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Xylem announces participation at upcoming investor conferences.

WASHINGTON, October 16, 2023 --( BUSINESS WIRE )--Xylem Inc. (NYSE: XYL), a leading global water technology company dedicated to solving the world’s most challenging water issues, announced today that it will participate in the following upcoming conferences:

Baird Global Industrial Conference, November 7, 2023, Chicago – Matthew Pine, Chief Operating Officer; Bill Grogan, Chief Financial Officer; and Andrea van der Berg, Vice President of Investor Relations, will present and participate in investor meetings.

Melius Research Industrials Conference, December 6, 2023, New York City – Matthew Pine, Bill Grogan and Andrea van der Berg will participate in investor meetings.

Replays of the webcasts will be available for 90 days on Xylem’s Investor Relations website at www.xylem.com/en-us/investors .

About Xylem

Xylem (XYL) is a leading global water technology company committed to solving the world’s critical water, wastewater, and water-related challenges through technology, innovation, and expertise. Our more than 22,000 diverse employees delivered combined pro forma revenue of $7.3 billion in 2022. 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 in the effort at www.xylem.com and Let’s Solve Water.

Xylem uses our Investor Relations website, www.xylem.com/en-us/investors , as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231016898740/en/

Media Houston Spencer +1 (914) 323-5723 [email protected]

Investors Andrea van der Berg +1 (914) 260-8612 [email protected]

• Transcripts

Xylem Inc. (XYL) Q2 2024 Earnings Call Transcript

Xylem Inc. ( NYSE: XYL ) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET

Company Participants

Andrea van der Berg - Vice President, Investor Relations Matthew Pine - Chief Executive Officer Bill Grogan - Chief Financial Officer

Conference Call Participants

Deane Dray - RBC Capital Markets Mike Halloran - Robert W. Baird Scott Davis - Melius Research Nathan Jones - Stifel Nicolaus Joseph Giordano - TD Cowen Andrew Kaplowitz - Citigroup Bryan Blair - Oppenheimer

Good day, everyone, and welcome to the Xylem's Second Quarter 2024 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Andrea van der Berg, Vice President of Investor Relations. Please go ahead.

Andrea van der Berg

Thank you, Operator. Good morning, everyone, and welcome to Xylem's second quarter 2024 earnings call. With me today are Chief Executive Officer, Matthew Pine; and Chief Financial Officer, Bill Grogan. They will provide their perspective on Xylem's second quarter 2024 results, and discuss the third quarter and full-year outlook. Following our prepared remarks, we will address questions related to the information covered on the call. I'll ask that you please keep to one question and a follow-up and then return to the queue.

As a reminder, this call and our webcast are accompanied by a slide presentation available in the Investors section of our website. A replay of today's call will be available until midnight August 6. Additionally, the call will be available for playback via the Investors section of our website under the heading Investor Events.

Please turn to slide two. We will make some forward-looking statements on today's call, including references to future events or developments that we anticipate will or may occur in the future. These statements are subject to future risks and uncertainties such as those factors described in Xylem's most recent annual report on Form 10-K and in subsequent reports filed with the SEC. Please note that the company undertakes no obligation to update any forward-looking statements publicly to reflect subsequent events or circumstances and actual events or results could differ materially from those anticipated.

Please turn to slide three. We have provided you with a summary of our key performance metrics including both GAAP and non-GAAP metrics with references to prior year segment metrics being made on a comparative basis reflecting the change in segment as of the beginning of the year. For purposes of today's call, all references will be on an organic and/or adjusted basis unless otherwise indicated. And non-GAAP financials have been reconciled for you and are included in the Appendix section of the presentation.

Now, please turn to slide four, and I will turn the call over to our CEO, Matthew Pine.

Matthew Pine

Thanks, Andrea. Good morning everyone, and thank you for joining us today. It's a pleasure to report the achievements of the Xylem team in the second quarter. As you've seen in this morning's release, the team delivered another very strong quarter, outperforming expectations on all metrics. With high single-digit organic growth reflecting gains in both volume and price, the team also expanded adjusted EBITDA margin 170 basis points. And with that outperformance, we delivered adjusted EPS growth of 11%. The story of the second quarter is similar to Q1. On the demand side, our largest markets continue to be resilient.

Internally, our outperformance is driven by increasingly disciplined operational execution by the team. This kind of performance momentum is only possible when the whole team is engaged in line to make a difference. And I want to say a big thank you to the whole Xylem team for the dedication and drive they've demonstrated through the first-half of the year. While there were a lot of highlights across the team, I particularly want to mention the standout performance in Measurement & Control Solutions. MCS segment revenue was up 26%, and EBITDA margins are up 700 basis points versus this time last year. The team is doing an outstanding job.

Our first-half performance is a reflection of the value creation direction we set early in the year and discussed at Xylem's Investor Day, in May. That direction includes both resilient above-market growth and accelerated margin expansion. It's gratifying to see the kind of momentum reflected in our quarterly performance. In addition, our simplification initiatives in our work on 80/20 are progressing well, and are set to pay off beginning in 2025.

Turning to the integration of Evoqua, in late May, we passed the one-year anniversary of our combination with Evoqua. The combination continues to reveal its value. Cost synergies are well on track, and the team is looking to accelerate our pace wherever possible. And our commercial teams are successfully taking Xylem's combined capabilities to the many customers who will benefit from our integrated solutions, both in utility and industrial end markets. With Evoqua integration on track, strong momentum from the first-half, resilient demand, and the team's increasing operational commercial discipline, we're raising our full-year guide for both revenue and margin, increasing our EPS guidance $0.06 from the prior midpoint.

In a moment I'll provide an update on our high-impact culture and our leadership alignment, and also on our industry-leading 2030 sustainability goals, but first I'm going to turn it over to Bill to double-click on the quarter's results, our financial position and our outlook. Bill?

Bill Grogan

Thanks, Matthew. Please turn to slide five. Q2 was another great quarter, and I want to thank our entire organization for their amazing work. We outperformed against our guide across revenue, margin, and earnings per share. We continue to see resilient demand, and our backlog is at $5.2 billion, a modest decline from prior year as we execute on MCS past due backlog. Book-to-bill was approximately one, supported by strength in water infrastructure, while organic orders were down 1% in the quarter driven by project timing within MCS and WSS. Total revenues grew 26%, and organic revenue rose 9%, exceeding our guidance on a healthy combination of volume and price.

Outperformance was led by MCS and WSS, as we saw growth in all regions led by double-digit growth in the U.S. EBITDA margin was 20.8%, up 170 basis points from the prior year, with productivity savings, strong volume and price more than offsetting inflation, investments, and mix. This reflects incrementals of 28% on a consolidated basis, and 50% on a pro forma basis. Our EPS in the quarter was $1.09, above the high end of our guidance by $0.04 and up 11% over the prior year.

Our balance sheet is strong with net debt to adjusted EBITDA at 0.7 times. Year-to-date free cash flow was up 200% versus the prior year. And conversion of 62% is strong given seasonality. This year-over-year improvement was driven by higher net income, offset slightly by increased CapEx. And, we continue to benefit from improved working capital efficiency.

Please turn to slide six. Measurement and Control Solutions had another great quarter, and again, exceeded our expectations. MCS revenue is up 26% driven by smart metering demand and backlog execution. However, due to project timing orders were down 18% and book-to-bill came in under 1. We worked down past to backlog. And total backlog for MCS now sits at roughly $2 billion, A 12% organic decrease from prior year.

We finished the quarter with impressive EBITDA margins of 23.4%, up 700 basis points versus the prior year and up 70 bps sequentially. Margin expansion was driven by volume, price, productivity, and favorable mix, more than offsetting inflation. As a reminder, we continue to expect a margin headwind from mix in the second-half as energy meters account for a larger portion of our sales.

In Water Infrastructure, orders were up strong, 8% in the quarter, led by robust treatment demand. Revenue exceeded our expectations with total growth of 22% and organic growth of 7%, driven by healthy demand across all regions and applications. Adjusted EBITDA margin for the segment was down 60 basis points with roughly 40% pro forma incrementals. This decline was driven by inflation and acquisition, but was offset partially by productivity, volume, and price.

Without the impact of acquisitions, adjusted EBITDA margin improved 40 basis points for the quarter. In Applied Water, orders were up 5% and book-to-bill was greater than 1, reflective of a few large project wins which will ship next year. Revenues were down 4% in line with our expectations lapping strong comps and 12% growth in the second quarter of last year. Decline was primarily driven by softness in developed markets. Segment EBITDA margin declined 200 basis points year over year, but increased 100 basis points sequentially. Higher inflation and unfavorable mix was partially offset by productivity savings.

Closing the segments with Water Solutions and Services, orders declined 1% organically driven by timing of large capital projects, offset by strength in the watering. Organic revenue was up 12% with healthy growth across most of the business. Adjusted EBITDA margin was strong at 23.8%. Up 60 basis points and driven by volume, productivity, and price. Offset in part by unfavorable mix and inflation. Two quarters in re-segmentation, we continue to see synergy momentum and benefits for our customers in combining our service-based offerings.

Now, let's turn to slide seven for updated full-year and Q3 guidance. Given our first-half outperformance and both commercial and operational momentum, we are raising our full-year guide. We are increasing our revenue guide by approximately $50 million, up from $8.5 billion. This reflects an additional 0.5 point of growth at the midpoint versus our prior guidance. That will put total revenue growth at approximately 16% and organic revenue growth at 5% to 6%. The integration is going smoothly and we continue to expect $100 million of exist run rate cost synergies in 2024 with a potential to accelerate by yearend.

We are confident about driving further margin expansion with operational productivity and are raising our EBITDA margin guidance to about 20.5%. That represents 160 basis points of expansion versus the prior year, driven by higher volume, productivity including cost synergies and price offsetting inflation. Our updated EPS guidance of $4.18 to $4.28 reflects an increase of $0.06 at the midpoint.

Free cash flow conversion for the year is now expected to be over 120% of net income. The full-year outlook at the segment level remains largely unchanged with the exception of MCS, which we now expect to grow at high teens during our first-half performance versus our previous outlook of low teens. For the quarter, we anticipate revenue growth will be 3% to 5% on a reported and organic basis.

We expect third quarter EBITDA margin to be in the range of 20.5% to 21%, up 70 to 120 basis points, driven by higher volumes, continued price realization, and productivity gains. This yields third quarter EPS of $1.07 to $1.12. Our diversified portfolio of mission-critical products and services positions us well to address our customers' evolving needs, and we anticipate healthy demand across most end markets and applications. And we talked about our driving profitability through simplification efforts and our 80/20 implementations at the Investor Day in May. We are progressing well on those initiatives, and I want to reiterate our commitment to systematic margin improvement through operational excellence, supporting our long-term profitability framework. While we are closely monitoring the macro environment, including geopolitical, election uncertainty, and tariffs, our overall outlook for the year remains positive.

With that, please turn to slide eight. And I'll turn the call back over to Matthew for closing comments.

Thanks, Bill. I'd like to mention two events in the quarter that don't show up in the financial results but are fundamental to Xylem's success and impact. First, in June, just a few weeks after our Investor Day, we gathered Xylem's global leadership team in Washington, D.C. This was the first time we had our top 150 executives in one room, spanning legacy Xylem and legacy Evoqua. It was an energizing two days of collaboration focused on the work of leadership alignment and culture. I've spoken before about culture as the fundamental how Xylem -- how we'll deliver stronger execution of our strategy? How we'll realize our aspirations? How we'll create our next chapter of Xylem's impact. You can see in our second quarter results that the team is already working well and winning.

What our Leadership Summit reinforced was how much more value creation potential we have ahead of us, with an aligned team and a high-impact culture. It was fantastic to see the team so engaged by the opportunities ahead of us. Last quarter also saw the publication of our annual sustainability report. We're very pleased to be tracking well towards our 2025 goals, but we took the opportunity presented by this year's report to set out our aspirations beyond 2025.

We're raising the bar again by setting 2030 sustainability goals in three strategic areas. The first is decarbonization, reducing our own greenhouse gas emissions and enabling our customers to decarbonize. Secondly is water stewardship aimed at reducing water demand, and finally, we'll provide access to water, sanitation, and hygiene for 80 million people. All three strengthen our customer relationships and increase our impact. Before turning to your questions, I have one more special note. This is Andrea van der Berg's last quarterly earnings call at the helm of Investor Relations.

We're happy to announce that Andrea's taking on a new role within Xylem, and it's an exciting new opportunity for her. Over the years, so many of you have told me you deeply value Andrea's energy, accessibility, and professionalism, and I've benefited from her insightful counsel and positive encouragement in every circumstance.

So, thank you, Andrea. Some of you have already met Keith Muller, who's taking the reins as our investor relations leader. Keith has had great impact as the Head of Finance in Water Solutions and Services segment, having joined us with the Evoqua combination more than a year ago. He brings deep knowledge of the business to his leadership of IR. And I'm confident you'll enjoy getting to know Keith and will find great value in his insights and perspectives.

And with that, let's go to your questions.

Question-and-Answer Session

And we will now begin the question-and-answer session. [Operator Instructions] And at this time, we'll pause momentarily for the first question. And our first question today will come from Deane Dray with RBC Capital Markets. Please go ahead.

Thank you. Good morning, everyone.

Hey, good morning, Dean.

Hey, I'll add my welcome to Keith, and wish Andrea best of luck and thanks for all your help.

Thank you, Dean.

Hey, maybe we can start with 80/20, and I'll also make the observation you can see 80/20 at work in your conference call prepared remark and slides, and how much they've been slimmed down, and you get right to the point. So, really appreciate that. So, 80/20, I know you say the payoff is likely a 2025 of that, but we heard lots of specifics at the Analyst Day on the rollout. So, any updates you can share, I know we're still in the early innings, but you had Applied Water North America initially, MCS initially, any early actions, and what can you share? Thanks.

Yes. No, no, happy to give an update. So, again, the teams are progressing well. Like you said, we have three businesses in the thick of implementing the toolset. North American AWS and North American M&CS smart metering businesses, they're a few months ahead of global transport that kicked off in the second quarter. And we actually just had a kickoff for Applied Water, in Europe, that started on their journey last week.

AWS and smart metering have gone through their initial quads and quartile analysis. And now they're working through the [need] (ph) of segmenting their businesses, how they want to support their ongoing customer base, and building their [zoom up] (ph) P&Ls really highlighting the appropriate level of resources they need to run those businesses. They've come out with some initial price increases. Again, those benefits take a little while to work their way through the backlog. So, again, no material short-term benefit, but we see a significant pickup at the end of this year, leading into 2025, where we'll see a more material P&L hit or pickup. The teams are focusing on communicating with their customers and how their toolset is going to impact them, really talking to their largest customers on how these changes will benefit them in the long-term, really improving the overall experience with Xylem as we bring new product innovation to them faster, improve our delivery and quality to them, so a lot of excitement around the toolset externally for their customer bases.

So, progress continues. I think we're right on schedule. Again, confident in the value 80/20 is going to bring and provide for us over the next several years, really in line with what we highlighted in the additional impact the toolset is going to have in the framework we laid out back in Investor Day.

That's a really helpful update, Bill. Thanks. And given that most of the operating results, so are either as expected or a little bit better. I could ask a broader industry question, if I could, just implications on the Supreme Court overruling the Chevron doctrine, I know we're still in the early innings, but any kind of high level thoughts what the ripple effects might be in PFAS remediation at the federal level, the super-fun timing? And look, I know it's not in your numbers, it's not in your three-year guide, but just the idea here is what might the implications be? And I can see that, at state level, that's where all the remediation efforts have been going in any way. And the states, like California, are not waiting for the federal government to lead the way. So, just from your perspective and insight, how do you think this plays out?

Thanks for your question, Deane. We didn't see this one coming. If you asked us three months ago, this was not on our radar. So, we're reacting to lots of different volatility out in the marketplace. But the Supreme Court striking this down, the Chevron doctrine, it does introduce some uncertainty in some regulations and federal laws, there's the risk of being challenged, much like the EPA's final rule on PFAS, to your point. Additionally beyond that, Deane, there's litigation ongoing already that's challenging EPA's cost estimates used to set the MCL level, the maximum contaminate level, that four parts per trillion, as you're aware. And it's only going to potentially push out what's already a long phasing timeline of three years to test and five years to mitigate PFAS.

So, to your point, we think, ultimately, the states are going to fill in the gaps if the national PFAS regulation is reversed. We don't really anticipate that, but if it does you've got about 11 states today that have MCL, the maximum contaminate level for PFAS in drinking water already, even another 12 states that have some kind of PFAS regulation around guidance health or notification levels, things of that nature, and that's over half the U.S. population. So, while it may stumble a little bit out of the gates and there's going to be some challenges, that we're already seeing challenges in litigation, that's why we didn't bake it into our long-term framework. We just think it's too far out. But we stand ready to and well-positioned to partner with utilities, and we have partnered with utilities, as you know, and helping them manage this and other emerging contaminants. So, more to come, but that's kind of what we think.

It's real helpful. Thank you.

And our next question will come from Mike Halloran with Baird. Please go ahead.

Mike Halloran

Hey, morning, everyone. Thanks, Andrea.

Thanks, Mike.

So, just level-setting some stuff here, if I look at -- obviously very healthy margins on the quarter, and Bill's earlier comment on the momentum there holds. But if you think about your demand commentary as well as how you're characterizing the second-half of the year, it doesn't feel like much has changed from a trend, thought process on how you're guiding the second-half of the year. Just want to clarify that and any thoughts around that?

Yes, Mike. No change or expectations for the second-half. Yes, I think it's playing out exactly how we thought when we gave our update last quarter. Yes, with the exception that we had some accelerated performance in M&CS, which drove us to take up our full-year guide, we increased our full-year revenue guidance up to 5% to 6% and some timing of capital projects in WSS that drove better results in the second quarter. Sequentially, Q3 looks a lot like Q2 from a dollars perspective, which is more challenging year-over-year comps really driving the lower implied organic growth rate. So, we're still confident, bullish in most of our end markets. The macro noise that we highlighted is there's things out there, but from our perspective, we don't see material impact or any signaling of expected slowdown for us.

M&CS, there's still high demand for our smart metering products and our differentiated AMI network. Orders were down, but again, that's primarily just project timing. There's still a strong funnel of large deals in the U.S. and Europe and we had several wins recently, a really good one that leverages synergy sale with the [Adrica] (ph). So, the team continues to do an excellent job of finding new projects and winning new business. WSS, again, really strong growth, just really the timing of capital projects there, but they still have strong demand across the legacy ISS and the watering business. They had some orders lumpiness. Again, we had a huge build on operate project last quarter. We have a couple more of those in the funnel that could be realized in the orders here over the back-half of the year. So, really nothing there that is any concern, so bullish around kind of their high growth verticals.

Water Infrastructure, again, really strong performance on healthy demand, high-single-digit orders with growth across all the regions, treatment was up over 20% with some large project wins. The Transport business is one of our most differentiated business, and continues to perform well. So, our developed markets and pretty much all our applications within WI are doing extremely well.

AWS obviously is the one market that remains a little bit challenged. Again, it's our shortest cycle, most cyclical group of businesses. But what we've seen there has been pretty consistent with our expectations, kind of low-single-digit, second-half comps get a little bit easier, so they'll gradually get to a lower organic decline. And then some of the project wins that we highlighted in the prepared remarks, we'll start to get them back on the road to growth in 2025.

Super helpful. And then maybe some thoughts on how you think backlog tracks from here and what normal looks like once you work through the pass through backlog across a couple of segments, and how we think book-to-bill should track?

Yes. I would say backlog is still really strong. It declined slightly organically, that's primarily just us continue to work down the MCS past due backlog. That's a tough one to forecast just because of the lumpiness of some of the large projects within MCS and again just the new business opportunities within WSS on the build on operate. So, I think we'll bleed a little bit here as we progress the year, but still confident in kind of our long-term growth frameworks for the individual segments getting into 2025. So, I would say lumpiness probably gives us a little bit of caution to give you a specific number, but again, robust demand and outlook for most of our end markets.

And Bill, you mean bleed to a more normalized level because of the past due backlog normalization? Are you suggesting something different?

No, exactly. That's spot on.

Awesome, great. Thanks, everyone. Appreciate it.

And our next question will come from Scott Davis with Melius Research. Please go ahead.

Scott Davis

Hey, good morning everybody and congrats Andrea, on your move. Hey, guys, you didn't talk at all about capital deployment, which is fine because you still have Evoqua coming in. But is there a certain tipping point where you get more confident being able to do deals? Are we close to that? Are we there? Just some commentary would be helpful.

Good question. Again, like you mentioned, Scott, our first priority is to focus on the integration of Evoqua. And I think you can see from the results that we're doing a great job on both the cost synergies, they're tracking well as well as the revenue synergies. We have, Scott, built a lot of muscle on M&A over the past 18 months with the planning of Evoqua, now the passing one year of execution. So, we've started to build that muscle in the organization, which is going to help us going forward. Maybe the other thing I'd just reiterate that I said at Investor Day is that we've also put in place what I would call a strong bottoms up process in our M&A kind of acquisition process to drive more consistent organic growth and deployment. And I think that's going to help us over the cycle.

So, obviously, we just laid out the three year framework. It's not going to happen overnight, but I can tell you that we're very active and we have a very strong pipeline that we're managing. And it aligns well to the value mapping that we just finished up. So, again, we're going to continue to run those targets through our decision criteria, that strategic fit, financials has got to make sense. We're not going to do anything silly. And really to your point kind of organizational readiness, I think we're trending well, we've got good momentum and ready to execute our M&A pipeline. Some of it's just timing, but it is an important piece as we outlined at Investor Day to our EPS growth at mid-teens over the cycle. So, we're very active, but some of it's just timing and we're still in early innings.

Okay. Good question or a good answer. Thank you. And guys, I don't I'm sure you don't want to give a lot of detail here, but you referenced the large project wins. I assume those are domestic. Are they related to mega projects? Can you give us a little bit of color on kind of the scope and size historically versus how you kind of think about what large looks like? I mean, there're so many big semi plants, just stuff out there of scope that we've never seen before that love to get a little color from you on those projects, if you can.

Yes, I think back in Investor Day, we talked about data centers that's starting to ramp up for us, and especially in our applied water business. But I think we're positioned uniquely to, Scott in the fact that we also move water through pumping, we treat it and then we also sense for it.

So, as we're winning these kind of data centers, we can offer a more turnkey solution and we're kind of working at bottoms up as well as some of the actual providers that are building the data centers themselves. So, that's started to pick up some momentum. We had a nice win in applied water. We've had a couple actually kind of at the $7 million to $10 million range. And so, that's going well. Also, I'd say on the power transition, we highlighted a big win last quarter with green hydrogen.

And so, the water needed for that over a 20 year contract is big. We've got some other ones that have not kind of fit within the quarter that are in the pipeline that we have got a lot of momentum around as well around power and we see more and more consistency in the semiconductor space with microelectronics and the need for clean water. And a lot of these places have water scarcity issues. And so, the water reuse is super important there. So, I would say that, some of these high growth verticals, we're seeing momentum in big projects. And we don't see that slowing, we see it only continuing and it will be a little lumpy within WSS specifically, but we see good momentum and a good pipeline.

Okay. Thank you, and congrats on the first couple of quarters of the year here, well done. I'll pass it on.

And our next question will come from Nathan Jones with Stifel. Please go ahead.

Nathan Jones

Good morning, everyone.

Good morning.

I want to start off with some follow-up questions on MCS. Orders down in the quarter, I understand there's some lumpiness around that, but orders have been down have declined a little bit last couple of years, burning off some backlog in '23 and '24. Maybe you could just talk about the visibility into the order pipeline that you have to see that turnaround and start heading in the right direction to support growth. And with that, I know high-single-digits to long-term kind of guidance here, but you are burning a fairly significant amount of backlog down in 2024. Should we expect the 2025 growth to be a little bit lower than the long-term average because you're comping against that backlog burn?

Yes. I'd start us out here and then maybe turn it over to Bill. Again, just a reminder, we're still in fairly early innings to mid innings in AMI adoption. So, there's a lot of runway out there. And although it doesn't always show up in orders, we do obviously put some of the orders in backlog and it's or some of the contracts in backlog and how they convert to orders can be a little lumpy. And this is also a reminder that only 20% of that business is kind of big deals, 80% of it is book and ship or what we call flow. But Nate, just looking at the pipeline that I see, we've got a lot of room for continued growth in that business. And we don't see it slowing down. It's just a matter of timing, more than anything.

Yes. No, our expectation next year is that it will be in line with our long-term framework. It's just the backlog league to get us there. So, may be a little bit stronger before we get to kind of that high single-digits at some point in time next year.

Yes. And I think you had asked a few calls ago about where we are in past due. We expect to be almost complete with the past due backlog by the end of the year and probably wrap that up in Q1 of next year. So, that burn is happening and obviously leading to the increased guide and M&CS revenue at the high teens.

Second one I wanted to ask was on cash conversion. Obviously, the guidance has taken up to 120%. And I would think that 80/20 in the simplification initiatives should have an impact on working capital probably over the next at least couple of years that maybe drive cash conversion higher than the long-term average as you simplify the business, take inventory out, work on receivables and payables and stuff like that. So, any commentary you can give us on opportunities you're seeing in working capital as a result of these 80/20 and simplification initiatives. Thanks.

Yes. No, Nate, I think you're exactly right. That's a big part of the tool set as you start to reduce a lot of the complexity of the product portfolio. We get a lot more efficiency through just faster-moving inventory. Obviously, you reduced the complexity of a tremendous amount of long-tail customers and your DSO improves from that perspective. So, I totally agree, we'll see some benefits. The team does a phenomenal job right now with our overall cash conversion. But I think 80/20 will be able to take it to the next level. But I think that will be on the back end of the P&L benefits that we get. So, probably looking at as you get through the implementation, we said, hey, 12 to 18 months to realize the P&L benefits, it's probably in that 18 to 24 months. That's the second phase of simplification on the back end.

Made sense. Thanks very much for taking my questions.

Thanks, Nate.

And our next question will come from Joe Giordano with TD Cowen. Please go ahead.

Joseph Giordano

Hey, good morning, guys.

Hey, good morning, Joe.

Andrea, thanks for everything. You've been a huge help. If we -- if anything happens with water infrastructure, we'll now know who to blame on it.

Thank you, Joe. It's been a project.

A lot of my questions have been asked already, but maybe if you could touch on since moving the service business and combining it with WSS, like any like concrete kind of examples of how this is changing like conditions on the ground for you guys and leading to better results.

Yes, I can start this out. I mean I think that obviously, we did it for a few reasons. One is to increase our synergies because there is a lot of synergies when you now can move water and treat water. And so, now we're able to go in with the turnkey solution. We're already seeing probably that segment be the quickest to drive synergies, some of those we highlighted at the Investor Day. So, also, I'd say just a common tool set. When you think about back office, we had two service companies when we put the two companies together, the legacy vocal business was much more mature, had good processes and tools.

And now leveraging that across the entire services business has been a big help. And I think probably the biggest thing is, over time will be our technician utilization, being able to utilize technicians across the entire portfolio. Now everybody is not completely spungable, but say a third to half of your technicians now can flex and do other types of work that they were doing before. And it also gives our Aqua Pros as what we call them, a broader career path. So, I'd say there's different aspects of how we're seeing it play out, but it's the fastest part of our revenue synergy right now, and it's working well.

And then if I can ask maybe you talked about data center and stuff like that. If I think about like the large project pipeline at WSS and maybe also like general industrial-type exposure to infrastructure, are you seeing any bifurcation there because data center is definitely strong, but the commentary around large project activity in other sectors is kind of weakening. So, curious if you're seeing like puts and takes in any of those businesses there?

Not really. I mean, data centers that I think as I've mentioned, is not a huge part of our portfolio. It mainly shows up in Applied Water, although we've seen some synergies that we mentioned one of those in China at our Investor Day, but we've seen some other synergies where managing water at a data center as well as doing treatment. But it's not something that's going to be a big swing for us because it's not a large part of our business.

But in general, we're seeing high growth verticals like pharma, life sciences, microelectronics, power, continue to be really robust. And look, no matter what regulations are, whatever's happening from that perspective, what's happening around climate and water scarcity is driving a lot of interest. I mean, I get phone calls all the time from leaders and CEOs in different parts of the world that are dealing with some real challenging stuff in terms of being able to keep their operations open, or the quality of their water, because of maybe saltwater intrusion, dealing with a different type of water they're trying to treat. So, we don't see any real slowdown. We're in really strong high growth verticals. And datacenters is one that's not big for us, but we're going to take advantage of it while it's hot.

Thanks, guys.

And our next question will come from Andrew Kaplowitz with Citigroup. Please go ahead.

Andrew Kaplowitz

Good morning, everyone. Andrea, thanks so much for your help.

Thank you, Andrew.

So, Matthew, Bill, you mentioned inflation and water infrastructure and margin that segment after being up nicely in Q1, year-over-year was down a bit in Q2. I know you said that acquisition, that was acquisition-related, but could you give more color into what you're seeing on the price versus cost side, particularly in that segment? Did anything materially change or is it just lumpiness? And we know you have some China exposure in there, so maybe you could talk about the competitive environment in China?

Price-cost was positive there. I think the biggest impact, and that's why we highlighted just the acquisition element, second quarter last year, during the short time that APT was part of that segment, it had an unusually high margin. It was in the low 20s versus its normalized rate of the teens. So, that was the biggest difference. That's why we added in the pro forma margin expansion, 40 bps, and it was at 40% performance incremental. So, fundamentally, the profit there is still strong. It's sequentially improved. We expect it to continue to sequentially improve as we progress to the back-half and have year-over-year margin expansion.

I would say from a water infrastructure perspective, they do have probably the largest piece of our China exposure. China's been a little bit lumpy for us. It's actually the first-half it's been positive from a revenue perspective. The orders were down, but we see some of the larger projects, especially within treatment, continue to get delayed just as I think China is trying to figure out the overall economic situation and how they're going to fund several things across their investment framework. So, that's probably the one area we are continuing to keep our eye on as things just seem to be perpetually shifting to the right.

Very helpful. And then, just maybe focusing a little more on applied water, orders; as you said, look good, they were for long cycle projects, maybe talk about the short cycle market as you see it. Is the business sort of bouncing along the bottom? What's the channel telling you? And you obviously mentioned the easier comparison in the second-half of the year. So, I know you talked about applied water returning growth in 2025, but it couldn't do that before the end of the year.

Yes, I think third quarter is still down, low single digits. Fourth quarter is probably closer to zero. Again, it's relatively in line, I mean, sequentially, the dollar amounts. The decline is largely seen in developed markets and primarily in our commercial and industrial space. Again, from a macro perspective, the institutional ABI has been negative for 16 consecutive months. And we continue to see manufacturing PMI, which are good indicators for us for that business. But I give the teams a lot of credit. Matthew highlighted; they're making their own luck. They're leveraging their differentiated technology to win some of these larger projects to get back on a growth track into next year.

I appreciate all the color.

Thanks, Andy.

And our next question will come from Bryan Blair with Oppenheimer. Please go ahead.

Bryan Blair

Thank you. Good morning, everyone. Andrea, thank you very much for your help.

Good morning Bryan.

Thank you, Bryan.

Very solid quarter and MCS again, MCS's margin again stood out. I'm sorry if I missed this detail, but Bill, you have called out and been very upfront about there being some mixed headwinds going into the back-half with energy deployments. Are you willing to size that sequential headwind relative to the strength of 1H?

Yes, I mean, we think it could be around 100 basis points in the back-half, sequential decrease from where we finished the first-half.

Okay, understood. Appreciate that. Something you offer a little more color on how treatment orders phase through the quarter. I think you cited around 20% growth there, so very robust for a business that tends to be leading indicator. Any meaningful differences by region that you would call out, and how does treatment moment influence your team's confidence in the back-half of that one?

Yes. This is Matthew, Bryan . We have seen really good momentum in treatment across all regions. Like you said, we are up roughly 22% for the entire business, and probably led by the U.S. and emerging markets. And China, as Bill pointed out, it's been a little bit weak, and actually that was a little bit of right spot on orders themselves that we are up slightly low single-digits in China on treatment. So, all in all, it's a really good indicator that capital continues to flow. The funding, we see capital investment continuing, and good momentum for treatment, which is a big part of not only water quality, but also scarcity of water. So, we see those trends continuing.

Very encouraging. Thank you again.

And this concludes the Q2 earnings call. I would like to turn it back to Matthew Pine for any closing remarks.

Thank you. We will wrap it there. Thanks for your questions, and thanks for everyone who joined today. As always, we appreciate your interest in Xylem, and all the very best.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

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Xylem Unveils Multi-Year Growth Strategy at 2024 Investor Day

Introduces Long-Term Financial Framework and Reaffirms Current Year Outlook

Xylem Inc. (NYSE: XYL), a leading global water technology company that empowers customers and communities to build a more water-secure world, will unveil its multi-year growth strategy and set out its long-term financial framework today at its Investor Day. Xylem President and CEO Matthew Pine and other senior leaders will provide an update on the Company’s plans to drive above-market growth, accelerate margins through business simplification, and provide an update on capital allocation priorities.

The program will also offer updates on the integration of Evoqua and the Company’s current and future growth opportunities, and provide new financial targets through 2027. The Company is reiterating its 2024 guidance as previously provided on May 2, 2024. The presentations will be followed by a Q&A session for in-person and virtual attendees.

“Water flows through every part of the global economy, and Xylem is at the forefront of creating value from water management,” Pine said. “Our industry-leading platform will deliver strong returns by empowering customers and communities to thrive in the transition to a water-secure world. We are creating lasting value by driving resilient above-market growth with significant margin expansion, while deploying capital to compound earnings, as we solve the world’s most critical water challenges.”

“Today, we are unveiling our multi-year financial framework and enhanced sustainability goals. Together, they represent an outlook of purpose-driven, profitable growth that creates distinctive value for our shareholders and shapes a more water-secure and sustainable future.”

Long-term Financial Framework

Xylem’s long-term financial framework anticipates annual organic revenue growth in the range of 4 percent to 6 percent, with approximately 1 percent from implied revenue synergies offset by the impact of simplification initiatives. This results in average annual adjusted EBITDA margin expansion of approximately 100 basis points per year, an acceleration of margin expansion compared to Xylem’s previous long-term framework of 50 to 75 basis points. The growth and margin outlook, combined with disciplined capital allocation, enables mid-teens adjusted EPS growth per year. Additionally, Xylem is committed to a low-double-digit annual free cash flow margin.

2024 Outlook

The Company is reaffirming its 2024 outlook previously provided on May 2, 2024. Further 2024 outlook and planning assumptions are included in Xylem’s first-quarter earnings materials posted at www.xylem.com/investors .

A live stream and replay of the Investor Day event will be available, along with all presentation materials, on Investors Events | Xylem US .

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.

Houston Spencer (Media) +1 (914) 240-3046 [email protected] Andrea van der Berg (Investors) +1 (914) 260-8612 [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20240530296123/en/

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Walmart Releases Q2 FY25 Earnings

Aug. 15, 2024

Press Center

We're executing on our strategy ..

"Our team delivered another strong quarter . They work hard every day to help our customers and members save time and money. Each part of our business is growing – and our newer businesses are diversifying our profits and reinforcing the resilience of our business model."

Doug McMillon

President and CEO, Walmart

Global eCommerce sales

Strength in store-fulfilled pickup & delivery and marketplace

Global advertising 5

Driven by Walmart Connect in the U.S., which grew 30%

Return on assets

Scaling growth investments

Return on investment 6

Disciplined execution, growing margins

Global inventory

Disciplined management, strong in-stock levels through advanced technology

And, we are

driving higher returns .

We’re building omnichannel experiences that help customers live better by saving them time and money no matter how they choose to shop. We’re investing in the future of retail, using technology to strengthen our operating discipline while responding to evolving customer needs with an even stronger business mix. These actions have resulted in higher returns – and build on a solid track record of value-creation.

Our financial results this quarter demonstrate what Walmart is capable of. I’m proud of how the team has been able to provide a value proposition for our customers and members that now extends beyond great prices into convenience, assortment and experience, while at the same time, transforming our business model for the future.

John David Rainey

Executive Vice President and Chief Financial Officer, Walmart

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1  Adjusted EPS is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures. 2  Adjusted Operating Income is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures. 3  Comp sales for the 13-week period ended July 26, 2024 compared to the 13-week period ended July 28, 2023, and excludes fuel. 4  Constant Currency is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures. 5  Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement. 6  Calculated for the trailing-twelve months ended July 31, 2024. ROI is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

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Earnings News

The home depot announces second quarter fiscal 2024 results; updates fiscal 2024 guidance.

The Home Depot ® , the world's largest home improvement retailer, today reported sales of $43.2 billion for the second quarter of fiscal 2024, an increase of 0.6% from the second quarter of fiscal 2023. Total sales include $1.3 billion from the recent acquisition of SRS Distribution Inc. (SRS), which represents approximately six weeks of sales in the quarter. Comparable sales for the second quarter of fiscal 2024 decreased 3.3%, and comparable sales in the U.S. decreased 3.6%.

Operating income for the second quarter of fiscal 2024 was $6.5 billion and operating margin was 15.1%, compared with operating income of $6.6 billion and an operating margin of 15.4% for the second quarter of fiscal 2023.

Adjusted (1) operating income for the second quarter of fiscal 2024 was $6.6 billion and adjusted (1) operating margin was 15.3%, compared with adjusted operating income of $6.6 billion and an adjusted operating margin of 15.5% for the second quarter of fiscal 2023.

Net earnings for the second quarter of fiscal 2024 were $4.6 billion, or $4.60 per diluted share, compared with net earnings of $4.7 billion, or $4.65 per diluted share, in the same period of fiscal 2023.

Adjusted (1) diluted earnings per share for the second quarter of fiscal 2024 were $4.67, compared with adjusted diluted earnings per share of $4.68 in the same period of fiscal 2023.

“The underlying long-term fundamentals supporting home improvement demand are strong,” said Ted Decker, chair, president and CEO. “During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects. However, the team continued to navigate this unique environment while executing at a high level. I would like to thank our associates for their hard work and dedication to serving our customers and communities.”

Fiscal 2024 Guidance

The company updated its fiscal 2024 guidance, which includes 53 weeks of operating results, to reflect the performance in the first half of fiscal 2024 and include SRS

• 53rd week projected to add approximately $2.3 billion to total sales
• SRS expected to contribute approximately $6.4 billion in incremental sales
• Comparable sales decline of 3% implies a consumer demand environment consistent with the first half of fiscal 2024
• While comparable sales for the company are not currently on the trajectory for the low end of the range, a 4% decline implies incremental pressure on consumer demand 
• Approximately 12 new stores
• Gross margin of approximately 33.5%
• Operating margin rate to be between 13.5% to 13.6%
• Adjusted (1), (2) operating margin rate to be between 13.8% to 13.9%
• Tax rate of approximately 24%
• Net interest expense of approximately $2.2 billion
• 53rd week expected to contribute approximately $0.30 of diluted earnings per share compared to fiscal 2023
• 53rd week expected to contribute approximately $0.30 of adjusted diluted earnings per share compared to fiscal 2023

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the second quarter, the company operated a total of 2,340 retail stores and over 760 branches across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 465,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. 

Cautionary Note Regarding Forward-Looking Statements Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services, including as a result of macroeconomic conditions; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of interconnected retail, store, supply chain and technology initiatives; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, labor disputes, geopolitical conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding environmental, social and governance matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2024 and beyond; financial outlook; and the impact of acquired companies, including SRS, on our organization and the ability to recognize the anticipated benefits of any acquisitions.

Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 28, 2024 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.

Non-GAAP Financial Measures These statements are also supplemented with certain non-GAAP financial measures. When used in conjunction with our GAAP financial measures, we believe these supplemental non-GAAP financial measures will help management and investors to better understand and analyze our performance. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Refer to the end of this release for an explanation and definitions of these non-GAAP financial measures and a reconciliation of the historical non-GAAP financial results used in this release to comparable GAAP results.

For more information, contact: Financial Community Isabel Janci Vice President of Investor Relations and Treasurer 770-384-2666 [email protected]

News Media Sara Gorman Senior Director of Corporate Communications 770-384-2852 [email protected]

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News details, cisco reports fourth quarter and fiscal year 2024 earnings.

SAN JOSE, Calif. , Aug. 14, 2024 /PRNewswire/ --

News Summary :

• Product order growth of 14% year over year; up 6% excluding Splunk
• Revenue of $13.6 billion in Q4 FY 2024, above the high end of our guidance range
• Q4 FY 2024 GAAP gross margin of 64.4% and Non-GAAP gross margin of 67.9%
• FY 2024 GAAP gross margin of 64.7% and Non-GAAP gross margin of 67.5%, the highest in 20 years
• Total subscription revenue of $27.4 billion including Splunk, representing 51% of total revenue
• Total annualized recurring revenue (ARR) at $29.6 billion, including $4.3 billion from Splunk, up 22% year over year
• Total software revenue at $18.4 billion, up 9% year over year, with software subscription revenue of $16.4 billion, up 15% year over year, making up 89% of total software revenue
• Decrease of 10% year over year
• GAAP EPS decreased 44% year over year
• Non-GAAP EPS decreased 24% year over year
• Decrease of 6% year over year
• GAAP EPS decreased 17% year over year
• Non-GAAP EPS decreased 4% year over year
• Revenue: $13.65 billion to $13.85 billion
• Earnings per Share:  GAAP: $0.35 to $0.42; Non-GAAP: $0.86 to $0.88
• Revenue: $55.0 billion to $56.2 billion
• Earnings per Share: GAAP: $1.93 to $2.05; Non-GAAP: $3.52 to $3.58

Cisco today reported fourth quarter and fiscal year results for the period ended July 27, 2024. Cisco reported fourth quarter revenue of $13.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.54 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.

"We delivered a strong close to fiscal 2024," said Chuck Robbins, chair and CEO of Cisco. "In our fourth quarter, we saw steady customer demand with order growth across the business as customers rely on Cisco to connect and protect all aspects of their organizations in the era of AI."

"Revenue, gross margin and EPS in Q4 were at the high end or above our guidance range, demonstrating our operating discipline," said Scott Herren, CFO of Cisco. "As we look to build on our performance, we remain laser focused on growth and consistent execution as we invest to win in AI, cloud and cybersecurity, while maintaining capital returns."

The acquisition of Splunk, including financing costs, had a negative impact of $0.16 to GAAP EPS, for the fourth quarter of fiscal 2024.

The acquisition of Splunk, including financing costs, had a negative impact of $0.04 to Non-GAAP EPS, for the fourth quarter of fiscal 2024.

The acquisition of Splunk, including financing costs, had a negative impact of $0.25 to GAAP EPS, for fiscal 2024.

The acquisition of Splunk, including financing costs, had a negative impact of $0.04 to Non-GAAP EPS, for fiscal 2024.

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

C isco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.40 per common share to be paid on October 23, 2024, to all stockholders of record as of the close of business on October 2, 2024. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q4 FY 2024 Highlights  

Revenue -- Total revenue was $13.6 billion, down 10%, with product revenue down 15% and services revenue up 6%. Splunk contributed approximately $960 million of total revenue for the fourth quarter of fiscal 2024.

Revenue by geographic segment was: Americas down 11%, EMEA down 11%, and APJC down 6%. Product revenue performance reflected growth in Security up 81% and Observability up 41%. Networking was down 28%. Product revenue in Collaboration was flat. Security and Observability, excluding Splunk, grew 6% and 12%, respectively, in the fourth quarter of fiscal 2024.

Gross Margin --  On a GAAP basis, total gross margin, product gross margin, and services gross margin were 64.4%, 63.0%, and 67.8%, respectively, as compared with 64.1%, 63.6%, and 65.7%, respectively, in the fourth quarter of fiscal 2023.

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 67.9%, 67.0%, and 70.3%, respectively, as compared with 65.9%, 65.5%, and 67.5%, respectively, in the fourth quarter of fiscal 2023.

Total gross margins by geographic segment were: 67.7% for the Americas, 69.2% for EMEA and 66.4% for APJC.

Operating Expenses --  On a GAAP basis, operating expenses were $6.2 billion, up 12%, and were 45.2% of revenue. Non-GAAP operating expenses were $4.8 billion, up 4%, and were 35.4% of revenue.

Operating Income -- GAAP operating income was $2.6 billion, down 38%, with GAAP operating margin of 19.2%. Non-GAAP operating income was $4.4 billion, down 17%, with non-GAAP operating margin at 32.5%.

Provision for Income Taxes -- The GAAP tax provision rate was 9.8%. The non-GAAP tax provision rate was 16.6%.

Net Income and EPS -- On a GAAP basis, net income was $2.2 billion, a decrease of 45%, and EPS was $0.54, a decrease of 44%. On a non-GAAP basis, net income was $3.5 billion, a decrease of 25%, and EPS was $0.87, a decrease of 24%. 

Cash Flow from Operating Activities -- $3.7 billion for the fourth quarter of fiscal 2024, a decrease of 37% compared with $6.0 billion for the fourth quarter of fiscal 2023.

FY 2024 Highlights

Revenue -- Total revenue was $53.8 billion, a decrease of 6%. Splunk contributed approximately $1.4 billion of total revenue for fiscal 2024.

Net Income and EPS -- On a GAAP basis, net income was $10.3 billion, a decrease of 18%, and EPS was $2.54, a decrease of 17%. On a non-GAAP basis, net income was $15.2 billion, a decrease of 5% compared to fiscal 2023, and EPS was $3.73, a decrease of 4%.

Cash Flow from Operating Activities -- $10.9 billion for fiscal 2024, a decrease of 45% compared with $19.9 billion for fiscal 2023.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments -- $17.9 billion at the end of the fourth quarter of fiscal 2024, compared with $18.8 billion at the end of the third quarter of fiscal 2024, and compared with $26.1 billion at the end of fiscal 2023.

Remaining Performance Obligations (RPO) -- $41.0 billion, up 18% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 27% and services RPO were up 10%.

Deferred Revenue -- $28.5 billion, up 11% in total, with deferred product revenue up 15%. Deferred service revenue was up 9%. 

Capital Allocation -- In the fourth quarter of fiscal 2024, we returned $3.6 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 43 million shares of common stock under our stock repurchase program at an average price of $46.80 per share for an aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $5.2 billion with no termination date.

Cisco estimates the following results for the first quarter of fiscal 2025:

Cisco estimates that GAAP EPS will be $0.35 to $0.42 for the first quarter of fiscal 2025.

Cisco estimates the following results for fiscal 2025:

Cisco estimates that GAAP EPS will be $1.93 to $2.05 for fiscal 2025.

Our Q1 FY 2025 and FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results.

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled "GAAP to non-GAAP Guidance" located in the section entitled "Reconciliations of GAAP to non-GAAP Measures."

Editor's Notes:

• Q4 fiscal year 2024 conference call to discuss Cisco's results along with its guidance will be held on Wednesday, August 14, 2024 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).   
• Conference call replay will be available from 4:00 p.m. Pacific Time, August 14, 2024 to 4:00 p.m. Pacific Time, August 20, 2024 at 1-866-510-4837 (United States) or 1-203-369-1943 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com .   
• Additional information regarding Cisco's financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, August 14, 2024. Text of the conference call's prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com . 

(1) On August 14, 2024, Cisco announced a restructuring plan to allow it to invest in key growth opportunities and drive more efficiencies in its business. In connection with this restructuring plan, Cisco currently estimates that it will recognize pre-tax charges of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. Cisco expects to recognize approximately $700 million to $800 million of these charges in the first quarter of fiscal 2025 with the remaining amount expected to be recognized during the rest of the fiscal year.

(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.

Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia-Ukraine war costs, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.

Forward Looking Statements, Non-GAAP Information and Additional Information

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as our customers' reliance on Cisco to connect and protect their organizations in the era of AI and our focus on growth and consistent execution as we invest in AI, cloud and cybersecurity, while maintaining capital returns) and the future financial performance of Cisco (including the guidance for Q1 FY 2025 and full year FY 2025) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco's most recent reports on Forms 10-Q and 10-K filed on May 21, 2024 and September 7, 2023, respectively. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco's most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco's results of operations for the three months and the year ended July 27, 2024 are not necessarily indicative of Cisco's operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.

This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco's results of operations in conjunction with the corresponding GAAP measures.

Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco's management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia-Ukraine war costs, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco's management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

Annualized recurring revenue represents the annualized revenue run-rate of active subscriptions, term licenses, operating leases and maintenance contracts at the end of a reporting period, net of rebates to customers and partners as well as certain other revenue adjustments. Includes both revenue recognized ratably as well as upfront on an annualized basis.

About Cisco

Cisco (Nasdaq: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more at newsroom.cisco.com and follow us on X at @Cisco.

Copyright © 2024 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks . Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information. 

RSS Feed for Cisco:  https://newsroom.cisco.com/rss-feeds  

SOURCE Cisco Systems, Inc.

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(NYSE: XYL), a leading global water technology company, today announced the format of its 2021 Investor Day will be virtual, in response to emerging public health guidance in relation to COVID-19. The event will be held as previously announced on September 30 beginning at 8:30 am, U.S. Eastern time. It will be carried by live webcast, including opportunity to participate in Q&A with the Company’s senior leadership team. Investors interested in attending can register in advance by contacting the Xylem Investor Relations team at [email protected] . A recording will be available on Investors Events | Xylem US shortly after the event concludes. About Xylem Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 16,000 diverse employees delivered revenue of $4.88 billion in 2020. 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 . View source version on businesswire.com : https://www.businesswire.com/news/home/20210826005623/en/ Media Houston Spencer +1 (914) 240-3046 [email protected] Investors Matt Latino +1 (914) 323-5821 [email protected] Source: Xylem Inc. Find Products Parts & Supplies Sustainability Social Responsibility Company Information Cybersecurity Careers at Xylem Search Opportunities Accessibility Equal Opportunity Recruitment Fraud Product Documentation Case Studies Interactive Tools & Calculators Privacy Policy Terms & Conditions Update Preferences Do Not Sell Or Share My Personal Information Copyright 2024 Xylem. All Rights Reserved. 328 IMAGES Xylem (XYL) Investor Presentation Xylem (XYL) Investor Presentation Xylem (XYL) Investor Presentation Xylem (XYL) Investor Presentation Xylem (XYL) Investor Presentation Xylem (XYL) Investor Presentation COMMENTS Investors Presentations Xylem Overview. Xylem provides products and services which move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building service settings. Investors Presentations. Presentations Creditor Relations Contact; IR Contacts. IR Contacts; Information Request; Presentations Presentations 2Q 2024 Earnings Package. July 30, 2024 ... Xylem Investor Day Presentation Transcript. September 24, 2015 ( FY 2015) Xylem Investor Day Presentation Transcript 365.9 KB. 2Q 2015 Earnings Package ... Investors Presentations Xylem Overview. Xylem provides products and services which move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building service settings. Investors Presentations. Press Releases WASHINGTON -- (BUSINESS WIRE)--Jun. 25, 2024-- Xylem Inc. (NYSE: XYL), a leading global water technology company that empowers customers and communities to build a more water-secure world, will release its second quarter 2024 results at 6:55 a.m. (ET) on Tuesday, July 30, 2024 . At 9:00 a.m. WASHINGTON -- (BUSINESS WIRE)--May 17, 2024-- The ... Xylem to Acquire Evoqua The forward-looking statements included in this presentation are made only as of the date hereof and, ... will be mailed to shareholders of Xylem and stockholders of Evoqua. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION ... Xylem'swebsite at www.xylem.com or by contacting Xylem'sInvestor Relations Department by email at ... Xylem to Host 2021 Investor Day on September 30 About Xylem Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 16,000 diverse employees ... Xylem Announces Participation at Upcoming Investor Conferences Xylem (XYL) is a leading global water technology company committed to solving the world's critical water, wastewater, and water-related challenges through technology, innovation, and expertise. Investors Xylem Investor Day. Access the webcast and supporting materials from Xylem's Investor and Analyst Day 2024. Including Annual Reports, Quarterly Earning Release, SEC Filings and Other Financial Information. Including Historical Prices, Dividend History, Research Analyst Coverage, and Other Stock Information. Xylem Reports Fourth-Quarter and Full-Year 2023 Results The Board of Directors of Xylem has declared a first-quarter dividend of $0.36 per share, an increase of 9 percent. The dividend is payable on March 20, 2024, to shareholders of record as of ... Xylem Unveils Multi-Year Growth Strategy at 2024 Investor Day A live stream and replay of the Investor Day event will be available, along with all presentation materials, on Investors Events | Xylem US.. About Xylem. Xylem (XYL) is a leading global water ... Annual Reports 2014 Xylem Annual Report and 10-K 1.7 MB. Add Files. 2013 Xylem Annual Report 4.4 MB. Add Files. 2012 Xylem Annual Report 6.8 MB. Add Files. 2011 Xylem Annual Report 4.7 MB. Proxy. Date Documents; April 2, 2024: ... Creditor Relations Contact; IR Contacts. IR Contacts; Information Request; Print Page; Evoqua Water Technologies Corp. Our more than 22,000 diverse employees delivered combined pro forma revenue of $7.3 billion in 2022. 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 in the effort at www.xylem.com and Let's Solve Water. Xylem Announces Participation at Upcoming Investor Conferences WASHINGTON, October 16, 2023--Xylem Inc. (NYSE: XYL), a leading global water technology company dedicated to solving the world's most challenging water issues, announced today that it will ... Xylem Inc. (XYL) Q2 2024 Earnings Call Transcript Xylem Inc. ( NYSE: XYL) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET. Company Participants. Andrea van der Berg - Vice President, Investor Relations. Matthew Pine - Chief Executive ... Xylem 2021 Investor Day to be Held Virtually RYE BROOK, N.Y.-- ( BUSINESS WIRE )--Xylem, Inc. (NYSE: XYL), a leading global water technology company, today announced the format of its 2021 Investor Day will be virtual, in response to ... Investors Presentations Xylem Overview. Xylem provides products and services which move, treat, analyze, monitor and return water to the environment in public utility, industrial, residential and commercial building service settings. Investors Presentations. Xylem Unveils Multi-Year Growth Strategy at 2024 Investor Day The presentations will be followed by a Q&A session for in-person and virtual attendees. "Water flows through every part of the global economy, and Xylem is at the forefront of creating value ... Xylem Xylem Xylem Announces Participation at Upcoming Investor Conferences Media Houston Spencer +1 (914) 323-5723 [email protected] Investors Keith Buettner +1 (724) 772-1531 [email protected] Source: Xylem Inc. Analyze your stocks, your way Walmart Releases Q2 FY25 Earnings We're executing on our strategy. "Our team delivered another strong quarter.They work hard every day to help our customers and members save time and money. 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