WAT FY 2012 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2012 Earnings

Reported February 26, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$1.8B	—	$1.9B	—	-0.4%
Op. Income	$511M	—	$529M	—	-3.2%
Gross Margin	60.0%	—	60.5%	—	-0.5pp
Net Margin	25.0%	—	23.4%	—	1.6pp
EPS (Diluted)	$5.19	—	$4.69	—	10.7%
Free Cash Flow	$345M	—	$412M	—	-16.4%

Revenue Flow

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$738M
GROSS PROFIT	$1.1B
R&D Expenses	$96M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$477M
Other Expenses	$21M
Operating Expenses	$595M
Cost & Expenses	$1.3B
OPERATING INCOME	$511M
Interest Income	$4M
Interest Expense	$28M
Other Income/Expenses	-$24M
INCOME BEFORE TAX	$488M
Income Tax Expense	$26M
Net Income from Continuing Ops	$461M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$461M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$461M
D&A	$69M
EBIT	$516M
EBITDA	$585M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$738M
GROSS PROFIT	$1.1B
R&D Expenses	$96M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$477M
Other Expenses	$21M
Operating Expenses	$595M
Cost & Expenses	$1.3B
OPERATING INCOME	$511M
Interest Income	$4M
Interest Expense	$28M
Other Income/Expenses	-$24M
INCOME BEFORE TAX	$488M
Income Tax Expense	$26M
Net Income from Continuing Ops	$461M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$461M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$461M
D&A	$69M
EBIT	$516M
EBITDA	$585M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$461M
Depreciation & Amortization	$69M
Stock-Based Compensation	$29M
Deferred Income Tax	-$52M
Other Non-Cash Items	$13M
Change in Working Capital	-$71M
OPERATING CASH FLOW	$449M
Capital Expenditure	-$105M
Acquisitions (Net)	-$31M
Purchases of Investments	-$1.8B
Sales/Maturities of Investments	$1.7B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$296M
Net Debt Issuance	$186M
Common Stock Repurchased	-$296M
Common Dividends Paid	$0
Other Financing Activities	$43M
NET CASH FROM FINANCING	-$67M
FREE CASH FLOW	$345M
Net Change in Cash	$97M

Balance Sheet

Item	Amount
Cash & Equivalents	$481M
Short-Term Investments	$1.1B
Net Receivables	$405M
Inventory	$230M
Other Current Assets	$85M
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$273M
Goodwill	$317M
Intangible Assets	$220M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$100M
TOTAL NON-CURRENT ASSETS	$910M
TOTAL ASSETS	$3.2B
Account Payables	$55M
Short-Term Debt	$133M
Deferred Revenue	$121M
Other Current Liabilities	$122M
TOTAL CURRENT LIABILITIES	$504M
Long-Term Debt	$1.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$152M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$1.7B
Common Stock	$2M
Additional Paid-In Capital	$1.2B
Retained Earnings	$3.5B
Treasury Stock	-$3.2B
Accum. Other Comp. Income	-$26M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$3.2B
Total Debt	$1.2B
Net Debt	$697M