Highlights:
Fourth-quarter fiscal year 2019
- Revenue of $1.37 billion represents 6% reported growth; and up
4% on a core(1) basis led by strong results from the Agilent
CrossLab Group and the Diagnostics and Genomics Group
- GAAP net income of $194 million with EPS of 62 cents, up 2%
year over year
- Non-GAAP(2) net income of $277 million with EPS of 89 cents, up
10% year over year
Fiscal year 2019
- Fiscal year 2019 revenue of $5.16 billion delivers 5% reported
growth and a 5% increase in core(1) revenue over fiscal year
2018
- Full-year GAAP net income of $1.07 billion with EPS of $3.37,
up 247% year over year
- Non-GAAP(2) net income of $989 million with EPS of $3.11, up
11% year over year
Outlook
- Fiscal year 2020 revenue expected in the range of $5.50 billion
to $5.55 billion, representing core(1) growth of 4% to 5%. Fiscal
year 2020 non-GAAP(3) earnings guidance of $3.38 to $3.43 per
share
- Fiscal first-quarter revenue guidance of $1.340 billion to
$1.355 billion, representing core(1) revenue growth of 2.5% to
3.5%. Fiscal first-quarter non-GAAP(3) earnings guidance of 80
cents to 81 cents per share
Agilent Technologies Inc. (NYSE: A) today reported revenue of
$1.37 billion for the fourth quarter ended Oct. 31, 2019, up 6%
year over year (core(1) growth of 4%).
On a GAAP basis, fourth-quarter net income was $194 million, or
62 cents per share. This compares with $195 million, or 61 cents
per share, in the fourth quarter of fiscal year 2018. Non-GAAP(2)
net income was $277 million, or 89 cents per share, during the
quarter, compared with $262 million or 81 cents per share during
the fourth quarter a year ago.
“Agilent’s fourth-quarter results cap off a very solid 2019 and
reflect the broad-based business we’ve built over the last five
years,” said Mike McMullen, Agilent president and CEO. “Based on
what we’ve been able to achieve in 2019, I’m convinced we’re in an
exceptionally strong position for the future.”
Financial Highlights
Life Sciences and Applied Markets Group
Fourth-quarter revenue of $622 million from Agilent’s Life
Sciences and Applied Markets Group (LSAG) grew a reported 4% year
over year (declining 2% on a core(1) basis). LSAG’s operating
margin for the quarter was 25.3%. Full-year revenue of $2.30
billion increased a reported 1% versus fiscal 2018 (down 1% on a
core(1) basis). LSAG’s operating margin for the year was 23.5%.
Agilent CrossLab Group
Agilent CrossLab Group (ACG) posted fourth-quarter revenue of
$476 million, representing year-over-year reported growth of 8% (up
10% on a core(1) basis). ACG’s operating margin for the quarter was
28.0%. Full-year revenue of $1.84 billion grew a reported 8% over
last year (up 10% on a core(1) basis). ACG’s operating margin for
the year was 25.8%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) generated
fourth-quarter revenue of $269 million, up a reported 5% year over
year (up 7% on a core(1) basis). DGG posted operating margins of
19.7%. Full-year revenue was $1.02 billion, which was up a reported
8% year over year (up 9% on a core(1) basis). DGG’s operating
margin for the year was 18.2%.
Fiscal-Year 2020 and First-Quarter Outlook
For fiscal year 2020, Agilent expects revenue of $5.50 billion
to $5.55 billion. Fiscal year 2020 non-GAAP(3) earnings guidance is
in the range of $3.38 to $3.43 per share.
Agilent expects fiscal first-quarter 2020 revenue in the range
of $1.340 billion to $1.355 billion. First-quarter 2020 non-GAAP(3)
earnings are expected to be in the range of 80 cents to 81 cents
per share.
The outlook is based on Oct. 31, 2019, currency exchange
rates.
Conference Call
Agilent’s management will present more details about its
fourth-quarter and fiscal year 2019 financial results on a
conference call with investors today at 1:30 p.m. (Pacific time).
This event will be webcast live in listen-only mode. Listeners may
log on to Agilent’s Investor Relations web page and select “Q4 2019
Agilent Technologies Inc. Earnings Conference Call” in the “News
& Events – Events” section. The webcast will remain available
on the company’s website for 90 days.
Additional financial information can be found at
www.investor.agilent.com by selecting “Financial Results” in the
“Financial Information” section.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in life
sciences, diagnostics and applied chemical markets. Now in its 20th
year as an independent company delivering insight and innovation
toward improving the quality of life, Agilent instruments,
software, services, solutions and people provide trusted answers to
customers' most challenging questions. The company generated
revenue of $5.16 billion in fiscal 2019 and employs 16,300 people
worldwide. Information about Agilent is available at
www.agilent.com. To receive the latest Agilent news, subscribe to
the Agilent Newsroom.
Follow Agilent on LinkedIn, Twitter, and Facebook.
Forward-Looking Statements
This news release contains forward-looking statements as defined
in the Securities Exchange Act of 1934 and is subject to the safe
harbors created therein. The forward-looking statements contained
herein include, but are not limited to, information regarding
Agilent’s revenue and non-GAAP earnings guidance for the first
quarter and full fiscal year 2020 and future amortization of
intangibles. These forward-looking statements involve risks and
uncertainties that could cause Agilent’s results to differ
materially from management’s current expectations. Such risks and
uncertainties include, but are not limited to, unforeseen changes
in the strength of Agilent’s customers’ businesses; unforeseen
changes in the demand for current and new products, technologies,
and services; unforeseen changes in the currency markets; customer
purchasing decisions and timing, and the risk that Agilent is not
able to realize the savings expected from integration and
restructuring activities. In addition, other risks that Agilent
faces in running its operations include the ability to execute
successfully through business cycles; the ability to meet and
achieve the benefits of its cost-reduction goals and otherwise
successfully adapt its cost structures to continuing changes in
business conditions; ongoing competitive, pricing and gross-margin
pressures; the risk that its cost-cutting initiatives will impair
its ability to develop products and remain competitive and to
operate effectively; the impact of geopolitical uncertainties and
global economic conditions on its operations, its markets and its
ability to conduct business; the ability to improve asset
performance to adapt to changes in demand; the ability of its
supply chain to adapt to changes in demand; the ability to
successfully introduce new products at the right time, price and
mix; the ability of Agilent to successfully integrate recent
acquisitions; the ability of Agilent to successfully comply with
certain complex regulations; and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including its
quarterly report on Form 10-Q for the quarter ended July 31, 2019.
Forward-looking statements are based on the beliefs and assumptions
of Agilent’s management and on currently available information.
Agilent undertakes no responsibility to publicly update or revise
any forward-looking statement.
(1) Core revenue growth excludes the impact of currency and
acquisitions and divestitures within the past 12 months. Core
revenue is a non-GAAP measure. Reconciliations between Q4 FY19 GAAP
revenue and core revenue, and full fiscal year 2019 GAAP revenue
and core revenue, are set forth on pages 6 and 7 respectively, of
the attached tables along with additional information regarding the
use of this non-GAAP measure. Core revenue growth rate as projected
for Q1 FY20 and full fiscal year 2020 excludes the impact of
currency and acquisitions and divestitures within the past 12
months. Most of the excluded amounts pertain to events that have
not yet occurred and are not currently possible to estimate with a
reasonable degree of accuracy and could differ materially.
Therefore, no reconciliation to GAAP amounts has been provided for
the projection.
(2) Non-GAAP net income and non-GAAP earnings per share
primarily exclude the impacts of non-cash intangibles amortization,
transformational initiatives, acquisition and integration costs and
loss on extinguishment of debt. Agilent also excludes any tax
benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability including the
impact of the 2017 Tax Act. A reconciliation between non-GAAP net
income and GAAP net income is set forth on page 4 of the attached
tables along with additional information regarding the use of this
non-GAAP measure.
(3) Non-GAAP earnings per share as projected for Q1 FY20 and
full fiscal year 2020 excludes primarily the impacts of non-cash
intangibles amortization, transformational initiatives, acquisition
and integration costs, special compliance costs and mergers and
acquisitions announced but not closed. Agilent also excludes any
tax benefits or expenses that are not directly related to ongoing
operations and which are either isolated or are not expected to
occur again with any regularity or predictability. Most of these
excluded amounts pertain to events that have not yet occurred and
are not currently possible to estimate with a reasonable degree of
accuracy and could differ materially. Therefore, no reconciliation
to GAAP amounts has been provided. Future amortization of
intangibles is expected to be approximately $47 million per
quarter.
NOTE TO EDITORS: Further technology, corporate
citizenship and executive news is available on the Agilent news
site at www.agilent.com/go/news.
AGILENT TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
(In millions, except per share
amounts)
(Unaudited)
PRELIMINARY
Three Months Ended
Years Ended
October 31,
October 31,
2019
2018 (a)
2019
2018 (a)
Net revenue
$
1,367
$
1,294
$
5,163
$
4,914
Costs and expenses: Cost of products and services
630
586
2,358
2,234
Research and development
102
104
404
387
Selling, general and administrative
385
360
1,460
1,389
Total costs and expenses
1,117
1,050
4,222
4,010
Income from operations
250
244
941
904
Interest income
6
10
36
38
Interest expense
(21
)
(18
)
(74
)
(75
)
Other income (expense), net
(4
)
8
16
79
Income before taxes
231
244
919
946
Provision (benefit) for income taxes
37
49
(152
)
630
Net income
$
194
$
195
$
1,071
$
316
Net income per share: Basic
$
0.63
$
0.61
$
3.41
$
0.98
Diluted
$
0.62
$
0.61
$
3.37
$
0.97
Weighted average shares used in computing net income per
share: Basic
309
319
314
321
Diluted
313
322
318
325
(a) Adjusted to include the
impact of the adoption of ASU 2017-07 (pension expense
reclassification) as of 11/1/2018. There is no impact to net income
or net income per share. The preliminary income
statement is estimated based on our current information.
Page 1
AGILENT TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEET
(In millions, except par value
and share amounts)
(Unaudited)
PRELIMINARY
October 31,
October 31,
2019
2018
ASSETS Current assets: Cash and cash equivalents
$
1,382
$
2,247
Accounts receivable, net
930
776
Inventory
679
638
Other current assets
198
187
Total current assets
3,189
3,848
Property, plant and equipment, net
850
822
Goodwill and other intangible assets, net
4,700
3,464
Long-term investments
102
68
Other assets
611
339
Total assets
$
9,452
$
8,541
LIABILITIES AND EQUITY Current liabilities: Accounts
payable
$
354
$
340
Employee compensation and benefits
334
304
Deferred revenue
336
324
Short-term debt
616
— Other accrued liabilities
440
203
Total current liabilities
2,080
1,171
Long-term debt
1,791
1,799
Retirement and post-retirement benefits
360
239
Other long-term liabilities
473
761
Total liabilities
4,704
3,970
Total Equity: Stockholders' equity: Preferred stock; $0.01
par value; 125 million shares authorized; none issued and
outstanding — — Common stock; $0.01 par value, 2 billion shares
authorized; 309 million shares at October 31, 2019 and 318 million
shares at October 31, 2018, issued
3
3
Additional paid-in-capital
5,277
5,308
Accumulated deficit
(18
)
(336
)
Accumulated other comprehensive loss
(514
)
(408
)
Total stockholders' equity
4,748
4,567
Non-controlling interest —
4
Total equity
4,748
4,571
Total liabilities and equity
$
9,452
$
8,541
The preliminary balance sheet is estimated
based on our current information. Page 2
AGILENT TECHNOLOGIES,
INC.
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY
Years Ended
October 31,
October 31,
2019
2018
Cash flows from operating activities: Net income
$
1,071
$
316
Adjustments to reconcile net income to net cash provided by
(used in) operating activities: Depreciation and amortization
238
210
Share-based compensation
72
70
Excess and obsolete inventory related charges
19
26
Loss on extinguishment of debt
9
— Other non-cash expenses, net
6
10
Changes in assets and liabilities: Accounts receivable, net
(106
)
(65
)
Inventory
(36
)
(83
)
Accounts payable
30
40
Employee compensation and benefits
23
31
Change in assets and liabilities due to Tax Act —
552
Treasury lock agreement payment
(6
)
— Other assets and liabilities
(299
)
(20
)
Net cash provided by operating activities (a)
1,021
1,087
Cash flows from investing activities: Investments in
property, plant and equipment
(155
)
(177
)
Proceeds from the sale of property, plant and equipment —
1
Payment to acquire fair value investments
(23
)
(11
)
Payment in exchange for convertible note
(3
)
(2
)
Payment to acquire intangible assets
(1
)
— Acquisition of businesses and intangible assets, net of cash
acquired
(1,408
)
(516
)
Net cash used in investing activities
(1,590
)
(705
)
Cash flows from financing activities: Issuance of common
stock under employee stock plans
54
56
Payment of taxes related to net share settlement of equity awards
(16
)
(30
)
Payment of dividends
(206
)
(191
)
Proceeds from revolving credit facility and short-term loan, net of
repayments
615
#
(110
)
Issuance of debt
497
— Debt issuance costs
(4
)
— Repayment of debt
(512
)
(100
)
Purchase of non-controlling interest
(4
)
— Treasury stock repurchases
(723
)
(422
)
Net cash used in financing activities
(299
)
(797
)
Effect of exchange rate movements
2
(17
)
Net decrease in cash, cash equivalents and restricted cash
(866
)
(432
)
Cash, cash equivalents and restricted cash at beginning of
period
2,254
2,686
Cash, cash equivalents and restricted cash at end of period
$
1,388
$
2,254
Reconciliation of cash, cash equivalents and
restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
1,382
$
2,247
Restricted cash, included in other assets
6
7
Total cash, cash equivalents and restricted cash
$
1,388
$
2,254
(a) Cash payments included in operating activities:
$
159
$
102
Income tax payments (refunds), net
$
80
$
80
Interest payments The preliminary cash flow is
estimated based on our current information. Page 3
AGILENT TECHNOLOGIES,
INC.
NON-GAAP NET INCOME AND
DILUTED EPS RECONCILIATIONS
(In millions, except per share
amounts)
(Unaudited)
PRELIMINARY
Three Months Ended
Years Ended
October 31,
October 31,
2019
Diluted EPS
2018
Diluted EPS
2019
Diluted EPS
2018
Diluted EPS
GAAP net income
$
194
$
0.62
$
195
$
0.61
$
1,071
$
3.37
$
316
$
0.97
Non-GAAP adjustments: Asset impairments — —
21
0.06
— —
21
0.06
Intangible amortization
46
0.15
29
0.09
125
0.39
105
0.32
Business exit and divestiture costs — — — — — —
9
0.03
Transformational initiatives
19
0.06
11
0.03
44
0.14
25
0.08
Acquisition and integration costs
16
0.05
9
0.03
48
0.15
23
0.07
Loss on extinguishment of debt
9
0.03
— —
9
0.03
— — Pension settlement gain — — — — — —
(5
)
(0.02
)
Gain on step acquisition of Lasergen — — — — — —
(20
)
(0.06
)
NASD site costs — —
2
0.01
12
0.04
8
0.02
Special compliance costs — —
1
—
2
0.01
4
0.01
Other
12
0.04
2
0.01
29
0.09
(10
)
(0.03
)
Adjustment for Tax Reform — —
19
0.06
— —
552
1.70
Tax benefit on intra-entity asset transfer — — — —
(299
)
(0.94
)
— — Adjustment for taxes (a)
(19
)
(0.06
)
(27
)
(0.09
)
(52
)
(0.17
)
(121
)
(0.36
)
Non-GAAP net income
$
277
$
0.89
$
262
$
0.81
$
989
$
3.11
$
907
$
2.79
(a) The adjustment for taxes excludes tax benefits that
management believes are not directly related to on-going operations
and which are either isolated or cannot be expected to occur again
with any regularity or predictability. For the three months and
year ended October 31, 2019, management used a non-GAAP effective
tax rate of 16.82% and 16.75%, respectively. In the same periods
last year, management used a non-GAAP effective tax rate of 18%.
We provide non-GAAP net income and non-GAAP net income per
share amounts in order to provide meaningful supplemental
information regarding our operational performance and our prospects
for the future. These supplemental measures exclude, among other
things, charges related to asset impairments, amortization of
intangibles, business exit and divestiture costs, transformational
initiatives, acquisition and integration costs, loss on
extinguishment of debt, pension settlement gain, gain on step
acquisition of Lasergen, NASD site costs, special compliance costs,
adjustment for Tax Reform, and tax benefit on intra-entity asset
transfer.
Asset impairments include assets that have been
written down to their fair value.
Business exit and divestiture
costs include costs associated with business divestitures.
Transformational initiatives include expenses associated
with targeted cost reduction activities such as manufacturing
transfers including costs to move manufacturing due to new tariffs
and tariff remediation actions, small site consolidations, legal
entity and other business reorganizations, insourcing or
outsourcing of activities. Such costs may include move and
relocation costs, one-time termination benefits and other one-time
reorganization costs. Included in this category are also expenses
associated with company programs to transform our product lifecycle
management (PLM) system, human resources and financial systems.
Acquisition and integration costs include all incremental
expenses incurred to effect a business combination. Such
acquisition costs may include advisory, legal, accounting,
valuation, and other professional or consulting fees. Such
integration costs may include expenses directly related to
integration of business and facility operations, the transfer of
assets and intellectual property, information technology systems
and infrastructure and other employee-related costs.
Loss on
extinguishment of debt relates to the net loss recorded on full
redemption of $500 million of outstanding 5.00% senior notes due
July 2020, called on August 16, 2019 and settled on September 17,
2019.
Pension settlement gain resulted from transfer of the
substitutional portion of our Japanese pension plan to the
government.
Gain on step acquisition of Lasergen resulted
from the measurement at fair value of our equity interest held at
the date of business combination.
NASD site costs include
all the costs related to the expansion of our manufacturing of
nucleic acid active pharmaceutical ingredients incurred prior to
the commencement of commercial manufacturing.
Special compliance
costs include costs associated with transforming our processes
to implement new regulations such as the EU's General Data
Protection Regulation (GDPR), revenue recognition, lease and
certain tax reporting requirements.
Other includes certain
legal costs and settlements in addition to other miscellaneous
adjustments.
Adjustment for Tax Reform primarily consists of
an estimated provision of $499 million for U.S. transition tax and
correlative items on deemed repatriated earnings of non-U.S.
subsidiaries and an estimated provision of $53 million associated
with the decrease in the U.S. corporate tax rate from 35% to 21%
and its impact on our U.S. deferred tax assets and liabilities.
Tax benefit on intra-entity asset transfer relates to our
operations in Singapore along with our application of the new
accounting rules for income tax consequences of intra-entity
transfer of assets as adopted on November 1, 2018. Our
management uses non-GAAP measures to evaluate the performance of
our core businesses, to estimate future core performance and to
compensate employees. Since management finds this measure to be
useful, we believe that our investors benefit from seeing our
results “through the eyes” of management in addition to seeing our
GAAP results. This information facilitates our management’s
internal comparisons to our historical operating results as well as
to the operating results of our competitors. Our management
recognizes that items such as amortization of intangibles can have
a material impact on our cash flows and/or our net income. Our GAAP
financial statements including our statement of cash flows portray
those effects. Although we believe it is useful for investors to
see core performance free of special items, investors should
understand that the excluded items are actual expenses that may
impact the cash available to us for other uses. To gain a complete
picture of all effects on the company’s profit and loss from any
and all events, management does (and investors should) rely upon
the GAAP income statement. The non-GAAP numbers focus instead upon
the core business of the company, which is only a subset, albeit a
critical one, of the company’s performance. Readers are
reminded that non-GAAP numbers are merely a supplement to, and not
a replacement for, GAAP financial measures. They should be read in
conjunction with the GAAP financial measures. It should be noted as
well that our non-GAAP information may be different from the
non-GAAP information provided by other companies. The
preliminary non-GAAP net income and diluted EPS reconciliation is
estimated based on our current information.
Page 4
AGILENT TECHNOLOGIES, INC. SEGMENT INFORMATION (In
millions, except where noted) (Unaudited)
PRELIMINARY Quarter-over-Quarter
Life Sciences and Applied Markets Group Q4'19
Q4'18 Revenue
$
622
$
597
Gross Margin, %
60.7
%
62.1
%
Income from Operations
$
158
$
154
Operating margin, %
25.3
%
25.7
%
Diagnostics and Genomics Group Q4'19
Q4'18 Revenue
$
269
$
256
Gross Margin, %
54.0
%
59.0
%
Income from Operations
$
53
$
58
Operating margin, %
19.7
%
22.7
%
Agilent CrossLab Group Q4'19
Q4'18 Revenue
$
476
$
441
Gross Margin, %
52.6
%
51.0
%
Income from Operations
$
133
$
107
Operating margin, %
28.0
%
24.2
%
Year-over-Year Life Sciences and
Applied Markets Group FY19 FY18 Revenue
$
2,302
$
2,270
Gross Margin, %
61.0
%
61.3
%
Income from Operations
$
542
$
543
Operating margin, %
23.5
%
23.9
%
Diagnostics and Genomics Group FY19
FY18 Revenue
$
1,021
$
943
Gross Margin, %
54.7
%
56.3
%
Income from Operations
$
185
$
173
Operating margin, %
18.2
%
18.4
%
Agilent CrossLab Group FY19 FY18
Revenue
$
1,840
$
1,701
Gross Margin, %
51.8
%
50.4
%
Income from Operations
$
475
$
388
Operating margin, %
25.8
%
22.8
%
Income from operations reflect the results of our reportable
segments under Agilent's management reporting system which are not
necessarily in conformity with GAAP financial measures. Income from
operations of our reporting segments exclude, among other things,
charges related to asset impairments, amortization of intangibles,
business exit and divestiture costs, transformational initiatives,
acquisition and integration costs, pension settlement gain, gain on
step acqusition of Lasergen, NASD site costs, and special
compliance costs. Readers are reminded that non-GAAP numbers
are merely a supplement to, and not a replacement for, GAAP
financial measures. They should be read in conjunction with the
GAAP financial measures. It should be noted as well that our
non-GAAP information may be different from the non-GAAP information
provided by other companies. The preliminary segment
information is estimated based on our current information.
Page 5
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS
OF REVENUE BY SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES
AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE) (in
millions) (Unaudited) PRELIMINARY
Year-over-Year GAAP Year-over-Year
GAAP Revenue by Segment
Q4'19 Q4'18 % Change Life Sciences and
Applied Markets Group
$
622
$
597
4
%
Diagnostics and Genomics Group
269
256
5
%
Agilent CrossLab Group
476
441
8
%
Agilent
$
1,367
$
1,294
6
%
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Year-over-Year Year-over-Year Percentage
PointImpact from Currency Current QuarterCurrency Impact
(b) Non GAAP Revenue by
Segment Q4'19 Q4'18 % Change %
Change Life Sciences and Applied Markets Group
$
575
$
597
(4
%)
(2
%)
-2 ppts
$
(7
)
Diagnostics and Genomics Group
269
256
5
%
7
%
-2 ppts
(4
)
Agilent CrossLab Group
476
441
8
%
10
%
-2 ppts
(9
)
Agilent (Core)
$
1,320
$
1,294
2
%
4
%
-2 ppts
$
(20
)
We compare the year-over-year change in revenue excluding
the effect of recent acquisitions and divestitures and foreign
currency rate fluctuations to assess the performance of our
underlying business. (a) The constant currency
year-over-year growth percentage is calculated by recalculating all
periods in the comparison period at the foreign currency exchange
rates used for accounting during the last month of the current
quarter, and then using those revised values to calculate the
year-over-year percentage change. (b) The dollar impact from
the current quarter currency impact is equal to the total
year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 6
AGILENT TECHNOLOGIES, INC. RECONCILIATIONS
OF REVENUE BY SEGMENT EXCLUDING ACQUISITIONS, DIVESTITURES
AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE) (in
millions) (Unaudited) PRELIMINARY
Year-over-Year GAAP Year-over-Year
GAAP Revenue by Segment
FY19
FY18
% Change Life Sciences and Applied Markets Group
$
2,302
$
2,270
1
%
Diagnostics and Genomics Group
1,021
943
8
%
Agilent CrossLab Group
1,840
1,701
8
%
Agilent
$
5,163
$
4,914
5
%
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Year-over-Year Year-over-Year Percentage
PointImpact from Currency Current YearCurrency Impact
(b) Non GAAP Revenue by
Segment
FY19
FY18
% Change % Change Life Sciences and Applied
Markets Group
$
2,219
$
2,270
(2
%)
(1
%)
-1 ppt
$
(37
)
Diagnostics and Genomics Group
1,009
943
7
%
9
%
-2 ppts
(20
)
Agilent CrossLab Group
1,820
1,701
7
%
10
%
-3 ppts
(50
)
Agilent (Core)
$
5,048
$
4,914
3
%
5
%
-2 ppts
$
(107
)
We compare the year-over-year change in revenue excluding
the effect of recent acquisitions and divestitures and foreign
currency rate fluctuations to assess the performance of our
underlying business. (a) The constant currency
year-over-year growth percentage is calculated by recalculating all
periods in the comparison period at the foreign currency exchange
rates used for accounting during the last month of the current
quarter, and then using those revised values to calculate the
year-over-year percentage change. (b) The dollar impact from
the current year currency impact is equal to the total
year-over-year dollar change less the constant currency
year-over-year change. The preliminary reconciliation of
GAAP revenue adjusted for recent acquisitions and divestitures and
impact of currency is estimated based on our current information.
Page 7
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version on businesswire.com: https://www.businesswire.com/news/home/20191125005759/en/
INVESTOR CONTACT: Ankur Dhingra +1 408-345-8948
ankur_dhingra@agilent.com
MEDIA CONTACT: Tom Beermann +1 408-553-2914
tom.beermann@agilent.com
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