- \n
- Salesof $682 million grew 31% as reported and 27% in constant currency<\/i><\/li>\n
- GAAP EPS of $2.69; non-GAAP EPS of $2.60, a 24% increase from prior year<\/i><\/li>\n
- Broad-based commercial momentum in pharmaceutical and industrial end markets<\/i><\/li>\n
- Continued strength in core and new product instrument and chemistry sales<\/i><\/li>\n
- Strong and balanced customer demand across key regions and geographies<\/i><\/li>\n<\/ul>\n
MILFORD, Mass.–(BUSINESS WIRE<\/a>)–
\nWaters Corporation (NYSE: WAT)today announced second quarter 2021 sales of $682 million, a 31% increase as reported, compared to sales of $520 million for the second quarter of 2020. Foreign currency translation benefited sales growth by approximately 4% for the quarter.\n<\/p>\n\nOn a GAAP basis, diluted earnings per share (EPS) for the second quarter of 2021 increased to $2.69, compared to $1.98 for the second quarter of 2020. On a non-GAAP basis, EPS increased to $2.60, compared to $2.10 for the second quarter of 2020. A description and reconciliation of GAAP to non-GAAP results appear in the tables below and can be found on the Company\u2019s website www.waters.com<\/a> in the Investor Relations section.\n<\/p>\n
\nOn a GAAP basis, net cash provided by operating activities was $143 million for the second quarter of 2021, compared to $199 million for the second quarter of 2020. On a non-GAAP basis, adjusted free cash flow for the second quarter of 2021 was $155 million versus $175 million for the second quarter of 2020.\n<\/p>\n
\nFor the first half of 2021, the Company\u2019s sales were $1,290 million, an increase of 31% as reported, compared to sales of $985 million for the first half of 2020. Foreign currency translation benefited sales growth by approximately 4% for the first half of 2021.\n<\/p>\n
\nOn a GAAP basis, EPS for the first half of 2021 increased to $5.05, compared to $2.83 for the first half of 2020. On a non-GAAP basis, EPS increased to $4.89, compared to $3.25 in the first half of 2020.\n<\/p>\n
\nOn a GAAP basis, net cash provided by operating activities was $361 million for the first half of 2021, compared to $350 million for the first half of 2020. On a non-GAAP basis, adjusted free cash flow for the first half of 2021 was $348 million versus $296 million for the first half of 2020.\n<\/p>\n
\n\u201cWe are very pleased with the commercial momentum we are building, thanks to the solid execution of the Waters team and accelerated progress against our transformation initiatives,\u201d said Dr. Udit Batra, President and Chief Executive Officer of Waters Corporation. \u201cOur second quarter results were led by strong growth in our pharma and industrial end markets. Continued market strength, combined with our solid execution, resulted in double-digit growth in instrument and chemistry sales, with total sales increasing across every region. We have built a strong team of proven leaders committed to a common vision and continued execution as we work to more closely align our portfolio with higher growth areas.\u201d\n<\/p>\n
\nUnless otherwise noted, sales growth and decline percentages are presented on an as-reported basis and are the same as the sales growth and decline percentages presented on a constant-currency basis as compared with the same period in the prior year, each of which is detailed in the reconciliation of sales growth rates to constant-currency growth rates in the tables below.\n<\/p>\n
\nDuring the second quarter of 2021, sales into the pharmaceutical market increased 34% as reported and 31% in constant currency, sales into the industrial market increased 33% as reported and 28% in constant currency and sales into the academic and government markets increased 10% as reported and 7% in constant currency. For the first half of 2021, sales into the pharmaceutical market increased 33% as reported and 29% in constant currency, sales into the industrial market increased 31% as reported and 26% in constant currency and sales into the academic and government markets increased 20% as reported and 17% in constant currency.\n<\/p>\n
\nDuring the second quarter, recurring revenues, which represent the combination of service and precision chemistries revenues, increased 22% as reported and 18% in constant currency, while instrument system sales increased 43% as reported and 40% in constant currency. For the first half of 2021, recurring revenues increased 21% as reported and 17% in constant currency, while instrument system sales increased 46% as reported and 42% in constant currency.\n<\/p>\n
\nGeographically, sales in Asia during the quarter increased 30% as reported and 28% in constant currency, sales in the Americas increased 29% as reported and 28% in constant currency (with U.S. sales growing 26%) and sales in Europe increased 36% as reported and 25% in constant currency. For the first half of 2021, sales in Asia increased 36% as reported and 34% in constant currency, sales in the Americas increased 22% as reported and 21% in constant currency (with U.S. sales growing 19%) and sales in Europe increased 36% as reported and 25% in constant currency.\n<\/p>\n
Third Quarter and Fiscal Year 2021 Financial Outlook <\/b><\/p>\n
\nThe Company expects full-year 2021 constant-currency sales growth in the range of 13% to 15%. Currency translation is expected to increase full-year sales growth by one to two percentage points. The Company also expects full-year 2021 non-GAAP EPS in the range of $10.50 to $10.70. Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the full-year.\n<\/p>\n
\nThe Company expects third quarter 2021 constant-currency sales growth in the range of 7% to 9%. Currency translation is expected to increase third quarter sales growth by approximately one percentage point. The Company also expects third quarter 2021 non-GAAP EPS in the range of $2.25 to $2.35. Please refer to the tables below for a reconciliation of the projected GAAP to non-GAAP financial outlook for the third quarter.\n<\/p>\n
Conference Call<\/b><\/p>\n
\nWaters Corporation will webcast its second quarter 2021 financial results conference call today, August 3, 2021 at 8:00 a.m. Eastern Time. To listen to the call and see the accompanying slide presentation, please visit www.waters.com<\/a>, select \u201cInvestors\u201d under the \u201cAbout Waters\u201d section, navigate to \u201cEvents & Presentations,\u201d and click on the \u201cWebcast.\u201d A replay will be available through August 10, 2021 at midnight Eastern Time on the same website by webcast and also by phone at (888) 566-0486.\n<\/p>\n
About Waters Corporation<\/b><\/p>\n
\n
\n Waters Corporation and Subsidiaries<\/b><\/td>\n <\/tr>\n \n Consolidated Statements of Operations<\/b><\/td>\n <\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n <\/tr>\n \n (Unaudited)<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n Six Months Ended<\/b><\/td>\n <\/tr>\n \n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n681,647\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n519,984\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n1,290,192\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n984,923\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Costs and operating expenses:<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Cost of sales<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n280,254\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n213,134\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n534,401\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n423,778\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Selling and administrative expenses<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n158,213\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n117,449\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n301,409\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n265,184\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Research and development expenses<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n44,949\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n31,155\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n83,041\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n66,144\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Purchased intangibles amortization<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,809\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,618\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,649\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,243\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Litigation provision<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n514\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,180\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating income<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n196,422\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n155,114\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n367,692\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n223,394\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income (expense), net (a)<\/sup><\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n9,321\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(736\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,680\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(1,110\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
<\/tr>\n \n Interest expense, net<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(8,329\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(9,015\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(15,174\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(19,058\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income from operations before income taxes<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n197,414\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n145,363\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n371,198\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n203,226\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Provision for income taxes<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,122\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22,434\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n55,779\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n26,735\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n167,292\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n122,929\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n315,419\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n176,491\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income per basic common share<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n2.71\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n1.98\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n5.09\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n2.84\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-average number of basic common shares<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n61,685\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n61,944\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n61,979\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,085\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income per diluted common share<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n2.69\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n1.98\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n5.05\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n2.83\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-average number of diluted common shares and equivalents<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,157\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,184\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,435\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n62,404\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a) During the three and six months ended July 3, 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within Other income (expense), net in our consolidated statement of operations. During the six months ended July 3, 2021, the Company recorded an unrealized gain of $10 million due to an observable change in the fair value of an existing investment the Company does not have the ability to exercise significant influence over.<\/td>\n <\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Waters Corporation and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Reconciliation of GAAP to Adjusted Non-GAAP<\/b><\/td>\n<\/tr>\n \n Net Sales by Operating Segments, Products & Services, Geography and Markets<\/b><\/td>\n<\/tr>\n \n Three Months Ended July 3, 2021 and June 27, 2020<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n Current<\/b><\/td>\n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n Period<\/b><\/td>\n \n Constant<\/b><\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n Percent<\/b><\/td>\n \n Currency<\/b><\/td>\n \n Currency<\/b><\/td>\n<\/tr>\n \n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n Change<\/b><\/td>\n \n Impact<\/b><\/td>\n \n Growth Rate (a)<\/sup><\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – OPERATING SEGMENTS<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Waters<\/td>\n \n $<\/td>\n \n \n607,324\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n465,709\n<\/p>\n<\/td>\n
\n \n \n \n30\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n17,199\n<\/p>\n<\/td>\n
\n \n \n \n27\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n TA<\/td>\n \n \n \n \n74,323\n<\/p>\n<\/td>\n
\n \n \n \n54,275\n<\/p>\n<\/td>\n
\n \n \n \n37\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n2,440\n<\/p>\n<\/td>\n
\n \n \n \n32\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total <\/b><\/td>\n \n $<\/b><\/td>\n \n 681,647<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 519,984<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 19,639<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – PRODUCTS & SERVICES<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Instruments<\/td>\n \n $<\/td>\n \n \n314,496\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n219,815\n<\/p>\n<\/td>\n
\n \n \n \n43\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n5,970\n<\/p>\n<\/td>\n
\n \n \n \n40\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Service<\/td>\n \n \n \n \n240,692\n<\/p>\n<\/td>\n
\n \n \n \n205,064\n<\/p>\n<\/td>\n
\n \n \n \n17\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n8,910\n<\/p>\n<\/td>\n
\n \n \n \n13\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Chemistry<\/td>\n \n \n \n \n126,459\n<\/p>\n<\/td>\n
\n \n \n \n95,105\n<\/p>\n<\/td>\n
\n \n \n \n33\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n4,759\n<\/p>\n<\/td>\n
\n \n \n \n28\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Total Recurring<\/td>\n \n \n \n \n367,151\n<\/p>\n<\/td>\n
\n \n \n \n300,169\n<\/p>\n<\/td>\n
\n \n \n \n22\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n13,669\n<\/p>\n<\/td>\n
\n \n \n \n18\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 681,647<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 519,984<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 19,639<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – GEOGRAPHY<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Asia<\/td>\n \n $<\/td>\n \n \n269,947\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n208,209\n<\/p>\n<\/td>\n
\n \n \n \n30\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n2,946\n<\/p>\n<\/td>\n
\n \n \n \n28\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Americas<\/td>\n \n \n \n \n224,894\n<\/p>\n<\/td>\n
\n \n \n \n174,782\n<\/p>\n<\/td>\n
\n \n \n \n29\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n1,019\n<\/p>\n<\/td>\n
\n \n \n \n28\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Europe<\/td>\n \n \n \n \n186,806\n<\/p>\n<\/td>\n
\n \n \n \n136,993\n<\/p>\n<\/td>\n
\n \n \n \n36\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n15,674\n<\/p>\n<\/td>\n
\n \n \n \n25\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 681,647<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 519,984<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 19,639<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – MARKETS<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Pharmaceutical<\/td>\n \n $<\/td>\n \n \n416,705\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n311,018\n<\/p>\n<\/td>\n
\n \n \n \n34\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n10,572\n<\/p>\n<\/td>\n
\n \n \n \n31\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Industrial<\/td>\n \n \n \n \n202,579\n<\/p>\n<\/td>\n
\n \n \n \n152,110\n<\/p>\n<\/td>\n
\n \n \n \n33\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n7,288\n<\/p>\n<\/td>\n
\n \n \n \n28\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Academic & Government<\/td>\n \n \n \n \n62,363\n<\/p>\n<\/td>\n
\n \n \n \n56,856\n<\/p>\n<\/td>\n
\n \n \n \n10\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n1,779\n<\/p>\n<\/td>\n
\n \n \n \n7\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 681,647<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 519,984<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 19,639<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – EXCLUDING CHINA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Net Sales<\/td>\n \n $<\/td>\n \n \n681,647\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n519,984\n<\/p>\n<\/td>\n
\n \n \n \n31\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n19,639\n<\/p>\n<\/td>\n
\n \n \n \n27\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n China Net Sales<\/td>\n \n \n \n \n127,225\n<\/p>\n<\/td>\n
\n \n \n \n89,816\n<\/p>\n<\/td>\n
\n \n \n \n42\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n4,069\n<\/p>\n<\/td>\n
\n \n \n \n37\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Net Sales Excluding China<\/b><\/td>\n \n $<\/b><\/td>\n \n 554,422<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 430,168<\/b><\/p>\n<\/td>\n
\n \n \n 29<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 15,570<\/b><\/p>\n<\/td>\n
\n \n \n 25<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a)<\/td>\n \n The Company believes that referring to comparable constant-currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant-currency growth rate, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, ignoring the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Waters Corporation and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Reconciliation of GAAP to Adjusted Non-GAAP<\/b><\/td>\n<\/tr>\n \n Net Sales by Operating Segments, Products & Services, Geography and Markets<\/b><\/td>\n<\/tr>\n \n Six Months Ended July 3, 2021 and June 27, 2020<\/b><\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n Current<\/b><\/td>\n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n Period<\/b><\/td>\n \n Constant<\/b><\/td>\n<\/tr>\n \n \n \n Six Months Ended<\/b><\/td>\n \n Percent<\/b><\/td>\n \n Currency<\/b><\/td>\n \n Currency<\/b><\/td>\n<\/tr>\n \n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n Change<\/b><\/td>\n \n Impact<\/b><\/td>\n \n Growth Rate (a)<\/sup><\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – OPERATING SEGMENTS<\/td>\n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Waters<\/td>\n \n $<\/td>\n \n \n1,149,202\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n879,920\n<\/p>\n<\/td>\n
\n \n \n \n31\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n35,220\n<\/p>\n<\/td>\n
\n \n \n \n27\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n TA<\/td>\n \n \n \n \n140,990\n<\/p>\n<\/td>\n
\n \n \n \n105,003\n<\/p>\n<\/td>\n
\n \n \n \n34\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n4,257\n<\/p>\n<\/td>\n
\n \n \n \n30\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total <\/b><\/td>\n \n $<\/b><\/td>\n \n 1,290,192<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 984,923<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 39,477<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – PRODUCTS & SERVICES<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Instruments<\/td>\n \n $<\/td>\n \n \n577,544\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n396,753\n<\/p>\n<\/td>\n
\n \n \n \n46\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n12,904\n<\/p>\n<\/td>\n
\n \n \n \n42\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Service<\/td>\n \n \n \n \n467,215\n<\/p>\n<\/td>\n
\n \n \n \n395,820\n<\/p>\n<\/td>\n
\n \n \n \n18\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n17,634\n<\/p>\n<\/td>\n
\n \n \n \n14\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Chemistry<\/td>\n \n \n \n \n245,433\n<\/p>\n<\/td>\n
\n \n \n \n192,350\n<\/p>\n<\/td>\n
\n \n \n \n28\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n8,939\n<\/p>\n<\/td>\n
\n \n \n \n23\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Total Recurring<\/td>\n \n \n \n \n712,648\n<\/p>\n<\/td>\n
\n \n \n \n588,170\n<\/p>\n<\/td>\n
\n \n \n \n21\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n26,573\n<\/p>\n<\/td>\n
\n \n \n \n17\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 1,290,192<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 984,923<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 39,477<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – GEOGRAPHY<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Asia<\/td>\n \n $<\/td>\n \n \n499,489\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n367,289\n<\/p>\n<\/td>\n
\n \n \n \n36\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n8,043\n<\/p>\n<\/td>\n
\n \n \n \n34\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Americas<\/td>\n \n \n \n \n422,251\n<\/p>\n<\/td>\n
\n \n \n \n346,958\n<\/p>\n<\/td>\n
\n \n \n \n22\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n1,476\n<\/p>\n<\/td>\n
\n \n \n \n21\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Europe<\/td>\n \n \n \n \n368,452\n<\/p>\n<\/td>\n
\n \n \n \n270,676\n<\/p>\n<\/td>\n
\n \n \n \n36\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n29,958\n<\/p>\n<\/td>\n
\n \n \n \n25\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 1,290,192<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 984,923<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 39,477<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – MARKETS<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Pharmaceutical<\/td>\n \n $<\/td>\n \n \n776,853\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n583,581\n<\/p>\n<\/td>\n
\n \n \n \n33\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n22,362\n<\/p>\n<\/td>\n
\n \n \n \n29\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Industrial<\/td>\n \n \n \n \n385,852\n<\/p>\n<\/td>\n
\n \n \n \n295,464\n<\/p>\n<\/td>\n
\n \n \n \n31\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n13,264\n<\/p>\n<\/td>\n
\n \n \n \n26\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n Academic & Government<\/td>\n \n \n \n \n127,487\n<\/p>\n<\/td>\n
\n \n \n \n105,878\n<\/p>\n<\/td>\n
\n \n \n \n20\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n3,851\n<\/p>\n<\/td>\n
\n \n \n \n17\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total<\/b><\/td>\n \n $<\/b><\/td>\n \n 1,290,192<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 984,923<\/b><\/p>\n<\/td>\n
\n \n \n 31<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 39,477<\/b><\/p>\n<\/td>\n
\n \n \n 27<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n NET SALES – EXCLUDING CHINA<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Net Sales<\/td>\n \n $<\/td>\n \n \n1,290,192\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n984,923\n<\/p>\n<\/td>\n
\n \n \n \n31\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n $<\/td>\n \n \n39,477\n<\/p>\n<\/td>\n
\n \n \n \n27\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n China Net Sales<\/td>\n \n \n \n \n230,144\n<\/p>\n<\/td>\n
\n \n \n \n137,047\n<\/p>\n<\/td>\n
\n \n \n \n68\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n8,095\n<\/p>\n<\/td>\n
\n \n \n \n62\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total Net Sales Excluding China<\/b><\/td>\n \n $<\/b><\/td>\n \n 1,060,048<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 847,876<\/b><\/p>\n<\/td>\n
\n \n \n 25<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 31,382<\/b><\/p>\n<\/td>\n
\n \n \n 21<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a)<\/td>\n \n The Company believes that referring to comparable constant-currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Constant-currency growth rate, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, ignoring the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.<\/td>\n<\/tr>\n<\/table>\n \n
\n Waters Corporation and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Reconciliation of GAAP to Adjusted Non-GAAP Financials<\/b><\/td>\n<\/tr>\n \n Three and Six Months Ended July 3, 2021 and June 27, 2020<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income from<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operations<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n Selling &<\/b><\/td>\n \n \n \n \n \n \n Operating<\/b><\/td>\n \n \n Other<\/b><\/td>\n \n \n before<\/b><\/td>\n \n \n Provision for<\/b><\/td>\n \n \n \n \n \n Diluted<\/b><\/td>\n<\/tr>\n \n \n \n \n Administrative<\/b><\/td>\n \n \n Operating<\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n Net<\/b><\/td>\n \n \n Earnings<\/b><\/td>\n<\/tr>\n \n \n \n \n Expenses(a)<\/sup><\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n Percentage<\/b><\/td>\n \n \n (Expense)<\/b><\/td>\n \n \n Taxes<\/b><\/td>\n \n \n Taxes<\/b><\/td>\n \n \n Income<\/b><\/td>\n \n \n per Share<\/b><\/td>\n<\/tr>\n \n Three Months Ended July 3, 2021<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 160,022<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 196,422<\/b><\/p>\n<\/td>\n
\n \n \n \n 28.8<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 9,321<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 197,414<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 30,122<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 167,292<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 2.69<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Purchased intangibles amortization (b)<\/sup><\/td>\n \n \n \n \n(1,809\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n1,809\n<\/p>\n<\/td>\n
\n \n \n \n \n0.3\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,809\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n411\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,398\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.02\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Restructuring costs and certain other items (c)<\/sup><\/td>\n \n \n \n \n(614\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n614\n<\/p>\n<\/td>\n
\n \n \n \n \n0.1\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n614\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n44\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n570\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Litigation settlement (d)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(10,083\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(10,083\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(1,916\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(8,167\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(0.13\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Certain income tax items (e)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(594\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n594\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Non-GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 157,599<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 198,845<\/b><\/p>\n<\/td>\n
\n \n \n \n 29.2<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (762<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 189,754<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 28,067<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 161,687<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 2.60<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Three Months Ended June 27, 2020<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 120,581<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 155,114<\/b><\/p>\n<\/td>\n
\n \n \n \n 29.8<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (736<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 145,363<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 22,434<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 122,929<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 1.98<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Purchased intangibles amortization (b)<\/sup><\/td>\n \n \n \n \n(2,618\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n2,618\n<\/p>\n<\/td>\n
\n \n \n \n \n0.5\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n2,618\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n515\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n2,103\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.03\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Restructuring costs and certain other items (c)<\/sup><\/td>\n \n \n \n \n(5,763\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n5,763\n<\/p>\n<\/td>\n
\n \n \n \n \n1.1\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n(152\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n5,611\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,084\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n4,527\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.07\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Litigation provision (d)<\/sup><\/td>\n \n \n \n \n(514\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n514\n<\/p>\n<\/td>\n
\n \n \n \n \n0.1\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n514\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n123\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n391\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Certain income tax items (e)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(507\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n507\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Non-GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 111,686<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 164,009<\/b><\/p>\n<\/td>\n
\n \n \n \n 31.5<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (888<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 154,106<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 23,649<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 130,457<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 2.10<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Six Months Ended July 3, 2021<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 305,058<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 367,692<\/b><\/p>\n<\/td>\n
\n \n \n \n 28.5<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 18,680<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 371,198<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 55,779<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 315,419<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 5.05<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Purchased intangibles amortization (b)<\/sup><\/td>\n \n \n \n \n(3,649\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n3,649\n<\/p>\n<\/td>\n
\n \n \n \n \n0.3\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n3,649\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n825\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n2,824\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.05\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Restructuring costs and certain other items (c)<\/sup><\/td>\n \n \n \n \n(1,484\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n1,484\n<\/p>\n<\/td>\n
\n \n \n \n \n0.1\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n(9,707\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(8,223\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(2,076\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(6,147\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(0.10\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Litigation settlement (d)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(10,083\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(10,083\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(1,916\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(8,167\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n(0.13\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Certain income tax items (e)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(1,144\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n1,144\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.02\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Non-GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 299,925<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 372,825<\/b><\/p>\n<\/td>\n
\n \n \n \n 28.9<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (1,110<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 356,541<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 51,468<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 305,073<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 4.89<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Six Months Ended June 27, 2020<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 271,607<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 223,394<\/b><\/p>\n<\/td>\n
\n \n \n \n 22.7<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (1,110<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 203,226<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 26,735<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 176,491<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 2.83<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments:<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Purchased intangibles amortization (b)<\/sup><\/td>\n \n \n \n \n(5,243\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n5,243\n<\/p>\n<\/td>\n
\n \n \n \n \n0.5\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n5,243\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,037\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n4,206\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.07\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Restructuring costs and certain other items (c)<\/sup><\/td>\n \n \n \n \n(26,283\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n26,283\n<\/p>\n<\/td>\n
\n \n \n \n \n2.7\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n(461\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n25,822\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n5,681\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n20,141\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.32\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Litigation provision (d)<\/sup><\/td>\n \n \n \n \n(1,180\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n1,180\n<\/p>\n<\/td>\n
\n \n \n \n \n0.1\n<\/p>\n<\/td>\n
\n \n%\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n1,180\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n283\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n897\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Certain income tax items (e)<\/sup><\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n(882\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n \n882\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted Non-GAAP<\/b><\/td>\n \n $<\/b><\/td>\n \n 238,901<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 256,100<\/b><\/p>\n<\/td>\n
\n \n \n \n 26.0<\/b><\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n (1,571<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 235,471<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 32,854<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 202,617<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n 3.25<\/b><\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a)<\/td>\n \n Selling & administrative expenses include purchased intangibles amortization, litigation provisions and settlements and asset impairments.<\/td>\n<\/tr>\n \n (b)<\/td>\n \n The purchased intangibles amortization, a non-cash expense, was excluded to be consistent with how management evaluates the performance of its core business against historical operating results and the operating results of competitors over periods of time.<\/td>\n<\/tr>\n \n (c)<\/td>\n \n Restructuring costs, mergers and acquisition costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, acquire companies and certain other income or expense items are not normal and do not represent future ongoing business expenses of a specific function or geographic location of the Company.<\/td>\n<\/tr>\n \n (d)<\/td>\n \n Litigation settlement gains and provisions were excluded as these items are isolated, unpredictable and not expected to recur regularly.<\/td>\n<\/tr>\n \n (e)<\/td>\n \n Certain income tax items were excluded as these non-cash expenses and benefits represent updates in management’s assessment of ongoing examinations or other tax items that are not indicative of the Company\u2019s normal or future income tax expense.<\/td>\n<\/tr>\n<\/table>\n \n
\n Waters Corporation and Subsidiaries<\/b><\/td>\n <\/tr>\n \n Preliminary Condensed Unclassified Consolidated Balance Sheets<\/b><\/td>\n <\/tr>\n \n (In thousands and unaudited)<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n July 3, 2021<\/b><\/td>\n \n December 31, 2020<\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash, cash equivalents and investments<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n663,622\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n443,146\n<\/p>\n<\/td>\n
<\/tr>\n \n Accounts receivable<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n543,072\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n573,316\n<\/p>\n<\/td>\n
<\/tr>\n \n Inventories<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n348,770\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n304,281\n<\/p>\n<\/td>\n
<\/tr>\n \n Property, plant and equipment, net<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n527,135\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n494,003\n<\/p>\n<\/td>\n
<\/tr>\n \n Intangible assets, net<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n246,836\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n258,645\n<\/p>\n<\/td>\n
<\/tr>\n \n Goodwill<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n439,826\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n444,362\n<\/p>\n<\/td>\n
<\/tr>\n \n Other assets<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n334,386\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n322,167\n<\/p>\n<\/td>\n
<\/tr>\n \n Total assets<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n3,103,647\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n2,839,920\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Notes payable and debt<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n1,603,367\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n1,356,515\n<\/p>\n<\/td>\n
<\/tr>\n \n Other liabilities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,232,007\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,251,261\n<\/p>\n<\/td>\n
<\/tr>\n \n Total liabilities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,835,374\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,607,776\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total stockholders’ equity<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n268,273\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n232,144\n<\/p>\n<\/td>\n
<\/tr>\n \n Total liabilities and stockholders’ equity<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n3,103,647\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n2,839,920\n<\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \n
\n Waters Corporation and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Preliminary Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n \n Three and Six Months Ended July 3, 2021 and June 27, 2020<\/b><\/td>\n<\/tr>\n \n (In thousands and unaudited)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n \n July 3, 2021<\/b><\/td>\n \n June 27, 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from operating activities:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n167,292\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n122,929\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n315,419\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n176,491\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Stock-based compensation<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,291\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n8,926\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,596\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,122\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation and amortization<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n33,387\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n31,015\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n64,743\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n60,203\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Change in operating assets and liabilities, net<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(64,930\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n35,941\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(34,314\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n95,630\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n143,040\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n198,811\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n361,444\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n350,446\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Additions to property, plant, equipment and software capitalization<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(37,386\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(45,899\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(76,889\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(97,029\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Business acquisitions, net of cash acquired<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(76,664\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Investment in unaffiliated companies<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,350\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,350\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Payments for intellectual property licenses<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,000\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,000\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net change in investments<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(77,716\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(12,911\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(197,217\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(15,292\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(122,102\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(62,160\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(281,106\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(192,335\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Net change in debt<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(100,000\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(200,000\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n246,363\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,634\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from stock plans<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n28,741\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,996\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n45,036\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,739\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Purchases of treasury shares<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(168,202\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(71\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(341,507\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(196,297\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n Other cash flow from financing activities, net<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,495\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,791\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,917\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n7,558\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(236,966\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(192,284\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(48,191\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(159,366\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Effect of exchange rate changes on cash and cash equivalents<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(7,699\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,608\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(8,786\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,576\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n (Decrease) increase in cash and cash equivalents<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(223,727\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(51,025\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n23,361\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,321\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents at beginning of period<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n683,783\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n390,061\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n436,695\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n335,715\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of period<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n460,056\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n339,036\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n460,056\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n339,036\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (a)<\/sup><\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net cash provided by operating activities – GAAP<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n143,040\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n198,811\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n361,444\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n350,446\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjustments:<\/td>\n \n \n \n \n \n \n \n <\/tr>\n \n Additions to property, plant, equipment and software capitalization<\/td>\n \n \n \n \n(37,386\n<\/p>\n<\/td>\n
)<\/td>\n \n \n \n \n(45,899\n<\/p>\n<\/td>\n
)<\/td>\n \n \n \n \n(76,889\n<\/p>\n<\/td>\n
)<\/td>\n \n \n \n \n(97,029\n<\/p>\n<\/td>\n
)<\/td>\n<\/tr>\n \n Tax reform payments<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n38,454\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n38,454\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Litigation settlement received<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,367\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n(3,367\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Major facility renovations<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n13,795\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n22,524\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n28,285\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n43,067\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n Free Cash Flow – Adjusted Non-GAAP<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n154,536\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n175,436\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n347,927\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n296,484\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a) The Company defines free cash flow as net cash flow from operations accounted for under GAAP less capital expenditures and software capitalizations plus or minus any unusual and non recurring items. Free cash flow is not a GAAP measurement and may not be comparable to free cash flow reported by other companies.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Waters Corporation and Subsidiaries<\/b><\/td>\n<\/tr>\n \n Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n \n Twelve Months Ended<\/b><\/td>\n <\/tr>\n \n \n \n October 2, 2021<\/b><\/td>\n \n December 31, 2021<\/b><\/td>\n <\/tr>\n \n \n \n \n Range<\/b><\/td>\n \n \n \n Range<\/b><\/td>\n \n <\/tr>\n \n Projected Sales<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Projected constant-currency sales growth rate (a)<\/sup><\/td>\n \n \n \n7%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n9%\n<\/p>\n<\/td>\n
\n \n \n13%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n15%\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n \n \n <\/tr>\n \n Projected currency impact<\/td>\n \n \n \n1%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n1%\n<\/p>\n<\/td>\n
\n \n \n1%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n2%\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Projected sales growth rate as reported<\/td>\n \n \n \n8%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n10%\n<\/p>\n<\/td>\n
\n \n \n14%\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n17%\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Projected Earnings Per Diluted Share<\/b><\/td>\n \n \n Range<\/b><\/td>\n \n \n \n Range<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Projected GAAP earnings per diluted share<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n2.22\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.32\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n10.60\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n10.80\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Adjustments:<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Purchased intangibles amortization<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n0.02\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.02\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.09\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.09\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Restructuring costs and certain other items<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.10\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.10\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
<\/tr>\n \n Litigation settlement<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n(0.13\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n(0.13\n<\/p>\n<\/td>\n
\n \n)\n<\/p>\n<\/td>\n
<\/tr>\n \n Certain income tax items<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.01\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n0.04\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n0.04\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n Projected adjusted non-GAAP earnings per diluted share<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n2.25\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n2.35\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n10.50\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n–\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n10.70\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a) Constant-currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, ignoring the impact of foreign currency exchange rates during the current period. These amounts are estimated at the current foreign currency exchange rates and based on the forecasted geographical sales in local currency, as well as an assessment of market conditions as of today, and may differ significantly from actual results.<\/td>\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n These forward-looking adjustment estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and\/or significance.<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210803005186\/en\/<\/a><\/span><\/p>\n
\nJohn Lynch, Vice President, Treasurer \u2013 (508) 482-2314
\n
Caspar Tudor, Manager, Investor Relations \u2013 (508) 482-2429\n<\/p>\nKEYWORDS:<\/b> United States North America Massachusetts<\/p>\n
INDUSTRY KEYWORDS:<\/b> Science Other Science Biotechnology Pharmaceutical Other Manufacturing Health Manufacturing Other Health<\/p>\n
- GAAP EPS of $2.69; non-GAAP EPS of $2.60, a 24% increase from prior year<\/i><\/li>\n
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<\/td>\n<\/tr>\n