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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 60,
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  "notes": "The slide uses a 'bridge' style table to show how adjustments lead to a lower normalized EPS.",
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      "text": "We estimate continuing EPS approx. -36% below the street “adjusted” estimates",
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      "text": "Adj. Diluted EPS: 36%",
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      "kind": "paragraph",
      "text": "In our opinion, XPO's highly \"adjusted\" EPS is a combination of aggressive accounting, unsustainable pension gains, and poor practices that underpay workers and appear to cut corners on worker safety.",
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      "text": "Source: XPO and Spruce Point estimates; Bloomberg consensus estimates",
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      "text": "Reconciliation table showing line items, consensus estimates, normalized estimates, and commentary.",
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      "kind": "title",
      "text": "XPO Adj. EPS vs. Spruce Point Reality: Approximately 36% Overstatement",
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      "arcName": "Overcoming the Monster",
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      "name": "Cost Of Inaction",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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