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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 red boxes and callouts to highlight specific line items in a financial table that the author deems questionable.",
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      "kind": "callout",
      "text": "We can't find any other public company passing this off as a one-time item",
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      "kind": "callout",
      "text": "Yeah right! Since when is an investment adjusted out of free cash flow?",
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      "kind": "callout",
      "text": "Cash inflow from capex? A first in our lifetime!",
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      "text": "Include special charges that should be tax-adjusted since cash flow is after-tax?",
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      "text": "Adjusted Free Cash Flow",
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      "kind": "paragraph",
      "text": "Spruce Point is not buying what Xylem is selling as it relates to its \"Adjusted Free Cash Flow.\" We find that Xylem uses multiple unique and aggressive measures to project an aura of growing cash flow.",
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      "text": "Source: Q2 2023 Earnings Presentation",
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      "text": "Xylem Inc. Non-GAAP Reconciliation table showing Net Cash from Operating Activities, CapEx, and adjustments to reach Adjusted Free Cash Flow.",
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      "text": "Aggressive And Inappropriate Adjustments Made To Convince Investors Cash Flow Is Growing",
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