WAT Q4 2016 Earnings Report — Waters Corporation Revenue & Financial Results | Market Cap Arena

Waters CorporationWAT

Q4 2016 Earnings

Reported February 24, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2016	Q3 2016	Q4 2015	QoQ Change	YoY Change
Revenue	$629M	$527M	—	19.4%	—
Op. Income	$208M	$152M	—	37.3%	—
Gross Margin	60.0%	58.6%	—	1.4pp	—
Net Margin	27.7%	23.7%	—	4.0pp	—
EPS (Diluted)	$2.15	$1.53	—	40.5%	—
Free Cash Flow	$150M	$117M	—	28.9%	—

Revenue Flow

Item	Amount
REVENUE	$629M
Cost of Revenue	$252M
GROSS PROFIT	$377M
R&D Expenses	$33M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$130M
Other Expenses	$6M
Operating Expenses	$169M
Cost & Expenses	$420M
OPERATING INCOME	$208M
Interest Income	$6M
Interest Expense	$12M
Other Income/Expenses	-$6M
INCOME BEFORE TAX	$203M
Income Tax Expense	$28M
Net Income from Continuing Ops	$174M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$174M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$174M
D&A	$24M
EBIT	$215M
EBITDA	$239M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$629M
Cost of Revenue	$252M
GROSS PROFIT	$377M
R&D Expenses	$33M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$130M
Other Expenses	$6M
Operating Expenses	$169M
Cost & Expenses	$420M
OPERATING INCOME	$208M
Interest Income	$6M
Interest Expense	$12M
Other Income/Expenses	-$6M
INCOME BEFORE TAX	$203M
Income Tax Expense	$28M
Net Income from Continuing Ops	$174M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$174M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$174M
D&A	$24M
EBIT	$215M
EBITDA	$239M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$174M
Depreciation & Amortization	$24M
Stock-Based Compensation	$8M
Deferred Income Tax	-$4M
Other Non-Cash Items	$2M
Change in Working Capital	-$33M
OPERATING CASH FLOW	$173M
Capital Expenditure	-$23M
Acquisitions (Net)	$45.0K
Purchases of Investments	-$473M
Sales/Maturities of Investments	$446M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$49M
Net Debt Issuance	$45M
Common Stock Repurchased	-$84M
Common Dividends Paid	$0
Other Financing Activities	$4M
NET CASH FROM FINANCING	-$35M
FREE CASH FLOW	$150M
Net Change in Cash	$75M

Balance Sheet

Item	Amount
Cash & Equivalents	$506M
Short-Term Investments	$2.3B
Net Receivables	$489M
Inventory	$263M
Other Current Assets	$70M
TOTAL CURRENT ASSETS	$3.6B
PP&E (Net)	$337M
Goodwill	$352M
Intangible Assets	$207M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$130M
TOTAL NON-CURRENT ASSETS	$1.0B
TOTAL ASSETS	$4.7B
Account Payables	$68M
Short-Term Debt	$125M
Deferred Revenue	$149M
Other Current Liabilities	$150M
TOTAL CURRENT LIABILITIES	$520M
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$138M
TOTAL NON-CURRENT LIABILITIES	$1.8B
TOTAL LIABILITIES	$2.4B
Common Stock	$2M
Additional Paid-In Capital	$1.6B
Retained Earnings	$5.4B
Treasury Stock	-$4.5B
Accum. Other Comp. Income	-$216M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.3B
Minority Interest	$0
TOTAL EQUITY	$2.3B
TOTAL LIABILITIES & EQUITY	$4.7B
Total Debt	$1.8B
Net Debt	$1.3B