Market Newsdesk

Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2025 Financial Results

STAMFORD, Conn.–(BUSINESS WIRE)–
Dorian LPG Ltd. (NYSE: LPG) (the “Company,” “Dorian LPG,” “we,” “us,” and “our”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months ended December 31, 2024.

Key Recent Development

• Declared an irregular dividend totaling approximately $30.0 million, or $0.70 per share, to be paid on or about February 27, 2025 to shareholders of record as of February 5, 2025.

Highlights for the Third Quarter Fiscal Year 2025

• Revenues of $80.7 million.

• Time Charter Equivalent (“TCE”)⁽¹⁾ rate per available day for our fleet of $36,071.

• Net income of $21.4 million, or $0.50 earnings per diluted share (“EPS”), and adjusted net income⁽¹⁾ of $18.5 million, or $0.43 adjusted earnings per diluted share (“adjusted EPS”).⁽¹⁾

• Adjusted EBITDA⁽¹⁾ of $45.2 million.

• Declared and paid an irregular cash dividend totaling $42.8 million in November 2024.

(1)

TCE, adjusted net income, adjusted EPS and adjusted EBITDA are non-U.S. GAAP measures. Refer to the reconciliation of revenues to TCE, net income to adjusted net income, EPS to adjusted EPS and net income to adjusted EBITDA included in this press release under the heading “Financial Information.”

John C. Hadjipateras, Chairman, President and Chief Executive Officer of the Company, commented, “The quarterly results reflected an improving market environment. With additional export capacity coming on line in the United States this year and a modest orderbook, we have a positive market outlook. Our dividend payout in excess of the quarter’s net income reflects our constructive view of the VLGC market over the coming months. As always, I acknowledge our dedicated seafarers and shoreside staff, whose hard work and dedication make our results possible.”

Third Quarter Fiscal Year 2025 Results Summary

Net income amounted to $21.4 million, or $0.50 per diluted share, for the three months ended December 31, 2024, compared to $100.0 million, or $2.47 per diluted share, for the three months ended December 31, 2023.

Adjusted net income amounted to $18.5 million, or $0.43 per diluted share, for the three months ended December 31, 2024, compared to adjusted net income of $106.0 million, or $2.62 per diluted share, for the three months ended December 31, 2023. Adjusted net income for the three months ended December 31, 2024 is calculated by adjusting net income for the same period to exclude an unrealized gain on derivative instruments of $2.9 million. Please refer to the reconciliation of net income to adjusted net income, which appears later in this press release.

The $87.5 million decrease in adjusted net income for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, is primarily attributable to (i) a decrease of $82.4 million in revenues; (ii) increases of $2.2 million in charter hire expenses, $2.2 million in vessel operating expenses, $0.2 million in voyage expenses, and $0.1 million in depreciation and amortization expenses; and (iii) decreases of $1.1 million in realized gain on derivatives and $1.6 million in other gain/(loss), net, partially offset by (i) decreases of $1.2 million in interest and finance costs and $0.2 million in general and administrative expenses and (ii) an increase of $0.9 million in interest income.

The TCE rate per available day for our fleet was $36,071 for the three months ended December 31, 2024, a 49.9% decrease from $71,938 for the same period in the prior year. Please see footnote 7 to the table in “Financial Information” below for information related to how we calculate TCE.

Vessel operating expenses per vessel per calendar day increased to $11,097 for the three months ended December 31, 2024 compared to $9,936 in the same period in the prior year. Please see “Vessel Operating Expenses” below for more information.

Revenues

Revenues, which represent net pool revenues—related party, time charter revenues, and other revenues, net, were $80.7 million for the three months ended December 31, 2024, a decrease of $82.4 million, or 50.5%, from $163.1 million for the three months ended December 31, 2023 primarily due to reduced average TCE rates, which declined by $35,867 per available day from $71,938 for the three months ended December 31, 2023 to $36,071 for the three months ended December 31, 2024, primarily due to lower spot rates, partially offset by lower bunker prices. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged $55.717 during the three months ended December 31, 2024 compared to an average of $132.773 during the three months ended December 31, 2023. The average price of very low sulfur fuel oil (expressed as U.S. dollars per metric ton) from Singapore and Fujairah decreased from $653 during the three months ended December 31, 2023, to $570 during the three months ended December 31, 2024.

Vessel Operating Expenses

Vessel operating expenses were $21.4 million during the three months ended December 31, 2024, or $11,097 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet and increased by $2.2 million, or 11.7% from $19.2 million for the three months ended December 31, 2023. The increase of $1,161 per vessel per calendar day, from $9,936 for the three months ended December 31, 2023 to $11,097 per vessel per calendar day for the three months ended December 31, 2024 was primarily the result of an increase per vessel per calendar day of non-capitalizable drydock-related operating expenses of $909. Excluding non-capitalizable drydock-related operating expenses, daily operating expenses increased by $252, or 2.5%, from $9,909 for the three months ended December 31, 2023 to $10,161 for the three months ended December 31, 2024 primarily due to a $181 per vessel per calendar day adjustment to an expense estimate in the prior period that did not recur and an $86 per vessel per calendar day increase in vessel communications.

General and Administrative Expenses

General and administrative expenses were $7.5 million for the three months ended December 31, 2024, a decrease of $0.2 million, or 2.5%, from $7.7 million for the three months ended December 31, 2023 and was driven by a $0.2 million natural disaster relief donation in the prior period that did not recur in the current period along with decreases of $0.1 million in cash bonuses and $0.2 million in other general and administrative expenses, partially offset by an increase of $0.3 million in stock-based compensation.

Interest and Finance Costs

Interest and finance costs amounted to $8.9 million for the three months ended December 31, 2024, a decrease of $1.2 million, or 11.8%, from $10.1 million for the three months ended December 31, 2023. The decrease of $1.2 million during this period was mainly due to a decrease of $1.2 million in loan interest on our long-term debt, which was driven by a decrease in average indebtedness, excluding deferred financing fees, from $633.2 million for the three months ended December 31, 2023 to $579.9 million for the three months ended December 31, 2024.

Interest Income

Interest income amounted to $3.8 million for the three months ended December 31, 2024, compared to $2.9 million for the three months ended December 31, 2023. The increase of $0.9 million is mainly attributable to higher average cash balances for the three months ended December 31, 2024 when compared to the three months ended December 31, 2023.

Unrealized Gain/(Loss) on Derivatives

Unrealized gain on derivatives amounted to $2.9 million for the three months ended December 31, 2024, compared to a loss of $6.1 million for the three months ended December 31, 2023. The $9.0 million favorable change is primarily attributable to a favorable change in the fair value of our interest rate swaps caused by changes in forward SOFR yield curves and changes in notional amounts.

Realized Gain on Derivatives

Realized gain on derivatives amounted to $0.8 million for the three months ended December 31, 2024, compared to $1.9 million for the three months ended December 31, 2023. The $1.1 million reduction is primarily attributable to (1) a $0.6 million decrease in realized gains on our interest rate swaps and (2) a realized loss on our forward freight agreements totaling $0.5 million.

Fleet

The following table sets forth certain information regarding our fleet as of January 27, 2025.

Scrubber

Time

Capacity

ECO

Equipped

Charter-Out

(Cbm)

Shipyard

Year Built

Vessel(1)

or Dual-Fuel

Employment

Expiration(2)

Dorian VLGCs

Captain John NP(3)

82,000

Hyundai

2007

—

—

Pool(5)

—

Comet

84,000

Hyundai

2014

X

S

Pool(5)

—

Corsair(4)

84,000

Hyundai

2014

X

S

Pool(5)

—

Corvette

84,000

Hyundai

2015

X

S

Pool(5)

—

Cougar(4)

84,000

Hyundai

2015

X

—

Pool-TCO(6)

Q2 2025

Concorde

84,000

Hyundai

2015

X

S

Pool(5)

—

Cobra

84,000

Hyundai

2015

X

—

Pool(5)

—

Continental

84,000

Hyundai

2015

X

S

Pool(5)

—

Constitution

84,000

Hyundai

2015

X

S

Pool(5)

—

Commodore

84,000

Hyundai

2015

X

—

Pool-TCO(6)

Q2 2027

Cresques(4)

84,000

Hanwha Ocean

2015

X

S

Pool-TCO(6)

Q2 2025

Constellation

84,000

Hyundai

2015

X

S

Pool(5)

—

Cheyenne

84,000

Hyundai

2015

X

S

Pool(5)

—

Clermont

84,000

Hyundai

2015

X

S

Pool(5)

—

Cratis(4)

84,000

Hanwha Ocean

2015

X

S

Pool(5)

—

Chaparral(4)

84,000

Hyundai

2015

X

—

Pool(5)

Q2 2025

Copernicus(4)

84,000

Hanwha Ocean

2015

X

S

Pool(5)

—

Commander

84,000

Hyundai

2015

X

S

Pool(5)

—

Challenger

84,000

Hyundai

2015

X

S

Pool-TCO(6)

Q3 2026

Caravelle(4)

84,000

Hyundai

2016

X

S

Pool(5)

—

Captain Markos(4)

84,000

Kawasaki

2023

X

DF

Pool(5)

—

Total

1,762,000

Time chartered-in VLGCs

Future Diamond(7)

80,876

Hyundai

2020

X

S

Pool(5)

—

HLS Citrine(8)

86,090

Hyundai

2023

X

DF

Pool(5)

—

HLS Diamond(9)

86,090

Hyundai

2023

X

DF

Pool(5)

—

Cristobal(10)

86,980

Hyundai

2023

X

DF

Pool(5)

—

_________________
(1)		Represents vessels with very low revolutions per minute, long-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint.
(2)		Represents calendar year quarters.
(3)		Vessel was reflagged from the Bahamas to Madeira on December 2, 2024 to comply with EU regulation.
(4)		Operated pursuant to a bareboat chartering agreement.
(5)		“Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.
(6)		“Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.
(7)		Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2026.
(8)		Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven.
(9)		Vessel has a Panamax beam and is currently time chartered-in to our fleet with an expiration during the first calendar quarter of 2030 and purchase options beginning in year seven.
(10)		Vessel has a Panamax beam and shaft generator and is currently time chartered-in to our fleet with an expiration during the third calendar quarter of 2030 and purchase options beginning in year seven.

Market Outlook & Update

Average petrochemical margins for steam cracking remained negative for naphtha during the fourth calendar quarter of 2024 (“Q4 2024”) for Far East ethylene producers. Meanwhile, propane margins had averaged positive figures for the majority of 2024 but deteriorated at the end of the third calendar quarter of 2024 (“Q3 2024”). Ethylene and propylene margins were at their lowest in October 2024 but improved for the remainder of Q4 2024 with softening feedstock prices. Imported propane prices increased from September to October 2024 to an average of 64% and 70% of Brent in NW Europe and the Far East respectively. Propane costs subsided after October in these two major importing regions as overall propane demand remained subdued with deteriorating steam cracking margins for ethylene for Q4 2024 compared to the previous quarter. By November, positive margins returned for both the production of ethylene via steam cracking and propylene via PDH. Another PDH plant began operating in China during the last quarter of 2024, bringing the total number of new facilities in 2024 to seven, maintaining a current overcapacity environment and keeping operating rates in low levels.

On exports, Saudi CP prices rose as a percentage of Brent from 59% in Q3 2024 to 67% in Q4 2024. Meanwhile the U.S. Gulf saw a similar increase in propane prices relative to crude oil in October 2024, with Mont Belvieu prices as a percentage of West Texas Intermediate (“WTI”) increasing to 45% from an average of 39% in September 2024. The upward pressure throughout the remainder of the quarter continued with the average propane price relative to WTI increasing to 48% in November 2024 before settling at 46% of WTI in December 2024.

Lower propane availability in NW Europe and the Far East during October, is partly explained by the continued impact of terminal capacity in the U.S. Gulf due to the announced force majeure at Nederland terminal declared at the end of Q3 2024. Overall U.S. exports fell to a level of 5.5 million metric tons (“MMT”) in October 2024, but quickly recovered back to 5.7 MMT in November.

Weaker import demand from China, driven in part by lower steam cracking demand, resulted in a decline in LPG imports from high levels of 3.5 MMT in July 2024 to 2.3 MMT in November 2024. Imports into China recovered in December to an estimated 2.8 MMT, though remained lower than the levels seen earlier in the year. Overall, total LPG imports into China in Q4 2024 totaled 8.2 MMT compared to a high of 10.1 MMT in the second calendar quarter of 2024 (“Q2 2024”), reflecting the impact of higher import prices seen in Q4 2024 compared to earlier in the year. It was also an unseasonably warm start to the winter in the Far East.

The OPEC+ group announced a continuation of the additional voluntary cuts announced in November 2023 for another quarter until the end of March 2025, lowering the production and potential export of LPG from the Middle East compared to earlier expectations, although total Middle East export volumes reached a new record high for 2024.

After falling in Q3 2024, freight rates remained relatively steady in Q4 2024 with the Baltic averaging around $56 per metric ton for the Ras Tanura-Chiba route, although the Houston-Chiba route posted higher with an average of about $108 per metric ton during Q4 2024, up from around $99 per metric ton during Q3 2024.

In Q4 2024, three new VLGCs were added to the market, representing a modest addition to the global fleet. An additional 107 VLGCs are expected to be added to the global fleet by calendar year 2027. The average age of the global fleet is now approximately 10.5 years old. Currently, the VLGC orderbook (including VLACs) stands at approximately 20% of the global fleet.

The above market outlook update is based on information, data and estimates derived from industry sources available as of the date of this release, and there can be no assurances that such trends will continue or that anticipated developments in freight rates, export volumes, the VLGC orderbook or other market indicators will materialize. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors. You are cautioned not to give undue weight to such information, data and estimates. We have not independently verified any third-party information, verified that more recent information is not available and undertake no obligation to update this information unless legally obligated.

Seasonality

Liquefied gases are primarily used for industrial and domestic heating, as chemical and refinery feedstock, as transportation fuel and in agriculture. The LPG shipping market historically has been stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities. Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth out these short-term fluctuations and recent LPG shipping market activity has not yielded the typical seasonal results. The increase in petrochemical industry buying has contributed to less marked seasonality than in the past, but there can no guarantee that this trend will continue. To the extent any of our time charters expire during the typically weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates. As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results.

Financial Information

The following table presents our selected financial data and other information for the periods presented:

		Three months ended									Nine months ended
(in U.S. dollars, except fleet data)		December 31, 2024				December 31, 2023					December 31, 2024				December 31, 2023
Statement of Operations Data
Revenues		$	80,666,779			$	163,064,503				$	277,453,301			$	419,325,872
Expenses
Voyage expenses			950,842				772,879					2,508,379				2,292,490
Charter hire expenses			10,586,115				8,359,808					31,082,323				30,975,037
Vessel operating expenses			21,439,514				19,196,097					61,459,709				60,015,602
Depreciation and amortization			17,497,383				17,380,846					52,039,031				51,082,082
General and administrative expenses			7,464,856				7,659,466					34,347,576				30,456,251
Total expenses			57,938,710				53,369,096					181,437,018				174,821,462
Other income—related parties			655,365				645,454					1,936,762				1,946,837
Operating income			23,383,434				110,340,861					97,953,045				246,451,247
Other income/(expenses)
Interest and finance costs			(8,884,499	)			(10,076,638	)				(27,841,202	)			(30,795,368	)
Interest income			3,797,264				2,903,622					11,986,945				6,624,594
Unrealized gain/(loss) on derivatives			2,865,617				(6,070,320	)				(3,139,248	)			(1,650,452	)
Realized gain on derivatives			838,906				1,916,347					4,210,274				5,692,328
Other gain/(loss), net			(638,894	)			959,041					(1,091,241	)			1,884,366
Total other income/(expenses), net			(2,021,606	)			(10,367,948	)				(15,874,472	)			(18,244,532	)
Net income		$	21,361,828			$	99,972,913				$	82,078,573			$	228,206,715
Earnings per common share—basic			0.50				2.48					1.95				5.68
Earnings per common share—diluted		$	0.50			$	2.47				$	1.95			$	5.65
Financial Data
Adjusted EBITDA(1)		$	45,242,519			$	132,968,450				$	169,351,603			$	312,382,774
Fleet Data
Calendar days(2)			1,932				1,932					5,775				5,775
Time chartered-in days(3)			368				368					1,100				1,148
Available days(4)(5)			2,210				2,256					6,677				6,757
Average Daily Results
Time charter equivalent rate(5)(6)		$	36,071			$	71,938				$	41,178			$	61,719
Daily vessel operating expenses(7)		$	11,097			$	9,936				$	10,642			$	10,392

_________________
(1)		Adjusted EBITDA is an unaudited non-U.S. GAAP measure and represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance. We believe that adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period and management makes business and resource-allocation decisions based on such comparisons. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income/(loss) between periods. We believe that including adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives.
		Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss). Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies.
		The following table sets forth a reconciliation of net income to Adjusted EBITDA (unaudited) for the periods presented:

		Three months ended								Nine months ended
(in U.S. dollars)		December 31, 2024				December 31, 2023				December 31, 2025				December 31, 2023
Net income		$	21,361,828			$	99,972,913			$	82,078,573			$	228,206,715
Interest and finance costs			8,884,499				10,076,638				27,841,202				30,795,368
Unrealized (gain)/loss on derivatives			(2,865,617	)			6,070,320				3,139,248				1,650,452
Realized gain on interest rate swaps			(1,337,298	)			(1,916,347	)			(4,722,356	)			(5,692,328	)
Stock-based compensation expense			1,701,724				1,384,080				8,975,905				6,340,485
Depreciation and amortization			17,497,383				17,380,846				52,039,031				51,082,082
Adjusted EBITDA		$	45,242,519			$	132,968,450			$	169,351,603			$	312,382,774

(2)		We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during that period.
(3)		We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties excluding off-hire days. Time chartered-in days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of charter hire expenses that are recorded during that period.
(4)		We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with both unscheduled and scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues.
		Note that we have updated our definition of available days to include unscheduled maintenance as we believe it is more reflective of industry practice and more consistent with the practice used in the Helios Pool, which now accounts for more than 95% of our revenue.
(5)		Prior period amounts have been updated to conform to current period presentation.
(6)		Time charter equivalent rate, or TCE rate, is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period‑to‑period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods and is a factor in management’s business decisions and is useful to investors in understanding our underlying performance and business trends. Our method of calculating TCE rate is to divide revenue net of voyage expenses by available days for the relevant time period, which may not be calculated the same by other companies. Note that we have updated the denominator of our calculation of TCE to be our updated definition of available days (see note 4 above) as we believe it is more reflective of industry practice and more consistent with the practice used in the Helios Pool, which now accounts for more than 95% of our revenue.
		The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented:

		Three months ended							Nine months ended
(in U.S. dollars, except available days)		December 31, 2024			December 31, 2023				December 31, 2024			December 31, 2023
Numerator:
Revenues		$	80,666,779		$	163,064,503			$	277,453,301		$	419,325,872
Voyage expenses			(950,842)			(772,879)				(2,508,379)			(2,292,490)
Time charter equivalent		$	79,715,937		$	162,291,624			$	274,944,922		$	417,033,382
Pool adjustment*			(1,316,039)			1,301,452				(2,050)			895,272
Time charter equivalent excluding pool adjustment*		$	78,399,898		$	163,593,076			$	274,942,872		$	417,928,654
Denominator:
Available days**			2,210			2,256				6,677			6,757
TCE rate:
Time charter equivalent rate**		$	36,071		$	71,938			$	41,178		$	61,719
TCE rate excluding pool adjustment*		$	35,475		$	72,515			$	41,178		$	61,851

		* Adjusted for the effects of reallocations of pool profits in accordance with the pool participation agreements primarily resulting from the actual speed and consumption performance of the vessels operating in the Helios Pool exceeding the originally estimated speed and consumption levels.
		** Prior period amounts have been updated to conform to current period presentation of available days (see footnotes to tables above).
(7)		Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period.

In addition to the results of operations presented in accordance with U.S. GAAP, we provide adjusted net income and adjusted EPS. We believe that adjusted net income and adjusted EPS are useful to investors in understanding our underlying performance and business trends. Adjusted net income and adjusted EPS are not a measurement of financial performance or liquidity under U.S. GAAP; therefore, these non-U.S. GAAP measures should not be considered as an alternative or substitute for U.S. GAAP. The following table reconciles net income and EPS to adjusted net income and adjusted EPS, respectively, for the periods presented:

		Three months ended								Nine months ended
(in U.S. dollars, except share data)		December 31, 2024				December 31, 2023				December 31, 2024			December 31, 2023
Net income		$	21,361,828			$	99,972,913			$	82,078,573		$	228,206,715
Unrealized (gain)/loss on derivatives			(2,865,617	)			6,070,320				3,139,248			1,650,452
Adjusted net income		$	18,496,211			$	106,043,233			$	85,217,821		$	229,857,167
Earnings per common share—diluted		$	0.50			$	2.47			$	1.95		$	5.65
Unrealized (gain)/loss on derivatives			(0.07	)			0.15				0.07			0.04
Adjusted earnings per common share—diluted		$	0.43			$	2.62			$	2.02		$	5.69

The following table presents our unaudited balance sheets as of the dates presented:

		As of				As of
		December 31, 2024				March 31, 2024
Assets
Current assets
Cash and cash equivalents		$	314,532,172			$	282,507,971
Trade receivables, net and accrued revenues			990,655				659,567
Due from related parties			73,615,519				52,352,942
Inventories			2,348,389				2,393,379
Available-for-sale debt securities			10,001,336				11,530,939
Derivative instruments			946,554				5,139,056
Prepaid expenses and other current assets			12,716,507				14,297,917
Total current assets			415,151,132				368,881,771
Fixed assets
Vessels, net			1,164,143,821				1,208,588,213
Vessel under construction			24,745,465				23,829,678
Total fixed assets			1,188,889,286				1,232,417,891
Other non-current assets
Deferred charges, net			13,967,496				12,544,098
Derivative instruments			5,198,407				4,145,153
Due from related parties—non-current			26,400,000				25,300,000
Restricted cash—non-current			73,466				75,798
Operating lease right-of-use assets			167,583,682				191,700,338
Other non-current assets			2,795,694				2,585,116
Total assets		$	1,820,059,163			$	1,837,650,165
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable		$	9,250,677			$	10,185,962
Accrued expenses			3,505,020				3,948,420
Due to related parties			2,291,072				7,283
Deferred income			695,512				486,868
Current portion of long-term operating lease liabilities			34,243,891				32,491,122
Current portion of long-term debt			53,880,102				53,543,315
Dividends payable			757,516				1,149,665
Total current liabilities			104,623,790				101,812,635
Long-term liabilities
Long-term debt—net of current portion and deferred financing fees			512,031,157				551,549,215
Long-term operating lease liabilities			133,356,317				159,226,326
Other long-term liabilities			1,539,051				1,528,906
Total long-term liabilities			646,926,525				712,304,447
Total liabilities			751,550,315				814,117,082
Commitments and contingencies			—				—
Shareholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding			—				—
Common stock, $0.01 par value, 450,000,000 shares authorized, 54,294,696 and 51,995,027 shares issued, 42,804,479 and 40,619,448 shares outstanding (net of treasury stock), as of December 31, 2024 and March 31, 2024, respectively			542,947				519,950
Additional paid-in-capital			866,076,755				772,714,486
Treasury stock, at cost; 11,490,217 and 11,375,579 shares as of December 31, 2024 and March 31, 2024, respectively			(131,096,907	)			(126,837,239	)
Retained earnings			332,986,053				377,135,886
Total shareholders’ equity			1,068,508,848				1,023,533,083
Total liabilities and shareholders’ equity		$	1,820,059,163			$	1,837,650,165

Conference Call

A conference call to discuss the results will be held on Friday, January 31, 2025 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-225-9448, or for international callers, 1-203-518-9708, and requesting to be joined into the Dorian LPG call. A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11158025. The replay will be available until February 7, 2025, at 11:59 p.m. ET.

A live webcast of the conference call will also be available under the investor relations section at www.dorianlpg.com. The information on our website does not form a part of and is not incorporated by reference into this release.

About Dorian LPG Ltd.

Dorian LPG is a leading owner and operator of modern VLGCs that transport liquefied petroleum gas globally. Our fleet currently consists of twenty-five modern VLGCs, including twenty ECO VLGCs and four dual-fuel ECO VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece.

Forward-Looking and Other Cautionary Statements

The cash dividends referenced in this release are irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that our Board of Directors may deem relevant. The Board of Directors, in its sole discretion, may increase, decrease or eliminate the dividend at any time.

This press release contains “forward-looking statements.” Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “may,” “will,” “should” and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the Company’s current expectations and observations regarding future results, many of which, by their nature are inherently uncertain and outside of the Company’s control. Where the Company expresses an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, the Company’s forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Dorian LPG’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company does not assume any obligation to update the information contained in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250131478900/en/

Ted Young

Chief Financial Officer

+1 (203) 674-9900

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Oil/Gas Energy Maritime Logistics/Supply Chain Management Transport

MEDIA:

Posted on January 31, 2025 6:04 am

Ares Commercial Real Estate Corporation Announces Tax Reporting Information for Calendar Year 2024

Ares Commercial Real Estate Corporation Announces Tax Reporting Information for Calendar Year 2024

NEW YORK–(BUSINESS WIRE)–
Ares Commercial Real Estate Corporation (NYSE: ACRE) (the “Company”) today announced the 2024 tax treatment for the Company’s common stock distributions (CUSIP # 04013V-10-8).

Form 1099 Reference:
				Box 1a	Box 1b	Box 2a	Box 3	Box 5
Record Date	Payment Date	Cash Distribution Per Share	Allocable to 2024	Total Ordinary Dividends	Qualified Dividends (1)	Total Capital Gain Distributions	Nondividend Distributions	Section 199A Dividends (1)
12/29/2023	1/17/2024	$0.3300(2)	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
3/28/2024	4/16/2024	$0.2500	$0.2500	$0.2242	$0.0000	$0.0000	$0.0258	$0.2242
6/28/2024	7/16/2024	$0.2500	$0.2500	$0.2242	$0.0000	$0.0000	$0.0258	$0.2242
9/30/2024	10/15/2024	$0.2500	$0.2500	$0.2242	$0.0000	$0.0000	$0.0258	$0.2242
12/31/2024	1/15/2025	$0.2500(3)	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000	$0.0000
	Totals		$0.7500	$0.6726	$0.0000	$0.0000	$0.0774	$0.6726

(1)		Boxes 1b and 5 are subsets of, and included in, Box 1a.
(2)		The entire distribution of $0.3300 per share was treated as taxable in 2023 pursuant to Section 857(b)(9) of the Internal Revenue Code.
(3)		The entire distribution of $0.2500 per share is allocable to 2025.

The amounts indicated above are not classified as excess inclusion income. Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

About Ares Commercial Real Estate Corporation

Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250131375411/en/

Investor Relations:

Ares Commercial Real Estate Corporation

Carl Drake or John Stilmar

888-818-5298

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Commercial Building & Real Estate Construction & Property

MEDIA:

Logo

ArcBest Announces Fourth Quarter and Full Year 2024 Results

• Productivity gains from technology, training, and network design

• Continued focus on cost control initiatives to mitigate headwinds from challenging freight environment

• Significant investments to enable growth, improve service, and increase efficiencies across the network while returning over $85 million to shareholders in 2024 through both share repurchases and dividends

FORT SMITH, Ark.–(BUSINESS WIRE)–
ArcBest^® (Nasdaq: ARCB), a leader in supply chain logistics, today reported fourth quarter 2024 revenue of $1.0 billion, compared to $1.1 billion in fourth quarter 2023. Net income was $29.0 million, or $1.24 per diluted share, compared to $48.8 million, or $2.01 per diluted share in the prior year. On a non-GAAP basis, fourth quarter 2024 net income was $31.2 million, or $1.33 per diluted share, compared to $60.0 million, or $2.47 per diluted share in the prior year.

ArcBest’s full year 2024 revenue totaled $4.2 billion compared to $4.4 billion in 2023. Net income from continuing operations was $173.4 million, or $7.28 per diluted share, including a $67.9 million after-tax benefit from the reduction in the fair value of contingent consideration related to a 2021 acquisition, compared to net income of $142.2 million, or $5.77 per diluted share in 2023. On a non-GAAP basis, full year 2024 net income was $149.7 million, or $6.28 per diluted share, compared to net income of $194.1 million, or $7.88 per diluted share, in 2023.

“Throughout 2024, we made significant progress on controlling costs, improving productivity, and enhancing our service quality,” said Judy R. McReynolds, ArcBest Chairman and CEO. “These achievements underscore our commitment to excellent execution and are yielding tangible results. I want to extend a heartfelt thank you to our dedicated employees, whose hard work and innovation have been pivotal in reaching these milestones. Together, we are well-positioned for continued growth and success.”

Results of Operations Comparisons

Asset-Based

Fourth Quarter 2024 Versus Fourth Quarter 2023

• Revenue of $656.2 million compared to $710.0 million, a per-day decrease of 7.6 percent

• Total tonnage per day decrease of 7.3 percent

• Total shipments per day decrease of 1.1 percent

• Total billed revenue per hundredweight increase of 0.6 percent

• Operating income of $52.3 million and an operating ratio of 92.0 percent, compared to $87.5 million and an operating ratio of 87.7 percent

The Asset-Based segment generated $35.2 million less operating income than fourth quarter 2023. Fourth quarter tonnage declines were driven by a 6.3 percent decrease in weight per shipment and a 1.1 percent decrease in daily shipments. Prolonged manufacturing sector weakness continues to negatively impact weight per shipment metrics. Productivity improvements of 2.3 percent and other cost initiatives helped mitigate the impact of the soft market environment, higher insurance costs, and higher labor cost increases related to the annual union contract rate increase, which went into effect during the third quarter of 2024.

Contract renewals and deferred pricing agreements saw an average increase of 4.5% during the quarter. Price improvements were offset by declining fuel costs. Excluding fuel surcharges, revenue per hundredweight increased in the mid-single digits, year-over-year. Overall, LTL industry pricing remains rational.

Compared sequentially to the third quarter of 2024, fourth quarter 2024 revenue per day decreased 4.5 percent. Weight per shipment improved 0.6 percent and shipments per day declined by 2.6 percent, resulting in a 2.1 percent decrease in tonnage per day. Billed revenue per hundredweight was 2.9 percent lower, impacted by the increase in weight per shipment, reduced fuel prices, and the increase of project-related business. Lower tonnage, offset in part by cost savings, resulted in the operating ratio increase of 100 basis points sequentially, which was on the lower end of the historical seasonality range of a 100 to 200 basis point increase.

Asset-Light

Fourth Quarter 2024 Versus Fourth Quarter 2023

• Revenue of $375.4 million compared to $413.4 million, a per-day decrease of 9.2 percent

• Operating loss of $1.6 million, compared to operating loss of $7.7 million

• On a non‑GAAP basis, operating loss of $5.9 million compared to operating loss of $1.3 million

• Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of negative $4.2 million compared to $0.7 million

Compared to the fourth quarter of 2023, Asset-Light revenues were impacted by lower revenue per shipment associated with the soft rate environment and a higher mix of managed transportation business, which has smaller shipment sizes and lower revenue per shipment metrics. Shipments per day were lower by 2.1 percent. The segment continues to benefit from productivity initiatives, as shipments per employee per day improved 20.8 percent, on a year-over-year basis, but the soft freight environment and excess truckload capacity continue to impact results.

Compared sequentially to third quarter 2024, fourth quarter 2024 shipments per day were down 1.4 percent, yet daily revenue was up by 0.6 percent as revenue per shipment increased 2.0 percent. Shipments per employee per day, improved by 5.8 percent, but purchased transportation costs as a percentage of revenue, increased and compressed margins. The $2.0 million sequential increase in non-GAAP operating loss was due primarily to the current truckload brokerage pricing environment.

Full Year Results of Operations Comparisons

Asset-Based

Full Year 2024 Versus Full Year 2023

• Revenue of $2.8 billion, compared to $2.9 billion, a per-day decrease of 4.6 percent

• Tonnage per day decrease of 14.3 percent

• Shipments per day decrease of 3.3 percent

• Total billed revenue per hundredweight increase of 11.7 percent

• Operating income of $242.6 million and an operating ratio of 91.2 percent, compared to $253.2 million and an operating ratio of 91.2 percent

• On a non-GAAP basis, operating income of $242.6 million and an operating ratio of 91.2 percent, compared to $275.5 million and an operating ratio of 90.4 percent

Asset-Light

Full Year 2024 Versus Full Year 2023

• Revenue of $1.6 billion compared to $1.7 billion, a per-day decrease of 8.0 percent

• Operating income of $58.4 million, including the $90.3 million pre-tax change in the fair value of contingent earnout consideration related to an earnout, compared to operating loss of $12.3 million

• On a non-GAAP basis, operating loss of $17.1 million compared to operating income of $5.3 million

• Adjusted EBITDA of negative $9.8 million compared to $12.9 million

Capital Expenditures

In 2024, total net capital expenditures, including equipment financed, were $288 million. This included $160 million of revenue equipment and $85 million in real estate, the majority of which was for ArcBest’s Asset-Based operation. Depreciation and amortization costs on property, plant and equipment were $136 million in 2024.

Share Repurchase and Quarterly Dividend Programs

ArcBest returned over $85 million to shareholders in 2024 through both share repurchases and dividends, while making significant organic capital investments in the business. As of January 29, 2025, ArcBest had $48.7 million of repurchase authorization remaining under the current stock repurchase program. Management plans to continue acting opportunistically on repurchases based on share price, balanced against prioritizing organic capital investments while maintaining reasonable leverage levels.

Conference Call

ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Friday, January 31, 2025 at 9:30 a.m. EST (8:30 a.m. CST). Interested parties are invited to listen by calling (800) 715‑9871 or by joining the webcast which can be found on ArcBest’s website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on January 31, 2025, will be posted and available to download on the company’s website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on February 14, 2025. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 7688695. The conference call and playback can also be accessed through February 14, 2025 on ArcBest’s website at arcb.com.

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,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “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. 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: 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, acts of war or terrorism, or military conflicts; 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 or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including our customer pilot offering of Vaux; 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 any recent or future 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/actions by activist investors; maintaining our corporate reputation and intellectual property rights; 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, decreases in value of used 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; governmental regulations; environmental laws and regulations, including emissions-control 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; 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; increasing costs due to inflation and higher interest rates; 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 8K.

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
		2024				2023				2024				2023
		(Unaudited)
		($ thousands, except share and per share data)
REVENUES		$	1,001,645			$	1,089,535			$	4,179,019			$	4,427,443
OPERATING EXPENSES			963,484				1,025,282				3,934,585				4,254,824
OPERATING INCOME			38,161				64,253				244,434				172,619
OTHER INCOME (COSTS)
Interest and dividend income			1,932				4,124				11,618				14,728
Interest and other related financing costs			(2,393	)			(2,326	)			(8,980	)			(9,094	)
Other, net			(240	)			1,755				(28,358	)			8,662
			(701	)			3,553				(25,720	)			14,296
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			37,460				67,806				218,714				186,915
INCOME TAX PROVISION			8,425				19,016				45,353				44,751
NET INCOME FROM CONTINUING OPERATIONS			29,035				48,790				173,361				142,164
INCOME FROM DISCONTINUED OPERATIONS, net of tax(1)			—				—				600				53,269
NET INCOME		$	29,035			$	48,790			$	173,961			$	195,433
BASIC EARNINGS PER COMMON SHARE(2)
Continuing operations		$	1.24			$	2.06			$	7.36			$	5.92
Discontinued operations(1)			—				—				0.03				2.22
		$	1.24			$	2.06			$	7.39			$	8.14
DILUTED EARNINGS PER COMMON SHARE(2)
Continuing operations		$	1.24			$	2.01			$	7.28			$	5.77
Discontinued operations(1)			—				—				0.03				2.16
		$	1.24			$	2.01			$	7.30			$	7.93
AVERAGE COMMON SHARES OUTSTANDING
Basic			23,410,038				23,713,434				23,553,410				24,018,801
Diluted			23,491,715				24,248,584				23,820,175				24,634,617

__________________________
1)	Represents the discontinued operations of FleetNet America® (“FleetNet”), which sold on February 28, 2023. The year ended December 31, 2024 represents adjustments related to the prior year gain on sale of FleetNet. The year ended December 31, 2023 includes the net gain on sale of FleetNet of $52.3 million after-tax, or $2.18 basic earnings per share and $2.12 diluted earnings per share.
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				December 31
		2024				2023
		(Unaudited)				Note
		($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	127,444			$	262,226
Short-term investments			29,759				67,842
Accounts receivable, less allowances (2024 – $8,257; 2023 – $10,346)			394,838				430,122
Other accounts receivable, less allowances (2024 – $648; 2023 – $731)			36,055				52,124
Prepaid expenses			47,860				37,034
Prepaid and refundable income taxes			28,641				24,319
Other			11,045				11,116
TOTAL CURRENT ASSETS			675,642				884,783
PROPERTY, PLANT AND EQUIPMENT
Land and structures			520,119				460,068
Revenue equipment			1,166,161				1,126,055
Service, office, and other equipment			351,907				319,466
Software			182,396				173,354
Leasehold improvements			32,263				24,429
			2,252,846				2,103,372
Less allowances for depreciation and amortization			1,186,800				1,188,548
PROPERTY, PLANT AND EQUIPMENT, net			1,066,046				914,824
GOODWILL			304,753				304,753
INTANGIBLE ASSETS, net			88,615				101,150
OPERATING RIGHT-OF-USE ASSETS			192,753				169,999
DEFERRED INCOME TAXES			9,536				8,140
OTHER LONG-TERM ASSETS			92,386				101,445
TOTAL ASSETS		$	2,429,731			$	2,485,094
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	172,763			$	214,004
Income taxes payable			—				10,410
Accrued expenses			394,880				378,029
Current portion of long-term debt			63,978				66,948
Current portion of operating lease liabilities			34,364				32,172
TOTAL CURRENT LIABILITIES			665,985				701,563
LONG-TERM DEBT, less current portion			125,156				161,990
OPERATING LEASE LIABILITIES, less current portion			189,978				176,621
POSTRETIREMENT LIABILITIES, less current portion			13,361				13,319
CONTINGENT CONSIDERATION			2,650				92,900
DEFERRED INCOME TAXES			78,649				55,785
OTHER LONG-TERM LIABILITIES			39,590				40,553
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2024: 30,401,768 shares; 2023: 30,024,125 shares			304				300
Additional paid-in capital			329,575				340,961
Retained earnings			1,435,250				1,272,584
Treasury stock, at cost, 2024: 7,114,844 shares; 2023: 6,460,137 shares			(451,039	)			(375,806	)
Accumulated other comprehensive income			272				4,324
TOTAL STOCKHOLDERS’ EQUITY			1,314,362				1,242,363
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	2,429,731			$	2,485,094

__________________________

Note: The balance sheet at December 31, 2023 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
		2024				2023
		(Unaudited)
		($ thousands)
OPERATING ACTIVITIES
Net income		$	173,961			$	195,433
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			136,265				132,900
Amortization of intangibles			12,822				12,829
Share-based compensation expense			11,355				11,438
Provision for losses on accounts receivable			4,834				3,630
Change in deferred income taxes			22,437				(5,566	)
(Gain) loss on sale of property and equipment			(2,176	)			4,797
Pre-tax gain on sale of discontinued operations			(806	)			(70,201	)
Asset impairment charges			1,700				30,162
Change in fair value of contingent consideration			(90,250	)			(19,100	)
Change in fair value of equity investment			28,739				(3,739	)
Changes in operating assets and liabilities:
Receivables			45,499				41,189
Prepaid expenses			(11,214	)			2,563
Other assets			(4,120	)			3,830
Income taxes			(14,956	)			(10,657	)
Operating right-of-use assets and lease liabilities, net			(7,205	)			2,920
Accounts payable, accrued expenses, and other liabilities			(21,039	)			(10,261	)
NET CASH PROVIDED BY OPERATING ACTIVITIES			285,846				322,167
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings			(223,103	)			(219,021	)
Proceeds from sale of property and equipment			15,373				7,763
Proceeds from sale of discontinued operations			—				100,949
Purchases of short-term investments			(29,236	)			(96,537	)
Proceeds from sale of short-term investments			66,584				198,120
Capitalization of internally developed software			(16,897	)			(12,977	)
NET CASH USED IN INVESTING ACTIVITIES			(187,279	)			(21,703	)
FINANCING ACTIVITIES
Payments on long-term debt			(120,518	)			(69,180	)
Net change in book overdrafts			(3,504	)			(14,101	)
Deferred financing costs			(62	)			55
Payment of common stock dividends			(11,295	)			(11,542	)
Purchases of treasury stock			(75,233	)			(91,531	)
Payments for tax withheld on share-based compensation			(22,737	)			(10,311	)
NET CASH USED IN FINANCING ACTIVITIES			(233,349	)			(196,610	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(134,782	)			103,854
Cash and cash equivalents of continuing operations at beginning of period			262,226				158,264
Cash and cash equivalents of discontinued operations at beginning of period			—				108
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	127,444			$	262,226
NONCASH INVESTING ACTIVITIES
Equipment financed		$	80,714			$	33,495
Accruals for equipment received		$	463			$	1,727
Lease liabilities arising from obtaining right-of-use assets		$	49,452			$	62,425

__________________________

Note: The statements of cash flows for the year ended December 31, 2024 and 2023 include cash flows from continuing operations and cash flows from discontinued operations of FleetNet, which sold on February 28, 2023.

ARCBEST CORPORATION FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS
	Three Months Ended																Year Ended
	December 31																December 31
	2024								2023								2024								2023
	(Unaudited)
	($ thousands, except percentages)
REVENUES FROM CONTINUING OPERATIONS
Asset-Based	$	656,220							$	709,986							$	2,750,134							$	2,871,004
Asset-Light		375,432								413,425								1,552,936								1,680,645
Other and eliminations		(30,007	)							(33,876	)							(124,051	)							(124,206	)
Total consolidated revenues from continuing operations	$	1,001,645							$	1,089,535							$	4,179,019							$	4,427,443
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Asset-Based
Salaries, wages, and benefits	$	331,345			50.5		%		$	342,031			48.2		%		$	1,387,491			50.5		%		$	1,379,756			48.1		%
Fuel, supplies, and expenses		73,374			11.2					84,677			11.9					316,526			11.5					361,355			12.6
Operating taxes and licenses		13,432			2.0					13,980			2.0					54,056			2.0					55,918			1.9
Insurance		21,345			3.3					12,209			1.7					72,610			2.6					52,025			1.8
Communications and utilities		5,332			0.8					4,702			0.6					19,336			0.7					19,288			0.7
Depreciation and amortization		29,401			4.5					27,444			3.9					110,021			4.0					104,165			3.6
Rents and purchased transportation		64,726			9.8					66,676			9.4					274,312			10.0					338,575			11.8
Shared services		63,560			9.7					69,468			9.8					270,182			9.8					279,248			9.7
(Gain) loss on sale of property and equipment and asset impairment charges(1)		827			0.1					77			—					(803	)		—					982			—
Innovative technology costs(2)		—			—					—			—					—			—					21,711			0.8
Other		543			0.1					1,189			0.2					3,800			0.1					4,829			0.2
Total Asset-Based		603,885			92.0		%			622,453			87.7		%			2,507,531			91.2		%			2,617,852			91.2		%
Asset-Light
Purchased transportation	$	325,307			86.6		%		$	357,122			86.4		%		$	1,339,783			86.3		%		$	1,435,604			85.4		%
Salaries, wages, and benefits(3)		27,493			7.3					30,395			7.4					118,983			7.7					129,083			7.7
Supplies and expenses		1,953			0.5					2,934			0.7					10,232			0.6					12,094			0.7
Depreciation and amortization(4)		4,908			1.3					5,120			1.2					20,062			1.3					20,370			1.2
Shared services(3)		17,228			4.6					16,076			3.9					68,346			4.4					65,308			3.9
Contingent consideration(5)		(9,510	)		(2.5	)				(6,300	)		(1.5	)				(90,250	)		(5.8	)				(19,100	)		(1.1	)
Asset impairment charges(6)		1,700			0.5					—			—					1,700			0.1					14,407			0.9
Legal settlement(7)		274			0.1					9,500			2.3					274			—					9,500			0.6
Other(3)		7,658			2.0					6,234			1.5					25,362			1.6					25,650			1.4
Total Asset-Light		377,011			100.4		%			421,081			101.9		%			1,494,492			96.2		%			1,692,916			100.7		%
Other and eliminations(8)		(17,412	)							(18,252	)							(67,438	)							(55,944	)
Total consolidated operating expenses from continuing operations	$	963,484			96.2		%		$	1,025,282			94.1		%		$	3,934,585			94.2		%		$	4,254,824			96.1		%
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based	$	52,335							$	87,533							$	242,603							$	253,152
Asset-Light		(1,579	)							(7,656	)							58,444								(12,271	)
Other and eliminations(8)		(12,595	)							(15,624	)							(56,613	)							(68,262	)
Total consolidated operating income from continuing operations	$	38,161							$	64,253							$	244,434							$	172,619

__________________________
1)	The year ended December 31, 2023 include $0.7 million of noncash lease-related impairment charges for a service center.
2)	Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.
3)	For the 2023 periods, certain expenses have been reclassed to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassed to present “Salaries, wages, and benefits” expenses in a separate line item.
4)	Includes amortization of intangibles associated with acquired businesses.
5)	Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The contingent consideration for the MoLo acquisition will be paid based on achievement of certain targets of adjusted earnings before interest, taxes, depreciation, and amortization, as adjusted for certain items pursuant to the merger agreement, for years 2023 through 2025, including catch-up provisions.
6)	The 2024 periods represent noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. The 2023 period represents noncash lease-related impairment charges for certain office spaces that were made available for sublease.
7)	Represents settlement expenses related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025.
8)	“Other and eliminations” includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations. The 2023 period also includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management’s opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, net income or earnings per share, as determined under GAAP.

		Three Months Ended								Year Ended
		December 31								December 31
		2024				2023				2024				2023
ArcBest Corporation – Consolidated		(Unaudited)
		($ thousands, except per share data)
Operating Income from Continuing Operations
Amounts on GAAP basis		$	38,161			$	64,253			$	244,434			$	172,619
Innovative technology costs, pre-tax(1)			7,560				11,005				34,081				52,363
Purchase accounting amortization, pre-tax(2)			3,192				3,192				12,768				12,768
Change in fair value of contingent consideration, pre-tax(3)			(9,510	)			(6,300	)			(90,250	)			(19,100	)
Asset impairment charges, pre-tax(4)			1,700				—				1,700				30,162
Legal settlement, pre-tax(5)			274				9,500				274				9,500
Non-GAAP amounts		$	41,377			$	81,650			$	203,007			$	258,312
Net Income from Continuing Operations
Amounts on GAAP basis		$	29,035			$	48,790			$	173,361			$	142,164
Innovative technology costs, after-tax (includes related financing costs)(1)			5,780				8,364				26,111				39,680
Purchase accounting amortization, after-tax(2)			2,401				2,399				9,603				9,593
Change in fair value of contingent consideration, after-tax(3)			(7,152	)			(4,733	)			(67,875	)			(14,350	)
Asset impairment charges, after-tax(4)			1,278				—				1,278				22,571
Legal settlement, after-tax(5)			206				7,137				206				7,137
Change in fair value of equity investment, after-tax(6)			—				—				21,603				(2,786	)
Life insurance proceeds and changes in cash surrender value			(311	)			(1,787	)			(3,317	)			(4,581	)
Tax benefit from vested RSUs(7)			(38	)			(187	)			(11,311	)			(5,290	)
Non-GAAP amounts		$	31,199			$	59,983			$	149,659			$	194,138
Diluted Earnings Per Share from Continuing Operations
Amounts on GAAP basis		$	1.24			$	2.01			$	7.28			$	5.77
Innovative technology costs, after-tax (includes related financing costs)(1)			0.25				0.34				1.10				1.61
Purchase accounting amortization, after-tax(2)			0.10				0.10				0.40				0.39
Change in fair value of contingent consideration, after-tax(3)			(0.30	)			(0.20	)			(2.85	)			(0.58	)
Asset impairment charges, after-tax(4)			0.05				—				0.05				0.92
Legal settlement, after-tax(5)			0.01				0.29				0.01				0.29
Change in fair value of equity investment, after-tax(6)			—				—				0.91				(0.11	)
Life insurance proceeds and changes in cash surrender value			(0.01	)			(0.07	)			(0.14	)			(0.19	)
Tax benefit from vested RSUs(7)			—				(0.01	)			(0.47	)			(0.21	)
Non-GAAP amounts(8)		$	1.33			$	2.47			$	6.28			$	7.88

__________________________

See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.

ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
		Three Months Ended																Year Ended
		December 31																December 31
		2024								2023								2024								2023
Segment Operating Income (Loss) Reconciliations		(Unaudited)
		($ thousands, except percentages)
Asset-Based Segment
Operating Income ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis		$	52,335			92.0		%		$	87,533			87.7		%		$	242,603			91.2		%		$	253,152			91.2		%
Innovative technology costs, pre-tax(9)			—			—					—			—					—			—					21,711			(0.8	)
Asset impairment charges, pre-tax(4)			—			—					—			—					—			—					684			—
Non-GAAP amounts(8)		$	52,335			92.0		%		$	87,533			87.7		%		$	242,603			91.2		%		$	275,547			90.4		%
Asset-Light Segment
Operating Income (Loss) ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis		$	(1,579	)		100.4		%		$	(7,656	)		101.9		%		$	58,444			96.2		%		$	(12,271	)		100.7		%
Purchase accounting amortization, pre-tax(2)			3,192			(0.9	)				3,192			(0.8	)				12,768			(0.8	)				12,768			(0.8	)
Change in fair value of contingent consideration, pre-tax(3)			(9,510	)		2.5					(6,300	)		1.5					(90,250	)		5.8					(19,100	)		1.1
Asset impairment charges, pre-tax(4)			1,700			(0.5	)				—			—					1,700			(0.1	)				14,407			(0.9	)
Legal settlement, pre-tax(5)			274			(0.1	)				9,500			(2.3	)				274			—					9,500			(0.6	)
Non-GAAP amounts(8)		$	(5,923	)		101.6		%		$	(1,264	)		100.3		%		$	(17,064	)		101.1		%		$	5,304			99.7		%
Other and Eliminations
Operating Income (Loss) ($)
Amounts on GAAP basis		$	(12,595	)						$	(15,624	)						$	(56,613	)						$	(68,262	)
Innovative technology costs, pre-tax(1)			7,560								11,005								34,081								30,652
Asset impairment charges, pre-tax(4)			—								—								—								15,071
Non-GAAP amounts		$	(5,035	)						$	(4,619	)						$	(22,532	)						$	(22,539	)

__________________________

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.

ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Effective Tax Rate Reconciliation
ArcBest Corporation – Consolidated
(Unaudited)
($ thousands, except percentages)		Three Months Ended December 31, 2024
						Other				Income				Income
CONTINUING OPERATIONS		Operating				Income				Before Income				Tax				Net
		Income				(Costs)				Taxes				Provision				Income				Tax Rate(10)
Amounts on GAAP basis		$	38,161			$	(701	)		$	37,460			$	8,425			$	29,035			22.5		%
Innovative technology costs(1)			7,560				126				7,686				1,906				5,780			24.8
Purchase accounting amortization(2)			3,192				—				3,192				791				2,401			24.8
Change in fair value of contingent consideration(3)			(9,510	)			—				(9,510	)			(2,358	)			(7,152	)		(24.8	)
Asset impairment charges(4)			1,700				—				1,700				422				1,278			24.8
Legal settlement(5)			274				—				274				68				206			24.8
Life insurance proceeds and changes in cash surrender value			—				(311	)			(311	)			—				(311	)		—
Tax benefit from vested RSUs(7)			—				—				—				38				(38	)		—
Non-GAAP amounts		$	41,377			$	(886	)		$	40,491			$	9,292			$	31,199			22.9		%
		Year Ended December 31, 2024
						Other				Income				Income
		Operating				Income				Before Income				Tax				Net
		Income				(Costs)				Taxes				Provision				Income				Tax Rate(10)
Amounts on GAAP basis		$	244,434			$	(25,720	)		$	218,714			$	45,353			$	173,361			20.7		%
Innovative technology costs(1)			34,081				637				34,718				8,607				26,111			24.8
Purchase accounting amortization(2)			12,768				—				12,768				3,165				9,603			24.8
Change in fair value of contingent consideration(3)			(90,250	)			—				(90,250	)			(22,375	)			(67,875	)		(24.8	)
Asset impairment charges(4)			1,700				—				1,700				422				1,278			24.8
Legal settlement(5)			274				—				274				68				206			24.8
Change in fair value of equity investment(6)			—				28,739				28,739				7,136				21,603			24.8
Life insurance proceeds and changes in cash surrender value			—				(3,317	)			(3,317	)			—				(3,317	)		—
Tax benefit from vested RSUs(7)			—				—				—				11,311				(11,311	)		—
Non-GAAP amounts		$	203,007			$	339			$	203,346			$	53,687			$	149,659			26.4		%
		Three Months Ended December 31, 2023
						Other				Income				Income
CONTINUING OPERATIONS		Operating				Income				Before Income				Tax				Net
		Income				(Costs)				Taxes				Provision				Income				Tax Rate(10)
Amounts on GAAP basis		$	64,253			$	3,553			$	67,806			$	19,016			$	48,790			28.0		%
Innovative technology costs(1)			11,005				211				11,216				2,852				8,364			25.4
Purchase accounting amortization(2)			3,192				—				3,192				793				2,399			24.9
Change in fair value of contingent consideration(3)			(6,300	)			—				(6,300	)			(1,567	)			(4,733	)		(24.9	)
Legal settlement(5)			9,500				—				9,500				2,363				7,137			24.9
Life insurance proceeds and changes in cash surrender value			—				(1,787	)			(1,787	)			—				(1,787	)		—
Tax benefit from vested RSUs(7)			—				—				—				187				(187	)		—
Non-GAAP amounts		$	81,650			$	1,977			$	83,627			$	23,644			$	59,983			28.3		%
		Year Ended December 31, 2023
						Other				Income				Income
		Operating				Income				Before Income				Tax				Net
		Income				(Costs)				Taxes				Provision				Income				Tax Rate(10)
Amounts on GAAP basis		$	172,619			$	14,296			$	186,915			$	44,751			$	142,164			23.9		%
Innovative technology costs(1)			52,363				937				53,300				13,620				39,680			25.6
Purchase accounting amortization(2)			12,768				—				12,768				3,175				9,593			24.9
Change in fair value of contingent consideration(3)			(19,100	)			—				(19,100	)			(4,750	)			(14,350	)		(24.9	)
Asset impairment charges(4)			30,162				—				30,162				7,591				22,571			25.2
Legal settlement(5)			9,500				—				9,500				2,363				7,137			24.9
Change in fair value of equity investment(6)			—				(3,739	)			(3,739	)			(953	)			(2,786	)		(25.5	)
Life insurance proceeds and changes in cash surrender value			—				(4,581	)			(4,581	)			—				(4,581	)		—
Tax benefit from vested RSUs(7)			—				—				—				5,290				(5,290	)		—
Non-GAAP amounts		$	258,312			$	6,913			$	265,225			$	71,087			$	194,138			26.8		%

__________________________

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Effective Tax Rate Reconciliation non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair values of contingent consideration and equity investment, and asset impairment charges, which are significant expenses or gains resulting from strategic decisions or other factors rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income taxes, and net income from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.

		Three Months Ended								Year Ended
		December 31									December 31
		2024				2023				2024				2023
		(Unaudited)
		($ thousands)
ArcBest Corporation – Consolidated Adjusted EBITDA from Continuing Operations
Net Income from Continuing Operations		$	29,035			$	48,790			$	173,361			$	142,164
Interest and other related financing costs			2,393				2,326				8,980				9,094
Income tax provision			8,425				19,016				45,353				44,751
Depreciation and amortization(11)			39,367				37,387				149,087				145,349
Amortization of share-based compensation			2,315				2,848				11,355				11,385
Change in fair value of contingent consideration(3)			(9,510	)			(6,300	)			(90,250	)			(19,100	)
Asset impairment charges(4)			1,700				—				1,700				30,162
Legal settlement(5)			274				9,500				274				9,500
Change in fair value of equity investment(6)			—				—				28,739				(3,739	)
Consolidated Adjusted EBITDA from Continuing Operations		$	73,999			$	113,567			$	328,599			$	369,566

__________________________

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated Adjusted EBITDA from Continuing Operations non-GAAP table.

		Three Months Ended								Year Ended
		December 31								December 31
		2024				2023				2024				2023
		(Unaudited)
		($ thousands)
Asset-Light Adjusted EBITDA
Operating Income (Loss)		$	(1,579	)		$	(7,656	)		$	58,444			$	(12,271	)
Depreciation and amortization(11)			4,908				5,120				20,062				20,370
Change in fair value of contingent consideration(3)			(9,510	)			(6,300	)			(90,250	)			(19,100	)
Asset impairment charges(4)			1,700				—				1,700				14,407
Legal settlement(5)			274				9,500				274				9,500
Asset-Light Adjusted EBITDA		$	(4,207	)		$	664			$	(9,770	)		$	12,906

__________________________

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table.

ARCBEST CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Notes to Non-GAAP Financial Tables
The following footnotes apply to the non-GAAP financial tables presented in this press release.
1)	Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. The 2023 period also includes costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.
2)	Represents the amortization of acquired intangible assets in the Asset-Light segment.
3)	Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table. As of December 31, 2024, the decrease in fair value reflects the reduction in payout assumptions projected for the earnout in 2025, due to the continued soft truckload environment and the latest industry expectations for a truckload market recovery being pushed further into 2025 than previously estimated.
4)	The 2024 periods represent noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. The 2023 period represents noncash lease-related impairment charges for a freight handling pilot facility reported in “Other”, an Asset‑Based service center, and Asset-Light office spaces that were made available for sublease.
5)	Represents settlement expenses related to the classification of certain Asset-Light employees under the FairLabor Standards Act, which were paid during first quarter 2025.
6)	For the year ended December 31, 2024, represents a noncash impairment charge to write off an equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024. For the year ended December 31, 2023, represents the increase in fair value of an investment in Phantom Auto based on observable price changes during second quarter 2023.
7)	Represents recognition of the tax impact for the vesting of share-based compensation.
8)	Non-GAAP amounts are calculated in total and may not equal the sum of GAAP amounts and non-GAAP adjustments due to rounding.
9)	Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.
10)	Tax rate for total “Amounts on GAAP basis” represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment.
11)	Includes amortization of intangibles associated with acquired businesses.

ARCBEST CORPORATION
OPERATING STATISTICS
		Three Months Ended										Year Ended
		December 31										December 31
		2024			2023			% Change				2024			2023			% Change
		(Unaudited)
Asset-Based
Workdays			61.5			61.5							252.5			251.5
Billed Revenue(1) / CWT		$	49.27		$	48.98		0.6	%			$	49.68		$	44.46		11.7	%
Billed Revenue(1) / Shipment		$	538.20		$	570.64		(5.7	%)			$	548.81		$	554.53		(1.0	%)
Tonnage / Day			10,758			11,602		(7.3	%)				10,968			12,803		(14.3	%)
Shipments / Day			19,698			19,915		(1.1	%)				19,856			20,529		(3.3	%)
Shipments / DSY hour			0.441			0.431		2.3	%				0.444			0.425		4.5	%
Weight / Shipment			1,092			1,165		(6.3	%)				1,105			1,247		(11.4	%)
Average Length of Haul (Miles)			1,116			1,078		3.5	%				1,126			1,092		3.1	%

__________________________
1)	Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes.

		Year Over Year % Change
		Three Months Ended			Year Ended
		December 31, 2024			December 31, 2024
		(Unaudited)
Asset-Light
Revenue / Shipment			(7.2%)			(12.8%)
Shipments / Day			(2.1%)			5.5%
Shipments / Employee / Day			20.8%			24.2%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250131765970/en/

Investor Relations Contact: Amy Mendenhall

Phone: 479-785-6200

Email: [email protected]

Media Contact: Autumnn Mahar

Phone: 479-494-8221

Email: [email protected]

KEYWORDS: Arkansas United States North America

INDUSTRY KEYWORDS: Technology Delivery Services Other Transport Rail IOT (Internet of Things) Carriers and Services Transport Other Technology Telecommunications Logistics/Supply Chain Management Software Retail Networks Internet Mobile/Wireless Data Management Supply Chain Management

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