Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

RXO Announces Results for Second Quarter 2023, Including Double-Digit Brokerage Volume Growth

By: via Business Wire
  • Brokerage volume increased 10 percent year-over-year; set multiple records in the quarter including total volume, quarterly loads per day and monthly loads per day
  • Companywide gross margin of 18.6 percent; brokerage gross margin of 15.4 percent

RXO (NYSE: RXO) today announced its financial results for the second quarter of 2023.

Drew Wilkerson, chief executive officer of RXO, said, “RXO executed well in a soft freight market. In our brokerage business, we continued to gain significant market share and recorded 10 percent volume growth year-over-year. We set several brokerage volume records in the quarter, including total volume, quarterly loads per day and monthly loads per day. Companywide and brokerage gross margin remained strong at 18.6 percent and 15.4 percent, respectively.

“Our margin performance was the result of continued customer and carrier adoption of RXO’s cutting-edge, AI-enabled technology, including our industry-leading pricing algorithms,” Wilkerson said. “Ninety-six percent of RXO’s orders in the quarter were created or covered digitally and 78 percent of carriers using our technology returned to our platform within seven days.”

Wilkerson concluded, “Our market share gains are accelerating, and we are well-positioned at this stage of the freight cycle. We will continue to provide outstanding customer service, grow market share profitably and control costs while investing for the future. Following this playbook will enable significant earnings growth when the cycle inflects, and we remain confident in our ability to deliver our long-term adjusted EBITDA target.”

Companywide Results

The company’s revenue was $1.0 billion for the second quarter, compared to $1.2 billion in the second quarter of 2022. Gross margin was 18.6 percent.

The company reported second-quarter 2023 GAAP net income of $3 million, compared to net income of $44 million in the second quarter of 2022. GAAP net income included $6 million in transaction, integration, restructuring and other costs. Adjusted net income1 in the quarter was $10 million, compared to $64 million in the second quarter of 2022.

Adjusted EBITDA1 was $38 million, compared to $101 million in the second quarter of 2022. Adjusted EBITDA margin1 was 3.9 percent, compared to 8.2 percent in the second quarter of 2022.

Transaction, integration, restructuring and other costs, and amortization of intangibles, impacted GAAP earnings per share by $0.05, net of tax. For the second quarter, RXO reported GAAP diluted earnings per share of $0.03. Adjusted diluted earnings per share1 were $0.08.

Brokerage

RXO’s brokerage business grew volume 10 percent year-over-year in the second quarter. Brokerage gross margin was 15.4 percent in the second quarter.

Brokerage contract volume increased by 19 percent year-over-year in the second quarter, the result of the company’s increased bid activity in the fourth quarter of 2022 and the first quarter of 2023. RXO’s brokerage sales pipeline remains strong, and annual bid count increased by 23 percent year-over-year in the second quarter.

To position the company for further growth when the freight cycle inflects, RXO announced that it has invested in the expansion of its brokerage offices in Ann Arbor, Michigan; Columbia, South Carolina; and Kansas City, Missouri.

The company expects brokerage volumes to continue to grow on a year-over-year basis in the third quarter of 2023.

Complementary Services

RXO’s complementary services gross margin was flat year-over-year in the quarter and increased by 50 basis points sequentially. Loads provided by RXO’s managed transportation business to its brokerage business increased both year-over-year and quarter-over-quarter.

RXO’s last mile business grew EBITDA year-over-year in the second quarter, and the company continues to expect to grow full-year last mile EBITDA year-over-year.

Technology Update

In the second quarter of 2023, 96 percent of RXO’s brokerage loads were created or covered digitally using RXO’s best-in-class technology platform, up from 80 percent in the second quarter of 2022.

The seven-day carrier retention rate was 78 percent, compared to 73 percent in the second quarter of 2022. Weekly average users on the platform increased 3 percent year-over-year in the second quarter.

Conference Call

The company will hold a conference call and webcast on Wednesday, August 2 at 8 a.m. Eastern Daylight Time. Participants can call in toll-free (from U.S./Canada) at 1-888-259-6580; international callers dial +1-206-962-3782. The conference ID is 16669759.

A live webcast of the conference call will be available on the investor relations area of the company’s website, http://investors.rxo.com. A replay of the conference call will be available through August 23, 2023, by calling toll-free (from U.S./Canada) 1-877-674-7070; international callers dial +1-416-764-8692. Use the passcode 669759#. Additionally, the call will be archived on http://investors.rxo.com.

About RXO

RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation, freight forwarding and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains. RXO’s proprietary technology connects approximately 10,000 customers with over 100,000 independent carriers across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on Facebook, Twitter, LinkedIn, Instagram and YouTube.

1 For definitions of non-GAAP measures see the "Non-GAAP Financial Measures" section in this press release.

Non-GAAP Financial Measures

We provide reconciliations of the non-GAAP financial measures contained in this release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this release.

The non-GAAP financial measures in this release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”); adjusted EBITDA margin; and adjusted net income and adjusted diluted earnings per share (“adjusted EPS”).

We believe that these adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not reflect, or are unrelated to, RXO’s core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted EPS include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating RXO’s ongoing performance.

We believe that adjusted EBITDA and adjusted EBITDA margin improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments that management has determined do not reflect our core operating activities and thereby assist investors with assessing trends in our underlying business. We believe that adjusted net income and adjusted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs that management has determined do not reflect our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables, and thereby may assist investors with comparisons to prior periods and assessing trends in our underlying business.

Forward-looking Statements

This release includes forward-looking statements, including statements relating to our continued year-over-year brokerage volume growth in the third quarter of 2023. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "predict," "should," "will," "expect," "project," "forecast," "goal," "outlook," "target,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC and the following: competition and pricing pressures; economic conditions generally; the severity, magnitude, duration and aftereffects of the COVID-19 pandemic and government responses to the COVID-19 pandemic; fluctuations in fuel prices; increased carrier prices; severe weather, natural disasters, terrorist attacks or similar incidents that cause material disruptions to our operations or the operations of the third-party carriers and independent contractors with which we contract; our dependence on third-party carriers and independent contractors; labor disputes or organizing efforts affecting our workforce and those of our third-party carriers; legal and regulatory challenges to the status of the third-party carriers with which we contract, and their delivery workers, as independent contractors, rather than employees; litigation that may adversely affect our business or reputation; increasingly stringent laws protecting the environment, including transitional risks relating to climate change, that impact our third-party carriers; governmental regulation and political conditions; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of potential cyber-attacks and information technology or data security breaches; issues related to our intellectual property rights; our ability to access the capital markets and generate sufficient cash flow to satisfy our debt obligations; our ability to attract and retain qualified personnel; our ability to successfully implement our cost and revenue initiatives and other strategies; our ability to successfully manage our growth; our reliance on certain large customers for a significant portion of our revenue; damage to our reputation through unfavorable publicity; our failure to meet performance levels required by our contracts with our customers; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; a determination by the IRS that the distribution or certain related separation transactions should be treated as taxable transactions; and the impact of the separation on our businesses, operations and results. All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

 

RXO, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in millions, shares in thousands, except per share amounts)

 

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Revenue

 

$

963

 

$

1,226

 

 

$

1,973

 

$

2,538

 

Cost of transportation and services (exclusive of depreciation and amortization)

 

 

723

 

 

904

 

 

 

1,482

 

 

1,925

 

Direct operating expense (exclusive of depreciation and amortization)

 

 

59

 

 

56

 

 

 

120

 

 

111

 

Sales, general and administrative expense

 

 

144

 

 

166

 

 

 

297

 

 

327

 

Depreciation and amortization expense

 

 

18

 

 

21

 

 

 

36

 

 

42

 

Transaction and integration costs

 

 

4

 

 

18

 

 

 

10

 

 

21

 

Restructuring costs

 

 

1

 

 

3

 

 

 

9

 

 

3

 

Operating income

 

$

14

 

$

58

 

 

$

19

 

$

109

 

Other income

 

 

 

 

(1

)

 

 

 

 

(1

)

Interest expense, net

 

 

8

 

 

 

 

 

16

 

 

 

Income before income taxes

 

$

6

 

$

59

 

 

$

3

 

$

110

 

Income tax provision

 

 

3

 

 

15

 

 

 

 

 

27

 

Net income

 

$

3

 

$

44

 

 

$

3

 

$

83

 

 

 

 

 

 

 

 

 

 

Earnings per share data

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.03

 

$

0.38

 

 

$

0.03

 

$

0.72

 

Diluted earnings per share

 

$

0.03

 

$

0.38

 

 

$

0.03

 

$

0.72

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

 

116,894

 

 

115,163

 

 

 

116,748

 

 

115,163

 

Diluted weighted-average common shares outstanding

 

 

119,457

 

 

115,163

 

 

 

119,414

 

 

115,163

 

 

RXO, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

June 30,

 

December 31,

(Dollars in millions, shares in thousands, except per share amounts)

 

 

2023

 

 

 

2022

 

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

124

 

 

$

98

 

Accounts receivable, net of allowances of $10 and $13, respectively

 

 

743

 

 

 

900

 

Other current assets

 

 

49

 

 

 

31

 

Total current assets

 

 

916

 

 

 

1,029

 

Long-term assets

 

 

 

 

Property and equipment, net of $270 and $241 in accumulated depreciation, respectively

 

 

116

 

 

 

119

 

Operating lease assets

 

 

164

 

 

 

159

 

Goodwill

 

 

630

 

 

 

630

 

Identifiable intangible assets, net of $113 and $106 in accumulated amortization, respectively

 

 

73

 

 

 

79

 

Other long-term assets

 

 

13

 

 

 

15

 

Total long-term assets

 

 

996

 

 

 

1,002

 

Total assets

 

$

1,912

 

 

$

2,031

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable

 

$

432

 

 

$

501

 

Accrued expenses

 

 

210

 

 

 

256

 

Current maturities of long-term debt

 

 

4

 

 

 

4

 

Short-term operating lease liabilities

 

 

48

 

 

 

48

 

Other current liabilities

 

 

5

 

 

 

14

 

Total current liabilities

 

 

699

 

 

 

823

 

Long-term liabilities

 

 

 

 

Long-term debt and obligations under finance leases

 

 

451

 

 

 

451

 

Deferred tax liability

 

 

17

 

 

 

16

 

Long-term operating lease liabilities

 

 

118

 

 

 

114

 

Other long-term liabilities

 

 

38

 

 

 

40

 

Total long-term liabilities

 

 

624

 

 

 

621

 

Commitments and Contingencies

 

 

 

 

Equity

 

 

 

 

Preferred stock, $0.01 par value; 10,000 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022

 

 

 

 

 

 

Common stock, $0.01 par value; 300,000 shares authorized; 116,954 and 116,400 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

587

 

 

 

588

 

Retained earnings

 

 

5

 

 

 

2

 

Accumulated other comprehensive loss

 

 

(4

)

 

 

(4

)

Total equity

 

 

589

 

 

 

587

 

Total liabilities and equity

 

$

1,912

 

 

$

2,031

 

 

RXO, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended June 30,

(In millions)

 

 

2023

 

 

 

2022

 

Operating activities

 

 

 

 

Net income

 

$

3

 

 

$

83

 

Adjustments to reconcile net income to net cash from operating activities

 

 

 

 

Depreciation and amortization expense

 

 

36

 

 

 

42

 

Stock compensation expense

 

 

11

 

 

 

6

 

Deferred tax expense (benefit)

 

 

2

 

 

 

(1

)

Other

 

 

1

 

 

 

5

 

Changes in assets and liabilities

 

 

 

 

Accounts receivable

 

 

162

 

 

 

(102

)

Other assets

 

 

(17

)

 

 

11

 

Accounts payable

 

 

(73

)

 

 

95

 

Accrued expenses and other liabilities

 

 

(59

)

 

 

38

 

Net cash provided by operating activities

 

 

66

 

 

 

177

 

Investing activities

 

 

 

 

Payment for purchases of property and equipment

 

 

(28

)

 

 

(24

)

Net cash used in investing activities

 

 

(28

)

 

 

(24

)

Financing activities

 

 

 

 

Payment for tax withholdings related to vesting of stock compensation awards

 

 

(9

)

 

 

 

Repurchase of common stock

 

 

(2

)

 

 

 

Net transfers from XPO

 

 

 

 

 

30

 

Repayment of debt and finance leases

 

 

(1

)

 

 

 

Other

 

 

(1

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(13

)

 

 

30

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

1

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

26

 

 

 

183

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

98

 

 

 

29

 

Cash, cash equivalents, and restricted cash, end of period

 

$

124

 

 

$

212

 

Supplemental disclosure of cash flow information:

 

 

 

 

Leased assets obtained in exchange for new operating lease liabilities

 

$

36

 

 

$

40

 

Cash paid for income taxes, net

 

 

21

 

 

 

3

 

Cash paid for interest, net

 

 

17

 

 

 

 

 

RXO, Inc.

Revenue Disaggregated by Service Offering

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(In millions)

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

Truck brokerage

 

$

557

 

 

$

755

 

 

$

1,157

 

 

$

1,579

 

Last mile

 

 

261

 

 

 

274

 

 

 

501

 

 

 

520

 

Managed transportation

 

 

112

 

 

 

133

 

 

 

229

 

 

 

272

 

Freight forwarding

 

 

64

 

 

 

100

 

 

 

144

 

 

 

239

 

Eliminations

 

 

(31

)

 

 

(36

)

 

 

(58

)

 

 

(72

)

Total

 

$

963

 

 

$

1,226

 

 

$

1,973

 

 

$

2,538

 

 

RXO, Inc.

Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(In millions)

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of Net Income to Adjusted EBITDA

 

 

 

 

 

 

 

 

Net income

 

$

3

 

 

$

44

 

 

$

3

 

 

$

83

 

Interest expense, net

 

 

8

 

 

 

 

 

 

16

 

 

 

 

Income tax provision

 

 

3

 

 

 

15

 

 

 

 

 

 

27

 

Depreciation and amortization expense

 

 

18

 

 

 

21

 

 

 

36

 

 

 

42

 

Transaction and integration costs

 

 

4

 

 

 

18

 

 

 

10

 

 

 

21

 

Restructuring and other costs

 

 

2

 

 

 

3

 

 

 

10

 

 

 

3

 

Adjusted EBITDA (1)

 

$

38

 

 

$

101

 

 

$

75

 

 

$

176

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

963

 

 

$

1,226

 

 

$

1,973

 

 

$

2,538

 

Adjusted EBITDA margin (1) (2)

 

 

3.9

%

 

 

8.2

%

 

 

3.8

%

 

 

6.9

%

(1)   

See the “Non-GAAP Financial Measures” section of the press release.

(2)   

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue. 

 

RXO, Inc.

Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings Per Share

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in millions, shares in thousands, except per share amounts)

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of Net Income to Adjusted Net Income and Adjusted Diluted Earnings Per Share

 

 

 

 

 

 

 

 

Net income

 

$

3

 

 

$

44

 

 

$

3

 

 

$

83

 

Amortization of intangible assets

 

 

3

 

 

 

5

 

 

 

6

 

 

 

11

 

Transaction and integration costs

 

 

4

 

 

 

18

 

 

 

10

 

 

 

21

 

Restructuring and other costs

 

 

2

 

 

 

3

 

 

 

10

 

 

 

3

 

Income tax associated with adjustments above (1)

 

 

(2

)

 

 

(6

)

 

 

(6

)

 

 

(9

)

Adjusted net income (2)

 

$

10

 

 

$

64

 

 

$

23

 

 

$

109

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share (2)

 

$

0.08

 

 

$

0.56

 

 

$

0.19

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

 

 

 

 

 

 

Diluted weighted-average shares outstanding

 

 

119,457

 

 

 

115,163

 

 

 

119,414

 

 

 

115,163

 

(1) 

 

The tax impact of non-GAAP adjustments represents the tax benefit (expense) calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net income. Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied.

(2) 

 

See the "Non-GAAP Financial Measures" section of the press release.

 

 

 

RXO, Inc.

Calculation of Gross Margin and Gross Margin as a Percentage of Revenue

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in millions)

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

Truck brokerage

 

$

557

 

 

$

755

 

 

$

1,157

 

 

$

1,579

 

Complementary services (1)

 

 

437

 

 

 

507

 

 

 

874

 

 

 

1,031

 

Eliminations

 

 

(31

)

 

 

(36

)

 

 

(58

)

 

 

(72

)

Revenue

 

$

963

 

 

$

1,226

 

 

$

1,973

 

 

$

2,538

 

 

 

 

 

 

 

 

 

 

Cost of transportation and services (exclusive of depreciation and amortization)

 

 

 

 

 

 

 

 

Truck brokerage

 

$

471

 

 

$

598

 

 

$

973

 

 

$

1,288

 

Complementary services (1)

 

 

283

 

 

 

342

 

 

 

567

 

 

 

709

 

Eliminations

 

 

(31

)

 

 

(36

)

 

 

(58

)

 

 

(72

)

Cost of transportation and services (exclusive of depreciation and amortization)

 

$

723

 

 

$

904

 

 

$

1,482

 

 

$

1,925

 

 

 

 

 

 

 

 

 

 

Direct operating expense (exclusive of depreciation and amortization)

 

 

 

 

 

 

 

 

Truck brokerage

 

$

 

 

$

 

 

$

 

 

$

 

Complementary services (1)

 

 

59

 

 

 

56

 

 

 

120

 

 

 

111

 

Direct operating expense (exclusive of depreciation and amortization)

 

$

59

 

 

$

56

 

 

$

120

 

 

$

111

 

 

 

 

 

 

 

 

 

 

Direct depreciation and amortization expense

 

 

 

 

 

 

 

 

Truck brokerage

 

$

 

 

$

 

 

$

 

 

$

 

Complementary services (1)

 

 

2

 

 

 

1

 

 

 

3

 

 

 

2

 

Direct depreciation and amortization expense

 

$

2

 

 

$

1

 

 

$

3

 

 

$

2

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

Truck brokerage

 

$

86

 

 

$

157

 

 

$

184

 

 

$

291

 

Complementary services (1)

 

 

93

 

 

 

108

 

 

 

184

 

 

 

209

 

Gross margin

 

$

179

 

 

$

265

 

 

$

368

 

 

$

500

 

 

 

 

 

 

 

 

 

 

Gross margin as a percentage of revenue

 

 

 

 

 

 

 

 

Truck brokerage

 

 

15.4

%

 

 

20.8

%

 

 

15.9

%

 

 

18.4

%

Complementary services (1)

 

 

21.3

%

 

 

21.3

%

 

 

21.1

%

 

 

20.3

%

Gross margin as a percentage of revenue

 

 

18.6

%

 

 

21.6

%

 

 

18.7

%

 

 

19.7

%

(1) 

 

Complementary services include freight forwarding, last mile and managed transportation services.

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.