Total equity 1,652 594
---------- ---------
Total liabilities and
equity $ 3,392 $ 1,825
========== =========
RXO, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
-----------------------------------------
(In millions) 2024 2023
------------------------------ ------------------------ ---------------
Operating activities
Net income (loss) $ (265) $ 2
Adjustments to reconcile net
income (loss) to net cash from
operating activities
Depreciation and
amortization expense 54 52
Stock compensation expense 17 16
Deferred tax benefit (12) (1)
Deemed non-pro rata
distribution 216 --
Other 3 4
Changes in assets and
liabilities
Accounts receivable (8) 114
Other assets 22 (13)
Accounts payable (47) (56)
Accrued expenses and other
liabilities 15 (48)
--- --------------- -------
Net cash provided by (used in)
operating activities (5) 70
--- --------------- -------
Investing activities
Payment for purchases of
property and equipment (33) (46)
Business acquisition, net
of cash acquired (1,019) --
Other -- (1)
--- --------------- -------
Net cash used in investing
activities (1,052) (47)
--- --------------- -------
Financing activities
Proceeds from borrowings
on revolving credit
facilities 203 --
Repayment of borrowings on
revolving credit
facilities (193) --
Proceeds from issuance of
common stock and
pre-funded warrants 1,125 --
Payment for equity issuance
costs (30) --
Payment for tax
withholdings related to
vesting of stock
compensation awards (4) (12)
Repurchase of common stock -- (2)
Repayment of debt and
finance leases (3) (3)
Other 9 --
--- --------------- -------
Net cash provided by (used in)
financing activities 1,107 (17)
--- --------------- -------
Effect of exchange rates
on cash, cash equivalents
and restricted cash -- --
Net increase in cash, cash
equivalents and restricted
cash 50 6
Cash, cash equivalents, and
restricted cash, beginning of
period 5 98
--- --------------- -------
Cash, cash equivalents, and
restricted cash, end of
period $ 55 $ 104
=== =============== =======
Supplemental disclosure of
cash flow information:
Leased assets obtained in
exchange for new operating
lease liabilities $ 97 $ 60
Leased assets obtained in
exchange for new finance
lease liabilities -- 1
Cash paid for income taxes,
net 3 25
Cash paid for interest, net 13 18
RXO, Inc.
Revenue Disaggregated by Service Offering
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -------------------
(In millions) 2024 2023 2024 2023
------------------- ----- ---- ----- -----
Revenue
Truck brokerage $ 655 $ 591 $1,762 $1,748
Last mile 268 256 765 757
Managed
transportation 151 163 459 536
Eliminations (34) (34) (103) (92)
----- ---- ----- -----
Total $1,040 $ 976 $2,883 $2,949
===== ==== ===== =====
RXO, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
(Unaudited)
Twelve Months
Ended
Three Months Ended Nine Months Ended September Year Ended
September 30, September 30, 30, December 31,
----------------------- ----------------------- ------------- -------------
2024
(In millions) 2024 2023 2024 2023 (4) 2023
------------------ ----- ---- ---- ----- ----- --- ----- ----- -----
Reconciliation of
Net Income (Loss)
to Adjusted
EBITDA
Net income
(loss) $ (243) $ (1) $ (265) $ 2 $ (263) $ 4
Interest
expense, net 6 8 22 24 30 32
Income tax
provision
(benefit) 1 (2) (6) (2) (4) --
Depreciation
and
amortization
expense 21 16 54 52 69 67
Transaction and
integration
costs 30 2 38 12 38 12
Restructuring
and other
costs (3) 218 3 233 13 237 17
----- ---- ---- ----- ----- --- ----- ----- -----
Adjusted EBITDA (1) $ 33 $ 26 $ 76 $ 101 $ 107 $ 132
===== ==== ==== ===== ===== === ===== ===== =====
Revenue $1,040 $ 976 $2,883 $2,949 $ 3,861 $3,927
Adjusted EBITDA
margin (1) (2) 3.2% 2.7% 2.6% 3.4% 2.8% 3.4%
(1) See the "Non-GAAP Financial Measures" section of the press release.
(2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by
Revenue.
(3) Other for the three, nine and trailing twelve months ended September
30, 2024 reflects a one-time charge of $216 million representing a
deemed non-pro rata distribution in connection with the private
placement common stock issuance completed in August 2024.
(4) Trailing twelve months ended September 30, 2024 is calculated as the
nine months ended September 30, 2024 plus the twelve months ended
December 31, 2023 less the nine months ended September 30, 2023.
RXO, Inc. Reconciliation of Net Income (Loss) to Adjusted Net Income
and Adjusted Diluted Earnings Per Share (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ----------------------
(Dollars in millions,
shares in thousands,
except per share
amounts) 2024 2023 2024 2023
---------------------- ------- ------- ------- -------
Reconciliation of Net
Income (Loss) to
Adjusted Net Income
and Adjusted Diluted
Earnings Per Share
Net income (loss) $ (243) $ (1) $ (265) $ 2
Amortization of
intangible assets 5 4 11 10
Transaction and
integration costs 30 2 38 12
Restructuring and
other costs (3) 218 3 233 13
Income tax
associated with
adjustments above
(1) (3) (2) (10) (8)
------- ------- ------- -------
Adjusted net income (2) $ 7 $ 6 $ 7 $ 29
======= ======= ======= =======
Adjusted diluted
earnings per share
(2) $ 0.05 $ 0.05 $ 0.06 $ 0.24
Weighted-average
shares outstanding
Diluted 136,968 119,416 125,536 119,415
(MORE TO FOLLOW) Dow Jones Newswires
November 07, 2024 06:00 ET (11:00 GMT)
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