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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 11,
  "pageCount": 68,
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  "nDataPoints": 24,
  "notes": "The slide uses a 'precedent_table' structure to systematically dismantle the company's reported earnings quality.",
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      "kind": "callout",
      "text": "We estimate continuing EPS approx. -47% below the street “adjusted” estimates",
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      "text": "Adj. Diluted EPS: 47%",
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      "kind": "paragraph",
      "text": "In our opinion, XPO's highly \"adjusted\" EPS is a combination of aggressive accounting, unsustainable pension gains, and poor practices that underpay workers and appear to cut corners on worker safety.",
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      "text": "Source: XPO and Spruce Point estimates; Bloomberg consensus estimates",
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      "kind": "title",
      "text": "XPO Adj. EPS vs. Spruce Point Reality: Approximately 47% Overstatement",
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      "arcName": "Overcoming the Monster",
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