- Orders of $2.2 billion, up 43% on a reported basis and 3%
organically
- Revenue of $2.0 billion, up 40% on a reported basis and 7%
organically
- Earnings per share of $0.63, up 17%; $0.90 on an adjusted
basis, up 14%
- Raising full-year revenue guidance to approximately $8.5B,
up 15% to 16%, with organic revenue growth of 4% to 6%, up from 3%
to 5%
- Lifting full-year adjusted EPS guidance to $4.10 to $4.25,
from $4.00 to $4.20
Xylem Inc. (NYSE: XYL), a leading global water technology
company dedicated to solving the world’s most challenging water
issues, today reported first-quarter results. The Company’s total
revenue of $2.0 billion surpassed prior guidance, on strong
execution and demand. First-quarter earnings also exceeded Xylem’s
previous guidance.
“The team outperformed on all metrics and continued Xylem’s
strong momentum, including record first-quarter margins,” said
Matthew Pine, Xylem’s president and CEO. “Operational performance
was robust on healthy demand across most segments and regions.
We’re also on track to capture the synergies of our integration
with Evoqua, and are driving simplification across our business to
lock in and extend our margin improvements over time.”
“We are raising our full-year guidance on the strength of the
team’s demonstrated ability to capitalize on our markets’ resilient
demand. We are confident that Xylem’s platform of solutions is
uniquely positioned to enable our customers and communities to
become more water-secure, even as the world becomes more
water-challenged.”
Net income was $153 million, or $0.63 per share. Net income
margin increased 70 basis points to 7.5 percent. These results are
driven by strong operational performance, partially offset by
higher purchase accounting intangible amortization. Adjusted net
income was $219 million, or $0.90 per share, which excludes the
impacts of restructuring and realignment costs, amortization of
acquired intangible assets, loss from sale of businesses, special
charges, and tax-related special items.
First-quarter adjusted earnings before interest, tax,
depreciation, and amortization (EBITDA) margin was 19.2 percent,
reflecting a year-over-year increase of 290 basis points.
Productivity savings, favorable mix, price and volume drove the
margin expansion, exceeding the impact of inflation and strategic
investments.
Outlook
Xylem now expects full-year 2024 revenue of approximately $8.5
billion, up approximately 15 to 16 percent on a reported basis and
up approximately 4 to 6 percent on an organic basis. This
represents an increase from the Company’s previous full-year
guidance of 14 to 15 percent on a reported basis and 3 to 5 percent
on an organic basis.
Full-year 2024 adjusted EBITDA margin is expected to be
approximately 20.0 percent, lifted from the previous guide of 19.4
to 19.9 percent. This results in adjusted earnings per share of
$4.10 to $4.25, raised from the previous range of $4.00 to $4.20.
Full-year free cash flow conversion to net income is still expected
to be approximately 115 percent.
Further 2024 planning assumptions are included in Xylem’s
first-quarter earnings materials posted at www.xylem.com/investors.
Excluding revenue, Xylem provides guidance only on a non-GAAP basis
due to the inherent difficulty in forecasting certain amounts that
would be included in GAAP earnings, such as discrete tax items,
without unreasonable effort.
Supplemental information on Xylem’s first-quarter earnings and
reconciliations for certain non-GAAP items is posted at
www.xylem.com/investors.
About Xylem
Xylem (XYL) is a leading global water technology company
committed to solving the world’s critical water challenges with
innovation and expertise. Our 23,000 diverse employees delivered
combined pro forma revenue of $8.1 billion in 2023. We are creating
a more sustainable world by enabling our customers to optimize
water and resource management and helping communities in more than
150 countries become water-secure. Join us at www.xylem.com and
Let’s Solve Water.
Forward-Looking Statements
This press release contains “forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Generally, the words “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” "contemplate," "predict," “forecast,”
“likely,” “believe,” “target,” “will,” “could,” “would,” “should,”
"potential," "may" and similar expressions or their negative, may,
but are not necessary to, identify forward-looking statements. By
their nature, forward-looking statements address uncertain matters
and include any statements that: are not historical, such as
statements about our strategy, financial plans, outlook,
objectives, plans, intentions or goals (including those related to
our social, environmental and other sustainability goals); or
address possible or future results of operations or financial
performance, including statements relating to orders, revenues,
operating margins and earnings per share growth.
Although we believe that the expectations reflected in any of
our forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Our future financial condition and
results of operations, as well as any forward-looking statements,
are subject to change and to inherent risks and uncertainties, many
of which are beyond our control. Important factors that could cause
our actual results, performance and achievements, or industry
results to differ materially from estimates or projections
contained in or implied by our forward-looking statements include,
among others, the following: the impact of overall industry and
general economic conditions, including industrial, governmental,
and public and private sector spending, interest rates, inflation
and related monetary policy by governments in response to
inflation, and the strength of the residential and commercial real
estate markets, on economic activity and our operations;
geopolitical events, including the ongoing and possible escalation
of the conflicts involving Russia and Ukraine, and the Middle East,
as well as regulatory, economic and other risks associated with our
global sales and operations, including those related to domestic
content requirements applicable to projects receiving governmental
funding; manufacturing and operating cost increases due to
macroeconomic conditions, including inflation, energy supply,
supply chain shortages, logistics challenges, tight labor markets,
prevailing price changes, tariffs and other factors; demand for our
products, disruption, competition or pricing pressures in the
markets we serve; cybersecurity incidents or other disruptions of
information technology systems on which we rely, or involving our
connected products and services; lack of availability or delays in
receiving parts and raw materials from our supply chain, including
electronic components (in particular, semiconductors); disruptions
in operations at our facilities or that of third parties upon which
we rely; uncertainty related to the realization of the benefits and
synergies from our acquisition of Evoqua Water Technologies Corp.;
safe and compliant treatment and handling of water, wastewater and
hazardous materials; failure to successfully execute large
projects, including with respect to meeting performance guarantees
and customers’ budgets, timelines and safety requirements; our
ability to retain and attract leadership and other diverse and key
talent, as well as competition for overall talent and labor;
defects, security, warranty and liability claims, and recalls
related to our products; uncertainty around restructuring and
realignment actions and related costs and savings; our ability to
execute strategic investments for growth, including related to
acquisitions and divestitures; availability, regulation or
interference with radio spectrum used by certain of our products;
volatility in served markets or impacts on our business and
operations due to weather conditions, including the effects of
climate change; risks related to our sustainability commitments and
related disclosures; fluctuations in foreign currency exchange
rates; difficulty predicting our financial results; risk of future
impairments to goodwill and other intangible assets; changes in our
effective tax rates or tax expenses; financial market risks related
to our pension and other defined benefit plans; failure to comply
with, or changes in, laws or regulations, including those
pertaining to our business conduct, operations, products and
services, including anti-corruption, data privacy and security,
trade, competition, the environment, climate change and health and
safety; legal, governmental or regulatory claims, investigations or
proceedings and associated contingent liabilities; matters related
to intellectual property infringement or expiration of rights; and
other factors set forth under “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 ("2023
Annual Report") and in subsequent filings we make with the
Securities and Exchange Commission (“SEC”).
Forward-looking and other statements in this press release
regarding our environmental and other sustainability plans and
goals are not an indication that these statements are necessarily
material to investors, to our business, operating results,
financial condition, outlook, or strategy, to our impacts on
sustainability matters or other parties, or are required to be
disclosed in our filings with the SEC. In addition, historical,
current, and forward-looking social, environmental and
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future. All forward-looking statements made herein
are based on information currently available to us as of the date
of this press release. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(in millions, except per share data)
For the three months ended March
31,
2024
2023
Revenue from products
$
1,690
$
1,308
Revenue from services
343
140
Revenue
2,033
1,448
Cost of revenue from products
1,021
791
Cost of revenue from services
260
111
Cost of revenue
1,281
902
Gross profit
752
546
Selling, general and administrative
expenses
474
354
Research and development expenses
59
53
Restructuring and asset impairment
charges
10
8
Operating income
209
131
Interest expense
14
9
Other non-operating income, net
6
4
(Loss) on sale of businesses
(5
)
—
Income before taxes
196
126
Income tax expense
43
27
Net income
$
153
$
99
Earnings per share:
Basic
$
0.63
$
0.55
Diluted
$
0.63
$
0.54
Weighted average number of shares:
Basic
241.9
180.4
Diluted
243.0
181.3
XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share
amounts)
March 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
947
$
1,019
Receivables, less allowances for
discounts, returns and credit losses of $46 and $56 in 2024 and
2023, respectively
1,641
1,617
Inventories
1,039
1,018
Prepaid and other current assets
266
230
Total current assets
3,893
3,884
Property, plant and equipment, net
1,141
1,169
Goodwill
7,509
7,587
Other intangible assets, net
2,454
2,529
Other non-current assets
927
943
Total assets
$
15,924
$
16,112
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
948
$
968
Accrued and other current liabilities
1,098
1,221
Short-term borrowings and current
maturities of long-term debt
285
16
Total current liabilities
2,331
2,205
Long-term debt
1,985
2,268
Accrued post-retirement benefits
323
344
Deferred income tax liabilities
558
557
Other non-current accrued liabilities
524
562
Total liabilities
5,721
5,936
Stockholders’ equity:
Common stock – par value $0.01 per
share:
Authorized 750.0 shares, issued 258.6
shares and 257.6 shares in 2024 and 2023, respectively
3
3
Capital in excess of par value
8,618
8,564
Retained earnings
2,667
2,601
Treasury stock – at cost 16.1 shares and
16.0 shares in 2024 and 2023, respectively
(748
)
(733
)
Accumulated other comprehensive loss
(345
)
(269
)
Total stockholders’ equity
10,195
10,166
Non-controlling interests
8
10
Total equity
10,203
10,176
Total liabilities and stockholders’
equity
$
15,924
$
16,112
XYLEM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) (in millions)
For the three months ended March
31,
2024
2023
Operating Activities
Net income
$
153
$
99
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
61
28
Amortization
73
32
Share-based compensation
18
12
Restructuring and asset impairment
charges
10
8
Loss from sale of business
5
—
Other, net
(2
)
3
Payments for restructuring
(11
)
(6
)
Changes in assets and liabilities (net of
acquisitions):
Changes in receivables
(47
)
(28
)
Changes in inventories
(52
)
(55
)
Changes in accounts payable
6
(14
)
Other, net
(125
)
(98
)
Net Cash – Operating activities
89
(19
)
Investing Activities
Capital expenditures
(74
)
(49
)
Proceeds from sale of business
11
—
Proceeds from the sale of property, plant
and equipment
1
—
Cash received from investments
2
2
Cash paid for investments
(2
)
—
Cash received from cross-currency
swaps
11
11
Other, net
—
(1
)
Net Cash – Investing activities
(51
)
(37
)
Financing Activities
Long-term debt repaid
(5
)
—
Repurchase of common stock
(15
)
(8
)
Proceeds from exercise of employee stock
options
33
7
Dividends paid
(88
)
(60
)
Other, net
(7
)
(2
)
Net Cash – Financing activities
(82
)
(63
)
Effect of exchange rate changes on
cash
(28
)
12
Net change in cash and cash
equivalents
(72
)
(107
)
Cash and cash equivalents at beginning of
year
1,019
944
Cash and cash equivalents at end of
period
$
947
$
837
Supplemental disclosure of cash flow
information:
Cash paid during the period for:
Interest
$
13
$
11
Income taxes (net of refunds received)
$
39
$
49
Xylem Inc. Non-GAAP Measures Management reviews key
performance indicators including revenue, gross margins, segment
operating income and margins, orders growth, working capital and
backlog, among others. In addition, we consider certain non-GAAP
(or "adjusted") measures to be useful to management and investors
evaluating our operating performance for the periods presented, and
to provide a tool for evaluating our ongoing operations, liquidity
and management of assets. This information can assist investors in
assessing our financial performance and measures our ability to
generate capital for deployment among competing strategic
alternatives and initiatives, including but not limited to,
dividends, acquisitions, share repurchases and debt repayment.
Excluding revenue, Xylem provides guidance only on a non-GAAP basis
due to the inherent difficulty in forecasting certain amounts that
would be included in GAAP earnings, such as discrete tax items,
without unreasonable effort. These adjusted metrics are consistent
with how management views our business and are used to make
financial, operating and planning decisions. These metrics,
however, are not measures of financial performance under GAAP and
should not be considered a substitute for revenue, operating
income, net income, earnings per share (basic and diluted) or net
cash from operating activities as determined in accordance with
GAAP. We consider the following items to represent the non-GAAP
measures we consider to be key performance indicators, as well as
the related reconciling items to the most directly comparable
measure calculated and presented in accordance with GAAP. The
non-GAAP measures may not be comparable to similarly titled
measures reported by other companies.
“Organic revenue"
and "Organic orders” defined as revenue and orders,
respectively, excluding the impact of fluctuations in foreign
currency translation and contributions from acquisitions and
divestitures. Divestitures include sales or discontinuance of
insignificant portions of our business that did not meet the
criteria for classification as a discontinued operation. The
period-over-period change resulting from foreign currency
translation impacts is determined by translating current period and
prior period activity using the same currency conversion rate.
“Constant currency” defined as financial results
adjusted for foreign currency translation impacts by translating
current period and prior period activity using the same currency
conversion rate. This approach is used for countries whose
functional currency is not the U.S. dollar.
“EBITDA”
defined as earnings before interest, taxes, depreciation and
amortization expense.
“Adjusted EBITDA” and
"Adjusted
Segment EBITDA" reflect the adjustments to EBITDA and segment
EBITDA, respectively, to exclude share-based compensation charges,
restructuring and realignment costs, gain or loss from sale of
businesses and special charges.
"Adjusted EBITDA
Margin" and
"Adjusted Segment EBITDA Margin" defined as
adjusted EBITDA and adjusted segment EBITDA divided by total
revenue and segment revenue, respectively.
"Adjusted
Operating Income", "Adjusted Segment Operating Income", "Adjusted
Net Income" and “Adjusted EPS” defined as operating income,
segment operating income, net income and earnings per share,
adjusted to exclude restructuring and realignment costs,
amortization of acquired intangible assets, gain or loss from sale
of businesses, special charges and tax-related special items, as
applicable.
"Adjusted Operating Margin" and
"Adjusted Segment Operating Margin" defined as adjusted
operating income and adjusted segment operating income divided by
total revenue and segment revenue, respectively.
“Free
Cash Flow” defined as net cash from operating activities, as
reported in the Statement of Cash Flows, less capital expenditures,
and "Free Cash Flow Conversion" defined as Free Cash Flows divided
by net income, excluding the gain on sale of businesses and other
non-recurring, significant non-cash impacts, such as non-cash
impairment charges and significant deferred tax items. Our
definitions of "free cash flow" and "free cash flow conversion" do
not consider certain non-discretionary cash payments, such as debt.
"Adjusted Free Cash Flow" defined as free cash flow
adjusted for significant cash items for which the corresponding
income statement impact does not occur within the same fiscal year.
“Realignment costs” defined as costs not included in
restructuring costs that are incurred as part of actions taken to
reposition our business, including items such as professional fees,
severance, relocation, travel, facility set-up and other costs.
“Special charges" defined as costs incurred by the
Company, such as acquisition and integration related costs and
non-cash impairment charges.
“Tax-related special
items" defined as tax items, such as tax return versus tax
provision adjustments, tax exam impacts, tax law change impacts,
excess tax benefits/losses and other discrete tax adjustments.
Xylem Inc. Non-GAAP Reconciliation Reported vs. Organic and
Constant Currency Orders ($ Millions)
(As Reported -
GAAP) (As Adjusted - Organic) Constant Currency
(A) (B) (C) (D) (E) = B+C+D (F) = E/A (G) = (E - C) / A Change %
Change Acquisitions / Divestitures Change % Change Orders Orders
2024 v. 2023 2024 v. 2023 FX Impact Adj. 2024 v. 2023 Adj. 2024 v.
2023
2024
2023
Quarter Ended March 31 Xylem Inc.
2,246
1,570
676
43
%
(621
)
(1
)
54
3
%
43
%
Water Infrastructure
646
461
185
40
%
(154
)
(2
)
29
6
%
40
%
Applied Water
480
483
(3
)
(1
%)
-
-
(3
)
(1
%)
(1
%)
Measurement and Control Solutions
429
415
14
3
%
-
-
14
3
%
3
%
Water Solutions and Services
691
211
480
227
%
(467
)
1
14
7
%
228
%
Xylem Inc. Non-GAAP Reconciliation Reported vs. Organic and
Constant Currency Revenue ($ Millions)
(As Reported -
GAAP) (As Adjusted - Organic) Constant Currency
(A) (B) (C) (D) (E) = B+C+D (F) = E/A (G) = (E - C) / A Change %
Change Acquisitions / Divestitures Change % Change Revenue Revenue
2024 v. 2023 2024 v. 2023 FX Impact Adj. 2024 v. 2023 Adj. 2024 v.
2023
2024
2023
Quarter Ended March 31 Xylem Inc.
2,033
1,448
585
40
%
(480
)
(2
)
103
7
%
40
%
Water Infrastructure
574
410
164
40
%
(137
)
(1
)
26
6
%
40
%
Applied Water
436
453
(17
)
(4
%)
-
(1
)
(18
)
(4
%)
(4
%)
Measurement and Control Solutions
462
378
84
22
%
-
(1
)
83
22
%
22
%
Water Solutions and Services
561
207
354
171
%
(343
)
1
12
6
%
171
%
Xylem Inc. Non-GAAP Reconciliation Adjusted Operating Income
($ Millions)
Q1 Q2 Q3 Q4
YTD
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Total Revenue • Total Xylem
2,033
1,448
1,722
2,076
2,118
2,033
7,364
• Water Infrastructure
574
410
519
612
674
574
2,215
• Applied Water
436
453
478
465
457
436
1,853
• Measurement and Control Solutions
462
378
384
413
437
462
1,612
• Water Solutions and Services
561
207
341
586
550
561
1,684
• Corporate/ Other
-
-
-
-
-
-
-
Operating Income (Loss) • Total Xylem
209
131
119
191
211
209
652
• Water Infrastructure
60
46
70
84
75
60
275
• Applied Water
61
83
84
73
70
61
310
• Measurement and Control Solutions
70
26
29
35
43
70
133
• Water Solutions and Services
50
18
26
33
55
50
132
• Corporate/ Other
(32
)
(42
)
(90
)
(34
)
(32
)
(32
)
(198
)
Operating Margin • Total Xylem
10.3
%
9.0
%
N/A
6.9
%
N/A
9.2
%
N/A
10.0
%
10.3
%
8.9
%
• Water Infrastructure
10.5
%
11.2
%
N/A
13.5
%
N/A
13.7
%
N/A
11.1
%
10.5
%
12.4
%
• Applied Water
14.0
%
18.3
%
N/A
17.6
%
N/A
15.7
%
N/A
15.3
%
14.0
%
16.7
%
• Measurement and Control Solutions
15.2
%
6.9
%
N/A
7.6
%
N/A
8.5
%
N/A
9.8
%
15.2
%
8.3
%
• Water Solutions and Services
8.9
%
8.7
%
N/A
7.6
%
N/A
5.6
%
N/A
10.0
%
8.9
%
7.8
%
• Corporate/ Other
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Special Charges • Total Xylem
16
25
67
24
22
16
138
• Water Infrastructure
2
-
12
6
10
2
28
• Applied Water
-
-
-
-
-
-
-
• Measurement and Control Solutions
-
2
-
1
1
-
4
• Water Solutions and Services
9
-
7
9
6
9
22
• Corporate/ Other
5
23
48
8
5
5
84
Restructuring & Realignment Costs • Total Xylem
15
11
37
34
24
15
106
• Water Infrastructure
7
3
2
2
11
7
18
• Applied Water
2
3
2
6
3
2
14
• Measurement and Control Solutions
2
5
3
6
5
2
19
• Water Solutions and Services
3
-
8
9
3
3
20
• Corporate/ Other
1
-
22
11
2
1
35
Purchase Accounting Intangible Amortization
Adjustment • Total Xylem
54
18
36
66
56
54
176
• Water Infrastructure
19
1
8
15
23
19
47
• Applied Water
-
-
-
-
-
-
-
• Measurement and Control Solutions
14
14
15
14
14
14
57
• Water Solutions and Services
21
3
13
37
19
21
72
• Corporate/ Other
-
-
-
-
-
-
-
Adjusted Operating Income (Loss) • Total Xylem
294
185
259
315
313
294
1,072
• Water Infrastructure
88
50
92
107
119
88
368
• Applied Water
63
86
86
79
73
63
324
• Measurement and Control Solutions
86
47
47
56
63
86
213
• Water Solutions and Services
83
21
54
88
83
83
246
• Corporate/ Other
(26
)
(19
)
(20
)
(15
)
(25
)
(26
)
(79
)
Adjusted Operating Margin • Total Xylem
14.5
%
12.8
%
N/A
15.0
%
N/A
15.2
%
N/A
14.8
%
14.5
%
14.6
%
• Water Infrastructure
15.3
%
12.2
%
N/A
17.7
%
N/A
17.5
%
N/A
17.7
%
15.3
%
16.6
%
• Applied Water
14.4
%
19.0
%
N/A
18.0
%
N/A
17.0
%
N/A
16.0
%
14.4
%
17.5
%
• Measurement and Control Solutions
18.6
%
12.4
%
N/A
12.2
%
N/A
13.6
%
N/A
14.4
%
18.6
%
13.2
%
• Water Solutions and Services
14.8
%
10.1
%
N/A
15.8
%
N/A
15.0
%
N/A
15.1
%
14.8
%
14.6
%
• Corporate/ Other
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Xylem Inc. Non-GAAP Reconciliation Adjusted Diluted EPS ($
Millions, except per share amounts)
Q1 2024 Q1
2023 As Reported Adjustments Adjusted
As Reported Adjustments Adjusted
Total Revenue
2,033
-
2,033
1,448
-
1,448
Operating Income
209
85
a
294
131
54
a
185
Operating Margin
10.3
%
14.5
%
9.0
%
12.8
%
Interest Expense
(14
)
-
(14
)
(9
)
-
(9
)
Other Non-Operating Income (Expense)
6
-
6
4
-
4
Gain/(Loss) From Sale of Business
(5
)
5
-
-
-
-
Income before Taxes
196
90
286
126
54
180
Provision for Income Taxes
(43
)
(24
)
b
(67
)
(27
)
(9
)
b
(36
)
Net Income
153
66
219
99
45
144
Diluted Shares
243.0
243.0
181.3
181.3
Diluted EPS
$0.63
$0.27
$0.90
$0.54
$0.25
$0.79
a
Restructuring & realignment costs: 2024 - $15 million and 2023
- $11 million Special charges: 2024 - $15 million of acquisition
& integration cost and $1 million of asset impairment charges;
2023 - $23 million of acquisition & integration cost and $2
million of asset impairment charges. Purchase accounting intangible
amortization: 2024 - $54 million and 2023 - $18 million
b
2024 - Net tax impact on pre-tax adjustments (note a) of $22
million and other tax special items of $2 million; 2023 - Net tax
impact on pre-tax adjustments (note a) of $9 million
Xylem Inc.
Non-GAAP Reconciliation Net Cash - Operating Activities vs.
Free Cash Flow ($ Millions)
Q1
2024
2023
Net Cash - Operating Activities
$89
($19
)
Capital Expenditures - PPE
(59
)
(33
)
Capital Expenditures - Software
(15
)
(16
)
Capital Expenditures
(74
)
(49
)
Cash paid in excess of tax provision for R&D law
change adoption
-
33
Free Cash Flow
$15
($35
)
Net Income
$153
$99
Gain/(Loss) from sale of business
(5
)
-
Restructuring Charges - non-cash stock acceleration
(2
)
-
Special Charges - non-cash impairment
(1
)
(2
)
Net Income, excluding gain/(loss) on sale of businesses
and non-cash restructuring and special charges
$161
$101
Operating Cash Flow Conversion
58
%
(19
%)
Free Cash Flow Conversion
9
%
(35
%)
Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted
EBITDA by Quarter ($ Millions)
2024
Q1 Q2 Q3 Q4 Total Net Income
153
153
Net Income margin
7.5
%
7.5
%
Depreciation
61
61
Amortization
73
73
Interest Expense (Income), net
7
7
Income Tax Expense
43
43
EBITDA
337
-
-
-
337
Share-based Compensation
18
18
Restructuring & Realignment
15
15
Special Charges
16
16
Loss/(Gain) from sale of business
5
5
Adjusted EBITDA
391
-
-
-
391
Revenue
2,033
2,033
Adjusted EBITDA Margin
19.2
%
19.2
%
2023
Q1 Q2 Q3 Q4 Total Net Income
99
92
152
266
609
Net Income margin
6.8
%
5.3
%
7.3
%
12.6
%
8.3
%
Depreciation
28
41
63
61
193
Amortization
32
51
84
76
243
Interest Expense (Income), net
2
5
6
8
21
Income Tax Expense
27
22
33
(56
)
26
EBITDA
188
211
338
355
1,092
Share-based Compensation
12
15
18
15
60
Restructuring & Realignment
11
36
33
23
103
U.K. Pension Settlement
-
-
-
-
-
Special Charges
25
67
22
22
136
Loss/(Gain) from sale of business
-
-
-
1
1
Adjusted EBITDA
236
329
411
416
1,392
Revenue
1,448
1,722
2,076
2,118
7,364
Adjusted EBITDA Margin
16.3
%
19.1
%
19.8
%
19.6
%
18.9
%
Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted
EBITDA by Quarter ($ Millions) Water Infrastructure
2024
Q1 Q2 Q3 Q4 Total Operating Income
60
60
Operating Margin
10.5
%
N/A
N/A
N/A
10.5
%
Depreciation
10
10
Amortization
21
21
Other non-operating expense, excluding interest income
(1
)
(1
)
EBITDA
90
-
-
-
90
Share-based Compensation
3
3
Restructuring & Realignment
7
7
Special Charges
2
2
Adjusted EBITDA
102
-
-
-
102
Revenue
574
574
Adjusted EBITDA Margin
17.8
%
N/A
N/A
N/A
17.8
%
2023
Q1 Q2 Q3 Q4 Total Operating Income
46
70
84
75
275
Operating Margin
11.2
%
13.5
%
13.7
%
11.1
%
12.4
%
Depreciation
7
8
10
9
34
Amortization
2
10
17
26
55
Other non-operating expense, excluding interest income
-
1
(1
)
3
3
EBITDA
55
89
110
113
367
Share-based Compensation
2
3
4
4
13
Restructuring & Realignment
3
2
2
11
18
Special Charges
-
12
6
10
28
Adjusted EBITDA
60
106
122
138
426
Revenue
410
519
612
674
2,215
Adjusted EBITDA Margin
14.6
%
20.4
%
19.9
%
20.5
%
19.2
%
Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted
EBITDA by Quarter ($ Millions) Applied Water
2024
Q1 Q2 Q3 Q4 Total Operating Income
61
61
Operating Margin
14.0
%
N/A
N/A
N/A
14.0
%
Depreciation
6
6
Amortization
1
1
Other non-operating expense, excluding interest income
-
-
EBITDA
68
68
Share-based Compensation
2
2
Restructuring & Realignment
2
2
Special Charges
-
-
Adjusted EBITDA
72
-
-
-
72
Revenue
436
436
Adjusted EBITDA Margin
16.5
%
N/A
N/A
N/A
16.5
%
2023
Q1 Q2 Q3 Q4 Total Operating Income
83
84
73
70
310
Operating Margin
18.3
%
17.6
%
15.7
%
15.3
%
16.7
%
Depreciation
5
6
7
7
25
Amortization
1
1
-
1
3
Other non-operating expense, excluding interest income
(1
)
-
-
(1
)
(2
)
EBITDA
88
91
80
77
336
Share-based Compensation
1
-
1
1
3
Restructuring & Realignment
3
2
6
2
13
Special Charges
-
-
-
-
-
Adjusted EBITDA
92
93
87
80
352
Revenue
453
478
465
457
1,853
Adjusted EBITDA Margin
20.3
%
19.5
%
18.7
%
17.5
%
19.0
%
Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted
EBITDA by Quarter ($ Millions) Measurement and Control Solutions
2024
Q1 Q2 Q3 Q4 Total Operating Income
70
70
Operating Margin
15.2
%
N/A
N/A
N/A
15.2
%
Depreciation
6
6
Amortization
27
27
Other non-operating expense, excluding interest income
(1
)
(1
)
EBITDA
102
-
-
-
102
Share-based Compensation
1
1
Restructuring & Realignment
2
2
Special Charges
-
-
Adjusted EBITDA
105
-
-
-
105
Revenue
462
462
Adjusted EBITDA Margin
22.7
%
N/A
N/A
N/A
22.7
%
2023
Q1 Q2 Q3 Q4 Total Operating Income
26
29
35
43
133
Operating Margin
6.9
%
7.6
%
8.5
%
9.8
%
8.3
%
(Loss)/Gain from sale of business
-
-
-
(1
)
(1
)
Depreciation
6
7
7
7
27
Amortization
24
24
24
25
97
Other non-operating expense, excluding interest income
-
(1
)
-
(3
)
(4
)
EBITDA
56
59
66
71
252
Share-based Compensation
2
2
1
2
7
Restructuring & Realignment
5
2
5
5
17
Special Charges
2
-
1
1
4
Loss/(Gain) from sale of business
-
-
-
1
1
Adjusted EBITDA
65
63
73
80
281
Revenue
378
384
413
437
1,612
Adjusted EBITDA Margin
17.2
%
16.4
%
17.7
%
18.3
%
17.4
%
Xylem Inc. Non-GAAP Reconciliation EBITDA and Adjusted
EBITDA by Quarter ($ Millions) Water Solutions and Services
2024
Q1 Q2 Q3 Q4 Total Operating Income
50
50
Operating Margin
8.9
%
N/A
N/A
N/A
8.9
%
(Loss)/Gain from sale of business
(5
)
(5
)
Depreciation
38
38
Amortization
22
22
Other non-operating expense, excluding interest income
-
-
EBITDA
105
-
-
-
105
Share-based Compensation
3
3
Restructuring & Realignment
3
3
Special Charges
9
9
Loss/(Gain) from sale of business
5
5
Adjusted EBITDA
125
-
-
-
125
Revenue
561
561
Adjusted EBITDA Margin
22.3
%
N/A
N/A
N/A
22.3
%
2023
Q1 Q2 Q3 Q4 Total Operating Income
18
26
33
55
132
Operating Margin
8.7
%
7.6
%
5.6
%
10.0
%
7.8
%
(Loss)/Gain from sale of business
-
-
-
-
Depreciation
10
19
39
37
105
Amortization
3
15
39
22
79
Other non-operating expense, excluding interest income
-
-
1
-
1
EBITDA
31
60
112
114
317
Share-based Compensation
1
4
3
2
10
Restructuring & Realignment
-
8
9
3
20
Special Charges
-
7
9
6
22
Loss/(Gain) from sale of business
-
-
-
-
-
Adjusted EBITDA
32
79
133
125
369
Revenue
207
341
586
550
1,684
Adjusted EBITDA Margin
15.5
%
23.2
%
22.7
%
22.7
%
21.9
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501115688/en/
Media Houston Spencer +1 (914) 323-5723
houston.spencer@xylem.com
Investors Andrea van der Berg +1 (914) 260-8612
andrea.vanderberg@xylem.com
Xylem (NYSE:XYL)
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부터 10월(10) 2024 으로 11월(11) 2024
Xylem (NYSE:XYL)
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