WAT FY 2017 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2017 Earnings

Reported February 27, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$2.3B	—	$2.2B	—	6.5%
Op. Income	$662M	—	$625M	—	5.9%
Gross Margin	59.0%	—	58.9%	—	0.1pp
Net Margin	0.9%	—	24.1%	—	-23.2pp
EPS (Diluted)	$0.25	—	$6.41	—	-96.1%
Free Cash Flow	$607M	—	$534M	—	13.7%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$947M
GROSS PROFIT	$1.4B
R&D Expenses	$133M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$544M
Other Expenses	$23M
Operating Expenses	$700M
Cost & Expenses	$1.6B
OPERATING INCOME	$662M
Interest Income	$36M
Interest Expense	$57M
Other Income/Expenses	-$21M
INCOME BEFORE TAX	$641M
Income Tax Expense	$621M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$106M
EBIT	$698M
EBITDA	$804M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$947M
GROSS PROFIT	$1.4B
R&D Expenses	$133M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$544M
Other Expenses	$23M
Operating Expenses	$700M
Cost & Expenses	$1.6B
OPERATING INCOME	$662M
Interest Income	$36M
Interest Expense	$57M
Other Income/Expenses	-$21M
INCOME BEFORE TAX	$641M
Income Tax Expense	$621M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$106M
EBIT	$698M
EBITDA	$804M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$20M
Depreciation & Amortization	$106M
Stock-Based Compensation	$39M
Deferred Income Tax	$46M
Other Non-Cash Items	-$46M
Change in Working Capital	$532M
OPERATING CASH FLOW	$698M
Capital Expenditure	-$90M
Acquisitions (Net)	-$2.5B
Purchases of Investments	-$445M
Sales/Maturities of Investments	$2.5B
Other Investing Activities	-$7M
NET CASH FROM INVESTING	-$536M
Net Debt Issuance	$170M
Common Stock Repurchased	-$333M
Common Dividends Paid	$0
Other Financing Activities	$99M
NET CASH FROM FINANCING	-$64M
FREE CASH FLOW	$607M
Net Change in Cash	$137M

Balance Sheet

Item	Amount
Cash & Equivalents	$642M
Short-Term Investments	$2.8B
Net Receivables	$534M
Inventory	$270M
Other Current Assets	$72M
TOTAL CURRENT ASSETS	$4.3B
PP&E (Net)	$349M
Goodwill	$360M
Intangible Assets	$228M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$117M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$5.3B
Account Payables	$65M
Short-Term Debt	$100M
Deferred Revenue	$167M
Other Current Liabilities	$188M
TOTAL CURRENT LIABILITIES	$606M
Long-Term Debt	$1.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$587M
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$3.1B
Common Stock	$2M
Additional Paid-In Capital	$1.7B
Retained Earnings	$5.4B
Treasury Stock	-$4.8B
Accum. Other Comp. Income	-$110M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$0
TOTAL EQUITY	$2.2B
TOTAL LIABILITIES & EQUITY	$5.3B
Total Debt	$2.0B
Net Debt	$1.4B