Investor Presentation February 2023 Non-GAAP financial measures As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this document to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this document. This document contains the following non-GAAP financial measures: adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") on ...

XPO Logistics, Inc. (NYSE:XPO) Q4 2022 Earnings Conference Call February 9, 2023 8:30 AM ET Company Participants Carl Anderson - CFO Mario Harik - CEO & Director Conference Call Participants Stephanie Moore - Jefferies Scott Schneeberger - Oppenheimer Chris Wetherbee - Citigroup Jordan Alliger - Goldman Sachs Brandon Oglenski - Barclays Scott Group - Wolfe Research Allison Poliniak - Wells Fargo Tom Wadewitz - UBS Ken Hoexter - Bank of America Jeff Kauffman - Vertical Research Partners Brian Ossenbeck - JPM ...

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

Financial Data and Key Metrics Changes - The company reported a record revenue of $3.4 billion for Q4 2021, representing a 14% year-over-year growth [8][17] - Adjusted EBITDA for the quarter was $323 million, up 12% year-over-year, marking a record for Q4 [17] - Adjusted diluted EPS increased to $1.34, up from $0.53 a year ago, reflecting an increase of over 150% [18][20] - For the full year 2021, revenue reached $12.8 billion, a 26% increase, while adjusted EBITDA grew by 46% to $1.24 billion [20] Business Line Data and Key Metrics Changes - North American LTL revenue grew by 10% year-over-year to a record $1 billion in Q4, with yield increasing by 11% [29][30] - The truck brokerage segment saw revenue rise by 17% to a record $2.4 billion, with adjusted EBITDA increasing by 29% to $161 million [33] - The number of loads per day in truck brokerage increased by 22% year-over-year, reflecting strong market demand [34] Market Data and Key Metrics Changes - The company experienced a 4.9% year-over-year decline in tonnage per day in LTL due to strategic embargoes, but performance improved in December and January [29][30] - The digital brokerage platform, XPO Connect, saw a 74% year-over-year increase in weekly carrier usage, with over 600,000 driver downloads [12][54] Company Strategy and Development Direction - The company is focused on becoming best-in-class in all aspects of its business and aims to generate at least $1 billion of adjusted EBITDA in LTL for 2022 [14][47] - A five-point action plan was implemented to improve network flow, pricing, driver recruitment, equipment production, and network expansion [37][42] - The company plans to increase growth CapEx to 8% to 9% of revenue in 2022, up from 5% in 2021, to support expansion and capacity growth [92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong earnings growth for 2022, with guidance reflecting an 11% growth in adjusted EBITDA and a 22% growth in adjusted diluted EPS [13][14] - The company anticipates a positive inflection in adjusted operating ratio midyear, with expectations of over 100 basis points improvement for the full year [10][66] - Management noted that the current operating environment is characterized by strong demand and constrained capacity, which presents opportunities for growth [58] Other Important Information - The company generated $475 million in free cash flow for the full year 2021, representing a free cash conversion rate on net income of 97% [20][21] - The company reduced gross debt by approximately $3 billion in 2021, with a net leverage ratio of 2.7x adjusted EBITDA at year-end [22] Q&A Session Summary Question: LTL operating ratio progression for 2022 - Management expects a 200 basis point degradation in Q1, improving to positive in the second half of the year, with a total improvement of more than 100 basis points for the full year [61][66] Question: Growth of door count in 2022 - The company anticipates a ramp-up in capacity from new doors within a 6-month timeframe, expecting about $40 million in additional revenue from these doors [69][71] Question: LTL margin expectations - Management explained that Q4's decline was due to strategic embargoes and increased costs, but improvements in network flow and service metrics are expected to lead to better performance in 2022 [75][78] Question: Brokerage operating margins - The company remains confident in maintaining strong margins due to technology, customer relationships, and operational efficiencies [84][88] Question: Future of intermodal market - Management acknowledged the intermodal market but did not provide specific details on XPO's position within that segment [119]