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  "docSlug": "41aa7e476e91",
  "documentTitle": "Xylem Inc. (XYL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-08-09 00:00:00",
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  "notes": "The table highlights the discrepancy in financial reporting regarding operating leases.",
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      "kind": "callout",
      "text": "Spruce Point believes that current financial data providers are, at a minimum, failing to capture operating leases.",
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      "text": "Enterprise Value: $27,607",
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      "kind": "source-note",
      "text": "Source: Xylem recent 10-Q, Evoqua last 10-Q and Spruce Point analysis. (1) Evoqua disclosed long-term operating leases but Xylem does not provided separate disclosure. As a result, we include Evoqua's disclosed long-term operating leases as of March 31, 2023.",
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      "text": "Spruce Point Adjusted Pro Forma Xylem Capital Structure",
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      "text": "Xylem's New Capital Structure",
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