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  "documentTitle": "XL Fleet (XL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-03 00:00:00",
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  "notes": "The slide uses a stacked bar chart to visualize the 'hockey stick' growth projection, highlighting the reliance on future, non-existent products.",
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      "text": "Low Risk Path to Dramatic Growth",
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      "text": "The company forecasts revenue will grow to $1.4 billion by 2024E, with half of that coming from full-EV and heavy-duty vehicles upfits that don't exist yet, which we view as typical XL bluster.",
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      "text": "Selling existing products to existing customers through existing channels\nAccelerating Unit Sales Supported by Robust Pipeline\n$220+ million sales pipeline for next 12 months, 2020F 95% booked\nDe-risked growth plan supported by existing offering\nIncreasing TAM through transition to all-electric and launch of class 7/8 by 2023",
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      "text": "The company forecasts revenue will grow to $1.4 billion by 2024E, with half of that coming from full-EV and heavy-duty vehicles upfits that don't exist yet, which we view as typical XL bluster.",
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      "text": "Having inflated its backlog by an apparently substantial degree, XL uses the \"robust pipeline\" to paint a \"low risk path\" to \"dramatic\", but somehow \"de-risked\" revenue targets:",
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      "text": "XL'S HOCKEY STICK REVENUE GROWTH PROJECTIONS ARE UNSUPPORTED BY ITS PIPELINE",
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      "text": "Exaggerated Sales Projections",
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