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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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      "text": "Spruce Point believes that Evoqua made potentially misleading statements by dismissing sales concerns about Mar Cor, while continuing to increase the earnout asset value, an implicit reflection that it expected to receive the earnout back from its failure to meet sales targets.",
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      "text": "Adjusted EBITDA: $4.5 million",
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      "text": "Spruce Point believes that Evoqua made potentially misleading statements by dismissing sales concerns about Mar Cor, while continuing to increase the earnout asset value, an implicit reflection that it expected to receive the earnout back from its failure to meet sales targets. In total, we estimate Evoqua recorded $4.5 million of Adjusted EBITDA and $0.03 of EPS benefits. According to Evoqua’s proxy statement, management’s annual incentive compensation is heavily weighted to Adjusted EBITDA, thus providing a material motivation to manipulate these results.",
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      "text": "No. We just had a little bit of supply chain disruption in the quarter associated with the concentrates business that should rebound this quarter. But we expect that to be in that mid-40s range in terms of sales on an ongoing basis. A lot going on there, including an SAP implementation, the integration of the business, but the demand looks very stable and certainly strong in this concentrate area as well as our other key product lines. — Evoqua CFO",
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      "text": "Source: Evoqua 10-Qs and 10-K, Note 6 (March, June, September, December); Evoqua proxy statement",
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      "text": "Source: Q3'2022 Earnings Transcript",
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      "text": "Evoqua Dismissed Sales Challenges At Mar Cor",
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      "text": "Estimated Adj. EBITDA and EPS Impact of Mar Cor Earnout",
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      "text": "Evoqua Management Spoke Out of Both Sides of Its Mouth...",
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