XPO Logistics, Inc. Watchdog Report ™ XPO (NYSE) | CIK:1166003 | | SEC llings The new model for duciary analysis Sep 24, 2021 Jan 1, 2020 Jan 1, 2016 RECENT PERIOD HISTORICAL PERIOD Key Facts 10-Q led on Aug 4, 2021 for period ending Jun 2021 Business address: Greenwich, Connecticut, United States Reporting Irregularities RECENT HISTORICAL Industry: Other Support Activities for Road Transportation (NAICS Financial Restatements 488490) SEC ler status: Large Accelerated Filer as of Jun 2021 Revisions Index member: S&P 400, Russell 1000 Out of Period Adjustments Market Cap: $9.8b as of Sep 24, 2021 Late Filings Annual revenue: $16.3b as of Dec 31, 2020 Impairments Corporate Governance Changes in Accounting Estimates CEO: Bradley S. Jacobs since 2011 Disclosure Controls CFO: Ravi Tulsyan since 2021 1st level Internal Controls

Board Chairman: Bradley S. Jacobs since 2011 Critical / Key Audit Matters Audit Committee Chair: NOT AVAILABLE Anomalies in the Numbers 2nd level RECENT HISTORICAL Benford's Law Auditor: KPMG LLP since 2011 Outside Counsel (most recent): DLA Piper US LLP Beneish M-Score O'Melveny & Myers LLP Accounting Disclosure Complexity 3rd level Securities & Exchange Commission Concerns RECENT HISTORICAL SEC Reviewer: (unknown) 4th level SEC Oversight

SEC Letters to Management

Revenue Recognition

Non-GAAP Measures Litigation & External Pressures RECENT HISTORICAL Signicant Litigation

Securities Class Actions

Shareholder Activism

Watchdog Research, Inc., offers both individual and group subscriptions, Cybersecurity data feeds and/or custom company reports to our subscribers. Management Review Subscribe: We have delivered 300,000 public company reports to over RECENT HISTORICAL 27,000 individuals, from over 9,000 investment rms and to 4,000+ public CEO Changes company corporate board members. CFO Changes

How to analyze this company's Watchdog Insider Sales Report? Skip to the last page Pledged Securities

Information in this report is effective Sep 24, 2021 and is taken from the Mergers & Acquisitions company's public nancial and regulatory lings. Latest ling 10-Q led Sales of Assets 08/04/2021. Over 75 accounting and data analysts scrutinize and review crucial information, footnotes, disclosures, etc., from these lings. Material Auditor Assessment facts are captured and processed using our proprietary methods which RECENT HISTORICAL identify key risk factors our readers need to know. Each Watchdog Report Auditor Changes represents 30 or more hours of analysis and processing. Auditor Experience

Accounting and nancial disclosure data from Audit Analytics. Auditor Tenure Executive compensation data from Shore Group and Intrinio. Data from Sharadar. Audit Fees Data from Barchart via Quandl. Non-Audit Fees Data from Exchange Data International via Quandl.

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Overview Reporting Irregularities Anomalies in the Numbers SEC Concerns Litigation & External Pressures Management Review Auditor Assessment Peer Group

Overview

Price and Volume History

This graph shows the price and trading history for XPO. Warning signs and red ags are marked on the graph according to their disclosure dates.

1 Jul 28, 2021 - Change in CFO 15 Aug 2, 2018 - Change in CFO

2 Jul 2, 2021 - Insider Sale 16 Apr 4, 2018 - SEC letters to management

3 Mar 23, 2021 - SEC letters to management 17 Feb 21, 2018 - Insider Sale

4 Feb 19, 2021 - Insider Sale 18 Feb 21, 2018 - Insider Sale

5 Feb 12, 2021 - Critical / Key Audit Matters 19 Feb 12, 2018 - Change in Accounting Estimates

6 Feb 12, 2021 - Critical / Key Audit Matters 20 Jul 17, 2017 - Lawsuit: Hector Ibanez v. XPO Last Mile Inc et al

7 Feb 10, 2020 - Impairment 21 Feb 28, 2017 - Disclosure Controls

8 Feb 10, 2020 - Critical / Key Audit Matters 22 Jan 6, 2017 - SEC letters to management

9 Feb 10, 2020 - Critical / Key Audit Matters 23 Dec 8, 2016 - Lawsuit: Kramer v. XPO Logistics Inc

10 Feb 10, 2020 - Change in CFO 24 Nov 8, 2016 - Disclosure Controls

11 May 13, 2019 - Lawsuit: Jez et al v. Jacobs et al 25 Aug 8, 2016 - Disclosure Controls

12 Dec 14, 2018 - Lawsuit: Labul v. XPO Logistics Inc et al 26 Aug 5, 2016 - Lawsuit: Garcia et al v. Macy's West Stores Inc et al

13 Dec 14, 2018 - Securities Class Actions Lawsuit: Labul v. XPO Logistics Inc et al 27 May 5, 2016 - Disclosure Controls

14 Sep 21, 2018 - Lawsuit: Victor Cortes Arrellano et al v. XPO Logistics Port Services LLC… 28 May 5, 2016 - Lawsuit: I Hernandez et al v. XPO Logistics Inc et al

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Notications

Important notications related to the company are listed here. Notications may come from the SEC, exchanges such as the NYSE or , or Watchdog Research. Examples of notications include announcements of bankruptcy proceedings, company name changes, and noncompliance with SEC regulations or exchange rules.

There are no notications for XPO at least since 2016.

Peer Group

Peer groups are used by companies to benchmark executive compensation and performance. Each company identies its own peer group. Peer groups vary from company to company.

Peer Group Companies Who Named XPO as a Peer

Company Ticker Market Company Ticker Market Cap Cap

United Parcel Service Inc. UPS $162b Old Dominion Freight Line Inc. ODFL $35.1b

Union Pacic Corp. UNP $133b of Washington EXPD $21.2b Inc.

CSX Corp. CSX $66.3b J.B. Hunt Transport Services, Inc. JBHT $18.3b

Norfolk Southern Corp. NSC $61.9b XPO Logistics, Inc. XPO $9.8b

Fedex Corp. FDX $60.2b Knight- Holdings KNX $8.71b Inc. Expeditors International of Washington EXPD $21.2b Inc. Aramark ARMK $8.49b

J.B. Hunt Transport Services, Inc. JBHT $18.3b , Inc. ALK $7.61b

C.H. Robinson Worldwide Inc. CHRW $11.7b Inc. SAIA $6.41b

XPO Logistics, Inc. XPO $9.8b Idacorp Inc. IDA $5.23b

Knight-Swift Transportation Holdings KNX $8.71b Inc. , Inc. SNDR $4.11b

Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Peer Flag Comparison

The return to a company’s stock is not the only measure of executive performance. Ethics matter, and growth can quickly reverse and gains evaporate if a company’s accounting and nancial reporting processes are not fundamentally sound and trustworthy. How does XPO's accounting quality compare to its peer group?

XPO PEER GROUPFLAGS XPO PEER GROUPFLAGS Reporting Irregularities Litigation & External Pressures

Financial Restatements 9 Signicant Litigation 2 1 6

Revisions 9 Securities Class Actions 7 2

Out of Period Adjustments 7 2 Shareholder Activism 9

Impairments 2 7 Cybersecurity 6 3

Changes in Accounting Estimates 4 5 Management Review

Disclosure Controls 1 8 CEO Changes 5 2 2

Internal Controls 9 CFO Changes 1 4 4

Critical / Key Audit Matters 7 2 Insider Sales 4 5

Pledged Securities 4 1 4 Anomalies in the Numbers

Benford's Law 7 2 Mergers & Acquisitions 6 3

Beneish M-Score 7 1 Sales of Assets 9

Accounting Disclosure Complexity 7 2 Auditor Assessment

Auditor Changes 7 2 Securities & Exchange Commission Concerns

SEC Oversight 9 Auditor Experience 9

SEC Letters to Management 9 Auditor Tenure 3 6

Revenue Recognition 6 3 Audit Fees 1 8

Non-GAAP Measures 9 Non-Audit Fees 7 2

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