- Increased Asset-Based shipments and tonnage
- Achieved record Asset-Light productivity for full-year 2025
- Returned more than $86 million to shareholders through share repurchases and dividends in 2025
FORT SMITH, Ark.–(BUSINESS WIRE)–ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Fourth quarter 2025 revenue totaled $972.7 million, compared to $1.0 billion in the prior-year period. Net loss from continuing operations was $8.1 million, or $0.36 per diluted share, versus net income of $29.0 million, or $1.24 per diluted share, in the fourth quarter of 2024. Included in the fourth quarter 2025 net loss is a $9.1 million after-tax, noncash charge associated with impairments. On a non-GAAP basis, net income was $8.2 million, or $0.36 per diluted share, compared to $31.2 million, or $1.33 per diluted share, in the prior year.
ArcBest’s full year 2025 revenue totaled $4.0 billion, compared to $4.2 billion in the prior year. Net income from continuing operations in 2025 was $60.1 million, or $2.62 per diluted share, versus $173.4 million, or $7.28 per diluted share, in 2024, which included a $67.9 million after-tax benefit from the reduction in the fair value of contingent consideration related to the MoLo acquisition. On a non-GAAP basis, net income was $84.8 million, or $3.70 per diluted share, compared to $149.7 million, or $6.28 per diluted share, in the prior year.
“2025 was a year of strong execution and meaningful progress for ArcBest,” said Seth Runser, ArcBest President and CEO. “Amid a challenging freight environment, our team delivered growth in LTL shipments and tonnage, restored profitability in Asset-Light, and achieved record Asset-Light productivity as customers increasingly embraced our integrated, technology-driven solutions. These results are a testament to the resilience and dedication of our people and the trust our customers place in us every day. We are advancing our strategic plan and remain confident we are taking the right steps to achieve our objectives and drive long-term value.”
Results of Operations Comparisons
Asset-Based
Fourth Quarter 2025 Versus Fourth Quarter 2024
- Revenue of $648.8 million compared to $656.2 million, a per-day decrease of 0.3 percent
- Tonnage per day increase of 2.6 percent
- Shipments per day increase of 2.4 percent
- Billed revenue per hundredweight decrease of 2.7 percent
- Billed revenue per shipment decrease of 2.5 percent
- Weight per shipment increase of 0.2 percent
- Operating income of $24.4 million and an operating ratio of 96.2 percent, compared to $52.3 million and 92.0 percent
Tonnage growth was driven by an increase in daily shipments, largely attributable to newly onboarded core LTL customers. Average weight per shipment was slightly higher due to the heavier profile of new business; however, this was partially offset by lower weight per shipment from existing customers, reflecting continued softness in the manufacturing sector.
Customer contract renewals and deferred pricing agreements averaged a 5.0 percent increase during the fourth quarter. However, billed revenue per hundredweight, including and excluding fuel, declined approximately 3 percent year-over-year as pricing gains were offset by changes in freight mix. Overall, LTL industry pricing remains rational.
Operating expenses increased due to additional labor supporting shipment growth, annual union wage adjustments, and higher equipment depreciation.
Compared sequentially to the third quarter of 2025, fourth quarter daily revenue decreased 6.3 percent. Shipments per day declined 4.4 percent while weight per shipment increased 2.7 percent, resulting in a 1.8 percent decrease in tonnage per day. Billed revenue per hundredweight both including and excluding fuel, decreased approximately four percent, reflecting the heavier-weighted shipments. Billed revenue per shipment decreased 1.9 percent, due primarily to the seasonal step down in U-Pack moving shipments. The non-GAAP operating ratio increased by 370 basis points, due in part to three fewer revenue days.
Asset-Light
Fourth Quarter 2025 Versus Fourth Quarter 2024
- Revenue of $353.5 million compared to $375.4 million, a per-day decrease of 5.1 percent
- Shipments per day increase of 0.8 percent
- Revenue per shipment decrease of 5.8 percent
- Purchased transportation expense was 86.4 percent of revenue compared to 86.6 percent
- Operating loss of $9.9 million compared to operating loss of $1.6 million
- On a non-GAAP basis, breakeven operating results compared to operating loss of $5.9 million
- Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of $1.4 million compared to negative $4.2 million
Revenue declined primarily due to lower revenue per shipment in a soft-rate environment and a higher mix of managed transportation business, which typically involves smaller, lower-revenue shipments. Shipments per day were up slightly, as growth in managed solutions offset a strategic reduction in less profitable truckload volumes. Despite revenue declines, disciplined cost management and productivity gains enabled breakeven non-GAAP operating results.
Compared sequentially to the third quarter of 2025, fourth quarter daily revenue increased 4.2 percent despite a 3.0 percent decrease in shipments per day, reflecting a 7.4 percent increase in revenue per shipment. The increase in revenue per shipment was driven by higher spot rates, which raised customer pricing but also elevated purchased transportation costs and pressured margins. Operating expenses were lower, but the impact of three fewer revenue days resulted in breakeven non-GAAP operating results, compared to profit in the third quarter.
Full Year Results of Operations Comparisons
Asset-Based
Full Year 2025 Versus Full Year 2024
- Revenue of $2.7 billion, compared to $2.8 billion, a per-day decrease of 0.2 percent
- Tonnage per day increase of 1.2 percent
- Shipments per day increase of 3.0 percent
- Billed revenue per hundredweight decrease of 1.3 percent
- Billed revenue per shipment decrease of 3.0 percent
- Weight per shipment decrease of 1.7 percent
- Operating income of $172.0 million and an operating ratio of 93.7 percent, which includes $15.7 million of net gains on asset sales, compared to $242.6 million and 91.2 percent
- Non-GAAP operating income of $156.3 million and an operating ratio of 94.3 percent, compared to $242.6 million and 91.2 percent
Asset-Light
Full Year 2025 Versus Full Year 2024
- Revenue of $1.4 billion compared to $1.6 billion, a per-day decrease of 9.0 percent
- Shipments per day decrease of 1.8 percent
- Revenue per shipment decrease of 7.4 percent
- Purchased transportation expense was 85.3 percent of revenue compared to 86.3 percent
- Operating loss of $15.3 million, compared to operating income of $58.4 million, which included a $90.3 million pre-tax change in the fair value of contingent earnout consideration related to the MoLo earnout
- On a non-GAAP basis, operating income of $1.5 million compared to operating loss of $17.1 million
- Adjusted EBITDA of $7.2 million compared to negative $9.8 million
- Achieved record employee productivity, measured by shipments per person per day
Capital Expenditures
In 2025, total net capital expenditures, including equipment financed, were $198 million. This included $133 million of revenue equipment and $31 million in real estate, net of $25 million in proceeds from real estate sales. The majority of these investments supported ArcBest’s Asset-Based operation. Depreciation and amortization costs on property, plant and equipment were $158 million in 2025.
Share Repurchase and Quarterly Dividend Programs
ArcBest returned more than $86 million to shareholders in 2025 through both share repurchases and dividends, while continuing to make organic capital investments in the business. As of January 28, 2026, ArcBest had $100.8 million of repurchase authorization remaining under its current stock repurchase program. Management plans to continue acting opportunistically on repurchases based on share price, balanced against prioritizing high-return organic capital investments while maintaining prudent leverage levels.
Conference Call
ArcBest will host a conference call with company executives to discuss its quarterly results today, Friday, January 30, 2026, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties may listen by dialing (800) 715‑9871 and entering conference ID 6423434, or by accessing the webcast on ArcBest’s website at arcb.com. Presentation slides to accompany the call are included in Exhibit 99.3 of the Form 8-K filed on January 30, 2026, will be available for download on the company’s website prior to the start of the call, and will be included in the webcast. A replay of the call will be available through February 13, 2026, by dialing (800) 770-2030 and entering conference ID 6423434. The webcast replay will also be accessible on ArcBest’s website.
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,” “designed,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “likely,” “may,” “plan,” “predict,” “project,” “scheduled,” “seek,” “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 and caution the reader not to place undue reliance on our forward-looking statements. 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: 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, including but not limited to licensed software; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes; 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 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 or actions by activist investors; maintaining our corporate reputation and intellectual property rights; establishing and maintaining adequate internal controls over financial reporting; 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, 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; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency 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; 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, the occurrence of natural disasters, health epidemics, geopolitical conflicts, acts of war, cybersecurity incidents, or trade restrictions; 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; 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 8-K.
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 |
||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
(Unaudited) |
||||||||||||||
|
|
|
($ thousands, except share and per share data) |
||||||||||||||
|
REVENUES |
|
$ |
972,688 |
|
|
$ |
1,001,645 |
|
|
$ |
4,010,158 |
|
|
$ |
4,179,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES |
|
|
980,945 |
|
|
|
963,484 |
|
|
|
3,919,849 |
|
|
|
3,934,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OPERATING INCOME |
|
|
(8,257 |
) |
|
|
38,161 |
|
|
|
90,309 |
|
|
|
244,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
OTHER INCOME (COSTS) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and dividend income |
|
|
1,200 |
|
|
|
1,932 |
|
|
|
4,755 |
|
|
|
11,618 |
|
|
Interest and other related financing costs |
|
|
(3,318 |
) |
|
|
(2,393 |
) |
|
|
(12,363 |
) |
|
|
(8,980 |
) |
|
Other, net |
|
|
(180 |
) |
|
|
(240 |
) |
|
|
394 |
|
|
|
(28,358 |
) |
|
|
|
|
(2,298 |
) |
|
|
(701 |
) |
|
|
(7,214 |
) |
|
|
(25,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
|
(10,555 |
) |
|
|
37,460 |
|
|
|
83,095 |
|
|
|
218,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME TAX PROVISION (BENEFIT) |
|
|
(2,439 |
) |
|
|
8,425 |
|
|
|
22,997 |
|
|
|
45,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
|
(8,116 |
) |
|
|
29,035 |
|
|
|
60,098 |
|
|
|
173,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
INCOME FROM DISCONTINUED OPERATIONS, net of tax(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
NET INCOME (LOSS) |
|
$ |
(8,116 |
) |
|
$ |
29,035 |
|
|
$ |
60,098 |
|
|
$ |
173,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
BASIC EARNINGS PER COMMON SHARE(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
(0.36 |
) |
|
$ |
1.24 |
|
|
$ |
2.63 |
|
|
$ |
7.36 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
|
$ |
(0.36 |
) |
|
$ |
1.24 |
|
|
$ |
2.63 |
|
|
$ |
7.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
DILUTED EARNINGS PER COMMON SHARE(2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations |
|
$ |
(0.36 |
) |
|
$ |
1.24 |
|
|
$ |
2.62 |
|
|
$ |
7.28 |
|
|
Discontinued operations(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
|
$ |
(0.36 |
) |
|
$ |
1.24 |
|
|
$ |
2.62 |
|
|
$ |
7.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
AVERAGE COMMON SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
22,497,300 |
|
|
|
23,410,038 |
|
|
|
22,837,401 |
|
|
|
23,553,410 |
|
|
Diluted |
|
|
22,497,300 |
|
|
|
23,491,715 |
|
|
|
22,933,107 |
|
|
|
23,820,175 |
|
|
_____________________________ |
|
| 1) |
Represents adjustments related to the gain on sale of FleetNet America® (“FleetNet”), which sold on February 28, 2023. |
| 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 |
|
||||||
|
|
|
2025 |
|
|
2024 |
|
|
||
|
|
|
(Unaudited) |
|
Note |
|
||||
|
|
|
($ thousands, except share data) |
|
||||||
|
ASSETS |
|
|
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
102,030 |
|
|
$ |
127,444 |
|
|
|
Short-term investments |
|
|
22,204 |
|
|
|
29,759 |
|
|
|
Accounts receivable, less allowances (2025 – $7,763; 2024 – $8,257) |
|
|
370,969 |
|
|
|
394,838 |
|
|
|
Other accounts receivable, less allowances (2025 – $656; 2024 – $648) |
|
|
26,295 |
|
|
|
36,055 |
|
|
|
Prepaid expenses |
|
|
49,399 |
|
|
|
47,860 |
|
|
|
Prepaid and refundable income taxes |
|
|
45,405 |
|
|
|
28,641 |
|
|
|
Other |
|
|
9,761 |
|
|
|
11,045 |
|
|
|
TOTAL CURRENT ASSETS |
|
|
626,063 |
|
|
|
675,642 |
|
|
|
|
|
|
|
|
|
|
|
||
|
PROPERTY, PLANT AND EQUIPMENT |
|
|
|
|
|
|
|
||
|
Land and structures |
|
|
566,071 |
|
|
|
520,119 |
|
|
|
Revenue equipment |
|
|
1,201,386 |
|
|
|
1,166,161 |
|
|
|
Service, office, and other equipment |
|
|
363,340 |
|
|
|
351,907 |
|
|
|
Software |
|
|
190,673 |
|
|
|
182,396 |
|
|
|
Leasehold improvements |
|
|
41,531 |
|
|
|
32,263 |
|
|
|
|
|
|
2,363,001 |
|
|
|
2,252,846 |
|
|
|
Less allowances for depreciation and amortization |
|
|
1,219,564 |
|
|
|
1,186,800 |
|
|
|
PROPERTY, PLANT AND EQUIPMENT, net |
|
|
1,143,437 |
|
|
|
1,066,046 |
|
|
|
|
|
|
|
|
|
|
|
||
|
GOODWILL |
|
|
304,753 |
|
|
|
304,753 |
|
|
|
INTANGIBLE ASSETS, net |
|
|
69,391 |
|
|
|
88,615 |
|
|
|
OPERATING RIGHT-OF-USE ASSETS |
|
|
220,157 |
|
|
|
192,753 |
|
|
|
DEFERRED INCOME TAXES |
|
|
9,303 |
|
|
|
9,536 |
|
|
|
OTHER LONG-TERM ASSETS |
|
|
79,558 |
|
|
|
92,386 |
|
|
|
TOTAL ASSETS |
|
$ |
2,452,662 |
|
|
$ |
2,429,731 |
|
|
|
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
154,487 |
|
|
$ |
172,763 |
|
|
|
Accrued expenses |
|
|
378,125 |
|
|
|
394,880 |
|
|
|
Current portion of long-term debt |
|
|
87,882 |
|
|
|
63,978 |
|
|
|
Current portion of operating lease liabilities |
|
|
36,394 |
|
|
|
34,364 |
|
|
|
TOTAL CURRENT LIABILITIES |
|
|
656,888 |
|
|
|
665,985 |
|
|
|
|
|
|
|
|
|
|
|
||
|
LONG-TERM DEBT, less current portion |
|
|
135,974 |
|
|
|
125,156 |
|
|
|
OPERATING LEASE LIABILITIES, less current portion |
|
|
204,333 |
|
|
|
189,978 |
|
|
|
POSTRETIREMENT LIABILITIES, less current portion |
|
|
13,696 |
|
|
|
13,361 |
|
|
|
DEFERRED INCOME TAXES |
|
|
111,580 |
|
|
|
78,649 |
|
|
|
OTHER LONG-TERM LIABILITIES |
|
|
34,470 |
|
|
|
42,240 |
|
|
|
|
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
||
|
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2025: 30,489,886 shares; 2024: 30,401,768 shares |
|
|
305 |
|
|
|
304 |
|
|
|
Additional paid-in capital |
|
|
338,083 |
|
|
|
329,575 |
|
|
|
Retained earnings |
|
|
1,484,378 |
|
|
|
1,435,250 |
|
|
|
Treasury stock, at cost, 2025: 8,140,368 shares; 2024: 7,114,844 shares |
|
|
(526,606 |
) |
|
|
(451,039 |
) |
|
|
Accumulated other comprehensive income (loss) |
|
|
(439 |
) |
|
|
272 |
|
|
|
TOTAL STOCKHOLDERS’ EQUITY |
|
|
1,295,721 |
|
|
|
1,314,362 |
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
2,452,662 |
|
|
$ |
2,429,731 |
|
|
|
___________________________ |
|
|
Note: The balance sheet at December 31, 2024 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 |
|
||||||
|
|
|
2025 |
|
|
2024 |
|
|
||
|
|
|
(Unaudited) |
|
||||||
|
|
|
($ thousands) |
|
||||||
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
||
|
Net income |
|
$ |
60,098 |
|
|
$ |
173,961 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
157,535 |
|
|
|
136,265 |
|
|
|
Amortization of intangibles |
|
|
12,800 |
|
|
|
12,822 |
|
|
|
Share-based compensation expense |
|
|
10,575 |
|
|
|
11,355 |
|
|
|
Provision for losses on accounts receivable |
|
|
3,282 |
|
|
|
4,834 |
|
|
|
Change in deferred income taxes |
|
|
33,372 |
|
|
|
22,437 |
|
|
|
Gain on sale of property and equipment |
|
|
(15,308 |
) |
|
|
(2,176 |
) |
|
|
Pre-tax gain on sale of discontinued operations |
|
|
— |
|
|
|
(806 |
) |
|
|
Asset impairment charges |
|
|
12,037 |
|
|
|
1,700 |
|
|
|
Change in fair value of contingent consideration |
|
|
(2,650 |
) |
|
|
(90,250 |
) |
|
|
Change in fair value of equity investment |
|
|
— |
|
|
|
28,739 |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||
|
Receivables |
|
|
30,938 |
|
|
|
45,499 |
|
|
|
Prepaid expenses |
|
|
(1,540 |
) |
|
|
(11,214 |
) |
|
|
Other assets |
|
|
(8,344 |
) |
|
|
(4,120 |
) |
|
|
Income taxes |
|
|
(16,579 |
) |
|
|
(14,956 |
) |
|
|
Operating right-of-use assets and lease liabilities, net |
|
|
(11,019 |
) |
|
|
(7,205 |
) |
|
|
Accounts payable, accrued expenses, and other liabilities |
|
|
(36,244 |
) |
|
|
(21,039 |
) |
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
228,953 |
|
|
|
285,846 |
|
|
|
|
|
|
|
|
|
|
|
||
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||
|
Purchases of property, plant and equipment, net of financings |
|
|
(114,775 |
) |
|
|
(223,103 |
) |
|
|
Proceeds from sale of property and equipment |
|
|
34,470 |
|
|
|
15,373 |
|
|
|
Purchases of short-term investments |
|
|
(22,000 |
) |
|
|
(29,236 |
) |
|
|
Proceeds from sale of short-term investments |
|
|
29,236 |
|
|
|
66,584 |
|
|
|
Capitalization of internally developed software |
|
|
(13,391 |
) |
|
|
(16,897 |
) |
|
|
Other investing activities |
|
|
9,756 |
|
|
|
— |
|
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(76,704 |
) |
|
|
(187,279 |
) |
|
|
|
|
|
|
|
|
|
|
||
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||
|
Borrowings under credit facilities |
|
|
25,000 |
|
|
|
— |
|
|
|
Payments on long-term debt |
|
|
(108,133 |
) |
|
|
(120,518 |
) |
|
|
Net change in book overdrafts |
|
|
(5,068 |
) |
|
|
(3,504 |
) |
|
|
Deferred financing costs |
|
|
(859 |
) |
|
|
(62 |
) |
|
|
Payment of common stock dividends |
|
|
(10,970 |
) |
|
|
(11,295 |
) |
|
|
Purchases of treasury stock |
|
|
(75,567 |
) |
|
|
(75,233 |
) |
|
|
Payments for tax withheld on share-based compensation |
|
|
(2,066 |
) |
|
|
(22,737 |
) |
|
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(177,663 |
) |
|
|
(233,349 |
) |
|
|
|
|
|
|
|
|
|
|
||
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(25,414 |
) |
|
|
(134,782 |
) |
|
|
Cash and cash equivalents at beginning of period |
|
|
127,444 |
|
|
|
262,226 |
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
102,030 |
|
|
$ |
127,444 |
|
|
|
|
|
|
|
|
|
|
|
||
|
NONCASH INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||
|
Equipment financed |
|
$ |
117,855 |
|
|
$ |
80,714 |
|
|
|
Accruals for equipment received |
|
$ |
555 |
|
|
$ |
463 |
|
|
|
Lease liabilities arising from obtaining right-of-use assets |
|
$ |
50,195 |
|
|
$ |
49,452 |
|
|
Contacts
Investor Relations Contact: Amy Mendenhall
Phone: 479-785-6200
Email: [email protected]
Media Contact: Autumnn Mahar
Phone: 479-494-8221
Email: [email protected]
