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MKS Instruments Reports First Quarter 2018 Financial Results

Apr 24, 2018
  • Achieved new quarterly records for revenue and Non-GAAP net earnings
  • Quarterly revenue up 27% compared to Q1 2017
  • Achieved new quarterly revenue records in both the Vacuum and Analysis and Light and Motion Divisions
  • Completed 4th Term Loan repricing and another $50 million voluntary debt prepayment

ANDOVER, Mass., April 24, 2018 (GLOBE NEWSWIRE) -- MKS Instruments, Inc. (NASDAQ:MKSI), a global provider of technologies that enable advanced processes and improve productivity, today reported first quarter 2018 financial results.

 
Quarterly Financial Results
(in millions, except per share data)
  Q1 2018 Q4 2017
GAAP Results    
Net revenues $554 $512
Gross margin 47.4% 46.6%
Operating margin 23.8% 23.4%
Net income $105 $77.6
Diluted EPS $1.90 $1.41
Non-GAAP Results    
Gross margin 47.4% 46.6%
Operating margin 26.2% 25.9%
Net earnings $114.3 $94.6
Diluted EPS $2.07 $1.71
     

First Quarter 2018 Financial Results  
Revenue was $554 million, an increase of 8% from $512 million in the fourth quarter of 2017 and an increase of 27% from $437 million in the first quarter of 2017.

Net income was $105 million, or $1.90 per diluted share, compared to net income of $77.6 million, or $1.41 per diluted share, in the fourth quarter of 2017, and $65.1 million, or $1.18 per diluted share, in the first quarter of 2017.

Non-GAAP net earnings, which exclude special charges and credits, were $114.3 million, or $2.07 per diluted share, compared to $94.6 million, or $1.71 per diluted share, in the fourth quarter of 2017, and $70.0 million, or $1.27 per diluted share, in the first quarter of 2017.

Sales to semiconductor customers were $313 million, an increase of 26% compared to the first quarter of 2017, and sales to advanced markets were $241 million, an increase of 28% compared to the first quarter of 2017.

Sales in the Vacuum and Analysis Division set another quarterly record of $348 million, an increase of 25% from the first quarter a year ago.  Sales in the Light and Motion Division also set another quarterly record of $206 million, an increase of 29% from the prior year period.

“We are very pleased with our strong start in 2018, which has fueled our ability to achieve our objectives of sustainable and profitable growth,” said Gerald Colella, Chief Executive Officer and President.  Mr. Colella added, “We again set new records for quarterly revenue and Non-GAAP net earnings as well as achieving new revenue records in both the semiconductor market and advanced markets we serve.  Our strong focus on solving complex customer problems is a significant driver in the 28% year over year revenue growth in our advanced markets.   These advanced markets represent almost 45% of our total revenue and provide MKS a unique additive growth opportunity to our strong leading position in the semiconductor market.”

“We also continue to execute on our strategy to delever our balance sheet and significantly reduce our interest cost,” said Seth Bagshaw, Senior Vice President and Chief Financial Officer. “In March 2018, we voluntarily pre-paid another $50 million of principal on our Term Loan. Furthermore, on April 11, 2018, we completed our fourth successful repricing of our Term Loan. Our debt balance as of March 31, 2018, was $348 million, down from $780 million at loan origination in April 2016; our debt to Adjusted EBITDA ratio is well below one times; and we have reduced our non-GAAP interest expense by over 70% since origination on an annualized basis.”

Additional Financial Information
The Company had $542 million in cash and short-term investments as of March 31, 2018 and during the first quarter of 2018, MKS paid a dividend of $9.8 million or $0.18 per diluted share.

Second Quarter 2018 Outlook  
Based on current business levels, the Company expects that revenue in the second quarter of 2018 could range from $550 to $590 million.

At these volumes, GAAP net income could range from $1.91 to $2.18 per diluted share and non-GAAP net earnings could range from $2.09 to $2.36 per diluted share. This financial guidance incorporates assumptions made based upon the Company’s current interpretation of the 2017 Tax Cut and Jobs Act, and may change as additional clarification and implementation guidance is issued.

Conference Call Details
A conference call with management will be held on Wednesday, April 25, 2018 at 8:30 a.m. (Eastern Time).  To participate in the conference call, please dial (877) 212-6076 for domestic callers and (707) 287-9331 for international callers, and an operator will connect you.  Participants will need to provide the operator with the Conference ID of 8173829, which has been reserved for this call.  A live and archived webcast of the call will be available on the Company’s website at www.mksinst.com, along with the Company's earnings press release and supplemental financial information.

About MKS Instruments
MKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, monitor, deliver, analyze, power, and control critical parameters of advanced manufacturing processes to improve process performance and productivity.  Our products are derived from our core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control technology, ozone generation and delivery, RF & DC power, reactive gas generation, vacuum technology, lasers, photonics, sub-micron positioning, vibration control, and optics.  Our primary served markets include semiconductor capital equipment, general industrial, life sciences, and research.  Additional information can be found at www.mksinst.com.

Use of Non-GAAP Financial Results
This release includes measures that are not in accordance with U.S. generally accepted accounting principles (“non-GAAP measures”). Non-GAAP measures exclude amortization of acquired intangible assets, asset impairments, costs associated with completed and announced acquisitions, acquisition integration costs, an inventory step-up adjustment related to an acquisition, restructuring charges, certain excess and obsolete inventory charges, fees and expenses related to the re-pricings of our term loan, amortization of debt issuance costs, net proceeds from an insurance policy, costs associated with the sale of a business, the tax effect of the 2017 Tax Cut and Jobs Act, the tax effect of legal entity restructurings, other discrete tax benefits and charges, and the related tax effect of these adjustments. These non-GAAP measures should be viewed in addition to, and not as a substitute for, MKS’ reported results, and may be different from non-GAAP measures used by other companies.  In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.  MKS management believes the presentation of these non-GAAP measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Annualized GAAP interest expense based upon $780 million principal outstanding and using the LIBOR based interest rate spread in effect on April 29, 2016, was $44 million and included $5 million in debt issuance cost. Annualized GAAP interest expense based upon $348 million in principal currently outstanding and LIBOR plus 175 basis points is $14.5 million and includes $3.1 million of debt issuance cost.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future financial performance, business prospects and growth of MKS.  These statements are only predictions based on current assumptions and expectations.  Actual events or results may differ materially from those in the forward-looking statements set forth herein.  Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are the conditions affecting the markets in which MKS operates, including the fluctuations in capital spending in the semiconductor industry and other advanced manufacturing markets, fluctuations in net sales to our major customers, the challenges, risks and costs involved with integrating the operations  of the companies we have acquired, including our most recent acquisition of Newport Corporation, the Company’s ability to successfully grow our business, potential fluctuations in quarterly results, the terms of our term loan, dependence on new product development, rapid technological and market change, acquisition strategy, manufacturing and sourcing risks, volatility of stock price, international operations, financial risk management, and the other factors described in MKS’ most recent Annual Report on Form 10-K for the year ended December 31, 2017 filed with SEC. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

Company Contact:  Seth H. Bagshaw
Senior Vice President, Chief Financial Officer and Treasurer
Telephone:  978.645.5578

Investor Relations Contacts: 
Monica Gould
The Blueshirt Group
Telephone:  212.871.3927
Email:  monica@blueshirtgroup.com

Lindsay Grant Savarese
The Blueshirt Group
Telephone:  212.331.8417
Email:  lindsay@blueshirtgroup.com

           
MKS Instruments, Inc.
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
           
           
           
  Three Months Ended
  March 31,   March 31,   December 31,
  2018   2017 (Note 11)   2017 (Note 11)
           
Net revenues:          
Products $ 496,677     $ 387,938     $ 458,155  
Services   57,598       49,215       53,645  
Total net revenues   554,275       437,153       511,800  
Cost of revenues:          
Products   261,321       205,834       243,384  
Services   30,099       25,772       30,090  
Total cost of revenues   291,420       231,606       273,474  
           
Gross profit   262,855       205,547       238,326  
           
Research and development   34,857       33,282       33,045  
Selling, general and administrative   82,949       74,220       72,510  
Acquisition and integration costs   -       1,442       634  
Restructuring   1,220       522       1,324  
Environmental costs   1,000       -       -  
Amortization of intangible assets   11,190       12,501       10,797  
Income from operations   131,639       83,580       120,016  
           
Interest income   1,105       516       1,125  
Interest expense   5,430       8,832       7,989  
Other (expense) income, net   (572 )     2,021       (2,155 )
Income from operations before income taxes   126,742       77,285       110,997  
Provision for income taxes   21,621       12,225       33,359  
Net income $ 105,121     $ 65,060     $ 77,638  
           
Net income per share:          
Basic $ 1.93     $ 1.21     $ 1.43  
Diluted $ 1.90     $ 1.18     $ 1.41  
           
Cash dividends per common share $ 0.18     $ 0.175     $ 0.18  
           
Weighted average shares outstanding:          
Basic   54,423       53,769       54,318  
Diluted   55,286       54,958       55,236  
           
The following supplemental Non-GAAP earnings information is presented           
to aid in understanding MKS' operating results:          
           
Net income $ 105,121     $ 65,060     $ 77,638  
           
Adjustments:          
Acquisition and integration costs (Note 1)   -       1,442       634  
Expenses related to the sale of a business (Note 2)   -       423       -  
Amortization of debt issuance costs (Note 3)   1,831       2,414       3,983  
Restructuring (Note 4)   1,220       522       1,324  
Environmental costs (Note 5)   1,000       -       -  
Amortization of intangible assets   11,190       12,501       10,797  
Windfall tax benefit on stock-based compensation (Note 6)   (3,036 )     (6,650 )     (658 )
Deferred tax adjustment (Note 7)   878       -       (24,546 )
Transition tax on accumulated foreign earnings (Note 8)   (1,668 )     -       28,658  
Tax adjustment related to the sale of a business (Note 9)   -       -       (12,131 )
Accrued tax on MKS subsidiary distribution (Note 10)   -       -       14,000  
Pro-forma tax adjustments   (2,247 )     (5,718 )     (5,083 )
           
Non-GAAP net earnings $ 114,289     $ 69,994     $ 94,616  
           
Non-GAAP net earnings per share $ 2.07     $ 1.27     $ 1.71  
           
Weighted average shares outstanding   55,286       54,958       55,236  
           
Income from operations $ 131,639     $ 83,580     $ 120,016  
           
Adjustments:          
Acquisition and integration costs (Note 1)   -       1,442       634  
Expenses related to the sale of a business (Note 2)   -       423       -  
Restructuring (Note 4)   1,220       522       1,324  
Environmental costs (Note 5)   1,000       -       -  
Amortization of intangible assets   11,190       12,501       10,797  
           
Non-GAAP income from operations $ 145,049     $ 98,468     $ 132,771  
           
Non-GAAP operating margin percentage   26.2 %     22.5 %     25.9 %
           
Interest expense $ 5,430     $ 8,832     $ 7,989  
Amortization of debt issuance costs (Note 3)   1,831       2,414       3,983  
           
Non-GAAP interest expense $ 3,599     $ 6,418     $ 4,006  
           
Net income $ 105,121     $ 65,060     $ 77,638  
Interest expense, net   4,325       8,316       6,864  
Provision for income taxes   21,621       12,225       33,359  
Depreciation   9,302       9,332       9,208  
Amortization   11,190       12,501       10,797  
EBITDA $ 151,559     $ 107,434     $ 137,866  
Stock-based compensation   10,426       8,782       4,544  
Acquisition and integration costs (Note 1)   -       1,442       634  
Expenses related to the sale of a business (Note 2)   -       423       -  
Restructuring (Note 4)   1,220       522       1,324  
Environmental costs (Note 5)   1,000       -       -  
Other adjustments   772       747       839  
Adjusted EBITDA $ 164,977     $ 119,350     $ 145,207  
           
Note 1: We recorded acquisition and integration costs related to the Newport Corporation acquisition, which closed during the second quarter of 2016, during the three months ended December 31, 2017 and March 31, 2017.
           
Note 2: We recorded legal and consulting expense during the three months ended March 31, 2017 related to the sale of a business, which was completed in April 2017.
           
Note 3: We recorded additional interest expense related to the amortization of debt issuance costs affiliated with our Term Loan Credit Agreement and ABL Facility.
           
Note 4: We recorded restructuring costs, primarily comprised of severance costs related to transferring a portion of our shared service functions to a third party as well as the consolidation of certain shared service functions in Asia during the three months ended March 31, 2018. We recorded restructuring costs during the three months ended December 31, 2017 and March 31, 2017, primarily related to the restructuring of one of our international sales facilities and the consolidation of certain sales offices and manufacturing plants.
           
Note 5: We recorded additional environmental costs during the three months ended March 31, 2018, related to an EPA-designated Superfund site, which was acquired as part of our Newport acquisition.
           
Note 6: Windfall tax benefits on the vesting of stock-based compensation relate to an accounting standard issued by the Financial Statement Accounting Standards Board (Accounting Standards Update 2016-09).
           
Note 7: We recorded a provisional deferred tax adjustment, which also includes the reversal of a tax accrual on a French dividend, related to U.S. tax reform legislation during the three months ended December 31, 2017 and updated the provisional deferred tax adjustment in the three months ended March 31, 2018.
           
Note 8*: We recorded a provisional transition tax on accumulated foreign earnings related to the 2017 Tax Cut and Jobs Act during the three months ended December 31, 2017 and updated the provisional transition tax in the three months ended March 31, 2018.
           
Note 9*: We recorded a tax adjustment resulting from the 2017 Tax Cut and Jobs Act, related to the sale of our Data Analytics Solutions business during the three months ended December 31, 2017.
           
Note 10*: We recorded an accrual for tax expense on a potential distribution to a subsidiary, related to the 2017 Tax Cut and Jobs Act during the three months ended December 31, 2017.
           
*The computation of the one-time tax on our offshore earnings pursuant to the 2017 Tax Cut and Jobs Act (the "Tax Act") as well as our net deferred tax liability is based on our current understanding and assumptions regarding the impact of the Tax Act, and may change as additional clarification and implementation guidance is issued and as the interpretation of the Tax Act evolves over time.
       
Note 11: We historically recorded the revenue and related cost of revenue for our spare parts within Products in our Statement of Operations for the Vacuum and Analysis Division. We have now determined that these items are better reflected within Services in our Statement of Operations and have revised the presentation of our previously issued financial statements as shown below:
           
  Three Months Ended March 31, 2017
  As previously
reported
  Adjustment   As revised
Net revenues:          
Products $ 392,922     $ (4,984 )   $ 387,938  
Services   44,231       4,984       49,215  
Total net revenues   437,153       -       437,153  
Cost of revenues:          
Cost of products   205,060       774       205,834  
Cost of services   26,546       (774 )     25,772  
Total cost of revenues $ 231,606     $ -     $ 231,606  
           
           
  Three Months Ended December 31, 2017
  As previously
reported
  Adjustment   As revised
Net revenues:          
Products $ 463,851     $ (5,696 )   $ 458,155  
Services   47,949       5,696       53,645  
Total net revenues   511,800       -       511,800  
Cost of revenues:          
Cost of products   242,008       1,376       243,384  
Cost of services   31,466       (1,376 )     30,090  
Total cost of revenues $ 273,474     $ -     $ 273,474  
           

 

           
MKS Instruments, Inc.
Unaudited Consolidated Statements of Cash Flows
(In thousands, except per share data)
           
  Three Months Ended
  March 31,   March 31,   December 31,
  2018   2017   2017
Cash flows from operating activities:          
Net income $ 105,121     $ 65,060     $ 77,638  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   20,492       21,833       20,006  
Amortization of debt issuance costs and original issue discount   2,019       2,715       4,314  
Stock-based compensation   10,426       8,782       4,544  
Provision for excess and obsolete inventory   5,333       5,031       4,864  
Provision for doubtful accounts   335       316       175  
Deferred income taxes   (705 )     (1,809 )     (16,528 )
Other   34       85       (7 )
Changes in operating assets and liabilities   (70,299 )     (35,956 )     (14,220 )
           
Net cash provided by operating activities   72,756       66,057       80,786  
           
Cash flows from investing activities:          
Purchases of investments   (49,753 )     (42,292 )     (30,545 )
Sales of investments   8,930       21,179       9,993  
Maturities of investments   49,596       55,672       40,563  
Purchases of property, plant and equipment   (9,390 )     (4,099 )     (13,431 )
Other   -       -       66  
           
Net cash (used in) provided by investing activities   (617 )     30,460       6,646  
           
Cash flows from financing activities:          
Payments of short-term borrowings   (10,274 )     (1,398 )     (16,435 )
Proceeds from short and long-term borrowings   11,907       736       15,394  
Payments of long-term borrowings   (50,000 )     (51,570 )     (50,000 )
Dividend payments   (9,808 )     (9,419 )     (9,775 )
Net (payments) proceeds related to employee stock awards   (8,921 )     (2,894 )     2,504  
           
Net cash used in financing activities   (67,096 )     (64,545 )     (58,312 )
           
Effect of exchange rate changes on cash and cash equivalents   1,958       (4,696 )     (1,327 )
           
Increase in cash and cash equivalents and restricted cash   7,001       27,276       27,793  
           
Cash and cash equivalents, including restricted cash at beginning of period   333,887       233,910       306,094  
           
Cash and cash equivalents, including restricted cash at end of period $ 340,888     $ 261,186     $ 333,887  
           

 

                         
MKS Instruments, Inc.
Reconciliation of GAAP Income Tax Rate to Non-GAAP Income Tax Rate
(In thousands)
                       
    Three Months Ended March 31, 2018   Three Months Ended December 31, 2017
  Income Before   Provision (benefit)   Effective   Income Before   Provision (benefit)   Effective
  Income Taxes   for Income Taxes   Tax Rate   Income Taxes   for Income Taxes   Tax Rate
         
GAAP   $ 126,742     $ 21,621       17.1 %   $ 110,997     $ 33,359     30.1 %
                         
Adjustments:                        
Acquisition and integration costs (Note 1)     -       -           634       -      
Amortization of debt issuance costs (Note 3)     1,831       -           3,983       -      
Restructuring (Note 4)     1,220       -           1,324       -      
Environmental costs (Note 5)     1,000       -           -       -      
Amortization of intangible assets     11,190       -           10,797       -      
Windfall tax benefit on stock-based compensation (Note 6)     -       3,036           -       658      
Deferred tax adjustment (Note 7)     -       (878 )         -       24,546      
Transition tax on accumulated foreign earnings (Note 8)     -       1,668           -       (28,658 )    
Tax adjustment related to the sale of a business (Note 9)     -       -           -       (14,000 )    
Accrued tax on MKS subsidiary distribution (Note 10)     -       -           -       12,131      
Tax effect of pro-forma adjustments     -       2,247           -       5,083      
                         
Non-GAAP   $ 141,983     $ 27,694       19.5 %   $ 127,735     $ 33,119     25.9 %
                         
                         
    Three Months Ended March 31, 2017            
    Income Before   Provision (benefit)   Effective            
    Income Taxes   for Income Taxes   Tax Rate            
                         
GAAP   $ 77,285     $ 12,225       15.8 %            
                         
Adjustments:                        
Acquisition and integration costs (Note 1)     1,442       -                  
Expenses related to the sale of a business (Note 2)     423       -                  
Amortization of debt issuance costs (Note 3)     2,414       -                  
Restructuring (Note 4)     522       -                  
Amortization of intangible assets     12,501       -                  
Windfall tax benefit on stock-based compensation (Note 6)     -       6,650                  
Tax effect of pro-forma adjustments     -       5,443    
Adjustment to pro-forma tax rate     -       275                  
Non-GAAP   $ 94,587     $ 24,593       26.0 %            
                         
                         
Note 1: We recorded acquisition and integration costs related to the Newport Corporation acquisition, which closed during the second quarter of 2016, during the three months ended December 31, 2017 and March 31, 2017.
                         
Note 2: We recorded legal and consulting expense during the three months ended March 31, 2017 related to the sale of a business, which was completed in April 2017.
                         
Note 3: We recorded additional interest expense related to the amortization of debt issuance costs affiliated with our Term Loan Credit Agreement and ABL Facility.
                         
Note 4: We recorded restructuring costs, primarily comprised of severance costs related to transferring a portion of our shared service functions to a third party as well as the consolidation of certain shared service functions in Asia during the three months ended March 31, 2018. We recorded restructuring costs during the three months ended December 31, 2017 and March 31, 2017, primarily related to the restructuring of one of our international sales facilities and the consolidation of certain sales offices and manufacturing plants.
                         
Note 5: We recorded additional environmental costs during the three months ended March 31, 2018, related to an EPA-designated Superfund site, which was acquired as part of our Newport acquisition.
                         
Note 6: Windfall tax benefits on the vesting of stock-based compensation relate to an accounting standard issued by the Financial Statement Accounting Standards Board (Accounting Standards Update 2016-09).
                         
Note 7: We recorded a provisional deferred tax adjustment, which also includes the reversal of a tax accrual on a French dividend, related to U.S. tax reform legislation during the three months ended December 31, 2017 and updated the provisional deferred tax adjustment in the three months ended March 31, 2018.
                         
Note 8*: We recorded a provisional transition tax on accumulated foreign earnings related to the 2017 Tax Cut and Jobs Act during the three months ended December 31, 2017 and updated the provisional transition tax in the three months ended March 31, 2018.
                         
Note 9*: We recorded a tax adjustment resulting from the 2017 Tax Cut and Jobs Act, related to the sale of our Data Analytics Solutions business during the three months ended December 31, 2017.
                         
Note 10*: We recorded an accrual for tax expense on a potential distribution to a subsidiary, related to the 2017 Tax Cut and Jobs Act during the three months ended December 31, 2017.
                         
*The computation of the one-time tax on our offshore earnings pursuant to the 2017 Tax Cut and Jobs Act (the "Tax Act") as well as our net deferred tax liability is based on our current understanding and assumptions regarding the impact of the Tax Act, and may change as additional clarification and implementation guidance is issued and as the interpretation of the Tax Act evolves over time.
                         
                         
MKS Instruments, Inc.
Reconciliation of Q2-18 Guidance - GAAP Net Income to Non-GAAP Net Earnings 
(In thousands, except per share data)
                         
    Three Months Ended June 30, 2018        
    Low Guidance   High Guidance        
    $ Amount   $ Per Share   $ Amount   $ Per Share        
                         
GAAP net income   $ 105,900     $ 1.91     $ 120,900     $ 2.18          
                         
Amortization     11,000       0.20       11,000       0.20          
                         
Deferred financing costs     600       0.01       600       0.01          
                         
Restructuring     700       0.01       700       0.01          
                         
Tax effect of adjustments (Note 1)     (2,400 )     (0.04 )     (2,400 )     (0.04 )        
                         
Non-GAAP net earnings   $ 115,800     $ 2.09     $ 130,800     $ 2.36          
                         
Q2 -18 forecasted shares         55,400           55,400          
                         
Note 1: The Non-GAAP adjustments are tax effected at the applicable statutory rates and the difference between the GAAP and Non-GAAP tax rates.
                         

 

         
MKS Instruments, Inc.
Unaudited Consolidated Balance Sheet
(In thousands)
         
         
         
         
    March 31,   December 31,
    2018   2017
         
ASSETS      
         
Cash and cash equivalents, including restricted cash $ 340,888   $ 333,887
Short-term investments   200,614     209,434
Trade accounts receivable, net   341,718     300,308
Inventories   365,709     339,081
Other current assets   59,093     53,543
         
  Total current assets   1,308,022     1,236,253
         
Property, plant and equipment, net   172,802     171,782
Goodwill   593,494     591,047
Intangible assets, net   356,345     366,398
Long-term investments   10,841     10,655
Other assets   39,952     37,883
         
Total assets $ 2,481,456   $ 2,414,018
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY      
         
Short-term debt $ 5,456   $ 2,972
Accounts payable   92,364     82,518
Accrued compensation   62,505     96,147
Income taxes payable   31,096     21,398
Deferred revenue   14,003     12,842
Other current liabilities   85,601     73,945
  Total current liabilities   291,025     289,822
         
Long-term debt, net   341,290     389,993
Non-current deferred taxes   61,769     61,571
Non-current accrued compensation   53,848     51,700
Other liabilities   35,184     32,025
  Total liabilities   783,116     825,111
         
Stockholders' equity:      
Common stock   113     113
Additional paid-in capital   791,150     789,644
Retained earnings   892,820     795,698
Accumulated other comprehensive income   14,257     3,452
  Total stockholders' equity   1,698,340     1,588,907
         
Total liabilities and stockholders' equity $ 2,481,456   $ 2,414,018
         


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Source: MKS Instruments, Inc.