XLR connector has 3 pins. 1-ground "X", 2-audio "hot" or "Load", 3-audio "cold" or "Return".
The audio signal on 3 is the inverse (negative) of the signal on 2. The input circuit takes what's coming in on pin 2, and adds to it the inverse of the signal on pin 3 (which was already the inverse of pin 2, right?). What you wind up with is effectively double the signal on pin 2.
Now, let's put the SAME signal on pins 2 and 3, instead of putting an inverted signal on pin 3. The input flips the pin 3 signal, and adds it to the pin 2 signal and you get -- NOTHING.
Make that "signal" 48 volts DC (with reference to pin 1), and you have a DC power source that disappears at the input. Hence the term "phantom" power.
The DC signal does not interfere with the audio signal, so there's no problem carrying both on the same wires.
Simple enough?