Revenue at the high end of guidance and EPS
exceeds guidance
Fourth-quarter fiscal year 2023
- Revenue of $1.69 billion, down 8.7% reported and 9.7% core(1)
from the fourth quarter of 2022.
- GAAP net income of $475 million; earnings per share (EPS) of
$1.62, up 32% from the fourth quarter of 2022.
- Non-GAAP(2) net income of $404 million; EPS of $1.38, down 10%
from the fourth quarter of 2022.
Full fiscal year 2023
- Revenue of $6.83 billion, flat on a reported basis and up 1.5%
core(1) year-over-year.
- GAAP net income of $1.240 billion; EPS of $4.19, flat
year-over-year.
- Non-GAAP(2) net income of $1.609 billion; EPS of $5.44, up 4%
year-over-year.
Fiscal year 2024 and first-quarter outlook
- Fiscal year 2024 revenue is expected in the range of $6.71
billion to $6.81 billion, representing a range of down 1.8% to 0.3%
on a reported basis and down 0.5% to up 1% core(1). Fiscal year
2024 non-GAAP(3) earnings guidance is expected in the range of
$5.44 to $5.55 per share.
- Fiscal first-quarter revenue guidance is expected in the range
of $1.555 billion to $1.605 billion, a decline of 11.4% to 8.6%
reported and a decline of 11.3% to 8.5% core(1). Fiscal
first-quarter non-GAAP(3) earnings guidance is expected in the
range of $1.20 to $1.23 per share.
Agilent Technologies Inc. (NYSE: A) today reported revenue of
$1.69 billion for the fourth quarter ended Oct. 31, 2023, a decline
of 8.7% reported and 9.7% core(1) compared to the fourth quarter of
2022.
Fourth-quarter GAAP net income was $475 million, or $1.62 per
share. This compares with $368 million, or $1.23 per share, in the
fourth quarter of fiscal year 2022. Non-GAAP(2) net income was $404
million, or $1.38 per share during the quarter, compared with $456
million or $1.53 per share during the fourth quarter a year
ago.
“The Agilent team continued its strong execution in Q4 and
delivered leveraged earnings in 2023 during a challenging year for
the industry,” said President and CEO Mike McMullen. “As we look
ahead to 2024, we anticipate a slow but steady recovery. We have
high confidence in the markets in which we have invested, the
strength and resilience of our team, and the benefits of our build
and buy growth strategy. Agilent is well-positioned for long-term
growth.”
Financial Highlights
Life Sciences and Applied Markets Group
Agilent’s Life Sciences and Applied Markets Group (LSAG)
reported fourth-quarter revenue of $928 million, a decline of 17%
reported and 18% core(1) year-over-year. LSAG’s operating margin
for the quarter was 28.1%. Full-year revenue of $3.86 billion
declined 4% reported and 2% core(1) over last year. LSAG’s
operating margin for the year was 28.9%.
Agilent CrossLab Group
The Agilent CrossLab Group (ACG) reported fourth-quarter revenue
of $404 million, an increase of 6% reported and 4% core(1)
year-over-year. ACG’s operating margin for the quarter was 31.7%.
Full-year revenue of $1.57 billion grew 8% reported and 10% core(1)
over last year. ACG’s operating margin for the year was 29.5%.
Diagnostics and Genomics Group
The Diagnostics and Genomics Group (DGG) reported fourth-quarter
revenue of $356 million, an increase of 1% reported and flat on a
core(1) basis year-over-year. DGG’s operating margin for the
quarter was 22.5%. Full-year revenue of $1.41 billion increased 1%
reported and 3% core(1) year over year. DGG’s operating margin for
the year was 21.0%.
Full Year 2024 and First-Quarter Outlook
Full-year revenue is expected to be in the range of $6.71
billion to $6.81 billion, a decline of 1.8% to 0.3% on a reported
basis and down 0.5% to up 1% core(1). Full-year non-GAAP(3) EPS is
expected to be in the range of $5.44 to $5.55 per share.
The outlook for first-quarter revenue is expected to be in the
range of $1.555 billion to $1.605 billion, a decline of 11.4% to
8.6% reported and a decline of 11.3% to 8.5% core(1). First-quarter
non-GAAP(3) earnings guidance is expected to be in the range of
$1.20 to $1.23 per share.
The outlook is based on forecasted currency exchange rates.
Conference Call
Agilent’s management will present additional details regarding
the company’s fourth-quarter 2023 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 2023 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
analytical and clinical laboratory technologies, delivering
insights and innovation that help our customers bring great science
to 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 $6.83 billion in fiscal 2023 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 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 2024 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 fiscal quarter ended July 31,
2023. 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 2023 and full fiscal year 2023
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 full fiscal year 2024
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 restructuring and other related
costs, asset impairments, intangibles amortization,
transformational initiatives, acquisition and integration costs,
business exit and divestiture costs, net loss on equity securities,
pension settlement loss, special compliance costs, change in fair
value of contingent consideration 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. 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 full fiscal
year 2024 exclude primarily the estimated 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 $25 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,
2023
2022
2023
2022
Net revenue
$
1,688
$
1,849
$
6,833
$
6,848
Costs and expenses: Cost of products and services
773
837
3,368
3,126
Research and development
114
119
481
467
Selling, general and administrative
393
422
1,634
1,637
Total costs and expenses
1,280
1,378
5,483
5,230
Income from operations
408
471
1,350
1,618
Interest income
17
5
51
9
Interest expense
(22
)
(23
)
(95
)
(84
)
Other income (expense), net
17
2
33
(39
)
Income before taxes
420
455
1,339
1,504
Provision for (benefit from) income taxes
(55
)
87
99
250
Net income
$
475
$
368
$
1,240
$
1,254
Net income per share: Basic
$
1.63
$
1.24
$
4.22
$
4.19
Diluted
$
1.62
$
1.23
$
4.19
$
4.18
Weighted average shares used in computing net income per
share: Basic
292
296
294
299
Diluted
293
298
296
300
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,
2023
2022
ASSETS Current assets: Cash and cash equivalents
$
1,590
$
1,053
Accounts receivable, net
1,291
1,405
Inventory
1,031
1,038
Other current assets
274
282
Total current assets
4,186
3,778
Property, plant and equipment, net
1,270
1,100
Goodwill
3,960
3,952
Other intangible assets, net
475
821
Long-term investments
164
195
Other assets
708
686
Total assets
$
10,763
$
10,532
LIABILITIES AND EQUITY Current liabilities: Accounts
payable
$
418
$
580
Employee compensation and benefits
371
455
Deferred revenue
505
461
Short-term debt
—
36
Other accrued liabilities
309
329
Total current liabilities
1,603
1,861
Long-term debt
2,735
2,733
Retirement and post-retirement benefits
103
97
Other long-term liabilities
477
536
Total liabilities
4,918
5,227
Total Equity: Stockholders' equity: Preferred stock; $0.01
par value; 125,000,000 shares authorized; none issued and
outstanding at October 31, 2023 and October 31, 2022
—
—
Common stock; $0.01 par value, 2,000,000,000 shares authorized;
292,123,241 shares at October 31, 2023 and 295,259,092 shares at
October 31, 2022, issued and outstanding
3
3
Additional paid-in-capital
5,387
5,325
Retained earnings
782
324
Accumulated other comprehensive loss
(327
)
(347
)
Total stockholders' equity
5,845
5,305
Total liabilities and stockholders' equity
$
10,763
$
10,532
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,
2023
2022
Cash flows from operating activities: Net income
$
1,240
$
1,254
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
271
317
Share-based compensation
111
125
Deferred taxes
(56
)
8
Excess and obsolete inventory related charges
40
24
Net loss on equity securities
41
67
Asset impairment charges
277
—
Change in fair value of contingent consideration
1
(25
)
Loss on extinguishment of debt
—
9
Net gain on divestiture of business
(43
)
—
Other non-cash expense, net
6
11
Changes in assets and liabilities: Accounts receivable, net
132
(321
)
Inventory
(33
)
(248
)
Accounts payable
(171
)
121
Employee compensation and benefits
(91
)
(22
)
Other assets and liabilities
47
(8
)
Net cash provided by operating activities (a)
1,772
1,312
Cash flows from investing activities: Payments to acquire
property, plant and equipment
(298
)
(291
)
Proceeds from sale of equity securities
5
22
Payments to acquire equity securities
(8
)
(13
)
Proceeds from convertible note
4
—
Payments in exchange for convertible note
(12
)
(4
)
Proceeds from divestiture of business
50
—
Payments to acquire businesses and intangible assets, net of cash
acquired
(51
)
(52
)
Net cash used in investing activities
(310
)
(338
)
Cash flows from financing activities: Proceeds from issuance
of common stock under employee stock plans
67
58
Payment of taxes related to net share settlement of equity awards
(54
)
(67
)
Payments for repurchase of common stock
(575
)
(1,139
)
Payments of dividends
(265
)
(250
)
Proceeds from issuance of long-term debt
—
600
Repayments of long-term debt
—
(609
)
Net proceeds from (repayment of) short-term debt
(35
)
35
Payment for contingent consideration
(68
)
—
Net cash used in financing activities
(930
)
(1,372
)
Effect of exchange rate movements
5
(36
)
Net increase (decrease) in cash, cash equivalents and
restricted cash
537
(434
)
Cash, cash equivalents and restricted cash at beginning of
period
1,056
1,490
Cash, cash equivalents and restricted cash at end of period
$
1,593
$
1,056
Reconciliation of cash, cash equivalents and
restricted cash to the condensed consolidated balance sheet:
Cash and cash equivalents
$
1,590
$
1,053
Restricted cash, included in other assets
3
3
Total cash, cash equivalents and restricted cash
$
1,593
$
1,056
(a) Cash payments included in operating activities:
Income tax paid, net of refunds received
$
199
$
279
Interest payments, net of capitalized interest
$
89
$
85
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,
2023
2022
2023
2022
Net Income
Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
Net Income
Diluted EPS
GAAP net income
$
475
$
1.62
$
368
$
1.23
$
1,240
$
4.19
$
1,254
$
4.18
Non-GAAP adjustments: Restructuring and other related costs
46
0.16
—
—
46
0.16
—
—
Asset impairments
—
—
—
—
277
0.94
—
—
Intangible amortization
27
0.09
42
0.14
139
0.47
191
0.64
Transformational initiatives
(6
)
(0.02
)
9
0.03
25
0.08
30
0.10
Acquisition and integration costs
4
0.01
6
0.02
16
0.05
25
0.08
Business exit and divestiture costs (gain)
(43
)
(0.15
)
—
—
(43
)
(0.15
)
7
0.02
Net loss on equity securities
27
0.09
5
0.02
42
0.14
63
0.21
Pension settlement loss
4
0.01
4
0.01
4
0.01
4
0.01
Special compliance costs
—
—
—
—
9
0.03
—
—
Change in fair value of contingent consideration
—
—
—
—
1
—
(25
)
(0.08
)
Loss on extinguishment of debt
—
—
—
—
—
—
9
0.03
Other
(11
)
(0.03
)
10
0.03
11
0.04
12
0.04
Adjustment for taxes (a)
(119
)
(0.40
)
12
0.05
(158
)
(0.52
)
(5
)
(0.01
)
Non-GAAP net income
$
404
$
1.38
$
456
$
1.53
$
1,609
$
5.44
$
1,565
$
5.22
(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, temporary or
cannot be expected to occur again with any regularity or
predictability such as the realized gain/loss due to sale of a
business, windfall benefits on stock compensation, and the impact
of R&D capitalization under section 174 of the Tax Cuts and
Jobs Act of 2017. For the three months and year ended October 31,
2023, management used a non-GAAP effective tax rate of 13.75%. For
the three months ended October 31, 2022, management used a non-GAAP
effective tax rate of 14.12%. For the year ended October 31, 2022,
management used a non-GAAP effective tax rate of 14.00%. 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 restructuring and other related costs, asset
impairments, amortization of intangibles, transformational
initiatives, acquisition and integration costs, business exit and
divestiture costs, net loss on equity securities, pension
settlement loss, special compliance costs, change in fair value of
contingent consideration and loss on extinguishment of debt .
Restructuring and other related costs include incremental
expenses incurred in the period associated with restructuring
programs, usually aimed at changes in business and/or cost
structure. Such costs may include one-time termination benefits,
facility-related costs and contract termination fees.
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.
Business
exit and divestiture costs (gain) include costs and gain
associated with business divestitures.
Net loss on equity
securities relates to the realized and unrealized
mark-to-market adjustments for our marketable and non-marketable
equity securities.
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.
Special compliance costs include costs associated with
transforming our processes to implement new regulations such as
environmental compliance costs related to a prior acquisition, NASD
site costs and certain tax reporting requirements.
Change in
fair value of contingent consideration represents changes in
the fair value estimate of acquisition-related contingent
consideration.
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.
Other includes acceleration of share-based
compensation expense and 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 4
AGILENT
TECHNOLOGIES, INC. SEGMENT INFORMATION (In millions,
except where noted) (Unaudited) PRELIMINARY
Quarter-over-Quarter Life Sciences
and Applied Markets Group Q4'23 Q4'22 Revenue
$
928
$
1,116
Gross Margin, %
59.6
%
60.6
%
Income from Operations
$
261
$
365
Operating margin, %
28.1
%
32.7
%
Diagnostics and Genomics Group Q4'23
Q4'22 Revenue
$
356
$
352
Gross Margin, %
51.9
%
51.0
%
Income from Operations
$
80
$
69
Operating margin, %
22.5
%
19.5
%
Agilent CrossLab Group Q4'23
Q4'22 Revenue
$
404
$
381
Gross Margin, %
50.4
%
48.6
%
Income from Operations
$
128
$
104
Operating margin, %
31.7
%
27.4
%
Year-over-Year Life Sciences and
Applied Markets Group FY23 FY22 Revenue
$
3,856
$
4,007
Gross Margin, %
60.2
%
60.2
%
Income from Operations
$
1,116
$
1,186
Operating margin, %
28.9
%
29.6
%
Diagnostics and Genomics Group FY23
FY22 Revenue
$
1,409
$
1,389
Gross Margin, %
51.8
%
53.5
%
Income from Operations
$
296
$
301
Operating margin, %
21.0
%
21.7
%
Agilent CrossLab Group FY23 FY22
Revenue
$
1,568
$
1,452
Gross Margin, %
49.3
%
47.6
%
Income from Operations
$
463
$
370
Operating margin, %
29.5
%
25.5
%
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 restructuring and other
related costs, asset impairments, amortization of intangibles,
transformational initiatives, acquisition and integration costs,
business exit and divestiture costs, special compliance costs and
change in fair value of contingent consideration. 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 Q4'23 Q4'22 % Change
Life Sciences and Applied Markets Group
$
928
$
1,116
(17%)
Diagnostics and Genomics Group
356
352
1%
Agilent CrossLab Group
404
381
6%
Agilent
$
1,688
$
1,849
(9%)
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Non GAAP Revenue by
Segment Q4'23 Q4'22 Year-over-Year%
Change Year-over-Year% Change Percentage Point Impact
from Currency Current QuarterCurrency Impact (b)
Life Sciences and Applied Markets Group
$
928
$
1,116
(17%)
(18%)
1 ppt
$
9
Diagnostics and Genomics Group
356
350
2%
—
2 ppts
5
Agilent CrossLab Group
404
381
6%
4%
2 ppts
6
Agilent (Core)
$
1,688
$
1,847
(9%)
(10%)
1 ppt
$
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 FY23 FY22 % Change
Life Sciences and Applied Markets Group
$
3,856
$
4,007
(4%)
Diagnostics and Genomics Group
1,409
1,389
1%
Agilent CrossLab Group
1,568
1,452
8%
Agilent
$
6,833
$
6,848
—
Non-GAAP(excluding Acquisitions
& Divestitures) Year-over-Yearat Constant Currency
(a) Non GAAP Revenue by
Segment FY23 FY22 Year-over-Year%
Change Year-over-Year% Change Percentage Point Impact
from Currency Current Quarter Currency Impact (b)
Life Sciences and Applied Markets Group
$
3,849
$
4,007
(4%)
(2%)
-2 ppts
$
(73)
Diagnostics and Genomics Group
1,409
1,387
2%
3%
-1 ppt
(18)
Agilent CrossLab Group
1,568
1,452
8%
10%
-2 ppts
(31)
Agilent (Core)
$
6,826
$
6,846
—
1%
-1 ppt
$
(122)
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/20231120915570/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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