XPO Logistics, a leading global provider of supply chain solutions, today announced the filing of a public Form 10 registration statement for GXO Logistics with the U.S. Securities and Exchange Commission. The Form 10 was filed in connection with XPO's planned spin-off of its logistics segment into a separate publicly-traded company. XPO expects to complete the spin-off in the third quarter of 2021, with GXO trading on the New York Stock Exchange and is pursuing an investment-grade rating for both companies — GXO from day one and XPO to follow.
In addition, the company filed supplementary financial information for GXO and XPO post-spin-off. The Form 10 and supplementary financial information are available on the company's website at xpo.com/investors.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, "GXO's Form 10 public filing is a key step forward in our spin-off plan. The separation will create two pure-play powerhouses in the supply chain industry, XPO in transportation and GXO in logistics, each with enhanced prospects for growth."
Malcolm Wilson, chief executive officer of XPO Logistics Europe and planned CEO of GXO, said, "GXO will have accelerated momentum out of the gate as an independent company, as reflected in the strong 2022 guidance we issued today. Our growth is being driven by customer demand for outsourcing and for two areas of logistics where we hold leading positions — warehouse automation and e-commerce."
XPO has increased its expectation for Q2 2021 adjusted EBITDA to at least $490 million, driven by stronger-than-expected performance in its transportation segment. Consequently, the company has increased its outlook for full year 2021 adjusted EBITDA to at least $1.845 billion to $1.895 billion, compared with the prior guidance of $1.825 billion to $1.875 billion.
The new range for 2021 adjusted EBITDA reflects a year-over-year increase of 32% to 36% above 2020, comprised of:
· 28% to 32% growth in adjusted EBITDA in the logistics segment
· 32% to 36% growth in adjusted EBITDA in the transportation segment
The company has issued the following full-year preliminary 2022 guidance for GXO, the planned spin-off of its logistics segment, assuming a 2021 separation:
· Organic revenue growth of 8% to 12% above pro forma 2021
· Adjusted EBITDA of $700 million to $735 million, reflecting year-over-year growth of 14% to 20% above pro forma 2021
· Adjusted EBITDAR of approximately $1.5 billion
The company plans to hold an Investor Day to discuss the GXO spin-off on Tuesday, July 13, 2021, in New York and London on a date to be announced as air travel restrictions allow.
The company has launched a new website that provides insight into GXO's best-in-class capabilities by vertical and service offering. Investors, customers and the media can register for automatic updates on the latest GXO news and progress of the spin-off at gxo.com.