ies. This is consistent with previous comments, but it does seem growth opportunities on the base business are accelerating via new initiatives like XPO Direct and expansion of Last Mile network into Europe. • Sustainable growth trends: Mgmt. appears very confident in the current environment and pipeline o

trong organic growth trends to be sustained, if not accelerate, as XPO's business model evolves from half cyclicaUhalf secular to entirely secular. XPO Direct, for example, has potential to be a significant driver of incremental growth over time, in our view, as the company leverages its investments in tec