Today, GXO Logistics has released its 10-K report. GXO Logistics, Inc. is a global logistics services provider, offering warehousing, distribution, e-commerce, and supply chain services. As of December 31, 2023, it operated in approximately 974 facilities and served various industries such as e-commerce, technology, food and beverage, and consumer packaged goods.
In the annual report, GXO Logistics reported a 9% increase in revenue, reaching $9.8 billion in 2023, compared to $8.9 billion in 2022. The company's direct operating expenses increased by 8% to $8.0 billion, primarily due to acquisitions and higher personnel and rent expenses. Selling, general, and administrative expenses increased by 13% to $998 million, mainly driven by the Clipper Acquisition and higher personnel costs. The company's operating income rose by 31% to $318 million in 2023. GXO Logistics also reported a net income of $233 million, marking a 17% increase from the previous year.
In terms of liquidity and capital resources, as of December 31, 2023, GXO Logistics held cash and cash equivalents of $468 million and had $799 million of borrowing capacity available under its revolving credit facility. The company believes that its cash, cash flows from operations, and credit facilities will provide sufficient liquidity for at least the next 12 months.
The company's total assets increased by $288 million from 2022 to 2023, primarily due to the PFS Acquisition. However, total liabilities increased by $20 million, reflecting the early repayment of debt, partially offset by increases from the PFS Acquisition.
GXO Logistics reported a net cash provided by operating activities of $558 million in 2023, a 3% increase from the previous year. The company used $410 million in investing activities, primarily for capital expenditures and acquisitions, and experienced a net cash outflow of $186 million from financing activities.
For more detailed information, you can read the company's full 10-K submission here.
