Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
(d) | Exhibits: | |||||||||||||
Exhibit No. | Description | |||||||||||||
99.1* | Press Release dated February 3, 2021. | |||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Exhibit No. | Description | |||||||
99.1* | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ECHO GLOBAL LOGISTICS, INC. | ||||||||
Dated: February 3, 2021 | By | /s/ PETER M. ROGERS | ||||||
Name: | Peter M. Rogers | |||||||
Title: | Chief Financial Officer |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||
Dollars in millions, except per share data | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||
Transactional revenue | $ | 577.7 | $ | 411.2 | 40.5 | % | $ | 1,936.7 | $ | 1,684.9 | 14.9 | % | |||||||||||||||||||||||
Managed Transportation revenue | 176.6 | 120.5 | 46.6 | % | 574.8 | 500.1 | 14.9 | % | |||||||||||||||||||||||||||
Revenue | 754.3 | 531.7 | 41.9 | % | 2,511.5 | 2,185.0 | 14.9 | % | |||||||||||||||||||||||||||
Transportation costs (excludes internal use software depreciation)(1) | 639.5 | 442.0 | 44.7 | % | 2,118.3 | 1,798.9 | 17.8 | % | |||||||||||||||||||||||||||
Commission expense | 34.6 | 26.8 | 29.0 | % | 118.2 | 117.0 | 1.1 | % | |||||||||||||||||||||||||||
Change in contingent consideration | (0.1) | 0.5 | (124.1) | % | (0.4) | 1.1 | (142.6) | % | |||||||||||||||||||||||||||
Stock compensation expense | 2.1 | 2.4 | (11.9) | % | 11.4 | 10.2 | 11.5 | % | |||||||||||||||||||||||||||
Other selling, general and administrative | 52.9 | 45.3 | 16.8 | % | 196.1 | 184.9 | 6.0 | % | |||||||||||||||||||||||||||
Selling, general and administrative expense | 89.5 | 75.1 | 19.3 | % | 325.2 | 313.1 | 3.9 | % | |||||||||||||||||||||||||||
Depreciation | 6.6 | 6.7 | (2.7) | % | 27.5 | 26.6 | 3.5 | % | |||||||||||||||||||||||||||
Amortization | 2.7 | 2.8 | (3.8) | % | 11.0 | 11.8 | (7.0) | % | |||||||||||||||||||||||||||
Depreciation and amortization | 9.2 | 9.5 | (3.1) | % | 38.5 | 38.4 | 0.3 | % | |||||||||||||||||||||||||||
Income from operations | 16.0 | 5.1 | 215.6 | % | 29.5 | 34.5 | (14.5) | % | |||||||||||||||||||||||||||
Cash interest expense | 0.8 | 1.3 | (37.7) | % | 4.3 | 5.3 | (19.2) | % | |||||||||||||||||||||||||||
Non-cash interest expense | — | 1.6 | (100.0) | % | 1.7 | 7.3 | (76.7) | % | |||||||||||||||||||||||||||
Interest expense, net | 0.8 | 2.8 | (72.3) | % | 6.0 | 12.6 | (52.6) | % | |||||||||||||||||||||||||||
Income before provision for income taxes | 15.2 | 2.2 | 584.1 | % | 23.5 | 21.9 | 7.5 | % | |||||||||||||||||||||||||||
Income tax expense | (4.2) | (0.8) | 437.5 | % | (7.7) | (7.0) | 9.2 | % | |||||||||||||||||||||||||||
Net income | $ | 11.0 | $ | 1.4 | 664.2 | % | $ | 15.8 | $ | 14.8 | 6.7 | % | |||||||||||||||||||||||
Fully diluted EPS | $ | 0.41 | $ | 0.05 | 664.5 | % | $ | 0.60 | $ | 0.55 | 8.5 | % | |||||||||||||||||||||||
Diluted shares | 26.6 | 26.6 | 26.4 | 26.8 | |||||||||||||||||||||||||||||||
Note: Amounts may not foot due to rounding. | |||||||||||||||||||||||||||||||||||
(1)Transportation costs exclude internal use software depreciation of $4.4 million and $4.7 million for three months ended December 31, 2020 and 2019, respectively; and $19.1 million and $17.9 million for year ended December 31, 2020 and 2019, respectively. Internal use software depreciation is included in depreciation expense. | |||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | 2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||||
Dollars in millions, except per share data | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 754.3 | $ | 531.7 | 41.9 | % | $ | 2,511.5 | $ | 2,185.0 | 14.9 | % | ||||||||||||||||||||||||||
Transportation costs | 639.5 | 442.0 | 44.7 | % | 2,118.3 | 1,798.9 | 17.8 | % | ||||||||||||||||||||||||||||||
Internal use software depreciation | 4.4 | 4.7 | (4.8) | % | 19.1 | 17.9 | 6.7 | % | ||||||||||||||||||||||||||||||
Gross profit | $ | 110.4 | $ | 85.0 | 29.8 | % | $ | 374.1 | $ | 368.1 | 1.6 | % | ||||||||||||||||||||||||||
Add: Internal use software depreciation | $ | 4.4 | 4.7 | (4.8) | % | 19.1 | 17.9 | 6.7 | % | |||||||||||||||||||||||||||||
Adjusted gross profit (formerly "net revenue")(1) | $ | 114.8 | $ | 89.7 | 28.0 | % | $ | 393.2 | $ | 386.0 | 1.9 | % | ||||||||||||||||||||||||||
Net income | $ | 11.0 | $ | 1.4 | 664.2 | % | $ | 15.8 | $ | 14.8 | 6.7 | % | ||||||||||||||||||||||||||
Depreciation | 6.6 | 6.7 | (2.7) | % | 27.5 | 26.6 | 3.5 | % | ||||||||||||||||||||||||||||||
Amortization | 2.7 | 2.8 | (3.8) | % | 11.0 | 11.8 | (7.0) | % | ||||||||||||||||||||||||||||||
Non-cash interest expense | — | 1.6 | (100.0) | % | 1.7 | 7.3 | (76.7) | % | ||||||||||||||||||||||||||||||
Cash interest expense | 0.8 | 1.3 | (37.7) | % | 4.3 | 5.3 | (19.2) | % | ||||||||||||||||||||||||||||||
Income tax expense | 4.2 | 0.8 | 437.5 | % | 7.7 | 7.0 | 9.2 | % | ||||||||||||||||||||||||||||||
EBITDA(1) | $ | 25.3 | $ | 14.6 | 72.9 | % | $ | 68.0 | $ | 72.9 | (6.7) | % | ||||||||||||||||||||||||||
Change in contingent consideration | (0.1) | 0.5 | (124.1) | % | (0.4) | 1.1 | (142.6) | % | ||||||||||||||||||||||||||||||
Stock compensation expense | 2.1 | 2.4 | (11.9) | % | 11.4 | 10.2 | 11.5 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 27.3 | $ | 17.5 | 55.5 | % | $ | 78.9 | $ | 84.1 | (6.2) | % | ||||||||||||||||||||||||||
Fully diluted EPS | $ | 0.41 | $ | 0.05 | 664.5 | % | $ | 0.60 | $ | 0.55 | 8.5 | % | ||||||||||||||||||||||||||
Change in contingent consideration | (0.00) | 0.02 | (124.1) | % | (0.02) | 0.04 | (143.3) | % | ||||||||||||||||||||||||||||||
Amortization | 0.10 | 0.11 | (3.8) | % | 0.42 | 0.44 | (5.4) | % | ||||||||||||||||||||||||||||||
Non-cash interest expense | — | 0.06 | (100.0) | % | 0.06 | 0.27 | (76.3) | % | ||||||||||||||||||||||||||||||
Stock compensation expense | 0.08 | 0.09 | (11.9) | % | 0.43 | 0.38 | 13.5 | % | ||||||||||||||||||||||||||||||
Tax effect of adjustments | (0.03) | (0.07) | (52.9) | % | (0.16) | (0.23) | (30.3) | % | ||||||||||||||||||||||||||||||
Non-GAAP fully diluted EPS(1) | $ | 0.56 | $ | 0.26 | 114.4 | % | $ | 1.33 | $ | 1.45 | (8.2) | % | ||||||||||||||||||||||||||
Operating Metrics | ||||||||||||||||||||||||||||||||||||||
Adjusted gross profit margin(1) | 15.2 | % | 16.9 | % | (165) | bps | 15.7 | % | 17.7 | % | (201) | bps | ||||||||||||||||||||||||||
Total employees | 2,593 | 2,539 | 2.1 | % | 2,593 | 2,539 | 2.1 | % | ||||||||||||||||||||||||||||||
Sales employees and agents | 1,665 | 1,669 | (0.2) | % | 1,665 | 1,669 | (0.2) | % | ||||||||||||||||||||||||||||||
Truckload (TL) revenue % | 72.8 | % | 66.2 | % | 657 | bps | 70.0 | % | 65.8 | % | 418 | bps | ||||||||||||||||||||||||||
Less than Truckload (LTL) revenue % | 24.4 | % | 29.9 | % | (551) | bps | 26.3 | % | 29.6 | % | (334) | bps | ||||||||||||||||||||||||||
Note: Amounts may not foot due to rounding. | ||||||||||||||||||||||||||||||||||||||
(1) See the "Non-GAAP Financial Measures" section of this Press Release for the definition and a discussion of each Non-GAAP financial measure. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
In thousands, except per share data | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | 754,252 | $ | 531,677 | $ | 2,511,515 | $ | 2,184,977 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Transportation costs (excludes internal use software depreciation)(1) | 639,452 | 441,995 | 2,118,316 | 1,798,944 | |||||||||||||||||||
Selling, general and administrative expenses | 89,542 | 75,074 | 325,209 | 313,129 | |||||||||||||||||||
Depreciation and amortization | 9,241 | 9,532 | 38,492 | 38,387 | |||||||||||||||||||
Income from operations | 16,017 | 5,076 | 29,497 | 34,517 | |||||||||||||||||||
Interest expense, net | (790) | (2,850) | (5,990) | (12,639) | |||||||||||||||||||
Income before provision for income taxes | 15,227 | 2,226 | 23,508 | 21,878 | |||||||||||||||||||
Income tax expense | (4,231) | (787) | (7,675) | (7,032) | |||||||||||||||||||
Net income | $ | 10,996 | $ | 1,439 | $ | 15,832 | $ | 14,846 | |||||||||||||||
Basic earnings per share | $ | 0.42 | $ | 0.05 | $ | 0.61 | $ | 0.56 | |||||||||||||||
Diluted earnings per share | $ | 0.41 | $ | 0.05 | $ | 0.60 | $ | 0.55 | |||||||||||||||
Note: Amounts may not foot due to rounding. | |||||||||||||||||||||||
(1)Transportation costs exclude internal use software depreciation of $4.4 million and $4.7 million for three months ended December 31, 2020 and 2019, respectively; and $19.1 million and $17.9 million for year ended December 31, 2020 and 2019, respectively. Internal use software depreciation is included in depreciation expense. |
December 31, 2020 | December 31, 2019 | ||||||||||
In thousands | (unaudited) | ||||||||||
Cash and cash equivalents | $ | 41,297 | $ | 34,626 | |||||||
Accounts receivable, net of allowance for doubtful accounts | 439,391 | 286,989 | |||||||||
Other current assets | 12,787 | 14,578 | |||||||||
Total noncurrent assets | 470,469 | 490,473 | |||||||||
Total assets | $ | 963,944 | $ | 826,666 | |||||||
Accounts payable | $ | 317,692 | $ | 187,524 | |||||||
Other current liabilities | 59,443 | 42,885 | |||||||||
Long-term debt, net | 133,945 | — | |||||||||
Convertible notes, net | — | 156,298 | |||||||||
Other noncurrent liabilities | 53,494 | 56,646 | |||||||||
Stockholders’ equity | 399,369 | 383,312 | |||||||||
Total liabilities and stockholders’ equity | $ | 963,944 | $ | 826,666 | |||||||
Note: Amounts may not foot due to rounding. |
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
In thousands | (unaudited) | ||||||||||
Net cash provided by operating activities | $ | 63,770 | $ | 84,532 | |||||||
Net cash used in investing activities | (21,588) | (23,959) | |||||||||
Net cash used in financing activities | (35,510) | (66,229) | |||||||||
Increase/(Decrease) in cash and cash equivalents | 6,672 | (5,656) | |||||||||
Cash and cash equivalents, beginning of period | 34,626 | 40,281 | |||||||||
Cash and cash equivalents, end of period | $ | 41,297 | $ | 34,626 | |||||||
Note: Amounts may not foot due to rounding. |
Cover |
Feb. 03, 2021 |
Feb. 05, 2020 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Entity Central Index Key | 0001426945 | |
Document Period End Date | Feb. 03, 2021 | |
Entity Registrant Name | ECHO GLOBAL LOGISTICS, INC. | |
Entity Address, Address Line One | 600 West Chicago Avenue | |
Entity Address, Address Line Two | Suite 725 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60654 | |
City Area Code | 800 | |
Local Phone Number | 354-7993 | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-34470 | |
Entity Tax Identification Number | 20-5001120 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | ECHO | |
Security Exchange Name | NASDAQ | |
Entity Emerging Growth Company | false | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Amendment Flag | false |
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