WAT FY 2007 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2007 Earnings

Reported February 29, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$1.5B	—	$1.3B	—	15.1%
Op. Income	$349M	—	$295M	—	18.2%
Gross Margin	57.2%	—	58.1%	—	-1.0pp
Net Margin	18.2%	—	17.4%	—	0.8pp
EPS (Diluted)	$2.62	—	$2.13	—	23.0%
Free Cash Flow	$310M	—	$212M	—	46.2%

Revenue Flow

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$631M
GROSS PROFIT	$842M
R&D Expenses	$81M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$404M
Other Expenses	$9M
Operating Expenses	$493M
Cost & Expenses	$1.1B
OPERATING INCOME	$349M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$323M
Income Tax Expense	$55M
Net Income from Continuing Ops	$268M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$268M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$268M
D&A	$53M
EBIT	$349M
EBITDA	$402M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$631M
GROSS PROFIT	$842M
R&D Expenses	$81M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$404M
Other Expenses	$9M
Operating Expenses	$493M
Cost & Expenses	$1.1B
OPERATING INCOME	$349M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$323M
Income Tax Expense	$55M
Net Income from Continuing Ops	$268M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$268M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$268M
D&A	$53M
EBIT	$349M
EBITDA	$402M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$268M
Depreciation & Amortization	$53M
Stock-Based Compensation	$29M
Deferred Income Tax	$6M
Other Non-Cash Items	$7M
Change in Working Capital	$7M
OPERATING CASH FLOW	$371M
Capital Expenditure	-$60M
Acquisitions (Net)	-$9M
Purchases of Investments	-$394M
Sales/Maturities of Investments	$295M
Other Investing Activities	$724.0K
NET CASH FROM INVESTING	-$168M
Net Debt Issuance	-$19M
Common Stock Repurchased	-$201M
Common Dividends Paid	$0
Other Financing Activities	$9M
NET CASH FROM FINANCING	-$120M
FREE CASH FLOW	$310M
Net Change in Cash	$83M

Balance Sheet

Item	Amount
Cash & Equivalents	$597M
Short-Term Investments	$96M
Net Receivables	$318M
Inventory	$176M
Other Current Assets	$50M
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$161M
Goodwill	$273M
Intangible Assets	$142M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$69M
TOTAL NON-CURRENT ASSETS	$644M
TOTAL ASSETS	$1.9B
Account Payables	$47M
Short-Term Debt	$384M
Deferred Revenue	$87M
Other Current Liabilities	$67M
TOTAL CURRENT LIABILITIES	$658M
Long-Term Debt	$500M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$137M
TOTAL NON-CURRENT LIABILITIES	$637M
TOTAL LIABILITIES	$1.3B
Common Stock	$1M
Additional Paid-In Capital	$692M
Retained Earnings	$1.6B
Treasury Stock	-$1.8B
Accum. Other Comp. Income	$66M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$586M
Minority Interest	$0
TOTAL EQUITY	$586M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$884M
Net Debt	$287M