WAT FY 2015 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2015 Earnings

Reported February 26, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2015	Prior Q	FY 2014	QoQ Change	YoY Change
Revenue	$2.0B	—	$2.0B	—	2.7%
Op. Income	$567M	—	$518M	—	9.6%
Gross Margin	58.7%	—	58.5%	—	0.2pp
Net Margin	23.0%	—	21.7%	—	1.3pp
EPS (Diluted)	$5.65	—	$5.07	—	11.4%
Free Cash Flow	$457M	—	$405M	—	12.8%

Revenue Flow

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$843M
GROSS PROFIT	$1.2B
R&D Expenses	$119M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$496M
Other Expenses	$18M
Operating Expenses	$632M
Cost & Expenses	$1.5B
OPERATING INCOME	$567M
Interest Income	$11M
Interest Expense	$36M
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$542M
Income Tax Expense	$73M
Net Income from Continuing Ops	$469M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$469M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$469M
D&A	$90M
EBIT	$578M
EBITDA	$668M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$843M
GROSS PROFIT	$1.2B
R&D Expenses	$119M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$496M
Other Expenses	$18M
Operating Expenses	$632M
Cost & Expenses	$1.5B
OPERATING INCOME	$567M
Interest Income	$11M
Interest Expense	$36M
Other Income/Expenses	-$26M
INCOME BEFORE TAX	$542M
Income Tax Expense	$73M
Net Income from Continuing Ops	$469M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$469M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$469M
D&A	$90M
EBIT	$578M
EBITDA	$668M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$469M
Depreciation & Amortization	$90M
Stock-Based Compensation	$33M
Deferred Income Tax	$7M
Other Non-Cash Items	$5M
Change in Working Capital	-$43M
OPERATING CASH FLOW	$560M
Capital Expenditure	-$103M
Acquisitions (Net)	-$23M
Purchases of Investments	-$2.0B
Sales/Maturities of Investments	$1.7B
Other Investing Activities	$5M
NET CASH FROM INVESTING	-$400M
Net Debt Issuance	$205M
Common Stock Repurchased	-$335M
Common Dividends Paid	$0
Other Financing Activities	$60M
NET CASH FROM FINANCING	-$70M
FREE CASH FLOW	$457M
Net Change in Cash	$65M

Balance Sheet

Item	Amount
Cash & Equivalents	$488M
Short-Term Investments	$1.9B
Net Receivables	$468M
Inventory	$263M
Other Current Assets	$83M
TOTAL CURRENT ASSETS	$3.2B
PP&E (Net)	$333M
Goodwill	$357M
Intangible Assets	$218M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$147M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$4.3B
Account Payables	$71M
Short-Term Debt	$175M
Deferred Revenue	$142M
Other Current Liabilities	$148M
TOTAL CURRENT LIABILITIES	$564M
Long-Term Debt	$1.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$153M
TOTAL NON-CURRENT LIABILITIES	$1.6B
TOTAL LIABILITIES	$2.2B
Common Stock	$2M
Additional Paid-In Capital	$1.5B
Retained Earnings	$4.9B
Treasury Stock	-$4.1B
Accum. Other Comp. Income	-$147M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$4.3B
Total Debt	$1.7B
Net Debt	$1.2B