Company Quick10K Filing
Waters
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 71 $14,408
10-Q 2019-10-30 Quarter: 2019-09-28
10-Q 2019-07-31 Quarter: 2019-06-29
10-Q 2019-05-03 Quarter: 2019-03-30
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-29
10-Q 2018-08-03 Quarter: 2018-06-30
10-Q 2018-05-04 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-07-01
10-Q 2017-05-05 Quarter: 2017-04-01
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-04 Quarter: 2016-10-01
10-Q 2016-08-05 Quarter: 2016-07-02
10-Q 2016-05-06 Quarter: 2016-04-02
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-10-03
10-Q 2015-08-07 Quarter: 2015-07-04
10-Q 2015-05-08 Quarter: 2015-04-04
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-27
10-Q 2014-08-01 Quarter: 2014-06-28
10-Q 2014-05-02 Quarter: 2014-03-29
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-28
10-Q 2013-08-01 Quarter: 2013-06-29
10-Q 2013-05-03 Quarter: 2013-03-30
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-29
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-10-01
10-Q 2011-08-05 Quarter: 2011-07-02
10-Q 2011-05-06 Quarter: 2011-04-02
10-Q 2010-11-05 Quarter: 2010-10-02
10-Q 2010-08-06 Quarter: 2010-07-03
10-Q 2010-05-07 Quarter: 2010-04-03
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-12 Enter Agreement, Off-BS Arrangement, Exhibits
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 Shareholder Vote
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
WAT 2019-09-28
Item 1:
Item 2:
Item 3:
Item 4:
Part Ii:
Item 1:
Item 1A:
Item 2:
Item 6:
EX-31.1 d716085dex311.htm
EX-31.2 d716085dex312.htm
EX-32.1 d716085dex321.htm
EX-32.2 d716085dex322.htm

Waters Earnings 2019-09-28

WAT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
A 24,928 8,625 3,878 5,090 2,068 877 1,357 24,451 41% 18.0 10%
MTD 20,814 2,661 2,157 2,964 1,705 547 760 21,778 58% 28.7 21%
WAT 14,408 2,823 2,267 2,406 428 580 702 14,780 18% 21.0 21%
PKI 9,598 6,399 3,692 2,802 1,364 252 529 11,558 49% 21.8 4%
BIO 9,137 7,647 2,160 2,289 1,239 905 1,583 8,992 54% 5.7 12%
BRKR 7,442 2,350 1,489 1,972 940 190 323 7,650 48% 23.7 8%
COHR 3,303 2,137 835 1,557 568 126 153 3,383 36% 22.1 6%
AXDX 1,214 159 133 7 3 -86 -73 1,298 41% -17.8 -54%
PACB 927 171 95 79 24 -111 -108 908 30% -8.4 -65%
FLDM 850 284 111 120 32 -69 -60 824 27% -13.8 -24%

10-Q
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Table of Contents
 
 
 
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 September 28, 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)
(
508478-2000
(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
an 
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
October 25
,
2019: 64,434,377
 
 
 
 

 
Table of Contents
 
WATERS CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT ON FORM
10-Q
INDEX
             
PART I
 
FINANCIAL INFORMATION
 
Page
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
 
 
 
8
 
 
 
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
 
 
 
10
 
 
 
 
 
 
 
 
Item 2.
 
 
 
34
 
 
 
 
 
 
 
 
Item 3.
 
 
 
44
 
 
 
 
 
 
 
 
Item 4.
 
 
 
44
 
 
 
 
 
 
 
 
PART II
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
45
 
 
 
 
 
 
 
 
Item 1A.
 
 
 
45
 
 
 
 
 
 
 
 
Item 2.
 
 
 
45
 
 
 
 
 
 
 
 
Item 6.
 
 
 
46
 
 
 
 
 
 
 
 
 
 
 
47
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Table of Contents
Item 1:
 Financial Statements
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
 
September 28, 2019
   
December 31, 2018
 
 
(In thousands, except per share data)
 
ASSETS
 
 
Current assets:
   
     
 
Cash and cash equivalents
  $
404,649
    $
796,280
 
Investments
   
—  
     
938,944
 
Accounts receivable, net
   
504,865
     
568,316
 
Inventories
   
368,790
     
291,569
 
Other current assets
   
65,602
     
68,054
 
                 
Total current assets
   
1,343,906
     
2,663,163
 
Property, plant and equipment, net
   
381,496
     
343,083
 
Intangible assets, net
   
237,610
     
246,902
 
Goodwill
   
353,938
     
355,614
 
Operating lease assets
   
85,112
     
—  
 
Other assets
   
159,203
     
118,664
 
                 
Total assets
  $
2,561,265
    $
3,727,426
 
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
   
     
 
Current liabilities:
   
     
 
Notes payable and debt
  $
100,058
    $
178
 
Accounts payable
   
64,805
     
68,168
 
Accrued employee compensation
   
33,040
     
64,545
 
Deferred revenue and customer advances
   
197,401
     
164,965
 
Current operating lease liabilities
   
23,936
     
—  
 
Accrued treasury stock repurchases
   
18,016
     
23,005
 
Accrued income taxes
   
49,576
     
22,943
 
Accrued warranty
   
11,477
     
12,300
 
Other current liabilities
   
98,844
     
92,827
 
                 
Total current liabilities
   
597,153
     
448,931
 
Long-term liabilities:
   
     
 
Long-term debt
   
1,255,601
     
1,148,172
 
Long-term income tax liabilities
   
393,863
     
430,866
 
Long-term operating lease liabilities
   
61,372
     
—  
 
Long-term portion of retirement benefits
   
55,386
     
55,853
 
Other long-term liabilities
   
82,390
     
76,346
 
                 
Total long-term liabilities
   
1,848,612
     
1,711,237
 
                 
Total liabilities
   
2,445,765
     
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, none issued at September 28, 2019 and December 31, 2018
   
     
—  
 
Common stock, par value $0.01 per share, 400,000 shares authorized, 160,869 and 160,472 shares issued, 65,117 and 73,115 shares outstanding at September 28, 2019 and
 
December 31, 2018, respectively
 
 
1,609
 
 
 
1,605
 
Additional
paid-in
capital
   
1,897,771
     
1,834,741
 
Retained earnings
   
6,386,734
     
5,995,205
 
Treasury stock, at cost, 95,752 and 87,357 shares at September 28, 2019 and December 31, 2018, respectively
   
(8,051,033
)    
(6,146,322
)
Accumulated other comprehensive loss
   
(119,581
)    
(117,971
)
                 
Total stockholders’ equity
   
115,500
     
1,567,258
 
                 
Total liabilities and stockholders’ equity
  $
2,561,265
    $
3,727,426
 
                 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
3
 

 
Table of Contents
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                 
 
Three Months Ended
 
 
September 28, 2019
   
September 29, 2018
 
 
(In thousands, except per share data)
 
Revenues:
   
     
 
Product sales
  $
370,573
    $
378,522
 
Service sales
   
206,705
     
199,499
 
                 
Total net sales
   
577,278
     
578,021
 
Costs and operating expenses:
   
     
 
Cost of product sales
   
149,793
     
155,825
 
Cost of service sales
   
91,262
     
85,314
 
Selling and administrative expenses
   
126,036
     
126,997
 
Research and development expenses
   
34,333
     
35,173
 
Purchased intangibles amortization
   
2,619
     
2,114
 
Litigation provision
   
—  
     
924
 
                 
Total costs and operating expenses
   
404,043
     
406,347
 
                 
Operating income
   
173,235
     
171,674
 
Other expense
   
(496
)    
(811
)
Interest expense
   
(11,456
)    
(11,435
)
Interest income
   
3,455
     
9,802
 
                 
Income before income taxes
   
164,738
     
169,230
 
Provision for income taxes
   
26,605
     
28,216
 
                 
Net income
  $
138,133
    $
141,014
 
Net income per basic common share
  $
2.09
    $
1.84
 
Weighted-average number of basic common shares
   
66,226
     
76,575
 
Net income per diluted common share
  $
2.07
    $
1.83
 
Weighted-average number of diluted common shares and equivalents
   
66,768
     
77,136
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
4
 

 
Table of Contents
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
                 
 
Nine Months Ended
 
 
September 28, 2019
   
September 29, 2018
 
 
(In thousands, except per share data)
 
Revenues:
   
     
 
Product sales
  $
1,078,341
    $
1,106,508
 
Service sales
   
611,961
     
598,402
 
                 
Total net sales
   
1,690,302
     
1,704,910
 
Costs and operating expenses:
   
     
 
Cost of product sales
   
439,158
     
456,270
 
Cost of service sales
   
272,474
     
249,425
 
Selling and administrative expenses
   
393,583
     
394,049
 
Research and development expenses
   
105,883
     
105,297
 
Purchased intangibles amortization
   
7,164
     
5,375
 
Litigation settlement
   
     
(748
)
                 
Total costs and operating expenses
   
1,218,262
     
1,209,668
 
                 
Operating income
   
472,040
     
495,242
 
Other expense
   
(1,363
)    
(2,293
)
Interest expense
   
(34,467
)    
(36,965
)
Interest income
   
17,641
     
28,356
 
                 
Income before income taxes
   
453,851
     
484,340
 
Provision for income taxes
   
62,322
     
75,698
 
                 
Net income
  $
391,529
    $
408,642
 
                 
Net income per basic common share
  $
5.68
    $
5.26
 
Weighted-average number of basic common shares
   
68,952
     
77,741
 
Net income per diluted common share
  $
5.63
    $
5.21
 
Weighted-average number of diluted common shares and equivalents
   
69,533
     
78,395
 
 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
5
 

 
Table of Contents
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
                                 
 
Three Months Ended
   
Nine Months Ended
 
 
September 28,
2019
   
September 29,
2018
   
September 28,
2019
   
September 29,
2018
 
 
(In thousands)
   
(In thousands)
 
Net income
 
$
138,133
 
 
$
141,014
 
 
$
391,529
 
 
$
408,642
 
Other comprehensive (loss) income:
   
     
     
     
 
Foreign currency translation
   
(4,894
)    
5,309
     
(4,403
)    
(17,937
)
Unrealized (losses) gains on investments before income taxes
   
(8
)    
1,631
     
3,046
     
108
 
Income tax benefit (expense)
   
2
     
(382
)    
(702
)    
(125
)
                                 
Unrealized (losses) gains on investments, net of tax
   
(6
)    
1,249
     
2,344
     
(17
)
Retirement liability adjustment before reclassifications
   
267
     
(177
)    
165
     
107
 
Amounts reclassified to other income
   
88
     
904
     
271
     
2,720
 
                                 
Retirement liability adjustment before income taxes
   
355
     
727
     
436
     
2,827
 
Income tax benefit (expense)
   
60
     
(177
)    
13
     
(599
)
                                 
Retirement liability adjustment, net of tax
   
415
     
550
     
449
     
2,228
 
Other comprehensive (loss) income
   
(4,485
)    
7,108
     
(1,610
)    
(15,726
)
                                 
Comprehensive income
 
$
133,648
 
 
$
148,122
 
 
$
389,919
 
 
$
392,916
 
                                 
 
 
 
 
 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
6
 

 
Table of Contents
 
WATERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
Nine Months Ended
 
 
September 28, 2019
   
September 29, 2018
 
 
(In thousands)
 
Cash flows from operating activities:
 
 
Net income
  $
391,529
    $
408,642
 
Adjustments to reconcile net income to net cash provided by operating activities:
   
     
 
Stock-based compensation
   
28,917
     
28,184
 
Deferred income taxes
   
1,817
     
278
 
Depreciation
   
42,168
     
44,710
 
Amortization of intangibles
   
38,151
     
38,101
 
Change in operating assets and liabilities:
   
     
 
Decrease in accounts receivable
   
57,897
     
36,893
 
Increase in inventories
   
(83,973
)    
(47,826
)
Increase in other current assets
   
(6,259
)    
(21,091
)
Increase in other assets
   
(9,302
)    
(3,251
)
Decrease in accounts payable and other current liabilities
   
(493
)    
(93,637
)
Increase in deferred revenue and customer advances
   
34,926
     
23,085
 
Effect of the 2017 Tax Cuts & Jobs Act
 
 
(3,229
)
 
 
12,450
 
Decrease in other liabilities
   
(40,957
)    
(3,641
)
                 
Net cash provided by operating activities
   
451,192
     
422,897
 
Cash flows from investing activities:
   
     
 
Additions to property, plant, equipment and software capitalization
   
(110,205
)    
(64,215
)
Asset acquisitions
   
—  
     
(31,486
)
Investment in unaffiliated companies
   
(7,250
)    
(7,615
)
Purchases of investments
   
(35,523
)    
(908,147
)
Maturities and sales of investments
   
978,419
     
2,269,181
 
                 
Net cash provided by investing activities
   
825,441
     
1,257,718
 
Cash flows from financing activities:
   
     
 
Proceeds from debt issuances
   
600,362
     
10
 
Payments on debt
   
(390,482
)    
(850,000
)
Payments of debt issuance costs
 
 
(2,932
)
 
 
 
Proceeds from stock plans
   
34,311
     
42,377
 
Purchases of treasury shares
   
(1,909,700
)    
(816,649
)
Proceeds from (payments for) derivative contracts
   
6,900
     
(2,181
)
                 
Net cash used in financing activities
   
(1,661,541
)    
(1,626,443
)
Effect of exchange rate changes on cash and cash equivalents
   
(6,723
)    
(7,118
)
                 
(Decrease) increase in cash and cash equivalents
   
(391,631
)    
47,054
 
Cash and cash equivalents at beginning of period
   
796,280
     
642,319
 
                 
Cash and cash equivalents at end of period
  $
404,649
    $
689,373
 
                 
The accompanying notes are an integral part of the interim consolidated financial statements.
 
7
 

 
Table of Contents
 
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 June 30, 2018
   
160,298
    $
1,603
    $
1,798,708
    $
5,669,039
    $
(5,361,355
)   $
(132,901
)   $
1,975,094
 
Net income
   
—  
     
—  
     
—  
     
141,014
     
—  
     
—  
     
141,014
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
—  
     
7,108
     
7,108
 
Issuance of common stock for employees:
   
     
     
     
     
     
     
 
Employee Stock Purchase Plan
   
10
     
—  
     
1,789
     
—  
     
—  
     
—  
     
1,789
 
Stock options exercised
   
52
     
1
     
5,743
     
—  
     
—  
     
—  
     
5,744
 
Treasury stock
   
—  
     
—  
     
—  
     
—  
     
(263,505
)    
—  
     
(263,505
)
Stock-based compensation
   
8
     
—  
     
9,188
     
—  
     
—  
     
—  
     
9,188
 
                                                         
Balance September 29, 2018
   
160,368
    $
1,604
    $
1,815,428
    $
5,810,053
    $
(5,624,860
)   $
(125,793
)   $
1,876,432
 
                                                         
                                           
 
Number
 
of
Common
Shares
   
Common
Stock
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Stockholders’
Equity
 
Balance June 29, 2019
   
160,841
    $
1,608
    $
1,883,958
    $
6,248,601
    $
(7,462,826
)   $
(115,096
)   $
556,245
 
Net income
   
     
     
     
138,133
     
     
     
138,133
 
Other comprehensive loss
   
     
     
     
     
     
(4,485
)    
(4,485
)
Issuance of common stock for employees:
   
     
     
     
     
     
     
 
Employee Stock Purchase Plan
 
 
8
   
 
   
 
1,803
   
 
   
 
 
 
 
 
 
 
1,803
 
Stock options exercised
   
19
     
     
2,378
     
     
     
     
2,378
 
Treasury stock
   
     
     
     
     
(588,207
)    
     
(588,207
)
Stock-based compensation
   
1
     
1
     
9,632
     
     
     
     
9,633
 
                                                         
Balance September 28, 2019
   
160,869
    $
1,609
    $
1,897,771
    $
6,386,734
    $
(8,051,033
)   $
(119,581
)   $