Outstanding fourth quarter caps off another
strong year of performance in 2022
Fourth-quarter fiscal year 2022
- Revenue of $1.85 billion represents 11% reported growth
year-over-year; and up 17% on a core(1) basis.
- GAAP net income of $368 million with earnings per share (EPS)
of $1.23, down 15% from the fourth quarter of 2021.
- Non-GAAP(2) net income of $456 million with EPS of $1.53, up
26% from the fourth quarter of 2021.
Fiscal year 2022
- Fiscal year 2022 revenue of $6.85 billion delivers 8% reported
growth and a 12% increase in core(1) revenue over fiscal year
2021.
- Full-year GAAP net income of $1.254 billion with EPS of $4.18,
up 6% from fiscal year 2021.
- Non-GAAP(2) net income of $1.565 billion with EPS of $5.22, up
20% from fiscal year 2021.
Fiscal year 2023 and first quarter outlook
- Fiscal year 2023 revenue expected in the range of $6.90 billion
to $7.00 billion, representing reported growth of 0.8% to 2.2% and
core(1) growth of 5.0% to 6.5%. Fiscal year 2023 non-GAAP(3)
earnings guidance is expected in the range of $5.61 to $5.69 per
share.
- Fiscal first-quarter revenue guidance of $1.68 billion to $1.70
billion, representing reported growth of 0.4% to 1.6% and core(1)
revenue growth of 6.8% to 8.0%. Fiscal first-quarter non-GAAP(3)
earnings guidance is expected in the range of $1.29 to $1.31 per
share.
Agilent Technologies Inc. (NYSE: A) today reported revenue of
$1.85 billion for the fourth quarter ended Oct. 31, 2022, an
increase of 11% compared to the fourth quarter of 2021 and up 17%
on a core(1) basis. Revenue for the full year was $6.85 billion,
delivering 8% reported growth and core(1) growth of 12%.
Fourth-quarter GAAP net income was $368 million, or $1.23 per
share. This compares with $442 million, or $1.45 per share, in the
fourth quarter of fiscal year 2021. Non-GAAP(2) net income was $456
million, or $1.53 per share during the quarter, compared with $368
million or $1.21 per share during the fourth quarter a year
ago.
For the full year, GAAP net income was $1.254 billion or $4.18
per share, up 6% from fiscal year 2021. Non-GAAP(2) net income was
$1.565 billion or $5.22 per share, up 20% from fiscal year
2021.
“Agilent had another excellent year, capping off 2022 with an
outstanding fourth quarter,” said Mike McMullen, Agilent president
and CEO. “The Agilent team delivered double digit core revenue
growth in each of our business groups in FY 2022. Our track record
of strong execution and broad-based strength across our portfolio
sets us up well as we look forward to a new fiscal year.”
Financial Highlights
In the first quarter of 2022, Agilent implemented certain
changes to its segment reporting structure. Prior period segment
information has been recast to reflect these changes. These changes
have no impact on Agilent’s consolidated financial statements.
Life Sciences and Applied Markets Group
The Agilent Life Sciences and Applied Markets Group (LSAG)
posted fourth-quarter revenue of $1.12 billion, representing
year-over-year reported growth of 16% (up 22% on a core(1) basis).
LSAG’s operating margin for the quarter was 32.7%. Full-year
revenue of $4.01 billion grew a reported 9% over last year (up 13%
on a core(1) basis). LSAG’s operating margin for the year was
29.6%.
Agilent CrossLab Group
The Agilent CrossLab Group (ACG) posted fourth-quarter revenue
of $381 million, representing year-over-year reported growth of 7%
(up 14% on a core(1) basis). ACG’s operating margin for the quarter
was 27.4%. Full-year revenue of $1.45 billion grew a reported 7%
over last year (up 11% on a core(1) basis). ACG’s operating margin
for the year was 25.5%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) generated
fourth-quarter revenue of $352 million, up a reported 3% year over
year (up 8% on a core(1) basis). DGG posted operating margins of
19.5%. Full-year revenue was $1.39 billion, which was up a reported
7% year over year (up 10% on a core(1) basis). DGG’s operating
margin for the year was 21.7%.
Full Year and First-Quarter Outlook
Full-year revenue is expected to be in the range of $6.90
billion to $7.00 billion, representing reported growth of 0.8% to
2.2% and core(1) growth of 5.0% to 6.5%. Full-year non-GAAP(3) EPS
is expected to be in the range of $5.61 to $5.69 per share.
The outlook for first-quarter revenue is expected to be in a
range of $1.68 billion to $1.70 billion, representing reported
growth of 0.4% to 1.6% and core(1) revenue growth of 6.8% to 8.0%.
First-quarter non-GAAP(3) earnings guidance is expected to be in
the range of $1.29 to $1.31 per share.
The outlook is based on October 31, 2022, currency exchange
rates.
Conference Call
Agilent’s management will present additional details regarding
the company’s fourth-quarter and fiscal year 2022 financial results
on a conference call with investors today at 1:30 p.m. PST. This
event will be broadcast live online in listen-only mode. To listen
to the webcast, select the “Q4 2022 Agilent Technologies Inc.
Earnings Conference Call” link on the Agilent Investor Relations
website. The webcast will remain on the company site for 90
days.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global leader in the
life sciences, diagnostics, and applied chemical markets,
delivering insight and innovation that advance the quality of life.
Agilent’s full range of solutions includes instruments, software,
services, and expertise that provide trusted answers to our
customers' most challenging questions. The company generated
revenue of $6.85 billion in fiscal 2022 and employs 18,000 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 growth prospects, business, financial results, revenue,
and non-GAAP earnings guidance for Q1 and fiscal year 2023 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; the adverse impacts of and risks posed
by the COVID-19 pandemic; and other risks detailed in Agilent’s
filings with the Securities and Exchange Commission, including its
quarterly report on Form 10-Q for the fiscal quarter ended July 31,
2022. 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 GAAP revenue
and core revenue for Q4 fiscal year 2022 and full fiscal year 2022
are set forth on pages 6 and 7 of the attached tables along with
additional information regarding the use of this non-GAAP measure.
Core revenue growth rate as projected for Q1 fiscal year 2023 and
full fiscal year 2023 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 asset impairments,
intangibles amortization, transformational initiatives, acquisition
and integration costs, change in fair value of contingent
consideration, business exit and divestiture costs, pension
settlement loss, loss on extinguishment of debt and net loss (gain)
on equity securities. 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. 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 fiscal year
2023 and full fiscal year 2023 exclude primarily the impacts of
non-cash intangibles amortization, transformational initiatives,
and acquisition and integration costs. 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 $36 million per
quarter.
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,
2022
2021
2022
2021
Net revenue
$
1,849
$
1,660
$
6,848
$
6,319
Costs and expenses: Cost of products and services
837
760
3,126
2,912
Research and development
119
116
467
441
Selling, general and administrative
422
389
1,637
1,619
Total costs and expenses
1,378
1,265
5,230
4,972
Income from operations
471
395
1,618
1,347
Interest income
5
1
9
2
Interest expense
(23
)
(21
)
(84
)
(81
)
Other income (expense), net
2
73
(39
)
92
Income before taxes
455
448
1,504
1,360
Provision for income taxes
87
6
250
150
Net income
$
368
$
442
$
1,254
$
1,210
Net income per share: Basic
$
1.24
$
1.46
$
4.19
$
3.98
Diluted
$
1.23
$
1.45
$
4.18
$
3.94
Weighted average shares used in computing net income per
share: Basic
296
303
299
304
Diluted
298
305
300
307
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,
2022
2021
ASSETS Current assets: Cash and cash equivalents
$
1,053
$
1,484
Short-term investments
—
91
Accounts receivable, net
1,405
1,172
Inventory
1,038
830
Other current assets
282
222
Total current assets
3,778
3,799
Property, plant and equipment, net
1,100
945
Goodwill and other intangible assets, net
4,773
4,956
Long-term investments
195
185
Other assets
670
820
Total assets
$
10,516
$
10,705
LIABILITIES AND EQUITY Current liabilities: Accounts
payable
$
580
$
446
Employee compensation and benefits
455
493
Deferred revenue
461
441
Short-term debt
36
—
Other accrued liabilities
329
328
Total current liabilities
1,861
1,708
Long-term debt
2,733
2,729
Retirement and post-retirement benefits
97
220
Other long-term liabilities
536
659
Total liabilities
5,227
5,316
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; 295
million shares at October 31, 2022 and 302 million shares at
October 31, 2021, issued and outstanding
3
3
Additional paid-in-capital
5,325
5,320
Retained earnings
324
348
Accumulated other comprehensive loss
(363
)
(282
)
Total stockholders' equity
5,289
5,389
Total liabilities and stockholders' equity
$
10,516
$
10,705
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,
2022
2021
Cash flows from operating activities: Net income
$
1,254
$
1,210
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
317
321
Share-based compensation
125
110
Deferred taxes
8
14
Excess and obsolete inventory related charges
24
29
Loss on extinguishment of debt
9
17
Asset impairment charges
—
2
Net loss (gain) on equity securities
67
(98
)
Change in fair value of contingent consideration
(25
)
(21
)
Other non-cash expenses, net
11
3
Changes in assets and liabilities: Accounts receivable, net
(321
)
(128
)
Inventory
(248
)
(136
)
Accounts payable
121
64
Employee compensation and benefits
(22
)
112
Other assets and liabilities
(8
)
(14
)
Net cash provided by operating activities (a)
1,312
1,485
Cash flows from investing activities: Investments in
property, plant and equipment
(291
)
(188
)
Proceeds from sale of property, plant and equipment
—
1
Proceeds from sale of equity securities
22
12
Payment to acquire equity securities
(13
)
(22
)
Payment in exchange for convertible note
(4
)
(5
)
Acquisition of businesses and intangible assets, net of cash
acquired
(52
)
(547
)
Net cash used in investing activities
(338
)
(749
)
Cash flows from financing activities: Issuance of common
stock under employee stock plans
58
55
Payment of taxes related to net share settlement of equity awards
(67
)
(76
)
Treasury stock repurchases
(1,139
)
(788
)
Payment of dividends
(250
)
(236
)
Issuance of senior notes and long-term loan
600
848
Debt issuance costs
—
(7
)
Repayment of senior notes
(609
)
(417
)
Proceeds from commercial paper
1,295
1,647
Repayment of commercial paper
(1,260
)
(1,722
)
Net cash used in financing activities
(1,372
)
(696
)
Effect of exchange rate movements
(36
)
3
Net increase (decrease) in cash, cash equivalents and
restricted cash
(434
)
43
Cash, cash equivalents and restricted cash at beginning of
period
1,490
1,447
Cash, cash equivalents and restricted cash at end of period
$
1,056
$
1,490
Reconciliation of cash, cash equivalents and
restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
1,053
$
1,484
Restricted cash, included in other assets
3
6
Total cash, cash equivalents and restricted cash
$
1,056
$
1,490
(a) Cash payments included in operating activities:
Income tax payments, net
$
279
$
211
Interest payments
$
85
$
76
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,
2022
2021
2022
2021
Net Income
Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
GAAP net income
$
368
$
1.23
$
442
$
1.45
$
1,254
$
4.18
$
1,210
$
3.94
Non-GAAP adjustments: Asset impairments
—
—
—
—
—
—
2
0.01
Intangible amortization
42
0.14
51
0.17
191
0.64
194
0.63
Transformational initiatives
9
0.03
5
0.02
30
0.10
37
0.12
Acquisition and integration costs
6
0.02
9
0.03
25
0.08
41
0.13
Change in fair value of contingent consideration
—
—
(21
)
(0.07
)
(25
)
(0.08
)
(21
)
(0.07
)
Business exit and divestiture costs
—
—
1
—
7
0.02
5
0.02
Pension settlement loss
4
0.01
1
—
4
0.01
1
—
Loss on extinguishment of debt
—
—
—
—
9
0.03
17
0.06
Net loss (gain) on equity securities
5
0.02
(73
)
(0.24
)
63
0.21
(92
)
(0.30
)
Other
10
0.03
2
0.01
12
0.04
9
0.02
Adjustment for taxes (a)
12
0.05
(49
)
(0.16
)
(5
)
(0.01
)
(71
)
(0.22
)
Non-GAAP net income
$
456
$
1.53
$
368
$
1.21
$
1,565
$
5.22
$
1,332
$
4.34
(a) The adjustment for taxes excludes tax expense
(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, 2022, management used a
non-GAAP effective tax rate of 14.12% and 14.00%, respectively. For
the three months and year ended October 31, 2021, management used a
non-GAAP effective tax rate of 13.00% and 14.25%, respectively.
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, transformational initiatives, acquisition and
integration costs, change in fair value of contingent
consideration, business exit and divestiture costs, pension
settlement loss, loss on extinguishment of debt and net loss (gain)
on equity securities.
Asset impairments include assets that
have been written down to their fair value.
Transformational
initiatives include expenses associated with targeted cost
reduction activities such as manufacturing transfers including
costs to move manufacturing, 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.
Change in
fair value of contingent consideration represents changes in
the fair value estimate of acquisition-related contingent
consideration.
Business exit and divestiture costs include
costs associated with business divestitures.
Pension settlement
loss relates to the relief of the US Retirement Plan pension
obligation due to increased lump sum payouts over a specified
accounting threshold.
Loss on extinguishment of debt for the
year ended October 31, 2022 relates to the net loss recorded on the
redemption of the $600 million outstanding 3.875% 2023 senior notes
due on July 15, 2023, called on April 4, 2022 and settled on May 4,
2022. For the year ended October 31, 2021, it relates to the net
loss recorded on the redemption of the $100 million of the $400
million outstanding 3.2% 2022 senior notes due on October 1, 2022,
called on December 22, 2020 and settled on January 21, 2021 and the
net loss recorded on the redemption of the remaining $300 million
called on March 5, 2021 and settled on April 5, 2021.
Net loss
(gain) on equity securities relates to the realized and
unrealized mark-to-market adjustments for our marketable and
non-marketable equity securities.
Other includes certain
legal costs and settlements, special compliance costs and
acceleration of share-based compensation expense in addition to
other miscellaneous adjustments. 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 Q4'22 Q4'21 Revenue
$
1,116
$
962
Gross Margin, %
60.6
%
59.9
%
Income from Operations
$
365
$
276
Operating margin, %
32.7
%
28.7
%
Diagnostics and Genomics Group Q4'22
Q4'21 Revenue
$
352
$
341
Gross Margin, %
51.0
%
52.5
%
Income from Operations
$
69
$
71
Operating margin, %
19.5
%
20.8
%
Agilent CrossLab Group Q4'22
Q4'21 Revenue
$
381
$
357
Gross Margin, %
48.6
%
48.3
%
Income from Operations
$
104
$
94
Operating margin, %
27.4
%
26.3
%
Year-over-Year Life Sciences and
Applied Markets Group FY22 FY21 Revenue
$
4,007
$
3,663
Gross Margin, %
60.2
%
60.2
%
Income from Operations
$
1,186
$
1,017
Operating margin, %
29.6
%
27.8
%
Diagnostics and Genomics Group FY22
FY21 Revenue
$
1,389
$
1,296
Gross Margin, %
53.5
%
52.8
%
Income from Operations
$
301
$
273
Operating margin, %
21.7
%
21.0
%
Agilent CrossLab Group FY22 FY21
Revenue
$
1,452
$
1,360
Gross Margin, %
47.6
%
46.8
%
Income from Operations
$
370
$
323
Operating margin, %
25.5
%
23.8
%
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, transformational initiatives,
acquisition and integration costs, change in fair value of
contingent consideration and business exit and divestiture 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 Q4'22 Q4'21 % Change
Life Sciences and Applied Markets Group
$
1,116
$
962
16%
Diagnostics and Genomics Group
352
341
3%
Agilent CrossLab Group
381
357
7%
Agilent
$
1,849
$
1,660
11%
Non-GAAP (excluding
Acquisitions & Divestitures)
Year-over-Yearat Constant Currency (a)
Year-over-Year
Year-over-Year Percentage Point Impact from Currency
Current Quarter Currency Impact (b) Non GAAP Revenue by Segment Q4'22
Q4'21
% Change
% Change
Life Sciences and Applied Markets Group
$
1,114
$
962
16%
22%
-6 ppts
$
(58)
Diagnostics and Genomics Group
352
341
3%
8%
-5 ppts
(18)
Agilent CrossLab Group
381
357
7%
14%
-7 ppts
(27)
Agilent (Core)
$
1,847
$
1,660
11%
17%
-6 ppts
$
(103)
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 FY22 FY21 % Change
Life Sciences and Applied Markets Group
$
4,007
$
3,663
9%
Diagnostics and Genomics Group
1,389
1,296
7%
Agilent CrossLab Group
1,452
1,360
7%
Agilent
$
6,848
$
6,319
8%
Non-GAAP (excluding
Acquisitions & Divestitures)
Year-over-Yearat Constant Currency (a)
Year-over-Year
Year-over-Year Percentage Point Impact from Currency
Current Quarter Currency Impact (b) Non GAAP Revenue by Segment FY22
FY21
% Change
% Change
Life Sciences and Applied Markets Group
$
4,005
$
3,663
9%
13%
-4 ppts
$
(127)
Diagnostics and Genomics Group
1,379
1,296
6%
10%
-4 ppts
(44)
Agilent CrossLab Group
1,452
1,360
7%
11%
-4 ppts
(59)
Agilent (Core)
$
6,836
$
6,319
8%
12%
-4 ppts
$
(230)
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221121005734/en/
Investor Contact: Parmeet Ahuja +1 408-345-8948
parmeet_ahuja@agilent.com
Media Contact: Tom Beermann +1 408-553-2914
tom.beermann@agilent.com
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