Echo Global Logistics, Inc.

CIK:0001426945|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 985,590	$ 691,495	$ 2,720,916	$ 1,757,262
Costs and expenses:
Transportation costs	846,306	591,048	2,325,553	1,478,864
Selling, general and administrative expenses	104,170	80,533	303,765	235,667
Depreciation and amortization	8,892	9,655	26,277	29,251
Income from operations	26,223	10,259	65,321	13,480
Interest expense	(638)	(1,014)	(2,070)	(5,200)
Income before provision for income taxes	25,585	9,245	63,250	8,280
Income tax expense	(6,659)	(2,427)	(15,761)	(3,444)
Net income	$ 18,925	$ 6,818	$ 47,489	$ 4,836
Earnings per common share:
Basic (in usd per share)	$ 0.72	$ 0.26	$ 1.82	$ 0.19
Diluted (in usd per share)	$ 0.70	$ 0.26	$ 1.77	$ 0.18

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 47,489	$ 4,836
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	2,657	(513)
Noncash stock compensation expense	9,943	9,225
Noncash interest expense	0	1,711
Change in contingent consideration due to seller	647	(325)
Depreciation and amortization	26,277	29,251
Change in assets:
Accounts receivable	(136,814)	(145,536)
Income taxes receivable	0	3,635
Prepaid expenses and other assets	(354)	505
Change in liabilities:
Accounts payable	105,910	142,497
Income taxes payable	1,410	0
Accrued expenses and other liabilities	11,648	8,586
Payment of contingent consideration in excess of amounts established in purchase accounting	(953)	(507)
Net cash provided by operating activities	67,860	53,367
Investing activities
Purchases of property and equipment	(22,105)	(15,144)
Net cash used in investing activities	(22,105)	(15,144)
Financing activities
Repayments of contingent consideration due to seller	0	(447)
Proceeds from exercise of stock options	121	405
Employee tax withholdings related to net share settlements of equity-based awards	(3,206)	(1,676)
Purchases of treasury stock	0	(10,349)
Purchases of Convertible Notes	0	(88,961)
Settlement of Convertible Notes	0	(69,242)
Proceeds from borrowing on ABL facility	0	170,000
Repayments of amounts borrowing on ABL facility	(30,000)	(25,000)
Net cash used in financing activities	(33,085)	(25,269)
Increase in cash and cash equivalents	12,670	12,953
Cash and cash equivalents, beginning of period	41,297	34,626
Cash and cash equivalents, end of period	53,967	47,579
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	1,721	3,967
Cash paid during the period for income taxes	11,718	303
Cash received during the period for income taxes refunded	$ (25)	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 53,967	$ 41,297
Accounts receivable, net of allowance for doubtful accounts of $5,805 and $6,287 at September 30, 2021 and December 31, 2020, respectively	576,205	439,391
Prepaid expenses	10,028	9,322
Other current assets	4,266	3,465
Total current assets	644,466	493,475
Noncurrent assets:
Property and equipment, net of accumulated depreciation of $174,726 and $156,309 at September 30, 2021 and December 31, 2020, respectively	56,780	53,599
Goodwill	309,589	309,589
Intangible assets, net of accumulated amortization of $100,421 and $92,630 at September 30, 2021 and December 31, 2020, respectively	78,997	86,788
Operating lease assets	16,626	16,724
Other noncurrent assets	2,953	3,768
Total noncurrent assets	464,946	470,469
Total assets	1,109,413	963,944
Current liabilities:
Accounts payable	423,732	317,692
Due to seller, current	0	307
Accrued expenses	65,369	53,458
Other current liabilities	5,269	4,004
Income taxes payable	3,075	1,675
Total current liabilities	497,444	377,135
Noncurrent liabilities:
Long-term debt, net	104,283	133,945
Other noncurrent liabilities	521	511
Deferred income taxes	27,990	25,333
Noncurrent operating lease liabilities	25,457	27,651
Total noncurrent liabilities	158,251	187,440
Total liabilities	655,696	564,575
Stockholders' equity:
Common stock, par value $0.0001 per share, 100,000,000 shares authorized, 31,956,525 shares issued and 26,189,425 shares outstanding at September 30, 2021; 31,731,798 shares issued and 25,964,698 shares outstanding at December 31, 2020	3	3
Treasury stock, 5,767,100 and 5,767,100 shares at September 30, 2021 and December 31, 2020, respectively	(118,679)	(118,679)
Additional paid-in capital	373,123	366,265
Retained earnings	199,269	151,780
Total stockholders' equity	453,717	399,369
Total liabilities and stockholders' equity	$ 1,109,413	$ 963,944