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  "docSlug": "15874954effa",
  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "Includes two tables from SEC filings (10-K) with red callout boxes highlighting 'Change in bank overdrafts' and 'Book and bank overdrafts'.",
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      "kind": "callout",
      "text": "XPO Stopped Providing Additional Balance Sheet Disclosure After FY 2016 When Key Executives Resigned",
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      "text": "Additional analysis on the mysterious earn-out liability here",
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      "kind": "callout",
      "text": "Spruce Point Is Not Aware of Why Any Healthy and \"Successful\" Company Needs To Regularly Tap Bank Overdrafts",
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      "text": "XPO has never explained the reason in its filings for bank overdrafts. Furthermore, it stopped providing overdraft details in its current liabilities at the end of 2016 when its Chief Accounting Officer and Chief Legal Officer resigned. (1)",
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      "text": "1) XPO's Chief Accounting Officer left Nov 2016 according to his LinkedIn biography. Chief Legal Officer resigned 2/12/17, 8-K",
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      "text": "Bank Overdrafts Are A Warning Sign",
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