Company Quick10K Filing
PerkinElmer
Price85.16 EPS2
Shares112 P/E41
MCap9,500 P/FCF64
Net Debt1,862 EBIT292
TEV11,362 TEV/EBIT39
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-10-04 Filed 2020-11-10
10-Q 2020-07-05 Filed 2020-08-11
10-Q 2020-04-05 Filed 2020-05-12
10-K 2019-12-29 Filed 2020-02-25
10-Q 2019-09-29 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-30 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-07-01 Filed 2018-08-07
10-Q 2018-04-01 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-10-01 Filed 2017-11-07
10-Q 2017-07-02 Filed 2017-08-08
10-Q 2017-04-02 Filed 2017-05-09
10-K 2017-01-01 Filed 2017-02-28
10-Q 2016-10-02 Filed 2016-11-08
10-Q 2016-07-03 Filed 2016-08-09
10-Q 2016-04-03 Filed 2016-05-10
10-K 2016-01-03 Filed 2016-03-01
10-Q 2015-10-04 Filed 2015-11-10
10-Q 2015-06-28 Filed 2015-08-04
10-Q 2015-03-29 Filed 2015-05-05
10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-11-04
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-29 Filed 2014-02-25
10-Q 2013-09-29 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-30 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-07-01 Filed 2012-08-07
10-Q 2012-04-01 Filed 2012-05-08
10-K 2012-01-01 Filed 2012-02-28
10-Q 2011-10-02 Filed 2011-11-04
10-Q 2011-07-03 Filed 2011-08-10
10-Q 2011-04-03 Filed 2011-05-10
10-K 2011-01-02 Filed 2011-03-01
10-Q 2010-10-03 Filed 2010-11-10
10-Q 2010-07-04 Filed 2010-08-10
10-Q 2010-04-04 Filed 2010-05-13
10-K 2010-01-03 Filed 2010-03-01
8-K 2020-10-28
8-K 2020-10-12
8-K 2020-07-28
8-K 2020-07-13
8-K 2020-05-05
8-K 2020-04-28
8-K 2020-03-26
8-K 2020-03-25
8-K 2020-03-09
8-K 2020-03-01
8-K 2020-01-27
8-K 2019-10-30
8-K 2019-09-17
8-K 2019-09-12
8-K 2019-08-21
8-K 2019-07-29
8-K 2019-04-25
8-K 2019-04-23
8-K 2019-04-08
8-K 2019-01-31
8-K 2018-12-07
8-K 2018-10-31
8-K 2018-08-01
8-K 2018-04-30
8-K 2018-04-24
8-K 2018-04-11
8-K 2018-04-10
8-K 2018-01-25

PKI 10Q Quarterly Report

Part I. Financial Information
Item 1.Unaudited Financial Statements
Note 1: Basis of Presentation
Note 2: Revenue
Note 3: Business Combinations
Note 4: Restructuring and Other Costs, Net
Note 5: Interest and Other Expense, Net
Note 6: Inventories
Note 7: Income Taxes
Note 8: Debt
Note 9: Earnings per Share
Note 10: Industry Segment Information
Note 11: Stockholders' Equity
Note 12: Stock Plans
Note 13: Goodwill and Intangible Assets, Net
Note 14: Warranty Reserves
Note 15: Employee Postretirement Benefit Plans
Note 16: Derivatives and Hedging Activities
Note 17: Fair Value Measurements
Note 18: Contingencies
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 pki-10042020xex311.htm
EX-31.2 pki-10042020xex312.htm
EX-32.1 pki-10042020xex321.htm

PerkinElmer Earnings 2020-10-04

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.80.60.40.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.90.4-0.1-0.5-1.0-1.52012201420172020
Ops, Inv, Fin

pki-20201004
PERKINELMER INC00000317912020Q3false01/03111,000,0001,000,00011300,000,000300,000,000111,878,000111,140,000111,878,000111,140,0005352Contingent 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 cash.The interest rates on the Eurocurrency Rate loans are based on the Eurocurrency Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The interest rates on the US Dollar Base Rate loans are based on the US Dollar Base Rate at the time of borrowing, plus a percentage spread based on the credit rating of the Company's debt. The base rate is the higher of (i) the Federal Funds Rate (as defined in the credit agreement) plus 50 basis points (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," or (iii) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of October 4, 2020 was 101.5 basis points.The weighted average Eurocurrency interest rate as of October 4, 2020 was 0.15%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.16%, which was the interest applicable to the borrowings outstanding as of October 4, 2020.0.501.16Interest on the 2026 Notes is payable annually on July 19th each year0.35Interest on the 2021 Notes is payable annually on April 9th each year.0.15Interest on the 2029 Notes is payable semi-annually on March 15th and September 15th each year0.25Of these bank loans, loans in the aggregate amount of $17.7 million bear fixed interest rates between 1.1% and 4.3% and a loan in the amount of $0.1 million bears a variable interest rate based on the Euribor rate plus a margin of 1.5%.The secured bank loans of $0.8 million bear fixed annual interest rates between 1.95% and 20.0% and are required to be repaid in monthly installments until 2027.0.070.070.070.070.0730Contingent 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 4, 2020
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)
(781663-6900
(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
0.60% Notes due 2021PKI 21BThe 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. 


Table of Contents
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller 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 5, 2020, there were outstanding 111,974,485 shares of common stock, $1 par value per share.


Table of Contents
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.


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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 4,
2020
September 29,
2019
October 4,
2020
September 29,
2019
 (In thousands, except per share data)
Product revenue$736,846 $493,320 $1,763,881 $1,434,156 
Service revenue227,179 213,603 664,258 644,021 
Total revenue964,025 706,923 2,428,139 2,078,177 
Cost of product revenue299,785 236,618 746,469 681,349 
Cost of service revenue136,795 128,030 398,858 398,954 
Total cost of revenue436,580 364,648 1,145,327 1,080,303 
Selling, general and administrative expenses225,249 204,171 654,844 604,581 
Research and development expenses50,131 45,376 148,566 141,700 
Restructuring and other costs, net4,059 14,068 11,075 27,868 
Operating income from continuing operations248,006 78,660 468,327 223,725 
Interest and other expense, net14,249 15,406 35,054 51,879 
Income from continuing operations before income taxes233,757 63,254 433,273 171,846 
Provision for income taxes57,021 4,644 85,609 8,642 
Income from continuing operations176,736 58,610 347,664 163,204 
Loss on disposition of discontinued operations before income taxes    
Provision for income taxes on discontinued operations and dispositions37 52 138 147 
Loss from discontinued operations and dispositions(37)(52)(138)(147)
Net income$176,699 $58,558 $347,526 $163,057 
Basic earnings per share:
Income from continuing operations$1.58 $0.53 $3.12 $1.47 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$1.58 $0.53 $3.12 $1.47 
Diluted earnings per share:
Income from continuing operations$1.57 $0.53 $3.11 $1.46 
Loss from discontinued operations and dispositions(0.00)(0.00)(0.00)(0.00)
Net income$1.57 $0.52 $3.10 $1.46 
Weighted average shares of common stock outstanding:
Basic111,684 110,946 111,378 110,778 
Diluted112,292 111,559 111,935 111,460 
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.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months EndedNine Months Ended
October 4,
2020
September 29,
2019
October 4,
2020
September 29,
2019
(In thousands)
Net income$176,699 $58,558 $347,526 $163,057 
Other comprehensive income (loss):
Foreign currency translation adjustments72,862 (62,700)55,837 (66,954)
Unrealized gain (loss) on securities, net of tax43 (5)42 (22)
Other comprehensive income (loss) 72,905 (62,705)55,879 (66,976)
Comprehensive income (loss)$249,604 $(4,147)$403,405 $96,081 










The accompanying notes are an integral part of these condensed consolidated financial statements.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
October 4,
2020
December 29,
2019
 (In thousands, except share and per share data)
Current assets:
Cash and cash equivalents$258,293 $191,877 
Accounts receivable, net797,911 725,184 
Inventories486,555 356,937 
Other current assets133,062 100,381 
Total current assets1,675,821 1,374,379 
Property, plant and equipment:
At cost762,661 701,580 
Accumulated depreciation(426,219)(383,357)
Property, plant and equipment, net336,442 318,223 
Operating lease right-of-use assets193,897 167,276 
Intangible assets, net1,181,754 1,283,286 
Goodwill3,161,998 3,111,227 
Other assets, net315,653 284,173 
Total assets$6,865,565 $6,538,564 
Current liabilities:
Current portion of long-term debt$360,217 $9,974 
Accounts payable258,038 235,855 
Short-term accrued restructuring and other costs10,344 11,559 
Accrued expenses and other current liabilities614,101 503,332 
Current liabilities of discontinued operations2,097 2,112 
Total current liabilities1,244,797 762,832 
Long-term debt1,492,633 2,064,041 
Long-term liabilities720,800 751,468 
Operating lease liabilities175,654 146,399 
Total liabilities3,633,884 3,724,740 
Commitments and contingencies (see Note 18)
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 111,878,000 shares and 111,140,000 shares at October 4, 2020 and December 29, 2019, respectively111,878 111,140 
Capital in excess of par value128,820 90,357 
Retained earnings3,134,750 2,811,973 
Accumulated other comprehensive loss(143,767)(199,646)
Total stockholders’ equity3,231,681 2,813,824 
Total liabilities and stockholders’ equity$6,865,565 $6,538,564 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

 
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 (see Note 1)  (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 — — 26 
Purchases of common stock(1)(158)— — (159)
Issuance of common stock for long-term incentive program9 4,176 — — 4,185 
Stock compensation 947   947 
Balance, October 4, 2020$111,878 $128,820 $3,134,750 $(143,767)$3,231,681 


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For the Nine-Month Period Ended September 29, 2019
Common
Stock
Amount
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
(In thousands)
Balance, December 30, 2018$110,597 $48,772 $2,602,067 $(176,481)$2,584,955 
Impact of adopting ASU 2016-02  13,289  13,289 
Net income— — 35,412 — 35,412 
Other comprehensive income— — — 2,946 2,946 
Dividends— — (7,742)— (7,742)
Exercise of employee stock options and related income tax benefits186 8,424 — — 8,610 
Issuance of common stock for employee stock purchase plans19 1,367   1,386 
Purchases of common stock(57)(5,236)— — (5,293)
Issuance of common stock for long-term incentive program146 3,392 — — 3,538 
Stock compensation 1,371   1,371 
Balance, March 31, 2019$110,891 $58,090 $2,643,026 $(173,535)$2,638,472 
Net income— — 69,087 — 69,087 
Other comprehensive loss— — — (7,217)(7,217)
Dividends— — (7,746)— (7,746)
Exercise of employee stock options and related income tax benefits167 7,777 — — 7,944 
Issuance of common stock for employee stock purchase plans15 1,387   1,402 
Purchases of common stock(7)(757)— — (764)
Issuance of common stock for long-term incentive program5 4,384 — — 4,389 
Stock compensation 1,300   1,300 
Balance, June 30, 2019$111,071 $72,181 $2,704,367 $(180,752)$2,706,867 
Net income— — 58,558 — 58,558 
Other comprehensive loss— — — (62,705)(62,705)
Dividends— — (7,760)— (7,760)
Exercise of employee stock options and related income tax benefits19 990 — — 1,009 
Issuance of common stock for employee stock purchase plans(1)(11)  (12)
Purchases of common stock(2)(142)— — (144)
Issuance of common stock for long-term incentive program6 7,890 — — 7,896 
Stock compensation 3,088   3,088 
Balance, September 29, 2019$111,093 $83,996 $2,755,165 $(243,457)$2,706,797 


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

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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
 October 4,
2020
September 29,
2019
 (In thousands)
Operating activities:
Net income$347,526 $163,057 
Loss from discontinued operations and dispositions, net of income taxes138 147 
Income from continuing operations347,664 163,204 
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation19,770 25,105 
Restructuring and other costs, net11,075 27,868 
Depreciation and amortization182,521 157,117 
Loss on disposition of businesses and assets, net886 2,469 
Change in fair value of contingent consideration(8,807)4,399 
Debt extinguishment costs 471 
Amortization of deferred debt financing costs and accretion of discounts2,559 2,778 
Amortization of acquired inventory revaluation1,757 13,258 
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net(67,695)(22,132)
Inventories(120,934)(48,367)
Accounts payable16,391 (34,043)
Accrued expenses and other24,893 (143,869)
Net cash provided by operating activities of continuing operations410,080 148,258 
Net cash used in operating activities of discontinued operations  
Net cash provided by operating activities