WAT FY 2016 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2016 Earnings

Reported February 24, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2016	Prior Q	FY 2015	QoQ Change	YoY Change
Revenue	$2.2B	—	$2.0B	—	6.1%
Op. Income	$625M	—	$567M	—	10.1%
Gross Margin	58.9%	—	58.7%	—	0.1pp
Net Margin	24.1%	—	23.0%	—	1.1pp
EPS (Diluted)	$6.41	—	$5.65	—	13.5%
Free Cash Flow	$534M	—	$457M	—	16.8%

Revenue Flow

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$891M
GROSS PROFIT	$1.3B
R&D Expenses	$125M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$512M
Other Expenses	$13M
Operating Expenses	$651M
Cost & Expenses	$1.5B
OPERATING INCOME	$625M
Interest Income	$21M
Interest Expense	$45M
Other Income/Expenses	-$25M
INCOME BEFORE TAX	$600M
Income Tax Expense	$79M
Net Income from Continuing Ops	$522M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$522M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$522M
D&A	$96M
EBIT	$645M
EBITDA	$741M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$891M
GROSS PROFIT	$1.3B
R&D Expenses	$125M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$512M
Other Expenses	$13M
Operating Expenses	$651M
Cost & Expenses	$1.5B
OPERATING INCOME	$625M
Interest Income	$21M
Interest Expense	$45M
Other Income/Expenses	-$25M
INCOME BEFORE TAX	$600M
Income Tax Expense	$79M
Net Income from Continuing Ops	$522M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$522M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$522M
D&A	$96M
EBIT	$645M
EBITDA	$741M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$522M
Depreciation & Amortization	$96M
Stock-Based Compensation	$41M
Deferred Income Tax	$1M
Other Non-Cash Items	$870.0K
Change in Working Capital	-$32M
OPERATING CASH FLOW	$629M
Capital Expenditure	-$95M
Acquisitions (Net)	-$6M
Purchases of Investments	-$2.4B
Sales/Maturities of Investments	$2.0B
Other Investing Activities	$4M
NET CASH FROM INVESTING	-$488M
Net Debt Issuance	$160M
Common Stock Repurchased	-$326M
Common Dividends Paid	$0
Other Financing Activities	$64M
NET CASH FROM FINANCING	-$102M
FREE CASH FLOW	$534M
Net Change in Cash	$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$506M
Short-Term Investments	$2.3B
Net Receivables	$489M
Inventory	$263M
Other Current Assets	$70M
TOTAL CURRENT ASSETS	$3.6B
PP&E (Net)	$337M
Goodwill	$352M
Intangible Assets	$207M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$130M
TOTAL NON-CURRENT ASSETS	$1.0B
TOTAL ASSETS	$4.7B
Account Payables	$68M
Short-Term Debt	$125M
Deferred Revenue	$149M
Other Current Liabilities	$150M
TOTAL CURRENT LIABILITIES	$520M
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$138M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$2.4B
Common Stock	$2M
Additional Paid-In Capital	$1.6B
Retained Earnings	$5.4B
Treasury Stock	-$4.5B
Accum. Other Comp. Income	-$216M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.3B
Minority Interest	$0
TOTAL EQUITY	$2.3B
TOTAL LIABILITIES & EQUITY	$4.7B
Total Debt	$1.8B
Net Debt	$1.3B