Financial Performance - Total revenue for Q3 2024 was $13.16 million, a decrease of 2.0% compared to $13.42 million in Q3 2023[3] - Software product revenue increased by 6.2% to $3.03 million, while service and other revenue decreased by 4.2% to $10.13 million[2] - Net income for the quarter was $17.1 million, including $57.0 million in interest income, compared to a net loss of $2.11 million in Q3 2023[4] - Adjusted EBITDA was negative $11.47 million, a significant decline from positive $665,000 in Q3 2023, attributed to higher employee-related costs[4] - Total revenue for Q3 2024 was $13,155,000, a decrease of 2% from $13,423,000 in Q3 2023[17] - Software product revenue increased to $3,028,000, up 6.3% from $2,850,000 year-over-year[17] - Net income for Q3 2024 was $17,132,000, compared to a net loss of $2,110,000 in Q3 2023[17] - Operating expenses surged to $39,268,000 in Q3 2024, a significant increase from $7,908,000 in Q3 2023[17] - Adjusted EBITDA for Q3 2024 was $(11,469,000), down from $665,000 in Q3 2023[19] Cash and Equity - As of September 30, 2024, QXO had approximately $5.04 billion in cash on hand[5] - Total stockholders' equity as of September 30, 2024, was $5.04 billion, down from $7.47 million in the previous year[16] - Total cash, cash equivalents, and restricted cash at the end of the period was $5,040,612, down from $6,880,000 at the end of the previous year[18] - Cash provided by operating activities for the nine months ended September 30, 2024, was $30,923,000, a substantial increase from $818,000 in the same period of 2023[18] - The company reported a net cash increase of $5,034,469 for the nine months ended September 30, 2024[18] Company Strategy and Positioning - The company raised approximately $4.1 billion through private placements, increasing the number of common shares outstanding to 409.4 million[5] - QXO aims to target tens of billions of dollars in annual revenue over the next decade through acquisitions and organic growth in the $800 billion building products distribution industry[6] - The company has no debt and a seasoned leadership team, positioning it for leadership in its industry[3] Expenses and Costs - Current liabilities increased to $19.55 million from $11.52 million in the previous year[16] - The company incurred transaction costs of $8,095,000 in Q3 2024, compared to $2,986,000 in Q3 2023[19] - Share-based compensation expenses for the nine months ended September 30, 2024, totaled $13,985,000, significantly higher than $41,000 in the same period of 2023[19]
QXO, Inc(QXO) - 2024 Q3 - Quarterly Results