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XPO · XPO

50 filings

10-Q

XPO 10-Q Quarterly Reports

XPO - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K243

XPO filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 243 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2026

    XPO, Inc. reported third-quarter 2026 revenue of $2,373 million, up 12.4% from $2,111 million a year earlier, and net income of $181 million, up from $82 million. For the first nine months of 2026, revenue was $6,823 million (up 11.0%) and net income was $444 million (versus $257 million). Operating income for the quarter rose to $288 million from $164 million, and diluted EPS was $1.53 compared with $0.68 in the prior-year quarter. North American LTL drove much of the improvement, with segment revenue of $1,473 million (up 17.4%) and adjusted EBITDA of $389 million versus $308 million. European Transportation revenue was $900 million, with adjusted EBITDA of $48 million versus $38 million. Balance sheet and cash flow activity centered on debt refinancing and shareholder returns. In May 2026 the company entered a $500 million Term Loan A and a $385 million Term B-4 tranche, which were used to repay $885 million of Prior Term Loan B debt. Total debt was $3,124 million carrying value at September 30, 2026, versus $3,313 million at year-end 2025. Nine-month operating cash flow was $906 million, and the company repurchased $250 million of stock. As of September 30, 2026, total liquidity was approximately $860 million, and the remaining buyback authorization was $375 million. Management stated it expects full-year 2026 gross capital expenditures of $500 million to $600 million. The filing also discloses an ongoing insurance contribution litigation tied to a legacy Con-way truck manufacturing business, now under appeal following a final judgment, and states the Board's authorization to divest the European business remains in effect. The company also disclosed new executive compensation agreements with Chairman and CEO Mario Harik, including a base salary of $1,150,000 and a 2027 long-term incentive grant date value of $12,000,000.

    Oct 29, 2026
  2. 2026-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2026

    XPO, Inc. reported second-quarter 2026 revenue of $2,355 million, up 13.2% from $2,080 million in the second quarter of 2025, and net income of $162 million versus $106 million a year earlier. Diluted earnings per share were $1.36, compared with $0.89. For the six months ended June 30, 2026, revenue was $4,451 million (up 10.3%) and net income was $263 million, with diluted EPS of $2.22. Operating income for the quarter was $271 million, and consolidated adjusted EBITDA is presented in the segment note as $434 million for the quarter and $753 million for the first six months. North American LTL revenue rose 15.2% in the quarter to $1,428 million, with adjusted EBITDA of $390 million, while European Transportation revenue rose 10.2% to $927 million, with adjusted EBITDA of $48 million. Liquidity and capital structure changed during the period. In May 2026, XPO entered a $500 million senior secured Term Loan A maturing in May 2029 and a $385 million Term Loan B-4 maturing in February 2031, using the proceeds to repay $885 million of existing term loan B borrowings. Cash and cash equivalents were $298 million at June 30, 2026, and total liquidity was approximately $898 million. Total debt was $3,292 million principal, and the company repurchased $100 million of common stock in the first half of 2026, leaving $525 million remaining under its authorization. The filing notes that the previously announced authorization to divest the European business remains in effect, with no assurance a transaction will occur. A legacy Con-way insurance contribution case (Allianz) reached a final judgment in May 2026, and Allianz and multiple defendants have filed notices of appeal. The company had recognized a charge of approximately $35 million in the third quarter of 2025 in anticipation of this judgment, which the filing says is in alignment with the final amount.

    Jul 30, 2026
  3. 2026-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2026

    XPO, Inc. reported first-quarter 2026 revenue of $2.10 billion, up 7.3% from $1.95 billion a year earlier, with the filing noting that foreign currency movement increased revenue by approximately 4.4 percentage points. Net income rose to $101 million from $69 million, and diluted earnings per share were $0.85 versus $0.58. Operating income increased to $174 million from $151 million, and interest expense declined to $53 million from $56 million. Consolidated adjusted EBITDA is shown in Note 2 as $319 million, compared with $278 million in the prior-year quarter. By segment, North American LTL revenue rose 4.9% to $1.23 billion and adjusted EBITDA increased to $290 million from $250 million, driven by higher yield, shipments per day, and fuel surcharge revenue. European Transportation revenue increased 11.0% to $868 million, though the filing states that after currency effects revenue was essentially flat, and adjusted EBITDA was $33 million versus $32 million. The filing states that the previously announced board authorization to divest the European business remains in effect, with no assurance that a transaction will occur. Cash generated from operations was $183 million, compared with $142 million a year earlier. Capital expenditures fell to $111 million from $199 million, and the company repurchased $30 million of common stock and repaid $30 million of term loan principal, with an additional $70 million repaid in April 2026. Cash and cash equivalents were $237 million at March 31, 2026, and total liquidity was approximately $837 million. Management expects full-year 2026 gross capital expenditures of $500 million to $600 million.

    Apr 30, 2026
  4. 2025-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2025

    XPO, Inc. reported third-quarter 2025 revenue of $2.11 billion, up 2.8% from $2.05 billion a year earlier, with flat revenue after foreign currency effects. Net income was $82 million, compared with $95 million, and diluted earnings per share were $0.68, versus $0.79. The decline reflects a $35 million charge tied to a pre-Con-way acquisition environmental matter, which the filing says was recognized after a revised estimate of the company's share of liability. For the first nine months of 2025, revenue was flat at $6.15 billion and net income was $257 million, compared with $312 million, with diluted EPS of $2.15 versus $2.60. By segment, North American LTL revenue rose 0.3% to $1.26 billion in the quarter and adjusted EBITDA increased to $308 million from $284 million, driven by higher yield, productivity and lower purchased transportation. The filing reports that North American LTL pounds per day fell 6.1% and shipments per day fell 3.5% in the quarter. European Transportation revenue rose 6.7% to $857 million, largely from currency effects, while adjusted EBITDA declined to $38 million from $44 million. Operating cash flow for the nine months was $760 million, versus $619 million, and capital expenditures were $551 million, which the company expects to total $600 million to $700 million for full-year 2025. Capital returns and liquidity remained a focus. The company repurchased $50 million of stock in the third quarter, leaving $690 million of remaining authorization, and held approximately $935 million of total liquidity at September 30, 2025. Total debt was $3.44 billion principal amount, and the company said it had completed a $65 million term loan prepayment notice to be paid in October 2025. Management states that existing liquidity is sufficient for the next 12 months.

    Oct 30, 2025
  5. 2025-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2025

    XPO, Inc. reported second-quarter 2025 net income of $106 million, down from $150 million in the second quarter of 2024, with diluted earnings per share of $0.89 versus $1.25. Consolidated revenue was flat at $2.08 billion for the quarter, while the North American LTL segment's revenue declined on lower fuel surcharge revenue, fewer shipments per day and lower average weight per shipment, partly offset by higher yield. Total Adjusted EBITDA was $340 million versus $343 million a year earlier, with North American LTL Adjusted EBITDA rising to $300 million and European Transportation falling to $44 million. For the first six months of 2025, net income was $175 million versus $217 million, and operating cash flow rose to $389 million from $355 million. Capital expenditures were $395 million for the six months, and management anticipates full-year 2025 gross capital expenditures of $600 million to $700 million. As of June 30, 2025, the company had approximately $824 million of total liquidity and stated that its existing liquidity is sufficient for the next 12 months. Total debt was $3.51 billion principal, and the company repurchased $10 million of stock in the quarter with $740 million remaining under its authorization. The filing also notes the board's previously announced authorization to divest the European business remains in effect, with no assurance of a transaction. The company recorded a $5 million debt extinguishment loss in the first quarter related to a term loan refinancing, and a $13 million legal gain in the first half from settlements tied to European truck purchases. Subsequent to quarter end, the company repaid $50 million of term loan principal in July 2025.

    Jul 31, 2025
  6. 2025-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2025

    XPO, Inc. reported first-quarter 2025 revenue of $1.95 billion, down 3.2% from $2.02 billion in the first quarter of 2024, with declines in both reportable segments. Net income rose to $69 million from $67 million, and diluted earnings per share were $0.58 versus $0.56. Operating income increased to $151 million from $138 million, aided by a $11 million legal matter gain tied to settlement of claims against truck manufacturers and lower transaction and integration costs. Adjusted EBITDA was $278 million compared with $288 million a year earlier, with North American LTL at $250 million (versus $255 million) and European Transportation at $32 million (versus $38 million). Cash flow from operations was $142 million, and capital expenditures were $199 million, down from $306 million. Cash and cash equivalents were $212 million at March 31, 2025, and the company stated approximately $811 million of total liquidity. In February 2025 the company refinanced its term loans with $1.1 billion of new term loan B facilities and entered into a $600 million Revolving Credit Agreement maturing April 30, 2030. In March 2025 the Board authorized a new $750 million share repurchase program, and no shares were repurchased in the quarter. Management expects full-year 2025 gross capital expenditures of $600 million to $700 million. North American LTL volume declined, with pounds per day down 7.5% and shipments per day down 5.8%, while gross revenue per hundredweight excluding fuel surcharges rose 6.9%. The filing also notes the Board's previously announced authorization to divest the European business remains in effect, with no assurance a transaction will occur.

    Apr 30, 2025
  7. 2024-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2024

    XPO, Inc. reported third-quarter 2024 revenue of $2.05 billion, up 3.7% from $1.98 billion a year earlier, and nine-month revenue of $6.15 billion, up 6.0%. Operating income rose to $176 million in the quarter from $154 million, and net income reached $95 million, compared with $84 million in the prior-year quarter. For the nine months, net income was $312 million versus $131 million, helped by a one-time European Transportation tax benefit of $40 million recorded in the nine-month period and a $41 million benefit in the second quarter. Segment results show North American LTL revenue of $1.25 billion in the quarter with Adjusted EBITDA of $284 million (22.7% of revenue), while European Transportation Adjusted EBITDA was flat at $44 million. Cash generation improved, with operating cash flow from continuing operations of $619 million for the nine months versus $443 million a year earlier. Capital spending rose to $623 million from $494 million, and the company expects full-year 2024 gross capital expenditures of $700 million to $800 million. Cash and cash equivalents were $378 million at September 30, 2024, and total liquidity was approximately $934 million. Total debt was $3.52 billion principal, and the company stated it was in compliance with its debt covenants. The filing notes that the overall freight environment in 2024 remains recessionary, and it reports a favorable jury verdict in the Allianz insurance contribution litigation in October 2024, with allocation proceedings to follow in early 2025. The filing also states the Board has previously authorized the divestiture of the European business, with no assurance that a transaction will occur.

    Oct 30, 2024
  8. 2024-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2024

    XPO, Inc. reported second-quarter 2024 revenue of $2.08 billion, up 8.5% from $1.92 billion a year earlier, and net income of $150 million, or $1.25 per diluted share, versus $33 million, or $0.28 per diluted share, in the second quarter of 2023. Operating income rose to $197 million from $107 million. The filing attributes the revenue growth primarily to the North American LTL segment and, to a lesser extent, the European Transportation segment. Results were also helped by a one-time $41 million tax benefit from a legal entity reorganization in the European Transportation business in the second quarter of 2024. North American LTL revenue rose 12.0% to $1.27 billion in the quarter, with Adjusted EBITDA of $297 million, or 23.3% of revenue, compared with $208 million, or 18.3%, a year earlier. Pounds per day increased 3.4% and gross revenue per hundredweight, excluding fuel surcharges, increased 9.0%. European Transportation revenue grew 3.5% to $808 million, with Adjusted EBITDA of $49 million. For the six months, net cash from operating activities of continuing operations was $355 million, compared with $207 million, while property and equipment purchases were $496 million. At June 30, 2024, cash and cash equivalents were $250 million, down from $412 million at December 31, 2023, and total liquidity was approximately $836 million. Total debt principal was $3.51 billion. Management expects full-year 2024 gross capital expenditures of $700 million to $800 million. The Board has previously authorized the divestiture of the European business, but the filing states there is no assurance that a divestiture will occur or of its terms or timing.

    Aug 1, 2024
  9. 2024-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2024

    XPO, Inc. reported first-quarter 2024 revenue of $2.02 billion, up 5.8% from $1.91 billion in the first quarter of 2023, driven primarily by growth in its North American LTL segment. Operating income rose to $138 million from $58 million, and net income was $67 million, or $0.56 per diluted share, compared with $14 million, or $0.13 per diluted share, a year earlier. Results from continuing operations improved across both segments, with North American LTL Adjusted EBITDA rising to $255 million (20.9% of revenue) from $182 million (16.3% of revenue) and European Transportation Adjusted EBITDA of $38 million versus $37 million. Cash flow from continuing operations was $145 million versus $76 million a year earlier, but capital spending rose to $306 million from $224 million, and cash and cash equivalents declined to $229 million from $412 million at December 31, 2023. As of March 31, 2024, the company reported approximately $793 million of total liquidity, with $564 million available under its ABL Facility, and stated it expects full-year 2024 gross capital expenditures of $700 million to $800 million. Total debt was $3.39 billion carrying value, and interest expense increased to $58 million from $42 million, which the company attributed to the debt issued in the fourth quarter of 2023 to fund the Yellow Asset Acquisition and higher interest rates. The filing states that the Board previously authorized the divestiture of the European business, with no assurance that a transaction will occur. The company also noted that the freight environment in 2024 continues to be recessionary, and that it resolved a California environmental matter for $7.9 million in April 2024.

    May 3, 2024
  10. 2023-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2023

    XPO, Inc. reported third-quarter 2023 revenue of $1.98 billion, up 1.7% from $1.95 billion a year earlier, while nine-month revenue of $5.80 billion declined 1.4%. Operating income for the quarter was $154 million, compared with $139 million in the prior-year quarter, and net income attributable to XPO was $84 million, or $0.71 per diluted share, versus $131 million, or $1.13 per diluted share, a year earlier. The year-over-year decline in quarterly net income reflects the absence of the prior-year results from discontinued operations, which were $39 million in Q3 2022 and included RXO, now spun off, and the intermodal business. North American LTL, the largest segment, generated revenue of $1.23 billion in the quarter, up 1.9%, with Adjusted EBITDA of $241 million and an Adjusted EBITDA margin of 19.6%. The company cited higher volume per day and gross revenue per hundredweight, partly aided by a competitor ceasing operations and filing for bankruptcy during the quarter. European Transportation revenue rose 1.5% to $752 million, though the filing attributes underlying declines after currency effects to lower volumes. Management stated that October 2023 weight per day increased 2.5% year over year, with those metrics described as preliminary. On the balance sheet, cash and cash equivalents were $355 million and total liquidity was approximately $944 million as of September 30, 2023. In May 2023 the company refinanced its $2.0 billion Existing Term Loan Facility using a $700 million New Term Loan Facility and $1.28 billion of senior notes, and recorded a $23 million debt extinguishment loss for the nine months. Gross capital expenditures are expected to be between $675 million and $725 million for 2023, and the filing states that existing liquidity is sufficient to support operations over the next 12 months.

    Oct 30, 2023
  11. 2023-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2023

    XPO, Inc. reported second-quarter 2023 revenue of $1.917 billion, down 6.4% from $2.047 billion a year earlier, with the decline attributed to lower fuel surcharge revenue from lower diesel prices. Operating income fell to $107 million from $171 million, and net income attributable to XPO was $33 million, or $0.28 per diluted share, compared with $141 million, or $1.22 per diluted share, in the prior-year quarter. Results for the first half of 2023 showed revenue of $3.824 billion (down 3.0%) and net income of $47 million, which was lower than the $629 million reported in 2022 when results included discontinued operations from RXO and intermodal. The North American LTL segment, the largest business, saw revenue decline 8.4% to $1.136 billion in the quarter and Adjusted EBITDA fall to $208 million from $274 million, as lower volume and cost inflation outweighed lower purchased transportation and fuel costs. The European Transportation segment's revenue fell 3.2% to $781 million, with Adjusted EBITDA of $46 million, essentially flat as a percentage of revenue at 6.0%. Interest expense rose to $43 million from $31 million, reflecting higher floating interest rates. In May 2023, XPO refinanced its $2.0 billion Existing Term Loan Facility using a new $700 million term loan due 2028, $830 million of 6.25% senior secured notes due 2028 and $450 million of 7.125% senior notes due 2031. The company recorded a $23 million debt extinguishment loss. At June 30, 2023, cash and cash equivalents were $290 million, total liquidity was about $802 million, and the company expects full-year 2023 gross capital expenditures of $500 million to $600 million.

    Aug 4, 2023
  12. 2023-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2023

    XPO, Inc. reported first-quarter 2023 revenue of $1.907 billion, up 0.7% from $1.894 billion a year earlier, driven mainly by fuel surcharge revenue in the North American LTL segment. Operating income fell to $58 million from $63 million, and income from continuing operations declined to $17 million from $32 million. Net income attributable to XPO was $14 million, or $0.13 per diluted share, compared with $488 million in the prior-year quarter, which included $456 million of income from discontinued operations tied to the 2022 intermodal sale and RXO spin-off activity. Adjusted EBITDA rose to $210 million from $184 million, though the filing notes that segment Adjusted EBITDA now includes roughly $80 million of annual incremental corporate cost allocations to North American LTL, with prior periods recast. Cash flow from continuing operations fell to $76 million from $188 million, as capital expenditures rose to $224 million from $123 million, reflecting investment in tractors and trailers. Cash and cash equivalents declined to $309 million from $460 million at year-end 2022. The company had approximately $811 million of total liquidity, including $502 million available under its ABL Facility, and management expects 2023 gross capital expenditures of $500 million to $600 million. Total debt principal was $2.646 billion at March 31, 2023. The filing also flags ongoing legal matters, including the Allianz insurance contribution litigation and a California environmental investigation by county and city prosecutors. The company states it does not believe these will have a material adverse effect, but notes that outcomes cannot be predicted with certainty. The company reports no material changes to its risk factors from its 2022 Form 10-K.

    May 4, 2023
  13. 2022-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2022

    XPO Logistics, Inc., now XPO, Inc., reported third-quarter 2022 revenue of $3.04 billion, down from $3.27 billion a year earlier, and net income of $131 million, compared with a net loss of $57 million in the prior-year quarter. For the first nine months of 2022, revenue rose to $9.75 billion from $9.45 billion, and net income attributable to XPO was $760 million, boosted by a $434 million gain on the sale of the North American intermodal business in March 2022. Operating income for the nine months was $1.04 billion, versus $442 million a year earlier. Year-to-date cash from continuing operations was $664 million, and cash and cash equivalents stood at $544 million. The filing centers on the spin-off of the tech-enabled brokered transportation platform, which became RXO, Inc. on November 1, 2022, with XPO shareholders receiving one RXO share for each XPO share held on October 20, 2022. Following the spin-off, LTL becomes XPO's sole North American business, and the RXO businesses will be reported as discontinued operations in all prior periods. Before the spin-off, RXO issued $355 million of 7.50% notes due 2027 and paid XPO a cash distribution of about $488 million, which XPO intends to use to repay existing indebtedness. XPO also commenced a tender offer for its $520 million of 6.25% senior notes due 2025, expiring November 17, 2022. At September 30, 2022, total debt was $3.02 billion principal, with a $2.0 billion term loan, and total liquidity was about $1.5 billion. The ABL Facility commitments will fall from $1 billion to $600 million effective November 4, 2022, which the filing says would reduce adjusted liquidity to $1.0 billion. Management also expects full-year 2022 net capital expenditures of $375 million to $425 million, excluding RXO-related amounts.

    Nov 2, 2022
  14. 2022-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2022

    XPO Logistics, Inc. reported second-quarter 2022 revenue of $3.23 billion, up from $3.19 billion in the second quarter of 2021, and first-half revenue of $6.71 billion, up from $6.18 billion. Operating income rose to $230 million in the quarter from $191 million, and to $855 million for the six months from $330 million, reflecting a $434 million net gain on the sale of the North American intermodal operation in March 2022 (the sale generated about $705 million in net cash proceeds). Net income attributable to XPO was $141 million for the quarter and $629 million for the six months, compared with $156 million and $271 million in the prior-year periods, which included discontinued operations from the logistics segment spun off as GXO Logistics in August 2021. The company plans to spin off its asset-light truck brokerage platform as RXO, Inc. in the fourth quarter of 2022, leaving XPO as a pure-play asset-based North American LTL provider. The filing states that completion is subject to conditions including a Form 10 registration statement, a tax opinion, refinancing of XPO's debt on terms satisfactory to the Board, and final Board approval, and that there can be no assurance the transaction will occur. Debt declined to $3.03 billion principal from $3.69 billion at year-end 2021, following a $630 million redemption of 6.25% senior notes due 2025 in April 2022, and cash rose to $436 million. Total liquidity was approximately $1.4 billion as of June 30, 2022. Segment results show North American LTL revenue up 14.6% in the quarter to $1.24 billion, with adjusted EBITDA of $294 million, while Brokerage and Other Services revenue fell 4.3% to $2.07 billion (largely due to the intermodal sale) but adjusted EBITDA rose to $152 million from $130 million. Operating cash flow from continuing operations for the six months was $399 million, against $308 million a year earlier, and capital expenditures were $267 million.

    Aug 8, 2022
  15. 2022-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2022

    XPO Logistics, Inc., now XPO, Inc., reported first-quarter 2022 revenue of $3.47 billion, up 16.2% from $2.99 billion a year earlier. Operating income rose to $625 million from $139 million, which includes a $450 million pre-tax gain, net of transaction costs, on the March 2022 sale of its North American intermodal operation. Net income attributable to XPO was $488 million, or $4.22 per diluted share, compared with $115 million, or $1.02 per diluted share, in the prior-year quarter, which included discontinued operations. Income from continuing operations was $489 million, compared with $63 million. By segment, North American LTL revenue rose 14.9% to $1.1 billion, but adjusted EBITDA fell to $205 million from $214 million, and the prior-year quarter included $17 million of real estate gains. Brokerage and Other Services revenue rose 17.4% to $2.4 billion, and adjusted EBITDA increased to $164 million from $125 million, driven by truck brokerage load growth and strong pricing in other brokerage services. Total adjusted EBITDA was $321 million, compared with $279 million. Liquidity improved. Cash and cash equivalents were $1.0 billion at March 31, 2022, up from $260 million at December 31, 2021, and total debt principal was $3.68 billion. Total liquidity was approximately $2.0 billion. The company provided notice to redeem $630 million of its 6.25% senior notes due 2025, completed in April 2022, with a debt extinguishment loss of approximately $26 million expected in the second quarter. The board has approved plans for a strategic spin-off of the North American brokered transportation platform, expected in the fourth quarter of 2022 and subject to conditions, and a sale or listing of the European business.

    May 10, 2022
  16. 2021-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2021

    XPO Logistics, Inc. reported a third quarter 2021 net loss of $57 million, compared with net income of $98 million in the third quarter of 2020, with the decline driven by a loss from discontinued operations of $78 million tied to the spin-off of its Logistics segment as GXO Logistics, Inc. On a continuing operations basis, income was $21 million in the quarter versus $37 million a year earlier. Revenue rose 22.2% to $3.3 billion for the quarter and 30.1% to $9.4 billion for the first nine months, reflecting growth in both North American LTL and Brokerage and Other Services. Operating income for the nine months was $442 million, compared with $75 million in the prior-year period. The balance sheet shifted substantially after the August 2, 2021 spin-off. Cash and cash equivalents fell to $254 million at September 30, 2021, from $1,731 million at December 31, 2020, and long-term debt declined to $3,515 million from $5,240 million. The company redeemed $2.8 billion of senior notes during the nine months, funded in part by a $794 million distribution from GXO and $384 million of net proceeds from a common stock offering. Total debt principal stood at $3,696 million, and the company stated it had approximately $1.2 billion of total liquidity and a target leverage of 1.0x to 2.0x by the first half of 2023. The filing also discloses a $29 million legal settlement charge in the quarter related to intermodal drayage classification claims, with total settlements of $20 million and $9.5 million accrued in the third quarter. Management expects full-year 2021 net capital expenditures of $250 million to $275 million, and the company stated its liquidity is sufficient for the next 12 months.

    Nov 3, 2021
  17. 2021-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2021

    XPO Logistics, Inc. reported second-quarter 2021 revenue of $5.04 billion, up 43.8% from $3.50 billion a year earlier, and six-month revenue of $9.81 billion, up 33.2%. Operating income was $246 million for the quarter versus an operating loss of $141 million in the prior-year quarter, and net income attributable to XPO was $156 million, or $1.38 per diluted share, compared with a net loss of $131 million in 2020. Results were helped by the January 2021 acquisition of Kuehne + Nagel's contract logistics operations in the UK and Ireland, which contributed about 4.3 percentage points to second-quarter revenue growth, and by foreign currency movements, which added about 4.5 percentage points. The filing is dominated by the August 2, 2021 spin-off of the Logistics segment as GXO Logistics, Inc., which left XPO as a provider primarily of less-than-truckload and truck brokerage transportation services. Each XPO stockholder received one GXO share for every XPO share held at the July 23, 2021 record date. Ahead of the spin-off, GXO issued $800 million of notes and made a $794 million cash payment to XPO. XPO also completed a July 2021 equity offering of 5.0 million shares at $138.00 per share, netting about $385 million for XPO, and called its 6.75% senior notes due 2024 and 6.125% senior notes due 2023 for redemption. At June 30, 2021, XPO had cash and cash equivalents of $801 million, total debt of $5.41 billion principal, and $1.9 billion of available liquidity. Management stated that it believes existing liquidity is sufficient for the next 12 months. Operating cash flow for the six months was $539 million, against $1.2 billion of notes repurchased in the period. The filing also notes one-time cash and non-cash tax expenses expected in the second half of 2021 from changes to the legal entity structure, and it describes pending misclassification litigation involving intermodal drayage subsidiaries, for which the company says it cannot estimate a possible loss.

    Aug 4, 2021
  18. 2021-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2021

    XPO Logistics, Inc. reported first-quarter 2021 revenue of $4.77 billion, up 23.6% from $3.86 billion a year earlier, with operating income of $202 million versus $81 million and net income attributable to XPO of $115 million versus $23 million. Diluted earnings per share were $1.02 compared with $0.20. The Transportation segment generated $2.99 billion of revenue and $209 million of operating income, while the Logistics segment generated $1.82 billion of revenue and $68 million of operating income. Results include the January 2021 acquisition of the majority of Kuehne + Nagel's contract logistics operations in the UK and Ireland, which the filing says contributed approximately 3.1 percentage points to consolidated revenue growth. The company is pursuing a planned spin-off of its Logistics segment as GXO Logistics, Inc., expected to be completed in the second half of 2021, subject to conditions including board approval. Liquidity totaled $1.7 billion, including $629 million of cash and cash equivalents, after the company redeemed its $1.2 billion 6.50% senior notes due 2022 in January 2021 and repaid $200 million of ABL Facility borrowings. Total debt declined to $5.25 billion carrying value from $6.71 billion at year-end 2020. Operating cash flow was $173 million for the quarter. The filing also highlights ongoing legal matters, including intermodal drayage worker classification class actions in California, with trials scheduled for September 2021, and shareholder litigation in which the court dismissed the consolidated complaint with prejudice on March 19, 2021, and the plaintiffs filed an appeal. Management stated it is unable to estimate the possible loss from the classification claims and believes the shareholder suits are without merit.

    May 4, 2021
  19. 2020-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2020

    XPO Logistics, Inc., together with its subsidiaries, reported third-quarter 2020 revenue of $4.22 billion, up 1.6% from $4.15 billion a year earlier, while revenue for the first nine months of 2020 fell 7.4% to $11.59 billion. Operating income for the quarter was $223 million versus $229 million, but for the nine months it dropped to $163 million from $619 million, and the company recorded a net loss of $11 million for the period compared with net income of $333 million in 2019. Management says COVID-19 adversely affected results in the second and third quarters, with demand abating through the third quarter, and that results will continue to be affected in the fourth quarter of 2020. The nine-month period included $93 million of transaction and integration costs, largely tied to the now-terminated exploration of strategic alternatives, and $53 million of restructuring expense. Liquidity was strengthened during the period. Cash and cash equivalents rose to $2.03 billion at September 30, 2020 from $377 million at December 31, 2019, and total available liquidity was $3.1 billion. The company issued $1.15 billion of 6.25% Senior Notes due 2025 in the second quarter, entered into a $150 million secured term loan facility and a $200 million letter of credit facility, and repurchased $114 million of common stock. Long-term debt increased to $6.55 billion from $5.18 billion. Operating cash flow for the nine months was $692 million, compared with $442 million in 2019. The filing also describes ongoing litigation, including intermodal drayage and last mile contractor classification claims, and shareholder class and derivative actions. The company states it is unable at this time to estimate the possible loss for these claims and does not believe their ultimate resolution will have a material adverse effect. Management also expects approximately $100 million of annualized pre-tax savings from restructuring actions by mid-2021, and it has reduced its 2020 capital expenditure outlook to $330 million to $350 million.

    Nov 6, 2020
  20. 2020-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2020

    XPO Logistics, Inc., together with its subsidiaries, reported a net loss in the second quarter of 2020 as COVID-19 sharply reduced demand. Revenue for the three months ended June 30, 2020 decreased 17.4% to $3.5 billion, and the company recorded an operating loss of $141 million compared with operating income of $258 million a year earlier. Net loss attributable to XPO was $131 million, or $1.45 per basic and diluted share. For the first six months, revenue fell 11.9% to $7.4 billion and the operating loss was $60 million. The company states that COVID-19 will continue to affect its results in the third and fourth quarters of 2020, and it cannot reasonably estimate the full-year impact. Liquidity was strengthened substantially during the quarter. Cash and cash equivalents rose to $2.3 billion at June 30, 2020, from $377 million at December 31, 2019, following the issuance of $1.15 billion of 6.25% Senior Notes due 2025, a $600 million net ABL revolver borrowing, and a new $150 million committed secured term loan facility. Total debt increased to $7.3 billion principal amount from $5.4 billion. The company says available liquidity of $2.8 billion is sufficient to support operations for the next 12 months. Management also reduced its 2020 net capital expenditure estimate to $250 million to $300 million and expects to achieve about $100 million of annualized pre-tax restructuring savings by mid-2021. The filing also discloses ongoing litigation over whether independent contract carriers in its intermodal drayage and last mile businesses should be classified as employees, as well as shareholder class and derivative actions. The company states it cannot estimate the possible loss from the classification claims and believes the shareholder suits lack merit. In addition, XPO entered into new employment agreements with its Chairman and CEO Bradley S. Jacobs, President Troy A. Cooper, and CIO Mario A. Harik on July 31, 2020, along with cash long-term incentive awards.

    Aug 3, 2020
  21. 2020-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2020

    XPO Logistics, Inc., together with its subsidiaries, reported first-quarter 2020 revenue of $3,864 million, down from $4,120 million in the prior-year quarter, with the filing attributing the decline primarily to COVID-19 and reduced volumes with its largest customer. Operating income fell to $81 million from $132 million, and net income attributable to XPO was $23 million versus $47 million. Diluted earnings per share were $0.20 compared with $0.37. The filing states that demand declined sharply in the last half of March, that results will be more significantly impacted in the second quarter of 2020 and later periods, and that the company is unable to reasonably estimate the full impact on future results. Liquidity was strengthened during the quarter and in April 2020. Cash and cash equivalents rose to $1,127 million at March 31, 2020 from $377 million at December 31, 2019, largely reflecting $600 million of net ABL facility borrowings and $182 million of securitization borrowings. The company cited $1.3 billion of available liquidity as of March 31, 2020 and said that in April 2020 it added a $150 million committed secured term loan, a $200 million uncommitted letter of credit facility, and $850 million of 6.25% senior notes due 2025, which it said would expand liquidity by $1.2 billion. Total debt was $6,026 million in carrying value at March 31, 2020, up from $5,266 million. The company also terminated its strategic review of alternatives, which it had begun in January 2020, in March 2020. The filing notes that the company expects to substantially reduce 2020 capital expenditures, now estimated at $200 million to $250 million, and that it is a defendant in intermodal drayage and last mile classification claims and shareholder litigation, which it believes are without merit. Management stated that existing liquidity is sufficient to support operations over the next 12 months.

    May 5, 2020
  22. 2019-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2019

    XPO Logistics, Inc., together with its subsidiaries, reported third-quarter 2019 revenue of $4.154 billion, down from $4.335 billion in the same quarter of 2018, a decrease of 4.2%. Net income attributable to XPO was $130 million, compared with $109 million a year earlier, and diluted earnings per share were $1.14, versus $0.74. The filing attributes the revenue decline primarily to a reduction in business from its largest customer, which the company estimates will reduce full-year 2019 revenue by approximately $600 million. Operating income rose to $229 million from $209 million, and the company cited gains on sales of property and equipment of $33 million in the quarter. For the first nine months of 2019, revenue was $12.512 billion, down 2.9%, while net income attributable to XPO was $312 million, down from $331 million. Interest expense increased to $218 million from $165 million, reflecting higher average total indebtedness used to fund share purchases and general corporate purposes. Total debt was $5.340 billion principal at September 30, 2019, versus $4.415 billion at year-end 2018, following a $1.0 billion Senior Notes due 2024 issuance and a $500 million incremental term loan. The company repurchased $883 million of common stock under its 2019 program in the first nine months, leaving $617 million available. The company reported cash of $425 million, and net cash from operating activities of $442 million for the nine months, compared with $536 million a year earlier. The filing also discloses ongoing worker-classification litigation in California and last mile operations, as well as shareholder securities and derivative lawsuits filed in December 2018 and May 2019, which the company believes are without merit. Management states it believes existing liquidity is sufficient for the next 12 months.

    Oct 28, 2019
  23. 2019-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2019

    XPO Logistics, Inc. reported second-quarter 2019 revenue of $4,238 million, down from $4,363 million in the prior-year quarter, and operating income of $258 million versus $228 million. Net income attributable to XPO was $135 million for the quarter, compared with $149 million a year earlier. For the six months ended June 30, 2019, revenue was $8,358 million and net income attributable to XPO was $182 million. The filing attributes the revenue decline mainly to reduced business from the company's largest customer, which the company estimates will reduce full-year 2019 revenue by approximately $600 million, or about two-thirds of that customer's 2018 revenue. Growth in North American contract logistics partially offset the decline. Balance sheet and capital allocation changed significantly during the period. Long-term debt rose to $5,134 million from $3,902 million at December 31, 2018, largely from a $1.0 billion Senior Notes due 2024 offering at 6.75%, a $500 million incremental term loan, and borrowings under the Unsecured Credit Facility. The company repurchased $1,347 million of common stock in the first six months of 2019 under its 2018 and 2019 repurchase programs, and $617 million remained available under the 2019 program as of June 30, 2019. Total equity fell to $2,912 million from $3,970 million, and common shares outstanding decreased to 92 million from 116 million. Cash and cash equivalents were $497 million, and the ABL facility had $838 million of availability. Cash flow from operations was $164 million for the six months, down from $248 million in the prior-year period, reflecting higher working capital usage from accounts receivable, partly because collections on the deferred purchase price receivable from the securitization program are classified in investing activities. The company adopted ASC 842 on January 1, 2019, recognizing $2.1 billion of operating lease assets and liabilities. Several driver classification lawsuits and shareholder securities and derivative actions remain pending, and the company states it does not believe their ultimate resolution will have a material adverse effect, though outcomes cannot be predicted with certainty.

    Aug 1, 2019
  24. 2019-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2019

    XPO Logistics, Inc. reported first-quarter 2019 revenue of $4.12 billion, down from $4.19 billion in the prior-year quarter, with the decrease primarily reflecting an approximate $90 million reduction in transportation revenue from its largest customer, partly offset by growth in North American contract logistics. Operating income was $132 million versus $141 million, and net income was $52 million versus $79 million. Diluted earnings per share were $0.37 versus $0.50. Interest expense rose to $71 million from $59 million, primarily due to higher average total indebtedness. The company also recorded a $13 million restructuring charge in the quarter. Capital structure changed significantly during the quarter. XPO issued $1.0 billion of 6.75% Senior Notes due 2024 in February 2019, borrowed an additional $500 million under its Term Loan Facility, and repurchased $1.2 billion of common stock under its 2018 and 2019 repurchase programs. Total debt rose to $5.64 billion principal at March 31, 2019 from $4.42 billion at December 31, 2018, and common shares outstanding fell to 93 million from 116 million. Cash and cash equivalents declined to $376 million from $502 million, and net cash used in operating activities was $96 million compared with $19 million a year earlier. Operating lease assets of $2.05 billion were recognized upon adoption of Topic 842 on January 1, 2019. Subsequent to quarter-end, on April 30, 2019, the company amended its ABL Facility to extend maturity to April 30, 2024 and increase commitments to $1.1 billion. The filing also discloses ongoing worker classification litigation in its intermodal drayage and last mile businesses and a shareholder class action filed in December 2018, which management says it intends to defend vigorously.

    May 1, 2019
  25. 2018-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2018

    XPO Logistics, Inc. reported third-quarter 2018 revenue of $4.3 billion, up 11.5% from $3.9 billion in the same period of 2017, and nine-month revenue of $12.9 billion, up 15.2% from $11.2 billion. Operating income rose to $209.0 million from $176.7 million in the quarter and to $578.0 million from $455.6 million for the nine months. Net income attributable to XPO was $109.0 million for the quarter, compared with $62.5 million a year earlier, and diluted earnings per share were $0.74 versus $0.44. The company attributed revenue growth mainly to its European and North American contract logistics businesses and to improvements in freight brokerage and last mile services. Interest expense fell to $51.0 million from $72.5 million in the quarter, reflecting lower average debt and 2018 refinancings. Cash and cash equivalents were $427.9 million at September 30, 2018, and the company reported $697.2 million of availability under its ABL Facility. Nine-month operating cash flow was $536.2 million, while capital expenditures for property and equipment were $413.1 million. During the period, XPO settled July 2017 forward sale agreements for net cash proceeds of approximately $349 million and used them to redeem $400 million of its 6.50% Senior Notes due 2022. The Term Loan was refinanced in February 2018, with the new $1,503.0 million term loans maturing in 2025. The filing also describes ongoing driver classification claims in California and last mile litigation, for which the company said it had adequately accrued probable and reasonably estimable losses. The company stated that its existing sources of cash would be sufficient to support operations over the next 12 months. The 10-Q reports that disclosure controls were effective as of September 30, 2018, and that there were no material changes to risk factors from the 2017 Form 10-K.

    Nov 5, 2018
  26. 2018-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2018

    XPO Logistics, Inc., a Delaware corporation, reported second-quarter 2018 revenue of $4.36 billion, up 16.0% from $3.76 billion a year earlier, and net income attributable to XPO of $149.0 million versus $51.9 million in the prior-year quarter. Diluted earnings per share were $1.03 compared with $0.38. For the six months ended June 30, 2018, revenue rose 17.2% to $8.56 billion and net income attributable to XPO was $221.6 million. Operating income rose to $228.0 million for the quarter from $175.1 million, with the increase attributed mainly to growth in European and North American contract logistics and improvements in freight brokerage and last mile. The Transportation segment reported quarterly revenue of $2.89 billion and operating income of $205.4 million, while the Logistics segment reported revenue of $1.51 billion and operating income of $67.3 million. On the balance sheet, cash and cash equivalents were $361.4 million at June 30, 2018, and long-term debt was $4.41 billion. The company refinanced its term loans in February 2018 into $1.50 billion of new term loans maturing in 2025, with a 4.09% interest rate at June 30, 2018. Interest expense fell to $54.9 million in the quarter from $74.3 million. Net cash provided by operating activities was $248.0 million for the six months, and capital expenditures were $267.7 million. Subsequent to quarter end, the company settled forward sale agreements for net cash proceeds of approximately $351 million and redeemed $400 million of its 6.50% senior notes due 2022, with a loss on extinguishment of approximately $17 million expected in the third quarter. Management stated that existing cash sources will be sufficient to support operations over the next 12 months.

    Aug 3, 2018
  27. 2018-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2018

    XPO Logistics, Inc. reported first-quarter 2018 revenue of $4.19 billion, up from $3.54 billion in the prior-year quarter, with operating income of $141.0 million compared with $103.8 million and net income attributable to XPO of $72.6 million compared with $21.3 million. Transportation segment revenue rose to $2.77 billion and Logistics segment revenue rose to $1.45 billion, with management attributing growth to North American freight brokerage and LTL pricing, European and North American contract logistics, and new customer starts. Management noted that foreign currency movement accounted for approximately 6% of the revenue increase. Cash flow from operations was negative at $(19.4) million, compared with $15.5 million a year earlier, driven by higher receivables and other operating asset and liability movements. Capital expenditures were $142.1 million. The company refinanced its term loans in February 2018, replacing $1,494.0 million of existing term loans with $1,503.0 million of new term loans at a lower margin, maturing in February 2025, and recorded a debt extinguishment charge of $10.3 million. Total debt was $4,702.1 million carrying value at March 31, 2018, and cash and cash equivalents were $380.0 million, with $514.8 million of ABL facility availability. The company also disclosed ongoing worker classification litigation involving owner operators and independent contract carriers in California, as well as a TCPA class action, for which it has accrued amounts it considers adequate and reports no material adverse effect expected. Management stated that its existing cash sources should be sufficient to support operations over the next 12 months.

    May 7, 2018
  28. 2017-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2017

    XPO Logistics, Inc. reported third-quarter 2017 revenue of $3,887.1 million, up 4.7% from $3,713.8 million in the same period of 2016, and operating income of $186.8 million versus $168.8 million. Net income attributable to XPO was $62.5 million, compared with $15.1 million a year earlier. For the nine months ended September 30, 2017, revenue was $11,186.9 million, up 2.2%, and net income attributable to XPO was $135.7 million versus $39.2 million. Growth was driven by European contract logistics, LTL weight per day, North American brokerage and Last Mile revenue, partially offset by the October 2016 divestiture of the North American truckload operation. Interest expense fell to $72.5 million for the quarter from $93.0 million, reflecting lower average indebtedness of approximately 10% and lower refinancing rates. The balance sheet strengthened over the period. Cash and cash equivalents rose to $473.1 million from $373.4 million at year-end 2016, and total debt was $4,631.0 million carrying value at September 30, 2017. Total equity increased to $3,698.4 million from $3,037.6 million, aided by a July 2017 common stock offering that generated net proceeds of $287.6 million. Cash flow from operations was $524.7 million for the nine months, against capital expenditures of $389.9 million. Management stated that existing cash sources are sufficient to support operations over the next 12 months. Subsequent to quarter-end, in October 2017, XPO Logistics Europe entered into a European trade receivables securitization program with a maximum aggregate amount of €270 million (approximately $315 million) for three years. Management also reported that it expects to receive the proceeds from forward sale agreements covering 6 million shares, with a settlement due no later than one year after the July 2017 offering closing.

    Nov 6, 2017
  29. 2017-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2017

    XPO Logistics, Inc. reported second-quarter 2017 revenue of $3,760.3 million, up 2.1% from $3,683.3 million in the second quarter of 2016, and operating income of $185.0 million versus $170.3 million a year earlier. Net income attributable to XPO was $51.9 million, compared with $46.6 million, and diluted earnings per share were $0.38 versus $0.35. For the six months ended June 30, 2017, revenue was $7,299.8 million (up 1.0%), operating income was $298.6 million, and net income attributable to XPO was $73.2 million. Growth was driven by the European contract logistics business, LTL weight per day, and North American brokerage and Last Mile operations, partly offset by the October 2016 divestiture of the North American truckload operation and a stronger U.S. dollar against the GBP and Euro. Balance sheet and liquidity: cash and cash equivalents were $291.4 million at June 30, 2017, and ABL facility availability was $679.0 million. Total debt principal was $5,043.5 million. In March 2017 the company refinanced its term loan, replacing $1,481.9 million of existing term loans with $1,494.0 million of new term loans at a lower margin, and recorded a $9.0 million debt extinguishment charge. Cash flows from operations were $231.0 million for the six months, and capital expenditures were $262.0 million. Subsequent to the quarter, in July 2017 the company completed an offering of 11 million common shares at $60.50 per share, with 5 million shares sold by the company for proceeds of $290.4 million and 6 million shares sold under forward sale agreements. The company also issued a notice to redeem its 7.25% senior notes due January 2018 on August 25, 2017, to be funded with cash on hand.

    Aug 4, 2017
  30. 2017-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2017

    XPO Logistics, Inc. reported first-quarter 2017 revenue of $3,539.5 million, compared with $3,545.7 million in the first quarter of 2016, a decrease the filing attributes primarily to the October 2016 divestiture of its North American truckload operation and unfavorable currency movements. Operating income rose to $113.6 million from $62.4 million, and net income attributable to XPO was $21.3 million, compared with a net loss of $22.5 million a year earlier. Cost of transportation and services fell to 53.3% of revenue from 54.9%, and SG&A fell to $400.9 million from $432.0 million, reflecting cost-saving actions. Interest expense declined to $75.6 million from $93.1 million, which the company ties to lower average indebtedness and lower rates from recent refinancings. The Transportation segment generated revenue of $2,277.2 million and operating income of $100.8 million, while the Logistics segment generated revenue of $1,300.1 million, up 3.1%, and operating income of $47.2 million. Cash flow from operations was $15.0 million, versus $6.9 million a year earlier, and capital expenditures were $122.4 million. Cash and cash equivalents stood at $342.0 million at March 31, 2017, with ABL facility availability of $557.5 million. In March 2017 the company refinanced its term loan, replacing $1,481.9 million of existing term loans with $1,494.0 million of new term loans at a lower margin, recording a $9.0 million debt extinguishment charge; the company expects annual cash interest savings of approximately $15 million. The filing also discloses that the company is involved in numerous worker-classification, wage-and-hour and other proceedings, and that it has accrued for probable losses while stating it cannot estimate the possible loss in excess of accruals for several matters. Separately, the company disclosed that its France Global Forwarding business provided forwarding services for eight shipments to Iran between July 2015 and February 2016, and that it has filed an initial voluntary disclosure with OFAC.

    May 9, 2017
  31. 2016-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2016

    XPO Logistics, Inc. (now XPO, Inc.) reported third-quarter 2016 revenue of $3,713.8 million, up from $2,362.1 million in the third quarter of 2015, driven primarily by the Con-way acquisition and organic growth. Operating income rose to $168.8 million from $44.1 million, and net income attributable to XPO was $15.1 million, compared with a net loss attributable to XPO of $40.4 million a year earlier. For the first nine months of 2016, revenue was $10,942.8 million and net income attributable to XPO was $39.2 million, reflecting the full-period effect of the Norbert Dentressangle and Con-way acquisitions. Diluted earnings per share were $0.11 for the quarter and $0.30 for the nine months. Debt and liquidity were a major focus during the period. XPO completed an $1.6 billion term loan refinancing with an incremental $450 million of term loans, issued $535.0 million of 6.125% Senior Notes due 2023, and redeemed its 7.875% Notes due 2019, recording debt extinguishment losses of $53.2 million in the quarter. Total long-term debt was $5,297.3 million at September 30, 2016, and the company reported $360.3 million of cash and $477.8 million of working capital. Cash from operations for the nine months was $404.6 million. Subsequent to quarter end, the company sold its North American Truckload operations to TransForce Inc. for approximately $558 million in cash and used the proceeds to repurchase $555 million of Term Loan debt. The filing also highlights ongoing legal and compliance matters. The company is defending numerous driver classification lawsuits in California and elsewhere and has accrued for probable losses on those matters, while stating it cannot estimate the possible range of loss in excess of accruals for several of them. The company also disclosed voluntary sanctions-related disclosures to OFAC involving forwarding shipments connected to Iran, with small reported profits of approximately $25, $25 and $4 on the transactions identified. Labor organizing efforts at certain LTL and supply chain locations are also noted as a risk.

    Nov 8, 2016
  32. 2016-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2016

    XPO Logistics, Inc. (now XPO, Inc.) reported second-quarter 2016 revenue of $3,683.3 million, up from $1,215.9 million in the second quarter of 2015, with the increase primarily driven by the 2015 acquisitions of Norbert Dentressangle SA (ND) and Con-way Inc. Operating income was $170.3 million versus a loss of $30.1 million a year earlier, and net income attributable to XPO was $46.6 million, or $0.35 diluted earnings per share, compared with a net loss attributable to XPO of $74.4 million in the prior-year quarter. For the six months ended June 30, 2016, revenue was $7,229.0 million and net income attributable to XPO was $24.1 million. Net revenue margin improved to 46.4% in the second quarter from 41.8% a year earlier, while interest expense rose to $94.7 million from $36.3 million as the company's debt increased to fund the acquisitions. Cash flow from operations improved to $267.6 million for the first six months of 2016 from a use of $23.2 million in the same period of 2015. Working capital was $465.8 million at June 30, 2016, and the company expects 2016 net capital expenditures of $475 million to $500 million. Liquidity included $567.6 million of availability under its ABL Facility, which had a $1.0 billion commitment and $100.0 million drawn. The filing also highlights ongoing risk areas. The company is defending numerous independent contractor misclassification and wage-and-hour claims, and it has accrued for probable losses while stating it cannot estimate possible losses in excess of those accruals. It also disclosed a voluntary filing with OFAC regarding forwarding and transportation services for Iranian-linked shipments, and it flagged the uncertain impact of the United Kingdom's likely exit from the European Union, given that approximately 37% of 2015 revenue was derived in Europe.

    Aug 8, 2016
  33. 2016-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2016

    XPO Logistics, Inc. (now XPO, Inc.) reported first-quarter 2016 revenue of $3,545.7 million, up from $703.0 million a year earlier, as the company consolidated the 2015 acquisitions of Norbert Dentressangle SA (ND) and Con-way Inc. The filing attributes the increase to these acquisitions and organic growth. Net revenue rose to $1,600.6 million, with net revenue margin at 45.1% versus 37.3% in the prior-year quarter. Operating income was $62.4 million compared with an operating loss of $4.8 million, although the company still reported a net loss of $19.3 million, or $23.2 million attributable to common shareholders after preferred dividends and noncontrolling interests. Interest expense rose to $93.1 million from $23.1 million, reflecting the debt used to fund the acquisitions. Balance sheet and cash flow data show a much larger, more leveraged company. Total assets were $12,592.3 million, goodwill was $4,787.0 million, and long-term debt was $5,379.1 million. Cash generated from operations fell to $6.9 million from $47.3 million, and capital expenditures were $114.7 million. Working capital was $328.2 million, and the company had $546.8 million of availability under its ABL Facility after $100.0 million in borrowings. The company expects 2016 net capital expenditures of $475 million to $500 million and believes operating cash flow, cash balances and revolver availability are sufficient for existing operations. The filing also highlights ongoing risk from independent contractor misclassification and wage-and-hour litigation involving several acquired businesses. The company settled a Department of Justice investigation into its former Government Services subsidiary on April 23, 2016, without admitting wrongdoing. Management states it does not believe these matters will have a material adverse effect on results, though outcomes cannot be predicted with certainty.

    May 5, 2016
  34. 2015-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2015

    XPO Logistics, Inc. reported third-quarter 2015 revenue of $2,362.1 million, up from $662.5 million a year earlier, driven primarily by acquisitions of Norbert Dentressangle SA (ND), New Breed, Bridge Terminal Transport, ACL and UX. Operating income was $44.1 million versus an operating loss of $13.6 million in the prior-year quarter, but the company posted a net loss of $35.4 million and a net loss attributable to common shareholders of $93.1 million, which includes a $52.0 million preferred stock beneficial conversion charge. Interest expense rose to $61.5 million from $17.8 million, and foreign currency loss was $14.5 million, reflecting cash held to fund the ND purchase. The balance sheet expanded substantially: total assets were $9,036.6 million at September 30, 2015, versus $2,761.2 million at December 31, 2014, and total long-term debt was $3,359.1 million plus $120.3 million of current maturities. Cash rose to $1,285.3 million. Nine-month operating cash flow was $39.4 million, while acquisitions used $1,609.8 million and financing provided $2,302.2 million, including $2,596.7 million of debt proceeds and $1,260.0 million from preferred and common stock offerings. After the quarter, the company completed its acquisition of Con-way Inc. on October 30, 2015 for approximately $3.0 billion, funded in part by a $1.6 billion senior secured term loan and a new $1.0 billion ABL revolving facility. The filing also discloses ongoing independent contractor misclassification litigation, with several class actions and tentative settlements, and a U.S. Department of Justice civil investigative demand relating to a Con-way subsidiary's government contract.

    Nov 9, 2015
  35. 2015-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2015

    XPO Logistics, Inc. reported a sharp expansion in its second-quarter 2015 results, with revenue of $1,215.9 million for the three months ended June 30, 2015, up from $581.0 million a year earlier, and a net loss of $78.8 million compared with a net loss of $13.8 million. For the six months, revenue was $1,918.9 million versus $863.4 million, and the net loss was $93.2 million versus $42.1 million. The filing attributes the growth primarily to acquisitions, most notably the majority stake in Norbert Dentressangle SA (ND), which contributed $407.0 million of revenue in the period, along with New Breed, Bridge Terminal Transport, ACL and UX. Interest expense rose to $36.3 million for the quarter from $3.4 million, reflecting the new senior notes, and other expense increased largely due to foreign currency losses tied to euro-denominated cash held during the tender offer. Balance sheet and capital structure changed substantially. Total assets were $9,702.7 million at June 30, 2015, up from $2,761.2 million at December 31, 2014, and goodwill rose to $3,391.8 million. The company issued $1,600.0 million of 6.5% Senior Notes due 2022 and €500.0 million of 5.75% Senior Notes due 2021, sold 15,499,445 common shares and 562,525 Series C preferred shares for aggregate gross proceeds of $1,260.0 million, and assumed ND's debt. Cash and cash equivalents were $1,175.8 million, and the company reported $1,764.9 million of working capital. Restricted cash of $690.5 million was set aside for the ND tender offer, which as of July 30, 2015 gave XPO approximately 86.25% of ND's share capital. The filing also flags risks that investors should weigh. Operating loss was $30.1 million for the quarter, and the company recorded $113.8 million of higher SG&A in the quarter, with corporate transaction and integration costs of $39.8 million. The company is involved in independent contractor misclassification litigation, including California DLSE claims and a putative class action, and it states that it does not believe these matters will have a material adverse effect, while acknowledging outcomes cannot be predicted with certainty. The company also disclosed a $1,800.0 million total of future operating lease payments and total contractual cash obligations of $6,839.4 million.

    Aug 10, 2015
  36. 2015-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2015

    XPO Logistics, Inc. reported its first-quarter 2015 results in this Form 10-Q, with revenue of $703.0 million, up 148.9% from $282.4 million a year earlier, driven by the acquisitions of Pacer, New Breed, ACL and UX as well as organic growth. The company posted an operating loss of $4.8 million (compared with $21.4 million in the prior-year quarter) and a net loss of $14.7 million, or $(0.20) per share, versus a net loss of $28.3 million, or $(0.70) per share, in Q1 2014. Net revenue rose to $262.2 million, with net revenue margin of 37.3% compared with 20.7%, and SG&A fell to 16.4% of revenue from 26.9%. Interest expense more than doubled to $23.1 million, including $6.5 million tied to conversions of convertible notes. Liquidity strengthened substantially during the quarter. Cash and cash equivalents rose to $1,034.3 million from $644.1 million at year-end 2014, mainly from $414.7 million of proceeds from an additional $400 million issuance of 7.875% Senior Notes due 2019, which brought total senior notes outstanding to $900.0 million. Working capital was $1,169.0 million, and operating cash flow was $47.3 million. The company had no amount drawn on its $415 million revolving credit facility at March 31, 2015. Total debt stood at $974.3 million. The filing also flags several items that bear on future results. Estimated litigation liabilities rose to $44.7 million from $11.5 million, reflecting misclassification claims by owner-operators tied to acquired businesses, including the 3PD holdback settlement. Subsequent to quarter end, XPO agreed to acquire a majority stake in Norbert Dentressangle SA, followed by a tender offer, financed through a €2.40 billion senior unsecured bridge facility, and separately agreed to acquire Bridge Terminal Transport, Inc. for $100 million.

    May 7, 2015
  37. 2014-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2014

    XPO Logistics, Inc. reported a sharply larger business for the quarter and nine months ended September 30, 2014, driven mainly by acquisitions. Revenue for the three months rose to $662.5 million from $194.0 million, and for the nine months to $1,525.9 million from $445.1 million. The company still posted a net loss of $11.7 million for the quarter (versus $6.0 million a year earlier) and $53.6 million for the nine months (versus $37.9 million). Growth came from the Pacer, New Breed, 3PD and NLM acquisitions, and SG&A expense rose to $117.7 million for the quarter from $51.2 million. Interest expense climbed to $17.8 million, including $9.8 million tied to an undrawn debt commitment fee related to the New Breed acquisition. The balance sheet and financing changed substantially. Cash and cash equivalents increased to $680.1 million from $21.5 million at December 31, 2013, supported by $500.0 million of 7.875% senior notes due 2019, $700.0 million of gross proceeds from a September 2014 investment in common and Series B preferred stock, and $733.9 million of net proceeds from a common stock offering. Total stockholders' equity rose to $1,652.5 million from $455.8 million. Cash used in operating activities was $13.3 million for the nine months, compared with $61.5 million a year earlier. The filing highlights risks tied to the newly acquired New Breed business, including customer concentration, with its top five clients accounting for approximately 77.8% of its revenue for the nine months. It also notes that if stockholders do not approve conversion of the Series B preferred stock by May 31, 2015, cumulative dividends of $27.9 million per year would apply. The company also disclosed a $415 million revolving credit facility, with no amount drawn at September 30, 2014.

    Nov 7, 2014
  38. 2014-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2014

    XPO Logistics, Inc. reported second-quarter 2014 revenue of $581.0 million, up from $137.1 million a year earlier, as the company's acquisitions of Pacer International (closed March 31, 2014) and 3PD, along with organic growth in Freight Brokerage, drove results. Net revenue for the quarter was $121.9 million versus $19.3 million, with net revenue margin of 21.0% compared with 14.1%. The company still posted an operating loss of $11.9 million and a net loss of $13.8 million, or $0.28 per share, compared with a net loss of $17.4 million in the prior-year quarter. Higher SG&A expense of $106.6 million, which included acquisition-related costs, restructuring charges, and a $3.3 million accelerated amortization charge tied to the Express-1 trade name rebranding, weighed on profitability. Interest expense rose to $3.4 million. Balance sheet and liquidity strengthened considerably. Cash and cash equivalents were $111.6 million at June 30, 2014, and the company reported working capital of $210.7 million. The February 2014 common stock offering provided $413.2 million in net proceeds. The company had no amount drawn under its $415.0 million amended revolving credit facility, and management stated that existing cash and that facility are sufficient to finance existing operations. Operating cash flow was negative $26.6 million for the first six months of 2014, while investing outflows of $210.6 million were driven by acquisitions. Subsequent events include a July 29, 2014 agreement to acquire New Breed Holding Company for approximately $615 million in cash and equity, with closing expected in the third quarter of 2014 and financing commitments of $430 million first lien and $215 million second lien term loans. The company also acquired Simply Logistics Inc. (Atlantic Central Logistics) on July 28, 2014 for $36.5 million in cash and deferred payments.

    Jul 31, 2014
  39. 2014-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2014

    XPO Logistics, Inc. reported a net loss of $28.1 million for the quarter ended March 31, 2014, compared with a net loss of $14.5 million in the prior-year quarter. Revenue rose to $282.4 million from $114.0 million, and net revenue was $58.4 million, up from $16.3 million, with net revenue margin of 20.7% versus 14.3%. The increase was driven largely by acquisitions, including 3PD, NLM, Optima, Interide, Covered and East Coast Air Charter, plus the March 31, 2014 acquisition of Pacer International, Inc. for a fair value of $331.5 million. SG&A expense rose to $75.9 million, and interest expense rose to $10.1 million, which the company attributed partly to a $4.5 million undrawn debt commitment fee tied to the Pacer acquisition. The balance sheet expanded significantly, with total assets of $1.42 billion at March 31, 2014 versus $780.2 million at December 31, 2013, and goodwill of $539.2 million. The company received $413.2 million in net proceeds from its February 2014 common stock offering, and cash and cash equivalents rose to $143.9 million. Operating cash flow was negative $8.7 million. Subsequent to quarter end, the company entered into a $415.0 million amended and restated revolving credit agreement maturing October 17, 2018, replacing the prior $125.0 million facility. The company also initiated a restructuring program in connection with the Pacer acquisition, with $6.4 million of restructuring reserve at quarter end. Pacer faces California DLSE claims from 153 owner operators, with no reserve established, and a settlement in principle has been reached in shareholder litigation related to the Pacer acquisition, subject to court approval. The company stated that its existing cash and availability under the amended revolving credit facility will be sufficient to finance existing operations.

    May 2, 2014
  40. 2013-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2013

    XPO Logistics, Inc. reported a sharp expansion in its third quarter and first nine months of 2013, driven largely by acquisitions. Revenue for the three months ended September 30, 2013 was $193.98 million, up from $70.99 million, and nine-month revenue was $445.07 million versus $170.09 million. Freight Brokerage revenue was the main driver, reflecting the acquisitions of 3PD, Turbo, Covered and Interide. However, the company remained loss-making: the net loss widened to $6.03 million for the quarter and $37.93 million for the nine months, versus $3.15 million and $11.02 million a year earlier. Operating loss for the nine months was $43.80 million, with SG&A expense rising to $114.24 million as the company invested in growth initiatives, sales force expansion and new offices. The balance sheet shows the cost of this growth. Cash fell to $67.26 million from $252.29 million at December 31, 2012, as $352.27 million was spent on acquisitions, primarily 3PD, which closed on August 15, 2013 for a fair value of approximately $364.3 million. Goodwill rose to $302.85 million and identifiable intangible assets to $154.03 million. The company raised $239.66 million in net proceeds from an August 2013 common stock offering at $22.75 per share. Operating cash flow was negative $61.55 million for the nine months. Management stated that existing cash and availability under its new revolving credit facility would be sufficient to finance existing operations. Subsequent to quarter end, XPO entered into a $125.0 million multicurrency secured Revolving Loan Credit Agreement on October 18, 2013, which may be increased by up to $75.0 million. The filing also discloses ongoing litigation with C.H. Robinson Worldwide, Inc., which management says could have a material adverse effect, and a 3PD-related misclassification lawsuit indemnified by the former owners of 3PD, subject to certain limits.

    Nov 5, 2013
  41. 2013-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2013

    XPO Logistics, Inc. reported a sharply larger business in the second quarter of 2013, with revenue of $137.1 million, up 151.4% from $54.5 million a year earlier, and six-month revenue of $251.1 million, up 153.4% from $99.1 million. Growth was driven largely by acquisitions (Turbo, Kelron, Continental, Covered Logistics, Interide Logistics and East Coast Air Charter) and eight Freight Brokerage cold-start locations. However, profitability weakened: the operating loss widened to $14.0 million in the quarter from $3.4 million, and the net loss was $17.4 million versus $5.2 million. Gross margin fell to 14.1% of revenue from 15.5%, while SG&A rose to 24.3% of revenue from 21.7%, driven by growth initiatives, sales force recruitment, new office costs and corporate costs. The balance sheet shows cash of $178.2 million at June 30, 2013, down from $252.3 million at December 31, 2012, and working capital of $222.7 million. Cash used by operating activities was $49.1 million for the six months, versus $10.1 million a year earlier, and total stockholders' equity declined to $216.8 million. Convertible senior notes were carried at $111.2 million, and the company has $143.8 million of 4.50% convertible notes outstanding. The company also disclosed litigation with C.H. Robinson Worldwide, Inc. that could have a material adverse effect. A major subsequent event is the July 12, 2013 agreement to acquire 3PD Holding, Inc. for approximately $365 million in cash, deferred payments, $8 million of restricted shares and debt payoff, with closing expected in the third quarter of 2013. Credit Suisse committed a $140 million first lien term loan and a $55 million second lien term loan to fund the transaction, and the company would pay an $18 million termination fee in certain circumstances.

    Aug 1, 2013
  42. 2013-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2013

    XPO Logistics, Inc. reported a first-quarter 2013 net loss of $14.5 million, compared with a net loss of $2.7 million in the first quarter of 2012, as revenue rose to $114.0 million from $44.6 million. The increase was driven largely by acquisitions (Turbo, Kelron, Continental, Covered Logistics and East Coast Air Charter) and the growth of Freight Brokerage cold-start locations. Gross margin dollars rose to $16.3 million, but gross margin as a percentage of revenue fell to 14.3% from 15.2%, and SG&A expense increased $16.6 million to $27.6 million, leaving an operating loss of $11.4 million versus $4.2 million a year earlier. The balance sheet shows cash of $206.2 million at March 31, 2013, down from $252.3 million at December 31, 2012, as cash used in operations ($28.0 million) and acquisitions ($16.6 million) reduced liquidity. Working capital was $243.7 million. The company stated that existing cash balances would be sufficient for the next twelve months. Convertible senior notes of $109.7 million (carrying value) and a $143.8 million principal amount of 4.50% notes due 2017 remain outstanding. Management also disclosed pending litigation brought by C.H. Robinson Worldwide, Inc., under which a court temporarily restricted certain business in the Phoenix, AZ area, and described the outcome as uncertain and potentially material. Subsequent to quarter-end, the company acquired Interide Logistics for $3.1 million in cash and 36,878 shares of common stock valued at $0.6 million, and declared a $0.7 million preferred dividend paid April 15, 2013.

    May 8, 2013
  43. 2012-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2012

    XPO Logistics, Inc. reported a net loss of $3.1 million for the third quarter of 2012 (three months ended September 30, 2012), compared with net income of $0.2 million in the same quarter of 2011, and a net loss of $11.0 million for the first nine months of 2012 versus net income of $2.2 million a year earlier. Consolidated operating revenue rose to $71.0 million in the quarter from $47.4 million, driven largely by the Kelron and Continental Freight Services acquisitions and growth in Freight Brokerage from new cold-start sales offices. However, SG&A expense rose to $19.2 million from $7.8 million, mainly due to higher Corporate SG&A and costs tied to new Freight Brokerage offices and the Charlotte Operations Center, pushing the company to an operating loss of $9.3 million for the quarter. A $6.5 million income tax benefit, which included a $2.8 million reversal of a valuation allowance, drove the quarterly net loss to be smaller than the operating loss. The balance sheet strengthened substantially during the nine months. Cash rose to $296.5 million from $74.0 million at December 31, 2011, reflecting net proceeds of $137.0 million from a March 2012 common stock offering and $120.3 million from 4.50% convertible senior notes due 2017 issued on September 26, 2012, with the notes carrying a principal amount of $125.0 million. Operating cash flow was negative $16.9 million for the nine months. The company completed the Kelron acquisition on August 3, 2012 and the Continental acquisition on May 8, 2012, and after quarter end, on October 24, 2012, bought substantially all assets of Turbo Logistics and Turbo Dedicated for $50.0 million in cash. The filing also discloses a pending lawsuit brought by C.H. Robinson Worldwide, Inc. over the hiring of its former employees, with a preliminary injunction hearing scheduled for November 20, 2012. Management stated it believes it has strong legal defenses, and it expects existing cash to be sufficient for the next twelve months. Management also said it is evaluating an asset-based revolving credit facility, with terms not yet determined.

    Nov 6, 2012
  44. 2012-Q2-A

    XPO Quarterly Report (Amendment) for Q2 Ended Jun 30, 2012

    This Form 10-Q/A (Amendment No. 1) from XPO Logistics, Inc. (now XPO, Inc.) for the quarterly period ended June 30, 2012 was filed on September 7, 2012. Its sole purpose is to furnish Exhibit 101, the XBRL Interactive Data File for the financial statements and notes in Part I, Item 1 of the original Form 10-Q, which was filed with the SEC on August 7, 2012. The amendment states that no other changes were made to the original report and that it speaks as of the original filing date. The filing itself contains no financial statements, operating results, or narrative discussion of business performance; those are contained in the original Form 10-Q and the XBRL exhibit it furnishes. The cover page reports 17,651,436 shares of common stock, par value $0.001 per share, outstanding as of September 7, 2012, and identifies the registrant as an accelerated filer and not a shell company. For investors, the key takeaway is administrative: this amendment adds machine-readable XBRL tagging to the previously filed quarterly report, and the Exhibit 101 data is deemed furnished rather than filed for liability purposes under Sections 11, 12, and 18. Substantive financial disclosures should be reviewed in the original 10-Q filed August 7, 2012.

    Sep 7, 2012
  45. 2012-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2012

    XPO Logistics, Inc. reported a net loss of $5.2 million for the second quarter of 2012 (operating revenue of $54.5 million, up 23.7% from $44.1 million) compared with net income of $0.9 million a year earlier. For the six months ended June 30, 2012, operating revenue was $99.1 million and the net loss was $7.9 million, versus net income of $2.0 million in the prior-year period. The filing attributes the swing primarily to a $3.0 million valuation allowance recorded against deferred tax assets and to higher SG&A, which rose to 21.7% of revenue in the quarter from 12.6% a year earlier, driven largely by Corporate SG&A and costs of new Freight Brokerage offices and the new Operations Center in Charlotte, North Carolina. The balance sheet strengthened substantially. Cash rose to $190.7 million at June 30, 2012 from $74.0 million at December 31, 2011, following net proceeds of $137.0 million from a March 2012 common stock offering of 9.2 million shares at $15.75 per share. Working capital was $208.8 million. The company repaid its revolving credit facility and term loan during the first quarter of 2012 and says it is evaluating an asset-based revolving credit facility. Management states that existing cash should be sufficient for the next twelve months. During the period the company completed the acquisition of Continental Freight Services, Inc. for a cash purchase price of $3.5 million, and subsequent to quarter end acquired the freight brokerage operations of Kelron Corporate Services Inc. for a cash price of $8.0 million. The filing also notes that the Preferred Stock issued to Jacobs Private Equity, LLC continues to accrue undeclared cumulative dividends, with $1.5 million recorded for the six months, and that the company intends to continue its strategy of targeted acquisitions, cold-start brokerage offices and optimized operations.

    Aug 7, 2012
  46. 2012-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2012

    XPO Logistics, Inc. reported a net loss of $2.7 million ($2,694 thousand) for the first quarter of 2012, compared with net income of $1.1 million ($1,117 thousand) in the same period of 2011. Operating revenue rose 7.4% to $44.6 million, but gross margin fell 6.0% to $6.8 million, with gross margin as a percentage of revenue declining to 15.2% from 17.4%. Selling, general and administrative expense more than doubled to $11.0 million from $5.2 million, driven mainly by Corporate SG&A costs tied to the new executive team, the new Freight Brokerage office, and the North Carolina Operations Center. Net loss available to common shareholders was $3.4 million, or $(0.36) per share, after $750 thousand of undeclared cumulative preferred dividends. The balance sheet strengthened substantially. Cash rose to $204.5 million at March 31, 2012 from $74.0 million at December 31, 2011, primarily from $137.0 million of net proceeds from a March 20, 2012 common stock offering of 9.2 million shares at $15.75 per share. Working capital increased to $217.2 million, and the company repaid its revolving credit facility and term loan during the quarter. Cash used in operating activities was $2.8 million for the quarter. Management describes a growth strategy built on targeted acquisitions, new non-asset based freight brokerage offices, and optimized operations. Subsequent to quarter end, the company bought Continental Freight Services, Inc. on May 8, 2012 for a cash purchase price of $3.4 million, plus a potential earn-out of up to $0.3 million. The company believes existing cash and expected operating cash flow will be sufficient for the next 12 months.

    May 10, 2012
  47. 2011-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2011

    XPO Logistics, Inc. (formerly Express-1 Expedited Solutions, Inc.) reported third-quarter 2011 operating revenue of $47.39 million, up from $44.45 million a year earlier, with net income of $190,000 versus $1.73 million. Operating income fell to $470,000 from $2.92 million, driven by SG&A rising to $7.75 million, which included about $700,000 of indirect costs tied to the Equity Investment and $1.6 million of recruiting and other costs for new executive appointments. Gross margin was 17.3% compared with 18.3% a year earlier. For the nine months, revenue was $132.99 million and net income was $2.22 million. The most significant event was the September 2, 2011 closing of a $75 million Equity Investment by Jacobs Private Equity, LLC and other investors, which bought 75,000 shares of Series A Convertible Perpetual Preferred Stock (initially convertible into 10,714,286 common shares at $7.00) and warrants for another 10,714,286 shares at $7.00. The company also effected a 4-for-1 reverse stock split and changed its name to XPO Logistics, Inc. Because of a $44.6 million beneficial conversion charge and preferred dividends, net loss available to common shareholders was $44.40 million for the quarter, or $(5.38) per share. Cash rose to $71.5 million at September 30, 2011 from $561,000 at year-end 2010, and total assets were $128.03 million. The company stated that existing cash, operating cash flow and its revolving credit facility should be sufficient for the next 12 months, and it described a growth strategy built on targeted acquisitions of non-asset based brokerage and freight forwarding businesses, new brokerage offices, and an expanded executive team.

    Nov 10, 2011
  48. 2011-Q2

    XPO Quarterly Report for Q2 Ended Jun 30, 2011

    Express-1 Expedited Solutions, Inc. reported net income of $914,000 for the quarter ended June 30, 2011, down from $1,504,000 a year earlier, while operating revenue rose to $44,094,000 from $40,340,000. Gross margin was 16.3% versus 17.9% in the prior-year quarter, and SG&A expense increased to $5,537,000 from $4,598,000, including approximately $440,000 of transaction costs tied to the proposed Equity Investment. For the six months, revenue was $85,602,000 and net income was $2,031,000, compared with $71,982,000 and $2,338,000 a year earlier. The most significant item for investors is the June 13, 2011 Investment Agreement with Jacobs Private Equity, LLC and other investors for up to $150 million in cash, including warrant exercise proceeds. The initial closing consists of $75,000,000 for 75,000 shares of Series A Convertible Perpetual Preferred Stock and warrants for 42,857,143 shares before a contemplated 4:1 reverse stock split. Following closing, JPE would be the controlling stockholder, Bradley Jacobs would become Chairman and CEO, and the company would be renamed XPO Logistics, Inc. (now XPO, Inc.), subject to stockholder approval at a special meeting scheduled for September 1, 2011. Balance sheet liquidity improved: cash was $647,000 and the line of credit balance was zero at June 30, 2011, down from $2,749,000 at year-end 2010, and operating cash flow for the six months was $3,566,000. Management stated the company was in compliance with its credit agreement covenants. Two employment agreement amendments with CEO Michael R. Welch and CFO John D. Welch, effective July 18, 2011 and contingent on the Equity Investment closing, accelerate option vesting and extend employment terms.

    Aug 15, 2011
  49. 2011-Q1

    XPO Quarterly Report for Q1 Ended Mar 31, 2011

    Express-1 Expedited Solutions, Inc. reported first-quarter 2011 revenue of $41.5 million, up from $31.6 million in the first quarter of 2010, a 31.2% increase that the company attributes primarily to organic growth, particularly international revenue at Express-1 and Concert Group Logistics. Net income rose to $1.1 million ($0.03 per diluted share) from $834,000, a 33.9% increase. Gross margin was 17.4% versus 17.7% a year earlier, which management attributes partly to rising fuel costs and tighter truck capacity, while SG&A fell to 12.5% of revenue from 12.9%. The balance sheet shows total assets of $55.8 million and stockholders' equity of $36.0 million at March 31, 2011. Cash was only $50,000, but the line of credit balance fell to $395,000 from $2.7 million at year-end 2010, and the company reported working capital of $11.6 million. Operating cash flow was $2.0 million, and the company was in compliance with its credit facility covenants. The credit facility was amended to extend its maturity to March 31, 2013. Business-unit results were mixed: Express-1 operating income rose to $1.9 million, Concert Group Logistics to $472,000, and Bounce Logistics to $138,000, while corporate costs increased. Bounce revenue grew 91.6%, but its lower margins weigh on the consolidated gross margin percentage. The filing reports no material litigation.

    May 13, 2011
  50. 2010-Q3

    XPO Quarterly Report for Q3 Ended Sep 30, 2010

    Express-1 Expedited Solutions, Inc. reported strong third-quarter 2010 results, with operating revenue of $44.4 million for the three months ended September 30, 2010, up from $26.2 million a year earlier, and net income of $1.7 million compared with $811,000. For the nine months, operating revenue reached $116.4 million versus $68.5 million, and net income was $4.1 million versus $1.1 million. Gross margin improved to 18.0% for the nine months from 16.9%, and selling, general and administrative expenses fell to 11.9% of revenue from 13.9%. The balance sheet strengthened in working capital terms, with working capital of $12.8 million at September 30, 2010 versus $970,000 at December 31, 2009, though the filing notes a $4.9 million benefit from reclassifying term debt and the line of credit to long-term following the March 31, 2010 PNC Bank facility renewal. Accounts receivable rose $8.8 million during the nine months, and operating cash flow was only $203,000 for the period versus a use of $884,000 in the prior-year period. Cash taxes paid were $2.5 million, reflecting the full use of the federal net operating loss carryforward during 2009. The company remained in compliance with its credit facility covenants as of September 30, 2010, with about $5.5 million of available capacity under the $10.0 million receivables-based line of credit. Total stockholders' equity increased to $33.1 million, and the company disclosed a $500,000 payment due to former LRG International owners on October 1, 2010.

    Nov 12, 2010