Company: QXO-PB
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023834
Chunk: 41

Company: QXO, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 be cash equivalents. The Company maintains cash balances across a diversified portfolio of global financial institutions that exceed FDIC insured limits. The Company has not experienced any losses in such accounts. Amounts included in restricted cash represent those required to be set aside by a contractual agreement as collateral for the Company’s credit card program. The following table provides a reconciliation of cash and cash equivalents:As of(in thousands)March 31, 2025December 31, 2024Cash and cash equivalents$5,081,672 $5,068,504 Restricted cash included in prepaid expenses and other current assets3,500 3,500 Total cash, cash equivalents and restricted cash$5,085,172 $5,072,004 Roll-forward of Allowance for Expected Credit LossesThe following table represents the roll-forward of the allowance for expected credit losses for the three months ended March 31, 2025 and the year ended December 31, 2024:(in thousands)March 31, 2025December 31, 2024Balance at beginning of period$547 $510 Current period provision for expected losses15 50 Write-offs— (13)Balance at end of period$562 $547 Prepaid Expenses and Other Current AssetsThe following table presents the components of prepaid expenses and other current assets:As of(in thousands)March 31, 2025December 31, 2024Interest receivable$11,433 $11,051 Restricted cash3,500 3,500 Prepaid expenses and other current assets4,202 3,788 Total prepaid expenses and other current assets$19,135 $18,339 Accrued ExpensesThe following table presents the components of accrued expenses: As of(in thousands)March 31, 2025December 31, 2024Accrued payroll and benefits$3,697 $8,142 Accrued income taxes32,515 24,002 Accrued other7,735 3,548 Total accrued expenses$43,947 $35,692 Financial InstrumentsFair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:Level 1: Quoted prices (unadjusted) in active markets