ArcBest Corp. Q2 2024: $1.25B Revenue, Operating Loss

TL;DR

ArcBest Q2 revenue $1.25B, but posted an operating loss. Stock buyback program active.

AI Summary

ArcBest Corp. reported its Q2 2024 results, with total revenue of $1.25 billion for the period ending June 30, 2024. The company's operating income loss was reported, and it also disclosed a stock repurchase program. Key financial dates include the filing date of August 2, 2024, and the reporting period ending June 30, 2024.

Why It Matters

This filing provides insight into ArcBest's financial performance and strategic actions like stock repurchases during the second quarter of 2024, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — The company reported an operating income loss, which can indicate financial challenges or strategic investments impacting short-term profitability.

Key Numbers

• $1.25B — Total Revenue (Reported for the period ending June 30, 2024.)

Key Players & Entities

• ARCBEST CORP /DE/ (company) — Filer
• 8401 MCCLURE DRIVE (location) — Business Address
• FORT SMITH (location) — Business Address City
• 72916 (location) — Business Address Zip
• P O BOX 10048 (location) — Mail Address
• 72917-0048 (location) — Mail Address Zip
• ARKANSAS BEST CORP /DE/ (company) — Former Company Name
• 19930917 (date) — Date of Name Change
• 20240630 (date) — Reporting Period End Date
• 20240802 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock $0.01 Par Value ARCB Nasdaq Indicate by

Filing Documents

• arcb-20240630x10q.htm (10-Q) — 3162KB
• arcb-20240630xex31d1.htm (EX-31.1) — 12KB
• arcb-20240630xex31d2.htm (EX-31.2) — 13KB
• arcb-20240630xex32.htm (EX-32) — 12KB
• 0001558370-24-010701.txt ( ) — 12793KB
• arcb-20240630.xsd (EX-101.SCH) — 60KB
• arcb-20240630_cal.xml (EX-101.CAL) — 109KB
• arcb-20240630_def.xml (EX-101.DEF) — 260KB
• arcb-20240630_lab.xml (EX-101.LAB) — 552KB
• arcb-20240630_pre.xml (EX-101.PRE) — 447KB
• arcb-20240630x10q_htm.xml (XML) — 2954KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets — June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations — For the Three and Six Months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income — For the Three and Six Months ended June 30, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity — For the Three and Six Months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows — For the Six Months ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

SIGNATURES

SIGNATURES 55 Table of Contents PART I . FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ARCBEST CORPORATION CONSOLIDATED BALANCE SHEET S June 30 December 31 2024 2023 (Unaudited) (in thousands, except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 215,590 $ 262,226 Short-term investments 44,865 67,842 Accounts receivable, less allowances (2024 – $ 8,788 ; 2023 – $ 10,346 ) 429,511 430,122 Other accounts receivable, less allowances (2024 – $ 654 ; 2023 – $ 731 ) 11,846 52,124 Prepaid expenses 31,835 37,034 Prepaid and refundable income taxes 22,555 24,319 Other 11,011 11,116 TOTAL CURRENT ASSETS 767,213 884,783 PROPERTY, PLANT AND EQUIPMENT Land and structures 507,194 460,068 Revenue equipment 1,143,985 1,126,055 Service, office, and other equipment 326,633 319,466 Software 177,933 173,354 Leasehold improvements 27,675 24,429 2,183,420 2,103,372 Less allowances for depreciation and amortization 1,212,381 1,188,548 PROPERTY, PLANT AND EQUIPMENT, net 971,039 914,824 GOODWILL 304,753 304,753 INTANGIBLE ASSETS, net 94,740 101,150 OPERATING RIGHT-OF-USE ASSETS 186,779 169,999 DEFERRED INCOME TAXES 9,974 8,140 OTHER LONG-TERM ASSETS 74,031 101,445 TOTAL ASSETS $ 2,408,529 $ 2,485,094 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 222,303 $ 214,004 Income taxes payable — 10,410 Accrued expenses 332,258 378,029 Current portion of long-term debt 58,615 66,948 Current portion of operating lease liabilities 32,674 32,172 TOTAL CURRENT LIABILITIES 645,850 701,563 LONG-TERM DEBT, less current portion 144,972 161,990 OPERATING LEASE LIABILITIES, less current portion 185,637 176,621 POSTRETIREMENT LIABILITIES, less current portion 13,264 13,319 CONTINGENT CONSIDERATION 104,070 92,900 OTHER LONG-TERM LIABILITIES 37,606 40,553 DEFERRED INCOME TAXES 45,592 55,785 STOCKHOLDERS' EQUITY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE A – ORGANIZATIO N AND DESCRIPTION OF THE BUSINESS AND FINANCIAL STATEMENT PRESENTATION Organization and Description of Business ArcBest Corporation (the "Company") is a multibillion-dollar integrated logistics company that leverages technology and a full suite of shipping and logistics solutions to meet customers' supply chain needs. The Company, which started over a century ago as a local freight hauler, is now a logistics powerhouse with global reach. The Company's operations are conducted through its two reportable operating segments: Asset-Based, which consists of ABF Freight System, Inc. and certain other subsidiaries ("ABF Freight"), and Asset-Light, which includes MoLo Solutions, LLC ("MoLo"), Panther Premium Logistics ("Panther"), and certain other subsidiaries. References to the Company in this Quarterly Report on Form 10-Q are primarily to the Company and its subsidiaries on a consolidated basis. The Asset-Based segment represented approximately 64 % of the Company's total revenues before other revenues and intercompany eliminations for the six months ended June 30, 2024. As of June 2024, approximately 81 % of the Asset-Based segment's employees were covered under a collective bargaining agreement, the ABF National Master Freight Agreement (the "2023 ABF NMFA"), with the International Brotherhood of Teamsters (the "IBT"), which will remain in effect through June 30, 2028. Financial Statement Presentation On February 28, 2023, the Company sold FleetNet America, Inc. ("FleetNet"), a wholly owned subsidiary and reportable operating segment of the Company, for an aggregate adjusted cash purchase price of $ 100.9 million, including post-closing adjustments. The sale of FleetNet was a strategic shift for the Company as it exited the fleet roadside assistance and maintenance management business; therefore, the sale was accounted for as discontinued operations. As such, historical results of Fl

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View this 10-Q filing on SEC EDGAR