Company Quick10K Filing
Quick10K
Waters
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$216.78 69 $15,060
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-10-03 Quarter: 2015-10-03
10-Q 2015-07-04 Quarter: 2015-07-04
10-Q 2015-04-04 Quarter: 2015-04-04
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-01-23 Earnings, Other Events, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-09-01 Officers
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-09 Code of Ethics, Exhibits
8-K 2018-04-24 Earnings, Other Events, Exhibits
8-K 2018-01-23 Earnings, Exhibits
HST Host Hotels & Resorts 14,080
KSU Kansas City Southern 12,290
HBI Hanesbrands 6,330
PBYI Puma Biotechnology 1,160
CCF Chase 922
BCOV Brightcove 364
ROX Castle Brands 101
SEND Sendgrid 0
EXXP Edgar Express 0
CINAV Cole Real Estate Income Strategy 0
WAT 2019-06-29
Item 1: Financial Statements
Item 2:
Item 3:
Item 4:
Part Ii:
Item 1:
Item 1A:
Item 2:
Item 6:
EX-31.1 d758435dex311.htm
EX-31.2 d758435dex312.htm
EX-32.1 d758435dex321.htm
EX-32.2 d758435dex322.htm

Waters Earnings 2019-06-29

WAT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form
 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 29, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
.
Commission File Number:
01-14010
 
Waters Corporation
(Exact name of registrant as specified in its charter)
 
Delaware​​​​​​​
 
13-3668640
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
34 Maple Street
Milford,
Massachusetts
01757
(Address, including zip code, of principal executive offices)
(
508)
 478-2000
(Registrant’s telephone number, including area code)
 
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes
  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule
 12b-2
of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated filer
 
 
Smaller reporting company
 
             
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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
 12b-2
of the Act).    Yes  
    No  
 
Indicate the number of shares outstanding of the registrant’s common stock as of July 26, 2019:
66,759,444
 
 
 
WATERS CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
INDEX
 
 
Page
 
PART I
 
FINANCIAL INFORMATION
   
 
Item 1.
     
 
     
3
 
     
4
 
     
5
 
     
6
 
     
7
 
     
8
 
     
9
 
     
10
 
Item 2.
     
32
 
Item 3.
     
42
 
Item 4.
     
42
 
             
PART II
     
 
Item 1.
     
43
 
Item 1A.
     
43
 
Item 2.
     
43
 
Item 6.
     
44
 
     
45
 
 
 
 
Item 1:
Financial Statements
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
               
 
June 29, 2019
 
December 31, 2018
 
 
 
(In thousands, except per share data)
 
ASSETS
 
Current assets:
 
 
Cash and cash equivalents
 
$
587,998
 
$
796,280
 
Investments
 
 
87,775
 
 
938,944
 
Accounts receivable, net
 
 
518,520
 
 
568,316
 
Inventories
 
 
351,552
 
 
291,569
 
Other current assets
 
 
74,556
 
 
68,054
 
   
 
   
 
 
 
Total current assets
 
 
1,620,401
 
 
2,663,163
 
Property, plant and equipment, net
 
 
368,878
 
 
343,083
 
Intangible assets, net
 
 
244,094
 
 
246,902
 
Goodwill
 
 
355,890
 
 
355,614
 
Operating lease assets
 
 
91,060
 
 
—  
 
Other assets
 
 
142,599
 
 
118,664
 
   
 
   
 
 
 
Total assets
 
$
2,822,922
 
$
3,727,426
 
   
 
   
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
Current liabilities:
 
 
Notes payable and debt
 
$
100,295
 
$
178
 
Accounts payable
 
 
67,397
 
 
68,168
 
Accrued employee compensation
 
 
36,464
 
 
64,545
 
Deferred revenue and customer advances
 
 
220,711
 
 
164,965
 
Current operating lease liabilities
 
 
25,106
 
 
—  
 
Accrued treasury stock repurchases
 
 
9,874
 
 
23,005
 
Accrued income taxes
 
 
38,517
 
 
22,943
 
Accrued warranty
 
 
11,583
 
 
12,300
 
Other current liabilities
 
 
101,749
 
 
92,827
 
   
 
   
 
 
 
Total current liabilities
 
 
611,696
 
 
448,931
 
Long-term liabilities:
 
 
Long-term debt
 
 
1,048,394
 
 
1,148,172
 
Long-term income tax liabilities
 
 
393,297
 
 
430,866
 
Long-term operating lease liabilities
 
 
66,713
 
 
—  
 
Long-term portion of retirement benefits
 
 
55,825
 
 
55,853
 
Other long-term liabilities
 
 
90,752
 
 
76,346
 
   
 
   
 
 
 
Total long-term liabilities
 
 
1,654,981
 
 
1,711,237
 
   
 
   
 
 
 
Total liabilities
 
 
2,266,677
 
 
2,160,168
 
Commitments and contingencies (Notes 6, 7, 8 and 12)
 
 
 
 
 
 
   
 
   
 
 
 
Stockholders’ equity:
 
 
Preferred stock, par value $0.01 per share, 5,000 shares authorized,
no
ne issued at June 29, 2019 and December 31, 2018
 
 
  
 
 
—  
 
Common stock, par value $0.01 per share, 400,000 shares authorized, 160,841 and 160,472 shares issued, 67,620 and 73,115 shares outstanding at June 29, 2019 and December 31, 2018, respectively
 
 
1,608
 
 
1,605
 
Additional
paid-in
capital
 
 
1,883,958
 
 
1,834,741
 
Retained earnings
 
 
6,248,601
 
 
5,995,205
 
Treasury stock, at cost, 93,221 and 87,357 shares at June 29, 2019 and December 31, 2018, respectively
 
 
(7,462,826
)
 
(6,146,322
)
Accumulated other comprehensive loss
 
 
(115,096
)
 
(117,971
)
   
 
   
 
 
 
Total stockholders’ equity
 
 
556,245
 
 
1,567,258
 
   
 
   
 
 
 
Total liabilities and stockholders’ equity
 
$
2,822,922
 
$
3,727,426
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
3
 
 
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                 
 
Three Months Ended
 
 
June 29, 2019
   
June 30, 2018
 
 
(In thousands, except per share data)
 
Revenues:
   
     
 
Product sales
  $
387,265
    $
388,869
 
Service sales
   
211,897
     
207,350
 
                 
Total net sales
   
599,162
     
596,219
 
Costs and operating expenses:
   
     
 
Cost of product sales
   
156,975
     
159,979
 
Cost of service sales
   
92,571
     
83,156
 
Selling and administrative expenses
   
133,208
     
136,645
 
Research and development expenses
   
36,490
     
35,644
 
Purchased intangibles amortization
   
2,264
     
1,602
 
                 
Total costs and operating expenses
   
421,508
     
417,026
 
                 
Operating income
   
177,654
     
179,193
 
Other expense
   
(342
)    
(1,828
)
Interest expense
   
(11,448
)    
(11,692
)
Interest income
   
5,871
     
8,888
 
                 
Income before income taxes
   
171,735
     
174,561
 
Provision for income taxes
   
27,325
     
18,884
 
                 
Net income
  $
144,410
    $
155,677
 
                 
Net income per basic common share
  $
2.09
   
$
2.00
 
Weighted-average number of basic common shares
 
 
68,989
 
 
 
77,833
 
Net income per diluted common share
 
$
2.08
 
 
$
1.98
 
Weighted-average number of diluted common shares and equivalents
 
 
69,494
 
 
 
78,438
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
4
 
 
 
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                 
 
Six Months Ended
 
 
June 29, 2019
   
June 30, 2018
 
 
(In thousands, except per share data)
 
Revenues:
   
     
 
Product sales
  $
707,768
    $
727,986
 
Service sales
   
405,256
     
398,903
 
                 
Total net sales
   
1,113,024
     
1,126,889
 
Costs and operating expenses:
   
     
 
Cost of product sales
   
289,365
     
300,445
 
Cost of service sales
   
181,212
     
164,111
 
Selling and administrative expenses
   
267,547
     
267,052
 
Research and development expenses
   
71,550
     
70,124
 
Purchased intangibles amortization
   
4,545
     
3,261
 
Litigation settlement
   
     
(1,672
)
                 
Total costs and operating expenses
   
814,219
     
803,321
 
                 
Operating income
   
298,805
     
323,568
 
Other expense
   
(867
)    
(1,482
)
Interest expense
   
(23,011
)    
(25,530
)
Interest income
   
14,186
     
18,554
 
                 
Income before income taxes
   
289,113
     
315,110
 
Provision for income taxes
   
35,717
     
47,482
 
                 
Net income
  $
253,396
    $
267,628
 
                 
Net income per basic common share
  $
3.60
    $
3.42
 
Weighted-average number of basic common shares
   
70,331
     
78,330
 
Net income per diluted common share
  $
3.57
    $
3.39
 
Weighted-average number of diluted common shares and equivalents
   
70,904
     
79,041
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
5
 
 
 
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
                                 
 
Three Months Ended
   
Six Months Ended
 
 
June 29,
2019
   
June 30,
2018
   
June 29,
2019
   
June 30,
2018
 
 
(In thousands)
   
(In thousands)
 
Net income
 
$
144,410
   
$
155,677
   
$
253,396
   
$
267,628
 
Other comprehensive (loss) income:
   
     
     
     
 
Foreign currency translation
   
(7,031
)    
(47,159
)    
491
     
(23,246
)
Unrealized gains (losses) on investments before income taxes
   
710
     
1,453
     
3,054
     
(1,523
)
Income tax (expense) benefit
   
(157
)    
164
     
(704
)    
257
 
                                 
Unrealized gains (losses) on investments, net of tax
   
553
     
1,617
     
2,350
     
(1,266
)
Retirement liability adjustment before reclassifications
   
(41
)    
669
     
(102
)    
284
 
Amounts reclassified to other income
   
90
     
909
     
183
     
1,816
 
                                 
Retirement liability adjustment before income taxes
   
49
     
1,578
     
81
     
2,100
 
Income tax expense
   
(23
)    
(306
)    
(47
)    
(422
)
                                 
Retirement liability adjustment, net of tax
   
26
     
1,272
     
34
     
1,678
 
Other comprehensive (loss) income
   
(6,452
)    
(44,270
)    
2,875
     
(22,834
)
                                 
Comprehensive income
 
$
137,958
   
$
111,407
   
$
256,271
   
$
244,794
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
6
 
 
 
  
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                 
 
Six Months Ended
 
 
June 29, 2019
   
June 30, 2018
 
 
(In thousands)
 
Cash flows from operating activities:
 
 
Net income
  $
253,396
    $
267,628
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
     
 
Stock-based compensation
   
19,255
     
18,971
 
Deferred income taxes
   
1,632
     
(2,992
)
Depreciation
   
28,704
     
30,585
 
Amortization of intangibles
   
24,911
     
25,251
 
Change in operating assets and liabilities:
   
     
 
Decrease in accounts receivable
   
52,508
     
36,591
 
Increase in inventories
   
(62,200
)    
(33,877
)
Increase in other current assets
   
(11,627
)    
(15,264
)
Increase in other assets
   
(15,060
)    
(2,857
)
Decrease in accounts payable and other current liabilities
   
(10,439
)    
(77,848
)
Increase in deferred revenue and customer advances
   
54,672
     
40,134
 
Effect of the 2017 Tax & Jobs Act
   
(3,229
)    
12,450
 
Decrease in other liabilities
   
(29,720
)    
(22,215
)
                 
Net cash provided by operating activities
   
302,803
     
276,557
 
Cash flows from investing activities:
   
     
 
Additions to property, plant, equipment and software capitalization
   
(65,188
)    
(36,831
)
Investment in unaffiliated companies
   
(4,750
)    
(3,215
)
Purchases of investments
   
(35,523
)    
(513,342
)
Maturities and sales of investments
   
890,524
     
1,759,770
 
                 
Net cash provided by investing activities
   
785,063
     
1,206,382
 
Cash flows from financing activities:
   
     
 
Proceeds from debt issuances
   
363
     
226
 
Payments on debt
   
(245
)    
(850,000
)
Proceeds from stock plans
   
30,129
     
34,845
 
Purchases of treasury shares
   
(1,329,635
)    
(553,144
)
Proceeds from (payments for) derivative contracts
   
4,654
     
(2,158
)
                 
Net cash used in financing activities
   
(1,294,734
)    
(1,370,231
)
Effect of exchange rate changes on cash and cash equivalents
   
(1,414
)    
(12,823
)
                 
(Decrease) increase in cash and cash equivalents
   
(208,282
)    
99,885
 
Cash and cash equivalents at beginning of period
   
796,280
     
642,319
 
                 
Cash and cash equivalents at end of period
  $
587,998
    $
742,204
 
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
7
 
 
 
 
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited, in thousands)
                                                         
 
Number
of
Common
Shares
   
Common
Stock
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
Balance March 31, 2018
   
160,200
    $
1,602
    $
1,779,142
    $
5,513,362
    $
(5,090,581
)   $
(88,631
  $
2,114,894
 
Net income
   
—  
     
—  
     
—  
     
155,677
     
—  
     
—  
     
155,677
 
Other comprehensive loss
   
—  
     
—  
     
—  
     
—  
     
—  
     
(44,270
)    
(44,270
)
Issuance of common stock for employees:
   
     
     
     
     
     
     
 
Employee Stock Purchase Plan
   
14
     
—  
     
2,486
     
—  
     
—  
     
—  
     
2,486
 
Stock options exercised
   
83
     
1
     
8,071
     
—  
     
—  
     
—  
     
8,072
 
Treasury stock
   
—  
     
—  
     
—  
     
—  
     
(270,774
)    
—  
     
(270,774
)
Stock-based compensation
   
1
     
     
9,009
     
—  
     
—  
     
—  
     
9,009
 
                                                         
Balance June 30, 2018
   
160,298
    $
1,603
    $
1,798,708
    $
5,669,039
    $
(5,361,355
)   $
(132,901
)   $
1,975,094
 
                                                         
                                           
 
Number
of
Common
Shares
   
Common
Stock
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
Balance March 30, 2019
   
160,825
    $
1,608
    $
1,872,216
    $
6,104,191
    $
(6,901,629
)   $
(108,644
  $
967,742
 
Net income
   
—  
     
     
     
144,410
     
     
     
144,410
 
Other comprehensive loss
   
—  
     
     
     
     
     
(6,452
)    
(6,452
)
Issuance of common stock for employees:
   
     
     
     
     
     
     
 
Employee Stock Purchase Plan
   
15
     
     
2,498
     
     
     
     
2,498
 
Treasury stock
   
—  
     
     
     
     
(561,197
)    
     
(561,197
)
Stock-based compensation
   
1
     
     
9,244
     
     
     
     
9,244
 
                                                         
Balance June 29, 2019
   
160,841
    $
1,608
    $
1,883,958
    $
6,248,601
    $
(7,462,826
)   $
(115,096
)   $
556,245
 
                                                         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of the consolidated financial statements.
8
 
 
  
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited, in thousands)
 
                                                         
 
Number
of
Common
Shares
   
Common
Stock
   
Additional
Paid-In Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
Balance December 31, 2017
   
159,845
    $
1,598
    $
1,745,088
    $
5,405,380
    $
(4,808,211
)   $
(110,067
)   $
2,233,788
 
Adoption of new accounting pronouncement
   
—  
     
—  
     
—  
     
(3,969
)    
—  
     
—  
     
(3,969
)
Net income
   
—  
     
—  
     
—  
     
267,628
     
—  
     
—  
     
267,628
 
Other comprehensive loss
   
—  
     
—  
     
—  
     
—  
     
—  
     
(22,834
)    
(22,834
)
Issuance of common stock for employees:
   
     
     
     
     
     
     
 
Employee Stock Purchase Plan
   
24
     
—  
     
4,051
     
—  
     
—  
     
—  
     
4,051
 
Stock options exercised
   
305
     
3
     
30,778
     
—  
     
—  
     
—  
     
30,781
 
Treasury stock
   
—  
     
—  
     
—  
     
—  
     
(553,144
)    
—  
     
(553,144
)
Stock-based compensation
   
124
     
2
     
18,791
     
—  
     
—  
     
—  
     
18,793
 
                                                         
Balance June 30, 2018