WAT Q2 2019 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

Q2 2019 Earnings

Reported July 31, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2019	Q1 2019	Q2 2018	QoQ Change	YoY Change
Revenue	$599M	$514M	$596M	16.6%	0.5%
Op. Income	$178M	$121M	$179M	46.6%	-0.9%
Gross Margin	58.4%	57.0%	59.2%	1.4pp	-0.9pp
Net Margin	24.1%	21.2%	26.1%	2.9pp	-2.0pp
EPS (Diluted)	$2.08	$1.51	$1.98	37.7%	5.1%
Free Cash Flow	$88M	$150M	$80M	-41.7%	9.5%

Revenue Flow

Item	Amount
REVENUE	$599M
Cost of Revenue	$250M
GROSS PROFIT	$350M
R&D Expenses	$36M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$133M
Other Expenses	$2M
Operating Expenses	$172M
Cost & Expenses	$422M
OPERATING INCOME	$178M
Interest Income	$6M
Interest Expense	$11M
Other Income/Expenses	-$6M
INCOME BEFORE TAX	$172M
Income Tax Expense	$27M
Net Income from Continuing Ops	$144M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$144M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$144M
D&A	$29M
EBIT	$183M
EBITDA	$212M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$599M
Cost of Revenue	$250M
GROSS PROFIT	$350M
R&D Expenses	$36M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$133M
Other Expenses	$2M
Operating Expenses	$172M
Cost & Expenses	$422M
OPERATING INCOME	$178M
Interest Income	$6M
Interest Expense	$11M
Other Income/Expenses	-$6M
INCOME BEFORE TAX	$172M
Income Tax Expense	$27M
Net Income from Continuing Ops	$144M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$144M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$144M
D&A	$29M
EBIT	$183M
EBITDA	$212M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$144M
Depreciation & Amortization	$29M
Stock-Based Compensation	$9M
Deferred Income Tax	$190.0K
Other Non-Cash Items	-$190.0K
Change in Working Capital	-$56M
OPERATING CASH FLOW	$127M
Capital Expenditure	-$40M
Acquisitions (Net)	$0
Purchases of Investments	-$5M
Sales/Maturities of Investments	$395M
Other Investing Activities	$0
NET CASH FROM INVESTING	$351M
Net Debt Issuance	$32.0K
Common Stock Repurchased	-$577M
Common Dividends Paid	$0
Other Financing Activities	$5M
NET CASH FROM FINANCING	-$572M
FREE CASH FLOW	$88M
Net Change in Cash	-$97M

Balance Sheet

Item	Amount
Cash & Equivalents	$588M
Short-Term Investments	$88M
Net Receivables	$519M
Inventory	$352M
Other Current Assets	$75M
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$460M
Goodwill	$356M
Intangible Assets	$244M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$143M
TOTAL NON-CURRENT ASSETS	$1.2B
TOTAL ASSETS	$2.8B
Account Payables	$67M
Short-Term Debt	$100M
Deferred Revenue	$221M
Other Current Liabilities	$138M
TOTAL CURRENT LIABILITIES	$612M
Long-Term Debt	$1.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$540M
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$2.3B
Common Stock	$2M
Additional Paid-In Capital	$1.9B
Retained Earnings	$6.2B
Treasury Stock	-$7.5B
Accum. Other Comp. Income	-$115M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$556M
Minority Interest	$0
TOTAL EQUITY	$556M
TOTAL LIABILITIES & EQUITY	$2.8B
Total Debt	$1.2B
Net Debt	$653M