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+"Joining in the Q&A after Bob and Mike's comments will be Jacob Thaysen, President of Agilent's Life Sciences and Applied Markets Group; Sam Raha, President of Agilent's Diagnostics and Genomics Group; and Padraig McDonnell, President of Agilent CrossLab Group.
+You will find the most directly comparable GAAP financial metrics and reconciliations on our website.
+Core revenue growth excludes the impact of currency and the acquisitions and divestitures completed within the past 12 months.
+The Agilent team delivered another excellent quarter to close out an outstanding record-setting 2021.
+At $6.32 billion for fiscal 2021, revenues are almost $1 billion higher than last year.
+Full year core growth is up 15% on top of growing 1% last year.
+The strength is broad-based for the three business units, all growing more than 10% core for the year.
+Our full year operating margin was up 200 basis points.
+Earnings per share are $4.34 or up 32%.
+Let's now take a closer look at our strong finish to 2021 and review Q4 results.
+Our momentum continues as orders increase faster than revenue in Q4.
+And at the same time, we delivered our fourth straight quarter of double-digit revenue growth.
+At $1.66 billion, revenues are up 12% on a reported basis.
+Our core revenues grew 11%, exceeding our expectations.
+This is on top of 6% core growth last year.
+Our Q4 operating margin is 26.5%.
+This is up 160 basis points from last year.
+EPS is $1.21, up 23% year-over-year.
+Our earnings growth also exceeded our expectations.
+We continue to perform extremely well in Pharma, our largest market, growing 21%, driven by our Biopharma business.
+Total pharma now represents 36% of our overall revenue.
+This compared to 31% of our revenues just two years ago.
+The strong growth in our Chemical and Energy business continues as we delivered 11% growth in the quarter.
+This is on top of growing 3% in Q4 of last year.
+PMI numbers are positive and we expect that chemical and energy will continue its strong growth trajectory into fiscal 2022.
+In Diagnostics and Clinical, revenues grew 11% on top of growing 1% last year as testing volume started to recover.
+On a geographic basis, our results are led by strong performance in the Americas and China.
+Our business in the Americas grew 15% on top of 5% last year.
+China grew 8% core on top of strong 13% growth in Q4 of last year.
+China order growth outpaced revenue growth for the third quarter in a row.
+Now, looking at a performance by business unit, the Life Sciences and Applied Markets Group generate revenue of $747 million.
+LSAG is up 11% of both the reported and a core basis.
+LSAG's growth is broad based and led by strength in liquid chromatography and cell analysis.
+The Pharma and Chemical Energy markets were particularly strong for new instrument purchases.
+Our cell analysis business crossed $100 million revenue mark in the quarter for the first time.
+During the quarter, the LSAG team announced a new high mobility LC/Q-TOF and enhancements to our VWorks automation software suite.
+These new well received offerings are used to improved analysis of proteins and peptides to speed development of new protein-based therapeutics.
+The Agilent CrossLab Group posted revenue of $572 million.
+This is up reported 10% and 9% core.
+Growth is broad based, driven by strength in service contracts and on-demand services as well as our chemistries and supplies.
+Our focus on increasing connect rates continues to pay off for us.
+The strong expansion of our installed base in 2021 and increasing connect rates bodes well continued to strengthen our ACG business moving forward.
+Our ability to drive growth and leverage our scale produce operating margins of roughly 30%, not more than 200 basis points from the prior year.
+The Diagnostics and Genomics Group delivered revenue of $341 million, up 16% reported and up 13% core.
+Our NASD oligo business led the way with robust double-digit growth in the quarter and achieved full year revenues exceeding $225 million.
+We expect another year of strong double-digit growth as the team continues to do a great job of increasing throughput with existing capacity.
+The expansion of our Train B oligo manufacturing facility in Frederick, Colorado is proceeding as planned.
+We expect this additional capacity to come online by the end of calendar year 2022.
+Moving on from our other business group updates, there are several other significant developments for Agilent this quarter.
+We announced our commitment to achieving net zero greenhouse gas emissions by 2050.
+We believe our approach delivers the same rigorous sustainability that'd be applied to everything else we do.
+We also believe these actions are not only the right thing to do, but fundamental to achieving long-term success.
+Our sustainable leadership continues to be primarily recognized as well.
+You may have seen that Investor's Business Daily recently named Agilent to its Top 100 ESG Companies list.
+We're also a company where diversity and inclusion represent a company priority and is a core element of our culture.
+During the quarter, we achieved recognition by Forbes as one of the World's Best Employers and as a Best Workplace for Women.
+While the Agilent team has a strong track record of delivering above-market growth and leading customer satisfaction, we're always looking to do more.
+To further accelerate growth and strengthen our focus on customers, we are implementing a new One Agilent commercialization, combining for the first time all customer-facing activities under one leader.
+The new organization brings together and strengthens our sales, marketing, digital channel and services team.
+The new enterprise level commercialization is led by Padraig McDonnell.
+Padraig will continue to lead the Agilent CrossLab Group as Business Group President as well as serves Agilent's first ever Chief Commercial Officer.
+The way I'd like to characterize this move is to say we are doubling down on the success we've achieved with ACG, applying a holistic customer-focused approach to all aspects of our business.
+We're also moving the chemistries and supplies division to LSAG.
+This close organizational alignment between instrument and chemistries development will further accelerate our progress on instrument connect rates for chemistries and consumables.
+We believe that structure of follow strategy and that this new organizational structure will further enhance our customer focus and the execution of our growth strategies.
+Looking ahead to the coming year, we are in a strong position to continue to deliver on our build and buy growth strategy.
+Agilent's business remains strong.
+We enter the new year with a robust backlog and have multiple growth drivers, coupled with the proven execution excellence of the Agilent team.
+A year ago to our Agilent Investor Day, we raised our long-term annual growth outlook to the 5% to 7% range, while reaffirming our commitment to annual operating margin improvement and double-digit earnings per share growth.
+We are now one year in and well on our way to achieving these long-term goals.
+Bob will provide more details, but for fiscal 2022, our initial full year guide calls for a core growth in the range of 5.5% to 7%.
+We expect to continue our top line growth as we launch market-leading products and services, invest in fast-growing businesses and deliver outstanding customer service.
+My confidence in the unstoppable One Agilent team and our ability to execute and deliver remains firmly intact.
+This is our formula for delivering solid financial results, outstanding shareholder returns and continued strong growth.
+We are very pleased with our performance in 2021 but not satisfied.
+As I tell the Agilent team, the best is yet to come for our customers, our team and our shareholders.
+I will now hand the call off to Bob.
+In my remarks today, I'll provide some additional details on revenue and take you through the income statement and some other key financial metrics.
+I'll then finish up with our initial outlook for the upcoming year and for the first quarter.
+As Mike mentioned, we had very strong results in the fourth quarter.
+Revenue was $1.66 billion, reflecting reported growth of 12%.
+Core revenue growth at 11% was a point above our top end guidance range.
+Currency accounted for 0.8% of growth, while M&A contributed half a point of growth during Q4.
+And as expected, COVID-19-related revenues were roughly flat sequentially and resulted in just over a point headwind to the quarterly revenue growth.
+Late in the quarter, we did see transit times that were in certain cases greater than anticipated, resulting in some revenues being deferred into Q1.
+Our results were driven by a continuation of outstanding momentum in Pharma and in Biopharma in particular, while Chemical and Energy and Diagnostics and clinical also delivered strong results for us.
+Our largest market, Pharma, grew 21% during the quarter against a tough compare of 12% last year.
+The Small Molecule segment delivered mid-teens growth, while Large Molecule grew 30%.
+Pharma was a standout all year, growing 24% for the full year after growing 6% in 2020.
+And in FY '22, we expect our Pharma business to grow in the high-single digits.
+Chemical and Energy continue to show strength growing 11% with instrument growth in the mid-teens during the quarter.
+This impressive performance was against a 3% increase last year.
+The C&E business grew 12% for the year after declining 3% in 2020.
+Growth was driven by continued momentum in chemicals and engineered materials and we expect our C&E business to continue to grow solidly next year in the high-single digits.
+Diagnostics and Clinical grew 11% with all three groups growing nicely during the quarter.
+While the largest dollar contributor to this market is DGG, driven by our pathology-related businesses, the LSAG business continues to penetrate the clinical market and drive growth with strong performances by Cell Analysis and Mass Spec.
+We saw mid-teens growth in the Americas and strong growth in China, albeit off a small base.
+For the year, the Diagnostics and Clinical business grew 15% for the year after declining slightly by 1% in 2020.
+And we expect to continue to grow in the mid to high-single digits in 2022.
+Academia and Government, which can be lumpy and represents less than 10% of our business, was up 1% in Q4 versus a flat growth last year.
+Most research labs continue to remain open globally and increase capacity to pre-pandemic levels.
+China came in at low-single digits, while the Americas and Europe were roughly flat.
+For the year, we grew 7% after declining 4% last year.
+We expect this market will continue to improve slightly in fiscal year 2022 and expect growth of low to mid-single digits.
+Food was flat during the quarter against a very tough 16% compare.
+Europe and the Americas grew while China declined.
+For the year, food grew 13% after growing 7% in 2020.
+Looking forward, we expect food to return to historical growth rates in the low-single digits.
+And rounding out the markets, Environmental and Forensics declined 2% in the fourth quarter off of 5% decline last year as growth in Environmental was overshadowed by a decline in Forensics.
+For the year, we grew 5%, off a 2% decline in 2020.
+And looking forward, like Food, we expect Environmental and Forensics to grow in the low-single digits in the coming year.
+For Agilent overall, on a geographic basis, all regions again grew in Q4, led by Americas at 15% China grew 8% in Europe grew 4%.
+And for the year, Americas led the way with 21% growth, followed by China at 13% and Europe at 12%.
+Now let's turn to the rest of the P&L.
+Fourth quarter gross margin was 55.9%, up 90 basis points from a year ago.
+Gross margin performance, along with continued operating expense leverage, resulted in an operating margin for the fourth quarter of 26.5%, improving 160 basis points over last year.
+Putting it all together, we delivered earnings per share of $1.21, up 23% versus last year.
+And during the quarter, we benefited from some additional tax savings, resulting in a quarterly tax rate of 13% and our full year tax rate was 14.25%.
+Our share count was 305 million shares as expected.
+And for the year, earnings per share came in at $4.34, an increase of 32% from 2020.
+We continued our strong cash flow generation, resulting in $441 million for the quarter, an increase of 17% versus last year.
+For all of 2021, we generated almost $1.5 billion in operating cash and invested $188 million in capital expenditures.
+During the quarter, we returned $195 million to our shareholders paying out $59 million in dividends and repurchasing roughly 830,000 shares for $136 million.
+And for the year, we returned over $1 billion to shareholders in the forms of dividends and share repurchases.
+And we ended the year with $1.5 billion in cash and $2.7 billion in outstanding debt and a net leverage ratio of 0.7 times.
+All in all, a great end to an outstanding year.
+Now let's move on to the outlook for fiscal 2022.
+While we are still dealing with the pandemic and we have the additional challenges around logistics and inflationary pressures, we enter the year with strong backlog and momentum.
+For the full year, we're expecting revenue to range between $6.65 billion and $6.73 billion, representing reported growth of 5% to 6.5% and core growth of 5.5% to 7%, consistent with our long-range goals.
+And this incorporates absorbing roughly 0.5% headwind associated with COVID-related revenues with the majority of that impact coming in Q1.
+We're expecting all three of our businesses to grow, led by DGG.
+We expect DGG to grow high-single digits with the continued contribution of NASD in cancer diagnostics.
+We expect ACG to grow at high-single digits with both services in our chemistries and supplies businesses growing comparably while LSAG is expected to grow in mid-single digits.
+We expect operating margin expansion of 60 to 80 basis points for the year as we absorb the build-out costs of Train B at our Frederick, Colorado NASD site.
+And in helping you build out your models, we're planning for a tax rate of 14.25%, consistent with current tax policies and $305 million fully diluted shares outstanding.
+All this translates to a fiscal 2022 non-GAAP earnings per share expected to be between $4.76 to $4.86 per share, resulting in double-digit growth.
+And finally, we expect operating cash flow of approximately $1.4 billion to $1.5 billion and capital expenditures of $300 million.
+This capital investment represents an increase over 2021 as we continue our focus on growth, bringing our NASD Train B expansion online and expanding consumables manufacturing capacity for our Cell Analysis and Genomics businesses.
+We have also announced raising our dividend by 8%, continuing an important streak of dividend increases and providing another source of value to our shareholders.
+Now let's move on to our first quarter guidance.
+But before I get into the specifics, some additional context.
+Lunar New Year is February 1 this year, a shift from last year when it was in mid-February.
+As a result, we expect some Q1 revenue to shift to the second quarter of this year as customers shut down ahead of the holiday.
+In addition, as I mentioned, we do expect to see the largest impact of COVID-related revenue headwinds in the first quarter.
+We estimate these two factors will impact our base business growth by 2 to 3 points and roughly equal in impact.
+For Q1, we are expecting revenue to range from $1.64 billion to $1.66 billion, representing reported and core growth of 5.9% to 7.2%.
+Adjusting for the timing of Lunar New Year and COVID-related headwinds, core growth would be roughly 8% to 10% in the quarter.
+First quarter 2022 non-GAAP earnings are expected to be in the range of $1.16 to $1.18.
+In conjunction with the new One Agilent commercial organization Mike talked about, we will be reporting under the new structure starting in Q1.
+In addition, we'll be providing a recast of certain LSAG and ACG historical financials to account for the segment changes after the filing of our Annual Report on Form 10-K in December.
+I am extremely proud of what the Agilent team achieved in 2021 and look forward to another strong performance in 2022.
+With that for me, back to you for Q&A.
+Bethany, if you could please provide instructions for the Q&A now.","q4 non-gaap earnings per share $1.21.
+sees q1 revenue up 5.9 to 7.2 percent.
+sees q1 revenue $1.64 billion to $1.66 billion.
+sees fy revenue $6.65 billion to $6.73 billion.
+q4 revenue rose 11 percent to $1.66 billion.
+sees q1 non-gaap earnings per share $1.16 to $1.18.
+fiscal year 2022 non-gaap earnings guidance of $4.76 to $4.86 per share.
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T5_train.csv

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+"Joining in the Q&A after Bob and Mike's comments will be Jacob Thaysen, President of Agilent's Life Science and Applied Markets Group; Sam Raha, President of Agilent's Diagnostics and Genomics Group; and Padraig McDonnell, President of the Agilent CrossLab Group.
+You will find the most directly comparable GAAP financial metrics and reconciliations on our website.
+Core revenue growth excludes the impact of currency and the acquisitions and divestitures completed within the past 12 months.
+Before I get into the detail -- into the quarterly details, I want to start by recognize our Agilent India team.
+Despite the challenging COVID-19 situation, our India team is working closely with our cause of do while we can to help in this time of extreme need.
+In addition our Agilent India customer support, finance and IT teams have worked tiredlessly to help us close out the second quarter and keep us moving forward.
+I could not be more proud of how the team has worked together in true one Agilent fashion.
+Our thoughts go out the entire Agilent India team and their families during this difficult time.
+In Q2 the strong momentum in our business continues against the backdrop of a recovering market.
+The Agilent team delivered another outstanding quarter exceeding our expectations, both revenue and earnings are up sharply versus a solid Q2 last year when revenue and earnings per share were relatively flat.
+Our growth is broad-based across all business groups, markets and geographies.
+We are also expanding margins driving faster earnings-per-share growth.
+Revenues for the quarter are $1.525 billion.
+This is up 23% on a reported basis and up 19% core.
+COVID-19 related revenues accounted for roughly 2% of overall revenues as expected and contributes about 1 point to our overall growth.
+Our revenue growth is not a one quarter or easy compare story, but one that sustained above market growth.
+For example, our Q2 revenues are up more than 17% core from two years ago.
+Q2 operating margin of 23.9%.
+This is up 150 basis points.
+EPS of $0.97 is up 37% year-over-year.
+Like our recent acquisitions in Cell Analysis, Resolution Bioscience an example of our build and buy growth strategy in action.
+The Agilent story remains the same.
+It is a story of one team outpacing the market to deliver strong broad-based growth in an environment of continuing market recovery.
+Moving onto our end market highlights, we do strongly in all markets.
+Our growth is led by 29% growth in pharma and 22% in food.
+We are seeing improving growth in the chemical and energy market with 14% growth.
+We also posted low-teens growth in diagnostics and over 20% growth in academia and government.
+Lastly, environmental forensics grew 8%.
+Bob will provide end market detail later in his comments.
+Geographically, the Americas led the way with 27% growth.
+Strength in China, Europe and the Rest of Asia continues with all growing in the mid-teens.
+The 30% growth in China is on top of 4% growth last year when the business started to recover from the pandemic.
+As we look at our performance by business group, the Life Sciences Applied Markets Group generated revenues of $674 million during the quarter.
+LSAG is up 28% on reported basis and up 25% core off a 7% decline last year.
+LSAG's growth is broad-based across all end markets and geographies.
+Our focus in investments in fast growing end markets continues to pay off.
+The LSAG Pharma business is very strong, growing 41% with strength in both biopharma and small molecule.
+From a product perspective, we saw strength in liquid chromatography and LCMS along with continued growth in Cell Analysis.
+During the quarter, Cell Analysis grew 34% with our BioTek business growing close to 40%.
+During the quarter the LSAG team also contribute to our long-term companywide focus on sustainability in advance and important ESG initiatives.
+LSAG announced several new products that have earned the highly respected accountability, consistency and transparency, ACT label from My Green Lab.
+My Green Lab is a non-profit organization dedicated to improve the sustainability of the scientific research.
+LSAG products will also receive two Scientist Choice Awards and now for the Select Science Virtual Analytical Summit.
+Our Cell Analysis business during the quarter -- in our Cell Analysis business during the quarter, excuse me, we launched our Cytation C10 Confocal Imaging Reader, a multi-functional automated system focused on research labs and core facilities looking for increased productivity.
+This product builds on the BioTek cell imaging leadership with the Cytation multimode leader and expands our reach in the strategic business.
+While still early, customer feedback has been extremely positive.
+We are also very pleased with the progress and trajectory of our Cell Analysis business overall and see a very positive future for this space.
+The Agilent Cross Lab Group posted revenues of $536 million.
+This is up a reported 19% and up 15% on the core basis versus a 1% increase last year.
+ACG's growth is driven by demand for consumables and services across the portfolio as lab actively continues to increase for our customers.
+This is leading to more on-demand services and parts consumption.
+Revenues from our contract business continues to drive strong growth due to the high level of contract renewals seen in the previous quarter.
+Our strong instrument placements and the increase in installed base will benefit the ACG business going forward.
+At the same time our digital investments continue to pay off with continued strong customer uptake and consumables and our digitally enabled services offerings.
+Our LSAG and ACG businesses come together in the iLab.
+This is where we believe we are well positioned to continue driving above market growth as we build on our market leading portfolio, strong service organization and outstanding customer service.
+For the Diagnostics Genomics Group revenues were $315 million, up 20% reported and up 16% core versus the 5% increase last year.
+Growth is broad-based, led by our NASD oligo and genomics businesses.
+Demand for our NASD offerings remains strong and our capacity expansion plans for a high-growth NASD business remain on track.
+We're very pleased with the acquisition of Resolution Bioscience during the quarter with our liquid biopsy technology, Resolution Bioscience is the key player in a very exciting area of cancer diagnostics.
+We are very glad to have them on the Agilent team.
+I'm confident as time goes on.
+, You'll be hearing more and more from us on this business and its contributions.
+I would now like to recap the second quarter and take a look forward.
+The strong momentum in our business continues.
+This is being driven by our relentless customer focus, the strength of our portfolio and the execution capabilities of the one Agilent team.
+Our build and buy growth strategy is delivering as intended of above market growth.
+Over the last year, I've often said, that Agilent's focused on coming out of the pandemic even stronger as a company.
+I believe you're seeing the impact of this approach in our current results.
+As we look ahead we do so with a sense about optimism and confidence.
+We are optimistic, because of the continued market recovery and the strength of our portfolio.
+We are confident, because we have the right team, customer focused, operationally excellent and driven to win.
+As a result we are once again raising our full-year revenue and earnings guidance.
+Bob will share more details, but we expect that a continuation of excellent top line growth.
+We also expect to compare this strong top line into excellent earnings growth and cash generation.
+During our Investor Event in December, we discussed our shareholder value creation model and our goals for increasing long-term growth and expanding margins.
+Six months into fiscal 2021 we are well on our way to achieving those objectives.
+Our build and buy growth strategy is delivering.
+The one-Agilent team continues to demonstrate its execution prowess and strong drive to win.
+We raised the bar on customer service and continue to exceed customer expectations in providing industry-leading products and services.
+While we are yet to fully emerge from the global pandemic, we are looking forward to the future with both optimism and confidence.
+I will now hand the call off to Bob.
+In my remarks today, I'll provide some additional details on Q2 revenue and take you through the income statement and some other key financial metrics.
+I'll then finish up with our updated outlook for the year and the third quarter.
+Revenue for the second quarter was $1.525 billion, reflecting reported growth of 23%.
+Core revenue growth was 19%, while currency contributed just under 4 points of growth.
+We are very pleased with our second quarter results as we saw strong broad-based growth with all three business groups posting mid-teens growth or higher and all end markets growing strongly.
+From an end market perspective, our focus on fast growing markets is paying off.
+Pharma, our largest market, again led the way delivering 29% growth.
+This is on top of growing 5% last year.
+Growth was led by Cell Analysis LC and mass spec.
+These tools are delivering critical capabilities to our biopharma customers as they continue to make investments to develop new therapies and vaccines.
+Our Biopharma business grew roughly 40% and represented over 35% of our Pharma business in the quarter.
+Our Small Molecule segment also has momentum, growing in the mid 20s in the quarter.
+Overall, we are well positioned within Pharma and expect the Pharma market to continue to be the strongest end-market as we enter the second half of the year.
+The food market continued its strong performance, growing 22%.
+We experienced strong growth across all regions and segments as we continue to see global investments across the entire food supply chain.
+And we were very pleased to see the non-COVID diagnostics businesses continue to improve throughout the quarter, growing 13% as routine doctor visits return closer to pre-pandemic levels.
+We posted a very strong month in the diagnostics and clinical market as we came to anniversary, the weak April we experienced in our large markets at the onset of the pandemic last year.
+And we exited the quarter with testing volumes at a run rate slightly higher than pre-pandemic level.
+The chemical and energy market continues to recover as we grew 14% of a decline of 10% last year.
+Our results were primarily driven by continued strength in the chemicals and materials markets and in a positive sign, our order growth rates were ahead of revenues and finished the quarter strong leading us to believe this trend will continue.
+We also saw a nice recovery in the academia and government market as non-COVID related labs resume operations in a strong funding environment.
+With the increase in activity, our business grew 21% against the weakest comparison of the year.
+We would expect the academia and government market to continue to recover throughout the rest of the year.
+And lastly, the environmental and forensics market saw high single-digit growth driven by the Americas, services and consumables at Atomic Spectroscopy.
+On a geographic basis, all regions grew led by the Americas at 27%, the pharma and academia and government markets in Americas grew in the low 30% range and all markets grew at least 20%.
+Europe experienced 16% growth led by food, academia and government and C&E.
+Those three markets all grew more than 20%.
+And as Mike noted, China grew 13% after growing 4% last year.
+This was driven by pharma growth in the high 30s.
+Our growth in orders outpaced revenue growth by mid single-digits during the quarter.
+Now turning to the rest of the P&L.
+Second quarter gross margin was 55.4% flat year-on-year, despite a headwind of more than 30 basis points from currency.
+Our operating margin for the second quarter came in at 23.9%, driven by volume, this is up a solid 150 basis points from last year, even as we saw increased spending as activity ramped and we invest in the future.
+Strong top line growth coupled with our operating leverage helped deliver earnings per share of $0.97, up 37% versus last year.
+Our tax rate was 14.75% and our share count was 307 million shares.
+Now on to cash flow and the balance sheet.
+Our performance translated into very strong cash flows.
+We delivered $472 million in operating cash flow during the quarter, up more than 50% from last year.
+The strong cash flow has continued to help drive our balanced capital deployment strategy.
+During the quarter we returned $254 million to our shareholders, paying out $59 million in dividends and repurchasing 1.55 million shares for $195 million.
+And as Mike mentioned, we also continue to strategically invest in the business, We spent a net of $547 million to purchase Resolution Bioscience and invested $31 million in capital expenditures.
+Year-to-date, we returned $657 million to shareholders in the form of dividends and share repurchases, while reinvesting in the business by spending $619 million on M&A and capital expenditures.
+And we ended the quarter with a strong balance sheet, which enables us to enjoy financial flexibility going forward.
+During the quarter, we raised $850 million in long-term debt at very favorable terms, redeemed $300 million that was maturing next year and reduced our ongoing interest expense.
+We ended the quarter with $1.4 billion in cash, $2.9 billion in outstanding debt and a net leverage ratio of 1 time.
+Now turning to the outlook for the full year and the third quarter.
+We see a great opportunity to build on our strong first half results.
+Looking forward, while the pandemic is still with us, we continue to see recovery in our end markets and have solid momentum in all of our businesses.
+As a result, we are again increasing our full year projections for both revenue and earnings per share.
+This reflects our strong Q2 results an increasing expectations for the second half of the year.
+We are also incorporating the Resolution Bioscience into our guidance.
+For revenue, we are increasing our full-year range to a range of $6.15 billion to $6.21 billion, up nearly $320 million at the midpoint and representing reported growth of 15% to 16% and core growth of 12% to 13%.
+Included is roughly 3 points of currency and 0.5 point attributable to M&A.
+This increased outlook also reflects continued growth in our end markets.
+We see sustained momentum in the second half of the year in pharma, food and environmental and forensic markets.
+End markets that we expect to continue to recover in the second half include the Diagnostics and Clinical, academia and government and C&E.
+As Mike mentioned during our Investor Event in December, we provided a long-range plan of annual margin expansion in the range of 50 to 100 basis points.
+Our updated guidance for the year exceeds the top end of that range.
+And in addition, we are increasing our fiscal 2021 non-GAAP earnings per share to a range of $4.09 to $4.14 per share.
+This is growth of 25% to 26% for the year.
+Now for the third fiscal quarter, we're expecting revenue to range from $1.51 billion to $1.54 billion, representing reported growth of 20% to 22% and core growth of 15% to 17.5%.
+And we expect third quarter non-GAAP earnings per share to be in the range of $0.97 to $0.99 per share with growth of 24% to 27%.
+We believe our strategies and our execution of driving the strong results we've achieved and put us in a great position to continue to drive strong results for the remainder of the year.
+With that Ruben back to you for Q&A.
+Gabriel, if you could please provide instructions for the Q&A.","q2 non-gaap earnings per share $0.97.
+sees q3 revenue $1.51 billion to $1.54 billion.
+sees fy revenue $6.15 billion to $6.21 billion.
+q2 revenue $1.525 billion versus refinitiv ibes estimate of $1.4 billion.
+agilent technologies - fy 2021 non-gaap earnings guidance has increased to range of $4.09 to $4.14 per share.
+",,,,,