- Productivity gains from technology, training, and network design
- Continued focus on cost control initiatives to mitigate headwinds from challenging freight environment
- Significant investments to enable growth, improve service, and increase efficiencies across the network while returning over $85 million to shareholders in 2024 through both share repurchases and dividends
FORT SMITH, Ark.–(BUSINESS WIRE)–ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today reported fourth quarter 2024 revenue of $1.0 billion, compared to $1.1 billion in fourth quarter 2023. Net income was $29.0 million, or $1.24 per diluted share, compared to $48.8 million, or $2.01 per diluted share in the prior year. On a non-GAAP basis, fourth quarter 2024 net income was $31.2 million, or $1.33 per diluted share, compared to $60.0 million, or $2.47 per diluted share in the prior year.
ArcBest’s full year 2024 revenue totaled $4.2 billion compared to $4.4 billion in 2023. Net income from continuing operations was $173.4 million, or $7.28 per diluted share, including a $67.9 million after-tax benefit from the reduction in the fair value of contingent consideration related to a 2021 acquisition, compared to net income of $142.2 million, or $5.77 per diluted share in 2023. On a non-GAAP basis, full year 2024 net income was $149.7 million, or $6.28 per diluted share, compared to net income of $194.1 million, or $7.88 per diluted share, in 2023.
“Throughout 2024, we made significant progress on controlling costs, improving productivity, and enhancing our service quality,” said Judy R. McReynolds, ArcBest Chairman and CEO. “These achievements underscore our commitment to excellent execution and are yielding tangible results. I want to extend a heartfelt thank you to our dedicated employees, whose hard work and innovation have been pivotal in reaching these milestones. Together, we are well-positioned for continued growth and success.”
Results of Operations Comparisons
Asset-Based
Fourth Quarter 2024 Versus Fourth Quarter 2023
- Revenue of $656.2 million compared to $710.0 million, a per-day decrease of 7.6 percent
- Total tonnage per day decrease of 7.3 percent
- Total shipments per day decrease of 1.1 percent
- Total billed revenue per hundredweight increase of 0.6 percent
- Operating income of $52.3 million and an operating ratio of 92.0 percent, compared to $87.5 million and an operating ratio of 87.7 percent
The Asset-Based segment generated $35.2 million less operating income than fourth quarter 2023. Fourth quarter tonnage declines were driven by a 6.3 percent decrease in weight per shipment and a 1.1 percent decrease in daily shipments. Prolonged manufacturing sector weakness continues to negatively impact weight per shipment metrics. Productivity improvements of 2.3 percent and other cost initiatives helped mitigate the impact of the soft market environment, higher insurance costs, and higher labor cost increases related to the annual union contract rate increase, which went into effect during the third quarter of 2024.
Contract renewals and deferred pricing agreements saw an average increase of 4.5% during the quarter. Price improvements were offset by declining fuel costs. Excluding fuel surcharges, revenue per hundredweight increased in the mid-single digits, year-over-year. Overall, LTL industry pricing remains rational.
Compared sequentially to the third quarter of 2024, fourth quarter 2024 revenue per day decreased 4.5 percent. Weight per shipment improved 0.6 percent and shipments per day declined by 2.6 percent, resulting in a 2.1 percent decrease in tonnage per day. Billed revenue per hundredweight was 2.9 percent lower, impacted by the increase in weight per shipment, reduced fuel prices, and the increase of project-related business. Lower tonnage, offset in part by cost savings, resulted in the operating ratio increase of 100 basis points sequentially, which was on the lower end of the historical seasonality range of a 100 to 200 basis point increase.
Asset-Light
Fourth Quarter 2024 Versus Fourth Quarter 2023
- Revenue of $375.4 million compared to $413.4 million, a per-day decrease of 9.2 percent
- Operating loss of $1.6 million, compared to operating loss of $7.7 million
- On a non‑GAAP basis, operating loss of $5.9 million compared to operating loss of $1.3 million
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of negative $4.2 million compared to $0.7 million
Compared to the fourth quarter of 2023, Asset-Light revenues were impacted by lower revenue per shipment associated with the soft rate environment and a higher mix of managed transportation business, which has smaller shipment sizes and lower revenue per shipment metrics. Shipments per day were lower by 2.1 percent. The segment continues to benefit from productivity initiatives, as shipments per employee per day improved 20.8 percent, on a year-over-year basis, but the soft freight environment and excess truckload capacity continue to impact results.
Compared sequentially to third quarter 2024, fourth quarter 2024 shipments per day were down 1.4 percent, yet daily revenue was up by 0.6 percent as revenue per shipment increased 2.0 percent. Shipments per employee per day, improved by 5.8 percent, but purchased transportation costs as a percentage of revenue, increased and compressed margins. The $2.0 million sequential increase in non-GAAP operating loss was due primarily to the current truckload brokerage pricing environment.
Full Year Results of Operations Comparisons
Asset-Based
Full Year 2024 Versus Full Year 2023
- Revenue of $2.8 billion, compared to $2.9 billion, a per-day decrease of 4.6 percent
- Tonnage per day decrease of 14.3 percent
- Shipments per day decrease of 3.3 percent
- Total billed revenue per hundredweight increase of 11.7 percent
- Operating income of $242.6 million and an operating ratio of 91.2 percent, compared to $253.2 million and an operating ratio of 91.2 percent
- On a non-GAAP basis, operating income of $242.6 million and an operating ratio of 91.2 percent, compared to $275.5 million and an operating ratio of 90.4 percent
Asset-Light
Full Year 2024 Versus Full Year 2023
- Revenue of $1.6 billion compared to $1.7 billion, a per-day decrease of 8.0 percent
- Operating income of $58.4 million, including the $90.3 million pre-tax change in the fair value of contingent earnout consideration related to an earnout, compared to operating loss of $12.3 million
- On a non-GAAP basis, operating loss of $17.1 million compared to operating income of $5.3 million
- Adjusted EBITDA of negative $9.8 million compared to $12.9 million
Capital Expenditures
In 2024, total net capital expenditures, including equipment financed, were $288 million. This included $160 million of revenue equipment and $85 million in real estate, the majority of which was for ArcBest’s Asset-Based operation. Depreciation and amortization costs on property, plant and equipment were $136 million in 2024.
Share Repurchase and Quarterly Dividend Programs
ArcBest returned over $85 million to shareholders in 2024 through both share repurchases and dividends, while making significant organic capital investments in the business. As of January 29, 2025, ArcBest had $48.7 million of repurchase authorization remaining under the current stock repurchase program. Management plans to continue acting opportunistically on repurchases based on share price, balanced against prioritizing organic capital investments while maintaining reasonable leverage levels.
Conference Call
ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Friday, January 31, 2025 at 9:30 a.m. EST (8:30 a.m. CST). Interested parties are invited to listen by calling (800) 715‑9871 or by joining the webcast which can be found on ArcBest’s website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on January 31, 2025, will be posted and available to download on the company’s website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on February 14, 2025. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 7688695. The conference call and playback can also be accessed through February 14, 2025 on ArcBest’s website at arcb.com.
About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 14,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. 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 may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. 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: the effects of a widespread outbreak of an illness or disease 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, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including our customer pilot offering of Vaux; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals/actions by activist investors; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including 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 upskill 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; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and 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; increasing costs due to inflation and higher interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; 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 (“SEC”).
For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, 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 8K.
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 |
||||||||||||||||
|
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
December 31 |
|
December 31 |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
(Unaudited) |
||||||||||||||
|
|
|
($ thousands, except share and per share data) |
||||||||||||||
|
REVENUES |
|
$ |
1,001,645 |
|
|
$ |
1,089,535 |
|
|
$ |
4,179,019 |
|
|
$ |
4,427,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES |
|
|
963,484 |
|
|
|
1,025,282 |
|
|
|
3,934,585 |
|
|
|
4,254,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OPERATING INCOME |
|
|
38,161 |
|
|
|
64,253 |
|
|
|
244,434 |
|
|
|
172,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OTHER INCOME (COSTS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and dividend income |
|
|
1,932 |
|
|
|
4,124 |
|
|
|
11,618 |
|
|
|
14,728 |
|
|
Interest and other related financing costs |
|
|
(2,393 |
) |
|
|
(2,326 |
) |
|
|
(8,980 |
) |
|
|
(9,094 |
) |
|
Other, net |
|
|
(240 |
) |
|
|
1,755 |
|
|
|
(28,358 |
) |
|
|
8,662 |
|
|
|
|
|
(701 |
) |
|
|
3,553 |
|
|
|
(25,720 |
) |
|
|
14,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
|
37,460 |
|
|
|
67,806 |
|
|
|
218,714 |
|
|
|
186,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME TAX PROVISION |
|
|
8,425 |
|
|
|
19,016 |
|
|
|
45,353 |
|
|
|
44,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET INCOME FROM CONTINUING OPERATIONS |
|
|
29,035 |
|
|
|
48,790 |
|
|
|
173,361 |
|
|
|
142,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME FROM DISCONTINUED OPERATIONS, |
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
53,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET INCOME |
|
$ |
29,035 |
|
|
$ |
48,790 |
|
|
$ |
173,961 |
|
|
$ |
195,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
BASIC EARNINGS PER COMMON SHARE(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
1.24 |
|
|
$ |
2.06 |
|
|
$ |
7.36 |
|
|
$ |
5.92 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
2.22 |
|
|
|
|
$ |
1.24 |
|
|
$ |
2.06 |
|
|
$ |
7.39 |
|
|
$ |
8.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
DILUTED EARNINGS PER COMMON SHARE(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
1.24 |
|
|
$ |
2.01 |
|
|
$ |
7.28 |
|
|
$ |
5.77 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
2.16 |
|
|
|
|
$ |
1.24 |
|
|
$ |
2.01 |
|
|
$ |
7.30 |
|
|
$ |
7.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
23,410,038 |
|
|
|
23,713,434 |
|
|
|
23,553,410 |
|
|
|
24,018,801 |
|
|
Diluted |
|
|
23,491,715 |
|
|
|
24,248,584 |
|
|
|
23,820,175 |
|
|
|
24,634,617 |
|
| __________________________ | |
|
1) |
Represents the discontinued operations of FleetNet America® (“FleetNet”), which sold on February 28, 2023. The year ended December 31, 2024 represents adjustments related to the prior year gain on sale of FleetNet. The year ended December 31, 2023 includes the net gain on sale of FleetNet of $52.3 million after-tax, or $2.18 basic earnings per share and $2.12 diluted earnings per share. |
|
2) |
Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding. |
|
ARCBEST CORPORATION CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
|
December 31 |
|
December 31 |
||||
|
|
|
2024 |
|
2023 |
||||
|
|
|
(Unaudited) |
|
Note |
||||
|
|
|
($ thousands, except share data) |
||||||
|
ASSETS |
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
127,444 |
|
|
$ |
262,226 |
|
|
Short-term investments |
|
|
29,759 |
|
|
|
67,842 |
|
|
Accounts receivable, less allowances (2024 – $8,257; 2023 – $10,346) |
|
|
394,838 |
|
|
|
430,122 |
|
|
Other accounts receivable, less allowances (2024 – $648; 2023 – $731) |
|
|
36,055 |
|
|
|
52,124 |
|
|
Prepaid expenses |
|
|
47,860 |
|
|
|
37,034 |
|
|
Prepaid and refundable income taxes |
|
|
28,641 |
|
|
|
24,319 |
|
|
Other |
|
|
11,045 |
|
|
|
11,116 |
|
|
TOTAL CURRENT ASSETS |
|
|
675,642 |
|
|
|
884,783 |
|
|
|
|
|
|
|
|
|
||
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
|
|
||
|
Land and structures |
|
|
520,119 |
|
|
|
460,068 |
|
|
Revenue equipment |
|
|
1,166,161 |
|
|
|
1,126,055 |
|
|
Service, office, and other equipment |
|
|
351,907 |
|
|
|
319,466 |
|
|
Software |
|
|
182,396 |
|
|
|
173,354 |
|
|
Leasehold improvements |
|
|
32,263 |
|
|
|
24,429 |
|
|
|
|
|
2,252,846 |
|
|
|
2,103,372 |
|
|
Less allowances for depreciation and amortization |
|
|
1,186,800 |
|
|
|
1,188,548 |
|
|
PROPERTY, PLANT AND EQUIPMENT, net |
|
|
1,066,046 |
|
|
|
914,824 |
|
|
|
|
|
|
|
|
|
||
|
GOODWILL |
|
|
304,753 |
|
|
|
304,753 |
|
|
INTANGIBLE ASSETS, net |
|
|
88,615 |
|
|
|
101,150 |
|
|
OPERATING RIGHT-OF-USE ASSETS |
|
|
192,753 |
|
|
|
169,999 |
|
|
DEFERRED INCOME TAXES |
|
|
9,536 |
|
|
|
8,140 |
|
|
OTHER LONG-TERM ASSETS |
|
|
92,386 |
|
|
|
101,445 |
|
|
TOTAL ASSETS |
|
$ |
2,429,731 |
|
|
$ |
2,485,094 |
|
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
|
CURRENT LIABILITIES |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
172,763 |
|
|
$ |
214,004 |
|
|
Income taxes payable |
|
|
— |
|
|
|
10,410 |
|
|
Accrued expenses |
|
|
394,880 |
|
|
|
378,029 |
|
|
Current portion of long-term debt |
|
|
63,978 |
|
|
|
66,948 |
|
|
Current portion of operating lease liabilities |
|
|
34,364 |
|
|
|
32,172 |
|
|
TOTAL CURRENT LIABILITIES |
|
|
665,985 |
|
|
|
701,563 |
|
|
|
|
|
|
|
|
|
||
|
LONG-TERM DEBT, less current portion |
|
|
125,156 |
|
|
|
161,990 |
|
|
OPERATING LEASE LIABILITIES, less current portion |
|
|
189,978 |
|
|
|
176,621 |
|
|
POSTRETIREMENT LIABILITIES, less current portion |
|
|
13,361 |
|
|
|
13,319 |
|
|
CONTINGENT CONSIDERATION |
|
|
2,650 |
|
|
|
92,900 |
|
|
DEFERRED INCOME TAXES |
|
|
78,649 |
|
|
|
55,785 |
|
|
OTHER LONG-TERM LIABILITIES |
|
|
39,590 |
|
|
|
40,553 |
|
|
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
|
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2024: 30,401,768 shares; 2023: 30,024,125 shares |
|
|
304 |
|
|
|
300 |
|
|
Additional paid-in capital |
|
|
329,575 |
|
|
|
340,961 |
|
|
Retained earnings |
|
|
1,435,250 |
|
|
|
1,272,584 |
|
|
Treasury stock, at cost, 2024: 7,114,844 shares; 2023: 6,460,137 shares |
|
|
(451,039 |
) |
|
|
(375,806 |
) |
|
Accumulated other comprehensive income |
|
|
272 |
|
|
|
4,324 |
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
1,314,362 |
|
|
|
1,242,363 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
2,429,731 |
|
|
$ |
2,485,094 |
|
| __________________________ |
|
Note: The balance sheet at December 31, 2023 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 |
||||||
|
|
|
2024 |
|
2023 |
||||
|
|
|
(Unaudited) |
||||||
|
|
|
($ thousands) |
||||||
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
||
|
Net income |
|
$ |
173,961 |
|
|
$ |
195,433 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
136,265 |
|
|
|
132,900 |
|
|
Amortization of intangibles |
|
|
12,822 |
|
|
|
12,829 |
|
|
Share-based compensation expense |
|
|
11,355 |
|
|
|
11,438 |
|
|
Provision for losses on accounts receivable |
|
|
4,834 |
|
|
|
3,630 |
|
|
Change in deferred income taxes |
|
|
22,437 |
|
|
|
(5,566 |
) |
|
(Gain) loss on sale of property and equipment |
|
|
(2,176 |
) |
|
|
4,797 |
|
|
Pre-tax gain on sale of discontinued operations |
|
|
(806 |
) |
|
|
(70,201 |
) |
|
Asset impairment charges |
|
|
1,700 |
|
|
|
30,162 |
|
|
Change in fair value of contingent consideration |
|
|
(90,250 |
) |
|
|
(19,100 |
) |
|
Change in fair value of equity investment |
|
|
28,739 |
|
|
|
(3,739 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
|
Receivables |
|
|
45,499 |
|
|
|
41,189 |
|
|
Prepaid expenses |
|
|
(11,214 |
) |
|
|
2,563 |
|
|
Other assets |
|
|
(4,120 |
) |
|
|
3,830 |
|
|
Income taxes |
|
|
(14,956 |
) |
|
|
(10,657 |
) |
|
Operating right-of-use assets and lease liabilities, net |
|
|
(7,205 |
) |
|
|
2,920 |
|
|
Accounts payable, accrued expenses, and other liabilities |
|
|
(21,039 |
) |
|
|
(10,261 |
) |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
285,846 |
|
|
|
322,167 |
|
|
|
|
|
|
|
|
|
||
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
||
|
Purchases of property, plant and equipment, net of financings |
|
|
(223,103 |
) |
|
|
(219,021 |
) |
|
Proceeds from sale of property and equipment |
|
|
15,373 |
|
|
|
7,763 |
|
|
Proceeds from sale of discontinued operations |
|
|
— |
|
|
|
100,949 |
|
|
Purchases of short-term investments |
|
|
(29,236 |
) |
|
|
(96,537 |
) |
|
Proceeds from sale of short-term investments |
|
|
66,584 |
|
|
|
198,120 |
|
|
Capitalization of internally developed software |
|
|
(16,897 |
) |
|
|
(12,977 |
) |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(187,279 |
) |
|
|
(21,703 |
) |
|
|
|
|
|
|
|
|
||
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
||
|
Payments on long-term debt |
|
|
(120,518 |
) |
|
|
(69,180 |
) |
|
Net change in book overdrafts |
|
|
(3,504 |
) |
|
|
(14,101 |
) |
|
Deferred financing costs |
|
|
(62 |
) |
|
|
55 |
|
|
Payment of common stock dividends |
|
|
(11,295 |
) |
|
|
(11,542 |
) |
|
Purchases of treasury stock |
|
|
(75,233 |
) |
|
|
(91,531 |
) |
|
Payments for tax withheld on share-based compensation |
|
|
(22,737 |
) |
|
|
(10,311 |
) |
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(233,349 |
) |
|
|
(196,610 |
) |
|
|
|
|
|
|
|
|
||
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
|
(134,782 |
) |
|
|
103,854 |
|
|
Cash and cash equivalents of continuing operations at beginning of period |
|
|
262,226 |
|
|
|
158,264 |
|
|
Cash and cash equivalents of discontinued operations at beginning of period |
|
|
— |
|
|
|
108 |
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
127,444 |
|
|
$ |
262,226 |
|
|
|
|
|
|
|
|
|
||
|
NONCASH INVESTING ACTIVITIES |
|
|
|
|
|
|
||
|
Equipment financed |
|
$ |
80,714 |
|
|
$ |
33,495 |
|
|
Accruals for equipment received |
|
$ |
463 |
|
|
$ |
1,727 |
|
|
Lease liabilities arising from obtaining right-of-use assets |
|
$ |
49,452 |
|
|
$ |
62,425 |
|
| __________________________ |
|
Note: The statements of cash flows for the year ended December 31, 2024 and 2023 include cash flows from continuing operations and cash flows from discontinued operations of FleetNet, which sold on February 28, 2023. |
Contacts
Investor Relations Contact: Amy Mendenhall
Phone: 479-785-6200
Email: invrel@arcb.com
Media Contact: Autumnn Mahar
Phone: 479-494-8221
Email: amahar@arcb.com
Read full story here
