$WAT
WATERS CORP /DE/

2023 Q2 Form 10-Q Financial Statement

#000119312523138998 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $684.7M $690.6M
YoY Change -0.85% 13.49%
Cost Of Revenue $284.4M $285.7M
YoY Change -0.46% 12.43%
Gross Profit $400.3M $404.9M
YoY Change -1.13% 14.25%
Gross Profit Margin 58.46% 58.63%
Selling, General & Admin $182.0M $157.5M
YoY Change 15.55% 9.97%
% of Gross Profit 45.46% 38.89%
Research & Development $42.69M $50.27M
YoY Change -15.07% 31.94%
% of Gross Profit 10.66% 12.42%
Depreciation & Amortization $19.41M $32.66M
YoY Change -40.57% 4.36%
% of Gross Profit 4.85% 8.07%
Operating Expenses $224.6M $209.4M
YoY Change 7.27% 14.31%
Operating Profit $174.2M $195.5M
YoY Change -10.9% 14.18%
Interest Expense $14.44M -$8.945M
YoY Change -261.48% 31.54%
% of Operating Profit 8.29% -4.58%
Other Income/Expense, Net $1.388M $170.0K
YoY Change 716.47% -98.19%
Pretax Income $165.2M $186.7M
YoY Change -11.53% 7.42%
Income Tax $24.25M $26.86M
% Of Pretax Income 14.68% 14.39%
Net Earnings $140.9M $159.8M
YoY Change -11.83% 7.92%
Net Earnings / Revenue 20.58% 23.14%
Basic Earnings Per Share $2.39 $2.74
Diluted Earnings Per Share $2.38 $2.622M
COMMON SHARES
Basic Shares Outstanding 59.02M 60.21M
Diluted Shares Outstanding 59.32M 60.51M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $487.0M $503.1M
YoY Change -3.21% -37.87%
Cash & Equivalents $486.1M $480.1M
Short-Term Investments $885.0K $23.03M
Other Short-Term Assets $104.0M $92.92M
YoY Change 11.91% 16.87%
Inventory $499.4M $381.9M
Prepaid Expenses
Receivables $683.3M $607.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.774B $1.585B
YoY Change 11.89% -10.34%
LONG-TERM ASSETS
Property, Plant & Equipment $590.2M $634.1M
YoY Change -6.93% 5.34%
Goodwill $432.0M
YoY Change
Intangibles $232.7M
YoY Change
Long-Term Investments
YoY Change
Other Assets $192.5M $149.7M
YoY Change 28.55% -7.91%
Total Long-Term Assets $1.533B $1.456B
YoY Change 5.29% 0.86%
TOTAL ASSETS
Total Short-Term Assets $1.774B $1.585B
Total Long-Term Assets $1.533B $1.456B
Total Assets $3.307B $3.041B
YoY Change 8.73% -5.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.56M $93.24M
YoY Change 0.35% 14.4%
Accrued Expenses $62.51M $70.07M
YoY Change -10.79% -3.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $50.04M
YoY Change
Total Short-Term Liabilities $802.0M $687.8M
YoY Change 16.59% -12.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.430B $1.444B
YoY Change -0.97% -9.92%
Other Long-Term Liabilities $120.8M $214.5M
YoY Change -43.68% -8.57%
Total Long-Term Liabilities $1.905B $1.659B
YoY Change 14.86% -9.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $802.0M $687.8M
Total Long-Term Liabilities $1.905B $1.659B
Total Liabilities $2.707B $2.666B
YoY Change 1.53% -10.54%
SHAREHOLDERS EQUITY
Retained Earnings $8.650B
YoY Change
Common Stock $2.217B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.13B
YoY Change
Treasury Stock Shares $103.5M
Shareholders Equity $599.8M $374.9M
YoY Change
Total Liabilities & Shareholders Equity $3.307B $3.041B
YoY Change 8.73% -5.3%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $140.9M $159.8M
YoY Change -11.83% 7.92%
Depreciation, Depletion And Amortization $19.41M $32.66M
YoY Change -40.57% 4.36%
Cash From Operating Activities $196.8M $198.0M
YoY Change -0.61% -9.36%
INVESTING ACTIVITIES
Capital Expenditures $34.39M -$32.65M
YoY Change -205.34% -17.35%
Acquisitions
YoY Change
Other Investing Activities -$16.00K $51.64M
YoY Change -100.03% -143.21%
Cash From Investing Activities -$34.41M $18.99M
YoY Change -281.16% -111.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.51M
YoY Change
Debt Paid & Issued, Net $145.0M $70.00M
YoY Change 107.14%
Cash From Financing Activities -159.2M -227.4M
YoY Change -29.99% -220.45%
NET CHANGE
Cash From Operating Activities 196.8M 198.0M
Cash From Investing Activities -34.41M 18.99M
Cash From Financing Activities -159.2M -227.4M
Net Change In Cash 5.541M -10.46M
YoY Change -152.98% -104.21%
FREE CASH FLOW
Cash From Operating Activities $196.8M $198.0M
Capital Expenditures $34.39M -$32.65M
Free Cash Flow $162.4M $230.6M
YoY Change -29.59% -10.58%

Facts In Submission

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CY2023Q2 us-gaap Fiscal Period
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<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company’s interim fiscal quarter typically ends on the thirteenth Saturday of each quarter. Since the Company’s fiscal year end is December 31, the first and fourth fiscal quarters may have more or less than thirteen complete weeks. The Company’s first fiscal quarters for 2023 and 2022 ended on April 1, 2023 and April 2, 2022, respectively. </div>
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2023Q2 us-gaap Use Of Estimates
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The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. Actual amounts may differ from these estimates under different assumptions or conditions.
CY2023Q2 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, while investments with longer maturities are classified as investments.
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CY2023Q2 us-gaap Description Of Foreign Currency Exposure
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The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign currency exchange rates.
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CY2023Q2 us-gaap Description Of Foreign Currency Derivative Activities
DescriptionOfForeignCurrencyDerivativeActivities
The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment.
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CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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2000000000
CY2023Q2 us-gaap Debt Instrument Fee
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The interest rates applicable under the Credit Facility are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted Term SOFR rate for a one—month interest period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1% annum) or the applicable 1, 3 or 6 month adjusted Term SOFR or EURIBO rate for euro—denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for Term SOFR or EURIBO rate loans. The facility fee on the Credit Facility ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan.
CY2023Q2 us-gaap Notes And Loans Payable Current
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CY2023Q2 us-gaap Long Term Debt Noncurrent
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CY2023Q2 us-gaap Debt And Capital Lease Obligations
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CY2023Q2 us-gaap Income Tax Holiday Aggregate Dollar Amount
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CY2022Q2 us-gaap Income Tax Holiday Aggregate Dollar Amount
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CY2023Q2 us-gaap Income Tax Holiday Income Tax Benefits Per Share
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0.05
CY2022Q2 us-gaap Income Tax Holiday Income Tax Benefits Per Share
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2022Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2023Q2 wat Future Minimum License Fees Payable
FutureMinimumLicenseFeesPayable
Future minimum license fees payable under existing license agreements as of April 1, 2023 are immaterial for the years ended December 31, 2023 and thereafter.
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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140923000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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59023000
CY2023Q2 us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Dilutive Securities
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q2 wat Earnings Per Share Diluted Adjustment
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.64
CY2022Q2 us-gaap Dilutive Securities
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CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q2 wat Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Number Of Operating Segments
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CY2023Q2 us-gaap Number Of Reportable Segments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
684674000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
690572000

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