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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": 65,
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  "slideType": "expose_contradiction",
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  "density": "overcrowded",
  "nDataPoints": 20,
  "notes": "Uses a combination of financial tables and quoted text to build a case for accounting discrepancies.",
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      "kind": "callout",
      "text": "Under the partnership, Xylem will distribute Idrica's GoAigua technology globally and will take a minority stake in Idrica. The companies will also enter into a joint development agreement for new technologies.",
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      "text": "Cash generated by operating activities was $9 million for the six months ended June 30, 2023 as compared to $32 million in the comparable prior year period. The reduction in cash provided was primarily driven by higher tax payments, the investment in a distribution agreement of select technology and the payment of transaction costs associated with the acquisition of Evoqua. Reductions in inventory levels and higher cash earnings partially offset these items.",
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      "kind": "callout",
      "text": "Xylem claims that all YTD 2023 inorganic contributions to revenue are from the all-stock acquisition of Evoqua. However, Xylem also divested a $91 million Evoqua business. Furthermore, Evoqua made a minority stake in Idrica, and distributed its technology globally. Did Xylem book any inorganic sales from Idrica because it incurred costs?",
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      "kind": "paragraph",
      "text": "Xylem claims that all YTD 2023 inorganic contributions to revenue are from the all-stock acquisition of Evoqua. However, Xylem also divested a $91 million Evoqua business. Furthermore, Evoqua made a minority stake in Idrica, and distributed its technology globally. Did Xylem book any inorganic sales from Idrica because it incurred costs?",
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      "kind": "quote",
      "text": "Under the partnership, Xylem will distribute Idrica's GoAigua technology globally and will take a minority stake in Idrica. The companies will also enter into a joint development agreement for new technologies. — Xylem Press Release",
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      "kind": "source-note",
      "text": "Source: Xylem 10-Q and press release",
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      "text": "Source: Xylem Q2 2023 Earnings Release and 10-Q and final Evoqua 10-Q",
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      "text": "Investing Activities table showing capital expenditures, acquisitions, and proceeds from sales.",
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      "text": "Xylem Inc. Non-GAAP Reconciliation table showing revenue, organic growth, and constant currency adjustments.",
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      "kind": "title",
      "text": "Xylem's Organic Growth May Not Accurately Account For Other M&A Activities",
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