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 Waters Corporation (NYSE: WAT) Reports Fourth Quarter and Full Year 2017 Financial Results
   Tuesday, January 23, 2018 6:50:00 AM ET

--Sales of $687 million grew 9% (6% in constant currency)

--Strong growth in pharmaceutical market

--Balanced and solid growth across major geographies

--GAAP net loss per share of $4.44 includes a $550 million charge related to Tax Reform

--Non-GAAP EPS increased 14% to $2.51

Waters Corporation (WAT ) reported fourth quarter 2017 sales of $687 million, a 9% increase versus sales of $629 million in the fourth quarter of 2016. Foreign currency translation increased sales growth by approximately 3% in the quarter.

On a GAAP basis, and including the $550 million income tax charge, diluted loss per share (LPS) for the fourth quarter was $4.44 compared to $2.15 of earnings per diluted share (EPS) for the fourth quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, EPS increased 14% to $2.51 from $2.21 in the fourth quarter of 2016. A description and reconciliation of GAAP to non-GAAP results is attached and can be found on the Company’s website at http://www.waters.com under the caption "Investors."



On a GAAP basis, net cash provided by operating activities for the fourth quarter increased 11% to $192 million from $174 million in the fourth quarter of 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, adjusted free cash flow increased 7% to $162 million from $151 million in the fourth quarter of 2016.

For fiscal year 2017, sales for the Company were $2,309 million, up 7% compared with sales of $2,167 million for the fiscal year 2016. Foreign currency translation increased sales growth by approximately 1% during fiscal year 2017. On a GAAP basis, and including the $550 million income tax charge, EPS for fiscal year 2017 was $0.25 compared to $6.41 for fiscal 2016. On a non-GAAP basis, including adjustments in the attached reconciliation, EPS for the fiscal year 2017 increased 13% to $7.49 as compared to $6.62 for fiscal year 2016.

On a GAAP basis, net cash provided by operating activities for fiscal year 2017 increased 9% to $698 million from $643 million for fiscal year 2016. On a non-GAAP basis, including the adjustments in the attached reconciliation, adjusted free cash flow increased 10% to $612 million from $555 million for fiscal year 2016.

Commenting on the Company’s performance, Chris O’Connell, Chairman and Chief Executive Officer said, "We are pleased with our fourth quarter performance that capped a year highlighted by consistently strong results in each quarter. The fourth quarter featured broad based strength from our pharmaceutical customers globally, and great balance across our geographies and product lines. The global Waters team executed well throughout 2017, delivering strong financial results while we continue to invest in future growth."

Unless otherwise noted, sales growth percentages are presented on an as reported basis and are the same as the sales growth percentages presented on a constant currency basis as compared with the same period in the prior year, each of which are detailed in the attached reconciliation of sales growth rates to constant currency growth rates.

Results from the Company’s markets in the quarter were highlighted by 11% sales growth (8% in constant currency) from the broadly defined pharmaceutical market, 3% sales growth from the industrial market (flat in constant currency), and 17% sales growth (13% in constant currency) from governmental and academic markets. For fiscal year 2017, sales to the pharmaceutical market grew 7%, sales to the industrial market grew 4% (5% in constant currency) and sales to the governmental and academic markets grew 8% (6% in constant currency).

The Company’s recurring revenues, the combination of service and precision chemistries, posted 12% sales growth (8% in constant currency), while instrument system sales grew 7% (4% in constant currency) in the quarter. For fiscal year 2017, the Company’s recurring revenues grew 7% while instrument system sales grew by 6% (5% in constant currency).

Geographically, sales during the quarter grew 7% in Asia (6% in constant currency), 16% in Europe (7% in constant currency) and 6% in the Americas, including 9% in the United States. For fiscal 2017, sales grew 10% in Asia, 10% in Europe (8% in constant currency) and sales in the Americas were flat with previous year.

As communicated in a prior press release, Waters Corporation will webcast its fourth quarter 2017 financial results conference call this morning, January 23, 2018 at 8:00 a.m. eastern time. To listen to the call, connect to www.waters.com, choose "Investors" and click on the "Live Webcast." A replay will be available through January 30, 2018 at midnight eastern time, similarly by webcast and also by phone at 402-220-6421.

About Waters Corporation

Waters Corporation (WAT ), the world’s leading specialty measurement company, has pioneered chromatography, mass spectrometry and thermal analysis innovations serving the life, materials and food sciences for nearly 60 years. With approximately 7,000 employees worldwide, Waters operates directly in 31 countries, including 15 manufacturing facilities, with products available in more than 100 countries.

Non-GAAP Financial Measures

This press release contains financial measures, such as constant currency growth rate, adjusted operating income, adjusted net income, adjusted earnings per diluted share and free cash flow, among others, which are considered "non-GAAP" financial measures under applicable U.S. Securities and Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with generally accepted accounting principles (GAAP). The Company’s definition of these non-GAAP measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of Waters Corporation’s historical operating results, comparison to competitors’ operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting Waters Corporation’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Cautionary Statement

This release may contain "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. Without limiting the foregoing, the words, "feels", "believes", "anticipates", "plans", "expects", "intends", "suggests", "appears", "estimates", "projects", and similar expressions, whether in the negative or affirmative, are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, foreign exchange rate fluctuations potentially affecting translation of the Company’s future non-U.S. operating results; the impact on demand among the Company’s various market sectors from economic, sovereign and political uncertainties; the effect on the Company’s financial results from the United Kingdom voting to exit the European Union; fluctuations in expenditures by the Company’s customers, in particular large pharmaceutical companies; introduction of competing products by other companies and loss of market share; pressures on prices from competitors and/or customers; regulatory, economic and competitive obstacles to new product introductions; other changes in demand from the effect of mergers and acquisitions by the Company’s customers; increased regulatory burdens as the Company’s business evolves, especially with respect to the U.S. Food and Drug Administration and U.S. Environmental Protection Agency, among others; impact of the newly enacted tax reform in the United States; shifts in taxable income in jurisdictions with different effective tax rates; the outcome of tax examinations or changes in respective country legislation affecting the Company’s effective tax rate; the effect of the adoption of new accounting standards; the ability to access capital, maintain liquidity and service our debt in volatile market conditions, particularly in the U.S., as a large portion of the Company’s cash is held and operating cash flows are generated outside the U.S.; environmental and logistical obstacles affecting the distribution of products and risks associated with lawsuits and other legal actions, particularly involving claims for infringement of patents and other intellectual property rights. Such factors and others are discussed more fully in the sections entitled "Forward-Looking Statements" and "Risk Factors" of the Company’s annual report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission, which "Forward-Looking Statements" and "Risk Factors" discussions are incorporated by reference in this release. 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.

 
                                                                                                                                                                                             Waters Corporation and Subsidiaries
                                                                                                                                                                                            Consolidated Statements of Operations
                                                                                                                                                                                            (In thousands, except per share data)
                                                                                                                                                                                                         (Unaudited)
                                                                                                                                                 
                                                                                                                                                                         Three Months Ended                                                                                                                                                           Twelve Months Ended
                                                                                                                                ----------------------------------------------------------------------------------------------------                                                               -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   December 31,                                                                      December 31,                                                                      December 31,                                                                                December 31,
                                                                                                                                       2017                                                                              2016                                                                              2017                                                                                        2016
                                                                                                                                ----------------                                                                  ---------------                                                                  -----------------                                                                  -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                       
Net sales                                                                                                                          $  687,275                                                                        $ 628,787                                                                        $ 2,309,078                                                                          $ 2,167,423
                                                                                                                                                                                                                                                                                                                                                                                       
Costs and operating expenses:
  Cost of sales                                                                                                                       270,453                                                                          251,579                                                                            947,067                                                                              891,453
  Selling and administrative expenses                                                                                                 148,795                                                                          130,238                                                                            544,703                                                                              513,031
  Research and development expenses                                                                                                    35,122                                                                           32,753                                                                            132,593                                                                              125,187
  Litigation provisions                                                                                                                 1,096                                                                            3,524                                                                             11,114                                                                                3,524
  Purchased intangibles amortization                                                                                                    1,639                                                                            2,358                                                                              6,743                                                                                9,889
  Acquired in-process research and development                                                                                              -                                                                                -                                                                              5,000                                                                                    -
                                                                                                                                                                                                                                                                                                                                                                                       
    Operating income                                                                                                                  230,170                                                                          208,335                                                                            661,858                                                                              624,339
                                                                                                                                                                                                                                                                                                                                                                                       
Interest expense, net                                                                                                                  (4,432 )                                                                         (5,756 )                                                                          (20,761 )                                                                            (24,225 )
                                                                                                                                                                                                                                                                                                                                                                                       
    Income from operations before income taxes                                                                                        225,738                                                                          202,579                                                                            641,097                                                                              600,114
                                                                                                                                                                                                                                                                                                                                                                                       
Provision for income taxes*                                                                                                           578,910                                                                           28,201                                                                            620,786                                                                               78,611
                                                                                                                                                                                                                                                                                                                                                                                       
    Net (loss) income                                                                                                              $ (353,172 )                                                                      $ 174,378                                                                        $    20,311                                                                          $   521,503
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                       
Net (loss) income per basic common share                                                                                           $    (4.44 )                                                                      $    2.17                                                                        $      0.25                                                                          $      6.46
                                                                                                                                                                                                                                                                                                                                                                                       
Weighted-average number of basic common shares                                                                                         79,454                                                                           80,366                                                                             79,793                                                                               80,786
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                       
Net (loss) income per diluted common share                                                                                         $    (4.44 )                                                                      $    2.15                                                                        $      0.25                                                                          $      6.41
                                                                                                                                                                                                                                                                                                                                                                                       
Weighted-average number of diluted common shares and equivalents                                                                       79,454                                                                           80,954                                                                             80,604                                                                               81,417
                                                                                                                                                                                                                                                                                                                                                                                                        

* The provision for income taxes for the three and twelve months ended December 31, 2017 includes a $550 million estimate for the impact of the enactment of the Tax Cuts and Jobs Act (Tax Reform), which was signed into law on December 22, 2017. The $550 million income tax provision reduced net (loss) income per share by $6.89 and $6.82 for the three and twelve months ended December 31, 2017, respectively. The $550 million income tax provision primarily consists of an estimated U.S. transition tax as well as estimated income tax provisions for state and withholding taxes and a charge associated with the remeasurement of the Company’s deferred tax assets and liabilities from 35% to the new U.S. corporate income tax rate of 21%. The final impact of Tax Reform may differ from these estimates, due to, among other things, changes in interpretations, analysis and assumptions made by the Company, additional guidance that may be issued by the U.S. Department of the Treasury, and tax planning actions that the Company may undertake.

In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09 (ASU 2016-09) "Compensation--Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." Starting in the first quarter of 2017, the excess tax benefits or deficiencies related to stock-based compensation are reflected in the Consolidated Statements of Operations as a component of the provision for income taxes, whereas they were previously recognized in equity. ASU 2016-09 is required to be adopted on a prospective basis for the statement of operations and retroactive restatement is not permitted. For the three and twelve months ended December 31, 2017, the Company recognized an excess tax benefit, which decreased income tax expense by $6 million and $20 million, respectively, and added $0.07 and $0.24, respectively, to net (loss) income per diluted share. Additionally, the Company’s Consolidated Statements of Cash Flows will present excess tax benefits as an operating activity, with the prior periods presented adjusted accordingly.

                                                                                                                                                                                   
                                                                                                                                                                                                                                     Waters Corporation and Subsidiaries
                                                                                                                                                                                                                                     Reconciliation of GAAP to Adjusted Non-GAAP
                                                                                                                                                                                                                                     Net Sales by Operating Segment, Products & Services, Geography
                                                                                                                                                                                                                                     and Markets
                                                                                                                                                                                                                                     Three Months Ended December 31, 2017 and December 31, 2016
                                                                                                                                                                                                                                     (In thousands)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Constant
                                                                                                                                                                Three Months Ended                                                                                                                                          Percent                                                                                          Currency                                                                                                 Currency
                                                                                               ----------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            December 31, 2017                                                                                         December 31, 2016                                                                                     Change                                                                                            Impact                                                                                               Growth Rate (a)
                                                                                               -------------------------------------------                                                               ------------------------------------------                                                               ---------------------------                                                               ------------------------------------------                                                               ------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
NET SALES - OPERATING SEGMENT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Waters                                                                                                            $              602,453                                                                                    $              554,226                                                                                      9 %                                                                                    $               17,785                                                                                              5 %
TA                                                                                                                                84,822                                                                                                    74,561                                                                                     14 %                                                                                                     2,709                                                                                             10 %
                                                                                                                                                                                                                                                                                                                                   
                                                                                               -------------------- --------------------                                                                 -------------------- --------------------                                                                                                                                                          -------------------- --------------------
Total                                                                                                             $              687,275                                                                                    $              628,787                                                                                      9 %                                                                                    $               20,494                                                                                              6 %
                                                                                               ==================== ====================                                                                 ==================== ====================                                                                                                                                                          ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
NET SALES - PRODUCTS & SERVICES
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Instruments                                                                                                       $              379,114                                                                                    $              352,717                                                                                      7 %                                                                                    $               11,215                                                                                              4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Service                                                                                                                          207,610                                                                                                   185,969                                                                                     12 %                                                                                                     5,888                                                                                              8 %
Chemistry                                                                                                     100,551                                                                                 90,101                                                                                     12 %                                                                                  3,391                                                                                              8 %
                                                                                               -------------------- --------------------                                                                 -------------------- --------------------                                                                                                                                                          -------------------- --------------------
Total Recurring                                                                                                                  308,161                                                                                                   276,070                                                                                     12 %                                                                                                     9,279                                                                                              8 %
                                                                                                                                                                                                                                                                                                                                   
                                                                                               -------------------- --------------------                                                                 -------------------- --------------------                                                                                                                                                          -------------------- --------------------
Total                                                                                                             $              687,275                                                                                    $              628,787                                                                                      9 %                                                                                    $               20,494                                                                                              6 %
                                                                                               ==================== ====================                                                                 ==================== ====================                                                                                                                                                          ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
NET SALES - GEOGRAPHY
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Asia                                                                                                              $              242,469                                                                                    $              225,648                                                                                      7 %                                                                                    $                3,289                                                                                              6 %
Americas                                                                                                                         235,740                                                                                                   222,422                                                                                      6 %                                                                                                       732                                                                                              6 %
Europe                                                                                                                           209,066                                                                                                   180,717                                                                                     16 %                                                                                                    16,473                                                                                              7 %
                                                                                                                                                                                                                                                                                                                                   
                                                                                               -------------------- --------------------                                                                 -------------------- --------------------                                                                                                                                                          -------------------- --------------------
Total                                                                                                             $              687,275                                                                                    $              628,787                                                                                      9 %                                                                                    $               20,494                                                                                              6 %
                                                                                               ==================== ====================                                                                 ==================== ====================                                                                                                                                                          ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
NET SALES - MARKETS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
Pharmaceutical                                                                                                    $              373,245                                                                                    $              335,075                                                                                     11 %                                                                                    $               11,044                                                                                              8 %
Industrial                                                                                                                       216,905                                                                                                   210,899                                                                                      3 %                                                                                                     6,304                                                                                             (0 %)
Government & Academic                                                                                                             97,125                                                                                                    82,813                                                                                     17 %                                                                                                     3,146                                                                                             13 %
                                                                                                                                                                                                                                                                                                                                   
                                                                                               -------------------- --------------------                                                                 -------------------- --------------------                                                                                                                                                          -------------------- --------------------
Total                                                                                                             $              687,275                                                                                    $              628,787                                                                                      9 %                                                                                    $               20,494                                                                                              6 %
                                                                                               ==================== ====================                                                                 ==================== ====================                                                                                                                                                          ==================== ====================
 
--------------------------------

(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 rate, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, ignoring 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 Segment, Products & Services, Geography
                                                                                                                                                                                                                                     and Markets
                                                                                                                                                                                                                                     Twelve Months Ended December 31, 2017 and December 31, 2016
                                                                                                                                                                                                                                     (In thousands)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                       Current
                                                                                                                                                                                                                                                                                                                                                                                                                                                       Period                                                                                                        Constant
                                                                                                                                                               Twelve Months Ended                                                                                                                                                              Percent                                                                                               Currency                                                                                                       Currency
                                                                                               ---------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            December 31, 2017                                                                                        December 31, 2016                                                                                                          Change                                                                                                 Impact                                                                                                     Growth Rate (a)
                                                                                               ------------------------------------------                                                               ------------------------------------------                                                                                    ---------------------------                                                               -----------------------------------------------------                                                               ------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET SALES - OPERATING SEGMENT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Waters                                                                                                            $            2,047,563                                                                                   $            1,928,063                                                                                                           6 %                                                                                    $     11,901                                                                                                                   6 %
TA                                                                                                                               261,515                                                                                                  239,360                                                                                                           9 %                                                                                           2,605                                                                                                                   8 %
                                                                                                                                                                                                                                                                                                                                                       
                                                                                               -------------------- --------------------                                                                -------------------- --------------------                                                                                                                                                                               -------------------- --------------------------------
Total                                                                                                             $            2,309,078                                                                                   $            2,167,423                                                                                                           7 %                                                                                    $     14,506                                                                                                6 %
                                                                                               ==================== ====================                                                                ==================== ====================                                                                                                                                                                               ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET SALES - PRODUCTS & SERVICES
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Instruments                                                                                                       $            1,180,192                                                                                   $            1,114,883                                                                                                           6 %                                                                                    $     11,458                                                                                                                   5 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Service                                                                                                                          756,729                                                                                                  707,127                                                                                                           7 %                                                                                           1,229                                                                                                                   7 %
Chemistry                                                                                                     372,157                                                                               345,413                                                                                                           8 %                                                                        1,819                                                                                                7 %
                                                                                               -------------------- --------------------                                                                -------------------- --------------------                                                                                                                                                                               -------------------- ---------- --------------------
Total Recurring                                                                                                                1,128,886                                                                                                1,052,540                                                                                                           7 %                                                                                           3,048                                                                                                                   7 %
                                                                                                                                                                                                                                                                                                                                                       
                                                                                               -------------------- --------------------                                                                -------------------- --------------------                                                                                                                                                                               -------------------- --------------------------------
Total                                                                                                             $            2,309,078                                                                                   $            2,167,423                                                                                                           7 %                                                                                    $     14,506                                                                                                6 %
                                                                                               ==================== ====================                                                                ==================== ====================                                                                                                                                                                               ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET SALES - GEOGRAPHY
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Asia                                                                                                              $              862,617                                                                                   $              782,984                                                                                                          10 %                                                                                    $        (28 )                                                                                                                10 %
Americas                                                                                                                         809,989                                                                                                  807,182                                                                                                           0 %                                                                                             901                                                                                                                   0 %
Europe                                                                                                                           636,472                                                                                                  577,257                                                                                                          10 %                                                                                          13,633                                                                                                                   8 %
                                                                                                                                                                                                                                                                                                                                                       
                                                                                               -------------------- --------------------                                                                -------------------- --------------------                                                                                                                                                                               -------------------- --------------------------------
Total                                                                                                             $            2,309,078                                                                                   $            2,167,423                                                                                                           7 %                                                                                    $     14,506                                                                                                6 %
                                                                                               ==================== ====================                                                                ==================== ====================                                                                                                                                                                               ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
NET SALES - MARKETS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Pharmaceutical                                                                                                    $            1,294,668                                                                                   $            1,206,316                                                                                                           7 %                                                                                    $      9,725                                                                                                                   7 %
Industrial                                                                                                                       721,088                                                                                                  690,119                                                                                                           4 %                                                                                          (2,255 )                                                                                                                 5 %
Governmental & Academic                                                                                                          293,322                                                                                                  270,988                                                                                                           8 %                                                                                           7,036                                                                                                                   6 %
                                                                                                                                                                                                                                                                                                                                                       
                                                                                               -------------------- --------------------                                                                -------------------- --------------------                                                                                                                                                                               -------------------- --------------------------------
Total                                                                                                             $            2,309,078                                                                                   $            2,167,423                                                                                                           7 %                                                                                    $     14,506                                                                                                6 %
                                                                                               ==================== ====================                                                                ==================== ====================                                                                                                                                                                               ==================== ========== ====================
 
--------------------------------

(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 rate, a non-GAAP financial measure, measures the change in net sales between current and prior year periods, ignoring 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 Financials
                                                                                                                                                                                                                                     Quarters and Twelve Months Ended December 31, 2017 and December
                                                                                                                                                                                                                                     31, 2016
                                                                                                                                                                                                                                     (In thousands, except per share data)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Income from
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Operations                                                                                                                                                                                                                                                                                                                                    Diluted
                                                                                                                                                                          Selling &                                                                                                        Research &                                                                                                                                                                              Operating                                                                                   before                                                                                              Provision for                                                                                                                                                                                                                           (Loss)
                                                                                                                                                                       Administrative                                                                                                      Development                                                                                  Operating                                                                                   Income                                                                                     Income                                                                                                 Income                                                                                                              Net                                                                                                             Earnings
                                                                                                                                                              Expenses(a)                                                                                                       Expenses(a)                                                                                              Income                                                                                   Percentage                                                                                    Taxes                                                                                                  Taxes                                                                                                         (Loss) Income                                                                                                        per Share
                                                                                                                                          ---------------------------------------------------                                                               ---------------------------------------------------                                                               -----------------------------                                                               ---------------------------                                                               -----------------------------                                                               ---------------------------------------------------                                                               ---------------------------------------------------                                                               -----------------------------------------------------
Quarter Ended December 31, 2017
------------------------------------------------------
GAAP                                                                                                                                                         $ 151,530                                                                                                         $  35,122                                                                                                         $ 230,170                                                                 33.5 %                                                                                                      $ 225,738                                                                                   $  578,910                                                                                                        $ (353,172 )                                                                                                      $      (4.44 )
Adjustments:
  Purchased intangibles amortization (b)                                                                                                                        (1,639 )                                                                                                               -                                                                                                             1,639                                                                  0.2 %                                                                                                          1,639                                                                                          424                                                                                                             1,215                                                                                                                0.02
  Restructuring costs, asset impairments,                                                                                                                       (2,452 )                                                                                                               -                                                                                                             2,452                                                                  0.4 %                                                                                                          2,452                                                                                          791                                                                                                             1,661                                                                                                                0.02
  acquisition-related costs & certain other items (c)
  Litigation provisions (d)                                                                                                                                     (1,096 )                                                                                                               -                                                                                                             1,096                                                                  0.2 %                                                                                                          1,096                                                                                          411                                                                                                               685                                                                                                                0.01
  Stock award modification (e)                                                                                                                                    (379 )                                                                                                               -                                                                                                               379                                                                  0.1 %                                                                                                            379                                                                                          142                                                                                                               237                                                                                                                   -
  Tax reform (g)                                                                                                                                                     -                                                                                                                 -                                                                                                                 -                                                                    -                                                                                                                -                                                                                     (550,000 )                                                                                                         550,000                                                                                                                6.89
  Certain income tax items (h)                                                                                                                    -                                                                           -                                                                           -                                                 -                                                                          -                                                                    (1,012 )                                                                                        1,012                                                                          0.01  
                                                                                                                                          -------------------- ------- --------------------                                                                 -------------------- ------- --------------------                                                                 -------------------- -------                                           -------------------- ----- --------------------                                                                -------------------- -------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- ---------- --------------------
Adjusted Non-GAAP                                                                                                                                            $ 145,964                                                                                      $  35,122                                                                                      $ 235,736                                              34.3 %                                                                                                      $ 231,304                                                                                   $   29,666                                                                                     $  201,638                                                                                     $       2.51  
                                                                                                                                          ==================== ======= ====================                                                                 ==================== ======= ====================                                                                 ==================== =======                                           ==================== ===== ====================                                                                ==================== =======                                                                ==================== ======== ====================                                                                ==================== ======== ====================                                                                ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Quarter Ended December 31, 2016
------------------------------------------------------
GAAP                                                                                                                                                         $ 136,120                                                                                                         $  32,753                                                                                                         $ 208,335                                                                 33.1 %                                                                                                      $ 202,579                                                                                   $   28,201                                                                                                        $  174,378                                                                                                        $       2.15
Adjustments:
  Purchased intangibles amortization (b)                                                                                                                        (2,358 )                                                                                                               -                                                                                                             2,358                                                                  0.4 %                                                                                                          2,358                                                                                          661                                                                                                             1,697                                                                                                                0.02
  Restructuring costs, asset impairments,                                                                                                                         (304 )                                                                                                               -                                                                                                               304                                                                    -                                                                                                              304                                                                                          312                                                                                                                (8 )                                                                                                                 -
  acquisition-related costs & certain other items (c)
  Litigation provisions (d)                                                                                                                                     (3,524 )                                                                                                               -                                                                                                             3,524                                                                  0.6 %                                                                                                          3,524                                                                                        1,321                                                                                                             2,203                                                                                                                0.03
  Certain income tax items (h)                                                                                                                    -                                                                           -                                                                           -                                                 -                                                                          -                                                                      (739 )                                                                                          739                                                                          0.01  
                                                                                                                                          -------------------- ------- --------------------                                                                 -------------------- ------- --------------------                                                                 -------------------- -------                                           -------------------- ----- --------------------                                                                -------------------- -------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- ---------- --------------------
Adjusted Non-GAAP                                                                                                                                            $ 129,934                                                                                      $  32,753                                                                                      $ 214,521                                              34.1 %                                                                                                      $ 208,765                                                                                   $   29,756                                                                                     $  179,009                                                                                     $       2.21  
                                                                                                                                          ==================== ======= ====================                                                                 ==================== ======= ====================                                                                 ==================== =======                                           ==================== ===== ====================                                                                ==================== =======                                                                ==================== ======== ====================                                                                ==================== ======== ====================                                                                ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Twelve Months Ended December 31, 2017                  
--------------------------------------------------------------------------
GAAP                                                                                                                                                         $ 562,560                                                                                                         $ 137,593                                                                                                         $ 661,858                                                                 28.7 %                                                                                                      $ 641,097                                                                                   $  620,786                                                                                                        $   20,311                                                                                                        $       0.25
Adjustments:
  Purchased intangibles amortization (b)                                                                                                                        (6,743 )                                                                                                               -                                                                                                             6,743                                                                  0.3 %                                                                                                          6,743                                                                                        1,782                                                                                                             4,961                                                                                                                0.06
  Restructuring costs, asset impairments,                                                                                                                      (15,993 )                                                                                                               -                                                                                                            15,993                                                                  0.7 %                                                                                                         15,993                                                                                        5,516                                                                                                            10,477                                                                                                                0.13
  acquisition-related costs & certain other items (c)
  Litigation provisions (d)                                                                                                                                    (11,114 )                                                                                                               -                                                                                                            11,114                                                                  0.5 %                                                                                                         11,114                                                                                        4,168                                                                                                             6,946                                                                                                                0.09
  Stock award modification (e)                                                                                                                                  (4,234 )                                                                                                               -                                                                                                             4,234                                                                  0.2 %                                                                                                          4,234                                                                                        1,588                                                                                                             2,646                                                                                                                0.03
  Acquired in-process research and development (f)                                                                                                                   -                                                                                                            (5,000 )                                                                                                           5,000                                                                  0.2 %                                                                                                          5,000                                                                                          962                                                                                                             4,038                                                                                                                0.05
  Tax reform (g)                                                                                                                                                     -                                                                                                                 -                                                                                                                 -                                                                    -                                                                                                                -                                                                                     (550,000 )                                                                                                         550,000                                                                                                                6.82
  Certain income tax items (h)                                                                                                                    -                                                                           -                                                                           -                                                 -                                                                          -                                                                    (4,296 )                                                                                        4,296                                                                          0.05  
                                                                                                                                          -------------------- ------- --------------------                                                                 -------------------- ------- --------------------                                                                 -------------------- -------                                           -------------------- ----- --------------------                                                                -------------------- -------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- ---------- --------------------
Adjusted Non-GAAP                                                                                                                                            $ 524,476                                                                                      $ 132,593                                                                                      $ 704,942                                              30.5 %                                                                                                      $ 684,181                                                                                   $   80,506                                                                                     $  603,675                                                                                     $       7.49  
                                                                                                                                          ==================== ======= ====================                                                                 ==================== ======= ====================                                                                 ==================== =======                                           ==================== ===== ====================                                                                ==================== =======                                                                ==================== ======== ====================                                                                ==================== ======== ====================                                                                ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
Twelve Months Ended December 31, 2016                  
--------------------------------------------------------------------------
GAAP                                                                                                                                                         $ 526,444                                                                                                         $ 125,187                                                                                                         $ 624,339                                                                 28.8 %                                                                                                      $ 600,114                                                                                   $   78,611                                                                                                        $  521,503                                                                                                        $       6.41
Adjustments:
  Purchased intangibles amortization (b)                                                                                                                        (9,889 )                                                                                                               -                                                                                                             9,889                                                                  0.5 %                                                                                                          9,889                                                                                        2,864                                                                                                             7,025                                                                                                                0.09
  Restructuring costs, asset impairments,                                                                                                                       (6,856 )                                                                                                               -                                                                                                             6,856                                                                  0.3 %                                                                                                          6,856                                                                                        2,812                                                                                                             4,044                                                                                                                0.05
  acquisition-related costs & certain other items (c)
  Litigation provisions (d)                                                                                                                                     (3,524 )                                                                                                               -                                                                                                             3,524                                                                  0.2 %                                                                                                          3,524                                                                                        1,321                                                                                                             2,203                                                                                                                0.03
  Stock award modification (e)                                                                                                                                  (7,085 )                                                                                                               -                                                                                                             7,085                                                                  0.3 %                                                                                                          7,085                                                                                        2,657                                                                                                             4,428                                                                                                                0.05
  Certain income tax items (h)                                                                                                                    -                                                                           -                                                                           -                                                 -                                                                          -                                                                       135                                                                        (135 )                                                                                              -  
                                                                                                                                          -------------------- ------- --------------------                                                                 -------------------- ------- --------------------                                                                 -------------------- -------                                           -------------------- ----- --------------------                                                                -------------------- -------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- ---------- --------------------
Adjusted Non-GAAP                                                                                                                                            $ 499,090                                                                                      $ 125,187                                                                                      $ 651,693                                              30.1 %                                                                                                      $ 627,468                                                                                   $   88,400                                                                                     $  539,068                                                                                     $       6.62  
                                                                                                                                          ==================== ======= ====================                                                                 ==================== ======= ====================                                                                 ==================== =======                                           ==================== ===== ====================                                                                ==================== =======                                                                ==================== ======== ====================                                                                ==================== ======== ====================                                                                ==================== ========== ====================
 
------------------------------------------------------

(a) Selling & administrative expenses include purchased intangibles amortization and litigation provisions. Research & development expenses include acquired in-process research and development. (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) Restructuring costs, asset impairments, acquisition-related costs and certain other items were excluded as the Company believes that the cost to consolidate operations and reduce overhead; the non-cash expense to record asset impairments; the cost to complete acquisitions 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. (d) Litigation Provisions were excluded as these costs are isolated, unpredictable and not expected to recur regularly. (e) The non-cash expense associated with accelerating the vesting of certain stock awards was excluded as the Company believes these expenses are not indicative of normal operating costs. (f) Acquired In-Process Research and Development was excluded as it relates to milestone payments associated with a licensing arrangement for mass spectrometry that the Company believes is unusual and not indicative of its normal business operations. (g) The provision for income taxes for the three and twelve months ended December 31, 2017 includes a $550 million estimate for the impact of the enactment of the Tax Cuts and Jobs Act (Tax Reform), which was signed into law on December 22, 2017. The $550 million income tax provision reduced net (loss) income per share by $6.89 and $6.82 for the three and twelve months ended December 31, 2017, respectively. The $550 million income tax provision primarily consists of an estimated U.S. transition tax as well as estimated income tax provisions for state and withholding taxes and a charge associated with the remeasurement of the Company’s deferred tax assets and liabilities from 35% to the new U.S. corporate income tax rate of 21%. The final impact of Tax Reform may differ from these estimates, due to, among other things, changes in interpretations and assumptions made by the Company, additional guidance that may be issued by the U.S. Department of the Treasury, and tax planning actions that the Company may undertake. The impact of tax reform legislation enacted in December 2017 was excluded in the Company’s non-GAAP results as the Company believes this one-time tax charge is not indicative of the Company’s normal or future income tax expense.

(h) Certain income tax items were excluded as these non-cash expenses and benefits represent updates in management’s assessment of ongoing examinations or other tax items that are not indicative of the Company’s normal or future income tax expense.

                                                                                       
                                                                                                    Waters Corporation and Subsidiaries
                                                                                      Preliminary Condensed Unclassified Consolidated Balance Sheets
                                                                                                       (In thousands and unaudited)
                                                                                                                                                                                                           
                                                                                                                         December 31, 2017                                                                        December 31, 2016
                                                                                                                        -------------------                                                               --------------------------------
                                                                                                                                                                                                           
Cash, cash equivalents and investments                                                                                         $ 3,393,701                                                                         $            2,813,032
Accounts receivable                                                                                                                533,825                                                                                        489,340
Inventories                                                                                                                        270,294                                                                                        262,682
Property, plant and equipment, net                                                                                                 349,278                                                                                        337,118
Intangible assets, net                                                                                                             228,395                                                                                        207,055
Goodwill                                                                                                                           359,819                                                                                        352,080
Other assets                                                                                                                       204,170                                                                                        200,752
   Total assets                                                                                                                $ 5,339,482                                                                         $            4,662,059
                                                                                                                                                                                                           
                                                                                                                                                                                                           
Notes payable and debt                                                                                                         $ 1,997,774                                                                         $            1,827,263
Other liabilities                                                                                                                1,107,920                                                                                        532,847
   Total liabilities                                                                                                             3,105,694                                                                                      2,360,110
                                                                                                                                                                                                           
Total equity                                                                                                                     2,233,788                                                                                      2,301,949
   Total liabilities and equity                                                                                                $ 5,339,482                                                                         $            4,662,059
                                                                                                                                                                                                                      
                                                                                                                                                                                                                      
 
                                                                                                                                                                                                                                     Waters Corporation and Subsidiaries
                                                                                                                                                                                                                                     Preliminary Condensed Consolidated Statements of Cash Flows
                                                                                                                                                                                                                                     Three and Twelve Months Ended December 31, 2017 and 2016
                                                                                                                                                                                                                                     (In thousands and unaudited)
                                                                                                                                                                                         
                                                                                                                                                                                                           Three Months Ended                                                                                                                                                                                                                 Twelve Months Ended
                                                                                                                                  --------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                   December 31, 2017                                                                                                 December 31, 2016                                                                                                December 31, 2017                                                                                                 December 31, 2016
                                                                                                                                  ---------------------------------------------------                                                               --------------------------------------------------                                                               ---------------------------------------------------                                                               ---------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Cash flows from operating activities:
  Net (loss) income                                                                                                                                  $ (353,172 )                                                                                                      $ 174,378                                                                                                        $   20,311                                                                                                        $  521,503
  Adjustments to reconcile net income to net cash
    provided by operating activities:
  Stock-based compensation                                                                                                                                9,368                                                                                                            8,394                                                                                                            39,436                                                                                                            40,998
  Depreciation and amortization                                                                                                                          27,753                                                                                                           24,085                                                                                                           106,002                                                                                                            96,449
  Excess tax benefit related to stock-based compensation plans (a)                                                                                            -                                                                                                              930                                                                                                                 -                                                                                                            13,844
  Change in tax reform assets and liabilities (b)                                                                                                       550,000                                                                                                                -                                                                                                           550,000                                                                                                                 -
  Change in operating assets and liabilities, net                                                                                    (41,765 )                                                                                     (33,884 )                                                                                      (18,109 )                                                                                      (29,874 )
                                                                                                                                  -------------------- -------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------
    Net cash provided by operating activities                                                                                                           192,184                                                                                                          173,903                                                                                                           697,640                                                                                                           642,920
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Cash flows from investing activities:
  Additions to property, plant, equipment
   and software capitalization                                                                                                                          (30,216 )                                                                                                        (22,671 )                                                                                                         (85,473 )                                                                                                         (94,967 )
  Business acquisitions, net of cash acquired                                                                                                                 -                                                                                                               45                                                                                                                 -                                                                                                            (5,609 )
  Investment in unaffiliated company                                                                                                                          -                                                                                                                -                                                                                                            (7,000 )                                                                                                               -
  Payments for intellectual property licenses                                                                                                                 -                                                                                                                -                                                                                                            (5,000 )                                                                                                               -
  Net change in investments                                                                                                                            (101,548 )                                                                                                        (26,618 )                                                                                                        (438,279 )                                                                                                        (391,342 )
  Other cash flow from investing activities, net                                                                                           -                                                                          -                                                                           -                                                                       4,000  
                                                                                                                                  -------------------- -------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------
    Net cash used in investing activities                                                                                                              (131,764 )                                                                                                        (49,244 )                                                                                                        (535,752 )                                                                                                        (487,918 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Cash flows from financing activities:
  Net change in debt                                                                                                                                     39,850                                                                                                           45,121                                                                                                           169,976                                                                                                           159,975
  Payments of debt issuance costs                                                                                                                        (2,984 )                                                                                                              -                                                                                                            (2,984 )                                                                                                          (1,705 )
  Proceeds from stock plans                                                                                                                              24,968                                                                                                            3,617                                                                                                            97,789                                                                                                            62,189
  Purchases of treasury shares                                                                                                                          (86,802 )                                                                                                        (83,835 )                                                                                                        (332,544 )                                                                                                        (325,759 )
  Other cash flow from financing activities, net                                                                                         593                                                                       (876 )                                                                                        3,894                                                  (10,401 )
                                                                                                                                  -------------------- -------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- -------- --------------------                                           -------------------- -------------------- -------- --------------------
    Net cash used in financing activities                                                                                                               (24,375 )                                                                                                        (35,973 )                                                                                                         (63,869 )                                                                                                        (115,701 )
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Effect of exchange rate changes on cash and cash equivalents                                                                           2,467                                                                    (13,264 )                                                                                       38,669                                                                     (21,335 )
                                                                                                                                  -------------------- -------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------
    Increase in cash and cash equivalents                                                                                                                38,512                                                                                                           75,422                                                                                                           136,688                                                                                                            17,966
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Cash and cash equivalents at beginning of period                                                                                     603,807                                                                    430,209                                                                     505,631                                                                     487,665  
                                                                                                                                  -------------------- -------- --------------------                                                                -------------------- ------- --------------------                                                                -------------------- -------- --------------------                                                                -------------------- -------- --------------------
    Cash and cash equivalents at end of period                                                                                                       $  642,319                                                                                     $ 505,631                                                                                     $  642,319                                                                                     $  505,631  
                                                                                                                                  ==================== ======== ====================                                                                ==================== ======= ====================                                                                ==================== ======== ====================                                                                ==================== ======== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                     Reconciliation of GAAP Cash Flows from Operating Activities to
                                                                                                                                                                                                                                     Free Cash Flow (c)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Net cash provided by operating activities - GAAP                                                                                                     $  192,184                                                                                                        $ 173,903                                                                                                        $  697,640                                                                                                        $  642,920
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Adjustments:
  Additions to property, plant, equipment
   and software capitalization                                                                                                                          (30,216 )                                                                                                        (22,671 )                                                                                                         (85,473 )                                                                                                         (94,967 )
  Majority facility renovations                                                                                                                               -                                                                                                             (200 )                                                                                                               -                                                                                                             7,299
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                  ---------------------------------------------------                                                               --------------------------------------------------                                                               ---------------------------------------------------                                                               ---------------------------------------------------
Free Cash Flow - Adjusted Non GAAP                                                                                                                   $  161,968                                                                                     $ 151,032                                                                                     $  612,167                                                                                     $  555,252  
                                                                                                                                  ==================== ======== ====================                                                                ==================== ======= ====================                                                                ==================== ======== ====================                                                                ==================== ======== ====================
 
-------------------------------------------------------------------

(a) In the first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09 (ASU 2016-09) "Compensation--Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." Starting in the first quarter of 2017, the excess tax benefits or deficiencies related to stock-based compensation are reflected as an operating activity, with the prior periods presented adjusted accordingly.

(b) In the fourth quarter of 2017, the Company recorded a $550 million income tax provision for an estimate of the impact of the enactment of the Tax Cuts and Jobs Act (Tax Reform), which was signed into law on December 22, 2017. The $550 million income tax provision primarily consists of an estimated U.S. transition tax as well as estimated income tax provisions for state and withholding taxes and a charge associated with the remeasurement of the Company’s deferred tax assets and liabilities from 35% to the new U.S. corporate income tax rate of 21%.

(c) 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.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180123005392r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180123005392/en/

SOURCE: Waters Corporation

Waters Corporation 
Bryan Brokmeier, CFA, 508-482-3448 
Senior Director, Investor Relations


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