Company Quick10K Filing
XPO Logistics
Price70.54 EPS3
Shares107 P/E23
MCap7,548 P/FCF17
Net Debt4,686 EBIT650
TEV12,234 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-14
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-12
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-10
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-25
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-12
10-K 2009-12-31 Filed 2010-03-26
8-K 2020-11-05 Earnings, Exhibits
8-K 2020-11-05 Regulation FD, Exhibits
8-K 2020-07-30 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-30 Regulation FD, Exhibits
8-K 2020-05-27
8-K 2020-05-14
8-K 2020-05-04
8-K 2020-05-04
8-K 2020-05-04
8-K 2020-04-28
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-04-16
8-K 2020-03-20
8-K 2020-03-09
8-K 2020-02-10
8-K 2020-02-10
8-K 2020-02-10
8-K 2020-01-15
8-K 2019-11-25
8-K 2019-10-28
8-K 2019-10-28
8-K 2019-10-10
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-06-05
8-K 2019-05-15
8-K 2019-05-01
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-03-18
8-K 2019-03-11
8-K 2019-03-07
8-K 2019-02-22
8-K 2019-02-19
8-K 2019-02-19
8-K 2019-02-14
8-K 2019-02-14
8-K 2019-02-07
8-K 2018-12-24
8-K 2018-12-13
8-K 2018-12-11
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-10-29
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-07-30
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-05-02
8-K 2018-04-23
8-K 2018-02-23
8-K 2018-02-14
8-K 2018-02-07
8-K 2018-02-07

XPO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 xpo2020q310-qexx311.htm
EX-31.2 xpo2020q310-qexx312.htm
EX-32.1 xpo2020q310-qexx321.htm
EX-32.2 xpo2020q310-qexx322.htm

XPO Logistics Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
4.43.52.61.70.8-0.12012201420172020
Rev, G Profit, Net Income
1.81.00.1-0.7-1.6-2.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
Form 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from____________to____________
Commission File Number: 001-32172
_______________________________________________________
xpo-20200930_g1.jpg
XPO Logistics, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________
Delaware03-0450326
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Five American Lane
Greenwich,CT06831
(Address of principal executive offices)(Zip Code)
(855) 976-6951
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________
N/A
______________________________________________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareXPONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of November 2, 2020, there were 91,415,716 shares of the registrant’s common stock, par value $0.001 per share, outstanding.



XPO Logistics, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2020
Table of Contents
 
Page No.


Table of Contents
Part I—Financial Information
Item 1. Financial Statements.
XPO Logistics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30,December 31,
(In millions, except per share data)20202019
ASSETS
Current assets
Cash and cash equivalents$2,025 $377 
Accounts receivable, net of allowances of $79 and $58, respectively
2,624 2,500 
Other current assets435 465 
Total current assets5,084 3,342 
Long-term assets
Property and equipment, net of $2,435 and $2,054 in accumulated depreciation, respectively
2,573 2,704 
Operating lease assets2,221 2,245 
Goodwill4,506 4,450 
Identifiable intangible assets, net of $914 and $850 in accumulated amortization, respectively
994 1,092 
Other long-term assets367 295 
Total long-term assets10,661 10,786 
Total assets$15,745 $14,128 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$1,025 $1,157 
Accrued expenses1,855 1,414 
Short-term borrowings and current maturities of long-term debt130 84 
Short-term operating lease liabilities461 468 
Other current liabilities177 135 
Total current liabilities3,648 3,258 
Long-term liabilities
Long-term debt6,545 5,182 
Deferred tax liability494 495 
Employee benefit obligations157 157 
Long-term operating lease liabilities1,763 1,776 
Other long-term liabilities353 364 
Total long-term liabilities9,312 7,974 
Stockholders’ equity
Convertible perpetual preferred stock, $0.001 par value; 10 shares authorized; 0.07 of Series A shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
41 41 
Common stock, $0.001 par value; 300 shares authorized; 91 and 92 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
  
Additional paid-in capital1,971 2,061 
Retained earnings766 786 
Accumulated other comprehensive loss(129)(145)
Total stockholders’ equity before noncontrolling interests2,649 2,743 
Noncontrolling interests136 153 
Total equity2,785 2,896 
Total liabilities and equity$15,745 $14,128 
See accompanying notes to condensed consolidated financial statements.

1

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share data)2020201920202019
Revenue$4,221 $4,154 $11,587 $12,512 
Operating expenses
Cost of transportation and services2,038 2,068 5,577 6,272 
Direct operating expense1,461 1,401 4,191 4,224 
Sales, general and administrative expense499 456 1,656 1,397 
Total operating expenses3,998 3,925 11,424 11,893 
Operating income223 229 163 619 
Other income(20)(11)(59)(41)
Foreign currency (gain) loss (5)(5)5 
Debt extinguishment loss   5 
Interest expense86 75 240 218 
Income (loss) before income tax provision (benefit)157 170 (13)432 
Income tax provision (benefit)59 34 (2)99 
Net income (loss)98 136 (11)333 
Net income attributable to noncontrolling interests(5)(6)(4)(21)
Net income (loss) attributable to XPO$93 $130 $(15)$312 
Earnings (loss) per share data
Net income (loss) attributable to common shareholders $84 $117 $(17)$282 
Basic earnings (loss) per share $0.93 $1.27 $(0.18)$2.91 
Diluted earnings (loss) per share $0.83 $1.14 $(0.18)$2.63 
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding91 92 91 97 
Diluted weighted-average common shares outstanding102 102 91 107 
See accompanying notes to condensed consolidated financial statements.

2

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2020201920202019
Net income (loss)$98 $136 $(11)$333 
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax effect of $13, $(11), $6 and $(17)
$71 $(66)$27 $(68)
Unrealized gain (loss) on financial assets/liabilities designated as hedging instruments, net of tax effect of $, $, $ and $
(1) (1)1 
Defined benefit plans adjustments, net of tax effect of $(1), $, $1 and $
(2)(1)(7)(1)
Other comprehensive income (loss)68 (67)19 (68)
Comprehensive income$166 $69 $8 $265 
Less: Comprehensive income (loss) attributable to noncontrolling interests10 (9)7 4 
Comprehensive income attributable to XPO$156 $78 $1 $261 
See accompanying notes to condensed consolidated financial statements.

3

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(In millions)20202019
Operating activities
Net income (loss)$(11)$333 
Adjustments to reconcile net income (loss) to net cash from operating activities
Depreciation, amortization and net lease activity572 546 
Stock compensation expense50 48 
Accretion of debt14 16 
Deferred tax expense4 26 
Debt extinguishment loss 5 
Unrealized (gain) loss on foreign currency option and forward contracts(1)5 
Gains on sales of property and equipment(68)(73)
Other46 17 
Changes in assets and liabilities
Accounts receivable(152)(190)
Other assets(52)(12)
Accounts payable(105)(153)
Accrued expenses and other liabilities395 (126)
Net cash provided by operating activities692 442 
Investing activities
Payment for purchases of property and equipment(377)(413)
Proceeds from sale of property and equipment148 192 
Cash collected on deferred purchase price receivable 186 
Other5  
Net cash used in investing activities(224)(35)
Financing activities
Proceeds from issuance of debt1,155 1,751 
Proceeds from borrowings related to securitization program48  
Proceeds from borrowings on ABL facility820 1,690 
Repayment of borrowings on ABL facility(620)(1,690)
Repayment of debt and finance leases(65)(850)
Payment for debt issuance costs(21)(28)
Purchase of noncontrolling interests(21) 
Repurchase of common stock(114)(1,347)
Change in bank overdrafts20 2 
Payment for tax withholdings for restricted shares(21)(11)
Other1 4 
Net cash provided by (used in) financing activities1,182 (479)
Effect of exchange rates on cash, cash equivalents and restricted cash(2)(7)
Net increase (decrease) in cash, cash equivalents and restricted cash1,648 (79)
Cash, cash equivalents and restricted cash, beginning of period387 514 
Cash, cash equivalents and restricted cash, end of period$2,035 $435 
Supplemental disclosure of cash flow information
Leased assets obtained in exchange for new operating lease liabilities$481 $559 
Leased assets obtained in exchange for new finance lease liabilities32 35 
Cash paid for interest215 202 
Cash paid for income taxes20 89 
See accompanying notes to condensed consolidated financial statements.
4

Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Series A Preferred StockCommon Stock 
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of June 30, 202072 $41 91,322 $ $1,963 $672 $(192)$2,484 $150 $2,634 
Net income— — — — — 93 — 93 5 98 
Other comprehensive income
— — — — — — 63 63 5 68 
Exercise and vesting of stock compensation awards
— — 39 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (3)— — (3)— (3)
Purchase of noncontrolling interests— — — — (1)— — (1)(20)(21)
Dividend declared
— — — — — — — — (4)(4)
Stock compensation expense
— — — — 10 — — 10 — 10 
Other
— — — — 2 1 — 3 — 3 
Balance as of September 30, 202072 $41 91,361 $ $1,971 $766 $(129)$2,649 $136 $2,785 

Series A Preferred StockCommon Stock 
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 201972 $41 92,342 $ $2,061 $786 $(145)$2,743 $153 $2,896 
Net (income) loss— — — — — (15)— (15)4 (11)
Other comprehensive income— — — — — — 16 16 3 19 
Exercise and vesting of stock compensation awards
— — 672 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (21)— — (21)— (21)
Purchase of noncontrolling interests— — — — (1)— — (1)(20)(21)
Retirement of common stock
— — (1,715)— (114)— — (114)— (114)
Dividend declared
— — — — — (2)— (2)(4)(6)
Stock compensation expense
— — — — 42 — — 42 — 42 
Adoption of new accounting standard and other
— — 62 — 4 (3)— 1 — 1 
Balance as of September 30, 202072 $41 91,361 $ $1,971 $766 $(129)$2,649 $136 $2,785 

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Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Changes in Equity (continued)
(Unaudited)
Series A Preferred StockCommon Stock
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of June 30, 201972 $41 91,992 $ $2,054 $563 $(153)$2,505 $407 $2,912 
Net income
— — — — — 130 — 130 6 136 
Other comprehensive loss
— — — — — — (52)(52)(15)(67)
Exercise and vesting of stock compensation awards
— — 242 — — — — — —  
Tax withholdings related to vesting of stock compensation awards
— — — — (7)— — (7)— (7)
Dividend declared
— — — — — (1)— (1)(3)(4)
Stock compensation expense
— — — — 8 — — 8 — 8 
Other
— — — — 1 (12)— (11)(2)(13)
Balance as of September 30, 201972 $41 92,234 $ $2,056 $680 $(205)$2,572 $393 $2,965 
Series A Preferred StockCommon Stock
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 201872 $41 115,683 $ $3,311 $377 $(154)$3,575 $395 $3,970 
Net income
— — — — — 312 — 312 21 333 
Other comprehensive loss
— — — — — — (51)(51)(17)(68)
Exercise and vesting of stock compensation awards