• GXO Reports Second Quarter 2024 Results

    来源: Nasdaq GlobeNewswire / 06 8月 2024 06:30:00   America/New_York

    • Second quarter revenue increased 19% year over year to a record $2.8 billion, with organic revenue growth of 2%
    • Signed new business wins of approximately $270 million in annualized revenue during 2Q 2024
    • Sales pipeline increased to new twelve-month high of $2.3 billion
    • Completed Wincanton acquisition

    GREENWICH, Conn., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO) today announced results for the second quarter 2024.

    Malcolm Wilson, chief executive officer of GXO, said, “In the second quarter, GXO delivered record revenue of $2.8 billion, reflecting growth of 19% year over year, along with sequential improvement in organic revenue growth and strong free cash flow.

    “We signed about $270 million of new business wins. We’re also seeing contract lengths increase as customers look to outsource to a trusted partner. Our pipeline grew to $2.3 billion, a new twelve-month high, and we’re on track to sign a record amount of new business this year.

    “We’re particularly proud of our growth in Germany, where we’ve started operations on our 20-year contract with Levi’s and signed a new deal with Tchibo, a leading retailer and coffee distributor. During the quarter, we also completed our acquisition of Wincanton, which will provide a platform for GXO to grow in aerospace & defense and industrials across Europe.

    “Given the momentum in our business, combined with strengthening consumer demand in the UK and European markets, we’re reaffirming our full-year 2024 guidance.”

    Second Quarter 2024 Results

    Revenue increased to $2.8 billion, up 19% year over year, compared with $2.4 billion for the second quarter 2023. Organic revenue1 grew by 2%.

    Net income was $39 million, compared with $66 million for the second quarter 2023. Diluted earnings per share was $0.32, compared with $0.54 for the second quarter 2023.

    Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) was $187 million, compared with $190 million for the second quarter 2023. Adjusted diluted EPS1 was $0.55, compared with $0.70 for the second quarter 2023.

    GXO generated $115 million of cash flows from operations, compared with $61 million for the second quarter 2023. In the second quarter of 2024, GXO generated $31 million of free cash flow1, compared with $3 million of free cash flow1 for the second quarter 2023.

    Cash Balances and Outstanding Debt

    As of June 30, 2024, cash and cash equivalents and debt outstanding were $469 million and $2.8 billion, respectively.

    Guidance

    The company reaffirms its guidance for the full year 2024 as follows:

    2024 Guidance2

    • Organic revenue growth1 of 2% to 5%;
    • Adjusted EBITDA1 of $805 million to $835 million;
    • Adjusted diluted EPS1 of $2.73 to $2.93; and
    • Free cash flow conversion1 of 30% to 40% of adjusted EBITDA1.

    Conference Call

    GXO will hold a conference call on Tuesday, August 6, 2024, at 8:30 a.m. Eastern Time. Participants can call toll free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13747664. A live webcast of the conference will be available on the Investor Relations area of the company’s website, investors.gxo.com. The conference will be archived until August 20, 2024. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13747664.

    About GXO Logistics

    GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is capitalizing on the rapid growth of ecommerce and automation. GXO is committed to providing a world-class, diverse workplace for more than 130,000 team members in more than 970 facilities totaling approximately 200 million square feet. The company partners with the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions. GXO is headquartered in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.

    Non-GAAP Financial Measures

    As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables below.

    GXO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted EBITDA margin, adjusted earnings before interest, taxes and amortization (“adjusted EBITA”), adjusted EBITA, net of income taxes paid, adjusted EBITA margin, adjusted net income attributable to GXO, adjusted earnings per share (basic and diluted) (“adjusted EPS”), free cash flow, free cash flow conversion, organic revenue, organic revenue growth, net leverage ratio, net debt, and operating return on invested capital (“ROIC”).

    We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, GXO’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures used by other companies. GXO’s non-GAAP financial measures should only be used as supplemental measures of our operating performance.

    Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and adjusted EPS include adjustments for transaction and integration costs, litigation expenses as well as restructuring costs and other adjustments as set forth in the financial table below. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities), and certain costs related to integrating and separating IT systems. Litigation expenses primarily relate to the settlement of ongoing legal matters. Restructuring costs primarily relate to severance costs associated with business optimization initiatives.

    We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA, net of income taxes paid, and adjusted EBITA margin, improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.

    We believe that organic revenue and organic revenue growth are important measures because they exclude the impact of foreign currency exchange rate fluctuations, revenue from acquired businesses and revenue from disposed business.

    We believe that adjusted net income attributable to GXO and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains, which management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets.

    We believe that free cash flow and free cash flow conversion are important measures of our ability to repay maturing debt or fund other uses of capital that we believe will enhance stockholder value. We calculate free cash flow as cash flows from operations less capital expenditures plus proceeds from sale of property and equipment. We calculate free cash flow conversion as free cash flow divided by adjusted EBITDA, expressed as a percentage.

    We believe that net debt and net leverage ratio are important measures of our overall liquidity position and are calculated by adding bank overdrafts and removing cash and cash equivalents from our total debt and net debt as a ratio of our adjusted EBITDA. We calculate ROIC as our trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital. We believe ROIC provides investors with an important perspective on how effectively GXO deploys capital and use this metric internally as a high-level target to assess overall performance throughout the business cycle.

    Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating GXO’s ongoing performance.

    With respect to our financial targets for full-year 2024 organic revenue growth, adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion, a reconciliation of these non-GAAP measures to the corresponding GAAP measures is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from these non-GAAP target measures. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statements of income and cash flows prepared in accordance with GAAP, that would be required to produce such a reconciliation.

    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. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, including our full-year 2024 guidance and the expected impact of the acquisition of Wincanton and growth in Germany on our results of operations. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. 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 the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the company believes are appropriate in the circumstances.

    These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include, but are not limited to, the risks discussed in our filings with the SEC and the following: economic conditions generally; supply chain challenges, including labor shortages; competition and pricing pressures; our ability to align our investments in capital assets, including equipment, service centers and warehouses, to our respective customers’ demands; our ability to successfully integrate and realize anticipated benefits, synergies, cost savings and profit improvement opportunities with respect to acquired companies, including the acquisition of Wincanton; acquisitions may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; our indebtedness; our ability to raise debt and equity capital; litigation; labor matters, including our ability to manage its subcontractors, and risks associated with labor disputes at our customers’ facilities and efforts by labor organizations to organize its employees; risks associated with defined benefit plans for our current and former employees; our ability to attract or retain necessary talent; the increased costs associated with labor; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fluctuations in customer confidence and spending; issues related to our intellectual property rights; governmental regulation, including environmental laws, trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the United Kingdom’s exit from the European Union; natural disasters, terrorist attacks or similar incidents; damage to our reputation; a material disruption of our operations; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; failure in properly handling the inventory of our customers; the impact of potential cyber-attacks and information technology or data security breaches; and the inability to implement technology initiatives or business systems successfully; our ability to achieve Environmental, Social and Governance goals; and a determination by the IRS that the distribution or certain related spin-off transactions should be treated as taxable transactions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.

    All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

    Investor Contact  
       
    Chris Jordan  
    +1 (203) 769-7228  
    chris.jordan@gxo.com  
       
    Media Contact  
       
    Matthew Schmidt  
    +1 (203) 307-2809  
    matt.schmidt@gxo.com  



    GXO Logistics, Inc.
    Condensed Consolidated Statements of Operations
    (Unaudited)
         
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (Dollars in millions, shares in thousands, except per share amounts) 2024 2023 2024 2023
    Revenue $2,846  $2,394  $5,302  $4,717 
    Direct operating expense  2,389   1,957   4,445   3,863 
    Selling, general and administrative expense  270   245   519   503 
    Depreciation and amortization expense  99   84   191   167 
    Transaction and integration costs  15   6   34   19 
    Restructuring costs and other  1   3   17   24 
    Litigation expense(1)  (3)  —   60   — 
    Operating income  75   99   36   141 
    Other income, net  1   1   7   1 
    Interest expense, net  (23)  (14)  (36)  (27)
    Income before income taxes  53   86   7   115 
    Income tax expense  (14)  (20)  (4)  (23)
    Net income  39   66   3   92 
    Net income attributable to Noncontrolling Interests (“NCI”)  (1)  (1)  (2)  (2)
    Net income attributable to GXO $38  $65  $1  $90 
             
    Earnings per share         
    Basic $0.32  $0.55  $0.01  $0.76 
    Diluted $0.32  $0.54  $0.01  $0.75 
             
    Weighted-average common shares outstanding        
    Basic  119,427   118,927   119,350   118,854 
    Diluted  119,683   119,415   119,680   119,323 
     
    (1) On June 14, 2024, the Company’s subsidiary GXO Warehouse Company, Inc. entered into a Confidential Settlement Agreement (the “Settlement Agreement”) to settle all claims in connection with a dispute between the Company and one of its customers related to the start-up of the customer’s warehouse that occurred in 2018 (the “Dispute”). A payment under the Settlement Agreement was made by the Company on July 5, 2024. As of July 10, 2024, the Dispute, which was litigated under the caption Lindt et al. v. GXO Warehouse Company, Inc., docket no. 4:22-cv-00384-BP, in Federal District Court for the Western District of Missouri, was dismissed with prejudice, each side to bear their own costs and fees, and the Court retains jurisdiction to enforce the terms of the Confidential Settlement Agreement. Among other things in the Settlement Agreement, the parties each denied the allegations and counterclaims asserted in the Dispute, and agreed to a mutual release of claims arising from, under or otherwise in connection with their prior business relationship and the Dispute, in exchange for a payment by the Company of $45 million. The Company intends to pursue reimbursement in connection with this Dispute under its existing insurance policies. The Company recognized $60 million expense for the six months ended June 30, 2024 for the settlement, associated legal fees, costs and other related expenses.


    GXO Logistics, Inc.
    Condensed Consolidated Balance Sheets
    (Unaudited)
     
      June 30, December 31,
    (Dollars in millions, shares in thousands, except per share amounts)  2024   2023 
    ASSETS    
    Current assets    
    Cash and cash equivalents $469  $468 
    Accounts receivable, net of allowance of $15 and $11  1,909   1,753 
    Other current assets  419   347 
    Total current assets  2,797   2,568 
    Long-term assets    
    Property and equipment, net of accumulated depreciation of $1,637 and $1,545  1,093   953 
    Operating lease assets  2,344   2,201 
    Goodwill  3,664   2,891 
    Intangible assets, net of accumulated amortization of $563 and $528  942   567 
    Other long-term assets  520   327 
    Total long-term assets  8,563   6,939 
    Total assets $11,360  $9,507 
    LIABILITIES AND EQUITY    
    Current liabilities    
    Accounts payable $690  $709 
    Accrued expenses  1,286   966 
    Current debt  219   27 
    Current operating lease liabilities  672   597 
    Other current liabilities  402   327 
    Total current liabilities  3,269   2,626 
    Long-term liabilities    
    Long-term debt  2,551   1,620 
    Long-term operating lease liabilities  1,981   1,842 
    Other long-term liabilities  626   473 
    Total long-term liabilities  5,158   3,935 
    Commitments and Contingencies    
    Stockholders’ Equity    
    Common Stock, $0.01 par value per share; 300,000 shares authorized, 119,437 and 119,057 issued and outstanding  1   1 
    Preferred Stock, $0.01 par value per share; 10,000 shares authorized, none issued and outstanding  —   — 
    Additional Paid-In Capital (“APIC”)  2,610   2,598 
    Retained earnings  553   552 
    Accumulated Other Comprehensive Income (Loss) (“AOCIL”)  (263)  (239)
    Total stockholders’ equity before NCI   2,901   2,912 
    NCI  32   34 
    Total equity  2,933   2,946 
    Total liabilities and equity $11,360  $9,507 
     


    GXO Logistics, Inc.
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
      Six Months Ended June 30,
    (In millions)  2024   2023 
    Cash flows from operating activities:    
    Net income $3  $92 
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization expense  191   167 
    Stock-based compensation expense  19   18 
    Deferred tax benefit  (16)  (17)
    Other  10   10 
    Changes in operating assets and liabilities    
    Accounts receivable  56   (29)
    Other assets  (8)  18 
    Accounts payable  (82)  (107)
    Accrued expenses and other liabilities  (8)  (52)
    Net cash provided by operating activities  165   100 
    Cash flows from investing activities:    
    Capital expenditures  (161)  (150)
    Proceeds from sale of property and equipment  10   10 
    Acquisition of businesses, net of cash acquired  (863)  — 
    Net cash used in investing activities  (1,014)  (140)
    Cash flows from financing activities:    
    Proceeds from debt, net  1,085   — 
    Repayments of debt, net  (196)  (138)
    Repayments of finance lease obligations  (19)  (16)
    Taxes paid related to net share settlement of equity awards  (7)  (6)
    Other  (6)  5 
    Net cash provided by (used in) financing activities  857   (155)
    Effect of exchange rates on cash and cash equivalents  (7)  5 
    Net increase (decrease) in cash, restricted cash and cash equivalents  1   (190)
    Cash, restricted cash and cash equivalents, beginning of period  470   495 
    Cash, restricted cash and cash equivalents, end of period  $471  $305 
         
    Reconciliation of cash, restricted cash and cash equivalents    
    Cash and cash equivalents $469  $305 
    Restricted Cash (included in Other long-term assets)  2   — 
    Total cash, restricted cash and cash equivalents $471  $305 
     


    GXO Logistics, Inc.
    Key Data
    Disaggregation of Revenue
    (Unaudited)
     
    Revenue disaggregated by geographical area was as follows:
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (In millions) 2024 2023 2024 2023
    United Kingdom $1,289 $893 $2,202 $1,737
    United States  731  692  1,478  1,406
    Netherlands  220  198  438  394
    France  201  217  401  419
    Spain  145  136  274  263
    Italy  97  94  190  182
    Other  163  164  319  316
    Total  $2,846 $2,394 $5,302 $4,717


    The Company’s revenue can also be disaggregated by the customer’s primary industry. Revenue disaggregated by industries was as follows:
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (In millions) 2024 2023 2024 2023
    Omnichannel retail $1,316 $1,026 $2,338 $1,990
    Technology and consumer electronics  363  355  745  721
    Food and beverage  326  335  642  642
    Industrial and manufacturing  331  270  597  540
    Consumer packaged goods  290  232  585  458
    Other  220  176  395  366
    Total  $2,846 $2,394 $5,302 $4,717
     


    GXO Logistics, Inc.
    Reconciliation of Net Income to Adjusted EBITDA
    and Adjusted EBITDA Margins
    (Unaudited)
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,    		 Year
    Ended
    December
    31, 2023
    		 Trailing
    Twelve
    Months
    Ended
    June 30,
    2024
    (In millions)  2024   2023   2024   2023   
    Net income attributable to GXO $38  $65  $1  $90  $229  $140 
    Net income attributable to NCI  1   1   2   2   4   4 
    Net income $39  $66  $3  $92  $233  $144 
    Interest expense, net  23   14   36   27   53   62 
    Income tax expense  14   20   4   23   33   14 
    Depreciation and amortization expense  99   84   191   167   361   385 
    Transaction and integration costs  15   6   34   19   34   49 
    Restructuring costs and other  1   3   17   24   32   25 
    Litigation expense  (3)  —   60   —   —   60 
    Unrealized gain on foreign currency contracts and other  (1)  (3)  (4)  (4)  (5)  (5)
    Adjusted EBITDA(1) $187  $190  $341  $348  $741  $734 
                 
    Revenue $2,846  $2,394  $5,302  $4,717     
    Operating income $75  $99  $36  $141     
    Operating income margin(2)  2.6%   4.1%   0.7%   3.0%     
    Adjusted EBITDA margin(1)(3)  6.6%   7.9%   6.4%   7.4%     
     
    (1) See the “Non-GAAP Financial Measures” section of this press release.
    (2) Operating income margin is calculated as operating income divided by revenue for the period.
    (3) Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue for the period.
     


    GXO Logistics, Inc.
    Reconciliation of Net Income to Adjusted EBITA
    and Adjusted EBITA Margins
    (Unaudited)
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,    		 Year
    Ended
    December
    31, 2023
    		 Trailing
    Twelve
    Months
    Ended
    June 30,
    2024
    (In millions)  2024   2023   2024   2023   
    Net income attributable to GXO $38  $65  $1  $90  $229  $140 
    Net income attributable to NCI  1   1   2   2   4   4 
    Net income $39  $66  $3  $92  $233  $144 
    Interest expense, net  23   14   36   27   53   62 
    Income tax expense  14   20   4   23   33   14 
    Amortization expense  22   19   41   36   71   76 
    Transaction and integration costs  15   6   34   19   34   49 
    Restructuring costs and other  1   3   17   24   32   25 
    Litigation expense  (3)  —   60   —   —   60 
    Unrealized gain on foreign currency contracts and other  (1)  (3)  (4)  (4)  (5)  (5)
    Adjusted EBITA(1) $110  $125  $191  $217  $451  $425 
                 
    Revenue $2,846  $2,394  $5,302  $4,717     
    Adjusted EBITA margin(1)(2)  3.9%   5.2%   3.6%   4.6%     
     
    (1) See the “Non-GAAP Financial Measures” section of this press release.
    (2) Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue for the period.
     


    GXO Logistics, Inc.
    Reconciliation of Net Income to Adjusted Net Income
    and Adjusted Earnings Per Share
    (Unaudited)
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (Dollars in millions, shares in thousands, except per share amounts)  2024   2023   2024   2023 
    Net income $39  $66  $3  $92 
    Net income attributable to NCI  (1)  (1)  (2)  (2)
    Net income attributable to GXO $38  $65  $1  $90 
    Amortization expense  22   19   41   36 
    Transaction and integration costs  15   6   34   19 
    Restructuring costs and other  1   3   17   24 
    Litigation expense  (3)  —   60   — 
    Unrealized gain on foreign currency contracts and other  (1)  (3)  (4)  (4)
    Income tax associated with the adjustments above(1)  (6)  (6)  (29)  (17)
    Discrete tax benefit(2)  —   —   —   (5)
    Adjusted net income attributable to GXO(3) $66  $84  $120  $143 
             
    Adjusted basic EPS(3) $0.55  $0.71  $1.01  $1.20 
    Adjusted diluted EPS(3) $0.55  $0.70  $1.00  $1.20 
             
    Weighted-average common shares outstanding        
    Basic  119,427   118,927   119,350   118,854 
    Diluted  119,683   119,415   119,680   119,323 
     
    (1) The income tax rate applied to items is based on the GAAP annual effective tax rate.
    (2) Discrete tax benefit from intangible assets and the release of valuation allowances.
    (3) See the “Non-GAAP Financial Measures” section of this press release.
     


    GXO Logistics, Inc.
    Other Reconciliations
    (Unaudited)
     
    Reconciliation of Cash Flows from Operations to Free Cash Flow:
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (In millions)  2024   2023   2024   2023 
    Cash flows from operations(1) $115  $61  $165  $100 
    Capital expenditures  (88)  (59)  (161)  (150)
    Proceeds from sale of property and equipment  4   1   10   10 
    Free cash flow(2) $31  $3  $14  $(40)
     
    (1) Net cash provided by operating activities.
    (2) See the “Non-GAAP Financial Measures” section of this press release.


    Reconciliation of Revenue to Organic Revenue:
     
      Three Months Ended
    June 30,    		 Six Months Ended
    June 30,
    (In millions)  2024   2023   2024   2023 
    Revenue $2,846  $2,394  $5,302  $4,717 
    Revenue from acquired business(1)  (396)  —   (459)  — 
    Revenue from disposed business(1)  —   (3)  (1)  (7)
    Foreign exchange rates  —   —   (50)  — 
    Organic revenue(2) $2,450  $2,391  $4,792  $4,710 
             
    Revenue growth(3)  18.9%    12.4%  
    Organic revenue growth(2)(4)  2.5%    1.7%  
     
    (1) The Company excludes revenue from acquired and disposed businesses for periods that are not comparable.
    (2) See the “Non-GAAP Financial Measures” section of this press release.
    (3) Revenue growth is calculated as the change in the period-over-period revenue divided by the prior period, expressed as a percentage.
    (4) Organic revenue growth is calculated as the change in the period-over-period organic revenue divided by the prior period, expressed as a percentage.
     


    GXO Logistics, Inc.
    Liquidity Reconciliations
    (Unaudited)
     
    Reconciliation of Total Debt and Net Debt:
     
    (In millions) June 30, 2024
    Current debt $219 
    Long-term debt  2,551 
    Total debt $2,770 
    Plus: Bank overdrafts  3 
    Less: Cash and cash equivalents  (469)
    Net debt(1) $2,304 
     
    (1) See the “Non-GAAP Financial Measures” section of this press release.


    Reconciliation of Total debt to Net income Ratio:
     
    (In millions) June 30, 2024
    Total debt $2,770 
    Trailing twelve months net income $144 
    Debt to net income ratio 19.2x 


    Reconciliation of Net Leverage Ratio:
     
    (In millions) June 30, 2024
    Net debt $2,304 
    Trailing twelve months adjusted EBITDA(1) $734 
    Net leverage ratio(1) 3.1x 
     
    (1) See the “Non-GAAP Financial Measures” section of this press release.
     


    GXO Logistics, Inc.
    Return on Invested Capital
    (Unaudited)
     
    Adjusted EBITA, net of income taxes paid:
     
      Six Months Ended June 30, Year Ended
    December
    31, 2023
    		 Trailing
    Twelve
    Months
    Ended
    June 30,
    2024
    (In millions)  2024   2023   
    Adjusted EBITA(1) $191  $217  $451  $425 
    Less: Cash paid for income taxes  (19)  (32)  (84)  (71)
    Adjusted EBITA, net of income taxes paid(1) $172  $185  $367  $354 
     
    (1) See the “Non-GAAP Financial Measures” section of this press release.


    Return on Invested Capital (ROIC):
      June 30,  
    (In millions)  2024   2023  Average
    Selected Assets:      
    Accounts receivable, net $1,909  $1,719  $1,814 
    Other current assets  419   282   351 
    Property and equipment, net  1,093   965   1,029 
    Selected Liabilities:      
    Accounts payable  (690)  (566)  (628)
    Accrued expenses  (1,286)  (950)  (1,118)
    Other current liabilities  (402)  (284)  (343)
    Invested capital $1,043  $1,166  $1,105 
           
    Trailing twelve months net income
    to average invested capital    		      13.0% 
    Operating return on invested capital(1)(2)      32.0% 
             
    (1) See the “Non-GAAP Financial Measures” section of this press release.
    (2) The ratio of operating return on invested capital is calculated as trailing twelve months adjusted EBITA, net of income taxes paid, divided by the average invested capital.
     


    1  For definitions of non-GAAP measures see the “Non-GAAP Financial Measures” section in this press release.
    2  Our guidance reflects current FX rates.


    Primary Logo

分享