Update

PRESS RELEASE

CHICAGOOct. 26, 2021 /PRNewswire/ — Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation management services, today reported financial results for the quarter ended September 30, 2021.

Recent Merger Announcement

On September 9, 2021, Echo announced it has entered into a definitive merger agreement to be acquired by funds managed by The Jordan Company, a global private equity firm, for $48.25 per share for an equity value of approximately $1.3 billion. As such, the Company will not be updating its outlook for fiscal 2021 or longer-term targets and will not be holding a conference call to discuss the Company’s financial results for the third quarter ended September 30, 2021. Completion of the transaction is subject to approval by the Company’s stockholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the fourth quarter of 2021.

Third Quarter 2021 Highlights

– Revenue increased 42.5% to $985.6 million from the third quarter of 2020

– Gross profit increased 41.6% to $135.2 million from the third quarter of 2020

– Adjusted gross profit(1) increased 38.7% to $139.3 million from the third quarter of 2020

– Truckload (“TL”) revenue increased 51.2% to $738.0 million from the third quarter of 2020, and TL volume increased 15.0% from the third quarter of 2020

– Less than truckload (“LTL”) revenue increased 25.3% to $219.8 million from the third quarter of 2020, and LTL volume increased 3.1% from the third quarter of 2020

– Transactional revenue increased 42.5% to $761.0 million and Managed Transportation revenue increased 42.5% to $224.6 million from the third quarter of 2020

– Net income increased to $18.9 million, compared to $6.8 million in the third quarter of 2020

– Fully diluted earnings per share (“EPS”) increased to $0.70 in the third quarter of 2021; non-GAAP fully diluted EPS(1) increased to $0.93 in the third quarter of 2021

– Adjusted EBITDA(1) grew 83.2% to $40.2 million, compared to $21.9 million in the third quarter of 2020…

The full release can be found here.

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