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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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      "text": "Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management. The Evoqua deal was all-stock and now none of the dilutive share-based compensation expenses will be considered costs. Furthermore, we believe Xylem is signaling that it may start divesting previous failed acquisitions by also adding language that Adjusted EBITDA removes any gains or losses from businesses sold.",
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      "kind": "callout",
      "text": "Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management.",
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      "kind": "paragraph",
      "text": "\"Defined as earnings before interest, taxes, depreciation and amortization expense, adjusted to exclude share-based compensation charges, restructuring and realignment costs, special charges and gain or loss from sale of businesses. Adjusted EBITDA replaced Adjusted Operating Income in 2022 which is defined as operating income, adjusted to exclude restructuring and realignment costs and special charges.\"",
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      "text": "Defined as earnings before interest, taxes, depreciation and amortization expense, adjusted to exclude share-based compensation charges, restructuring and realignment costs, special charges and gain or loss from sale of businesses. Adjusted EBITDA replaced Adjusted Operating Income in 2022 which is defined as operating income, adjusted to exclude restructuring and realignment costs and special charges. — Xylem Proxy Statement filed April 3, 2023",
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      "text": "Source: Xylem Proxy Statement filed April 3, 2023",
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