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    RXO Announces First-Quarter Results, Successful Migration of Coyote Coverage Operations to the RXO Connect® Platform

    5/7/25 6:30:00 AM ET
    $RXO
    Transportation Services
    Consumer Discretionary
    Get the next $RXO alert in real time by email
    • Carrier and coverage operations now occurring in one unified system, enabling future cost-of-purchased-transportation synergies.
    • Raising synergy estimate; now expect greater than $70 million of cash synergies.
    • Less-than-truckload brokerage volume increased by 26% year-over-year in the first quarter.
    • Last Mile achieved 24% year-over-year stop growth, an acceleration from the fourth quarter of 2024.

    RXO (NYSE:RXO) today reported its first-quarter financial results and announced the successful migration of Coyote coverage operations to the RXO Connect® platform.

    "Our technology team has been working diligently to integrate the best features of the legacy Coyote technology platform into RXO Connect. Today, I'm pleased to announce a critical integration milestone – carrier and coverage operations are now happening in one system, which will enable us to leverage our scale and realize future cost-of-purchased-transportation synergies," said Drew Wilkerson, chief executive officer of RXO. "We have made significant progress with the integration of Coyote and are again raising our synergy estimate. We now expect cash synergies to be more than $70 million. This estimate does not include cost-of-purchased-transportation opportunities, which we expect will be significant."

    Wilkerson said, "In the first quarter, RXO grew less-than-truckload brokerage volume by 26% year-over-year and saw continued momentum within Last Mile, which achieved stop growth of 24% year-over-year. RXO is well positioned for the long term because of our larger scale, exceptional service, comprehensive solutions, industry-leading innovation and deep customer relationships."

    Companywide Results

    RXO's revenue was $1.4 billion for the first quarter, compared to $913 million in the first quarter of 2024. Gross margin was 16.0%, compared to 17.4% in the first quarter of 2024.

    The company reported a first-quarter 2025 GAAP net loss of $31 million, compared to a net loss of $15 million in the first quarter of 2024. The first-quarter 2025 GAAP net loss included $20 million in transaction, integration, restructuring and other costs. Adjusted net loss in the quarter was $5 million, compared to an adjusted net loss of $4 million in the first quarter of 2024.

    Adjusted EBITDA was $22 million, compared to $15 million in the first quarter of 2024. Adjusted EBITDA margin was 1.5%, compared to 1.6% in the first quarter of 2024.

    Transaction, integration, restructuring and other costs, and amortization of intangibles, impacted GAAP earnings per share by $0.15, net of tax. For the first quarter, RXO reported a GAAP diluted loss per share of $0.18. Adjusted diluted loss per share was $0.03.

    Brokerage

    Volume in RXO's Brokerage business, including the impact of the Coyote Logistics acquisition in both periods, declined by 1% year-over-year in the first quarter. Less-than-truckload volume increased by 26% but was offset by an 8% decline in full truckload volume.

    Brokerage gross margin was 13.3% in the first quarter.

    Complementary Services

    Managed Transportation increased the synergy loads provided to Brokerage.

    Last Mile stops grew by 24% year-over-year.

    RXO's complementary services gross margin was 21.0% for the quarter.

    Second-Quarter Outlook

    RXO expects second-quarter 2025 adjusted EBITDA to be between $30 million and $40 million. The company expects second-quarter 2025 Brokerage gross margin to be between 13% and 15%.

    Conference Call

    The company will hold a conference call and webcast on Wednesday, May 7 at 8 a.m. Eastern Daylight Time. Participants can call in toll-free (from U.S./Canada) at 1-800-549-8228; international callers dial +1-289-819-1520. The conference ID is 81237.

    A live webcast of the conference call will be available on the investor relations area of the company's website, http://investors.rxo.com. A replay of the conference call will be available through May 14, 2025, by calling toll-free (from U.S./Canada) 1-888-660-6264; international callers dial +1-289-819-1325. Use the passcode 81237#. Additionally, the call will be archived on http://investors.rxo.com.

    About RXO

    RXO (NYSE:RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation, freight forwarding and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on Facebook, X, LinkedIn, Instagram and YouTube.

    Non-GAAP Financial Measures

    We provide reconciliations of the non-GAAP financial measures contained in this release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this release.

    The non-GAAP financial measures in this release include: adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted EBITDA margin; and adjusted net loss and adjusted diluted loss per share ("adjusted EPS").

    We believe that these adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not reflect, or are unrelated to, RXO's core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.

    Adjusted EBITDA, adjusted EBITDA margin, adjusted net loss and adjusted EPS include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating RXO's ongoing performance.

    We believe that adjusted EBITDA and adjusted EBITDA margin improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments that management has determined do not reflect our core operating activities and thereby assist investors with assessing trends in our underlying business. We believe that adjusted net loss and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs that management has determined do not reflect our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables, and thereby may assist investors with comparisons to prior periods and assessing trends in our underlying business.

    With respect to our financial outlook for the second quarter of 2025 adjusted EBITDA, a reconciliation of this non-GAAP measure to the corresponding GAAP measure is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude from this non-GAAP measure. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statement of income and statement of cash flows prepared in accordance with GAAP that would be required to produce such a reconciliation.

    Forward-looking Statements

    This release includes forward-looking statements, including statements relating to our outlook, integration with Coyote Logistics and cash synergies. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "predict," "should," "will," "expect," "project," "forecast," "goal," "outlook," "target," or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

    These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC and the following: the effect of the completion of the transaction to acquire Coyote Logistics on the parties' business relationships and business generally; competition and pricing pressures; economic conditions generally; fluctuations in fuel prices; increased carrier prices; severe weather, natural disasters, terrorist attacks or similar incidents that cause material disruptions to our operations or the operations of the third-party carriers and independent contractors with which we contract; our dependence on third-party carriers and independent contractors; labor disputes or organizing efforts affecting our workforce and those of our third-party carriers; legal and regulatory challenges to the status of the third-party carriers with which we contract, and their delivery workers, as independent contractors, rather than employees; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of potential cyber-attacks and information technology or data security breaches; issues related to our intellectual property rights; our ability to access the capital markets and generate sufficient cash flow to satisfy our debt obligations; litigation that may adversely affect our business or reputation; increasingly stringent laws protecting the environment, including transitional risks relating to climate change, that impact our third-party carriers; governmental regulation and political conditions; our ability to attract and retain qualified personnel; our ability to successfully implement our cost and revenue initiatives and other strategies; our ability to successfully manage our growth; our reliance on certain large customers for a significant portion of our revenue; damage to our reputation through unfavorable publicity; our failure to meet performance levels required by our contracts with our customers; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; a determination by the IRS that the distribution or certain related separation transactions should be treated as taxable transactions; and the impact of the separation on our businesses, operations and results. All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

     

    RXO, Inc.

    Condensed Consolidated Statements of Operations

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (Dollars in millions, shares in thousands, except per share amounts)

     

     

    2025

     

     

     

    2024

     

    Revenue

     

    $

    1,433

     

     

    $

    913

     

    Cost of transportation and services (exclusive of depreciation and amortization)

     

     

    1,153

     

     

     

    699

     

    Direct operating expense (exclusive of depreciation and amortization)

     

     

    48

     

     

     

    53

     

    Sales, general and administrative expense

     

     

    210

     

     

     

    145

     

    Depreciation and amortization expense

     

     

    32

     

     

     

    16

     

    Transaction and integration costs

     

     

    6

     

     

     

    1

     

    Restructuring costs

     

     

    14

     

     

     

    11

     

    Operating loss

     

    $

    (30

    )

     

    $

    (12

    )

    Other expense

     

     

    —

     

     

     

    1

     

    Interest expense, net

     

     

    9

     

     

     

    8

     

    Loss before income taxes

     

    $

    (39

    )

     

    $

    (21

    )

    Income tax benefit

     

     

    (8

    )

     

     

    (6

    )

    Net loss

     

    $

    (31

    )

     

    $

    (15

    )

     

     

     

     

     

    Loss per share data

     

     

     

     

    Basic

     

    $

    (0.18

    )

     

    $

    (0.13

    )

    Diluted

     

    $

    (0.18

    )

     

    $

    (0.13

    )

     

     

     

     

     

    Weighted-average common shares outstanding

     

     

     

     

    Basic

     

     

    168,023

     

     

     

    117,217

     

    Diluted

     

     

    168,023

     

     

     

    117,217

     

     

    RXO, Inc.

    Condensed Consolidated Balance Sheets

    (Unaudited)

     

     

     

    March 31,

     

    December 31,

    (Dollars in millions, shares in thousands, except per share amounts)

     

     

    2025

     

     

     

    2024

     

    ASSETS

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    $

    16

     

     

    $

    35

     

    Accounts receivable, net of $11 and $13 in allowances, respectively

     

     

    1,150

     

     

     

    1,227

     

    Other current assets

     

     

    89

     

     

     

    77

     

    Total current assets

     

     

    1,255

     

     

     

    1,339

     

    Long-term assets

     

     

     

     

    Property and equipment, net of $333 and $317 in accumulated depreciation, respectively

     

     

    143

     

     

     

    135

     

    Operating lease assets

     

     

    256

     

     

     

    276

     

    Goodwill

     

     

    1,124

     

     

     

    1,123

     

    Identifiable intangible assets, net of $134 and $146 in accumulated amortization, respectively

     

     

    484

     

     

     

    499

     

    Other long-term assets

     

     

    42

     

     

     

    42

     

    Total long-term assets

     

     

    2,049

     

     

     

    2,075

     

    Total assets

     

    $

    3,304

     

     

    $

    3,414

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable

     

    $

    498

     

     

    $

    568

     

    Accrued expenses

     

     

    358

     

     

     

    373

     

    Short-term debt and current maturities of long-term debt

     

     

    17

     

     

     

    17

     

    Short-term operating lease liabilities

     

     

    80

     

     

     

    81

     

    Other current liabilities

     

     

    11

     

     

     

    26

     

    Total current liabilities

     

     

    964

     

     

     

    1,065

     

    Long-term liabilities

     

     

     

     

    Long-term debt and obligations under finance leases

     

     

    387

     

     

     

    351

     

    Deferred tax liabilities

     

     

    77

     

     

     

    88

     

    Long-term operating lease liabilities

     

     

    201

     

     

     

    215

     

    Other long-term liabilities

     

     

    88

     

     

     

    83

     

    Total long-term liabilities

     

     

    753

     

     

     

    737

     

    Commitments and Contingencies

     

     

     

     

    Equity

     

     

     

     

    Preferred stock, $0.01 par value; 10,000 shares authorized; 0 shares issued and

    outstanding as of March 31, 2025 and December 31, 2024

     

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value; 300,000 shares authorized; 163,912 and 162,517

    shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

     

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

     

    1,908

     

     

     

    1,904

     

    Accumulated deficit

     

     

    (315

    )

     

     

    (284

    )

    Accumulated other comprehensive loss

     

     

    (8

    )

     

     

    (10

    )

    Total equity

     

     

    1,587

     

     

     

    1,612

     

    Total liabilities and equity

     

    $

    3,304

     

     

    $

    3,414

     

     

    RXO, Inc.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (In millions)

     

     

    2025

     

     

     

    2024

     

    Operating activities

     

     

     

     

    Net loss

     

    $

    (31

    )

     

    $

    (15

    )

    Adjustments to reconcile net loss to net cash from operating activities

     

     

     

     

    Depreciation and amortization expense

     

     

    32

     

     

     

    16

     

    Stock compensation expense

     

     

    7

     

     

     

    5

     

    Deferred tax benefit

     

     

    (11

    )

     

     

    (7

    )

    Impairment of operating lease assets

     

     

    4

     

     

     

    —

     

    Other

     

     

    2

     

     

     

    2

     

    Changes in assets and liabilities

     

     

     

     

    Accounts receivable

     

     

    76

     

     

     

    27

     

    Other current assets and other long-term assets

     

     

    (10

    )

     

     

    (1

    )

    Accounts payable

     

     

    (56

    )

     

     

    (41

    )

    Accrued expenses, other current liabilities and other long-term liabilities

     

     

    (15

    )

     

     

    21

     

    Net cash provided by (used in) operating activities

     

     

    (2

    )

     

     

    7

     

    Investing activities

     

     

     

     

    Payment for purchases of property and equipment

     

     

    (15

    )

     

     

    (11

    )

    Business acquisition, net of cash acquired

     

     

    (10

    )

     

     

    —

     

    Net cash used in investing activities

     

     

    (25

    )

     

     

    (11

    )

    Financing activities

     

     

     

     

    Proceeds from borrowings on revolving credit facilities

     

     

    300

     

     

     

    39

     

    Repayment of borrowings on revolving credit facilities

     

     

    (265

    )

     

     

    (31

    )

    Payment for tax withholdings related to vesting of stock compensation awards

     

     

    (17

    )

     

     

    (2

    )

    Other

     

     

    (11

    )

     

     

    —

     

    Net cash provided by financing activities

     

     

    7

     

     

     

    6

     

    Effect of exchange rates on cash, cash equivalents and restricted cash

     

     

    1

     

     

     

    —

     

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

     

    (19

    )

     

     

    2

     

    Cash, cash equivalents, and restricted cash, beginning of period

     

     

    35

     

     

     

    5

     

    Cash, cash equivalents, and restricted cash, end of period

     

    $

    16

     

     

    $

    7

     

    Supplemental disclosure of cash flow information:

     

     

     

     

    Leased assets obtained in exchange for new operating lease liabilities

     

    $

    4

     

     

    $

    23

     

    Cash paid for income taxes, net

     

     

    1

     

     

     

    1

     

    Cash paid for interest, net

     

     

    2

     

     

     

    1

     

    Purchases of property and equipment in accounts payable, accrued expenses and other liabilities

     

     

    11

     

     

     

    2

     

    Accrued tax withholdings related to vesting of stock compensation awards

     

     

    1

     

     

     

    —

     

     

    RXO, Inc.

    Revenue Disaggregated by Service Offering

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (In millions)

     

     

    2025

     

     

     

    2024

     

    Revenue

     

     

     

     

    Truck brokerage

     

    $

    1,067

     

     

    $

    564

     

    Last mile

     

     

    278

     

     

     

    232

     

    Managed transportation

     

     

    137

     

     

     

    152

     

    Eliminations

     

     

    (49

    )

     

     

    (35

    )

    Total

     

    $

    1,433

     

     

    $

    913

     

     

    RXO, Inc.

    Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (In millions)

     

     

    2025

     

     

     

    2024

     

    Reconciliation of Net Loss to Adjusted EBITDA

     

     

     

     

    Net loss

     

    $

    (31

    )

     

    $

    (15

    )

    Interest expense, net

     

     

    9

     

     

     

    8

     

    Income tax benefit

     

     

    (8

    )

     

     

    (6

    )

    Depreciation and amortization expense

     

     

    32

     

     

     

    16

     

    Transaction and integration costs

     

     

    6

     

     

     

    1

     

    Restructuring and other costs

     

     

    14

     

     

     

    11

     

    Adjusted EBITDA (1)

     

    $

    22

     

     

    $

    15

     

     

     

     

     

     

    Revenue

     

    $

    1,433

     

     

    $

    913

     

    Adjusted EBITDA margin (1) (2)

     

     

    1.5

    %

     

     

    1.6

    %

     

    (1) See the "Non-GAAP Financial Measures" section of the press release.

    (2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue.

     

    RXO, Inc.

    Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Diluted Loss Per Share

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (Dollars in millions, shares in thousands, except per share amounts)

     

     

    2025

     

     

     

    2024

     

    Reconciliation of Net Loss to Adjusted Net Loss and Adjusted Diluted Loss Per Share

     

     

     

     

    Net loss

     

    $

    (31

    )

     

    $

    (15

    )

    Amortization of intangible assets

     

     

    15

     

     

     

    3

     

    Transaction and integration costs

     

     

    6

     

     

     

    1

     

    Restructuring and other costs

     

     

    14

     

     

     

    11

     

    Income tax associated with adjustments above (1)

     

     

    (9

    )

     

     

    (4

    )

    Adjusted net loss (2)

     

    $

    (5

    )

     

    $

    (4

    )

     

     

     

     

     

    Adjusted diluted loss per share (2)

     

    $

    (0.03

    )

     

    $

    (0.03

    )

     

     

     

     

     

    Weighted-average shares outstanding

     

     

     

     

    Diluted

     

     

    168,023

     

     

     

    117,217

     

     

    (1) The tax impact of non-GAAP adjustments represents the tax benefit (expense) calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net income (loss). Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied.

    (2) See the "Non-GAAP Financial Measures" section of the press release.

     

    RXO, Inc.

    Calculation of Gross Margin and Gross Margin as a Percentage of Revenue

    (Unaudited)

     

     

     

    Three Months Ended March 31,

    (Dollars in millions)

     

     

    2025

     

     

     

    2024

     

    Revenue

     

     

     

     

    Truck brokerage

     

    $

    1,067

     

     

    $

    564

     

    Complementary services (1)

     

     

    415

     

     

     

    384

     

    Eliminations

     

     

    (49

    )

     

     

    (35

    )

    Revenue

     

    $

    1,433

     

     

    $

    913

     

     

     

     

     

     

    Cost of transportation and services (exclusive of depreciation and amortization)

     

     

     

     

    Truck brokerage

     

    $

    924

     

     

    $

    484

     

    Complementary services (1)

     

     

    278

     

     

     

    250

     

    Eliminations

     

     

    (49

    )

     

     

    (35

    )

    Cost of transportation and services (exclusive of depreciation and amortization)

     

    $

    1,153

     

     

    $

    699

     

     

     

     

     

     

    Direct operating expense (exclusive of depreciation and amortization)

     

     

     

     

    Truck brokerage

     

    $

    1

     

     

    $

    —

     

    Complementary services (1)

     

     

    47

     

     

     

    53

     

    Direct operating expense (exclusive of depreciation and amortization)

     

    $

    48

     

     

    $

    53

     

     

     

     

     

     

    Direct depreciation and amortization expense

     

     

     

     

    Truck brokerage

     

    $

    —

     

     

    $

    —

     

    Complementary services (1)

     

     

    3

     

     

     

    2

     

    Direct depreciation and amortization expense

     

    $

    3

     

     

    $

    2

     

     

     

     

     

     

    Gross margin

     

     

     

     

    Truck brokerage

     

    $

    142

     

     

    $

    80

     

    Complementary services (1)

     

     

    87

     

     

     

    79

     

    Gross margin

     

    $

    229

     

     

    $

    159

     

     

     

     

     

     

    Gross margin as a percentage of revenue

     

     

     

     

    Truck brokerage

     

     

    13.3

    %

     

     

    14.2

    %

    Complementary services (1)

     

     

    21.0

    %

     

     

    20.6

    %

    Gross margin as a percentage of revenue

     

     

    16.0

    %

     

     

    17.4

    %

     

    (1) Complementary services include last mile and managed transportation services.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507341453/en/

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