Waters Corporation

NYSE-WAT

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	648.8	637.8	642.2	707.8	692.8	521.6	592.2	593.8	20.3	521.5	469.1
Net Income
Depreciation & Amortization	202.3	191.8	165.9	130.4	131.7	125.4	105.3	108.4	106	96.4	90
Depreciation
Amortization of Intangibles
Share-Based Compensation Expense	51.3	44.7	36.9	42.6	29.9	36.9	38.6	37.5	39.4	41	33.4
Stock-Based Compensation
Other Adjustments	-16.2	-0.9	-1.9	-22	6.9	4.3	9.6	2.4	50.5	13.5	22.8
Provisions for Doubtful Accounts on Accounts Receivable
Provisions on Inventory
Deferred Income Taxes
Building Impairment
Excess Tax Benefit Related to Stock-Based Compensation Plans
Gain on Sale of Assets
Asset Impairments
Observable Unrealized Gain on Investment
Realized Gain on Sale of Investment
In-Process Research and Development and Other Non-Cash Charges
Changes in Trade Receivables	-67.6	-66.2	49.2	-137.9	-62.4	37.5	-22.2	-47.9	-24	-31.7	-49.9
Change in Accounts Receivable
Changes in Inventories	-43	20.9	-45.4	-101.9	-67.3	18.9	-31.9	-25.4	0.7	-20.1	-20
Change in Inventories
Changes in Accounts Payable	-89.1	61.6	-79.5	61	46.1	140.6	9.8	-81.7	-24.1	6.8	27.5
Change in Accounts Payable and Other Current Liabilities
Changes in Unearned Revenue	2.3	6.2	10.4	12.9	37.8	11.1	12.2	2.7	3.2	10	16.2
Change in Deferred Revenue and Customer Advances
Changes in Other Operating Activities	39.3	-133.8	-174.9	-81.2	-72.8	-105.6	-70.5	14.6	524.4	5.5	-15.7
Change in Other Current Assets
Change in Other Assets
Effect of the 2017 Tax Cuts and Jobs Act
Change in Other Liabilities
Cash from Operating Activities	728.1	762.1	602.8	611.7	747.3	790.5	643.1	604.4	697.6	642.9	573.2
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-125.9	-142.5	-160.6	-175.9	-161.3	-172.4	-163.8	-96.1	-85.5	-95	-100
Additions to Property, Plant, Equipment and Software Capitalization
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	4	5.2
Proceeds from Sale of Assets
Purchases of Intangible Assets	—	—	—	-7.5	-7	—	—	—	-5	—	—
Payments for Intellectual Property Licenses
Purchases of Investments	—	-3.7	-1.8	-11.4	-279.7	-25.9	-37	-1,006.1	-2,960.4	-2,396	-2,010.4
Purchases of Investments
Proceeds from Sale of Investments	—	3.7	1.8	78	218.1	20.9	978.4	2,824.6	2,522.1	2,004.7	1,732
Maturities and Sales of Investments
Payments for Business Acquisitions	—	—	-1,282.4	—	—	-80.5	—	-31.5	—	-5.6	-23.5
Business Acquisitions, Net of Cash Acquired
Other Investing Activities	—	-1.5	0.7	8.9	-1.8	-6.1	-8.8	-7.6	-7	—	-3
Proceeds from Equity Investments, Net
Investments in Unaffiliated Companies, Net
Cash Received from Escrow Related to Business Acquisition
Cash from Investing Activities	-162.2	-144	-1,442.3	-108	-231.6	-264.1	768.8	1,683.3	-535.8	-487.9	-399.7
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	170	1,450	205	510	315	925.7	0.3	1,480.2	485.3	325.2
Proceeds from Debt Issuances
Repayments of Long-Term Debt	-490	-900	-670	-145	-350	-640.4	-390.5	-850.4	-1,310.2	-325.3	-120.1
Payments on Debt
Net Issuance / (Repayments) of Long-Term Debt	-490	-730	780	60	160	-325.4	535.2	-850.2	170	160	205.1
Issuance of Common Shares	20.9	30.4	29.8	42.8	55.6	66	53.7	52.4	97.8	62.2	52.1
Proceeds from Stock Plans
Repurchases of Common Shares	-14.6	-13.5	-70.3	-626.1	-648.9	-196.4	-2,469.3	-1,315.1	-332.5	-325.8	-334.7
Purchases of Treasury Shares
Net Issuance / (Repurchases) of Common Shares	6.3	16.8	-40.5	-583.3	-593.3	-130.4	-2,415.5	-1,262.7	-234.8	-263.6	-282.6
Other Financing Activities	2.5	16.5	15.4	13.6	-5	15.2	7.7	-6.7	0.9	-12.1	-5
Payments of Debt Issuance Costs
Excess Tax Benefit Related to Stock Option Plans
Payments for Derivative Contracts
Proceeds from Derivative Contracts
Cash from Financing Activities	-434.1	-696.7	755	-509.6	-438.3	-440.5	-1,872.7	-2,119.5	-63.9	-115.7	-82.5
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	602.3	619.6	442.2	435.7	586	618.1	479.3	508.4	612.2	548	473.2
NOPAT	1,979.9	698.2	713.3	737.8	706.2	551.1	618.6	655.7	21.3	543.4	491.2
Levered Free Cash Flow	144.7	-88	1,138.1	613	767.1	214.2	988.5	-333.8	715.1	685.1	672
Unlevered Free Cash Flow	1,965.8	702.5	429.1	583.1	620.5	569.1	479.6	578.3	546.1	547	489.1
Net Change in Cash	131.8	-78.6	-84.5	-5.9	77.4	85.9	-460.8	168.2	98	39.3	91