false 0001166003 0001166003 2025-02-06 2025-02-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 6, 2025

 

XPO, INC.

(Exact name of registrant as specified in its charter) 

 

Delaware    001-32172    03-0450326
(State or other jurisdiction of
incorporation) 		   (Commission File Number)    (I.R.S. Employer
Identification No.)

 

Five American Lane, Greenwich, Connecticut 06831
(Address of principal executive offices)

 

(855) 976-6951

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common stock, par value $0.001 per share   XPO   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On February 6, 2025, XPO, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter and year ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Exhibit Description
99.1   Press Release, dated February 6, 2025, issued by XPO, Inc.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 6, 2025 XPO, INC.
   
  By: /s/ Kyle Wismans
    Kyle Wismans
    Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

 

XPO Reports Fourth Quarter and Full Year 2024 Results

 

GREENWICH, Conn. – February 6, 2025 – XPO (NYSE: XPO) today announced its financial results for the fourth quarter 2024. The company reported diluted earnings from continuing operations per share of $0.63, compared with $0.49 for the same period in 2023, and adjusted diluted earnings from continuing operations per share of $0.89, compared with $0.77 for the same period in 2023.

 

For the full year 2024, the company reported diluted earnings from continuing operations per share of $3.23, compared with $1.62 for 2023, and adjusted diluted earnings from continuing operations per share of $3.83, compared with $2.92 for 2023.

 

Fourth Quarter and Full Year 2024 Results

 

   Three Months Ended December 31,   Years Ended December 31, 
   Revenue   Operating Income (Loss)(1)   Revenue   Operating Income (Loss)(1) 
(in millions)  2024  2023  Change %   2024  2023  Change %   2024  2023  Change %   2024  2023  Change % 
North American LTL Segment  $1,156  $1,187   -2.6%  $179  $149   20.1%  $4,899  $4,671   4.9%  $735  $542   35.6%
European Transportation Segment   765   753   1.6%   (11)  (2)  450.0%   3,173   3,073   3.3%   -   15   -100.0%
Corporate   -   -   0.0%   (19)   (28)  -32.1%   -   -   0.0%   (76)  (119)  -36.1%
Total  $1,921  $1,940   -1.0%  $148  $119   24.4%  $8,072  $7,744   4.2%  $660  $438   50.7%

 

    Adjusted Operating Income(2)   Adjusted EBITDA(1)(2)   Adjusted Operating Income(2)    Adjusted EBITDA(1)(2) 
(in millions)   2024  2023  Change %   2024  2023  Change %   2024  2023  Change %    2024  2023  Change % 
North American LTL Segment   $159  $160   -0.6%  $280  $233   20.2%  $746  $589   26.7%   $1,115  $864   29.1%
European Transportation Segment    (2)  5   NM    27   36   -25.0%   39   48   -18.8%    158   163   -3.1%
Corporate     NA    NA   NA    (4)  (5)  -20.0%    NA    NA   NA     (7)  (31)  -77.4%
Total   $ NA  $ NA   NA   $303  $264   14.8%  $ NA  $ NA   NA    $1,266  $996   27.1%

 

   Net Income(1)(3)   Diluted EPS(1)(4)   Net Income(1)(3)   Diluted EPS(1)(4) 
(in millions, except for per-share data)  2024  2023  Change %   2024  2023  Change %   2024  2023  Change %   2024  2023  Change % 
Total  $76  $58   31.0%  $0.63  $0.49   28.6%  $387  $192   101.6%  $3.23  $1.62   99.4%

 

   Diluted Weighted-              Diluted Weighted-            
   Average Common              Average Common            
   Shares Outstanding  Adjusted Diluted EPS(1)(2)(4)   Shares Outstanding  Adjusted Diluted EPS(1)(2)(4) 
(in millions, except for per-share data)  2024   2023  2024   2023   Change %   2024   2023  2024   2023   Change % 
Total   120    120  $0.89   $0.77    15.6%   120    118  $3.83   $2.92    31.2%

 

NM - Not meaningful
Amounts may not add due to rounding.
NA - Not applicable
(1) Includes gains from sales of real estate of $26 million ($34 million pre-tax) or $0.21 per diluted share in the fourth quarter of 2024.
(2) See the “Non-GAAP Financial Measures” section of the press release
(3) Net income from continuing operations
(4) Diluted earnings from continuing operations per share ("diluted EPS")

 

Mario Harik, chief executive officer of XPO, said, “We’re pleased to report a strong fourth quarter that caps a year of above-market earnings growth. Companywide, we delivered full-year increases of 27% in adjusted EBITDA and 31% in adjusted diluted EPS, compared with the prior year.

 

“Our North American LTL business outperformed full-year expectations, with adjusted operating income growth of 27% and adjusted operating ratio improvement of 260 basis points — all while integrating 25 new service centers into our network. Importantly, we delivered record service levels, driving a 7.8% increase in yield, excluding fuel, and a 6.8% increase in revenue per shipment. In addition, we continued to leverage our proprietary technology to improve labor productivity, and we reduced outsourced linehaul miles to the best level in our history. These efficiencies further improved our cost structure and service quality.”

 

1 

 

 

Harik continued, “We’ve entered 2025 with strong momentum, following landmark network investments that strengthen our competitive position in a freight market recovery and for the long-term. The intense execution you see in our results will continue to deliver years of margin expansion.”

 

Fourth Quarter Highlights

 

For the fourth quarter 2024, the company generated revenue of $1.92 billion, compared with $1.94 billion for the same period in 2023. The year-over-year decrease in revenue was due primarily to lower fuel surcharge revenue in the North American LTL segment.

 

Operating income was $148 million for the fourth quarter, compared with $119 million for the same period in 2023. Net income from continuing operations was $76 million for the fourth quarter, compared with $58 million for the same period in 2023. Diluted earnings from continuing operations per share was $0.63 for the fourth quarter, compared with $0.49 for the same period in 2023.

 

Adjusted net income from continuing operations, a non-GAAP financial measure, was $107 million for the fourth quarter, compared with $93 million for the same period in 2023. Adjusted diluted EPS, a non-GAAP financial measure, was $0.89 for the fourth quarter, compared with $0.77 for the same period in 2023.

 

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP financial measure, was $303 million for the fourth quarter, including a $34 million real estate gain from a planned service center sale tied to a relocation, compared with $264 million for the same period in 2023.

 

The company generated $189 million of cash flow from operating activities in the fourth quarter and ended the quarter with $246 million of cash and cash equivalents on hand, after $108 million of net capital expenditures.

 

Results by Business Segment

 

·North American Less-Than-Truckload (LTL): The segment generated revenue of $1.16 billion for the fourth quarter 2024, compared with $1.19 billion for the same period in 2023. On a year-over-year basis, shipments per day decreased 4.4%, tonnage per day decreased 5.7%, and yield, excluding fuel, increased 6.3%. Including fuel, yield increased 1.7%.

 

Operating income was $179 million for the fourth quarter 2024, compared with $149 million for the same period in 2023. Adjusted operating income, a non-GAAP financial measure, was $159 million for the fourth quarter, compared with $160 million for the same period in 2023. Adjusted operating ratio, a non-GAAP financial measure, was 86.2%, reflecting a year-over-year improvement of 30 basis points.

 

2 

 

 

Adjusted EBITDA for the fourth quarter 2024 was $280 million, compared with $233 million for the same period in 2023. The 20% year-over-year increase in adjusted EBITDA was due primarily to a gain on sale of real estate, as well as higher yield, excluding fuel, and lower purchased transportation costs, partially offset by lower fuel surcharge revenue and a decrease in tonnage per day.

 

·European Transportation: The segment generated revenue of $765 million for the fourth quarter 2024, compared with $753 million for the same period in 2023, primarily driven by pricing growth. Operating income was a loss of $11 million for the fourth quarter 2024, compared with a loss of $2 million for the same period in 2023.

 

Adjusted EBITDA was $27 million for the fourth quarter 2024, compared with $36 million for the same period in 2023.

 

·Corporate: The segment generated an operating loss of $19 million for the fourth quarter 2024, compared with a loss of $28 million for the same period in 2023. The fourth quarter 2023 loss included an $8 million litigation matter.

 

Adjusted EBITDA was a loss of $4 million for the fourth quarter 2024, compared with a loss of $5 million for the same period in 2023.

 

Conference Call

 

The company will hold a conference call on Thursday, February 6, 2025, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 1-877-269-7756; international callers dial +1-201-689-7817. A live webcast of the conference will be available on the investor relations area of the company’s website, xpo.com/investors. The conference will be archived until March 8, 2025. To access the replay by phone, call toll-free (from US/Canada) 1-877-660-6853; international callers dial +1-201-612-7415. Use participant passcode 13750889.

 

About XPO

 

XPO, Inc. (NYSE: XPO) is a leader in asset-based less-than-truckload (LTL) freight transportation in North America. The company’s customer-focused organization efficiently moves 18 billion pounds of freight per year, enabled by its proprietary technology. XPO serves approximately 55,000 customers with 614 locations and 38,000 employees in North America and Europe, and is headquartered in Greenwich, Conn., USA. Visit xpo.com for more information, and connect with XPO on LinkedIn, Facebook, X, Instagram and YouTube.

 

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 press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this press release.

 

3 

 

 

XPO’s non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) on a consolidated basis and for corporate; adjusted EBITDA margin on a consolidated basis; adjusted EBITDA, excluding gains on real estate transactions on a consolidated basis and for our North American Less-Than-Truckload segment; adjusted net income from continuing operations; adjusted diluted earnings from continuing operations per share (“adjusted diluted EPS”); adjusted operating income for our North American Less-Than-Truckload and European Transportation segments; and adjusted operating ratio for our North American Less-Than-Truckload segment.

 

We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, XPO and its business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.

 

Adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA, excluding gains on real estate transactions, adjusted net income from continuing operations, adjusted diluted EPS, adjusted operating income and adjusted operating ratio include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, stock-based compensation, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Restructuring costs primarily relate to severance costs associated with business optimization initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating XPO’s and each business segment’s ongoing performance.

 

We believe that adjusted EBITDA and adjusted EBITDA margin and adjusted EBITDA, excluding gains on real estate transactions, improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. We believe that adjusted net income from continuing operations and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains that management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables. We believe that adjusted operating income and adjusted operating ratio improve the comparability of our operating results from period to period by removing the impact of certain transaction and integration costs and restructuring costs, as well as amortization expenses as set out in the attached tables.

 

4 

 

 

Forward-looking Statements

 

This release 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. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” “trajectory” or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

 

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC, and the following: the effects of business, economic, political, legal, and regulatory impacts or conflicts upon our operations; supply chain disruptions and shortages, strains on production or extraction of raw materials, cost inflation and labor and equipment shortages; our ability to align our investments in capital assets, including equipment, service centers, and warehouses to our customers’ demands; our ability to implement our cost and revenue initiatives; the effectiveness of our action plan, and other management actions, to improve our North American LTL business; our ability to continue insourcing linehaul in ways that enhance our network efficiency and service; the anticipated impact of a freight market recovery on our business; our ability to benefit from a sale, spin-off or other divestiture of one or more business units or to successfully integrate and realize anticipated synergies, cost savings and profit opportunities from acquired companies; goodwill impairment; issues related to compliance with data protection laws, competition laws, and intellectual property laws; fluctuations in currency exchange rates, fuel prices and fuel surcharges; the expected benefits of the spin-offs of GXO Logistics, Inc. and RXO, Inc.; our ability to develop and implement suitable information technology systems; the impact of potential cyber-attacks and information technology or data security breaches or failures; our indebtedness; our ability to raise debt and equity capital; fluctuations in interest rates; seasonal fluctuations; our ability to maintain positive relationships with our network of third-party transportation providers; our ability to attract and retain management talent and key employees including qualified drivers; labor matters; litigation; and competition and pricing pressures.

 

All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.

 

Investor Contact

Brian Scasserra

+1 617-607-6429

brian.scasserra@xpo.com

 

Media Contact

Cole Horton

+1 203-609-6004

cole.horton@xpo.com

 

5 

 

 

XPO, Inc.
Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)

 

   Three Months Ended   Years Ended 
   December 31,   December 31, 
   2024  2023  Change %   2024  2023  Change % 
Revenue  $1,921  $1,940   -1.0%  $8,072  $7,744   4.2%
Salaries, wages and employee benefits   837   805   4.0%   3,377   3,159   6.9%
Purchased transportation   398   422   -5.7%   1,701   1,760   -3.4%
Fuel, operating expenses and supplies   376   400   -6.0%   1,589   1,623   -2.1%
Operating taxes and licenses   19   15   26.7%   80   60   33.3%
Insurance and claims   29   38   -23.7%   134   167   -19.8%
Gains on sales of property and equipment   (35)  (1)  NM    (40)  (5)  NM 
Depreciation and amortization expense   124   114   8.8%   490   432   13.4%
Litigation matter (1)   -   8   -100.0%   -   8   -100.0%
Transaction and integration costs   14   11   27.3%   53   58   -8.6%
Restructuring costs   10   9   11.1%   27   44   -38.6%
Operating income   148   119   24.4%   660   438   50.7%
Other income   (6)  (3)  100.0%   (37)  (15)  146.7%
Debt extinguishment loss   -   2   -100.0%   -   25   -100.0%
Interest expense   53   42   26.2%   223   168   32.7%
Income from continuing operations before income tax provision   102   78   30.8%   473   260   81.9%
Income tax provision   26   20   30.0%   86   68   26.5%
Income from continuing operations   76   58   31.0%   387   192   101.6%
Loss from discontinued operations, net of taxes   -   -   0.0%   -   (3)  -100.0%
Net income  $76  $58   31.0%  $387  $189   104.8%
                           
Net income (loss)                          
Continuing operations  $76  $58       $387  $192     
Discontinued operations   -   -        -   (3)    
Net income  $76  $58       $387  $189     
                           
Basic earnings (loss) per share (2)                          
Continuing operations  $0.65  $0.50       $3.33  $1.66     
Discontinued operations   -   -        -   (0.02)    
Basic earnings per share  $0.65  $0.50       $3.33  $1.64     
Diluted earnings (loss) per share (2)                          
Continuing operations  $0.63  $0.49       $3.23  $1.62     
Discontinued operations   -   -        -   (0.02)    
Diluted earnings per share  $0.63  $0.49       $3.23  $1.60     
                           
Weighted-average common shares outstanding                          
Basic weighted-average common shares outstanding   116   116        116   116     
Diluted weighted-average common shares outstanding   120   120        120   118     

 

Amounts may not add due to rounding.
NM - Not meaningful.
(1) Relates to California Environmental Matters as described in Note 18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
(2) The sum of quarterly earnings (loss) per share may not equal year-to-date amounts due to differences in the weighted-average number of shares outstanding during the respective periods.

 

6 

 

 

XPO, Inc.
Consolidated Balance Sheets
(Unaudited)
(In millions, except per share data)

 

   December 31,   December 31, 
   2024   2023 
ASSETS          
Current assets          
Cash and cash equivalents  $246   $412 
Accounts receivable, net of allowances of $50 and $45, respectively   977    973 
Other current assets   283    208 
Total current assets   1,505    1,593 
Long-term assets          
Property and equipment, net of $2,019 and $1,853 in accumulated depreciation, respectively   3,402    3,075 
Operating lease assets   727    708 
Goodwill   1,461    1,498 
Identifiable intangible assets, net of $499 and $452 in accumulated amortization, respectively   361    422 
Other long-term assets   254    196 
Total long-term assets   6,206    5,899 
Total assets  $7,712   $7,492 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities          
Accounts payable  $477   $532 
Accrued expenses   708    775 
Short-term borrowings and current maturities of long-term debt   62    69 
Short-term operating lease liabilities   127    121 
Other current liabilities   46    93 
Total current liabilities   1,420    1,590 
Long-term liabilities          
Long-term debt   3,325    3,335 
Deferred tax liability   393    337 
Employee benefit obligations   85    91 
Long-term operating lease liabilities   603    588 
Other long-term liabilities   283    285 
Total long-term liabilities   4,690    4,636 
           
Stockholders’ equity          
Common stock, $0.001 par value; 300 shares authorized; 117 and 116 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   -    - 
Additional paid-in capital   1,274    1,298 
Retained earnings   572    185 
Accumulated other comprehensive loss   (246)   (217)
Total equity   1,601    1,266 
Total liabilities and equity  $7,712   $7,492 

 

Amounts may not add due to rounding.

 

7 

 

 

XPO, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(In millions)

 

   Years Ended 
   December 31, 
   2024   2023 
Cash flows from operating activities of continuing operations          
Net income  $387   $189 
Loss from discontinued operations, net of taxes   -    (3)
Income from continuing operations   387    192 
Adjustments to reconcile income from continuing operations to net cash from operating activities          
Depreciation and amortization   490    432 
Stock compensation expense   87    78 
Accretion of debt   11    11 
Deferred tax expense   57    31 
Gains on sales of property and equipment   (40)   (5)
Other   11    54 
Changes in assets and liabilities          
Accounts receivable   (47)   (46)
Other assets   (106)   (9)
Accounts payable   (8)   (48)
Accrued expenses and other liabilities   (33)   4 
Net cash provided by operating activities from continuing operations   808    694 
Cash flows from investing activities of continuing operations          
Payment for purchases of property and equipment   (789)   (1,533)
Proceeds from sale of property and equipment   75    29 
Proceeds from settlement of cross currency swaps   -    2 
Proceeds from sale of investment   12    - 
Net cash used in investing activities from continuing operations   (702)   (1,502)
Cash flows from financing activities of continuing operations          
Proceeds from issuance of debt   -    2,962 
Repurchase of debt   -    (2,117)
Repayment of debt and finance leases   (82)   (71)
Payment for debt issuance costs   (4)   (27)
Change in bank overdrafts   (9)   34 
Payment for tax withholdings for restricted shares   (129)   (19)
Other   (1)   (1)
Net cash used in financing activities from continuing operations   (226)   761 
Cash flows from discontinued operations          
Operating activities of discontinued operations   -    (12)
Investing activities of discontinued operations   -    3 
Net cash used in discontinued operations   -    (9)
Effect of exchange rates on cash, cash equivalents and restricted cash   -    5 
Net decrease in cash, cash equivalents and restricted cash   (120)   (51)
Cash, cash equivalents and restricted cash, beginning of period   419    470 
Cash, cash equivalents and restricted cash, end of period  $298   $419 

 

Amounts may not add due to rounding.

 

8 

 

 

North American Less-Than-Truckload Segment
Summary Financial Table
(Unaudited)
(In millions)

 

   Three Months Ended December 31,   Years Ended December 31, 
   2024   2023  Change %   2024   2023  Change % 
Revenue (excluding fuel surcharge revenue)  $985   $966   2.0%  $4,115   $3,814   7.9%
Fuel surcharge revenue   171    221   -22.6%   785    857   -8.4%
Revenue   1,156    1,187   -2.6%   4,899    4,671   4.9%
Salaries, wages and employee benefits   621    602   3.2%   2,515    2,346   7.2%
Purchased transportation   44    83   -47.0%   248    366   -32.2%
Fuel, operating expenses and supplies (1)   218    238   -8.4%   928    956   -2.9%
Operating taxes and licenses   16    13   23.1%   65    48   35.4%
Insurance and claims   18    21   -14.3%   80    102   -21.6%
(Gains) losses on sales of property and equipment   (34)   2   NM    (27)   8   NM 
Depreciation and amortization   89    77   15.6%   346    291   18.9%
Transaction and integration costs   -    -   0.0%   1    -   NM 
Restructuring costs   5    2   150.0%   7    12   -41.7%
Operating income   179    149   20.1%   735    542   35.6%
Operating ratio (2)   84.5%   87.4%       85.0%   88.4%    
Other income   -    1        -    1     
Amortization expense   9    8        36    34     
Transaction and integration costs   -    -        1    -     
Restructuring costs   5    2        7    12     
Gains on real estate transactions   (34)   -        (34)   -     
Adjusted operating income (3)  $159   $160   -0.6%  $746   $589   26.7%
Adjusted operating ratio (3) (4)   86.2%   86.5%       84.8%   87.4%    
Depreciation expense   80    69        310    257     
Pension income   6    4        25    17     
Gains on real estate transactions   34    -        34    -     
Other   -    -        -    1     
Adjusted EBITDA (5)  $280   $233   20.2%  $1,115   $864   29.1%
Adjusted EBITDA margin (5)   24.2%   19.6%       22.8%   18.5%    
Gains on real estate transactions   34    -        34    -     
Adjusted EBITDA, excluding gains on real estate transactions (3)  $246   $233   5.6%  $1,081   $864   25.1%

 

Amounts may not add due to rounding.
NM - Not meaningful.
(1) Fuel, operating expenses and supplies includes fuel-related taxes.
(2) Operating ratio is calculated as (1 - (Operating income divided by Revenue)) using the underlying unrounded amounts.
(3) See the “Non-GAAP Financial Measures” section of the press release.
(4) Adjusted operating ratio is calculated as (1 - (Adjusted operating income divided by Revenue)) using the underlying unrounded amounts; adjusted operating margin is the inverse of adjusted operating ratio.
(5) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.

 

9 

 

 

North American Less-Than-Truckload
Summary Data Table
(Unaudited)

 

   Three Months Ended December 31,   Years Ended December 31, 
   2024  2023  Change %   2024  2023  Change % 
Pounds per day (thousands)   65,433   69,357   -5.7%   69,606   70,196   -0.8%
                           
Shipments per day   49,109   51,382   -4.4%   51,508   51,322   0.4%
                           
Average weight per shipment (in pounds)   1,332   1,350   -1.3%   1,351   1,368   -1.2%
                           
Revenue per shipment (including fuel surcharges)  $382.32  $378.49   1.0%  $376.37  $362.38   3.9%
                           
Revenue per shipment (excluding fuel surcharges)  $325.62  $307.83   5.8%  $316.05  $295.82   6.8%
                           
Gross revenue per hundredweight (including fuel surcharges) (1)  $29.09  $28.60   1.7%  $28.40  $27.07   4.9%
                           
Gross revenue per hundredweight (excluding fuel surcharges) (1)  $24.84  $23.37   6.3%  $23.94  $22.21   7.8%
                           
Average length of haul (in miles)   854.7   852.6        851.5   842.6     
                           
Total average load factor (2)   22,128   22,564   -1.9%   22,642   22,789   -0.6%
                           
Average age of tractor fleet (years)   4.1   5.0                  
                           
Number of working days   61.5   61.0        252.5   251.0     

 

(1) Gross revenue per hundredweight excludes the adjustment required for financial statement purposes in accordance with the company's revenue recognition policy.
(2) Total average load factor equals freight pound miles divided by total linehaul miles.
Note: Table excludes the company's trailer manufacturing operations. Percentages presented are calculated using the underlying unrounded amounts.

 

10 

 

 

European Transportation Segment
Summary Financial Table
(Unaudited)
(In millions)

 

   Three Months Ended December 31,   Years Ended December 31, 
   2024   2023   Change %   2024   2023   Change % 
Revenue  $765   $753    1.6%  $3,173   $3,073    3.3%
Salaries, wages and employee benefits   212    200    6.0%   846    795    6.4%
Purchased transportation   354    339    4.4%   1,454    1,394    4.3%
Fuel, operating expenses and supplies (1)   158    162    -2.5%   661    661    0.0%
Operating taxes and licenses   4    2    100.0%   15    12    25.0%
Insurance and claims   12    16    -25.0%   51    59    -13.6%
Gains on sales of property and equipment   (2)   (3)   -33.3%   (14)   (13)   7.7%
Depreciation and amortization   34    36    -5.6%   140    136    2.9%
Transaction and integration costs   -    -    0.0%   2    2    0.0%
Restructuring costs   4    3    33.3%   17    12    41.7%
Operating income (loss)  $(11)  $(2)   450.0%  $-   $15    -100.0%
Other expense   -    (1)        (1)   (2)     
Amortization expense   5    5         21    21      
Transaction and integration costs   -    -         2    2      
Restructuring costs   4    3         17    12      
Adjusted operating income (loss) (2)  $(2)  $5    NM   $39   $48    -18.8%
Depreciation expense   29    31         119    115      
Pension expense   -    -         (1)   -      
Adjusted EBITDA (3)  $27   $36    -25.0%  $158   $163    -3.1%
Adjusted EBITDA margin (3)   3.5%   4.7%        5.0%   5.3%     

 

Amounts may not add due to rounding.
NM - Not meaningful.
(1) Fuel, operating expenses and supplies includes fuel-related taxes.
(2) See the “Non-GAAP Financial Measures” section of the press release.
(3) Adjusted EBITDA is used by our chief operating decision maker to evaluate segment profit (loss) in accordance with ASC 280. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.

 

11 

 

 

Corporate
Summary Financial Table
(Unaudited)
(In millions)

 

   Three Months Ended December 31,   Years Ended December 31, 
   2024   2023  Change %   2024  2023  Change % 
Revenue  $-   $-   0.0%  $-  $-   0.0%
                            
Salaries, wages and employee benefits   3    3   0.0%   16   18   -11.1%
Fuel, operating expenses and supplies   -    -   0.0%   -   6   -100.0%
Operating taxes and licenses   -    -   0.0%   -   -   0.0%
Insurance and claims   -    1   -100.0%   3   6   -50.0%
Depreciation and amortization   1    1   0.0%   4   5   -20.0%
Litigation matter (1)   -    8   -100.0%   -   8   -100.0%
Transaction and integration costs   14    11   27.3%   50   56   -10.7%
Restructuring costs   1    4   -75.0%   3   20   -85.0%
Operating loss  $(19)  $(28)  -32.1%  $(76) $(119)  -36.1%
Other income (expense) (2)   -    (1)       12   (1)    
Depreciation and amortization   1    1        4   5     
Litigation matter (1)   -    8        -   8     
Transaction and integration costs   14    11        50   56     
Restructuring costs   1    4        3   20     
Adjusted EBITDA (3)  $(4)  $(5)  -20.0%  $(7) $(31)  -77.4%

 

Amounts may not add due to rounding.
(1) Relates to California Environmental Matters as described in Note 18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
(2) Other income (expense) consists of foreign currency gain (loss) and other income (expense), which is primarily comprised of investment income in 2024.
(3) See the “Non-GAAP Financial Measures” section of the press release.

 

12 

 

 

XPO, Inc.
Reconciliation of Non-GAAP Measures
(Unaudited)
(In millions)

 

   Three Months Ended December 31,   Years Ended December 31, 
   2024   2023   Change %   2024   2023   Change % 
Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA                              
Net income from continuing operations  $76   $58    31.0%  $387   $192    101.6%
Debt extinguishment loss   -    2         -    25      
Interest expense   53    42         223    168      
Income tax provision   26    20         86    68      
Depreciation and amortization expense   124    114         490    432      
Litigation matter (1)   -    8         -    8      
Transaction and integration costs   14    11         53    58      
Restructuring costs   10    9         27    44      
Other   -    -         -    1      
Adjusted EBITDA (2)  $303   $264    14.8%  $1,266   $996    27.1%
Revenue  $1,921   $1,940    -1.0%  $8,072   $7,744    4.2%
Adjusted EBITDA margin (2) (3)   15.8%   13.6%        15.7%   12.9%     
Gains on real estate transactions   34    -         34    -      
Adjusted EBITDA, excluding gains on real estate transactions (2)  $269   $264    1.9%  $1,232   $996    23.7%

 

Amounts may not add due to rounding.
(1) Relates to California Environmental Matters as described in Note 18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
(2) See the “Non-GAAP Financial Measures” section of the press release.
(3) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue using the underlying unrounded amounts.

 

13 

 

 

XPO, Inc.
Reconciliation of Non-GAAP Measures (cont.)
(Unaudited)
(In millions, except per share data)

 

   Three Months Ended  Years Ended 
   December 31,  December 31, 
   2024  2023  2024  2023 
Reconciliation of Net Income from Continuing Operations and Diluted Earnings Per Share from Continuing Operations to Adjusted Net Income from Continuing Operations and Adjusted Earnings Per Share from Continuing Operations                 
Net income from continuing operations (1)  $76  $58  $387  $192 
Debt extinguishment loss   -   2   -   25 
Amortization of acquisition-related intangible assets   14   13   57   55 
Litigation matter (2)   -   8   -   8 
Transaction and integration costs   14   11   53   58 
Restructuring costs   10   9   27   44 
Income tax associated with the adjustments above (3)   (6)  (8)  (24)  (36)
European legal entity reorganization (4)   (1)  -   (41)  - 
                  
Adjusted net income from continuing operations (1)(5)  $107  $93  $460  $346 
                  
Adjusted diluted earnings from continuing operations per share (1)(5)  $0.89  $0.77  $3.83  $2.92 
                  
Weighted-average common shares outstanding                 
Diluted weighted-average common shares outstanding   120   120   120   118 

 

Amounts may not add due to rounding.
 
(1) Includes gains from sales of real estate of $26 million ($34 million pre-tax) or $0.21 per diluted share in the fourth quarter of 2024.
(2) Relates to California Environmental Matters as described in Note 18 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
(3) This line item reflects the aggregate tax benefit of all non-tax related adjustments reflected in the table above. The detail by line item is as follows:

 

Debt extinguishment loss  $-   $-   $-   $5
Amortization of acquisition-related intangible assets   3    3    13    13
Litigation matter   -    2    -    2
Transaction and integration costs   1    1    5    6
Restructuring costs   2    2    6    10
   $6   $8   $24   $36

 

Amounts may not add due to rounding.
The income tax rate applied to reconciling items is based on the GAAP annual effective tax rate, excluding discrete items, non-deductible compensation, and contribution- and margin-based taxes.
(4) Reflects a tax benefit recognized in the second quarter of 2024 and the subsequent adjustments recognized during the second half of 2024 related to a legal entity reorganization within our European Transportation business.
(5) See the "Non-GAAP Financial Measures" section of the press release.

 

14 

 

v3.25.0.1
Cover
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 06, 2025
Entity File Number 001-32172
Entity Registrant Name XPO, INC.
Entity Central Index Key 0001166003
Entity Tax Identification Number 03-0450326
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One Five American Lane
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06831
City Area Code 855
Local Phone Number 976-6951
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.001 per share
Trading Symbol XPO
Security Exchange Name NYSE
Entity Emerging Growth Company false
XPO (NYSE:XPO)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025 XPO 차트를 더 보려면 여기를 클릭.
XPO (NYSE:XPO)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025 XPO 차트를 더 보려면 여기를 클릭.