QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 03-0450326 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Five American Lane | |||||||||||
Greenwich, | CT | 06831 | |||||||||
(Address of principal executive offices) | (Zip |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 per share | XPO | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||||||
Emerging growth company | ☐ |
Page No. | |||||
September 30, | December 31, | |||||||||||||
(In millions, except per share data) | 2022 | 2021 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 544 | $ | 260 | ||||||||||
Accounts receivable, net of allowances of $51 and $47, respectively | 2,013 | 2,105 | ||||||||||||
Other current assets | 257 | 286 | ||||||||||||
Current assets of discontinued operations | 17 | 26 | ||||||||||||
Total current assets | 2,831 | 2,677 | ||||||||||||
Long-term assets | ||||||||||||||
Property and equipment, net of $1,848 and $1,828 in accumulated depreciation, respectively | 1,828 | 1,808 | ||||||||||||
Operating lease assets | 816 | 908 | ||||||||||||
Goodwill | 2,229 | 2,479 | ||||||||||||
Identifiable intangible assets, net of $598 and $612 in accumulated amortization, respectively | 496 | 580 | ||||||||||||
Other long-term assets | 303 | 255 | ||||||||||||
Total long-term assets | 5,672 | 6,030 | ||||||||||||
Total assets | $ | 8,503 | $ | 8,707 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | 1,022 | $ | 1,110 | ||||||||||
Accrued expenses | 1,087 | 1,107 | ||||||||||||
Short-term borrowings and current maturities of long-term debt | 60 | 58 | ||||||||||||
Short-term operating lease liabilities | 145 | 170 | ||||||||||||
Other current liabilities | 111 | 69 | ||||||||||||
Current liabilities of discontinued operations | 17 | 24 | ||||||||||||
Total current liabilities | 2,442 | 2,538 | ||||||||||||
Long-term liabilities | ||||||||||||||
Long-term debt | 2,848 | 3,514 | ||||||||||||
Deferred tax liability | 334 | 316 | ||||||||||||
Employee benefit obligations | 116 | 122 | ||||||||||||
Long-term operating lease liabilities | 671 | 752 | ||||||||||||
Other long-term liabilities | 306 | 327 | ||||||||||||
Total long-term liabilities | 4,275 | 5,031 | ||||||||||||
Stockholders’ equity | ||||||||||||||
Common stock, $0.001 par value; 300 shares authorized; 115 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | — | — | ||||||||||||
Additional paid-in capital | 1,195 | 1,179 | ||||||||||||
Retained earnings | 803 | 43 | ||||||||||||
Accumulated other comprehensive loss | (212) | (84) | ||||||||||||
Total equity | 1,786 | 1,138 | ||||||||||||
Total liabilities and equity | $ | 8,503 | $ | 8,707 |
September 30, | December 31, | |||||||
(In millions, except per share data) | 2017 | 2016 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 473.1 | $ | 373.4 | ||||
Accounts receivable, net of allowances of $39.2 and $26.3, respectively | 2,601.0 | 2,313.3 | ||||||
Other current assets | 507.6 | 386.9 | ||||||
Total current assets | 3,581.7 | 3,073.6 | ||||||
Property and equipment, net of $980.6 and $589.9 in accumulated depreciation, respectively | 2,602.1 | 2,537.4 | ||||||
Goodwill | 4,534.3 | 4,325.8 | ||||||
Identifiable intangible assets, net of $515.9 and $377.1 in accumulated amortization, respectively | 1,468.0 | 1,534.7 | ||||||
Other long-term assets | 172.1 | 226.9 | ||||||
Total long-term assets | 8,776.5 | 8,624.8 | ||||||
Total assets | $ | 12,358.2 | $ | 11,698.4 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,158.0 | $ | 1,056.3 | ||||
Accrued expenses | 1,517.4 | 1,382.1 | ||||||
Current maturities of long-term debt | 90.0 | 136.5 | ||||||
Other current liabilities | 142.3 | 156.7 | ||||||
Total current liabilities | 2,907.7 | 2,731.6 | ||||||
Long-term debt | 4,541.0 | 4,731.5 | ||||||
Deferred tax liability | 535.0 | 572.4 | ||||||
Employee benefit obligations | 211.5 | 251.4 | ||||||
Other long-term liabilities | 464.6 | 373.9 | ||||||
Total long-term liabilities | 5,752.1 | 5,929.2 | ||||||
Stockholders’ equity: | ||||||||
Convertible perpetual preferred stock, $.001 par value; 10.0 shares authorized; .07 of Series A shares issued and outstanding at September 30, 2017 and December 31, 2016 | 41.2 | 41.6 | ||||||
Common stock, $.001 par value; 300.0 shares authorized; 119.6 and 111.1 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 0.1 | 0.1 | ||||||
Additional paid-in capital | 3,581.6 | 3,244.9 | ||||||
Accumulated deficit | (259.5 | ) | (392.9 | ) | ||||
Accumulated other comprehensive loss | (54.6 | ) | (193.7 | ) | ||||
Total stockholders' equity before noncontrolling interests | 3,308.8 | 2,700.0 | ||||||
Noncontrolling interests | 389.6 | 337.6 | ||||||
Total equity | 3,698.4 | 3,037.6 | ||||||
Total liabilities and equity | $ | 12,358.2 | $ | 11,698.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | 3,042 | $ | 3,270 | $ | 9,747 | $ | 9,445 | ||||||||||||||||||
Cost of transportation and services (exclusive of depreciation and amortization) | 2,044 | 2,306 | 6,634 | 6,545 | ||||||||||||||||||||||
Direct operating expense (exclusive of depreciation and amortization) | 363 | 366 | 1,113 | 1,058 | ||||||||||||||||||||||
Sales, general and administrative expense | 298 | 339 | 966 | 1,001 | ||||||||||||||||||||||
Depreciation and amortization expense | 118 | 118 | 349 | 357 | ||||||||||||||||||||||
Gain on sale of business | — | — | (434) | — | ||||||||||||||||||||||
Transaction and integration costs | 25 | 15 | 60 | 26 | ||||||||||||||||||||||
Restructuring costs | 9 | 14 | 19 | 16 | ||||||||||||||||||||||
Operating income | 185 | 112 | 1,040 | 442 | ||||||||||||||||||||||
Other income | (15) | (19) | (44) | (45) | ||||||||||||||||||||||
Debt extinguishment loss | — | 46 | 26 | 54 | ||||||||||||||||||||||
Interest expense | 35 | 53 | 103 | 176 | ||||||||||||||||||||||
Income from continuing operations before income tax provision | 165 | 32 | 955 | 257 | ||||||||||||||||||||||
Income tax provision | 34 | 11 | 194 | 60 | ||||||||||||||||||||||
Income from continuing operations | 131 | 21 | 761 | 197 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | (78) | (1) | 22 | ||||||||||||||||||||||
Net income (loss) | 131 | (57) | 760 | 219 | ||||||||||||||||||||||
Net income from discontinued operations attributable to noncontrolling interests | — | — | — | (5) | ||||||||||||||||||||||
Net income (loss) attributable to XPO | $ | 131 | $ | (57) | $ | 760 | $ | 214 | ||||||||||||||||||
Net income (loss) attributable to common shareholders | ||||||||||||||||||||||||||
Continuing operations | $ | 131 | $ | 21 | $ | 761 | $ | 197 | ||||||||||||||||||
Discontinued operations | — | (78) | (1) | 17 | ||||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 131 | $ | (57) | $ | 760 | $ | 214 | ||||||||||||||||||
Earnings (loss) per share data | ||||||||||||||||||||||||||
Basic earnings per share from continuing operations | $ | 1.14 | $ | 0.19 | $ | 6.62 | $ | 1.78 | ||||||||||||||||||
Basic earnings (loss) per share from discontinued operations | — | (0.69) | (0.01) | 0.15 | ||||||||||||||||||||||
Basic earnings (loss) per share attributable to common shareholders | $ | 1.14 | $ | (0.50) | $ | 6.61 | $ | 1.93 | ||||||||||||||||||
Diluted earnings per share from continuing operations | $ | 1.13 | $ | 0.19 | $ | 6.58 | $ | 1.73 | ||||||||||||||||||
Diluted earnings (loss) per share from discontinued operations | — | (0.68) | (0.01) | 0.14 | ||||||||||||||||||||||
Diluted earnings (loss) per share attributable to common shareholders | $ | 1.13 | $ | (0.49) | $ | 6.57 | $ | 1.87 | ||||||||||||||||||
Weighted-average common shares outstanding | ||||||||||||||||||||||||||
Basic weighted-average common shares outstanding | 115 | 115 | 115 | 111 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 116 | 116 | 116 | 114 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions, except per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 3,887.1 | $ | 3,713.8 | $ | 11,186.9 | $ | 10,942.8 | ||||||||
Operating expenses | ||||||||||||||||
Cost of transportation and services | 2,042.7 | 2,008.4 | 5,899.6 | 5,926.8 | ||||||||||||
Direct operating expense | 1,258.7 | 1,153.4 | 3,590.6 | 3,389.8 | ||||||||||||
Sales, general and administrative expense | 398.9 | 383.2 | 1,211.3 | 1,224.7 | ||||||||||||
Total operating expenses | 3,700.3 | 3,545.0 | 10,701.5 | 10,541.3 | ||||||||||||
Operating income | 186.8 | 168.8 | 485.4 | 401.5 | ||||||||||||
Other income | (6.7 | ) | (1.1 | ) | (6.0 | ) | (6.7 | ) | ||||||||
Foreign currency loss (income) | 15.0 | (0.3 | ) | 53.9 | 1.8 | |||||||||||
Debt extinguishment loss | 4.6 | 53.2 | 13.6 | 53.2 | ||||||||||||
Interest expense | 72.5 | 93.0 | 222.4 | 280.8 | ||||||||||||
Income before income tax provision | 101.4 | 24.0 | 201.5 | 72.4 | ||||||||||||
Income tax provision | 30.4 | 2.7 | 48.4 | 20.0 | ||||||||||||
Net income | 71.0 | 21.3 | 153.1 | 52.4 | ||||||||||||
Net income attributable to noncontrolling interests | (8.5 | ) | (6.2 | ) | (17.4 | ) | (13.2 | ) | ||||||||
Net income attributable to XPO | $ | 62.5 | $ | 15.1 | $ | 135.7 | $ | 39.2 | ||||||||
Earnings per share data: | ||||||||||||||||
Net income attributable to common shareholders | $ | 57.5 | $ | 13.8 | $ | 124.5 | $ | 35.8 | ||||||||
Basic earnings per share | $ | 0.49 | $ | 0.13 | $ | 1.10 | $ | 0.33 | ||||||||
Diluted earnings per share | $ | 0.44 | $ | 0.11 | $ | 0.99 | $ | 0.30 | ||||||||
Weighted-average common shares outstanding | ||||||||||||||||
Basic weighted-average common shares outstanding | 117.5 | 110.3 | 113.5 | 110.0 | ||||||||||||
Diluted weighted-average common shares outstanding | 129.8 | 122.9 | 126.2 | 119.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net income (loss) | $ | 131 | $ | (57) | $ | 760 | $ | 219 | ||||||||||||||||||
Other comprehensive loss, net of tax | ||||||||||||||||||||||||||
Foreign currency translation loss, net of tax effect of $(7), $7, $(18) and $4 | $ | (60) | $ | (47) | $ | (132) | $ | (74) | ||||||||||||||||||
Unrealized gain (loss) on financial assets/liabilities designated as hedging instruments, net of tax effect of $—, $1, $(1) and $1 | — | (3) | 4 | (3) | ||||||||||||||||||||||
Defined benefit plans adjustments, net of tax effect of $—, $(9), $— and $(9) | — | 28 | — | 28 | ||||||||||||||||||||||
Other comprehensive loss | (60) | (22) | (128) | (49) | ||||||||||||||||||||||
Comprehensive income (loss) | $ | 71 | $ | (79) | $ | 632 | $ | 170 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | 3 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to XPO | $ | 71 | $ | (79) | $ | 632 | $ | 167 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 71.0 | $ | 21.3 | $ | 153.1 | $ | 52.4 | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Foreign currency translation gain (loss) (1) | $ | 82.0 | $ | (8.0 | ) | $ | 247.6 | $ | (27.2 | ) | ||||||
Unrealized loss on financial assets/liabilities designated as hedging instruments, net of tax effect of $23.3, $9.2, $42.1 and $16.7 | (28.4 | ) | (12.4 | ) | (68.9 | ) | (23.3 | ) | ||||||||
Defined benefit plans adjustments, net of tax effect of $1.9, $1.1, $1.9 and $1.1 | (1.0 | ) | (5.3 | ) | (1.0 | ) | (5.3 | ) | ||||||||
Other comprehensive income (loss) | 52.6 | (25.7 | ) | 177.7 | (55.8 | ) | ||||||||||
Comprehensive income (loss) | $ | 123.6 | $ | (4.4 | ) | $ | 330.8 | $ | (3.4 | ) | ||||||
Less: Comprehensive income attributable to noncontrolling interests | (21.1 | ) | (5.1 | ) | (56.0 | ) | (10.2 | ) | ||||||||
Comprehensive income (loss) attributable to XPO | $ | 102.5 | $ | (9.5 | ) | $ | 274.8 | $ | (13.6 | ) |
Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Cash flows from operating activities of continuing operations | ||||||||||||||
Net income | $ | 760 | $ | 219 | ||||||||||
Income (loss) from discontinued operations, net of taxes | (1) | 22 | ||||||||||||
Income from continuing operations | 761 | 197 | ||||||||||||
Adjustments to reconcile income from continuing operations to net cash from operating activities | ||||||||||||||
Depreciation, amortization and net lease activity | 349 | 357 | ||||||||||||
Stock compensation expense | 26 | 29 | ||||||||||||
Accretion of debt | 12 | 15 | ||||||||||||
Deferred tax expense | 10 | 5 | ||||||||||||
Debt extinguishment loss | 26 | 54 | ||||||||||||
Gain on sale of business | (434) | — | ||||||||||||
Gains on sales of property and equipment | (4) | (36) | ||||||||||||
Other | 29 | 5 | ||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable | (245) | (371) | ||||||||||||
Other assets | 30 | (1) | ||||||||||||
Accounts payable | 76 | 133 | ||||||||||||
Accrued expenses and other liabilities | 28 | 171 | ||||||||||||
Net cash provided by operating activities from continuing operations | 664 | 558 | ||||||||||||
Cash flows from investing activities of continuing operations | ||||||||||||||
Proceeds from sale of business | 705 | — | ||||||||||||
Payment for purchases of property and equipment | (394) | (212) | ||||||||||||
Proceeds from sale of property and equipment | 11 | 72 | ||||||||||||
Proceeds from settlement of cross currency swaps | 29 | — | ||||||||||||
Other | — | (3) | ||||||||||||
Net cash provided by (used in) investing activities from continuing operations | 351 | (143) | ||||||||||||
Cash flows from financing activities of continuing operations | ||||||||||||||
Repayment of borrowings related to securitization program | — | (24) | ||||||||||||
Repurchase of debt | (651) | (2,769) | ||||||||||||
Proceeds from borrowings on ABL facility | 275 | — | ||||||||||||
Repayment of borrowings on ABL facility | (275) | (200) | ||||||||||||
Repayment of debt and finance leases | (47) | (63) | ||||||||||||
Payment for debt issuance costs | — | (5) | ||||||||||||
Issuance of common stock | — | 384 | ||||||||||||
Change in bank overdrafts | 6 | 33 | ||||||||||||
Payment for tax withholdings for restricted shares | (13) | (25) | ||||||||||||
Distribution from GXO | — | 794 | ||||||||||||
Other | (1) | (5) | ||||||||||||
Net cash used in financing activities from continuing operations | (706) | (1,880) | ||||||||||||
Nine Months Ended September 30, | ||||||||
(In millions) | 2017 | 2016 | ||||||
Operating activities | ||||||||
Net income | $ | 153.1 | $ | 52.4 | ||||
Adjustments to reconcile net income to net cash from operating activities | ||||||||
Depreciation and amortization | 489.1 | 485.4 | ||||||
Stock compensation expense | 50.1 | 34.2 | ||||||
Accretion of debt | 14.5 | 12.3 | ||||||
Deferred tax benefit | (3.1 | ) | (2.3 | ) | ||||
Loss on extinguishment of debt | 13.6 | 53.2 | ||||||
Unrealized loss (gain) on foreign currency option and forward contracts | 49.9 | (2.8 | ) | |||||
Other | 20.1 | 8.7 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (199.8 | ) | (79.0 | ) | ||||
Other assets | (40.2 | ) | (72.5 | ) | ||||
Accounts payable | 48.6 | (150.7 | ) | |||||
Accrued expenses and other liabilities | (71.2 | ) | 65.7 | |||||
Cash flows provided by operating activities | 524.7 | 404.6 | ||||||
Investing activities | ||||||||
Payment for purchases of property and equipment | (389.9 | ) | (318.5 | ) | ||||
Proceeds from sale of assets | 59.6 | 57.9 | ||||||
Other | — | 8.6 | ||||||
Cash flows used by investing activities | (330.3 | ) | (252.0 | ) | ||||
Financing activities | ||||||||
Proceeds from issuance of long-term debt | 523.5 | 1,377.8 | ||||||
Repurchase of debt | (782.9 | ) | (1,334.2 | ) | ||||
Proceeds from borrowings on ABL facility | 495.0 | 260.0 | ||||||
Repayment of borrowings on ABL facility | (525.0 | ) | (260.0 | ) | ||||
Repayment of long-term debt and capital leases | (80.9 | ) | (126.4 | ) | ||||
Payment for debt issuance costs | (12.8 | ) | (24.9 | ) | ||||
Proceeds from common stock offering | 287.6 | — | ||||||
Change in bank overdrafts | 11.5 | 24.9 | ||||||
Payment for tax withholdings for restricted shares | (15.2 | ) | (9.3 | ) | ||||
Dividends paid | (3.3 | ) | (2.5 | ) | ||||
Other | (1.0 | ) | 11.3 | |||||
Cash flows used by financing activities | (103.5 | ) | (83.3 | ) | ||||
Effect of exchange rates on cash | 8.8 | 1.2 | ||||||
Net increase in cash | 99.7 | 70.5 | ||||||
Cash and cash equivalents, beginning of period | 373.4 | 289.8 | ||||||
Cash and cash equivalents, end of period | $ | 473.1 | $ | 360.3 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 176.5 | $ | 259.1 | ||||
Cash paid for income taxes | $ | 59.9 | $ | 41.7 |
Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Cash flows from discontinued operations | ||||||||||||||
Operating activities of discontinued operations | (5) | 68 | ||||||||||||
Investing activities of discontinued operations | 2 | (95) | ||||||||||||
Financing activities of discontinued operations | — | (302) | ||||||||||||
Net cash used in discontinued operations | (3) | (329) | ||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (25) | (7) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 281 | (1,801) | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 273 | 2,065 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | 554 | 264 | ||||||||||||
Less: Cash, cash equivalents and restricted cash of discontinued operations, end of period | — | — | ||||||||||||
Cash, cash equivalents and restricted cash of continued operations, end of period | $ | 554 | $ | 264 | ||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | 165 | $ | 140 | ||||||||||
Leased assets obtained in exchange for new finance lease liabilities | 19 | 54 | ||||||||||||
Cash paid for interest | 94 | 195 | ||||||||||||
Cash paid for income taxes | 131 | 74 |
Series A Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total XPO Stockholders' Equity | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | — | $ | — | 115,033 | $ | — | $ | 1,187 | $ | 672 | $ | (152) | $ | 1,707 | $ | — | $ | 1,707 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 131 | — | 131 | — | 131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (60) | (60) | — | (60) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise and vesting of stock compensation awards | — | — | 19 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | 8 | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | — | $ | — | 115,052 | $ | — | $ | 1,195 | $ | 803 | $ | (212) | $ | 1,786 | $ | — | $ | 1,786 |
Series A Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total XPO Stockholders' Equity | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | — | $ | — | 114,737 | $ | — | $ | 1,179 | $ | 43 | $ | (84) | $ | 1,138 | $ | — | $ | 1,138 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 760 | — | 760 | — | 760 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (128) | (128) | — | (128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise and vesting of stock compensation awards | — | — | 315 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings related to vesting of stock compensation awards | — | — | — | — | (13) | — | — | (13) | — | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | 26 | — | — | 26 | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 3 | — | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | — | $ | — | 115,052 | $ | — | $ | 1,195 | $ | 803 | $ | (212) | $ | 1,786 | $ | — | $ | 1,786 |
Series A Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Total XPO Stockholders' Equity | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 111,726 | $ | — | $ | 1,971 | $ | 1,139 | $ | (183) | $ | 2,927 | $ | 40 | $ | 2,967 | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (57) | — | (57) | — | (57) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (22) | (22) | — | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Spin-off of GXO | — | — | — | — | (1,199) | (1,161) | 126 | (2,234) | (40) | (2,274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise and vesting of stock compensation awards | — | — | 72 | — | 2 | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings related to vesting of stock compensation awards | — | — | — | — | (3) | — | — | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | 2,875 | — | 384 | — | — | 384 | — | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | 19 | — | — | 19 | — | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 114,673 | $ | — | $ | 1,174 | $ | (79) | $ | (79) | $ | 1,016 | $ | — | $ | 1,016 |
Series A Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Shares in thousands, dollars in millions) | Shares | Amount | Shares | Amount | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Total XPO Stockholders' Equity | Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 1 | $ | 1 | 102,052 | $ | — | $ | 1,998 | $ | 868 | $ | (158) | $ | 2,709 | $ | 140 | $ | 2,849 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 214 | — | 214 | 5 | 219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (47) | (47) | (2) | (49) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Spin-off of GXO | — | — | — | — | (1,199) | (1,161) | 126 | (2,234) | (40) | (2,274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise and vesting of stock compensation awards | — | — | 386 | — | 2 | — | — | 2 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings related to vesting of stock compensation awards | — | — | — | — | (25) | — | — | (25) | — | (25) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | 2,875 | — | 384 | — | — | 384 | — | 384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock to common stock | (1) | (1) | 145 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | (34) | — | — | (34) | (100) | (134) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend declared | — | — | — | — | — | — | — | — | (3) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | — | 9,215 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | — | — | 44 | — | — | 44 | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 3 | — | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | — | $ | — | 114,673 | $ | — | $ | 1,174 | $ | (79) | $ | (79) | $ | 1,016 | $ | — | $ | 1,016 |
(In millions) | Transportation | Logistics | Corporate | Eliminations | Total | |||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||||
Revenue | $ | 2,469.8 | $ | 1,458.8 | $ | — | $ | (41.5 | ) | $ | 3,887.1 | |||||||||
Operating income (loss) | 145.2 | 77.4 | (35.8 | ) | — | 186.8 | ||||||||||||||
Depreciation and amortization | 111.7 | 54.9 | 0.7 | — | 167.3 | |||||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||||||
Revenue | $ | 2,409.1 | 1,347.0 | $ | — | $ | (42.3 | ) | $ | 3,713.8 | ||||||||||
Operating income (loss) | 125.4 | 75.3 | (31.9 | ) | — | 168.8 | ||||||||||||||
Depreciation and amortization | 114.8 | 46.5 | 0.5 | — | 161.8 | |||||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
Revenue | $ | 7,152.2 | $ | 4,154.1 | $ | — | $ | (119.4 | ) | $ | 11,186.9 | |||||||||
Operating income (loss) | 406.0 | 188.9 | (109.5 | ) | — | 485.4 | ||||||||||||||
Depreciation and amortization | 329.3 | 155.1 | 4.7 | — | 489.1 | |||||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||||||
Revenue | $ | 7,125.4 | $ | 3,939.7 | $ | — | $ | (122.3 | ) | $ | 10,942.8 | |||||||||
Operating income (loss) | 354.0 | 158.3 | (110.8 | ) | — | 401.5 | ||||||||||||||
Depreciation and amortization | 341.9 | 142.2 | 1.3 | — | 485.4 |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||
(In millions) | Reserve Balance at December 31, 2016 | Charges Incurred | Payments | Foreign Exchange and Other | Reserve Balance at September 30, 2017 | |||||||||||||||
Transportation | ||||||||||||||||||||
Facilities | $ | 1.4 | $ | 0.2 | $ | (1.3 | ) | $ | — | $ | 0.3 | |||||||||
Severance | 5.8 | 1.6 | (4.7 | ) | 0.5 | 3.2 | ||||||||||||||
Total | 7.2 | 1.8 | (6.0 | ) | 0.5 | 3.5 | ||||||||||||||
Logistics | ||||||||||||||||||||
Contract termination | 0.7 | 0.3 | (0.3 | ) | — | 0.7 | ||||||||||||||
Facilities | 0.5 | — | (0.5 | ) | — | — | ||||||||||||||
Severance | 16.1 | 4.0 | (14.1 | ) | 1.1 | 7.1 | ||||||||||||||
Total | 17.3 | 4.3 | (14.9 | ) | 1.1 | 7.8 | ||||||||||||||
Corporate | ||||||||||||||||||||
Contract termination | 0.3 | — | (0.3 | ) | — | — | ||||||||||||||
Severance | 0.4 | 1.2 | (1.5 | ) | 0.1 | |||||||||||||||
Total | 0.7 | 1.2 | (1.8 | ) | — | 0.1 | ||||||||||||||
Total | $ | 25.2 | $ | 7.3 | $ | (22.7 | ) | $ | 1.6 | $ | 11.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Securitization programs | ||||||||||||||||||||||||||
Receivables sold in period | $ | 418 | $ | 504 | $ | 1,323 | $ | 1,259 | ||||||||||||||||||
Cash consideration | 418 | 504 | 1,323 | 1,259 | ||||||||||||||||||||||
Factoring programs | ||||||||||||||||||||||||||
Receivables sold in period | 42 | 17 | 102 | 46 | ||||||||||||||||||||||
Cash consideration | 42 | 17 | 102 | 46 |
(In millions) | Carrying Value | Fair Value | Level 1 | |||||||||||||||||
September 30, 2022 | $ | 502 | $ | 502 | $ | 502 | ||||||||||||||
December 31, 2021 | 181 | 181 | 181 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions) | 2021 | 2021 | ||||||||||||||||||||||||
Revenue | $ | 651 | $ | 4,350 | ||||||||||||||||||||||
Direct operating expense (exclusive of depreciation and amortization) | 544 | 3,614 | ||||||||||||||||||||||||
Sales, general and administrative expense | 53 | 363 | ||||||||||||||||||||||||
Depreciation and amortization expense | 26 | 185 | ||||||||||||||||||||||||
Transaction and other operating costs | 59 | 101 | ||||||||||||||||||||||||
Operating income (loss) | (31) | 87 | ||||||||||||||||||||||||
Other income | (4) | (27) | ||||||||||||||||||||||||
Interest expense | 3 | 12 | ||||||||||||||||||||||||
Income (loss) from discontinued operations before income tax provision | (30) | 102 | ||||||||||||||||||||||||
Income tax provision | 48 | 80 | ||||||||||||||||||||||||
Net income (loss) from discontinued operations, net of taxes | (78) | 22 | ||||||||||||||||||||||||
Net income from discontinued operations attributable to noncontrolling interests | — | (5) | ||||||||||||||||||||||||
Net income (loss) from discontinued operations attributable to GXO | $ | (78) | $ | 17 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
North American LTL | $ | 1,204 | $ | 1,071 | $ | 3,548 | $ | 3,114 | ||||||||||||||||||
Brokerage and Other Services | 1,921 | 2,261 | 6,420 | 6,493 | ||||||||||||||||||||||
Eliminations | (83) | (62) | (221) | (162) | ||||||||||||||||||||||
Total | $ | 3,042 | $ | 3,270 | $ | 9,747 | $ | 9,445 | ||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||||
North American LTL | $ | 258 | $ | 222 | $ | 757 | $ | 694 | ||||||||||||||||||
Brokerage and Other Services | 123 | 131 | 439 | 386 | ||||||||||||||||||||||
Corporate | (29) | (46) | (118) | (164) | ||||||||||||||||||||||
Total adjusted EBITDA | 352 | 307 | 1,078 | 916 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Debt extinguishment loss | — | 46 | 26 | 54 | ||||||||||||||||||||||
Interest expense | 35 | 53 | 103 | 176 | ||||||||||||||||||||||
Income tax provision | 34 | 11 | 194 | 60 | ||||||||||||||||||||||
Depreciation and amortization expense | 118 | 118 | 349 | 357 | ||||||||||||||||||||||
Unrealized loss on foreign currency option and forward contracts | — | — | — | 1 | ||||||||||||||||||||||
Gain on sale of business | — | — | (434) | — | ||||||||||||||||||||||
Litigation settlements | — | 29 | — | 29 | ||||||||||||||||||||||
Transaction and integration costs (1) | 25 | 15 | 60 | 26 | ||||||||||||||||||||||
Restructuring costs (2) | 9 | 14 | 19 | 16 | ||||||||||||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 131 | $ | 21 | $ | 761 | $ | 197 | ||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
North American LTL | $ | 60 | $ | 57 | $ | 175 | $ | 169 | ||||||||||||||||||
Brokerage and Other Services | 54 | 60 | 168 | 180 | ||||||||||||||||||||||
Corporate | 4 | 1 | 6 | 8 | ||||||||||||||||||||||
Total | $ | 118 | $ | 118 | $ | 349 | $ | 357 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
(In millions) | North American LTL | Brokerage and Other Services | Eliminations | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
United States | $ | 1,178 | $ | 1,079 | $ | (83) | $ | 2,174 | ||||||||||||||||||
North America (excluding United States) | 26 | 90 | — | 116 | ||||||||||||||||||||||
France | — | 313 | — | 313 | ||||||||||||||||||||||
United Kingdom | — | 217 | — | 217 | ||||||||||||||||||||||
Europe (excluding France and United Kingdom) | — | 212 | — | 212 | ||||||||||||||||||||||
Other | — | 10 | — | 10 | ||||||||||||||||||||||
Total | $ | 1,204 | $ | 1,921 | $ | (83) | $ | 3,042 |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
(In millions) | North American LTL | Brokerage and Other Services | Eliminations | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
United States | $ | 1,049 | $ | 1,384 | $ | (62) | $ | 2,371 | ||||||||||||||||||
North America (excluding United States) | 22 | 73 | — | 95 | ||||||||||||||||||||||
France | — | 330 | — | 330 | ||||||||||||||||||||||
United Kingdom | — | 224 | — | 224 | ||||||||||||||||||||||
Europe (excluding France and United Kingdom) | — | 199 | — | 199 | ||||||||||||||||||||||
Other | — | 51 | — | 51 | ||||||||||||||||||||||
Total | $ | 1,071 | $ | 2,261 | $ | (62) | $ | 3,270 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
(In millions) | North American LTL | Brokerage and Other Services | Eliminations | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
United States | $ | 3,472 | $ | 3,739 | $ | (221) | $ | 6,990 | ||||||||||||||||||
North America (excluding United States) | 76 | 293 | — | 369 | ||||||||||||||||||||||
France | — | 1,017 | — | 1,017 | ||||||||||||||||||||||
United Kingdom | — | 666 | — | 666 | ||||||||||||||||||||||
Europe (excluding France and United Kingdom) | — | 653 | — | 653 | ||||||||||||||||||||||
Other | — | 52 | — | 52 | ||||||||||||||||||||||
Total | $ | 3,548 | $ | 6,420 | $ | (221) | $ | 9,747 |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
(In millions) | North American LTL | Brokerage and Other Services | Eliminations | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
United States | $ | 3,046 | $ | 3,881 | $ | (162) | $ | 6,765 | ||||||||||||||||||
North America (excluding United States) | 68 | 212 | — | 280 | ||||||||||||||||||||||
France | — | 1,024 | — | 1,024 | ||||||||||||||||||||||
United Kingdom | — | 655 | — | 655 | ||||||||||||||||||||||
Europe (excluding France and United Kingdom) | — | 627 | — | 627 | ||||||||||||||||||||||
Other | — | 94 | — | 94 | ||||||||||||||||||||||
Total | $ | 3,114 | $ | 6,493 | $ | (162) | $ | 9,445 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
North America | ||||||||||||||||||||||||||
LTL (1) | $ | 1,250 | $ | 1,091 | $ | 3,658 | $ | 3,165 | ||||||||||||||||||
Truck brokerage | 686 | 700 | 2,265 | 1,903 | ||||||||||||||||||||||
Last mile | 264 | 250 | 784 | 765 | ||||||||||||||||||||||
Other brokerage (2) | 186 | 547 | 936 | 1,486 | ||||||||||||||||||||||
Total North America | 2,386 | 2,588 | 7,643 | 7,319 | ||||||||||||||||||||||
Europe | 741 | 757 | 2,335 | 2,311 | ||||||||||||||||||||||
Eliminations | (85) | (75) | (231) | (185) | ||||||||||||||||||||||
Total | $ | 3,042 | $ | 3,270 | $ | 9,747 | $ | 9,445 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(In millions) | Reserve Balance as of December 31, 2021 | Charges Incurred | Payments | Foreign Exchange and Other | Reserve Balance as of September 30, 2022 | |||||||||||||||||||||||||||||||||
Severance | ||||||||||||||||||||||||||||||||||||||
North American LTL | $ | — | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||||||||||||||||||||||
Brokerage and Other Services | 6 | 6 | (9) | (1) | 2 | |||||||||||||||||||||||||||||||||
Corporate | 7 | 6 | (6) | — | 7 | |||||||||||||||||||||||||||||||||
Total severance | 13 | 14 | (15) | (1) | 11 | |||||||||||||||||||||||||||||||||
Facilities | ||||||||||||||||||||||||||||||||||||||
Brokerage and Other Services | 2 | 1 | (1) | — | 2 | |||||||||||||||||||||||||||||||||
Total facilities | 2 | 1 | (1) | — | 2 | |||||||||||||||||||||||||||||||||
Contract termination | ||||||||||||||||||||||||||||||||||||||
North American LTL | — | 3 | (3) | — | — | |||||||||||||||||||||||||||||||||
Brokerage and Other Services | — | 1 | — | — | 1 | |||||||||||||||||||||||||||||||||
Total contract termination | — | 4 | (3) | — | 1 | |||||||||||||||||||||||||||||||||
Total | $ | 15 | $ | 19 | $ | (19) | $ | (1) | $ | 14 | ||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
(In millions) | Notional Amount | Balance Sheet Caption | Fair Value | Balance Sheet Caption | Fair Value | |||||||||||||||||||||||||||
Derivatives designated as hedges | ||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | 332 | Other current assets | $ | 18 | Other current liabilities | $ | — | ||||||||||||||||||||||||
Cross-currency swap agreements | 79 | Other long-term assets | 10 | Other long-term liabilities | — | |||||||||||||||||||||||||||
Interest rate swaps | 2,003 | Other current assets | 6 | Other current liabilities | — | |||||||||||||||||||||||||||
Total | $ | 34 | $ | — | ||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value Hierarchy Level | Notional Amount | Balance Sheet Caption | Fair Value | Balance Sheet Caption | Fair Value | (In millions) | Notional Amount | Balance Sheet Caption | Fair Value | Balance Sheet Caption | Fair Value | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedges | Derivatives designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | Level 2 | $ | 1,265.9 | Other long-term assets | $ | — | Other long-term liabilities | $ | (114.4 | ) | Cross-currency swap agreements | $ | 362 | Other current assets | $ | — | Other current liabilities | $ | (4) | |||||||||||||||||||||||||||||||
Cross-currency swap agreements | Level 2 | 0.7 | Other current assets | 0.1 | Other current liabilities | — | Cross-currency swap agreements | 110 | Other long-term assets | — | Other long-term liabilities | — | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Level 2 | 118.1 | Other current assets | — | Other current liabilities | (0.6 | ) | Interest rate swaps | 2,003 | Other current assets | — | Other current liabilities | — | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency option and forward contracts | Level 2 | 876.2 | Other current assets | 1.8 | Other current liabilities | (13.0 | ) | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency option and forward contracts | Level 2 | 223.2 | Other long-term assets | 1.3 | Other long-term liabilities | (4.1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3.2 | $ | (132.1 | ) | Total | $ | — | $ | (4) |
December 31, 2016 | ||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||
(In millions) | Fair Value Hierarchy Level | Notional Amount | Balance Sheet Caption | Fair Value | Balance Sheet Caption | Fair Value | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||||
Cross-currency swap agreements | Level 2 | $ | 730.9 | Other long-term assets | $ | 11.9 | Other long-term liabilities | $ | (6.9 | ) | ||||||||
Cross-currency swap agreements | Level 2 | 3.3 | Other current assets | 0.1 | Other current liabilities | — | ||||||||||||
Interest rate swaps | Level 2 | 105.4 | Other current assets | — | Other current liabilities | (2.3 | ) | |||||||||||
Derivatives not designated as hedges: | ||||||||||||||||||
Foreign currency option and forward contracts | Level 2 | 552.2 | Other current assets | 18.8 | Other current liabilities | (1.0 | ) | |||||||||||
Foreign currency option and forward contracts | Level 2 | 742.6 | Other long-term assets | 26.7 | Other long-term liabilities | (5.8 | ) | |||||||||||
Total | $ | 57.5 | $ | (16.0 | ) |
Amount of Gain Recognized in Other Comprehensive Loss on Derivatives | Amount of Gain Reclassified from AOCI into Net Income (Loss) | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | — | ||||||||||||||||||||||||||
Derivatives designated as net investment hedges | ||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | 25 | 41 | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||
Total | $ | 25 | $ | 41 | $ | — | $ | 3 | $ | 1 | $ | 1 |
Amount of Gain Recognized in Other Comprehensive Loss on Derivatives | Amount of Gain Reclassified from AOCI into Net Income | Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) | ||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | $ | — | $ | 4 | $ | — | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||
Interest rate swaps | 5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Derivatives designated as net investment hedges | ||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | 62 | 76 | — | — | 5 | 6 | ||||||||||||||||||||||||||||||||
Total | $ | 67 | $ | 80 | $ | — | $ | 7 | $ | 5 | $ | 6 |
Recognized in Accumulated Other Comprehensive Loss | Recognized in Income Before Income Tax Provision | |||||||||||||||
(In millions) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Cross-currency swap agreements | $ | (50.4 | ) | $ | (17.9 | ) | $ | — | $ | — | ||||||
Interest rate swaps | 0.7 | 0.3 | — | — | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Interest rate swaps | — | — | 0.3 | |||||||||||||
Foreign currency option and forward contracts | — | — | (14.2 | ) | (0.5 | ) | ||||||||||
Nonderivatives designated as hedges: | ||||||||||||||||
Foreign currency denominated notes | 1.3 | (4.0 | ) | — | $ | — | ||||||||||
Total | $ | (48.4 | ) | $ | (21.6 | ) | $ | (14.2 | ) | $ | (0.2 | ) |
Recognized in Accumulated Other Comprehensive Loss | Recognized in Income Before Income Tax Provision | |||||||||||||||
(In millions) | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||
Derivatives designated as hedges: | ||||||||||||||||
Cross-currency swap agreements | $ | (112.7 | ) | $ | (23.9 | ) | $ | — | $ | — | ||||||
Interest rate swaps | 1.8 | 2.8 | — | — | ||||||||||||
Derivatives not designated as hedges: | ||||||||||||||||
Interest rate swaps | — | — | 0.9 | |||||||||||||
Foreign currency option and forward contracts | — | — | (52.7 | ) | 2.3 | |||||||||||
Nonderivatives designated as hedges: | ||||||||||||||||
Foreign currency denominated notes | 6.9 | (18.9 | ) | — | $ | — | ||||||||||
Total | $ | (104.0 | ) | $ | (40.0 | ) | $ | (52.7 | ) | $ | 3.2 |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(In millions) | Principal Balance | Carrying Value | Principal Balance | Carrying Value | ||||||||||||||||||||||
Term loan facility | $ | 2,003 | $ | 1,978 | $ | 2,003 | $ | 1,977 | ||||||||||||||||||
6.25% senior notes due 2025 | 520 | 517 | 1,150 | 1,141 | ||||||||||||||||||||||
6.70% senior debentures due 2034 | 300 | 216 | 300 | 214 | ||||||||||||||||||||||
Finance leases, asset financing and other | 197 | 197 | 240 | 240 | ||||||||||||||||||||||
Total debt | 3,020 | 2,908 | 3,693 | 3,572 | ||||||||||||||||||||||
Short-term borrowings and current maturities of long-term debt | 60 | 60 | 58 | 58 | ||||||||||||||||||||||
Long-term debt | $ | 2,960 | $ | 2,848 | $ | 3,635 | $ | 3,514 |
September 30, 2017 | ||||||||||||||||
Fair Value | ||||||||||||||||
(In millions) | Principal Balance | Carrying Value | Level 1 | Level 2 | ||||||||||||
ABL facility | $ | — | $ | — | $ | — | $ | — | ||||||||
Senior notes due 2023 | 535.0 | 527.7 | 560.4 | — | ||||||||||||
Senior notes due 2022 | 1,600.0 | 1,582.2 | 1,686.6 | — | ||||||||||||
Senior notes due 2021 | 590.3 | 584.4 | 619.8 | — | ||||||||||||
Term loan facility | 1,494.0 | 1,453.3 | — | 1,501.4 | ||||||||||||
Senior debentures due 2034 | 300.0 | 202.3 | 299.9 | — | ||||||||||||
Convertible senior notes | 4.7 | 4.7 | 19.4 | — | ||||||||||||
Euro private placement notes due 2020 | 14.2 | 15.2 | — | 14.8 | ||||||||||||
Asset financing | 95.8 | 95.8 | 92.6 | — | ||||||||||||
Capital leases for equipment | 165.4 | 165.4 | — | 165.4 | ||||||||||||
Total debt | $ | 4,799.4 | $ | 4,631.0 | $ | 3,278.7 | $ | 1,681.6 | ||||||||
Current maturities of long-term debt | $ | 90.0 | $ | 90.0 | ||||||||||||
Long-term debt | $ | 4,709.4 | $ | 4,541.0 |
(In millions) | Fair Value | Level 1 | Level 2 | |||||||||||||||||
September 30, 2022 | $ | 2,944 | $ | 808 | $ | 2,136 | ||||||||||||||
December 31, 2021 | 3,811 | 1,571 | 2,240 |
December 31, 2016 | ||||||||||||||||
Fair Value | ||||||||||||||||
(In millions) | Principal Balance | Carrying Value | Level 1 | Level 2 | ||||||||||||
ABL facility | $ | 30.0 | $ | 30.0 | $ | — | $ | 30.0 | ||||||||
Senior notes due 2023 | 535.0 | 527.1 | 560.4 | — | ||||||||||||
Senior notes due 2022 | 1,600.0 | 1,579.9 | 1,689.4 | — | ||||||||||||
Senior notes due 2021 | 527.1 | 520.7 | 546.0 | — | ||||||||||||
Senior notes due 2018 | 265.8 | 267.1 | 274.0 | — | ||||||||||||
Term loan facility | 1,481.9 | 1,439.2 | — | 1,507.1 | ||||||||||||
Senior debentures due 2034 | 300.0 | 200.8 | 241.6 | — | ||||||||||||
Convertible senior notes | 49.4 | 47.1 | 129.8 | — | ||||||||||||
Euro private placement notes due 2020 | 12.6 | 13.7 | — | 14.0 | ||||||||||||
Asset financing | 145.0 | 145.0 | 145.0 | — | ||||||||||||
Capital leases for equipment | 97.4 | 97.4 | — | 97.4 | ||||||||||||
Total debt | $ | 5,044.2 | $ | 4,868.0 | $ | 3,586.2 | $ | 1,648.5 | ||||||||
Current maturities of long-term debt | $ | 138.9 | $ | 136.5 | ||||||||||||
Long-term debt | $ | 4,905.3 | $ | 4,731.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
(In millions, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net income from continuing operations attributable to common shares | $ | 131 | $ | 21 | $ | 761 | $ | 197 | |||||||||||||||||||||
Net income (loss) from discontinued operations, net of amounts attributable to noncontrolling interest | — | (78) | (1) | 17 | |||||||||||||||||||||||||
Net income (loss) attributable to common shares, basic | $ | 131 | $ | (57) | $ | 760 | $ | 214 | |||||||||||||||||||||
Basic weighted-average common shares | 115 | 115 | 115 | 111 | |||||||||||||||||||||||||
Dilutive effect of stock-based awards and warrants | 1 | 1 | 1 | 3 | |||||||||||||||||||||||||
Diluted weighted-average common shares | 116 | 116 | 116 | 114 | |||||||||||||||||||||||||
Basic earnings from continuing operations per share | $ | 1.14 | $ | 0.19 | $ | 6.62 | $ | 1.78 | |||||||||||||||||||||
Basic earnings (loss) from discontinued operations per share | — | (0.69) | (0.01) | 0.15 | |||||||||||||||||||||||||
Basic earnings (loss) per share | $ | 1.14 | $ | (0.50) | $ | 6.61 | $ | 1.93 | |||||||||||||||||||||
Diluted earnings from continuing operations per share | $ | 1.13 | $ | 0.19 | $ | 6.58 | $ | 1.73 | |||||||||||||||||||||
Diluted earnings (loss) from discontinued operations per share | — | (0.68) | (0.01) | 0.14 | |||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 1.13 | $ | (0.49) | $ | 6.57 | $ | 1.87 | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(In millions, except per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income attributable to XPO | $ | 62.5 | $ | 15.1 | $ | 135.7 | $ | 39.2 | ||||||||
Cumulative preferred dividends | (0.7 | ) | (0.7 | ) | (2.2 | ) | (2.2 | ) | ||||||||
Non-cash allocation of undistributed earnings | (4.3 | ) | (0.6 | ) | (9.0 | ) | (1.2 | ) | ||||||||
Net income allocable to common shares, basic | $ | 57.5 | $ | 13.8 | $ | 124.5 | $ | 35.8 | ||||||||
Basic weighted-average common shares | 117.5 | 110.3 | 113.5 | 110.0 | ||||||||||||
Basic earnings per share | $ | 0.49 | $ | 0.13 | $ | 1.10 | $ | 0.33 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Net income allocable to common shares, basic | $ | 57.5 | $ | 13.8 | $ | 124.5 | $ | 35.8 | ||||||||
Interest from Convertible Senior Notes | 0.2 | 0.3 | 0.9 | — | ||||||||||||
Net income allocable to common shares, diluted | $ | 57.7 | $ | 14.1 | $ | 125.4 | $ | 35.8 | ||||||||
Basic weighted-average common shares | 117.5 | 110.3 | 113.5 | 110.0 | ||||||||||||
Dilutive effect of Convertible Senior Notes | 1.9 | 3.0 | 2.6 | — | ||||||||||||
Dilutive effect of non-participating stock-based awards | 10.4 | 9.6 | 10.1 | 9.2 | ||||||||||||
Diluted weighted-average common shares | 129.8 | 122.9 | 126.2 | 119.2 | ||||||||||||
Diluted earnings per share | $ | 0.44 | $ | 0.11 | $ | 0.99 | $ | 0.30 | ||||||||
Potential common shares excluded | 10.2 | 11.5 | 10.2 | 14.9 |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 3,042 | $ | 3,270 | 100.0 | % | 100.0 | % | (7.0) | % | $ | 9,747 | $ | 9,445 | 100.0 | % | 100.0 | % | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Cost of transportation and services (exclusive of depreciation and amortization) | 2,044 | 2,306 | 67.2 | % | 70.5 | % | (11.4) | % | 6,634 | 6,545 | 68.1 | % | 69.3 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expense (exclusive of depreciation and amortization) | 363 | 366 | 11.9 | % | 11.2 | % | (0.8) | % | 1,113 | 1,058 | 11.4 | % | 11.2 | % | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Sales, general and administrative expense | 298 | 339 | 9.8 | % | 10.4 | % | (12.1) | % | 966 | 1,001 | 9.9 | % | 10.6 | % | (3.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 118 | 118 | 3.9 | % | 3.6 | % | — | % | 349 | 357 | 3.6 | % | 3.8 | % | (2.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of business | — | — | — | % | — | % | — | % | (434) | — | (4.5) | % | — | % | NM | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction and integration costs | 25 | 15 | 0.8 | % | 0.5 | % | 66.7 | % | 60 | 26 | 0.6 | % | 0.3 | % | 130.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring costs | 9 | 14 | 0.3 | % | 0.4 | % | (35.7) | % | 19 | 16 | 0.2 | % | 0.2 | % | 18.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 185 | 112 | 6.1 | % | 3.4 | % | 65.2 | % | 1,040 | 442 | 10.7 | % | 4.7 | % | 135.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other income | (15) | (19) | (0.5) | % | (0.6) | % | (21.1) | % | (44) | (45) | (0.5) | % | (0.5) | % | (2.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment loss | — | 46 | — | % | 1.4 | % | NM | 26 | 54 | 0.3 | % | 0.6 | % | (51.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 35 | 53 | 1.2 | % | 1.6 | % | (34.0) | % | 103 | 176 | 1.1 | % | 1.9 | % | (41.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income tax provision | 165 | 32 | 5.4 | % | 1.0 | % | 415.6 | % | 955 | 257 | 9.8 | % | 2.7 | % | 271.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 34 | 11 | 1.1 | % | 0.3 | % | 209.1 | % | 194 | 60 | 2.0 | % | 0.6 | % | 223.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 131 | 21 | 4.3 | % | 0.6 | % | 523.8 | % | 761 | 197 | 7.8 | % | 2.1 | % | 286.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | — | (78) | — | % | (2.4) | % | NM | (1) | 22 | — | % | 0.2 | % | NM | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 131 | $ | (57) | 4.3 | % | (1.7) | % | NM | $ | 760 | $ | 219 | 7.8 | % | 2.3 | % | 247.0 | % |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | ||||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||||||||||||
Revenue | $ | 3,887.1 | $ | 3,713.8 | 100.0 | % | 100.0 | % | 4.7 | % | $ | 11,186.9 | $ | 10,942.8 | 100.0 | % | 100.0 | % | 2.2 | % | |||||||||||||
Cost of transportation and services | 2,042.7 | 2,008.4 | 52.6 | % | 54.1 | % | 1.7 | % | 5,899.6 | 5,926.8 | 52.7 | % | 54.2 | % | (0.5 | )% | |||||||||||||||||
Direct operating expense | 1,258.7 | 1,153.4 | 32.4 | % | 31.1 | % | 9.1 | % | 3,590.6 | 3,389.8 | 32.1 | % | 31.0 | % | 5.9 | % | |||||||||||||||||
SG&A expense | 398.9 | 383.2 | 10.3 | % | 10.3 | % | 4.1 | % | 1,211.3 | 1,224.7 | 10.8 | % | 11.2 | % | (1.1 | )% | |||||||||||||||||
Operating income | 186.8 | 168.8 | 4.8 | % | 4.5 | % | 10.7 | % | 485.4 | 401.5 | 4.3 | % | 3.7 | % | 20.9 | % | |||||||||||||||||
Other income | (6.7 | ) | (1.1 | ) | (0.2 | )% | — | % | 509.1 | % | (6.0 | ) | (6.7 | ) | (0.1 | )% | (0.1 | )% | (10.4 | )% | |||||||||||||
Foreign currency loss (income) | 15.0 | (0.3 | ) | 0.4 | % | — | % | (5,100.0 | )% | 53.9 | 1.8 | 0.5 | % | — | % | 2,894.4 | % | ||||||||||||||||
Debt extinguishment loss | 4.6 | 53.2 | 0.1 | % | 1.4 | % | (91.4 | )% | 13.6 | 53.2 | 0.1 | % | 0.5 | % | (74.4 | )% | |||||||||||||||||
Interest expense | 72.5 | 93.0 | 1.9 | % | 2.5 | % | (22.0 | )% | 222.4 | 280.8 | 2.0 | % | 2.6 | % | (20.8 | )% | |||||||||||||||||
Income before income tax provision | 101.4 | 24.0 | 2.6 | % | 0.6 | % | 322.5 | % | 201.5 | 72.4 | 1.8 | % | 0.7 | % | 178.3 | % | |||||||||||||||||
Income tax provision | 30.4 | 2.7 | 0.8 | % | 0.1 | % | 1,025.9 | % | 48.4 | 20.0 | 0.4 | % | 0.2 | % | 142.0 | % | |||||||||||||||||
Net income | $ | 71.0 | $ | 21.3 | 1.8 | % | 0.6 | % | 233.3 | % | $ | 153.1 | $ | 52.4 | 1.4 | % | 0.5 | % | 192.2 | % |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,204 | $ | 1,071 | 100.0 | % | 100.0 | % | 12.4 | % | $ | 3,548 | $ | 3,114 | 100.0 | % | 100.0 | % | 13.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 258 | 222 | 21.5 | % | 20.8 | % | 16.2 | % | 757 | 694 | 21.3 | % | 22.3 | % | 9.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 60 | 57 | 5.0 | % | 5.3 | % | 5.3 | % | 175 | 169 | 4.9 | % | 5.4 | % | 3.6 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change % | 2022 | 2021 | Change % | |||||||||||||||||||||||||||||||||
Pounds per day (thousands) | 70,063 | 72,152 | (2.9) | % | 70,854 | 73,138 | (3.1) | % | ||||||||||||||||||||||||||||||
Gross revenue per hundredweight, excluding fuel surcharges | $ | 21.43 | $ | 20.02 | 7.0 | % | $ | 21.18 | $ | 19.47 | 8.8 | % |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | 2022 | 2021 | 2022 | 2021 | 2022 vs. 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 1,921 | $ | 2,261 | 100.0 | % | 100.0 | % | (15.0) | % | $ | 6,420 | $ | 6,493 | 100.0 | % | 100.0 | % | (1.1) | % | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 123 | 131 | 6.4 | % | 5.8 | % | (6.1) | % | 439 | 386 | 6.8 | % | 5.9 | % | 13.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization expense | 54 | 60 | 2.8 | % | 2.7 | % | (10.0) | % | 168 | 180 | 2.6 | % | 2.8 | % | (6.7) | % |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | ||||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||||||||||||
Revenue | $ | 2,469.8 | $ | 2,409.1 | 100.0 | % | 100.0 | % | 2.5 | % | $ | 7,152.2 | $ | 7,125.4 | 100.0 | % | 100.0 | % | 0.4 | % | |||||||||||||
Cost of transportation and services | 1,776.8 | 1,733.0 | 71.9 | % | 71.9 | % | 2.5 | % | 5,119.7 | 5,096.0 | 71.6 | % | 71.5 | % | 0.5 | % | |||||||||||||||||
Direct operating expense | 300.4 | 294.4 | 12.2 | % | 12.2 | % | 2.0 | % | 884.5 | 904.6 | 12.4 | % | 12.7 | % | (2.2 | )% | |||||||||||||||||
SG&A expense | |||||||||||||||||||||||||||||||||
Salaries & benefits | 132.3 | 138.3 | 5.4 | % | 5.7 | % | (4.3 | )% | 393.8 | 428.3 | 5.5 | % | 6.0 | % | (8.1 | )% | |||||||||||||||||
Other SG&A expense | 38.1 | 43.3 | 1.5 | % | 1.8 | % | (12.0 | )% | 126.2 | 110.9 | 1.8 | % | 1.6 | % | 13.8 | % | |||||||||||||||||
Purchased services | 36.5 | 34.5 | 1.5 | % | 1.4 | % | 5.8 | % | 99.3 | 111.5 | 1.4 | % | 1.6 | % | (10.9 | )% | |||||||||||||||||
Depreciation & amortization | 40.5 | 40.2 | 1.6 | % | 1.7 | % | 0.7 | % | 122.7 | 120.1 | 1.7 | % | 1.7 | % | 2.2 | % | |||||||||||||||||
Total SG&A expense | 247.4 | 256.3 | 10.0 | % | 10.6 | % | (3.5 | )% | 742.0 | 770.8 | 10.4 | % | 10.8 | % | (3.7 | )% | |||||||||||||||||
Operating income | $ | 145.2 | $ | 125.4 | 5.9 | % | 5.2 | % | 15.8 | % | $ | 406.0 | $ | 354.0 | 5.7 | % | 5.0 | % | 14.7 | % |
Three Months Ended September 30, | Percent of Revenue | Change | Nine Months Ended September 30, | Percent of Revenue | Change | ||||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 | 2016 | 2017 vs. 2016 | |||||||||||||||||||||||
Revenue | $ | 1,458.8 | $ | 1,347.0 | 100.0 | % | 100.0 | % | 8.3 | % | $ | 4,154.1 | $ | 3,939.7 | 100.0 | % | 100.0 | % | 5.4 | % | |||||||||||||
Cost of transportation and services | 305.2 | 316.7 | 20.9 | % | 23.5 | % | (3.6 | )% | 894.7 | 950.1 | 21.5 | % | 24.1 | % | (5.8 | )% | |||||||||||||||||
Direct operating expense | 959.3 | 859.2 | 65.8 | % | 63.8 | % | 11.7 | % | 2,706.3 | 2,485.8 | 65.1 | % | 63.1 | % | 8.9 | % | |||||||||||||||||
SG&A expense | |||||||||||||||||||||||||||||||||
Salaries & benefits | 64.9 | 50.8 | 4.4 | % | 3.8 | % | 27.8 | % | 188.8 | 174.6 | 4.5 | % | 4.4 | % | 8.1 | % | |||||||||||||||||
Other SG&A expense | 10.0 | 6.4 | 0.7 | % | 0.5 | % | 56.3 | % | 47.3 | 43.1 | 1.1 | % | 1.1 | % | 9.7 | % | |||||||||||||||||
Purchased services | 21.7 | 17.8 | 1.5 | % | 1.3 | % | 21.9 | % | 66.4 | 63.0 | 1.6 | % | 1.6 | % | 5.4 | % | |||||||||||||||||
Depreciation & amortization | 20.3 | 20.8 | 1.4 | % | 1.5 | % | (2.4 | )% | 61.7 | 64.8 | 1.5 | % | 1.6 | % | (4.8 | )% | |||||||||||||||||
Total SG&A expense | 116.9 | 95.8 | 8.0 | % | 7.1 | % | 22.0 | % | 364.2 | 345.5 | 8.8 | % | 8.8 | % | 5.4 | % | |||||||||||||||||
Operating income | $ | 77.4 | $ | 75.3 | 5.3 | % | 5.6 | % | 2.8 | % | $ | 188.9 | $ | 158.3 | 4.5 | % | 4.0 | % | 19.3 | % |
Nine Months Ended September 30, | ||||||||||||||
(In millions) | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities from continuing operations | $ | 664 | $ | 558 | ||||||||||
Net cash provided by (used in) investing activities from continuing operations | 351 | (143) | ||||||||||||
Net cash used in financing activities from continuing operations | (706) | (1,880) | ||||||||||||
Exhibit Number | Description | |||||||
10.1*+ | ||||||||
10.5*+ | ||||||||
10.6*+ | ||||||||
10.7*+ | ||||||||
10.8*+ | ||||||||
10.9*+ | ||||||||
31.1 * | ||||||||
31.2 * | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS * | XBRL Instance | |||||||
101.SCH * | XBRL Taxonomy Extension Schema. | |||||||
101.CAL * | XBRL Taxonomy Extension Calculation Linkbase. | |||||||
101.DEF * | XBRL Taxonomy Extension Definition Linkbase. | |||||||
101.LAB * | XBRL Taxonomy Extension Label Linkbase. | |||||||
101.PRE * | XBRL Taxonomy Extension Presentation Linkbase. |
104 * | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
* | Filed herewith. | |||||||
** | Furnished herewith. | |||||||
+ | This exhibit is a management contract or compensatory plan or arrangement. |
XPO LOGISTICS, INC. | |||||
By: | |||||
Mario Harik | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
By: | /s/ | ||||
Chief Financial Officer | |||||
(Principal Financial Officer) |