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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, 2021
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
_______________________________________________________
https://cdn.kscope.io/dadd126d24b4b86342d37126a0e18a52-xpo-20210930_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 filer
Non-accelerated filerSmaller reporting company
Emerging growth 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 October 29, 2021, there were 114,710,933 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, 2021
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)20212020
ASSETS
Current assets
Cash and cash equivalents$254 $1,731 
Accounts receivable, net of allowances of $47 and $46, respectively
1,987 1,680 
Other current assets284 303 
Current assets of discontinued operations25 1,664 
Total current assets2,550 5,378 
Long-term assets
Property and equipment, net of $1,765 and $1,646 in accumulated depreciation, respectively
1,821 1,891 
Operating lease assets829 844 
Goodwill2,493 2,536 
Identifiable intangible assets, net of $598 and $536 in accumulated amortization, respectively
603 675 
Other long-term assets237 187 
Long-term assets of discontinued operations 4,666 
Total long-term assets5,983 10,799 
Total assets$8,533 $16,177 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable$963 $854 
Accrued expenses1,199 1,044 
Short-term borrowings and current maturities of long-term debt56 1,281 
Short-term operating lease liabilities153 152 
Other current liabilities132 102 
Current liabilities of discontinued operations24 1,728 
Total current liabilities2,527 5,161 
Long-term liabilities
Long-term debt3,515 5,240 
Deferred tax liability306 286 
Employee benefit obligations126 131 
Long-term operating lease liabilities677 696 
Other long-term liabilities366 384 
Long-term liabilities of discontinued operations 1,430 
Total long-term liabilities4,990 8,167 
Stockholders’ equity
Convertible perpetual preferred stock, $0.001 par value; 10 shares authorized; and 0.001 of Series A shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
 1 
Common stock, $0.001 par value; 300 shares authorized; 115 and 102 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
  
Additional paid-in capital1,174 1,998 
Retained earnings (accumulated deficit)(79)868 
Accumulated other comprehensive loss(79)(158)
Total stockholders’ equity before noncontrolling interests1,016 2,709 
Noncontrolling interests 140 
Total equity1,016 2,849 
Total liabilities and equity$8,533 $16,177 
See accompanying notes to condensed consolidated financial statements.

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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)2021202020212020
Revenue$3,270 $2,675 $9,445 $7,261 
Cost of transportation and services2,306 1,814 6,545 4,919 
Direct operating expense366 310 1,058 904 
Sales, general and administrative expense339 294 1,001 915 
Depreciation and amortization expense118 119 357 351 
Transaction and integration costs15  26 66 
Restructuring costs14  16 31 
Operating income112 138 442 75 
Other income(15)(12)(43)(31)
Foreign currency (gain) loss(4)1 (2)(5)
Debt extinguishment loss46  54  
Interest expense53 81 176 226 
Income (loss) from continuing operations before income tax provision (benefit)32 68 257 (115)
Income tax provision (benefit)11 31 60 (36)
Income (loss) from continuing operations21 37 197 (79)
Income (loss) from discontinued operations, net of taxes(78)61 22 68 
Net income (loss)(57)98 219 (11)
Net loss from continuing operations attributable to noncontrolling interests   3 
Net income from discontinued operations attributable to noncontrolling interests (5)(5)(7)
Net income (loss) attributable to XPO$(57)$93 $214 $(15)
Net income (loss) attributable to common shareholders
Continuing operations$21 $28 $197 $(78)
Discontinued operations(78)56 17 61 
Net income (loss) attributable to common shareholders $(57)$84 $214 $(17)
Earnings (loss) per share data
Basic earnings (loss) per share from continuing operations$0.19 $0.30 $1.78 $(0.86)
Basic earnings (loss) per share from discontinued operations(0.69)0.63 0.15 0.68 
Basic earnings (loss) per share attributable to common shareholders$(0.50)$0.93 $1.93 $(0.18)
Diluted earnings (loss) per share from continuing operations$0.19 $0.27 $1.73 $(0.86)
Diluted earnings (loss) per share from discontinued operations(0.68)0.56 0.14 0.68 
Diluted earnings (loss) per share attributable to common shareholders$(0.49)$0.83 $1.87 $(0.18)
Weighted-average common shares outstanding
Basic weighted-average common shares outstanding115 91 111 91 
Diluted weighted-average common shares outstanding116 102 114 91 
See accompanying notes to condensed consolidated financial statements.

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Table of Contents
XPO Logistics, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2021202020212020
Net income (loss)$(57)$98 $219 $(11)
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax effect of $7, $13, $4 and $6
$(47)$71 $(74)$27 
Unrealized gain (loss) on financial assets/liabilities designated as hedging instruments, net of tax effect of $1, $, $1 and $
(3)(1)(3)(1)
Defined benefit plans adjustments, net of tax effect of $(9), $(1), $(9) and $1
28 (2)28 (7)
Other comprehensive income (loss)(22)68 (49)19 
Comprehensive income (loss)$(79)$166 $170 $8 
Less: Comprehensive income attributable to noncontrolling interests 10 3 7 
Comprehensive income (loss) attributable to XPO$(79)$156 $167 $1 
See accompanying notes to condensed consolidated financial statements.

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XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
(In millions)20212020
Cash flows from operating activities of continuing operations
Net income (loss)$219 $(11)
Income from discontinued operations, net of taxes22 68 
Income (loss) from continuing operations 197 (79)
Adjustments to reconcile net income (loss) from continuing operations to net cash from operating activities
Depreciation, amortization and net lease activity357 351 
Stock compensation expense29 36 
Accretion of debt15 14 
Deferred tax (benefit) expense5 12 
Debt extinguishment loss54  
Unrealized (gain) loss on foreign currency option and forward contracts1 (1)
Gains on sales of property and equipment(36)(67)
Other4 45 
Changes in assets and liabilities
Accounts receivable(371)(165)
Other assets(1)(54)
Accounts payable133 (29)
Accrued expenses and other liabilities171 229 
Net cash provided by operating activities from continuing operations558 292 
Cash flows from investing activities of continuing operations
Payment for purchases of property and equipment(212)(220)
Proceeds from sale of property and equipment72 137 
Other(3)5 
Net cash used in investing activities from continuing operations(143)(78)
Cash flows from financing activities of continuing operations
Proceeds from issuance of debt 1,155 
Proceeds from (repayment of) borrowings related to securitization program(24)25 
Repurchase of debt(2,769) 
Proceeds from borrowings on ABL facility 820 
Repayment of borrowings on ABL facility(200)(620)
Repayment of debt and finance leases(63)(50)
Payment for debt issuance costs(5)(21)
Purchase of noncontrolling interests  
Issuance (repurchase) of common stock384 (114)
Change in bank overdrafts33 19 
Payment for tax withholdings for restricted shares(25)(21)
Distribution from GXO794  
Other(5)2 
Net cash provided by (used in) financing activities from continuing operations(1,880)1,195 
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Nine Months Ended September 30,
(In millions)20212020
Cash flows from discontinued operations
Operating activities of discontinued operations68 398 
Investing activities of discontinued operations(95)(145)
Financing activities of discontinued operations (302)(12)
Net cash provided by (used in) discontinued operations (329)241 
Effect of exchange rates on cash, cash equivalents and restricted cash(7)(2)
Net increase (decrease) in cash, cash equivalents and restricted cash(1,801)1,648 
Cash, cash equivalents and restricted cash, beginning of period2,065 387 
Cash, cash equivalents and restricted cash, end of period264 2,035 
Less: Cash, cash equivalents and restricted cash of discontinued operations, end of period 404 
Cash, cash equivalents and restricted cash of discontinued operations, end of period$264 $1,631 
Supplemental disclosure of cash flow information
Leased assets obtained in exchange for new operating lease liabilities$140 $188 
Leased assets obtained in exchange for new finance lease liabilities54 9 
Cash paid for interest195 209 
Cash paid for income taxes74 3 
See accompanying notes to condensed consolidated financial statements.
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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 Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal 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 StockCommon Stock 
(Shares in thousands, dollars in millions)SharesAmountSharesAmountAdditional Paid-In CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTotal XPO Stockholders' EquityNon-controlling InterestsTotal Equity
Balance as of December 31, 20201 $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 

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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, 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)—