WAT FY 2020 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2020 Earnings

Reported February 24, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.4B	—	-1.7%
Op. Income	$645M	—	$708M	—	-8.9%
Gross Margin	57.4%	—	58.0%	—	-0.6pp
Net Margin	22.1%	—	24.6%	—	-2.6pp
EPS (Diluted)	$8.36	—	$8.69	—	-3.8%
Free Cash Flow	$618M	—	$479M	—	29.0%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.0B
GROSS PROFIT	$1.4B
R&D Expenses	$141M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$554M
Other Expenses	$19M
Operating Expenses	$713M
Cost & Expenses	$1.7B
OPERATING INCOME	$645M
Interest Income	$16M
Interest Expense	$49M
Other Income/Expenses	-$35M
INCOME BEFORE TAX	$611M
Income Tax Expense	$89M
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	$125M
EBIT	$660M
EBITDA	$785M
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.0B
GROSS PROFIT	$1.4B
R&D Expenses	$141M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$554M
Other Expenses	$19M
Operating Expenses	$713M
Cost & Expenses	$1.7B
OPERATING INCOME	$645M
Interest Income	$16M
Interest Expense	$49M
Other Income/Expenses	-$35M
INCOME BEFORE TAX	$611M
Income Tax Expense	$89M
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	$125M
EBIT	$660M
EBITDA	$785M
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$522M
Depreciation & Amortization	$135M
Stock-Based Compensation	$37M
Deferred Income Tax	-$3M
Other Non-Cash Items	$3M
Change in Working Capital	$97M
OPERATING CASH FLOW	$791M
Capital Expenditure	-$172M
Acquisitions (Net)	-$87M
Purchases of Investments	-$32M
Sales/Maturities of Investments	$21M
Other Investing Activities	$6M
NET CASH FROM INVESTING	-$264M
Net Debt Issuance	-$325M
Common Stock Repurchased	-$196M
Common Dividends Paid	$0
Other Financing Activities	$81M
NET CASH FROM FINANCING	-$441M
FREE CASH FLOW	$618M
Net Change in Cash	$101M

Balance Sheet

Item	Amount
Cash & Equivalents	$437M
Short-Term Investments	$6M
Net Receivables	$573M
Inventory	$304M
Other Current Assets	$80M
TOTAL CURRENT ASSETS	$1.4B
PP&E (Net)	$587M
Goodwill	$444M
Intangible Assets	$259M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$149M
TOTAL NON-CURRENT ASSETS	$1.4B
TOTAL ASSETS	$2.8B
Account Payables	$72M
Short-Term Debt	$150M
Deferred Revenue	$198M
Other Current Liabilities	$269M
TOTAL CURRENT LIABILITIES	$805M
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$528M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$2.6B
Common Stock	$2M
Additional Paid-In Capital	$2.0B
Retained Earnings	$7.1B
Treasury Stock	-$8.8B
Accum. Other Comp. Income	-$118M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$232M
Minority Interest	$0
TOTAL EQUITY	$232M
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$1.5B
Net Debt	$1.0B