Slide 1: Q2 2021 Earnings Call Presentation
Q2 2021 Earnings Call Presentation August 3, 2021
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. For this purpose, any statements that are not statements of historical fact may be deemed forward-looking statements. Words such as “may,” “will,” “expe
Slide 3: Introduction
Introduction ©2021 Waters Corporation 3
Slide 4: Key Messages
Key Messages Regaining our commercial momentum Further strengthening our organization Building on a strong core to access even higher growth areas ©2021 Waters Corporation 4
Slide 5: Q2 & 1H 2021 Results
Q2 & 1H 2021 Results CC Revenue Growth 2YR CC Revenue EPS Q2 2021 Q2 2021 Revenue vs. Q2 2020 CAGR vs. Q2 2019 Non-GAAP $2.60 $682M +27% +6% +31% Reported Growth Growth vs. PYR CC Revenue Growth 2YR CC Revenue +24% 1H 2021 Revenue vs. 1H 2020 CAGR vs. 1H 2019 $1,290M +27% +7% 2YR CAGR +31% Reported
Slide 6: Q2 2021 Revenue Stratification
Q2 2021 Revenue Stratification $74M $62M $270M $187M $241M $314M 11% 9% 27% 35% OPERATING END PRODUCTS GEOGRAPHY 40% SEGMENTS MARKETS & SERVICES 46% 30% $203M 61% 89% 33% 19% $607M $417M $225M $126M Growth %* Growth %* Growth %* Growth %* Waters +27% Pharma +31% Asia +28% Instruments +40% TA +32% In
Slide 7: Strong progress on regaining our commercial momentum
Strong progress on regaining our Commercial momentum Drive Replacement Increase Attachment Strengthen and Expand of Waters Instruments Rates & Value Proposition Coverage of Contract for Recurring Revenue Organizations Instrument Revenue Growth Recurring Revenue Growth Contract Org. Revenue growth MS
Slide 8: New Leadership Team in Place to Drive Durable Growth
New Leadership Team in Place to Drive Durable Growth Udit Batra CEO Jon Jianqing Dan Amol Dan Kristen Belinda Keeley Pratt Bennett Welch Chaubal Rush Garvey Hyde Aleman Waters Division TA Division Global Finance & IT Strategy & Communications Global HR Legal Operations Transformation EXPERTISE EXPER
Slide 9: Waters has a Strong Foundation in Large & Growing End Markets
Waters has a Strong Foundation in Large & Growing End Markets ~$ 65B Large and High Exposure Large installed Diversified Industry-leading Growing End to MSD+ growing base with Geographic Margins and Markets across markets with a >50% Recurring Base with strong financial Pharma, Food, deep-rooted Rev
Slide 10: Regaining momentum to deliver market+ growth; enabling expansion into high-growth adjacencies
Regaining momentum to Enabling expansion into deliver market+ growth high-growth adjacencies Indomitable Spirit Bioprocessing & Biomedical Research Experienced Leadership Team Diagnostics Strong Execution Informatics Sustainable Polymers & Renewable Revitalized Innovation Energy ©2021 Waters Corpora
Slide 11: Q3 & FY 2021 Guidance
Q3 & FY 2021 Guidance Q3 2021 FY 2021 CC Revenue Growth vs. Q3 2020 CC Revenue Growth vs. FY 2020 +7% to +9% +13% to +15% FX Impact add ~1% Growth at current FX Rates FX Impact add ~1-2% Growth at current FX Rates Non-GAAP EPS Non-GAAP EPS $2.25 to $2.35 $10.50 to $10.70 Assumes no adverse demand or
Slide 12: Q&A
Q&A ©2021 Waters Corporation 12
Slide 13: Appendix: GAAP to Non-GAAP Reconciliations
APPENDIX GAAP to Non-GAAP Reconciliations
Slide 14: Sales Stratification - Reported & CC Growth
Sales Stratification - Reported & CC Growth Currency Currency Reported % CC % % Growth % Growth % Growth % Growth in '000 USD 2021 2020 Impact 2020 2019 Impact 2 YR CAGR 2 YR CAGR Reported CC Reported CC 2021 vs. 2020 2020 vs. 2019 2021 vs. 2019 2021 vs. 2019 Operating Waters 607,324 465,709 30% 17,
Slide 15: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Earnings Per Share Q3 & FY Guidance Q2 Q2 Q2 Q3 2021 FY 2021 2021 2020 2019 Range Range GAAP $ 2.69 $ 1.98 $ 2.08 Projected constant-currency sales growth rate* 7% - 9% 13% - 15% Adjustments: Projected currency impact 1% - 1% 1% - 2% Purchased intangibles amortizatio