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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 
(MARK ONE) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended April 30, 2022 
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For transition period from              to        
 Commission File Number: 001-15405
 AGILENT TECHNOLOGIES, INC.
(Exact Name of registrant as specified in its charter)
Delaware 77-0518772
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
 
5301 Stevens Creek Blvd.,
Santa Clara, California 95051
(Address of principal executive offices)

Registrant’s telephone number, including area code: (800) 227-9770  

Securities registered pursuant to Section 12(b) of the Act:
Title of each ClassTrading SymbolName of each Exchange on which registered
Common Stock, $0.01 par valueANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No    
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No   

As of May 23, 2022, the registrant had 298,708,056 shares of common stock, $0.01 par value per share, outstanding.


AGILENT TECHNOLOGIES, INC.
TABLE OF CONTENTS
 
   Page
Number
 
 
  
  
  
  
 
 
 
 
 
 
 
 
Item 6.
Exhibits
  

2

PART I— FINANCIAL INFORMATION
 
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
 
Three Months EndedSix Months Ended
 April 30,April 30,
 2022202120222021
Net revenue:    
Products$1,204 $1,150 $2,467 $2,322 
Services and other403 375 814 751 
Total net revenue1,607 1,525 3,281 3,073 
Costs and expenses:    
Cost of products530 504 1,075 1,013 
Cost of services and other216 204 435 405 
Total costs746 708 1,510 1,418 
Research and development115 109 232 212 
Selling, general and administrative386 420 803 827 
Total costs and expenses1,247 1,237 2,545 2,457 
Income from operations360 288 736 616 
Interest income1 1 2 1 
Interest expense(21)(20)(42)(39)
Other income (expense), net(7)4 (44)7 
Income before taxes333 273 652 585 
Provision for income taxes59 57 95 81 
Net income$274 $216 $557 $504 
Net income per share:  
Basic$0.92 $0.71 $1.86 $1.65 
Diluted$0.91 $0.70 $1.84 $1.64 
Weighted average shares used in computing net income per share:    
Basic299 304 300 305 
Diluted301 307 302 308 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)

Three Months EndedSix Months Ended
 April 30,April 30,
 2022202120222021
Net income$274 $216 $557 $504 
Other comprehensive income (loss):
Unrealized gain (loss) on derivative instruments, net of tax expense (benefit) of $5, $0, $7 and $(2)
16  22 (4)
Amounts reclassified into earnings related to derivative instruments, net of tax expense (benefit) of $(1), $2, $(2) and $4
(4)4 (6)10 
Foreign currency translation, net of tax expense of $0, $0, $0 and $0
(54)2 (81)44 
Net defined benefit pension cost and post retirement plan costs:
Change in actuarial net loss, net of tax expense of $3, $4, $5 and $8
7 12 14 21 
Change in net prior service benefit, net of tax expense of $0, $0, $0 and $0
 (1) (1)
Other comprehensive income (loss)(35)17 (51)70 
Total comprehensive income$239 $233 $506 $574 


The accompanying notes are an integral part of these condensed consolidated financial statements.

4

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(in millions, except par value and share amounts)
(Unaudited)
 April 30,
2022
October 31,
2021
ASSETS  
Current assets:  
Cash and cash equivalents$1,186 $1,484 
Short-term investments21 91 
Accounts receivable, net1,237 1,172 
Inventory937 830 
Other current assets262 222 
Total current assets3,643 3,799 
Property, plant and equipment, net1,010 945 
Goodwill3,956 3,975 
Other intangible assets, net898 981 
Long-term investments190 185 
Other assets758 820 
Total assets$10,455 $10,705 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$503 $446 
Employee compensation and benefits347 493 
Deferred revenue511 441 
Short-term debt175  
Other accrued liabilities277 328 
Total current liabilities1,813 1,708 
Long-term debt2,730 2,729 
Retirement and post-retirement benefits187 220 
Other long-term liabilities603 659 
Total liabilities5,333 5,316 
Commitments and contingencies (Notes 9 and 12)
Total equity:  
Stockholders’ equity:  
Preferred stock; $0.01 par value; 125 million shares authorized; none issued and outstanding at April 30, 2022 and October 31, 2021
  
Common stock; $0.01 par value; 2 billion shares authorized; 299 million shares at April 30, 2022 and 302 million shares at October 31, 2021 issued and outstanding
3 3 
Additional paid-in-capital5,292 5,320 
 Retained earnings160 348 
Accumulated other comprehensive loss(333)(282)
Total stockholders' equity5,122 5,389 
Total liabilities and stockholders' equity$10,455 $10,705 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended
 April 30,
 20222021
Cash flows from operating activities:
Net income$557 $504 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization164 153 
Share-based compensation71 66 
Deferred taxes19 31 
Excess and obsolete inventory related charges10 14 
Loss on extinguishment of debt 17 
Net (gain) loss on equity securities62 (15)
Asset impairment charges 2 
Change in fair value of contingent consideration(25) 
Other non-cash expense, net9 2 
Changes in assets and liabilities:  
Accounts receivable, net(108)(17)
Inventory(124)(80)
Accounts payable54 51 
Employee compensation and benefits(144)(3)
Other assets and liabilities(7)(15)
Net cash provided by operating activities538 710 
Cash flows from investing activities:  
Investments in property, plant and equipment(139)(72)
Payment to acquire equity securities(3)(8)
Payment in exchange for convertible note(1)(2)
Proceeds from sale of equity securities6  
Acquisitions of businesses and intangible assets, net of cash acquired(18)(547)
Net cash used in investing activities(155)(629)
Cash flows from financing activities:  
Issuance of common stock under employee stock plans27 26 
Payment of taxes related to net share settlement of equity awards(64)(73)
Payment of dividends(126)(118)
Issuance of senior notes 848 
Debt issuance costs (7)
Repayment of senior notes (417)
Proceeds from commercial paper575 1,232 
Repayment of commercial paper(400)(1,102)
Treasury stock repurchases(681)(539)
Net cash used in financing activities(669)(150)
Effect of exchange rate movements(16)9 
Net decrease in cash, cash equivalents and restricted cash(302)(60)
Cash, cash equivalents and restricted cash at beginning of period1,490 1,447 
Cash, cash equivalents and restricted cash at end of period$1,188 $1,387 
Supplemental cash flow information:
Income tax paid, net$134 $116 
Interest payments$40 $36 
Net change in property, plant and equipment included in accounts payable and accrued liabilities-increase (decrease)$9 $11 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(in millions, except number of shares in thousands)
(Unaudited)
 Common Stock Accumulated
Other
Comprehensive
Loss
 
Three Months Ended April 30, 2022Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained Earnings Total Stockholders' Equity
Balance as of January 31, 2022300,273 $3 $5,290 $159 $(298)$5,154 
Components of comprehensive income, net of tax:
Net income— — — 274 — 274 
Other comprehensive loss— — — — (35)(35)
Total comprehensive income     239 
Cash dividends declared ($0.210 per common share)
— — — (63)— (63)
Share-based awards issued, net of tax of $1
43 — (1)— — (1)
Repurchase of common stock(1,751)— (24)(210)— (234)
Share-based compensation— — 27 — — 27 
Balance as of April 30, 2022298,565 $3 $5,292 $160 $(333)$5,122 
 Common Stock Accumulated
Other
Comprehensive
Loss
 
Six Months Ended April 30, 2022Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained EarningsTotal Stockholders' Equity
Balance as of October 31, 2021302,208 $3 $5,320 $348 $(282)$5,389 
Components of comprehensive income, net of tax:
Net income— — — 557 — 557 
Other comprehensive loss— — — — (51)(51)
Total comprehensive income     506 
Cash dividends declared ($0.420 per common share)             
— — — (126)— (126)
Share-based awards issued, net of tax of $64
1,015 — (37)— — (37)
Repurchase of common stock(4,658)— (62)(619)— (681)
Share-based compensation— — 71 — — 71 
Balance as of April 30, 2022298,565 $3 $5,292 $160 $(333)$5,122 
7

 Common Stock Accumulated
Other
Comprehensive
Loss
 
Three Months Ended April 30, 2021Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained
Earnings (Accumulated Deficit)
Total Stockholders' Equity
Balance as of January 31, 2021304,905 $3 $5,266 $4 $(469)$4,804 
Components of comprehensive income, net of tax:
Net income— — — 216 — 216 
Other comprehensive income— — — — 17 17 
Total comprehensive income     233 
Cash dividends declared ($0.194 per common share)             
— — — (59)— (59)
Share-based awards issued, net of tax of $1
51 — 1 — — 1 
Repurchase of common stock(1,553)— (22)(173)— (195)
Share-based compensation— — 26 — — 26 
Balance as of April 30, 2021303,403 $3 $5,271 $(12)$(452)$4,810 
 Common Stock Accumulated
Other
Comprehensive
Loss
 
Six Months Ended April 30, 2021Number
of
Shares
Par
Value
Additional
Paid-in
Capital
Retained Earnings (Accumulated Deficit)Total Stockholders' Equity
Balance as of October 31, 2020306,198 $3 $5,311 $81 $(522)$4,873 
Components of comprehensive income, net of tax:
Net income— — — 504 — 504 
Other comprehensive income— — — — 70 70 
Total comprehensive income     574 
Cash dividends declared ($0.388 per common share)             
— — — (118)— (118)
Share-based awards issued, net of tax of $73
1,643 — (46)— — (46)
Repurchase of common stock(4,438)— (60)(479)— (539)
Share-based compensation— — 66 — — 66 
Balance as of April 30, 2021303,403 $3 $5,271 $(12)$(452)$4,810 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Overview. Agilent Technologies, Inc. ("we," "Agilent" or the "company"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied chemical markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow.

Our fiscal year-end is October 31, and our fiscal quarters end on January 31, April 30 and July 31. Unless otherwise stated, these dates refer to our fiscal year and fiscal quarters.

New Segment Structure. In the first quarter of fiscal year 2022, we announced a change in organizational structure designed to enable our growth strategies and strengthen our focus on customers. Our chemistries and supplies business and our remarketed instruments business moved from our Agilent CrossLab business segment to our life sciences and applied markets business segment. Service revenue and cost of sales related to the previous acquisition of BioTek moved from our life sciences and applied markets business segment to our Agilent CrossLab business segment. Following this reorganization, we continue to have three business segments (life sciences and applied markets, diagnostics and genomics and Agilent CrossLab), each of which continues to comprise a reportable segment. We began reporting under this new structure with the Quarterly Report on Form 10-Q for the period ended January 31, 2022. Historical financial segment information has been recast to conform to this new presentation in our financial statements and accompanying notes. There was no change to our diagnostics and genomics business segment.

Basis of Presentation. We have prepared the accompanying financial data for the three and six months ended April 30, 2022 and 2021 pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. have been condensed or omitted pursuant to such rules and regulations. The October 31, 2021 condensed balance sheet data was derived from audited financial statements but does not include all the disclosures required in audited financial statements by U.S. GAAP. The accompanying financial data and information should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of our condensed consolidated balance sheet as of April 30, 2022 and October 31, 2021, condensed consolidated statement of comprehensive income (loss) for the three and six months ended April 30, 2022 and 2021, condensed consolidated statement of operations for the three and six months ended April 30, 2022 and 2021, condensed consolidated statement of cash flows for the six months ended April 30, 2022 and 2021 and condensed consolidated statement of equity for the three and six months ended April 30, 2022 and 2021.

Use of Estimates. The preparation of condensed consolidated financial statements in accordance with GAAP in the U.S. requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, inventory valuation, retirement and post-retirement benefit plan assumptions, valuation of goodwill and purchased intangible assets and accounting for income taxes.

9

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




Restricted Cash and Restricted Cash Equivalents. Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. A reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet follows:
 April 30,October 31
 20222021
(in millions)
Cash and cash equivalents$1,186 $1,484 
Restricted cash included in other assets2 6 
Total cash, cash equivalents and restricted cash$1,188 $1,490 

Leases. As of April 30, 2022 and October 31, 2021, operating lease right-of-use assets where we are the lessee were $162 million and $178 million, respectively, and were included within other assets in the accompanying condensed consolidated balance sheet. The associated operating lease liabilities were $164 million and $182 million as of April 30, 2022 and October 31, 2021, respectively, and were included in other accrued liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheet.

Variable Interest Entities. We make a determination upon entering into an arrangement whether an entity in which we have made an investment is considered a Variable Interest Entity (“VIE”). We evaluate our investments in privately held companies on an ongoing basis. We have determined that as of April 30, 2022 and October 31, 2021, there were no VIEs required to be consolidated in our consolidated financial statements because we do not have a controlling financial interest in any of the VIEs in which we have invested nor are we the primary beneficiary. We account for these investments under either the equity method or as equity investments without readily determinable fair value ("RDFV"), depending on the circumstances. We periodically reassess whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs and vice-versa, based on changes in facts and circumstances including changes in contractual arrangements and capital structure.

As of April 30, 2022 and October 31, 2021, the total carrying value of investments and loans in privately held companies considered as VIEs was $81 million and $76 million respectively. The maximum exposure is equal to the carrying value because we do not have future funding commitments. The investments are included on the long-term investments line and the loans on the other current assets and other assets lines (depending upon tenure of loan) on the condensed consolidated balance sheet.

Fair Value of Financial Instruments. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, accrued compensation and other accrued liabilities approximate fair value because of their short maturities. The fair value of short-term and long-term equity investments which are readily determinable, and which are not accounted under the equity method are reported at fair value using quoted market prices for those securities when available with gains and losses included in net income. The fair value of long-term equity investments which are not readily determinable, and which are not accounted under the equity method are reported at cost with adjustments for observable changes in prices or impairments included in net income. As of April 30, 2022, the fair value of our senior notes was $2,478 million with a carrying value of $2,730 million. This compares to a fair value of $2,806 million with a carrying value of $2,729 million as of October 31, 2021. The change in the fair value over carrying value in the six months ended April 30, 2022 is primarily due to increased market interest rates. The fair value was calculated from quoted prices which are primarily Level 1 inputs under the accounting guidance. The fair value of foreign currency contracts used for hedging purposes is estimated internally by using inputs tied to active markets. These inputs, for example, interest rate yield curves, foreign exchange rates, and forward and spot prices for currencies are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. See also Note 9, "Fair Value Measurements" for additional information on the fair value of financial instruments and contingent consideration.


10

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




 2. NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements
In January 2020, accounting guidance was issued that clarifies the accounting guidance for equity method investments, joint ventures, and derivatives and hedging. The guidance clarifies the interaction between different sections of the accounting guidance that could be applicable and which guidance should be applied in certain situations which should increase relevance and comparability of financial statement information. On November 1, 2021 we adopted this guidance which did not have a material impact on our condensed consolidated financial statements and disclosures.

In October 2021, the FASB issued an update to improve the accounting for acquired revenue contracts with customers in a business combination. The amendments require an acquirer to use the guidance in ASC 606, Revenue from Contracts with Customers, rather than using fair value, when recognizing and measuring contract assets and contract liabilities related to customer contracts assumed in a business combination. On November 1, 2021 we early adopted this guidance which did not have a material impact on our condensed consolidated financial statements and disclosures.

Accounting Pronouncements Not Yet Adopted
There were no additions to the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.

Other amendments to GAAP in the U.S. that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our condensed consolidated financial statements upon adoption.

3. REVENUE

The following table presents the company’s total revenue and segment revenue disaggregated by geographical region:
Three Months Ended April 30,
20222021
Life Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
TotalLife Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
Total
(in millions)
Revenue by Region
Americas$321 $137 $201 $659 $296 $122 $163 $581 
Europe216 97 110 423 214 95 106 415 
Asia Pacific359 119 47 525 371 112 46 529 
Total$896 $353 $358 $1,607 $881 $329 $315 $1,525 
Six Months Ended April 30,
20222021
Life Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
TotalLife Sciences and Applied MarketsAgilent CrossLab
Diagnostics and Genomics
Total
(in millions)
Revenue by Region
Americas$638 $269 $389 $1,296 $575 $246 $315 $1,136 
Europe468 195 211 874 459 187 206 852 
Asia Pacific766 248 97 1,111 770 227 88 1,085 
Total$1,872 $712 $697 $3,281 $1,804 $660 $609 $3,073 
11

AGILENT TECHNOLOGIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (Continued)




The following table presents the company’s total revenue disaggregated by end markets and by revenue type:
Three Months EndedSix Months Ended
April 30,April 30,
2022202120222021
(in millions)
Revenue by End Markets
Pharmaceutical and Biopharmaceutical$589 $531 $1,191 $1,052 
Chemical and Energy335 314 708 642 
Diagnostics and Clinical241 233 484 449 
Food137 144 295 306 
Academia and Government146 143 287 285 
Environmental and Forensics159 160 316 339 
Total$1,607 $1,525 $3,281 $3,073 
Revenue by Type
Instrumentation$646 $632 $1,337 $1,313 
Non-instrumentation and other961 893 1,944 1,760 
Total$1,607 $1,525 $3,281 $3,073 

Revenue by region is based on the ship to location of the customer. Revenue by end market is determined by the market indicator of t