XPO, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: XPO · Form: 10-Q · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: XPO, 10-Q, Quarterly Report, Financials, Acquisition

TL;DR

<b>XPO, Inc. has filed its Q1 2024 10-Q report, detailing financial activities and past acquisitions.</b>

AI Summary

XPO, Inc. (XPO) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. XPO, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's former names include XPO Logistics, Inc., EXPRESS-1 EXPEDITED SOLUTIONS INC, and SEGMENTZ INC. The filing references the Yellow Asset Acquisition, primarily consisting of land and buildings, and assumed existing leases. The company has a Trade Receivables Securitization Program with XPO Collections Designated Activity Company Limited, denominated in EUR.

Why It Matters

For investors and stakeholders tracking XPO, Inc., this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for XPO, Inc. in the first quarter of 2024. The inclusion of historical company names and details about the Yellow Asset Acquisition offers context on the company's evolution and asset base.

Risk Assessment

Risk Level: low — XPO, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new risks beyond typical business operations.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess XPO's Q1 2024 performance and identify any emerging trends.

Key Numbers

Key Players & Entities

FAQ

When did XPO, Inc. file this 10-Q?

XPO, Inc. filed this Quarterly Report (10-Q) with the SEC on May 3, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by XPO, Inc. (XPO).

Where can I read the original 10-Q filing from XPO, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by XPO, Inc..

What are the key takeaways from XPO, Inc.'s 10-Q?

XPO, Inc. filed this 10-Q on May 3, 2024. Key takeaways: XPO, Inc. filed its 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's former names include XPO Logistics, Inc., EXPRESS-1 EXPEDITED SOLUTIONS INC, and SEGMENTZ INC..

Is XPO, Inc. a risky investment based on this filing?

Based on this 10-Q, XPO, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant new risks beyond typical business operations.

What should investors do after reading XPO, Inc.'s 10-Q?

Review the detailed financial statements and segment information within the 10-Q to assess XPO's Q1 2024 performance and identify any emerging trends. The overall sentiment from this filing is neutral.

How does XPO, Inc. compare to its industry peers?

XPO, Inc. operates in the transportation services industry, a sector characterized by logistics, freight, and supply chain management.

Are there regulatory concerns for XPO, Inc.?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

Industry Context

XPO, Inc. operates in the transportation services industry, a sector characterized by logistics, freight, and supply chain management.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
  2. Examine any disclosures related to the Yellow Asset Acquisition and its impact.
  3. Review the company's debt and equity structure as of March 31, 2024.

Year-Over-Year Comparison

This is the first 10-Q filing for XPO, Inc. in 2024, providing an update from the previous year-end report.

Filing Stats: 4,597 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-05-03 16:06:05

Key Financial Figures

Filing Documents

—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 6

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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 23

—Other Information

Part II—Other Information

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 Table of Contents

—Financial Information

Part I—Financial Information

Financial Statements

Item 1. Financial Statements. XPO, Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, December 31, (In millions, except per share data) 2024 2023 ASSETS Current assets Cash and cash equivalents $ 229 $ 412 Accounts receivable, net of allowances of $ 44 and $ 45 , respectively 1,077 973 Other current assets 222 208 Total current assets 1,528 1,593 Long-term assets Property and equipment, net of $ 1,892 and $ 1,853 in accumulated depreciation, respectively 3,257 3,075 Operating lease assets 727 708 Goodwill 1,484 1,498 Identifiable intangible assets, net of $ 463 and $ 452 in accumulated amortization, respectively 406 422 Other long-term assets 201 196 Total long-term assets 6,076 5,899 Total assets $ 7,603 $ 7,492 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 570 $ 532 Accrued expenses 782 775 Short-term borrowings and current maturities of long-term debt 63 69 Short-term operating lease liabilities 129 121 Other current liabilities 79 93 Total current liabilities 1,622 1,590 Long-term liabilities Long-term debt 3,323 3,335 Deferred tax liability 342 337 Employee benefit obligations 89 91 Long-term operating lease liabilities 598 588 Other long-term liabilities 297 285 Total long-term liabilities 4,649 4,636 Stockholders' equity Common stock, $ 0.001 par value; 300 shares authorized; 116 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Additional paid-in capital 1,302 1,298 Retained earnings 252 185 Accumulated other comprehensive loss ( 222 ) ( 217 ) Total equity 1,332 1,266 Total liabilities and equity $ 7,603 $ 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 March 31, (In millions, except per share data) 2024 2023 Revenue $ 2,018 $ 1,907 Salaries, wages and

Selected financial data for our segments is as follows

Selected financial data for our segments is as follows: Three Months Ended March 31, (in millions) 2024 2023 Revenue North American LTL $ 1,221 $ 1,120 European Transportation 797 787 Total $ 2,018 $ 1,907 Adjusted EBITDA North American LTL $ 255 $ 182 European Transportation 38 37 Corporate ( 5 ) ( 9 ) Total Adjusted EBITDA 288 210 Less: Interest expense 58 42 Income tax provision 23 4 Depreciation and amortization expense 117 101 Transaction and integration costs (1) 14 22 Restructuring costs (2) 8 24 Income from continuing operations $ 67 $ 17 Depreciation and amortization expense North American LTL $ 82 $ 68 European Transportation 34 32 Corporate 1 1 Total $ 117 $ 101 (1) Transaction and integration costs for the first quarter of 2024 and 2023 are primarily comprised of stock-based compensation for certain employees related to strategic initiatives. Transaction and integration costs for the three months ended March 31, 2024 and 2023 include $ 1 million and $ 1 million, respectively, related to our European Transportation segment, and $ 13 million and $ 21 million, respectively, related to Corporate. (2) Restructuring costs for the three months ended March 31, 2024 and 2023 include $ 0 million and $ 6 million, respectively, related to our North American LTL segment, $ 8 million and $ 7 million, respectively, related to our European Transportation segment, and $ 0 million and $ 11 million, respectively, related to Corporate. See Note 4— Restructuring Charges for further information on our restructuring actions. 9 Table of Contents 3. Revenue Recognition Disaggregation of Revenues Our revenue disaggregated by geographic area based on sales office location was as follows: Three Months Ended March 31, 2024 (In millions) North American LTL European Transportation Total Revenue United States $ 1,194 $ — $ 1,194 North America (excluding United States) 27 — 27 France — 334 334 United Kingdom — 243 243 Europe (excluding

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