EX-99.1

附錄 99.1

用於立即發佈

聯繫人：投資者主管 Caspar Tudor 關係-（508） 482-2429

沃特世公司（紐約證券交易所代碼：WAT）報告2024年第三季度財務業績

亮點

•

銷售額爲740美元百萬超出預期，據報告增長4％，恒定增長4％貨幣

•

工具恢復增長；按固定貨幣計算，經常性收入高達個位數

•

本季度所有報告的地區均恢復增長；所有終端市場的銷售額均有所增長，其中包括製藥& 工業

•

GAAP每股收益爲2.71美元，非公認會計准則每股收益大幅超過2.93美元指導，以強勁的運營業績和好於預期的市場狀況爲指導

•

提高了全年銷售額和每股收益預期，預計第四季度匯率將保持5％至7％ 25美分硬幣

2024 年第三季度

馬薩諸塞州米爾福德，2024 年 11 月 1 日- 沃特世公司（紐約證券交易所代碼：WAT）今天公佈了其2024年第三季度的財務業績。

2024年第三季度的銷售額爲7.4億美元，與2023年第三季度的銷售額7.12億美元相比，增長了4％。貨幣折算對銷售的影響微乎其微。

按公認會計原則計算，2024年第三季度的攤薄後每股收益（EPS）爲2.71美元，相比之下 2023 年第三季度爲 2.27 美元。在一個非公認會計准則基本上，每股收益爲2.93美元，而2023年第三季度爲2.84美元。這包括由於外匯不利而導致的約2％的逆風。

烏迪特·巴特拉博士說：「在新產品採用和客戶支出趨勢改善的推動下，我們在第三季度取得了優異的業績，」沃特世公司總裁兼首席執行官。「隨着對製藥和工業客戶的液相色譜銷售轉爲正數，儀器恢復增長的速度比預期的要快。」

巴特拉博士繼續說：「展望未來，我們強大的商業執行力、有競爭力的產品組合和出色的運營業績爲我們提供了支持對沃特世長期前景充滿信心。」

其他亮點

2024年第三季度，銷售額進入藥品市場上漲了2%報告，常青貨幣爲3%。銷售額進入工業市場上漲了9%報告，常青貨幣爲7%。銷售額進入學術和政府市場上漲了2%報告，常青貨幣持平。

在本季度，儀器系統銷售額上漲了1%報告，常青貨幣持平。循環收入，代表服務和精密化學品的組合，上漲了6%報告，常青貨幣爲7%。

地理上，在本季度，銷售額在亞洲增長了5%的報告和6%的常青貨幣。美洲銷售額報告增長了1%，在常青貨幣方面持平。歐洲銷售額報告增長了6%，常青貨幣爲4%。

除非另有說明，銷售增長和下降百分比將根據報告基礎。 GAAP到非GAAP 以下結果顯示在下表中，也可以在公司的網站www.waters.com的投資者關係部分找到。

2024財年全年和第四季度財務指引

2024年全年財務指引

公司提高了2024財年銷售指導，現在預計有機恒定貨幣銷售增長率將在區間內。 -0.9%至-0.3%. 貨幣翻譯預計將使全年銷售增長率下降1.2%。自威亞特交易開始覆蓋今年頭四個半月起它對全年報告銷售的貢獻增加了 1.3%。預期的2024年全年報告銷售增長位於區間內頭四個半年全年2024報告銷售增長預計在區間內 -0.8%至-0.2%.

公司還將其2024財年的每股收益指引上調非GAAP 貨幣可以在11.67至11.87美元的區間內，其中包括由於不利的匯率期貨估計的約3%的不利影響。

請參考下面的表格，了解投影的GAAP與非GAAP 全年財務展望。

2024年第四季度財務指引

公司預計2024年第四季度恒定貨幣銷售增長率將在+5.0%至+7.0%的區間內。預計貨幣轉換將使第四季度銷售額下降銷售增長率將減少1.7%。預計2024年第四季度報告銷售增長率將在+3.3%至+5.3%的區間內。公司預計2024年第四季度每股收益將在$3.90至$4.10的區間內，其中包括由於不利的外匯匯率期貨造成的約3%的估計不利影響。

請參考下表，了解預計的通用會計準則調節公司預計2024年第四季度非GAAP 每股收益將在 $3.90 to $4.10的範圍內，其中包括預計將由於不利的外匯波動造成3%的風險。

請參閱下表, 了解預定的通用會計準則與非GAAP 第四季度財務展望本季度。

電話會議詳情

沃特世公司將於2024年第三季度舉行財務業績電話會議，時間爲2024年11月1日，東部時間上午8:00。要收聽電話會議並查看附帶的幻燈片演示，請訪問 www.waters.com，在「關於沃特世」部分下選擇「投資者關係」，導航到「活動與演示」，然後點擊「網絡廣播」。重播將通過網站網絡廣播以及電話(888)在2024年11月29日之前在同一網站上提供 282-0031.

關於沃特世公司

沃特世公司(紐交所:WAT)，作爲分析儀器和軟件的全球領導者，秉承着在生命、材料、食品和環境科學領域推動色譜、質譜和熱分析創新的理念已有65年之久。沃特世擁有全球約7500名員工，直接在35個國家運營，包括15家制造工廠，並在100多個國家銷售產品。更多信息，請訪問 www.waters.com.

非通用會計原則財務措施

本新聞稿包含諸如有機恒定貨幣增長率、調整後營業收入、調整後淨收入、調整後每股攤薄收益和自由現金流等財務指標，這些被視爲美國證券交易委員會規定的非普遍公認會計准則 (GAAP) 財務指標。「非 GAAP」財務指標財務指標是根據適用的美國證券交易委員會規則和法規制定的。非GAAP 應將這些財務指標視爲對依據美國普遍公認會計原則 (GAAP) 編制的財務信息的補充，而不是替代。非GAAP 公司對這些指標的定義可能與他人使用的同名指標有所不同。非GAAP 本新聞稿中使用的財務指標已調整，以考慮具有很高變量性或難以預測的特定項目。公司通常使用這些財務指標非GAAP 以便促進管理層的財務和運營決策，包括評估公司的歷史運營業績，與競爭對手的運營業績進行比較，以及確定管理層的激勵報酬。非GAAP 這些財務指標反映了從另一個角度看待公司運營的方式，當與GAAP結果及與之相對應的GAAP財務指標的調和一起考慮時，可能會提供更全面的了解影響公司業務的因素和趨勢。非GAAP 由於這些財務指標排除了會增加或減少公司營運業績報告的影響，管理層強烈建議投資者全面審閱公司的綜合財務報表和公開提交的報告。非GAAP 最直接比較GAAP財務數據的財務指標已包含在本次發佈的附表中。

警告聲明

本次發佈包含關於未來結果和事件的「前瞻性」聲明。爲此，任何非歷史事實陳述都可能被視爲前瞻性聲明。在不限制上述內容的情況下，「感覺到」，「相信」，「預計」，「計劃」，「期望」，「打算」，「建議」，「表現出」，「估計」，「項目」等表達方式，無論是否否定，均旨在識別前瞻性聲明。公司實際未來的結果可能會與前瞻性聲明中討論的結果存在重大差異

本發布中的聲明可能受多種原因影響，包括但不限於與Wyatt交易相關的風險，以及實現商業成功或能力的預期；此交易對公司業務的影響，在Waters的研究計劃上的預期進展，新分析儀器及相關軟體或耗材的研發，製造研發和能力；由於Wyatt交易導致公司債務增加，其償還可能影響公司未來的業績，產品的市場前景和銷售和收益預測；外匯匯率波動可能影響公司未來的翻譯運算結果，尤其當一種外幣貶值與美元相比時；當前全球經濟，主權和政治狀況和不確定性，包括新提出的或建議的關稅或貿易法規的影響，以及其他新舊國內外法律，法規和政策的變化；通脹和利率的變化帶來的影響和成本；戰爭的影響，特別是由於俄羅斯和烏克蘭以及中東之間的持續衝突所導致的，進而可能導致新的地緣政治和監管不穩定；中國政府持續加強對政府資助客戶采購的限制；公司在波動市場條件下獲取資本，維持流動性和償還公司債務的風險；與任何流感大流行對我們業務，財務狀況，運營業績和前景的影響有關的風險；公司產品在公司客戶和各個市場部門中的需求時間變化，尤其是由於其支出或獲得資金能力的波動，導致公司產品的經營部門和各項市場部門的影響和成本；實現公司各種節省成本措施的預期效益的能力，包括人員減少和組織重組；其他公司推出競爭產品，導致市場份額減少，以及來自競爭對手和/或客戶的價格壓力；由於所有者變更，合併和競爭對手之間的持續整合導致競爭格局的變化；法規，經濟和有關新產品推出的競爭障礙；對新產品接受度缺乏以及通過創新實現有機增長的能力；技術的快速變化和產品陳舊；與過去或未來收購，戰略投資，合資企業和出售相關的風險，包括實現預期的財務業績和營運協同效應相關的風險；按期購買價格支付和擴大我們業務到新興市場的風險；與意外營運中斷相關的風險；未能充分保護公司的知識產權，侵犯第三方的知識產權及無法以商業合理的條件獲得許可；公司獲得足夠供應來源的能力以及對於某些元件和模塊依賴外部承包商，以及對其供應鏈的中斷有關的風險；與第三方銷售中介和轉售商相關的風險；法定或合約稅率在公司營運的司法管轄區發生變化以及在具有不同有效稅率的司法管轄區之間進行的可課稅收入變化，正在進行和未來稅務檢查的結果以及影響公司有效稅率的立法變化的影響；公司吸引和留住合格員工和管理人員的能力；與網絡安全和技術相關的風險，包括第三方試圖打破公司及其第三方合作伙伴的安全措施；由於公司業務的發展，尤其是關於美國食品藥品管理局和美國環境保護局等機構以及政府合同方面的法規障礙會增加，而增加的監管負擔；影響公司產品分銷，訂購文件完成以及客戶獲得信用證或其他融資方案的障礙的營銷，完成公司產品分銷的能力，以及訂購文件的完成；與訴訟和其他法律和法規程序有關的風險；以及會計原則和慣例變化帶來的影響和成本。這些因素和其他因素在公司年度報告的“前瞻性陳述”和“風險因素”一節中進一步討論。非美國機構根據§240.13d–1(b)(1)(ii)(J)的規定，請指明機構類型：經營成果將受多種因素影響，特別是當外幣貶值對美元時，尤其是當一種外幣貶值對美元時；當前全球經濟，主權和政治狀況和不確定性，包括新提出的或建議的關稅或貿易法規的影響，以及其他新舊國內外法律，法規和政策的變化；通脹和利率的變化帶來的影響和成本；戰爭的影響，特別是由於俄羅斯和烏克蘭以及中東之間的持續衝突所導致的，進而可能導致新的地緣政治和監管不穩定；中國政府持續加強對政府資助客戶采購的限制；公司在波動市場狀況下獲取資本，維持流動性，以及在波動市場條件下支付債務的風險；與任何大流行病對我們業務，財務狀況，運營業績和前景的影響有關的風險；公司產品在公司客戶和各個市場部門中的需求時間變化，尤其是由於其支出或獲得資金能力的波動，導致公司產品的經營部門和各項市場部門的影響和成本；實現公司各種節省成本措施的預期效益的能力，包括人員減少和組織重組；其他公司推出競爭產品，導致市場份額減少，來自競爭對手和/或客戶價格壓力的影響；由於所有者變更，合併和競爭對手繼續合力量變化導致競爭格局的變化；由于新產品的推出，可能導致的法規，經濟和競爭上的障礙；對新產品接受度的缺乏以及無法通過創新有機增長的能力；快速變化的技術和產品淘汰；與過去或未來的併購，戰略投資，合資企業和出售相關的風險，包括實現預期的財務業績和營運協同效應相關的風險；按期購買價格支付和擴展我們公司業務到新興或發展中市場的風險；導致營運中斷的意外障礙的風險；公司未能適當保護其知識產權，侵犯第三方的知識產權及無法以商業合理的條件獲得許可；公司獲取足夠產品供應來源的能力，以及對於某些元件和模塊依賴外部承包商，以及對其供應鏈中斷的風險；與第三方經銷商和轉售商相關的風險；在公司營運的各司法管轄區中，法定或契約稅率變化以及受影響的司法管轄區間可課稅收入的轉變，目前和未來的稅務檢查結果和影響公司有效稅率立法的變化；公司吸引和留住合格員工和管理人員的能力；與網絡安全和技術相關的風險，包括第三方試圖打破公司及其第三方合作伙伴的安全措施；隨著公司業務發展，特別是與美國食品藥品管理局和美國環境保護局的相關方面，監管壓力增加，以及與政府合同相關的，公司流通產品，完成採購訂單文件以及客戶獲得信用證或其他融資替代方案能力的環境和後勤障礙；與訴訟和其他法律和法規程序有關的風險；以及會計原則和慣例變化所造成的影響和成本。這些因素和其他因素在公司年度報告的“前瞻性陳述”和“風險因素”一節中進一步討論。

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.