{
  "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": 30,
  "pageCount": 68,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses red boxes to highlight specific line items in financial tables that the author deems aggressive or questionable.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-8e10d74ec16a/30",
  "deckHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-8e10d74ec16a#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.22,
        "x": 0.76,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Non-standard and aggressive definition. Assets sales are not guaranteed or recurring",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f03011f-7ea5-4601-9681-b0c3ab861444",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.22,
        "x": 0.76,
        "y": 0.72
      },
      "kind": "callout",
      "text": "Any counterparty credit risk on those forward contracts?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb5b4c9c-7f1c-4e59-853a-4536ff08a62d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92ab-449c1d497db1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow: $373.9",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92ab-4902813ec62e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales. This is another aggressive financial presentation tactic used at Jacob’s United Rentals. (1) Even worse, XPO assumed that its forward stock sale transaction would settle, while blindly ignoring counterparty risk.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "892113fe-9682-49a4-ae58-5272cba07811",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.12,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: XPO Proxy Statement, Annex A, filed April 18, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06de8aa7-b149-40b9-9c1a-418ba4ec704b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.76,
        "x": 0.12,
        "y": 0.61
      },
      "kind": "table",
      "text": "Consolidated Net Debt to Adjusted EBITDA Ratio",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15560e84-e97f-4bae-a8b9-58ea7861eed5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.76,
        "x": 0.12,
        "y": 0.29
      },
      "kind": "table",
      "text": "Consolidated Cash Flows Provided by Operating Activities to Free Cash Flow",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df104adc-72fe-45e0-bda1-4a54d0adc2b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.02
      },
      "kind": "title",
      "text": "#2 Cash Flow And Aggressive Financial Presentation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d8cbcc3-9f96-477a-a1ea-fce81e27c33d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "92284d96-24fa-4fe7-af33-f8967bc981e4",
      "evidence": "The slide explicitly calls out 'aggressive financial presentation' and 'blindly ignoring counterparty risk' to suggest manipulation.",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}