{
  "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": 19,
  "pageCount": 68,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a press release screenshot as evidence of XPO's capital commitment to a warehouse facility.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "photo"
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-8e10d74ec16a/19",
  "deckHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Investors appear blind to the fact that as XPO has moved away from its traditional third party asset-light logistics business, and into trucking and supply chain fulfillment, its capital requirements have increased.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
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      "componentId": "019dd952-ee36-760b-92aa-4afbcc71c342",
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    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "image",
      "text": "Norbert Dentressangle truck",
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      "subkind": "photo",
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      },
      "kind": "image",
      "text": "Con-way truck",
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      "subkind": "photo",
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      "componentId": "ee1462f0-9422-45a4-8cd4-c676d7eab593",
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      "kind": "image",
      "text": "XPO press release regarding Nestlé warehouse",
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      },
      "kind": "paragraph",
      "text": "Investors appear blind to the fact that as XPO has moved away from its traditional third party asset-light logistics business, and into trucking and supply chain fulfillment, its capital requirements have increased. We don't view any of these as positive developments, especially as XPO is now fronting capital for customer warehouses.",
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    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The XPO-owned facility will be strategically located in the Midlands to benefit from direct access to the M1 motorway for road transport, the East Midlands Airport for cargo flights, and an onsite rail freight terminal with direct access to the major UK ports of Southampton, Felixstowe, London Gateway and the Channel Tunnel. — XPO press release",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
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        "h": 0.02,
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      },
      "kind": "source-note",
      "text": "Source: XPO press release",
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        "x": 0.32,
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      },
      "kind": "title",
      "text": "XPO Moving Into Lower Return, Higher Capital Intensity Businesses",
      "attrs": null,
      "subkind": "headline",
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      "componentId": "04bc934b-b580-4905-a54f-9163e33a0ab7",
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  "metrics": [],
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  "arcBeats": [
    {
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      "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,
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  ],
  "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"
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  "locked": true
}