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Financial Statements Financial Tables (160kb)		Printer Friendly Version

Highlights:

GAAP income from continuing operations of $124 million, or $0.38 per share
Non-GAAP income from continuing operations of $193 million, or $0.59 per share⁽¹⁾ versus midpoint guidance of $0.51 per share
Revenue of $1.11 billion; core revenue growth of 6.3 percent⁽²⁾ versus midpoint guidance of 1.2 percent
First-quarter fiscal year 2017 revenue guidance of $1.04 billion to $1.06 billion, and non-GAAP earnings guidance of $0.48 to $0.50 per share⁽³⁾
Fiscal year 2017 revenue guidance of $4.35 billion to $4.37 billion, and non-GAAP earnings guidance of $2.10 to $2.16 per share⁽³⁾

Agilent Technologies Inc. (NYSE: A) today reported revenue of $1.11 billion, up 7.3 percent year over year (up 6.3 percent on a core basis⁽²⁾) for the fourth fiscal quarter ended Oct. 31, 2016.

Fourth-quarter GAAP income from continuing operations was $124 million, or $0.38 per share. Last year's fourth-quarter GAAP income from continuing operations was $140 million, or $0.42 per share.

During the fourth quarter, Agilent had intangible amortization of $32 million, impairment costs of $25 million, acquisition and integration costs of $13 million, transformation costs of $6 million and $5 million of other costs. Excluding these items, and a tax benefit of $12 million, Agilent reported fourth-quarter adjusted income from continuing operations of $193 million, or $0.59 per share⁽¹⁾.

"Agilent delivered a great fourth quarter, capping off a strong fiscal year 2016," said Mike McMullen, Agilent president and CEO. "Our fourth-quarter revenue was up 6.3 percent on a core basis⁽²⁾ supported by strength across all businesses, and earnings per share came in well above our guidance range."

"Key drivers for our better-than-expected quarter were stronger-than-expected growth in pharma and Europe, along with continued strength in China. Looking ahead, we are well positioned to capture market growth with our strong lineup of new offerings recently introduced and in the pipeline for 2017," McMullen added.

Fourth-quarter revenue of $548 million from Agilent's Life Sciences and Applied Markets Group (LSAG) grew 6 percent year over year (up 5 percent on a core basis⁽²⁾), with strength in pharma, food and forensics. LSAG's Q4 operating margin was 22.8 percent.

Fourth-quarter revenue of $370 million from the Agilent CrossLab Group (ACG) grew 8 percent year over year (up 8 percent on a core basis⁽²⁾). Both services and consumables experienced healthy growth across all geographies. ACG's operating margin was 22.7 percent in the quarter.

Fourth-quarter revenue of $193 million from Agilent's Diagnostics and Genomics Group (DGG) increased 8 percent year over year (up 8 percent on a core basis⁽²⁾), led by strength in pathology and nucleic acid solutions. DGG's operating margin for the quarter was 19.6 percent.

Agilent expects first-quarter 2017 revenue in the range of $1.04 billion to $1.06 billion. First-quarter non-GAAP earnings are expected to be in the range of $0.48 to $0.50 per share⁽³⁾.

For fiscal year 2017, Agilent expects revenue of $4.35 billion to $4.37 billion and non-GAAP earnings of $2.10 to $2.16 per share⁽³⁾. The guidance is based on Oct. 31, 2016 exchange rates.

Financial Statements for Fourth-Quarter Fiscal 2016

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY


	Three Months Ended
	October 31,						Percent
		2016			2015		Inc/(Dec)

Net revenue	$	1,111		$	1,035		7	%

Costs and expenses:
Cost of products and services		523			500		5	%
Research and development		84			82		2	%
Selling, general and administrative		321			297		8	%
Total costs and expenses		928			879		6	%

Income from operations		183			156		17	%

Interest income		3			1		200	%
Interest expense		(19	)		(16	)	19	%
Other income (expense), net		(16	)		2		—

Income from continuing operations before taxes		151			143		6	%

Provision for income taxes		27			3		—

Income from continuing operations		124			140		(11	%)

Loss from discontinued operations, net of tax		-			-		—

Net income	$	124		$	140		(11	%)



Net income per share - Basic:
Income from continuing operations	$	0.38		$	0.42
Loss from discontinued operations	$	-		$	-
Net income per share - Basic	$	0.38		$	0.42


Net income per share - Diluted:
Income from continuing operations	$	0.38		$	0.42
Loss from discontinued operations	$	-		$	-
Net income per share - Diluted	$	0.38		$	0.42


Weighted average shares used in computing net income per share:
Basic		324			331
Diluted		328			333

Cash dividends declared per common share	$	0.115		$	0.100




The preliminary income statement is estimated based on our current information.

Page 1


AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY


	Years Ended
	October 31,						Percent
		2016			2015		Inc/(Dec)

Net revenue	$	4,202		$	4,038		4	%

Costs and expenses:
Cost of products and services		2,005			1,997		—
Research and development		329			330		—
Selling, general and administrative		1,253			1,189		5	%
Total costs and expenses		3,587			3,516		2	%

Income from operations		615			522		18	%

Interest income		11			7		57	%
Interest expense		(72	)		(66	)	9	%
Other income (expense), net		(10	)		17		(159	%)

Income from continuing operations before taxes		544			480		13	%

Provision for income taxes		84			42		100	%

Income from continuing operations		460			438		5	%

Loss from discontinued operations, net of tax		-			(37	)	—

Net income	$	460		$	401		15	%



Net income per share - Basic:
Income from continuing operations	$	1.41		$	1.32
Loss from discontinued operations	$	-		$	(0.12	)
Net income per share - Basic	$	1.41		$	1.20


Net income per share - Diluted:
Income from continuing operations	$	1.40		$	1.31
Loss from discontinued operations	$	-		$	(0.11	)
Net income per share - Diluted	$	1.40		$	1.20


Weighted average shares used in computing net income per share:
Basic		326			333
Diluted		329			335

Cash dividends declared per common share	$	0.460		$	0.400




The preliminary income statement is estimated based on our current information.

Page 2


AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
PRELIMINARY


	Three Months Ended						Years Ended
	October 31,						October 31,
		2016			2015			2016			2015

Net income	$	124		$	140		$	460		$	401

Other comprehensive income (loss), net of tax:

Unrealized gain (loss) on derivative instruments		5			1			(6	)		8
Amounts reclassified into earnings related to derivative instruments		3			(3	)		3			(12	)
Foreign currency translation		(49	)		1			(8	)		(336	)
Net defined benefit pension cost and post retirement plan costs:
Change in actuarial net loss		(115	)		(55	)		(86	)		(38	)
Change in net prior service benefit		(2	)		(3	)		(15	)		(11	)
Other comprehensive loss		(158	)		(59	)		(112	)		(389	)

Total comprehensive income (loss)	$	(34	)	$	81		$	348		$	12


The preliminary statement of comprehensive income is estimated based on our current information.


Page 3


AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In millions, except par value and share amounts)
(Unaudited)
PRELIMINARY


				October 31,			October 31,
					2016			2015
ASSETS

Current assets:
	Cash and cash equivalents			$	2,289		$	2,003
	Short-term restricted cash and cash equivalents				—			242
	Accounts receivable, net				624			606
	Inventory				533			541
	Other current assets				189			294
		Total current assets			3,635			3,686

Property, plant and equipment, net					639			604
Goodwill					2,517			2,366
Other intangible assets, net					408			445
Long-term investments					135			86
Other assets					483			292
		Total assets		$	7,817		$	7,479

LIABILITIES AND EQUITY

Current liabilities:
	Accounts payable			$	257		$	279
	Employee compensation and benefits				235			221
	Deferred revenue				269			258
	Other accrued liabilities				183			218
		Total current liabilities			944			976

Long-term debt					1,912			1,655
Retirement and post-retirement benefits					360			264
Other long-term liabilities					357			414
		Total liabilities			3,573			3,309

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; 614 million shares at October 31, 2016
		and 611 million shares at October 31, 2015, issued			6			6
	Treasury stock at cost; 290 million shares at October 31, 2016 and
		279 million shares at October 31, 2015			(10,508	)		(10,074	)
	Additional paid-in-capital				9,159			9,045
	Retained earnings				6,087			5,581
	Accumulated other comprehensive loss				(503	)		(391	)
		Total stockholders' equity			4,241			4,167
	Non-controlling interest				3			3
		Total equity			4,244			4,170
			Total liabilities and equity	$	7,817		$	7,479



The preliminary balance sheet is estimated based on our current information.


Page 4


AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In millions)
(Unaudited)
PRELIMINARY


			Three Months			Year
			Ended			Ended
			October 31,			October 31,
				2016			2016
Cash flows from operating activities:
	Net income		$	124		$	460

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation and amortization			56			246
	Share-based compensation			11			58
	Excess and obsolete inventory related charges			4			20
	Impairment of investment and loans			25			25
	Other non-cash expenses, net			3			19
	Changes in assets and liabilities:
		Accounts receivable		(45	)		(26	)
		Inventory		4			(7	)
		Accounts payable		12			(15	)
		Employee compensation and benefits		29			15
		Interest rate swap payments		(10	)		(10	)
		Other assets and liabilities		21			8
Net cash provided by operating activities ^(a)				234			793

Cash flows from investing activities:
	Investments in property, plant and equipment			(52	)		(139	)
	Proceeds from sale of investment securities			-			1
	Payment to acquire cost method investment			-			(80	)
	Loan to equity method investment			-			(3	)
	Change in restricted cash and cash equivalents, net			-			245
	Payment in exchange for convertible loan			-			(1	)
	Acquisition of businesses and intangible assets, net of cash acquired			(26	)		(261	)
Net cash used in investing activities				(78	)		(238	)

Cash flows from financing activities:
	Issuance of common stock under employee stock plans			3			62
	Payment of taxes related to net share settlement of equity awards			-			(6	)
	Payment of dividends			(38	)		(150	)
	Proceeds from revolving credit facility			-			255
	Repayment of revolving credit facility			(235	)		(255	)
	Proceeds from issuance of senior notes			299			299
	Debt issuance cost			(2	)		(2	)
	Repayment of debt			(37	)		(37	)
	Treasury stock repurchases			(46	)		(434	)
Net cash used in financing activities				(56	)		(268	)

Effect of exchange rate movements				(10	)		(1	)

Net increase in cash and cash equivalents				90			286

Cash and cash equivalents at beginning of period				2,199			2,003

Cash and cash equivalents at end of period			$	2,289		$	2,289

	^(a) Cash payments included in operating activities:
		Severance payments		3			8
		Income tax payments, net		13			67
		Interest payments		8			73



The preliminary cash flow is estimated based on our current information.


Page 5


AGILENT TECHNOLOGIES, INC.
NON-GAAP INCOME FROM CONTINUING OPERATIONS AND DILUTED EPS RECONCILIATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY

			Three Months Ended												Years Ended
			October 31,												October 31,
				2016		Diluted EPS				2015		Diluted EPS				2016		Diluted EPS				2015		Diluted EPS

GAAP Income from continuing operations			$	124		$	0.38		$	140			0.42		$	460		$	1.40		$	438			1.31
	Non-GAAP adjustments:
		Acceleration of share-based compensation related to workforce reduction		—			—			—			—			—			—			2			0.01
		Asset impairments		—			—			3			0.01			4			0.01			3			0.01
		Intangible amortization		32			0.10			37			0.11			152			0.46			156			0.47
		Business exit and divestiture costs		4			0.01			1			—			10			0.03			14			0.04
		Transformational initiatives		6			0.02			15			0.05			38			0.12			56			0.17
		Acquisition and integration costs		13			0.04			7			0.02			41			0.12			13			0.04
		Impairment of investment and loans		25			0.08			—			—			25			0.08			—			—
		Pension curtailment gain		—			—			—			—			(16	)		(0.05	)		—			—
		Other		1			—			4			0.01			6			0.02			5			0.01
		Adjustment for taxes ^(a)		(12	)		(0.04	)		(39	)		(0.12	)		(69	)		(0.21	)		(104	)		(0.32	)
Non-GAAP Income from continuing operations			$	193		$	0.59		$	168		$	0.50		$	651		$	1.98		$	583		$	1.74


^(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, 2016, management uses a non-GAAP effective tax rate of 16.8% and 19.0%, respectively. For the three months and year ended October 31, 2015, management uses a non-GAAP effective tax rate of 20.0% for both periods.

Historical amounts are reclassified to conform with current presentation.

We provide non-GAAP income from continuing operations and non-GAAP income from continuing operations 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, pension curtailment, transformational initiatives, acquisition and integration costs, business exit and divestiture costs, and impairment of investment and loans.
Asset impairments include assets that have been written down to their fair value.
Business exit and divestiture costs include costs associated with the exit of the NMR business and the divestiture of the XRD business.
Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers, small site consolidations, 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 the post-separation resizing of the IT infrastructure and streamlining of IT systems as well as the expenses incurred primarily in fiscal year 2015 to effect the Agile Agilent reengineering.
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, information technology systems and infrastructure and other employee-related costs.
Impairment of investment and loans include an investment and the related convertible loans that have been written down to their fair value.
Pension curtailment gain resulted from certain retirement plans benefit reductions.
Other includes certain legal costs and settlements 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 6


AGILENT TECHNOLOGIES, INC.
SEGMENT INFORMATION
(In millions, except where noted)
(Unaudited)
PRELIMINARY

Life Sciences and Applied Markets Group
	Q4'16			Q4'15
Revenue	$	548		$	515
Gross Margin, %		59.4	%		56.9	%
Income from Operations	$	125		$	103
Operating margin, %		22.8	%		20.0	%


Diagnostics and Genomics Group
	Q4'16			Q4'15
Revenue	$	193		$	178
Gross Margin, %		55.4	%		56.0	%
Income from Operations	$	38		$	34
Operating margin, %		19.6	%		19.2	%


Agilent CrossLab Group
	Q4'16			Q4'15
Revenue	$	370		$	342
Gross Margin, %		49.4	%		50.3	%
Income from Operations	$	84		$	86
Operating margin, %		22.7	%		25.1	%






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, business exit and divestiture costs and impairment of investment and loans.

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 7


AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY SEGMENT EXCLUDING THE NMR BUSINESS,
ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY

	Year-over-Year

	GAAP
					Year-over-Year
GAAP Revenue by Segment	Q4'16		Q4'15		% Change

Life Sciences and Applied Markets Group	$	548	$	515	6	%

Diagnostics and Genomics Group		193		178	8	%

Agilent CrossLab Group		370		342	8	%

Agilent	$	1,111	$	1,035


	Non-GAAP						Currency Adjustments		Currency-Adjusted ^(a)
					Year-over-Year								Year-over-Year
Non GAAP Revenue by Segment	Q4'16		Q4'15		% Change		Q4'16		Q4'16		Q4'15		% Change

Life Sciences and Applied Markets Group excluding acquisition and NMR	$	535	$	507	5	%	$	3	$	532	$	507	5	%

Diagnostics and Genomics Group		193		178	8	%		1		192		178	8	%

Agilent CrossLab Group excluding acquisition		368		342	8	%		—		368		342	8	%

Agilent Revenue (Core)	$	1,096	$	1,027			$	4	$	1,092	$	1,027	6	%



^(a) We compare the year-over-year change in revenue excluding the effect of the NMR business, recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business. To determine the impact of currency fluctuations, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the actual exchange rate in effect during the respective prior periods.


The preliminary reconciliation of GAAP revenue adjusted for the NMR business, recent acquisitions and divestitures and impact of currency is estimated based on our current information.


Page 8

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