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  "docId": "019dd923-622c-750b-8b98-8e10d74ec16a",
  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 23,
  "pageCount": 68,
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  "slideType": "expose_contradiction",
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  "notes": "Uses a Q&A transcript from an earnings call to highlight management's bonus metrics.",
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      "kind": "callout",
      "text": "2017 was the sixth straight year that XPO met or exceeded its full year financial targets",
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      "kind": "paragraph",
      "text": "XPO touts its ability to meet and exceed expectations in a consistent manner. Management is most likely to manipulate and inflate the metrics important for its compensation and its targets to appease investors and analysts. In the quote below, CEO Jacobs lays out exactly the three most important metrics. Note: EBITDA minus capex and interest expense is his bonus metric.",
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      "kind": "quote",
      "text": "A - CEO Bradley S. Jacobs: \"It's real simple. It's EBITDA minus CapEx, minus interest expense...\"",
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      "kind": "quote",
      "text": "Q - Bascome Majors: \"Just one final question on incentives...\"",
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      "kind": "source-note",
      "text": "Source: XPO 2018 Investor Presentation",
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      "text": "Source: Q4 2016 Earnings Call",
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      "kind": "title",
      "text": "A Closer Look At What's Important To Management",
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      "evidence": "Contrasts management's stated bonus metrics with the activist's claim of manipulation.",
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      "evidence": "The document presents various evidence of XPO's financial scheme, accounting manipulation, and governance concerns",
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