Fourth-Quarter Highlights
- Orders of $2.2 billion, up 7% on a reported and organic
basis
- Revenue of $2.3 billion, up 7% on a reported and organic
basis
- Earnings per share of $1.34, up 22%; $1.18 on an adjusted
basis, up 19%
Full-Year Highlights
- Revenue of $8.6 billion, up 16% on a reported basis and 6%
organically
- Earnings per share of $3.65, up 31%; $4.27 on an adjusted
basis, up 13%
- 2025 full-year adjusted earnings per share guidance range of
$4.50 to $4.70
Xylem Inc. (NYSE: XYL), a leading global water solutions company
dedicated to solving the world’s most challenging water issues,
today reported fourth-quarter and full-year 2024 results. The
Company’s total revenue of $2.3 billion surpassed prior guidance,
on strong execution and demand. Fourth-quarter earnings also
exceeded Xylem’s previous guidance.
“The team delivered a strong fourth quarter to close a
record-breaking year for Xylem,” said Matthew Pine, Xylem’s CEO.
“We set new benchmarks for full-year revenue, net income and
adjusted EBITDA margins, and earnings per share, with the team
showing great operating discipline across the portfolio. All
segments delivered strong Q4 orders growth, giving us momentum
coming into 2025 on resilient underlying demand.”
“In a year of transition and transformation, the team focused on
what matters while delivering on the initiatives that have laid the
foundation for sustainable growth and value creation. Our 2025
guidance reflects the team’s commitment to our long-term framework
as we continue to enable our customers to address the world’s
greatest water challenges.”
Net income for the quarter was $326 million, or $1.34 per share.
Net income margin increased 190 basis points to 14.5 percent. These
results are driven by a non-recurring gain on the remeasurement of
our previously held equity interest in Idrica and strong
operational performance, partially offset by non-recurring tax
benefits in the prior year, a loss on sale of businesses, and
increased restructuring and realignment costs. Adjusted net income
was $287 million, or $1.18 per share, which excludes the impacts of
the gain on remeasurement of previously held equity investment,
loss on sale of businesses, purchase accounting intangible
amortization, restructuring and realignment costs, and special
charges.
Fourth-quarter adjusted earnings before interest, tax,
depreciation, and amortization (EBITDA) margin was 21.0 percent,
reflecting a year-over-year increase of 140 basis points.
Productivity savings, strong price realization and higher volume
drove the margin expansion, exceeding the impact of inflation and
strategic investments.
The Board of Directors of Xylem has declared a first-quarter
dividend of $0.40 per share, an increase of 11 percent. The
dividend is payable on March 19, 2025, to shareholders of record as
of February 18, 2025.
Outlook
Xylem forecasts full-year 2025 revenue of approximately $8.6 to
$8.7 billion, up approximately 0 to 2 percent on a reported basis
and up approximately 3 to 4 percent on an organic basis.
Full-year 2025 adjusted EBITDA margin is expected to be
approximately 21.3 to 21.8 percent, an increase of 70 to 120 basis
points from Xylem’s 2024 adjusted results. Full-year free cash flow
margin is expected to be approximately 9 to 10 percent.
Further 2025 planning assumptions are included in Xylem’s
fourth-quarter 2024 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 fourth-quarter earnings, as
well as definitions of and reconciliations for certain non-GAAP
items is posted at www.xylem.com/investors.
About Xylem
Xylem (XYL) is a Fortune 500 global water solutions company that
empowers customers and communities to build a more water-secure
world. Our 23,000 diverse employees delivered revenue of $8.6
billion in 2024, optimizing water and resource management with
innovation and expertise. 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 on our markets, customers’ operating
conditions and demand; geopolitical events, conditions and
volatility, including protectionism and other anti-global
sentiment, possible escalation of the conflicts involving Russia
and Ukraine, and the Middle East, and regulatory, economic and
other risks associated with our global sales, supply chain and
operations; manufacturing and operating cost increases due to
macroeconomic conditions, including inflation, energy supply,
supply chain shortages, logistics challenges, tight labor markets,
prevailing price changes, new or additional 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 revenue synergies related to 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 meeting performance
guarantees and customers’ budgets, timelines and safety
requirements; our ability to retain and attract leadership and
other 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 our
simplification, productivity, restructuring and realignment actions
and related costs, savings and business impacts; our ability to
execute strategic investments for growth, including 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 voluntary or
required 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; regulatory and financial
market risks related to our pension and other defined benefit
plans; failure to comply with, or changes in, laws or regulations,
including related 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 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; third-party data, review,
representations, or certifications; information from acquired
entities, which may be subject to ongoing review, may not yet or
ever be integrated into our reporting processes, and may not be
reconcilable with our processes; 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 CONSOLIDATED INCOME
STATEMENTS (Unaudited) (In Millions, except per share data)
Year Ended December 31,
2024
2023
2022
Revenue from products
$
7,095
$
6,291
$
4,978
Revenue from services
1,467
1,073
544
Revenue
8,562
7,364
5,522
Cost of revenue from products
4,250
3,817
3,002
Cost of revenue from services
1,100
830
436
Cost of revenue
5,350
4,647
3,438
Gross profit
3,212
2,717
2,084
Selling, general and administrative
expenses
1,911
1,757
1,227
Research and development expenses
230
232
206
Restructuring and asset impairment
charges
62
76
29
Operating income
1,009
652
622
Interest expense
44
49
50
U.K. pension settlement expense
—
—
140
Gain on remeasurement of previously held
equity interest
152
—
—
Other non-operating income, net
16
33
7
(Loss) Gain on sale of businesses
(46
)
(1
)
1
Income before taxes
1,087
635
440
Income tax expense
197
26
85
Net income
$
890
$
609
$
355
Earnings per share:
Basic
$
3.67
$
2.81
$
1.97
Diluted
$
3.65
$
2.79
$
1.96
Weighted average number of shares:
Basic
242.6
217.0
180.2
Diluted
243.5
218.2
181.0
XYLEM INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited) (In Millions, except per share amounts)
December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
1,121
$
1,019
Receivables, less allowances for
discounts, returns and credit losses of $59 and $56 in 2024 and
2023, respectively
1,668
1,617
Inventories
996
1,018
Assets held for sale
77
—
Prepaid and other current assets
232
230
Total current assets
4,094
3,884
Property, plant and equipment, net
1,152
1,169
Goodwill
7,980
7,587
Other intangible assets, net
2,379
2,529
Other non-current assets
892
943
Total assets
$
16,497
$
16,112
LIABILITIES, REDEEMABLE NONCONTROLLING
INTEREST, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,006
$
968
Liabilities held for sale
21
—
Accrued and other current liabilities
1,271
1,221
Short-term borrowings and current
maturities of long-term debt
25
16
Total current liabilities
2,323
2,205
Long-term debt, net
1,991
2,268
Accrued post-retirement benefit
obligations
304
344
Deferred income tax liabilities
497
557
Other non-current accrued liabilities
500
562
Total liabilities
5,615
5,936
Redeemable noncontrolling
interest
235
—
Stockholders’ equity:
Common stock — par value $0.01 per
share:
Authorized 750.0 shares, issued 259.2 and
257.6 shares in 2024 and 2023, respectively
3
3
Capital in excess of par value
8,687
8,564
Retained earnings
3,140
2,601
Treasury stock – at cost 16.2 shares and
16.0 shares in 2024 and 2023, respectively
(753
)
(733
)
Accumulated other comprehensive loss
(435
)
(269
)
Total stockholders’ equity
10,642
10,166
Non-controlling interest
5
10
Total equity
10,647
10,176
Total liabilities, redeemable
noncontrolling interest, and stockholders’ equity
$
16,497
$
16,112
XYLEM INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS (In Millions) (Unaudited)
Year Ended December 31,
2024
2023
2022
Operating Activities
Net income
$
890
$
609
$
355
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
258
193
111
Amortization
304
243
125
Deferred income taxes
(36
)
(79
)
(64
)
Share-based compensation
56
60
37
Restructuring and asset impairment
charges
62
76
29
U.K. pension settlement expense
—
—
140
Loss (gain) from sale of businesses
46
1
(1
)
Gain on remeasurement of previously held
equity interest
(152
)
—
—
Other, net
4
—
(4
)
Payments for restructuring
(32
)
(30
)
(11
)
Contributions to post-retirement benefit
plans
(25
)
(25
)
(19
)
Changes in assets and liabilities (net of
acquisitions):
Changes in receivables
(107
)
(87
)
(192
)
Changes in inventories
(41
)
41
(147
)
Changes in accounts payable
64
22
117
Changes in accrued liabilities
17
(4
)
57
Changes in accrued and deferred taxes
14
(109
)
57
Net changes in other assets and
liabilities
(59
)
(74
)
6
Net Cash — Operating activities
1,263
837
596
Investing Activities
Capital expenditures
(321
)
(271
)
(208
)
Proceeds from the sale of property, plant
and equipment
4
1
4
Acquisitions of businesses, net of cash
acquired
(193
)
(476
)
—
Proceeds from sale of businesses
11
105
1
Cash received from investments
6
1
5
Cash paid for investments
(11
)
(1
)
(11
)
Cash paid for equity investments
(6
)
(57
)
(3
)
Cash received from interest rate swaps
—
38
—
Cash received from cross-currency
swaps
29
28
28
Settlement of currency forward
agreement
—
—
(10
)
Other, net
(1
)
4
3
Net Cash — Investing activities
(482
)
(628
)
(191
)
Financing Activities
Short-term debt repaid
(268
)
—
—
Long-term debt issued, net
1
278
—
Long-term debt repaid, net
(17
)
(160
)
(527
)
Repurchase of common stock
(20
)
(25
)
(52
)
Proceeds from exercise of employee stock
options
67
62
8
Dividends paid
(350
)
(299
)
(217
)
Other, net
(28
)
(13
)
(2
)
Net Cash — Financing activities
(615
)
(157
)
(790
)
Effect of exchange rate changes on
cash
(53
)
23
(20
)
Cash classified within assets held for
sale
(11
)
—
—
Net change in cash and cash
equivalents
102
75
(405
)
Cash and cash equivalents at beginning of
year
1,019
944
1,349
Cash and cash equivalents at end of
year
$
1,121
$
1,019
$
944
Supplemental disclosure of cash flow
information:
Cash paid during the year for:
Interest
$
67
$
69
$
76
Income taxes (net of refunds received)
$
219
$
211
$
91
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 that 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.
Free Cash Flow Conversion defined as Free Cash Flow,
or Adjusted Free Cash Flow as applicable; 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.
"Adjusted Free Cash Flow"
used in Free Cash Flow Conversion 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.
"Free Cash Flow Margin" defined as free cash flow,
adjusted for significant cash paid or received for non-operational
tax, acquisition or divestiture activities; divided by revenue.
“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 non-recurring costs
incurred by the Company, such those related to acquisitions and
integrations, divestitures 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
Book-to-Bill
FX Impact
Adj. 2024 v. 2023
Adj. 2024 v. 2023
2024
2023
Year Ended December 31 Xylem Inc.
8,730
7,501
1,229
16
%
102
%
(891
)
11
349
5
%
17
%
Water Infrastructure
2,727
2,313
414
18
%
107
%
(243
)
2
173
7
%
18
%
Applied Water
1,824
1,770
54
3
%
102
%
-
3
57
3
%
3
%
Measurement and Control Solutions
1,672
1,670
2
0
%
89
%
(5
)
-
(3
)
(0
%)
0
%
Water Solutions and Services
2,507
1,748
759
43
%
107
%
(643
)
6
122
7
%
44
%
Quarter Ended December 31 Xylem Inc.
2,196
2,044
152
7
%
97
%
(5
)
5
152
7
%
8
%
Water Infrastructure
691
633
58
9
%
95
%
-
3
61
10
%
10
%
Applied Water
442
420
22
5
%
97
%
-
-
22
5
%
5
%
Measurement and Control Solutions
473
442
31
7
%
101
%
(5
)
1
27
6
%
7
%
Water Solutions and Services
590
549
41
7
%
97
%
-
1
42
8
%
8
%
Quarter Ended September 30 Xylem Inc.
2,201
2,031
170
8
%
105
%
-
(4
)
166
8
%
8
%
Water Infrastructure
700
656
44
7
%
112
%
-
(4
)
40
6
%
6
%
Applied Water
437
422
15
4
%
98
%
-
-
15
4
%
4
%
Measurement and Control Solutions
386
343
43
13
%
84
%
-
(2
)
41
12
%
12
%
Water Solutions and Services
678
610
68
11
%
118
%
-
2
70
11
%
11
%
Quarter Ended June 30 Xylem Inc.
2,087
1,856
231
12
%
96
%
(265
)
11
(23
)
(1
%)
13
%
Water Infrastructure
690
563
127
23
%
109
%
(89
)
5
43
8
%
23
%
Applied Water
465
445
20
4
%
102
%
-
3
23
5
%
5
%
Measurement and Control Solutions
384
470
(86
)
(18
%)
80
%
-
1
(85
)
(18
%)
(18
%)
Water Solutions and Services
548
378
170
45
%
91
%
(176
)
2
(4
)
(1
%)
46
%
Quarter Ended March 31 Xylem Inc.
2,246
1,570
676
43
%
110
%
(621
)
(1
)
54
3
%
43
%
Water Infrastructure
646
461
185
40
%
113
%
(154
)
(2
)
29
6
%
40
%
Applied Water
480
483
(3
)
(1
%)
110
%
-
-
(3
)
(1
%)
(1
%)
Measurement and Control Solutions
429
415
14
3
%
93
%
-
-
14
3
%
3
%
Water Solutions and Services
691
211
480
227
%
123
%
(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
Year Ended December 31 Xylem Inc.
8,562
7,364
1,198
16
%
(786
)
12
424
6
%
16
%
Water Infrastructure
2,555
2,215
340
15
%
(221
)
4
123
6
%
16
%
Applied Water
1,793
1,853
(60
)
(3
%)
-
2
(58
)
(3
%)
(3
%)
Measurement and Control Solutions
1,871
1,612
259
16
%
(4
)
-
255
16
%
16
%
Water Solutions and Services
2,343
1,684
659
39
%
(561
)
6
104
6
%
39
%
Quarter Ended December 31 Xylem Inc.
2,256
2,118
138
7
%
(4
)
7
141
7
%
7
%
Water Infrastructure
727
674
53
8
%
-
4
57
8
%
8
%
Applied Water
454
457
(3
)
(1
%)
-
1
(2
)
(0
%)
(0
%)
Measurement and Control Solutions
469
437
32
7
%
(4
)
-
28
6
%
7
%
Water Solutions and Services
606
550
56
10
%
-
2
58
11
%
11
%
Quarter Ended September 30 Xylem Inc.
2,104
2,076
28
1
%
-
(6
)
22
1
%
1
%
Water Infrastructure
623
612
11
2
%
-
(5
)
6
1
%
1
%
Applied Water
447
465
(18
)
(4
%)
-
(2
)
(20
)
(4
%)
(4
%)
Measurement and Control Solutions
458
413
45
11
%
-
(1
)
44
11
%
11
%
Water Solutions and Services
576
586
(10
)
(2
%)
-
2
(8
)
(1
%)
(1
%)
Quarter Ended June 30 Xylem Inc.
2,169
1,722
447
26
%
(302
)
13
158
9
%
27
%
Water Infrastructure
631
519
112
22
%
(84
)
6
34
7
%
23
%
Applied Water
456
478
(22
)
(5
%)
-
4
(18
)
(4
%)
(4
%)
Measurement and Control Solutions
482
384
98
26
%
-
2
100
26
%
26
%
Water Solutions and Services
600
341
259
76
%
(218
)
1
42
12
%
76
%
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
2,169
1,722
2,104
2,076
2,256
2,118
8,562
7,364
• Water Infrastructure
574
410
631
519
623
612
727
674
2,555
2,215
• Applied Water
436
453
456
478
447
465
454
457
1,793
1,853
• Measurement and Control Solutions
462
378
482
384
458
413
469
437
1,871
1,612
• Water Solutions and Services
561
207
600
341
576
586
606
550
2,343
1,684
• Corporate/ Other
-
-
-
-
-
-
-
-
-
-
Operating Income (Loss) • Total Xylem
209
131
253
119
280
191
267
211
1,009
652
• Water Infrastructure
60
46
78
70
96
84
122
75
356
275
• Applied Water
61
83
71
84
71
73
68
70
271
310
• Measurement and Control Solutions
70
26
79
29
66
35
32
43
247
133
• Water Solutions and Services
50
18
47
26
63
33
59
55
219
132
• Corporate/ Other
(32
)
(42
)
(22
)
(90
)
(16
)
(34
)
(14
)
(32
)
(84
)
(198
)
Operating Margin • Total Xylem
10.3
%
9.0
%
11.7
%
6.9
%
13.3
%
9.2
%
11.8
%
10.0
%
11.8
%
8.9
%
• Water Infrastructure
10.5
%
11.2
%
12.4
%
13.5
%
15.4
%
13.7
%
16.8
%
11.1
%
13.9
%
12.4
%
• Applied Water
14.0
%
18.3
%
15.6
%
17.6
%
15.9
%
15.7
%
15.0
%
15.3
%
15.1
%
16.7
%
• Measurement and Control Solutions
15.2
%
6.9
%
16.4
%
7.6
%
14.4
%
8.5
%
6.8
%
9.8
%
13.2
%
8.3
%
• Water Solutions and Services
8.9
%
8.7
%
7.8
%
7.6
%
10.9
%
5.6
%
9.7
%
10.0
%
9.3
%
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
13
67
7
24
21
22
57
138
• Water Infrastructure
2
-
4
12
(2
)
6
6
10
10
28
• Applied Water
-
-
-
-
-
-
-
-
-
-
• Measurement and Control Solutions
-
2
1
-
2
1
9
1
12
4
• Water Solutions and Services
9
-
3
7
1
9
2
6
15
22
• Corporate/ Other
5
23
5
48
6
8
4
5
20
84
Restructuring & Realignment Costs • Total
Xylem
15
11
29
37
11
34
36
24
91
106
• Water Infrastructure
7
3
2
2
6
2
15
11
30
18
• Applied Water
2
3
2
2
2
6
9
3
15
14
• Measurement and Control Solutions
2
5
2
3
(1
)
6
7
5
10
19
• Water Solutions and Services
3
-
23
8
4
9
5
3
35
20
• Corporate/ Other
1
-
-
22
-
11
-
2
1
35
Purchase Accounting Intangible Amortization
Adjustment • Total Xylem
54
18
57
36
52
66
53
56
216
176
• Water Infrastructure
19
1
17
8
11
15
12
23
59
47
• Applied Water
-
-
-
-
-
-
-
-
-
• Measurement and Control Solutions
14
14
14
15
15
14
15
14
58
57
• Water Solutions and Services
21
3
26
13
26
37
26
19
99
72
• Corporate/ Other
-
-
-
-
-
-
-
-
-
-
Adjusted Operating Income (Loss) • Total Xylem
294
185
352
259
350
315
377
313
1,373
1,072
• Water Infrastructure
88
50
101
92
111
107
155
119
455
368
• Applied Water
63
86
73
86
73
79
77
73
286
324
• Measurement and Control Solutions
86
47
96
47
82
56
63
63
327
213
• Water Solutions and Services
83
21
99
54
94
88
92
83
368
246
• Corporate/ Other
(26
)
(19
)
(17
)
(20
)
(10
)
(15
)
(10
)
(25
)
(63
)
(79
)
Adjusted Operating Margin • Total Xylem
14.5
%
12.8
%
16.2
%
15.0
%
16.6
%
15.2
%
16.7
%
14.8
%
16.0
%
14.6
%
• Water Infrastructure
15.3
%
12.2
%
16.0
%
17.7
%
17.8
%
17.5
%
21.3
%
17.7
%
17.8
%
16.6
%
• Applied Water
14.4
%
19.0
%
16.0
%
18.0
%
16.3
%
17.0
%
17.0
%
16.0
%
16.0
%
17.5
%
• Measurement and Control Solutions
18.6
%
12.4
%
19.9
%
12.2
%
17.9
%
13.6
%
13.4
%
14.4
%
17.5
%
13.2
%
• Water Solutions and Services
14.8
%
10.1
%
16.5
%
15.8
%
16.3
%
15.0
%
15.2
%
15.1
%
15.7
%
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)
Q4
2024 Q4 2023 As Reported
Adjustments Adjusted As Reported
Adjustments Adjusted Total Revenue
2,256
-
2,256
2,118
-
2,118
Operating Income
267
110
a
377
211
102
a
313
Operating Margin
11.8
%
16.7
%
10.0
%
14.8
%
Interest Expense
(9
)
-
(9
)
(14
)
-
(14
)
Other Non-Operating Income (Expense)
5
-
5
14
-
14
Gain on remeasurement of previously held equity interest
152
(152
)
b
-
-
-
-
Gain/(Loss) From Sale of Business
(40
)
40
c
-
(1
)
1
c
-
Income before Taxes
375
(2
)
373
210
103
313
Provision for Income Taxes
(49
)
(37
)
d
(86
)
56
(130
)
d
(74
)
Net Income
326
(39
)
287
266
(27
)
239
Diluted Shares
243.8
243.8
242.5
242.5
Diluted EPS
$
1.34
($
0.16
)
$
1.18
$
1.10
($
0.11
)
$
0.99
Q4 YTD 2024 Q4
YTD 2023 As Reported Adjustments Adjusted
As Reported Adjustments Adjusted
Total Revenue
8,562
-
8,562
7,364
-
7,364
Operating Income
1,009
364
a
1,373
652
420
a
1,072
Operating Margin
11.8
%
16.0
%
8.9
%
14.6
%
Interest Expense
(44
)
-
(44
)
(49
)
-
(49
)
Other Non-Operating Income (Expense)
16
-
16
33
-
33
Gain on remeasurement of previously held equity interest
152
(152
)
b
-
-
-
-
Gain/(Loss) From Sale of Business
(46
)
46
c
-
(1
)
1
c
-
Income before Taxes
1,087
258
1,345
635
421
1,056
Provision for Income Taxes
(197
)
(107
)
d
(304
)
(26
)
(205
)
d
(231
)
Net Income
890
151
1,041
609
216
825
Diluted Shares
243.5
243.5
218.2
218.2
Diluted EPS
$
3.65
$
0.62
$
4.27
$
2.79
$
0.99
$
3.78
a
Quarter-to-date:
Restructuring & realignment
costs: 2024 - $36 million and 2023 - $24 million
Special charges: 2024 - $15
million of acquisition & integration costs and $6 million of
intangible asset impairment charges; 2023 - $21 million of
acquisition, integration and other related costs and $1 million of
other special charges
Purchase accounting intangible
amortization: 2024 - $53 million and 2023 - $56 million
Year-to-date:
Restructuring & realignment
costs: 2024 - $91 million and 2023 - $106 million
Special charges: 2024 - $50
million of acquisition & integration related costs and $7
million of intangible asset impairment charges; 2023 - $134 million
of acquisition, integration and other related costs and $4 million
of intangible asset impairment charges
Purchase Accounting Intangible
Amortization: 2024 - $216 million and 2023 - $176 million
b
Gain on joint venture
remeasurement as per income statement
c
Gain/(Loss) from sale of business
as per income statement for all periods presented
d
Quarter-to-date: 2024 - Net tax
impact on pre-tax adjustments (note a and c) of $29 million and
other tax special items of $8 million; 2023 - Net tax impact on
pre-tax adjustments (note a) of $23 million and other tax special
items of $107 million
Year-to-date: 2024 - Net tax
impact on pre-tax adjustments (note a and c) of $88 million and
other tax special items of $19 million; 2023 - Net tax impact on
pre-tax adjustments (note a) of $90 million and other tax special
items of $115 million
Xylem Inc. Non-GAAP Reconciliation EBITDA and
Adjusted EBITDA by Quarter ($ Millions)
2024
Q1 Q2 Q3 Q4 Total Net Income
153
194
217
326
890
Net Income margin
7.5
%
8.9
%
10.3
%
14.5
%
10.4
%
Depreciation
61
62
68
67
258
Amortization
73
83
73
75
304
Interest Expense (Income), net
7
6
5
(2
)
16
Income Tax Expense
43
53
52
49
197
EBITDA
337
398
415
515
1,665
Share-based Compensation
18
13
12
13
56
Restructuring & Realignment
15
29
11
36
91
Special Charges
16
13
7
21
57
Gain on remeasurement of previously held equity interest
-
-
-
(152
)
(152
)
Loss/(Gain) from sale of business
5
(1
)
2
40
46
Adjusted EBITDA
391
452
447
473
1,763
Revenue
2,033
2,169
2,104
2,256
8,562
Adjusted EBITDA Margin
19.2
%
20.8
%
21.2
%
21.0
%
20.6
%
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
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
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250203583872/en/
Media Houston Spencer +1 (914) 240-3046
Houston.Spencer@xylem.com
Investors Keith Buettner +1 (724) 772-1531
Keith.Buettner@xylem.com
Xylem (NYSE:XYL)
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