Xylem Inc.

Good day, everyone, and welcome to the Xylem's second quarter 2024 results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press the star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Andrea Vanderberg, Vice President of Investor Relations. Please go ahead.

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 perspectives 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 investor section of our website. A replay of today's call will be available until midnight, August 6th. Additionally, the call will be available for playback via the investor 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've 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 segments 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 we'll turn the call over to our CEO, Matthew Pine.

Thanks, Andrew. 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 revenue growth reflecting gains in both volume and price. The team also expanded adjusted EBITDA margin 170 basis points, and without 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 and aligned to make a difference. And I want to say a big thank you to the Holes Island 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 and measurement and 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 and our work on 8020 are progressing well and are set to pay off beginning in 2025. Turning to the integration of Avoqua, in late May, we passed the one-year anniversary of our combination with Avoqua. 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 Evoca 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 six cents 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?