WAT FY 2021 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

FY 2021 Earnings

Reported February 24, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$2.8B	—	$2.4B	—	17.8%
Op. Income	$822M	—	$645M	—	27.3%
Gross Margin	58.5%	—	57.4%	—	1.0pp
Net Margin	24.9%	—	22.1%	—	2.8pp
EPS (Diluted)	$11.17	—	$8.36	—	33.6%
Free Cash Flow	$579M	—	$618M	—	-6.3%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.6B
R&D Expenses	$168M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$627M
Other Expenses	$12M
Operating Expenses	$808M
Cost & Expenses	$2.0B
OPERATING INCOME	$822M
Interest Income	$12M
Interest Expense	$45M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$806M
Income Tax Expense	$113M
Net Income from Continuing Ops	$693M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$693M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$693M
D&A	$132M
EBIT	$851M
EBITDA	$983M
EPS	$11
EPS Diluted	$11

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.6B
R&D Expenses	$168M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$627M
Other Expenses	$12M
Operating Expenses	$808M
Cost & Expenses	$2.0B
OPERATING INCOME	$822M
Interest Income	$12M
Interest Expense	$45M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$806M
Income Tax Expense	$113M
Net Income from Continuing Ops	$693M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$693M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$693M
D&A	$132M
EBIT	$851M
EBITDA	$983M
EPS	$11
EPS Diluted	$11

Cash Flow Statement

Item	Amount
Net Income	$693M
Depreciation & Amortization	$132M
Stock-Based Compensation	$30M
Deferred Income Tax	$17M
Other Non-Cash Items	-$17M
Change in Working Capital	-$107M
OPERATING CASH FLOW	$747M
Capital Expenditure	-$168M
Acquisitions (Net)	$7M
Purchases of Investments	-$63M
Sales/Maturities of Investments	$218M
Other Investing Activities	-$225M
NET CASH FROM INVESTING	-$232M
Net Debt Issuance	$160M
Common Stock Repurchased	-$649M
Common Dividends Paid	$0
Other Financing Activities	$51M
NET CASH FROM FINANCING	-$438M
FREE CASH FLOW	$579M
Net Change in Cash	$65M

Balance Sheet

Item	Amount
Cash & Equivalents	$501M
Short-Term Investments	$68M
Net Receivables	$613M
Inventory	$356M
Other Current Assets	$91M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$633M
Goodwill	$438M
Intangible Assets	$242M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$153M
TOTAL NON-CURRENT ASSETS	$1.5B
TOTAL ASSETS	$3.1B
Account Payables	$97M
Short-Term Debt	$0
Deferred Revenue	$228M
Other Current Liabilities	$256M
TOTAL CURRENT LIABILITIES	$681M
Long-Term Debt	$1.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$473M
TOTAL NON-CURRENT LIABILITIES	$2.0B
TOTAL LIABILITIES	$2.7B
Common Stock	$2M
Additional Paid-In Capital	$2.1B
Retained Earnings	$7.8B
Treasury Stock	-$9.4B
Accum. Other Comp. Income	-$112M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$368M
Minority Interest	$0
TOTAL EQUITY	$368M
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$1.6B
Net Debt	$1.1B