UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 ___________________________________________ For the quarterly period ended September 30, 2022 For the transition period from____________to____________ Form 10-Q ___________________________________________ Commission File Number: 001-32172 _______________________________________________________ or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

XPO Logistics, Inc. (NYSE:XPO) Q3 2022 Earnings Conference Call October 31, 2022 8:30 AM ET Company Participants Brad Jacobs - Chairman and Chief Executive Officer Ravi Tulsyan - Senior Vice President and Chief Financial Officer Mario Harik - President, LTL Matt Fassler - Chief Strategy Officer Drew Wilkerson - President, Transportation, North America Conference Call Participants Ravi Shanker - Morgan Stanley Scott Group - Wolfe Research Chris Wetherbee - Citigroup Allison Poliniak - Wells Fargo Tom Wadewit ...

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, 2022 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 _______________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ...

Financial Data and Key Metrics Changes - The company reported record second quarter revenue of $3.2 billion, with an 11% year-over-year increase when adjusted for the sale of the intermodal business [21][22] - Adjusted EBITDA grew by 23% year-over-year to $405 million, reflecting strong earnings growth across all businesses [22] - Adjusted diluted EPS increased by 48% to $1.81, driven by higher adjusted EBITDA and lower interest expense [25] - The adjusted EBITDA margin reached a record 12.5%, improving by 210 basis points year-over-year [23] Business Line Data and Key Metrics Changes - North American LTL revenue grew 15% year-over-year to $1.2 billion, with adjusted EBITDA increasing by 14% [36] - In North American truck brokerage, gross profit margin was a record 20.8%, up 610 basis points year-over-year, with a 16% increase in volume [15][66] - The brokerage segment's adjusted EBITDA increased by 17% to $152 million, with a margin expansion of 140 basis points [41] Market Data and Key Metrics Changes - Organic revenue growth in Europe was 7% year-over-year, an improvement from 5% in the first quarter [16][44] - The company maintained its highest level of LTL network fluidity since 2020, contributing to increased customer satisfaction [14][50] Company Strategy and Development Direction - The company is focused on creating two pure-play transportation powerhouses through the planned spin-off of RXO [19][75] - Investments in technology and capacity are prioritized, with a goal of adding 900 net new doors by the end of next year [52][62] - The company aims to achieve at least $1 billion of LTL adjusted EBITDA and improve the adjusted operating ratio by over 100 basis points year-over-year [62][102] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pricing environment and expected continued yield improvements [90] - The company anticipates a moderation in purchased transportation costs and improved network fluidity, which will positively impact margins [82][92] - There is optimism regarding new business wins and customer onboarding, which are expected to drive volume growth in the second half of the year [118] Other Important Information - The company achieved a trailing 12-month ROIC of 38%, significantly higher in North American LTL and truck brokerage [18] - The net leverage ratio decreased from 2.7x to 1.8x, indicating strong financial health [19][28] Q&A Session Summary Question: Update on the process with Europe and LTL margin expectations - Management indicated that the sales process in Europe is active, with a potential deal signing in the fourth quarter [79] - For LTL, a sequential margin improvement of at least 150 basis points is expected in the third quarter [80] Question: Insights on LTL seasonality and insourcing - Management noted that purchased transportation costs are expected to moderate, with a focus on long-term insourcing strategies [82] Question: Clarification on third-quarter operating ratio and cost dynamics - Management expects a typical seasonal transition of 200 to 250 basis points in operating ratio from Q2 to Q3 [94] Question: Discussion on new top 10 customers and guidance outlook - Management highlighted the use of proprietary costing technology to manage new customer onboarding effectively [99] - The guidance for the second half reflects strong visibility in both LTL and brokerage services [100] Question: Competitive advantage through proprietary technology - Management emphasized the importance of technology in pricing and operational efficiency, which is expected to enhance customer service [110] Question: Volume decline in LTL and cultural focus on service - Management acknowledged a 5.5% decline in tonnage but expressed optimism about sales momentum and customer satisfaction improvements [116][120]

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 March 31, 2022 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 Logistics, Inc. (NYSE:XPO) Q1 2022 Earnings Conference Call May 10, 2022 8:30 AM ET Company Participants Brad Jacobs - Chairman & CEO Ravi Tulsyan - Senior VP & CFO Matthew Jeremy Fassler - Chief Strategy Officer Mario Harik - CIO & Acting President of Less-Than-Truckload Drew Wilkerson - President of Transportation, North America Conference Call Participants Kenneth Scott Hoexter - BofA Securities, Research Division Scott Group - Wolfe Research, LLC Christian Wetherbee - Citigroup Inc. Brandon Robe ...

PART I [ITEM 1. BUSINESS](index=4&type=section&id=ITEM%201.%20BUSINESS) XPO Logistics, Inc. is a leading freight transportation services provider, primarily offering less-than-truckload (LTL) and truck brokerage services, following the 2021 spin-off of its Logistics segment into GXO Logistics, Inc. - XPO Logistics, Inc. is a leading provider of freight transportation services, primarily less-than-truckload (LTL) and truck brokerage services, which generated the majority of 2021 revenue and operating income[16](index=16&type=chunk) - The company operates with two reportable segments: North American LTL and Brokerage and Other Services, serving **over 50,000 customers** in **20 countries** with approximately **42,000 employees** and **771 locations** as of December 31, 2021[17](index=17&type=chunk) - On August 2, 2021, XPO completed the spin-off of its Logistics segment into GXO Logistics, Inc., with GXO's historical results presented as discontinued operations[19](index=19&type=chunk) [Company Overview](index=4&type=section&id=Company%20Overview) XPO Logistics, Inc. is a leading freight transportation services provider, primarily offering less-than-truckload (LTL) and truck brokerage services. - XPO Logistics, Inc. is a leading provider of freight transportation services, primarily less-than-truckload (LTL) and truck brokerage services, which generated the majority of 2021 revenue and operating income[16](index=16&type=chunk) - The company has two reportable segments: North American LTL and Brokerage and Other Services, with approximately **42,000 employees** and **771 locations** in **20 countries** serving **over 50,000 customers** as of December 31, 2021[17](index=17&type=chunk) [Spin-off of the Logistics Segment](index=5&type=section&id=Spin-of%20of%20the%20Logistics%20Segment) XPO completed the spin-off of its Logistics segment into GXO Logistics, Inc. on August 2, 2021, making GXO an independent public company. - On August 2, 2021, XPO completed the spin-off of its Logistics segment by distributing **100%** of GXO Logistics, Inc. common stock to XPO stockholders, making GXO an independent public company[19](index=19&type=chunk) - The historical results of GXO are presented as discontinued operations and excluded from continuing operations and segment results for all periods presented[19](index=19&type=chunk) [North American Less-Than-Truckload Segment](index=5&type=section&id=North%20American%20Less-Than-Truckload%20Segment) XPO is a top three LTL provider in North America, focusing on technology, pricing, driver expansion, and network growth to drive growth and margin expansion. - XPO is a top three LTL provider in North America, holding approximately **8% share** of the **$42 billion** LTL market as of December 31, 2020[20](index=20&type=chunk) - The company delivered approximately **13 million LTL shipments** in 2021 and serves about **25,000 LTL customers**[21](index=21&type=chunk) - XPO's LTL growth and margin expansion are driven by proprietary technology, industry fundamentals (limited commoditization, rational pricing, rising industrial demand, e-commerce growth), and a five-area action plan initiated in October 2021[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Key initiatives in the LTL action plan include: * Improving network flow, leading to stronger service metrics * Driving pricing, with an **11% yield growth** (excluding fuel) in Q4 2021 due to early rate increases and accessorial charges * Expanding the driver base, graduating **~900 drivers** in 2021 and aiming to **double that in 2022** * Increasing trailer production by adding a second line, expecting to **double units in 2022** YoY * Expanding footprint by **900 net new doors** (**~6%**) by year-end 2023, adding **149 net doors** from Oct 2021-Jan 2022[24](index=24&type=chunk)[25](index=25&type=chunk) [Brokerage and Other Services Segment](index=6&type=section&id=Brokerage%20and%20Other%20Services%20Segment) XPO is the second largest truck broker worldwide, operating an agile, non-asset model driven by technology and industry tailwinds. - XPO is the **second largest truck broker worldwide** and **one of the largest in North America**, with approximately **3% share** of the **$80 billion** North American market as of December 31, 2021[26](index=26&type=chunk) - The segment operates an agile, non-asset model with a variable labor structure, generating high return on invested capital and free cash flow conversion[26](index=26&type=chunk) - Growth is driven by massive capacity (**98,000 independent truckload carriers**), cutting-edge technology (XPO Connect® digital platform), and industry tailwinds like e-commerce and omnichannel retail demand[27](index=27&type=chunk)[28](index=28&type=chunk) - This segment also includes last mile logistics for heavy goods (XPO is the **largest North American provider**) and European services, where XPO holds leading positions in France, Iberia, and the U.K[29](index=29&type=chunk)[30](index=30&type=chunk) [Innovation and Sustainability](index=6&type=section&id=Innovation%20and%20Sustainability) XPO invests significantly in technology to create smart supply chains and prioritizes environmental sustainability, integrating both to improve its carbon footprint. - XPO has invested **over $3 billion** in technology since 2011 to create 'smart' supply chains, serving as a major competitive differentiator[31](index=31&type=chunk)[32](index=32&type=chunk) - Environmental sustainability is a significant priority, integrated with technology to improve carbon footprint by reducing empty miles, maintaining a modern fleet, and eco-friendly driver training[33](index=33&type=chunk) - A 2020 ESG scorecard tracks measurable progress in environmental initiatives (reducing fossil fuel dependency, carbon emissions, waste) over four years, with targets tied to executive long-term incentive compensation[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[84](index=84&type=chunk) - Key focus areas for sustainability strategy: * **Transportation Fleet:** Switched to **100% premium diesel** in 2021 for fuel savings (**1.8-2.5%**) and carbon reduction; investing **over $100 million** in **~1,000 new tractors** in 2022; deploying cleaner fuels (natural gas, biogas, electric) and testing longer, duo-trailer vehicles in Europe to reduce **CO2 emissions by 25-30%** per trip[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - Key focus areas for sustainability strategy: * **Technology:** Uses machine learning and XPO Connect® to improve truck capacity utilization (reducing empty miles, optimizing freight matching) and enhance driver performance through eco-training and digital tracking[37](index=37&type=chunk)[43](index=43&type=chunk) - Key focus areas for sustainability strategy: * **Facilities:** Implements circular economy practices like LED lighting, pallet reuse, right-sizing packaging, and waste recycling[37](index=37&type=chunk)[45](index=45&type=chunk) [Our Strategy](index=8&type=section&id=Our%20Strategy) XPO's strategy focuses on efficient goods movement through technological innovation, process and cost efficiencies, and reliable outcomes for customers. - XPO's strategy focuses on helping customers move goods efficiently through their supply chains by delivering technological innovations, process efficiencies, cost efficiencies, and reliable outcomes[47](index=47&type=chunk) - Management's growth and optimization strategy includes: * Marketing solutions and vertical expertise to new and existing customers * Capitalizing on secular demand trends like e-commerce growth and supply chain outsourcing * Recruiting and retaining talented sales and customer service representatives, improving productivity with training and technology * Attracting and retaining high-caliber independent contracted carriers * Integrating industry best practices with a focus on automation and analytics[48](index=48&type=chunk)[49](index=49&type=chunk) - Competitive differentiation strategies: * **North American LTL:** Recruit and retain quality drivers, optimize capacities (drivers, equipment, terminals, technology) for superior customer experience * **Truck brokerage:** Leverage XPO Connect® digital marketplace to grow market share and penetrate the for-hire trucking industry[49](index=49&type=chunk) [Proprietary Technology and Intellectual Property](index=9&type=section&id=Proprietary%20Technology%20and%20Intellectual%20Property) XPO's proprietary technology, built on a scalable cloud platform, provides robust visibility, control, and automation, with annual investments of approximately $300 million. - XPO's proprietary technology, built on a scalable cloud platform, provides robust visibility, control, and automation, enabling rapid innovation deployment across geographies and services[50](index=50&type=chunk)[51](index=51&type=chunk) - The company invests approximately **$300 million annually** in technology, one of the highest in the industry[52](index=52&type=chunk) - Key technology impacts: * **XPO Connect®:** A proprietary digital freight marketplace (including Freight Optimizer, shipper/carrier interfaces, pricing/tracking engines, Drive XPO® mobile app). As of Dec 31, 2021, had **~98,000 registered carriers** and **600,000 driver app downloads**; **70% of North American brokerage orders were digital in Q4 2021**[52](index=52&type=chunk)[53](index=53&type=chunk) - Key technology impacts: * **LTL Optimization:** Technology focuses on optimizing linehaul (intelligent route-building to reduce empty miles, improve load

XPO Logistics, Inc. (NYSE:XPO) Q4 2021 Earnings Conference Call February 9, 2022 8:30 AM ET Company Participants Brad Jacobs - Chairman & CEO Ravi Tulsyan - CFO Matthew Jeremy Fassler - Chief Strategy Officer Mario A. Harik - CIO & Acting President of Less-Than-Truckload Drew M. Wilkerson - President of Transportation, North America Conference Call Participants Christian F. Wetherbee - Citigroup Inc., Research Division, MD & Lead Analyst Scott H. Group - Wolfe Research, LLC, MD & Senior Analyst Brandon Robe ...

Part I—Financial Information This section details XPO Logistics' unaudited financial statements and management's analysis of its financial performance and condition post-GXO spin-off [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents XPO Logistics, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, income statements, comprehensive income statements, cash flow statements, and statements of changes in equity, along with detailed notes. The financial data reflects the impact of the GXO Logistics spin-off and significant debt deleveraging activities during the period [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents XPO's financial position, including assets, liabilities, and equity, reflecting the impact of the GXO spin-off and debt reduction **Condensed Consolidated Balance Sheets (In millions):** | Item | September 30, 2021 | December 31, 2020 | | :------------------------------------------------ | :------------------- | :------------------ | | **ASSETS** | | | | Cash and cash equivalents | $254 | $1,731 | | Accounts receivable, net | $1,987 | $1,680 | | Current assets of discontinued operations | $25 | $1,664 | | Total current assets | $2,550 | $5,378 | | Property and equipment, net | $1,821 | $1,891 | | Goodwill | $2,493 | $2,536 | | Long-term assets of discontinued operations | — | $4,666 | | Total assets | $8,533 | $16,177 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Accounts payable | $963 | $854 | | Short-term borrowings and current maturities of long-term debt | $56 | $1,281 | | Current liabilities of discontinued operations | $24 | $1,728 | | Total current liabilities | $2,527 | $5,161 | | Long-term debt | $3,515 | $5,240 | | Long-term liabilities of discontinued operations | — | $1,430 | | Total liabilities | $7,517 | $13,328 | | Total equity | $1,016 | $2,849 | [Condensed Consolidated Statements of Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) This table summarizes XPO's revenues, operating expenses, and net income (loss) from continuing and discontinued operations over specified periods **Condensed Consolidated Statements of Income (Loss) (In millions, except per share data):** | Item | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :------------------------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Revenue | $3,270 | $2,675 | $9,445 | $7,261 | | Operating income | $112 | $138 | $442 | $75 | | Debt extinguishment loss | $46 | — | $54 | — | | Interest expense | $53 | $81 | $176 | $226 | | Income (loss) from continuing operations | $21 | $37 | $197 | $(79) | | Income (loss) from discontinued operations, net of taxes | $(78) | $61 | $22 | $68 | | Net income (loss) | $(57) | $98 | $219 | $(11) | | Net income (loss) attributable to common shareholders | $(57) | $84 | $214 | $(17) | | 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) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This table outlines XPO's net income (loss) and other comprehensive income (loss) components, leading to total comprehensive income (loss) **Condensed Consolidated Statements of Comprehensive Income (Loss) (In millions):** | Item | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :------------------------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Net income (loss) | $(57) | $98 | $219 | $(11) | | Other comprehensive income (loss) | $(22) | $68 | $(49) | $19 | | Comprehensive income (loss) | $(79) | $166 | $170 | $8 | | Comprehensive income (loss) attributable to XPO | $(79) | $156 | $167 | $1 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table details XPO's cash flows from operating, investing, and financing activities for both continuing and discontinued operations **Condensed Consolidated Statements of Cash Flows (In millions):** | Item | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :------------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities from continuing operations | $558 | $292 | | Net cash used in investing activities from continuing operations | $(143) | $(78) | | Net cash provided by (used in) financing activities from continuing operations | $(1,880) | $1,195 | | Net cash provided by (used in) discontinued operations | $(329) | $241 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(1,801) | $1,648 | | Cash, cash equivalents and restricted cash, end of period | $264 | $2,035 | [Condensed Consolidated Statements of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) This table illustrates the changes in XPO's stockholders' equity, including the impact of the GXO spin-off and stock transactions **Condensed Consolidated Statements of Changes in Equity (In millions):** | Item | Balance as of Dec 31, 2020 | Balance as of Sep 30, 2021 | | :------------------------------------------------ | :------------------------- | :------------------------- | | Additional Paid-In Capital | $1,998 | $1,174 | | Retained Earnings (Accumulated Deficit) | $868 | $(79) | | Accumulated Other Comprehensive Loss | $(158) | $(79) | | Total XPO Stockholders' Equity | $2,709 | $1,016 | | Noncontrolling Interests | $140 | — | | Total Equity | $2,849 | $1,016 | - The spin-off of GXO resulted in a reduction of **$2,234 million** in Total XPO Stockholders' Equity and **$40 million** in Noncontrolling Interests[21](index=21&type=chunk)[24](index=24&type=chunk) - Issuance of common stock contributed **$384 million** to Additional Paid-In Capital[21](index=21&type=chunk)[24](index=24&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements [1. Organization, Description of Business and Basis of Presentation](index=11&type=section&id=1.%20Organization,%20Description%20of%20Business%20and%20Basis%20of%20Presentation) This note outlines XPO's core business as freight transportation services (LTL and truck brokerage) and details the completion of the GXO Logistics spin-off on August 2, 2021, with GXO's historical results presented as discontinued operations. It also covers accounting policies, reclassifications, restricted cash, trade receivables securitization and factoring programs, fair value measurements, and the adoption of new accounting standards - XPO Logistics, Inc. completed the spin-off of its Logistics segment, GXO Logistics, Inc., on **August 2, 2021**, distributing **100%** of GXO common stock to XPO stockholders[29](index=29&type=chunk) - The historical results of the Logistics segment for periods prior to the spin-off are presented as discontinued operations in the Condensed Consolidated Financial Statements[30](index=30&type=chunk) **Trade Receivables Sold (In millions):** | Program | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :-------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Securitization programs: Receivables sold | $504 | $355 | $1,259 | $1,008 | | Factoring programs: Receivables sold | $17 | $17 | $46 | $58 | [2. Discontinued Operations](index=13&type=section&id=2.%20Discontinued%20Operations) This note provides a summary of the financial results and assets/liabilities of GXO Logistics, Inc., which was spun off on August 2, 2021, and is now reported as discontinued operations. It details the costs incurred related to the spin-off and the cash payment received from GXO - XPO incurred approximately **$68 million** and **$111 million** in costs related to the spin-off for the three and nine months ended September 30, 2021, respectively, with **$57 million** and **$96 million** reflected within income (loss) from discontinued operations[45](index=45&type=chunk) - GXO completed a debt offering and used the net proceeds to fund a cash payment of **$794 million** to XPO, which was used to repay outstanding borrowings[45](index=45&type=chunk) **Financial Results from Discontinued Operations of GXO (In millions):** | Item | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :------------------------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | Revenue | $651 | $1,580 | $4,350 | $4,421 | | Operating income (loss) | $(31) | $84 | $87 | $88 | | Net income (loss) from discontinued operations, net of taxes | $(78) | $61 | $22 | $68 | [3. Segment Reporting](index=15&type=section&id=3.%20Segment%20Reporting) This note details XPO's revised reportable segments post-spin-off: North American LTL and Brokerage and Other Services. It describes the services provided by each segment and presents selected financial data, with Adjusted EBITDA now used as the primary measure of segment profit - Following the spin-off, XPO's reportable segments are (i) North American LTL and (ii) Brokerage and Other Services[51](index=51&type=chunk) - The chief operating decision maker (CODM) now evaluates segment profit (loss) based on Adjusted EBITDA, defined as income (loss) from continuing operations before interest expense, income tax, depreciation and amortization expense, transaction and integration costs, restructuring costs, and other adjustments[56](index=56&type=chunk) **Selected Financial Data for Segments (In millions):** | Item | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :-------------------------- | :------ | :------ | :------ | :------ | | **Revenue:** | | | | | | North American LTL | $1,071 | $933 | $3,114 | $2,623 | | Brokerage and Other Services | $2,261 | $1,778 | $6,493 | $4,738 | | **Adjusted EBITDA:** | | | | | | North American LTL | $222 | $238 | $694 | $562 | | Brokerage and Other Services | $131 | $90 | $386 | $159 | | Corporate | $(46) | $(60) | $(164) | $(163) | | **Total Adjusted EBITDA** | **$307** | **$268** | **$916** | **$558** | [4. Revenue Recognition](index=17&type=section&id=4.%20Revenue%20Recognition) This note disaggregates XPO's revenue by geographic area and service offering for the three and nine months ended September 30, 2021 and 2020. It also provides information on remaining performance obligations **Revenue Disaggregated by Service Offering (In millions):** | Service Offering | Three Months Ended Sep 30, 2021 | Three Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :-------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------ | | North America LTL | $1,091 | $941 | $3,165 | $2,652 | | Truck Brokerage | $700 | $432 | $1,903 | $1,062 | | Last Mile | $250 | $243 | $765 | $662 | | Other Brokerage | $547 | $413 | $1,486 | $1,108 | | Europe | $757 | $687 | $2,311 | $1,894 | | **Total Revenue** | **$3,270** | **$2,675** | **$9,445** | **$7,261** | - As of September 30, 2021, the fixed consideration component of remaining performance obligations was approximately **$135 million**, with about **84%** expected to be recognized over the next three years[61](index=61&type=chunk) [5. Restructuring Charges](index=18&type=section&id=5.%20Restructuring%20Charges) This note details XPO's restructuring activities, including severance and facility-related costs, undertaken to improve efficiency and profitability. These actions are partly in connection with the spin-off and in response to COVID-19 **Restructuring-Related Activity (Nine Months Ended Sep 30, 2021, In millions):** | Item | Reserve Balance as of Dec 31, 2020 | Charges Incurred | Payments | Reserve Balance as of Sep 30, 2021 | | :-------------------- | :--------------------------------- | :--------------- | :------- | :--------------------------------- | | Severance | $8 | $16 | $(10) | $13 | | Facilities | $5 | — | $(2) | $4 | | **Total** | **$13** | **$16** | **$(12)** | **$17** | - Restructuring costs for the first nine months of 2021 were **$16 million**, compared with **$31 million** for the same period in 2020[146](index=146&type=chunk) - XPO expects to achieve annualized pre-tax run-rate savings of approximately **$20 million** by mid-2022 from the restructuring initiatives recorded in the first nine months of 2021[146](index=146&type=chunk) [6. Derivative Instruments](index=19&type=section&id=6.%20Derivative%20Instruments) This note describes XPO's use of derivative instruments, such as cross-currency swap agreements and interest rate swaps, to manage exposure to interest rate and foreign currency risks. It provides fair values and the impact of these derivatives on the financial statements **Fair Value of Derivative Instruments (In millions):** | Item | September 30, 2021 Fair Value | December 31, 2020 Fair Value | | :-------------------------- | :------------------------------ | :------------------------------ | | Derivative Assets | $0 | $0 | | Derivative Liabilities | $(12) | $(113) | | **Total** | **$(12)** | **$(113)** | - In the third quarter of 2021, cross-currency swaps with a fair value of approximately **$28 million** were novated (transferred) to GXO in preparation for the spin-off[69](index=69&type=chunk) [7. Debt](index=22&type=section&id=7.%20Debt) This note provides a detailed breakdown of XPO's debt, including ABL facilities, term loans, and senior notes. It highlights significant debt reduction activities in 2021, such as the redemption of senior notes and the amendment of the term loan credit agreement **Total Debt (In millions):** | Item | September 30, 2021 Carrying Value | December 31, 2020 Carrying Value | | :------------------------------------------------ | :-------------------------------- | :--------------------------------- | | ABL facility | $0 | $200 | | Term loan facilities | $1,975 | $1,974 | | 6.50% Senior notes due 2022 | $0 | $1,195 | | 6.125% Senior notes due 2023 | $0 | $531 | | 6.75% Senior notes due 2024 | $0 | $989 | | 6.25% Senior notes due 2025 | $1,140 | $1,138 | | 6.70% Senior debentures due 2034 | $213 | $210 | | Borrowings related to securitization program | $0 | $24 | | Finance leases, asset financing and other | $243 | $260 | | **Total debt (carrying value)** | **$3,571** | **$6,521** | | Long-term debt | $3,515 | $5,240 | - In the third quarter of 2021, XPO redeemed its outstanding **6.125%** senior notes due 2023 and **6.75%** senior notes due 2024, utilizing **$794 million** cash received from GXO, proceeds from an equity offering, and available cash[82](index=82&type=chunk) - XPO redeemed its outstanding **6.50%** senior notes due 2022 in January 2021 with available cash[83](index=83&type=chunk) [8. Stockholders' Equity](index=23&type=section&id=8.%20Stockholders'%20Equity) This note details changes in XPO's stockholders' equity, including a common stock offering, the exchange of preferred stock and warrants, and the status of the share repurchase authorization - In July 2021, XPO completed a registered underwritten offering of **5.75 million** shares of common stock, generating approximately **$384 million** in net proceeds, used for debt repayment and general corporate purposes[85](index=85&type=chunk) - All Series A Convertible Perpetual Preferred Stock and warrants were exchanged for common stock by the second quarter of 2021, simplifying the equity capital structure[88](index=88&type=chunk) - As of September 30, 2021, the remaining share repurchase authorization was **$503 million**, with no share repurchases since the first quarter of 2020[90](index=90&type=chunk) [9. Earnings (Loss) per Share](index=24&type=section&id=9.%20Earnings%20(Loss)%20per%20Share) This note outlines the computation of basic and diluted earnings per share using the two-class method, providing detailed figures for both continuing and discontinued operations **Earnings (Loss) per Share Data:** | Item | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | | Basic EPS from continuing operations | $0.19 | $0.30 | $1.78 | $(0.86) | | Basic EPS from discontinued operations | $(0.69) | $0.63 | $0.15 | $0.68 | | Basic EPS attributable to common shareholders | $(0.50) | $0.93 | $1.93 | $(0.18) | | Diluted EPS from continuing operations | $0.19 | $0.27 | $1.73 | $(0.86) | | Diluted EPS from discontinued operations | $(0.68) | $0.56 | $0.14 | $0.68 | | Diluted EPS attributable to common shareholders | $(0.49) | $0.83 | $1.87 | $(0.18) | [10. Legal and Regulatory Matters](index=26&type=section&id=10.%20Legal%20and%20Regulatory%20Matters) This note discusses XPO's involvement in various legal proceedings, including class action lawsuits regarding independent contractor misclassification and shareholder litigation. It highlights a tentative settlement for intermodal drayage claims and ongoing appeals for shareholder suits - XPO reached a tentative settlement in August 2021 for intermodal drayage classification claims in California, agreeing to pay **$20 million** in the Alvarez case and **$9.5 million** in the Arrellano case[99](index=99&type=chunk) - The settlements do not require XPO to reclassify its contractors as employees and release the plaintiff classes from all liability through December 31, 2021[100](index=100&type=chunk) - A shareholder class action (Labul v. XPO Logistics, Inc. et al.) was dismissed with prejudice in March 2021, with an appeal currently ongoing. A related shareholder derivative action is stayed pending the appeal's resolution[101](index=101&type=chunk)[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on XPO's financial condition and results of operations, focusing on the post-spin-off business structure. It covers the performance of the North American LTL and Brokerage and Other Services segments, the impact of COVID-19 and supply chain challenges, liquidity, and capital resources [Executive Summary](index=29&type=section&id=Executive%20Summary) This section introduces XPO's core freight transportation services, the GXO spin-off, and its current liquidity and leverage targets - XPO Logistics, Inc. is a leading provider of freight transportation services, primarily less-than-truckload (LTL) and truck brokerage, operating with two reportable segments: North American LTL and Brokerage and Other Services[108](index=108&type=chunk)[109](index=109&type=chunk) - The spin-off of the Logistics segment (GXO Logistics, Inc.) was completed on **August 2, 2021**, with GXO's historical results presented as discontinued operations[110](index=110&type=chunk)[111](index=111&type=chunk) - As of September 30, 2021, XPO had approximately **$1.2 billion** of total liquidity, including **$254 million** of cash and cash equivalents, and is committed to a target leverage of **1.0x to 2.0x** by the first half of 2023[114](index=114&type=chunk) [North American Less-Than-Truckload Segment Overview](index=30&type=section&id=North%20American%20Less-Than-Truckload%20Segment) This section describes XPO's position as a leading LTL provider in North America, highlighting its market share, shipment volume, and technology-driven efficiency improvements - XPO is a top three provider of LTL services in North America, holding approximately **8%** market share of the **$42 billion** market as of December 31, 2020[115](index=115&type=chunk) - The segment delivered approximately **13 million** LTL shipments for the trailing 12 months ended September 30, 2021[116](index=116&type=chunk) - XPO is leveraging proprietary technology for intelligent route-building and visualization tools to improve LTL profitability and productivity, with ongoing software development for dynamic market pricing and XPO Smart® tools deployment[118](index=118&type=chunk) [Brokerage and Other Services Segment Overview](index=30&type=section&id=Brokerage%20and%20Other%20Services%20Segment) This section details XPO's role as a major truck brokerage and last-mile provider in North America and Europe, emphasizing its digital platform and global network - XPO is the third largest truck brokerage service provider in North America (**3%** market share of the **$64 billion** market as of December 31, 2020) and the second largest globally[119](index=119&type=chunk) - The global brokerage network includes approximately **91,000** independent carriers with access to over a million trucks on the XPO Connect® digital platform[121](index=121&type=chunk) - XPO is the largest provider of home delivery for heavy goods in North America and a leading truck broker and LTL provider in Europe (France, Iberia, UK)[122](index=122&type=chunk)[123](index=123&type=chunk) [Innovation and Sustainability](index=31&type=section&id=Innovation%20and%20Sustainability) This section outlines XPO's strategic investments in technology for supply chain innovation and its commitment to environmental sustainability initiatives - XPO has invested over **$3 billion** in technology since 2011 to innovate supply chain movement, focusing on automation, visibility, and creating 'smart' supply chains[124](index=124&type=chunk)[125](index=125&type=chunk) - Environmental sustainability initiatives include substantial investments in fuel-efficient Freightliner Cascadia tractors, phased upgrades to LED lighting in LTL locations, and deployment of electric box trucks and natural gas trucks in Europe[127](index=127&type=chunk)[128](index=128&type=chunk) - The company publishes an annual Sustainability Report detailing global progress in safety, employee engagement, diversity and inclusion, ethics and compliance, environmental protection, and governance[129](index=129&type=chunk) [Impacts of COVID-19 and Supply Chain Challenges](index=31&type=section&id=Impacts%20of%20COVID-19%20and%20Supply%20Chain%20Challenges) This section discusses the adverse effects of the pandemic on supply chains, labor, and costs, along with XPO's strategic responses to enhance LTL network efficiencies - The COVID-19 pandemic has led to supply chain disruptions, labor shortages (notably truck drivers), equipment shortages, and increased costs of transportation and services[131](index=131&type=chunk) - XPO is executing a company-specific action plan to enhance LTL network efficiencies and drive growth, including selective freight embargoes, pricing adjustments, expanding driver training, increasing trailer manufacturing capacity, and expanding LTL door count by **900** (approximately **6%**) over the next 12 to 24 months[132](index=132&type=chunk)[134](index=134&type=chunk) [Impact of Inflation](index=32&type=section&id=Impact%20of%20Inflation) This section addresses how a constrained labor market led to higher transportation costs, partially mitigated by increased pricing to customers - For the third quarter and first nine months ended September 30, 2021, the constrained labor market resulted in higher third-party transportation costs to meet growing demand, which were partially offset by increased pricing to customers[133](index=133&type=chunk) [Consolidated Summary Financial Table](index=33&type=section&id=Consolidated%20Summary%20Financial%20Table) This table provides a high-level overview of XPO's consolidated financial performance, including revenue, expenses, and net income (loss) for specified periods **Consolidated Summary Financial Table (In millions):** | Item | Q3 2021 | Q3 2020 | Change % | 9M 2021 | 9M 2020 | Change % | | :------------------------------------------------ | :------ | :------ | :------- | :------ | :------ | :------- | | Revenue | $3,270 | $2,675 | 22.2% | $9,445 | $7,261 | 30.1% | | Cost of transportation and services | $2,306 | $1,814 | 27.1% | $6,545 | $4,919 | 33.1% | | Direct operating expense | $366 | $310 | 18.1% | $1,058 | $904 | 17.0% | | Sales, general and administrative expense | $339 | $294 | 15.3% | $1,001 | $915 | 9.4% | | Operating income | $112 | $138 | (18.8)% | $442 | $75 | NM | | Debt extinguishment loss | $46 | — | 100.0% | $54 | — | 100.0% | | Interest expense | $53 | $81 | (34.6)% | $176 | $226 | (22.1)% | | Income (loss) from continuing operations | $21 | $37 | (43.2)% | $197 | $(79) | NM | | Income (loss) from discontinued operations, net of taxes | $(78) | $61 | NM | $22 | $68 | (67.6)% | | Net income (loss) | $(57) | $98 | NM | $219 | $(11) | NM | [Three and Nine Months Ended September 30, 2021 Compared with Three and Nine Months Ended September 30, 2020](index=33&type=section&id=Three%20and%20Nine%20Months%20Ended%20September%2030,%202021%20Compared%20with%20Three%20and%20Nine%20Months%20Ended%20September%2030,%202020) This section analyzes XPO's financial performance, highlighting revenue growth, cost changes, and the impact of debt extinguishment and interest expense - Revenue increased by **22.2%** to **$3.3 billion** for Q3 2021 and **30.1%** to **$9.4 billion** for 9M 2021, driven by growth in LTL and truck brokerage and the negative impact of COVID-19 in 2020[136](index=136&type=chunk) - Cost of transportation and services increased as a percentage of revenue due to a constrained labor market and higher third-party transportation costs, partially offset by lower COVID-19-related costs[138](index=138&type=chunk) - SG&A decreased as a percentage of revenue due to lower self-insurance expense, third-party professional fees, and COVID-19-related costs, but was partially offset by **$29 million** in legal costs for independent contractor settlements in Q3 and 9M 2021[143](index=143&type=chunk) - Debt extinguishment losses totaled **$46 million** for Q3 2021 and **$54 million** for 9M 2021, primarily due to the redemption of senior notes and the amendment of the term loan credit agreement[150](index=150&type=chunk) - Interest expense decreased by **34.6%** in Q3 2021 and **22.1%** in 9M 2021, reflecting lower average debt balances due to debt redemptions[151](index=151&type=chunk) [North American Less-Than-Truckload Segment Performance](index=35&type=section&id=North%20American%20Less-Than-Truckload%20Segment%20Performance) This section presents key financial and operational metrics for the North American LTL segment, including revenue, pounds per day, and Adjusted EBITDA **North American LTL Key Revenue Metrics:** | Metric | Q3 2021 | Q3 2020 | Change % | 9M 2021 | 9M 2020 | Change % | | :------------------------------------------------ | :------ | :------ | :------- | :------ | :------ | :------- | | Revenue (in millions) | $1,071 | $933 | 14.8% | $3,114 | $2,623 | 18.7% | | Pounds per day (thousands) | 72,152 | 69,952 | 3.1% | 73,138 | 66,730 | 9.6% | | Gross revenue per hundredweight, excluding fuel surcharges | $20.02 | $18.90 | 6.0% | $19.47 | $18.57 | 4.9% | | Adjusted EBITDA (in millions) | $222 | $238 | (6.7)% | $694 | $562 | 23.5% | - Adjusted EBITDA for 2021 included significantly lower year-over-year gains from LTL real estate transactions (**$5 million** in Q3 2021 vs. **$26 million** in Q3 2020; **$27 million** in 9M 2021 vs. **$63 million** in 9M 2020)[156](index=156&type=chunk) [Brokerage and Other Services Segment Performance](index=36&type=section&id=Brokerage%20and%20Other%20Services%20Segment%20Performance) This section details the financial performance of the Brokerage and Other Services segment, focusing on revenue and Adjusted EBITDA growth drivers and challenges **Brokerage and Other Services Segment Performance (In millions):** | Metric | Q3 2021 | Q3 2020 | Change % | 9M 2021 | 9M 2020 | Change % | | :-------------------------- | :------ | :------ | :------- | :------ | :------ | :------- | | Revenue | $2,261 | $1,778 | 27.2% | $6,493 | $4,738 | 37.0% | | Adjusted EBITDA | $131 | $90 | 45.6% | $386 | $159 | 142.8% | - Revenue increases were driven by an increase in North American truck brokerage loads per day and improved pricing across segment services, enhanced by XPO's digital platform and improving market conditions[157](index=157&type=chunk) - Gains were partially offset by the impact of the global semiconductor shortage, which constrained customer demand, and a truck driver shortage in the U.K. and North America[157](index=157&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses XPO's financial flexibility, including cash, available credit, and significant cash flow activities related to debt management and equity issuance - As of September 30, 2021, XPO had **$254 million** in cash and cash equivalents and **$993 million** available under its ABL Facility[159](index=159&type=chunk) - The ABL facility was amended in July 2021, reducing commitments from **$1.1 billion** to **$1.0 billion**[160](index=160&type=chunk) **Sources and Uses of Cash (Nine Months Ended Sep 30, In millions):** | Item | 2021 | 2020 | | :------------------------------------------------ | :----- | :----- | | Net cash provided by operating activities from continuing operations | $558 | $292 | | Net cash used in investing activities from continuing operations | $(143) | $(78) | | Net cash provided by (used in) financing activities from continuing operations | $(1,880) | $1,195 | - Primary uses of cash from financing activities in 9M 2021 included **$2.8 billion** to redeem senior notes and **$200 million** to repay ABL borrowings. Primary sources were **$794 million** from GXO distribution and **$384 million** from common stock issuance[182](index=182&type=chunk) [Contractual Obligations](index=40&type=section&id=Contractual%20Obligations) This section clarifies XPO's current contractual obligations, noting the exclusion of GXO's former liabilities and providing anticipated capital expenditure targets - Following the spin-off, GXO's borrowing arrangements and obligations under finance and operating leases are no longer part of XPO's contractual obligations[183](index=183&type=chunk) - Anticipated full-year net capital expenditures for 2021 are between **$250 million** and **$275 million**[183](index=183&type=chunk) [New Accounting Standards](index=40&type=section&id=New%20Accounting%20Standards) This section directs readers to Note 1 for details on recently adopted and pending accounting standards relevant to XPO's financial reporting - Information related to new accounting standards is included in Note 1—Organization, Description of Business and Basis of Presentation to the Condensed Consolidated Financial Statements[184](index=184&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to XPO's quantitative and qualitative disclosures about market risk related to its continuing operations during the nine months ended September 30, 2021, compared to the disclosures in the 2020 Annual Report on Form 10-K - No material changes to quantitative and qualitative disclosures about market risk (interest rates, foreign currency exchange rates, and commodity risk) for continuing operations during the nine months ended September 30, 2021[185](index=185&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) This section reports on the effectiveness of XPO's disclosure controls and procedures and any changes in internal control over financial reporting [Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures](index=40&type=section&id=Conclusion%20Regarding%20the%20Effectiveness%20of%20Disclosure%20Controls%20and%20Procedures) This section confirms the effectiveness of XPO's disclosure controls and procedures as assessed by its executive officers - XPO's CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[186](index=186&type=chunk) [Changes in Internal Control Over Financial Reporting](index=41&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This section reports that no material changes occurred in XPO's internal control over financial reporting during the quarter - There have been no material changes in XPO's internal control over financial reporting during the quarter ended September 30, 2021[187](index=187&type=chunk) Part II—Other Information This section covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, exhibits, and signatures [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the legal proceedings information detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and Note 10 of the current Quarterly Report on Form 10-Q - For information related to legal proceedings, refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and Note 10—Legal and Regulatory Matters of Item 1 in this Quarterly Report[188](index=188&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section highlights material changes to previously disclosed risk factors, specifically addressing the potential negative impacts of ongoing unfavorable market conditions due to the COVID-19 pandemic and the effectiveness of the company's action plan for its North American LTL business - Unfavorable market conditions arising from the COVID-19 pandemic, including supply chain disruptions, labor and equipment shortages, and cost inflation, may negatively impact XPO's business, prospects, financial condition, and operating results[190](index=190&type=chunk) - There is a risk that XPO's company-specific action plan to enhance network efficiencies and drive growth in its North American LTL business may not be effective or timely, potentially failing to improve results of operations or cash flow as planned[191](index=191&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period [Item 3. Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there were no defaults upon senior securities to report for the period [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that the disclosure requirements for mine safety are not applicable to XPO Logistics, Inc. [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report for the period [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including various agreements related to the GXO spin-off, employment contracts, and certifications required by the Sarbanes-Oxley Act - Key exhibits include the Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, and Intellectual Property License Agreement, all related to the GXO Logistics, Inc. spin-off[193](index=193&type=chunk) - The exhibits also include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[193](index=193&type=chunk)[195](index=195&type=chunk) [Signatures](index=45&type=section&id=Signatures) This section contains the required signatures of XPO Logistics, Inc.'s Chief Executive Officer and Chief Financial Officer, certifying the accuracy and completeness of the Quarterly Report on Form 10-Q - The report is signed by Brad Jacobs, Chief Executive Officer, and Ravi Tulsyan, Chief Financial Officer, on November 3, 2021[197](index=197&type=chunk)

XPO Logistics Inc. (NYSE:XPO) Q3 2021 Earnings Conference Call November 3, 2021 8:30 AM ET Company Participants Brad Jacobs - Chief Executive Officer Ravi Tulsyan - Chief Financial Officer Matt Fassler - Senior Key Executive Mario Harik - Chief Information Officer Drew Wilkerson - President of Transportation, North America Conference Call Participants Hamzah Mazari - Jefferies Amit Mehrotra - Deutsche Bank Todd Fowler - KeyBanc Capital Markets Chris Wetherbee - Citi Jordan Alliger - Goldman Sachs Brandon Og ...