WAT FY 2014 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2014 Earnings

Reported February 27, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$2.0B	—	$1.9B	—	4.5%
Op. Income	$518M	—	$517M	—	0.1%
Gross Margin	58.5%	—	58.9%	—	-0.3pp
Net Margin	21.7%	—	23.6%	—	-1.9pp
EPS (Diluted)	$5.07	—	$5.20	—	-2.5%
Free Cash Flow	$405M	—	$366M	—	10.6%

Revenue Flow

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$825M
GROSS PROFIT	$1.2B
R&D Expenses	$108M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$513M
Other Expenses	$26M
Operating Expenses	$647M
Cost & Expenses	$1.5B
OPERATING INCOME	$518M
Interest Income	$7M
Interest Expense	$34M
Other Income/Expenses	-$27M
INCOME BEFORE TAX	$491M
Income Tax Expense	$59M
Net Income from Continuing Ops	$432M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$432M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$94M
EBIT	$525M
EBITDA	$619M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$825M
GROSS PROFIT	$1.2B
R&D Expenses	$108M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$513M
Other Expenses	$26M
Operating Expenses	$647M
Cost & Expenses	$1.5B
OPERATING INCOME	$518M
Interest Income	$7M
Interest Expense	$34M
Other Income/Expenses	-$27M
INCOME BEFORE TAX	$491M
Income Tax Expense	$59M
Net Income from Continuing Ops	$432M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$432M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$94M
EBIT	$525M
EBITDA	$619M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$432M
Depreciation & Amortization	$94M
Stock-Based Compensation	$33M
Deferred Income Tax	$2M
Other Non-Cash Items	$23M
Change in Working Capital	-$72M
OPERATING CASH FLOW	$512M
Capital Expenditure	-$106M
Acquisitions (Net)	-$27M
Purchases of Investments	-$2.2B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$402M
Net Debt Issuance	$142M
Common Stock Repurchased	-$337M
Common Dividends Paid	$0
Other Financing Activities	$88M
NET CASH FROM FINANCING	-$107M
FREE CASH FLOW	$405M
Net Change in Cash	-$19M

Balance Sheet

Item	Amount
Cash & Equivalents	$422M
Short-Term Investments	$1.6B
Net Receivables	$434M
Inventory	$246M
Other Current Assets	$82M
TOTAL CURRENT ASSETS	$2.8B
PP&E (Net)	$322M
Goodwill	$355M
Intangible Assets	$232M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$151M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$3.9B
Account Payables	$66M
Short-Term Debt	$225M
Deferred Revenue	$130M
Other Current Liabilities	$131M
TOTAL CURRENT LIABILITIES	$580M
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$162M
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$2.0B
Common Stock	$2M
Additional Paid-In Capital	$1.4B
Retained Earnings	$4.4B
Treasury Stock	-$3.8B
Accum. Other Comp. Income	-$79M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$3.9B
Total Debt	$1.5B
Net Debt	$1.0B