WAT FY 2011 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2011 Earnings

Reported February 24, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$1.9B	—	$1.6B	—	12.6%
Op. Income	$529M	—	$450M	—	17.5%
Gross Margin	60.5%	—	60.2%	—	0.3pp
Net Margin	23.4%	—	23.2%	—	0.2pp
EPS (Diluted)	$4.69	—	$4.06	—	15.5%
Free Cash Flow	$412M	—	$395M	—	4.3%

Revenue Flow

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$730M
GROSS PROFIT	$1.1B
R&D Expenses	$92M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$490M
Other Expenses	$10M
Operating Expenses	$592M
Cost & Expenses	$1.3B
OPERATING INCOME	$529M
Interest Income	$3M
Interest Expense	$22M
Other Income/Expenses	-$19M
INCOME BEFORE TAX	$509M
Income Tax Expense	$76M
Net Income from Continuing Ops	$433M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$433M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$433M
D&A	$66M
EBIT	$531M
EBITDA	$598M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$730M
GROSS PROFIT	$1.1B
R&D Expenses	$92M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$490M
Other Expenses	$10M
Operating Expenses	$592M
Cost & Expenses	$1.3B
OPERATING INCOME	$529M
Interest Income	$3M
Interest Expense	$22M
Other Income/Expenses	-$19M
INCOME BEFORE TAX	$509M
Income Tax Expense	$76M
Net Income from Continuing Ops	$433M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$433M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$433M
D&A	$66M
EBIT	$531M
EBITDA	$598M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$433M
Depreciation & Amortization	$66M
Stock-Based Compensation	$28M
Deferred Income Tax	-$6M
Other Non-Cash Items	$13M
Change in Working Capital	-$37M
OPERATING CASH FLOW	$497M
Capital Expenditure	-$85M
Acquisitions (Net)	-$11M
Purchases of Investments	-$1.7B
Sales/Maturities of Investments	$1.5B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$356M
Net Debt Issuance	$225M
Common Stock Repurchased	-$371M
Common Dividends Paid	$0
Other Financing Activities	$86M
NET CASH FROM FINANCING	-$60M
FREE CASH FLOW	$412M
Net Change in Cash	$75M

Balance Sheet

Item	Amount
Cash & Equivalents	$384M
Short-Term Investments	$897M
Net Receivables	$367M
Inventory	$213M
Other Current Assets	$81M
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$237M
Goodwill	$297M
Intangible Assets	$192M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$55M
TOTAL NON-CURRENT ASSETS	$781M
TOTAL ASSETS	$2.7B
Account Payables	$55M
Short-Term Debt	$291M
Deferred Revenue	$110M
Other Current Liabilities	$123M
TOTAL CURRENT LIABILITIES	$602M
Long-Term Debt	$700M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$73M
Other Non-Current Liabilities	$122M
TOTAL NON-CURRENT LIABILITIES	$895M
TOTAL LIABILITIES	$1.5B
Common Stock	$2M
Additional Paid-In Capital	$1.1B
Retained Earnings	$3.1B
Treasury Stock	-$2.9B
Accum. Other Comp. Income	-$36M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$2.7B
Total Debt	$991M
Net Debt	$607M