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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "Uses a red arrow with a strike-through to visually represent the disconnect between revenue and cash flow.",
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      "kind": "callout",
      "text": "3.2% \"Organic\" Operating Cash Flow Growth",
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      "text": "XPO has abandoned its attempt at expanding organic revenue disclosure post Q1’18. Through YTD Q3’18, organic quarterly revenue growth has averaged 10.8%, yet equates to just 3.2% YTD organic operating cash flow growth.",
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      "text": "XPO has abandoned its attempt at expanding organic revenue disclosure post Q1'18. Through YTD Q3'18, organic quarterly revenue growth has averaged 10.8%, yet equates to just 3.2% YTD organic operating cash flow growth.",
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      "text": "Source:Q3 2018 10-Q",
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      "text": "Cash flow statement excerpt for Nine Months Ended September 30, 2018 and 2017",
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      "text": "#3: \"Organic\" Revenue Growth Does Not Equal Organic Cash Flow",
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