{
  "docId": "019dd923-622c-750b-8b99-65deaf51fc65",
  "docSlug": "41aa7e476e91",
  "documentTitle": "Xylem Inc. (XYL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-08-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 69,
  "pageCount": 82,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 13,
  "notes": "The slide uses a red arrow to visually link the $432M figure in the table to the $322M disclosure at the bottom.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "comparison_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-65deaf51fc65/69",
  "deckHref": "/decks/019dd923-622c-750b-8b99-65deaf51fc65",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-65deaf51fc65.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-65deaf51fc65#slide-69",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.97,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "callout",
      "text": "We find it unusual that Xylem marked $432 million of acquired Evoqua receivables at fair value. It then made a separate disclosure and called out that the fair value of the acquired receivables was $322 million. Why does a discrepancy exist?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62bb24f0-f019-4c4c-921c-c1f05363e940",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.54,
        "x": 0.03,
        "y": 0.92
      },
      "kind": "callout",
      "text": "The fair value of receivables acquired is $322 million, with the gross contractual amount being $329 million. The Company expects $7 million to be uncollectible.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbd7975f-15e7-4351-95ce-edcd8b9135ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Accounts Receivable: $432 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1cb-99193a895d59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.54,
        "x": 0.03,
        "y": 0.81
      },
      "kind": "paragraph",
      "text": "The preliminary purchase price allocation is subject to further refinement...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "951c4012-fc0f-401c-b54f-63c62ec780a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.03,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Xylem Q2 2023 10-Q",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74d5cb2b-f1f3-4900-980b-0a8c4ca7081a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.43,
        "x": 0.56,
        "y": 0.31
      },
      "kind": "table",
      "text": "Evoqua's Accounts Receivables historical trend",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48ce0839-2465-4d0f-a241-f07b3f30336f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.54,
        "x": 0.03,
        "y": 0.31
      },
      "kind": "table",
      "text": "Fair value table of assets and liabilities",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6cc207e-3234-4543-ba13-8bbb4378036a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "title",
      "text": "And Be Careful About The Large Increase In Acquired Receivables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "063cff1e-e54f-4fd7-99a2-e8a88c31960f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "85080f6f-2700-418d-844b-1e8c812e9d74",
      "evidence": "The slide explicitly calls out an accounting discrepancy to suggest potential manipulation or error in financial reporting.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 79,
      "from": 9,
      "beatId": "b68955ea-1bea-4271-af69-04b4b38ed3c6",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck presents a series of contradictions and concerns about Xylem's financial reporting, operations, and growth prospects",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 82,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "2fa1c508-68a2-4a6b-9e65-5ff630e9c720",
      "evidence": "The deck presents a detailed analysis of the risks and consequences of not taking action on Xylem's challenges",
      "position": 1,
      "objective": "Highlight the risks of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 77,
      "from": 6,
      "name": "So What Cascade",
      "slug": "41-so-what-cascade",
      "bestFor": "Data presentations, executive summaries, driving to recommendations",
      "matchId": "7d351594-e5d5-4f56-831e-33e1f8bcec2d",
      "evidence": "The deck presents a series of logical and connected arguments to support its thesis",
      "position": 2,
      "objective": "Build a logical case for the thesis",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 0.7,
      "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}