ArcBest efficiently provided integrated logistics solutions to customers in a changing market
- Asset-Based operating ratio of 89.9 percent. On a non-GAAP basis, Asset-Based operating ratio of 88.8 percent, an improvement of 400 basis points versus second quarter 2023.
- Year-to-date, returned $85.5 million of capital to shareholders through common stock share repurchases and dividends
ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2023 revenue from continuing operations of $1.1 billion, compared to $1.3 billion in the third quarter of 2022. ArcBest’s third quarter 2023 operating income from continuing operations was $45.1 million, compared to $115.3 million in the third quarter of 2022, and net income from continuing operations was $34.9 million, or $1.42 per diluted share, compared to $88.6 million, or $3.49 per diluted share, in the prior-year period. ArcBest’s third quarter 2023 results were impacted by $30.2 million of noncash lease impairment charges with no comparable charges in the prior-year period.
Excluding certain items in both periods as identified in the attached reconciliation tables, third quarter 2023 non‑GAAP operating income from continuing operations was $74.7 million, compared to $130.6 million in the prior‑year period. On a non-GAAP basis, net income from continuing operations was $56.7 million, or $2.31 per diluted share, compared to $96.1 million, or $3.79 per diluted share, in third quarter 2022.
“At ArcBest, our ability to see the world through customers’ eyes has positioned our company as the partner of choice for integrated logistics solutions for 100 years,” said Judy R. McReynolds, ArcBest chairman, president and CEO. “Our success is underpinned by the ability to efficiently solve logistics challenges and help customers navigate market disruptions, rapidly changing economic conditions, and increased supply chain complexity.”
Third Quarter Results of Operations Comparisons
Asset-Based
Third Quarter 2023 Versus Third Quarter 2022
- Revenue of $741.2 million compared to $791.5 million, a per-day decrease of 4.1 percent.
- Total tonnage per day decreased 6.3 percent; LTL-rated weight per shipment decreased 6.4 percent.
- Total shipments per day increased 1.5 percent.
- Total billed revenue per hundredweight increased 1.9 percent. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, increased by a percentage in the mid-single digits.
- Operating income of $74.8 million and an operating ratio of 89.9 percent compared to operating income of $109.3 million and an operating ratio of 86.2 percent. On a non-GAAP basis, operating income of $82.8 million and an operating ratio of 88.8 percent compared to operating income of $116.6 million and an operating ratio of 85.3 percent.
Compared to the prior-year period, third quarter revenue in ArcBest’s Asset-Based business declined due to a weaker logistics industry backdrop, including continued manufacturing sector contraction. However, this impact was somewhat offset by increased revenue from new shipments added as a result of recent market disruption associated with the third quarter bankruptcy of a major LTL competitor. Core, LTL-rated average daily shipments, tonnage and revenue increased more than 20% compared to second quarter 2023 due to this additional new profitable business. As new core shipments were added during the quarter, overall Asset-Based network capacity was re-allocated to serve this increase in business by reducing shipments sourced from the transactional LTL pricing program. Average shipment size decreased during the quarter as larger average sized transactional shipments were replaced by lower average sized core shipments.
Asset-Based yields were positively impacted by the change in shipment mix moving through the ABF network and the improved pricing strength as a result of the reduction in LTL industry carrier capacity. On a sequential basis, compared to the second quarter, total revenue per hundredweight increased by over 16 percent while year-over-year total revenue per hundredweight increased approximately 2 percent compared to a strong year-over-year increase during last year’s third quarter. The overall pricing environment continues to be rational and has been strengthened by the recent market changes.
Higher employee wage and benefit costs associated with the implementation of ABF Freight’s new labor agreement added approximately 350 operating ratio basis points in the third quarter, relative to the second quarter. Despite those increased operating expenses, improved yields and initiatives enacted to reduce costs in other operational areas of the Asset-Based network, combined with effective handling of the changing profile of shipments, resulted in sequential improvement in the non-GAAP Asset-Based operating ratio of 400 basis points compared to the second quarter.
Asset-Light‡
Third Quarter 2023 Versus Third Quarter 2022
- Revenue of $419.3 million compared to $515.2 million, a per-day decrease of 16.7 percent.
- Operating loss of $3.7 million compared to operating income of $15.4 million. On a non‑GAAP basis, operating loss of $3.9 million compared to operating income of $18.9 million.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of negative $2.0 million compared to positive $20.5 million, as detailed in the attached non-GAAP reconciliation tables.
Third quarter Asset-Light results, compared to the prior-year period, reflect lower revenue per shipment and reduced margins associated with business mix changes and the soft rate environment. Our truckload solution experienced significant margin compression as decreases in customer pricing exceeded the reduced cost of purchased transportation. Asset-Light average daily shipments increased during the recent quarter despite a period of weak demand. Market disruption in LTL carrier capacity resulted in the need for some shippers to find alternative sources for moving goods within our managed transportation solution. Efforts to more effectively match costs with business levels continue, which lowered operating expenses.
Share Repurchase Program and Common Stock Dividends
In September 2023, ArcBest entered into a 10b5-1 plan allowing for share repurchases during the current closed trading window under ArcBest’s share repurchase program. ArcBest has settled repurchases of 798,818 shares of common stock for an aggregate cost of $76.8 million, year-to-date through Thursday, October 26, 2023, including under the current 10b5-1 plan and the previously disclosed 10b5-1 plan, which extended from March 16, 2023 through May 2, 2023. With these purchases, $48.2 million remains available under the current repurchase authorization for future common stock purchases.
ArcBest common stock dividends paid this year through September 30, 2023 equaled $8.7 million.
NOTE ‡ - Asset-Light represents the reportable segment previously named ArcBest. Asset-Light financial results previously included the ArcBest segment and FleetNet, which was sold on February 28, 2023.
Conference Call
ArcBest will host a conference call with company executives to discuss the third quarter 2023 results. The call will be today, Friday, October 27 at 9:00 a.m. EDT (8:00 a.m. CDT). Interested parties are invited to listen by calling (800) 916-9049 or by joining the webcast which can be found on ArcBest’s website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on October 27, 2023, will be posted and available to download on the company’s website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on December 15, 2023. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 22028126. The conference call and playback can also be accessed, through December 15, 2023, on ArcBest’s website at arcb.com.
About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with over 15,000 employees across over 250 campuses and service centers, the company is a logistics powerhouse fueled by the simple notion of finding a way to get the job done. Through innovative thinking, agility and trust, ArcBest leverages its full suite of shipping and logistics solutions to meet customers’ critical needs, each and every day. For more information, visit arcb.com.
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release concerning results for the three months ended September 30, 2023, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: the effects of a widespread outbreak of an illness or disease, including the COVID-19 pandemic, or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including the Vaux freight handling pilot test program at ABF Freight and our customer pilot offering of Vaux, including human-centered remote operation software; the loss or reduction of business from large customers; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions, including the acquisition of MoLo Solutions, LLC, and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; governmental regulations; environmental laws and regulations, including emissions-control regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims and insurance premium costs; potential impairment of goodwill and intangible assets; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; increasing costs due to inflation and rising interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).
For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10‑Q, and Current Reports on Form 8‑K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.
Financial Data and Operating Statistics
The following tables show financial data and operating statistics on ArcBest® and its reportable segments.
ARCBEST CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
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||||
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Three Months Ended |
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Nine Months Ended |
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||||||||||||
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September 30 |
|
September 30 |
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||||||||||||
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2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
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||||
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|
(Unaudited) |
|
||||||||||||||
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|
($ thousands, except share and per share data) |
|
||||||||||||||
REVENUES |
|
$ |
1,128,350 |
|
|
$ |
1,275,730 |
|
|
$ |
3,337,908 |
|
|
$ |
3,865,513 |
|
|
|
|
|
|
|
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|
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|
|
|
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||||
OPERATING EXPENSES |
|
|
1,083,259 |
|
|
|
1,160,394 |
|
|
|
3,229,542 |
|
|
|
3,521,196 |
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|
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OPERATING INCOME |
|
|
45,091 |
|
|
|
115,336 |
|
|
|
108,366 |
|
|
|
344,317 |
|
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|
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OTHER INCOME (COSTS) |
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|
|
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||||
Interest and dividend income |
|
|
3,946 |
|
|
|
1,127 |
|
|
|
10,604 |
|
|
|
1,579 |
|
|
Interest and other related financing costs |
|
|
(2,236 |
) |
|
|
(1,755 |
) |
|
|
(6,768 |
) |
|
|
(5,558 |
) |
|
Other, net |
|
|
89 |
|
|
|
(189 |
) |
|
|
6,907 |
|
|
|
(3,822 |
) |
|
|
|
|
1,799 |
|
|
|
(817 |
) |
|
|
10,743 |
|
|
|
(7,801 |
) |
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|
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|
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||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
|
46,890 |
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|
|
114,519 |
|
|
|
119,109 |
|
|
|
336,516 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
INCOME TAX PROVISION |
|
|
11,963 |
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|
|
25,906 |
|
|
|
25,735 |
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|
78,353 |
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||||
NET INCOME FROM CONTINUING OPERATIONS |
|
|
34,927 |
|
|
|
88,613 |
|
|
|
93,374 |
|
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|
258,163 |
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INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX(1) |
|
|
(10 |
) |
|
|
229 |
|
|
|
53,269 |
|
|
|
2,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
NET INCOME |
|
$ |
34,917 |
|
|
$ |
88,842 |
|
|
$ |
146,643 |
|
|
$ |
260,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
BASIC EARNINGS PER COMMON SHARE(2) |
|
|
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|
|
|
|
|
|
|
|
|
|
||||
Continuing operations |
|
$ |
1.46 |
|
|
$ |
3.60 |
|
|
$ |
3.87 |
|
|
$ |
10.48 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
0.01 |
|
|
|
2.21 |
|
|
|
0.11 |
|
|
|
|
$ |
1.45 |
|
|
$ |
3.61 |
|
|
$ |
6.08 |
|
|
$ |
10.59 |
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
||||
DILUTED EARNINGS PER COMMON SHARE(2) |
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|
|
|
|
|
|
|
|
|
|
|
||||
Continuing operations |
|
$ |
1.42 |
|
|
$ |
3.49 |
|
|
$ |
3.77 |
|
|
$ |
10.07 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
0.01 |
|
|
|
2.15 |
|
|
|
0.11 |
|
|
|
|
$ |
1.42 |
|
|
$ |
3.50 |
|
|
$ |
5.92 |
|
|
$ |
10.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
24,004,255 |
|
|
|
24,605,228 |
|
|
|
24,119,449 |
|
|
|
24,640,706 |
|
|
Diluted |
|
|
24,525,258 |
|
|
|
25,372,755 |
|
|
|
24,756,993 |
|
|
|
25,626,225 |
|
|
1) |
Discontinued operations represents the FleetNet segment, which sold on February 28, 2023. The nine months ended September 30, 2023 includes the net gain on sale of FleetNet of $52.3 million after-tax, or $2.17 basic earnings per share and $2.11 diluted earnings per share. |
2) |
Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding. |
ARCBEST CORPORATION CONSOLIDATED BALANCE SHEETS |
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|
|
September 30 |
|
December 31 |
|
||||
|
|
2023 |
|
|
2022 |
|
|
||
|
|
(Unaudited) |
|
||||||
|
|
($ thousands, except share data) |
|
||||||
ASSETS |
|
|
|
|
|
|
|
||
CURRENT ASSETS |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
251,503 |
|
|
$ |
158,264 |
|
|
Short-term investments |
|
|
89,326 |
|
|
|
167,662 |
|
|
Accounts receivable, less allowances (2023 - $10,825; 2022 - $13,892) |
|
|
469,490 |
|
|
|
517,494 |
|
|
Other accounts receivable, less allowances (2023 - $730; 2022 - $713) |
|
|
10,984 |
|
|
|
11,016 |
|
|
Prepaid expenses |
|
|
30,957 |
|
|
|
39,484 |
|
|
Prepaid and refundable income taxes |
|
|
26,534 |
|
|
|
19,239 |
|
|
Current assets of discontinued operations |
|
|
— |
|
|
|
64,736 |
|
|
Other |
|
|
11,342 |
|
|
|
11,888 |
|
|
TOTAL CURRENT ASSETS |
|
|
890,136 |
|
|
|
989,783 |
|
|
|
|
|
|
|
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
|
|
|
||
Land and structures |
|
|
430,263 |
|
|
|
401,840 |
|
|
Revenue equipment |
|
|
1,094,183 |
|
|
|
1,038,832 |
|
|
Service, office, and other equipment |
|
|
313,062 |
|
|
|
298,234 |
|
|
Software |
|
|
169,434 |
|
|
|
167,164 |
|
|
Leasehold improvements |
|
|
26,062 |
|
|
|
23,466 |
|
|
|
|
|
2,033,004 |
|
|
|
1,929,536 |
|
|
Less allowances for depreciation and amortization |
|
|
1,170,914 |
|
|
|
1,129,366 |
|
|
|
|
|
862,090 |
|
|
|
800,170 |
|
|
|
|
|
|
|
|
|
|
||
GOODWILL |
|
|
304,753 |
|
|
|
304,753 |
|
|
INTANGIBLE ASSETS, NET |
|
|
104,288 |
|
|
|
113,733 |
|
|
OPERATING RIGHT-OF-USE ASSETS |
|
|
164,082 |
|
|
|
166,515 |
|
|
DEFERRED INCOME TAXES |
|
|
7,618 |
|
|
|
6,342 |
|
|
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS |
|
|
— |
|
|
|
11,097 |
|
|
OTHER LONG-TERM ASSETS |
|
|
104,479 |
|
|
|
101,893 |
|
|
TOTAL ASSETS |
|
$ |
2,437,446 |
|
|
$ |
2,494,286 |
|
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
CURRENT LIABILITIES |
|
|
|
|
|
|
|
||
Accounts payable |
|
$ |
245,899 |
|
|
$ |
269,854 |
|
|
Income taxes payable |
|
|
1,390 |
|
|
|
16,017 |
|
|
Accrued expenses |
|
|
322,809 |
|
|
|
338,457 |
|
|
Current portion of long-term debt |
|
|
66,862 |
|
|
|
66,252 |
|
|
Current portion of operating lease liabilities |
|
|
31,414 |
|
|
|
26,225 |
|
|
Current liabilities of discontinued operations |
|
|
— |
|
|
|
51,665 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
668,374 |
|
|
|
768,470 |
|
|
|
|
|
|
|
|
|
|
||
LONG-TERM DEBT, less current portion |
|
|
176,296 |
|
|
|
198,371 |
|
|
OPERATING LEASE LIABILITIES, less current portion |
|
|
171,755 |
|
|
|
147,828 |
|
|
POSTRETIREMENT LIABILITIES, less current portion |
|
|
12,167 |
|
|
|
12,196 |
|
|
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS |
|
|
— |
|
|
|
781 |
|
|
CONTINGENT CONSIDERATION |
|
|
99,200 |
|
|
|
112,000 |
|
|
OTHER LONG-TERM LIABILITIES |
|
|
38,552 |
|
|
|
42,745 |
|
|
DEFERRED INCOME TAXES |
|
|
50,369 |
|
|
|
60,494 |
|
|
|
|
|
|
|
|
|
|
||
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
Common stock, $0.01 par value, authorized 70,000,000 shares;
|
|
|
300 |
|
|
|
298 |
|
|
Additional paid-in capital |
|
|
338,368 |
|
|
|
339,582 |
|
|
Retained earnings |
|
|
1,226,640 |
|
|
|
1,088,693 |
|
|
Treasury stock, at cost, 2023: 6,217,885 shares; 2022: 5,529,383 shares |
|
|
(350,161 |
) |
|
|
(284,275 |
) |
|
Accumulated other comprehensive income |
|
|
5,586 |
|
|
|
7,103 |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
1,220,733 |
|
|
|
1,151,401 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
2,437,446 |
|
|
$ |
2,494,286 |
|
|
ARCBEST CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS |
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|
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|
|
|
|
||
|
|
Nine Months Ended |
|
||||||
|
|
September 30 |
|
||||||
|
|
2023 |
|
|
2022 |
|
|
||
|
|
(Unaudited) |
|
||||||
|
|
($ thousands) |
|
||||||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
||
Net income |
|
$ |
146,643 |
|
|
$ |
260,872 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
98,711 |
|
|
|
95,169 |
|
|
Amortization of intangibles |
|
|
9,631 |
|
|
|
9,691 |
|
|
Share-based compensation expense |
|
|
8,590 |
|
|
|
9,816 |
|
|
Provision for losses on accounts receivable |
|
|
2,621 |
|
|
|
5,065 |
|
|
Change in deferred income taxes |
|
|
(10,880 |
) |
|
|
3,745 |
|
|
(Gain) loss on sale of property and equipment |
|
|
1,134 |
|
|
|
(9,759 |
) |
|
Gain on sale of subsidiary |
|
|
— |
|
|
|
(402 |
) |
|
Pre-tax gain on sale of discontinued operations |
|
|
(70,201 |
) |
|
|
— |
|
|
Lease impairment charges |
|
|
30,162 |
|
|
|
— |
|
|
Change in fair value of contingent consideration |
|
|
(12,800 |
) |
|
|
810 |
|
|
Change in fair value of equity investment |
|
|
(3,739 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||
Receivables |
|
|
43,478 |
|
|
|
(54,889 |
) |
|
Prepaid expenses |
|
|
8,640 |
|
|
|
7,550 |
|
|
Other assets |
|
|
2,393 |
|
|
|
287 |
|
|
Income taxes |
|
|
(22,051 |
) |
|
|
(11,068 |
) |
|
Operating right-of-use assets and lease liabilities, net |
|
|
3,286 |
|
|
|
1,579 |
|
|
Accounts payable, accrued expenses, and other liabilities |
|
|
(40,863 |
) |
|
|
31,983 |
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
194,755 |
|
|
|
350,449 |
|
|
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||
Purchases of property, plant and equipment, net of financings |
|
|
(129,779 |
) |
|
|
(76,068 |
) |
|
Proceeds from sale of property and equipment |
|
|
5,972 |
|
|
|
13,938 |
|
|
Proceeds from sale of discontinued operations |
|
|
100,949 |
|
|
|
— |
|
|
Business acquisition, net of cash acquired(1) |
|
|
— |
|
|
|
2,279 |
|
|
Proceeds from sale of subsidiary |
|
|
— |
|
|
|
475 |
|
|
Purchases of short-term investments |
|
|
(80,353 |
) |
|
|
(145,254 |
) |
|
Proceeds from sale of short-term investments |
|
|
160,570 |
|
|
|
48,161 |
|
|
Capitalization of internally developed software |
|
|
(9,424 |
) |
|
|
(13,922 |
) |
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
47,935 |
|
|
|
(170,391 |
) |
|
|
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||
Borrowings under credit facilities |
|
|
— |
|
|
|
58,000 |
|
|
Proceeds from notes payable |
|
|
— |
|
|
|
12,113 |
|
|
Payments on long-term debt |
|
|
(52,489 |
) |
|
|
(99,567 |
) |
|
Net change in book overdrafts |
|
|
(12,489 |
) |
|
|
2,102 |
|
|
Deferred financing costs |
|
|
57 |
|
|
|
(53 |
) |
|
Payment of common stock dividends |
|
|
(8,696 |
) |
|
|
(7,892 |
) |
|
Purchases of treasury stock |
|
|
(65,886 |
) |
|
|
(50,117 |
) |
|
Payments for tax withheld on share-based compensation |
|
|
(10,056 |
) |
|
|
(15,733 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(149,559 |
) |
|
|
(101,147 |
) |
|
|
|
|
|
|
|
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
93,131 |
|
|
|
78,911 |
|
|
Cash and cash equivalents of continuing operations at beginning of period |
|
|
158,264 |
|
|
|
76,568 |
|
|
Cash and cash equivalents of discontinued operations at beginning of period |
|
|
108 |
|
|
|
52 |
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
251,503 |
|
|
$ |
155,531 |
|
|
|
|
|
|
|
|
|
|
||
NONCASH INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||
Equipment financed |
|
$ |
31,024 |
|
|
$ |
57,241 |
|
|
Accruals for equipment received |
|
$ |
5,743 |
|
|
$ |
5,587 |
|
|
Lease liabilities arising from obtaining right-of-use assets |
|
$ |
49,033 |
|
|
$ |
78,324 |
|
|
1) |
Represents cash received from escrow for post-closing adjustments related to the acquisition of MoLo. |
Note: The statements of cash flows for the nine months ended September 30, 2023 and 2022 include cash flows from continuing operations and cash flows from discontinued operations of FleetNet America®, which was sold on February 28, 2023. |
|
ARCBEST CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||
|
September 30 |
|
September 30 |
||||||||||||||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||||
|
($ thousands, except percentages) |
||||||||||||||||||||||||||
REVENUES FROM CONTINUING OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset-Based |
$ |
741,186 |
|
|
|
|
$ |
791,531 |
|
|
|
|
$ |
2,161,018 |
|
|
|
|
$ |
2,299,464 |
|
|
|
||||
Asset-Light(1) |
|
419,312 |
|
|
|
|
|
515,235 |
|
|
|
|
|
1,267,220 |
|
|
|
|
|
1,660,174 |
|
|
|
||||
Other and eliminations |
|
(32,148 |
) |
|
|
|
|
(31,036 |
) |
|
|
|
|
(90,330 |
) |
|
|
|
|
(94,125 |
) |
|
|
||||
Total consolidated revenues from continuing operations |
$ |
1,128,350 |
|
|
|
|
$ |
1,275,730 |
|
|
|
|
$ |
3,337,908 |
|
|
|
|
$ |
3,865,513 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING EXPENSES FROM CONTINUING OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset-Based |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries, wages, and benefits |
$ |
357,582 |
|
|
48.2 |
% |
|
$ |
332,359 |
|
|
42.0 |
% |
|
$ |
1,037,725 |
|
|
48.0 |
% |
|
$ |
973,924 |
|
|
42.4 |
% |
Fuel, supplies, and expenses |
|
91,493 |
|
|
12.4 |
|
|
|
97,279 |
|
|
12.3 |
|
|
|
276,678 |
|
|
12.8 |
|
|
|
281,406 |
|
|
12.2 |
|
Operating taxes and licenses |
|
13,865 |
|
|
1.9 |
|
|
|
13,089 |
|
|
1.6 |
|
|
|
41,938 |
|
|
1.9 |
|
|
|
38,405 |
|
|
1.7 |
|
Insurance |
|
13,654 |
|
|
1.8 |
|
|
|
13,180 |
|
|
1.7 |
|
|
|
39,816 |
|
|
1.8 |
|
|
|
35,808 |
|
|
1.5 |
|
Communications and utilities |
|
4,729 |
|
|
0.6 |
|
|
|
4,794 |
|
|
0.6 |
|
|
|
14,586 |
|
|
0.7 |
|
|
|
14,129 |
|
|
0.6 |
|
Depreciation and amortization |
|
26,537 |
|
|
3.6 |
|
|
|
24,117 |
|
|
3.0 |
|
|
|
76,721 |
|
|
3.6 |
|
|
|
72,885 |
|
|
3.2 |
|
Rents and purchased transportation |
|
79,233 |
|
|
10.7 |
|
|
|
123,714 |
|
|
15.6 |
|
|
|
271,899 |
|
|
12.6 |
|
|
|
348,249 |
|
|
15.1 |
|
Shared services |
|
70,699 |
|
|
9.5 |
|
|
|
72,286 |
|
|
9.1 |
|
|
|
209,780 |
|
|
9.7 |
|
|
|
215,020 |
|
|
9.4 |
|
(Gain) loss on sale of property and equipment and lease impairment charges(2) |
|
540 |
|
|
0.1 |
|
|
|
(5,910 |
) |
|
(0.7 |
) |
|
|
905 |
|
|
— |
|
|
|
(9,975 |
) |
|
(0.4 |
) |
Innovative technology costs(3) |
|
7,300 |
|
|
1.0 |
|
|
|
6,068 |
|
|
0.8 |
|
|
|
21,711 |
|
|
1.0 |
|
|
|
20,982 |
|
|
0.9 |
|
Other |
|
731 |
|
|
0.1 |
|
|
|
1,243 |
|
|
0.2 |
|
|
|
3,640 |
|
|
0.2 |
|
|
|
2,629 |
|
|
0.1 |
|
Total Asset-Based |
|
666,363 |
|
|
89.9 |
% |
|
|
682,219 |
|
|
86.2 |
% |
|
|
1,995,399 |
|
|
92.3 |
% |
|
|
1,993,462 |
|
|
86.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset-Light(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchased transportation |
$ |
365,217 |
|
|
87.1 |
% |
|
$ |
425,567 |
|
|
82.6 |
% |
|
$ |
1,078,482 |
|
|
85.1 |
% |
|
$ |
1,382,107 |
|
|
83.3 |
% |
Supplies and expenses |
|
2,773 |
|
|
0.7 |
|
|
|
4,378 |
|
|
0.9 |
|
|
|
10,193 |
|
|
0.8 |
|
|
|
11,907 |
|
|
0.7 |
|
Depreciation and amortization(4) |
|
5,097 |
|
|
1.2 |
|
|
|
5,072 |
|
|
1.0 |
|
|
|
15,250 |
|
|
1.2 |
|
|
|
15,720 |
|
|
0.9 |
|
Shared services |
|
47,411 |
|
|
11.3 |
|
|
|
56,371 |
|
|
10.9 |
|
|
|
147,825 |
|
|
11.7 |
|
|
|
164,554 |
|
|
9.9 |
|
Contingent consideration(5) |
|
(17,840 |
) |
|
(4.3 |
) |
|
|
— |
|
|
— |
|
|
|
(12,800 |
) |
|
(1.0 |
) |
|
|
810 |
|
|
— |
|
Lease impairment charges(6) |
|
14,407 |
|
|
3.4 |
|
|
|
— |
|
|
— |
|
|
|
14,407 |
|
|
1.1 |
|
|
|
— |
|
|
— |
|
Gain on sale of subsidiary(7) |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(402 |
) |
|
— |
|
Other |
|
5,951 |
|
|
1.5 |
|
|
|
8,463 |
|
|
1.6 |
|
|
|
18,478 |
|
|
1.5 |
|
|
|
21,499 |
|
|
1.3 |
|
Total Asset-Light |
|
423,016 |
|
|
100.9 |
% |
|
|
499,851 |
|
|
97.0 |
% |
|
|
1,271,835 |
|
|
100.4 |
% |
|
|
1,596,195 |
|
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other and eliminations(8) |
|
(6,120 |
) |
|
|
|
|
(21,676 |
) |
|
|
|
|
(37,692 |
) |
|
|
|
|
(68,461 |
) |
|
|
||||
Total consolidated operating expenses from continuing operations |
$ |
1,083,259 |
|
|
96.0 |
% |
|
$ |
1,160,394 |
|
|
91.0 |
% |
|
$ |
3,229,542 |
|
|
96.8 |
% |
|
$ |
3,521,196 |
|
|
91.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Asset-Based |
$ |
74,823 |
|
|
|
|
$ |
109,312 |
|
|
|
|
$ |
165,619 |
|
|
|
|
$ |
306,002 |
|
|
|
||||
Asset-Light(1) |
|
(3,704 |
) |
|
|
|
|
15,384 |
|
|
|
|
|
(4,615 |
) |
|
|
|
|
63,979 |
|
|
|
||||
Other and eliminations(8) |
|
(26,028 |
) |
|
|
|
|
(9,360 |
) |
|
|
|
|
(52,638 |
) |
|
|
|
|
(25,664 |
) |
|
|
||||
Total consolidated operating income from continuing operations |
$ |
45,091 |
|
|
|
|
$ |
115,336 |
|
|
|
|
$ |
108,366 |
|
|
|
|
$ |
344,317 |
|
|
|
||||
1) |
Asset-Light represents the reportable segment previously named ArcBest. Asset-Light financial results previously included the ArcBest segment and FleetNet, which was sold on February 28, 2023. |
2) |
The three and nine months ended September 30, 2023 include $0.7 million of noncash lease-related impairment charges for a service center. The three and nine months ended September 30, 2022 include a $4.3 million noncash gain on a like-kind property exchange of a service center. |
3) |
Represents costs associated with the Vaux freight handling pilot test program at ABF Freight. The decision was made to pause the pilot during third quarter 2023, as previously announced. |
4) |
Depreciation and amortization includes amortization of intangibles associated with acquired businesses. |
5) |
Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The contingent consideration for the MoLo acquisition will be paid based on achievement of certain targets of adjusted earnings before interest, taxes, depreciation, and amortization, as adjusted for certain items pursuant to the merger agreement, for years 2023 through 2025. |
6) |
Represents noncash lease-related impairment charges for certain office spaces that were made available for sublease. |
7) |
Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow. |
8) |
“Other and eliminations” includes $15.1 million of noncash lease-related impairment charges for a Vaux pilot facility, corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, and other investments in ArcBest technology and innovations. |
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which was sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as determined under GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
September 30 |
|
September 30 |
|
||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
||||
ArcBest Corporation - Consolidated |
|
(Unaudited) |
|
||||||||||||||
|
|
($ thousands, except per share data) |
|
||||||||||||||
Operating Income from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amounts on GAAP basis |
|
$ |
45,091 |
|
|
$ |
115,336 |
|
|
$ |
108,366 |
|
|
$ |
344,317 |
|
|
Innovative technology costs, pre-tax(1) |
|
|
14,059 |
|
|
|
10,056 |
|
|
|
41,358 |
|
|
|
30,083 |
|
|
Purchase accounting amortization, pre-tax(2) |
|
|
3,192 |
|
|
|
3,213 |
|
|
|
9,576 |
|
|
|
9,640 |
|
|
Change in fair value of contingent consideration, pre-tax(3) |
|
|
(17,840 |
) |
|
|
— |
|
|
|
(12,800 |
) |
|
|
810 |
|
|
Lease impairment charges, pre-tax(4) |
|
|
30,162 |
|
|
|
— |
|
|
|
30,162 |
|
|
|
— |
|
|
Gain on sale of subsidiary, pre-tax(5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(402 |
) |
|
Nonunion vacation policy enhancement, pre-tax(6) |
|
|
— |
|
|
|
1,990 |
|
|
|
— |
|
|
|
1,990 |
|
|
Non-GAAP amounts |
|
$ |
74,664 |
|
|
$ |
130,595 |
|
|
$ |
176,662 |
|
|
$ |
386,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Income from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amounts on GAAP basis |
|
$ |
34,927 |
|
|
$ |
88,613 |
|
|
$ |
93,374 |
|
|
$ |
258,163 |
|
|
Innovative technology costs, after-tax (includes related financing costs)(1) |
|
|
10,630 |
|
|
|
7,608 |
|
|
|
31,316 |
|
|
|
22,686 |
|
|
Purchase accounting amortization, after-tax(2) |
|
|
2,398 |
|
|
|
2,396 |
|
|
|
7,194 |
|
|
|
7,189 |
|
|
Change in fair value of contingent consideration, after-tax(3) |
|
|
(13,404 |
) |
|
|
— |
|
|
|
(9,617 |
) |
|
|
604 |
|
|
Lease impairment charges, after-tax(4) |
|
|
22,571 |
|
|
|
— |
|
|
|
22,571 |
|
|
|
— |
|
|
Gain on sale of subsidiary, after-tax(5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(317 |
) |
|
Nonunion vacation policy enhancement, after-tax(6) |
|
|
— |
|
|
|
1,479 |
|
|
|
— |
|
|
|
1,479 |
|
|
Change in fair value of equity investment, after-tax(7) |
|
|
— |
|
|
|
— |
|
|
|
(2,786 |
) |
|
|
— |
|
|
Life insurance proceeds and changes in cash surrender value |
|
|
(212 |
) |
|
|
176 |
|
|
|
(2,794 |
) |
|
|
3,679 |
|
|
Tax benefit from vested RSUs(8) |
|
|
(188 |
) |
|
|
(2,381 |
) |
|
|
(5,103 |
) |
|
|
(8,310 |
) |
|
Tax credits(9) |
|
|
— |
|
|
|
(1,831 |
) |
|
|
— |
|
|
|
(1,190 |
) |
|
Non-GAAP amounts |
|
$ |
56,722 |
|
|
$ |
96,060 |
|
|
$ |
134,155 |
|
|
$ |
283,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted Earnings Per Share from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amounts on GAAP basis |
|
$ |
1.42 |
|
|
$ |
3.49 |
|
|
$ |
3.77 |
|
|
$ |
10.07 |
|
|
Innovative technology costs, after-tax (includes related financing costs)(1) |
|
|
0.43 |
|
|
|
0.30 |
|
|
|
1.26 |
|
|
|
0.89 |
|
|
Purchase accounting amortization, after-tax(2) |
|
|
0.10 |
|
|
|
0.09 |
|
|
|
0.29 |
|
|
|
0.28 |
|
|
Change in fair value of contingent consideration, after-tax(3) |
|
|
(0.55 |
) |
|
|
— |
|
|
|
(0.39 |
) |
|
|
0.02 |
|
|
Lease impairment charges, after-tax(4) |
|
|
0.92 |
|
|
|
— |
|
|
|
0.91 |
|
|
|
— |
|
|
Gain on sale of subsidiary, after-tax(5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
Nonunion vacation policy enhancement, after-tax(6) |
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
|
|
0.06 |
|
|
Change in fair value of equity investment, after-tax(7) |
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
|
|
— |
|
|
Life insurance proceeds and changes in cash surrender value |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.11 |
) |
|
|
0.14 |
|
|
Tax benefit from vested RSUs(8) |
|
|
(0.01 |
) |
|
|
(0.09 |
) |
|
|
(0.21 |
) |
|
|
(0.32 |
) |
|
Tax credits(9) |
|
|
— |
|
|
|
(0.07 |
) |
|
|
— |
|
|
|
(0.05 |
) |
|
Non-GAAP amounts(10) |
|
$ |
2.31 |
|
|
$ |
3.79 |
|
|
$ |
5.42 |
|
|
$ |
11.08 |
|
|
See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated Non-GAAP table. |
|||||||||||||||||
ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||||||||||||||||||
|
|
September 30 |
|
September 30 |
|
||||||||||||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
||||||||||||||||
Segment Operating Income (Loss) Reconciliations |
|
(Unaudited) |
|
||||||||||||||||||||||||||
|
|
($ thousands, except percentages) |
|
||||||||||||||||||||||||||
Asset-Based Segment |
|
|
|
|
|||||||||||||||||||||||||
Operating Income ($) and Operating Ratio (% of revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amounts on GAAP basis |
|
$ |
74,823 |
|
|
89.9 |
% |
|
$ |
109,312 |
|
|
86.2 |
% |
|
$ |
165,619 |
|
|
92.3 |
% |
|
$ |
306,002 |
|
|
86.7 |
% |
|
Innovative technology costs, pre-tax(11) |
|
|
7,300 |
|
|
(1.0 |
) |
|
|
6,068 |
|
|
(0.8 |
) |
|
|
21,711 |
|
|
(1.0 |
) |
|
|
20,982 |
|
|
(0.9 |
) |
|
Lease impairment charges, pre-tax(4) |
|
|
684 |
|
|
(0.1 |
) |
|
|
— |
|
|
— |
|
|
|
684 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Nonunion vacation policy enhancement, pre-tax(6) |
|
|
— |
|
|
— |
|
|
|
1,245 |
|
|
(0.2 |
) |
|
|
— |
|
|
— |
|
|
|
1,245 |
|
|
(0.1 |
) |
|
Non-GAAP amounts(10) |
|
$ |
82,807 |
|
|
88.8 |
% |
|
$ |
116,625 |
|
|
85.3 |
% |
|
$ |
188,014 |
|
|
91.3 |
% |
|
$ |
328,229 |
|
|
85.7 |
% |
|
|
|
|
|
|
|||||||||||||||||||||||||
Asset-Light Segment(12) |
|
|
|
|
|||||||||||||||||||||||||
Operating Income (Loss) ($) and Operating Ratio (% of revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amounts on GAAP basis |
|
$ |
(3,704 |
) |
|
100.9 |
% |
|
$ |
15,384 |
|
|
97.0 |
% |
|
$ |
(4,615 |
) |
|
100.4 |
% |
|
$ |
63,979 |
|
|
96.1 |
% |
|
Purchase accounting amortization, pre-tax(2) |
|
|
3,192 |
|
|
(0.8 |
) |
|
|
3,213 |
|
|
(0.6 |
) |
|
|
9,576 |
|
|
(0.8 |
) |
|
|
9,640 |
|
|
(0.6 |
) |
|
Change in fair value of contingent consideration, pre-tax(3) |
|
|
(17,840 |
) |
|
4.3 |
|
|
|
— |
|
|
— |
|
|
|
(12,800 |
) |
|
1.0 |
|
|
|
810 |
|
|
— |
|
|
Lease impairment charges, pre-tax(4) |
|
|
14,407 |
|
|
(3.4 |
) |
|
|
— |
|
|
— |
|
|
|
14,407 |
|
|
(1.1 |
) |
|
|
— |
|
|
— |
|
|
Gain on sale of subsidiary, pre-tax(5) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(402 |
) |
|
— |
|
|
Nonunion vacation policy enhancement, pre-tax(6) |
|
|
— |
|
|
— |
|
|
|
318 |
|
|
(0.1 |
) |
|
|
— |
|
|
— |
|
|
|
318 |
|
|
— |
|
|
Non-GAAP amounts(10) |
|
$ |
(3,945 |
) |
|
100.9 |
% |
|
$ |
18,915 |
|
|
96.3 |
% |
|
$ |
6,568 |
|
|
99.5 |
% |
|
$ |
74,345 |
|
|
95.5 |
% |
|
|
|
|
|
|
|||||||||||||||||||||||||
Other and Eliminations |
|
|
|
|
|||||||||||||||||||||||||
Operating Income (Loss) ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amounts on GAAP basis |
|
$ |
(26,028 |
) |
|
|
|
$ |
(9,360 |
) |
|
|
|
$ |
(52,638 |
) |
|
|
|
$ |
(25,664 |
) |
|
|
|
||||
Innovative technology costs, pre-tax(1) |
|
|
6,759 |
|
|
|
|
|
3,988 |
|
|
|
|
|
19,647 |
|
|
|
|
|
9,101 |
|
|
|
|
||||
Lease impairment charges, pre-tax(4) |
|
|
15,071 |
|
|
|
|
|
— |
|
|
|
|
|
15,071 |
|
|
|
|
|
— |
|
|
|
|
||||
Nonunion vacation policy enhancement, pre-tax(6) |
|
|
— |
|
|
|
|
|
427 |
|
|
|
|
|
— |
|
|
|
|
|
427 |
|
|
|
|
||||
Non-GAAP amounts(10) |
|
$ |
(4,198 |
) |
|
|
|
$ |
(4,945 |
) |
|
|
|
$ |
(17,920 |
) |
|
|
|
$ |
(16,136 |
) |
|
|
|
||||
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table. |
|||||||||||||||||||||||||||||
ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Effective Tax Rate Reconciliation |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ArcBest Corporation - Consolidated |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
($ thousands, except percentages) |
|
Three Months Ended September 30, 2023 |
|||||||||||||||||||||
|
|
|
|
|
Other |
|
Income |
|
Income |
|
|
|
|
|
|||||||||
CONTINUING OPERATIONS |
|
Operating |
|
Income |
|
Before Income |
|
Tax |
|
Net |
|
|
|||||||||||
|
|
Income |
|
(Costs) |
|
Taxes |
|
Provision |
|
Income |
|
Tax Rate(13) |
|||||||||||
Amounts on GAAP basis |
|
$ |
45,091 |
|
|
$ |
1,799 |
|
|
$ |
46,890 |
|
|
$ |
11,963 |
|
|
$ |
34,927 |
|
|
25.5 |
% |
Innovative technology costs(1) |
|
|
14,059 |
|
|
|
226 |
|
|
|
14,285 |
|
|
|
3,655 |
|
|
|
10,630 |
|
|
25.6 |
|
Purchase accounting amortization(2) |
|
|
3,192 |
|
|
|
— |
|
|
|
3,192 |
|
|
|
794 |
|
|
|
2,398 |
|
|
24.9 |
|
Change in fair value of contingent consideration(3) |
|
|
(17,840 |
) |
|
|
— |
|
|
|
(17,840 |
) |
|
|
(4,436 |
) |
|
|
(13,404 |
) |
|
(24.9 |
) |
Lease impairment charges(4) |
|
|
30,162 |
|
|
|
— |
|
|
|
30,162 |
|
|
|
7,591 |
|
|
|
22,571 |
|
|
25.2 |
|
Life insurance proceeds and changes in cash surrender value |
|
|
— |
|
|
|
(212 |
) |
|
|
(212 |
) |
|
|
— |
|
|
|
(212 |
) |
|
— |
|
Tax benefit from vested RSUs(8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
188 |
|
|
|
(188 |
) |
|
— |
|
Non-GAAP amounts |
|
$ |
74,664 |
|
|
$ |
1,813 |
|
|
$ |
76,477 |
|
|
$ |
19,755 |
|
|
$ |
56,722 |
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2023 |
|||||||||||||||||||||
|
|
|
|
Other |
|
Income |
|
Income |
|
|
|
|
|
||||||||||
|
|
Operating |
|
Income |
|
Before Income |
|
Tax |
|
Net |
|
|
|||||||||||
|
|
Income |
|
(Costs) |
|
Taxes |
|
Provision |
|
Income |
|
Tax Rate(13) |
|||||||||||
Amounts on GAAP basis |
|
$ |
108,366 |
|
|
$ |
10,743 |
|
|
$ |
119,109 |
|
|
$ |
25,735 |
|
|
$ |
93,374 |
|
|
21.6 |
% |
Innovative technology costs(1) |
|
|
41,358 |
|
|
|
726 |
|
|
|
42,084 |
|
|
|
10,768 |
|
|
|
31,316 |
|
|
25.6 |
|
Purchase accounting amortization(2) |
|
|
9,576 |
|
|
|
— |
|
|
|
9,576 |
|
|
|
2,382 |
|
|
|
7,194 |
|
|
24.9 |
|
Change in fair value of contingent consideration(3) |
|
|
(12,800 |
) |
|
|
— |
|
|
|
(12,800 |
) |
|
|
(3,183 |
) |
|
|
(9,617 |
) |
|
(24.9 |
) |
Lease impairment charges(4) |
|
|
30,162 |
|
|
|
— |
|
|
|
30,162 |
|
|
|
7,591 |
|
|
|
22,571 |
|
|
25.2 |
|
Change in fair value of equity investment(7) |
|
|
— |
|
|
|
(3,739 |
) |
|
|
(3,739 |
) |
|
|
(953 |
) |
|
|
(2,786 |
) |
|
(25.5 |
) |
Life insurance proceeds and changes in cash surrender value |
|
|
— |
|
|
|
(2,794 |
) |
|
|
(2,794 |
) |
|
|
— |
|
|
|
(2,794 |
) |
|
— |
|
Tax benefit from vested RSUs(8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,103 |
|
|
|
(5,103 |
) |
|
— |
|
Non-GAAP amounts |
|
$ |
176,662 |
|
|
$ |
4,936 |
|
|
$ |
181,598 |
|
|
$ |
47,443 |
|
|
$ |
134,155 |
|
|
26.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended September 30, 2022 |
||||||||||||||||||
|
|
|
|
Other |
|
Income |
|
Income |
|
|
|
|
|
|||||||
CONTINUING OPERATIONS |
|
Operating |
|
Income |
|
Before Income |
|
Tax |
|
Net |
|
|
||||||||
|
|
Income |
|
(Costs) |
|
Taxes |
|
Provision |
|
Income |
|
Tax Rate(13) |
||||||||
Amounts on GAAP basis |
|
$ |
115,336 |
|
$ |
(817 |
) |
|
$ |
114,519 |
|
$ |
25,906 |
|
$ |
88,613 |
|
|
22.6 |
% |
Innovative technology costs(1) |
|
|
10,056 |
|
|
189 |
|
|
|
10,245 |
|
|
2,637 |
|
|
7,608 |
|
|
25.7 |
|
Purchase accounting amortization(2) |
|
|
3,213 |
|
|
— |
|
|
|
3,213 |
|
|
817 |
|
|
2,396 |
|
|
25.4 |
|
Nonunion vacation policy enhancement(6) |
|
|
1,990 |
|
|
— |
|
|
|
1,990 |
|
|
511 |
|
|
1,479 |
|
|
25.7 |
|
Life insurance proceeds and changes in cash surrender value |
|
|
— |
|
|
176 |
|
|
|
176 |
|
|
— |
|
|
176 |
|
|
— |
|
Tax benefit from vested RSUs(8) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,381 |
|
|
(2,381 |
) |
|
— |
|
Tax credits(9) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1,831 |
|
|
(1,831 |
) |
|
— |
|
Non-GAAP amounts |
|
$ |
130,595 |
|
$ |
(452 |
) |
|
$ |
130,143 |
|
$ |
34,083 |
|
$ |
96,060 |
|
|
26.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30, 2022 |
|||||||||||||||||||||
|
|
|
|
Other |
|
Income |
|
Income |
|
|
|
|
|
||||||||||
|
|
Operating |
|
Income |
|
Before Income |
|
Tax |
|
Net |
|
|
|||||||||||
|
|
Income |
|
(Costs) |
|
Taxes |
|
Provision |
|
Income |
|
Tax Rate(13) |
|||||||||||
Amounts on GAAP basis |
|
$ |
344,317 |
|
|
$ |
(7,801 |
) |
|
$ |
336,516 |
|
|
$ |
78,353 |
|
|
$ |
258,163 |
|
|
23.3 |
% |
Innovative technology costs(1) |
|
|
30,083 |
|
|
|
466 |
|
|
|
30,549 |
|
|
|
7,863 |
|
|
|
22,686 |
|
|
25.7 |
|
Purchase accounting amortization(2) |
|
|
9,640 |
|
|
|
— |
|
|
|
9,640 |
|
|
|
2,451 |
|
|
|
7,189 |
|
|
25.4 |
|
Change in fair value of contingent consideration(3) |
|
|
810 |
|
|
|
— |
|
|
|
810 |
|
|
|
206 |
|
|
|
604 |
|
|
25.4 |
|
Gain on sale of subsidiary(5) |
|
|
(402 |
) |
|
|
— |
|
|
|
(402 |
) |
|
|
(85 |
) |
|
|
(317 |
) |
|
(21.1 |
) |
Nonunion vacation policy enhancement(6) |
|
|
1,990 |
|
|
|
— |
|
|
|
1,990 |
|
|
|
511 |
|
|
|
1,479 |
|
|
25.7 |
|
Life insurance proceeds and changes in cash surrender value |
|
|
— |
|
|
|
3,679 |
|
|
|
3,679 |
|
|
|
— |
|
|
|
3,679 |
|
|
— |
|
Tax benefit from vested RSUs(8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,310 |
|
|
|
(8,310 |
) |
|
— |
|
Tax credits(9) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,190 |
|
|
|
(1,190 |
) |
|
— |
|
Non-GAAP amounts |
|
$ |
386,438 |
|
|
$ |
(3,656 |
) |
|
$ |
382,782 |
|
|
$ |
98,799 |
|
|
$ |
283,983 |
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Effective Tax Rate Reconciliation non-GAAP table. |
|||||||||||||||||||||||
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)
Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair value of contingent consideration and equity investment, and lease impairment charges, which are significant expenses or gains resulting from strategic decisions rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income taxes, and net income from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30 |
|
|
September 30 |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
|
||||
|
|
(Unaudited) |
|
|||||||||||||
|
|
($ thousands) |
|
|||||||||||||
ArcBest Corporation - Consolidated Adjusted EBITDA from Continuing Operations |
|
|
||||||||||||||
Net Income from Continuing Operations |
|
$ |
34,927 |
|
|
$ |
88,613 |
|
$ |
93,374 |
|
|
$ |
258,163 |
|
|
Interest and other related financing costs |
|
|
2,236 |
|
|
|
1,755 |
|
|
6,768 |
|
|
|
5,558 |
|
|
Income tax provision |
|
|
11,963 |
|
|
|
25,906 |
|
|
25,735 |
|
|
|
78,353 |
|
|
Depreciation and amortization(14) |
|
|
37,141 |
|
|
|
34,229 |
|
|
107,962 |
|
|
|
103,509 |
|
|
Amortization of share-based compensation |
|
|
3,005 |
|
|
|
3,091 |
|
|
8,537 |
|
|
|
9,591 |
|
|
Change in fair value of contingent consideration(3) |
|
|
(17,840 |
) |
|
|
— |
|
|
(12,800 |
) |
|
|
810 |
|
|
Lease impairment charges(4) |
|
|
30,162 |
|
|
|
— |
|
|
30,162 |
|
|
|
— |
|
|
Change in fair value of equity investment(7) |
|
|
— |
|
|
|
— |
|
|
(3,739 |
) |
|
|
— |
|
|
Gain on sale of subsidiary(5) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(402 |
) |
|
Consolidated Adjusted EBITDA from Continuing Operations |
|
$ |
101,594 |
|
|
$ |
153,594 |
|
$ |
255,999 |
|
|
$ |
455,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Nine Months Ended |
|
|||||||||||
|
|
September 30 |
|
September 30 |
|
|||||||||||
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
|
||||
|
|
(Unaudited) |
|
|||||||||||||
|
|
($ thousands) |
|
|||||||||||||
Asset-Light Adjusted EBITDA(12) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating Income (Loss) |
|
$ |
(3,704 |
) |
|
$ |
15,384 |
|
$ |
(4,615 |
) |
|
$ |
63,979 |
|
|
Depreciation and amortization(14) |
|
|
5,097 |
|
|
|
5,072 |
|
|
15,250 |
|
|
|
15,720 |
|
|
Change in fair value of contingent consideration(3) |
|
|
(17,840 |
) |
|
|
— |
|
|
(12,800 |
) |
|
|
810 |
|
|
Lease impairment charges(4) |
|
|
14,407 |
|
|
|
— |
|
|
14,407 |
|
|
|
— |
|
|
Gain on sale of subsidiary(5) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(402 |
) |
|
Asset-Light Adjusted EBITDA |
|
$ |
(2,040 |
) |
|
$ |
20,456 |
|
$ |
12,242 |
|
|
$ |
80,107 |
|
|
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table. |
||||||||||||||||
ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued |
|
|
|
Notes to Non-GAAP Financial Tables
The following footnotes apply to the non-GAAP financial tables presented in this press release. |
|
1) |
Represents costs associated with the Vaux freight handling pilot test program at ABF Freight, costs related to our customer pilot offering of Vaux, including human-centered remote operation software, and initiatives to optimize our performance through technological innovation. |
2) |
Represents the amortization of acquired intangible assets in the Asset-Light segment. |
3) |
Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table. |
4) |
Represents noncash lease-related impairment charges for a Vaux pilot facility, a service center and office spaces that were made available for sublease. |
5) |
Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow. |
6) |
Represents a one-time, noncash charge for enhancements to our nonunion vacation policy which were effective third quarter 2022. |
7) |
Represents increase in fair value of our investment in Phantom Auto, the leading provider of human-centered remote operation software, based on observable price changes during second quarter 2023. |
8) |
Represents recognition of the tax impact for the vesting of share-based compensation. |
9) |
Represents the amounts recorded in third quarter 2022 related to prior periods due to the August 2022 retroactive reinstatement of the alternative fuel tax credit. The amount for the nine months ended September 30, 2022 relates to the tax credit for the year ended December 31, 2021. The amount for the three months ended September 30, 2022 relates to the tax credit for 2021 and the six months ended June 30, 2022. |
10) |
Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP amounts and the non-GAAP adjustments due to rounding. |
11) |
Represents costs associated with the Vaux freight handling pilot test program at ABF Freight. The decision was made to pause the pilot during third quarter 2023, as previously announced. |
12) |
Asset-Light represents the reportable segment previously named ArcBest. Asset-Light financial results previously included the ArcBest segment and FleetNet, which was sold on February 28, 2023. |
13) |
Tax rate for total “Amounts on GAAP basis” represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction, unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment. |
14) |
Includes amortization of intangibles associated with acquired businesses. |
ARCBEST CORPORATION OPERATING STATISTICS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||
|
|
September 30 |
|
|
September 30 |
|
||||||||||||||
|
|
2023 |
|
2022 |
|
% Change |
|
|
2023 |
|
2022 |
|
% Change |
|
||||||
|
|
(Unaudited) |
|
|||||||||||||||||
Asset-Based |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Workdays |
|
|
62.5 |
|
|
64.0 |
|
|
|
|
|
190.0 |
|
|
191.0 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Billed Revenue(1) / CWT |
|
$ |
47.28 |
|
$ |
46.42 |
|
1.9 |
% |
|
|
$ |
43.17 |
|
$ |
45.32 |
|
(4.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Billed Revenue(1) / Shipment |
|
$ |
574.95 |
|
$ |
611.70 |
|
(6.0 |
%) |
|
|
$ |
549.53 |
|
$ |
608.03 |
|
(9.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shipments |
|
|
1,273,335 |
|
|
1,284,991 |
|
(0.9 |
%) |
|
|
|
3,938,157 |
|
|
3,789,074 |
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Shipments / Day |
|
|
20,373 |
|
|
20,078 |
|
1.5 |
% |
|
|
|
20,727 |
|
|
19,838 |
|
4.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Tonnage (Tons) |
|
|
774,291 |
|
|
846,613 |
|
(8.5 |
%) |
|
|
|
2,506,495 |
|
|
2,541,710 |
|
(1.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Tons / Day |
|
|
12,389 |
|
|
13,228 |
|
(6.3 |
%) |
|
|
|
13,192 |
|
|
13,307 |
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Pounds / Shipment |
|
|
1,216 |
|
|
1,318 |
|
(7.7 |
%) |
|
|
|
1,273 |
|
|
1,342 |
|
(5.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Average Length of Haul (Miles) |
|
|
1,065 |
|
|
1,100 |
|
(3.2 |
%) |
|
|
|
1,096 |
|
|
1,092 |
|
0.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1) |
Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes. |
|
|
|
|
|
|
|
|
|
Year Over Year % Change |
||||
|
|
Three Months Ended |
Nine Months Ended |
|||
|
|
September 30, 2023 |
September 30, 2023 |
|||
|
|
(Unaudited) |
||||
Asset-Light(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue / Shipment |
|
|
(22.8%) |
|
|
(28.0%) |
|
|
|
|
|
|
|
Shipments / Day |
|
|
3.7% |
|
|
2.7% |
2) |
Asset-Light represents the reportable segment previously named ArcBest. |
3) |
Statistical data related to managed transportation solutions transactions is not included in the presentation of operating statistics for the Asset-Light segment for the periods presented. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231027630348/en/
Contacts
Investor Relations Contact: David Humphrey
Title: Vice President – Investor Relations
Phone: 479-785-6200
Email: dhumphrey@arcb.com
Media Contact: Autumnn Mahar
Title: Director External Communications and Public Relations
Phone: 479-494-8221
Email: amahar@arcb.com