GXO Logistics, Inc.

I want to highlight the new project we announced in April with Sainsbury's, a leading UK grocery retailer. With a lifetime value of nearly $1 billion, this is the largest annual revenue contract awarded in GXO's history. Bill will talk in more detail about this in just a moment. These stellar new business wins demonstrate our unique value proposition. as we bring our global scale, deep expertise, tech-enabled solutions to bear for our customers. In the quarter, we again set a new record for the deployment of operational tech, increasing our total tech and automated solutions by 64% year-over-year. Today, operations utilizing automation or adaptive tech make up nearly 40% of our revenue, a number that will only increase to meet the enormous demand going forward, both for new implementations and for retrofitting of existing operations. We are also accelerating our deployment of machine learning and artificial intelligence, which boosts productivity significantly on top of the benefits of the warehouse tech itself. In short, we're seeing unprecedented demand from customers for solutions involving tech enablement, and our leadership in this space continues to drive our growth and profitability, underpinning our confidence for both our 2023 guidance and our 2027 targets. To fully capitalize on the demand of our services in this area, we're also strengthening our teams to support significant growth in the years to come. We'll have more news on these initiatives next quarter. Also in the first quarter, we were pleased to announce that GXO Direct, our shared user solution, has gone global. We've launched direct across the UK with the rollout into continental Europe planned for later this year. This expansion comes through the blending of the best of both the GXO and legacy Clipper capabilities and expertise to create a differentiated offering. And finally, just two weeks ago, we published our second annual ESG report. In it, we've highlighted our progress on ESG from emissions reductions to the development and belonging initiatives for our team members worldwide. We also outlined our new ESG goals, including safety targets. ESG is important for our customers. As we saw in the significant Sainsbury's win, where our enablement of sustainability in their daily operations was a key factor in their decision to expand our business relationship. We've had a great start to the year. We're raising our guidance and we're looking forward with confidence. We've delivered strong wins, we have a robust sales pipeline, and we've set the foundations to achieve our 2027 targets. With that, I'll ask Baris to come in on the financials. Baris, over to you.

Thank you, Malcolm, and good morning, everyone. We are proud of our results this quarter as they continue to showcase both the strength and predictability of our business and to deliver on our promise of robust growth and resilient margins. As Malcolm mentioned, for the first quarter of 2023, we generated revenue of $2.3 billion and delivered 12% revenue growth, of which 7% was organic. In particular, our reverse logistics business grew organically at nearly three times the rate of our group organic revenue growth. Geographically, our business in Europe is performed above our expectations. and we've seen particular strength in the US across technology and aerospace verticals, balancing consumer demand. Our adjusted EBITDA in the quarter was $158 million, growing year over year and reflecting the strength of our business model and our solid execution. Our net income attributable to GXO was $25 million, our adjusted diluted earnings per share for the quarter was $0.49. And our free cash outflow was $43 million, reflecting normal seasonality. We have accelerated our investment in initiatives to grow our adjusted EBITDA faster, particularly in the automated facilities. At our investor day, we discussed the integration of Clipper and our central efficiencies program. I am pleased to tell you that both are running ahead of plan. First, Clipper is performing strongly and contributing above our expectations. The integration of the two organizations is progressing ahead of schedule, driving higher than expected results in the first quarter. The strength of Clipper business also gave us a foundation to launch GXO Direct in the UK. Second, we continue to execute our central efficiencies initiative. These include making our organization leaner, as well as optimizing our technology infrastructure, supplier network, and real estate. We accelerated the benefits of these projects into the first quarter. So far this year, we've won $1.7 billion of lifetime contract value. We maintain our rigorous controls for writing high-quality contracts, and our operating return invested capital in the first quarter grew year over year and remained well above 30% target. Bill will give you more visibility on our great sales performance so far in 2023 in just a moment. We are reiterating our full-year guidance for both organic revenue growth of 6% to 8%, as well as free cash flow conversion of approximately 30%, which will drive our net leverage levels down to around 1.5 times by the end of the year. With respect to our balance sheet, we will continue to deploy our capital in the best interest of our shareholders, including continuously leveraging buybacks and M&A. We are also pleased to raise our full year guidance for EBITDA and EPS. We are raising adjusted EBITDA by $15 million, bringing our full-year range to $715 to $745 million. This is due to a combination of accelerated synergies from our integration of Quipper, early delivery on our central efficiencies initiatives, and better-than-expected trading in the first half of the year. We are also raising adjusted diluted earnings per share by 10 cents, reflecting an increase in our operating profitability, bringing our full year range to $2.40 to $2.60. In summary, we delivered solid growth this quarter. We made excellent progress on our long-term targets, and we secured major new business wins that will continue to propel our growth in the quarters and years ahead. These results and our upgraded guidance reflect yet again how resilient GXO is through cycles. This is the hallmark of our infrastructure-like business, serving global blue-chip customers, their prices are escalated in line with inflation, and the benefit from tailwinds of automation, outsourcing, and e-commerce, all enabling GXO to deliver extraordinary returns. And with that, I'll hand you over to Bill to talk about our wins to date and what we're hearing from our customers.

Thanks, Baris. And good morning, everyone. 2023 is looking like a very exciting year for GXO. In the first quarter, we did $162 million in new business wins. And in April, we won an additional $230 million of businesses. Combined, we've banked nearly $400 million in year-to-date wins through April. By the end of the first quarter, we had secured $782 million of incremental 2023 revenue. By the end of April, this has increased to over $800 million. This equals year-over-year revenue growth of 9% year-to-date. On top of that, we have a further $362 million of revenue locked in for 2024, which puts us 38 percent ahead of where we were at this stage last year. Our pipeline of opportunities is $2.3 billion as of the end of the first quarter, and this has risen further through April. Don't forget, this increase in our pipeline is after the significant Sainsbury's win. As we look into our pipeline, we are seeing a greater weighting towards first-time outsourcing business, which makes up over a third of our opportunities. And our record pre-pipeline has doubled year over year, reflecting an increased demand from customers to invest in larger, more holistic partnerships. What our wins and opportunities speak to, and what we're seeing on the ground, is that more and more customers around the world are are recognizing that business as usual is no longer a viable strategy. As a result, the growing number of large global companies coming to GXO to help them redesign their supply chains, lower costs, and improve their service quality is accelerating. Let me walk you through a couple of examples. One of the world's largest food service companies, who started off asking for an operation on the West Coast, has now progressed to asking how can we help them optimize their network across North America and Europe. And two other customers, an e-commerce company and a consumer product company, initially called on us to bid on regional solutions, and based on our proposals, realized the value of expanding the conversation to include a holistic review of their entire U.S. network. What I'm trying to say is that companies come to us with one solution in mind, and are now working with GXO on a much larger scale. These are large, transformative deals, or big, bold changes, as one of our customers recently called it. As the scale of what we're being asked to do grows, so does GXO's position as a trusted partner of choice. In addition to strategic partnerships with new first-time outsourcing customers, We're also seeing continued expansion of our relationships with our existing long-term customers around the world. As Malcolm noted, in April we announced a new project with Sainsbury's. This record-setting win developed through a long-term partnership that we've grown from running reverse logistics to now operating all of Sainsbury's outsourced fresh and frozen distribution centers. We're partnering with them to drive, in their own words, one of their key competitive advantages for the future. This value-based partnership is now a cornerstone in cementing our status as a leader in the food and beverage logistics sector. Building these deep, long-term relationships is just in our DNA. In the first quarter, we grew with a number of existing Blue Chip customers, including Kellogg's and Google. We've also just won our ninth site with one of the world's largest consumer packaged goods companies. These are all great examples of the GXO difference in action. Finally, we are very excited about the expansion of GXO Direct to the UK. To date, we have a network of about 30 direct sites in the UK, serving such brands as ASOS, L'Oreal, and Marks & Spencer. Customers' response to Direct has been strong, And we look forward to growing direct even further. We will launch continental Europe later this year. This will expand our growth opportunities. With that, I'll turn you over to Mark. All yours, Mark.