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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "notes": "Includes a table of quarterly financial data and a comparison to a historical precedent (URI SEC complaint).",
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      "text": "Instead of eliminating the accounts receivable acquisition reserves after the allocation period... URI left the acquisition reserves on its books and commingled acquisition related accounts receivable reserves with operating accounts receivable reserves, enabling the company to offset improperly post-acquisition bad debt expense",
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      "text": "Norbert's impairment provisions as a % of gross trade receivables were 2.4%",
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      "text": "Absent intentional manipulation, the rising allowance trend could indicate XPO's declining ability to collect from existing customers, or sales being recorded from lower quality new customers.",
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      "text": "We analyzed XPO's allowance for doubtful accounts and find a worrisome fact that allowance reserves were depressed post the Q2 2015 acquisitions of ND, UX and BTT.",
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      "text": "\"Instead of eliminating the accounts receivable acquisition reserves after the allocation period (presumed to last no longer than one year), URI left the acquisition reserves on its books and commingled acquisition related accounts receivable reserves with operating accounts receivable reserves, enabling the company to offset improperly post-acquisition bad debt expense\" — SEC URI Complaint 2008",
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      "text": "Signs To Suggest M&A Bad Debt Allowance Manipulation",
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