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  "documentTitle": "Xylem Inc. (XYL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-08-09 00:00:00",
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  "notes": "The slide uses a red callout box to frame the data as evidence of failing digital ambitions.",
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      "kind": "callout",
      "text": "Spruce Point believes that Xylem’s digital ambitions are failing, in part, due to its lack of commitment to growth capital spending. We observe that software spending growth is declining and not exceeding its amortization. We also observe that in the quarter before closing Evoqua, Xylem made its first software impairment in more than two years.",
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      "text": "Spruce Point believes that Xylem's digital ambitions are failing, in part, due to its lack of commitment to growth capital spending. We observe that software spending growth is declining and not exceeding its amortization. We also observe that in the quarter before closing Evoqua, Xylem made its first software impairment in more than two years.",
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      "text": "Net Software Investment % YoY growth: -1.6%",
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      "text": "Source: Xylem SEC filings and press releases, Spruce Point analysis (1) Total charge in Measurement and Control included relationships, software, technology and PP&E (2) Included in “Other intangible assets, net” on the balance sheet",
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      "text": "Xylem’s Software Spending Analysis table showing Software Investment, Amortization, Net Investment, Impairments, Capitalized Software, and Capex from 2018-Q1 2023.",
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      "kind": "title",
      "text": "Technology Weakness Seen In The Numbers",
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