10-Q 1 pki-20211003.htm 10-Q pki-20211003
PERKINELMER, INC00000317912021Q3false01/02111,000,0001,000,000————11300,000,000300,000,000126,200,000112,090,000126,200,000112,090,0000.150.200.070.070.070.070.07Stock Plans
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:
 Three Months Ended
 October 3,
2021		October 4,
2020
 (In thousands)
Cost of revenue$692 $253 
Research and development expenses366 316 
Selling, general and administrative expenses6,146 9,034 
Total stock-based compensation expense$7,204 $9,603 
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of October 3, 2021 and October 4, 2020, respectively.
Stock Options: The fair value of each option grant is estimated using the Black-Scholes option pricing model. The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 Three and Nine Months Ended
 October 3,
2021		October 4,
2020
Risk-free interest rate0.6 %0.9 %
Expected dividend yield0.2 %0.3 %
Expected term5 years5 years
Expected stock volatility27.3 %23.8 %
The following table summarizes stock option activity for the nine months ended October 3, 2021:
Number
of
Shares		Weighted-
Average Exercise
Price		Weighted-Average
Remaining
Contractual 
Term		Total
Intrinsic
Value
 (In thousands) (In years)(In millions)
Outstanding at January 3, 2021961 $74.40 
Granted162 134.53 
Exercised(96)53.98 
Forfeited(7)88.54 
Outstanding at October 3, 20211,020 $85.78 4.3$46.2 
Exercisable at October 3, 2021640 $72.63 3.2$36.7 
The weighted-average per-share grant-date fair value of options granted during the nine months ended October 3, 2021 and October 4, 2020 was $65.80 and $18.98. The total intrinsic value of options exercised during the three and nine months ended October 3, 2021 and October 4, 2020 was $9.5 million and $7.8 million, respectively. Cash received from option exercises for the nine months ended October 3, 2021 and October 4, 2020 was $5.0 million and $1.1 million, respectively.
The total compensation expense recognized related to the Company’s outstanding options was $0.9 million and $0.8 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively.
There was $8.9 million of total unrecognized compensation cost related to nonvested stock options granted as of October 3, 2021. This cost is expected to be recognized over a weighted-average period of 2.3 years.
Restricted Stock Awards: The following table summarizes restricted stock award activity for the nine months ended October 3, 2021:
Number of
Shares		Weighted-
Average
Grant-
Date Fair
Value
 (In thousands) 
Nonvested at January 3, 2021296 $85.67 
Granted102 129.27 
Vested(102)83.16 
Forfeited(5)86.90 
Nonvested at October 3, 2021291 $101.83 
The fair value of restricted stock awards vested during the three and nine months ended October 3, 2021 and October 4, 2020 was $8.5 million and $1.4 million, respectively. The total compensation expense recognized related to the Company’s outstanding restricted stock awards was $2.8 million and $2.7 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively.
As of October 3, 2021, there was $23.4 million of total unrecognized compensation cost related to nonvested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.8 years.
Performance Restricted Stock Units: As part of the Company's executive compensation program, the Company granted 77,373 performance restricted stock units during the nine months ended October 3, 2021 that will vest based on performance of the Company. The weighted-average per-share grant date fair value of performance restricted stock units granted during the nine months ended October 3, 2021 was $113.44. During the nine months ended October 3, 2021, no performance restricted stock units were forfeited. The total compensation expense recognized related to performance restricted stock units was $1.4 million and $2.0 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. As of October 3, 2021, there were 128,386 performance restricted stock units outstanding.
Performance Units: No performance units were granted during the nine months ended October 3, 2021. During the nine months ended October 3, 2021, no performance units were forfeited. The total compensation expense (income) recognized related to performance units was $0.1 million and $3.3 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. As of October 3, 2021, there were no performance units outstanding.
Stock Awards: The Company’s stock award program provides an annual equity award to non-employee directors. During the nine months ended October 3, 2021, the Company awarded no shares to non-employee directors. The total compensation expense recognized related to the stock awards were minimal for the nine months ended October 4, 2020.
Employee Stock Purchase Plan: During the nine months ended October 3, 2021, the Company issued 58 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $136.33 per share. During the nine months ended October 4, 2020, the Company issued 13,612 shares of common stock under the Company's Employee Stock Purchase Plan at a weighted-average price of $92.25 per share. At October 3, 2021, an aggregate of 0.8 million shares of the Company’s common stock remained available for sale to employees out of the 5.0 million shares authorized by shareholders for issuance under this plan.
The following table summarizes total pre-tax compensation expense recognized related to the Company’s stock option grants, restricted stock awards, performance restricted stock units, performance units and stock awards, included in the Company’s condensed consolidated statements of operations for the three and nine months ended October 3, 2021 and October 4, 2020:
 Three Months Ended
 October 3,
2021		October 4,
2020
 (In thousands)
Cost of revenue$692 $253 
Research and development expenses366 316 
Selling, general and administrative expenses6,146 9,034 
Total stock-based compensation expense$7,204 $9,603 
The total income tax benefit recognized in the condensed consolidated statements of operations for stock-based compensation was $4.1 million and $2.2 million for the three and nine months ended October 3, 2021 and October 4, 2020, respectively. Stock-based compensation costs capitalized as part of inventory were $0.5 million and $0.3 million as of October 3, 2021 and October 4, 2020, respectively.
6922533663166,1469,0347,2049,6034.12.20.50.3The Company’s weighted-average assumptions used in the Black-Scholes option pricing model were as follows:
 Three and Nine Months Ended
 October 3,
2021		October 4,
2020
Risk-free interest rate0.6 %0.9 %
Expected dividend yield0.2 %0.3 %
Expected term5 years5 years
Expected stock volatility27.3 %23.8 %
0.60.90.20.35527.323.8
The following table summarizes stock option activity for the nine months ended October 3, 2021:
Number
of
Shares		Weighted-
Average Exercise
Price		Weighted-Average
Remaining
Contractual 
Term		Total
Intrinsic
Value
 (In thousands) (In years)(In millions)
Outstanding at January 3, 2021961 $74.40 
Granted162 134.53 
Exercised(96)53.98 
Forfeited(7)88.54 
Outstanding at October 3, 20211,020 $85.78 4.3$46.2 
Exercisable at October 3, 2021640 $72.63 3.2$36.7 
96174.40162134.539653.98788.541,02085.784.346.264072.633.236.765.8018.989.57.85.01.10.90.88.92.3The following table summarizes restricted stock award activity for the nine months ended October 3, 2021:
Number of
Shares		Weighted-
Average
Grant-
Date Fair
Value
 (In thousands) 
Nonvested at January 3, 2021296 $85.67 
Granted102 129.27 
Vested(102)83.16 
Forfeited(5)86.90 
Nonvested at October 3, 2021291 $101.83 
29685.67102129.2710283.16586.90291101.838.51.42.82.723.41.877,373113.44no1.42.0128,386Nono0.13.3nono58136.3313,61292.250.85.0Warranty Reserves
The Company provides warranty protection for certain products usually for a period of one year beyond the date of sale. The majority of costs associated with warranty obligations include the replacement of parts and the time for service personnel to respond to repair and replacement requests. A warranty reserve is recorded based upon historical results, supplemented by management’s expectations of future costs. Warranty reserves are included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets.
A summary of warranty reserve activity is as follows:
 Three Months Ended
 October 3,
2021		October 4,
2020
 (In thousands)
Balance at beginning of period$12,073 $8,812 
Provision charged to income3,691 2,712 
Payments(6,182)(3,266)
Adjustments to previously provided warranties, net2,455 1,052 
Foreign currency translation and acquisitions(190)(269)
Balance at end of period$11,847 $9,041 
A summary of warranty reserve activity is as follows:
 Three Months Ended
 October 3,
2021		October 4,
2020
 (In thousands)
Balance at beginning of period$12,073 $8,812 
Provision charged to income3,691 2,712 
Payments(6,182)(3,266)
Adjustments to previously provided warranties, net2,455 1,052 
Foreign currency translation and acquisitions(190)(269)
Balance at end of period$11,847 $9,041 
12,0738,8123,6912,7126,1823,2662,4551,05219026911,8479,041Employee Postretirement Benefit Plans
The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:
 Defined Benefit
Pension Benefits		Postretirement
Medical Benefits
 Three Months Ended
 October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
 (In thousands)
Service and administrative costs$1,338 $1,688 $15 $18 
Interest cost2,376 3,138 17 23 
Expected return on plan assets(6,121)(5,371)(397)(347)
Net periodic pension credit$(2,407)$(545)$(365)$(306)
 Defined Benefit
Pension Benefits		Postretirement
Medical Benefits
 Nine Months Ended
 October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
 (In thousands)
Service and administrative costs$2,672 $3,595 $29 $36 
Interest cost4,753 6,282 34 47 
Expected return on plan assets(12,248)(10,755)(794)(694)
Net periodic benefit credit$(4,823)$(878)$(731)$(611)
During the nine months ended October 3, 2021 and October 4, 2020, the Company contributed $5.5 million and $5.2 million, respectively, in the aggregate, to pension plans outside of the United States. During the nine months ended October 3, 2021, the Company contributed $20.0 million to its defined benefit pension plan in the United States for the plan year 2019.
The Company recognizes actuarial gains and losses, unless an interim remeasurement is required, in the fourth quarter of the year in which the gains and losses occur, in accordance with the Company's accounting method for defined benefit pension plans and other postretirement benefits as described in Note 1 of the Company's audited consolidated financial statements and notes included in its 2020 Form 10-K. Such adjustments for gains and losses are primarily driven by events and circumstances beyond the Company's control, including changes in interest rates, the performance of the financial markets and mortality assumptions. Service costs for plans in active accrual are included in operating expenses.
The following table summarizes the components of net periodic pension credit for the Company’s various defined benefit employee pension and postretirement plans:
 Defined Benefit
Pension Benefits		Postretirement
Medical Benefits
 Three Months Ended
 October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
 (In thousands)
Service and administrative costs$1,338 $1,688 $15 $18 
Interest cost2,376 3,138 17 23 
Expected return on plan assets(6,121)(5,371)(397)(347)
Net periodic pension credit$(2,407)$(545)$(365)$(306)
 Defined Benefit
Pension Benefits		Postretirement
Medical Benefits
 Nine Months Ended
 October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
 (In thousands)
Service and administrative costs$2,672 $3,595 $29 $36 
Interest cost4,753 6,282 34 47 
Expected return on plan assets(12,248)(10,755)(794)(694)
Net periodic benefit credit$(4,823)$(878)$(731)$(611)
1,3381,68815182,3763,13817236,1215,3713973472,4075453653062,6723,59529364,7536,282344712,24810,7557946944,8238787316115.55.220.030Contingent consideration is measured at fair value at the acquisition date, based on the probability that revenue thresholds or product development milestones will be achieved during the earnout period, with changes in the fair value after the acquisition date affecting earnings to the extent it is to be settled in 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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 October 3, 2021
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-5075
_______________________________________ 
PerkinElmer, Inc.
(Exact name of Registrant as specified in its Charter)
_______________________________________  
Massachusetts 04-2052042
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
940 Winter Street,Waltham,Massachusetts02451
(Address of principal executive offices)(Zip Code)
(781) 663-6900
(Registrant’s telephone number, including area code)
______________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common stock, $1 par value per sharePKIThe New York Stock Exchange
1.875% Notes due 2026PKI 21AThe New 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 the 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 whether 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 November 4, 2021, there were outstanding 126,200,192 shares of common stock, $1 par value per share.

TABLE OF CONTENTS
 
  Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.


3

PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
 Three Months EndedNine Months Ended
 October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
 (In thousands, except per share data)
Product revenue$785,869 $736,846 $2,365,180 $1,763,881 
Service revenue380,815 227,179 1,337,664 664,258 
Total revenue1,166,684 964,025 3,702,844 2,428,139 
Cost of product revenue365,497 299,785 1,070,632 746,469 
Cost of service revenue169,351 136,795 530,036 398,858 
Total cost of revenue534,848 436,580 1,600,668 1,145,327 
Selling, general and administrative expenses339,047 225,249 872,276 654,844 
Research and development expenses68,608 50,131 194,648 148,566 
Restructuring and other costs, net2,211 4,059 13,018 11,075 
Operating income from continuing operations221,970 248,006 1,022,234 468,327 
Interest and other expense, net60,302 14,249 54,027 35,054 
Income from continuing operations before income taxes161,668 233,757 968,207 433,273 
Provision for income taxes33,883 57,021 215,111 85,609 
Income from continuing operations127,785 176,736 753,096 347,664 
Loss on disposition of discontinued operations before income taxes— — — — 
Provision for income taxes on discontinued operations and dispositions47 37 123 138 
Loss from discontinued operations and dispositions(47)(37)(123)(138)
Net income$127,738 $176,699 $752,973 $347,526 
Basic earnings per share:
Income from continuing operations$1.12 $1.58 $6.67 $3.12 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$1.12 $1.58 $6.67 $3.12 
Diluted earnings per share:
Income from continuing operations$1.11 $1.57 $6.65 $3.11 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$1.11 $1.57 $6.65 $3.10 
Weighted average shares of common stock outstanding:
Basic114,508 111,684 112,836 111,378 
Diluted115,022 112,292 113,307 111,935 
Cash dividends declared per common share$0.07 $0.07 $0.21 $0.21 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months EndedNine Months Ended
October 3,
2021		October 4,
2020		October 3,
2021		October 4,
2020
(In thousands)
Net income$127,738 $176,699 $752,973 $347,526 
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of income taxes(53,758)72,862 (114,339)55,837 
Unrealized (loss) gain on securities, net of income taxes(1)43 104 42 
Other comprehensive (loss) income(53,759)72,905 (114,235)55,879 
Comprehensive income$73,979 $249,604 $638,738 $403,405 










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

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
October 3,
2021		January 3,
2021
 (In thousands, except share and per share data)
Current assets:
Cash and cash equivalents$487,373 $402,036 
Accounts receivable, net947,805 1,155,109 
Inventories645,419 514,567 
Other current assets170,207 167,208 
Total current assets2,250,804 2,238,920 
Property, plant and equipment, net537,710 368,304 
Operating lease right-of-use assets208,661 207,236 
Intangible assets, net4,160,736 1,365,693 
Goodwill7,420,271 3,447,114 
Other assets, net321,667 333,048 
Total assets$14,899,849 $7,960,315 
Current liabilities:
Current portion of long-term debt$4,485 $380,948 
Accounts payable320,435 327,325 
Accrued expenses and other current liabilities820,109 943,916 
Total current liabilities1,145,029 1,652,189 
Long-term debt5,099,077 1,609,701 
Long-term liabilities1,512,153 774,531 
Operating lease liabilities185,005 188,402 
Total liabilities7,941,264 4,224,823 
Commitments and contingencies (see Note 14)
Stockholders’ equity:
Preferred stock—$1 par value per share, authorized 1,000,000 shares; none issued or outstanding— — 
Common stock—$1 par value per share, authorized 300,000,000 shares; issued and outstanding 126,200,000 shares and 112,090,000 shares at October 3, 2021 and January 3, 2021, respectively126,200 112,090 
Capital in excess of par value2,742,750 148,101 
Retained earnings4,235,831 3,507,262 
Accumulated other comprehensive loss(146,196)(31,961)
Total stockholders’ equity6,958,585 3,735,492 
Total liabilities and stockholders’ equity$14,899,849 $7,960,315 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

 
For the Nine-Month Period Ended October 3, 2021
Common
Stock
Amount		Capital in
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Total
Stockholders’
Equity
(In thousands)
Balance, January 3, 2021$112,090 $148,101 $3,507,262 $(31,961)$3,735,492 
Net income— — 379,305 — 379,305 
Other comprehensive loss— — — (72,211)(72,211)
Dividends— — (7,846)— (7,846)
Exercise of employee stock options and related income tax benefits95 4,892 — — 4,987 
Issuance of common stock for employee stock purchase plans— 8 — — 8 
Purchases of common stock(295)(42,484)— — (42,779)
Issuance of common stock for long-term incentive program176 4,274 — — 4,450 
Stock compensation— 899 — — 899 
Balance, April 4, 2021$112,066 $115,690 $3,878,721 $(104,172)$4,002,305 
Net income— — 245,930 — 245,930 
Other comprehensive income— — — 11,735 11,735 
Dividends— — (7,826)— (7,826)
Exercise of employee stock options and related income tax benefits128 9,070 — — 9,198 
Issuance of common stock for employee stock purchase plans11 1,613 — — 1,624 
Purchases of common stock(209)(29,936)— — (30,145)
Issuance of common stock for long-term incentive program24 4,998 — — 5,022 
Stock compensation5 1,959 — — 1,964 
Balance, July 4, 2021$112,025 $103,394 $4,116,825 $(92,437)$4,239,807 
Net income— — 127,738 — 127,738 
Other comprehensive loss— — — (53,759)(53,759)
Dividends— — (8,732)— (8,732)
Issuance of common stock for business combination, net of issuance costs14,067 2,624,077 — — 2,638,144 
Exercise of employee stock options and related income tax benefits107 8,773 — — 8,880 
Purchases of common stock(1)(89)— — (90)
Issuance of common stock for long-term incentive program2 5,114 — — 5,116 
Stock compensation— 1,481 — — 1,481 
Balance, October 3, 2021$126,200 $2,742,750 $4,235,831 $(146,196)$6,958,585 


7

For the Nine-Month Period Ended October 4, 2020
Common
Stock
Amount		Capital in
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Stockholders’
Equity
(In thousands)
Balance, December 29, 2019$111,140 $90,357 $2,811,973 $(199,646)$2,813,824 
Impact of adopting ASU 2016-13— — (1,328)— (1,328)
Net income— — 33,665 — 33,665 
Other comprehensive loss— — — (78,681)(78,681)
Dividends— — (7,779)— (7,779)
Exercise of employee stock options and related income tax benefits21 1,085 — — 1,106 
Issuance of common stock for employee stock purchase plans14 1,242 — — 1,256 
Purchases of common stock(66)(6,276)— — (6,342)
Issuance of common stock for long-term incentive program197 2,831 — — 3,028 
Stock compensation— 997 — — 997 
Balance, April 5, 2020$111,306 $90,236 $2,836,531 $(278,327)$2,759,746 
Net income— — 137,162 — 137,162 
Other comprehensive income— — — 61,655 61,655 
Dividends— — (7,803)— (7,803)
Exercise of employee stock options and related income tax benefits175 8,792 — — 8,967 
Issuance of common stock for employee stock purchase plans14 1,291 — — 1,305 
Purchases of common stock(4)(323)— — (327)
Issuance of common stock for long-term incentive program2 5,123 — — 5,125 
Stock compensation8 1,625 — — 1,633 
Balance, July 5, 2020$111,501 $106,744 $2,965,890 $(216,672)$2,967,463 
Net income— — 176,699 — 176,699 
Other comprehensive income— — — 72,905 72,905 
Dividends— — (7,839)— (7,839)
Exercise of employee stock options and related income tax benefits369 17,085 — — 17,454 
Issuance of common stock for employee stock purchase plans— 26 —