0001193125-24-132549.txt : 20240507 0001193125-24-132549.hdr.sgml : 20240507 20240507070102 ACCESSION NUMBER: 0001193125-24-132549 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240507 DATE AS OF CHANGE: 20240507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WATERS CORP /DE/ CENTRAL INDEX KEY: 0001000697 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 133668640 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14010 FILM NUMBER: 24919537 BUSINESS ADDRESS: STREET 1: 34 MAPLE ST CITY: MILFORD STATE: MA ZIP: 01757 BUSINESS PHONE: 5084782000 MAIL ADDRESS: STREET 1: 34 MAPLE STREET CITY: MILFORD STATE: MA ZIP: 01757 FORMER COMPANY: FORMER CONFORMED NAME: WCD INVESTORS INC /DE/ DATE OF NAME CHANGE: 19960605 8-K 1 d827841d8k.htm 8-K 8-K
WATERS CORP /DE/ NYSE false 0001000697 0001000697 2024-05-07 2024-05-07

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2024

 

 

Waters Corporation

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   01-14010   13-3668640
(State or other jurisdiction
of incorporation)		   (Commission
File Number)		   (IRS Employer
Identification No.)

34 Maple Street

Milford, Massachusetts 01757

(Address of Principal Executive Offices) (Zip Code)

(508) 478-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common stock, par value $0.01 per share   WAT   New York Stock Exchange, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On May 7, 2024, Waters Corporation (“Waters” or the “Company”) announced its results of operations for the quarter ended March 30, 2024. A copy of the related press release is attached hereto as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference in its entirety.

The information contained in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01

Financial Statements and Exhibits

Exhibits

99.1  Waters Corporation press release dated May 7, 2024, for the quarter ended March 30, 2024.

104  Cover page Interactive Date File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    WATERS CORPORATION
Dated: May 7, 2024     By:  

/s/ Amol Chaubal

    Name:   Amol Chaubal
    Title:   Senior Vice President and Chief Financial Officer
      (Principal Financial Officer and Principal Accounting Officer)
 EX-99.1 2 d827841dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

For Immediate Release

Contact: Caspar Tudor, Head of Investor Relations – (508) 482-2429

Waters Corporation (NYSE: WAT) Reports First Quarter 2024 Financial Results

Highlights

 

  •  

Sales of $637 million at the high-end of guidance, declined 7% as reported and 9% in organic constant currency

 

  •  

GAAP EPS of $1.72; earnings well above guidance, with non-GAAP EPS of $2.21

 

  •  

Operational excellence drove gross margin expansion of 40 basis points and adjusted operating margin expansion of 20 basis points

 

  •  

Strong operating cash flow generation at $263 million; free cash flow of $234 million was 37% of sales

 

  •  

Full-year guidance maintained at -0.5% to +1.5% organic constant currency sales growth and non-GAAP EPS of $11.75 to $12.05

First Quarter 2024

MILFORD, Mass., May 7, 2024 - Waters Corporation (NYSE: WAT) today announced its financial results for the first quarter of 2024.

Sales for the first quarter of 2024 were $637 million, a decrease of 7% as reported, compared to sales of $685 million for the first quarter of 2023. Currency translation decreased sales by 1%, while the impact of acquisitions increased sales by 3%.

On a GAAP basis, diluted earnings per share (EPS) for the first quarter of 2024 was $1.72, compared to $2.38 for the first quarter of 2023. On a non-GAAP basis, EPS was $2.21, compared to $2.49 for the first quarter of 2023. This includes a headwind of approximately 4% due to unfavorable foreign exchange.

“Our first quarter revenues were at the high end of our guidance as our team continues to execute well,” said Dr. Udit Batra, President & CEO, Waters Corporation. “The margin expansion we delivered reflects the strength of our operational performance, especially when considering current volume and foreign exchange headwinds.”

Dr. Batra continued, “With our steady stream of innovative new products and focus on higher growth areas, we are well-positioned in our attractive end-markets.”

Other Highlights

During the first quarter of 2024, sales into the pharmaceutical market decreased 3% as reported and 6% in organic constant currency, sales into the industrial market decreased 7% as reported and in organic constant currency, and sales into the academic and government market decreased 25% as reported and 30% in organic constant currency.

During the quarter, instrument system sales decreased 20% as reported and 25% in organic constant currency, while recurring revenues, which represent the combination of service and precision chemistries, increased 3% as reported and in organic constant currency.

Geographically, sales in Asia during the quarter decreased 18% as reported and 16% in organic constant currency. Sales in the Americas decreased 2% as reported and 8% in organic constant currency. Sales in Europe increased 2% as reported and decreased 3% in organic constant currency.

Unless otherwise noted, sales growth and decline percentages are presented on an as-reported basis. A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company’s website www.waters.com in the Investor Relations section.

Full-Year and Second Quarter 2024 Financial Guidance

Full-Year 2024 Financial Guidance

The Company continues to expect full-year 2024 organic constant currency sales growth to be in the range of -0.5% to +1.5%. Currency translation is expected to decrease full-year sales growth by slightly less than 1%. M&A contribution from the Wyatt transaction covering the first four-and-a-half months of the year is expected to increase full-year reported sales growth by slightly over 1%. The resulting full-year 2024 reported sales growth is expected in the range of 0.0% to +2.0%.

The Company expects full-year 2024 non-GAAP EPS to be in the range of $11.75 to $12.05, which includes an estimated headwind of approximately 2% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full year.

Second Quarter 2024 Financial Guidance

The Company expects second quarter 2024 organic constant currency sales growth to be in the range of -6.0% to -4.0%. Currency translation is expected to decrease second quarter sales growth by approximately 2%. M&A contribution from the Wyatt transaction covering the first-month-and-a-half of the quarter is expected to increase second quarter reported sales growth by approximately 1.5%. The resulting second quarter 2024 reported sales growth is expected in the range of -6.5% to -4.5%.

The Company expects second quarter 2024 non-GAAP EPS to be in the range of $2.50 to $2.60, which includes an estimated headwind of approximately 4% due to unfavorable foreign exchange.

Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the second quarter.

Conference Call Details

Waters Corporation will webcast its first quarter 2024 financial results conference call today, May 7, 2024, at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com, select “Investor Relations” under the “About Waters” section, navigate to “Events & Presentations,” and click on the “Webcast.” A replay will be available through June 4, 2024 on the same website by webcast and also by phone at (800) 839-9317.

About Waters Corporation

Waters Corporation (NYSE:WAT), a global leader in analytical instruments and software, has pioneered chromatography, mass spectrometry, and thermal analysis innovations serving the life, materials, food, and environmental sciences for more than 65 years. With approximately 7,700 employees worldwide, Waters operates directly in 35 countries, including 15 manufacturing facilities, and with products available in more than 100 countries. For more information, visit www.waters.com.

Non-GAAP Financial Measures

This press release contains financial measures, such as organic constant currency growth rates, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered “non-GAAP” financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Cautionary Statement

This release contains “forward-looking” statements regarding future results and events. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words “feels”, “believes”, “anticipates”, “plans”, “expects”, “intends”, “suggests”, “appears”, “estimates”, “projects” and similar expressions, whether in the negative or affirmative, are intended to

identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, risks related to, and expectations or ability to realize commercial success of the Wyatt transaction; the impact of this transaction on the Company’s business, anticipated progress on Waters’ research programs, development of new analytical instruments and associated software or consumables, manufacturing development and capabilities; the increased indebtedness of the Company as a result of the Wyatt transaction, the repayment of which could impact the Company’s future results, market prospects for its products and sales and earnings guidance; foreign currency exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results, particularly when a foreign currency weakens against the U.S. dollar; current global economic, sovereign and political conditions and uncertainties, including the effect of new or proposed tariff or trade regulations as well as other new or changed domestic and foreign laws, regulations and policies; changes in inflation and interest rates; the impacts and costs of war, in particular as a result of the ongoing conflicts between Russia and Ukraine and in the Middle East, and the possibility of further escalation resulting in new geopolitical and regulatory instability; the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers; the Company’s ability to access capital, maintain liquidity and service the Company’s debt in volatile market conditions; risks related to the effects of any pandemic on our business, financial condition, results of operations and prospects; changes in timing and demand for the Company’s products among the Company’s customers and various market sectors, particularly as a result of fluctuations in their expenditures or ability to obtain funding; the ability to realize the expected benefits related to the Company’s various cost-saving initiatives, including workforce reductions and organizational restructurings; the introduction of competing products by other companies and loss of market share, as well as pressures on prices from competitors and/or customers; changes in the competitive landscape as a result of changes in ownership, mergers and continued consolidation among the Company’s competitors; regulatory, economic and competitive obstacles to new product introductions; lack of acceptance of new products and inability to grow organically through innovation; rapidly changing technology and product obsolescence; risks associated with previous or future acquisitions, strategic investments, joint ventures and divestitures, including risks associated with achieving the anticipated financial results and operational synergies; contingent purchase price payments and expansion of our business into new or developing markets; risks associated with unexpected disruptions in operations; failure to adequately protect the Company’s intellectual property, infringement of intellectual property rights of third parties and inability to obtain licenses on commercially reasonable terms; the Company’s ability to acquire adequate sources of supply and its reliance on outside contractors for certain components and modules, as well as disruptions to its supply chain; risks associated with third-party sales intermediaries and resellers; the impact and costs of changes in statutory or contractual tax rates in jurisdictions in which the Company operates as well as shifts in taxable income among jurisdictions with different effective tax rates, the outcome of ongoing and future tax examinations and changes in legislation affecting the Company’s effective tax rate; the Company’s ability to attract and retain qualified employees and management personnel; risks associated with cybersecurity and technology, including attempts by third parties to defeat the security measures of the Company and its third-party partners; increased regulatory burdens as the Company’s business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others, and in connection with government contracts; regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, completion of purchase order documentation and the ability of customers to obtain letters of credit or other financing alternatives; risks associated with litigation and other legal and regulatory proceedings; and the impact and costs incurred from changes in accounting principles and practices. Such factors and others are discussed more fully in the sections entitled “Forward-Looking Statements” and “Risk Factors” of the Company’s annual report

on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”), which discussions are incorporated by reference in this release, as updated by the Company’s future filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended  
     March 30, 2024     April 1, 2023  

Net sales

    $ 636,839     $ 684,674  

Costs and operating expenses:

     

Cost of sales

      261,786       284,380  

Selling and administrative expenses

      174,536       181,956  

Research and development expenses

      44,595       42,691  

Purchased intangibles amortization

      11,834       1,479  

Litigation provision

      10,242       —   
  

 

 

    

 

 

  

Operating income

      133,846       174,168  

Other income, net

      2,259       1,388  

Interest expense, net

      (21,249 )      (10,383 ) 
  

 

 

    

 

 

  

Income from operations before income taxes

      114,856       165,173  

Provision for income taxes

      12,660       24,250  
  

 

 

    

 

 

  

Net income

    $ 102,196     $ 140,923  

Net income per basic common share

    $ 1.73     $ 2.39  

Weighted-average number of basic common shares

      59,232       59,023  

Net income per diluted common share

    $ 1.72     $ 2.38  

Weighted-average number of diluted common shares and equivalents

      59,431       59,317  

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended March 30, 2024 and April 1, 2023

(In thousands)

 

     Three Months Ended      Percent     Impact of     Impact of     Organic
Constant
Currency		  
     March 30, 2024      April 1, 2023      Change     Currency     Acquisitions     Growth Rate (a)  

NET SALES - OPERATING SEGMENTS

               

Waters

    $ 561,899      $ 602,075        (7 %)      (1 %)      4 %      (10 %) 

TA

      74,940        82,599        (9 %)      (1 %)      0 %      (9 %) 
  

 

 

     

 

 

           

Total

    $ 636,839      $ 684,674        (7 %)      (1 %)      3 %      (9 %) 
  

 

 

     

 

 

           

NET SALES - PRODUCTS & SERVICES

               

Instruments

    $ 241,944      $ 302,942        (20 %)      0 %      5 %      (25 %) 

Service

      260,688        248,217        5 %      (1 %)      2 %      4 % 

Chemistry

      134,207        133,515        1 %      (1 %)      0 %      2 % 
  

 

 

     

 

 

           

Total Recurring

      394,895        381,732        3 %      (1 %)      2 %      3 % 
  

 

 

     

 

 

           

Total

    $ 636,839      $ 684,674        (7 %)      (1 %)      3 %      (9 %) 
  

 

 

     

 

 

           

NET SALES - GEOGRAPHY

               

Asia

    $ 207,559      $ 253,081        (18 %)      (3 %)      1 %      (16 %) 

Americas

      241,171        246,421        (2 %)      0 %      6 %      (8 %) 

Europe

      188,109        185,172        2 %      2 %      2 %      (3 %) 
  

 

 

     

 

 

           

Total

    $ 636,839      $ 684,674        (7 %)      (1 %)      3 %      (9 %) 
  

 

 

     

 

 

           

NET SALES - MARKETS

               

Pharmaceutical

    $ 374,207      $ 384,898        (3 %)      (1 %)      4 %      (6 %) 

Industrial

      195,334        209,650        (7 %)      (1 %)      1 %      (7 %) 

Academic & Government

      67,298        90,126        (25 %)      2 %      3 %      (30 %) 
  

 

 

     

 

 

           

Total

    $ 636,839      $ 684,674        (7 %)      (1 %)      3 %      (9 %) 
  

 

 

     

 

 

           

 

 

(a)

The Company believes that referring to comparable organic constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Organic constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. See description of non-GAAP financial measures contained in this release.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three Months Ended March 30, 2024 and April 1, 2023

(In thousands, except per share data)

 

    Selling &
Administrative
Expenses (a)		     Research &
Development
Expenses		     Operating
Income		     Operating
Income
Percentage		     Other
Income		     Income from
Operations
before
Income
Taxes		     Provision for
Income
Taxes		     Net
Income		     Diluted
Earnings
per Share		  

Three Months Ended March 30, 2024

                                                      

GAAP

   $ 196,612     $ 44,595     $ 133,846       21.0 %    $ 2,259     $ 114,856     $ 12,660     $ 102,196     $ 1.72  

Adjustments:

                  

Purchased intangibles amortization (b)

     (11,834 )      —        11,834       1.9 %      —        11,834       2,832       9,002       0.15  

Litigation provision (c)

     (10,242 )      —        10,242       1.6 %      —        10,242       2,458       7,784       0.13  

Restructuring costs and certain other items (d)

     (8,347 )      —        8,347       1.3 %      —        8,347       2,055       6,292       0.11  

Retention bonus obligation (f)

     (5,725 )      (1,909 )      7,634       1.2 %      —        7,634       1,832       5,802       0.10  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Non-GAAP

   $ 160,464     $ 42,686     $ 171,903       27.0 %    $ 2,259     $ 152,913     $ 21,837     $ 131,076     $ 2.21  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Three Months Ended April 1, 2023

                                                      

GAAP

   $ 183,435     $ 42,691     $ 174,168       25.4 %    $ 1,388     $ 165,173     $ 24,250     $ 140,923     $ 2.38  

Adjustments:

                  

Purchased intangibles amortization (b)

     (1,479 )      —        1,479       0.2 %      —        1,479       335       1,144       0.02  

Restructuring costs and certain other items (d)

     405       —        (405 )      (0.1 %)      —        (405 )      256       (661 )      (0.01 ) 

Acquisition related costs (e)

     (8,342 )      —        8,342       1.2 %      —        8,342       2,002       6,340       0.11  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Non-GAAP

   $ 174,019     $ 42,691     $ 183,584       26.8 %    $ 1,388     $ 174,589     $ 26,843     $ 147,746     $ 2.49  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Selling & administrative expenses include purchased intangibles amortization.

(b)

The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.

(c)

Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

(d)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.

(e)

Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f)

In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)

 

     March 30, 2024      December 31, 2023  

Cash, cash equivalents and investments

    $ 338,213      $ 395,974  

Accounts receivable

      626,329        702,168  

Inventories

      538,634        516,236  

Property, plant and equipment, net

      633,594        639,073  

Intangible assets, net

      611,147        629,187  

Goodwill

      1,297,826        1,305,446  

Other assets

      463,221        438,770  

Total assets

    $ 4,508,964      $ 4,626,854  

Notes payable and debt

    $ 2,055,761      $ 2,355,513  

Other liabilities

      1,196,678        1,121,000  

Total liabilities

      3,252,439        3,476,513  

Total stockholders’ equity

      1,256,525        1,150,341  

Total liabilities and stockholders’ equity

    $ 4,508,964      $ 4,626,854  

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

Three Months Ended March 30, 2024 and April 1, 2023

(In thousands and unaudited)

 

     Three Months Ended  
     March 30, 2024     April 1, 2023  

Cash flows from operating activities:

     

Net income

    $ 102,196     $ 140,923  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Stock-based compensation

      10,913       12,805  

Depreciation and amortization

      48,514       31,154  

Change in operating assets and liabilities and other, net

      101,247       11,869  
  

 

 

    

 

 

  

Net cash provided by operating activities

      262,870       196,751  

Cash flows from investing activities:

     

Additions to property, plant, equipment and software capitalization

      (28,655 )      (34,390 ) 

Investments in unaffiliated companies

      (1,064 )      —   

Net change in investments

      (25 )      (16 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (29,744 )      (34,406 ) 

Cash flows from financing activities:

     

Net change in debt

      (300,000 )      (94,960 ) 

Proceeds from stock plans

      13,932       2,378  

Purchases of treasury shares

      (13,089 )      (69,505 ) 

Other cash flow from financing activities, net

      6,981       2,876  
  

 

 

    

 

 

  

Net cash used in financing activities

      (292,176 )      (159,211 ) 

Effect of exchange rate changes on cash and cash equivalents

      1,264       2,407  
  

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents

      (57,786 )      5,541  

Cash and cash equivalents at beginning of period

      395,076       480,529  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 337,290     $ 486,070  
  

 

 

    

 

 

  
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)  

Net cash provided by operating activities - GAAP

    $ 262,870     $ 196,751  

Adjustments:

     

Additions to property, plant, equipment and software capitalization

      (28,655 )      (34,390 ) 

Litigation settlements received, net

      (375 )      (375 ) 

Major facility renovations

      —        4,466  
  

 

 

    

 

 

  

Free Cash Flow - Adjusted Non-GAAP

    $ 233,840     $ 166,452  
  

 

 

    

 

 

  

 

(a)

The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook

 

     Three Months Ended
June 29, 2024		     Twelve Months Ended
December 31, 2024		  
     Range     Range  

Projected Sales

               

Organic constant currency sales growth rate (a)

      (6.0% )      -        (4.0% )      (0.5% )      -        1.5%  

Impact of:

               

Currency translation

      (2.0% )      -        (2.0% )      (0.6% )      -        (0.6% ) 

Acquisitions

      1.5%       -        1.5%       1.1%       -        1.1%  
  

 

 

       

 

 

    

 

 

       

 

 

  

Sales growth rate as reported

      (6.5% )      -        (4.5% )      0.0%       -        2.0%  
  

 

 

       

 

 

    

 

 

       

 

 

  
     Range     Range  

Projected Earnings Per Diluted Share

               

GAAP earnings per diluted share

    $ 2.28       -      $ 2.38     $ 10.90       -      $ 11.20  

Adjustments:

               

Purchased intangibles amortization

    $ 0.15       -      $ 0.15     $ 0.60       -      $ 0.60  

Retention bonus obligation

    $ 0.07       -      $ 0.07     $ 0.25       -      $ 0.25  
  

 

 

       

 

 

    

 

 

       

 

 

  

Adjusted non-GAAP earnings per diluted share

    $ 2.50       -      $ 2.60     $ 11.75       -      $ 12.05  
  

 

 

       

 

 

    

 

 

       

 

 

  

 

(a)

Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.

These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance.

EX-101.SCH 3 wat-20240507.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 wat-20240507_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Entity Registrant Name Entity Registrant Name Security Exchange Name Security Exchange Name Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 wat-20240507_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Document and Entity Information
May 07, 2024
Cover [Abstract]  
Entity Registrant Name WATERS CORP /DE/
Security Exchange Name NYSE
Amendment Flag false
Entity Central Index Key 0001000697
Document Type 8-K
Document Period End Date May 07, 2024
Entity Incorporation State Country Code DE
Entity File Number 01-14010
Entity Tax Identification Number 13-3668640
Entity Address, Address Line One 34 Maple Street
Entity Address, City or Town Milford
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01757
City Area Code (508)
Local Phone Number 478-2000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common stock, par value $0.01 per share
Trading Symbol WAT
Entity Emerging Growth Company false
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