2) - (0.2) 100.0%
------------ -------- ------------ ---------
Direct operating expense - - - 0.0%
SG&A expense
Salaries & benefits 0.2 - 0.2 100.0%
Other SG&A expense (0.2) - (0.2) 100.0%
Purchased services (0.1) - (0.1) 100.0%
Depreciation & amortization (0.1) - (0.1) 100.0%
------------ -------- ------------ ---------
Total SG&A expense (0.2) - (0.2) 100.0%
------------ -------- ------------ ---------
Operating income $ - $ - $ - 0.0%
------------ -------- ------------ ---------
Note: Intersegment eliminations represent intercompany activity between the
Company's reportable segments that is eliminated upon consolidation. The
difference between operating income (loss) component line items in the
Consolidated Statements of Operations and the sum of the respective line items
from the Transportation and Logistics Summary Financial Tables and Corporate
Summary of Sales, General & Administrative Expense 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)
Category Three Months Ended March 31,
-------------------------------------
2016 2015 Change %
------------ ------------ -----------
Net loss Net loss
attributable to attributable to
common shareholders common shareholders $ (23.2) $ (15.4) 50.6%
Cumulative preferred
Preferred dividends dividends (0.7) (0.7) 0.0%
Net income
attributable to
Noncontrolling noncontrolling
interests interests (3.2) - 100.0%
------------ ------------ -----------
Net loss Net loss (19.3) (14.7) 31.3%
------------ ------------ -----------
Loss on conversion
of convertible
senior notes Interest expense - 6.5 -100.0%
Other interest
expense Interest expense 93.1 16.6 460.8%
Income tax benefit Income tax benefit (15.7) (13.6) 15.4%
Accelerated Sales, general and
amortization of administrative
trade names expense - 0.5 -100.0%
Cost of
Other depreciation transportation and
expense services 60.7 - 100.0%
Other depreciation & Direct operating
amortization expense expense 41.1 8.1 407.4%
Sales, general and
Other depreciation & administrative
amortization expense expense 60.3 25.2 139.3%
Unrealized hedging
gains & losses Other expense 2.0 - 100.0%
------------ ------------ -----------
EBITDA $ 222.2 $ 28.6 676.9%
------------ ------------ -----------
Sales, general and
Transaction & administrative
integration costs expense 23.2 0.6 3766.7%
Sales, general and
administrative
Rebranding costs expense 3.9 - 100.0%
------------ ------------ -----------
Adjusted EBITDA $ 249.3 $ 29.2 753.8%
------------ ------------ -----------
Note: Please refer to the "Non-GAAP Financial Measures" section of the press
release. Adjusted EBITDA was prepared assuming 100% ownership of XPO Logistics
Europe.
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,
-------------------------
2016 2015
------------ ------------
GAAP net loss attributable to common shareholders $ (23.2) $ (15.4)
Loss on conversion of convertible senior notes((1)) - 6.5
Accelerated amortization of trade names - 0.5
Unrealized hedging gains & losses, net of tax
impact 0.7 -
Depreciation & amortization from updated purchase
price allocation of acquired assets (5.8) -
Transaction & integration costs 23.2 0.6
Rebranding costs 3.9 -
Impact of noncontrolling interests on above
adjustments (0.3) -
Tax impact of above pre-tax adjustments (7.8) (2.1)
------------ ------------
Adjusted net loss attributable to common shareholders $ (9.3) $ (9.9)
------------ ------------
Adjusted basic loss per share $ (0.08) $ (0.13)
Adjusted diluted loss per share $ (0.08) $ (0.13)
Weighted average common shares outstanding
Basic weighted average common shares outstanding 109.6 78.8
Diluted weighted average common shares outstanding 109.6 78.8
(1)Loss on conversion of convertible senior notes is 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,
--------------------------
2016 2015
------------- ------------
Basic weighted-average common
shares outstanding 109,628,094 78,825,639
------------- ------------
Potentially Dilutive Securities:
Shares underlying the conversion
of preferred stock to common stock 10,412,145 10,476,430
Shares underlying the conversion
of the convertible senior notes 3,180,806 5,171,353
Shares underlying warrants to
purchase common stock 7,557,370 8,776,365
Shares underlying stock options
to purchase common stock 570,684 633,392
Shares underlying restricted stock units and
performance-based restricted stock units 1,607,032 1,025,632
------------- ------------
23,328,037 26,083,172
------------- ------------
Diluted weighted-average common
shares outstanding 132,956,131 104,908,811
------------- ------------
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
Consolidated Statements of Operations because the impact was anti-dilutive. The
treasury stock 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 $25.21 per share and $41.90 per share for the three-months ended March
31, 2016 and 2015, respectively.
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#2009664]
Unternehmensinformation / Kurzprofil:
Datum: 03.05.2016 - 22:15 Uhr
Sprache: Deutsch
News-ID 468480
Anzahl Zeichen: 62905
contact information:
Town:
Greenwich
Kategorie:
Business News
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"XPO Logistics Announces First Quarter 2016 Results"
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