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GXO Logistics reports second quarter 2022 results

Greenwich, USA  |  Sierpień 02, 2022

Malcolm Wilson rings the NYSE Opening Bell

Najważniejsze wydarzenia

  • Second quarter revenue of $2.2 billion, up 15% year-over-year; including organic revenue growth1 of 20%; net income attributable to GXO of $51 million; and adjusted EBITDA1 of $176 million; diluted EPS of $0.44 and adjusted diluted EPS1 of $0.68 or 55% growth
  • 2022 organic revenue growth1 upgraded to 12-16% year-over-year from 11-15%; full-year adjusted EBITDA guidance1 upgraded to $715-$750 million from $707-$742 million

Business Highlights2

  • Highest-ever quarterly new business wins of $475 million
  • Over $1 billion of incremental revenue contracted for 2022, equivalent to 14% of 2021 revenue; plus a further ~$500 million contracted for 2023 and ~$200 million for 2024
  • Sales pipeline of over $2 billion, up markedly year-over-year
  • Revenue retention rate consistently in the mid-to-high 90s since spin
  • Closed acquisition of Clipper Logistics

GXO Logistics, Inc. (NYSE: GXO) today announced results for the second quarter ended June 30, 2022.

Today marks the one-year anniversary of GXO’s debut on the New York Stock Exchange, creating the world’s largest publicly traded pure-play contract logistics provider.

Malcolm Wilson, Chief Executive Officer of GXO, said, “One year ago today, we became GXO, creating a pure-play logistics leader with a mission to accelerate growth, advance our technological leadership, maintain a robust capital structure, and drive value for our stakeholders. In our first year, I’m proud to say that we’ve delivered on our promises. We posted record operating results, completed the strategic acquisition of Clipper Logistics, grew market share by accelerating automation, maintained our investment grade balance sheet, set the industry benchmark for ESG, and established ourselves as the go-to logistics provider to the world’s leading blue-chip brands.

“Our phenomenal second quarter performance and our market share gains reflect the value that GXO brings to our customers. We achieved record organic revenue growth for a quarter and our highest-ever $475 million of new business wins that give us multi-year revenue visibility, even beyond 2024. Our strong growth, earnings, cash flow, and balance sheet demonstrate the resilience of our business and give us confidence in our future. We continue to benefit from durable tailwinds, and the demand for our cutting-edge automated solutions is only growing stronger as customers increasingly look to GXO to help navigate supply chain complexity, elevated inventory levels, and high inflation.

“As a result of our highest-ever new business wins, combined with our first half achievements, we are pleased to raise our guidance once again.”

Second Quarter 2022 Results

Revenue increased to $2.2 billion, compared with $1.9 billion for the second quarter 2021. Net income attributable to GXO was $51 million, compared with $11 million for the second quarter 2021. GXO reported pro forma net income attributable to GXO of $16 million for the second quarter 2021. Diluted earnings per share was $0.44, compared with $0.10 for the second quarter 2021.

Adjusted net income attributable to GXO1 was $79 million, compared with $51 million for the second quarter 2021. Adjusted diluted earnings per share1 was $0.68, compared with $0.44 for the second quarter 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $176 million from $150 million in the second quarter 2021. GXO reported pro forma adjusted EBITDA1 of $161 million for the second quarter 2021.

GXO generated $154 million of cash flow from operations, compared with $99 million for the second quarter 2021. In the second quarter 2022, GXO generated $68 million of free cash flow1 representing a 39% conversion ratio to Adjusted EBITDA, compared to $49 million for the second quarter 2021.

During the second quarter 2022, GXO won new customer contracts expected to contribute $475 million in annualized revenue. The new customer contracts GXO won through the second quarter 2022 are expected to contribute ~$500 million in incremental revenue in 2023.

2022 Guidance Update3

GXO is updating its full-year 2022 guidance, as follows:

  • Organic revenue growth1 of 12%-16% (previously 11%-15%)
  • Adjusted diluted earnings per share1 of $2.70-$2.90 (unchanged)
  • Adjusted EBITDA1 of $715 million to $750 million (previously $707 million to $742 million)
  • Return on invested capital1 of greater than 30% (unchanged)
  • Free cash flow1 of approximately 30% of adjusted EBITDA1(unchanged)

Conference Call

GXO will hold a conference call on Wednesday, August 3, 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: 13731429. 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 17, 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 13731429.

Informacje na temat 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 and YouTube.

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 ABITDA 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

Return on Invested Capital

Reconciliation of Net Income to Trailing Twelve Months Adjusted EBITA

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