PR Newswire
CHICAGO, Oct. 26, 2021
CHICAGO, Oct. 26, 2021 /PRNewswire/ -- Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation management services, today reported financial results for the quarter ended September 30, 2021.
Recent Merger Announcement
On September 9, 2021, Echo announced it has entered into a definitive merger agreement to be acquired by funds managed by The Jordan Company, a global private equity firm, for $48.25 per share for an equity value of approximately $1.3 billion. As such, the Company will not be updating its outlook for fiscal 2021 or longer-term targets and will not be holding a conference call to discuss the Company's financial results for the third quarter ended September 30, 2021. Completion of the transaction is subject to approval by the Company's stockholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the fourth quarter of 2021.
Third Quarter 2021 Highlights
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(1) Represents a non-GAAP financial measure. For the definition and a discussion of each non-GAAP financial measure contained in this release, see "Non-GAAP Financial Measures." For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure, see the "Reconciliation of Non-GAAP Financial Measures" section of this release. |
Non-GAAP Financial Measures
This release includes the following financial measures defined as "Non-GAAP financial measures" by the Securities and Exchange Commission (the "SEC"): Adjusted gross profit, adjusted gross profit margin, EBITDA, Adjusted EBITDA and Non-GAAP fully diluted EPS. Adjusted gross profit is calculated as gross profit adjusted to exclude internal use software depreciation. It also represents revenue minus transportation costs. Adjusted gross profit margin is calculated as adjusted gross profit (as previously defined) divided by revenue. EBITDA is defined as net income excluding the effects of depreciation, amortization, cash and non-cash interest expense and income taxes. Adjusted EBITDA is defined as EBITDA (as previously defined) excluding the changes in contingent consideration, merger-related transaction costs, and stock compensation expense. Non-GAAP fully diluted EPS is defined as fully diluted EPS excluding changes in contingent consideration, amortization, non-cash interest expense, merger-related transaction costs, stock compensation expense and the tax effect of these adjustments. We believe such measures provide useful information to investors because they provide information about the financial performance of the Company's ongoing business.
Adjusted gross profit, adjusted gross profit margin, EBITDA, Adjusted EBITDA and Non-GAAP fully diluted EPS are used by management in its financial and operational decision-making and evaluation of overall operating performance. These measures may be different from similar measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. For a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure, see "Reconciliation of Non-GAAP Financial Measures" included in this release.
Forward-Looking Statements
All statements made in this release, other than statements of historical fact, are or may be deemed to be forward-looking statements. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. These statements are based on current plans and expectations of Echo Global Logistics and involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. Information concerning these risks, uncertainties and other factors is contained under the headings "Risk Factors" and "Forward-Looking Statements" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the SEC.
About Echo Global Logistics
Echo Global Logistics, Inc. (NASDAQ: ECHO) is a leading Fortune 1000 provider of technology-enabled transportation and supply chain management services. Headquartered in Chicago with more than 30 offices around the country, Echo offers freight brokerage and Managed Transportation solutions for all major modes, including truckload, partial truckload, LTL, intermodal and expedited. Echo maintains a proprietary, web-based technology platform that compiles and analyzes data from its network of over 50,000 transportation providers to serve 35,000 clients across a wide range of industries and simplify the critical tasks involved in transportation management. For more information on Echo Global Logistics, visit: www.echo.com.
ECHO: Earnings
INVESTOR RELATIONS CONTACTS:
Pete Rogers
Chief Financial Officer
Echo Global Logistics
312-676-4584
Zach Jecklin
SVP of Strategy
Echo Global Logistics
312-784-2046
MEDIA CONTACT:
Christopher Clemmensen
SVP of Marketing
Echo Global Logistics
312-784-2132
Summarized financial results and select operating metrics are as follows:
| | Three Months Ended September 30, | | | |||||||
Dollars in millions, except per share data | | 2021 | | 2020 | | % change | |||||
| | (unaudited) | | | |||||||
Transactional revenue | | $ | 761.0 | | | $ | 533.9 | | | 42.5 | % |
Managed Transportation revenue | | 224.6 | | | 157.6 | | | 42.5 | % | ||
Revenue | | 985.6 | | | 691.5 | | | 42.5 | % | ||
| | | | | | | |||||
Transportation costs (excludes internal use software depreciation)(1) | | 846.3 | | | 591.0 | | | 43.2 | % | ||
| | | | | | | |||||
Commission expense | | 40.5 | | | 29.8 | | | 36.0 | % | ||
Change in contingent consideration | | — | | | (0.3) | | | 100.0 | % | ||
Merger-related transaction costs | | 2.5 | | | — | | | 100.0 | % | ||
Stock compensation expense | | 2.6 | | | 2.3 | | | 11.3 | % | ||
Other selling, general and administrative | | 58.6 | | | 48.7 | | | 20.2 | % | ||
Selling, general and administrative expenses | | 104.2 | | | 80.5 | | | 29.4 | % | ||
| | | | | | | |||||
Depreciation | | 6.3 | | | 7.0 | | | (9.2) | % | ||
Amortization | | 2.6 | | | 2.7 | | | (4.5) | % | ||
Depreciation and amortization | | 8.9 | | | 9.7 | | | (7.9) | % | ||
| | | | | | | |||||
Income from operations | | 26.2 | | | 10.3 | | | 155.6 | % Werbung Mehr Nachrichten zur Echo Global Logis Aktie kostenlos abonnieren
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