Echo Global Logistics Reports Record 2016 Revenue, Up 13.5% Year over Year
(firmenpresse) - CHICAGO, IL -- (Marketwired) -- 02/08/17 -- Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation management services, today reported financial results for the quarter and full year ended December 31, 2016.
"This has been an exciting year for Echo, as we just completed our 10th consecutive year of annual revenue growth. While softer pricing and market weakness impacted our gross margins in the back half of the year, we are excited for how we are positioned for success in 2017," said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer of Echo. "During the fourth quarter, we finalized our integration with Command Transportation and moved our entire workforce to an enhanced technology platform that will allow us to take advantage of deeper capacity, more modes, and better pricing across all of our business. In fact, we have already closed on $40 million of revenue synergies in conjunction with this combination."
Truckload volume increased by 30.5% from 2015 and less-than-truckload ("LTL") volume increased 3.1% from 2015
Total revenue increased by 13.5% to $1.7 billion from 2015
Net revenue(1) increased by 9.8% to $318.6 million
Net income decreased to $1.6 million from $7.8 million in 2015
Non-GAAP EBITDA(1) declined 10.4% to $60.8 million, or grew 2.9% to $72.2 million after excluding $11.4 million of Command integration costs
Truckload volume increased by 0.6% from the fourth quarter of 2015 and LTL volume increased 3.7% from the fourth quarter of 2015
Total revenue was $406.9 million in the fourth quarter 2016, compared to $407.2 million in 2015; net revenue(1) was $71.7 million in the fourth quarter 2016, compared to $80.1 million in 2015
Net loss was $3.0 million in the fourth quarter 2016, compared to net income of $1.7 million in 2015; non-GAAP EBITDA(1) was $9.1 million, compared to $18.6 million in 2015, or $12.6 million, compared to $19.4 million, after excluding $3.4 million and $0.8 million of Command integration costs in 2016 and 2015, respectively
Fully diluted EPS was $(0.10) in the fourth quarter of 2016, compared to $0.06 in 2015; non-GAAP fully-diluted EPS(1) was $0.07, compared to $0.28 in 2015, or $0.14, compared to $0.30, after excluding $3.4 million ($2.1 million, net of tax) and $0.8 million of Command integration costs in 2016 and 2015, respectively. After including the additional $1.3 million of tax expense related to the exclusion of Command integration costs, the effective tax rate was 36%.
(1) Represents a non-GAAP financial measure. 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 press release.
Summarized financial results and select operating metrics follow:
(1) See the "Reconciliation of Non-GAAP Financial Measures" and "Non-GAAP Financial Measures" sections of this press release.
(2) For the three months ended December 31, 2016, 481,273 incremental shares related to stock-based awards were not included in the computation of diluted earnings (loss) per common share because of the net loss during the period. Diluted shares used in the reconciliation of non-GAAP fully diluted EPS was 28,728,837.
(1) See the "Non-GAAP Financial Measures" section of this press release for the definition, and a discussion of, each Non-GAAP financial measure.
"We expect full year 2017 total revenue to be in the range of $1.85 billion to $1.97 billion," said Kyle Sauers, Chief Financial Officer of Echo. "We also expect first quarter revenue to be between $410 million and $430 million."
A conference call, with accompanying presentation slides, will be broadcast live on February 8, 2017 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time). Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer; Dave Menzel, President and Chief Operating Officer; and Kyle Sauers, Chief Financial Officer, will host the call. To participate in the call, dial 877-303-6235 (toll free) or 631-291-4837 (toll) and reference "Echo Global Logistics." To listen to a live webcast of the call, visit the Echo website at . A replay of the webcast will be available for one year following the live webcast in the Investor Relations section of the Echo website. To listen to an audio replay, call 855-859-2056 (toll free) or 404-537-3406 (toll) and enter conference ID 55960738. The audio replay will be available through February 15, 2017.
This release includes the following financial measures defined as "Non-GAAP financial measures" by the Securities and Exchange Commission (the "SEC"): Net Revenue, Non-GAAP EBITDA, and Non-GAAP Fully Diluted EPS. Net revenue is calculated as total revenue less transportation costs. Non-GAAP EBITDA is defined as net income / (loss) excluding the effects of changes in contingent consideration, depreciation, amortization, acquisition-related transaction costs, Term Loan B commitment fees, stock compensation expense, cash and non-cash interest expense, other expense, and income taxes. Non-GAAP Fully Diluted EPS is defined as fully diluted EPS excluding changes in contingent consideration, amortization, acquisition-related transaction costs, non-cash interest expense, Term Loan B commitment fees, 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.
Net revenue, Non-GAAP 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.
This release contains statements relating to future results. 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. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016, and September 30, 2016.
Echo Global Logistics, Inc. (NASDAQ: ECHO) is a leading 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 40,000 transportation providers to serve clients across a wide range of industries and simplify the critical tasks involved in transportation management. For more information on Echo Global Logistics, visit: .
ECHO: Earnings
INVESTOR RELATIONS CONTACTS:
Kyle Sauers
Chief Financial Officer
Echo Global Logistics
312-784-7695
Zach Jecklin
Director of Finance
Echo Global Logistics
312-784-2046
MEDIA RELATIONS:
Christopher Clemmensen
SVP of Marketing
Echo Global Logistics
312-784-2132
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Datum: 08.02.2017 - 15:01 Uhr
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