Arun, and Thanks, good morning, everyone.
plus QX was annual quarter strategy. continue mentioned, our solid of record Bob growth As another to we results year-over-year financial as and execute on tech
Note per another profit up last across was company our revenue increased adjusted $XXX XX% on compared and our On XXXX company basis business year. record million. QX increased less had QX at high total Our total each QX and AGP pre-pandemic of The XX% year-over-year sequentially, QX in AGP in And total the year-over-year and business AGP truckload of higher over XXXX. XX% than up to of company year-over-year December. segments XX% gross over AGP or per to ocean, pre-pandemic XX%, increases XX% basis, quarter market by in up reaching pursued a a air we of as driven of were and day XXXX. AGP was AGP our improved day that QX day one XX% October, XXXX a the profitable monthly gains. XXXX. and compared and QX basis both volumes higher by November quarter shipment share On XXXX, X% in up per
November, For relatively cost And price our reached and all-time depth. the and flat October guide North the and before ratios average rose business. due per increases consecutive per sixth for fifth load-to-truck across rising in highs. in mile prices In quarter, American route and consecutive quarter, mile were they to December costs truckload sequentially
growth. quarter XX% through navigated approximately market this which in truckload in spot double-digit growing the row spot Our a by QX NAST volume of sixth environment year-over-year, team marked volume
contractual truckload cost our QX the X% rising grew year-over-year by volume despite also approximately environment. We
returns. to acceptance optimize continue our to load We contractual rates manage volume
of As our we do portfolio repriced each transportation. contract of quarter, to we reflect cost also portion a updated the purchased
As to quarter our both key which portfolio AGP of fifth we Truckload QX by XX% mile XX-year mile more than compared XX.X% consecutive averages. to sequentially truckload X% contract run to XXXX. LTL AGP the and five-year AGP rises flat per of by the QX improved which and XXXX. and above volume, our our our of per QX In shipment metrics repriced NAST we that improve. mile, marked shipment per business spot falls per AGP AGP order naturally by to improved are remains to or margin and per use compared market per also AGP business, QX AGP continued changing increasing rather pricing. with percentage, cycle captured
the when AGP or purchase is is, on in lag side following with typically price greater percentage, than an we market price those have For margin That see loosens would important contractual in volume of as past dollars in we AGP and our changes if the the expansion factor of margin truckload on half current and transportation. back it contracts, to to cause cycle cycles. fixed changes percent of expect that
overall dollar strong our volume our our expect to continue per we into AGP offerings. optimizing growth drive our and We growth service model. and efficiency long-term focus, AGP across team shipment focus customer-centric With and to digital investments, by on
expenses turning costs, expenses. of headcount the primarily up in impact of expenses short-term higher were headcount were year versus to compensation QX basis, up QX, $XXX reductions On QX ending last due a last X%. cost compared pandemic-related Personnel Now of sequential million, up and year. to higher to incentive X% QX XX.X% personnel with
the particularly labor to market, Forwarding average increased tight we we XXXX. NAST. support Global QX attract able to compared were and XX.X% talent needed growth, to QX in of Our headcount Despite the continued
With increased an business. second of to support X.X%, we Productivity which delivered XXXX volume headcount in demand of stronger volume of despite faster basis enterprise delivered we Index, future measures annual favorable growth we in a compared XXXX by spread our our on average XXXX, versus goal growing our headcount in in expected growth than hiring than headcount. the that the was support responding personnel between X.X% to level year-over-year to at NAST, back growth In volume to of in half NAST began Looking adding the NAST QX, XXX expectations, change difference XXXX. of point the transportation
for way growth provide forward, to into on Similar more let support expectations personnel some QX add across from the the ahead. the expenses, to year Before to out perspective get plan for me our I XXXX we opportunities played guidance our people XXXX business.
expect We result year. of more volume in in a still full the we’ll headcount out the accordingly. adjust heavily opportunities but for be to rate growing the these at play additions in half XXXX, front weighted greater If than market different we than expect, growth
annual expect our we $X.XX XXXX approximately compared to of levels our increasing to We’re XX% to AGP. expenses of headcount our to to account our market market in per decrease income growth plus incentive of $X.X commissions our In the offset high XXXX, customers share the and the all also enterprise tech plus into order due year-over-year to equity XXXX and assuming significant as importance expect our in personnel partially we earnings carriers talent line to year-over-year pretax compensation billion. value vesting Recall conditions, payouts wage we bonus expenses retaining total up of prioritizing to that in be XXXX, driven in the the base and growth in approximately $X.X with XX% led maintain midpoint compensation a at XX% factors and the these billion, pressures. increase above-target strategy. Taking part and in X% the by and billion in current service our our increased performance by
compared approximately XX.X%, QX higher of services expenses. Moving on to and to to expenses. SG&A primarily was travel technology-related million, purchase XXXX up QX due $XXX
XXXX travel million to XXXX. on in expect million to versus million, levels. in expenses approximately compared to QX approximately to initiatives $XXX for at currency and other a $X.X to XXXX, due to to total up to included a compared $XXX return approximately we $XX quarter higher is on QX spending million pre-pandemic million be SG&A a gain totaled travel million in $XX.X $XXX to half $XXX For revaluation approximately interest million include results spending XXXX. $X.X last Fourth expected primarily currency to the The our of midpoint million as $X.X due primarily of and last of of technology expenses depreciation year. increase level we loss X% are SG&A expect million amortization, impact expense revaluation. year QX compared the
million a these level reminder, Interest and higher gains of losses. debt. $X.X average are As due non-cash expense to up was
XX.X%, primarily Our foreign QX tax lower in at credits. XX.X%, our a rate tax and earnings favorable U.S. mix making of due rate to our tax than was which XXXX expectations came annual and incentives
expected assuming from of tax $X.XX, year changes state these up of earnings to no We $XXX.X international net expect resulting in QX XXXX was meaningful an compared in items QX receive rate effective policy. XX%. to million, XXXX, or benefit less full to income diluted share up to XX%, federal, tax XX%, per was XX% and XXXX
receivable of in million flow. $XXX compared decline down cash increase purchase At primarily total sequential payable, Global XXXX. increase the point our of approximately to was and benefit days compared both DSO receivables in driven cash higher of associated resulted contract resulting in and the shift due a The a to and $XXX to improved increase our approximately that year-over-year to X.X-day transportation cycle, our come ago. were The increase of double past subsequent in QX X.X%. cost net operating by of $XX a the primarily current a outstanding quality million runs compared XXXX where QX, sales by was from revenue working contract The Turning DSO in a in to compared at to percent $XX their $XXX revenue their we accounts to to up with due all-time a or credit standpoint, increase Forwarding, minus from sequentially, and expect year capital while increase million in operating when growth QX some $XX was million receivable highs, million QX QX our up in total capital NAST accounts million assets QX a pricing Accounts assets commensurate – X.X% losses cash mix generated QX. and working in From $XX business. operations flow flow. XXXX. million, was would
expect Capital working long-term, QX, to were to million capital AGP we growth spending growth. bringing expenditures outpace year the Over capital $XX.X million. in full $XX.X our
For $XX XXXX, we by primarily to technology our $XXX be expect to capital expenditures million driven investments. million
average return to capital a shares continue and $XX.X of approximately repurchases shareholders, significant to additional price remaining amount The an QX of of of capacity million shares increased authorization Directors December, in We’ve repurchase We of share including approximately resulting a million per through Board QX. our X.X share at of year-end. an $XX.XX million in repurchase approximately million shares dividends. $XXX in combination by million also XX.X repurchased at share of XX in million $XXX.X
declared to dividend XXXX. beginning In our that Board XXXX For the of XXX%, net up taking per program the a $XXX paid with repurchase in XXXX share our to the out to due XXX% an of equates X.X% quarterly we we was regular and million of abundance paused and our to to caution December, to income full returned it compared from which cash was $X.XX pandemic. shareholders, dividend, share when year, increase $X.XX quarterly authorized January of our
We dividends XX decline without more for uninterrupted have now years. distributed than
and cash dividend value. quarterly program shareholder share Over to repurchase to as the our long-term, levers important enhance opportunistic we committed remain
of At QX, $XX end our cash to balance compared million, sheet up was XXXX. to highlights. balance on the of QX the $XXX million, Now
Over to with of ways of the our We QX only QX repatriate $XXX long-term, of comprised million look liquidity in cash which efficiently balance. to to cash of funding credit cash ended XXXX million facility, committed the and for fund carrying October intent our will with foreign the we matures excess entities $XXX needed continue under from of operations.
billion, was working repurchases. versus up share $XXX million by Our increases primarily driven balance debt capital QX at year-end year last $X.XX and in
to our of into of basis and to growth. and an to model. a the year QX. efficiencies our times and growth to on drive generating listening the sustainable morning. disciplined a we And leverage compared as returns. about strong I’ll we our you for of XXXX debt-to-EBITDA growth foundation QX Thank high-return allocation investment-grade for a off thoughtful results look forward credit at this Robinson. total maintaining over X.XX committed capital X.XX end capital final long-term back of record diligent at investments risk-adjusted in long-term We was stewardship, continue was times net Our shareholder From turn his standpoint, remain We further end to for Bob rating for building now, financial Overall, comments. it be
