WAT Q3 2019 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

Q3 2019 Earnings

Reported October 30, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2019	Q2 2019	Q3 2018	QoQ Change	YoY Change
Revenue	$577M	$599M	$578M	-3.7%	-0.1%
Op. Income	$173M	$178M	$172M	-2.5%	0.9%
Gross Margin	58.2%	58.4%	58.3%	-0.1pp	-0.0pp
Net Margin	23.9%	24.1%	24.4%	-0.2pp	-0.5pp
EPS (Diluted)	$2.07	$2.08	$1.83	-0.5%	13.1%
Free Cash Flow	$103M	$88M	$87M	18.1%	18.2%

Revenue Flow

Item	Amount
REVENUE	$577M
Cost of Revenue	$241M
GROSS PROFIT	$336M
R&D Expenses	$34M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$126M
Other Expenses	$3M
Operating Expenses	$163M
Cost & Expenses	$404M
OPERATING INCOME	$173M
Interest Income	$3M
Interest Expense	$11M
Other Income/Expenses	-$8M
INCOME BEFORE TAX	$165M
Income Tax Expense	$27M
Net Income from Continuing Ops	$138M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$138M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$138M
D&A	$27M
EBIT	$176M
EBITDA	$203M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$577M
Cost of Revenue	$241M
GROSS PROFIT	$336M
R&D Expenses	$34M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$126M
Other Expenses	$3M
Operating Expenses	$163M
Cost & Expenses	$404M
OPERATING INCOME	$173M
Interest Income	$3M
Interest Expense	$11M
Other Income/Expenses	-$8M
INCOME BEFORE TAX	$165M
Income Tax Expense	$27M
Net Income from Continuing Ops	$138M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$138M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$138M
D&A	$27M
EBIT	$176M
EBITDA	$203M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$138M
Depreciation & Amortization	$27M
Stock-Based Compensation	$10M
Deferred Income Tax	$185.0K
Other Non-Cash Items	-$185.0K
Change in Working Capital	-$26M
OPERATING CASH FLOW	$148M
Capital Expenditure	-$45M
Acquisitions (Net)	$0
Purchases of Investments	-$3M
Sales/Maturities of Investments	$88M
Other Investing Activities	$0
NET CASH FROM INVESTING	$40M
Net Debt Issuance	$210M
Common Stock Repurchased	-$580M
Common Dividends Paid	$0
Other Financing Activities	$3M
NET CASH FROM FINANCING	-$367M
FREE CASH FLOW	$103M
Net Change in Cash	-$183M

Balance Sheet

Item	Amount
Cash & Equivalents	$405M
Short-Term Investments	$0
Net Receivables	$505M
Inventory	$369M
Other Current Assets	$66M
TOTAL CURRENT ASSETS	$1.3B
PP&E (Net)	$467M
Goodwill	$354M
Intangible Assets	$238M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$159M
TOTAL NON-CURRENT ASSETS	$1.2B
TOTAL ASSETS	$2.6B
Account Payables	$65M
Short-Term Debt	$100M
Deferred Revenue	$197M
Other Current Liabilities	$132M
TOTAL CURRENT LIABILITIES	$597M
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$532M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$2.4B
Common Stock	$2M
Additional Paid-In Capital	$1.9B
Retained Earnings	$6.4B
Treasury Stock	-$8.1B
Accum. Other Comp. Income	-$120M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$116M
Minority Interest	$0
TOTAL EQUITY	$116M
TOTAL LIABILITIES & EQUITY	$2.6B
Total Debt	$1.4B
Net Debt	$1.0B