GXO Logistics reported $3.90B of remaining performance obligations at 30 Sep 2024, up 15% from a year earlier and down 5% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.94.
Net new backlog added in the latest quarter: -$200M.
Over the last twelve months it turned about 305% of its opening backlog into revenue (12-month conversion).
The company reports 77% of the backlog due within the first 36 months.
Customer prepayments (contract liabilities) cover 9.2% of the backlog.
Twelve-month book-to-bill: 1.04, i.e. 1.04 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +0 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
GXO Logistics backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Sep 2024
$3.90B
$11.0B
0.4 yrs
$359M
30 Jun 2024
$4.10B
$10.4B
0.4 yrs
$420M
31 Mar 2024
$3.70B
$9.91B
0.4 yrs
$322M
31 Dec 2023
$3.30B
$9.78B
0.3 yrs
$325M
30 Sep 2023
$3.40B
$9.65B
0.4 yrs
$297M
30 Jun 2023
$3.50B
$9.47B
0.4 yrs
$315M
31 Mar 2023
$3.30B
$9.23B
0.4 yrs
$295M
31 Dec 2022
$3.10B
$8.99B
0.3 yrs
$288M
30 Sep 2022
$3.00B
$8.79B
0.3 yrs
n/a
30 Jun 2022
$2.60B
$8.47B
0.3 yrs
n/a
31 Mar 2022
$2.60B
$8.20B
0.3 yrs
n/a
31 Dec 2021
$2.10B
$7.94B
0.3 yrs
n/a
Questions
What is GXO Logistics's backlog?
GXO Logistics reported $3.90B of remaining performance obligations at 30 Sep 2024, up 15% from a year earlier and down 5% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.94.
How fast does GXO Logistics's backlog turn into revenue?
Over the last twelve months GXO Logistics recognised revenue equal to about 305% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.