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  "docSlug": "41aa7e476e91",
  "documentTitle": "Xylem Inc. (XYL)",
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  "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 a red arrow to visually connect the calculated full-quarter estimate to the market estimate table.",
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      "kind": "callout",
      "text": "Spruce Point estimates that Evoqua's run rate revenue for the quarter would have severely missed Street estimates by ~8%. In addition, Evoqua contributed a $49 million pre-tax loss. This bolsters our contention that the business was under severe pressure before being sold to Xylem.",
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      "kind": "callout",
      "text": "Spruce Point estimates that Evoqua’s run rate revenue for the quarter would have severely missed Street estimates by ~8%. In addition, Evoqua contributed a $49 million pre-tax loss.",
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      "kind": "metric",
      "text": "revenue shortfall: -7.8%",
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      "text": "The amounts of sales and net loss from continuing operations before income taxes of Evoqua since the acquisition date included in the Consolidated Income Statement for the three and six months ended June 30, 2023 are $178 million and $49 million, respectively.",
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      "kind": "quote",
      "text": "The amounts of sales and net loss from continuing operations before income taxes of Evoqua since the acquisition date included in the Consolidated Income Statement for the three and six months ended June 30, 2023 are $178 million and $49 million, respectively.",
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      "text": "Source: Q3 2023 Earnings and Bloomberg Evoqua Consensus Estimates Pre-Acquisition",
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      "text": "Evoqua Q3 2023 Revenue Estimates",
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      "text": "Evoqua Sales Contribution To Xylem vs. Evoqua Estimates",
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      "text": "Evoqua's Revenue Appears To Have Fallen Well Short of Expectations",
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