1c83e4e7afb55f4e0130d46c9fbb3fc23da7b4a49e2ace47d018e7bc14e948ff

77311f1d088f1e7d5aa2ade3323190d584573602e41627beea1356a427c53cb9

| Segment / Quarter                          | Q4 2022  **[0001524472-23-000004_xyl02072023ex991.htm:3]** **[0001524472-23-000004_xyl02072023ex991.htm:3]** **[0001524472-23-000004_xyl02072023ex991.htm:4]**  | Q1 2023  **[0001524472-23-000016_xyl05042023ex991.htm:1]** **[0001524472-23-000016_xyl05042023ex991.htm:1]** **[0001524472-23-000016_xyl05042023ex991.htm:2]**  | Q2 2023  **[0001524472-23-000027_xyl08022023ex991.htm:3]** **[0001524472-23-000027_xyl08022023ex991.htm:3]** **[0001524472-23-000027_xyl08022023ex991.htm:2]** **[0001524472-23-000037_xyl08022023ex991.htm:3]** **[0001524472-23-000037_xyl08022023ex991.htm:2]**  | Q3 2023  **[0001524472-23-000039_xyl10312023ex991.htm:2]** **[0001524472-23-000039_xyl10312023ex991.htm:2]** **[0001524472-23-000039_xyl10312023ex991.htm:1]** **[0001524472-23-000039_xyl10312023ex991.htm:1]**  | Q4 2023 | Q1 2024  **[0001524472-24-000013_xyl05022024ex991.htm:10]** **[0001524472-24-000013_xyl05022024ex991.htm:10]** **[0001524472-24-000013_xyl05022024ex991.htm:10]** **[0001524472-24-000013_xyl05022024ex991.htm:10]**  | Q2 2024  **[0001524472-24-000033_xyl-20240630.htm:44]** **[0001524472-24-000033_xyl-20240630.htm:44]** **[0001524472-24-000033_xyl-20240630.htm:43]** **[0001524472-24-000033_xyl-20240630.htm:43]**  | Q3 2024  **[0001524472-24-000045_xyl-20240930.htm:30]** **[0001524472-24-000045_xyl-20240930.htm:30]** **[0001524472-24-000045_xyl-20240930.htm:30]** **[0001524472-24-000045_xyl-20240930.htm:30]**  |
|--------------------------------------------|--------------------------|--------------------------|----------------------------------|------------------------------|---------|------------------------------|--------------------------------|------------------------------|
| **Water Infrastructure** ($ million)       | **668**                  | **589**                  | **704**                          | **803**                      | N/A     | **574**                      | N/A                            | **623**                      |
| **Applied Water** ($ million)              | **455**                  | **453**                  | **478**                          | **465**                      | N/A     | **436**                      | N/A                            | **447**                      |
| **Measurement & Control Solutions** ($ million) | **383**                  | **406**                  | **415**                          | **440**                      | N/A     | **462**                      | N/A                            | **458**                      |
| **Integrated Solutions & Services** ($ million) | N/A                      | N/A                      | **125**                          | **368**                      | N/A     | N/A                          | N/A                            | N/A                          |
| **Water Solutions and Services** ($ million) | N/A                      | N/A                      | N/A                              | N/A                          | N/A     | **561**                      | N/A                            | **576**                      |

2d67b052416954579ce2c0919e4b4ae8724a2bd752e4848f3fe70cab6e29cca7

Xylem Inc. is a leading global water technology company that designs, manufactures, and services highly engineered products and solutions for critical applications in the water sector **[0001524472-24-000006_xyl-20231231.htm:7]** **[0001524472-24-000015_xyl-20240331.htm:32]** **[0001524472-24-000006_xyl-20231231.htm:61]** **[0001524472-24-000006_xyl-20231231.htm:12]**. The company operates through four main segments, addressing customer needs across the water cycle, from delivery and treatment to the return of water to the environment, with a strong emphasis on innovation and sustainability **[0001524472-24-000006_xyl-20231231.htm:7]** **[0001524472-24-000022_xyl2024ex101.htm:1]** **[0001524472-24-000015_xyl-20240331.htm:32]**. Xylem's diverse product offerings include water and wastewater pumps, smart metering, and tailored services to improve operational reliability and environmental compliance **[0001524472-24-000006_xyl-20231231.htm:12]** **[0001524472-23-000045_xyl12132023ex991.htm:0]**.

1. **Measurement and Control Solutions** - Provides smart metering, networked communication devices, data analytics, and critical infrastructure services **[0001524472-24-000006_xyl-20231231.htm:12]**.
2. **Water Infrastructure** - Focuses on the transportation and treatment of water, offering products such as water and wastewater pumps, filtration, disinfection, and biological treatment equipment **[0001524472-24-000006_xyl-20231231.htm:12]**.
3. **Applied Water** - Serves residential, commercial, and industrial markets with products like pumps, valves, heat exchangers, and controls **[0001524472-24-000006_xyl-20231231.htm:12]**.
4. **Water Solutions and Services** - Combines legacy Evoqua's Integrated Solutions and Services with Xylem's dewatering and assessment services businesses, offering tailored services and solutions to improve operational reliability and environmental compliance **[0001524472-23-000045_xyl12132023ex991.htm:0]**.

bbfc9b90b812b1283a4c7210403ca50ff7723e2327eed7d4eed1c37784652f38

1. Given that MCS orders declined by 18% in the quarter and book-to-bill came in under 1 due to project timing, how confident are you in the MCS segment's ability to sustain its current revenue growth, and what measures are you taking to address the order declines?  **[XYL_3394993_2]** 

2. Applied Water revenues were down 4% organically, driven by softness in developed markets. Can you provide more detail on the factors contributing to this softness, and what steps are being taken to reverse this trend in the Applied Water segment?  **[XYL_3394993_2]** 

3. You mentioned expecting a margin headwind from mix in the second half as energy meters account for a larger portion of sales in the MCS segment. How significant do you anticipate this margin compression will be, and how are you planning to mitigate its impact on overall profitability?  **[XYL_3394993_2]** 

4. With the Supreme Court's decision to strike down the Chevron Doctrine introducing uncertainty around PFAS regulations, how might potential delays or reversals in federal regulation affect your growth projections, especially considering that PFAS remediation was not baked into your long-term framework?  **[XYL_3394993_6]** 

5. Despite robust treatment demand leading to an 8% increase in Water Infrastructure orders, adjusted EBITDA margin for the segment was down 60 basis points due to inflation and acquisition headwinds. What strategies are in place to improve margins in this segment, and how do you plan to offset these ongoing challenges?  **[XYL_3394993_2]** 

6c63ca80bcd609c6eabfd1666649184133ee91f61739adec407b528f82787e74

United States

- Revenue from Contracts

- Applied Water

- Measurement and Control

- Water Solutions and Services

Western Europe

Emerging Markets

Europe

Asia Pacific

Emerging Markets & Other

Other

Total Revenue

1056f6771fa5811fc6daf48423cc85374a94566ced0925cf93b54333d4f7d549

- Grundfos: Competitor in both the Applied Water and Water Infrastructure segments  **[0001524472-24-000006_xyl-20231231.htm:14]** **[0001524472-24-000006_xyl-20231231.htm:13]** .
- Wilo SE: Competitor in the Applied Water segment  **[0001524472-24-000006_xyl-20231231.htm:14]** .
- Pentair plc: Competitor in the Applied Water segment  **[0001524472-24-000006_xyl-20231231.htm:14]** .
- Franklin Electric Co., Inc.: Competitor in the Applied Water segment  **[0001524472-24-000006_xyl-20231231.htm:14]** .
- KSB Inc.: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- Sulzer Ltd.: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- United Rentals: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- Trojan (Veralto Corporation): Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- Veolia: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- De Nora: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .
- ProMinent: Competitor in the Water Infrastructure segment  **[0001524472-24-000006_xyl-20231231.htm:13]** .

a9ce368e4dbbad45f578c8298a035291c271107fb71bed704f6ae4840f9060c1

- Total Revenue: N/A for Q4 2024  **[0001524472-24-000045_xyl-20240930.htm:9]**   
- United States (Geography): N/A for Q4 2024  **[0001524472-24-000045_xyl-20240930.htm:9]**   
- Western Europe (Geography): N/A for Q4 2024  **[0001524472-24-000045_xyl-20240930.htm:9]**   
- Emerging Markets (Geography): N/A for Q4 2024  **[0001524472-24-000045_xyl-20240930.htm:9]**   

No Q4 2024 metrics are provided in the documents, so no year-over-year comparisons or additional financial details are available for this period.

ac49231b3d3d87077a6766ef9875a27a08151b19e169bfee5fee5706e6fa6ca9

d65522457a99eed66369ed7fc0078698a6c6d335e0b7d55a5b609af10d1a65b0

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  - **Full Year Guidance (FY 2024)**:
    - **Revenue**: Increased by approximately **$50 million**, up from **$8.5 billion**, reflecting an additional **0.5 point of growth** at the midpoint versus prior guidance. Total revenue growth is expected to be approximately **16%**, with organic revenue growth at **5% to 6%**  **[XYL_3394993_3]** .
    - **EBITDA Margin**: Raised to about **20.5%**, representing **160 basis points** of expansion versus the prior year  **[XYL_3394993_3]** .
    - **EPS**: Updated guidance of **$4.18 to $4.28**, reflecting an increase of **$0.06** at the midpoint  **[XYL_3394993_3]** .
    - **Free Cash Flow Conversion**: Expected to be over **120%** of net income  **[XYL_3394993_3]** .
    - **Segment Growth**: MCS segment expected to grow at high teens, revised from previous outlook of low teens  **[XYL_3394993_3]** .
  - **Third Quarter Guidance (Q3 2024)**:
    - **Revenue Growth**: Anticipated to be **3% to 5%** on a reported and organic basis  **[XYL_3394993_3]** .
    - **EBITDA Margin**: Expected to be in the range of **20.5% to 21%**, up **70 to 120 basis points**  **[XYL_3394993_3]** .
    - **EPS**: Expected to be **$1.07 to $1.12**  **[XYL_3394993_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  - **Full Year Guidance (FY 2024)**:
    - **Revenue**: Approximately **$8.5 billion**, reflecting a total revenue growth of **15% to 16%** and organic revenue growth of **4% to 6%**  **[XYL_3382118_3]** .
    - **EBITDA Margin**: About **20%**, representing a **110 basis points** expansion versus the prior year  **[XYL_3382118_3]** .
    - **EPS**: Updated guidance of **$4.10 to $4.25**, reflecting an increase of **$0.08** at the midpoint  **[XYL_3382118_3]** .
    - **Cost Synergies**: Expecting around **$100 million** of exit rate cost synergies in 2024  **[XYL_3382118_3]** .
    - **Free Cash Flow Conversion**: Expected to be **115%** of net income  **[XYL_3382118_3]** .
  - **Second Quarter Guidance (Q2 2024)**:
    - **Revenue Growth**: Anticipated total revenue growth of **23% to 25%** on a reported basis and **5% to 7%** organically  **[XYL_3382118_3]** .
    - **EBITDA Margin**: Expected to be approximately **20%**, up **90 basis points**  **[XYL_3382118_3]** .
    - **EPS**: Expected to be **$1 to $1.05**  **[XYL_3382118_3]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024 and Q1 2024
- **Guidance**:
  - **Full Year Guidance (FY 2024)**:
    - **Revenue**: Total revenue is expected to be between **$8.4 billion and $8.5 billion**, resulting in total revenue growth of **14% to 15%**. Organic revenue growth is projected to be **3% to 5%**  **[XYL_3371967_3]** .
    - **EBITDA Margin**: Expected to be between **19.4% and 19.9%**, representing a **50 to 100 basis points** expansion versus the prior year  **[XYL_3371967_3]** .
    - **EPS**: Projected to be between **$4.00 and $4.20**, up **8%** at the midpoint over the prior year  **[XYL_3371967_3]** .
    - **Cost Synergies**: Approximately **$100 million** of exit run rate cost synergies are expected in 2024  **[XYL_3371967_3]** .
    - **Free Cash Flow Conversion**: Expected to be **115%** of net income  **[XYL_3371967_3]** .
  - **First Quarter Guidance (Q1 2024)**:
    - **Revenue Growth**: Anticipated to be in the **36% to 38%** range on a reported basis and **4% to 6%** organically  **[XYL_3371967_3]** .
    - **EBITDA Margin**: Expected to be approximately **18%**, up **170 basis points**  **[XYL_3371967_3]** .
    - **EPS**: Projected to be between **$0.80 and $0.85**  **[XYL_3371967_3]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information from the Q3 2024 earnings call for Xylem (XYL). Therefore, I cannot provide the guidance they issued during that period.

c2bbd79550ea7395f208f9707967a2c7fb4e8f33b076e939b457d6c6ec8e428a

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | August 24, 2015  **[0001524472-24-000045_xyl-20240930.htm:25]** **[0001524472-24-000045_xyl-20240930.htm:69]**  |
| End Date/Duration        | No expiration date  **[0001524472-24-000045_xyl-20240930.htm:25]** **[0001524472-24-000045_xyl-20240930.htm:69]**  |
| Total additional amount  | **$500 million**  **[0001524472-24-000045_xyl-20240930.htm:25]** **[0001524472-24-000045_xyl-20240930.htm:69]**  |
| Remaining authorization  | **$182 million** as of September 30, 2024  **[0001524472-24-000045_xyl-20240930.htm:25]** **[0001524472-24-000045_xyl-20240930.htm:69]**  |
| Details                  | Deploy capital to benefit stockholders and focus on growth  **[0001524472-23-000041_xyl-20230930.htm:25]** **[0001524472-24-000045_xyl-20240930.htm:25]** **[0001524472-24-000033_xyl-20240630.htm:25]**  |

2becd75ad855a83c8a35f22ecd6627885b57784e26e2b2419052ee4405c39ac4

| Name                  | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Matthew F. Pine       | President and Chief Executive Officer                                    | January 1, 2024     | Matthew F. Pine is the President and CEO of Xylem Inc. since January 1, 2024. He was previously the COO in 2023 and has held various leadership roles since joining in 2020  **[0000950170-24-039863_xyl-20240401.htm:17]** **[0001524472-24-000006_xyl-20231231.htm:58]** .                                                            |
| William K. Grogan     | Senior Vice President and Chief Financial Officer                        | October 1, 2023     | William K. Grogan joined Xylem as Senior Vice President and CFO on October 1, 2023. He was previously CFO at IDEX Corporation starting in 2017  **[0001562180-23-007085_xslF345X02/primarydocument.xml:0]** **[0000950170-24-039863_xyl-20240401.htm:57]** .                                                                                         |
| Rodney O. Aulick      | Senior Vice President and President, Water Solutions and Services        | 2023                | Rodney O. Aulick has been Senior Vice President and President of Water Solutions and Services since 2023. He has over 25 years of experience in the water treatment industry  **[0001524472-24-000006_xyl-20231231.htm:58]** **[0001193125-23-086117_d495241d425.htm:4]** **[XYL_3391304_16]** .                                                       |
| Dorothy G. Capers     | Senior Vice President, General Counsel                                   | 2022                | Dorothy G. Capers became Senior Vice President and General Counsel in 2022. She was previously EVP, Global General Counsel, and Corporate Secretary at National Express Group starting in 2015  **[0001524472-24-000006_xyl-20231231.htm:58]** **[0001524472-23-000009_xyl-20221231.htm:53]** .                                        |
| Franz W. Cerwinka     | Senior Advisor                                                           | Until March 31, 2025| Franz W. Cerwinka transitioned to Senior Advisor on October 21, 2024, after serving as Senior Vice President and President, Applied Water Systems and Xylem Business Transformation  **[0001524472-24-000040_xyl-20241008.htm:1]** **[0001524472-24-000040_xyl10152024ex101.htm:0]** .                                                    |
| Michael J. McGann     | Senior Vice President and President, Americas and Measurement and Control Solutions | 2023                | Michael J. McGann has been Senior Vice President and President, Americas and Measurement and Control Solutions since 2023. He previously served as Vice President for the North America Utilities Commercial Team in 2022  **[0001524472-24-000006_xyl-20231231.htm:58]** .               |
| Geri-Michelle McShane | Vice President, Controller and Chief Accounting Officer                  | 2019                | Geri-Michelle McShane has been Vice President, Controller, and Chief Accounting Officer since 2019. She was Controller, Accounting and Reporting starting in 2016  **[0001524472-24-000006_xyl-20231231.htm:58]** **[0001524472-23-000009_xyl-20221231.htm:53]** .                                                                       |
| Claudia S. Toussaint  | Senior Vice President, Chief People and Sustainability Officer           | 2021                | Claudia S. Toussaint became Senior Vice President, Chief People and Sustainability Officer in 2021. She was previously Senior Vice President, General Counsel, and Corporate Secretary starting in 2014  **[0001524472-24-000006_xyl-20231231.htm:58]** **[0001524472-23-000009_xyl-20221231.htm:53]** .                                |
| Hayati Yarkadas       | Senior Vice President and President, Europe, Water Infrastructure and Global Services | 2020                | Hayati Yarkadas has been Senior Vice President and President of Europe, Water Infrastructure, and Global Services since 2020. He was previously Senior Vice President and President of Performance Materials at Trinseo S.A. starting in 2015  **[0001524472-24-000006_xyl-20231231.htm:58]** . |
| Meredith Emmerich     | Senior Vice President and President, Applied Water                       | October 21, 2024    | Meredith Emmerich was appointed Senior Vice President and President, Applied Water effective October 21, 2024. She has over 20 years of experience in smart solutions for buildings in industrial and commercial settings  **[0001524472-24-000040_xyl10152024ex991.htm:0]** .                |

9ff782010fcc4b39d64c1324bb13d94a93c46b4057af9f5ed59370d4dd704c3f

**Quarterly guidance for Q4 2024:**
- **Revenue Growth**: 2% to 3%  **[XYL_3405057_2]**  (lowered from 3% to 5%  **[XYL_3394993_3]** )  
- **EBITDA Margin**: 20.5% to 21%  **[XYL_3405057_2]**  (no change from 20.5% to 21%  **[XYL_3394993_3]** )  
- **EPS**: $1.12 to $1.14  **[XYL_3405057_2]**  (raised from $1.07 to $1.12  **[XYL_3394993_3]** )  

**Annual guidance for FY 2024:**
- **Revenue** (about 15% total growth; 5% organic): $8.5B  **[XYL_3405057_2]**  (lowered from ~16% growth; 5%–6% organic  **[XYL_3394993_3]** )  
- **EBITDA Margin**: 20.5%  **[XYL_3405057_2]**  (no change from 20.5%  **[XYL_3394993_3]** )  
- **EPS**: $4.22 to $4.24  **[XYL_3405057_2]**  (no change from $4.18 to $4.28  **[XYL_3394993_3]** )  
- **Free Cash Flow Conversion**: at least 120% of net income  **[XYL_3405057_2]**  (no change from over 120%  **[XYL_3394993_3]** )  
- **MCS segment growth**: mid-teens  **[XYL_3405057_2]**  (lowered from high teens  **[XYL_3394993_3]** )  
- **WSS segment growth**: low single digits  **[XYL_3405057_2]**  (no prior guidance)  

434f83c42bccfaa8bd4cabb5f52863a61fef5f0d5d5225fe56d252b0d78b32c4

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

90f551d2e4249b8fdf138c24c72b939890254da2cc5409a347016c5cc9806992

36181e1f23bbd5194c4f381e53b3cb01fd3c1ceb12e4c334c63ecd4b4ca5a6ab

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2010  **[0001524472-24-000006_xyl-20231231.htm:95]**    | Present  | Current auditor   |

c81eabfbac80be3593981eef7dc2fe82cc7095a98f2861fd276f6d53cbdd7644

1. **Evoqua Integration Synergies**  
   **Q:** Update on Evoqua integration and revenue synergies?  
   **A:** The Evoqua integration is progressing well, with cost synergies tracking to meet the **$100 million run rate** in our 2024 plan.  **[XYL_3382118_5]**  Revenue synergies are ramping up, and we'll share tangible proof points at our upcoming Investor Day.  **[XYL_3382118_5]**  We've also secured a **$100-million-plus**, 20-year outsourced water project to support a large hydrogen plant, showcasing our ability to win significant new contracts.  **[XYL_3382118_5]** **[XYL_3382118_6]** 

2. **M&A Focus During Optimization**  
   **Q:** Are you still pursuing M&A during portfolio optimization?  
   **A:** Yes, we're focused on executing on the platform built over the past decade, particularly with the Evoqua acquisition, to drive above-market growth.  **[XYL_3382118_6]**  While we're simplifying our business, we're also concentrating on capital deployment in high-growth markets with accretive margins and will be more consistent in our M&A activities.  **[XYL_3382118_6]** 

3. **Applied Water Segment Performance**  
   **Q:** How is the Applied Water segment performing?  
   **A:** The Applied Water segment is largely performing as expected, with a low single-digit decline anticipated this year.  **[XYL_3382118_11]**  We experienced a tough compare due to strong prior Q1s, and softness continues, especially in Europe and emerging markets where orders were down.  **[XYL_3382118_11]**  We're monitoring the situation closely and have initiatives in place to reduce complexity and drive growth.  **[XYL_3382118_11]** 

4. **PFAS Opportunities and EPA Rules Impact**  
   **Q:** How do new EPA PFAS rules affect Xylem?  
   **A:** The finalized EPA PFAS rules provide clarity on compliance timelines, with impacted utilities having **three years for testing and five years for PFAS removal**, which is longer than initially anticipated.  **[XYL_3382118_12]**  We're well-positioned with over **80 PFAS installations** completed and are ready to partner with utilities on PFAS solutions.  **[XYL_3382118_12]**  We're also advancing destruction technology through our Innovation Labs.  **[XYL_3382118_12]** 

5. **Pricing Strategy and Inflation Offset**  
   **Q:** How will pricing offset inflation going forward?  
   **A:** We're focusing on offsetting material inflation with price increases and letting productivity handle indirect and SG&A inflation.  **[XYL_3382118_15]**  Our teams are enhancing strategic pricing approaches to capture the value we offer customers, aiming to manage the price-cost spread effectively.  **[XYL_3382118_15]** 

6. **M&CS Margin Improvement**  
   **Q:** What's driving the M&CS margin improvement?  
   **A:** The Measurement & Control Solutions segment delivered an outstanding quarter, with EBITDA margin up **550 basis points** and nearly **50% incrementals**.  **[XYL_3382118_13]**  This was driven by significant productivity gains, improved pricing, and restructuring actions.  **[XYL_3382118_13]**  While we expect some unfavorable mix impacts in the second half, we're on track to exit the year at record margins.  **[XYL_3382118_13]** 

7. **Government Funding Impact**  
   **Q:** How will government funding affect growth?  
   **A:** Government funding is slowly trickling in and will support market growth over the next **three to five years**.  **[XYL_3382118_15]**  While we don't anticipate a big jump from incentives or subsidies in our long-range plan, this funding will provide a gradual layer of growth on top of the market.  **[XYL_3382118_15]** 

8. **Non-Revenue Water Focus in Europe**  
   **Q:** Are there opportunities in Europe's non-revenue water initiatives?  
   **A:** Yes, there's increased focus on non-revenue water in Europe, especially with upcoming AMP cycles in the UK.  **[XYL_3382118_16]**  Our Idrica platform allows us to offer solutions for data visualization and smart metering, addressing utilities' needs for leak detection and water management.  **[XYL_3382118_16]**  We see significant opportunities with analytical instrumentation and holding polluters accountable.  **[XYL_3382118_16]** 

9. **Data Center Opportunities**  
   **Q:** How does Xylem play into data center growth?  
   **A:** Data centers present a growth opportunity, though currently a small part of our revenue (less than **$50 million**).  **[XYL_3382118_18]**  Data centers require significant water for cooling, often in water-stressed areas. We offer comprehensive treatment solutions and outsourced water management services to address these needs.  **[XYL_3382118_18]** 

10. **Synergy Targets from Evoqua Acquisition**  
    **Q:** Will synergies exceed initial targets?  
    **A:** We're running toward a synergy target much higher than the initial **$140 million** announced with the Evoqua deal.  **[XYL_3382118_9]**  Any overachievement will likely be split between enhancing margins and investing in growth.  **[XYL_3382118_9]**  We're confident we'll deliver above the $140 million target.  **[XYL_3382118_9]** 

11. **Simplification and Areas for Improvement**  
    **Q:** Which areas need more focus for improvement?  
    **A:** We need to simplify our business to better serve customers and colleagues.  **[XYL_3382118_10]**  Over the years, complexity has impacted our margin profile. By focusing on commercial execution, reducing complexity in product offerings, and improving customer interactions, we expect significant benefits.  **[XYL_3382118_10]** 

12. **Initial Impressions of New Leadership**  
    **Q:** How is new leadership impacting the company?  
    **A:** In our first **100 days**, we're building on momentum and executing on a great platform.  **[XYL_3382118_7]**  We've refined strategic priorities around value capture from the Evoqua transaction, simplification, and scaling services.  **[XYL_3382118_7]**  Culturally, we're fostering a high-impact culture with strong alignment across the organization.  **[XYL_3382118_7]** 

13. **Orders and End-Market Dynamics**  
    **Q:** Any notable changes in orders or end markets?  
    **A:** Orders show good momentum with pro forma organic growth at **7%** and book-to-bill greater than **1**.  **[XYL_3382118_8]**  Demand remains healthy across most end markets, supported by favorable drivers and government funding.  **[XYL_3382118_8]**  We're closely watching the Applied Water segment due to softness in Europe and emerging markets.  **[XYL_3382118_8]** 

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- Total Revenue: $2,104 million (+1% YoY)  **[0001524472-23-000041_xyl-20230930.htm:43]** **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:1]**   
- Water Infrastructure: $623 million (down **22%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:31]** **[0001524472-24-000045_xyl-20240930.htm:30]** **[0001524472-24-000045_xyl-20240930.htm:9]**   
- Operating Income (EBIT): $28 million (down **85%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:43]** **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:1]**   
- Net Income: $217 million (**+43%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:43]** **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:1]**   
- SG&A: $445 million (down **9%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-23-000041_xyl-20230930.htm:51]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:48]**   
- R&D: $55 million (down **10%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-23-000041_xyl-20230930.htm:51]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:48]**   
- Basic EPS: $0.90 (**+41%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-24-000045_xyl-20240930.htm:42]** **[0001524472-24-000045_xyl-20240930.htm:1]**   
- Other Region Revenue: $158 million (**+10%** YoY)  **[0001524472-23-000041_xyl-20230930.htm:1]** **[0001524472-24-000045_xyl-20240930.htm:9]**   

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0a3b107715e1ba9868e676878fa356f396b6962eaaf01342ab06dcbc9eb838e1

| Year | Amount Due (in millions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|--------------------------|-----------|-------------------|-----------------|
| 2024 | 17 **[0001524472-24-000045_xyl-20240930.htm:17]** | Short-term borrowings and current maturities of long-term debt **[0001524472-24-000045_xyl-20240930.htm:17]** | N/A **[0001524472-24-000045_xyl-20240930.htm:17]** | 0.9% = (17 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2025 | 17 **[0001524472-24-000045_xyl-20240930.htm:17]** | Equipment Financing **[0001524472-24-000045_xyl-20240930.htm:17]** | N/A **[0001524472-24-000045_xyl-20240930.htm:17]** | 0.9% = (17 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2026 | 500 **[0001524472-24-000045_xyl-20240930.htm:17]** | 3.250% Senior Notes **[0001524472-24-000045_xyl-20240930.htm:17]** | 3.250 **[0001524472-24-000045_xyl-20240930.htm:18]** | 25.1% = (500 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2028 | 500 **[0001524472-24-000045_xyl-20240930.htm:17]** | 1.950% Senior Notes **[0001524472-24-000045_xyl-20240930.htm:17]** | 1.950 **[0001524472-24-000045_xyl-20240930.htm:18]** | 25.1% = (500 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2031 | 500 **[0001524472-24-000045_xyl-20240930.htm:17]** | 2.250% Senior Notes **[0001524472-24-000045_xyl-20240930.htm:17]** | 2.250 **[0001524472-24-000045_xyl-20240930.htm:18]** | 25.1% = (500 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2032 | 75 **[0001524472-24-000045_xyl-20240930.htm:17]** | Equipment Financing **[0001524472-24-000045_xyl-20240930.htm:17]** | N/A **[0001524472-24-000045_xyl-20240930.htm:17]** | 3.8% = (75 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |
| 2046 | 400 **[0001524472-24-000045_xyl-20240930.htm:17]** | 4.375% Senior Notes **[0001524472-24-000045_xyl-20240930.htm:17]** | 4.375 **[0001524472-24-000045_xyl-20240930.htm:18]** | 20.1% = (400 / 1994) * 100 **[0001524472-24-000045_xyl-20240930.htm:17]** **[0001524472-24-000045_xyl-20240930.htm:17]** |

df6d8bdbee8b5534e95079a0bb01c2e9291a15e12ce19e723dd1547f86301b1b

955286b7239ed91cda09aac60c06bc0755d1bebbf96ff3f1a49fdea05909638e

1. **Second Half Guidance**  
   **Q:** Any change to second half expectations?  
   **A:** Management confirmed there's **no change to second half expectations**, and they increased full-year revenue guidance to **5%–6%** due to accelerated performance in M&CS.  **[XYL_3394993_7]** 

2. **Water Infrastructure Margins and China**  
   **Q:** What's impacting Water Infrastructure margins and China exposure?  
   **A:** Margins were affected by an acquisition last year that had unusually high margins, but **price cost remained positive**. China exposure is largest in Water Infrastructure; China has been **lumpy** with some large projects delayed.  **[XYL_3394993_16]** 

3. **Applied Water Outlook**  
   **Q:** Can Applied Water return to growth before year-end?  
   **A:** Third quarter is expected to be down **low single digits**, with fourth quarter **closer to zero**. The decline is mainly in developed markets, but teams are leveraging technology to win larger projects and aim to return to growth next year.  **[XYL_3394993_17]** 

4. **M&A Activity**  
   **Q:** When will you resume M&A activity?  
   **A:** While focus is on integrating Evoqua, the company is **very active** with a strong pipeline and is preparing to execute on M&A opportunities, though timing is key.  **[XYL_3394993_9]** 

5. **Large Project Wins**  
   **Q:** Can you share details on large project wins?  
   **A:** They are seeing momentum in data centers, power transition, and semiconductors, with project wins in the **$7 million to $10 million** range. High-growth verticals are showing strong momentum.  **[XYL_3394993_10]** 

6. **MCS Margin Outlook**  
   **Q:** What is the expected margin impact in MCS?  
   **A:** Expecting about a **100 basis point** sequential decrease in margins in the back half due to mix headwinds from energy deployments.  **[XYL_3394993_18]** 

7. **Backlog Normalization**  
   **Q:** How will backlog trend as you work through past due?  
   **A:** Backlog remains strong but will **normalize** as the M&CS past due backlog is worked down, reflecting robust demand across end markets.  **[XYL_3394993_8]** 

8. **MCS Order Pipeline**  
   **Q:** Will MCS orders recover to support growth?  
   **A:** There is significant runway in AMI adoption, and despite backlog burn, expectations are aligned with the long-term framework, with growth anticipated.  **[XYL_3394993_11]** 

9. **Working Capital Improvements**  
   **Q:** Will 80/20 initiatives improve working capital?  
   **A:** Yes, 80/20 will enhance efficiency with faster-moving inventory and reduced complexity, benefiting cash conversion **in 18 to 24 months**.  **[XYL_3394993_12]** 

10. **Service Business Integration**  
    **Q:** How is integration with WSS improving results?  
    **A:** Combining services has increased synergies, offering turnkey solutions, improved technician utilization, and is driving fast revenue synergies.  **[XYL_3394993_14]** 

e1b5f79dc2d97bb45584736288b4e7ab58207a35a967e652d07daf7b19257ff2

- **Strong demand and orders growth**: Xylem reported that **pro forma organic orders grew by 7%**, more than double the reported organic growth, with a **backlog increase of 4%**, indicating sustained demand across most end markets.  **[XYL_3382118_8]**
- **Significant margin expansion in M&CS segment**: The Measurement & Control Solutions segment delivered an **EBITDA margin increase of 550 basis points**, with expectations to **exit the year at record margins** due to operational efficiencies and productivity initiatives like the **80/20 initiatives**.  **[XYL_3382118_13]**
- **Successful integration of Evoqua**: The integration of Evoqua is proceeding well, with **cost synergies tracking to meet the $100 million run rate**, and **revenue synergies ramping up**, contributing to overall growth and profitability.  **[XYL_3382118_5]**

d1017da28573aadd37bed4c41d02e6a8020b480056ec6b1b9541635e2f91a296

- **Strong and resilient demand in the Water Infrastructure segment**, with order rates being robust and **resilient demand in both developed markets and emerging markets excluding China**.  **[XYL_3362947_22]**
- **Positive secular trends**, including **water scarcity**, **aged infrastructure**, and **water quality concerns**, are **buoying the business**, along with **government funding expected over the next 6-7 years globally**. The **Integrated Solutions and Services (ISS) business model**, with **75% services and aftermarket**, is **increasing cash flow diversity** as we move into **2024**, providing **great momentum**.  **[XYL_3362947_12]**
- The **Idrica partnership is exceeding expectations**, with **over 200 customers engaged globally**, resulting in a **tremendous pipeline build** and **significant contract wins**, such as a **$40 million AMI deal in the U.S.** and **$20 million of treatment and metrology in Europe**. This is enabling **bundling of offerings and pull-through of products and solutions**, which is **really exciting**.  **[XYL_3362947_17]**

7b60f7463e8de0f231f612a2d486a67938199eccecd0a6a60231137dde6fa5a5

- The company is experiencing **weakness in the Middle East** and in its **Applied Water business**.  **[XYL_3362947_16]**
- **Pricing is expected to moderate in 2024**, which could impact margins as previous price increases are lapped.  **[XYL_3362947_13]**
- The **mix will continue to be lumpy**, especially due to energy, potentially affecting profitability into 2024.  **[XYL_3362947_13]**

0010c1994122ae0a2507b986c3675b163368fe9cd3ef2539e9dcc2ee2fd4f400

- The **Applied Water segment remains challenged**, with low single-digit declines expected due to softness in developed markets, indicating potential continued weakness.  **[XYL_3394993_7]**
- **Orders in the Measurement & Control Solutions segment were down**, possibly signaling future revenue headwinds despite management attributing this to project timing.  **[XYL_3394993_7]**
- In **China**, the company experienced weakness in the treatment business, with only **low single-digit growth**, raising concerns about growth prospects in that important market.  **[XYL_3394993_19]**

1d29c837ae0ef67b5245bbeb85cd39a44c10e3588dd1a88cc6f0295588b904a9

- **Management expects flat revenue in China for 2024 due to funding delays and economic interventions**.  **[XYL_3371967_9]**  This could limit growth in an important market.
- **Applied Water segment is experiencing "lumpiness" and potential softness**, particularly in residential and agriculture applications in the U.S. and Western Europe.  **[XYL_3371967_7]**  This may negatively impact revenues in this segment.
- **Margin expansion may be limited due to increased investments**, with management acknowledging that investing in growth opportunities will put pressure on significant accretion from synergies and productivity gains.  **[XYL_3371967_13]**  This could affect profitability despite anticipated cost synergies from the Evoqua integration.

800c26eb70dd7d56b60b5524c45ccc7d1d4d0f8ae8b4a6aff26595c60568b6a0

1. **MCS Growth Outlook**  
   **Q:** Will MCS growth normalize next year?  
   **A:** Management expects Measurement & Control Solutions (MCS) growth to normalize to high single digits next year. They have caught up on past due backlogs and anticipate positive results, though there may be timing differences between the first and second half. Demand remains strong, with the smart metering business operating at its long-term framework.  **[XYL_3405057_6]** 

2. **China Sales Weakness**  
   **Q:** How is the sales performance in China?  
   **A:** China's revenue declined, with Q3 orders down mid-teens and revenue down low single digits, decelerating throughout the year. Tight liquidity and economic challenges are causing project delays, especially for municipalities, impacting water infrastructure and building services markets. Management expects the softness to linger short term but believes China will return as a significant growth area.  **[XYL_3405057_9]** 

3. **Idrica Acquisition**  
   **Q:** What's the impact of acquiring Idrica?  
   **A:** By taking a majority stake in Idrica, Xylem aims to integrate and rationalize R&D investments, leverage Idrica's platform company-wide, and drive synergies and efficiencies. This will enhance their ability to scale and address utilities' data management needs. The financial impact this year is minimal, with closing expected in December; more details will be provided next year.  **[XYL_3405057_10]** 

4. **Applied Water Recovery**  
   **Q:** Has Applied Water reached its bottom?  
   **A:** Applied Water has been the most challenged segment, with low single-digit declines. Management believes they're close to the bottom and expects growth rates to improve in Q4 and into 2025. Winning larger projects will support recovery, though some pressure may arise from 80/20 implementation decisions.  **[XYL_3405057_11]** 

5. **Margin Progression**  
   **Q:** Why will margins decline in Q4?  
   **A:** The anticipated margin decline in Q4 is due to portfolio mix. Water Infrastructure, which has a lower margin, increases seasonally in Q4. Additionally, MCS has more energy exposure versus water in the back half. No significant costs from 80/20 implementations are impacting margins.  **[XYL_3405057_13]** 

6. **Pricing Impact**  
   **Q:** Are you still able to get incremental pricing?  
   **A:** Yes, management continues to achieve positive pricing across all segments. They've targeted to be price/cost positive, achieving a price/cost spread of about **60 basis points** in the third quarter, with MCS contributing over **200 basis points**. Efforts from the 80/20 implementation and leveraging differentiation are expected to continue providing pricing tailwinds into next year and beyond.  **[XYL_3405057_8]** 

7. **Portfolio Optimization**  
   **Q:** When will we see impact from portfolio segmentation?  
   **A:** Significant impacts from portfolio segmentation and 80/20 initiatives are expected next year. Implementations are happening in Q4 2024, with results starting to show in Q1 2025. While there may be some pressure on the top line initially, they remain committed to a **4%-6%** growth outlook over the next three years.  **[XYL_3405057_7]** 

8. **WSS Project Delays**  
   **Q:** How are delays affecting WSS projects?  
   **A:** Water Solutions & Systems (WSS) experienced project delays due to elongated negotiations and uncertainties like elections and interest rates. These are not cancellations but timing issues. Management expects some softness to continue in Q4, with a pick-up at the beginning of next year. Fundamentals remain strong with high demand for unique solutions.  **[XYL_3405057_4]** 

9. **Dewatering Business**  
   **Q:** Any impact from storms on dewatering?  
   **A:** Storm events had minimal impact on the dewatering business, affecting it only marginally. Despite some softening in specific mining applications, the dewatering segment was resilient and performed strongly in Q3.  **[XYL_3405057_12]** 

a6ea23ffbf786c1f115f76c5060a6b232704d3f97a735377bfed9d77b22a2e72

- **Strong financial performance with raised full-year guidance**: Xylem delivered a very strong quarter, exceeding expectations on all metrics, with an **11% adjusted EPS growth** and an increase of **adjusted EBITDA margin by 170 basis points**  **[XYL_3394993_0]** . The company raised its full-year revenue guidance to **5% to 6%** and increased its EPS guidance by **$0.06** from the prior midpoint, reflecting confidence in sustained growth  **[XYL_3394993_7]** **[XYL_3394993_0]** .
- **Robust demand and momentum in key high-growth verticals**: The company is experiencing **strong demand** across most of its end markets, particularly in **water infrastructure** and **treatment**, with treatment orders up **over 20%** driven by large project wins  **[XYL_3394993_7]** **[XYL_3394993_19]** . Xylem is seeing continued momentum in high-growth verticals such as **pharmaceuticals, life sciences, microelectronics, and power**, driven by global challenges like **climate change and water scarcity**, which are expected to sustain robust demand  **[XYL_3394993_7]** **[XYL_3394993_10]** **[XYL_3394993_15]** .
- **Successful integration of Evoqua and progress on operational initiatives**: The integration of Evoqua is progressing well, with **cost and revenue synergies** tracking positively, enhancing Xylem's capabilities in utility and industrial markets  **[XYL_3394993_0]** **[XYL_3394993_2]** . The company is also advancing its **80/20 operational initiatives**, expected to bring significant benefits starting in 2025, contributing to margin expansion and operational efficiency  **[XYL_3394993_0]** **[XYL_3394993_9]** .

4beea0ace1538915c38f29aa5a5505e6f9dde3daf91b8594040cdd43b563bb2c

1. **Margin Expansion Outlook**  
   **Q:** What's the path and opportunity for margin improvement?  
   **A:** **Matthew Pine** emphasized delivering the Evoqua value capture, accelerating margin expansion through productivity and operational excellence, and scaling the services business enabled by digital. He is focusing on simplifying water and driving a high-impact culture to achieve these goals.  **[XYL_3371967_5]** 

2. **Margin Expansion by Segment**  
   **Q:** How will margin improvement translate by segment?  
   **A:** **William Grogan** stated that the largest impact on margin expansion in 2024 will come from the **M&CS segment**. After chip supply issues resolved, they've added capacity, increased pricing, and aim to exit the year at near historic record levels of EBITDA margin.  **[XYL_3371967_11]** 

3. **Margin Expansion Offsets**  
   **Q:** What could offset expected margin expansion beyond 100bps?  
   **A:** **William Grogan** explained that ongoing investments to support significant growth opportunities across all segments will put pressure on margin expansion. This, along with potential macroeconomic factors, balances out the benefits from productivity and synergies.  **[XYL_3371967_13]** 

4. **China Sales Outlook**  
   **Q:** Could you provide more granularity on China performance?  
   **A:** **Matthew Pine** noted that China represents mid-single-digit percentage of revenue, with about **50%** tied to public utilities. Q4 orders were up **11%**, full-year orders up **10%**, but revenue hasn't converted due to funding delays. They expect China to be roughly flat in 2024.  **[XYL_3371967_9]** 

5. **Evoqua Revenue Synergies**  
   **Q:** Update on revenue synergy plans for Evoqua?  
   **A:** **Matthew Pine** reported progress in integrating Evoqua, appointing regional synergy leads, and creating the WSS segment to accelerate synergies. They are leveraging Evoqua's products through Xylem's global channels and have seen wins, such as in South Africa.  **[XYL_3371967_6]** **[XYL_3371967_16]** 

6. **M&A Pipeline**  
   **Q:** Should we expect bolt-on acquisitions in 2024?  
   **A:** **Matthew Pine** acknowledged a strong M&A pipeline and flexibility due to a strong balance sheet. While focusing on integrating Evoqua, they are considering small to medium bolt-ons and will share more on capital allocation at the Investor Day in May.  **[XYL_3371967_10]** 

7. **Pricing Strategy**  
   **Q:** How are you thinking about pricing for '24 and beyond?  
   **A:** **William Grogan** indicated that price expectations for next year will ramp down to just over **1%**, still higher than pre-pandemic levels. The 80/20 initiative will enhance pricing methodology and capture, especially for longer-tail customers.  **[XYL_3371967_8]** 

8. **Utility and Industrial Markets**  
   **Q:** What's the outlook for utility and industrial markets?  
   **A:** **Matthew Pine** stated that **CapEx momentum continues strong**, with treatment business orders up double digits globally. Utilities' OpEx revenue remains solid, and industrial markets show mixed performance, with strength in power, life sciences, and microelectronics.  **[XYL_3371967_7]** 

9. **Backlog and Chip Supply**  
   **Q:** When will past due backlog in M&CS normalize?  
   **A:** **Matthew Pine** said they've reduced past due backlog from **30%** at the start of 2023 to **20%** by year-end. They expect to clear most of the backlog in 2024, with chip supply issues largely resolved and no internal capacity limitations.  **[XYL_3371967_14]** 

10. **Connected Utility (Endrica Partnership)**  
    **Q:** How meaningful is the Endrica partnership near term?  
    **A:** **Matthew Pine** is bullish on the partnership, aiming to lead in aggregating utility data. They've made significant global progress, building a strong pipeline and securing wins across various regions, adopting a "land and expand" strategy.  **[XYL_3371967_15]** 

f96fcc168acc03b9376875003d4d74dbe581ba9c320b2ad78d965b54edfd97a2

- **Weakness in the Applied Water segment**: Xylem's Applied Water segment is experiencing softness, particularly in Europe and emerging markets, with orders down in these regions. The company expects a **low single-digit revenue decline** in this segment for the year, indicating potential challenges in demand.  **[XYL_3382118_11]**
- **Potential margin pressure due to unfavorable mix**: In the Measurement & Control Solutions (M&CS) segment, while margins were strong in the first quarter, the company anticipates **unfavorable mix impacts** in the second half of the year as **lower-margin projects**, especially in the energy space, are shipped. This could lead to normalized margins and limit margin expansion.  **[XYL_3382118_13]**
- **Complexity impacting margin profile**: The CEO acknowledged that as the company has built its platform over the years, **complexity has conspired against us**, affecting their **margin profile**. The need to simplify the business suggests that operational inefficiencies may be hindering profitability.  **[XYL_3382118_10]**

1313fb9decbc76c12a8849a86bcbfa231a1daa594f8d748c7179f2d43932b5b1

Xylem Inc (XYL)

Financials