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  "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",
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  "pageNumber": 47,
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  "notes": "Includes a callout box highlighting the lack of transparency in compensation metrics.",
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      "kind": "callout",
      "text": "Largest component of Jacob's compensation is tied to a non-standard metric that imparts no measure of economic value creation. Even worse, XPO won't provide the exact detail of the calculation.",
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      "kind": "metric",
      "text": "CEO Compensation: $38,308,107",
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      "text": "In our opinion, XPO's \"Adjusted Cash Flow Per Share\" bonus metric is a meaningless target because it doesn't measure return on capital deployed. (1) XPO's egregious insider enrichment practices also extend to its Board approving special bonuses for completion of the ND acquisition. So in other words, management was paid for doing its job. (2)",
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      "text": "1) The metric is defined as: Adjusted EBITDA... less any capital expenditures and interest divided by (ii) diluted shares outstanding. 2) Source: 8-K XPO's CFO and Chief Strategy Officer paid special bonuses for completing the ND deal",
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      "kind": "table",
      "text": "CEO Jacobs Compensation table showing salary, bonus, stock, option, non-equity, other, and total from 2011-2017.",
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      "kind": "table",
      "text": "Table showing Adjusted Cash Flow / Share Target, Surpass Target, and Provide Exact Calculation to Investors for 2016-2019.",
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      "kind": "title",
      "text": "Black Box, Flawed Metrics Driving Insider Enrichment (Cont'd)",
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