GREENWICH, Conn., Aug. 01, 2024 (GLOBE NEWSWIRE) -- XPO (NYSE: XPO) today announced its financial results for the second quarter 2024. The company reported diluted earnings from continuing operations per share of $1.25, compared with $0.27 for the same period in 2023, and adjusted diluted earnings from continuing operations per share of $1.12, compared with $0.71 for the same period in 2023. Second Quarter 2024 Summary Results | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------ ...

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock. Analysts' assessment points toward 'Gross revenue per hundredweight (excluding fuel surcharges)' reaching $23.68. Compared to the present estim ...

Core Points - The National Truck Driving Championships (NTDC) is a prestigious event organized by the American Trucking Associations, emphasizing safety and excellence in the freight industry [1][7] - XPO has announced its finalists for the 2024 NTDC, showcasing drivers from 16 states who have qualified through state championships and maintained accident-free records for at least one year [2][7] Company Overview - XPO is a leading provider of freight transportation in North America, focusing on asset-based less-than-truckload (LTL) services, moving 18 billion pounds of freight annually [11] - The company operates approximately 610 locations and employs 39,000 individuals across North America and Europe, with its headquarters located in Greenwich, Connecticut [11] Finalists and Achievements - Notable finalists include Rich Sweeney from Massachusetts, a previous national Grand Champion, and Ina Daly from Arizona, the first woman to win the national title, returning for her 17th finals [3][8] - Four of XPO's finalists have been named Grand Champions in their respective state competitions, demonstrating exceptional skill across various vehicle classes [9][10]

The annual NTDC, hosted by the American Trucking Associations, is a contest of precision driving skills and industry knowledge. Known as the "Super Bowl of Safety," NTDC celebrates the nation's most accomplished drivers while underscoring the importance of safety in the freight industry. XPO's 2024 NTDC Finalists: Rich Sweeney (Massachusetts): 2019 national Grand Champion Rich Sweeney returns for his 15th appearance at the NTDC, where he will compete in the tank truck class. Wilbert Vano (New Jersey): Wilbe ...

Core Viewpoint - XPO, Inc. will hold its second quarter conference call on August 1, 2024, at 8:30 a.m. Eastern Time, with results released earlier that morning [1]. Group 1: Conference Call Details - The conference call will be accessible via a toll-free number for US/Canada and an international dial-in option, with a passcode provided for access [2][4]. - A replay of the conference call will be available until August 31, 2024, allowing stakeholders to review the discussion [2]. Group 2: Company Overview - XPO, Inc. is a leader in asset-based less-than-truckload (LTL) freight transportation in North America, moving 18 billion pounds of freight annually [4]. - The company serves approximately 52,000 customers and operates 610 locations with a workforce of 39,000 employees across North America and Europe [4].

Financial Data and Key Metrics Changes - Revenue increased by 6% year-over-year to $2 billion, with adjusted EBITDA rising by 37% to $288 million [3][20] - Adjusted diluted EPS was up 45% year-over-year at $0.81 [3][27] - Adjusted EBITDA margin improved by 320 basis points to 14.2% [24] Business Line Data and Key Metrics Changes - LTL segment revenue grew by 9% year-over-year, with adjusted EBITDA increasing by 40% to $255 million [20][26] - LTL revenue, excluding fuel, was up 12% year-over-year [21] - European segment revenue increased by 1%, with adjusted EBITDA up 3% to $38 million [20][26] Market Data and Key Metrics Changes - In Europe, revenue and adjusted EBITDA increased, with the strongest growth in France (mid-teens) and the UK (high-single-digits) [18][104] - The overall freight market remains soft, but the company is gaining market share through service improvements [50][78] Company Strategy and Development Direction - The company is focused on its LTL 2.0 plan, which emphasizes world-class service, network investment, yield growth, and cost efficiency [4][7][11] - Significant investments in fleet expansion, with over 12,000 trailers and 4,000 tractors added since the launch of LTL 2.0 [7][9] - The company aims to reduce third-party linehaul miles significantly by 2027, enhancing both cost efficiency and service quality [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while the freight market is soft, they expect to outperform due to service improvements and pricing strategies [78] - The company anticipates continued yield growth and margin improvement, with expectations for a strong second quarter [44][68] - Management remains optimistic about the long-term potential of the LTL business, aiming for significant margin improvements beyond initial targets [96] Other Important Information - The company ended the quarter with $229 million in cash and $793 million in total liquidity [28] - The corporate net expense was reduced by 44% year-over-year, reflecting ongoing cost rationalization efforts [25] Q&A Session Summary Question: Pricing momentum and order book repricing - Management indicated that they achieved high-single-digit growth in contract renewals and expect to renegotiate the remaining contracts effectively [41] Question: Local sales growth and demand environment - Local sales have seen a 10% year-over-year increase, with a 25% increase in local sales force headcount [46][47] - The overall demand environment remains stable but soft, with expectations for gradual improvement [50] Question: Cost management and linehaul in-sourcing - The company has reduced third-party transportation costs by 21% year-over-year and aims to cut outsourced miles significantly by 2027 [15][54] Question: Competition and freight market sensitivity - Management acknowledged that while they are not immune to market fluctuations, their service improvements and pricing strategies position them well to gain market share [78][84] Question: European business performance - The European segment has shown strong performance, with the highest EBITDA since the pandemic, driven by good pricing and a robust sales pipeline [104]

Part I—Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents XPO, Inc.'s unaudited condensed consolidated financial statements for the quarter ended March 31, 2024, including balance sheets, income statements, comprehensive income, cash flows, and changes in equity, along with detailed notes explaining accounting policies, segment performance, debt, derivatives, and commitments [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (March 31, 2024 vs. December 31, 2023) | (In millions) | March 31, 2024 | December 31, 2023 | | :--------------------------------------- | :------------- | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $229 | $412 | | Accounts receivable, net | 1,077 | 973 | | Total current assets | 1,528 | 1,593 | | Property and equipment, net | 3,257 | 3,075 | | Goodwill | 1,484 | 1,498 | | Total assets | $7,603 | $7,492 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Accounts payable | $570 | $532 | | Total current liabilities | 1,622 | 1,590 | | Long-term debt | 3,323 | 3,335 | | Total liabilities | 6,271 | 6,226 | | Total equity | 1,332 | 1,266 | | Total liabilities and equity | $7,603 | $7,492 | - Total assets increased by **$111 million** from December 31, 2023, to March 31, 2024, reaching **$7,603 million** [8](index=8&type=chunk) - Total equity increased by **$66 million** to **$1,332 million** [8](index=8&type=chunk) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Condensed Consolidated Statements of Income (Three Months Ended March 31, 2024 vs. 2023) | (In millions, except per share data) | 2024 | 2023 | | :----------------------------------- | :--- | :--- | | Revenue | $2,018 | $1,907 | | Operating income | 138 | 58 | | Income from continuing operations before income tax provision | 90 | 21 | | Income tax provision | 23 | 4 | | Income from continuing operations | 67 | 17 | | Net income | $67 | $14 | | Basic earnings per share | $0.58 | $0.13 | | Diluted earnings per share | $0.56 | $0.13 | - Net income significantly increased to **$67 million** in Q1 2024 from **$14 million** in Q1 2023, driven by a substantial rise in operating income from **$58 million** to **$138 million** [11](index=11&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Condensed Consolidated Statements of Comprehensive Income (Three Months Ended March 31, 2024 vs. 2023) | (In millions) | 2024 | 2023 | | :------------------------------------------------------------------------------------------------ | :--- | :--- | | Net income | $67 | $14 | | Other comprehensive income (loss), net of tax | (5) | 15 | | Comprehensive income | $62 | $29 | - Comprehensive income more than doubled to **$62 million** in Q1 2024 from **$29 million** in Q1 2023, despite a shift from other comprehensive income to a loss [15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Three Months Ended March 31, 2024 vs. 2023) | (In millions) | 2024 | 2023 | | :---------------------------------------------------- | :--- | :--- | | Net cash provided by operating activities from continuing operations | $145 | $76 | | Net cash used in investing activities from continuing operations | (299) | (216) | | Net cash used in financing activities from continuing operations | (29) | (10) | | Net decrease in cash, cash equivalents and restricted cash | (183) | (155) | | Cash, cash equivalents and restricted cash, end of period | $235 | $315 | - Net cash provided by operating activities from continuing operations increased by **$69 million** year-over-year to **$145 million** [19](index=19&type=chunk)[115](index=115&type=chunk) - Net cash used in investing activities increased to **$299 million**, primarily due to higher capital expenditures [19](index=19&type=chunk)[116](index=116&type=chunk) [Condensed Consolidated Statements of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Condensed Consolidated Statements of Changes in Equity (March 31, 2024 vs. December 31, 2023) | (Shares in thousands, dollars in millions) | Balance as of Dec 31, 2023 | Net Income | Other Comprehensive Loss | Exercise/Vesting of Stock Awards | Tax Withholdings | Stock Comp. Expense | Balance as of Mar 31, 2024 | | :--------------------------------------- | :------------------------- | :--------- | :----------------------- | :------------------------------- | :--------------- | :------------------ | :------------------------- | | Total Equity | $1,266 | $67 | $(5) | $0 | $(15) | $19 | $1,332 | - Total equity increased by **$66 million** from **$1,266 million** at December 31, 2023, to **$1,332 million** at March 31, 2024, primarily driven by net income and stock compensation expense, partially offset by other comprehensive loss and tax withholdings [23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Organization, Description of Business and Basis of Presentation](index=9&type=section&id=1.%20Organization,%20Description%20of%20Business%20and%20Basis%20of%20Presentation) XPO, Inc. is a freight transportation services provider in North America and Europe, utilizing proprietary technology, and is evaluating the divestiture of its European business - XPO acquired **28 LTL service centers** in the U.S. from Yellow Corporation in December 2023 to expand its LTL network capacity [27](index=27&type=chunk) - The Board of Directors has authorized the divestiture of the European business, though terms and timing are uncertain [28](index=28&type=chunk) - The company uses trade receivables securitization and factoring programs to manage cash flows, with the European securitization program fully utilized at **$216 million** as of March 31, 2024 [33](index=33&type=chunk)[34](index=34&type=chunk) [Note 2. Segment Reporting](index=11&type=section&id=2.%20Segment%20Reporting) XPO operates in two reportable segments: North American Less-Than-Truckload (LTL) and European Transportation, with performance assessed by Adjusted EBITDA - XPO's two reportable segments are North American LTL and European Transportation [40](index=40&type=chunk) Segment Revenue and Adjusted EBITDA (Three Months Ended March 31, 2024 vs. 2023) | (in millions) | 2024 Revenue | 2023 Revenue | 2024 Adj. EBITDA | 2023 Adj. EBITDA | | :-------------------- | :----------- | :----------- | :--------------- | :--------------- | | North American LTL | $1,221 | $1,120 | $255 | $182 | | European Transportation | $797 | $787 | $38 | $37 | | Corporate | N/A | N/A | $(5) | $(9) | | Total | $2,018 | $1,907 | $288 | $210 | - North American LTL Adjusted EBITDA increased by **40.1%** to **$255 million**, while European Transportation Adjusted EBITDA increased by **2.7%** to **$38 million** [44](index=44&type=chunk) [Note 3. Revenue Recognition](index=13&type=section&id=3.%20Revenue%20Recognition) Revenue is disaggregated by geographic area based on sales office location, showing contributions from various North American and European regions Disaggregated Revenue by Geographic Area (Three Months Ended March 31, 2024 vs. 2023) | (In millions) | 2024 Total Revenue | 2023 Total Revenue | | :-------------------------------- | :----------------- | :----------------- | | United States | $1,194 | $1,097 | | North America (excluding United States) | $27 | $23 | | France | $334 | $340 | | United Kingdom | $243 | $224 | | Europe (excluding France and United Kingdom) | $220 | $223 | | Total | $2,018 | $1,907 | [Note 4. Restructuring Charges](index=13&type=section&id=4.%20Restructuring%20Charges) The company incurs restructuring charges, primarily severance and facility-related costs, to improve efficiency, with **$8 million** incurred in Q1 2024 Restructuring-Related Activity (Three Months Ended March 31, 2024) | (In millions) | Reserve Balance as of Dec 31, 2023 | Charges Incurred | Payments | Reserve Balance as of Mar 31, 2024 | | :-------------------- | :--------------------------------- | :--------------- | :------- | :--------------------------------- | | Severance | | | | | | North American LTL | $2 | $0 | $(1) | $1 | | European Transportation | $1 | $8 | $(4) | $5 | | Corporate | $8 | $0 | $(3) | $5 | | Total | $11 | $8 | $(8) | $11 | - Total restructuring charges incurred in Q1 2024 were **$8 million**, primarily for European Transportation severance [48](index=48&type=chunk) [Note 5. Derivative Instruments](index=14&type=section&id=5.%20Derivative%20Instruments) XPO uses derivative instruments, including cross-currency and interest rate swaps, to manage exposure to interest rate and foreign currency fluctuations, not for speculative purposes - The company uses cross-currency swap agreements to manage foreign currency exchange risk for USD-denominated debt, effectively converting it to EUR-denominated debt [52](index=52&type=chunk) - Interest rate swaps are used to mitigate variability in forecasted interest payments on the Senior Secured Term Loan Credit Agreement, converting floating rates to fixed rates [55](index=55&type=chunk) Effect of Derivative Instruments on Income (Three Months Ended March 31, 2024 vs. 2023) | (In millions) | Gain (Loss) in OCI (2024) | Gain (Loss) in OCI (2023) | Gain in Income (2024) | Gain in Income (2023) | | :------------------------------------------------------------------------------------------------ | :------------------------ | :------------------------ | :-------------------- | :-------------------- | | Interest rate swaps (cash flow hedges) | $2 | $1 | $0 | $0 | | Cross-currency swap agreements (net investment hedges) | $13 | $(10) | $3 | $2 | | Total | $15 | $(9) | $3 | $2 | [Note 6. Debt](index=15&type=section&id=6.%20Debt) XPO's total debt was **$3,386 million** as of March 31, 2024, with **$564 million** available under its ABL Facility and a term loan interest rate of approximately **7.32%** Debt Overview (March 31, 2024 vs. December 31, 2023) | (In millions) | March 31, 2024 Carrying Value | December 31, 2023 Carrying Value | | :-------------------------------- | :------------------------------ | :------------------------------- | | Term loan facility | $1,088 | $1,087 | | 6.25% senior secured notes due 2028 | $822 | $822 | | 7.125% senior notes due 2031 | $445 | $445 | | 7.125% senior notes due 2032 | $575 | $575 | | 6.70% senior debentures due 2034 | $222 | $221 | | Finance leases, asset financing and other | $234 | $254 | | Total debt | $3,386 | $3,404 | | Short-term borrowings and current maturities | $63 | $69 | | Long-term debt | $3,323 | $3,335 | - As of March 31, 2024, XPO had **$564 million** available under its ABL Facility and **$138 million** issued under its **$200 million** Letters of Credit Facility [59](index=59&type=chunk)[60](index=60&type=chunk) - The applicable interest rate for the term loan facility was approximately **7.32%** as of March 31, 2024 [61](index=61&type=chunk) [Note 7. Earnings (Loss) per Share](index=16&type=section&id=7.%20Earnings%20(Loss)%20per%20Share) Basic and diluted earnings per share from continuing operations significantly increased in Q1 2024 compared to Q1 2023, reflecting higher net income Earnings (Loss) per Share Data (Three Months Ended March 31, 2024 vs. 2023) | (In millions, except per share data) | 2024 | 2023 | | :----------------------------------- | :--- | :--- | | Net income from continuing operations | $67 | $17 | | Basic weighted-average common shares | 116 | 116 | | Diluted weighted-average common shares | 120 | 116 | | Basic earnings from continuing operations per share | $0.58 | $0.15 | | Diluted earnings from continuing operations per share | $0.56 | $0.15 | - Basic EPS from continuing operations rose from **$0.15** in Q1 2023 to **$0.58** in Q1 2024, and diluted EPS from continuing operations increased from **$0.15** to **$0.56** [62](index=62&type=chunk) [Note 8. Commitments and Contingencies](index=17&type=section&id=8.%20Commitments%20and%20Contingencies) XPO is involved in various legal proceedings, accrues for probable losses, and resolved a California environmental matter for **$7.9 million** in April 2024 - The company accrues for specific legal proceedings when a loss is probable and reasonably estimable, and does not believe current matters will have a material adverse effect [64](index=64&type=chunk)[65](index=65&type=chunk) - A California environmental matter, previously accrued for, was resolved for **$7.9 million** in April 2024 [68](index=68&type=chunk) - An insurance contribution litigation case, Allianz Global Risks US Ins. Co. v. ACE Property & Casualty Ins. Co., et al., is ongoing with trials scheduled for pollution exclusion in Fall 2024 and allocation of defense costs in early 2025 [67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&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 operational results for Q1 2024, highlighting revenue growth, improved operating income, and strategic investments in LTL capacity and technology [Executive Summary](index=19&type=section&id=Executive%20Summary) - XPO is a leading freight transportation services provider in North America and Europe, with approximately **39,000 employees** and **610 locations** in **17 countries** serving **52,000 customers** as of March 31, 2024 [71](index=71&type=chunk) - The North American LTL segment holds approximately **9%** of the estimated **$52 billion** U.S. market [73](index=73&type=chunk) - The company acquired **28 LTL service centers** from Yellow Corporation in December 2023 to expand its LTL network capacity [77](index=77&type=chunk) - XPO's European Transportation segment holds leading positions in France (full truckload broker, pallet network) and Iberia (full truckload broker, LTL provider), and is a top-tier dedicated truckload provider in the U.K [80](index=80&type=chunk) - Proprietary cloud-based technology optimizes LTL operations, including linehaul, pickup-and-delivery, and pricing, managing hundreds of thousands of activities daily [83](index=83&type=chunk)[84](index=84&type=chunk) [Consolidated Summary Financial Table](index=21&type=section&id=Consolidated%20Summary%20Financial%20Table) Consolidated Financial Performance (Three Months Ended March 31, 2024 vs. 2023) | (Dollars in millions) | 2024 | 2023 | Change % | | :------------------------------------------------ | :--- | :--- | :------- | | Revenue | $2,018 | $1,907 | 5.8 % | | Salaries, wages and employee benefits | $834 | $762 | 9.4 % | | Purchased transportation | $438 | $457 | (4.2)% | | Fuel, operating expenses and supplies | $413 | $427 | (3.3)% | | Operating income | $138 | $58 | 137.9 % | | Interest expense | $58 | $42 | 38.1 % | | Income from continuing operations before income tax provision | $90 | $21 | 328.6 % | | Income tax provision | $23 | $4 | 475.0 % | | Income from continuing operations | $67 | $17 | 294.1 % | | Net income | $67 | $14 | 378.6 % | - Consolidated revenue increased by **5.8%** to **$2.0 billion**, primarily driven by growth in the North American LTL segment and a **1.0 percentage point** increase from foreign currency movement [87](index=87&type=chunk) - Operating income surged by **137.9%** to **$138 million**, and net income increased by **378.6%** to **$67 million**, reflecting improved operational efficiency and lower restructuring costs [86](index=86&type=chunk)[95](index=95&type=chunk) [Segment Financial Results](index=23&type=section&id=Segment%20Financial%20Results) North American LTL Segment Performance (Three Months Ended March 31, 2024 vs. 2023) | (Dollars in millions) | 2024 | 2023 | Change % | | :-------------------- | :--- | :--- | :------- | | Revenue | $1,221 | $1,120 | 9.0 % | | Adjusted EBITDA | $255 | $182 | 40.1 % | | Depreciation and amortization | $82 | $68 | 20.6 % | North American LTL Key Revenue Metrics (Three Months Ended March 31, 2024 vs. 2023) | Metric | 2024 | 2023 | Change % | | :------------------------------------------ | :------- | :------- | :------- | | Pounds per day (thousands) | 70,709 | 68,889 | 2.6 % | | Shipments per day | 51,392 | 49,107 | 4.7 % | | Average weight per shipment (in pounds) | 1,376 | 1,403 | (1.9)% | | Gross revenue per hundredweight (excl. fuel surcharges) | $23.13 | $21.06 | 9.8 % | - North American LTL revenue increased **9.0%** to **$1.2 billion**, driven by higher volume (shipments per day up **4.7%**) and a **9.8%** increase in gross revenue per hundredweight, excluding fuel surcharges [100](index=100&type=chunk)[101](index=101&type=chunk) - North American LTL Adjusted EBITDA increased **40.1%** to **$255 million**, with its margin expanding to **20.9%** of revenue, reflecting improved pricing, volume, lower purchased transportation costs, and reduced damage claims [103](index=103&type=chunk) European Transportation Segment Performance (Three Months Ended March 31, 2024 vs. 2023) | (Dollars in millions) | 2024 | 2023 | Change % | | :-------------------- | :--- | :--- | :------- | | Revenue | $797 | $787 | 1.3 % | | Adjusted EBITDA | $38 | $37 | 2.7 % | | Depreciation and amortization | $34 | $32 | 6.3 % | - European Transportation revenue increased **1.3%** to **$797 million**, with foreign currency movement contributing approximately **2.5 percentage points** to this increase [105](index=105&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents decreased to **$229 million** as of March 31, 2024, from **$412 million** at December 31, 2023 [107](index=107&type=chunk) - Total liquidity was approximately **$793 million** as of March 31, 2024, including **$564 million** available under the ABL Facility [107](index=107&type=chunk)[108](index=108&type=chunk) - Net cash provided by operating activities from continuing operations increased by **$69 million** to **$145 million** in Q1 2024 [113](index=113&type=chunk)[115](index=115&type=chunk) - Cash used in investing activities from continuing operations increased to **$299 million** in Q1 2024, primarily due to **$306 million** in property and equipment purchases, reflecting continued investment for long-term growth [113](index=113&type=chunk)[116](index=116&type=chunk) - Anticipated full-year gross capital expenditures for 2024 are between **$700 million** and **$800 million**, to be funded by cash on hand and available liquidity [118](index=118&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) XPO is exposed to market risks from changes in interest rates, foreign currency exchange rates, and commodity prices, with no material changes reported in Q1 2024 - The company is exposed to market risk related to changes in interest rates, foreign currency exchange rates, and commodity prices [120](index=120&type=chunk) - No material changes to quantitative and qualitative disclosures about market risk occurred during Q1 2024 compared to the 2023 Form 10-K [120](index=120&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that XPO's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024 [121](index=121&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2024 [122](index=122&type=chunk) Part II—Other Information [Item 1. Legal Proceedings](index=26&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is consistent with the Company's 2023 Annual Report on Form 10-K and Note 8 of the current report - Legal proceedings information is consistent with the 2023 Form 10-K and Note 8 of this report [123](index=123&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) There are no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors were reported compared to the 2023 Form 10-K [124](index=124&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities or use of proceeds occurred [125](index=125&type=chunk) [Item 3. Defaults Upon Senior Securities](index=26&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - No defaults upon senior securities were reported [126](index=126&type=chunk) [Item 4. Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Mine Safety Disclosures are not applicable [127](index=127&type=chunk) [Item 5. Other Information](index=26&type=section&id=Item%205.%20Other%20Information) There is no other information to report under this item - No other information was reported [128](index=128&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including bylaws, restricted stock unit award agreements, certifications from executive officers, and XBRL-related documents - Exhibits include the 4th Amended and Restated Bylaws, various Restricted Stock Unit Award Agreements, and certifications from the Principal Executive Officer and Principal Financial Officer [130](index=130&type=chunk) [Signatures](index=28&type=section&id=Signatures) The report is duly signed on behalf of XPO, Inc. by its Chief Executive Officer, Mario Harik, and Chief Financial Officer, Kyle Wismans, as of May 3, 2024 - The report was signed by Mario Harik, CEO, and Kyle Wismans, CFO, on May 3, 2024 [132](index=132&type=chunk)

Exhibit 99.1 XPO Reports First Quarter 2024 Results GREENWICH, Conn. – May 3, 2024 – XPO (NYSE: XPO) today announced its financial results for the first quarter 2024. The company reported diluted earnings from continuing operations per share of $0.56, compared with $0.15 for the same period in 2023, and adjusted diluted earnings from continuing operations per share of $0.81, compared with $0.56 for the same period in 2023. First Quarter 2024 Summary Results | Three months ended March 31, | Revenue | | | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________ Form 10-K _______________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 Investor Overview Q4 2023 February 2024 This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our full year 2024 expectations of gross capex, interest expense, pension income, adjusted effective tax rate, and diluted share count, and future financial targets of North American LTL revenue CAGR, adjusted EBITDA CAGR, adjusted operatin ...