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Xylem Inc. Reports Fourth Quarter And Full Year 2012 Results, Announces 15 Percent Dividend Increase

Stocks in this article: XYL

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.xyleminc.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 separation of Xylem Inc. (the “Company”) from ITT Corporation in 2011, capitalization of the Company, future strategic plans and other statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to orders, sales, operating margins and earnings per share growth, and statements expressing general views about future operating results — are forward-looking statements.

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 in our Annual Report on Form 10-K, and those described from time to time in subsequent reports filed with the Securities and Exchange Commission.

       

XYLEM INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions, except per share amounts)

 
December 31,     2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 504 $ 318
Receivables, less allowances for discounts and doubtful accounts of $34 and $37 in 2012 and 2011, respectively 776 756
Inventories, net 443 433
Prepaid and other current assets 110 97
Deferred income tax assets 41   45
Total current assets 1,874 1,649
Property, plant and equipment, net 487 463
Goodwill 1,647 1,610
Other intangible assets, net 484 505
Other non-current assets 187   170
Total assets $ 4,679   $ 4,397
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 332 $ 322
Accrued and other current liabilities 443 490
Short-term borrowings and current maturities of long-term debt 6   5
Total current liabilities 781 817
Long-term debt 1,199 1,201
Accrued postretirement benefits 400 316
Deferred income tax liabilities 173 165
Other non-current accrued liabilities 52   67
Total liabilities 2,605   2,566
Stockholders’ equity:
Common Stock — par value $0.01 per share:
Authorized 750.0 shares, issued 184.6 shares 2 2
Capital in excess of par value 1,706 1,663
Retained earnings 264 44
Treasury stock – at cost 0.5 shares and 0 shares in 2012 and 2011, respectively (13 )
Accumulated other comprehensive income 115   122
Total stockholders’ equity 2,074   1,831
Total liabilities and stockholders’ equity $ 4,679   $ 4,397
 
           

XYLEM INC. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED INCOME STATEMENTS

(In Millions, except per share data)

 
Year Ended December 31,     2012 2011 2010
Revenue $ 3,791 $ 3,803 $ 3,202
Cost of revenue 2,289 2,342 1,988
Gross profit 1,502 1,461 1,214
Selling, general and administrative expenses 914 877 737
Research and development expenses 106 100 74
Separation costs 22 87
Restructuring and asset impairments charges, net 17 2 15
Operating income 443 395 388
Interest expense 55 17
Other non-operating income, net 5
Income before taxes 388 383 388
Income tax expense 91 104 59
Net income $ 297 $ 279 $ 329
Earnings per share:
Basic $ 1.60 $ 1.51 $ 1.78
Diluted $ 1.59 $ 1.50 $ 1.78
Weighted average number of shares – Basic 185.8 185.1 184.6
Weighted average number of shares – Diluted 186.2 185.3 184.6
 
           

XYLEM INC. AND SUBSIDIARIES

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

(In Millions)

 
Year Ended December 31,     2012 2011 2010
Operating Activities
Net income $ 297 $ 279 $ 329
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 142 137 92
Deferred income taxes 1 8 (31 )
Share-based compensation 22 13 9
Non-cash separation costs 10
Restructuring and asset impairment charges, net 17 2 15
Payments of restructuring (9 ) (7 ) (22 )
Contributions to postretirement benefit plans (46 ) (16 ) (3 )
Changes in assets and liabilities (net of acquisitions):
Changes in receivables 2 (61 ) (45 )
Changes in inventories 5 (18 ) 7
Changes in accounts payable (4 ) (9 ) 41
Changes in accrued liabilities (28 ) 53 12
Changes in accrued taxes (17 ) 56 (17 )
Net changes in other assets and liabilities     14   2   8  
Net Cash — Operating activities     396   449   395  
Investing Activities
Capital expenditures (112 ) (126 ) (94 )
Proceeds from the sale of property, plant and equipment 5 11 4
Acquisitions of businesses and assets, net of cash acquired (41 ) (309 ) (1,004 )
Other, net     1   1   1  
Net Cash — Investing activities     (147 ) (423 ) (1,093 )
Financing Activities
Net transfer to former parent (9 ) (995 ) 745
Issuance of short-term debt 13 5
Issuance of senior notes, net of discount 1,198
Principal payments of debt and capital lease obligations (14 ) (8 )
Purchase of Xylem common stock (13 )
Proceeds from exercise of employee stock options 24 1
Payments of debt issuance costs (10 )
Dividends paid     (75 ) (19 )  
Net Cash — Financing activities     (74 ) 172   745  
Effect of exchange rate changes on cash     11   (11 ) 3  
Net change in cash and cash equivalents 186 187 50
Cash and cash equivalents at beginning of year     318   131   81  
Cash and cash equivalents at end of year     $ 504   $ 318   $ 131  
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest $ 53 $ $
Income taxes (net of refunds received) $ 104 $ 64 $ 110
 
 
Xylem Inc. Non-GAAP Measures
 
 
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 for non-recurring separation costs associated with the Xylem spin-off from ITT Corporation as well as non-recurring restructuring and realignment costs.
 
"Adjusted Operating Income", "Adjusted Segment Operating Income", and “Adjusted EPS” defined as operating income and earnings per share, adjusted to exclude non-recurring separation costs associated with the Xylem spin-off from ITT Corporation, non-recurring restructuring and realignment costs and tax-related special items.
 
“Normalized EPS” defined as adjusted earnings per share, as well as adjustments to reflect the incremental current period amount of interest expense and stand alone costs in the prior comparable period.
 
“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.
 
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) = (B + D) / A
 

 

 

 

Change % Change

Change

% Change

Adj. Adj.
2012 v. 2012 v.

Acquisitions /

FX 2012 v. 2012 v.
Orders Orders 2011 2011 Divestitures Contribution Eliminations 2011 2011
2012 2011
Year Ended December 31, 2012
 
Xylem Inc. 3,782 3,847 (65) -1.7% (95) 114 - (46) -1.2% 1.3%
 
Water infrastructure 2,421 2,454 (33) -1.3% (95) 87 1 (40) -1.6% 2.2%
Applied Water 1,423 1,452 (29) -2.0% - 31 (8) (6) -0.4% 0.1%
 
 
Quarter Ended December 31, 2012
 
Xylem Inc. 926 905 21 2.3% (7) 6 - 20 2.2% 3.0%
 
Water infrastructure 602 589 13 2.2% (7) 5 1 12 2.0% 3.1%
Applied Water 337 330 7 2.1% - 1 - 8 2.4% 2.4%
 
Quarter Ended September 30, 2012
 
Xylem Inc. 882 966 (84) -8.7% (21) 39 - (66) -6.8% -4.7%
 
Water infrastructure 564 621 (57) -9.2% (21) 29 - (49) -7.9% -4.5%
Applied Water 334 358 (24) -6.7% - 12 (5) (17) -4.7% -3.4%
 

Quarter Ended June 30, 2012

 
Xylem Inc. 970 998 (28) -2.8% (30) 51 - (7) -0.7% 2.3%
 
Water infrastructure 617 632 (15) -2.4% (30) 40 - (5) -0.8% 4.0%
Applied Water 370 383 (13) -3.4% - 13 (2) (2) -0.5% 0.0%
 

Quarter Ended March 31, 2012

 
Xylem Inc. 1,004 978 26 2.7% (37) 18 - 7 0.7% 4.5%
 
Water infrastructure 638 612 26 4.2% (37) 13 - 2 0.3% 6.4%
Applied Water 382 381 1 0.3% - 5 (1) 5 1.3% 1.6%
 
 
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) = (B + D) / A
 
Change % Change

 

Change % Change
2012 v. 2012 v.

Acquisitions /

FX Adj. 2012 Adj. 2012
Revenue Revenue 2011 2011 Divestitures Contribution Eliminations v. 2011 v. 2011
2012 2011
Year Ended December 31, 2012
 
 
Xylem Inc. 3,791 3,803 (12 ) -0.3 % (94 ) 108 - 2 0.1 % 2.5 %
 
Water infrastructure 2,425 2,416 9 0.4 % (94 ) 80 (1 ) (6 ) -0.2 % 3.7 %
Applied Water 1,424 1,444 (20 ) -1.4 % - 32 (3 ) 9 0.6 % 0.8 %
 
 
Quarter Ended December 31, 2012      
 
Xylem Inc. 969 1,003 (34 ) -3.4 % (7 ) 7 - (34 ) -3.4 % -2.7 %
 
Water Infrastructure 637 679 (42 ) -6.2 % (7 ) 5 (1 ) (45 ) -6.6 % -5.4 %
Applied Water 346 336 10 3.0 % - 2 - 12 3.6 % 3.6 %
 
Quarter Ended September 30, 2012      
 
Xylem Inc. 931 939 (8 ) -0.9 % (21 ) 38 - 9 1.0 % 3.2 %
 
Water infrastructure 595 584 11 1.9 % (21 ) 28 - 18 3.1 % 6.7 %
Applied Water 350 368 (18 ) -4.9 % - 12 (2 ) (8 ) -2.2 % -1.6 %
 

Quarter Ended June 30, 2012

 
 
Xylem Inc. 966 971 (5 ) -0.5 % (32 ) 49 - 12 1.2 % 4.5 %
 
Water infrastructure 609 602 7 1.2 % (32 ) 37 (1 ) 11 1.8 % 7.3 %
Applied Water 373 385 (12 ) -3.1 % - 13 (1 ) - 0.0 % 0.3 %
 

Quarter Ended March 31, 2012

 
 
Xylem Inc. 925 890 35 3.9 % (34 ) 14 - 15 1.7 % 5.5 %
 
Water infrastructure 584 551 33 6.0 % (34 ) 10 1 10 1.8 % 7.8 %
Applied Water 355 355 - 0.0 % - 5 - 5 1.4 % 1.4 %
 
 
Note: Due to rounding the sum of segment amounts may not agree to Xylem totals.
 
                   
Xylem Inc. Non-GAAP Reconciliation
Adjusted Diluted EPS
2012 and 2011
($ Millions, except per share amounts)
 
 
         
Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012
 
Net Income 63 89 72 73 297
 
Separation Costs, Net of Tax 4 4 3 5 16
 
Restructuring & Realignment, Net of Tax - - 4 13 17
           
Adjusted Net Income before Special Tax Items     67   93     79     91     330
 
Special Tax Items - (1 ) 4 (3 ) -
           
Adjusted Net Income   67   92     83     88     330
 
Diluted Earnings per Share $ 0.34 $ 0.48 $ 0.38 $ 0.39 $ 1.59
 
Separation Costs per Share $ 0.02 $ 0.02 $ 0.02 $ 0.03 $ 0.09
 
Restructuring & Realignment Costs per Share $ 0.00 $ 0.00   $ 0.02   $ 0.07   $ 0.09
 
Adjusted Diluted EPS before Special Tax Items $ 0.36 $ 0.50 $ 0.42 $ 0.49 $ 1.77
 
Special Tax Items per Share $ 0.00   ($0.01 ) $ 0.02     ($0.02 ) $ 0.00
 
Adjusted Diluted EPS $ 0.36 $ 0.49   $ 0.44   $ 0.47   $ 1.77
         
Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011
 
Net Income 78 72 77 52 279
 
Separation Costs, Net of Tax 2 27 25 18 72
           
Adjusted Net Income before Special Tax Items     80   99     102     70     351
 
Special Tax Items - 4 (1 ) 4 7
           
Adjusted Net Income   80   103     101     74     358
 
Diluted Earnings per Share $ 0.42 $ 0.39 $ 0.42 $ 0.28 $ 1.50
 
Separation Costs per Share $ 0.01 $ 0.15   $ 0.13   $ 0.10   $ 0.39
 
Adjusted Diluted EPS before Special Tax Items $ 0.43 $ 0.54 $ 0.55 $ 0.38 $ 1.89
 
Special Tax Items per Share $ 0.00 $ 0.02     ($0.01 ) $ 0.02   $ 0.04
 
Adjusted Diluted EPS $ 0.43 $ 0.56   $ 0.54   $ 0.40   $ 1.93
 
Note: YTD EPS amounts may not equal the sum of the quarterly EPS amounts due to rounding.
           
Xylem Inc. Non-GAAP Reconciliation
Adjusted Operating Income
($ Millions)
   
Q4 YTD
'12 '11 '12 '11
Total Revenue
• Total Xylem 969 1,003 3,791 3,803
• Water Infrastructure 637 679 2,425 2,416
• Applied Water 346 336 1,424 1,444
                     
Operating Income
• Total Xylem 104 100 443 395
• Water Infrastructure 89 98 342 343
• Applied Water 35 27 170 160
 
Operating Margin
• Total Xylem 10.7% 10.0% 11.7% 10.4%
• Water Infrastructure 14.0% 14.4% 14.1% 14.2%
• Applied Water 10.1%     8.0%     11.9%     11.1%
 
Separation Costs
• Total Xylem 7 20 22 87
• Water Infrastructure 1 6 4 16
• Applied Water - 4 2 13
 
Restructuring & Realignment Costs
• Total Xylem 19 - 24 -
• Water Infrastructure 15 - 19 -
• Applied Water 5 - 5 -
                     
Adjusted Operating Income*
• Total Xylem 130 120 489 482
• Water Infrastructure 105 104 365 359
• Applied Water 40 31 177 173
 
Adjusted Operating Margin*
• Total Xylem 13.4% 12.0% 12.9% 12.7%
• Water Infrastructure 16.5% 15.3% 15.1% 14.9%
• Applied Water 11.6%     9.2%     12.4%     12.0%
 
*Adjusted Operating Income excludes non-recurring separation, restructuring & realignment costs
 
                           
Xylem Inc. Non-GAAP Reconciliation
Normalized and Adjusted Diluted EPS
($ Millions, except per share amounts)
     
 
   
Q4 2011 Q4 2012
As Reported Adjustments Adjusted Adjustments Normalized As Reported Adjustments Adjusted
 
Total Revenue 1,003 1,003 1,003 969 969
Operating Income 100 20 a 120 (2 ) c 118 104 26 f 130
Operating Margin 10.0 % 12.0 % 11.8 % 10.7 % 13.4 %
Interest Expense (15 ) (15 ) (15 ) (14 ) (14 )
Other Non-Operating Income (Expense)   -       -       -     (1 )     (1 )
Income before Taxes   85     20     105     (2 )   103   89 26 115
Provision for Income Taxes   (33 )   2   b   (31 )   0   e   (31 )   (16 )   (11 ) g   (27 )
Net Income   52     22     74     (2 )   72     73     15     88  
  Diluted Shares       185.3                 185.3                 185.3         186.5                 186.5  
  Diluted EPS     $ 0.28       $ 0.12         $ 0.40       $ (0.01 )       $ 0.39       $ 0.39       $ 0.08         $ 0.47  
 
 
   
YTD 2011 YTD 2012
As Reported Adjustments Adjusted Adjustments Normalized As Reported Adjustments Adjusted
 
Total Revenue 3,803 3,803 3,803 3,791 3,791
Operating Income 395 87 a 482 (28 ) c 454 443 46 f 489
Operating Margin 10.4 % 12.7 % 11.9 % 11.7 % 12.9 %
Interest Expense (17 ) (17 ) (39 ) d (56 ) (55 ) (55 )
Other Non-Operating Income (Expense)   5       5       5     -       -  
Income before Taxes   383     87     470     (67 )   403     388     46     434  
Provision for Income Taxes   (104 )   (8 ) b   (112 )   16   e   (96 )   (91 )   (13 ) g   (104 )
Net Income   279     79     358     (51 )   307     297     33     330  
  Diluted Shares       185.3                 185.3                 185.3         186.2                 186.2  
  Diluted EPS     $ 1.50       $ 0.43         $ 1.93       $ (0.27 )       $ 1.66       $ 1.59       $ 0.18         $ 1.77  
 
 
a One time separation costs
b Net tax impact of above items, plus the addition of 2011 special tax items
c Incremental stand alone costs incurred in 2012
d Incremental interest expense on long-term debt incurred in 2012
e Incremental interest expense and stand alone costs incurred in 2012 tax affected using the 2011 effective tax rate, as adjusted
f One time separation, restructuring & realignment costs
g Tax impact of one time separation, restructuring & realignment costs and special tax items
 
       
Xylem Inc. Non-GAAP Reconciliation
Net Cash - Operating Activities vs. Free Cash Flow
Years Ended December 31, 2012 and 2011
($ Millions)
 
 
Year Ended
2012 2011
 
Net Cash - Operating Activities 396 449
 
Capital Expenditures (112 ) (126 )
   
Free Cash Flow, including separation costs 284 323
 
Cash Paid for Separation Costs (incl. Capex) 28 65
   
Free Cash Flow, excluding separation costs 312   388  
 
Net Income 297 279
 
Separation Costs, net of tax (incl. tax friction) 16   72  
 
Net Income, excluding separation costs 313   351  
 
Free Cash Flow Conversion 100 % 111 %
 
                       
Xylem Inc. Non-GAAP Reconciliation
Guidance
($ Millions, except per share amounts)
 
 
Illustration of Mid Point Guidance
2013 Guidance
   
FY '12 FY '13
As Reported Adjustments Adjusted As Projected Adjustments Adjusted
Total Revenue 3,791 3,791 3,915 3,915
Segment Operating Income 512 30 a 542 487 65 d 552
Segment Operating Margin 13.5 % 14.3 % 12.4 % 14.1 %
Corporate Expense   69     (16 ) b   53     59     -     59  
Operating Income   443     46     489     428     65     493  
Operating Margin 11.7 % 12.9 % 10.9 % 12.6 %
Interest Expense (55 ) (55 ) (55 ) (55 )
Other Non-Operating Income (Expense)   -       -     (2 )     (2 )
Income before Taxes   388     46     434   371 65 436
Provision for Income Taxes   (91 )   (13 ) c   (104 )   (73 )   (19 ) c   (92 )
Net Income   297     33     330     298     46     344  
Diluted Shares       186.2                 186.2         186.4                 186.4  
Diluted EPS     $ 1.59       $ 0.18         $ 1.77      

$

1.60

     

$

0.25

       

$

1.85

 
 
a   One time separation, restructuring and realignment costs incurred at the segment level
b One time separation, restructuring and realignment costs incurred at the corporate level
c Net tax impact of above items, plus the addition of special tax items
d Restructuring and realignment costs incurred at the segment level
 
                   
Xylem Inc. Non-GAAP Reconciliation
Adjusted Operating Income
($ Millions)
   
 
          Mid Point Guidance
2008 2009 2010 2011 2012 2013E
 
Revenue 3,291 2,849 3,202 3,803 3,791 3,915
           
Operating Income 315   276   388   395   443   428  
 
Operating Margin 9.6 % 9.7 % 12.1 % 10.4 % 11.7 % 10.9 %
 
Restructuring & Realignment 41 31 15 - 24 65
Separation Costs - - - 87 22 -
           
Adjusted Operating Income 356   307   403   482   489   493  
 
Adjusted Operating Margin 10.8 % 10.8 % 12.6 % 12.7 % 12.9 % 12.6 %
 
Standalone Costs - - - 5 28 -
           
Adj. Operating Income, excl. Standalone Costs 356   307   403   487   517   493  
 
Adjusted Operating Margin, excl. Standalone Costs 10.8 % 10.8 % 12.6 % 12.8 % 13.6 % 12.6 %
 




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