pki-20200705
PERKINELMER INC00000317912020Q2false01/03111,000,0001,000,00011300,000,000300,000,000111,501,000111,140,000111,501,000111,140,0005352Contingent 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 July 5, 2020 was 101.5 basis points.The weighted average Eurocurrency interest rate as of July 5, 2020 was 0.15%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.17%, which was the interest applicable to the borrowings outstanding as of July 5, 2020.0.501.02Interest 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 $18.7 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 1.5The secured bank loans of $1.1 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 July 5, 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. 


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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 August 6, 2020, there were outstanding 111,814,516 shares of common stock, $1 par value per share.


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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

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.Unaudited Financial Statements

PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) 
 Three Months EndedSix Months Ended
 July 5,
2020
June 30,
2019
July 5,
2020
June 30,
2019
 (In thousands, except per share data)
Product revenue$601,506  $502,114  $1,027,035  $940,836  
Service revenue210,212  220,403  437,079  430,418  
Total revenue811,718  722,517  1,464,114  1,371,254  
Cost of product revenue240,494  238,455  446,684  444,731  
Cost of service revenue123,880  136,269  262,063  270,924  
Total cost of revenue364,374  374,724  708,747  715,655  
Selling, general and administrative expenses221,026  201,553  429,595  400,410  
Research and development expenses49,521  48,344  98,435  96,324  
Restructuring and other costs, net1,158  6,161  7,016  13,800  
Operating income from continuing operations175,639  91,735  220,321  145,065  
Interest and other expense, net10,812  19,908  20,805  36,473  
Income from continuing operations before income taxes164,827  71,827  199,516  108,592  
Provision for income taxes27,614  2,686  28,588  3,998  
Income from continuing operations137,213  69,141  170,928  104,594  
Loss on disposition of discontinued operations before income taxes        
Provision for income taxes on discontinued operations and dispositions51  54  101  95  
Loss from discontinued operations and dispositions(51) (54) (101) (95) 
Net income$137,162  $69,087  $170,827  $104,499  
Basic earnings per share:
Income from continuing operations$1.23  $0.62  $1.54  $0.94  
Loss from discontinued operations and dispositions(0.00) (0.00) (0.00) (0.00) 
Net income$1.23  $0.62  $1.54  $0.94  
Diluted earnings per share:
Income from continuing operations$1.23  $0.62  $1.53  $0.94  
Loss from discontinued operations and dispositions(0.00) (0.00) (0.00) (0.00) 
Net income$1.23  $0.62  $1.53  $0.94  
Weighted average shares of common stock outstanding:
Basic111,329  110,845  111,225  110,694  
Diluted111,869  111,528  111,756  111,411  
Cash dividends declared per common share$0.07  $0.07  $0.14  $0.14  
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months EndedSix Months Ended
July 5,
2020
June 30,
2019
July 5,
2020
June 30,
2019
(In thousands)
Net income$137,162  $69,087  $170,827  $104,499  
Other comprehensive income (loss):
Foreign currency translation adjustments61,568  (7,320) (17,025) (4,254) 
Unrealized gain (loss) on securities, net of tax87  103  (1) (17) 
Other comprehensive income (loss) 61,655  (7,217) (17,026) (4,271) 
Comprehensive income$198,817  $61,870  $153,801  $100,228  










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

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PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
July 5,
2020
December 29,
2019
 (In thousands, except share and per share data)
Current assets:
Cash and cash equivalents$218,536  $191,877  
Accounts receivable, net708,799  725,184  
Inventories477,707  356,937  
Other current assets126,371  100,381  
Total current assets1,531,413  1,374,379  
Property, plant and equipment:
At cost729,596  701,580  
Accumulated depreciation(406,807) (383,357) 
Property, plant and equipment, net322,789  318,223  
Operating lease right-of-use assets
195,222  167,276  
Intangible assets, net1,188,464  1,283,286  
Goodwill3,107,373  3,111,227  
Other assets, net291,555  284,173  
Total assets$6,636,816  $6,538,564  
Current liabilities:
Current portion of long-term debt$346,342  $9,974  
Accounts payable255,137  235,855  
Short-term accrued restructuring and other costs9,613  11,559  
Accrued expenses and other current liabilities550,067  503,332  
Current liabilities of discontinued operations2,097  2,112  
Total current liabilities1,163,256  762,832  
Long-term debt1,624,996  2,064,041  
Long-term liabilities703,208  751,468  
Operating lease liabilities
177,893  146,399  
Total liabilities3,669,353  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 111,501,000 shares and 111,140,000 shares at July 5, 2020 and December 29, 2019, respectively111,501  111,140  
Capital in excess of par value106,744  90,357  
Retained earnings2,965,890  2,811,973  
Accumulated other comprehensive loss(216,672) (199,646) 
Total stockholders’ equity2,967,463  2,813,824  
Total liabilities and stockholders’ equity$6,636,816  $6,538,564  
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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

 
For the Six-Month Period Ended July 5, 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  


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Table of Contents
For the Six-Month Period Ended June 30, 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  


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

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Table of Contents
PERKINELMER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
 July 5,
2020
June 30,
2019
 (In thousands)
Operating activities:
Net income$170,827  $104,499  
Loss from discontinued operations and dispositions, net of income taxes101  95  
Income from continuing operations170,928  104,594  
Adjustments to reconcile income from continuing operations to net cash provided by (used in) continuing operations:
Stock-based compensation12,654  12,801  
Restructuring and other costs, net7,016  13,800  
Depreciation and amortization120,047  103,793  
Loss on disposition of businesses and assets, net485  2,469  
Change in fair value of contingent consideration(11,446) 3,161  
Amortization of deferred debt financing costs and accretion of discounts1,642  1,790  
Amortization of acquired inventory revaluation1,485  5,565  
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net4,312  (9,604) 
Inventories(126,707) (50,450) 
Accounts payable20,907  (39,951) 
Accrued expenses and other(2,677) (106,425) 
Net cash provided by operating activities of continuing operations198,646  41,543  
Net cash used in operating activities of discontinued operations    
Net cash provided by operating activities198,646  41,543  
Investing activities:
Capital expenditures(37,138) (36,461) 
Purchases of investments(7,393) (868) 
Purchases of licenses  (5,000) 
Proceeds from disposition of businesses and assets1,815  550  
Proceeds from surrender of life insurance policies131    
Activity related to acquisitions, net of cash and cash equivalents acquired(2,990) (244,738) 
Net cash used in investing activities of continuing operations(45,575) (286,517) 
Net cash provided by investing activities of discontinued operations    
Net cash used in investing activities(45,575) (286,517) 
Financing activities:
Payments on borrowings(290,000) (578,000) 
Proceeds from borrowings188,000  849,550  
Payments of debt financing costs  (181) 
Settlement of cash flow hedges5,037  (1,659) 
Net payments on other credit facilities(6,036) (9,806) 
Payments for acquisition-related contingent consideration(5,200) (23,700) 
Proceeds from issuance of common stock under stock plans10,074  16,554  
Purchases of common stock(6,669) (6,057) 
Dividends paid(15,572) (15,507) 
Net cash (used in) provided by financing activities of continuing operations(120,366) 231,194  
Net cash provided by financing activities of discontinued operations