WAT FY 2010 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2010 Earnings

Reported February 25, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$1.6B	—	$1.5B	—	9.7%
Op. Income	$450M	—	$395M	—	14.0%
Gross Margin	60.2%	—	60.3%	—	-0.1pp
Net Margin	23.2%	—	21.6%	—	1.7pp
EPS (Diluted)	$4.06	—	$3.34	—	21.6%
Free Cash Flow	$395M	—	$324M	—	21.8%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$653M
GROSS PROFIT	$990M
R&D Expenses	$84M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$445M
Other Expenses	$10M
Operating Expenses	$540M
Cost & Expenses	$1.2B
OPERATING INCOME	$450M
Interest Income	$2M
Interest Expense	$14M
Other Income/Expenses	-$12M
INCOME BEFORE TAX	$438M
Income Tax Expense	$56M
Net Income from Continuing Ops	$382M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$382M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$382M
D&A	$63M
EBIT	$452M
EBITDA	$514M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$653M
GROSS PROFIT	$990M
R&D Expenses	$84M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$445M
Other Expenses	$10M
Operating Expenses	$540M
Cost & Expenses	$1.2B
OPERATING INCOME	$450M
Interest Income	$2M
Interest Expense	$14M
Other Income/Expenses	-$12M
INCOME BEFORE TAX	$438M
Income Tax Expense	$56M
Net Income from Continuing Ops	$382M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$382M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$382M
D&A	$63M
EBIT	$452M
EBITDA	$514M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$382M
Depreciation & Amortization	$63M
Stock-Based Compensation	$25M
Deferred Income Tax	-$15M
Other Non-Cash Items	$14M
Change in Working Capital	-$10M
OPERATING CASH FLOW	$458M
Capital Expenditure	-$63M
Acquisitions (Net)	$0
Purchases of Investments	-$1.2B
Sales/Maturities of Investments	$886M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$412M
Net Debt Issuance	$134M
Common Stock Repurchased	-$296M
Common Dividends Paid	$0
Other Financing Activities	$102M
NET CASH FROM FINANCING	-$60M
FREE CASH FLOW	$395M
Net Change in Cash	-$33M

Balance Sheet

Item	Amount
Cash & Equivalents	$308M
Short-Term Investments	$638M
Net Receivables	$358M
Inventory	$204M
Other Current Assets	$78M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$215M
Goodwill	$292M
Intangible Assets	$181M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$53M
TOTAL NON-CURRENT ASSETS	$741M
TOTAL ASSETS	$2.3B
Account Payables	$64M
Short-Term Debt	$66M
Deferred Revenue	$106M
Other Current Liabilities	$73M
TOTAL CURRENT LIABILITIES	$386M
Long-Term Debt	$700M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$78M
Other Non-Current Liabilities	$95M
TOTAL NON-CURRENT LIABILITIES	$873M
TOTAL LIABILITIES	$1.3B
Common Stock	$2M
Additional Paid-In Capital	$970M
Retained Earnings	$2.6B
Treasury Stock	-$2.5B
Accum. Other Comp. Income	-$12M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$2.3B
Total Debt	$766M
Net Debt	$458M