EX-99.1

附录 99.1

用于立即发布

联系人：投资者主管 Caspar Tudor 关系-（508） 482-2429

沃特世公司（纽约证券交易所代码：WAT）报告2024年第三季度财务业绩

亮点

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销售额为740美元百万超出预期，据报告增长4％，恒定增长4％货币

•

工具恢复增长；按固定货币计算，经常性收入高达个位数

•

本季度所有报告的地区均恢复增长；所有终端市场的销售额均有所增长，其中包括制药& 工业

•

GAAP每股收益为2.71美元，非公认会计准则每股收益大幅超过2.93美元指导，以强劲的运营业绩和好于预期的市场状况为指导

•

提高了全年销售额和每股收益预期，预计第四季度汇率将保持5％至7％ 25美分硬币

2024 年第三季度

马萨诸塞州米尔福德，2024 年 11 月 1 日- 沃特世公司（纽约证券交易所代码：WAT）今天公布了其2024年第三季度的财务业绩。

2024年第三季度的销售额为7.4亿美元，与2023年第三季度的销售额7.12亿美元相比，增长了4％。货币折算对销售的影响微乎其微。

按公认会计原则计算，2024年第三季度的摊薄后每股收益（EPS）为2.71美元，相比之下 2023 年第三季度为 2.27 美元。在一个非公认会计准则基本上，每股收益为2.93美元，而2023年第三季度为2.84美元。这包括由于外汇不利而导致的约2％的逆风。

乌迪特·巴特拉博士说：“在新产品采用和客户支出趋势改善的推动下，我们在第三季度取得了优异的业绩，” 沃特世公司总裁兼首席执行官。“随着对制药和工业客户的液相色谱销售转为正数，仪器恢复增长的速度比预期的要快。”

巴特拉博士继续说：“展望未来，我们强大的商业执行力、有竞争力的产品组合和出色的运营业绩为我们提供了支持对沃特世长期前景充满信心。”

其他亮点

2024年第三季度，销售额进入药品市场上涨了2%报告，常青货币为3%。销售额进入工业市场上涨了9%报告，常青货币为7%。销售额进入学术和政府市场上涨了2%报告，常青货币持平。

在本季度，仪器系统销售额上涨了1%报告，常青货币持平。循环收入，代表服务和精密化学品的组合，上涨了6%报告，常青货币为7%。

地理上，在本季度，销售额在亚洲增长了5%的报告和6%的常青货币。美洲销售额报告增长了1%，在常青货币方面持平。欧洲销售额报告增长了6%，常青货币为4%。

除非另有说明，销售增长和下降百分比将根据报告基础。 GAAP到非GAAP 以下结果显示在下表中，也可以在公司的网站www.waters.com的投资者关系部分找到。

2024财年全年和第四季度财务指引

2024年全年财务指引

公司提高了2024财年销售指导，现在预计有机恒定货币销售增长率将在区间内。 -0.9%至-0.3%. 货币翻译预计将使全年销售增长率下降1.2%。自威亚特交易开始覆盖今年头四个半月起它对全年报告销售的贡献增加了 1.3%。预期的2024年全年报告销售增长位于区间内头四个半年全年2024报告销售增长预计在区间内 -0.8%至-0.2%.

公司还将其2024财年的每股收益指引上调非GAAP 货币可以在11.67至11.87美元的区间内，其中包括由于不利的汇率期货估计的约3%的不利影响。

请参考下面的表格，了解投影的GAAP与非GAAP 全年财务展望。

2024年第四季度财务指引

公司预计2024年第四季度恒定货币销售增长率将在+5.0%至+7.0%的区间内。预计货币转换将使第四季度销售额下降销售增长率将减少1.7%。预计2024年第四季度报告销售增长率将在+3.3%至+5.3%的区间内。公司预计2024年第四季度每股收益将在$3.90至$4.10的区间内，其中包括由于不利的外汇汇率期货造成的约3%的估计不利影响。

请参考下表，了解预计的通用会计准则调节公司预计2024年第四季度非GAAP 每股收益将在 $3.90 to $4.10的范围内，其中包括预计将由于不利的外汇波动造成3%的风险。

请参阅下表, 了解预定的通用会计准则与非GAAP 第四季度财务展望本季度。

电话会议详情

沃特世公司将于2024年第三季度举行财务业绩电话会议，时间为2024年11月1日，东部时间上午8:00。要收听电话会议并查看附带的幻灯片演示，请访问 www.waters.com，在“关于沃特世”部分下选择“投资者关系”，导航到“活动与演示”，然后点击“网络广播”。重播将通过网站网络广播以及电话(888)在2024年11月29日之前在同一网站上提供 282-0031.

关于沃特世公司

沃特世公司(纽交所:WAT)，作为分析仪器和软件的全球领导者，秉承着在生命、材料、食品和环境科学领域推动色谱、质谱和热分析创新的理念已有65年之久。沃特世拥有全球约7500名员工，直接在35个国家运营，包括15家制造工厂，并在100多个国家销售产品。更多信息，请访问 www.waters.com.

非通用会计原则财务措施

本新闻稿包含诸如有机恒定货币增长率、调整后营业收入、调整后净收入、调整后每股摊薄收益和自由现金流等财务指标，这些被视为美国证券交易委员会规定的非普遍公认会计准则 (GAAP) 财务指标。 “非 GAAP” 财务指标财务指标是根据适用的美国证券交易委员会规则和法规制定的。非GAAP 应将这些财务指标视为对依据美国普遍公认会计原则 (GAAP) 编制的财务信息的补充，而不是替代。非GAAP 公司对这些指标的定义可能与他人使用的同名指标有所不同。非GAAP 本新闻稿中使用的财务指标已调整，以考虑具有很高变量性或难以预测的特定项目。公司通常使用这些财务指标非GAAP 以便促进管理层的财务和运营决策，包括评估公司的历史运营业绩，与竞争对手的运营业绩进行比较，以及确定管理层的激励报酬。非GAAP 这些财务指标反映了从另一个角度看待公司运营的方式，当与GAAP结果及与之相对应的GAAP财务指标的调和一起考虑时，可能会提供更全面的了解影响公司业务的因素和趋势。非GAAP 由于这些财务指标排除了会增加或减少公司营运业绩报告的影响，管理层强烈建议投资者全面审阅公司的综合财务报表和公开提交的报告。非GAAP 最直接比较GAAP财务数据的财务指标已包含在本次发布的附表中。

警告声明

本次发布包含关于未来结果和事件的“前瞻性”声明。为此，任何非历史事实陈述都可能被视为前瞻性声明。在不限制上述内容的情况下，“感觉到”，“相信”，“预计”，“计划”，“期望”，“打算”，“建议”，“表现出”，“估计”，“项目”等表达方式，无论是否否定，均旨在识别前瞻性声明。公司实际未来的结果可能会与前瞻性声明中讨论的结果存在重大差异

本发布中的声明可能受多种原因影响，包括但不限于与Wyatt交易相关的风险，以及实现商业成功或能力的预期；此交易对公司业务的影响，在Waters的研究计划上的预期进展，新分析仪器及相关软体或耗材的研发，制造研发和能力；由于Wyatt交易导致公司债务增加，其偿还可能影响公司未来的业绩，产品的市场前景和销售和收益预测；外汇汇率波动可能影响公司未来的翻译运算结果，尤其当一种外币贬值与美元相比时；当前全球经济，主权和政治状况和不确定性，包括新提出的或建议的关税或贸易法规的影响，以及其他新旧国内外法律，法规和政策的变化；通胀和利率的变化带来的影响和成本；战争的影响，特别是由于俄罗斯和乌克兰以及中东之间的持续冲突所导致的，进而可能导致新的地缘政治和监管不稳定；中国政府持续加强对政府资助客户采购的限制；公司在波动市场条件下获取资本，维持流动性和偿还公司债务的风险；与任何流感大流行对我们业务，财务状况，运营业绩和前景的影响有关的风险；公司产品在公司客户和各个市场部门中的需求时间变化，尤其是由于其支出或获得资金能力的波动，导致公司产品的经营部门和各项市场部门的影响和成本；实现公司各种节省成本措施的预期效益的能力，包括人员减少和组织重组；其他公司推出竞争产品，导致市场份额减少，以及来自竞争对手和/或客户的价格压力；由于所有者变更，合并和竞争对手之间的持续整合导致竞争格局的变化；法规，经济和有关新产品推出的竞争障碍；对新产品接受度缺乏以及通过创新实现有机增长的能力；技术的快速变化和产品陈旧；与过去或未来收购，战略投资，合资企业和出售相关的风险，包括实现预期的财务业绩和营运协同效应相关的风险；按期购买价格支付和扩大我们业务到新兴市场的风险；与意外营运中断相关的风险；未能充分保护公司的知识产权，侵犯第三方的知识产权及无法以商业合理的条件获得许可；公司获得足够供应来源的能力以及对于某些元件和模块依赖外部承包商，以及对其供应链的中断有关的风险；与第三方销售中介和转售商相关的风险；法定或合约税率在公司营运的司法管辖区发生变化以及在具有不同有效税率的司法管辖区之间进行的可课税收入变化，正在进行和未来税务检查的结果以及影响公司有效税率的立法变化的影响；公司吸引和留住合格员工和管理人员的能力；与网络安全和技术相关的风险，包括第三方试图打破公司及其第三方合作伙伴的安全措施；由于公司业务的发展，尤其是关于美国食品药品管理局和美国环境保护局等机构以及政府合同方面的法规障碍会增加，而增加的监管负担；影响公司产品分销，订购文件完成以及客户获得信用证或其他融资方案的障碍的营销，完成公司产品分销的能力，以及订购文件的完成；与诉讼和其他法律和法规程序有关的风险；以及会计原则和惯例变化带来的影响和成本。这些因素和其他因素在公司年度报告的“前瞻性陈述”和“风险因素”一节中进一步讨论。非美国机构根据§240.13d–1(b)(1)(ii)(J)的规定，请指明机构类型：经营成果将受多种因素影响，特别是当外币贬值对美元时，尤其是当一种外币贬值对美元时；当前全球经济，主权和政治状况和不确定性，包括新提出的或建议的关税或贸易法规的影响，以及其他新旧国内外法律，法规和政策的变化；通胀和利率的变化带来的影响和成本；战争的影响，特别是由于俄罗斯和乌克兰以及中东之间的持续冲突所导致的，进而可能导致新的地缘政治和监管不稳定；中国政府持续加强对政府资助客户采购的限制；公司在波动市场状况下获取资本，维持流动性，以及在波动市场条件下支付债务的风险；与任何大流行病对我们业务，财务状况，运营业绩和前景的影响有关的风险；公司产品在公司客户和各个市场部门中的需求时间变化，尤其是由于其支出或获得资金能力的波动，导致公司产品的经营部门和各项市场部门的影响和成本；实现公司各种节省成本措施的预期效益的能力，包括人员减少和组织重组；其他公司推出竞争产品，导致市场份额减少，来自竞争对手和/或客户价格压力的影响；由于所有者变更，合并和竞争对手继续合力量变化导致竞争格局的变化；由于新产品的推出，可能导致的法规，经济和竞争上的障碍；对新产品接受度的缺乏以及无法通过创新有机增长的能力；快速变化的技术和产品淘汰；与过去或未来的并购，战略投资，合资企业和出售相关的风险，包括实现预期的财务业绩和营运协同效应相关的风险；按期购买价格支付和扩展我们公司业务到新兴或发展中市场的风险；导致营运中断的意外障碍的风险；公司未能适当保护其知识产权，侵犯第三方的知识产权及无法以商业合理的条件获得许可；公司获取足够产品供应来源的能力，以及对于某些元件和模块依赖外部承包商，以及对其供应链中断的风险；与第三方经销商和转售商相关的风险；在公司营运的各司法管辖区中，法定或契约税率变化以及受影响的司法管辖区间可课税收入的转变，目前和未来的税务检查结果和影响公司有效税率立法的变化；公司吸引和留住合格员工和管理人员的能力；与网络安全和技术相关的风险，包括第三方试图打破公司及其第三方合作伙伴的安全措施；随著公司业务发展，特别是与美国食品药品管理局和美国环境保护局的相关方面，监管压力增加，以及与政府合同相关的，公司流通产品，完成采购订单文件以及客户获得信用证或其他融资替代方案能力的环境和后勤障碍；与诉讼和其他法律和法规程序有关的风险；以及会计原则和惯例变化所造成的影响和成本。这些因素和其他因素在公司年度报告的“前瞻性陈述”和“风险因素”一节中进一步讨论。

on Form 10-K for the year ended December 31, 2023, as well as in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” of the Company’s quarterly reports on Form 10-Q for the quarterly periods ended March 30, 2024 and June 29, 2024, as filed with the Securities and Exchange Commission (“SEC”), which discussions are incorporated by reference in this release, as updated by the Company’s future filings with the SEC. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release. Except as required by law, the Company does not assume any obligation to update any forward-looking statements.

Waters Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net sales	$	740,305		$	711,692		$	2,085,673		$	2,136,942
Costs and operating expenses:
Cost of sales		301,655			291,407			851,685			876,863
Selling and administrative expenses		169,097			186,748			516,880			555,657
Research and development expenses		45,336			41,995			136,113			130,559
Purchased intangibles amortization		11,759			12,116			35,337			20,410
Litigation provision		1,326			—			11,568			—

Operating income		211,132			179,426			534,090			553,453
Other (expense) income, net		(338	)		328			1,619			1,364
Interest expense, net		(17,177	)		(26,559	)		(57,824	)		(56,174	)

Income from operations before income taxes		193,617			153,195			477,885			498,643
Provision for income taxes		32,114			18,643			71,449			72,614

Net income	$	161,503		$	134,552		$	406,436		$	426,029
Net income per basic common share	$	2.72		$	2.28		$	6.85		$	7.21
Weighted-average number of basic common shares		59,367			59,093			59,314			59,061
Net income per diluted common share	$	2.71		$	2.27		$	6.83		$	7.19
Weighted-average number of diluted common shares and equivalents		59,504			59,255			59,471			59,262

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Three Months Ended September 28, 2024 and September 30, 2023

(In thousands)


											Constant
	Three Months Ended				Percent			Impact of			Currency
	September 28, 2024		September 30, 2023		Change			Currency			Growth Rate ^(a)
NET SALES - OPERATING SEGMENTS
Waters	$	655,652	$	629,348		4	%		0	%		4	%
TA		84,653		82,344		3	%		1	%		2	%

Total	$	740,305	$	711,692		4	%		0	%		4	%

NET SALES - PRODUCTS & SERVICES
Instruments	$	323,076	$	319,431		1	%		0	%		1	%
Service		278,294		263,611		6	%		0	%		6	%
Chemistry		138,935		128,650		8	%		0	%		8	%

Total Recurring		417,229		392,261		6	%		(1	%)		7	%
Total	$	740,305	$	711,692		4	%		0	%		4	%

NET SALES - GEOGRAPHY
Asia	$	251,329	$	238,228		5	%		(1	%)		6	%
Americas		279,136		275,479		1	%		0	%		1	%
Europe		209,840		197,985		6	%		2	%		4	%

Total	$	740,305	$	711,692		4	%		0	%		4	%

NET SALES - MARKETS
Pharmaceutical	$	430,138	$	421,535		2	%		(1	%)		3	%
Industrial		227,740		209,449		9	%		2	%		7	%
Academic & Government		82,427		80,708		2	%		2	%		0	%

Total	$	740,305	$	711,692		4	%		0	%		4	%

(a)

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, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period. See description of non-GAAP financial measures contained in this release.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP

Net Sales by Operating Segments, Products & Services, Geography and Markets

Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands)


														Organic
														Constant
	Nine Months Ended				Percent			Impact of			Impact of			Currency
	September 28, 2024		September 30, 2023		Change			Currency			Acquisitions			Growth Rate ^(a)
NET SALES - OPERATING SEGMENTS
Waters	$	1,840,112	$	1,884,658		(2	%)		(1	%)		2	%		(3	%)
TA		245,561		252,284		(3	%)		(1	%)		0	%		(2	%)

Total	$	2,085,673	$	2,136,942		(2	%)		(1	%)		2	%		(3	%)

NET SALES - PRODUCTS & SERVICES
Instruments	$	859,079	$	964,380		(11	%)		0	%		3	%		(14	%)
Service		812,367		774,478		5	%		(1	%)		1	%		5	%
Chemistry		414,227		398,084		4	%		(1	%)		0	%		5	%

Total Recurring		1,226,594		1,172,562		5	%		(1	%)		1	%		5	%
Total	$	2,085,673	$	2,136,942		(2	%)		(1	%)		2	%		(3	%)

NET SALES - GEOGRAPHY
Asia	$	696,319	$	745,932		(7	%)		(3	%)		1	%		(5	%)
Americas		794,775		804,827		(1	%)		0	%		3	%		(4	%)
Europe		594,579		586,183		1	%		2	%		2	%		(3	%)

Total	$	2,085,673	$	2,136,942		(2	%)		(1	%)		2	%		(3	%)

NET SALES - MARKETS
Pharmaceutical	$	1,220,092	$	1,233,177		(1	%)		(1	%)		2	%		(2	%)
Industrial		644,459		648,754		(1	%)		0	%		1	%		(2	%)
Academic & Government		221,122		255,011		(13	%)		1	%		2	%		(16	%)

Total	$	2,085,673	$	2,136,942		(2	%)		(1	%)		2	%		(3	%)

(a)

The Company believes that referring to comparable organic constant currency growth rates is a useful way to evaluate the underlying performance of Waters Corporation’s net sales. Organic constant currency growth, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. See description of non-GAAP financial measures contained in this release.

Waters Corporation and Subsidiaries

Reconciliation of GAAP to Adjusted Non-GAAP Financials

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands, except per share data)


	Selling & Administrative Expenses^(a)			Research & Development Expenses			Operating Income		Operating Income Percentage			Other (Expense) Income			Income from Operations before Income Taxes		Provision for Income Taxes		Net Income		Diluted Earnings per Share
Three Months Ended September 28, 2024
GAAP	$	182,182		$	45,336		$	211,132		28.5	%	$	(338	)	$	193,617	$	32,114	$	161,503	$	2.71
Adjustments:
Purchased intangibles amortization ^(b)		(11,759	)		—			11,759		1.6	%		—			11,759		2,814		8,945		0.15
Litigation provision ^(c)		(1,326	)		—			1,326		0.2	%		—			1,326		318		1,008		0.02
Restructuring costs and certain other items ^(d)		(1,194	)		—			1,194		0.2	%		—			1,194		282		912		0.02
Retention bonus obligation ^(f)		(1,909	)		(636	)		2,545		0.3	%		—			2,545		611		1,934		0.03

Adjusted Non-GAAP	$	165,994		$	44,700		$	227,956		30.8	%	$	(338	)	$	210,441	$	36,139	$	174,302	$	2.93


Three Months Ended September 30, 2023
GAAP	$	198,864		$	41,995		$	179,426		25.2	%	$	328		$	153,195	$	18,643	$	134,552	$	2.27
Adjustments:
Purchased intangibles amortization ^(b)		(12,116	)		—			12,116		1.7	%		—			12,116		2,901		9,215		0.16
Restructuring costs and certain other items ^(d)		(24,057	)		—			24,057		3.4	%		(651	)		23,406		5,387		18,019		0.30
Acquisition related costs ^(e)		(1,263	)		—			1,263		0.2	%		—			1,263		303		960		0.02
Retention bonus obligation ^(f)		(5,725	)		(1,909	)		7,634		1.1	%		—			7,634		1,832		5,802		0.10

Adjusted Non-GAAP	$	155,703		$	40,086		$	224,496		31.5	%	$	(323	)	$	197,614	$	29,066	$	168,548	$	2.84


Nine Months Ended September 28, 2024
GAAP	$	563,785		$	136,113		$	534,090		25.6	%	$	1,619		$	477,885	$	71,449	$	406,436	$	6.83
Adjustments:
Purchased intangibles amortization ^(b)		(35,337	)		—			35,337		1.7	%		—			35,337		8,456		26,881		0.45
Litigation provision and settlement ^(c)		(11,568	)		—			11,568		0.6	%		—			11,568		2,776		8,792		0.15
Restructuring costs and certain other items ^(d)		(10,680	)		—			10,680		0.5	%		—			10,680		2,617		8,063		0.14
Retention bonus obligation ^(f)		(11,451	)		(3,817	)		15,268		0.7	%		—			15,268		3,664		11,604		0.20

Adjusted Non-GAAP	$	494,749		$	132,296		$	606,943		29.1	%	$	1,619		$	550,738	$	88,962	$	461,776	$	7.76


Nine Months Ended September 30, 2023
GAAP	$	576,067		$	130,559		$	553,453		25.9	%	$	1,364		$	498,643	$	72,614	$	426,029	$	7.19
Adjustments:
Purchased intangibles amortization ^(b)		(20,410	)		—			20,410		1.0	%		—			20,410		4,852		15,558		0.26
Restructuring costs and certain other items ^(d)		(28,881	)		—			28,881		1.4	%		(651	)		28,230		6,860		21,370		0.36
Acquisition related costs ^(e)		(13,298	)		—			13,298		0.6	%		—			13,298		3,191		10,107		0.17
Retention bonus obligation ^(f)		(8,368	)		(2,790	)		11,158		0.5	%		—			11,158		2,678		8,480		0.14

Adjusted Non-GAAP	$	505,110		$	127,769		$	627,200		29.4	%	$	713		$	571,739	$	90,195	$	481,544	$	8.13

(a)	Selling & administrative expenses include purchased intangibles amortization and litigation provisions and settlements.

(b)	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.

(c)	Litigation provisions and settlement gains were excluded as these items are isolated, unpredictable and not expected to recur regularly.

(d)

Restructuring costs and certain other items were excluded as the Company believes that the cost to consolidate operations, reduce overhead, 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.

(e)	Acquisition related costs include all incremental expenses incurred, such as advisory, legal, accounting, tax, valuation, and other professional fees. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

(f)

In connection with the Wyatt acquisition, the Company started to recognize a two-year retention bonus obligation that is contingent upon the employee’s providing future service and continued employment with Waters. The Company believes that these costs are not normal and do not represent future ongoing business expenses.

Waters Corporation and Subsidiaries

Preliminary Condensed Unclassified Consolidated Balance Sheets

(In thousands and unaudited)


	September 28, 2024		December 31, 2023
Cash, cash equivalents and investments	$	331,458	$	395,974
Accounts receivable		669,534		702,168
Inventories		518,994		516,236
Property, plant and equipment, net		642,627		639,073
Intangible assets, net		591,883		629,187
Goodwill		1,306,593		1,305,446
Other assets		450,531		438,770
Total assets	$	4,511,620	$	4,626,854
Notes payable and debt	$	1,826,248	$	2,355,513
Other liabilities		1,082,273		1,121,000
Total liabilities		2,908,521		3,476,513
Total stockholders’ equity		1,603,099		1,150,341
Total liabilities and stockholders’ equity	$	4,511,620	$	4,626,854

Waters Corporation and Subsidiaries

Preliminary Condensed Consolidated Statements of Cash Flows

Three and Nine Months Ended September 28, 2024 and September 30, 2023

(In thousands and unaudited)


	Three Months Ended						Nine Months Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Cash flows from operating activities:
Net income	$	161,503		$	134,552		$	406,436		$	426,029
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		10,647			8,490			32,993			32,224
Depreciation and amortization		47,507			47,807			143,250			117,845
Change in operating assets and liabilities and other, net		(15,077	)		(33,031	)		(60,695	)		(203,411	)

Net cash provided by operating activities		204,580			157,818			521,984			372,687
Cash flows from investing activities:
Additions to property, plant, equipment and software capitalization		(25,618	)		(38,047	)		(90,377	)		(119,044	)
Business acquisitions, net of cash acquired		—			—			—			(1,285,907	)
(Investments in) proceeds from unaffiliated companies		(425	)		651			(1,489	)		651
Net change in investments		(8	)		(5	)		(44	)		(21	)

Net cash used in investing activities		(26,051	)		(37,401	)		(91,910	)		(1,404,321	)
Cash flows from financing activities:
Net change in debt		(180,000	)		(125,181	)		(530,000	)		929,601
Proceeds from stock plans		3,237			9,464			25,073			18,092
Purchases of treasury shares		(141	)		(692	)		(13,475	)		(70,433	)
Other cash flow from financing activities, net		20			2,884			15,305			8,178

Net cash used in financing activities		(176,884	)		(113,525	)		(503,097	)		885,438
Effect of exchange rate changes on cash and cash equivalents		2,442			(171	)		8,461			2,081

Increase (decrease) in cash and cash equivalents		4,087			6,721			(64,562	)		(144,115	)
Cash and cash equivalents at beginning of period		326,427			329,693			395,076			480,529

Cash and cash equivalents at end of period	$	330,514		$	336,414		$	330,514		$	336,414

Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow ^(a)


Net cash provided by operating activities – GAAP	$	204,580		$	157,818		$	521,984		$	372,687
Adjustments:
Additions to property, plant, equipment
and software capitalization		(25,618	)		(38,047	)		(90,377	)		(119,044	)
Tax reform payments		—			—			95,645			72,101
Litigation settlements (received) paid, net		—			(375	)		9,250			(1,125	)
Major facility renovations		—			3,291			—			12,151
Payment of acquired Wyatt liabilities ^(b)		—			—			—			25,617
Payment of Wyatt retention bonus obligation ^(c)		—			—			19,770			—

Free Cash Flow - Adjusted Non-GAAP	$	178,962		$	122,687		$	556,272		$	362,387

(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.

(b)	In connection with the Wyatt acquisition, the Company assumed certain obligations of Wyatt and paid those obligations immediately upon closing the transaction. The Company believes that the assumed obligations do not represent future ongoing business expenses.

(c)	During the nine months ended September 28, 2024, the Company made its first retention payment under the Wyatt retention bonus program. The Company believes that these payments are not normal and do not represent future ongoing business expenses.

Waters Corporation and Subsidiaries

Reconciliation of Projected GAAP to Adjusted Non-GAAP Financial Outlook


	Twelve Months Ended December 31, 2024							Three Months Ended December 31, 2024
	Range							Range
Projected Sales
Organic constant currency sales growth rate ^(a)		(0.9	%)	—		(0.3	%)		5.0	%	—		7.0	%
Impact of:
Currency translation		(1.2	%)	—		(1.2	%)		(1.7	%)	—		(1.7	%)
Acquisitions		1.3	%	—		1.3	%		—		—		—

Sales growth rate as reported		(0.8	%)	—		(0.2	%)		3.3	%	—		5.3	%


	Range							Range
Projected Earnings Per Diluted Share
GAAP earnings per diluted share	$	10.55		—	$	10.75		$	3.72		—	$	3.92
Adjustments:
Purchased intangibles amortization	$	0.60		—	$	0.60		$	0.15		—	$	0.15
Litigation settlement	$	0.15		—	$	0.15		$	—		—	$	—
Restructuring costs and certain other items	$	0.14		—	$	0.14		$	—		—	$	—
Retention bonus obligation	$	0.23		—	$	0.23		$	0.03		—	$	0.03

Adjusted non-GAAP earnings per diluted share	$	11.67		—	$	11.87		$	3.90		—	$	4.10

(a)

Organic constant currency growth rates are a non-GAAP financial measure that measures the change in net sales between current and prior year periods, excluding the impact of foreign currency exchange rates during the current period and excluding the impact of acquisitions made within twelve months of the acquisition close date. 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.

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.