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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "The slide uses red boxes to highlight specific errors in analyst models (EPS calculation, net debt usage, and share count).",
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      "kind": "callout",
      "text": "Why is this analyst using FY17 net debt which is 10 months stale, and deducting minority interest at 2x book value? Why ignoring the convertible preferred?",
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      "text": "Analyst's EPS implies 136.6m shares outstanding",
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      "text": "It's hard to value XPO correctly when the smartest guys on Wall Street have no idea what XPO's true share count is, and conveniently ignore the deep in-the-money Series A Convertible Preferred Stock.",
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      "kind": "title",
      "text": "Brokers Can't Get The Share Count Correct",
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