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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 to highlight the discrepancy between company-reported EPS and the analyst's adjusted EPS.",
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      "text": "Spruce Point believes Xylem's EPS guidance gives an incomplete picture of the true economics of the Evoqua acquisition.",
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      "text": "EPS: $2.55",
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      "text": "Spruce Point believes Xylem's EPS guidance gives an incomplete picture of the true economics of the Evoqua acquisition. The disconnects are in the share count used and the aggressive add-backs.",
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      "text": "1) Xylem has not guided to Special Charges but YTD 2023 they've already recorded $92 million. Source: Company financials, Xylem guidance on EPS, Restructuring & Realignments Costs, Tax Rate and Share Count. Spruce Point research",
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      "text": "Comparison table of Xylem (May 2023), Xylem Update (Aug 2023), and Spruce Pt. Adjusted EPS and Net Income metrics.",
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      "kind": "title",
      "text": "EPS Guidance Raise.... Not Really",
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