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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 15,
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  "notes": "The slide highlights a specific comparison point ('Where XPO is today') and uses red boxes to emphasize cumulative FCF and cumulative acquisition costs.",
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      "kind": "callout",
      "text": "Where XPO Is today",
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      "kind": "callout",
      "text": "We've been critical of Echo Global Logistics in the past, but its roll-up strategy including 21 companies is significantly better than XPO's.",
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      "text": "return on investment: 32%",
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      "text": "We've been critical of Echo Global Logistics in the past, but its roll-up strategy including 21 companies is significantly better than XPO's. Since inception, Echo has spent $521m for acquisitions, with cumulative free cash flow of $166m = 32% return on investment. By year eight (on an apples-to-apples basis with XPO), Echo returned 37%.",
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      "kind": "source-note",
      "text": "1) Includes Command Transportation integration costs of $2.3 and $11.4m in 2015 and 2016. Source: ECHO SEC Filings",
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      "kind": "table",
      "text": "Financial table showing Operating Cash Flow, CapEx, FCF, Adjustments, and Acquisition costs from 2006-2018.",
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      "kind": "title",
      "text": "Echo Logistics Roll-Up",
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      "evidence": "Compares Echo's performance metrics against XPO's historical benchmark.",
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      "arcName": "Overcoming the Monster",
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