| Schedule of Calculation of Basic and Diluted Earnings Per Share |
The following table presents the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Numerator: |
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Net income (loss) |
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$ |
(5,183 |
) |
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$ |
(13,056 |
) |
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$ |
7,362 |
|
|
$ |
3,242 |
|
Less: net (income) loss attributable to noncontrolling interests |
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|
(14,976 |
) |
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33,271 |
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(14,127 |
) |
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(6,295 |
) |
Less: dividends on preferred shares |
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(1,863 |
) |
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|
(3,250 |
) |
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(5,789 |
) |
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(9,750 |
) |
Add: deemed contribution (dividend) |
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51,435 |
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(57,096 |
) |
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34,326 |
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19,794 |
|
Add: deemed contribution from redemption of convertible preferred stock |
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— |
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— |
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12,679 |
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— |
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Net income (loss) attributable to XPO Inc. - basic |
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29,413 |
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(40,131 |
) |
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34,451 |
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|
6,991 |
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Add: net income (loss) attributable to non-controlling interests |
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— |
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— |
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— |
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6,295 |
|
Add: dividends on preferred shares |
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1,863 |
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— |
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5,789 |
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|
9,750 |
|
Less: deemed (contribution) dividend |
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(51,435 |
) |
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— |
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(34,326 |
) |
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(19,794 |
) |
Less: Deemed contribution from redemption of convertible preferred stock |
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— |
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— |
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(12,679 |
) |
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- |
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Net income (loss) attributable to XPO Inc. - diluted |
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$ |
(20,159 |
) |
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$ |
(40,131 |
) |
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$ |
(6,765 |
) |
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$ |
3,242 |
|
Denominator: |
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Weighted average shares of Class A common stock outstanding - basic |
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32,260 |
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26,156 |
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32,025 |
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|
24,782 |
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Effect of dilutive securities: |
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Rumble Class A common stock |
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— |
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— |
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— |
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1,300 |
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Restricted stock units |
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— |
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— |
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— |
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|
539 |
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Convertible preferred stock |
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7,963 |
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— |
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7,963 |
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13,889 |
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Conversion of Class B common stock to Class A common stock |
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— |
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— |
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— |
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22,313 |
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Weighted average shares of Class A common stock outstanding - diluted |
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40,223 |
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26,156 |
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39,988 |
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62,823 |
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Net earnings (loss) per share attributable to Class A common stock - basic |
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$ |
0.91 |
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$ |
(1.53 |
) |
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$ |
1.08 |
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$ |
0.28 |
|
Net earnings (loss) per share attributable to Class A common stock - diluted |
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$ |
(0.50 |
) |
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$ |
(1.53 |
) |
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$ |
(0.17 |
) |
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$ |
0.05 |
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Anti-dilutive shares excluded from diluted earnings (loss) per share of Class A common stock: |
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Rumble Class A common stock |
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— |
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1,300 |
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— |
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— |
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Restricted stock units |
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1,342 |
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2,121 |
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1,342 |
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— |
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Conversion of Class B common stock to Class A common stock |
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16,492 |
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21,651 |
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16,492 |
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— |
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Convertible preferred stock |
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— |
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13,889 |
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— |
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— |
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Accelerated Purchase Program - final settlement |
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589 |
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— |
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|
589 |
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— |
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Rumble contingent shares |
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2,024 |
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|
2,024 |
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|
2,024 |
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|
2,024 |
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Profits interests, time vesting |
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1 |
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15 |
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1 |
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15 |
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