Grew Shipments Despite a Softer Market
Backdrop
Executing on Accelerated Return of Capital to
Shareholders
Following Recent Sale of FleetNet
America
- First quarter 2023 net income, including discontinued
operations, was $71.3 million, or
$2.84 per diluted share, including an
after-tax gain on the sale of FleetNet America® of
$51.4 million, or $2.05 per diluted share, which is subject to
post-closing adjustments.
- Generated first quarter 2023 net income from continuing
operations of $18.8 million, or
$0.75 per diluted share. On a
non-GAAP basis, first quarter 2023 net income from continuing
operations of $39.5 million, or
$1.58 per diluted share.
FORT
SMITH, Ark., April 28,
2023 /PRNewswire/ --
ArcBest® (Nasdaq: ARCB), a leader in supply chain
logistics, today reported first quarter 2023 revenue from
continuing operations of $1.1
billion, compared to $1.3
billion in the first quarter of 2022.
ArcBest's first quarter 2023 operating income from
continuing operations was $21.2
million and net income from continuing operations was
$18.8 million, or $0.75 per diluted share, compared to operating
income of $92.9 million and net
income of $69.6 million, or
$2.68 per diluted share, in the first
quarter of 2022.
Excluding certain items in both periods as identified in the
attached reconciliation tables, first quarter 2023 non-GAAP
operating income from continuing operations was $51.9 million, compared to $106.7 million in the prior-year period. On
a non-GAAP basis, net income from continuing operations was
$39.5 million, or $1.58 per diluted share, compared to
$78.2 million, or $3.02 per diluted share, in first quarter
2022.
ArcBest's first quarter 2023 net income was
$71.3 million, or $2.84 per diluted share. As announced, in
February 2023, ArcBest completed the
sale of FleetNet America®, its fleet maintenance and
repair services subsidiary. ArcBest's discontinued operations
include after-tax income of $1.0
million associated with FleetNet's first quarter operating
results through the closing date and an after-tax gain on the sale
of $51.4 million, or $2.05 per diluted share, which is subject to
post-closing adjustments.
Supply chain efficiency is critical to customers' businesses and
can be a competitive differentiator. They need a strategic partner
that understands their business, offers full shipment visibility
and has the ability to shift modes to get product where it needs to
be when it needs to be there. ArcBest's integrated logistics
approach, combined with leading-edge technology and one hundred
years of experience serves customers in this way. ArcBest's ability
to optimize, connect and deliver across various modes of
transportation helps ensure customers have the solutions and
capacity they need to meet their customers' expectations, at a cost
that makes sense. This integrated approach increases customer
retention, improves profitability and produces cost savings for
customers.
"By focusing on our customers and advancing our strategic
initiatives, ArcBest achieved another profitable quarter with
solid results," said Judy R.
McReynolds, ArcBest chairman, president and CEO. "In the
first quarter, we launched our revolutionary freight movement
technology, Vaux, as we continued to grow our customer base and
better utilize available network capacity to increase tonnage. In
addition, we completed the sale of FleetNet, which strengthened our
balance sheet and positioned ArcBest to further accelerate the
return of capital to shareholders. Our team is committed to our
long-term financial and operational goals while we manage through
short term market changes. As ArcBest celebrates its
100th anniversary this year, I'm proud of the ArcBest
team for their adaptability and spirit of innovation, and I am
grateful to our customers, who trust us each day to help them build
and manage effective supply chains."
First Quarter Results of Operations Comparisons
Asset-Based
First Quarter
2023 Versus First Quarter 2022
- Revenue of $697.8 million
compared to $705.3 million, a per-day
decrease of 1.8 percent.
- Total tonnage per day increased 2.7 percent; LTL-rated weight
per shipment decreased 2.5 percent
- Total shipments per day increased 7.9 percent.
- Total billed revenue per hundredweight decreased 3.9 percent.
Revenue per hundredweight on LTL-rated business, excluding fuel
surcharge, decreased by a percentage in the low single
digits.
- Operating income of $47.5 million
and an operating ratio of 93.2 percent compared to operating income
of $80.0 million and an operating
ratio of 88.7 percent. On a non-GAAP basis, operating income of
$53.5 million and an operating ratio
of 92.3 percent compared to operating income of $87.0 million and an operating ratio of 87.7
percent.
First quarter total revenue in ArcBest's Asset-Based business
decreased compared to the prior-year period influenced by reduced
customer order quantities related to softness in the general
economy. ArcBest is focused on effectively managing personnel,
equipment and other network resources to provide customer service,
while controlling costs. Actions taken to further reduce cartage,
purchased transportation, equipment rentals and other outside
resources are expected to positively impact second quarter
operating expenses. During the current freight environment, ArcBest
optimized revenues and maintained more consistent business levels
relative to available network capacity through the utilization of
ArcBest's market-based, tech-enabled dynamic LTL-rated pricing
program. This innovative approach captures a larger opportunity of
profitable shipments and positions ArcBest with the resources to
serve customers amid a continuing tight labor market and benefit
when core business strengthens. As a result, LTL-rated business
experienced sequential as well as year-over-year shipment and
tonnage growth in the first quarter. Heavier-weighted
truckload-rated shipments moving in the Asset-Based network also
increased sequentially and over the prior year despite a reduction
in U-Pack household goods loads associated with a slower housing
market.
The year-over-year total revenue per hundredweight decrease in
first quarter 2023 followed a 21% increase in first quarter 2022
versus first quarter 2021. The 2023 revenue per hundredweight
measure has been impacted by the heavier-weighted truckload-rated
shipments and by dynamic market-priced LTL-rated shipments being a
higher proportion of business versus core LTL-rated shipments. The
pricing environment continues to be rational as pricing on core
LTL-rated business, excluding fuel surcharges, increased by a
percentage in the high single digits in first quarter 2023. On a
sequential basis, compared to the fourth quarter, total revenue per
hundredweight, excluding fuel surcharge, on core business increased
by a percentage in the low single digits.
Asset-Light‡
First
Quarter 2023 Versus First Quarter 2022
- Revenue of $438.1 million
compared to $595.3 million, a per-day
decrease of 27.0 percent.
- Operating loss of $14.1 million
compared to operating income of $21.1
million. On a non–GAAP basis, operating income of
$4.1 million compared to $25.1 million.
- Adjusted earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") of $6.0
million compared to $27.1
million, as detailed in the attached non-GAAP reconciliation
tables.
In the Asset-Light segment, lower customer demand and reduced
market rates combined with changes in business mix contributed to a
decrease in total revenue compared to the previous year period.
Total Asset-Light daily shipments during the recent quarter
increased slightly versus prior year due to truckload shipment
growth, despite decreases in expedite shipment counts. However, the
decrease in total Asset-Light revenue per shipment contributed to
reduced first quarter profitability. Compared to prior year, first
quarter operating margins were further pressured by increases in
operating expenses. However, excluding purchased
transportation and the impact of the change in fair value of
contingent consideration, operating expenses were managed lower by
$3.3 million, or 5%, compared to
fourth quarter 2022. During the current period of market softness
and lower average shipment revenue, active management of operating
expenses continues as ArcBest remains focused on
efficiently delivering impactful logistics solutions to customers.
Additional reductions will be implemented in employee-related and
outside services costs to better align with business levels. When
compared to first quarter 2023, these cost reductions are expected
to be in a range of $2 million to
$3 million for second quarter 2023,
provided the measures are maintained throughout the quarter.
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.
Vaux™ Freight Movement Technology Launch
On March 1, 2023, ArcBest launched
Vaux™, an innovative suite of hardware and software that modernizes
and transforms how freight is loaded, unloaded and transferred.
Vaux enables the entire contents of a trailer to be unloaded in
minutes and offers complete visibility into freight movement within
warehouse facilities, on the dock and over the road. It creates
efficiencies and orchestrates seamless warehouse operations. Since
launch, we've been pleased with the incredible interest from some
of the largest companies in the world that immediately recognized
ways to utilize Vaux in their businesses. We're still early in
the rollout, but we see meaningful upside opportunity to our
business through this new solution.
Share Repurchase Program
The recent sale of FleetNet further supports the return of
capital to ArcBest's shareholders. In February 2023, ArcBest's board increased the
company's share repurchase authorization to $125 million, and in March
2023, ArcBest entered into a 10b5-1 program for share
repurchases during the current closed trading window. Through
Thursday, April 27, 2023, ArcBest has
settled repurchases of 314,765 shares of common stock under the
company's share repurchase plan for an aggregate cost of
$29.0 million. With these
repurchases, $96.0 million
remains available under the current repurchase authorization for
future common stock purchases.
Conference Call
ArcBest will host a conference call with company executives to
discuss the first quarter 2023 results. The call will be today,
Friday, April 28, at 9:30 a.m.
EDT (8:30 a.m. CDT).
Interested parties are invited to listen by calling
(800) 734-8592 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
April 28, 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
June 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 22026574. The
conference call and playback can also be accessed, through
June 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 nearly 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 March 31,
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: 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; 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 pilot test program at ABF
Freight and our investments in 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; 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
|
|
|
|
Three
Months Ended
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands, except share and
per share data)
|
|
REVENUES
|
|
$
|
1,106,094
|
|
$
|
1,268,091
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
1,084,935
|
|
|
1,175,148
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
21,159
|
|
|
92,943
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(COSTS)
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
|
2,933
|
|
|
99
|
|
Interest and other
related financing costs
|
|
|
(2,327)
|
|
|
(1,940)
|
|
Other, net
|
|
|
1,780
|
|
|
(826)
|
|
|
|
|
2,386
|
|
|
(2,667)
|
|
|
|
|
|
|
|
|
|
INCOME FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
|
23,545
|
|
|
90,276
|
|
|
|
|
|
|
|
|
|
INCOME TAX
PROVISION
|
|
|
4,698
|
|
|
22,268
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM
CONTINUING OPERATIONS
|
|
|
18,847
|
|
|
68,008
|
|
|
|
|
|
|
|
|
|
INCOME FROM
DISCONTINUED OPERATIONS, NET OF TAX(1)
|
|
|
52,436
|
|
|
1,561
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
71,283
|
|
$
|
69,569
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER
COMMON SHARE(2)
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.78
|
|
$
|
2.75
|
|
Discontinued
operations(1)
|
|
|
2.16
|
|
|
0.06
|
|
|
|
$
|
2.93
|
|
$
|
2.82
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
COMMON SHARE(2)
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.75
|
|
$
|
2.62
|
|
Discontinued
operations(1)
|
|
|
2.09
|
|
|
0.06
|
|
|
|
$
|
2.84
|
|
$
|
2.68
|
|
|
|
|
|
|
|
|
|
AVERAGE COMMON
SHARES OUTSTANDING
|
|
|
|
|
|
|
|
Basic
|
|
|
24,288,138
|
|
|
24,710,685
|
|
Diluted
|
|
|
25,057,726
|
|
|
25,911,200
|
|
|
|
|
|
|
|
1)
|
Discontinued operations
represents the FleetNet segment, which sold on February 28, 2023.
Includes net gain on sale of FleetNet of $51.4 million
after-tax, or $2.12 basic earnings per share and
$2.05 diluted earnings per share.
|
2)
|
Earnings per common
share is calculated in total and may not equal the sum of earnings
per common share from continuing operations and discontinued
operations due to rounding.
|
ARCBEST CORPORATION CONSOLIDATED BALANCE
SHEETS
|
|
|
|
March 31
|
|
December 31
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands, except share data)
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
203,319
|
|
$
|
158,264
|
|
Short-term
investments
|
|
|
162,487
|
|
|
167,662
|
|
Accounts receivable,
less allowances (2023 - $11,585; 2022 - $13,892)
|
|
|
470,440
|
|
|
517,494
|
|
Other accounts
receivable, less allowances (2023 - $721; 2022 - $713)
|
|
|
11,485
|
|
|
11,016
|
|
Prepaid
expenses
|
|
|
41,061
|
|
|
39,484
|
|
Prepaid and refundable
income taxes
|
|
|
16,351
|
|
|
19,239
|
|
Current assets of
discontinued operations
|
|
|
—
|
|
|
64,736
|
|
Other
|
|
|
11,887
|
|
|
11,888
|
|
TOTAL CURRENT
ASSETS
|
|
|
917,030
|
|
|
989,783
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT
|
|
|
|
|
|
|
|
Land and
structures
|
|
|
418,011
|
|
|
401,840
|
|
Revenue
equipment
|
|
|
1,039,771
|
|
|
1,038,832
|
|
Service, office, and
other equipment
|
|
|
303,698
|
|
|
298,234
|
|
Software
|
|
|
170,523
|
|
|
167,164
|
|
Leasehold
improvements
|
|
|
24,693
|
|
|
23,466
|
|
|
|
|
1,956,696
|
|
|
1,929,536
|
|
Less allowances for
depreciation and amortization
|
|
|
1,151,396
|
|
|
1,129,366
|
|
|
|
|
805,300
|
|
|
800,170
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
304,753
|
|
|
304,753
|
|
INTANGIBLE ASSETS,
NET
|
|
|
110,622
|
|
|
113,733
|
|
OPERATING
RIGHT-OF-USE ASSETS
|
|
|
189,610
|
|
|
166,515
|
|
DEFERRED INCOME
TAXES
|
|
|
7,287
|
|
|
6,342
|
|
LONG-TERM ASSETS OF
DISCONTINUED OPERATIONS
|
|
|
—
|
|
|
11,097
|
|
OTHER LONG-TERM
ASSETS
|
|
|
96,991
|
|
|
101,893
|
|
TOTAL
ASSETS
|
|
$
|
2,431,593
|
|
$
|
2,494,286
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
253,578
|
|
$
|
269,854
|
|
Income taxes
payable
|
|
|
19,460
|
|
|
16,017
|
|
Accrued
expenses
|
|
|
278,658
|
|
|
338,457
|
|
Current portion of
contingent consideration
|
|
|
43,390
|
|
|
—
|
|
Current portion of
long-term debt
|
|
|
64,491
|
|
|
66,252
|
|
Current portion of
operating lease liabilities
|
|
|
28,466
|
|
|
26,225
|
|
Current liabilities of
discontinued operations
|
|
|
—
|
|
|
51,665
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
688,043
|
|
|
768,470
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT, less
current portion
|
|
|
185,961
|
|
|
198,371
|
|
OPERATING LEASE
LIABILITIES, less current portion
|
|
|
170,253
|
|
|
147,828
|
|
POSTRETIREMENT
LIABILITIES, less current portion
|
|
|
12,169
|
|
|
12,196
|
|
LONG-TERM
LIABILITIES OF DISCONTINUED OPERATIONS
|
|
|
—
|
|
|
781
|
|
CONTINGENT
CONSIDERATION, less current portion
|
|
|
83,650
|
|
|
112,000
|
|
OTHER LONG-TERM
LIABILITIES
|
|
|
34,248
|
|
|
42,745
|
|
DEFERRED INCOME
TAXES
|
|
|
51,410
|
|
|
60,494
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common stock, $0.01 par
value, authorized 70,000,000 shares;
issued 2023: 29,808,628 shares;
2022: 29,758,716 shares
|
|
|
298
|
|
|
298
|
|
Additional paid-in
capital
|
|
|
340,481
|
|
|
339,582
|
|
Retained
earnings
|
|
|
1,157,061
|
|
|
1,088,693
|
|
Treasury
stock, at cost, 2023: 5,683,472 shares; 2022: 5,529,383
shares
|
|
|
(298,367)
|
|
|
(284,275)
|
|
Accumulated other
comprehensive income
|
|
|
6,386
|
|
|
7,103
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
|
1,205,859
|
|
|
1,151,401
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
2,431,593
|
|
$
|
2,494,286
|
|
ARCBEST CORPORATION CONSOLIDATED STATEMENTS
OF CASH FLOWS
|
|
|
|
Three
Months Ended
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands)
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
Net income
|
|
$
|
71,283
|
|
$
|
69,569
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
32,187
|
|
|
31,591
|
|
Amortization of
intangibles
|
|
|
3,203
|
|
|
3,232
|
|
Share-based
compensation expense
|
|
|
2,235
|
|
|
2,763
|
|
Provision for losses
on accounts receivable
|
|
|
1,427
|
|
|
1,628
|
|
Change in deferred
income taxes
|
|
|
(9,814)
|
|
|
(1,417)
|
|
Gain on sale of
property and equipment
|
|
|
(9)
|
|
|
(3,002)
|
|
Pre-tax gain on sale
of discontinued operations
|
|
|
(69,083)
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
43,977
|
|
|
(103,677)
|
|
Prepaid
expenses
|
|
|
(1,464)
|
|
|
(2,858)
|
|
Other
assets
|
|
|
3,874
|
|
|
(2,781)
|
|
Income
taxes
|
|
|
6,221
|
|
|
(3,017)
|
|
Operating right-of-use
assets and lease liabilities, net
|
|
|
1,570
|
|
|
14
|
|
Accounts payable,
accrued expenses, and other liabilities
|
|
|
(64,944)
|
|
|
(3,298)
|
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
|
|
20,663
|
|
|
(11,253)
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment, net of financings
|
|
|
(34,657)
|
|
|
(19,471)
|
|
Proceeds from sale of
property and equipment
|
|
|
1,833
|
|
|
5,334
|
|
Proceeds from sale of
discontinued operations
|
|
|
101,138
|
|
|
—
|
|
Purchases of short-term
investments
|
|
|
(35,588)
|
|
|
(12,339)
|
|
Proceeds from sale of
short-term investments
|
|
|
41,865
|
|
|
23,590
|
|
Capitalization of
internally developed software
|
|
|
(3,631)
|
|
|
(4,510)
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
|
|
70,960
|
|
|
(7,396)
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Borrowings under credit
facilities
|
|
|
—
|
|
|
58,000
|
|
Payments on long-term
debt
|
|
|
(17,649)
|
|
|
(32,967)
|
|
Net change in book
overdrafts
|
|
|
(10,493)
|
|
|
955
|
|
Deferred financing
costs
|
|
|
63
|
|
|
—
|
|
Payment of common stock
dividends
|
|
|
(2,915)
|
|
|
(1,978)
|
|
Purchases of treasury
stock
|
|
|
(14,092)
|
|
|
(16,506)
|
|
Payments for tax
withheld on share-based compensation
|
|
|
(1,590)
|
|
|
(1,367)
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
|
|
(46,676)
|
|
|
6,137
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
44,947
|
|
|
(12,512)
|
|
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
|
|
$
|
203,319
|
|
$
|
64,108
|
|
|
|
|
|
|
|
|
|
NONCASH
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Equipment
financed
|
|
$
|
3,478
|
|
$
|
8,113
|
|
Accruals for equipment
received
|
|
$
|
1,453
|
|
$
|
712
|
|
Lease liabilities
arising from obtaining right-of-use assets
|
|
$
|
30,581
|
|
$
|
25,473
|
|
|
|
|
|
|
Note:
|
The statements of cash
flows for the three months ended March 31, 2023 and 2022, includes
cash flows from continuing operations and cash flows from the
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
|
|
|
|
March 31
|
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands,
except percentages)
|
|
REVENUES FROM
CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
$
|
697,817
|
|
|
|
|
$
|
705,311
|
|
|
|
Asset-Light(1)
|
|
|
438,092
|
|
|
|
|
|
595,284
|
|
|
|
Other and
eliminations
|
|
|
(29,815)
|
|
|
|
|
|
(32,504)
|
|
|
|
Total consolidated
revenues from continuing operations
|
|
$
|
1,106,094
|
|
|
|
|
$
|
1,268,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages, and
benefits
|
|
$
|
335,605
|
|
48.1
|
%
|
|
$
|
313,497
|
|
44.5
|
%
|
Fuel, supplies, and
expenses
|
|
|
94,288
|
|
13.5
|
|
|
|
84,831
|
|
12.0
|
|
Operating taxes and
licenses
|
|
|
13,979
|
|
2.0
|
|
|
|
12,493
|
|
1.8
|
|
Insurance
|
|
|
13,273
|
|
1.9
|
|
|
|
10,431
|
|
1.5
|
|
Communications and
utilities
|
|
|
5,304
|
|
0.8
|
|
|
|
4,687
|
|
0.7
|
|
Depreciation and
amortization
|
|
|
24,911
|
|
3.6
|
|
|
|
24,305
|
|
3.4
|
|
Rents and purchased
transportation
|
|
|
90,744
|
|
13.0
|
|
|
|
102,985
|
|
14.6
|
|
Shared
services
|
|
|
64,613
|
|
9.2
|
|
|
|
67,150
|
|
9.5
|
|
Gain on sale of
property and equipment
|
|
|
(51)
|
|
—
|
|
|
|
(2,695)
|
|
(0.4)
|
|
Innovative technology
costs(2)
|
|
|
6,068
|
|
0.9
|
|
|
|
6,960
|
|
1.0
|
|
Other
|
|
|
1,612
|
|
0.2
|
|
|
|
633
|
|
0.1
|
|
Total
Asset-Based
|
|
|
650,346
|
|
93.2
|
%
|
|
|
625,277
|
|
88.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Light(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
transportation
|
|
$
|
370,163
|
|
84.5
|
%
|
|
$
|
508,380
|
|
85.4
|
%
|
Supplies and
expenses
|
|
|
4,072
|
|
0.9
|
|
|
|
3,266
|
|
0.6
|
|
Depreciation and
amortization(3)
|
|
|
5,068
|
|
1.2
|
|
|
|
5,180
|
|
0.9
|
|
Shared
services
|
|
|
51,429
|
|
11.7
|
|
|
|
50,197
|
|
8.4
|
|
Contingent
consideration(4)
|
|
|
15,040
|
|
3.4
|
|
|
|
810
|
|
0.1
|
|
Other
|
|
|
6,411
|
|
1.5
|
|
|
|
6,335
|
|
1.1
|
|
Total
Asset-Light
|
|
|
452,183
|
|
103.2
|
%
|
|
|
574,168
|
|
96.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other and
eliminations
|
|
|
(17,594)
|
|
|
|
|
|
(24,297)
|
|
|
|
Total consolidated
operating expenses from continuing operations
|
|
$
|
1,084,935
|
|
98.1
|
%
|
|
$
|
1,175,148
|
|
92.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
$
|
47,471
|
|
|
|
|
$
|
80,034
|
|
|
|
Asset-Light(1)
|
|
|
(14,091)
|
|
|
|
|
|
21,116
|
|
|
|
Other and
eliminations(5)
|
|
|
(12,221)
|
|
|
|
|
|
(8,207)
|
|
|
|
Total consolidated
operating income from continuing operations
|
|
$
|
21,159
|
|
|
|
|
$
|
92,943
|
|
|
|
|
|
|
|
1)
|
Asset-Light represents
the reportable segment previously named ArcBest. Asset-Light
financial results previously included the ArcBest segment and
FleetNet, which sold on February 28, 2023.
|
2)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight.
|
3)
|
Depreciation and
amortization includes amortization of intangibles associated with
acquired businesses.
|
4)
|
Represents the 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. 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.
|
5)
|
"Other and
eliminations" includes 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
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
ArcBest Corporation
- Consolidated
|
|
(Unaudited)
|
|
|
|
($ thousands,
except per share data)
|
|
Operating Income
from Continuing Operations
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
21,159
|
|
$
|
92,943
|
|
Innovative technology
costs, pre-tax(1)
|
|
|
12,478
|
|
|
9,686
|
|
Purchase accounting
amortization, pre-tax(2)
|
|
|
3,192
|
|
|
3,213
|
|
Change in fair value of
contingent consideration, pre-tax(3)
|
|
|
15,040
|
|
|
810
|
|
Non-GAAP
amounts
|
|
$
|
51,869
|
|
$
|
106,652
|
|
|
|
|
|
|
|
|
|
Net Income from
Continuing Operations
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
18,847
|
|
$
|
68,008
|
|
Innovative technology
costs, after-tax (includes related financing
costs)(1)
|
|
|
9,480
|
|
|
7,289
|
|
Purchase accounting
amortization, after-tax(2)
|
|
|
2,398
|
|
|
2,396
|
|
Change in fair value of
contingent consideration, after-tax(3)
|
|
|
11,299
|
|
|
604
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
(1,496)
|
|
|
793
|
|
Tax benefit from vested
RSUs(4)
|
|
|
(1,051)
|
|
|
(870)
|
|
Non-GAAP
amounts
|
|
$
|
39,477
|
|
$
|
78,220
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share from Continuing Operations
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
0.75
|
|
$
|
2.62
|
|
Innovative technology
costs, after-tax (includes related financing
costs)(1)
|
|
|
0.38
|
|
|
0.28
|
|
Purchase accounting
amortization, after-tax(2)
|
|
|
0.10
|
|
|
0.09
|
|
Change in fair value of
contingent consideration, after-tax(3)
|
|
|
0.45
|
|
|
0.02
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
(0.06)
|
|
|
0.03
|
|
Tax benefit from vested
RSUs(4)
|
|
|
(0.04)
|
|
|
(0.03)
|
|
Non-GAAP
amounts(5)
|
|
$
|
1.58
|
|
$
|
3.02
|
|
|
|
|
|
1)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight and initiatives to optimize our performance through
technological innovation, including costs related to our investment
in human-centered remote operation software.
|
2)
|
Represents the
amortization of acquired intangible assets in the Asset-Light
segment.
|
3)
|
Represents increase 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 recognition
of the tax impact for the vesting of share-based
compensation.
|
5)
|
Non-GAAP earnings per
share is calculated in total and may not equal the sum of the GAAP
amounts and the non-GAAP adjustments due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
Segment Operating
Income Reconciliations
|
|
(Unaudited)
|
|
|
|
($ thousands,
except percentages)
|
|
Asset-Based
Segment
|
|
|
|
Operating Income ($)
and Operating Ratio (% of revenues)
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
47,471
|
|
93.2
|
%
|
|
$
|
80,034
|
|
88.7
|
%
|
|
Innovative technology
costs, pre-tax(1)
|
|
|
6,068
|
|
(0.9)
|
|
|
|
6,960
|
|
(1.0)
|
|
|
Non-GAAP
amounts(2)
|
|
$
|
53,539
|
|
92.3
|
%
|
|
$
|
86,994
|
|
87.7
|
%
|
|
|
|
|
|
Asset-Light
Segment(3)
|
|
|
|
Operating Income
(Loss) ($) and Operating Ratio (% of revenues)
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
(14,091)
|
|
103.2
|
%
|
|
$
|
21,116
|
|
96.5
|
%
|
|
Purchase accounting
amortization, pre-tax(4)
|
|
|
3,192
|
|
(0.7)
|
|
|
|
3,213
|
|
(0.5)
|
|
|
Change in fair value
of contingent consideration, pre-tax(5)
|
|
|
15,040
|
|
(3.4)
|
|
|
|
810
|
|
(0.1)
|
|
|
Non-GAAP
amounts(2)
|
|
$
|
4,141
|
|
99.1
|
%
|
|
$
|
25,139
|
|
95.8
|
%
|
|
|
|
|
|
Other and
Eliminations
|
|
|
|
Operating Income
(Loss) ($)
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
(12,221)
|
|
|
|
|
$
|
(8,207)
|
|
|
|
|
Innovative technology
costs, pre-tax(6)
|
|
|
6,410
|
|
|
|
|
|
2,726
|
|
|
|
|
Non-GAAP
amounts(2)
|
|
$
|
(5,811)
|
|
|
|
|
$
|
(5,481)
|
|
|
|
|
|
|
|
|
1)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight.
|
2)
|
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.
|
3)
|
Asset-Light represents
the reportable segment previously named ArcBest. Asset-Light
financial results previously included the ArcBest segment and
FleetNet, which sold on February 28, 2023.
|
4)
|
Represents the
amortization of acquired intangible assets in the Asset-Light
segment.
|
5)
|
Represents increase 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.
|
6)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight and initiatives to optimize our performance through
technological innovation, including costs related to our investment
in human-centered remote operation software.
|
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 March 31,
2023
|
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
|
CONTINUING OPERATIONS
|
|
Operating
|
|
Income
|
|
Before Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax Rate(5)
|
Amounts on GAAP basis
|
|
$
|
21,159
|
|
$
|
2,386
|
|
$
|
23,545
|
|
$
|
4,698
|
|
$
|
18,847
|
|
20.0
|
%
|
Innovative technology
costs(1)
|
|
|
12,478
|
|
|
259
|
|
|
12,737
|
|
|
3,257
|
|
|
9,480
|
|
25.6
|
|
Purchase accounting
amortization(2)
|
|
|
3,192
|
|
|
—
|
|
|
3,192
|
|
|
794
|
|
|
2,398
|
|
24.9
|
|
Change in fair value of
contingent consideration(3)
|
|
|
15,040
|
|
|
—
|
|
|
15,040
|
|
|
3,741
|
|
|
11,299
|
|
24.9
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
—
|
|
|
(1,496)
|
|
|
(1,496)
|
|
|
—
|
|
|
(1,496)
|
|
—
|
|
Tax benefit from vested
RSUs(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,051
|
|
|
(1,051)
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
51,869
|
|
$
|
1,149
|
|
$
|
53,018
|
|
$
|
13,541
|
|
$
|
39,477
|
|
25.5
|
%
|
|
|
|
Three Months Ended March 31,
2022
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
CONTINUING OPERATIONS
|
|
Operating
|
|
Income
|
|
Before Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax Rate(5)
|
Amounts on GAAP basis
|
|
$
|
92,943
|
|
$
|
(2,667)
|
|
$
|
90,276
|
|
$
|
22,268
|
|
$
|
68,008
|
|
24.7
|
%
|
Innovative technology
costs(1)
|
|
|
9,686
|
|
|
129
|
|
|
9,815
|
|
|
2,526
|
|
|
7,289
|
|
25.7
|
|
Purchase accounting
amortization(2)
|
|
|
3,213
|
|
|
—
|
|
|
3,213
|
|
|
817
|
|
|
2,396
|
|
25.4
|
|
Change in fair value of
contingent consideration(3)
|
|
|
810
|
|
|
—
|
|
|
810
|
|
|
206
|
|
|
604
|
|
25.4
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
—
|
|
|
793
|
|
|
793
|
|
|
—
|
|
|
793
|
|
—
|
|
Tax benefit from vested
RSUs(4)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
870
|
|
|
(870)
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
106,652
|
|
$
|
(1,745)
|
|
$
|
104,907
|
|
$
|
26,687
|
|
$
|
78,220
|
|
25.4
|
%
|
|
|
|
|
1)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight and initiatives to optimize our performance through
technological innovation, including costs related to our investment
in human-centered remote operation software.
|
2)
|
Represents the
amortization of acquired intangible assets in the Asset-Light
segment.
|
3)
|
Represents increase 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 recognition
of the tax impact for the vesting of share-based
compensation.
|
5)
|
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.
|
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 and changes in the fair
value of contingent consideration, which are significant expenses
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, 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
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
ArcBest Corporation
- Consolidated Adjusted EBITDA from Continuing
Operations
|
|
($ thousands)
|
|
|
|
|
Net Income from
Continuing Operations
|
|
$
|
18,847
|
|
$
|
68,008
|
|
Interest and other
related financing costs
|
|
|
2,327
|
|
|
1,940
|
|
Income tax
provision
|
|
|
4,698
|
|
|
22,268
|
|
Depreciation and
amortization(1)
|
|
|
35,010
|
|
|
34,396
|
|
Amortization of
share-based compensation
|
|
|
2,182
|
|
|
2,701
|
|
Change in fair value of
contingent consideration(2)
|
|
|
15,040
|
|
|
810
|
|
Consolidated Adjusted
EBITDA from Continuing Operations
|
|
$
|
78,104
|
|
$
|
130,123
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands)
|
|
Asset-Light Adjusted
EBITDA(3)
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
(14,091)
|
|
$
|
21,116
|
|
Depreciation and
amortization(1)
|
|
|
5,068
|
|
|
5,180
|
|
Change in fair value
of contingent consideration(2)
|
|
|
15,040
|
|
|
810
|
|
Asset-Light Adjusted
EBITDA
|
|
$
|
6,017
|
|
$
|
27,106
|
|
|
|
|
|
1)
|
Includes amortization
of intangibles associated with acquired businesses.
|
2)
|
Represents increase 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
|
3)
|
Asset-Light represents
the reportable segment previously named ArcBest. Asset-Light
financial results previously included the ArcBest segment and
FleetNet, which sold on February 28, 2023.
|
ARCBEST CORPORATION OPERATING
STATISTICS
|
|
|
|
Three
Months Ended
|
|
|
|
March 31
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
|
|
(Unaudited)
|
|
Asset-Based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Workdays
|
|
|
64.0
|
|
|
63.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billed
Revenue(1) / CWT
|
|
$
|
41.99
|
|
$
|
43.70
|
|
(3.9 %)
|
|
|
|
|
|
|
|
|
|
|
|
Billed
Revenue(1) / Shipment
|
|
$
|
529.43
|
|
$
|
578.80
|
|
(8.5 %)
|
|
|
|
|
|
|
|
|
|
|
|
Shipments
|
|
|
1,334,754
|
|
|
1,227,224
|
|
8.8 %
|
|
|
|
|
|
|
|
|
|
|
|
Shipments /
Day
|
|
|
20,856
|
|
|
19,326
|
|
7.9 %
|
|
|
|
|
|
|
|
|
|
|
|
Tonnage
(Tons)
|
|
|
841,519
|
|
|
812,730
|
|
3.5 %
|
|
|
|
|
|
|
|
|
|
|
|
Tons / Day
|
|
|
13,149
|
|
|
12,799
|
|
2.7 %
|
|
|
|
|
|
|
|
|
|
|
|
Pounds /
Shipment
|
|
|
1,261
|
|
|
1,325
|
|
(4.8 %)
|
|
|
|
|
|
|
|
|
|
|
|
Average Length of Haul
(Miles)
|
|
|
1,096
|
|
|
1,079
|
|
1.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
March 31,
2023
|
|
|
(Unaudited)
|
Asset-Light(2)(3)
|
|
|
|
|
|
|
|
|
|
Revenue /
Shipment
|
|
|
(30.5 %)
|
|
|
|
|
|
|
Shipments /
Day
|
|
|
1.0 %
|
|
|
|
|
|
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.
|
|
|
Investor Relations
Contact: David Humphrey
|
Media
Contact: Autumnn Mahar
|
Title: Vice President
– Investor Relations
|
Title: Senior
Manager, PR and Social
|
Phone:
479-785-6200
|
Phone:
479-494-8221
|
Email:
dhumphrey@arcb.com
|
Email:
amahar@arcb.com
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/arcbest-announces-first-quarter-2023-results-301810250.html
SOURCE ArcBest