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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "The slide uses a red flag icon to highlight a risk factor disclosure and red boxes to emphasize the poor cumulative performance metrics.",
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      "kind": "callout",
      "text": "XPO's latest Annual Report added a new risk factor: \"Our past acquisitions, as well as any acquisitions that we may complete in the future, may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results.\"",
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      "text": "Seventeen acquisitions since Jacobs took control of XPO, $6.1 billion of capital deployed, and it has generated $73m of cumulative adjusted free cash flow = a failed business strategy yielding a 1.2% return on capital investment.",
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      "text": "Seventeen acquisitions since Jacobs took control of XPO, $6.1 billion of capital deployed, and it has generated $73m of cumulative adjusted free cash flow = a failed business strategy yielding a 1.2% return on capital investment.",
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      "text": "Our past acquisitions, as well as any acquisitions that we may complete in the future, may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results. — XPO Annual Report",
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      "kind": "source-note",
      "text": "1) Represents the provision on the income statement... 2) Cost associated with XPO's discretionary policy... 3) Fixed and recurring payments... 4) Recurring costs necessary to implement XPO's stated acquisition business strategy",
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      "text": "XPO Post Jacobs Roll-Up Strategy Implementation table showing cash flow and acquisition costs from 2011-2018",
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      "text": "Evidence of A Non-Economic Model",
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