QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
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. | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | |||||||||||||||||||
Service revenue | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Cost of product revenue | |||||||||||||||||||||||
Cost of service revenue | |||||||||||||||||||||||
Total cost of revenue | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Restructuring and other costs, net | |||||||||||||||||||||||
Operating income from continuing operations | |||||||||||||||||||||||
Interest and other expense, net | |||||||||||||||||||||||
Income from continuing operations before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Loss on disposition of discontinued operations before income taxes | |||||||||||||||||||||||
Provision for income taxes on discontinued operations and dispositions | |||||||||||||||||||||||
Loss from discontinued operations and dispositions | ( | ( | ( | ( | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Loss from discontinued operations and dispositions | ( | ( | ( | ( | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Loss from discontinued operations and dispositions | ( | ( | ( | ( | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares of common stock outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash dividends declared per common share | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 3, 2021 | October 4, 2020 | October 3, 2021 | October 4, 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments, net of income taxes | ( | ( | |||||||||||||||||||||
Unrealized (loss) gain on securities, net of income taxes | ( | ||||||||||||||||||||||
Other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
October 3, 2021 | January 3, 2021 | ||||||||||
(In thousands, except share and per share data) | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Total liabilities | |||||||||||
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, respectively | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
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 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Issuance of common stock for employee stock purchase plans | — | — | |||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program | — | — | |||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||
Balance, April 4, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Issuance of common stock for employee stock purchase plans | — | — | |||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program | — | — | |||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||
Balance, July 4, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Issuance of common stock for business combination, net of issuance costs | — | ||||||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program | — | — | |||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||
Balance, October 3, 2021 | $ | $ | $ | $ | ( | $ |
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 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Impact of adopting ASU 2016-13 | ( | ( | |||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | ||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Issuance of common stock for employee stock purchase plans | |||||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program | — | — | |||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||
Balance, April 5, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Issuance of common stock for employee stock purchase plans | |||||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program | — | — | |||||||||||||||||||||||||||
Stock compensation | |||||||||||||||||||||||||||||
Balance, July 5, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | ||||||||||||||||||||||||
Exercise of employee stock options and related income tax benefits | — | — | |||||||||||||||||||||||||||
Issuance of common stock for employee stock purchase plans | |||||||||||||||||||||||||||||
Purchases of common stock | ( | ( | — | — | ( | ||||||||||||||||||||||||
Issuance of common stock for long-term incentive program |