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 2020-06-30 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 2020-07-30 Regulation FD, Exhibits
8-K 2020-07-30 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, 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-10.1 xpo2020q2ex-101.htm
EX-10.4 xpo2020q2ex-104.htm
EX-10.5 xpo2020q2ex-105.htm
EX-10.6 xpo2020q2ex-106.htm
EX-10.7 xpo2020q2ex-107.htm
EX-10.8 xpo2020q2ex-108.htm
EX-31.1 xpo2020q210-qexx311.htm
EX-31.2 xpo2020q210-qexx312.htm
EX-32.1 xpo2020q210-qexx321.htm
EX-32.2 xpo2020q210-qexx322.htm

XPO Logistics Earnings 2020-06-30

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 June 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-20200630_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 July 27, 2020, there were 91,325,643 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 June 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)
June 30,December 31,
(In millions, except per share data)20202019
ASSETS
Current assets
Cash and cash equivalents$2,285  $377  
Accounts receivable, net of allowances of $79 and $58, respectively
2,244  2,500  
Other current assets501  465  
Total current assets5,030  3,342  
Long-term assets
Property and equipment, net of $2,291 and $2,054 in accumulated depreciation, respectively
2,597  2,704  
Operating lease assets2,226  2,245  
Goodwill4,422  4,450  
Identifiable intangible assets, net of $864 and $850 in accumulated amortization, respectively
1,015  1,092  
Other long-term assets351  295  
Total long-term assets10,611  10,786  
Total assets$15,641  $14,128  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$840  $1,157  
Accrued expenses1,673  1,414  
Short-term borrowings and current maturities of long-term debt198  84  
Short-term operating lease liabilities460  468  
Other current liabilities158  135  
Total current liabilities3,329  3,258  
Long-term liabilities
Long-term debt6,939  5,182  
Deferred tax liability507  495  
Employee benefit obligations155  157  
Long-term operating lease liabilities1,770  1,776  
Other long-term liabilities307  364  
Total long-term liabilities9,678  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 June 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 June 30, 2020 and December 31, 2019, respectively
    
Additional paid-in capital1,963  2,061  
Retained earnings672  786  
Accumulated other comprehensive loss(192) (145) 
Total stockholders’ equity before noncontrolling interests2,484  2,743  
Noncontrolling interests150  153  
Total equity2,634  2,896  
Total liabilities and equity$15,641  $14,128  
See accompanying notes to condensed consolidated financial statements.

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Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of (Loss) Income
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share data)2020201920202019
Revenue$3,502  $4,238  $7,366  $8,358  
Operating expenses
Cost of transportation and services1,641  2,108  3,539  4,204  
Direct operating expense1,370  1,417  2,730  2,823  
Sales, general and administrative expense632  455  1,157  941  
Total operating expenses3,643  3,980  7,426  7,968  
Operating (loss) income(141) 258  (60) 390  
Other expense (income)(21) (13) (39) (30) 
Foreign currency loss (gain)3  8  (5) 10  
Debt extinguishment loss      5  
Interest expense82  72  154  143  
(Loss) income before income tax (benefit) provision(205) 191  (170) 262  
Income tax (benefit) provision(71) 46  (61) 65  
Net (loss) income(134) 145  (109) 197  
Net loss (income) attributable to noncontrolling interests3  (10) 1  (15) 
Net (loss) income attributable to XPO$(131) $135  $(108) $182  
Earnings (loss) per share data
Net (loss) income attributable to common shareholders $(132) $122  $(110) $165  
Basic (loss) earnings per share $(1.45) $1.32  $(1.20) $1.66  
Diluted (loss) earnings per share $(1.45) $1.19  $(1.20) $1.51  
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding91  92  92  100  
Diluted weighted-average common shares outstanding91  102  92  110  
See accompanying notes to condensed consolidated financial statements.

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Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2020201920202019
Net (loss) income$(134) $145  $(109) $197  
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax effect of $4, $, $(7) and $(6)
$21  $(1) $(44) $(2) 
Unrealized gain on financial assets/liabilities designated as hedging instruments, net of tax effect of $, $(1), $ and $
  4    1  
Defined benefit plans adjustments, net of tax effect of $, $, $2 and $
    (5)   
Other comprehensive income (loss)21  3  (49) (1) 
Comprehensive (loss) income$(113) $148  $(158) $196  
Less: Comprehensive income (loss) attributable to noncontrolling interests  13  (3) 13  
Comprehensive (loss) income attributable to XPO$(113) $135  $(155) $183  
See accompanying notes to condensed consolidated financial statements.

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Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
(In millions)20202019
Operating activities
Net (loss) income$(109) $197  
Adjustments to reconcile net (loss) income to net cash from operating activities
Depreciation, amortization and net lease activity379  360  
Stock compensation expense39  31  
Accretion of debt8  9  
Deferred tax expense3  12  
Debt extinguishment loss  5  
Unrealized (gain) loss on foreign currency option and forward contracts(1) 9  
Gains on sales of property and equipment(39) (40) 
Other42  23  
Changes in assets and liabilities
Accounts receivable186  (289) 
Other assets(84) (23) 
Accounts payable(277) (81) 
Accrued expenses and other liabilities247  (49) 
Net cash provided by operating activities394  164  
Investing activities
Payment for purchases of property and equipment(255) (236) 
Proceeds from sale of property and equipment77  85  
Cash collected on deferred purchase price receivable  137  
Other6    
Net cash used in investing activities(172) (14) 
Financing activities
Proceeds from issuance of debt1,161  1,758  
Proceeds from borrowings related to securitization program109    
Proceeds from borrowings on ABL facility620  1,355  
Repayment of borrowings on ABL facility(20) (1,355) 
Repayment of debt and finance leases(40) (565) 
Payment for debt issuance costs(21) (27) 
Repurchase of common stock(114) (1,347) 
Change in bank overdrafts23  30  
Payment for tax withholdings for restricted shares(18) (5) 
Other1  3  
Net cash provided by (used in) financing activities1,701  (153) 
Effect of exchange rates on cash, cash equivalents and restricted cash(15) (2) 
Net increase (decrease) in cash, cash equivalents and restricted cash1,908  (5) 
Cash, cash equivalents and restricted cash, beginning of period387  514  
Cash, cash equivalents and restricted cash, end of period$2,295  $509  
Supplemental disclosure of cash flow information
Leased assets obtained in exchange for new operating lease liabilities$371  $327  
Leased assets obtained in exchange for new finance lease liabilities17  30  
Cash paid for interest149  125  
Cash paid for income taxes10  58  
See accompanying notes to condensed consolidated financial statements.
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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 March 31, 202072  $41  91,044  $  $1,943  $804  $(210) $2,578  $150  $2,728  
Net loss
—  —  —  —  —  (131) —  (131) (3) (134) 
Other comprehensive income
—  —  —  —  —  —  18  18  3  21  
Exercise and vesting of stock compensation awards
—  —  216  —  —  —  —    —    
Tax withholdings related to vesting of stock compensation awards
—  —  —  —  (2) —  —  (2) —  (2) 
Dividend declared
—  —  —  —  —  (1) —  (1) —  (1) 
Stock compensation expense
—  —  —  —  20  —  —  20  —  20  
Other
—  —  62  —  2  —  —  2  —  2  
Balance as of June 30, 202072  $41  91,322  $  $1,963  $672  $(192) $2,484  $150  $2,634  

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 loss
—  —  —  —  —  (108) —  (108) (1) (109) 
Other comprehensive loss
—  —  —  —  —