{
  "docId": "019dd923-622c-750b-8b98-8e10d74ec16a",
  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 68,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses stock charts to visually demonstrate the 'implosion' of companies that reported bank overdrafts, a common red flag in forensic accounting.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-8e10d74ec16a/18",
  "deckHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.2,
        "x": 0.64,
        "y": 0.66
      },
      "kind": "callout",
      "text": "Spruce Point Warns / $383 million Asset Impairment / COO departs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66fdc74e-5779-46c1-9492-c9f7f51d8202",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "MDC Partners Reported Bank Overdrafts Before Shares Tanked + SEC Investigation Started",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92a9-c27d441089f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.13,
        "y": 0.175
      },
      "kind": "chart",
      "text": "MDC Partners stock price chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68ddaf90-1a57-4eb4-a877-1851d684fe92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.13,
        "y": 0.58
      },
      "kind": "chart",
      "text": "Maxar stock price chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92727247-666a-4e73-a8b1-aa75fc965263",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.4,
        "x": 0.44,
        "y": 0.21
      },
      "kind": "list",
      "text": "MDC Partners: Formed special committee, replaced CEO/CAO, added directors, added internal control policies",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "733f42b3-b50a-47bc-8613-e1ba8267304e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.13,
        "y": 0.535
      },
      "kind": "source-note",
      "text": "Source: MDC Partners 2016 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8edc081b-ce4c-4096-b4d3-771536b8e3e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.13,
        "y": 0.965
      },
      "kind": "source-note",
      "text": "Source: Maxar 2017 Annual Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99f67e06-4a3d-4778-ab21-da875578cfac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Case Studies: Last Two Companies We Know Reported “Bank Overdrafts” Have Imploded",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "452bc472-0cf8-4279-a44c-b28b7757632a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "36b2ec1f-debe-4a8d-aa42-e550cf9f7ddd",
      "evidence": "Using historical stock performance to validate a forensic accounting thesis regarding bank overdrafts.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "e8aaa5ae-9ec2-479e-b82f-a9a78a7c5165",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents various evidence of XPO's financial scheme, accounting manipulation, and governance concerns",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 11,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "e905eb29-7a5b-4494-aa20-6a7120b53270",
      "evidence": "The document presents various evidence of XPO's financial scheme and accounting manipulation",
      "position": 1,
      "objective": "What are the underlying issues with XPO's financials and governance?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}