XPO, Inc. Files Q3 2024 10-Q Report

TL;DR

XPO Q3 24 10-Q filed. Financials look solid.

AI Summary

XPO, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company, which operates in the transportation services sector. Key financial data and operational updates are presented for the reporting period.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of XPO, Inc., crucial for understanding the company's trajectory in the transportation sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks disclosed.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
• 2024-09-30 — Period End Date (Specific date for financial reporting)
• 2023-09-30 — Prior Year Period End (For comparative financial analysis)

Key Players & Entities

• XPO, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date of the report
• XPO Logistics, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share XPO New York Stock Exchange

Filing Documents

• xpo-20240930.htm (10-Q) — 1231KB
• xpo2024q310-qexx102.htm (EX-10.2) — 88KB
• xpo2024q310-qexx311.htm (EX-31.1) — 8KB
• xpo2024q310-qexx312.htm (EX-31.2) — 8KB
• xpo2024q310-qexx321.htm (EX-32.1) — 4KB
• xpo2024q310-qexx322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 2KB
• xpo-20240930_g1.jpg (GRAPHIC) — 60KB
• 0001166003-24-000076.txt ( ) — 6380KB
• xpo-20240930.xsd (EX-101.SCH) — 34KB
• xpo-20240930_cal.xml (EX-101.CAL) — 66KB
• xpo-20240930_def.xml (EX-101.DEF) — 152KB
• xpo-20240930_lab.xml (EX-101.LAB) — 489KB
• xpo-20240930_pre.xml (EX-101.PRE) — 343KB
• xpo-20240930_htm.xml (XML) — 996KB

—Financial Information

Part I—Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Equity 5 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

—Other Information

Part II—Other Information

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 Table of Contents

—Financial Information

Part I—Financial Information

Financial Statements

Item 1. Financial Statements. XPO, Inc. Condensed Consolidated Balance Sheets (Unaudited) September 30, December 31, (In millions, except per share data) 2024 2023 ASSETS Current assets Cash and cash equivalents $ 378 $ 412 Accounts receivable, net of allowances of $ 46 and $ 45 , respectively 1,064 973 Other current assets 212 208 Total current assets 1,654 1,593 Long-term assets Property and equipment, net of $ 1,991 and $ 1,853 in accumulated depreciation, respectively 3,357 3,075 Operating lease assets 750 708 Goodwill 1,516 1,498 Identifiable intangible assets, net of $ 499 and $ 452 in accumulated amortization, respectively 381 422 Other long-term assets 266 196 Total long-term assets 6,269 5,899 Total assets $ 7,923 $ 7,492 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 445 $ 532 Accrued expenses 805 775 Short-term borrowings and current maturities of long-term debt 68 69 Short-term operating lease liabilities 134 121 Other current liabilities 112 93 Total current liabilities 1,563 1,590 Long-term liabilities Long-term debt 3,343 3,335 Deferred tax liability 371 337 Employee benefit obligations 88 91 Long-term operating lease liabilities 614 588 Other long-term liabilities 303 285 Total long-term liabilities 4,719 4,636 Stockholders' equity Common stock, $ 0.001 par value; 300 shares authorized; 116 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 1,340 1,298 Retained earnings 496 185 Accumulated other comprehensive loss ( 195 ) ( 217 ) Total equity 1,641 1,266 Total liabilities and equity $ 7,923 $ 7,492 Amounts may not add due to rounding. See accompanying notes to condensed consolidated financial statements. 1 Table of Contents XPO, Inc. Condensed Consolidated Statements of Income (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share da

Selected financial data for our segments is as follows

Selected financial data for our segments is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2024 2023 2024 2023 Revenue North American LTL $ 1,251 $ 1,228 $ 3,743 $ 3,484 European Transportation 803 752 2,407 2,320 Total $ 2,053 $ 1,980 $ 6,150 $ 5,804 Adjusted EBITDA North American LTL $ 284 $ 241 $ 836 $ 631 European Transportation 44 44 131 127 Corporate 5 ( 7 ) ( 3 ) ( 26 ) Total Adjusted EBITDA 333 278 964 732 Less: Debt extinguishment loss — — — 23 Interest expense 56 41 170 126 Income tax provision 40 31 60 48 Depreciation and amortization expense 126 110 365 318 Transaction and integration costs (1) 13 8 39 47 Restructuring costs (2) 3 1 17 35 Other — 1 — 1 Income from continuing operations $ 95 $ 86 $ 312 $ 134 Depreciation and amortization expense North American LTL $ 89 75 $ 257 $ 214 European Transportation 36 35 106 100 Corporate 1 — 3 4 Total $ 126 $ 110 $ 365 $ 318 (1) Transaction and integration costs for the periods ended September 30, 2024 and September 30, 2023 are primarily comprised of stock-based compensation for certain employees related to strategic initiatives. Transaction and integration costs for the three months ended September 30, 2024 and 2023 include $ 1 million and $ 1 million, respectively, related to our European Transportation segment, and $ 12 million and $ 7 million, respectively, related to Corporate. Transaction and integration costs for the nine months ended September 30, 2024 and 2023 include $ 1 million and $ 0 million , respectively, related to our North American LTL segment, $ 2 million and $ 2 million, respectively, related to our European Transportation segment, and $ 36 million and $ 45 million, respectively, related to Corporate. (2) Restructuring costs for the three months ended September 30, 2024 and 2023 include $ 2 million and $ 1 million, respectively, related to our European Transportation segment, and $ 1 million and $ 0 million , respe

View Full Filing

View this 10-Q filing on SEC EDGAR