ArcBest® Announces First Quarter 2021 Results

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.

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

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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