2021 Q4 Form 10-Q Financial Statement

#000003179121000014 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q1
Revenue $1.167B $1.228B $1.355B
YoY Change 21.02% 51.34%
Cost Of Revenue $534.8M $543.3M $527.5M
YoY Change 22.51% 49.1%
Gross Profit $631.8M $685.2M $827.1M
YoY Change 19.79% 53.17%
Gross Profit Margin 54.16% 55.78% 61.06%
Selling, General & Admin $339.0M $281.8M $257.7M
YoY Change 50.52% 27.5%
% of Gross Profit 53.66% 41.13% 31.16%
Research & Development $68.61M $65.82M $56.80M
YoY Change 36.86% 32.92%
% of Gross Profit 10.86% 9.61% 6.87%
Depreciation & Amortization $87.11M $75.62M $64.00M
YoY Change 39.38% 27.74%
% of Gross Profit 13.79% 11.04% 7.74%
Operating Expenses $407.7M $347.6M $314.6M
YoY Change 48.03% 28.5%
Operating Profit $222.0M $332.5M $510.3M
YoY Change -10.5% 89.3%
Interest Expense $43.53M $16.75M -$13.60M
YoY Change 261.04% 44.57%
% of Operating Profit 19.61% 5.04% -2.67%
Other Income/Expense, Net -$60.30M -$6.431M -$23.60M
YoY Change 323.2% -40.52%
Pretax Income $161.7M $326.1M $473.1M
YoY Change -30.84% 97.82%
Income Tax $33.88M $80.09M $92.70M
% Of Pretax Income 20.96% 24.56% 19.59%
Net Earnings $127.7M $245.9M $380.4M
YoY Change -27.71% 79.3%
Net Earnings / Revenue 10.95% 20.02% 28.08%
Basic Earnings Per Share $1.12 $2.20 $3.40
Diluted Earnings Per Share $1.11 $2.19 $3.38
COMMON SHARES
Basic Shares Outstanding 114.5M shares 112.0M shares 112.1M shares
Diluted Shares Outstanding 115.0M shares 112.4M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $487.4M $572.8M $402.0M
YoY Change 88.68% 162.16%
Cash & Equivalents $487.4M $572.8M $402.0M
Short-Term Investments
Other Short-Term Assets $170.2M $181.2M $167.2M
YoY Change 27.92% 43.35%
Inventory $645.4M $513.4M $514.6M
Prepaid Expenses
Receivables $947.8M $992.6M $1.155B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.251B $2.260B $2.239B
YoY Change 34.31% 47.58%
LONG-TERM ASSETS
Property, Plant & Equipment $537.7M $379.1M $368.3M
YoY Change 59.82% 17.43%
Goodwill $7.420B $3.844B $3.447B
YoY Change 134.67% 23.71%
Intangibles $4.161B $1.562B $1.366B
YoY Change 252.08% 31.39%
Long-Term Investments
YoY Change
Other Assets $321.7M $486.3M $333.0M
YoY Change 1.91% 66.8%
Total Long-Term Assets $12.65B $6.479B $5.721B
YoY Change 143.73% 26.91%
TOTAL ASSETS
Total Short-Term Assets $2.251B $2.260B $2.239B
Total Long-Term Assets $12.65B $6.479B $5.721B
Total Assets $14.90B $8.739B $7.960B
YoY Change 117.02% 31.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $320.4M $324.7M $327.3M
YoY Change 24.18% 27.27%
Accrued Expenses $820.1M $793.4M $943.9M
YoY Change 33.55% 44.24%
Deferred Revenue $209.6M $230.7M $238.1M
YoY Change 498.86% 557.26%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.485M $4.669M $380.9M
YoY Change -98.75% -98.65%
Total Short-Term Liabilities $1.145B $1.123B $1.652B
YoY Change -8.01% -3.48%
LONG-TERM LIABILITIES
Long-Term Debt $5.099B $2.349B $1.610B
YoY Change 241.62% 44.52%
Other Long-Term Liabilities $1.512B $839.0M $774.5M
YoY Change 109.79% 19.31%
Total Long-Term Liabilities $6.611B $3.187B $2.384B
YoY Change 198.69% 36.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.145B $1.123B $1.652B
Total Long-Term Liabilities $6.611B $3.187B $2.384B
Total Liabilities $7.941B $4.500B $4.225B
YoY Change 118.53% 22.63%
SHAREHOLDERS EQUITY
Retained Earnings $4.236B $4.117B $3.507B
YoY Change 35.13% 38.81%
Common Stock $2.869B $215.4M $260.2M
YoY Change 1091.93% -1.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.959B $4.240B $3.735B
YoY Change
Total Liabilities & Shareholders Equity $14.90B $8.739B $7.960B
YoY Change 117.02% 31.68%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q1
OPERATING ACTIVITIES
Net Income $127.7M $245.9M $380.4M
YoY Change -27.71% 79.3%
Depreciation, Depletion And Amortization $87.11M $75.62M $64.00M
YoY Change 39.38% 27.74%
Cash From Operating Activities $313.8M $287.9M $482.1M
YoY Change 48.37% 107.84%
INVESTING ACTIVITIES
Capital Expenditures -$32.78M -$20.37M -$20.10M
YoY Change 61.5% 22.74%
Acquisitions
YoY Change
Other Investing Activities -$3.268B -$269.7M -$416.3M
YoY Change 141993.22% 3808.75%
Cash From Investing Activities -$3.301B -$290.0M -$436.4M
YoY Change 14570.79% 1128.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.755B -257.7M 73.40M
YoY Change -1867.42% 169.03%
NET CHANGE
Cash From Operating Activities 313.8M 287.9M 482.1M
Cash From Investing Activities -3.301B -290.0M -436.4M
Cash From Financing Activities 2.755B -257.7M 73.40M
Net Change In Cash -231.7M -259.9M 119.1M
YoY Change -800.05% -1460.47%
FREE CASH FLOW
Cash From Operating Activities $313.8M $287.9M $482.1M
Capital Expenditures -$32.78M -$20.37M -$20.10M
Free Cash Flow $346.6M $308.2M $502.2M
YoY Change 49.52% 98.73%

Facts In Submission

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Basis of Presentation<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"> </span></div><div style="text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements included herein have been prepared by PerkinElmer, Inc. (the “Company”), in accordance with accounting principles generally accepted in the United States of America (the “U.S.” or the "United States") and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited consolidated financial statements, in accordance with the rules and regulations of the SEC. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended January 3, 2021, filed with the SEC (the “2020 Form 10-K”). The balance sheet amounts at January 3, 2021 in this report were derived from the Company’s audited 2020 consolidated financial statements included in the 2020 Form 10-K. The condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods indicated. The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and classifications of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended October 3, 2021 and October 4, 2020, respectively, are not necessarily indicative of the results for the entire fiscal year or any future period. </span></div><div style="margin-top:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year ends on the Sunday nearest December 31. The Company reports fiscal years under a 52/53 week format and as a result, certain fiscal years will contain 53 weeks. The fiscal year ending January 2, 2022 ("fiscal year 2021") will include 52 weeks, and the fiscal year ended January 3, 2021 ("fiscal year 2020") included 53 weeks. </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently Adopted and Issued Accounting Pronouncements: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") and are adopted by the Company as of the specified effective dates. Unless otherwise discussed, such pronouncements did not have or will not have a significant impact on the Company’s consolidated financial position, results of operations and cash flows or do not apply to the Company’s operations.</span></div><div style="margin-bottom:8pt;margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, the FASB issued Accounting Standards Update No. 2019-12, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("ASU 2019-12"). ASU 2019-12 eliminates certain exceptions and adds guidance to reduce complexity in accounting for income taxes. Specifically, this guidance: (1) removes the intraperiod tax allocation exception to the incremental approach; (2) removes the ownership changes in investments exception in determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting and applies this provision on a modified retrospective basis through a cumulative-effect adjustment to retained earnings at the beginning of the period of adoption; and (3) removes the exception to using the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019-12 also simplifies accounting principles by making other changes, including requiring an entity to: (1) evaluate whether a step-up in tax basis of goodwill relates to a business combination or a separate transaction; (2) make a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax and to apply this provision retrospectively to all periods presented; and (3) recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and apply this provision either retrospectively for all periods presented or on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The provisions of this guidance (except as specifically mentioned above) are to be applied prospectively upon their effective date. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, and interim p</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">eriods within those years. In accordance with ASU 2019-12, the Company adopted the guidance beginning on January 4, 2021. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows.</span></div>
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-33431000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-33431000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
615000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
-144000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
711000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
10165000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
13692000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
13692000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
1075000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
2639000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
1552000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-8807000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
37225000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2817000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
37225000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2817000 USD
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
12200000 USD
CY2021Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
12900000 USD
pki Number Of Years Over Which Estimated Environmental Cost Will Be Paid
NumberOfYearsOverWhichEstimatedEnvironmentalCostWillBePaid
10 years

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