Investor Relations Contact: David Humphrey
Title: Vice President – Investor Relations
Phone: 479-785-6200
Email: dhumphrey@arcb.com
ArcBest® Announces Fourth Quarter 2019 And Full Year 2019 Results
- Fourth quarter 2019 revenue of $717.4 million, and a net loss of $5.5 million, or $0.22 per diluted share. On a non-GAAP1 basis, fourth quarter 2019 net income was $14.8 million, or $0.56 per diluted share.
- Asset-Based profitability continues to benefit from yield initiatives and focused account management
- Profit-sharing bonus to union-represented ABF Freight employees of $5.1 million for 2019
- Asset-light results impacted by weaker demand
FORT SMITH, Arkansas, January 30, 2020 — ArcBest® (Nasdaq: ARCB), a leading logistics company with creative problem solvers who deliver innovative solutions, today reported fourth quarter 2019 revenue of $717.4 million compared to fourth quarter 2018 revenue of $774.3 million. ArcBest had a fourth quarter 2019 operating loss of $11.2 million compared to operating income of $37.2 million last year, and a net loss of $5.5 million, or $0.22 per diluted share compared to fourth quarter 2018 net income of $15.3 million, or $0.57 per diluted share. Fourth quarter 2019 results include a previously announced noncash impairment charge of $26.5 million (pre-tax), or $19.8 million (after-tax) and $0.75 per diluted share.
Excluding certain items in both periods as identified in the attached reconciliation tables, non-GAAP operating income was $20.2 million in fourth quarter 2019 compared to fourth quarter 2018 operating income of $39.9 million. On a non-GAAP basis, net income was $14.8 million, or $0.56 per diluted share, in fourth quarter 2019 compared to fourth quarter 2018 net income of $28.3 million, or $1.06 per diluted share.
“Overall, 2019 represented a solidly profitable year for ArcBest filled with ongoing innovation and customer-centric initiatives,” said Chairman, President and CEO Judy R. McReynolds. “While conditions were not as favorable as those seen in 2018, our team succeeded in providing customers with valued expertise, a better experience and the full suite of logistics services they require. As a result of our expansion and investments in recent years, our cross-sold accounts have become larger in size and are growing faster than single-service accounts. Importantly, they also have higher rates of retention, which is a more stable foundation for future growth.”
ArcBest’s full year 2019 revenue totaled $3.0 billion compared to $3.1 billion in 2018. Net income was $40.0 million, or $1.51 per diluted share, compared to net income of $67.3 million, or $2.51 per diluted share in 2018. On a non-GAAP basis, ArcBest had 2019 net income of $76.3 million, or $2.88 per diluted share compared to net income of $107.4 million, or $4.02 per diluted share in 2018.
McReynolds noted that returning the asset-based business to historic margins has been a stated long-term goal. Payment of a profit-sharing bonus to union-represented employees as provided for in the 2018 collective bargaining agreement by achieving a 95.2 percent ABF Freight operating ratio in 2019 represented a significant milestone. “We thank our ABF employees for their hard work and are proud to distribute this profit-sharing bonus to them,” McReynolds said.
- U.S. Generally Accepted Accounting Principles
Fourth Quarter Results of Operations Comparisons
Asset-Based
Fourth Quarter 2019 Versus Fourth Quarter 2018
- Revenue of $513.3 million compared to $548.9 million, a per-day decrease of 6.5 percent.
- Total tonnage per day decrease of 8.1 percent, with a double-digit percentage decrease in LTL-rated tonnage partially offset by a double-digit percentage increase in TL-rated spot shipment tonnage moving in the Asset-Based network.
- Total shipments per day decrease of 7.3 percent. Total weight per shipment decrease of 0.8 percent and a decrease of 6.3 percent in LTL-rated weight per shipment.
- Total billed revenue per hundredweight increased 2.1 percent and was negatively impacted by lower fuel surcharges versus prior year. Excluding fuel surcharge, the percentage increase on LTL-rated freight was in the high-single digits.
- Operating income of $20.5 million and an operating ratio of 96.0 percent compared to operating income of $36.9 million and an operating ratio of 93.3 percent. On a non-GAAP basis, operating income of $25.4 million and an operating ratio of 95.0 percent compared to operating income of $37.8 million and an operating ratio of 93.1 percent.
Fourth quarter tonnage and shipment totals in the Asset-Based business were below the same period last year due to weaker customer demand and smaller average sized LTL shipments associated with a tempered economic operating environment. These factors, along with reduced fuel surcharge revenue, and associated reductions in fuel-related expenses, contributed to lower fourth quarter revenue. Reductions in total Asset-Based business levels resulting from fewer LTL-rated shipments were somewhat mitigated by an increase in TL‑rated, spot shipments moving through the ABF Freight network. Efforts to secure adequate Asset-Based yields during the quarter were successful, especially on LTL-rated shipments, amidst a positive pricing marketplace. ABF Freight continues to have success in achieving pricing levels that match the superior customer service it offers.
Fourth quarter Asset-Based linehaul costs improved as a result of the combined impact of lower empty equipment costs and efficient management of outside capacity resources including rail, purchased transportation and cartage. Lower business levels contributed to reduced efficiency in providing dock, city pickup and delivery services, thus impacting operating costs per shipment. During this year’s fourth quarter, Asset-Based results also benefitted from asset sales.
Asset-Light‡
Fourth Quarter 2019 Versus Fourth Quarter 2018
- Revenue of $237.0 million compared to $243.8 million, a per-day decrease of 2.8 percent.
- An operating loss of $25.4 million due to a noncash impairment charge compared to operating income of $7.5 million. On a non-GAAP basis, operating income of $1.1 million compared to operating income of $7.8 million.
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of $4.0 million compared to Adjusted EBITDA of $11.3 million.
Reduced fourth quarter revenue in the Asset-Light ArcBest segment versus the prior year reflects a market-driven reduction in total average revenue per shipment, primarily in the expedite and truckload brokerage businesses. Though purchased transportation costs are below the prior year, the rate of decrease in these carrier capacity costs did not match that of the quarter’s decline in revenue. This year’s more available truckload capacity, compared to the tighter spot market last year, was a factor impacting demand for expedite services and operating margins. Strong demand for ArcBest’s managed transportation solutions continues to be a positive contributor to Asset-Light financial results. At FleetNet, an increase in total events resulted in improved operating income over the prior year period.
Full Year Results of Operations Comparisons
Asset-Based
Full Year 2019 Versus Full Year 2018
- Revenue of $2.1 billion, compared to $2.2 billion in 2018, an average daily decrease of 1.2 percent.
- Tonnage per day decrease of 4.8 percent.
- Shipments per day decrease of 2.4 percent.
- Total billed revenue per hundredweight increased 3.7 percent. Excluding fuel surcharge, the percentage increase on LTL-rated freight was in the high-single digits.
- Operating income of $102.1 million compared to $103.9 million in 2018. On a non-GAAP basis, operating income of $118.8 million compared to $145.6 million in 2018.
- Profit-sharing bonus to union-represented ABF Freight employees of $5.1 million for 2019
Asset-Light‡
Full Year 2019 Versus Full Year 2018
- Revenue of $950.1 million compared to $976.2 million in 2018, an average daily decrease of 2.5 percent.
- An operating loss of $15.4 million compared to operating income of $28.0 million. On a non-GAAP basis, operating income of $11.2 million compared to operating income of $26.5 million.
- Adjusted EBITDA of $23.8 million compared to $43.4 million in 2018.
Capital Expenditures
In 2019, total net capital expenditures, including equipment financed, equaled $147 million which was below previous expectations reflecting shifts in the timing of some expenditures into 2020 and higher sale proceeds. 2019 net capital expenditures included $86 million of revenue equipment, the majority of which was for ArcBest’s Asset-Based operation. Depreciation and amortization costs on property, plant and equipment were $108 million.
For 2020, total net capital expenditures are estimated to range from $135 million to $145 million. This includes revenue equipment purchases of approximately $82 million primarily for ArcBest’s Asset-Based operation. ArcBest’s depreciation and amortization costs on property, plant and equipment in 2020 are estimated to range from $110 million to $115 million.
Quarterly Dividends and Share Repurchase Program
During 2019, ArcBest increased shareholder returns through payment of an eight cent per share quarterly dividend and purchase of ArcBest shares valued at approximately $9.1 million, and these are expected to continue at comparable levels in 2020.
Closing Comments
“For the last 10 years, our strategy has evolved purposefully by expanding our logistics offerings and opening up new avenues for growth to address our rapidly changing industry,” said McReynolds. “Ease of doing business through multiple channels has become a customer requirement. We are confident that the solutions we have in place, and continue to develop and enhance, provide value in any environment, but especially this environment, as evidenced by the growth seen in our managed transportation and Retail+ solutions. As we look ahead, we are accelerating our efforts to deepen and broaden our customer relationships and to increase the effectiveness of our efforts to improve supply chain efficiencies.”
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 2019 fourth quarter and full year results. The call will be on Friday, January 31st at 9:30 a.m. EST (8:30 a.m. CST). Interested parties are invited to listen by calling (800) 756‑3565. Following the call, a recorded playback will be available through the end of the day on March 15, 2020. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21950554. The conference call and playback can also be accessed, through March 15, 2020, on ArcBest’s website at arcb.com.
Call participants can submit questions this afternoon prior to the conference call by emailing them to ir@arcb.com. On the call, responses will be provided to as many questions as possible in the time available.
About ArcBest
ArcBest® (Nasdaq: ARCB) is a leading logistics company with creative problem solvers who deliver innovative solutions. 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 LogisticsSM. For more information, visit arcb.com.
Forward-Looking Statements
Certain statements and information in this press release concerning results for the three months ended September 30, 2019 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: 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; untimely or ineffective development and implementation of new or enhanced technology or processes, including the pilot test program at ABF Freight; failure to realize potential benefits associated with new or enhanced technology or processes, including the pilot test program at ABF Freight, and any write-offs associated therewith; the loss or reduction of business from large customers; competitive initiatives and pricing pressures; relationships with employees, including unions, and our ability to attract and retain 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; the cost, timing, and performance of growth initiatives; 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; availability and cost of reliable third-party services; governmental regulations; environmental laws and regulations, including emissions-control regulations; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer plans; 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; maintaining our intellectual property rights, brand, and corporate reputation; the loss of key employees or the inability to execute succession planning strategies; default on covenants of financing arrangements and the availability and terms of future financing arrangements; timing and amount of capital expenditures; self-insurance claims and insurance premium costs; the cost, integration, and performance of any recent or future acquisitions; 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; 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 and fuel and related taxes; potential impairment of goodwill and intangible assets; greater than anticipated funding requirements for our nonunion defined benefit pension plan; seasonal fluctuations and adverse weather conditions; regulatory, economic, and other risks arising from our international business; antiterrorism and safety measures; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest’s public filings with the Securities and Exchange Commission (“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
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|
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|
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Three Months Ended
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Year Ended
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December 31
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December 31
|
|
|
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2019
|
|
2018
|
|
2019
|
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2018
|
|
|
|
(Unaudited)
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|
|
|
($ thousands, except share and per share data)
|
|
REVENUES
|
|
$
|
717,418
|
|
$
|
774,279
|
|
$
|
2,988,310
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|
$
|
3,093,788
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|
|
|
|
|
|
|
|
|
|
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|
|
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OPERATING EXPENSES(1)(2)
|
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728,647
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|
737,117
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|
|
2,924,540
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|
|
2,984,690
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|
|
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|
|
|
|
|
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|
|
|
|
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OPERATING INCOME (LOSS)
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|
|
(11,229)
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|
|
37,162
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|
|
63,770
|
|
|
109,098
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|
|
|
|
|
|
|
|
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|
|
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OTHER INCOME (COSTS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
|
|
|
1,591
|
|
|
1,554
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|
|
6,453
|
|
|
3,914
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|
Interest and other related financing costs
|
|
|
(2,874)
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|
|
(2,926)
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|
|
(11,467)
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|
|
(9,468)
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|
Other, net
|
|
|
485
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|
|
(15,120)
|
|
|
(7,285)
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|
|
(19,158)
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|
|
|
|
(798)
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|
|
(16,492)
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|
|
(12,299)
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|
|
(24,712)
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|
|
|
|
|
|
|
|
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|
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INCOME (LOSS) BEFORE INCOME TAXES
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|
(12,027)
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|
20,670
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|
|
51,471
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|
|
84,386
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|
|
|
|
|
|
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|
|
|
|
|
|
|
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INCOME TAX PROVISION (BENEFIT)
|
|
|
(6,478)
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|
|
5,371
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|
|
11,486
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|
|
17,124
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
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|
$
|
(5,549)
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|
$
|
15,299
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|
$
|
39,985
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|
$
|
67,262
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|
|
|
|
|
|
|
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EARNINGS PER COMMON SHARE(3)
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Basic
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$
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(0.22)
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|
$
|
0.59
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$
|
1.56
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|
$
|
2.61
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|
Diluted
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|
$
|
(0.22)
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|
$
|
0.57
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|
$
|
1.51
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|
$
|
2.51
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|
|
|
|
|
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|
|
|
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|
|
AVERAGE COMMON SHARES OUTSTANDING
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|
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|
|
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|
|
|
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Basic
|
|
|
25,490,393
|
|
|
25,707,335
|
|
|
25,535,529
|
|
|
25,679,736
|
|
Diluted
|
|
|
25,490,393
|
|
|
26,682,262
|
|
|
26,450,055
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|
|
26,698,831
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|
|
|
|
|
|
|
|
|
|
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|
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CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
0.08
|
|
$
|
0.08
|
|
$
|
0.32
|
|
$
|
0.32
|
|
- Includes a one-time charge of $37.9 million for the year ended December 31, 2018 for the multiemployer pension fund withdrawal liability resulting from the transition agreement ABF Freight, Inc. entered into with the New England Teamsters and Trucking Industry Pension Fund.
- For the three months and year ended December 31, 2019, includes a noncash impairment charge related to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload brokerage and truckload dedicated businesses within the ArcBest segment.
- ArcBest uses the two-class method for calculating earnings per share. This method requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for calculating per share amounts.
ARCBEST CORPORATION
CONSOLIDATED BALANCE SHEETS
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|
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December 31
|
|
December 31
|
|
|
|
2019
|
|
2018
|
|
|
|
(Unaudited)
|
|
Note
|
|
|
|
($ thousands, except share data)
|
|
ASSETS
|
|
|
|
|
|
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CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
201,909
|
|
$
|
190,186
|
|
Short-term investments
|
|
|
116,579
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|
|
106,806
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|
Accounts receivable, less allowances (2019 - $5,448; 2018 - $7,380)
|
|
|
282,579
|
|
|
297,051
|
|
Other accounts receivable, less allowances (2019 - $476; 2018 - $806)
|
|
|
18,774
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|
|
19,146
|
|
Prepaid expenses
|
|
|
30,377
|
|
|
25,304
|
|
Prepaid and refundable income taxes
|
|
|
9,439
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|
|
1,726
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|
Other
|
|
|
4,745
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|
|
9,007
|
|
TOTAL CURRENT ASSETS
|
|
|
664,402
|
|
|
649,226
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|
|
|
|
|
|
|
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PROPERTY, PLANT AND EQUIPMENT
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|
|
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|
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Land and structures
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|
342,122
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|
|
339,640
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|
Revenue equipment
|
|
|
896,020
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|
|
858,251
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|
Service, office, and other equipment
|
|
|
233,354
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|
|
199,230
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|
Software
|
|
|
151,068
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|
|
138,517
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|
Leasehold improvements
|
|
|
10,383
|
|
|
9,365
|
|
|
|
|
1,632,947
|
|
|
1,545,003
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|
Less allowances for depreciation and amortization
|
|
|
949,355
|
|
|
913,815
|
|
|
|
|
683,592
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|
|
631,188
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|
|
|
|
|
|
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|
|
GOODWILL
|
|
|
88,320
|
|
|
108,320
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|
INTANGIBLE ASSETS, NET
|
|
|
58,832
|
|
|
68,949
|
|
OPERATING RIGHT-OF-USE ASSETS
|
|
|
68,470
|
|
|
—
|
|
DEFERRED INCOME TAXES
|
|
|
7,725
|
|
|
7,468
|
|
OTHER LONG-TERM ASSETS
|
|
|
79,866
|
|
|
74,080
|
|
|
|
$
|
1,651,207
|
|
$
|
1,539,231
|
|
|
|
|
|
|
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
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|
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|
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|
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CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
134,374
|
|
$
|
143,785
|
|
Income taxes payable
|
|
|
12
|
|
|
1,688
|
|
Accrued expenses
|
|
|
228,749
|
|
|
243,111
|
|
Current portion of long-term debt
|
|
|
57,305
|
|
|
54,075
|
|
Current portion of operating lease liabilities
|
|
|
20,265
|
|
|
—
|
|
Current portion of pension and postretirement liabilities
|
|
|
3,572
|
|
|
8,659
|
|
TOTAL CURRENT LIABILITIES
|
|
|
444,277
|
|
|
451,318
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT, less current portion
|
|
|
266,214
|
|
|
237,600
|
|
OPERATING LEASE LIABILITIES, less current portion
|
|
|
52,277
|
|
|
—
|
|
PENSION AND POSTRETIREMENT LIABILITIES, less current portion
|
|
|
20,294
|
|
|
31,504
|
|
OTHER LONG-TERM LIABILITIES
|
|
|
38,892
|
|
|
44,686
|
|
DEFERRED INCOME TAXES
|
|
|
66,210
|
|
|
56,441
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 70,000,000 shares;
issued 2019: 28,810,902 shares; 2018: 28,684,779 shares
|
|
|
288
|
|
|
287
|
|
Additional paid-in capital
|
|
|
333,943
|
|
|
325,712
|
|
Retained earnings
|
|
|
533,187
|
|
|
501,389
|
|
Treasury stock, at cost, 2019: 3,404,639 shares; 2018: 3,097,634 shares
|
|
|
(104,578)
|
|
|
(95,468)
|
|
Accumulated other comprehensive income (loss)
|
|
|
203
|
|
|
(14,238)
|
|
TOTAL STOCKHOLDERS’ EQUITY
|
|
|
763,043
|
|
|
717,682
|
|
|
|
$
|
1,651,207
|
|
$
|
1,539,231
|
|
Note: The balance sheet at December 31, 2018 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
|
|
|
|
2019
|
|
2018
|
|
|
|
Unaudited
|
|
|
|
($ thousands)
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
|
|
$
|
39,985
|
|
$
|
67,262
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
108,099
|
|
|
104,114
|
|
Amortization of intangibles
|
|
|
4,367
|
|
|
4,521
|
|
Pension settlement expense, including termination expense
|
|
|
8,505
|
|
|
12,925
|
|
Share-based compensation expense
|
|
|
9,523
|
|
|
8,413
|
|
Provision for losses on accounts receivable
|
|
|
1,223
|
|
|
2,336
|
|
Change in deferred income taxes
|
|
|
5,411
|
|
|
1,872
|
|
Asset impairment(1)
|
|
|
26,514
|
|
|
—
|
|
Gain on sale of property and equipment
|
|
|
(5,247)
|
|
|
(59)
|
|
Gain on sale of subsidiaries
|
|
|
—
|
|
|
(1,945)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Receivables
|
|
|
13,720
|
|
|
(23,554)
|
|
Prepaid expenses
|
|
|
(4,756)
|
|
|
(2,988)
|
|
Other assets
|
|
|
(1,365)
|
|
|
(4,341)
|
|
Income taxes
|
|
|
(8,720)
|
|
|
12,169
|
|
Operating right-of-use assets and lease liabilities, net
|
|
|
728
|
|
|
—
|
|
Multiemployer pension fund withdrawal liability(2)
|
|
|
(584)
|
|
|
22,602
|
|
Accounts payable, accrued expenses, and other liabilities
|
|
|
(27,039)
|
|
|
52,020
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
|
170,364
|
|
|
255,347
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment, net of financings
|
|
|
(90,955)
|
|
|
(43,992)
|
|
Proceeds from sale of property and equipment
|
|
|
13,490
|
|
|
4,256
|
|
Proceeds from sale of subsidiaries
|
|
|
—
|
|
|
4,680
|
|
Purchases of short-term investments
|
|
|
(129,709)
|
|
|
(108,495)
|
|
Proceeds from sale of short-term investments
|
|
|
120,409
|
|
|
58,698
|
|
Capitalization of internally developed software
|
|
|
(11,476)
|
|
|
(10,097)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(98,241)
|
|
|
(94,950)
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Payments on long-term debt
|
|
|
(58,938)
|
|
|
(71,260)
|
|
Proceeds from notes payable
|
|
|
20,410
|
|
|
—
|
|
Net change in book overdrafts
|
|
|
(2,722)
|
|
|
262
|
|
Deferred financing costs
|
|
|
(562)
|
|
|
(202)
|
|
Payment of common stock dividends
|
|
|
(8,187)
|
|
|
(8,244)
|
|
Purchases of treasury stock
|
|
|
(9,110)
|
|
|
(9,404)
|
|
Payments for tax withheld on share-based compensation
|
|
|
(1,291)
|
|
|
(2,135)
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
|
|
(60,400)
|
|
|
(90,983)
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
11,723
|
|
|
69,414
|
|
Cash and cash equivalents at beginning of period
|
|
|
190,186
|
|
|
120,772
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
201,909
|
|
$
|
190,186
|
|
|
|
|
|
|
|
|
|
NONCASH INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Equipment and other financings
|
|
$
|
70,372
|
|
$
|
94,016
|
|
Accruals for equipment received
|
|
$
|
234
|
|
$
|
2,807
|
|
Lease liabilities arising from obtaining right-of-use assets
|
|
$
|
32,761
|
|
$
|
—
|
|
- Noncash impairment charge recognized in the year ended December 31, 2019 relates to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload brokerage and truckload dedicated businesses within the ArcBest segment.
- The year ended December 31, 2018 includes a one-time charge related to the multiemployer pension plan withdrawal liability.