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10-Q
XPO LOGISTICS, INC. filed this Form 10-Q on 11/05/2018
Entire Document
 

XPO Logistics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine Months Ended September 30,
(In millions)
 
2018
 
2017
Operating activities
 
 
 
 
Net income
 
$
353.4

 
$
153.1

Adjustments to reconcile net income to net cash from operating activities
 
 
 
 
Depreciation and amortization
 
527.2

 
489.1

Stock compensation expense
 
64.1

 
50.1

Accretion of debt
 
11.1

 
14.5

Deferred tax expense (benefit)
 
14.3

 
(3.1
)
Debt extinguishment loss
 
27.1

 
13.6

Unrealized (gain) loss on foreign currency option and forward contracts
 
(12.9
)
 
49.9

Other
 
3.2

 
20.1

Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(262.0
)
 
(199.8
)
Other assets
 
(98.5
)
 
(45.4
)
Accounts payable
 
(4.1
)
 
48.6

Accrued expenses and other liabilities
 
(86.7
)
 
(71.2
)
Net cash provided by operating activities
 
536.2

 
519.5

Investing activities
 
 
 
 
Payment for purchases of property and equipment
 
(413.1
)
 
(389.9
)
Proceeds from sale of assets
 
91.7

 
59.6

Other
 
(13.0
)
 

Net cash used by investing activities
 
(334.4
)
 
(330.3
)
Financing activities
 
 
 
 
Proceeds from issuance of long-term debt
 
895.8

 
523.5

Repurchase of debt
 
(1,225.4
)
 
(782.9
)
Proceeds from borrowings on ABL facility
 
925.0

 
495.0

Repayment of borrowings on ABL facility
 
(1,025.0
)
 
(525.0
)
Repayment of long-term debt and capital leases
 
(84.7
)
 
(80.9
)
Payment for debt issuance costs
 
(6.4
)
 
(12.8
)
Proceeds from forward sale settlement
 
348.5

 

Proceeds from common stock offering
 

 
287.6

Change in bank overdrafts
 
18.4

 
11.5

Payment for tax withholdings for restricted shares
 
(48.8
)
 
(15.2
)
Dividends paid
 
(4.1
)
 
(3.3
)
Other
 
6.2

 
(1.0
)
Net cash used by financing activities
 
(200.5
)
 
(103.5
)
Effect of exchange rates on cash, cash equivalents and restricted cash
 
(9.9
)
 
9.4

Net (decrease) increase in cash, cash equivalents and restricted cash
 
(8.6
)
 
95.1

Cash, cash equivalents and restricted cash, beginning of period
 
449.0

 
399.8

Cash, cash equivalents and restricted cash, end of period
 
$
440.4

 
$
494.9

Supplemental disclosure of cash flow information:
 
 
 
 
Cash paid for interest
 
$
172.0

 
$
176.5

Cash paid for income taxes
 
$
45.9

 
$
59.9

See accompanying notes to condensed consolidated financial statements.

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