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“We are continuing on a strong path and are on track to deliver on our
full-year commitments. We generated strong order growth this quarter and
further expanded our operating margin to a third quarter record
performance,” said
Decker continued, “As we look ahead to 2015, we intend to further focus on the growing strength we see in key developing markets, while improving operational execution across the Company. We are continuing to evolve our organization to ensure we have the right capabilities to solve our customers’ most challenging water issues in order to drive further growth and deliver greater shareholder value.”
Full-year 2014 Outlook
Xylem narrowed its EPS guidance, and now expects to deliver adjusted EPS
of
Third Quarter Segment Results
Water Infrastructure
Xylem’s Water Infrastructure segment consists of its businesses serving clean water delivery, wastewater transport and treatment, dewatering and analytical instrumentation.
Applied Water
Xylem’s Applied Water segment consists of its portfolio of businesses in residential and commercial building services, and industrial and agricultural applications.
Supplemental information on Xylem’s third quarter earnings and reconciliations for certain non-GAAP items are posted at http://investors.xyleminc.com.
About Xylem
Xylem (XYL) is a leading global water technology provider, enabling
customers to transport, treat, test and efficiently use water in public
utility, residential and commercial building services, industrial and
agricultural settings. The Company does business in more than 150
countries through a number of market-leading product brands, and its
people bring broad applications expertise with a strong focus on finding
local solutions to the world’s most challenging water and wastewater
problems. Xylem is headquartered in
The name Xylem is derived from classical Greek and is the tissue that transports water in plants, highlighting the engineering efficiency of our water-centric business by linking it with the best water transportation of all -- that which occurs in nature. For more information, please visit us at www.xylem.com.
Forward-Looking Statements
This document contains information that may constitute “forward-looking statements.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.
These forward-looking statements include, but are not limited to,
statements about the capitalization of
Caution should be taken not to place undue reliance on any such
forward-looking statements because they involve risks, uncertainties and
other factors that could cause actual results to differ materially from
those expressed or implied in, or reasonably inferred from such
statements. The Company undertakes 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. In
addition, forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from
the Company’s historical experience and our present expectations or
projections. These risks and uncertainties include, but are not limited
to, those set forth in Item 1A of our Annual Report on Form 10-K for the
year ended
XYLEM INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) (in millions, except per share data) |
||||||||||||||||
Three Months | Nine Months | |||||||||||||||
For the periods ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | $ | 963 | $ | 965 | $ | 2,874 | $ | 2,804 | ||||||||
Cost of revenue | 587 | 581 | 1,768 | 1,715 | ||||||||||||
Gross profit | 376 | 384 | 1,106 | 1,089 | ||||||||||||
Selling, general and administrative expenses | 222 | 257 | 688 | 747 | ||||||||||||
Research and development expenses | 24 | 24 | 78 | 78 | ||||||||||||
Restructuring charges | — | 5 | 18 | 30 | ||||||||||||
Operating income | 130 | 98 | 322 | 234 | ||||||||||||
Interest expense | 14 | 14 | 41 | 41 | ||||||||||||
Other non-operating income (expense), net | 1 | (1 | ) | 1 | (2 | ) | ||||||||||
Gain from sale of business | 11 | — | 11 | — | ||||||||||||
Income before taxes | 128 | 83 | 293 | 191 | ||||||||||||
Income tax expense | 22 | 10 | 52 | 31 | ||||||||||||
Net income | $ | 106 | $ | 73 | $ | 241 | $ | 160 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.58 | $ | 0.39 | $ | 1.31 | $ | 0.86 | ||||||||
Diluted | $ | 0.58 | $ | 0.39 | $ | 1.31 | $ | 0.86 | ||||||||
Weighted average number of shares: | ||||||||||||||||
Basic | 182.2 | 185.2 | 183.4 | 185.5 | ||||||||||||
Diluted | 183.4 | 186.0 | 184.6 | 186.2 | ||||||||||||
Dividends declared per share | $ | 0.1280 | $ | 0.1164 | $ | 0.3840 | $ | 0.3492 | ||||||||
XYLEM INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except per share amounts) |
||||||||
September 30, 2014 |
December 31, 2013 |
|||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 529 | $ | 533 | ||||
Receivables, less allowances for discounts and doubtful accounts of $30 and $31 in 2014 and 2013, respectively | 804 | 817 | ||||||
Inventories, net | 516 | 475 | ||||||
Prepaid and other current assets | 141 | 143 | ||||||
Deferred income tax assets | 35 | 41 | ||||||
Total current assets | 2,025 | 2,009 | ||||||
Property, plant and equipment, net | 454 | 488 | ||||||
Goodwill | 1,667 | 1,718 | ||||||
Other intangible assets, net | 448 | 488 | ||||||
Other non-current assets | 220 | 193 | ||||||
Total assets | $ | 4,814 | $ | 4,896 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 314 | $ | 332 | ||||
Accrued and other current liabilities | 495 | 479 | ||||||
Short-term borrowings and current maturities of long-term debt | 41 | 42 | ||||||
Total current liabilities | 850 | 853 | ||||||
Long-term debt | 1,199 | 1,199 | ||||||
Accrued postretirement benefits | 319 | 348 | ||||||
Deferred income tax liabilities | 183 | 191 | ||||||
Other non-current accrued liabilities | 70 | 64 | ||||||
Total liabilities | 2,621 | 2,655 | ||||||
Commitments and contingencies (Note 17) | ||||||||
Stockholders’ equity: | ||||||||
Common Stock – par value $0.01 per share: | ||||||||
Authorized 750.0 shares, issued 188.4 shares and 187.6 shares in 2014 and 2013, respectively | 2 | 2 | ||||||
Capital in excess of par value | 1,785 | 1,753 | ||||||
Retained earnings | 575 | 405 | ||||||
Treasury stock – at cost 6.5 shares and 3.0 shares in 2014 and 2013, respectively | (218 | ) | (86 | ) | ||||
Accumulated other comprehensive income | 49 | 167 | ||||||
Total stockholders’ equity | 2,193 | 2,241 | ||||||
Total liabilities and stockholders’ equity | $ | 4,814 | $ | 4,896 | ||||
XYLEM INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) |
||||||||
For the nine months ended September 30, |
2014 |
2013 |
||||||
Operating Activities | ||||||||
Net income | $ | 241 | $ | 160 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 70 | 72 | ||||||
Amortization | 37 | 38 | ||||||
Share-based compensation | 14 | 21 | ||||||
Restructuring charges | 18 | 30 | ||||||
Gain from sale of businesses | (11 | ) | — | |||||
Other, net | (2 | ) | 11 | |||||
Payments for restructuring | (20 | ) | (24 | ) | ||||
Changes in assets and liabilities (net of acquisitions): | ||||||||
Changes in receivables | (40 | ) | (71 | ) | ||||
Changes in inventories | (62 | ) | (59 | ) | ||||
Changes in accounts payable | (2 | ) | 4 | |||||
Other, net | 10 | (19 | ) | |||||
Net Cash – Operating activities | 253 | 163 | ||||||
Investing Activities | ||||||||
Capital expenditures | (77 | ) | (91 | ) | ||||
Acquisitions of businesses and assets, net of cash acquired | — | (81 | ) | |||||
Proceeds from sale of business | 30 | — | ||||||
Proceeds from the sale of property, plant and equipment | 2 | 7 | ||||||
Net Cash – Investing activities | (45 | ) | (165 | ) | ||||
Financing Activities | ||||||||
Issuance of short-term debt | 2 | — | ||||||
Principal payments of debt and capital lease obligations | — | (2 | ) | |||||
Repurchase of common stock | (132 | ) | (44 | ) | ||||
Proceeds from exercise of employee stock options | 17 | 2 | ||||||
Dividends paid | (71 | ) | (65 | ) | ||||
Excess tax benefit from share based compensation | 1 | — | ||||||
Other, net | 1 | — | ||||||
Net Cash – Financing activities | (182 | ) | (109 | ) | ||||
Effect of exchange rate changes on cash | (30 | ) | 1 | |||||
Net change in cash and cash equivalents | (4 | ) | (110 | ) | ||||
Cash and cash equivalents at beginning of year | 533 | 504 | ||||||
Cash and cash equivalents at end of period | $ | 529 | $ | 394 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 36 | $ | 37 | ||||
Income taxes (net of refunds received) | $ | 69 | $ | 61 | ||||
Management views key performance indicators including revenue, gross margins, segment operating income and margins, orders growth, free cash flow, working capital, and backlog, among others. In addition, we consider certain measures to be useful to management and investors evaluating our operating performance for the periods presented, and provide a tool for evaluating our ongoing operations, liquidity and management of assets. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. These metrics, however, are not measures of financial performance under GAAP and should not be considered a substitute for revenue, operating income, net income, earnings per share (basic and diluted) or net cash from operations as determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators:
“Organic revenue" and "Organic orders” defined as revenue and orders, respectively, excluding the impact of foreign currency fluctuations, intercompany transactions, and contributions from acquisitions and divestitures. Divestitures include sales of portions of our business that did not meet the criteria for classification as a discontinued operation or insignificant portions of our business that we did not classify as a discontinued operation. The period-over-period change resulting from foreign currency fluctuations assumes no change in exchange rates from the prior period.
“Constant currency” defined as financial results adjusted for currency translation impacts by translating current period and prior period activity using the same currency conversion rate. This approach is used for countries whose functional currency is not the U.S. dollar.
“EBITDA” defined as earnings before interest, taxes, depreciation, amortization expense, and share-based compensation. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude non-recurring restructuring and realignment costs, gain on sale of business and special charges.
"Adjusted Operating Income," "Adjusted Segment Operating Income," and “Adjusted EPS” defined as operating income, segment operating income and earnings per share, adjusted to exclude non-recurring restructuring and realignment costs, gain on sale of business, special charges and tax-related special items, as applicable.
“Free Cash Flow” defined as net cash from operating activities, as reported in the Statement of Cash Flow, less capital expenditures as well as adjustments for other significant items that impact current results which management believes are not related to our ongoing operations and performance. Our definition of free cash flows does not consider non-discretionary cash payments, such as debt.
“Realignment costs” defined as non-recurring costs not included in restructuring costs that are incurred as part of actions taken to reposition our business, including items such as professional fees, relocation, travel and other costs.
“Special charges” defined as costs incurred by the Company
associated with the settlement of legal proceedings with
Xylem Inc. Non-GAAP Reconciliation | ||||||||||||||||||||||||||
Reported vs. Organic & Constant Currency Order Growth | ||||||||||||||||||||||||||
($ Millions) | ||||||||||||||||||||||||||
(As Reported - GAAP) | (As Adjusted - Organic) | Constant Currency | ||||||||||||||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) = B+C+D+E | (G) = F/A | (H) = (F - C) / A | |||||||||||||||||||
Change | % Change |
Acquisitions / |
Change | % Change | ||||||||||||||||||||||
Orders | Orders | 2014 v. 2013 | 2014 v. 2013 |
Divestitures |
FX Contribution | Eliminations | Adj. 2014 v. 2013 | Adj. 2014 v. 2013 | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Nine Months Ended September 30 |
||||||||||||||||||||||||||
Xylem Inc. | 3,051 | 2,926 | 125 | 4 | % | (3 | ) | (3 | ) | - | 119 | 4 | % | 4 | % | |||||||||||
Water Infrastructure | 1,973 | 1,865 | 108 | 6 | % | (8 | ) | 7 | 3 | 110 | 6 | % | 6 | % | ||||||||||||
Applied Water | 1,135 | 1,111 | 24 | 2 | % | 5 | (11 | ) | (9 | ) | 9 | 1 | % | 0 | % | |||||||||||
Quarter Ended September 30 |
||||||||||||||||||||||||||
Xylem Inc. | 1,027 | 955 | 72 | 8 | % | 5 | 2 | - | 79 | 8 | % | 8 | % | |||||||||||||
Water Infrastructure | 680 | 617 | 63 | 10 | % | - | 4 | 1 | 68 | 11 | % | 11 | % | |||||||||||||
Applied Water | 363 | 355 | 8 | 2 | % | 5 | (2 | ) | - | 11 | 3 | % | 2 | % | ||||||||||||
Quarter Ended June 30 |
||||||||||||||||||||||||||
Xylem Inc. | 1,031 | 1,009 | 22 | 2 | % | (1 | ) | (8 | ) | - | 13 | 1 | % | 1 | % | |||||||||||
Water Infrastructure | 674 | 647 | 27 | 4 | % | (1 | ) | (3 | ) | - | 23 | 4 | % | 4 | % | |||||||||||
Applied Water | 378 | 378 | - | 0 | % | - | (5 | ) | (6 | ) | (11 | ) | -3 | % | -3 | % | ||||||||||
Quarter Ended March 31 |
||||||||||||||||||||||||||
Xylem Inc. | 993 | 962 | 31 | 3 | % | (7 | ) | 3 | - | 27 | 3 | % | 4 | % | ||||||||||||
Water Infrastructure | 619 | 601 | 18 | 3 | % | (7 | ) | 6 | 2 | 19 | 3 | % | 4 | % | ||||||||||||
Applied Water | 394 | 378 | 16 | 4 | % | - | (4 | ) | (3 | ) | 9 | 2 | % | 2 | % | |||||||||||
Note: Due to rounding the sum of segment amounts may not agree to Xylem totals. | ||||||||||||||||||||||||||
Xylem Inc. Non-GAAP Reconciliation | |||||||||||||||||||||||||||
Reported vs. Organic & Constant Currency Revenue | |||||||||||||||||||||||||||
($ Millions) | |||||||||||||||||||||||||||
(As Reported - GAAP) | (As Adjusted - Organic) | Constant Currency | |||||||||||||||||||||||||
(A) | (B) | (C) | (D) | (E) | (F) = B+C+D+E | (G) = F/A | (H) = (F - C) / A | ||||||||||||||||||||
Change | % Change |
Acquisitions / |
Change | % Change | |||||||||||||||||||||||
Revenue | Revenue | 2014 v. 2013 | 2014 v. 2013 |
Divestitures |
FX Contribution | Eliminations | Adj. 2014 v. 2013 | Adj. 2014 v. 2013 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Nine Months Ended September 30 |
|||||||||||||||||||||||||||
Xylem Inc. | 2,874 | 2,804 | 70 | 2 | % | 1 | (1 | ) | - | 70 | 2 | % | 2 | % | |||||||||||||
Water Infrastructure | 1,823 | 1,766 | 57 | 3 | % | (6 | ) | 9 | 3 | 63 | 4 | % | 4 | % | |||||||||||||
Applied Water | 1,105 | 1,086 | 19 | 2 | % | 7 | (11 | ) | (7 | ) | 8 | 1 | % | 0 | % | ||||||||||||
Quarter Ended September 30 |
|||||||||||||||||||||||||||
Xylem Inc. | 963 | 965 | (2 | ) | 0 | % | 7 | 2 | - | 7 | 1 | % | 0 | % | |||||||||||||
Water Infrastructure | 619 | 619 | - | 0 | % | - | 4 | - | 4 | 1 | % | 1 | % | ||||||||||||||
Applied Water | 362 | 360 | 2 | 1 | % | 7 | (2 | ) | (3 | ) | 4 | 1 | % | -1 | % | ||||||||||||
Quarter Ended June 30 |
|||||||||||||||||||||||||||
Xylem Inc. | 1,005 | 960 | 45 | 5 | % | (1 | ) | (7 | ) | - | 37 | 4 | % | 4 | % | ||||||||||||
Water Infrastructure | 636 | 596 | 40 | 7 | % | (1 | ) | (2 | ) | 2 | 39 | 7 | % | 7 | % | ||||||||||||
Applied Water | 388 | 381 | 7 | 2 | % | - | (6 | ) | (3 | ) | (2 | ) | -1 | % | -1 | % | |||||||||||
Quarter Ended March 31 |
|||||||||||||||||||||||||||
Xylem Inc. | 906 | 879 | 27 | 3 | % | (5 | ) | 4 | - | 26 | 3 | % | 4 | % | |||||||||||||
Water Infrastructure | 568 | 551 | 17 | 3 | % | (5 | ) | 7 | 1 | 20 | 4 | % | 5 | % | |||||||||||||
Applied Water | 355 | 345 | 10 | 3 | % | - | (3 | ) | (1 | ) | 6 | 2 | % | 2 | % | ||||||||||||
Note: Due to rounding the sum of segment amounts may not agree to Xylem totals. | |||||||||||||||||||||||||||
Xylem Inc. Non-GAAP Reconciliation |
||||||||
Adjusted Operating Income |
||||||||
($ Millions) |
||||||||
Q3 | YTD | |||||||
2014 |
2013 |
2014 |
2013 |
|||||
Total Revenue | ||||||||
• Total Xylem | 963 | 965 | 2,874 | 2,804 | ||||
• Water Infrastructure |
|
619 | 619 |
|
1,823 | 1,766 | ||
• Applied Water |
|
362 | 360 |
|
1,105 | 1,086 | ||
Operating Income | ||||||||
• Total Xylem | 130 | 98 | 322 | 234 | ||||
• Water Infrastructure |
|
94 | 88 |
|
217 | 171 | ||
• Applied Water |
|
52 | 40 |
|
145 | 125 | ||
• Total Segments | 146 | 128 | 362 | 296 | ||||
Operating Margin | ||||||||
• Total Xylem | 13.5% | 10.2% | 11.2% | 8.3% | ||||
• Water Infrastructure | 15.2% | 14.2% | 11.9% | 9.7% | ||||
• Applied Water | 14.4% | 11.1% | 13.1% | 11.5% | ||||
• Total Segments | 15.2% | 13.3% | 12.6% | 10.6% | ||||
Special Charges | ||||||||
• Total Xylem | - | 20 | - | 20 | ||||
Restructuring & Realignment Costs | ||||||||
• Total Xylem | 4 | 12 | 31 | 52 | ||||
• Water Infrastructure | 3 | 8 | 20 | 40 | ||||
• Applied Water | 1 | 4 | 11 | 12 | ||||
• Total Segments | 4 | 12 | 31 | 52 | ||||
Adjusted Operating Income* | ||||||||
• Total Xylem | 134 | 130 | 353 | 306 | ||||
• Water Infrastructure |
|
97 | 96 |
|
237 | 211 | ||
• Applied Water |
|
53 | 44 |
|
156 | 137 | ||
• Total Segments | 150 | 140 | 393 | 348 | ||||
Adjusted Operating Margin* | ||||||||
• Total Xylem | 13.9% | 13.5% | 12.3% | 10.9% | ||||
• Water Infrastructure | 15.7% | 15.5% | 13.0% | 11.9% | ||||
• Applied Water | 14.6% | 12.2% | 14.1% | 12.6% | ||||
• Total Segments | 15.6% | 14.5% | 13.7% | 12.4% | ||||
*Adjusted Operating Income excludes restructuring & realignment costs and special charges. | ||||||||
Xylem Inc. Non-GAAP Reconciliation |
|||||||||||||||||||
Q3 2013 | Q3 2014 | ||||||||||||||||||
As Reported |
Adjustments |
Adjusted |
As Reported |
Adjustments |
Adjusted |
||||||||||||||
Total Revenue | 965 | 965 | 963 | 963 | |||||||||||||||
Operating Income | 98 | 32 |
a |
130 | 130 | 4 |
c |
134 | |||||||||||
Operating Margin | 10.2 | % | 13.5 | % | 13.5 | % | 13.9 | % | |||||||||||
Interest Expense | (14 | ) | (14 | ) | (14 | ) | (14 | ) | |||||||||||
Other Non-Operating Income (Expense) | (1 | ) | (1 | ) | 1 | 1 | |||||||||||||
Gain on sale of business | - | - | 11 | (11 | ) | - | |||||||||||||
Income before Taxes | 83 | 32 | 115 | 128 | (7 | ) | 121 | ||||||||||||
Provision for Income Taxes | (10 | ) | (13 | ) |
b |
(23 | ) | (22 | ) | (2 | ) |
b |
(24 | ) | |||||
Net Income | 73 | 19 | 92 | 106 | (9 | ) | 97 | ||||||||||||
Diluted Shares | 186.0 | 186.0 | 183.4 | 183.4 | |||||||||||||||
Diluted EPS | $ 0.39 | $ 0.10 | $ 0.49 | $ 0.58 | $ (0.05 | ) | $ 0.53 | ||||||||||||
Q3 YTD 2013 | Q3 YTD 2014 | ||||||||||||||||||
As Reported |
Adjustments |
Adjusted |
As Reported |
Adjustments |
Adjusted |
||||||||||||||
Total Revenue | 2,804 | 2,804 | 2,874 | 2,874 | |||||||||||||||
Operating Income | 234 | 72 |
a |
306 | 322 | 31 |
c |
353 | |||||||||||
Operating Margin | 8.3 | % | 10.9 | % | 11.2 | % | 12.3 | % | |||||||||||
Interest Expense | (41 | ) | (41 | ) | (41 | ) | (41 | ) | |||||||||||
Other Non-Operating Income (Expense) | (2 | ) | (2 | ) | 1 | 1 | |||||||||||||
Gain on sale of business | - | - | 11 | (11 | ) | - | |||||||||||||
Income before Taxes | 191 | 72 | 263 | 293 | 20 | 313 | |||||||||||||
Provision for Income Taxes | (31 | ) | (24 | ) |
b |
(55 | ) | (52 | ) | (13 | ) |
b |
(65 | ) | |||||
Net Income | 160 | 48 | 208 | 241 | 7 | 248 | |||||||||||||
Diluted Shares | 186.2 | 186.2 | 184.6 | 184.6 | |||||||||||||||
Diluted EPS | $ 0.86 | $ 0.26 | $ 1.12 | $ 1.31 | $ 0.04 | $ 1.35 | |||||||||||||
a | Restructuring & realignment costs and special charges | ||||||||||||||||||
b | Net tax impact of restructuring & realignment costs, special charges and special tax items | ||||||||||||||||||
c | Restructuring & realignment costs | ||||||||||||||||||
Xylem Inc. Non-GAAP Reconciliation | ||||||||
Net Cash - Operating Activities vs. Free Cash Flow | ||||||||
($ Millions) | ||||||||
Nine Months Ended | ||||||||
2014 | 2013 | |||||||
Net Cash - Operating Activities | $ | 253 | $ | 163 | ||||
Capital Expenditures | (77 | ) | (91 | ) | ||||
Free Cash Flow | $ | 176 | $ | 72 | ||||
Net Income | 241 | 160 | ||||||
Gain on Sale of Business | 11 | - | ||||||
Net Income, excluding gain on sale of business | $ | 230 | $ | 160 | ||||
Free Cash Flow Conversion | 77 | % | 45 | % |
Source:
Xylem Inc.
Media:
Kelly McAndrew. +1-914-323-5969
Kelly.McAndrew@xyleminc.com
or
Investors:
Phil
DeSousa, +1-914-323-5930
Phil.DeSousa@xyleminc.com