Agilent Technologies : Q4 22 Financial Information

Index

Agilent Technologies, Inc.
Financial Information Index of Schedules
Financial Statements:	Page
Condensed Consolidated Statement of Operations (Three Months and Years Ended October 31, 2022 and 2021)	1
Condensed Consolidated Balance Sheet as of October 31, 2022 and October 31, 2021	2
Condensed Consolidated Statement of Cash Flows (Years Ended October 31, 2022 and 2021)	3
Supplemental Data:
Life Sciences and Applied Markets Group (LSAG) Segment Results	4
Diagnostics and Genomics Group (DGG) Segment Results	5
Agilent CrossLab Group (ACG) Segment Results	6
Non-GAAP Financial Results - Trend	7
Reconciliations:
Gross Margin, R&D, SG&A - GAAP to Non-GAAP (Q4'22 vs Q4'21)	8
Gross Margin, R&D, SG&A - GAAP to Non-GAAP (FY22 vs FY21)	9
Non-GAAP Income from Operations and Operating Margin (Q4'22 vs Q4'21)	10
Non-GAAP Income from Operations and Operating Margin (FY22 vs FY21)	11
Net Income & EPS - Trend	12
Core Revenue by Segment (Q4'22 vs Q4'21)	13
Core Revenue by Segment (FY22 vs FY21)	14
Core Revenue by Region (Q4'22 vs Q4'21)	15
Core Revenue by Region (FY22 vs FY21)	16
Core Revenue by Market (Q4'22 vs Q4'21)	17
Core Revenue by Market (FY22 vs FY21)	18
Net Debt to EBITDA Ratio	19
Two-Year Stack Core Revenue Growth Percentage (Q1'22 and Q1'21)	15
Two-Year Stack Core Revenue Growth Percentage (FY21 vs FY20)	21

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P&L

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

Balance Sheet

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

Cash Flow

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)
Proceeds from revolving credit facility
Repayment of revolving credit facility
Repayment of finance lease
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

LSAG

AGILENT TECHNOLOGIES, INC.
LIFE SCIENCES AND APPLIED MARKETS SEGMENT
(Unaudited)
PRELIMINARY
(In millions, except margins data)	2022
Q1	Q2	Q3	Q4	Total
Net revenue	$ 976	$ 896	$ 1,019	$ 1,116	$ 4,007
Gross margin %	60.5%	59.0%	60.5%	60.6%	60.2%
Income from operations	$ 282	$ 228	$ 311	$ 365	$ 1,186
Operating margin %	28.9%	25.5%	30.5%	32.7%	29.6%
2021
Q1	Q2	Q3	Q4	Total
Net revenue	$ 923	$ 881	$ 897	$ 962	$ 3,663
Gross margin %	60.3%	59.9%	60.4%	59.9%	60.2%
Income from operations	$ 265	$ 226	$ 250	$ 276	$ 1,017
Operating margin %	28.6%	25.7%	27.9%	28.7%	27.8%
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 4

DGG

AGILENT TECHNOLOGIES, INC.
DIAGNOSTICS AND GENOMICS SEGMENT
(Unaudited)
PRELIMINARY
(In millions, except margins data)	2022
Q1	Q2	Q3	Q4	Total
Net revenue	$ 339	$ 358	$ 340	$ 352	$ 1,389
Gross margin %	52.8%	56.0%	54.0%	51.0%	53.5%
Income from operations	$ 68	$ 91	$ 73	$ 69	$ 301
Operating margin %	20.1%	25.5%	21.5%	19.5%	21.7%
2021
Q1	Q2	Q3	Q4	Total
Net revenue	$ 294	$ 315	$ 346	$ 341	$ 1,296
Gross margin %	51.6%	53.4%	53.5%	52.5%	52.8%
Income from operations	$ 55	$ 69	$ 78	$ 71	$ 273
Operating margin %	18.6%	21.9%	22.6%	20.8%	21.0%
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

ACG

AGILENT TECHNOLOGIES, INC.
AGILENT CROSSLAB SEGMENT
(Unaudited)
PRELIMINARY
(In millions, except margins data)	2022
Q1	Q2	Q3	Q4	Total
Net revenue	$ 359	$ 353	$ 359	$ 381	$ 1,452
Gross margin %	47.5%	47.1%	47.0%	48.6%	47.6%
Income from operations	$ 91	$ 87	$ 88	$ 104	$ 370
Operating margin %	25.2%	24.6%	24.6%	27.4%	25.5%
2021
Q1	Q2	Q3	Q4	Total
Net revenue	$ 331	$ 329	$ 343	$ 357	$ 1,360
Gross margin %	46.8%	45.3%	46.6%	48.3%	46.8%
Income from operations	$ 76	$ 69	$ 84	$ 94	$ 323
Operating margin %	23.1%	21.0%	24.4%	26.3%	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 6

Operating Results

Agilent Technologies, Inc. Non-GAAP Financial Results Q4'21 - Q4'22 (Unaudited)
Preliminary
Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q4
M$	Y/Y
Net Revenue	1,660	1,674	1,607	1,718	1,849	11%
Gross Profit %	55.9%	56.1%	55.7%	56.4%	56.3%	0.4 ppt
R&D	115	116	114	115	118	3%
% Revenue	6.9%	6.9%	7.1%	6.7%	6.4%	-0.5 ppt
SG&A	372	383	375	382	384	3%
% Revenue	22.4%	22.9%	23.3%	22.2%	20.8%	-1.6 ppts
Operating Profit	441	441	406	472	538	22%
Operating Margin	26.5%	26.3%	25.3%	27.5%	29.1%	2.6 ppts
Other Income/ (Expense)	(18)	(12)	(11)	(7)	(7)	-61%
Pre-Tax Earnings	423	429	395	465	531	26%
Tax Rate	13%	14%	14%	14%	14%	1 ppt
Income Tax	55	61	55	64	75	36%
Net Income	368	368	340	401	456	24%
Net Margin	22.2%	22.0%	21.2%	23.3%	24.7%	2.5 ppts
Non-GAAP EPS	$ 1.21	$ 1.21	$ 1.13	$ 1.34	$ 1.53	$ 0.32
We provide the non-GAAP income statements 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 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, 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 and 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, tax, 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 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.
NASD site costs include all the costs related to the expansion of our manufacturing of nucleic acid active pharmaceutical ingredients incurred prior to the commencement of commercial manufacturing.
Special compliance costs include costs associated with transforming our processes to implement new regulations such as data privacy regulations, revenue recognition, lease accounting and certain tax reporting requirements.
Acceleration of share-based compensation expense represents stock-based compensation expense that was accelerated upon employees' involuntary termination from the company.
Net loss (gain) on equity securities relates to the realized and unrealized mark-to-market adjustment on 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.
Tax benefit on intra-entity asset transfer relates to our operations in Singapore along with our application of the new accounting rules for income tax consequences of intra-entity transfer of assets as adopted on November 1, 2018.
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.
For reconciliations of the non-GAAP financial information to the most directly comparable GAAP information, please see the non-GAAP reconciliations for all prior periods provided at the Investor's page of our website.
Page 7

Non-GAAP GM_R&D_SG&A Rec (QTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP AND GAAP FINANCIAL RESULTS
(In millions, except margin data)
(Unaudited)
PRELIMINARY
Gross	Gross
GROSS MARGIN	Q4'22	Margin %	Q4'21	Margin %
Revenue:	$ 1,849	$ 1,660
Gross margin:
Cost of products and services	$ 837	54.7%	$ 760	54.2%
Add:
Intangible amortization	(26)	(29)
Transformational initiatives	-	1
Acquisition and integration costs	(1)	(1)
Business exit and divestiture costs	(1)	1
Non-GAAP cost of products and services	$ 809	56.3% LIN,JACKIE (Agilent USA): LIN,JACKIE (Agilent USA): rounded to tie to MD&A data points file	$ 732	55.9%
R&D as % of	R&D as % of
RESEARCH & DEVELOPMENT EXPENSES	Q4'22	Revenue	Q4'21	Revenue
Revenue:	$ 1,849	$ 1,660
Research and development expenses	$ 119	6.4%	$ 116	7.0%
Add:
Transformational initiatives	(1)	-
Acquisition and integration costs	(1)	(1)
Other	1	-
Non-GAAP research and development expenses	$ 118	6.4%	$ 115	6.9%
SG&A as % of	SG&A as % of
SELLING, GENERAL & ADMINISTRATIVE EXPENSES	Q4'22	Revenue	Q4'21	Revenue
Revenue:	$ 1,849	$ 1,660
Selling, general and administrative expenses	$ 422	22.8%	$ 389	23.4%
Add:
Intangible amortization	(16)	(22)
Transformational initiatives	(8)	(6)
Acquisition and integration costs	(4)	(7)
Change in fair value of contingent consideration	-	21
Business exit and divestiture costs	1	(1)
Other	(11)	(2)
Non-GAAP selling, general & administrative expenses	$ 384	20.8%	$ 372	22.4%
We provide non-GAAP gross margin, research & development and selling, general & administrative expense 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 amortization of intangibles, transformational initiatives, acquisition and integration costs, business exit and divestiture costs and change in fair value of contingent consideration.
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 reconciliation of gross margin, research & development expenses and selling, general & administrative expenses is estimated based on our current information.
Page 8

Non-GAAP GM_R&D_SG&A Rec (YTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP AND GAAP FINANCIAL RESULTS
(In millions, except margin data)
(Unaudited)
PRELIMINARY
Gross	Gross
GROSS MARGIN	FY22	Margin %	FY21	Margin %
Revenue:	$ 6,848	$ 6,319
Gross margin:
Cost of products and services	$ 3,126	54.4%	$ 2,912	53.9%
Add:
Intangible amortization	(111)	(109)
Transformational initiatives	(6)	(3)
Acquisition and integration costs	(3)	(4)
Business exit and divestiture costs	(2)	(1)
Other	-	-
Non-GAAP cost of products and services	$ 3,004	56.1%	$ 2,795	55.8%
R&D as % of	R&D as % of
RESEARCH & DEVELOPMENT EXPENSES	FY22	Revenue	FY21	Revenue
Revenue:	$ 6,848	$ 6,319
Research and development expenses	$ 467	6.8%	$ 441	7.0%
Add:
Asset impairments	-
Transformational initiatives	(1)	(3)
Acquisition and integration costs	(3)	(3)
Business exit and divestiture costs	-	(1)
Non-GAAP research and development expenses	$ 463	6.8%	$ 434	6.9%
SG&A as % of	SG&A as % of
SELLING, GENERAL & ADMINISTRATIVE EXPENSES	FY22	Revenue	FY21	Revenue
Revenue:	$ 6,848	$ 6,319
Selling, general and administrative expenses	$ 1,637	23.9%	$ 1,619	25.6%
Add:
Asset impairments	-	(2)
Intangible amortization	(80)	(85)
Transformational initiatives	(23)	(31)
Acquisition and integration costs	(19)	(34)
Business exit and divestiture costs	(5)	(3)	`
Change in fair value of contingent consideration	25	21
Other	(11)	(8)
Non-GAAP selling, general & administrative expenses	$ 1,524	22.3%	$ 1,477	23.4%
We provide non-GAAP gross margin, research & development and selling, general & administrative expense 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, business exit and divestiture costs and change in fair value of contingent consideration.
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 reconciliation of gross margin, research & development expenses and selling, general & administrative expenses is estimated based on our current information.
Page 9

Non-GAAP OM (QTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP INCOME FROM OPERATIONS AND OPERATING MARGINS
(In millions, except margin data)
(Unaudited)
PRELIMINARY
Year Over Year
Operating	Operating	Percent Pts
Q4'22	Margin %	Q4'21	Margin %	Inc/(Dec)
Revenue:	$ 1,849	$ 1,660
Income from operations:
GAAP Income from operations	$ 471	25.5%	$ 395	23.8%
Add:
Intangible amortization	42	51
Transformational initiatives	9	5
Acquisition and integration costs	6	9
Change in fair value of contingent consideration	-	(21)
Business exit and divestiture costs	-	1
Other	$ 10	1
Non-GAAP income from operations	$ 538	29.1%	$ 441	26.5%	2.6%
We provide non-GAAP income from operations and non-GAAP operating margin 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 amortization of intangibles, transformational initiatives, acquisition and integration costs, change in fair value of contingent consideration and business exit and divestiture costs.
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 reconciliation of income from operations and operating margins is estimated based on our current information.
Page 10

Non-GAAP OM (YTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATION OF ADJUSTED NON-GAAP INCOME FROM OPERATIONS AND OPERATING MARGINS
(In millions, except margin data)
(Unaudited)
PRELIMINARY
Year Over Year
Operating	Operating	Percent Pts
FY22	Margin %	FY21	Margin %	Inc/(Dec)
Revenue:	$ 6,848	$ 6,319
Income from operations:
GAAP Income from operations	$ 1,618	23.6%	$ 1,347	21.3%
Add:
Asset impairments	-	2
Intangible amortization	191	194
Transformational initiatives	30	37
Acquisition and integration costs	25	41
Change in fair value of contingent consideration	(25)	(21)
Business exit and divestiture costs	7	5
Other	11	8
Non-GAAP income from operations	$ 1,857	27.1%	$ 1,613	25.5%	1.6%
We provide non-GAAP income from operations and non-GAAP operating margin 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 and business exit and divestiture costs.
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 reconciliation of income from operations and operating margins is estimated based on our current information.
Page 11

Net Income & EPS Trend

AGILENT TECHNOLOGIES, INC.
NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS
(In millions, except per share amounts)
(Unaudited)
PRELIMINARY
Year Ended	Year Ended
Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	October 31, 2021	October 31, 2022
Net Income	Diluted EPS	Net Income	Diluted EPS	Net Income	Diluted EPS	Net Income	Diluted EPS	Net Income	Diluted EPS	Net Income	Diluted EPS	Net Income	Diluted EPS
GAAP net income	$ 442	$ 1.45	$ 283	$ 0.93	$ 274	$ 0.91	$ 329	$ 1.10	$ 368	$ 1.23	$ 1,210	$ 3.94	$ 1,254	$ 4.18
Non-GAAP adjustments:
Asset impairments	-	-	-	-	-	-	-	-	-	-	2	0.01	-	-
Intangible amortization	51	0.17	51	0.17	50	0.17	48	0.16	42	0.14	194	0.63	191	0.64
Transformational initiatives	5	0.02	4	0.01	9	0.03	8	0.03	9	0.03	37	0.12	30	0.10
Acquisition and integration costs	9	0.03	7	0.02	8	0.03	4	0.01	6	0.02	41	0.13	25	0.08
Change in fair value of contingent consideration	(21)	(0.07)	3	0.01	(28)	(0.09)	-	-	-	-	(21)	(0.07)	(25)	(0.08)
Business exit and divestiture costs	1	-	-	-	7	0.02	-	-	-	-	5	0.02	7	0.02
Pension settlement loss	1	-	-	-	-	-	-	-	4	0.01	1	-	4	0.01
Loss on extinguishment of debt	-	-	-	-	-	-	9	0.03	-	-	17	0.06	9	0.03
Net loss (gain) on equity securities	(73)	(0.24)	45	0.15	16	0.05	(3)	(0.01)	5	0.02	(92)	(0.30)	63	0.21
Other	2	0.01	-	-	-	-	2	0.01	10	0.03	9	0.02	12	0.04
Adjustment for taxes (a)	(49)	(0.16)	(25)	(0.08)	4	0.01	4	0.01	12	0.05	(71)	(0.22)	(5)	(0.01)
Non-GAAP net income	$ 368	$ 1.21	$ 368	$ 1.21	$ 340	$ 1.13	$ 401	$ 1.34	$ 456	$ 1.53	$ 1,332	$ 4.34	$ 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 or cannot be expected to occur again with any regularity or predictability. For the three months ended October 31, 2021, management used a non-GAAP effective tax rate of 13.00%. For the three months ended January 31, 2022, management used a non-GAAP effective tax rate of 14.25%. For the three months ended April 30, 2022, management used a non-GAAP effective tax rate of 13.92%. For the three months ended July 31, 2022, management used a non-GAAP effective tax rate of 13.76%. For the three months ended October 31, 2022, management used a non-GAAP effective tax rate of 14.12%. For the year ended October 2021, management used a non-GAAP effective tax rate of 14.25%. 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 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, 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 and 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, tax, 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.
Acceleration of share-based compensation expense represents stock-based compensation expense that was accelerated upon employees' involuntary termination from the company.
NASD site costs include all the costs related to the expansion of our manufacturing of nucleic acid active pharmaceutical ingredients incurred prior to the commencement of commercial manufacturing.
Special compliance costs associated with transforming our processes to implement new regulations such as data privacy regulations, revenue recognition, lease accounting and certain tax reporting requirements.
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.
Tax benefit on intra-entity asset transfer relates to our operations in Singapore along with our application of the new accounting rules for income tax consequences of intra-entity transfer of assets as adopted on November 1, 2018.
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 12

Core Revenue by Segment (QTD)

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-Year at 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 13

Core Revenue by Segment (YTD)

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-Year at 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 14

Core Revenue by Region (QTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY REGION
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Region	Q4'22	Q4'21	% Change
Americas	$ 715	$ 662	8%
Europe	418	413	1%
Asia Pacific	716	585	22%
Total Revenue	$ 1,849	$ 1,660	11%
China and Hong Kong	$ 465	$ 332	40%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue by Region	Q4'22	Q4'21	% Change	% Change
Americas	$ 715	$ 662	8%	8%	-	$ (2)
Europe	416	413	1%	14%	-13 ppts	(56)
Asia Pacific	716	585	22%	31%	-9 ppts	(45)
Total Revenue (Core)	$ 1,847	$ 1,660	11%	17%	-6 ppts	$ (103)
China and Hong Kong	$ 465	$ 332	40%	44%	-4 ppts	$ (11)
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 15

Core Revenue by Region (YTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY REGION
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Region	FY22	FY21	% Change
Americas	$ 2,682	$ 2,404	12%
Europe	1,699	1,688	1%
Asia Pacific	2,467	2,227	11%
Total Revenue	$ 6,848	$ 6,319	8%
China and Hong Kong	$ 1,498	$ 1,271	18%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue by Region	FY22	FY21	% Change	% Change
Americas	$ 2,672	$ 2,404	11%	11%	-	$ (1)
Europe	1,697	1,688	-	8%	-8 ppts	(135)
Asia Pacific	2,467	2,227	11%	15%	-4 ppts	(94)
Total Revenue (Core)	$ 6,836	$ 6,319	8%	12%	-4 ppts	$ (230)
China and Hong Kong	$ 1,498	$ 1,271	18%	18%	-	$ (11)
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 16

Core Revenue by Market (QTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY MARKET
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Market	Q4'22	Q4'21	% Change
Revenue	$ 1,238	$ 1,238	-
Pharmaceutical	$ 681	$ 597	14%
Academia and government	150	153	(2%)
Diagnostics and clinical	245	246	-
Chemicals and advanced materials	424	353	20%
Food	171	151	13%
Environmental and forensics	178	160	12%
Total Revenue	$ 1,849	$ 1,660	11%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue by Market	Q4'22	Q4'21	% Change	% Change
Revenue	$ 1,197	$ 1,238	(3%)	(1%)	-2 ppts
Pharmaceutical	$ 681	$ 597	14%	20%	-6 ppts	$ (34)
Academia and government	150	153	(2%)	3%	-5 ppts	(7)
Diagnostics and clinical	245	246	(1%)	6%	-7 ppts	(16)
Chemicals and advanced materials	422	353	20%	27%	-7 ppts	(25)
Food	171	151	13%	20%	-7 ppts	(10)
Environmental and forensics	178	160	12%	18%	-6 ppts	(11)
Total Revenue (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 17

Core Revenue by Market (YTD)

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF REVENUE BY MARKET
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue by Market	FY22	FY21	% Change
Revenue	$ 1,238	$ 1,238	-
Pharmaceutical	$ 2,515	$ 2,225	13%
Academia and government	576	576	-
Diagnostics and clinical	963	937	3%
Chemicals and advanced materials	1,521	1,329	15%
Food	617	601	3%
Environmental and forensics	656	651	1%
Total Revenue	$ 6,848	$ 6,319	8%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue by Market	FY22	FY21	% Change	% Change
Revenue	$ 1,197	$ 1,238	(3%)	(1%)	-2 ppts
Pharmaceutical	$ 2,515	$ 2,225	13%	16%	-3 ppts	$ (77)
Academia and government	575	576	-	3%	-3 ppts	(18)
Diagnostics and clinical	953	937	2%	6%	-4 ppts	(38)
Chemicals and advanced materials	1,520	1,329	14%	18%	-4 ppts	(53)
Food	617	601	3%	6%	-3 ppts	(21)
Environmental and forensics	656	651	1%	4%	-3 ppts	(23)
Total Revenue (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 18

Net Debt to EBITDA Ratio

AGILENT TECHNOLOGIES, INC.
NET DEBT TO ADJUSTED EBITDA CALCULATION
(in millions, except ratio data)
(Unaudited)
PRELIMINARY
As of
October 31, 2022
Long-term debt	$ 2,733
Short-term debt	36
Cash & cash equivalents	(1,053)
Net debt	$ 1,716
Q1'22	Q2'22	Q3'22	Q4'22	Trailing 12-Month
GAAP net income	$ 283	$ 274	$ 329	$ 368	$ 1,254
Intangible amortization	51	50	48	42	191
Transformational initiatives	4	9	8	9	30
Acquisition and integration costs	7	8	4	6	25
Loss on extinguishment of debt	-	-	9	-	9
Change in fair value of contingent consideration	3	(28)	-	-	(25)
Business exit and divestiture costs	-	7	-	-	7
Pension settlement loss	-	-	-	4	4
Net loss (gain) on equity securities	45	16	(3)	5	63
Other	-	-	2	10	12
Adjustment for taxes	(25)	4	4	12	(5)
Non-GAAP net income	$ 368	$ 340	$ 401	$ 456	$ 1,565
Add:
(1) Net interest expense	$ 20	$ 20	$ 17	$ 18	$ 75
GAAP provision for income taxes	36	59	68	87	250
Adjustment for taxes	25	(4)	(4)	(12)	5
(2) Non-GAAP provision for income taxes	$ 61	$ 55	$ 64	$ 75	$ 255
(3) Depreciation expense	$ 31	$ 32	$ 32	$ 31	$ 126
Adjusted EBITDA	$ 2,021
Net debt to adjusted EBITDA ratio	0.8
The preliminary net debt to adjusted EBITDA ratio is estimated based on our current information.
Page 19

2-Yr Stack Core Rev Growth QTD

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF TWO-YEAR STACK REVENUE GROWTH PERCENTAGE
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue	Q1'22	Q1'21	% Change
Life Sciences and Applied Markets Group	$ 674	$ 526	28%
Diagnostics and Genomics Group	315	263	20%
Agilent CrossLab Group	536	449	19%
Agilent	$ 1,674	$ 1,548	8%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue	Q1'22	Q1'21	% Change	% Change
Life Sciences and Applied Markets Group	$ 674	$ 526	28%	25%	3 ppts	$ 18	25%
Diagnostics and Genomics Group	315	263	20%	16%	4 ppts	9	16%
Agilent CrossLab Group	536	449	19%	15%	4 ppts	21	15%
Agilent (Core)	$ 1,667	$ 1,548	8%	9%	-1 ppt	$ (19)	9%
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue	Q1'21	Q1'20	% Change
Life Sciences and Applied Markets Group	$ 526	$ 529	(1%)
Diagnostics and Genomics Group	263	254	3%
Agilent CrossLab Group	449	455	(1%)
Agilent	$ 1,548	$ 1,357	14%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue	Q1'21	Q1'20	% Change	% Change
Life Sciences and Applied Markets Group	$ 485	$ 529	(8%)	(7%)	-1 ppt	$ (7)
Diagnostics and Genomics Group	263	254	3%	5%	-2 ppts	(4)
Agilent CrossLab Group	449	455	(1%)	1%	-2 ppts	(9)
Agilent (Core)	$ 1,548	$ 1,357	14%	11%	3 ppts	$ 37
Two-Year Stack Core Revenue Growth Percentage	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 15

2-Yr Stack Core Rev Growth YTD

AGILENT TECHNOLOGIES, INC.
RECONCILIATIONS OF TWO-YEAR STACK REVENUE GROWTH PERCENTAGE
EXCLUDING ACQUISITIONS, DIVESTITURES AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)
(in millions)
(Unaudited)
PRELIMINARY
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue	FY21	FY20	% Change
Life Sciences and Applied Markets Group	$ 674	$ 526	28%
Diagnostics and Genomics Group	315	263	20%
Agilent CrossLab Group	536	449	19%
Agilent	$ 6,319	$ 5,339	18%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue	FY21	FY20	% Change	% Change
Life Sciences and Applied Markets Group	$ 674	$ 526	28%	25%	3 ppts	$ 18	25%
Diagnostics and Genomics Group	315	263	20%	16%	4 ppts	9	16%
Agilent CrossLab Group	536	449	19%	15%	4 ppts	21	15%
Agilent (Core)	$ 6,305	$ 5,339	18%	15%	3 ppts	$ 153	15%
Year-over-Year
GAAP
Year-over-Year
GAAP Revenue	FY20	FY19	% Change
Life Sciences and Applied Markets Group	$ 526	$ 529	(1%)
Diagnostics and Genomics Group	263	254	3%
Agilent CrossLab Group	449	455	(1%)
Agilent	$ 5,339	$ 5,163	3%
Non-GAAP (excluding Acquisitions & Divestitures)	Year-over-Year at Constant Currency (a)
Year-over-Year	Year-over-Year	Percentage Point Impact from Currency	Current Quarter Currency Impact (b)
Non GAAP Revenue	FY20	FY19	% Change	% Change
Life Sciences and Applied Markets Group	$ 485	$ 529	(8%)	(7%)	-1 ppt	$ (7)
Diagnostics and Genomics Group	263	254	3%	5%	-2 ppts	(4)
Agilent CrossLab Group	449	455	(1%)	1%	-2 ppts	(9)
Agilent (Core)	$ 5,190	$ 5,163	1%	1%	-	$ (18)
Two-Year Stack Core Revenue Growth Percentage	16%
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.
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