According to the recently released combined financial statements of Coyote Logistics, there have been significant changes in the company's financial metrics between the years ended December 31, 2023, and 2022.
The company's revenue decreased from $4.774 billion in 2022 to $3.154 billion in 2023, marking a substantial decline of $1.62 billion. This reduction in revenue contributed to a significant shift in the company's operating profit, which plummeted from $197 million in 2022 to a loss of $90 million in 2023.
The statements of combined cash flows further illustrate the company's financial fluctuations. Net cash from operating activities decreased from $263 million in 2022 to $77 million in 2023. Additionally, the company's net cash used in financing activities also declined from $237 million in 2022 to $57 million in 2023.
Looking at the company's balance sheet, there were notable changes in its assets and liabilities. Total assets decreased from $1.549 billion in 2022 to $1.215 billion in 2023, primarily driven by a reduction in accounts receivable from $557 million to $372 million. In terms of liabilities, the company's total current liabilities decreased from $533 million in 2022 to $361 million in 2023.
These financial statements reflect the impact of various factors on Coyote Logistics' performance, highlighting the challenges the company faced during the year 2023 compared to the preceding year. The market has reacted to these announcements by moving the company's shares -2.0% to a price of $26.72. For more information, read the company's full 8-K submission here.
