Advancing Strategic Initiatives to Better
Serve Customers,
Drive Efficiencies and Enhance
Value
Celebrates 100 Years of Delivering
Cutting-Edge Supply Chain
and Logistics Solutions to
Customers Worldwide
- Delivered fourth quarter 2022 net income of $37.3 million, or $1.48 per diluted share, with non-GAAP fourth
quarter 2022 net income of $61.6
million, or $2.45 per diluted
share.
- Generated full year 2022 net income of $298.2 million, or $11.69 per diluted share. On a non-GAAP basis,
full year 2022 net income was $348.4
million, or $13.66 per diluted
share.
- Achieved a second consecutive year of record-setting annual
revenue and net income.
- Returned $76 million to
shareholders through stock repurchase program and dividends
paid.
- Continued strong results will enable ABF Freight to pay a
profit-sharing bonus to qualifying union-represented employees for
the fourth year in a row.
FORT
SMITH, Ark., Feb. 3, 2023
/PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a
leader in supply chain logistics, today reported fourth
quarter 2022 revenue of $1.2
billion, reflecting an increase of $59.0 million compared to fourth quarter 2021.
Fourth quarter 2022 results include the impact of a full quarter of
the operations of MoLo Solutions, LLC ("MoLo"), for which the
acquisition closed on November 1,
2021.
ArcBest's fourth quarter 2022 operating income was $51.2 million and net income was $37.3 million, or $1.48 per diluted share, compared to fourth
quarter 2021 operating income of $86.9
million and net income of $65.5
million, or $2.47 per diluted
share.
Excluding certain items in both periods as identified in the
attached reconciliation tables, fourth quarter 2022 non-GAAP
operating income was $82.7 million,
compared to $102.2 million in the
prior-year period. On a non-GAAP basis, net income was $61.6 million, or $2.45 per diluted share, in fourth quarter 2022
compared to $73.9 million, or
$2.79 per diluted share, in fourth
quarter 2021.
ArcBest's full year 2022 revenue totaled a record $5.3 billion compared to $4.0 billion in 2021. Net income was $298.2 million, or $11.69 per diluted share, compared to net income
of $213.5 million, or $7.98 per diluted share in 2021. On a non-GAAP
basis, ArcBest's 2022 net income was $348.4
million, or $13.66 per diluted
share, compared to net income of $228.0
million, or $8.52 per diluted
share, in 2021.
"I am pleased to report that ArcBest exceeded $5 billion in annual revenue for the first time
and delivered the highest annual earnings per share in company
history," said Judy R. McReynolds,
ArcBest chairman, president and CEO. "Our fourth quarter and
record-breaking full-year 2022 results are directly related to our
relentless pursuit of excellence. Despite the challenges in
2022 as a result of ongoing macro trends, the ArcBest team remained
focused on serving our customers and advancing our strategic
initiatives. We see tremendous opportunity ahead as we celebrate
our 100th anniversary in 2023 – an impressive milestone that would
not be possible without our dedicated people, who are at the heart
of our success. Looking forward, we are confident that our
continued investments in ArcBest's people, our unrivaled network of
integrated logistics solutions and innovative mindset will drive
continued growth, greater efficiency and value creation for
generations to come."
Fourth Quarter Results of Operations Comparisons
Asset-Based
Fourth Quarter
2022 Versus Fourth Quarter 2021
- Revenue of $711.4 million
compared to $683.5 million, a per-day
increase of 4.9 percent.
- Total tonnage per day decrease of 5.5 percent, including a
decrease of 1.6 percent in LTL-rated weight per shipment.
- Total shipments per day increase of 0.8 percent.
- Total billed revenue per hundredweight increased 9.3 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 low single digits.
- Operating income of $75.1 million
compared to $83.1 million. On a
non-GAAP basis, operating income of $81.4
million compared to $89.5
million.
Monthly business levels in ArcBest's Asset-Based business slowed
throughout the fourth quarter, resulting in moderate year-over-year
revenue growth associated with flat, total daily shipments combined
with a decrease in total freight tonnage and an increase in
price. Market conditions and diminished customer demand
contributed to a decrease in the size of shipments moving through
the Asset-Based network. Total Asset-Based freight trends
were weaker in the quarter. However, year-over-year revenue
and operating statistics on LTL-rated shipments were better than
those of Truckload-rated spot shipments, including household goods
U-Pack moves, whose demand was impacted by current market
conditions and revenue optimization actions.
Fourth quarter pricing levels were solid and followed historic
LTL price increases in previous quarters. ArcBest's focus on
maximizing yield management opportunities continues. During
the current period of reduced business levels, ArcBest is focused
on effectively managing personnel, equipment and other network
resources to provide superior customer service, while controlling
costs and working to improve profit margins. Optimization
initiatives in the Asset-Based network are positively contributing
to efficiency improvements and reduced
costs.
As a result of the operating ratio achieved in 2022, ABF Freight
will pay a 3% profit-sharing bonus to qualifying union-represented
employees – the maximum amount provided in its collective
bargaining agreement.
"Our integrated solutions are a differentiator for us and the
team at ABF Freight is a key part of that. It's because of their
efforts that we're able to pay a profit-sharing bonus for the
fourth year in a row, and at the highest level," added
McReynolds.
Asset-Light‡
Fourth
Quarter 2022 Versus Fourth Quarter 2021 (including the results of
MoLo beginning November 1, 2021)
- Revenue of $572.4 million
compared to $541.2 million, a per-day
increase of 6.6 percent.
- Operating loss of $9.6 million,
including a charge of $17.5 million
associated with the increase in fair value of the contingent
earnout consideration recorded for the November 1, 2021 MoLo acquisition, compared to
operating income of $13.9 million. On
a non–GAAP basis, operating income of $11.1 million compared to $16.4 million.
- Adjusted earnings before interest, taxes, depreciation and
amortization ("Adjusted EBITDA") of $13.4
million compared to $18.6
million, as detailed in the attached non-GAAP reconciliation
tables.
In the ArcBest Asset-Light segment, following growth earlier in
the year, total revenue levels during the recent quarter were
comparable to the previous year period. Fourth quarter 2022
benefited from a full quarter of operations of MoLo; however,
revenue levels versus the prior year quarter were impacted by a
slowdown in customer shipping volumes, softness in market rates and
changes in business mix, including fewer expedite and international
shipments. Daily fourth quarter Asset-Light truckload
shipments, compared to the recent third quarter, increased by a
percentage in the high-single digits. Enhanced truckload
capabilities as a result of the MoLo acquisition are an essential
part of the creative logistics solutions ArcBest is delivering to
customers during a more challenging economic environment. In
addition, year-over-year growth in managed transportation services
was a positive contributor to quarterly revenue totals.
Fourth quarter operating margins were pressured as sequential
revenue levels decreased as a result of weakening market conditions
and three fewer workdays versus third quarter 2022, while operating
expenses, excluding purchased transportation and the increase in
fair value of contingent earnout consideration related to the MoLo
acquisition, were at similar levels to those in the recent third
quarter. Moving forward, ArcBest Asset-Light operating costs
will be monitored and managed in response to customer demand and
on-going market conditions.
Increased event volume combined with improved revenue per event
contributed to higher quarterly revenue for the FleetNet segment
and an increase in operating income over the prior year's fourth
quarter.
Full Year Results of Operations Comparisons
Asset-Based
Full
Year 2022 Versus Full Year 2021
- Revenue of $3.0 billion, compared
to $2.6 billion, a per-day increase
of 17.0 percent.
- Tonnage per day increase of 1.6 percent.
- Shipments per day increase of 1.5 percent.
- Total billed revenue per hundredweight increase of 14.5
percent, positively impacted by higher fuel surcharges.
- Operating income of $381.1
million compared to $260.7
million. On a non-GAAP basis, operating income of
$409.6 million compared to
$288.3 million.
- Profit-sharing bonus to qualifying union-represented ABF
Freight employees of approximately $16.2
million, an increase of approximately $1 million over the amount paid for 2021.
Asset-Light‡
Full
Year 2022 Versus Full Year 2021 (including the
results of MoLo beginning November 1,
2021)
- Revenue of $2.5 billion compared
to $1.6 billion, a per-day increase
of 59.7 percent.
- Operating income of $58.6
million, including a charge of $18.3
million associated with the increase in fair value of the
contingent earnout consideration recorded for the November 1, 2021 MoLo acquisition, compared to
operating income of $50.9 million. On
a non-GAAP basis, operating income of $89.7
million compared to $49.3
million.
- Adjusted EBITDA of $99.1 million
compared to $57.1 million.
Capital Expenditures
In 2022, total net capital expenditures, including equipment
financed, equaled $211 million. Net
capital expenditures in 2022 included $93
million of revenue equipment, the majority of which was for
ArcBest's Asset-Based operation. Revenue equipment purchases in
2022 were lower than the original estimate because of supply
chain-related manufacturing delays and cancellations, primarily on
new road tractors and trailers. Depreciation and amortization costs
on property, plant and equipment were $127
million in 2022.
Share Repurchase and Quarterly Dividend Programs
ArcBest generated solid cash from operations in 2022 and
continued to return capital to shareholders through its share
repurchase and dividend programs. In 2022, 822,106 ArcBest
shares were purchased for $65
million. Currently, $26.5
million remains available under the authorized program for
future common stock purchases. In April
2022, the ArcBest Board of Directors authorized a fifty
percent increase in ArcBest's quarterly cash dividend to
twelve cents per share from the
previous eight cents per share.
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 fourth quarter and full year 2022 results. The
call will be today, Friday, February
3, at 9:30 a.m. EST
(8:30 a.m. CST). Interested parties
are invited to listen by calling (877) 231-8701 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 February 3, 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 March 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 22025410. The conference call and playback can also be
accessed, through March 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 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 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 and twelve months ended December 31, 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; data breach, cybersecurity
incidents, and/or failure 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 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 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;
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 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 and rising interest rates; 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
|
|
Year Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
(Unaudited)
|
|
|
|
($ thousands, except share and
per share data)
|
|
REVENUES
|
|
$
|
1,244,218
|
|
$
|
1,185,224
|
|
$
|
5,324,052
|
|
$
|
3,980,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
1,192,984
|
|
|
1,098,289
|
|
|
4,924,783
|
|
|
3,699,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
51,234
|
|
|
86,935
|
|
|
399,269
|
|
|
280,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(COSTS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend
income
|
|
|
2,343
|
|
|
238
|
|
|
3,957
|
|
|
1,275
|
|
Interest and other
related financing costs
|
|
|
(2,150)
|
|
|
(2,130)
|
|
|
(7,701)
|
|
|
(8,904)
|
|
Other, net
|
|
|
1,452
|
|
|
1,156
|
|
|
(2,370)
|
|
|
3,797
|
|
|
|
|
1,645
|
|
|
(736)
|
|
|
(6,114)
|
|
|
(3,832)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
|
52,879
|
|
|
86,199
|
|
|
393,155
|
|
|
277,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
PROVISION
|
|
|
15,542
|
|
|
20,711
|
|
|
94,946
|
|
|
63,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
|
37,337
|
|
$
|
65,488
|
|
$
|
298,209
|
|
$
|
213,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.53
|
|
$
|
2.60
|
|
$
|
12.13
|
|
$
|
8.38
|
|
Diluted
|
|
$
|
1.48
|
|
$
|
2.47
|
|
$
|
11.69
|
|
$
|
7.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE COMMON
SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
24,420,325
|
|
|
25,211,666
|
|
|
24,585,205
|
|
|
25,471,939
|
|
Diluted
|
|
|
25,146,664
|
|
|
26,467,420
|
|
|
25,504,508
|
|
|
26,772,126
|
|
ARCBEST
CORPORATION CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
|
|
(Unaudited)
|
|
Note
|
|
|
|
($ thousands, except share data)
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
158,372
|
|
$
|
76,620
|
|
Short-term
investments
|
|
|
167,662
|
|
|
48,339
|
|
Accounts receivable,
less allowances (2022 - $14,172; 2021 - $13,226)
|
|
|
580,515
|
|
|
582,344
|
|
Other accounts
receivable, less allowances (2022 - $713; 2021 - $690)
|
|
|
11,867
|
|
|
13,094
|
|
Prepaid
expenses
|
|
|
40,240
|
|
|
40,104
|
|
Prepaid and refundable
income taxes
|
|
|
19,239
|
|
|
9,654
|
|
Other
|
|
|
11,888
|
|
|
5,898
|
|
TOTAL CURRENT
ASSETS
|
|
|
989,783
|
|
|
776,053
|
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT
|
|
|
|
|
|
|
|
Land and
structures
|
|
|
406,620
|
|
|
350,694
|
|
Revenue
equipment
|
|
|
1,038,832
|
|
|
980,283
|
|
Service, office, and
other equipment
|
|
|
302,891
|
|
|
251,085
|
|
Software
|
|
|
180,929
|
|
|
175,989
|
|
Leasehold
improvements
|
|
|
23,466
|
|
|
16,931
|
|
|
|
|
1,952,738
|
|
|
1,774,982
|
|
Less allowances for
depreciation and amortization
|
|
|
1,142,218
|
|
|
1,079,061
|
|
|
|
|
810,520
|
|
|
695,921
|
|
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
305,382
|
|
|
300,337
|
|
INTANGIBLE ASSETS,
NET
|
|
|
113,796
|
|
|
126,580
|
|
OPERATING
RIGHT-OF-USE ASSETS
|
|
|
166,515
|
|
|
106,686
|
|
DEFERRED INCOME
TAXES
|
|
|
6,342
|
|
|
5,470
|
|
OTHER LONG-TERM
ASSETS
|
|
|
101,948
|
|
|
101,629
|
|
TOTAL
ASSETS
|
|
$
|
2,494,286
|
|
$
|
2,112,676
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
317,541
|
|
$
|
311,401
|
|
Income taxes
payable
|
|
|
16,630
|
|
|
12,087
|
|
Accrued
expenses
|
|
|
341,822
|
|
|
305,851
|
|
Current portion of
long-term debt
|
|
|
66,252
|
|
|
50,615
|
|
Current portion of
operating lease liabilities
|
|
|
26,225
|
|
|
22,740
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
768,470
|
|
|
702,694
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT, less
current portion
|
|
|
198,371
|
|
|
174,917
|
|
OPERATING LEASE
LIABILITIES, less current portion
|
|
|
147,828
|
|
|
88,835
|
|
POSTRETIREMENT
LIABILITIES, less current portion
|
|
|
12,196
|
|
|
16,733
|
|
OTHER LONG-TERM
LIABILITIES
|
|
|
154,745
|
|
|
135,537
|
|
DEFERRED INCOME
TAXES
|
|
|
61,275
|
|
|
64,893
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Common stock, $0.01 par
value, authorized 70,000,000 shares;
issued 2022: 29,758,716 shares;
2021: 29,359,597 shares
|
|
|
298
|
|
|
294
|
|
Additional paid-in
capital
|
|
|
339,582
|
|
|
318,033
|
|
Retained
earnings
|
|
|
1,088,693
|
|
|
801,314
|
|
Treasury
stock, at cost, 2022: 5,529,383 shares; 2021: 4,492,514
shares
|
|
|
(284,275)
|
|
|
(194,273)
|
|
Accumulated other
comprehensive income
|
|
|
7,103
|
|
|
3,699
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
|
|
1,151,401
|
|
|
929,067
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
2,494,286
|
|
$
|
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
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
|
|
Unaudited
|
|
|
|
($ thousands)
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
Net income
|
|
$
|
298,209
|
|
$
|
213,521
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
127,119
|
|
|
118,864
|
|
Amortization of
intangibles
|
|
|
12,920
|
|
|
5,357
|
|
Share-based
compensation expense
|
|
|
12,775
|
|
|
11,426
|
|
Provision for losses
on accounts receivable
|
|
|
6,955
|
|
|
1,466
|
|
Change in deferred
income taxes
|
|
|
(6,250)
|
|
|
(7,589)
|
|
Gain on sale of
property and equipment
|
|
|
(11,650)
|
|
|
(8,520)
|
|
Gain on sale of
subsidiary
|
|
|
(402)
|
|
|
(6,923)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
(10,349)
|
|
|
(122,782)
|
|
Prepaid
expenses
|
|
|
(410)
|
|
|
(1,482)
|
|
Other
assets
|
|
|
(2,941)
|
|
|
354
|
|
Income
taxes
|
|
|
(5,041)
|
|
|
13,136
|
|
Operating right-of-use
assets and lease liabilities, net
|
|
|
2,952
|
|
|
623
|
|
Accounts payable,
accrued expenses, and other liabilities
|
|
|
46,932
|
|
|
106,064
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
|
|
470,819
|
|
|
323,515
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment, net of financings
|
|
|
(148,223)
|
|
|
(58,412)
|
|
Proceeds from sale of
property and equipment
|
|
|
19,691
|
|
|
13,815
|
|
Business acquisition,
net of cash acquired(1)
|
|
|
2,279
|
|
|
(239,380)
|
|
Proceeds from sale of
subsidiary
|
|
|
475
|
|
|
9,013
|
|
Purchases of short-term
investments
|
|
|
(182,352)
|
|
|
(56,011)
|
|
Proceeds from sale of
short-term investments
|
|
|
64,329
|
|
|
73,182
|
|
Purchase of long-term
investments
|
|
|
—
|
|
|
(25,350)
|
|
Capitalization of
internally developed software
|
|
|
(17,282)
|
|
|
(20,061)
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(261,083)
|
|
|
(303,204)
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Borrowings under credit
facilities
|
|
|
58,000
|
|
|
50,000
|
|
Proceeds from notes
payable
|
|
|
14,206
|
|
|
3,523
|
|
Payments on long-term
debt
|
|
|
(115,540)
|
|
|
(171,915)
|
|
Net change in book
overdrafts
|
|
|
8,356
|
|
|
(1,957)
|
|
Deferred financing
costs
|
|
|
(952)
|
|
|
(314)
|
|
Payment of common stock
dividends
|
|
|
(10,830)
|
|
|
(8,139)
|
|
Purchases of treasury
stock
|
|
|
(65,002)
|
|
|
(83,100)
|
|
Forward contract for
accelerated share repurchase
|
|
|
—
|
|
|
(25,000)
|
|
Payments for tax
withheld on share-based compensation
|
|
|
(16,222)
|
|
|
(10,743)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
|
(127,984)
|
|
|
(247,645)
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
81,752
|
|
|
(227,334)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
76,620
|
|
|
303,954
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
|
$
|
158,372
|
|
$
|
76,620
|
|
|
|
|
|
|
|
|
|
NONCASH
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Equipment
financed
|
|
$
|
82,425
|
|
$
|
59,700
|
|
Accruals for equipment
received
|
|
$
|
4,337
|
|
$
|
1,704
|
|
Lease liabilities
arising from obtaining right-of-use assets
|
|
$
|
87,294
|
|
$
|
14,671
|
|
____________________________
|
1)
|
For the year ended
December 31, 2022, represents cash received from escrow
for post-closing adjustments related to the acquisition of MoLo.
For the year ended December 31, 2021, represents the
acquisition of MoLo on November 1, 2021.
|
ARCBEST
CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA
AND OPERATING RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
Year Ended
|
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
Unaudited
|
|
|
|
($ thousands,
except percentages)
|
|
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
$
|
711,436
|
|
|
|
|
$
|
683,485
|
|
|
|
|
$
|
3,010,900
|
|
|
|
|
$
|
2,573,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ArcBest(1)
|
|
|
479,098
|
|
|
|
|
|
472,335
|
|
|
|
|
|
2,139,272
|
|
|
|
|
|
1,300,626
|
|
|
|
FleetNet
|
|
|
93,270
|
|
|
|
|
|
68,863
|
|
|
|
|
|
343,056
|
|
|
|
|
|
254,087
|
|
|
|
Total
Asset-Light
|
|
|
572,368
|
|
|
|
|
|
541,198
|
|
|
|
|
|
2,482,328
|
|
|
|
|
|
1,554,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other and
eliminations
|
|
|
(39,586)
|
|
|
|
|
|
(39,459)
|
|
|
|
|
|
(169,176)
|
|
|
|
|
|
(148,419)
|
|
|
|
Total consolidated
revenues
|
|
$
|
1,244,218
|
|
|
|
|
$
|
1,185,224
|
|
|
|
|
$
|
5,324,052
|
|
|
|
|
$
|
3,980,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages, and
benefits
|
|
$
|
319,563
|
|
44.9
|
%
|
|
$
|
304,350
|
|
44.5
|
%
|
|
$
|
1,293,487
|
|
43.0
|
%
|
|
$
|
1,198,253
|
|
46.6
|
%
|
Fuel, supplies, and
expenses
|
|
|
97,152
|
|
13.7
|
|
|
|
73,662
|
|
10.8
|
|
|
|
378,558
|
|
12.6
|
|
|
|
266,139
|
|
10.3
|
|
Operating taxes and
licenses
|
|
|
13,885
|
|
1.9
|
|
|
|
12,484
|
|
1.8
|
|
|
|
52,290
|
|
1.7
|
|
|
|
49,461
|
|
1.9
|
|
Insurance
|
|
|
11,574
|
|
1.6
|
|
|
|
9,232
|
|
1.4
|
|
|
|
47,382
|
|
1.6
|
|
|
|
37,800
|
|
1.5
|
|
Communications and
utilities
|
|
|
4,820
|
|
0.7
|
|
|
|
4,581
|
|
0.7
|
|
|
|
18,949
|
|
0.6
|
|
|
|
18,773
|
|
0.7
|
|
Depreciation and
amortization
|
|
|
24,437
|
|
3.4
|
|
|
|
23,774
|
|
3.5
|
|
|
|
97,322
|
|
3.2
|
|
|
|
93,799
|
|
3.6
|
|
Rents and purchased
transportation
|
|
|
92,918
|
|
13.1
|
|
|
|
97,820
|
|
14.3
|
|
|
|
441,167
|
|
14.6
|
|
|
|
364,345
|
|
14.2
|
|
Shared
services
|
|
|
66,678
|
|
9.4
|
|
|
|
67,277
|
|
9.8
|
|
|
|
281,698
|
|
9.4
|
|
|
|
263,532
|
|
10.2
|
|
Gain on sale of
property and equipment(2)
|
|
|
(2,493)
|
|
(0.4)
|
|
|
|
(52)
|
|
—
|
|
|
|
(12,468)
|
|
(0.4)
|
|
|
|
(8,676)
|
|
(0.3)
|
|
Innovative technology
costs(3)
|
|
|
6,225
|
|
0.9
|
|
|
|
6,328
|
|
0.9
|
|
|
|
27,207
|
|
0.9
|
|
|
|
27,631
|
|
1.1
|
|
Other
|
|
|
1,546
|
|
0.2
|
|
|
|
906
|
|
0.1
|
|
|
|
4,175
|
|
0.1
|
|
|
|
2,009
|
|
0.1
|
|
Total
Asset-Based
|
|
|
636,305
|
|
89.4
|
%
|
|
|
600,362
|
|
87.8
|
%
|
|
|
2,629,767
|
|
87.3
|
%
|
|
|
2,313,066
|
|
89.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ArcBest(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
transportation
|
|
$
|
402,561
|
|
84.0
|
%
|
|
$
|
402,834
|
|
85.3
|
%
|
|
$
|
1,784,668
|
|
83.4
|
%
|
|
$
|
1,097,332
|
|
84.4
|
%
|
Supplies and
expenses
|
|
|
3,908
|
|
0.8
|
|
|
|
2,746
|
|
0.6
|
|
|
|
15,815
|
|
0.7
|
|
|
|
10,531
|
|
0.8
|
|
Depreciation and
amortization(4)
|
|
|
5,010
|
|
1.0
|
|
|
|
4,283
|
|
0.9
|
|
|
|
20,730
|
|
1.0
|
|
|
|
11,387
|
|
0.9
|
|
Shared
services
|
|
|
53,579
|
|
11.2
|
|
|
|
45,939
|
|
9.7
|
|
|
|
218,133
|
|
10.2
|
|
|
|
132,137
|
|
10.1
|
|
Gain on sale of
subsidiary(5)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(402)
|
|
—
|
|
|
|
(6,923)
|
|
(0.5)
|
|
Other(6)
|
|
|
25,294
|
|
5.3
|
|
|
|
3,710
|
|
0.8
|
|
|
|
47,603
|
|
2.2
|
|
|
|
9,765
|
|
0.7
|
|
|
|
|
490,352
|
|
102.3
|
%
|
|
|
459,512
|
|
97.3
|
%
|
|
|
2,086,547
|
|
97.5
|
%
|
|
|
1,254,229
|
|
96.4
|
%
|
FleetNet
|
|
|
91,635
|
|
98.2
|
%
|
|
|
67,749
|
|
98.4
|
%
|
|
|
337,231
|
|
98.3
|
%
|
|
|
249,543
|
|
98.2
|
%
|
Total
Asset-Light
|
|
|
581,987
|
|
|
|
|
|
527,261
|
|
|
|
|
|
2,423,778
|
|
|
|
|
|
1,503,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other and
eliminations
|
|
|
(25,308)
|
|
|
|
|
|
(29,334)
|
|
|
|
|
|
(128,762)
|
|
|
|
|
|
(117,757)
|
|
|
|
Total consolidated
operating expenses
|
|
$
|
1,192,984
|
|
95.9
|
%
|
|
$
|
1,098,289
|
|
92.7
|
%
|
|
$
|
4,924,783
|
|
92.5
|
%
|
|
$
|
3,699,081
|
|
92.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Based
|
|
$
|
75,131
|
|
|
|
|
$
|
83,123
|
|
|
|
|
$
|
381,133
|
|
|
|
|
$
|
260,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ArcBest(1)
|
|
|
(11,254)
|
|
|
|
|
|
12,823
|
|
|
|
|
|
52,725
|
|
|
|
|
|
46,397
|
|
|
|
FleetNet
|
|
|
1,635
|
|
|
|
|
|
1,114
|
|
|
|
|
|
5,825
|
|
|
|
|
|
4,544
|
|
|
|
Total
Asset-Light
|
|
|
(9,619)
|
|
|
|
|
|
13,937
|
|
|
|
|
|
58,550
|
|
|
|
|
|
50,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other and
eliminations(7)
|
|
|
(14,278)
|
|
|
|
|
|
(10,125)
|
|
|
|
|
|
(40,414)
|
|
|
|
|
|
(30,662)
|
|
|
|
Total consolidated
operating income
|
|
$
|
51,234
|
|
|
|
|
$
|
86,935
|
|
|
|
|
$
|
399,269
|
|
|
|
|
$
|
280,986
|
|
|
|
___________________________
|
1)
|
The 2021 and 2022
periods include the operations of MoLo since the November 1, 2021
acquisition date.
|
2)
|
The year ended December
31, 2022 includes a $4.3 million noncash gain on a like-kind
property exchange of a service center. The year ended December 31,
2021 includes an $8.6 million gain on the sale of an
unutilized service center property.
|
3)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight.
|
4)
|
Depreciation and
amortization includes amortization of intangibles associated with
acquired businesses.
|
5)
|
Gain relates to the
sale of the labor services portion of the ArcBest segment's moving
business in second quarter 2021, including the contingent amount
recognized in second quarter 2022 when the funds were released from
escrow.
|
6)
|
The three months and
year ended December 31, 2022 include the increase in fair value of
the contingent earnout consideration of $17.5 million and $18.3
million, respectively, recorded for the MoLo acquisition (See Note
3 of the Notes to Non-GAAP Financial Tables).
|
7)
|
"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. 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
|
|
Year Ended
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
ArcBest Corporation
- Consolidated
|
|
(Unaudited)
|
|
|
|
($ thousands,
except per share data)
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
51,234
|
|
$
|
86,935
|
|
$
|
399,269
|
|
$
|
280,986
|
|
Innovative technology
costs, pre-tax(1)
|
|
|
10,713
|
|
|
8,454
|
|
|
40,796
|
|
|
32,845
|
|
Purchase accounting
amortization, pre-tax(2)
|
|
|
3,213
|
|
|
2,455
|
|
|
12,853
|
|
|
5,266
|
|
Change in fair value of
contingent consideration, pre-tax(3)
|
|
|
17,490
|
|
|
—
|
|
|
18,300
|
|
|
—
|
|
Gain on sale of
subsidiary, pre-tax(4)
|
|
|
—
|
|
|
—
|
|
|
(402)
|
|
|
(6,923)
|
|
Nonunion vacation
policy enhancement, pre-tax(5)
|
|
|
—
|
|
|
—
|
|
|
2,080
|
|
|
—
|
|
Transaction costs,
pre-tax(6)
|
|
|
—
|
|
|
4,362
|
|
|
—
|
|
|
5,969
|
|
Non-GAAP
amounts
|
|
$
|
82,650
|
|
$
|
102,206
|
|
$
|
472,896
|
|
$
|
318,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
37,337
|
|
$
|
65,488
|
|
$
|
298,209
|
|
$
|
213,521
|
|
Innovative technology
costs, after-tax (includes related financing
costs)(1)
|
|
|
8,136
|
|
|
6,388
|
|
|
30,822
|
|
|
24,871
|
|
Purchase accounting
amortization, after-tax(2)
|
|
|
2,396
|
|
|
1,837
|
|
|
9,585
|
|
|
3,940
|
|
Change in fair value of
contingent consideration, after-tax(3)
|
|
|
13,043
|
|
|
—
|
|
|
13,647
|
|
|
—
|
|
Gain on sale of
subsidiary, after-tax(4)
|
|
|
—
|
|
|
—
|
|
|
(317)
|
|
|
(5,437)
|
|
Nonunion vacation
policy enhancement, after-tax(5)
|
|
|
—
|
|
|
—
|
|
|
1,546
|
|
|
—
|
|
Transaction costs,
after-tax(6)
|
|
|
—
|
|
|
3,222
|
|
|
—
|
|
|
4,409
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
(942)
|
|
|
(1,215)
|
|
|
2,737
|
|
|
(4,123)
|
|
Tax expense (benefit)
from vested RSUs(7)
|
|
|
223
|
|
|
(236)
|
|
|
(8,087)
|
|
|
(7,647)
|
|
Tax
credits(8)
|
|
|
1,424
|
|
|
(1,540)
|
|
|
234
|
|
|
(1,540)
|
|
Non-GAAP
amounts
|
|
$
|
61,617
|
|
$
|
73,944
|
|
$
|
348,376
|
|
$
|
227,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
1.48
|
|
$
|
2.47
|
|
$
|
11.69
|
|
$
|
7.98
|
|
Innovative technology
costs, after-tax (includes related financing
costs)(1)
|
|
|
0.32
|
|
|
0.24
|
|
|
1.21
|
|
|
0.93
|
|
Purchase accounting
amortization, after-tax(2)
|
|
|
0.10
|
|
|
0.07
|
|
|
0.38
|
|
|
0.15
|
|
Change in fair value of
contingent consideration, after-tax(3)
|
|
|
0.52
|
|
|
—
|
|
|
0.54
|
|
|
—
|
|
Gain on sale of
subsidiary, after-tax(4)
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
(0.20)
|
|
Nonunion vacation
policy enhancement, after-tax(5)
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
Transaction costs,
after-tax(6)
|
|
|
—
|
|
|
0.12
|
|
|
—
|
|
|
0.16
|
|
Life insurance proceeds
and changes in cash surrender value
|
|
|
(0.04)
|
|
|
(0.05)
|
|
|
0.11
|
|
|
(0.15)
|
|
Tax expense (benefit)
from vested RSUs(7)
|
|
|
0.01
|
|
|
(0.01)
|
|
|
(0.32)
|
|
|
(0.29)
|
|
Tax
credits(8)
|
|
|
0.06
|
|
|
(0.06)
|
|
|
0.01
|
|
|
(0.06)
|
|
Non-GAAP
amounts(9)
|
|
$
|
2.45
|
|
$
|
2.79
|
|
$
|
13.66
|
|
$
|
8.52
|
|
________________________
|
Note: See "Notes to
Non-GAAP Financial Tables" for the footnotes to this ArcBest
Corporation – Consolidated non-GAAP table.
|
|
|
Three
Months Ended
|
|
Year Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Segment Operating
Income Reconciliations
|
|
(Unaudited)
|
|
|
|
($ thousands,
except percentages)
|
|
Asset-Based
Segment
|
|
|
|
|
|
Operating Income ($)
and Operating Ratio (% of revenues)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
75,131
|
|
89.4
|
%
|
|
$
|
83,123
|
|
87.8
|
%
|
|
$
|
381,133
|
|
87.3
|
%
|
|
$
|
260,707
|
|
89.9
|
%
|
|
Innovative technology
costs, pre-tax(10)
|
|
|
6,225
|
|
(0.9)
|
|
|
|
6,328
|
|
(0.9)
|
|
|
|
27,207
|
|
(0.9)
|
|
|
|
27,631
|
|
(1.1)
|
|
|
Nonunion vacation
policy enhancement,
pre-tax(5)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
1,245
|
|
—
|
|
|
|
—
|
|
—
|
|
|
Non-GAAP
amounts(9)
|
|
$
|
81,356
|
|
88.6
|
%
|
|
$
|
89,451
|
|
86.9
|
%
|
|
$
|
409,585
|
|
86.4
|
%
|
|
$
|
288,338
|
|
88.8
|
%
|
|
|
|
|
|
|
|
Asset-Light
|
|
|
|
|
|
ArcBest
Segment
|
|
|
|
|
|
Operating Income
($) and Operating Ratio (% of revenues)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
(11,254)
|
|
102.3
|
%
|
|
$
|
12,823
|
|
97.3
|
%
|
|
$
|
52,725
|
|
97.5
|
%
|
|
$
|
46,397
|
|
96.4
|
%
|
|
Purchase accounting
amortization,
pre-tax(2)
|
|
|
3,213
|
|
(0.7)
|
|
|
|
2,455
|
|
(0.5)
|
|
|
|
12,853
|
|
(0.6)
|
|
|
|
5,266
|
|
(0.4)
|
|
|
Change in fair value
of contingent
consideration, pre-tax(3)
|
|
|
17,490
|
|
(3.7)
|
|
|
|
—
|
|
—
|
|
|
|
18,300
|
|
(0.9)
|
|
|
|
—
|
|
—
|
|
|
Gain on sale of
subsidiary, pre-tax(4)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(402)
|
|
—
|
|
|
|
(6,923)
|
|
0.5
|
|
|
Nonunion vacation
policy
enhancement, pre-tax(5)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
318
|
|
—
|
|
|
|
—
|
|
—
|
|
|
Non-GAAP
amounts(9)
|
|
$
|
9,449
|
|
98.0
|
%
|
|
$
|
15,278
|
|
96.8
|
%
|
|
$
|
83,794
|
|
96.1
|
%
|
|
$
|
44,740
|
|
96.6
|
%
|
|
|
|
|
|
|
|
FleetNet
Segment
|
|
|
|
|
|
Operating Income
($) and Operating Ratio (% of revenues)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
1,635
|
|
98.2
|
%
|
|
$
|
1,114
|
|
98.4
|
%
|
|
$
|
5,825
|
|
98.3
|
%
|
|
$
|
4,544
|
|
98.2
|
%
|
|
Nonunion vacation
policy
enhancement, pre-tax(5)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
90
|
|
—
|
|
|
|
—
|
|
—
|
|
|
Non-GAAP
amounts(9)
|
|
$
|
1,635
|
|
98.2
|
%
|
|
$
|
1,114
|
|
98.4
|
%
|
|
$
|
5,915
|
|
98.3
|
%
|
|
$
|
4,544
|
|
98.2
|
%
|
|
|
|
|
|
|
|
Total
Asset-Light
|
|
|
|
|
|
Operating Income ($)
and Operating Ratio (% of revenues)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
(9,619)
|
|
101.7
|
%
|
|
$
|
13,937
|
|
97.4
|
%
|
|
$
|
58,550
|
|
97.6
|
%
|
|
$
|
50,941
|
|
96.7
|
%
|
|
Purchase accounting
amortization, pre-
tax(2)
|
|
|
3,213
|
|
(0.6)
|
|
|
|
2,455
|
|
(0.5)
|
|
|
|
12,853
|
|
(0.5)
|
|
|
|
5,266
|
|
(0.3)
|
|
|
Change in fair value of
contingent
consideration, pre-tax(3)
|
|
|
17,490
|
|
(3.1)
|
|
|
|
—
|
|
—
|
|
|
|
18,300
|
|
(0.7)
|
|
|
|
—
|
|
—
|
|
|
Gain on sale of
subsidiary, pre-tax(4)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(402)
|
|
—
|
|
|
|
(6,923)
|
|
0.4
|
|
|
Nonunion vacation
policy enhancement,
pre-tax(5)
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
408
|
|
—
|
|
|
|
—
|
|
—
|
|
|
Non-GAAP
amounts(9)
|
|
$
|
11,084
|
|
98.1
|
%
|
|
$
|
16,392
|
|
97.0
|
%
|
|
$
|
89,709
|
|
96.4
|
%
|
|
$
|
49,284
|
|
96.8
|
%
|
|
|
|
|
|
|
|
Other and
Eliminations
|
|
|
|
|
|
Operating Loss
($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts on GAAP
basis
|
|
$
|
(14,278)
|
|
|
|
|
$
|
(10,125)
|
|
|
|
|
$
|
(40,414)
|
|
|
|
|
$
|
(30,662)
|
|
|
|
|
Innovative technology
costs, pre-tax(1)
|
|
|
4,488
|
|
|
|
|
|
2,126
|
|
|
|
|
|
13,589
|
|
|
|
|
|
5,214
|
|
|
|
|
Nonunion vacation
policy enhancement,
pre-tax(5)
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
427
|
|
|
|
|
|
—
|
|
|
|
|
Transaction costs,
pre-tax(6)
|
|
|
—
|
|
|
|
|
|
4,362
|
|
|
|
|
|
—
|
|
|
|
|
|
5,969
|
|
|
|
|
Non-GAAP
amounts(9)
|
|
$
|
(9,790)
|
|
|
|
|
$
|
(3,637)
|
|
|
|
|
$
|
(26,398)
|
|
|
|
|
$
|
(19,479)
|
|
|
|
|
________________________
|
Note: See "Notes to
Non-GAAP Financial Tables" for the footnotes to this Segment
Operating Income Reconciliations non-GAAP table.
|
Effective Tax Rate
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ArcBest Corporation
- Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ thousands,
except percentages)
|
|
Three
Months Ended December 31, 2022
|
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
|
|
|
Operating
|
|
Income
|
|
Before
Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax
Rate(11)
|
Amounts on GAAP
basis
|
|
$
|
51,234
|
|
$
|
1,645
|
|
$
|
52,879
|
|
$
|
15,542
|
|
$
|
37,337
|
|
29.4
|
%
|
Innovative technology
costs(1)
|
|
|
10,713
|
|
|
244
|
|
|
10,957
|
|
|
2,821
|
|
|
8,136
|
|
25.7
|
|
Purchase accounting
amortization(2)
|
|
|
3,213
|
|
|
—
|
|
|
3,213
|
|
|
817
|
|
|
2,396
|
|
25.4
|
|
Change in fair value of
contingent consideration(3)
|
|
|
17,490
|
|
|
—
|
|
|
17,490
|
|
|
4,447
|
|
|
13,043
|
|
25.4
|
|
Nonunion vacation
policy enhancement(5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
Life insurance proceeds
and changes in cash surrender
value
|
|
|
—
|
|
|
(942)
|
|
|
(942)
|
|
|
—
|
|
|
(942)
|
|
—
|
|
Tax expense from vested
RSUs(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(223)
|
|
|
223
|
|
—
|
|
Tax
credits(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,424)
|
|
|
1,424
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
82,650
|
|
$
|
947
|
|
$
|
83,597
|
|
$
|
21,980
|
|
$
|
61,617
|
|
26.3
|
%
|
|
|
Year Ended December 31,
2022
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
|
|
|
Operating
|
|
Income
|
|
Before
Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax
Rate(11)
|
Amounts on GAAP
basis
|
|
$
|
399,269
|
|
$
|
(6,114)
|
|
$
|
393,155
|
|
$
|
94,946
|
|
$
|
298,209
|
|
24.1
|
%
|
Innovative technology
costs(1)
|
|
|
40,796
|
|
|
710
|
|
|
41,506
|
|
|
10,684
|
|
|
30,822
|
|
25.7
|
|
Purchase accounting
amortization(2)
|
|
|
12,853
|
|
|
—
|
|
|
12,853
|
|
|
3,268
|
|
|
9,585
|
|
25.4
|
|
Change in fair value of
contingent consideration(3)
|
|
|
18,300
|
|
|
—
|
|
|
18,300
|
|
|
4,653
|
|
|
13,647
|
|
25.4
|
|
Gain on sale of
subsidiary(4)
|
|
|
(402)
|
|
|
—
|
|
|
(402)
|
|
|
(85)
|
|
|
(317)
|
|
(21.1)
|
|
Nonunion vacation
policy enhancement(5)
|
|
|
2,080
|
|
|
—
|
|
|
2,080
|
|
|
534
|
|
|
1,546
|
|
25.7
|
|
Life insurance proceeds
and changes in cash surrender
value
|
|
|
—
|
|
|
2,737
|
|
|
2,737
|
|
|
—
|
|
|
2,737
|
|
—
|
|
Tax benefit from vested
RSUs(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,087
|
|
|
(8,087)
|
|
—
|
|
Tax
credits(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(234)
|
|
|
234
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
472,896
|
|
$
|
(2,667)
|
|
$
|
470,229
|
|
$
|
121,853
|
|
$
|
348,376
|
|
25.9
|
%
|
|
|
Three
Months Ended December 31, 2021
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
|
|
Operating
|
|
Income
|
|
Before
Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax
Rate(11)
|
Amounts on GAAP
basis
|
|
$
|
86,935
|
|
$
|
(736)
|
|
$
|
86,199
|
|
$
|
20,711
|
|
$
|
65,488
|
|
24.0
|
%
|
Innovative technology
costs(1)
|
|
|
8,454
|
|
|
149
|
|
|
8,603
|
|
|
2,215
|
|
|
6,388
|
|
25.7
|
|
Purchase accounting
amortization(2)
|
|
|
2,455
|
|
|
—
|
|
|
2,455
|
|
|
618
|
|
|
1,837
|
|
25.2
|
|
Transaction
costs(6)
|
|
|
4,362
|
|
|
—
|
|
|
4,362
|
|
|
1,140
|
|
|
3,222
|
|
26.1
|
|
Life insurance proceeds
and changes in cash surrender
value
|
|
|
—
|
|
|
(1,215)
|
|
|
(1,215)
|
|
|
—
|
|
|
(1,215)
|
|
—
|
|
Tax benefit from vested
RSUs(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
236
|
|
|
(236)
|
|
—
|
|
Tax
credits(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,540
|
|
|
(1,540)
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
102,206
|
|
$
|
(1,802)
|
|
$
|
100,404
|
|
$
|
26,460
|
|
$
|
73,944
|
|
26.4
|
%
|
|
|
Year Ended December 31,
2021
|
|
|
|
|
Other
|
|
Income
|
|
Income
|
|
|
|
|
|
|
|
|
Operating
|
|
Income
|
|
Before
Income
|
|
Tax
|
|
Net
|
|
|
|
|
Income
|
|
(Costs)
|
|
Taxes
|
|
Provision
|
|
Income
|
|
Tax
Rate(11)
|
Amounts on GAAP
basis
|
|
$
|
280,986
|
|
$
|
(3,832)
|
|
$
|
277,154
|
|
$
|
63,633
|
|
$
|
213,521
|
|
23.0
|
%
|
Innovative technology
costs(1)
|
|
|
32,845
|
|
|
646
|
|
|
33,491
|
|
|
8,620
|
|
|
24,871
|
|
25.7
|
|
Purchase accounting
amortization(2)
|
|
|
5,266
|
|
|
—
|
|
|
5,266
|
|
|
1,326
|
|
|
3,940
|
|
25.2
|
|
Gain on sale of
subsidiary(4)
|
|
|
(6,923)
|
|
|
—
|
|
|
(6,923)
|
|
|
(1,486)
|
|
|
(5,437)
|
|
(21.5)
|
|
Transaction
costs(6)
|
|
|
5,969
|
|
|
—
|
|
|
5,969
|
|
|
1,560
|
|
|
4,409
|
|
26.1
|
|
Life insurance proceeds
and changes in cash surrender
value
|
|
|
—
|
|
|
(4,123)
|
|
|
(4,123)
|
|
|
—
|
|
|
(4,123)
|
|
—
|
|
Tax benefit from vested
RSUs(7)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,647
|
|
|
(7,647)
|
|
—
|
|
Tax
credits(8)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,540
|
|
|
(1,540)
|
|
—
|
|
Non-GAAP
amounts
|
|
$
|
318,143
|
|
$
|
(7,309)
|
|
$
|
310,834
|
|
$
|
82,840
|
|
$
|
227,994
|
|
26.7
|
%
|
____________________________
|
Note: See "Notes to
Non-GAAP Financial Tables" for the footnotes to this Effective Tax
Rate Reconciliation non-GAAP table.
|
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 businesses and changes
in the fair value of contingent consideration, gain on sale of
subsidiary and transaction costs, which are significant expenses or
gains resulting from strategic decisions rather than core daily
operations. Additionally, Adjusted EBITDA is a primary component of
the financial covenants contained in our credit agreement. The
calculation of Consolidated Adjusted EBITDA as presented below
begins with net income, 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 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
|
|
Year Ended
|
|
|
December 31
|
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
(Unaudited)
|
|
ArcBest Corporation
- Consolidated Adjusted EBITDA
|
|
($ thousands)
|
|
|
|
|
Net
Income
|
|
$
|
37,337
|
|
$
|
65,488
|
|
$
|
298,209
|
|
$
|
213,521
|
|
Interest and other
related financing costs
|
|
|
2,150
|
|
|
2,130
|
|
|
7,701
|
|
|
8,904
|
|
Income tax
provision
|
|
|
15,542
|
|
|
20,711
|
|
|
94,946
|
|
|
63,633
|
|
Depreciation and
amortization(12)
|
|
|
35,179
|
|
|
33,226
|
|
|
140,039
|
|
|
124,221
|
|
Amortization of
share-based compensation
|
|
|
2,959
|
|
|
2,859
|
|
|
12,775
|
|
|
11,426
|
|
Change in fair value of
contingent consideration(3)
|
|
|
17,490
|
|
|
—
|
|
|
18,300
|
|
|
—
|
|
Gain on sale of
subsidiary(4)
|
|
|
—
|
|
|
—
|
|
|
(402)
|
|
|
(6,923)
|
|
Transaction
costs(6)
|
|
|
—
|
|
|
4,362
|
|
|
—
|
|
|
5,969
|
|
Consolidated Adjusted
EBITDA
|
|
$
|
110,657
|
|
$
|
128,776
|
|
$
|
571,568
|
|
$
|
420,751
|
|
__________________________
|
Note: See "Notes to
Non-GAAP Financial Tables" for the footnotes to this ArcBest
Corporation – Consolidated Adjusted EBITDA non-GAAP
table.
|
|
|
Three
Months Ended
|
|
Year Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Asset-Light Adjusted
EBITDA
|
|
(Unaudited)
|
|
|
|
($ thousands)
|
|
ArcBest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
(11,254)
|
|
$
|
12,823
|
|
$
|
52,725
|
|
$
|
46,397
|
|
Depreciation and
amortization(12)
|
|
|
5,010
|
|
|
4,283
|
|
|
20,730
|
|
|
11,387
|
|
Change in fair value
of contingent consideration(3)
|
|
|
17,490
|
|
|
—
|
|
|
18,300
|
|
|
—
|
|
Gain on sale of
subsidiary(4)
|
|
|
—
|
|
|
—
|
|
|
(402)
|
|
|
(6,923)
|
|
Adjusted
EBITDA
|
|
$
|
11,246
|
|
$
|
17,106
|
|
$
|
91,353
|
|
$
|
50,861
|
|
|
|
|
|
|
FleetNet
|
|
|
|
|
Operating
Income
|
|
$
|
1,635
|
|
$
|
1,114
|
|
$
|
5,825
|
|
$
|
4,544
|
|
Depreciation and
amortization(12)
|
|
|
530
|
|
|
420
|
|
|
1,880
|
|
|
1,661
|
|
Adjusted
EBITDA
|
|
$
|
2,165
|
|
$
|
1,534
|
|
$
|
7,705
|
|
$
|
6,205
|
|
|
|
|
|
|
Total
Asset-Light
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$
|
(9,619)
|
|
$
|
13,937
|
|
$
|
58,550
|
|
$
|
50,941
|
|
Depreciation and
amortization(12)
|
|
|
5,540
|
|
|
4,703
|
|
|
22,610
|
|
|
13,048
|
|
Change in fair value
of contingent consideration(3)
|
|
|
17,490
|
|
|
—
|
|
|
18,300
|
|
|
—
|
|
Gain on sale of
subsidiary(4)
|
|
|
—
|
|
|
—
|
|
|
(402)
|
|
|
(6,923)
|
|
Adjusted
EBITDA
|
|
$
|
13,411
|
|
$
|
18,640
|
|
$
|
99,058
|
|
$
|
57,066
|
|
___________________________
|
Note: See "Notes to
Non-GAAP Financial Tables" for the footnotes to this Asset-Light
Adjusted EBITDA non-GAAP table.
|
Notes to Non-GAAP Financial Tables
The following footnotes apply to the non-GAAP financial tables
presented in this press release.
1)
|
Represents costs
associated with the 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 related to the
November 1, 2021 acquisition of MoLo and previously
acquired businesses in the ArcBest segment.
|
3)
|
Represents increase in
fair value of the contingent earnout consideration recorded for the
MoLo acquisition. The liability for contingent consideration is
remeasured at each quarterly reporting date, and any change in fair
value as a result of the recurring assessments is recognized in
operating income. 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.
|
4)
|
Gain relates to the
sale of the labor services portion of the ArcBest segment's moving
business in second quarter 2021, including the contingent amount
recognized in second quarter 2022 when the funds were released from
escrow.
|
5)
|
Represents a one-time,
noncash charge for enhancements to our nonunion vacation policy
which were effective third quarter 2022.
|
6)
|
Represents costs
associated with the acquisition of MoLo.
|
7)
|
Represents recognition
of the tax impact for the vesting of share-based
compensation.
|
8)
|
The 2022 periods
include the amount recognized in the tax provision during fourth
quarter 2022 to adjust estimated amounts recognized during 2022 for
the research and development tax credit related to the tax year
ended February 28, 2022. The year ended December 31, 2022 also
includes amounts related to the alternative fuel tax credit for the
year ended December 31, 2021 which were recorded in third quarter
2022. The 2021 amounts represent a research and development tax
credit recognized in the tax provision during fourth quarter 2021
which relates to the tax year ended
February 28, 2021.
|
9)
|
Non-GAAP amounts are
calculated in total and may not foot due to rounding.
|
10)
|
Represents costs
associated with the freight handling pilot test program at ABF
Freight.
|
11)
|
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.
|
12)
|
Includes amortization
of intangibles associated with acquired businesses.
|
ARCBEST
CORPORATION OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Year Ended
|
|
|
|
December 31
|
|
December 31
|
|
|
|
2022
|
|
2021
|
|
% Change
|
|
2022
|
|
2021
|
|
% Change
|
|
|
|
(Unaudited)
|
|
Asset-Based
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Workdays
|
|
|
61.0
|
|
|
61.5
|
|
|
|
|
252.0
|
|
|
252.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billed
Revenue(1) / CWT
|
|
$
|
45.86
|
|
$
|
41.96
|
|
9.3 %
|
|
$
|
45.45
|
|
$
|
39.70
|
|
14.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Billed
Revenue(1) / Shipment
|
|
$
|
571.21
|
|
$
|
557.49
|
|
2.5 %
|
|
$
|
599.04
|
|
$
|
522.85
|
|
14.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments
|
|
|
1,224,541
|
|
|
1,224,928
|
|
— %
|
|
|
5,013,615
|
|
|
4,941,780
|
|
1.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments /
Day
|
|
|
20,074
|
|
|
19,918
|
|
0.8 %
|
|
|
19,895
|
|
|
19,610
|
|
1.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tonnage
(Tons)
|
|
|
762,642
|
|
|
813,639
|
|
(6.3 %)
|
|
|
3,304,352
|
|
|
3,253,853
|
|
1.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons / Day
|
|
|
12,502
|
|
|
13,230
|
|
(5.5 %)
|
|
|
13,113
|
|
|
12,912
|
|
1.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds /
Shipment
|
|
|
1,246
|
|
|
1,328
|
|
(6.2 %)
|
|
|
1,318
|
|
|
1,317
|
|
0.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Length of Haul
(Miles)
|
|
|
1,082
|
|
|
1,091
|
|
(0.8 %)
|
|
|
1,090
|
|
|
1,097
|
|
(0.6 %)
|
|
_________________________
|
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
|
Year Ended
|
|
|
December 31,
2022
|
December 31,
2022
|
|
|
(Unaudited)
|
ArcBest(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue /
Shipment
|
|
|
(17.2 %)
|
|
|
3.8 %
|
|
|
|
|
|
|
|
Shipments /
Day
|
|
|
20.5 %
|
|
|
58.3 %
|
____________________________
|
2)
|
Statistical data
related to the operations of MoLo since the November 1, 2021
acquisition date are included in the presentation of operating
statistics for the ArcBest segment. Statistical data related to
managed transportation solutions transactions is not included in
the presentation of operating statistics for the ArcBest 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-fourth-quarter-2022-and-record-setting-full-year-2022-results-301738101.html
SOURCE ArcBest