GXO Reports Fourth Quarter and Full Year 2024 Results
GXO Logistics reported strong Q4 and full year 2024 results, with record revenue reaching $3.3 billion in Q4 (up 25% YoY) and $11.7 billion for the full year (up 20% YoY). Organic revenue growth was 4% in Q4 and 3% for the full year.
Q4 net income increased to $100 million from $73 million YoY, with diluted EPS rising to $0.83 from $0.61. Full-year net income was $138 million compared to $233 million in 2023. The company secured over $1 billion in new business wins for the second consecutive year, including their largest-ever contract worth $2.5 billion in health sciences.
For 2025, GXO provided guidance projecting organic revenue growth of 3-6%, adjusted EBITDA of $840-860 million, adjusted diluted EPS of $2.40-2.60, and adjusted EBITDA to free cash flow conversion of 25-35%.
GXO Logistics ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con ricavi record che hanno raggiunto i 3,3 miliardi di dollari nel quarto trimestre (in aumento del 25% su base annua) e 11,7 miliardi di dollari per l'intero anno (in aumento del 20% su base annua). La crescita organica dei ricavi è stata del 4% nel quarto trimestre e del 3% per l'intero anno.
Il reddito netto del quarto trimestre è aumentato a 100 milioni di dollari rispetto ai 73 milioni dell'anno precedente, con un utile per azione diluito che è salito a 0,83 dollari rispetto a 0,61 dollari. Il reddito netto dell'intero anno è stato di 138 milioni di dollari rispetto ai 233 milioni del 2023. L'azienda ha assicurato oltre 1 miliardo di dollari in nuovi contratti per il secondo anno consecutivo, incluso il loro contratto più grande mai stipulato, del valore di 2,5 miliardi di dollari nel settore delle scienze della salute.
Per il 2025, GXO ha fornito indicazioni prevedendo una crescita organica dei ricavi del 3-6%, un EBITDA rettificato di 840-860 milioni di dollari, un utile per azione diluito rettificato di 2,40-2,60 dollari e una conversione dell'EBITDA rettificato in flusso di cassa libero del 25-35%.
GXO Logistics reportó resultados sólidos para el cuarto trimestre y el año completo 2024, con ingresos récord que alcanzaron los 3.3 mil millones de dólares en el cuarto trimestre (un aumento del 25% interanual) y 11.7 mil millones de dólares para el año completo (un aumento del 20% interanual). El crecimiento orgánico de los ingresos fue del 4% en el cuarto trimestre y del 3% para el año completo.
La utilidad neta del cuarto trimestre aumentó a 100 millones de dólares desde 73 millones interanuales, con un EPS diluido que subió a 0.83 dólares desde 0.61 dólares. La utilidad neta del año completo fue de 138 millones de dólares en comparación con 233 millones en 2023. La empresa aseguró más de 1 mil millones de dólares en nuevos contratos por segundo año consecutivo, incluido su contrato más grande jamás firmado por un valor de 2.5 mil millones de dólares en ciencias de la salud.
Para 2025, GXO proporcionó orientación proyectando un crecimiento orgánico de los ingresos del 3-6%, un EBITDA ajustado de 840-860 millones de dólares, un EPS diluido ajustado de 2.40-2.60 dólares, y una conversión de EBITDA ajustado a flujo de efectivo libre del 25-35%.
GXO 로지스틱스는 2024년 4분기와 연간 실적을 발표하며, 4분기 매출이 33억 달러에 달해(전년 대비 25% 증가) 연간 매출은 117억 달러(전년 대비 20% 증가)로 기록적인 성과를 올렸습니다. 유기적 매출 성장은 4분기에 4%, 연간으로는 3%를 기록했습니다.
4분기 순이익은 1억 달러로 증가했으며, 이는 전년 대비 7300만 달러에서 증가한 수치입니다. 희석 주당 순이익은 0.61달러에서 0.83달러로 상승했습니다. 연간 순이익은 1억 3800만 달러로, 2023년의 2억 3300만 달러에 비해 줄어들었습니다. 회사는 2년 연속 10억 달러 이상의 신규 계약을 확보하며, 25억 달러 규모의 건강 과학 분야에서 가장 큰 계약을 체결했습니다.
2025년을 위해 GXO는 유기적 매출 성장을 3-6%로, 조정된 EBITDA를 8억 4000만-8억 6000만 달러로, 조정된 희석 주당 순이익을 2.40-2.60달러로, 조정된 EBITDA를 자유 현금 흐름으로 전환하는 비율을 25-35%로 예상했습니다.
GXO Logistics a rapporté de solides résultats pour le quatrième trimestre et l'année entière 2024, avec un chiffre d'affaires record atteignant 3,3 milliards de dollars au quatrième trimestre (en hausse de 25 % par rapport à l'année précédente) et 11,7 milliards de dollars pour l'année entière (en hausse de 20 % par rapport à l'année précédente). La croissance organique des revenus était de 4 % au quatrième trimestre et de 3 % pour l'année entière.
Le bénéfice net du quatrième trimestre a augmenté à 100 millions de dollars contre 73 millions de dollars l'année précédente, le bénéfice par action dilué ayant augmenté à 0,83 dollar contre 0,61 dollar. Le bénéfice net de l'année entière était de 138 millions de dollars contre 233 millions de dollars en 2023. L'entreprise a sécurisé plus de 1 milliard de dollars en nouveaux contrats pour la deuxième année consécutive, y compris son plus grand contrat jamais signé d'une valeur de 2,5 milliards de dollars dans le domaine des sciences de la santé.
Pour 2025, GXO a fourni des prévisions projetant une croissance organique des revenus de 3 à 6 %, un EBITDA ajusté de 840 à 860 millions de dollars, un bénéfice par action dilué ajusté de 2,40 à 2,60 dollars, et une conversion de l'EBITDA ajusté en flux de trésorerie libre de 25 à 35 %.
GXO Logistics hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit Rekordumsätzen von 3,3 Milliarden Dollar im vierten Quartal (ein Anstieg von 25% im Vergleich zum Vorjahr) und 11,7 Milliarden Dollar für das gesamte Jahr (ein Anstieg von 20% im Vergleich zum Vorjahr). Das organische Umsatzwachstum betrug 4% im vierten Quartal und 3% für das gesamte Jahr.
Der Nettogewinn im vierten Quartal stieg auf 100 Millionen Dollar von 73 Millionen Dollar im Vorjahr, wobei der verwässerte Gewinn pro Aktie auf 0,83 Dollar von 0,61 Dollar anstieg. Der Nettogewinn für das gesamte Jahr betrug 138 Millionen Dollar im Vergleich zu 233 Millionen Dollar im Jahr 2023. Das Unternehmen sicherte sich zum zweiten Jahr in Folge über 1 Milliarde Dollar an neuen Aufträgen, darunter den größten Vertrag in der Unternehmensgeschichte im Wert von 2,5 Milliarden Dollar im Bereich Gesundheitswissenschaften.
Für 2025 gab GXO eine Prognose heraus, die ein organisches Umsatzwachstum von 3-6%, ein bereinigtes EBITDA von 840-860 Millionen Dollar, einen bereinigten verwässerten Gewinn pro Aktie von 2,40-2,60 Dollar und eine Umwandlung des bereinigten EBITDA in freien Cashflow von 25-35% vorsieht.
- Record Q4 revenue of $3.3B, up 25% YoY
- Q4 net income increased to $100M from $73M YoY
- Q4 organic revenue growth of 4%, showing sequential acceleration
- Secured $2.5B lifetime value contract in health sciences
- Pipeline up 15% YoY, with Americas up 20%
- Full-year net income declined to $138M from $233M in 2023
- Free cash flow decreased to $251M from $302M in 2023
- Full-year diluted EPS decreased to $1.12 from $1.92 in 2023
Insights
The Q4 and full-year 2024 results reveal a company executing effectively on multiple fronts. The
The secured
However, the decline in free cash flow conversion from
The 2025 guidance, projecting
The
- Delivered record revenue for both Q4 and full year 2024
- Organic revenue growth accelerated sequentially each quarter in 2024
- Closed more than
$1 billion of new business wins for the second consecutive year; won largest-ever contract, of$2.5 billion lifetime value, in health sciences - Announced 2025 guidance:
- Organic revenue growth of
3% -6% - Adjusted EBITDA of
$840 million -$860 million - Adjusted diluted EPS of
$2.40 -$2.60 - Adjusted EBITDA to free cash flow conversion of
25% to35%
- Organic revenue growth of
GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO) today announced results for the fourth quarter and full year 2024.
Malcolm Wilson, Chief Executive Officer of GXO, said, “In 2024, GXO delivered record revenue and adjusted EBITDA, and drove strong operating return on invested capital. We also accelerated our organic growth sequentially throughout the year and closed more than
“Our customer satisfaction scores are at an all-time high, and we are particularly proud that more than 40 existing customers expanded into new geographies with GXO.
“In 2024, we completed the acquisition of Wincanton, which will accelerate our growth in key verticals, and we expanded in new geographies like Germany, which is now our fastest-growing market. Our pipeline is up
“Our guidance for 2025 reflects our confidence in our core business growth, the phasing of startups, the impact of foreign exchange, and our current expectation of the timing of the Wincanton regulatory review. The strength of our pipeline and the pace of our new business wins continue to benefit from the structural tailwinds – outsourcing, automation and e-commerce – at our backs. As brands around the world face unprecedented supply chain complexity, GXO is well positioned to help them turn supply chain challenges into competitive advantages.”
Fourth Quarter 2024 Results
Revenue increased to
Net income increased to
____________________________
1 For definitions of non-GAAP measures see the “Non-GAAP Financial Measures” section in this press release.
Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to
GXO generated
Full Year 2024 Results
Revenue increased to
Net income was
Adjusted EBITDA1 was
GXO generated
Cash flows from operations to net income and free cash flow conversion1 ratios were
Net income to average invested capital and operating return on invested capital1 ratios were
Cash Balances and Outstanding Debt
As of December 31, 2024, cash and cash equivalents (excluding restricted cash), debt outstanding and net debt1 were
2025 Guidance2
GXO’s 2025 financial outlook is as follows:
- Organic revenue growth1 of
3% to6% ; - Adjusted EBITDA1 of
$840 million to$860 million ; - Adjusted diluted earnings per share1 of
$2.40 t o$2.60 ; and - Adjusted EBITDA1 to free cash flow conversion1 of
25% to35% .
Conference Call
GXO will hold a conference call on Thursday, February 13, 2025, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13751179. A live webcast of the conference will be available on the Investor Relations area of the company’s website, investors.gxo.com. The conference will be archived until February 25, 2025. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13751179.
____________________________
2 Our guidance reflects current FX rates.
About GXO Logistics
GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is benefiting from the rapid growth of ecommerce, automation and outsourcing. GXO is committed to providing a diverse, world-class workplace for more than 150,000 team members across more than 1,000 facilities totaling approximately 200 million square feet. The company partners with the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.
Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange Commission (“SEC”), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables below.
GXO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), adjusted EBITDA margin, adjusted earnings before interest, taxes and amortization (“adjusted EBITA”), adjusted EBITA, net of income taxes paid, adjusted EBITA margin, adjusted net income attributable to GXO, adjusted earnings per share (basic and diluted) (“adjusted EPS”), free cash flow, free cash flow conversion, organic revenue, organic revenue growth, net leverage ratio, net debt, and operating return on invested capital (“ROIC”).
We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, GXO’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures used by other companies. GXO’s non-GAAP financial measures should only be used as supplemental measures of our operating performance.
Adjusted EBITDA, adjusted EBITA, adjusted net income attributable to GXO and adjusted EPS include adjustments for transaction and integration costs and litigation expenses as well as restructuring costs and other adjustments as set forth in the financial tables below. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and separating IT systems. Litigation costs primarily relate to the settlement of legal matters. Restructuring costs primarily relate to severance costs associated with business optimization initiatives.
We believe that free cash flow and free cash flow conversion are important measures of our ability to repay maturing debt or fund other uses of capital that we believe will enhance stockholder value. We calculate free cash flow as cash flows from operations less capital expenditures plus proceeds from sale of property and equipment. We calculate free cash flow conversion as free cash flow divided by adjusted EBITDA, expressed as a percentage.
We believe that adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA, net of income taxes paid, and adjusted EBITA margin, improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization of intangible assets acquired), tax impacts and other adjustments as set forth in the financial tables below, which management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses.
We believe that adjusted net income attributable to GXO and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains as set forth in the financial tables below, which management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets.
We believe that organic revenue and organic revenue growth are important measures because they exclude the impact of foreign currency exchange rate fluctuations, revenue from acquired businesses and revenue from disposed business.
We believe that net leverage ratio and net debt are important measures of our overall liquidity position and are calculated by removing cash and cash equivalents from our total debt and net debt as a ratio of our adjusted EBITDA. We calculate ROIC as our adjusted EBITA, net of income taxes paid, divided by the average invested capital. We believe ROIC provides investors with an important perspective on how effectively GXO deploys capital and use this metric internally as a high-level target to assess overall performance throughout the business cycle.
Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating GXO’s ongoing performance.
With respect to our financial targets for full-year 2025 organic revenue growth, adjusted EBITDA, adjusted diluted EPS, and free cash flow conversion, a reconciliation of these non-GAAP measures to the corresponding GAAP measures is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from these non-GAAP target measures. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statements of income and cash flows prepared in accordance with GAAP, that would be required to produce such a reconciliation.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, including our full year 2025 financial targets of organic revenue growth, adjusted EBITDA, adjusted diluted earnings per share and free cash flow conversion; our accelerated growth in key verticals from the acquisition of Wincanton; and our current expectation of the timing of the Wincanton regulatory review. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by the company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the company believes are appropriate in the circumstances.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include, but are not limited to, the risks discussed in our filings with the SEC and the following: economic conditions generally; supply chain challenges, including labor shortages; competition and pricing pressures; our ability to align our investments in capital assets, including equipment, service centers and warehouses, to our respective customers’ demands; our ability to successfully integrate and realize anticipated benefits, synergies, cost savings and profit improvement opportunities with respect to acquired companies, including the acquisition of Wincanton; acquisitions may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; our indebtedness; our ability to raise debt and equity capital; litigation; labor matters, including our ability to manage our subcontractors, and risks associated with labor disputes at our customers’ facilities and efforts by labor organizations to organize our employees; risks associated with defined benefit plans for our current and former employees; our ability to attract or retain necessary talent; the increased costs associated with labor; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fluctuations in customer confidence and spending; issues related to our intellectual property rights; governmental regulation, including environmental laws, trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the United Kingdom’s exit from the European Union; natural disasters, terrorist attacks or similar incidents; damage to our reputation; a material disruption of our operations; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; failure in properly handling the inventory of our customers; the impact of potential cyber-attacks and information technology or data security breaches; and the inability to implement technology initiatives or business systems successfully; our ability to achieve Environmental, Social and Governance goals; and a determination by the IRS that the distribution or certain related spin-off transactions should be treated as taxable transactions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward looking statements should therefore be construed in the light of such factors.
All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.
| Investor Contact |
| Kristine Kubacki, CFA |
| +1 (203) 769-7206 |
| kristine.kubacki@gxo.com |
| Media Contact |
| Matthew Schmidt |
| +1 (203) 307-2809 |
| matt.schmidt@gxo.com |
| GXO Logistics, Inc. Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (Dollars in millions, shares in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||||||
| Direct operating expense | 2,737 | 2,160 | 9,853 | 8,035 | ||||||||||||
| Selling, general and administrative expense | 277 | 237 | 1,061 | 998 | ||||||||||||
| Depreciation and amortization expense | 113 | 93 | 415 | 361 | ||||||||||||
| Transaction and integration costs | 21 | 12 | 76 | 34 | ||||||||||||
| Restructuring costs and other | 1 | 1 | 27 | 32 | ||||||||||||
| Litigation expense(1) | — | — | 59 | — | ||||||||||||
| Operating income | 101 | 87 | 218 | 318 | ||||||||||||
| Other income (expense), net | 30 | (7 | ) | 31 | 1 | |||||||||||
| Interest expense, net | (34 | ) | (12 | ) | (103 | ) | (53 | ) | ||||||||
| Income before income taxes | 97 | 68 | 146 | 266 | ||||||||||||
| Income tax (expense) benefit | 3 | 5 | (8 | ) | (33 | ) | ||||||||||
| Net income | 100 | 73 | 138 | 233 | ||||||||||||
| Net income attributable to Noncontrolling Interests (‘‘NCI”) | — | — | (4 | ) | (4 | ) | ||||||||||
| Net income attributable to GXO | $ | 100 | $ | 73 | $ | 134 | $ | 229 | ||||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | 0.84 | $ | 0.61 | $ | 1.12 | $ | 1.93 | ||||||||
| Diluted | $ | 0.83 | $ | 0.61 | $ | 1.12 | $ | 1.92 | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Basic | 119,489 | 118,983 | 119,413 | 118,908 | ||||||||||||
| Diluted | 120,035 | 119,671 | 119,798 | 119,490 | ||||||||||||
| (1) | On June 14, 2024, the Company’s subsidiary GXO Warehouse Company, Inc. entered into a Confidential Settlement Agreement (the “Settlement Agreement”) to settle all claims in connection with a dispute between the Company and one of its customers related to the start-up of the customer’s warehouse that occurred in 2018 (the “Dispute”). A payment under the Settlement Agreement was made by the Company on July 5, 2024. As of July 10, 2024, the Dispute, which was litigated under the caption Lindt et al. v. GXO Warehouse Company, Inc., docket no. 4:22-cv-00384-BP, in Federal District Court for the Western District of Missouri (the “Court”), was dismissed with prejudice with each side to bear their own costs and fees, and the Court retained jurisdiction to enforce the terms of the Settlement Agreement. Among other things in the Settlement Agreement, the parties each denied the allegations and counterclaims asserted in the Dispute and agreed to a mutual release of claims arising from, under or otherwise in connection with their prior business relationship and the Dispute, in exchange for a payment by the Company of |
| GXO Logistics, Inc. Consolidated Balance Sheets (Unaudited) | ||||||||
| December 31, | ||||||||
| (Dollars in millions, shares in thousands, except per share amounts) | 2024 | 2023 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 413 | $ | 468 | ||||
| Accounts receivable, net of allowance of | 1,799 | 1,753 | ||||||
| Other current assets | 429 | 347 | ||||||
| Total current assets | 2,641 | 2,568 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net of accumulated depreciation of | 1,160 | 953 | ||||||
| Operating lease assets | 2,329 | 2,201 | ||||||
| Goodwill | 3,549 | 2,891 | ||||||
| Intangible assets, net of accumulated amortization of | 986 | 567 | ||||||
| Other long-term assets | 601 | 327 | ||||||
| Total long-term assets | 8,625 | 6,939 | ||||||
| Total assets | $ | 11,266 | $ | 9,507 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 776 | $ | 709 | ||||
| Accrued expenses | 1,271 | 966 | ||||||
| Current debt | 110 | 27 | ||||||
| Current operating lease liabilities | 647 | 597 | ||||||
| Other current liabilities | 385 | 327 | ||||||
| Total current liabilities | 3,189 | 2,626 | ||||||
| Long-term liabilities | ||||||||
| Long-term debt | 2,521 | 1,620 | ||||||
| Long-term operating lease liabilities | 1,898 | 1,842 | ||||||
| Other long-term liabilities | 623 | 473 | ||||||
| Total long-term liabilities | 5,042 | 3,935 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Common Stock, | 1 | 1 | ||||||
| Preferred Stock, | — | — | ||||||
| Additional paid-in capital (‘‘APIC”) | 2,629 | 2,598 | ||||||
| Retained earnings | 686 | 552 | ||||||
| Accumulated other comprehensive Income (Loss) (‘‘AOCIL”) | (313 | ) | (239 | ) | ||||
| Total stockholders’ equity before NCI | 3,003 | 2,912 | ||||||
| NCI | 32 | 34 | ||||||
| Total equity | 3,035 | 2,946 | ||||||
| Total liabilities and equity | $ | 11,266 | $ | 9,507 | ||||
| GXO Logistics, Inc. Consolidated Statements of Cash Flows (Unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| (In millions) | 2024 | 2023 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 138 | $ | 233 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
| Depreciation and amortization expense | 415 | 361 | ||||||
| Stock-based compensation expense | 39 | 35 | ||||||
| Deferred tax benefit | (38 | ) | (41 | ) | ||||
| Other | 1 | 23 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | 118 | (17 | ) | |||||
| Other assets | (54 | ) | 28 | |||||
| Accounts payable | 23 | (3 | ) | |||||
| Accrued expenses and other liabilities | (93 | ) | (61 | ) | ||||
| Net cash provided by operating activities | 549 | 558 | ||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (359 | ) | (274 | ) | ||||
| Proceeds from sale of property and equipment | 61 | 18 | ||||||
| Acquisition of business, net of cash acquired | (863 | ) | (149 | ) | ||||
| Cross-currency swap agreements settlement | 4 | (3 | ) | |||||
| Other | — | (2 | ) | |||||
| Net cash used in investing activities | (1,157 | ) | (410 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt, net | 1,090 | — | ||||||
| Repayments of debt, net | (408 | ) | (140 | ) | ||||
| Repayments of finance lease obligations | (45 | ) | (29 | ) | ||||
| Taxes paid related to net share settlement of equity awards | (8 | ) | (12 | ) | ||||
| Other | 7 | (5 | ) | |||||
| Net cash provided by (used in) financing activities | 636 | (186 | ) | |||||
| Effect of exchange rates on cash and cash equivalents | (13 | ) | 13 | |||||
| Net increase (decrease) in cash, restricted cash and cash equivalents | 15 | (25 | ) | |||||
| Cash, restricted cash and cash equivalents, beginning of year | 470 | 495 | ||||||
| Cash, restricted cash and cash equivalents, end of year | $ | 485 | $ | 470 | ||||
| Reconciliation of cash, restricted cash and cash equivalents | ||||||||
| Cash and cash equivalents | $ | 413 | $ | 468 | ||||
| Restricted cash (included in Other long-term assets) | 72 | 2 | ||||||
| Total cash, restricted cash and cash equivalents | $ | 485 | $ | 470 | ||||
| GXO Logistics, Inc. Consolidated Statements of Cash Flows | ||||||
| Year Ended December 31, | ||||||
| (In millions) | 2024 | 2023 | ||||
| Supplemental cash flow information: | ||||||
| Cash paid for interest, net | $ | 97 | $ | 57 | ||
| Cash paid for income taxes, net | 43 | 84 | ||||
| GXO Logistics, Inc. Key Data Disaggregation of Revenue (Unaudited) | ||||||||||||
| Revenue disaggregated by geographical area was as follows: | ||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||
| United Kingdom | $ | 1,521 | $ | 969 | $ | 5,248 | $ | 3,664 | ||||
| United States | 838 | 792 | 3,087 | 2,909 | ||||||||
| Netherlands | 242 | 221 | 922 | 831 | ||||||||
| France | 213 | 204 | 809 | 830 | ||||||||
| Spain | 150 | 133 | 571 | 529 | ||||||||
| Italy | 103 | 103 | 391 | 382 | ||||||||
| Other | 183 | 168 | 681 | 633 | ||||||||
| Total | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||
The Company’s revenue can also be disaggregated by the customer’s primary industry. Revenue disaggregated by industries was as follows:
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Omnichannel retail | $ | 1,543 | $ | 1,092 | $ | 5,360 | $ | 4,100 | ||||
| Technology and consumer electronics | 404 | 382 | 1,541 | 1,467 | ||||||||
| Industrial and manufacturing | 366 | 266 | 1,339 | 1,078 | ||||||||
| Food and beverage | 345 | 327 | 1,331 | 1,331 | ||||||||
| Consumer packaged goods | 363 | 325 | 1,259 | 1,027 | ||||||||
| Other | 229 | 198 | 879 | 775 | ||||||||
| Total | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||
| GXO Logistics, Inc. Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margins (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income attributable to GXO | $ | 100 | $ | 73 | $ | 134 | $ | 229 | ||||||||
| Net income attributable to NCI | — | — | 4 | 4 | ||||||||||||
| Net income | $ | 100 | $ | 73 | $ | 138 | $ | 233 | ||||||||
| Interest expense, net | 34 | 12 | 103 | 53 | ||||||||||||
| Income tax expense (benefit) | (3 | ) | (5 | ) | 8 | 33 | ||||||||||
| Depreciation and amortization expense | 113 | 93 | 415 | 361 | ||||||||||||
| Transaction and integration costs | 21 | 12 | 76 | 34 | ||||||||||||
| Restructuring costs and other | 1 | 1 | 27 | 32 | ||||||||||||
| Litigation expense | — | — | 59 | — | ||||||||||||
| Unrealized (gain) loss on foreign currency contracts and other | (15 | ) | 7 | (11 | ) | (5 | ) | |||||||||
| Adjusted EBITDA(1) | $ | 251 | $ | 193 | $ | 815 | $ | 741 | ||||||||
| Revenue | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||||||
| Operating income | $ | 101 | $ | 87 | $ | 218 | $ | 318 | ||||||||
| Operating income margin(2) | 3.1 | % | 3.4 | % | 1.9 | % | 3.3 | % | ||||||||
| Adjusted EBITDA margin(1)(3) | 7.7 | % | 7.5 | % | 7.0 | % | 7.6 | % | ||||||||
| (1) | See the “Non-GAAP Financial Measures” section of this press release. |
| (2) | Operating income margin is calculated as operating income divided by revenue for the period. |
| (3) | Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue for the period. |
| GXO Logistics, Inc. Reconciliation of Net Income to Adjusted EBITA and Adjusted EBITA Margins (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income attributable to GXO | $ | 100 | $ | 73 | $ | 134 | $ | 229 | ||||||||
| Net income attributable to NCI | — | — | 4 | 4 | ||||||||||||
| Net income | $ | 100 | $ | 73 | $ | 138 | $ | 233 | ||||||||
| Interest expense, net | 34 | 12 | 103 | 53 | ||||||||||||
| Income tax expense (benefit) | (3 | ) | (5 | ) | 8 | 33 | ||||||||||
| Amortization of intangible assets acquired | 31 | 17 | 108 | 71 | ||||||||||||
| Transaction and integration costs | 21 | 12 | 76 | 34 | ||||||||||||
| Restructuring costs and other | 1 | 1 | 27 | 32 | ||||||||||||
| Litigation expense | — | — | 59 | — | ||||||||||||
| Unrealized (gain) loss on foreign currency contracts and other | (15 | ) | 7 | (11 | ) | (5 | ) | |||||||||
| Adjusted EBITA(1) | $ | 169 | $ | 117 | $ | 508 | $ | 451 | ||||||||
| Revenue | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||||||
| Adjusted EBITA margin(1)(2) | 5.2 | % | 4.5 | % | 4.3 | % | 4.6 | % | ||||||||
| (1) | See the “Non-GAAP Financial Measures” section of this press release. |
| (2) | Adjusted EBITA margin is calculated as adjusted EBITA divided by revenue for the period. |
| GXO Logistics, Inc. Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (Dollars in millions, shares in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 100 | $ | 73 | $ | 138 | $ | 233 | ||||||||
| Net income attributable to NCI | — | — | (4 | ) | (4 | ) | ||||||||||
| Net income attributable to GXO | $ | 100 | $ | 73 | $ | 134 | $ | 229 | ||||||||
| Amortization of intangible assets acquired | 31 | 17 | 108 | 71 | ||||||||||||
| Transaction and integration costs | 21 | 12 | 76 | 34 | ||||||||||||
| Restructuring costs and other | 1 | 1 | 27 | 32 | ||||||||||||
| Litigation expense | — | — | 59 | — | ||||||||||||
| Unrealized (gain) loss on foreign currency contracts and other | (15 | ) | 7 | (11 | ) | (5 | ) | |||||||||
| Income tax associated with the adjustments above(1) | (2 | ) | (9 | ) | (42 | ) | (30 | ) | ||||||||
| Discrete income tax benefit(2) | (16 | ) | (17 | ) | (16 | ) | (22 | ) | ||||||||
| Adjusted net income attributable to GXO(3) | $ | 120 | $ | 84 | $ | 335 | $ | 309 | ||||||||
| Adjusted basic EPS(3) | $ | 1.00 | $ | 0.71 | $ | 2.81 | $ | 2.60 | ||||||||
| Adjusted diluted EPS(3) | $ | 1.00 | $ | 0.70 | $ | 2.80 | $ | 2.59 | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| Basic | 119,489 | 118,983 | 119,413 | 118,908 | ||||||||||||
| Diluted | 120,035 | 119,671 | 119,798 | 119,490 | ||||||||||||
| (1) | The income tax rate applied to items is based on the GAAP annual effective tax rate. |
| (2) | The discrete income tax benefit in 2024 comes from the release of the valuation allowance, and in 2023, it comes from intangible assets and the release of the valuation allowance. |
| (3) | See the “Non-GAAP Financial Measures” section of this press release. |
| GXO Logistics, Inc. Other Reconciliations (Unaudited) | ||||||||||||||||
| Reconciliation of Cash Flows from Operations to Free Cash Flow: | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash flows from operations(1) | $ | 186 | $ | 215 | $ | 549 | $ | 558 | ||||||||
| Capital expenditures | (104 | ) | (69 | ) | (359 | ) | (274 | ) | ||||||||
| Proceeds from sale of property and equipment | 45 | 5 | 61 | 18 | ||||||||||||
| Free cash flow(2) | $ | 127 | $ | 151 | $ | 251 | $ | 302 | ||||||||
| Cash flows from operations to net income | 397.8 | % | 239.5 | % | ||||||||||||
| Free cash flow conversion(2) | 30.8 | % | 40.8 | % | ||||||||||||
| (1) | Net cash provided by operating activities. |
| (2) | See the “Non-GAAP Financial Measures” section of this press release. |
| Reconciliation of Revenue to Organic Revenue: | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 3,250 | $ | 2,590 | $ | 11,709 | $ | 9,778 | ||||||||
| Revenue from acquired business(1) | (538 | ) | — | (1,588 | ) | — | ||||||||||
| Revenue from disposed business(1) | — | (2 | ) | (1 | ) | (12 | ) | |||||||||
| Foreign exchange rates | (24 | ) | — | (109 | ) | — | ||||||||||
| Organic revenue(2) | $ | 2,688 | $ | 2,588 | $ | 10,011 | $ | 9,766 | ||||||||
| Revenue growth(3) | 25.5 | % | 19.7 | % | ||||||||||||
| Organic revenue growth(2)(4) | 3.9 | % | 2.5 | % | ||||||||||||
| (1) | The Company excludes revenue from the acquired and disposed business for periods that are not comparable. |
| (2) | See the “Non-GAAP Financial Measures” section of this press release. |
| (3) | Revenue growth is calculated as the change in the period-over-period revenue divided by the prior period, expressed as a percentage. |
| (4) | Organic revenue growth is calculated as the change in the period-over-period organic revenue divided by the prior period, expressed as a percentage. |
| GXO Logistics, Inc. Liquidity Reconciliations (Unaudited) | ||||
| Reconciliation of Total Debt and Net Debt: | ||||
| (In millions) | December 31, 2024 | |||
| Current debt | $ | 110 | ||
| Long-term debt | 2,521 | |||
| Total debt(1) | $ | 2,631 | ||
| Less: Cash and cash equivalents (excluding restricted cash) | (413 | ) | ||
| Net debt(2) | $ | 2,218 | ||
| (1) | Includes finance leases and other debt of |
| (2) | See the “Non-GAAP Financial Measures” section of this press release. |
| Reconciliation of Total debt to Net income Ratio: | |||
| (In millions) | December 31, 2024 | ||
| Total debt | $ | 2,631 | |
| Net income | $ | 138 | |
| Debt to net income ratio | 19.1x | ||
| Reconciliation of Net Leverage Ratio: | |||
| (In millions) | December 31, 2024 | ||
| Net debt | $ | 2,218 | |
| Adjusted EBITDA(1) | $ | 815 | |
| Net leverage ratio(1) | 2.7x | ||
| (1) | See the “Non-GAAP Financial Measures” section of this press release. |
| GXO Logistics, Inc. Return on Invested Capital (Unaudited) | ||||
| Adjusted EBITA, net of income taxes paid: | ||||
| Year Ended | ||||
| (In millions) | December 31, 2024 | |||
| Adjusted EBITA(1) | $ | 508 | ||
| Less: Cash paid for income taxes | (43 | ) | ||
| Adjusted EBITA(1), net of income taxes paid | $ | 465 | ||
| (1) | See the “Non-GAAP Financial Measures” section of this press release. |
| Return on Invested Capital (ROIC): | ||||||||||||
| Year Ended December 31, | ||||||||||||
| (In millions) | 2024 | 2023 | Average | |||||||||
| Selected Assets: | ||||||||||||
| Accounts receivable, net | $ | 1,799 | $ | 1,753 | $ | 1,776 | ||||||
| Other current assets | 429 | 347 | 388 | |||||||||
| Property and equipment, net | 1,160 | 953 | 1,057 | |||||||||
| Selected Liabilities: | ||||||||||||
| Accounts payable | $ | (776 | ) | $ | (709 | ) | $ | (743 | ) | |||
| Accrued expenses | (1,271 | ) | (966 | ) | (1,119 | ) | ||||||
| Other current liabilities | (385 | ) | (327 | ) | (356 | ) | ||||||
| Invested capital | $ | 956 | $ | 1,051 | $ | 1,003 | ||||||
| Net income to average invested capital | 13.8 | % | ||||||||||
| Operating return on invested capital(1)(2) | 46.4 | % | ||||||||||
| (1) | See the “Non-GAAP Financial Measures” section of this press release. |
| (2) | The ratio of operating return on invested capital is calculated as adjusted EBITA, net of income taxes paid, divided by the average invested capital. |
FAQ
What was GXO's revenue growth in Q4 2024?
How much was GXO's largest contract win in 2024?
What is GXO's projected organic revenue growth for 2025?
How did GXO's full-year 2024 net income compare to 2023?
What is GXO's adjusted EBITDA guidance for 2025?
