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  "docSlug": "41aa7e476e91",
  "documentTitle": "Xylem Inc. (XYL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-08-09 00:00:00",
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  "notes": "Uses two waterfall charts to decompose margin changes for Q1 and Q2 2023, annotated with red boxes to highlight negative performance indicators.",
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      "kind": "callout",
      "text": "Two Quarter With Volumes And Organic Orders!",
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      "text": "Supply Chain Stop Improving?",
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      "kind": "callout",
      "text": "$7.5bn deal and only 50bps margin benefit with a $0.04c EPS hit doesn't look great",
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      "text": "In our view, Xylem's financial performance is abysmal and did not improve at all with Evoqua. In fact, we observe that volumes and organic orders have declined for two consecutive quarters.",
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      "text": "Source: Earnings Presentations",
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      "text": "Despite The Evoqua Addition, We Believe Xylem's Past Two Quarters Have Been Abysmal",
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