Comunicados de Prensa

GXO Logistics reports first quarter 2022 results

Greenwich, USA  |  mayo 04, 2022

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Lo más destacado
  • First quarter revenue of $2.1 billion, up 14% year-over-year; including organic revenue growth1 of 19%; net income attributable to GXO of $37 million; and adjusted EBITDA[1] of $155 million; 167% growth in diluted EPS and 59% growth in adjusted diluted EPS1
  • GXO raises full-year 2022 guidance and introduces adjusted diluted EPS1 guidance: 2022 organic revenue growth1 raised to 11-15% year-over-year; full-year adjusted diluted EPS1 guidance of $2.70-$2.90 implying growth of 29-39%
Business Highlights
  • Record first quarter new business wins; over $1 billion of incremental revenue contracted for 2022, equivalent to 13% of 2021 revenue
  • Incremental revenue of approximately $217 million already contracted for 2023
  • Robust sales pipeline of $2.5 billion, 20% increase year-over-year
  • Revenue retention rate in the mid-to-high 90s since spin
  • Inaugural ESG report released, showing 24% decrease in greenhouse gas intensity by revenue in 2021

GXO Logistics, Inc. (NYSE: GXO) today announced results for the first quarter ended March 31, 2022.

Malcolm Wilson, Chief Executive Officer of GXO, said, “Our stellar top- and bottom-line performance this quarter and record new business wins are a testament to the value of GXO’s game-changing solutions, the strength of our contractual business model and the accelerating demand for first-time outsourcing, especially from e-commerce and omnichannel customers.

“In today’s environment, where supply chains are increasingly complex and require greater scale, GXO’s solutions are helping maximize our customers’ speed to market and profitability, while also reducing their environmental impact. Our ability to provide our customers with technologically advanced warehousing solutions and exceptional service to optimize their inventories effectively is more critical now than ever.

“Across our business in the first quarter, we saw solid volumes and growth in all of our verticals. Looking to the remainder of 2022 and beyond, we continue to benefit from multi-year revenue visibility, exceptional growth opportunities with new and existing customers, and a predictable, contractual business model.

“Our new business wins, combined with our record sales pipeline and continued high revenue retention rate, allow us to raise our 2022 organic revenue growth guidance to 11-15% and introduce an adjusted diluted EPS guidance of $2.70-$2.90 for 2022 implying growth of between 29% and 39%.”

First Quarter 2022 Results

Revenue increased to $2.1 billion, compared with $1.8 billion for the first quarter 2021. Net income attributable to GXO was $37 million, compared with $14 million for the first quarter 2021. GXO reported pro forma net income attributable to GXO of $18 million for the first quarter 2021. Diluted earnings per share was $0.32, compared with $0.12 for the first quarter 2021.

Adjusted net income attributable to GXO1 was $68 million, compared with $42 million for the first quarter 2021. Adjusted diluted earnings per share1 was $0.59, compared with $0.37 for the first quarter 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $155 million from $132 million in the first quarter 2021. GXO reported pro forma adjusted EBITDA1 of $143 million for the first quarter 2021.

GXO generated $46 million of cash flow from operations, compared with $47 million for the first quarter 2021. In the first quarter 2022, GXO used $16 million of free cash flow1 compared to $20 million for the first quarter 2021.

During the first quarter 2022, GXO won new customer contracts expected to contribute $344 million in annualized revenue. These wins are expected to generate $192 million in incremental revenue in 2022. Reflecting these strong new wins, we are raising our revenue guidance to 11-15% organic growth in 2022. The new customer contracts GXO won through the first quarter 2022 are expected to contribute $217 million in incremental revenue in 2023.

2022 Guidance Update

GXO raises full-year 2022 guidance, as follows:

  • Organic revenue growth1 raised to 11%-15% (previously 8%-12%)
  • Adjusted diluted earnings per share1 of $2.70-$2.90 (new metric)
  • Adjusted EBITDA1 of $707 million to $742 million
  • Return on invested capital1 greater than 30%
  • Free cash flow1 of approximately 30% of adjusted EBITDA1
  • Depreciation and amortization between $260 million and $280 million
  • Net capital expenditures at approximately 3% of sales

The 2022 targets exclude the expected benefits from the pending acquisition of Clipper Logistics plc and assumes constant exchange rates.

GXO Long-Term Guidance

GXO intends to issue long-term financial targets at its Investor Day in the second half of 2022.

Liquidity Position

 As of March 31, 2022, GXO had approximately $1.1 billion of total liquidity and $939 million of total debt. The company’s net leverage1 was 1x, calculated as net debt1 of $627 million, divided by the trailing twelve months adjusted EBITDA1 of $634 million for the period ended March 31, 2022.

Conference Call

GXO will hold a conference call on Thursday, May 5, 2022, 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: 13728651. 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 May 19, 2022. 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 13728651.

Sobre GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is benefiting from the rapid growth of e-commerce, automation and outsourcing. GXO is committed to providing a diverse, world-class workplace for approximately 120,000 team members across more than 900 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 e-commerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn, Twitter, Facebook, Instagram y YouTube.

Contactos

Inversores

Chris Jordan

+1 (203) 536-8493

[email protected]

Medios

Matthew Schmidt

+1 (203) 307-2809

[email protected]

Condensed consolidated statements of operations

Condensed consolidated balance sheets

Condensed consolidated statements of cash flows

Disaggregation of revenues

Reconciliation of net income to adjusted EBITDA and adjusted EBITDA margin

Reconciliation of net income to adjusted EBITA and adjusted EBITA margin

Reconciliation of net income to adjusted net income and adjusted net income per share

Other reconciliations

Liquidity reconciliations

Return on invested capital

Reconciliation of net income to trailing twelve months adjusted EBITA

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