Tisková zpráva

GXO announces third quarter 2021 results

Greenwich, USA  |  Listopad 01, 2021

2021.11.01 Earnings Page

Zajímavé události

  • Third quarter revenue of $2.0 billion, up 24.6% from the third quarter 2020, net income of $72 million, and adjusted EBITDA of $163 million
  • Generated $105 million of cash flow from operating activities and free cash flow of $50 million in the third quarter, equivalent to 31% of adjusted EBITDA
  • New customer wins expected to have a 2022 incremental revenue impact of approximately $700 million
  • E-commerce, omnichannel retail and technology revenue up 22% and reverse logistics revenue up 21% from the third quarter 2020
  • FY21 guidance raised
  • GXO receives preliminary ‘AA’ ESG rating from MSCI

GXO Logistics, Inc. (NYSE: GXO) today announced its financial results for the third quarter ended September 30, 2021. Revenue increased to $2.0 billion for the third quarter, compared with $1.6 billion for the same period in 2020. Net income attributable to GXO was $72 million for the third quarter, including a benefit of $42 million from the impact of one-time tax items, compared with $18 million for the same period in 2020. Basic earnings per share was $0.63 for the third quarter, compared with $0.16 for the same period in 2020.

Adjusted net income attributable to common shareholders, a non-GAAP measure, was $65 million for the third quarter, compared with $27 million for the same period in 2020. Adjusted diluted earnings per share, a non-GAAP measure, was $0.56 for the third quarter, compared with adjusted diluted earnings per share of $0.23 for the same period in 2020.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP measure, increased to $163 million for the third quarter, compared with $142 million in pro forma adjusted EBITDA for the same period in 2020. The company reported adjusted EBITDA of $130 million for the third quarter 2020.

For the third quarter 2021, the company generated $105 million of cash flow from operations and $50 million of free cash flow, a non-GAAP measure.

In the third quarter of 2021, GXO won new customer contracts with more than $1 billion in aggregate lifetime value and an expected incremental revenue impact of approximately $200 million in 2022. The company’s expected 2022 incremental revenue impact from the third quarter and prior period wins is approximately $700 million.

Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.

GXO Debuts with Industry-Leading ESG Rating

GXO has received an ‘AA’ ESG rating from MSCI. MSCI’s rating places GXO as the highest among its largest industry peers.1 GXO’s environmental targets include achieving carbon neutrality by 2040, using LED lighting in 80% of our global operations by 2025, having 50% of our global electricity consumption from renewable sources by 2030, meeting an 80% global landfill diversion rate by 2025 and achieving a 30% reduction in greenhouse gasses from 2019 to 2030.

GXO was also recognized by the Human Rights Campaign on the Corporate Equality Index for LGBTQ+ inclusion.

GXO Guidance

GXO has updated its pro forma full year 2021 financial targets, as follows:

  • Revenue of $7.6 billion to $7.8 billion (previously $7.5 billion to $7.7 billion);
  • Adjusted EBITDA of $607 million to $637 million (previously $605 million to $635 million);
  • Depreciation and amortization of $240 million to $250 million2;
  • Interest expense of $20 million to $25 million;
  • Effective tax rate of 25% to 27% (previously 26% to 28%);
  • Net capital expenditures of $225 million to $250 million (previously $240 million to $250 million).

GXO’s full year 2022 guidance remains unchanged:

  • 8% to 12% organic revenue growth;
  • Adjusted EBITDA of $705 million to $740 million;
  • Adjusted EBITDAR3 of approximately $1.5 billion.

CEO Comments

Malcolm Wilson, chief executive officer of GXO, said, “We executed extremely well in the third quarter. We reported strong net income growth, as well as the highest revenue and adjusted EBITDA of any quarter in our operations’ history despite unprecedented near-term global supply chain challenges. Our sales pipeline reached a record level, fueled by significant new customer demand. Looking ahead, we expect continued growth driven by the three massive secular tailwinds of automation, e-commerce and outsourcing.”

“In the third quarter, we won new customer contracts with an aggregate lifetime value of over $1 billion, positioning us well to deliver on our expected 2022 organic revenue growth of 8% to 12%. Our revenue retention rate has improved through 2021 versus the number reported at our investor day, demonstrating our customers’ loyalty to GXO’s value-added solutions.”

“We’re pleased that GXO has been recognized by MSCI with a ‘AA’ ESG rating, affirming our industry leadership. As a business, we want to set the benchmark for ESG across the supply chain and we’re making good progress on our targets for 2025 and beyond. We look forward to implementing more carbon negative warehouses and empowering our team members with our automated solutions.”

“GXO leads the industry in warehouse technology. As of September 30, 2021, total technology and automated systems in our warehouses were up 139% from the prior year. We believe our technology and scale will continue to differentiate our business, while delivering significant benefits to our shareholders, customers and team members.

Wilson concluded, “With our clear recent momentum, we’ve raised expectations for our full year revenue and pro forma adjusted EBITDA targets. While we remain vigilant given the tough environment, our 2022 forecast remains unchanged.”

Liquidity Position

As of September 30, 2021, GXO had approximately $1.1 billion of total liquidity and $974 million of total debt. The company’s net leverage was 1.3x, calculated as net debt of $757 million, divided by the last twelve months adjusted EBITDA of $583 million for the period ended September 30, 2021.

Conference Call

GXO will hold a conference call on Tuesday, November 2, 2021, 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: 13723355. 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 November 16, 2021. 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 13723355.

O společnosti GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider in a $430 billion total addressable market that is benefitting from the rapid growth of ecommerce, automation and outsourcing. GXO is committed to providing a diverse, world-class workplace for approximately 95,000 team members across more than 860 warehouse locations 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, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit GXO.com pro více informací a spojte se s GXO na LinkedIn, Twitter, Facebook, Instagram a YouTube.

Kontakty

Kontakt pro investory

Chris Jordan

+1 (203) 536 8493

[email protected]

Kontakty pro média

Matthew Schmidt

+1 (203) 307 2809

[email protected]

Condensed Consolidated Statements of Operations (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Statement of Cash Flow (Unaudited)
Disaggregation of Revenues
Reconciliation of Net Income (loss) to Adjusted EBITDA (Unaudited)
Reconciliation of Historical Pro Forma adjusted EBITDA (Unaudited)
Reconciliation of GAAP Net Income (loss) and Net Income (Loss) Per Share to Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share (Unaudited)
Other Reconciliation (Unaudited)
Liquidity Reconciliations (Unaudited)