Comunicados de Prensa

GXO Logistics reports fourth quarter and full year 2022 results

Greenwich, USA  |  febrero 14, 2023

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Lo más destacado

  • Fourth quarter revenue of $2.5 billion, up 9.1% year-over-year; including organic revenue growth1 of 7.5%; net income attributable to GXO of $46 million; adjusted EBITDA1 of $205 million; diluted EPS of $0.39 and adjusted diluted EPS1 of $0.83
  • Full year revenue of $9.0 billion, up 13.3% year-over-year; including organic revenue growth of 15.4%; net income attributable to GXO of $197 million; adjusted EBITDA1 of $728 million; diluted EPS of $1.67 and adjusted diluted EPS1 of $2.85
  • Full year cash flow from operating activities of $542 million and free cash flow1 of $240 million; equivalent to over 30% of adjusted EBITDA1
  • Reaffirming 2023 guidance communicated at Investor Day

Business Highlights

  • In the fourth quarter we closed $182 million of new wins; secured $661 million incremental revenue for 2023 through fourth quarter 2022
  • Robust sales pipeline of approximately $2.1 billion, up from the third quarter
  • Revenue retention rate consistently in the mid-to-high 90s since spin
  • Fourth quarter e-commerce revenue up 31% and reverse logistics revenue up 19% with the integration of Clipper
  • Debt to net income attributable to GXO ratio was 9.2x; net leverage ratio1 reduction, down to 1.8x from 2.1x in the previous quarter, investment grade balance sheet maintained

GXO Logistics, Inc. (NYSE: GXO) today announced results for the fourth quarter and full year 2022.

Malcolm Wilson, Chief Executive Officer of GXO, said, “We are pleased to have delivered another quarter of outstanding financial and operating results, as we executed a successful peak season for our customers. In the fourth quarter, we delivered $2.5 billion of revenue, $46 million of net income and stellar contract wins. We achieved strong year-over-year adjusted EBITDA growth, which at 23 percent was three times our organic revenue growth. For the full year, our revenue and organic revenue growth reached an all-time record and we are pleased to start 2023 with sizable opportunities in our pipeline across all verticals and geographies, I want to thank all of my GXO team members for delivering a standout year, our first as a standalone company.

“The integration of the Clipper acquisition is well underway, and we are already realizing significant cross sell opportunities, including an exciting new partnership with Farfetch. We now expect to realize the full synergies from this transaction even faster than initially anticipated. We continue to generate strong cash flow, and our deleveraging trajectory is on track. With our strong cash flow conversion, we expect to reduce our net leverage to about 1.5x by the end of the year.

“We’re laser-focused on executing our long-term business plan, and we are reaffirming the full year guidance we provided at our Investor Day in January. While we expect a softer macroeconomic environment this year, our wins to date, combined with the predictability and resilience of our business, give us great confidence entering 2023.”

Fourth Quarter 2022 Results

Revenue increased to $2.5 billion, compared with $2.3 billion for the fourth quarter 2021. Net income attributable to GXO was $46 million, compared with $56 million for the fourth quarter 2021. Diluted earnings per share was $0.39, compared with $0.48 for the fourth quarter 2021.

Adjusted net income attributable to GXO1 increased to $99 million, compared with $84 million for the fourth quarter 2021. Adjusted diluted earnings per share1 increased to $0.83, compared with $0.73 for the fourth quarter 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $205 million from $167 million in the fourth quarter 2021.

GXO generated $226 million of cash flow from operations, compared with $204 million for the fourth quarter 2021. In the fourth quarter 2022, GXO generated $141 million of free cash flow1, compared to $137 million for the fourth quarter 2021.

During the fourth quarter 2022, GXO won new customer contracts expected to contribute $182 million in annualized revenue.

Full Year 2022 Results

Revenue increased to $9.0 billion, compared with $7.9 billion for 2021. Net income attributable to GXO increased to $197 million, compared with $153 million for 2021, and pro forma net income to GXO of $162 million for 2021. 2021 net income reflected a $42 million one-time tax benefit related to the spin. Diluted earnings per share increased to $1.67, compared with $1.32 for 2021.

Adjusted net income attributable to GXO1 increased to $335 million, compared with $242 million for 2021. Adjusted diluted earnings per share1 increased to $2.85, compared with $2.09 for 2021.

Adjusted EBITDA increased to $728 million from $611 million for 2021, and pro forma adjusted EBITDA of $633 million for 2021.

GXO generated $542 million of cash flow from operations, compared with $455 million for 2021. In the 2022, GXO generated $240 million of free cash flow1, compared to $216 million for 2021.

The new customer contracts GXO won through the fourth quarter 2022 are expected to contribute $661 million in incremental revenue in 2023.

Cash Balances, Outstanding Debt and Leverage Ratio

As of December 31, 2022, cash and cash equivalents and debt outstanding were $495 million and $1,806 million, respectively. For the year ended December 31, 2022, debt to net income attributable to GXO ratio was 9.2x, and net debt to adjusted EBITDA1 ratio (net leverage ratio) was 1.8x.

2023 Guidance

GXO announced its 2023 financial outlook as follows:

  • Organic revenue growth1 of 6% to 8%;
  • Adjusted EBITDA1 of $700 million to $730 million;
  • Free cash flow1 conversion of approximately 30% of adjusted EBITDA1; and
  • Adjusted diluted earnings per share1 of $2.30 to $2.50.

Conference Call

GXO will hold a conference call on Wednesday, February 15, 2023, 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: 13735916. 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 March 1, 2023. 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 13735916.

Sobre GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) es el mayor proveedor del mundo dedicado en exclusiva a contratos logísticos y se está beneficiando del rápido crecimiento del e-commerce, la automatización y la subcontratación. GXO se compromete a ofrecer un entorno de trabajo diverso y de primer nivel para sus cerca de 135.000 empleados en más de 970 centros logísticos, que suman cerca de 18.5 millones de metros cuadrados. La compañía trabaja con las empresas más importantes del mundo para resolver retos logísticos complejos mediante soluciones de cadena de suministro tecnológicamente avanzadas a escala y con rapidez. La sede social de GXO se encuentra en Greenwich, Connecticut (EEUU). Visita GXOGXO.com para más información y conecta con GXO en LinkedIn, Twitter, Facebook, Instagram y YouTube.

Contactos de comunicación

Consolidated Statements of Operations

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

Disaggregation of Revenue

Reconciliation of Net Income to Adjusted EBIDTA 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

Liquidity Reconciliations

Operating Return on Invested Capital

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