On this page of StockholderLetter.com we present the latest annual shareholder letter from QXO, Inc. — ticker symbol SSNT. Reading current and past SSNT letters to shareholders can bring important insights into the investment thesis.
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11/5/2024 Letter Continued (Full PDF)
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More "Miscellaneous" Category Stockholder Letters
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SSNT Benford's Law Stock Score = 65
11/5/2024 Letter Continued (Full PDF)
•
More "Miscellaneous" Category Stockholder Letters•
SSNT Benford's Law Stock Score = 65SSNT Shareholder/Stockholder Letter Transcript:
Notice of 2024 Annual Meeting Proxy Statement 2023 Annual Report ABOUT QXO QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, nancial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. 2024 QXO, Inc. All rights reserved. QXO, Inc. Five American Lane Greenwich, Connecticut 06831 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To Be Held on December 9, 2024 To the Stockholders of QXO, Inc.: Notice is hereby given that the 2024 Annual Meeting of Stockholders (the Annual Meeting ) of QXO, Inc. will be held on Monday, December 9, 2024, at 10:00 a.m. Eastern Time. The Annual Meeting will be conducted exclusively as a live webcast. You can access the meeting with your 16-digit control number at www.virtualshareholdermeeting.com/QXO2024. The Annual Meeting will be held for the purposes summarized below, and more fully described in the proxy statement (the Proxy Statement ) accompanying this notice. elect seven (7) members of our Board of Directors for a term to expire at the 2025 Annual Meeting of Stockholders or until their To successors are duly elected and qualified; To ratify the appointment of Marcum LLP ( Marcum ) as our independent registered public accounting firm for fiscal year 2024; conduct an advisory vote to approve the executive compensation of our named executive officers ( NEOs ), as disclosed in To the Proxy Statement; To conduct an advisory vote on the frequency of future advisory votes to approve executive compensation; and consider and transact other business as may properly come before the Annual Meeting or any adjournment or postponement To thereof. Only stockholders of record of our common stock and convertible perpetual preferred stock as of the close of business on November 1, 2024, are entitled to receive notice of, and to vote at, the Annual Meeting or any adjournment or postponement of the Annual Meeting. A complete list of registered stockholders will be available after entering the 16-digit control number included on any proxy card that you received, or on the materials provided by your bank or broker. Your vote is important. Regardless of whether you plan to attend the Annual Meeting virtually, it is important that your shares be represented. We ask that you vote your shares as soon as possible. By order of the Board of Directors, Brad Jacobs Chairman of the Board Greenwich, Connecticut November 5, 2024 Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be Held on December 9, 2024: The Proxy Statement and our Annual Report on Form 10-K for the year ended December 31, 2023, are available at investors.qxo.com. 2024 QXO, Inc. Table of Contents PROXY STATEMENT SUMMARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 QUESTIONS AND ANSWERS ABOUT OUR ANNUAL MEETING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 INFORMATION REGARDING THE EQUITY INVESTMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 BOARD OF DIRECTORS AND CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 An Overview of Our Business and How Our Board Composition Is Aligned With Our Strategy . . . . . . . . . . . . . . . . . . . Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary of Qualifications and Experience of Continuing Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Role of the Board and Board Leadership Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Board Risk Oversight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Committees of the Board and Committee Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Director Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate Governance Guidelines and Code of Business Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Director Independence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Director Selection Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholder Communication with the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholder Proposals for Next Year s Annual Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 15 15 16 16 17 18 18 18 19 19 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 EXECUTIVE COMPENSATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 AUDIT-RELATED MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Audit Committee Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Policy Regarding Pre-Approval of Services Provided by the Outside Auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Services Provided by the Outside Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 29 PROPOSALS TO BE PRESENTED AT THE ANNUAL MEETING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Proposal 1: Election of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proposal 2: Ratification of the Appointment of Marcum as our Independent Registered Public Accounting Firm for Fiscal Year 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proposal 3: Advisory Vote to Approve Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proposal 4: Advisory Vote on the Frequency of Future Advisory Votes to Approve Executive Compensation . . . . . . . . Other Matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 ADDITIONAL INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 32 33 33 34 2024 QXO, Inc. Proxy Statement Summary This proxy statement (the Proxy Statement ) sets forth information relating to the solicitation of proxies by the board of directors of QXO, Inc. (the Board of Directors or the Board ) in connection with our 2024 Annual Meeting of Stockholders (the Annual Meeting ). This summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all the information that you should consider, and you should read the entire Proxy Statement carefully before voting. 2024 Annual Meeting of Stockholders This Proxy Statement and form of proxy are first being mailed on or about November 5, 2024, to stockholders of record of our common stock as of the close of business November 1, 2024 (the Record Date ). Date and Time Place Monday, December 9, 2024, at 10:00 a.m. Eastern Time Record Date Virtual Meeting Site: www.virtualshareholdermeeting.com/QXO2024 You can vote if you were a stockholder of record as of the close of business on November 1, 2024 Admission: You are invited to attend the annual meeting of stockholders of QXO, Inc. The Annual Meeting will be a virtual meeting of stockholders. You will be able to attend the Annual Meeting at www.virtualshareholdermeeting.com/QXO2024. You will need to provide the 16-digit control number on your proxy card to access the Annual Meeting. If the shares of common stock you hold are in an account at a broker, dealer, commercial bank, trust company or other nominee (i.e., in street name ), you must register in advance to participate in the Annual Meeting, to vote electronically and to submit questions during the live webcast of the meeting. To register in advance, you must obtain a legal proxy from the bank, broker or other nominee that holds your shares, giving you the right to vote the shares. At the time of the meeting, go to www.virtualshareholdermeeting.com/QXO2024. and enter your 16-digit control number. Voting Matters and Board Recommendations The Board is not aware of any matter that will be presented for a vote at the Annual Meeting other than those shown below. Board Vote Recommendation Page Reference (for more detail) PROPOSAL 1: Election of Directors To elect seven (7) members of our Board for a term to expire at the 2025 Annual Meeting of Stockholders or until their successors are duly elected and qualified. 9 FOR each Director Nominee 30 PROPOSAL 2: Ratification of the Appointment of our Independent Registered Public Accounting Firm To ratify the appointment of Marcum LLP ( Marcum ) as our independent registered public accounting firm for fiscal year 2024. 9 FOR 31 PROPOSAL 3: Advisory Vote to Approve Executive Compensation To conduct an advisory vote to approve the executive compensation of the company s named executive officers ( NEOs ) as disclosed in this Proxy Statement. 9 FOR 32 9 1 YEAR 33 PROPOSAL 4: Advisory Vote on the Frequency of Future Advisory Votes to Approve Executive Compensation To conduct an advisory vote to approve the frequency of future advisory votes to approve executive compensation of the NEOs. Governance Highlights Board and Committee Independence Five of our seven continuing directors and director nominees are independent. The Audit Committee, the Compensation and Talent Committee and the Nominating, Corporate Governance and Sustainability Committee each consist entirely of independent directors. Independent Board Oversight Our Board has a lead independent director whose role is to complement the roles of our independent committees and independent committee chairs providing effective Board oversight. The Board believes its leadership structure, as well as the company s leadership structure, function cohesively and serve the best interests of our stockholders based on the company s strategy and ownership structure. 1 2024 QXO, Inc.