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  "documentTitle": "XPO Logistics, Inc. (XPO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "Includes a precedent citation from a 2008 SEC complaint against United Rentals to establish a pattern of behavior.",
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      "kind": "callout",
      "text": "“URI [United Rentals] engaged in improper accounting practices involving its valuation of acquired assets, use of acquisition reserves, and accounting for customer relationships.” SEC URI Complaint 2008",
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      "text": "XPO is increasing its amortization period assumptions, which lowers expenses and boosts earnings, while at the same time reducing disclosures when its Chief Accounting Officer resigned.",
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      "text": "1) XPO stopped disclosing useful life estimations on quarterly basis in Q3'16 and now only reports it on an annual basis... 2) 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": "Dil. EPS Impact: +$0.14",
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      "text": "XPO is increasing its amortization period assumptions, which lowers expenses and boosts earnings, while at the same time reducing disclosures when its Chief Accounting Officer resigned. XPO's footnotes reveal forward expectations for amortization expense, and actual results have come in materially lower. We estimate a $0.12 - $0.14 annual benefit.",
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      "text": "URI [United Rentals] engaged in improper accounting practices involving its valuation of acquired assets, use of acquisition reserves, and accounting for customer relationships. — SEC URI Complaint 2008",
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      "text": "XPO Stretching Out Assumptions Every Year",
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      "text": "Each Annual Report, XPO Offers Amortization Projections In Its Footnotes: Actual Results Well Below Estimates",
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      "kind": "title",
      "text": "#4: How To Inflate EPS? Obvious Signs of Aggressive Accounting Assumptions Tied To Intangibles",
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