WAT FY 2009 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2009 Earnings

Reported February 26, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$1.5B	—	$1.6B	—	-4.9%
Op. Income	$395M	—	$390M	—	1.2%
Gross Margin	60.3%	—	58.0%	—	2.3pp
Net Margin	21.6%	—	20.5%	—	1.1pp
EPS (Diluted)	$3.34	—	$3.21	—	4.0%
Free Cash Flow	$324M	—	$349M	—	-7.1%

Revenue Flow

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$595M
GROSS PROFIT	$904M
R&D Expenses	$77M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$421M
Other Expenses	$11M
Operating Expenses	$509M
Cost & Expenses	$1.1B
OPERATING INCOME	$395M
Interest Income	$3M
Interest Expense	$11M
Other Income/Expenses	-$8M
INCOME BEFORE TAX	$387M
Income Tax Expense	$63M
Net Income from Continuing Ops	$323M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$323M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$323M
D&A	$57M
EBIT	$398M
EBITDA	$455M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$595M
GROSS PROFIT	$904M
R&D Expenses	$77M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$421M
Other Expenses	$11M
Operating Expenses	$509M
Cost & Expenses	$1.1B
OPERATING INCOME	$395M
Interest Income	$3M
Interest Expense	$11M
Other Income/Expenses	-$8M
INCOME BEFORE TAX	$387M
Income Tax Expense	$63M
Net Income from Continuing Ops	$323M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$323M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$323M
D&A	$57M
EBIT	$398M
EBITDA	$455M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$323M
Depreciation & Amortization	$57M
Stock-Based Compensation	$28M
Deferred Income Tax	$36M
Other Non-Cash Items	$13M
Change in Working Capital	-$40M
OPERATING CASH FLOW	$418M
Capital Expenditure	-$94M
Acquisitions (Net)	-$36M
Purchases of Investments	-$518M
Sales/Maturities of Investments	$229M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$419M
Net Debt Issuance	$92M
Common Stock Repurchased	-$211M
Common Dividends Paid	$0
Other Financing Activities	$10M
NET CASH FROM FINANCING	-$90M
FREE CASH FLOW	$324M
Net Change in Cash	-$87M

Balance Sheet

Item	Amount
Cash & Equivalents	$341M
Short-Term Investments	$289M
Net Receivables	$314M
Inventory	$179M
Other Current Assets	$49M
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$211M
Goodwill	$293M
Intangible Assets	$182M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$49M
TOTAL NON-CURRENT ASSETS	$736M
TOTAL ASSETS	$1.9B
Account Payables	$50M
Short-Term Debt	$132M
Deferred Revenue	$95M
Other Current Liabilities	$58M
TOTAL CURRENT LIABILITIES	$395M
Long-Term Debt	$500M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$73M
Other Non-Current Liabilities	$92M
TOTAL NON-CURRENT LIABILITIES	$664M
TOTAL LIABILITIES	$1.1B
Common Stock	$1M
Additional Paid-In Capital	$808M
Retained Earnings	$2.2B
Treasury Stock	-$2.2B
Accum. Other Comp. Income	$16M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$849M
Minority Interest	$0
TOTAL EQUITY	$849M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$632M
Net Debt	$291M