Waters Corporation Financial Statements — WAT Stock

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	1,499	1,643	1,851	1,844	1,904	1,989	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956
+ Sales & Services Revenue	1,499	1,643	1,851	1,844	1,904	1,989	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956
- Cost of Revenue	595	653	730	738	783	825	843	891	947	993	1,011	1,007	1,157	1,248	1,195
+ Cost of Goods & Services	595	653	730	738	783	825	843	891	947	993	1,011	1,007	1,157	1,248	1,195
Gross Profit	904	990	1,121	1,106	1,121	1,164	1,200	1,276	1,362	1,427	1,396	1,359	1,629	1,724	1,761
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	509	540	592	587	603	631	624	647	684	688	687	705	802	841	944
+ Selling, General & Admin	421	445	490	477	493	513	496	512	544	537	535	554	627	658	736
+ Research & Development	77	84	92	96	101	108	119	125	133	143	143	141	168	176	175
+ Other Operating Expense	11	10	10	14	10	11	10	10	7	8	10	11	7	6	33
Operating Income (Loss)	395	450	529	519	517	533	575	629	678	739	708	654	827	883	818
- Non-Operating (Income) Loss	8	12	19	31	27	43	33	28	37	57	30	43	21	45	81
+ Interest Expense, Net	8	12	19	24	26	27	26	24	21	10	27	33	33	38	82
+ Interest Expense	11	14	22	28	30	34	36	45	57	49	49	49	45	49	99
- Interest Income	3	2	3	4	4	7	11	21	36	39	22	16	12	11	17
+ Other Non-Op (Income) Loss	- -	- -	- -	7	2	15	8	4	16	47	4	10	-12	8	-1
Pretax Income	387	438	509	488	490	491	542	600	641	682	678	611	806	838	736
- Income Tax Expense (Benefit)	63	56	76	26	40	59	73	79	621	88	86	89	113	130	94
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	323	382	433	461	450	432	469	522	20	594	592	522	693	708	642
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	323	382	433	461	450	432	469	522	20	594	592	522	693	708	642
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	323	382	433	461	450	432	469	522	20	594	592	522	693	708	642
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	323	382	433	461	450	432	469	522	20	594	592	522	693	708	642
Basic Weighted Avg Shares	96	92	91	88	85	84	82	81	80	77	68	62	62	60	59
Basic EPS, GAAP	3.37	4.13	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87
Basic EPS from Cont Ops	3.37	4.13	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87
Diluted Weighted Avg Shares	97	94	92	89	87	85	83	81	81	78	68	62	62	60	59
Diluted EPS, GAAP	3.34	4.06	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84
Diluted EPS from Cont Ops	3.34	4.06	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84
EBITDA	452	512	595	588	597	628	665	725	784	848	814	779	959	1,014	984
EBITDA Margin (%)	30.15	31.19	32.14	31.88	31.35	31.55	32.57	33.45	33.97	35.03	33.81	32.93	34.41	34.11	33.27
EBITA	395	450	529	519	517	533	575	629	678	739	708	654	827	883	818
EBIT	395	450	529	519	517	533	575	629	678	739	708	654	827	883	818
Gross Margin (%)	60.31	60.25	60.54	59.99	58.86	58.53	58.74	58.87	58.99	58.98	58	57.44	58.49	58	59.57
Operating Margin (%)	26.33	27.38	28.55	28.15	27.17	26.81	28.17	29	29.38	30.55	29.44	27.63	29.68	29.72	27.66
Profit Margin (%)	21.57	23.23	23.39	25.03	23.63	21.7	22.97	24.06	0.88	24.54	24.61	22.05	24.87	23.81	21.72
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	57	63	66	69	80	94	90	96	106	108	105	125	132	130	166

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	1,172	1,587	1,942	2,258	2,556	2,817	3,214	3,635	4,270	2,663	1,312	1,401	1,629	1,764	1,753
+ Cash, Cash Equivalents & STI	630	946	1,281	1,539	1,804	2,055	2,399	2,813	3,394	1,735	337	443	569	481	396
+ Cash & Cash Equivalents	341	308	384	481	441	422	488	506	642	796	336	437	501	481	395
+ ST Investments	289	638	897	1,058	1,363	1,633	1,912	2,307	2,751	939	1	6	68	1	1
+ Accounts & Notes Receiv	314	358	367	405	431	434	468	489	534	568	588	573	613	723	702
+ Accounts Receivable, Net	314	358	367	405	431	434	468	489	534	568	588	573	613	723	702
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	179	204	213	230	243	246	263	263	270	292	321	304	356	456	516
+ Raw Materials	57	63	72	73	77	85	89	95	99	112	127	133	165	206	234
+ Work In Process	15	17	12	16	20	17	21	17	15	16	15	19	20	20	20
+ Finished Goods	106	124	129	140	146	145	154	151	156	164	178	152	171	230	262
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	49	78	81	85	79	82	83	70	72	68	67	80	91	104	138
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	736	741	781	910	1,026	1,058	1,055	1,027	1,054	1,064	1,245	1,439	1,466	1,518	2,874
+ Property, Plant & Equip, Net	211	215	237	273	325	322	333	337	349	343	511	587	633	669	724
+ Property, Plant & Equip	438	466	518	587	659	685	705	769	838	872	1,081	1,221	1,306	1,371	1,476
- Accumulated Depreciation	227	251	281	314	334	363	371	431	489	529	570	634	674	702	752
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	525	526	544	637	701	736	722	689	705	721	734	852	833	849	2,150
+ Total Intangible Assets	475	473	489	537	589	585	575	559	588	603	596	703	680	658	1,935
+ Goodwill	293	292	297	317	350	355	357	352	360	356	356	444	438	430	1,305
+ Other Intangible Assets	182	181	192	220	239	230	218	207	228	247	240	259	242	227	629
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	49	53	55	100	112	151	147	130	117	119	138	149	153	191	216
Total Assets	1,908	2,328	2,723	3,168	3,583	3,875	4,269	4,662	5,324	3,727	2,557	2,840	3,095	3,281	4,627
+ Payables & Accruals	110	140	78	128	98	94	99	96	151	103	107	160	169	238	217
+ Accounts Payable	50	64	55	55	65	66	71	68	65	68	49	72	97	93	85
+ Accrued Taxes	13	12	9	61	20	15	15	15	73	23	46	77	61	133	120
+ Interest & Dividends Payable

Waters Corporation

Income Statement

Balance Sheet