ArcBest Logo (PRNewsFoto/ArcBest Corporation) (PRNewsfoto/ArcBest)

ArcBest Logo (PRNewsFoto/ArcBest Corporation) (PRNewsfoto/ArcBest)

FORT SMITH, Ark., May 4, 2021 /PRNewswire/ -- ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported first quarter 2021 revenue of $829.2 million compared to first quarter 2020 revenue of $701.4 million.  ArcBest's first quarter 2021 operating income was $32.2 million and net income was $23.4 million, or $0.87 per diluted share compared to first quarter 2020 operating income of $7.8 million and net income of $1.9 million, or $0.07 per diluted share.

Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $39.1 million in first quarter 2021 compared to first quarter 2020 operating income of $12.4 million.  On a non-GAAP basis, net income was $27.2 million, or $1.01 per diluted share in first quarter 2021 compared to first quarter 2020 net income of $9.4 million, or $0.36 per diluted share.

"We're pleased to report our best-ever operating income for the first quarter as well as increased revenue and profitability in what is historically the most challenging quarter of the year," said Judy R. McReynolds, ArcBest chairman, president and CEO. "These strong results reflect our ability to create solutions to support our customers as they continue to face supply chain challenges associated with their rebound from the COVID-19 pandemic."

1.

U.S. Generally Accepted Accounting Principles

First Quarter Results of Operations Comparisons

Asset-Based

First Quarter 2021 Versus First Quarter 2020

  • Revenue of $556.3 million compared to $515.7 million, a per-day increase of 9.6 percent.
  • Total tonnage per day increase of 1.8 percent, with a mid-single-digit percentage increase in LTL-rated tonnage partially offset by a double-digit percentage decrease in TL-rated spot shipment tonnage moving in the Asset-Based network.
  • Total shipments per day increase of 2.6 percent including a 3.0 percent increase in LTL-rated shipments per day and an increase of 2.6 percent in LTL-rated weight per shipment which was positively impacted by first quarter freight mix changes.
  • Total billed revenue per hundredweight increased 8.8 percent and was negatively impacted by lower fuel surcharges. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, improved by a percentage in the mid–single digits.
  • Operating income of $30.1 million and an operating ratio of 94.6 percent compared to the prior year quarter operating income of $13.2 million and an operating ratio of 97.4 percent. On a non-GAAP basis, operating income of $36.9 million and an operating ratio of 93.4 percent compared to the prior year quarter operating income of $17.8 million and an operating ratio of 96.5 percent.

As shippers are experiencing improving trends in their businesses, greater demand for ArcBest's Asset-Based services resulted in increased first quarter revenue and higher profitability.  Shipment and tonnage growth during the quarter was also positively impacted by unseasonal strength in the housing market associated with a shift in buyer demand due to the pandemic.  In response to customer requirements, more local and linehaul purchased transportation was used to supplement the Asset-Based network, and thus these costs increased as a percent of total revenue.  Despite challenges from adverse weather in February, overall freight handling productivity in the quarter improved compared to the prior year.  Utilization of previously implemented network optimization technologies positively contributed to cost efficiencies and improved profits.  ArcBest's on-going yield management initiatives, combined with the continuing strong, rational marketplace pricing environment, were significant contributors to the improved operating income.    Gains on the sale of assets were higher due to the previously disclosed sale of an unutilized property, and totaled $8.7 million in first quarter 2021 compared to $2.2 million in first quarter 2020. 

Asset-Light

First Quarter 2021 Versus First Quarter 2020

  • Revenue of $311.5 million compared to $217.2 million, a per-day increase of 45.7 percent.
  • Operating income of $9.3 million compared to an operating loss of $0.4 million.
  • Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") of $12.1 million compared to Adjusted EBITDA of $2.5 million.

Strong first quarter revenue growth in the Asset-Light ArcBest segment resulted from the positive impacts of continuing strength in customer demand combined with higher rates driven by limited availability of equipment capacity in the marketplace.  During the first quarter, all ArcBest asset-light service offerings experienced solid growth and improved demand.  Customers' growing need for comprehensive, managed logistics solutions continued to positively contribute to improved financial results.  The benefits of ArcBest's strong relationships with carrier partners enhanced the ability to effectively serve customers, though the rising cost of equipment capacity pressured margins.  The utilization of internally developed technologies, that improves the efficiency of matching customer needs with available capacity resources, is positively contributing to improved cost efficiencies on the strong revenue and shipment growth and enables a superior customer experience.

At FleetNet, increases in roadside events contributed to higher total revenue and first quarter operating income was comparable with the previous year period.

Closing Comments

"We are experiencing a strong start to 2021 and I'm proud of the work our leaders and employees are doing on behalf of our customers as their businesses normalize," McReynolds said. "Providing assured capacity is a shared mindset of employees across our organization."

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 2021 first quarter results.  The call will be today, Tuesday, May 4, at 9:30 a.m. EDT (8:30 a.m. CDT). Interested parties are invited to listen by calling (800) 682–8539. Following the call, a recorded playback will be available through the end of the day on June 15, 2021. To listen to the playback, dial (800) 633–8284 or (402) 977–9140 (for international callers). The conference call ID for the playback is 21992915. The conference call and playback can also be accessed, through June 15, 2021, on ArcBest's website at arcb.com.

About ArcBest

ArcBest® (Nasdaq: ARCB) is a leading logistics company with creative problem solvers who deliver innovative solutions for our customers' supply chain needs.  We'll find a way to deliver knowledge, expertise and a can-do attitude with every shipment and supply chain solution, household move or vehicle repair.  At ArcBest, we're More Than Logistics®. For more information, visit arcb.com.

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995:  Certain statements and information in this press release concerning results for the three months ended March 31, 2021 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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: widespread outbreak of an illness or disease, including the COVID-19 pandemic and its effects, 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; 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; maintaining our corporate reputation and intellectual property rights; 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; 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.

Investor Relations Contact: David Humphrey

Title: Vice President – Investor Relations

Phone: 479-785-6200

Email: dhumphrey@arcb.com

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest® and its reportable segments.

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS







Three Months Ended 







March 31







2021



2020







(Unaudited)







($ thousands, except share and per share data)



REVENUES



$

829,213



$

701,399



















OPERATING EXPENSES





797,022





693,580



















OPERATING INCOME





32,191





7,819



















OTHER INCOME (COSTS)















Interest and dividend income





392





1,375



Interest and other related financing costs





(2,428)





(2,947)



Other, net





1,192





(3,862)









(844)





(5,434)



















INCOME BEFORE INCOME TAXES





31,347





2,385



















INCOME TAX PROVISION





7,986





483



















NET INCOME



$

23,361



$

1,902



















EARNINGS PER COMMON SHARE















Basic



$

0.92



$

0.07



Diluted



$

0.87



$

0.07



















AVERAGE COMMON SHARES OUTSTANDING















Basic





25,454,921





25,390,377



Diluted





26,930,402





26,246,800



















CASH DIVIDENDS DECLARED PER COMMON SHARE



$

0.08



$

0.08



 

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS





















March 31



December 31







2021



2020







(Unaudited)



Note







($ thousands, except share data)



ASSETS















CURRENT ASSETS















Cash and cash equivalents



$

301,542



$

303,954



Short-term investments





59,316





65,408



Accounts receivable, less allowances (2021 - $7,736; 2020 - $7,851)





344,242





320,870



Other accounts receivable, less allowances (2021 - $662; 2020 - $660)





13,766





14,343



Prepaid expenses





40,356





37,774



Prepaid and refundable income taxes





4,604





11,397



Other





4,893





4,422



TOTAL CURRENT ASSETS





768,719





758,168



















PROPERTY, PLANT AND EQUIPMENT















Land and structures





344,282





342,178



Revenue equipment





914,140





916,760



Service, office, and other equipment





235,727





233,810



Software





169,004





163,193



Leasehold improvements





15,534





15,156









1,678,687





1,671,097



Less allowances for depreciation and amortization





1,015,989





992,407









662,698





678,690



















GOODWILL





88,320





88,320



INTANGIBLE ASSETS, NET





54,028





54,981



OPERATING RIGHT-OF-USE ASSETS





111,412





115,195



DEFERRED INCOME TAXES





6,289





6,158



OTHER LONG-TERM ASSETS





76,549





77,496







$

1,768,015



$

1,779,008



















LIABILITIES AND STOCKHOLDERS' EQUITY































CURRENT LIABILITIES















Accounts payable



$

177,885



$

170,898



Income taxes payable









316



Accrued expenses





235,161





246,746



Current portion of long-term debt





66,064





67,105



Current portion of operating lease liabilities





21,632





21,482



TOTAL CURRENT LIABILITIES





500,742





506,547



















LONG-TERM DEBT, less current portion





200,773





217,119



OPERATING LEASE LIABILITIES, less current portion





94,473





97,839



POSTRETIREMENT LIABILITIES, less current portion





18,518





18,555



OTHER LONG-TERM LIABILITIES





33,992





37,948



DEFERRED INCOME TAXES





67,608





72,407



















STOCKHOLDERS' EQUITY















Common stock, $0.01 par value, authorized 70,000,000 shares;

      issued 2021: 29,057,374 shares; 2020: 29,045,309 shares





291





290



Additional paid-in capital





344,542





342,354



Retained earnings





617,256





595,932



   Treasury stock, at cost, 2021: 3,671,861 shares; 2020: 3,656,938 shares





(112,174)





(111,173)



Accumulated other comprehensive income





1,994





1,190



TOTAL STOCKHOLDERS' EQUITY





851,909





828,593







$

1,768,015



$

1,779,008





Note:  The balance sheet at December 31, 2020 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





















Three Months Ended 







March 31







2021



2020







Unaudited







($ thousands)



 OPERATING ACTIVITIES















Net income



$

23,361



$

1,902



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















Depreciation and amortization





29,387





28,032



Amortization of intangibles





967





981



Pension settlement expense









89



Share-based compensation expense





2,354





2,181



Provision for losses on accounts receivable





(96)





1,383



Change in deferred income taxes





(4,998)





(2,815)



Gain on sale of property and equipment





(8,635)





(2,130)



Changes in operating assets and liabilities:















Receivables





(22,568)





3,874



Prepaid expenses





(2,582)





(3,429)



Other assets





(164)





5,800



Income taxes





6,376





2,949



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





567





(138)



Accounts payable, accrued expenses, and other liabilities





(1,435)





(15,550)



NET CASH PROVIDED BY OPERATING ACTIVITIES





22,534





23,129



















 INVESTING ACTIVITIES















Purchases of property, plant and equipment, net of financings





(9,588)





(6,738)



Proceeds from sale of property and equipment





10,079





4,692



Purchases of short-term investments





(18,130)





(73,973)



Proceeds from sale of short-term investments





24,418





12,210



Capitalization of internally developed software





(5,705)





(3,342)



NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES





1,074





(67,151)



















 FINANCING ACTIVITIES















Borrowings under credit facilities









180,000



Borrowings under accounts receivable securitization program









45,000



Payments on long-term debt





(17,387)





(14,598)



Net change in book overdrafts





(5,434)





(10,869)



Payment of common stock dividends





(2,037)





(2,033)



Purchases of treasury stock





(1,001)





(3,162)



Payments for tax withheld on share-based compensation





(161)





(60)



NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES





(26,020)





194,278



















NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS





(2,412)





150,256



Cash and cash equivalents at beginning of period





303,954





201,909



CASH AND CASH EQUIVALENTS AT END OF PERIOD



$

301,542



$

352,165



















 NONCASH INVESTING ACTIVITIES















Accruals for equipment received



$

233



$

39



Lease liabilities arising from obtaining right-of-use assets



$

1,959



$

10,370



 

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS































Three Months Ended 







March 31







2021





2020







Unaudited







($ thousands, except percentages)



REVENUES

























Asset-Based



$

556,292









$

515,713

































ArcBest





252,336











164,775







FleetNet





59,163











52,439







Total Asset-Light





311,499











217,214

































Other and eliminations





(38,578)











(31,528)







Total consolidated revenues



$

829,213









$

701,399

































OPERATING EXPENSES

























Asset-Based

























Salaries, wages, and benefits



$

285,694



51.4

%



$

283,838



55.0

%

Fuel, supplies, and expenses





60,841



10.9







61,225



11.9



Operating taxes and licenses





12,248



2.2







12,794



2.5



Insurance





8,939



1.6







7,824



1.5



Communications and utilities





4,970



0.9







4,711



0.9



Depreciation and amortization





23,484



4.2







23,270



4.5



Rents and purchased transportation





75,588



13.6







55,770



10.8



Shared services





55,866



10.1







48,885



9.5



Gain on sale of property and equipment(1)





(8,695)



(1.6)







(2,164)



(0.4)



Innovative technology costs(2)





6,868



1.2







4,533



0.9



Other





434



0.1







1,787



0.3



Total Asset-Based





526,237



94.6

%





502,473



97.4

%



























ArcBest

























Purchased transportation





210,995



83.6

%





137,182



83.3

%

Supplies and expenses





2,568



1.0







2,280



1.4



Depreciation and amortization(3)





2,386



1.0







2,470



1.5



Shared services





26,072



10.3







21,727



13.2



Other





2,050



0.8







2,525



1.5









244,071



96.7

%





166,184



100.9

%

FleetNet





58,140



98.3

%





51,399



98.0

%

Total Asset-Light





302,211











217,583

































Other and eliminations(4)





(31,426)











(26,476)







Total consolidated operating expenses



$

797,022



96.1

%



$

693,580



98.9

%



























OPERATING INCOME (LOSS)

























Asset-Based



$

30,055









$

13,240

































ArcBest





8,265











(1,409)







FleetNet





1,023











1,040







Total Asset-Light





9,288











(369)

































Other and eliminations(4)





(7,152)











(5,052)







Total consolidated operating income



$

32,191









$

7,819







____________________

1)

The three months ended March 31, 2021 includes an $8.6 million gain on the sale of an unutilized service center property.

2)

Represents costs associated with the freight handling pilot test program at ABF Freight.

3)

Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships, and software associated with acquired businesses.

4)

"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, including innovative technology costs.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

We report our financial results in accordance with 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 







March 31







2021



2020



ArcBest Corporation - Consolidated



(Unaudited)







($ thousands, except per share data)



Operating Income















Amounts on GAAP basis



$

32,191



$

7,819



Innovative technology costs, pre-tax(1)





6,910





4,600



Non-GAAP amounts



$

39,101



$

12,419



















Net Income















Amounts on GAAP basis



$

23,361



$

1,902



Innovative technology costs, after-tax (includes related financing costs)(1)





5,261





3,570



Nonunion pension expense, including settlement expense, after-tax(2)









66



Life insurance proceeds and changes in cash surrender value





(1,266)





3,805



Tax expense (benefit) from vested RSUs(3)





(135)





20



Non-GAAP amounts



$

27,221



$

9,363



















Diluted Earnings Per Share















Amounts on GAAP basis



$

0.87



$

0.07



Innovative technology costs, after-tax (includes related financing costs)(1)





0.20





0.14



Nonunion pension expense, including settlement expense, after-tax(2)











Life insurance proceeds and changes in cash surrender value





(0.05)





0.14



Tax expense (benefit) from vested RSUs(3)





(0.01)







Non-GAAP amounts(4)



$

1.01



$

0.36



 

____________________

1)

Represents costs associated with the freight handling pilot test program at ABF Freight.

2)

For the three months ended March 31, 2020, represents pension settlement expense related to the Company's supplemental benefit plan.

3)

The Company recognized the tax impact for the vesting of share-based compensation resulting in excess tax expense (benefit) during the three months ended March 31, 2021 and 2020.

4)

Non-GAAP EPS is calculated in total and may not foot due to rounding.

 



































Three Months Ended 









March 31









2021



2020





Segment Operating Income Reconciliations



(Unaudited)









($ thousands, except percentages)





Asset-Based Segment









Operating Income ($) and Operating Ratio (% of revenues)









Amounts on GAAP basis



$

30,055



94.6

%



$

13,240



97.4

%





Innovative technology costs, pre-tax(1)





6,868



(1.2)







4,533



(0.9)







Non-GAAP amounts



$

36,923



93.4

%



$

17,773



96.5

%















Other and Eliminations









Operating Loss ($)









Amounts on GAAP basis



$

(7,152)









$

(5,052)











Innovative technology costs, pre-tax(1)





42











67











Non-GAAP amounts



$

(7,110)









$

(4,985)











 

____________________

1)

Represents costs associated with the freight handling pilot test program at ABF Freight.

 







































Effective Tax Rate Reconciliation





























ArcBest Corporation - Consolidated







































(Unaudited)





































($ thousands, except percentages)



Three Months Ended March 31, 2021











Other



Income



Income

















Operating



Income



Before Income



Tax



Net









Income



(Costs)



Taxes



Provision



Income



Tax Rate(4)

Amounts on GAAP basis



$

32,191



$

(844)



$

31,347



$

7,986



$

23,361



25.5

%

Innovative technology costs(1)





6,910





174





7,084





1,823





5,261



25.7



Life insurance proceeds and changes in cash surrender value









(1,266)





(1,266)









(1,266)





Tax benefit from vested RSUs(2)

















135





(135)





Non-GAAP amounts



$

39,101



$

(1,936)



$

37,165



$

9,944



$

27,221



26.8

%

 











































Three Months Ended March 31, 2020









Other



Income



















Operating



Income



Before Income



Income



Net









Income



(Costs)



Taxes



Tax Provision



Income



Tax Rate(4)

Amounts on GAAP basis



$

7,819



$

(5,434)



$

2,385



$

483



$

1,902



20.3

%

Innovative technology costs(1)





4,600





207





4,807





1,237





3,570



25.7



Nonunion pension expense, including settlement(3)









89





89





23





66



25.7



Life insurance proceeds and changes in cash surrender value









3,805





3,805









3,805





Tax expense from vested RSUs(2)

















(20)





20





Non-GAAP amounts



$

12,419



$

(1,333)



$

11,086



$

1,723



$

9,363



15.5

%

 

____________________

1)

Represents costs associated with the freight handling pilot test program at ABF Freight.

2)

The Company recognized the tax impact for the vesting of share-based compensation resulting in excess tax expense (benefit) during the three months ended March 31, 2021 and 2020.

3)

For the three months ended March 31, 2020, represents pension settlement expense related to the Company's supplemental benefit plan.

4)

Tax rate for total "Amounts on GAAP basis" represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction, unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light businesses, which are significant expenses resulting from strategic decisions rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), 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 







March 31







2021



2020







(Unaudited)



ArcBest Corporation - Consolidated Adjusted EBITDA



($ thousands)









Net Income



$

23,361



$

1,902



Interest and other related financing costs





2,428





2,947



Income tax provision





7,986





483



Depreciation and amortization





30,354





29,013



Amortization of share-based compensation





2,354





2,181



Amortization of net actuarial gains of benefit plans and pension settlement expense(1)





(135)





(56)



Consolidated Adjusted EBITDA



$

66,348



$

36,470



____________________

1)

The three months ended March 31, 2020 includes pre-tax pension settlement expense of $0.1 million related to the Company's supplemental benefit plan.

 























Three Months Ended 









March 31









2021



2020





Asset-Light Adjusted EBITDA



(Unaudited)









($ thousands)















ArcBest

















Operating Income (Loss)



$

8,265



$

(1,409)





Depreciation and amortization(2)





2,386





2,470





Adjusted EBITDA



$

10,651



$

1,061















FleetNet









Operating Income



$

1,023



$

1,040





Depreciation and amortization(2)





415





391





Adjusted EBITDA



$

1,438



$

1,431















Total Asset-Light

















Operating Income (Loss)



$

9,288



$

(369)





Depreciation and amortization(2)





2,801





2,861





Adjusted EBITDA



$

12,089



$

2,492





____________________

2)

Depreciation and amortization consists primarily of amortization of intangibles and software associated with acquired businesses.

 

ARCBEST CORPORATION

OPERATING STATISTICS



























Three Months Ended 









March 31









2021



2020



% Change









(Unaudited)





Asset-Based











































Workdays





63.0





64.0































Billed Revenue(1) / CWT



$

36.09



$

33.16



8.8%



























Billed Revenue(1) / Shipment



$

462.22



$

427.87



8.0%



























Shipments





1,215,416





1,203,416



1.0%



























Shipments / Day





19,292





18,803



2.6%



























Tonnage (Tons)





778,415





776,468



0.3%



























Tons / Day





12,356





12,132



1.8%



























Pounds / Shipment





1,281





1,290



(0.7)%



























Average Length of Haul (Miles)





1,091





1,042



4.7%



























____________________

1)

Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes.

 















Year Over Year % Change





Three Months Ended 





March 31, 2021















(Unaudited)

ArcBest(2)



















Revenue / Shipment





25.9%













Shipments / Day





22.7%



____________________

2)

Statistical data related to managed transportation solutions transactions are not included in the presentation of operating statistics for the ArcBest segment.

###

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/arcbest-announces-first-quarter-2021-results-301282795.html

SOURCE ArcBest

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