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  "documentTitle": "XPO Logistics, Inc. (XPO)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-12-13 00:00:00",
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  "notes": "Includes a specific warning quote from an SEC URI complaint.",
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      "text": "Warning From URI: \"In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting.\" Source: SEC URI Complaint 2008",
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      "text": "In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting.",
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      "text": "cumulative earnings benefit: $1.55",
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      "text": "More evidence that XPO's income statement doesn't reflect true economic reality can be seen by a close examination of its income tax representations. XPO has recognized a cumulative income tax benefit of $132m since Jacob's joined, while paying $182m in actual cash taxes! We estimate the cumulative earnings benefit has been $1.55 share.",
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      "text": "In addition, the Company improperly accounted for other items that overstated net income, including the estimation and recording of self-insurance reserves, its recognition of equipment rental revenues, and its income tax accounting. — SEC URI Complaint 2008",
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      "text": "XPO Manipulating Tax Assumptions?",
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      "text": "Material Divergence Between XPO's Income Statement Taxes and Cash Taxes Paid",
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