2015 Q2 Form 10-Q Financial Statement

#000119312516581284 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2015 Q2
Revenue $460.4M
YoY Change -4.44%
Cost Of Revenue $189.2M
YoY Change -6.25%
Gross Profit $271.2M
YoY Change -3.14%
Gross Profit Margin 58.9%
Selling, General & Admin $119.8M
YoY Change -9.23%
% of Gross Profit 44.16%
Research & Development $28.95M
YoY Change 7.32%
% of Gross Profit 10.68%
Depreciation & Amortization $11.45M
YoY Change -44.98%
% of Gross Profit 4.22%
Operating Expenses $148.7M
YoY Change -6.42%
Operating Profit $120.0M
YoY Change 1.34%
Interest Expense $8.975M
YoY Change 12.6%
% of Operating Profit 7.48%
Other Income/Expense, Net
YoY Change
Pretax Income $113.3M
YoY Change 1.09%
Income Tax $17.29M
% Of Pretax Income 15.25%
Net Earnings $96.10M
YoY Change -0.41%
Net Earnings / Revenue 20.87%
Basic Earnings Per Share $1.16
Diluted Earnings Per Share $1.15
COMMON SHARES
Basic Shares Outstanding 83.03M shares
Diluted Shares Outstanding 83.75M shares

Balance Sheet

Concept 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.109B
YoY Change 9.98%
Cash & Equivalents $440.8M
Short-Term Investments $1.668B
Other Short-Term Assets $115.0M
YoY Change 30.09%
Inventory $257.5M
Prepaid Expenses
Receivables $394.4M
Other Receivables $0.00
Total Short-Term Assets $2.876B
YoY Change 7.29%
LONG-TERM ASSETS
Property, Plant & Equipment $316.8M
YoY Change -3.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.8M
YoY Change -8.18%
Total Long-Term Assets $996.7M
YoY Change -4.8%
TOTAL ASSETS
Total Short-Term Assets $2.876B
Total Long-Term Assets $996.7M
Total Assets $3.873B
YoY Change 3.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.00M
YoY Change -1.69%
Accrued Expenses $41.80M
YoY Change -3.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $175.3M
YoY Change -24.89%
Total Short-Term Liabilities $538.5M
YoY Change -9.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.310B
YoY Change 12.93%
Other Long-Term Liabilities $140.7M
YoY Change 32.74%
Total Long-Term Liabilities $1.451B
YoY Change 14.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $538.5M
Total Long-Term Liabilities $1.451B
Total Liabilities $2.011B
YoY Change 6.71%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 74.33M shares
Shareholders Equity $1.862B
YoY Change
Total Liabilities & Shareholders Equity $3.873B
YoY Change 3.9%

Cashflow Statement

Concept 2015 Q2
OPERATING ACTIVITIES
Net Income $96.10M
YoY Change -0.41%
Depreciation, Depletion And Amortization $11.45M
YoY Change -44.98%
Cash From Operating Activities $154.6M
YoY Change 45.44%
INVESTING ACTIVITIES
Capital Expenditures -$21.40M
YoY Change -6.14%
Acquisitions
YoY Change
Other Investing Activities -$35.00M
YoY Change 12.9%
Cash From Investing Activities -$56.40M
YoY Change 4.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $91.03M
YoY Change
Debt Paid & Issued, Net $100.0M
YoY Change
Cash From Financing Activities -60.30M
YoY Change 137.4%
NET CHANGE
Cash From Operating Activities 154.6M
Cash From Investing Activities -56.40M
Cash From Financing Activities -60.30M
Net Change In Cash 37.90M
YoY Change 40.37%
FREE CASH FLOW
Cash From Operating Activities $154.6M
Capital Expenditures -$21.40M
Free Cash Flow $176.0M
YoY Change 36.33%

Facts In Submission

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CY2016Q2 us-gaap Nature Of Operations
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Waters Corporation (&#8220;Waters</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; or the &#8220;Company&#8221;) is</font><font style="font-family:Times New Roman;font-size:10pt;"> an analytical instrument manufacturer</font><font style="font-family:Times New Roman;font-size:10pt;"> that</font><font style="font-family:Times New Roman;font-size:10pt;"> primarily designs, manufactures, sells a</font><font style="font-family:Times New Roman;font-size:10pt;">nd services</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">high performance liquid chromatography (&#8220;HPLC&#8221;), ultra performance liquid chromatography (&#8220;UPLC</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;">&#8221; and together with HPLC, referred to as &#8220;LC&#8221;) and mass spectrometry (&#8220;MS&#8221;) </font><font style="font-family:Times New Roman;font-size:10pt;">technology </font><font style="font-family:Times New Roman;font-size:10pt;">systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that </font><font style="font-family:Times New Roman;font-size:10pt;">are frequently employed </font><font style="font-family:Times New Roman;font-size:10pt;">together</font><font style="font-family:Times New Roman;font-size:10pt;"> (&#8220;LC-MS&#8221;)</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">sold as integrated instrument systems using a common software platform</font><font style="font-family:Times New Roman;font-size:10pt;">. LC is a standard technique and is utilized in a broad range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a full range of compounds. MS instruments are used in drug discovery and development, including clinical trial testing, the analysis of proteins in disease process</font><font style="font-family:Times New Roman;font-size:10pt;">es (known as &#8220;proteomics&#8221;), nutritional</font><font style="font-family:Times New Roman;font-size:10pt;"> safety analysis and environmental testing. LC</font><font style="font-family:Times New Roman;font-size:10pt;">-MS</font><font style="font-family:Times New Roman;font-size:10pt;"> instruments </font><font style="font-family:Times New Roman;font-size:10pt;">combine </font><font style="font-family:Times New Roman;font-size:10pt;">a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantif</font><font style="font-family:Times New Roman;font-size:10pt;">ication. </font><font style="font-family:Times New Roman;font-size:10pt;">In addition, t</font><font style="font-family:Times New Roman;font-size:10pt;">he Company designs, manufactures, sells and services thermal analysis, </font><font style="font-family:Times New Roman;font-size:10pt;">rheometry</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">calorimetry</font><font style="font-family:Times New Roman;font-size:10pt;"> instruments</font><font style="font-family:Times New Roman;font-size:10pt;"> through its TA</font><font style="font-family:Times New Roman;font-size:10pt;">&#174;</font><font style="font-family:Times New Roman;font-size:10pt;"> product line. These instruments </font><font style="font-family:Times New Roman;font-size:10pt;">are used in predicting the suitability</font><font style="font-family:Times New Roman;font-size:10pt;"> and stability</font><font style="font-family:Times New Roman;font-size:10pt;"> of fine chemicals,</font><font style="font-family:Times New Roman;font-size:10pt;"> pharmaceuticals, water,</font><font style="font-family:Times New Roman;font-size:10pt;"> polymers</font><font style="font-family:Times New Roman;font-size:10pt;">, metals</font><font style="font-family:Times New Roman;font-size:10pt;"> and viscous liquids for various industrial, consumer goods and healthcare products, as well as for </font><font style="font-family:Times New Roman;font-size:10pt;">pharmaceutical</font><font style="font-family:Times New Roman;font-size:10pt;"> research. The Company is also a developer and supplier of software-based products that interface with the Company</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s instruments</font><font style="font-family:Times New Roman;font-size:10pt;">, as well as other supplier</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;"> instruments,</font><font style="font-family:Times New Roman;font-size:10pt;"> and are typically purchased by customers as part of the instrument system.</font></p>
CY2016Q2 us-gaap Fiscal Period
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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The Company</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s interim fiscal quarter typically ends on the thirteenth Saturday of each quarter. Since the Company</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s fiscal year end is </font><font style="font-family:Times New Roman;font-size:10pt;">December 31,</font><font style="font-family:Times New Roman;font-size:10pt;"> the first and fourth fiscal</font><font style="font-family:Times New Roman;font-size:10pt;"> quarters may</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">have more or less than</font><font style="font-family:Times New Roman;font-size:10pt;"> thirteen complete weeks. The Company</font><font style="font-family:Times New Roman;font-size:10pt;">'</font><font style="font-family:Times New Roman;font-size:10pt;">s </font><font style="font-family:Times New Roman;font-size:10pt;">first</font><font style="font-family:Times New Roman;font-size:10pt;"> fiscal quarters for </font><font style="font-family:Times New Roman;font-size:10pt;">2016</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">2015</font><font style="font-family:Times New Roman;font-size:10pt;"> ended on </font><font style="font-family:Times New Roman;font-size:10pt;">April 2, 2016</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">April 4, 2015</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively.</font></p>
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CY2016Q2 us-gaap Description Of Foreign Currency Derivative Activities
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20529000 USD
CY2016Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-6000000 USD
CY2016Q2 wat Unrecognized Tax Benefits Other Changes
UnrecognizedTaxBenefitsOtherChanges
-790000 USD
CY2015Q2 wat Unrecognized Tax Benefits Other Changes
UnrecognizedTaxBenefitsOtherChanges
933000 USD
CY2016Q2 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
4000000 USD
CY2016Q2 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
0.05
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15841000 USD
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8455000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
7000000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016 pure
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
86000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
32000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.267 pure
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.286 pure
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
122.65
CY2015Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
113.88
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
34.63
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
26.94
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3154000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3102000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
96.73
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
110.99
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
81.97
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
97.60
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
54000 shares
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
84000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
699000 shares
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1200000 shares
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000 shares
CY2016Q2 wat Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
-0.01
CY2016Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 pure
CY2016Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 pure

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