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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "pageNumber": 62,
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  "slideType": "valuation_table",
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  "nDataPoints": 42,
  "notes": "The slide uses a 'Spruce Point Normalized' column to adjust XPO's reported figures, effectively performing a forensic accounting reconciliation.",
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      "kind": "callout",
      "text": "We believe XPO's Adj. EBITDA is overstated as a result of aggressive add-backs.",
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      "text": "Adj. EBITDA per share: 20%",
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      "kind": "paragraph",
      "text": "We believe XPO's Adj. EBITDA is overstated as a result of aggressive add-backs. Furthermore, we believe XPO's true leverage is much higher as are result of $1.9 billion of operating leases that XPO could soon have to recognize on its balance sheet from ASU 2016-02 adoption on in 2019.",
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      "kind": "source-note",
      "text": "Source: XPO and Spruce Point estimates",
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      "text": "Reconciliation table showing adjustments to EBITDA and Debt metrics.",
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      "kind": "title",
      "text": "XPO Adj. EBITDA Per Share vs. Spruce Point Reality: Approximately 20% Overstatement",
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      "arcName": "Overcoming the Monster",
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      "name": "Cost Of Inaction",
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