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ArcBest Announces Solid Third Quarter 2022 Results

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

 

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Delivers Double-Digit Percentage Revenue Growth In Each Operating Segment; On Track To Deliver Record Annual Revenues in 2022

  • Third quarter 2022 revenue of $1.4 billion increased 33.0 percent over third quarter 2021.
  • Net income improved to $88.8 million, or $3.50 per diluted share. On a non-GAAP basis, third quarter 2022 net income was $96.4 million, or $3.80 per diluted share.

 

FORT SMITH, Arkansas, November 1, 2022 — ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2022 revenue of $1.4 billion, an increase of $335.2 million compared to third quarter 2021. Each operating segment achieved double-digit percentage revenue growth over the prior year period. Third quarter 2022 results include the impact of the acquisition of MoLo Solutions, LLC (“MoLo”), which was completed in November 2021.

ArcBest’s third quarter 2022 operating income was $115.8 million and net income was $88.8 million, or $3.50 per diluted share, compared to operating income of $87.6 million and net income of $63.7 million, or $2.38 per diluted share, in the third quarter of 2021. 

Excluding certain items in both periods as identified in the attached reconciliation tables, third quarter non-GAAP operating income was $131.1 million, compared to $98.4 million in the prior-year period. On a non-GAAP basis, net income was $96.4 million, or $3.80 per diluted share, compared to $70.9 million, or $2.65 per diluted share, in the third quarter of 2021.

“Our third quarter results reflect the benefits of our growth strategy and continue a track record of impressive performances as we bring our best-in-class approach to customers more efficiently and effectively every single day,” said Judy R. McReynolds, ArcBest chairman, president and CEO. “Despite a more challenging economic environment, we continue to invest in our team, solutions and facilities. We remain focused on delivering for our customers to provide them the reliability, flexibility and sustainability they need in their supply chains. This year we are on track to deliver more than $5 billion in annual revenue for the first time in our hundred-year history. We are confident that future growth opportunities remain bright as we work to achieve our long-term financial targets.

 

Third Quarter Results of Operations Comparisons

Asset-Based

Third Quarter 2022 Versus Third Quarter 2021

  • Revenue of $791.5 million compared to $681.2 million, a per-day increase of 16.2 percent.
  • Total tonnage per day increase of 4.4 percent, including an increase of 1.9 percent in LTL-rated weight per shipment.

  • Total shipments per day increased 2.8 percent.

  • Total billed revenue per hundredweight increased 11.1 percent and was positively impacted by higher fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the high single digits.

  • Operating income of $109.3 million and an operating ratio of 86.2 percent compared to operating income of $83.6 million and an operating ratio of 87.7 percent. On a non-GAAP basis, operating income of $116.6 million and an operating ratio of 85.3 percent compared to operating income of $90.5 million and an operating ratio of 86.7 percent.


ArcBest’s Asset-Based business continued its recent pattern of revenue growth as customer demand softened some but remained at a good level. Higher third quarter shipments and tonnage, combined with an increase in average weight per shipment, resulted in a revenue increase versus the same period last year.  Following the robust year-over-year increase in third quarter 2021, current pricing levels remain solid and were enhanced by higher fuel surcharges. To facilitate continued growth, ABF Freight continues its successful actions to add personnel in key locations. Despite experiencing cost pressures across the network, ArcBest’s Asset-Based business improved its third quarter profitability due to the collaborative efforts of all employees and the careful management of resources. Shippers are currently navigating a more challenging economic environment while seeking to return consistency to their supply chains. The equipment and network resources offered by ABF Freight, as part of a comprehensive set of ArcBest logistics solutions, are valued by customers which positions ArcBest for growth. 

 

Asset-Light

Third Quarter 2022 Versus Third Quarter 2021 (including the results of MoLo)

  • Revenue of $604.5 million compared to $371.7 million, a per-day increase of 62.6 percent.

  • Operating income of $16.3 million compared to $11.5 million. On a non‑GAAP basis, operating income of $19.9 million compared to $12.4 million.

  • Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of $21.8 million compared to $14.2 million, as detailed in the attached non-GAAP reconciliation tables.

 

Compared to the previous year, revenue growth in the ArcBest Asset-Light segment moderated throughout the third quarter as a result of a softer economic environment, which led to lower average revenue per shipment, and changes in business mix. The positive impact of additional truckload business from MoLo was the main contributor to increased third quarter revenue and shipment totals versus last year. Further progress was made on the MoLo integration and all of ArcBest’s Asset-Light truckload shipments are now being managed in one operating platform. In addition to truckload, third quarter revenue growth was positively impacted by managed transportation and dedicated services. In the third quarter, overall rates charged for customer shipments decreased sequentially at a more rapid pace than the cost reductions associated with securing carrier partner equipment capacity in the marketplace. The resulting sequential margin compression contributed to reduced profitability in the Asset-Light business compared to earlier quarters this year.

At FleetNet, despite revenue growth resulting from increases in both total events and revenue per event, higher costs contributed to a decrease in profitability versus the prior year period.

NOTE

 ‡ - The ArcBest and FleetNet reportable segments, combined, represent Asset-Light operations.

Conference Call

ArcBest will host a conference call with company executives to discuss the 2022 third quarter results. The call will be today, Tuesday, November 1, at 9:30 a.m. EDT (8:30 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 November 1, 2022, 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, 2022. To listen to the playback, dial (800) 633‑8284 or (402) 977‑9140 (for international callers). The conference call ID for the playback is 22020814. The conference call and playback can also be accessed, through December 15, 2022, 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 more than 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 their 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, 2022 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 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 acts of war or terrorism or military conflicts; a failure of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely, data breach, and/or cybersecurity incidents; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize potential benefits associated with, new or enhanced technology or processes, including the pilot test program at ABF Freight; the loss or reduction of business from large customers; the ability to manage our cost structure, and the timing and performance of growth initiatives; 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; market fluctuations and interruptions affecting the price of our stock or the price or timing of our share repurchase programs; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain increasing 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 develop 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; 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; seasonal fluctuations and adverse weather conditions; 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 (the “SEC”).

For additional information regarding known material factors that could cause our actual results to differ from our projected results, 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 

 

Nine Months Ended 

 

 

 

September 30

 

September 30

 

 

    

2022

    

2021

    

2022

    

2021

 

 

 

(Unaudited)

 

 

 

($ thousands, except share and per share data)

 

REVENUES

 

$

 1,351,831

 

$

 1,016,657

 

$

 4,079,834

 

$

 2,794,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 1,236,070

 

 

 929,096

 

 

 3,731,799

 

 

 2,600,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 115,761

 

 

 87,561

 

 

 348,035

 

 

 194,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (COSTS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

 

 1,147

 

 

 323

 

 

 1,614

 

 

 1,037

 

Interest and other related financing costs

 

 

 (1,749)

 

 

 (2,072)

 

 

 (5,551)

 

 

 (6,774)

 

Other, net

 

 

 (189)

 

 

 338

 

 

 (3,822)

 

 

 2,641

 

 

 

 

 (791)

 

 

 (1,411)

 

 

 (7,759)

 

 

 (3,096)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

 114,970

 

 

 86,150

 

 

 340,276

 

 

 190,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAX PROVISION

 

 

 26,128

 

 

 22,459

 

 

 79,404

 

 

 42,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

 88,842

 

$

 63,691

 

$

 260,872

 

$

 148,033

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 3.61

 

$

 2.48

 

$

 10.59

 

$

 5.79

 

Diluted

 

$

 3.50

 

$

 2.38

 

$

 10.18

 

$

 5.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 24,605,228

 

 

 25,632,805

 

 

 24,640,706

 

 

 25,559,642

 

Diluted

 

 

 25,372,755

 

 

 26,770,146

 

 

 25,626,225

 

 

 26,872,381

 

 

 

 

 

 

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

September 30

 

December 31

 

 

    

2022

    

2021

 

 

 

(Unaudited)

 

Note

 

 

 

($ thousands, except share data)

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 155,531

 

$

 76,620

 

Short-term investments

 

 

 145,758

 

 

 48,339

 

Accounts receivable, less allowances (2022 - $15,441; 2021 - $13,226)

 

 

 627,092

 

 

 582,344

 

Other accounts receivable, less allowances (2022 - $709; 2021 - $690)

 

 

 11,472

 

 

 13,094

 

Prepaid expenses

 

 

 32,280

 

 

 40,104

 

Prepaid and refundable income taxes

 

 

 16,010

 

 

 9,654

 

Other

 

 

 9,885

 

 

 5,898

 

TOTAL CURRENT ASSETS

 

 

 998,028

 

 

 776,053

 

 

 

 

 

 

 

 

 

PROPERTY, PLANT AND EQUIPMENT

 

 

 

 

 

 

 

Land and structures

 

 

 361,705

 

 

 350,694

 

Revenue equipment

 

 

 1,014,369

 

 

 980,283

 

Service, office, and other equipment

 

 

 291,595

 

 

 251,085

 

Software

 

 

 178,145

 

 

 175,989

 

Leasehold improvements

 

 

 20,865

 

 

 16,931

 

 

 

 

 1,866,679

 

 

 1,774,982

 

Less allowances for depreciation and amortization

 

 

 1,120,962

 

 

 1,079,061

 

 

 

 

 745,717

 

 

 695,921

 

 

 

 

 

 

 

 

 

GOODWILL

 

 

 307,252

 

 

 300,337

 

INTANGIBLE ASSETS, NET

 

 

 116,922

 

 

 126,580

 

OPERATING RIGHT-OF-USE ASSETS

 

 

 164,654

 

 

 106,686

 

DEFERRED INCOME TAXES

 

 

 5,563

 

 

 5,470

 

OTHER LONG-TERM ASSETS

 

 

 101,978

 

 

 101,629

 

TOTAL ASSETS

 

$

 2,440,114

 

$

 2,112,676

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Accounts payable

 

$

 329,887

 

$

 311,401

 

Income taxes payable

 

 

 7,668

 

 

 12,087

 

Accrued expenses

 

 

 331,610

 

 

 305,851

 

Current portion of long-term debt

 

 

 63,521

 

 

 50,615

 

Current portion of operating lease liabilities

 

 

 24,686

 

 

 22,740

 

TOTAL CURRENT LIABILITIES

 

 

 757,372

 

 

 702,694

 

 

 

 

 

 

 

 

 

LONG-TERM DEBT, less current portion

 

 

 189,798

 

 

 174,917

 

OPERATING LEASE LIABILITIES, less current portion

 

 

 146,134

 

 

 88,835

 

POSTRETIREMENT LIABILITIES, less current portion

 

 

 16,681

 

 

 16,733

 

OTHER LONG-TERM LIABILITIES

 

 

 134,701

 

 

 135,537

 

DEFERRED INCOME TAXES

 

 

 69,136

 

 

 64,893

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Common stock, $0.01 par value, authorized 70,000,000 shares;
      issued 2022: 29,747,867 shares; 2021: 29,359,597 shares

 

 

 297

 

 

 294

 

Additional paid-in capital

 

 

 337,113

 

 

 318,033

 

Retained earnings

 

 

 1,054,294

 

 

 801,314

 

   Treasury stock, at cost, 2022: 5,340,836 shares; 2021: 4,492,514 shares

 

 

 (269,390)

 

 

 (194,273)

 

Accumulated other comprehensive income

 

 

 3,978

 

 

 3,699

 

TOTAL STOCKHOLDERS’ EQUITY

 

 

 1,126,292

 

 

 929,067

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

 2,440,114

 

$

 2,112,676

 

 

Note: The balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended 

 

 

 

September 30

 

 

    

2022

    

2021

 

 

 

Unaudited

 

 

 

($ thousands)

 

 OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net income

 

$

 260,872

 

$

 148,033

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 95,169

 

 

 88,113

 

Amortization of intangibles

 

 

 9,691

 

 

 2,882

 

Share-based compensation expense

 

 

 9,816

 

 

 8,567

 

Provision for losses on accounts receivable

 

 

 5,065

 

 

 (57)

 

Change in deferred income taxes

 

 

 3,745

 

 

 (8,593)

 

Gain on sale of property and equipment

 

 

 (9,759)

 

 

 (8,389)

 

Gain on sale of subsidiary

 

 

 (402)

 

 

 (6,923)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Receivables

 

 

 (54,889)

 

 

 (103,886)

 

Prepaid expenses

 

 

 7,550

 

 

 7,655

 

Other assets

 

 

 287

 

 

 539

 

Income taxes

 

 

 (11,068)

 

 

 8,174

 

Operating right-of-use assets and lease liabilities, net

 

 

 1,579

 

 

 650

 

Accounts payable, accrued expenses, and other liabilities

 

 

 32,793

 

 

 101,577

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

 350,449

 

 

 238,342

 

 

 

 

 

 

 

 

 

 INVESTING ACTIVITIES

 

 

 

 

 

 

 

Purchases of property, plant and equipment, net of financings

 

 

 (76,068)

 

 

 (43,506)

 

Proceeds from sale of property and equipment

 

 

 13,938

 

 

 11,509

 

Proceeds from sale of subsidiary

 

 

 475

 

 

 9,013

 

Purchases of short-term investments

 

 

 (145,254)

 

 

 (56,011)

 

Proceeds from sale of short-term investments

 

 

 48,161

 

 

 61,174

 

Capitalization of internally developed software

 

 

 (13,922)

 

 

 (14,308)

 

Business acquisition, net of cash acquired(1)

 

 

 2,279

 

 

 

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

 (170,391)

 

 

 (32,129)

 

 

 

 

 

 

 

 

 

 FINANCING ACTIVITIES

 

 

 

 

 

 

 

Borrowings under credit facilities

 

 

 58,000

 

 

 

 

Proceeds from notes payable

 

 

 12,113

 

 

 

 

Payments on long-term debt

 

 

 (99,567)

 

 

 (76,513)

 

Net change in book overdrafts

 

 

 2,102

 

 

 (305)

 

Deferred financing costs

 

 

 (53)

 

 

 (295)

 

Payment of common stock dividends

 

 

 (7,892)

 

 

 (6,145)

 

Purchases of treasury stock

 

 

 (50,117)

 

 

 (8,100)

 

Payments for tax withheld on share-based compensation

 

 

 (15,733)

 

 

 (10,602)

 

NET CASH USED IN FINANCING ACTIVITIES

 

 

 (101,147)

 

 

 (101,960)

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

 

 78,911

 

 

 104,253

 

Cash and cash equivalents at beginning of period

 

 

 76,620

 

 

 303,954

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

 155,531

 

$

 408,207

 

 

 

 

 

 

 

 

 

 NONCASH INVESTING ACTIVITIES

 

 

 

 

 

 

 

Equipment financed

 

$

 57,241

 

$

 36,731

 

Accruals for equipment received

 

$

 5,587

 

$

 3,158

 

Lease liabilities arising from obtaining right-of-use assets

 

$

 78,324

 

$

 7,280

 


1)              Represents cash received from escrow for post-closing adjustments related to the acquisition of MoLo.

 

 

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

Nine Months Ended 

 

 

 

September 30

 

 

September 30

 

 

    

2022

    

 

2021

    

 

2022

    

 

2021

 

 

 

Unaudited

 

 

 

($ thousands, except percentages)

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Based

 

$

 791,531

 

 

 

 

$

 681,164

 

 

 

 

$

 2,299,464

 

 

 

 

$

 1,890,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ArcBest(1)

 

 

 515,235

 

 

 

 

 

 305,207

 

 

 

 

 

 1,660,174

 

 

 

 

 

 828,291

 

 

 

FleetNet

 

 

 89,276

 

 

 

 

 

 66,514

 

 

 

 

 

 249,786

 

 

 

 

 

 185,224

 

 

 

Total Asset-Light

 

 

 604,511

 

 

 

 

 

 371,721

 

 

 

 

 

 1,909,960

 

 

 

 

 

 1,013,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other and eliminations

 

 

 (44,211)

 

 

 

 

 

 (36,228)

 

 

 

 

 

 (129,590)

 

 

 

 

 

 (108,960)

 

 

 

Total consolidated revenues

 

$

 1,351,831

 

 

 

 

$

 1,016,657

 

 

 

 

$

 4,079,834

 

 

 

 

$

 2,794,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Based

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, wages, and benefits

 

$

 332,359

 

 42.0

%

 

$

 305,839

 

 44.9

%

 

$

 973,924

 

 42.4

%

 

$

 893,903

 

 47.3

%

Fuel, supplies, and expenses

 

 

 97,279

 

 12.3

 

 

 

 66,947

 

 9.8

 

 

 

 281,406

 

 12.2

 

 

 

 192,477

 

 10.2

 

Operating taxes and licenses

 

 

 13,089

 

 1.6

 

 

 

 12,426

 

 1.8

 

 

 

 38,405

 

 1.7

 

 

 

 36,977

 

 2.0

 

Insurance

 

 

 13,180

 

 1.7

 

 

 

 10,175

 

 1.5

 

 

 

 35,808

 

 1.5

 

 

 

 28,568

 

 1.5

 

Communications and utilities

 

 

 4,794

 

 0.6

 

 

 

 4,559

 

 0.7

 

 

 

 14,129

 

 0.6

 

 

 

 14,192

 

 0.7

 

Depreciation and amortization

 

 

 24,117

 

 3.0

 

 

 

 23,233

 

 3.4

 

 

 

 72,885

 

 3.2

 

 

 

 70,025

 

 3.7

 

Rents and purchased transportation

 

 

 123,714

 

 15.6

 

 

 

 95,855

 

 14.1

 

 

 

 348,249

 

 15.1

 

 

 

 266,525

 

 14.1

 

Shared services

 

 

 72,286

 

 9.1

 

 

 

 71,017

 

 10.4

 

 

 

 215,020

 

 9.4

 

 

 

 196,255

 

 10.4

 

Gain on sale of property and equipment(2)

 

 

 (5,910)

 

 (0.7)

 

 

 

 

 

 

 

 

 

 (9,975)

 

 (0.4)

 

 

 

 (8,624)

 

 (0.5)

 

Innovative technology costs(3)

 

 

 6,068

 

 0.8

 

 

 

 6,903

 

 1.0

 

 

 

 20,982

 

 0.9

 

 

 

 21,303

 

 1.1

 

Other

 

 

 1,243

 

 0.2

 

 

 

 592

 

 0.1

 

 

 

 2,629

 

 0.1

 

 

 

 1,103

 

 0.1

 

Total Asset-Based

 

 

 682,219

 

 86.2

%

 

 

 597,546

 

 87.7

%

 

 

 1,993,462

 

 86.7

%

 

 

 1,712,704

 

 90.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ArcBest(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

 

$

 425,567

 

 82.6

%

 

$

 256,900

 

 84.2

%

 

$

 1,382,107

 

 83.3

%

 

$

 694,498

 

 83.8

%

Supplies and expenses

 

 

 4,378

 

 0.9

 

 

 

 2,741

 

 0.9

 

 

 

 11,907

 

 0.7

 

 

 

 7,785

 

 0.9

 

Depreciation and amortization(4)

 

 

 5,072

 

 1.0

 

 

 

 2,352

 

 0.8

 

 

 

 15,720

 

 0.9

 

 

 

 7,104

 

 0.9

 

Shared services

 

 

 56,371

 

 10.9

 

 

 

 31,048

 

 10.2

 

 

 

 164,554

 

 9.9

 

 

 

 86,198

 

 10.4

 

Gain on sale of subsidiary(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (402)

 

 

 

 

 

 (6,923)

 

 (0.8)

 

Other

 

 

 8,463

 

 1.6

 

 

 

 1,984

 

 0.6

 

 

 

 22,309

 

 1.3

 

 

 

 6,055

 

 0.7

 

 

 

 

 499,851

 

 97.0

%

 

 

 295,025

 

 96.7

%

 

 

 1,596,195

 

 96.1

%

 

 

 794,717

 

 95.9

%

FleetNet

 

 

 88,395

 

 99.0

%

 

 

 65,245

 

 98.1

%

 

 

 245,596

 

 98.3

%

 

 

 181,794

 

 98.1

%

Total Asset-Light

 

 

 588,246

 

 

 

 

 

 360,270

 

 

 

 

 

 1,841,791

 

 

 

 

 

 976,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other and eliminations(6)

 

 

 (34,395)

 

 

 

 

 

 (28,720)

 

 

 

 

 

 (103,454)

 

 

 

 

 

 (88,423)

 

 

 

Total consolidated operating expenses

 

$

 1,236,070

 

 91.4

%

 

$

 929,096

 

 91.4

%

 

$

 3,731,799

 

 91.5

%

 

$

 2,600,792

 

 93.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Based

 

$

 109,312

 

 

 

 

$

 83,618

 

 

 

 

$

 306,002

 

 

 

 

$

 177,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ArcBest(1)

 

 

 15,384

 

 

 

 

 

 10,182

 

 

 

 

 

 63,979

 

 

 

 

 

 33,574

 

 

 

FleetNet

 

 

 881

 

 

 

 

 

 1,269

 

 

 

 

 

 4,190

 

 

 

 

 

 3,430

 

 

 

Total Asset-Light

 

 

 16,265