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  "docId": "019dd923-622c-750b-8b98-8e10d74ec16a",
  "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",
  "orientation": "landscape",
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  "pageNumber": 61,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a 'Spruce Point Reality' framing to contrast consensus estimates with their own normalized view.",
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      "kind": "callout",
      "text": "We estimate continuing EPS approx. -47% below the street “adjusted” estimates",
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      "text": "Adj. Diluted EPS: 47%",
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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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      "kind": "source-note",
      "text": "Source: XPO and Spruce Point estimates; Bloomberg consensus estimates",
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      "kind": "table",
      "text": "Reconciliation table showing line items from Operating Income to Adj. Diluted EPS comparing XPO Consensus 2018E vs Spruce Point 2018E Normalized.",
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      "kind": "title",
      "text": "XPO Adj. EPS vs. Spruce Point Reality: Approximately 47% Overstatement",
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      "arcName": "Overcoming the Monster",
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      "name": "Cost Of Inaction",
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      "evidence": "The conclusion and valuation tables highlight the potential downside risks",
      "position": 2,
      "objective": "What are the potential consequences of not selling short or avoiding XPO stock?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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