Company: QXO-PB
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001628280-25-009626
Chunk: 31

Company: QXO, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 16
Chunk 31
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RSU in effect at the time of grant. Expected volatility is based on historical volatility of the stock of the Company’s peer industry group. Share-Based Compensation ExpenseShare-based compensation expense is included within selling, general and administrative expenses in the consolidated statements of operations. The Company recognized share-based compensation expense as follows:(in thousands)Year Ended December 31, 20242023pRSUs$21,860 $— RSUs12,653 — Stock options— 41 Total share-based compensation expense$34,513 $41 

The RSUs and pRSUs may vest in whole or in part before the applicable vesting date if the grantee’s employment is terminated by the Company without cause or by the grantee with good reason (as defined in the grant agreement), upon death or disability of the grantee or in the event of a change in control of the Company. Upon vesting, the RSUs and pRSUs result in the issuance of shares of the Company’s common stock after required tax withholdings. The holders of the RSUs and pRSUs do not have the rights of a stockholder and do not have voting rights until shares are issued and delivered in settlement of the awards. 

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NOTE 11 – INCOME TAXES 

The components of income (loss) before taxes and the income tax provision (benefit) are as follows:Year Ended December 31, (in thousands)20242023United States income (loss) before provision (benefit) for income taxes$50,812 $(1,367)Current:Federal$16,588 $26 State and local7,414 15 Total current tax provision24,002 41 Deferred:Federal(644)(240)State and local(515)(98)Total deferred tax (benefit)(1,159)(338)Total provision (benefit)$22,843 $(297)The Company’s effective income tax rate reconciliation is as follows for the periods presented:Year Ended December 31, 20242023Federal income tax rate21.0 %21.0 %State income tax, net of federal benefit10.7 %5.0 %Permanent items13.5 %(1.0 %)Return to provision for prior year— %(8.0 %)Change in valuation allowance(0.2 %)5.0 %Effective income tax rate45.0 %22.0 %

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Deferred taxes are