WATERS CORP (WAT) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K/A	10-K
Revenues:
Academic and government	310.5	289.6	270.6
Net Sales Recognized at a Point in Time	2,355.7	2,176.7	1,863.1	1,890.4	1,922.5	1,851.7
Product	1,988.2	1,822.1	1,497.3	1,567.2	1,605.0	1,552.3
Pharmaceutical	1,751.7	1,667.1	1,387.0	1,365.3	1,365.7	1,294.7
Total revenues [+]	2,972.0	2,785.9	2,365.4	2,406.6	2,419.9	2,309.1	2,167.4	2,042.3
Products								1,385.3
Services								657.1
Revenue growth [+]	6.7%	17.8%	-1.7%	-0.6%	4.8%	6.5%	6.1%	2.7%
Academic and government	7.2%	7.0%
Net Sales Recognized at a Point in Time	8.2%	16.8%	-1.4%	-1.7%	3.8%
Product	9.1%	21.7%	-4.5%	-2.4%	3.4%
Pharmaceutical	5.1%	20.2%	1.6%	0.0%	5.5%
Asia	5.2%	19.6%	-4.3%	1.8%	6.9%
Cost of goods sold [+]	1,248.2	1,156.5	1,006.7	1,010.7	992.6	947.1	891.5	842.7
Cost of product sales								565.6
Cost of services								277.0
Gross profit	1,723.8	1,629.3	1,358.7	1,395.9	1,427.4	1,362.0	1,276.0	1,199.7
Gross margin	58.0%	58.5%	57.4%	58.0%	59.0%	59.0%	58.9%	58.7%
Selling, general and administrative	658.0	627.0	553.7	534.8	536.9	544.4	512.3	495.7
Research and development	176.2	168.4	140.8	143.0	143.4	132.6	125.2	118.5
Other operating expenses							9.9	17.9
EBITDA [+]	1,013.6	958.6	779.0	813.8	847.8	784.3	725.0	657.4
EBITDA growth	5.7%	23.1%	-4.3%	-4.0%	8.1%	8.2%	10.3%	7.4%
EBITDA margin	34.1%	34.4%	32.9%	33.8%	35.0%	34.0%	33.5%	32.2%
Depreciation	72.0	71.6	68.7	53.8	58.0	61.5	51.7	45.3
EBITA	941.6	887.0	710.3	759.9	789.8	722.9	673.3	612.2
EBITA margin	31.7%	31.8%	30.0%	31.6%	32.6%	31.3%	31.1%	30.0%
Amortization of intangibles	58.4	60.1	56.7	51.5	50.5	44.6	44.8	44.7
EBIT [+]	883.2	826.9	653.6	708.5	739.3	678.3	628.6	567.5
EBIT growth	6.8%	26.5%	-7.7%	-4.2%	9.0%	7.9%	10.8%	9.6%
EBIT margin	29.7%	29.7%	27.6%	29.4%	30.6%	29.4%	29.0%	27.8%
Non-recurring items [+]	9.8	5.2	8.1		-0.4	16.1	3.5
Asset impairment			6.9
Legal settlement		5.2	1.2		-0.4	11.1	3.5
In-process research & development	9.8					5.0
Interest expense, net [+]	37.8	32.7	32.8	26.6	9.8	20.8	24.2	25.5
Interest expense	48.8	44.9	49.1	48.7	48.6	56.8	44.9	36.2
Interest income	11.0	12.2	16.3	22.1	38.8	36.1	20.7	10.7
Other income (expense), net [+]	2.2	17.2	-1.8	-3.6	-47.8	-0.3	-0.7
Litigation settlement								3.9
Other	2.2	17.2	-1.8	-3.6	-47.8	-0.3	-0.7
Pre-tax income	837.8	806.2	610.9	678.2	682.1	641.1	600.1	541.9
Income taxes	130.1	113.4	89.3	86.0	88.4	620.8	78.6	72.9
Tax rate	15.5%	14.1%	14.6%	12.7%	13.0%	96.8%	13.1%	13.4%
Net income	707.8	692.8	521.6	592.2	593.8	20.3	521.5	469.1
Net margin	23.8%	24.9%	22.1%	24.6%	24.5%	0.9%	24.1%	23.0%

Basic EPS [+]	$11.80	$11.25	$8.40	$8.76	$7.71	$0.25	$6.46	$5.70
Growth	4.9%	34.0%	-4.1%	13.5%	2929.9%	-96.1%	13.3%	11.3%
Diluted EPS [+]	$11.73	$11.17	$8.36	$8.69	$7.65	$0.25	$6.41	$5.65
Growth	5.0%	33.7%	-3.8%	13.6%	2936.0%	-96.1%	13.5%	11.4%

Shares outstanding (basic) [+]	60.0	61.6	62.1	67.6	77.0	79.8	80.8	82.3
Growth	-2.6%	-0.8%	-8.2%	-12.2%	-3.5%	-1.2%	-1.9%	-2.4%
Shares outstanding (diluted) [+]	60.3	62.0	62.4	68.2	77.6	80.6	81.4	83.1
Growth	-2.7%	-0.6%	-8.4%	-12.2%	-3.7%	-1.0%	-2.0%	-2.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.