Waters Corporation (NYSE:WAT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 08:00 am ET


Waters Corporation (NYSE:WAT) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. Welcome to the Waters Corporation Second Quarter 2020 Financial Results Conference Call. [Operator Instructions]. If anyone has any objections, please disconnect at this time.

It is now my pleasure to turn over the call to Mr. Bryan Brokmeier, Head of Investor Relations. Please go ahead, sir.

Bryan Brokmeier

Thank you, operator. Good morning, everyone, and welcome to the Waters Corporation second quarter earnings conference call. Before we begin, I will cover the cautionary language. During the course of this conference call, we will make various forward-looking statements regarding future events or future financial performance of the Company. In particular, we will provide commentary on potential market and business conditions the Company expects for the third quarter and full year 2020.

We caution you that all such statements are only our present expectations and that actual events or results may differ materially. For a detailed discussion of some of the risks and contingencies that may cause our actual performance to differ significantly from our present expectations, see the risk factors included in our annual report on Form 10-K for the fiscal year ended December 31st, 2019, in Part 1 under the caption Risk Factors and in our most recent quarterly report on Form 10-Q for the quarter ended March 28th, 2020 in Part 1 under the caption, Risk Factors, both of which are on file with the SEC, as well as the cautionary language included in this morning's press release, including with respects to risks related to the effects of the COVID-19 pandemic on our business.

We further caution you that the Company does not intend to update any of its predictions or projections, except during our regularly scheduled quarterly earnings release conference calls and webcasts or as otherwise required by law. The next earnings release call and webcast is currently planned for October 27, 2020. During today's call, we will be referring to certain non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures are attached to our earnings release issued this morning and available on the Company's website.

In our discussions of the results of operations, we may refer to non-GAAP results, which exclude the impact of items such as those outlined in our schedule titled Reconciliation of GAAP to Adjusted Non-GAAP Financials included in this morning's press release.

Unless stated otherwise, references to quarterly results, increasing or decreasing, in comparison to the second quarter of fiscal year 2019. In addition, unless stated otherwise, all year-over-year revenue growth rates, including revenue growth ranges given on today's call, are given on a comparable constant currency basis.

Now, I'd like to turn the call over to Dr. Flemming Ornskov, Waters' Chairman of the Board to make a few brief comments. Flemming?

Flemming Ornskov

Thank you, Bryan, and good morning everyone. I wanted to join at the beginning of this call for two reasons. First, to thank Chris for his contribution to Waters; and second, to discuss our leadership transition process and the appointment of Udit Batra as Waters'