Form 8-K - Current report

Share Name	Share Symbol	Market	Type
ArcBest Corporation	NASDAQ:ARCB	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	111.50	90.19	125.50				0	09:05:07

June 30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2024 (November 1, 2024)

ARCBEST CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	0-19969	71-0673405
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
8401 McClure Drive Fort Smith, Arkansas (Address of principal executive offices)		72916 (Zip Code)

Registrant’s telephone number, including area code: (479) 785-6000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.01 Par Value	ARCB	Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

ITEM 2.02 – RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 1, 2024, ArcBest^® (Nasdaq: ARCB) (the “Company”) issued a press release announcing its unaudited third quarter 2024 results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. Additional supplemental information and presentation slides to be used in connection with the scheduled conference call to discuss the third quarter results are furnished as Exhibit 99.2 and Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.

The Company reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures and ratios and other information utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing the Company’s core operating performance and provide meaningful comparisons between current and prior period results, as well as important information regarding performance trends. The use of certain non-GAAP measures improves comparability in analyzing ArcBest’s performance because it removes the impact of items from operating results that, in management’s opinion, do not reflect ArcBest’s core operating performance.

The press release in Exhibit 99.1, the supplemental information in Exhibit 99.2, and the presentation slides in Exhibit 99.3 include certain non-GAAP information. Certain information discussed in the scheduled conference call could also be considered non-GAAP measures. Reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in Exhibit 99.1 herein, including reconciliations of GAAP earnings and earnings per share to non-GAAP financial measures, reconciliations of GAAP to non-GAAP effective tax rates, and calculations of adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Reconciliations of non-GAAP measures included in the presentation slides to the most directly comparable GAAP financial measures are also included within Exhibit 99.3 herein.

Management believes EBITDA and Adjusted EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure financial performance and ability to service debt obligations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in ArcBest’s credit agreement. Other companies may calculate EBITDA and Adjusted EBITDA differently; therefore, ArcBest’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, ArcBest’s reported results. These financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as determined under GAAP.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS


Exhibit No.		Description of Exhibit

99.1		Press release of ArcBest dated November 1, 2024
99.2		Supplemental information dated November 1, 2024
99.3		Earnings conference call presentation dated November 1, 2024
104		Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		ARCBEST CORPORATION

		(Registrant)

Date:	November 1, 2024	/s/ Michael R. Johns
		Michael R. Johns
		Chief Legal Officer and Corporate Secretary

Exhibit 99.1


Investor Relations Contact: Amy Mendenhall	Media Contact: Autumnn Mahar
Phone: 479-785-6200	Phone: 479-494-8221
Email: invrel@arcb.com	Email: amahar@arcb.com

ArcBest Announces Third Quarter 2024 Results

●	Continued focus on cost control initiatives to mitigate headwinds from challenging freight environment

●	Productivity gains from technology, training, and network design

●	Service improvements, including Mastio recognizing ABF for exceeding the industry benchmark on service

FORT SMITH, Arkansas, November 1, 2024 — ArcBest^® (Nasdaq: ARCB), a leader in supply chain logistics, today reported third quarter 2024 revenue of $1.06 billion, compared to $1.13 billion in third quarter 2023. Net income was $100.3 million, or $4.23 per diluted share, including a $69.1 million after-tax benefit from the reduction in the fair value of contingent consideration related to a 2021 acquisition, compared to $34.9 million, or $1.42 per diluted share in the prior year. On a non-GAAP basis, third quarter 2024 net income was $38.8 million, or $1.64 per diluted share, compared to $56.7 million, or $2.31 per diluted share in the prior year.

“Over the past year, we have made substantial strides in controlling costs, improving productivity, and enhancing our service quality. These efforts contributed to ABF once again being recognized by Mastio for exceeding the industry benchmark for service.” said Judy R. McReynolds, ArcBest Chairman and CEO. “This achievement is a testament to our unwavering commitment to excellence and our strategic investments in technology, training, and network design. Thank you to our customers for this recognition and to our team for their hard work and dedication.”

A 2021 truckload brokerage acquisition included a potential additional payout based on an earnout provision contingent on meeting specific targets through 2025. Due to the prolonged soft truckload market, no payments were made in 2023, and none are expected in 2024. With industry forecasts now suggesting a market recovery later in 2025, the likelihood of an earnout payment has been reduced. Consequently, in the third quarter, the estimated contingent consideration liability was reduced by $91.9 million pre-tax, or $69.1 million after-tax. This benefit is recorded as a reduction to expense in the Company’s GAAP results but has been excluded from non-GAAP results to better represent normal operations.

Results of Operations Comparisons

Asset-Based

Third Quarter 2024 Versus Third Quarter 2023

●

Revenue of $709.7 million compared to $741.2 million, a per-day decrease of 5.8 percent

●

Total tonnage per day decrease of 11.3 percent

●

Total shipments per day decrease of 0.7 percent

●

Total billed revenue per hundredweight increase of 7.4 percent

●

Operating income of $64.0 million and an operating ratio of 91.0 percent, compared to $74.8 million and an operating ratio of 89.9 percent

●

On a non-GAAP basis, operating income of $64.0 million and an operating ratio of 91.0 percent, compared to $82.8 million and an operating ratio of 88.8 percent

On a non-GAAP basis, the Asset-Based segment generated $18.8 million less operating income than third quarter 2023. Third quarter tonnage declines were driven by a 10.7 percent decrease in weight per shipment, while daily shipments were down only slightly. Prolonged manufacturing sector weakness continues to negatively impact weight per shipment metrics. Productivity improvements of 5.7 percent and other cost initiatives helped mitigate the impact of the softer market environment, higher insurance costs, and higher labor cost increases related to an annual union contract rate increase, which went into effect during the third quarter of 2024.

Pricing momentum continued in the quarter, driven by a 5.9 percent general rate increase put in place on September 9, 2024, and contract renewal increases of 4.6 percent. Overall, LTL industry pricing remains rational.

Compared sequentially to the second quarter of 2024, third quarter 2024 revenue per day was flat, shipments per day improved by 1.4 percent, and billed revenue per hundredweight was 1.3 percent higher. However, weight per shipment deteriorated 3.2 percent and tonnage per day decreased 1.8 percent. Lower tonnage combined with higher labor and insurance costs resulted in the operating ratio deterioration of 120 basis points sequentially, which was below the average sequential quarterly changes achieved in recent years.

Asset-Light

Third Quarter 2024 Versus Third Quarter 2023

●

Revenue of $385.3 million compared to $419.3 million, a per-day decrease of 9.6 percent

●

Operating income of $84.8 million, including the $91.9 million pre-tax reduction in the fair value of contingent consideration related to an earnout, compared to operating loss of $3.7 million

●

On a non-GAAP basis, operating loss of $3.9 million in both periods

●

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of negative $2.1 million compared to negative $2.0 million

Compared to the third quarter of 2023, Asset-Light revenues were impacted by lower revenue per shipment associated with the soft rate environment and a higher mix of managed transportation business, which has smaller shipment sizes and lower revenue per shipment metrics. Shipments per day were slightly lower by 0.7 percent. Non-GAAP operating results were comparable to the third quarter prior year. The segment continues to benefit from productivity initiatives, as shipments per employee per day improved 19.5 percent, on a year-over-year basis, but the soft freight environment and excess truckload capacity continues to impact results.

Compared sequentially to second quarter 2024, third quarter 2024 shipments per day were flat, yet daily revenue was down by 1.9 percent as revenue per shipment decreased 2.3 percent. Shipments per employee per day, improved by 3.3 percent, and total operating costs were managed lower. The $1.5 million sequential increase in non-GAAP operating loss was due primarily to the current truckload brokerage pricing environment.

Conference Call

ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Friday, November 1, 2024 at 9:30 a.m. EDT (8:30 a.m. CDT). Interested parties are invited to listen by calling (800) 715-9871 or by joining the webcast which can be found on ArcBest’s website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on November 1, 2024, will be posted and available to download on the company’s website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on November 15, 2024. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 2815802. The conference call and playback can also be accessed through November 15, 2024 on ArcBest’s website at arcb.com.

About ArcBest

ArcBest^® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 15,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. For more information, visit arcb.com.

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including our customer pilot offering of Vaux; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals/actions by activist investors; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; governmental regulations; environmental laws and regulations, including emissions-control regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; increasing costs due to inflation and higher interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).

For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest^® and its reportable segments.

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS


	Three Months Ended				Nine Months Ended
	September 30				September 30
	2024		2023		2024		2023

	(Unaudited)
	($ thousands, except share and per share data)
REVENUES	$	1,063,124	$	1,128,350	$	3,177,374	$	3,337,908

OPERATING EXPENSES		928,131		1,083,259		2,971,101		3,229,542

OPERATING INCOME		134,993		45,091		206,273		108,366

OTHER INCOME (COSTS)
Interest and dividend income		3,130		3,946		9,686		10,604
Interest and other related financing costs		(2,281)		(2,236)		(6,587)		(6,768)
Other, net		862		89		(28,118)		6,907
		1,711		1,799		(25,019)		10,743

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		136,704		46,890		181,254		119,109

INCOME TAX PROVISION		36,390		11,963		36,928		25,735

NET INCOME FROM CONTINUING OPERATIONS		100,314		34,927		144,326		93,374

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax⁽¹⁾		—		(10)		600		53,269

NET INCOME	$	100,314	$	34,917	$	144,926	$	146,643

BASIC EARNINGS PER COMMON SHARE⁽²⁾
Continuing operations	$	4.25	$	1.46	$	6.12	$	3.87
Discontinued operations⁽¹⁾		—		—		0.03		2.21
	$	4.25	$	1.45	$	6.14	$	6.08

DILUTED EARNINGS PER COMMON SHARE⁽²⁾
Continuing operations	$	4.23	$	1.42	$	6.03	$	3.77
Discontinued operations⁽¹⁾		—		—		0.03		2.15
	$	4.23	$	1.42	$	6.06	$	5.92

AVERAGE COMMON SHARES OUTSTANDING
Basic		23,624,761		24,004,255		23,601,548		24,119,449
Diluted		23,690,120		24,525,258		23,923,047		24,756,993

Represents the discontinued operations of FleetNet America^® (“FleetNet”), which sold on February 28, 2023. The nine months ended September 30, 2024 represents adjustments related to the prior year gain on sale of FleetNet. The nine months ended September 30, 2023 includes the net gain on sale of FleetNet of $52.3 million after-tax, or $2.17 basic earnings per share and $2.11 diluted earnings per share.

2)	Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS


	September 30		December 31
	2024		2023
	(Unaudited)		Note
	($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	150,461	$	262,226
Short-term investments		40,639		67,842
Accounts receivable, less allowances (2024 - $9,010; 2023 - $10,346)		422,861		430,122
Other accounts receivable, less allowances (2024 - $650; 2023 - $731)		13,247		52,124
Prepaid expenses		32,400		37,034
Prepaid and refundable income taxes		21,421		24,319
Other		10,880		11,116
TOTAL CURRENT ASSETS		691,909		884,783

PROPERTY, PLANT AND EQUIPMENT
Land and structures		520,894		460,068
Revenue equipment		1,170,045		1,126,055
Service, office, and other equipment		353,880		319,466
Software		182,035		173,354
Leasehold improvements		29,648		24,429
		2,256,502		2,103,372
Less allowances for depreciation and amortization		1,207,110		1,188,548
PROPERTY, PLANT AND EQUIPMENT, net		1,049,392		914,824

GOODWILL		304,753		304,753
INTANGIBLE ASSETS, net		91,627		101,150
OPERATING RIGHT-OF-USE ASSETS		193,467		169,999
DEFERRED INCOME TAXES		8,293		8,140
OTHER LONG-TERM ASSETS		74,739		101,445
TOTAL ASSETS	$	2,414,180	$	2,485,094

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	204,696	$	214,004
Income taxes payable		4,808		10,410
Accrued expenses		360,738		378,029
Current portion of long-term debt		62,199		66,948
Current portion of operating lease liabilities		33,127		32,172
TOTAL CURRENT LIABILITIES		665,568		701,563

LONG-TERM DEBT, less current portion		118,312		161,990
OPERATING LEASE LIABILITIES, less current portion		192,046		176,621
POSTRETIREMENT LIABILITIES, less current portion		13,269		13,319
CONTINGENT CONSIDERATION		12,160		92,900
DEFERRED INCOME TAXES		65,738		55,785
OTHER LONG-TERM LIABILITIES		39,991		40,553

STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2024: 30,400,558 shares; 2023: 30,024,125 shares		304		300
Additional paid-in capital		327,335		340,961
Retained earnings		1,409,025		1,272,584
Treasury stock, at cost, 2024: 6,938,452 shares; 2023: 6,460,137 shares		(431,914)		(375,806)
Accumulated other comprehensive income		2,346		4,324
TOTAL STOCKHOLDERS’ EQUITY		1,307,096		1,242,363
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,414,180	$	2,485,094

Note: The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended
	September 30
	2024		2023

	(Unaudited)
	($ thousands)
OPERATING ACTIVITIES
Net income	$	144,926	$	146,643
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		100,104		98,711
Amortization of intangibles		9,616		9,631
Share-based compensation expense		9,040		8,590
Provision for losses on accounts receivable		2,038		2,621
Change in deferred income taxes		10,547		(10,880)
(Gain) loss on sale of property and equipment		(1,063)		1,134
Pre-tax gain on sale of discontinued operations		(806)		(70,201)
Lease impairment charges		—		30,162
Change in fair value of contingent consideration		(80,740)		(12,800)
Change in fair value of equity investment		28,739		(3,739)
Changes in operating assets and liabilities:
Receivables		44,344		43,478
Prepaid expenses		4,634		8,640
Other assets		(3,364)		2,393
Income taxes		(2,870)		(22,051)
Operating right-of-use assets and lease liabilities, net		(7,088)		3,286
Accounts payable, accrued expenses, and other liabilities		(29,009)		(40,863)
NET CASH PROVIDED BY OPERATING ACTIVITIES		229,048		194,755

INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings		(169,839)		(129,779)
Proceeds from sale of property and equipment		6,187		5,972
Proceeds from sale of discontinued operations		—		100,949
Purchases of short-term investments		(29,236)		(80,353)
Proceeds from sale of short-term investments		55,874		160,570
Capitalization of internally developed software		(12,437)		(9,424)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		(149,451)		47,935

FINANCING ACTIVITIES
Payments on long-term debt		(102,366)		(52,489)
Net change in book overdrafts		(1,676)		(12,489)
Deferred financing costs		(65)		57
Payment of common stock dividends		(8,485)		(8,696)
Purchases of treasury stock		(56,108)		(65,886)
Payments for tax withheld on share-based compensation		(22,662)		(10,056)
NET CASH USED IN FINANCING ACTIVITIES		(191,362)		(149,559)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(111,765)		93,131
Cash and cash equivalents of continuing operations at beginning of period		262,226		158,264
Cash and cash equivalents of discontinued operations at beginning of period		—		108
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	150,461	$	251,503

NONCASH INVESTING ACTIVITIES
Equipment financed	$	53,939	$	31,024
Accruals for equipment received	$	5,114	$	5,743
Lease liabilities arising from obtaining right-of-use assets	$	40,872	$	49,033

Note: The statements of cash flows for the nine months ended September 30, 2024 and 2023 include cash flows from continuing operations and cash flows from discontinued operations of FleetNet, which sold on February 28, 2023.

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS


	Three Months Ended								Nine Months Ended
	September 30								September 30
	2024				2023				2024				2023

	(Unaudited)
	($ thousands, except percentages)
REVENUES FROM CONTINUING OPERATIONS
Asset-Based	$	709,722			$	741,186			$	2,093,914			$	2,161,018
Asset-Light		385,324				419,312				1,177,504				1,267,220
Other and eliminations		(31,922)				(32,148)				(94,044)				(90,330)
Total consolidated revenues from continuing operations	$	1,063,124			$	1,128,350			$	3,177,374			$	3,337,908

OPERATING EXPENSES FROM CONTINUING OPERATIONS
Asset-Based
Salaries, wages, and benefits	$	358,469	50.5	%	$	357,582	48.2	%	$	1,056,146	50.4	%	$	1,037,725	48.0	%
Fuel, supplies, and expenses		79,170	11.2			91,493	12.4			243,152	11.6			276,678	12.8
Operating taxes and licenses		13,538	1.9			13,865	1.9			40,624	1.9			41,938	1.9
Insurance		19,819	2.8			13,654	1.8			51,265	2.4			39,816	1.8
Communications and utilities		4,793	0.6			4,729	0.6			14,004	0.7			14,586	0.7
Depreciation and amortization		26,967	3.8			26,537	3.6			80,620	3.9			76,721	3.6
Rents and purchased transportation		73,600	10.4			79,233	10.7			209,586	10.0			271,899	12.6
Shared services		69,463	9.8			70,699	9.5			206,622	9.9			209,780	9.7
(Gain) loss on sale of property and equipment and lease impairment charges⁽¹⁾		(1,688)	(0.2)			540	0.1			(1,630)	(0.1)			905	—
Innovative technology costs⁽²⁾		—	—			7,300	1.0			—	—			21,711	1.0
Other		1,571	0.2			731	0.1			3,257	0.2			3,640	0.2
Total Asset-Based		645,702	91.0	%		666,363	89.9	%		1,903,646	90.9	%		1,995,399	92.3	%

Asset-Light
Purchased transportation	$	331,107	85.9	%	$	365,217	87.1	%	$	1,014,476	86.2	%	$	1,078,482	85.1	%
Salaries, wages, and benefits⁽³⁾		30,150	7.8			31,193	7.4			91,490	7.8			98,688	7.8
Supplies and expenses⁽³⁾		2,702	0.7			2,625	0.6			8,279	0.7			9,159	0.7
Depreciation and amortization⁽⁴⁾		5,037	1.3			5,097	1.2			15,154	1.3			15,250	1.2
Shared services⁽³⁾		17,547	4.6			16,218	4.0			51,118	4.3			49,232	3.9
Contingent consideration⁽⁵⁾		(91,910)	(23.9)			(17,840)	(4.3)			(80,740)	(6.9)			(12,800)	(1.0)
Lease impairment charges⁽⁶⁾		—	—			14,407	3.4			—	—			14,407	1.1
Other⁽³⁾		5,912	1.6			6,099	1.5			17,704	1.5			19,417	1.6
Total Asset-Light		300,545	78.0	%		423,016	100.9	%		1,117,481	94.9	%		1,271,835	100.4	%

Other and eliminations⁽⁷⁾		(18,116)				(6,120)				(50,026)				(37,692)
Total consolidated operating expenses from continuing operations	$	928,131	87.3	%	$	1,083,259	96.0	%	$	2,971,101	93.5	%	$	3,229,542	96.8	%

OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based	$	64,020			$	74,823			$	190,268			$	165,619
Asset-Light		84,779				(3,704)				60,023				(4,615)
Other and eliminations⁽⁷⁾		(13,806)				(26,028)				(44,018)				(52,638)
Total consolidated operating income from continuing operations	$	134,993			$	45,091			$	206,273			$	108,366

1)	The three and nine months ended September 30, 2023 include $0.7 million of noncash lease-related impairment charges for a service center.

2)	Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

3)	For the 2023 period, certain expenses have been reclassed to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassed to present “Salaries, wages, and benefits” expenses in a separate line item.

4)	Includes amortization of intangibles associated with acquired businesses.

Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The contingent consideration for the MoLo acquisition will be paid based on achievement of certain targets of adjusted earnings before interest, taxes, depreciation, and amortization, as adjusted for certain items pursuant to the merger agreement, for years 2023 through 2025, including catch-up provisions.

6)	The 2023 period represents noncash lease-related impairment charges for certain office spaces that were made available for sublease.

“Other and eliminations” includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations. The 2023 period also includes $15.1 million of noncash lease-related impairment charges for a freight handling pilot facility.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, net income or earnings per share, as determined under GAAP.


	Three Months Ended				Nine Months Ended
	September 30				September 30
	2024		2023		2024		2023

ArcBest Corporation - Consolidated	(Unaudited)
	($ thousands, except per share data)
Operating Income from Continuing Operations
Amounts on GAAP basis	$	134,993	$	45,091	$	206,273	$	108,366
Innovative technology costs, pre-tax⁽¹⁾		8,512		14,059		26,521		41,358
Purchase accounting amortization, pre-tax⁽²⁾		3,192		3,192		9,576		9,576
Change in fair value of contingent consideration, pre-tax⁽³⁾		(91,910)		(17,840)		(80,740)		(12,800)
Lease impairment charges, pre-tax⁽⁴⁾		—		30,162		—		30,162
Non-GAAP amounts	$	54,787	$	74,664	$	161,630	$	176,662

Net Income from Continuing Operations
Amounts on GAAP basis	$	100,314	$	34,927	$	144,326	$	93,374
Innovative technology costs, after-tax (includes related financing costs)⁽¹⁾		6,511		10,630		20,331		31,316
Purchase accounting amortization, after-tax⁽²⁾		2,401		2,398		7,202		7,194
Change in fair value of contingent consideration, after-tax⁽³⁾		(69,124)		(13,404)		(60,723)		(9,617)
Lease impairment charges, after-tax⁽⁴⁾		—		22,571		—		22,571
Change in fair value of equity investment, after-tax⁽⁵⁾		—		—		21,603		(2,786)
Life insurance proceeds and changes in cash surrender value		(1,333)		(212)		(3,006)		(2,794)
Tax benefit from vested RSUs⁽⁶⁾		(9)		(188)		(11,273)		(5,103)
Non-GAAP amounts	$	38,760	$	56,722	$	118,460	$	134,155

Diluted Earnings Per Share from Continuing Operations
Amounts on GAAP basis	$	4.23	$	1.42	$	6.03	$	3.77
Innovative technology costs, after-tax (includes related financing costs)⁽¹⁾		0.27		0.43		0.85		1.26
Purchase accounting amortization, after-tax⁽²⁾		0.10		0.10		0.30		0.29
Change in fair value of contingent consideration, after-tax⁽³⁾		(2.92)		(0.55)		(2.54)		(0.39)
Lease impairment charges, after-tax⁽⁴⁾		—		0.92		—		0.91
Change in fair value of equity investment, after-tax⁽⁵⁾		—		—		0.90		(0.11)
Life insurance proceeds and changes in cash surrender value		(0.06)		(0.01)		(0.13)		(0.11)
Tax benefit from vested RSUs⁽⁶⁾		—		(0.01)		(0.47)		(0.21)
Non-GAAP amounts⁽⁷⁾	$	1.64	$	2.31	$	4.95	$	5.42

See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued


	Three Months Ended								Nine Months Ended
	September 30								September 30
	2024				2023				2024				2023

Segment Operating Income (Loss) Reconciliations	(Unaudited)
	($ thousands, except percentages)
Asset-Based Segment
Operating Income ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis	$	64,020	91.0	%	$	74,823	89.9	%	$	190,268	90.9	%	$	165,619	92.3	%
Innovative technology costs, pre-tax⁽⁸⁾		—	—			7,300	(1.0)			—	—			21,711	(1.0)
Lease impairment charges, pre-tax⁽⁴⁾		—				684	(0.1)			—	—			684	—
Non-GAAP amounts⁽⁷⁾	$	64,020	91.0	%	$	82,807	88.8	%	$	190,268	90.9	%	$	188,014	91.3	%


Asset-Light Segment
Operating Income (Loss) ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis	$	84,779	78.0	%	$	(3,704)	100.9	%	$	60,023	94.9	%	$	(4,615)	100.4	%
Purchase accounting amortization, pre-tax⁽²⁾		3,192	(0.8)			3,192	(0.8)			9,576	(0.8)			9,576	(0.8)
Change in fair value of contingent consideration, pre-tax⁽³⁾		(91,910)	23.9			(17,840)	4.3			(80,740)	6.9			(12,800)	1.0
Lease impairment charges, pre-tax⁽⁴⁾		—	—			14,407	(3.4)			—	—			14,407	(1.1)
Non-GAAP amounts⁽⁷⁾	$	(3,939)	101.0	%	$	(3,945)	100.9	%	$	(11,141)	100.9	%	$	6,568	99.5	%


Other and Eliminations
Operating Income (Loss) ($)
Amounts on GAAP basis	$	(13,806)			$	(26,028)			$	(44,018)			$	(52,638)
Innovative technology costs, pre-tax⁽¹⁾		8,512				6,759				26,521				19,647
Lease impairment charges, pre-tax⁽⁴⁾		—				15,071				—				15,071
Non-GAAP amounts⁽⁷⁾	$	(5,294)			$	(4,198)			$	(17,497)			$	(17,920)

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

Effective Tax Rate Reconciliation

ArcBest Corporation - Consolidated

(Unaudited)

($ thousands, except percentages)

Three Months Ended September 30, 2024

Other

Income

CONTINUING OPERATIONS

Operating

Income

Before Income

Tax

Net

Income

(Costs)

Taxes

Provision

Income

Tax Rate⁽⁹⁾

Amounts on GAAP basis

134,993

1,711

136,704

36,390

100,314

26.6

Innovative technology costs⁽¹⁾

8,512

145

8,657

2,146

6,511

24.8

Purchase accounting amortization⁽²⁾

3,192

—

3,192

791

2,401

24.8

Change in fair value of contingent consideration⁽³⁾

(91,910)

—

(91,910)

(22,786)

(69,124)

(24.8)

Life insurance proceeds and changes in cash surrender value

—

(1,333)

—

(1,333)

—

Tax benefit from vested RSUs⁽⁶⁾

—

(9)

—

Non-GAAP amounts

54,787

523

55,310

16,550

38,760

29.9

Nine Months Ended September 30, 2024

Other

Income

Operating

Income

Before Income

Tax

Net

Income

(Costs)

Taxes

Provision

Income

Tax Rate⁽⁹⁾

Amounts on GAAP basis

206,273

(25,019)

181,254

36,928

144,326

20.4

Innovative technology costs⁽¹⁾

26,521

512

27,033

6,702

20,331

24.8

Purchase accounting amortization⁽²⁾

9,576

—

9,576

2,374

7,202

24.8

Change in fair value of contingent consideration⁽³⁾

(80,740)

—

(80,740)

(20,017)

(60,723)

(24.8)

Change in fair value of equity investment⁽⁵⁾

—

28,739

7,136

21,603

24.8

Life insurance proceeds and changes in cash surrender value

—

(3,006)

—

(3,006)

—

Tax benefit from vested RSUs⁽⁶⁾

—

11,273

(11,273)

—

Non-GAAP amounts

161,630

1,226

162,856

44,396

118,460

27.3


	Three Months Ended September 30, 2023
			Other		Income		Income
CONTINUING OPERATIONS	Operating		Income		Before Income		Tax		Net
	Income		(Costs)		Taxes		Provision		Income		Tax Rate⁽⁹⁾
Amounts on GAAP basis	$	45,091	$	1,799	$	46,890	$	11,963	$	34,927	25.5	%
Innovative technology costs⁽¹⁾		14,059		226		14,285		3,655		10,630	25.6
Purchase accounting amortization⁽²⁾		3,192		—		3,192		794		2,398	24.9
Change in fair value of contingent consideration⁽³⁾		(17,840)		—		(17,840)		(4,436)		(13,404)	(24.9)
Lease impairment charges⁽⁴⁾		30,162		—		30,162		7,591		22,571	25.2
Life insurance proceeds and changes in cash surrender value		—		(212)		(212)		—		(212)	—
Tax benefit from vested RSUs⁽⁶⁾		—		—		—		188		(188)	—
Non-GAAP amounts	$	74,664	$	1,813	$	76,477	$	19,755	$	56,722	25.8	%


	Nine Months Ended September 30, 2023
			Other		Income		Income
	Operating		Income		Before Income		Tax		Net
	Income		(Costs)		Taxes		Provision		Income		Tax Rate⁽⁹⁾
Amounts on GAAP basis	$	108,366	$	10,743	$	119,109	$	25,735	$	93,374	21.6	%
Innovative technology costs⁽¹⁾		41,358		726		42,084		10,768		31,316	25.6
Purchase accounting amortization⁽²⁾		9,576		—		9,576		2,382		7,194	24.9
Change in fair value of contingent consideration⁽³⁾		(12,800)		—		(12,800)		(3,183)		(9,617)	(24.9)
Lease impairment charges⁽⁴⁾		30,162		—		30,162		7,591		22,571	25.2
Change in fair value of equity investment⁽⁵⁾		—		(3,739)		(3,739)		(953)		(2,786)	(25.5)
Life insurance proceeds and changes in cash surrender value		—		(2,794)		(2,794)		—		(2,794)	—
Tax benefit from vested RSUs⁽⁶⁾		—		—		—		5,103		(5,103)	—
Non-GAAP amounts	$	176,662	$	4,936	$	181,598	$	47,443	$	134,155	26.1	%

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Effective Tax Rate Reconciliation non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair values of contingent consideration and equity investment, and lease impairment charges, which are significant expenses or gains resulting from strategic decisions or other factors rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income taxes, and net income from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.


	Three Months Ended				Nine Months Ended
	September 30					September 30
	2024		2023		2024		2023

	(Unaudited)
	($ thousands)
ArcBest Corporation - Consolidated Adjusted EBITDA from Continuing Operations
Net Income from Continuing Operations	$	100,314	$	34,927	$	144,326	$	93,374
Interest and other related financing costs		2,281		2,236		6,587		6,768
Income tax provision		36,390		11,963		36,928		25,735
Depreciation and amortization⁽¹⁰⁾		36,611		37,141		109,720		107,962
Amortization of share-based compensation		2,718		3,005		9,040		8,537
Change in fair value of contingent consideration⁽³⁾		(91,910)		(17,840)		(80,740)		(12,800)
Lease impairment charges⁽⁴⁾		—		30,162		—		30,162
Change in fair value of equity investment⁽⁵⁾		—		—		28,739		(3,739)
Consolidated Adjusted EBITDA from Continuing Operations	$	86,404	$	101,594	$	254,600	$	255,999

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated Adjusted EBITDA from Continuing Operations non-GAAP table.


	Three Months Ended				Nine Months Ended
	September 30				September 30
	2024		2023		2024		2023

	(Unaudited)
	($ thousands)
Asset-Light Adjusted EBITDA
Operating Income (Loss)	$	84,779	$	(3,704)	$	60,023	$	(4,615)
Depreciation and amortization⁽¹⁰⁾		5,037		5,097		15,154		15,250
Change in fair value of contingent consideration⁽³⁾		(91,910)		(17,840)		(80,740)		(12,800)
Lease impairment charges⁽⁴⁾		—		14,407		—		14,407
Asset-Light Adjusted EBITDA	$	(2,094)	$	(2,040)	$	(5,563)	$	12,242

Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

Notes to Non-GAAP Financial Tables

The following footnotes apply to the non-GAAP financial tables presented in this press release.

Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. The 2023 period also includes costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

2)	Represents the amortization of acquired intangible assets in the Asset-Light segment.

Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table. As of September 30, 2024, the decrease in fair value reflects the reduction in payout assumptions projected for the earnout in 2025, due to the continued soft truckload environment and the latest industry expectations for a truckload market recovery being pushed further into 2025 than previously estimated.

4)	Represents noncash lease-related impairment charges for a freight handling pilot facility reported in “Other”, an Asset-Based service center, and Asset-Light office spaces that were made available for sublease.

For the nine months ended September 30, 2024, represents a noncash impairment charge to write off an equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024. For the nine months ended September 30, 2023, represents the increase in fair value of an investment in Phantom Auto based on observable price changes during second quarter 2023.

6)	Represents recognition of the tax impact for the vesting of share-based compensation.

7)	Non-GAAP amounts are calculated in total and may not equal the sum of GAAP amounts and non-GAAP adjustments due to rounding.

8)	Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

Tax rate for total “Amounts on GAAP basis” represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment.

10)	Includes amortization of intangibles associated with acquired businesses.

ARCBEST CORPORATION

OPERATING STATISTICS


	Three Months Ended					Nine Months Ended
	September 30					September 30
	2024		2023		% Change	2024		2023		% Change

	(Unaudited)
Asset-Based

Workdays		63.5		62.5			191.0		190.0

Billed Revenue⁽¹⁾ / CWT	$	50.76	$	47.28	7.4%	$	49.81	$	43.17	15.4%

Billed Revenue⁽¹⁾ / Shipment	$	551.34	$	574.95	(4.1%)	$	552.20	$	549.53	0.5%

Tonnage / Day		10,983		12,389	(11.3%)		11,035		13,192	(16.4%)

Shipments / Day		20,221		20,373	(0.7%)		19,907		20,727	(4.0%)

Shipments / DSY hour		0.445		0.421	5.7%		0.445		0.423	5.2%

Weight / Shipment		1,086		1,216	(10.7%)		1,109		1,273	(12.9%)

Average Length of Haul (Miles)		1,143		1,065	7.3%		1,130		1,096	3.1%

Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes.


	Year Over Year % Change
	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
	(Unaudited)
Asset-Light⁽²⁾

Revenue / Shipment		(8.9%)		(14.5%)

Shipments / Day		(0.7%)		8.2%

2)	Statistical data for the periods presented includes transactions related to managed transportation solutions which were previously excluded from the presentation of operating statistics for the Asset-Light segment for the three and nine months ended September 30, 2023.

###

Exhibit 99.2

ArcBest^® is providing this exhibit as supplemental information to its scheduled conference call and the press release announcing the Company’s unaudited third quarter 2024 results filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K. Certain statements and information in this exhibit may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Forward-Looking Statements” disclosure at the end of this exhibit.

Non-GAAP Financial Measures

ArcBest reports its financial results in accordance with generally accepted accounting principles (“GAAP”); however, this exhibit includes certain non-GAAP information. Refer to the discussion of non-GAAP information included in Item 2.02 of the Current Report on Form 8-K to which this exhibit is included for further information, including reference to reconciliations of GAAP to non-GAAP financial measures provided by the Company.

Summary Operating and Financial Impacts

●

Statistics for October 2024 have not been finalized and are preliminary.

●

There were 23.0 workdays in October 2024, and there were 22.0 workdays in October 2023.

●

There will be 61.5 workdays in 4Q’24, and there were 61.5 workdays in 4Q’23.

Asset-Based Operating Segment

●

Average price increase on contract renewals and deferred pricing agreements negotiated during 3Q’24: +4.6%

Year-over-Year Business Trends


	July 2024		August 2024		September 2024		October 2024

Billed Revenue/Day⁽¹⁾	+1.0	%	-6.5	%	-8.6	%	-12	%
Total Tons/Day	-12.5	%	-9.9	%	-12.2	%	-9	%
Total Shipments/Day	+1.4	%	-1.0	%	-2.5	%	-3	%
Total Billed Revenue/CWT	+15.4	%	+3.7	%	+4.1	%	-3	%
Total Billed Revenue/Shipment	-0.4	%	-5.6	%	-6.3	%	-9	%
Total Weight/Shipment	-13.7	%	-9.0	%	-9.9	%	-6	%

1)	Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue per day has not been adjusted for the portion of revenue deferred for financial statement purposes.

In October 2024, ArcBest’s Asset-Based segment experienced lower shipment and tonnage levels compared to the same period last year. This decrease is primarily attributed to the exceptionally strong performance in October 2023, which was driven by additional business at higher prices following a competitor’s cyberattack that tightened capacity. As we served our customers during this market disruption in October 2023, we achieved an 8.1% year-over-year increase in billed revenue per hundredweight.

This October, our results were impacted by weak industrial production, disruptions from hurricanes, and a port strike. Despite these challenges, pricing remains rational. The decrease in revenue per hundredweight is also influenced by lower fuel prices. Excluding fuel surcharges, revenue per hundredweight remained flat year-over-year.

From September to October, tonnage per day remained flat. Shipments per day decreased by 1%, offset by a 1% increase in weight per shipment. The average length of haul decreased by 1%. These factors contributed to a 3% decline in revenue per hundredweight, both including and excluding fuel surcharges.

Historically, the average sequential change in the Asset-Based operating ratio from the third to the fourth quarter has ranged from a 100-200 basis point increase. Given the continued softness in the manufacturing environment and truckload markets, we expect to be at the high end of this historical range in 2024. Revenue per day for October 2024 decreased by 12% year-over-year due to the aforementioned factors, including the October 2023 market disruption. However, we anticipate this decrease to moderate throughout the quarter, resulting in a total expected year-over-year decrease in revenue per day for the quarter in the mid-single digits.

Asset-Light Operating Segment

Year-over-Year Business Trends


	July 2024		August 2024		September 2024		October 2024

Revenue/Day (Year-over-Year)	-10.0	%	-7.3	%	-11.4	%	-13	%
Shipments/Day (Year-over-Year)	+0.5	%	-1.8	%	-0.7	%	-3	%
Revenue/Shipment (Year-over-Year)	-10.5	%	-5.6	%	-10.7	%	-10	%
Purchased Transportation Expense as a % of Revenue	86.5	%	86.1	%	85.1	%	86	%

In October 2024, ArcBest’s Asset-Light segment saw a year-over-year decrease in daily revenue, primarily due to lower revenue per shipment. This was due to softer freight market conditions and a higher proportion of Managed business, which typically involves smaller shipment sizes and lower revenue per shipment. The reduction in shipments per day was attributed to decreased demand from existing customers amid current macroeconomic conditions and a strategic reduction in less profitable truckload volumes.

Sequentially, from September to October, daily revenue decreased by 2%, shipments per day decreased by 6%, but revenue per shipment increased by 4% due to pricing actions on less profitable freight.

Despite efforts to enhance productivity and reduce cost per shipment, continued softness in the truckload brokerage markets is expected to result in a non-GAAP Asset-Light operating loss of approximately $5 million to $7 million for fourth quarter 2024. This estimate excludes impacts from changes in the fair value of contingent consideration and purchase accounting amortization. ArcBest does not provide forward-looking guidance for certain financial measures on a GAAP basis due to the unpredictability of certain items, including changes in the fair value of contingent consideration.

As part of the MoLo acquisition, additional cash consideration is contingent on achieving specific adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) targets for 2023, 2024, and 2025. The fair value of this contingent consideration is estimated using a Monte Carlo simulation, which factors in various revenue and EBITDA scenarios, volatility, and discount rates. Significant changes in these inputs could result in a higher or lower fair value at the next reporting date.

Additional Detailed Information

Consolidated Capital Expenditures 2024 Projected

●

Total Net Capital Expenditures, including financed equipment: approximately $300 million

●

Includes revenue equipment purchases (majority for Asset-Based) of $145 million

●

Includes real estate expenditures of $100 million

●

The remaining amount of capital expenditures includes items related to technology and miscellaneous dock equipment upgrades and enhancements.

●

Depreciation and amortization costs on property, plant and equipment: approximately $142 million

●

Intangible asset amortization, primarily reflecting purchase accounting amortization related to the MoLo acquisition: $13 million

Share Repurchase Program

●

Based on repurchases settled through Thursday, October 31, 2024, $68.4 million remains available under the current repurchase authorization for future common stock purchases.

Tax Rate

●

ArcBest’s third quarter 2024 effective GAAP tax rate for continuing operations was 26.6%. The “Effective Tax Rate Reconciliation” table of ArcBest’s third quarter 2024 earnings press release in Exhibit 99.1 shows the reconciliation of GAAP to non-GAAP effective tax rates. The effective non-GAAP tax rate for third quarter 2024 was 29.9%. Under the current tax laws, we expect our full year 2024 non-GAAP tax rate for continuing operations to be in a range of 26% to 27%. The effective tax rate may be impacted by discrete items that could occur throughout the year.

Asset-Based Annual Union Profit-Sharing Bonus

As provided in ABF Freight’s current Teamster labor contract, for the full years of 2024 through 2027, ABF Freight’s Teamster employees are eligible for an annual profit-sharing bonus, as shown in the following table. The operating ratio (“OR”) used to calculate the bonus amount is on a GAAP basis. The potential bonus would be based on full-year union employee earnings. While impacted by business and associated labor levels which are subject to change, the estimate of one percent of the annual earnings for the ABF Freight union employees who are eligible for this benefit approximates $6 million - $6.5 million of union bonus expense.

During years in which ArcBest’s internal forecasts indicate an expectation of paying the union bonus, we will accrue for this expense throughout the year, generally in proportion of the quarterly results as a percentage of the annual projection. As we do not provide public updates on our projected operating ratio or our expectations for paying the union bonus, any details of amounts accrued will not be provided. If financial models reflect an operating ratio that meets the payout thresholds shown below, ArcBest encourages analysts to include expenses for the union bonus in quarterly and annual earnings per share projections for the company.


ABF Freight Published Annual OR (GAAP basis)	Bonus Amount
91.1 to 93.0	1%
89.1 to 91.0	2%
87.1 to 89.0	3%
87.0 or below	4%

“Other and eliminations” within Operating Income (Loss) on the Operating Segment Data and Operating Ratios statement

●

The “Other and eliminations” line includes expenses related to shared services to support all segments including sales, yield, customer service, marketing, capacity sourcing functions, human resources, financial services, information technology, legal and other company-wide services.

●

It also includes innovative technology costs related to our freight handling pilot program with third-party customers and human-centered remote and automated operations, which are typically disclosed as a non-GAAP reconciling item.

●

Projected amounts for fourth quarter and full year 2024 and actual amounts for fourth quarter and full year 2023 are included below.


	Three Months Ended				Year Ended
	December 31				December 31
	2024		2023		2024		2023

	(in millions)
Innovative technology costs, pre-tax (incl. financing costs)	$	9	$	11	$	36	$	31
Operating loss, excl. innovative technology costs, pre-tax	$	(6)	$	(5)	$	(23)	$	(23)

Other Income (Costs) on the Consolidated Statements of Operations

●

Other income and costs include separate lines for interest income and interest expense.

●

The “Other, net” line primarily includes changes in cash surrender value of life insurance, expenses associated with non-operating properties, and the first quarter 2024, $28.7 million, pre-tax, noncash impairment charge to write off our equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations.

●

The changes in cash surrender value of life insurance and the equity investment impairment charge are typically disclosed as non-GAAP reconciling items.

●

As such, the non-GAAP amounts for “Other, net” are expected to be minimal.

●

Projected amounts for fourth quarter and full year 2024 and actual amounts for fourth quarter and full year 2023 are included below.


	Three Months Ended				Year Ended
	December 31				December 31
	2024		2023		2024		2023

	(in millions)
Interest and dividend income	$	2	$	4	$	12	$	15
Interest and other related financing costs	$	(3)	$	(2)	$	(9)	$	(9)
Other, net, excluding non-GAAP reconciling items	$	(1)	$	—	$	(3)	$	—

Forward-Looking Statements

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this exhibit may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including our customer pilot offering of Vaux; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals/actions by activist investors; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; governmental regulations; environmental laws and regulations, including emissions-control regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; increasing costs due to inflation and higher interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).

Exhibit 99.3

3Q’24 Earnings Presentation

Forward Looking Statements 2 The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including our customer pilot offering of Vaux; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals/actions by activist investors; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; governmental regulations; environmental laws and regulations, including emissions-control regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; increasing costs due to inflation and higher interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”). For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Three-Point Strategy Continues to Deliver Shareholder Value & Drive Business Growth 3 1 2 3 ENHANCED SHAREHOLDER VALUE Increase Efficiency Leverage technology Optimize ABF network Drive scale and productivity to improve Asset-Light operating margin Drive Innovation Develop and implement disruptive and game changing innovations Launch new revenue streams Co-create and scale with customers Accelerate Growth Secure new customers to maximize profitability Expand with existing customers through market penetration Retain existing customers

CONTINUALLY RAISING THE BAR ON EXCELLENCE 4 • Culture of continuous improvement • 40-years of using the Quality Process to drive efficiencies • Do-It-Right-The-First-Time • Problem Elimination Process • Relaunched commitment in 2024 as we accelerate into 2nd century • Increase in new employees through pandemic • Focused efforts on training and compliance beginning in our largest locations and expanding through the network Surpassed annual goal >1.5x in 3Q Process and compliance training exceeding expectations on net revenue impact Process and compliance training complete at 5% of locations with additional locations planned beyond 2025 2024 Projected Net Savings YTD thru 3Q Actual Net Savings Locations Completed 4Q24 thru 1H25 2H25 and Beyond 19 211 11

LEADERSHIP CHANGES 5 Dennis Anderson named Chief Strategy and Innovation Officer 20+ year tenure with ArcBest Tech savvy and forward-thinking leader – with deep focus on customers and employees Change further aligns innovation agenda with strategic priorities

2024 MASTIO RESULTS 6 Exceeded Industry Benchmark for 19 Years 19x Claims Process #1 Website Ease of Use #1 M AS T I O AT T R I B U T E R AN K I N G S : Ranked #1 & #2 on 50% of all attributes

80% of revenue from customers with 10+ year relationship QUARTER IN REVIEW 7 Shipment Visibility I N M AN A G E D T R AN S P O R TAT I O N Significant Efficiency Improvements Best On-Time Performance in Five Years $1B Revenue Generated C U S T O M E R - L E D S T R A T E G Y : +30% -19% ETA Accuracy Assisted Interactions Double-Digit Growth Large Pipeline Opportunity Increasing Customer Base 5x Larger Deals Improved Profitability

8,820 8,820 8,955 9,254 9,307 9,386 9,492 9,570 135 299 53 79 106 78 40 8,500 8,700 8,900 9,100 9,300 9,500 9,700 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 2025 ✓ Enables Growth ✓ Improves Service ✓ Increases Efficiency STRATEGIC FACILITY AND NETWORK ENHANCEMENTS 8 Strategically adding capacity: ~800 door expansion since 2021, with 316 adds in 2024, and another 40 in 1Q25 106 Added in 3Q24 NEW DOORS New Service Center in Columbus, OH. Adding Capacity: 8,820 8,955 9,254 9,307 9,386 9,492 9,570 Projected 9,610 Ongoing remodels & renovations across other existing facilities Net New Doors Since 2021 Existing Doors New Doors Legend: >50% of Union Employees Work in a New or Remodeled Location

Dock Management Software INVESTMENTS IN FLEET & TECHNOLOGY 9 Truckload Carrier Portal Modern Fleet • Lowers Total Cost of Ownership • Supports Long-Term Sustainability Drives Productivity Supports Growth Labor Planning Tools Automated Carrier Payments Fraud Prevention Right People. Right Place. Right Time. • Employee Level Productivity • Consistent Processes & Service 13% Adoption Rate

TRANSFORMING OPERATIONS THROUGH ABF OPTIMIZATION 10 ~70 Projects in Optimization Portfolio • 30% operationalized • 30% in pilot to expand stages City Route Optimization Phase 1 is Complete and Saving $13M+ Annually City Route Optimization Phases 2 and 3 Pilots Underway • Daily demand forecasting • Optimizing the pickup process 2021 2022 2023 2024 Idea Pilot Learn Refine Expand Operationalize $50K $13M+ Iterative approach for optimization efforts City Route Optimization Phase 1 Savings Per Year Per Year

Non-GAAP Operating Income (2) Key Metrics Q3 2024(1) 11 $1.06B ArcBest Consolidated Revenue $54.8M Non-GAAP Operating Income (2) $1.64/diluted share Non-GAAP Net Income(2) -32% ARCBEST CONSOLIDATED (From Continuing Operations) 1) All comparisons are on a year-over-year basis. 2) See non-GAAP reconciliation in the Additional Information section of this presentation. Asset-Based Asset-Light -6% -27% -19M Flat

Key Metrics Q3 2024(1) 12 ASSET-BASED 1) All comparisons are on a year-over-year basis. 2) See non-GAAP reconciliation in the Additional Information section of this presentation. $710M Revenue Average Increase on Contract Renewals and Deferred Pricing Agreements Daily Total Tonnage -11% Daily Total Shipments -1% Total Billed Rev/CWT +7% 4.6% $64.0M Non-GAAP Operating Income (2) 91.0% Non-GAAP Operating Ratio (2) 220 bps deterioration -23% -6% per day Weight/ Shipment -11%

13 3Q23 Operating Income (Non-GAAP) (1) 3Q24 Lower Revenue • Weight per Shipment • Higher Yield 3Q24 Higher Labor Contract Costs • Wages +2.5% • Benefits +2.9% 3Q24 Insurance • BIPD Claims 3Q24 Cost Savings • Cost Management • Productivity • Network Efficiency • Profit Optimization 3Q24 Operating Income (Non-GAAP) (1) 3Q23 vs 3Q24 Operating Income Bridge (1) Operating Income adjusted for certain unusual items. See Reconciliations of GAAP to non-GAAP Financial Measures in the Additional Information section of this presentation. ASSET-BASED Q3 2024

14 2Q24 Operating Income (Non-GAAP) (1) 3Q24 Lower Revenue • Weight per Shipment • Higher Yield 3Q24 Higher Labor Contract Costs • Wages +2.5% • Benefits +2.9% 3Q24 Insurance • BIPD Claims 3Q24 Cost Savings • Cost Management • Productivity • Network Efficiency • Profit Optimization 3Q24 Operating Income (Non-GAAP) (1) $72.8M $64.0M 2Q24 vs 3Q24 Operating Income Bridge (1) Operating Income adjusted for certain unusual items. See Reconciliations of GAAP to non-GAAP Financial Measures in the Additional Information section of this presentation. Q3 2024 ASSET-BASED

Improvement in Asset-Based Operating Ratio(1) (Non-GAAP) Strategy in Action 15 (1) Operating Ratio adjusted for certain unusual items. See Reconciliations of GAAP to non-GAAP Financial Measures in the Additional Information section of this presentation. 780 bps IMPROVEMENT Compared to 2016 97.9% 96.9% 93.3% 94.5% 94.2% 88.8% 86.4% 90.4% 90.1% 2016 2017 2018 2019 2020 2021 2022 2023 3Q'24 TTM FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION

Key Metrics 16 Daily Billed Revenue Total Billed Rev/CWT ASSET-BASED Daily Total Tonnage Daily Total Shipments -3% Total Billed Rev/Shipment Total Weight/Shipment -12% -9% O C TO B E R 2 0 2 4 P R E L I M I N A RY 1) All comparisons are on a year-over-year basis. -9% -3% -6% October 2024(1)

Purchased Transportation as % of Revenue Key Metrics Q3 2024(1) ASSET-LIGHT Revenue/ Shipment $385M Revenue -10% per day ($3.9M) Non-GAAP Operating Loss (2) ($2.1M) Adjusted EBITDA(2) 1) All comparisons are on a year-over-year basis. 2) See non-GAAP reconciliation in the Additional Information section of this presentation. Flat -3% 86% 17 -1% Daily Total Shipments -9%

Key Metrics October 2024(1) 18 ASSET-LIGHT Revenue/Day -13% 1) All comparisons are on a year-over-year basis. Revenue/Shipment Daily Total Shipments -10% 86% -3% Purchased Transportation as % of Revenue O C TO B E R 2 0 2 4 P R E L I M I N A RY

ARCBEST’S CUSTOMER-LED STRATEGY YIELDS RESULTS 19 Profit Revenue Single-Solution Accounts Cross-Sold Accounts >3x Revenue & Profit per account is over 3X higher in cross-sold accounts Revenue & Profit 3x 3x >70% Over 70% of our customers who use asset-light services also utilize our asset-based services Single-Solution Accounts Cross-Sold Accounts 5% Higher Customer Retention A customer-focused growth strategy enables faster and more efficient growth Asset-Light + Asset-Based Retention rates are 5 percentage points higher on cross-sold accounts than on single-solution accounts

20 BALANCED INVESTMENT APPROACH Strong business performance enables ArcBest to invest organically in the business and provide returns to shareholders while maintaining a solid balance sheet and investment-grade credit metrics Strategic Growth Investments Share Repurchases & Dividends M&A Strategy • Investing in strategic initiatives and innovative projects to enhance revenue growth, optimize costs and drive long-term shareholder value • Projected 2024 Net Capital Expenditures of approximately $300M as part of a strategic, multi-year investment plan for equipment, real estate, innovation and technology • Increased share repurchase program authorization to $125 million in early 2024 • Currently paying a $0.12/share quarterly dividend • Returned $65 million, year-to-date 9/30, to shareholders • Complementary to our solutions offered • Strong culture fit, experienced leadership team and a pathway to solid returns • Strategic technology and innovative partnerships Solid Financial Position • Net cash position • Approximately $500M in Available Liquidity

EXCELLENCE IN ACTION 21 10x Winner ATA Excellence in Security The Only

22 Note: ArcBest Corporation reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures utilized for internal analysis provides analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, using these measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income (loss), operating cash flow, net income or earnings per share, as determined under GAAP. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) ADDITIONAL INFORMATION

ARCBEST CORPORATION – CONSOLIDATED Three Months Ended Millions ($000,000), except per share data 9/30/2024 9/30/2023 Operating Income from Continuing Operations Amounts on a GAAP basis $ 135.0 $ 45.1 Innovative technology costs, pre-tax (1) 8.5 14.1 Purchase accounting amortization, pre-tax (2) 3.2 3.2 Change in fair value of contingent consideration, pre-tax (3) (91.9) (17.8) Lease impairment charges, pre-tax (4) - 30.2 Non-GAAP amounts (5) $ 54.8 $ 74.7 Net Income from Continuing Operations Amounts on a GAAP basis $ 100.3 $ 34.9 Innovative technology costs, after-tax (includes related financing costs) (1) 6.5 10.6 Purchase accounting amortization, after-tax (2) 2.4 2.4 Change in fair value of contingent consideration, after-tax (3) (69.1) (13.4) Lease impairment charges, after-tax (4) - 22.6 Life insurance proceeds and changes in cash surrender value (1.3) (0.2) Tax benefit from vested RSUs (6) - (0.2) Non-GAAP amounts (5) $ 38.8 $ 56.7 Diluted Earnings Per Share from Continuing Operations Amounts on a GAAP basis $ 4.23 $ 1.42 Innovative technology costs, after-tax (includes related financing costs) (1) 0.27 0.43 Purchase accounting amortization, after-tax (2) 0.10 0.10 Change in fair value of contingent consideration, after-tax (3) (2.92) (0.55) Lease impairment charges, after-tax (4) - 0.92 Life insurance proceeds and changes in cash surrender value (0.06) (0.01) Tax benefit from vested RSUs (6) - (0.01) Non-GAAP amounts (5) $ 1.64 $ 2.31 Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) 23 1) Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. The 2023 period also includes costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023. 2) Represents the amortization of acquired intangible assets in the Asset-Light segment. 3) Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. 4) Represents noncash lease-related impairment charges for a freight handling pilot facility, an Asset-Based service center, and Asset-Light office spaces that were made available for sublease 5) Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP amounts and the non-GAAP adjustments due to rounding. 6) Represents recognition of the tax impact for the vesting of share-based compensation.

Reconciliations of GAAP to Non -GAAP Financial Measures (Unaudited) 24 1) Adjusted EBITDA is a primary component of the financial covenants contained in ArcBest Corporation’s Fourth Amended and Restated Credit Agreement. Management believes Adjusted EBITDA to be relevant and useful information, as EBITDA is a standard measure commonly reported and widely used by analysts, investors, and others to measure financial performance and ability to service debt obligations. Furthermore, management uses Adjusted EBITDA as a key measure of performance and for business planning. However, these non -GAAP financial measures should not be construed as better measurements than operating income (loss), net income, or earnings per share, as determined under GAAP. Non -GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. Other companies may calculate EBITDA differently; therefore, our Adjusted EBITDA may not be comparable to similarly titled measures of other companies. 2) Includes amortization of intangibles associated with acquired businesses. 3) Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. 4) Represents estimated settlement expenses related to the classification of certain Asset -Light employees under the Fair Labor Standards Act. 5) Represents a noncash impairment charge to write off our equity investment in Phantom Auto, a provider of human -centered remote operation software, which ceased operations during first quarter 2024. 6) Adjusted EBITDA amounts are calculated in total and may not equal the sum of the Net Income and the adjustments due to rounding. 7) Represents noncash lease -related impairment charges for a freight handling pilot facility, an Asset -Based service center, and Asset -Light office spaces that were made available for sublease. Three Months Ended ASSET -LIGHT ADJUSTED EBITDA (1) 9/30/2024 9/30/2023 ($ millions) Operating Income (Loss) $ 84.8 $ (3.7) Depreciation and amortization (2) 5.0 5.1 Change in fair value of contingent consideration (3) (91.9) (17.8) Lease impairment charges (7) - 14.4 Adjusted EBITDA $ (2.1) $ (2.0) CONSOLIDATED ADJUSTED EBITDA (1) Twelve Months Ended 9/30/2024 ($ millions) Net Income from Continuing Operations $ 193.1 Interest and other related financing costs 8.9 Income tax provision 55.9 Depreciation and amortization (2) 147.1 Amortization of share -based compensation 11.9 Change in fair value of contingent consideration (3) (87.0) Legal settlement (4) 9.5 Change in fair value of equity investment (5) 28.7 Consolidated Adjusted EBITDA (6) $ 368.2

Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) 25 1) Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023. 2) Represents noncash lease-related impairment charges for a freight handling pilot facility, an Asset-Based service center, and Asset-Light office spaces that were made available for sublease. 3) Represents the amortization of acquired intangible assets in the Asset-Light segment. 4) Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. 5) Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP amounts and the non-GAAP adjustments due to rounding. Three Months Ended Millions ($000,000) 9/30/2024 9/30/2023 ASSET-BASED Operating Income Amounts on a GAAP basis $ 64.0 91.0% $ 74.8 89.9% Innovative technology costs, pre-tax (1) - - 7.3 (1.0) Lease impairment charges, pre-tax (2) - - 0.7 (0.1) Non-GAAP amounts $ 64.0 91.0% $ 82.8 88.8% ASSET-LIGHT Operating Income (Loss) Amounts on a GAAP basis $ 84.8 78.0% $ (3.7) 100.9% Purchase accounting amortization, pre-tax (3) 3.2 (0.8) 3.2 (0.8) Change in fair value of contingent consideration, pre-tax (4) (91.9) 23.9 (17.8) 4.3 Lease impairment charges, pre-tax (2) - - 14.4 (3.4) Non-GAAP amounts (5) $ (3.9) 101.0% $ (3.9) 100.9%

Document and Entity Information	Nov. 01, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 01, 2024
Entity Registrant Name	ARCBEST CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	0-19969
Entity Tax Identification Number	71-0673405
Entity Address, Address Line One	8401 McClure Drive
Entity Address, City or Town	Fort Smith
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72916
City Area Code	479
Local Phone Number	785-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock $0.01 Par Value
Trading Symbol	ARCB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000894405
Amendment Flag	false

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ARCB ArcBest Corporation