WAT FY 2018 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2018 Earnings

Reported March 1, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.3B	—	4.8%
Op. Income	$740M	—	$662M	—	11.7%
Gross Margin	59.0%	—	59.0%	—	-0.0pp
Net Margin	24.5%	—	0.9%	—	23.7pp
EPS (Diluted)	$7.65	—	$0.25	—	2960.0%
Free Cash Flow	$477M	—	$607M	—	-21.5%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$993M
GROSS PROFIT	$1.4B
R&D Expenses	$143M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$537M
Other Expenses	$7M
Operating Expenses	$688M
Cost & Expenses	$1.7B
OPERATING INCOME	$740M
Interest Income	$39M
Interest Expense	$49M
Other Income/Expenses	-$58M
INCOME BEFORE TAX	$682M
Income Tax Expense	$88M
Net Income from Continuing Ops	$594M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$594M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$594M
D&A	$108M
EBIT	$731M
EBITDA	$839M
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$993M
GROSS PROFIT	$1.4B
R&D Expenses	$143M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$537M
Other Expenses	$7M
Operating Expenses	$688M
Cost & Expenses	$1.7B
OPERATING INCOME	$740M
Interest Income	$39M
Interest Expense	$49M
Other Income/Expenses	-$58M
INCOME BEFORE TAX	$682M
Income Tax Expense	$88M
Net Income from Continuing Ops	$594M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$594M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$594M
D&A	$108M
EBIT	$731M
EBITDA	$839M
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$594M
Depreciation & Amortization	$108M
Stock-Based Compensation	$38M
Deferred Income Tax	$2M
Other Non-Cash Items	-$2M
Change in Working Capital	-$135M
OPERATING CASH FLOW	$604M
Capital Expenditure	-$128M
Acquisitions (Net)	-$31M
Purchases of Investments	-$8M
Sales/Maturities of Investments	$1.8B
Other Investing Activities	$31M
NET CASH FROM INVESTING	$1.7B
Net Debt Issuance	-$850M
Common Stock Repurchased	-$1.3B
Common Dividends Paid	$0
Other Financing Activities	$46M
NET CASH FROM FINANCING	-$2.1B
FREE CASH FLOW	$477M
Net Change in Cash	$154M

Balance Sheet

Item	Amount
Cash & Equivalents	$796M
Short-Term Investments	$939M
Net Receivables	$568M
Inventory	$292M
Other Current Assets	$68M
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$343M
Goodwill	$356M
Intangible Assets	$247M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$119M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$3.7B
Account Payables	$68M
Short-Term Debt	$178.0K
Deferred Revenue	$165M
Other Current Liabilities	$180M
TOTAL CURRENT LIABILITIES	$449M
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$563M
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$2.2B
Common Stock	$2M
Additional Paid-In Capital	$1.8B
Retained Earnings	$6.0B
Treasury Stock	-$6.1B
Accum. Other Comp. Income	-$118M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$3.7B
Total Debt	$1.1B
Net Debt	$352M