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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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      "text": "It’s no surprise to Spruce Point that XPO recently walked back its free cash flow guidance for 2019E to $650m ( vs. Consensus est. of $884m and implying virtually no YoY growth).",
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      "text": "Free Cash Flow: $650m",
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      "text": "It’s no surprise to Spruce Point that XPO recently walked back its free cash flow guidance for 2019E to $650m ( vs. Consensus est. of $884m and implying virtually no YoY growth). However, it claims Adj EBITDA can grow 12-15%, which suggests that Adj. EBITDA is not a meaningful way to value XPO’s business. (1,2)",
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      "text": "“Home Depot has considered buying a $9 billion logistics company so Amazon doesn’t” — Dec 22, 2017",
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      "text": "1) XPO 8-K with updated guidance\n2) We show both the traditional Free Cash Flow definition = CFO – capex and XPO’s aggressively defined Free Cash Flow (including asset sale)",
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      "kind": "title",
      "text": "A Well Orchestrated Stock Promotion With Classic Signs of Strain",
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