Company: QXO-PB
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001628280-25-009626
Chunk: 34

Company: QXO, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 16
Chunk 34
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5,356 5,203 Ancillary service revenue18,340 16,555 Total revenue, net$56,873 $54,517 Less:Purchased software and services20,89420,964 Employee compensation and benefits46,98426,696 Share-based compensation34,513 41 Professional Fees18,5721,155General and administrative expenses (1)5,7885,972Other segment items(97,847)759Net income (loss)$27,969 $(1,070)(1) Includes advertising and marketing, and other corporate overhead expenditures.

NOTE 14 – SUBSEQUENT EVENTS

In January 2025, the Company and its wholly owned subsidiary, Queen MergerCo, Inc., announced a cash tender offer to acquire all outstanding shares of Beacon Roofing Supply, Inc. (“Beacon”), a specialty distributor of building products,  at a purchase price of $124.25 per share. The offer is subject to several conditions and is scheduled to expire at 5:00 p.m., New York City time, on March 10, 2025, unless further extended.The Company has secured full financing commitments. These commitments, combined with the Company’s cash on hand, fully cover the purchase price, any required refinancing of Beacon’s debt, and associated transaction costs.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

47

Item 9A. Controls and Procedures

(a)Evaluation of Disclosure and Control Procedures

As of the end of the period covered by this Annual Report, the Company’s management evaluated, with the participation of the Company’s principal executive officer and principal financial officer, the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including the Company’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for