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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "notes": "Uses a red box to highlight the discrepancy between the organic revenue adjustment and the actual FX loss reported in the 10-K.",
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      "text": "However, XPO reports to investors virtually no impact to organic revenue from currency fluctuations.",
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      "text": "Organic Revenue Growth: 7.2%",
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      "text": "Non-GAAP metrics such as organic growth calculations are not audited and give management significant discretion to show results in the most glowing fashion. Total non-US revenues increased 6.1% between 2016 and 2017. Yet, it reported an FX hedge loss of $57.6m in 2017 vs. a gain of $40.3m in 2016. However, XPO reports to investors virtually no impact to organic revenue from currency fluctuations.",
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      "kind": "quote",
      "text": "We believe that total organic revenue is an important measure because it excludes the impact of the following items: foreign currency exchange rate fluctuations, acquisitions and divestitures, and fuel surcharges...",
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      "text": "We believe that total organic revenue is an important measure because it excludes the impact of the following items: foreign currency exchange rate fluctuations, acquisitions and divestitures, and fuel surcharges. Specifically, our total organic revenue reflects adjustments to (i) exclude revenue from our North American truckload unit, which was sold in October 2016, (ii) exclude the estimated revenue attributable to fuel, and (iii) apply a constant foreign exchange rate to both periods (based on average rates during the monthly periods). — XPO Proxy Statement, Annex A, filed April 18, 2018",
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      "text": "Source: XPO Proxy Statement, Annex A, filed April 18, 2018",
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      "text": "Source: XPO 2017 10-K",
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      "text": "Years ended December 31, 2017, 2016, 2015 FX loss/gain table",
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      "text": "Questionable Organic Revenue Growth And FX Impacts",
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