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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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      "kind": "callout",
      "text": "XPO giving itself 100% credit for something, despite only owning 86.25% and adds these items to EBITDA when they should be deducted (1)",
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      "text": "Recurring costs necessary to implement its stated roll-up business strategy cannot simply be ignored",
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      "text": "Key word: UNAUDITED",
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      "text": "Spruce Point has consistently warned about Non-GAAP financial presentation abuse. XPO's Adjusted EBITDA is particularly egregious, especially in light of its desire to give 100% credit for XPO Europe despite owning just 86.25%.",
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      "text": "1) See AK Steel / Huntsman as an example of proper treatment of noncontrolling interest on EBITDA",
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      "text": "Reconciliation of Non-GAAP Measures XPO Logistics, Inc. Consolidated Reconciliation of Net Income (Loss) to Adjusted EBITDA ex. Truckload",
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