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  "docSlug": "41aa7e476e91",
  "documentTitle": "Xylem Inc. (XYL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-08-09 00:00:00",
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  "pageNumber": 59,
  "pageCount": 82,
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses red boxes and arrows to highlight specific line items (Cash, Short-term borrowings, Long-term debt) that contradict the pro forma claims.",
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      "kind": "callout",
      "text": "Xylem portrayed its ability to retire Evoqua’s debt and pay transaction costs with available cash from Evoqua and existing cash on its balance sheet. Total debt was illustrated to be $2.0 billion. However, in reality Xylem’s current debt rose over $500 million and it quickly filed a shelf registration the day after its Q2 2023 earnings call.",
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      "text": "Total debt: $500 million",
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      "text": "Source: Xylem Q2 2023 Earnings Release",
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      "text": "Source: Xylem / Evoqua Proxy Statement",
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      "text": "Actual Balance Sheet Post Closing",
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      "text": "Xylem Inaccurately Described How It Would Finance The Evoqua Transaction",
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