Slide 1: Q3 2022 Earnings Call Presentation
Q3 2022 Earnings Call Presentation November 1, 2022
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be
Slide 3: Key Messages
Key Messages Consistent Strong Execution Innovation Driving Results Growth Initiatives Gaining Traction ©2022 Waters Corporation 3
Slide 4: Q3 2022 Results
Q3 2022 Results CC Revenue Growth Q3 2022 Revenue vs. PYR EPS Q3 2022 $709M +15% Non-GAAP +7% As Reported $2.64 CC Instrument Growth CC Recurring Rev Growth Growth vs. PYR vs. PYR vs. PYR -1% +21% +10% -13% FX Headwind Impact CC: Constant Currency PYR: Prior Year Note: A reconciliation of these non-
Slide 5: Consistently Strong Execution Year-to-Date
Consistently Strong Execution Year-to-Date Broad strength across products, geographies and end markets Year-To-Date 2022 Y/Y Organic Sales Growth in Constant Currency (as of 3Q22) Portfolio Geography End Markets Instruments +19% Americas +17% Pharma +12% Service +9% Europe +10% Industrial & Applied
Slide 6: Consistent Strong Execution over the Longer Term
Consistent Strong Execution over the Longer Term Our transformation has consistently delivered excellent results YTD 3-yr CAGR* Total: +9% Organic Revenue Growth in Constant Currency Execution Scorecard (YTD 3-yr CAGR) Portfolio Geography End Markets Instruments +10% Americas +9% Pharma +10% Recurri
Slide 7: Innovation Delivering Across the Portfolio
Innovation Delivering Across the Portfolio Launches in the past two years Liquid Mass Precision Enterprise TA Chromatography Spectrometry Chemistry Informatics TM TM CONFIRM INT ACT MAM SEQUENCE APP APP G3 QTof Powder rheology accessory Improved precision, speed, Class-leading detection for 17
Slide 8: Growth Initiatives Gaining Traction
Growth Initiatives Gaining Traction Bioprocess Characterization KOL Presentation on: Implementing Process Analytical Technology in Bioprocessing with Monitoring and Modifications from Cell Culture Media At Bioprocess International Conference, Sept 2022 ©2022 Waters Corporation 8
Slide 9: Q3 2022 Revenue Stratification
Q3 2022 Revenue Stratification $85M $79M $280M $172M $337M 12% 11% $244M 24% OPERATING END 34% SEGMENTS MARKETS PRODUCTS & GEOGRAPHY SERVICES 40% 48% 32% $224M 57% 18% 88% 36% $623M $406M $128M $256M Growth %* Growth %* Growth %* Growth %* Waters +14% Pharma +9% Asia +18% Instruments +21% TA +18% In
Slide 10: FY & Q4 2022 Guidance
FY & Q4 2022 Guidance FY 2022 Q4 2022 CC Revenue Growth vs. FY 2021 CC Revenue Growth vs. Q4 2021 +11.5% to +12% +6% to +8% Reported Growth 5.5% to 6% at current FX Rates Reported Growth -2% to 0% at current FX Rates Non-GAAP EPS Non-GAAP EPS $11.85 to $11.95 $3.66 to $3.76 Based on current FX rates
Slide 11: Upcoming 2022 ESG Report
Upcoming 2022 ESG Report Environmental Reducing our environmental footprint #6 ~60% of electricity from renewable or low-carbon sources 100/100 Social Becoming representative of the society we live in CONDUC Launched Waters Student Academy; partnering with HBCUs Governance Enhancing long-term st
Slide 12: Q&A
Q&A ©2022 Waters Corporation 12
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 14: Sales Stratification – Q3 2022 Reported & CC Growth
Sales Stratification – Q3 2022 Reported & CC Growth % Growth Currency % Growth (in millions USD) 2022 2021 Reported Impact CC Operating Waters $ 623.4 $ 581.8 7% $ (41.8) 14% Segments TA $ 85.2 $ 77.4 10% $ (5.8) 18% Pharmaceutical $ 406.0 $ 398.3 2% $ (28.0) 9% End Industrial $ 224.0 $ 196.0 14% $
Slide 15: Sales Stratification – YTD 2022 Reported & CC Growth
Sales Stratification – YTD 2022 Reported & CC Growth Currency Currency % Growth % Growth % Growth % Growth (in millions USD) 2022 2021 Impact 2021 2020 Impact Reported CC Reported CC 2022 vs. 2021 2021 vs. 2020 Operating Waters $ 1,871.7 $ 1,731.0 8% $ (90.5) 13% $ 1,731.0 $ 1,413.4 22% $ 37.1 20% S
Slide 16: Sales Stratification – YTD 2022 Reported & CC Growth (cont'd)
Sales Stratification – YTD 2022 Reported & CC Growth (cont’d) Currency Reported % CC % % Growth % Growth (in millions USD) 2020 2019 Impact 3 YR CAGR 3 YR CAGR Reported CC 2020 vs. 2019 2022 vs. 2019 2022 vs. 2019 Operating Waters $ 1,413.4 $ 1,503.2 (6%) $ (5.0) (6%) 8% 9% Segments TA $ 165.3 $ 187
Slide 17: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share FY 2022 and Q4 2022 Guidance Q3 Q3 Q3 Q3 FY 2022 Q4 2022 2022 2021 2022 2021 Range Range GAAP $ 2.60 $ 2.60 GAAP $ 2.60 $ 2.60 Projected constant-currency sales growth rate* 11.5% - 12.0% 6.0% - 8.0% Adjustments: Projected currency impact (6.0%) -
Slide 18: ir.waters.com
ir.waters.com Investor_Relations@Waters.com Caspar Tudor, Head of Investor Relations ©2022 Waters Corporation 18