Third quarter revenue of $712 million; (17)% reported growth
Pro forma* total revenue of $1,033 million; 9% pro forma non-COVID organic growth
Third quarter GAAP EPS from continuing operations of $0.55; pro forma adjusted EPS of $1.51
Initiates fourth quarter and updates full year pro forma guidance
WALTHAM, Mass.–(BUSINESS WIRE)–PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, today reported financial results for the third quarter ended October 2, 2022.
The Company reported GAAP earnings per share from continuing operations of $0.55, as compared to GAAP earnings per share from continuing operations of $0.94 in the same period a year ago. GAAP revenue for the quarter was $712 million, as compared to $861 million in the same period a year ago. GAAP operating income from continuing operations for the quarter was $111 million, as compared to $196 million for the same period a year ago. GAAP operating profit margin was 15.6% as a percentage of revenue, as compared to 22.7% in the same period a year ago.
Adjusted operating income from continuing operations was $224 million, as compared to $322 million for the same period a year ago. Adjusted operating profit margin was 31.4% as a percentage of revenue, as compared to 37.4% in the same period a year ago.
Pro forma adjusted earnings per share for the quarter was $1.51, as compared to $2.31 in the same period a year ago. Pro forma adjusted revenue for the quarter was $1.03 billion, as compared to $1.17 billion in the same period a year ago. Pro forma adjusted operating income for the quarter was $272 million, as compared to $359 million for the same period a year ago. Pro forma adjusted operating profit margin was 26.3% as a percentage of adjusted revenue, as compared to 30.8% in the same period a year ago.
Adjustments for the Company’s non-GAAP financial measures have been noted in the attached reconciliations.
*Pro forma information includes results from the Applied, Food and Enterprise Services (“AES”) businesses currently held for sale.
“It was great to see how we continued to execute at a high level across the company in the quarter, both operationally and financially,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “The energy and excitement amongst our employees in all our businesses remains exceptional as we continue to prepare for the upcoming split into two separate companies. I am proud to see the impact our efforts are having on society and how we accomplish this each day.”
Financial Overview by Reporting Segment for the Third Quarter
Discovery & Analytical Solutions Continuing Operations
Third quarter 2022 revenue was $313 million, as compared to $208 million in the same period a year ago. Reported revenue increased 51% and organic revenue increased 14% as compared to the same period a year ago.
Third quarter 2022 operating income from continuing operations was $33 million, as compared to $(19) million for the same period a year ago.
Third quarter 2022 adjusted operating income was $117 million, as compared to $58 million for the same period a year ago.
Discovery & Analytical Solutions Pro Forma* Operations
Third quarter 2022 pro forma revenue was $633 million, as compared to $513 million in the same period a year ago. Pro forma revenue increased 23% and pro forma organic revenue increased 12% as compared to the same period a year ago.
Third quarter 2022 pro forma operating income was $58 million, as compared to $7 million for the same period a year ago.
Third quarter 2022 pro forma adjusted operating income was $165 million, as compared to $95 million for the same period a year ago.
Diagnostics
Third quarter 2022 revenue was $399 million, as compared to $654 million for the same period a year ago. Reported revenue decreased 39% and organic revenue decreased 33% as compared to the same period a year ago.
Third quarter 2022 operating income from continuing operations was $95 million, as compared to $238 million for the same period a year ago.
Third quarter 2022 adjusted operating income was $123 million, as compared to $287 million for the same period a year ago.
Initiates Fourth Quarter and Updates Full Year 2022 Guidance
For the fourth quarter of 2022, the Company forecasts total revenue from continuing operations of $0.73 billion. Pro forma total revenue is expected to be in a range of approximately $1.06-$1.07 billion and pro forma adjusted earnings per share are expected to be in a range $1.65-$1.67.
For the full year 2022, the Company now forecasts total revenue from continuing operations of $3.30 billion. Pro forma total revenue is expected to be in the range of approximately $4.59-$4.60 billion and pro forma adjusted earnings per share are expected to be in a range of $7.89-$7.91.
The Company’s guidance for the fourth quarter and full year with respect to non-GAAP metrics cannot be reconciled to the closest GAAP measures without unreasonable effort due to the unpredictability of the amounts and timing of events affecting the items the Company excludes from these non-GAAP measures. The timing and amounts of such events and items could be material to the Company’s results prepared in accordance with GAAP.
Webcast Information
The Company will discuss its third quarter 2022 results and its outlook for business trends during a webcast on November 8, 2022, at 8:00 a.m. Eastern Time. A live audio webcast and presentation will be available on the Investors section of the Company’s website, www.perkinelmer.com.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “estimates”, “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) the effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and divestitures, such as the divestiture of the Applied, Food and Enterprise Services businesses, license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our ability to compete effectively; (7) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (8) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (9) disruptions in the supply of raw materials and supplies; (10) our ability to retain key personnel; (11) significant disruption in our information technology systems, or cybercrime; (12) our ability to realize the full value of our intangible assets; (13) our failure to adequately protect our intellectual property; (14) the loss of any of our licenses or licensed rights; (15) the manufacture and sale of products exposing us to product liability claims; (16) our failure to maintain compliance with applicable government regulations; (17) regulatory changes; (18) our failure to comply with healthcare industry regulations; (19) economic, political and other risks associated with foreign operations; (20) the United Kingdom’s withdrawal from the European Union; (21) our ability to obtain future financing; (22) restrictions in our credit agreements; (23) discontinuation or replacement of LIBOR; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer is a leading, global provider of end-to-end solutions that help scientists, researchers and clinicians better diagnose disease, discover new and more personalized drugs, monitor the safety and quality of our food, and drive environmental and applied analysis excellence. With an 85-year legacy of advancing science and a mission of innovating for a healthier world, our dedicated team of more than 16,000 collaborates closely with commercial, government, academic and healthcare customers to deliver reagents, assays, instruments, automation, informatics and strategic services that accelerate workflows, deliver actionable insights and support improved decision making. We are also deeply committed to good corporate citizenship through our dynamic ESG and sustainability programs. The Company reported revenues of approximately $5 billion in 2021, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available at www.perkinelmer.com. Follow PerkinElmer on LinkedIn, Twitter, Facebook, Instagram, and YouTube.
PerkinElmer, Inc. and Subsidiaries
CONDENSED CONSOLIDATED INCOME STATEMENTS
Three Months Ended
Nine Months Ended
(In thousands, except per share data)
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
Revenue
$
711,803
$
861,316
$
2,570,608
$
2,799,898
Cost of revenue
304,759
338,454
1,017,108
1,009,707
Selling, general and administrative expenses
239,969
275,869
765,746
681,311
Research and development expenses
53,521
49,421
167,081
139,753
Restructuring and other, net
2,774
2,011
15,443
10,517
Operating income from continuing operations
110,780
195,561
605,230
958,610
Interest income
(667
)
(544
)
(2,024
)
(1,322
)
Interest expense
25,931
43,531
81,447
74,407
Change in fair value of financial securities
5,106
19,365
14,321
(8,566
)
Other (income) expense, net
(1,732
)
(1,803
)
(1,904
)
(9,787
)
Income from continuing operations, before income taxes
82,142
135,012
513,390
903,878
Provision for income taxes
12,634
27,381
98,211
198,531
Income from continuing operations
69,508
107,631
415,179
705,347
Income from discontinued operations, before income taxes
25,180
26,656
36,004
64,329
Provision for income taxes on discontinued operations and dispositions
9,341
6,549
9,662
16,703
Income from discontinued operations and dispositions
15,839
20,107
26,342
47,626
Net income
$
85,347
$
127,738
$
441,521
$
752,973
Diluted earnings per share:
Income from continuing operations
$
0.55
$
0.94
$
3.28
$
6.23
Income from discontinued operations and dispositions
0.13
0.17
0.21
0.42
Net income
$
0.67
$
1.11
$
3.49
$
6.65
Weighted average diluted shares of common stock outstanding
126,540
115,022
126,544
113,307
ABOVE PREPARED IN ACCORDANCE WITH GAAP
Additional Supplemental Information (1):
(per share, continuing operations)
GAAP EPS from continuing operations
$
0.55
$
0.94
$
3.28
$
6.23
Amortization of intangible assets
0.72
0.55
2.22
1.40
Gain from debt extinguishment
(0.00
)
–
(0.00
)
–
Purchase accounting adjustments
0.08
0.09
0.36
0.17
Acquisition and divestiture-related costs
0.07
0.61
0.20
0.64
Change in fair value of financial securities
0.04
0.17
0.11
(0.08
)
Asset impairment
–
0.03
–
0.03
Significant litigation matters and settlements
0.00
–
(0.00
)
–
Disposition of businesses and assets, net
–
(0.02
)
–
(0.02
)
Restructuring and other, net
0.02
0.02
0.12
0.09
Tax on above items
(0.24
)
(0.31
)
(0.77
)
(0.49
)
Significant tax items
(0.03
)
(0.01
)
(0.03
)
0.12
Adjusted EPS from Continuing Operations
$
1.21
$
2.07
$
5.50
$
8.10
Adjusted EPS from AES
$
0.30
$
0.24
$
0.75
$
0.74
Pro Forma Adjusted EPS including the results of AES
$
1.51
$
2.31
$
6.24
$
8.84
(1) amounts may not sum due to rounding
PerkinElmer, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)
Three Months Ended
Nine Months Ended
(In thousands, except percentages)
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
DAS
Reported revenue
$
312,783
$
207,511
$
945,484
$
577,371
Purchase accounting adjustments
–
–
–
1,849
Adjusted revenue
312,783
207,511
945,484
579,220
Reported operating income (loss) from continued operations
32,631
(19,263
)
106,005
50,624
OP%
10.4
%
-9.3
%
11.2
%
8.8
%
Amortization of intangible assets
64,426
25,757
185,094
50,903
Purchase accounting adjustments
9,164
5,673
43,710
9,322
Acquisition and divestiture-related costs
8,475
44,409
11,746
46,498
Significant litigation matters and settlements
629
–
(632
)
–
Restructuring and other, net
1,556
1,424
11,738
6,867
Adjusted operating income
116,881
58,000
357,661
164,214
Adjusted OP%
37.4
%
28.0
%
37.8
%
28.4
%
Diagnostics
Reported revenue
399,020
653,805
1,625,124
2,222,527
Purchase accounting adjustments
203
199
609
597
Adjusted revenue
399,223
654,004
1,625,733
2,223,124
Reported operating income from continued operations
94,654
237,903
553,898
965,650
OP%
23.7
%
36.4
%
34.1
%
43.4
%
Amortization of intangible assets
27,099
37,517
95,375
107,743
Purchase accounting adjustments
457
5,107
1,884
9,485
Asset impairment
–
3,868
–
3,868
Acquisition and divestiture-related costs
–
2,023
14,119
7,833
Restructuring and other, net
1,218
587
3,705
3,650
Adjusted operating income
123,428
287,005
668,981
1,098,229
Adjusted OP%
30.9
%
43.9
%
41.1
%
49.4
%
Corporate
Reported operating loss
(16,505
)
(23,079
)
(54,673
)
(57,664
)
Continuing Operations
Reported revenue
$
711,803
$
861,316
$
2,570,608
$
2,799,898
Purchase accounting adjustments
203
199
609
2,446
Adjusted revenue
712,006
861,515
2,571,217
2,802,344
Reported operating income from continued operations
110,780
195,561
605,230
958,610
OP%
15.6
%
22.7
%
23.5
%
34.2
%
Amortization of intangible assets
91,525
63,274
280,469
158,646
Purchase accounting adjustments
9,621
10,780
45,594
18,807
Acquisition and divestiture-related costs
8,475
46,432
25,865
54,331
Asset impairment
–
3,868
–
3,868
Significant litigation matters and settlements
629
–
(632
)
–
Restructuring and other, net
2,774
2,011
15,443
10,517
Adjusted operating income
$
223,804
$
321,926
$
971,969
$
1,204,779
Adjusted OP%
31.4
%
37.4
%
37.8
%
43.0
%
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
Three Months Ended
Nine Months Ended
(In thousands, except percentages)
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
DAS
Reported revenue
$
312,783
$
207,511
$
945,484
$
577,371
Purchase accounting adjustments
–
–
–
1,849
Adjusted revenue
312,783
207,511
945,484
579,220
Reported operating income from continued operations
32,631
(19,263
)
106,005
50,624
OP%
10.4
%
-9.3
%
11.2
%
8.8
%
Amortization of intangible assets
64,426
25,757
185,094
50,903
Purchase accounting adjustments
9,164
5,673
43,710
9,322
Acquisition and divestiture-related costs
8,475
44,409
11,746
46,498
Significant litigation matters and settlements
629
–
(632
)
–
Restructuring and other, net
1,556
1,424
11,738
6,867
Adjusted operating income
116,881
58,000
357,661
164,214
Adjusted OP%
37.4
%
28.0
%
37.8
%
28.4
%
AES Discontinued Operations
Revenue in Discontinued Ops
320,616
305,369
950,822
902,946
Reported operating income in discontinued operations
25,389
26,409
36,642
63,624
OP%
7.9
%
8.6
%
3.9
%
7.0
%
Amortization of intangible assets
2,387
7,680
16,984
26,026
Acquisition and divestiture-related costs
22,026
2,651
47,042
15,066
Restructuring and other, net
486
200
13,131
2,501
Pro-Forma deprecation on assets held for sale
(2,363
)
–
(2,363
)
–
Adjusted operating income of AES
47,925
36,940
111,436
107,217
Adjusted OP%
14.9
%
12.1
%
11.7
%
11.9
%
Pro Forma DAS
Revenue including AES
633,399
512,880
1,896,306
1,480,317
Purchase accounting adjustments
–
–
–
1,849
Adjusted revenue including AES
633,399
512,880
1,896,306
1,482,166
Operating income including AES
58,020
7,146
142,647
114,248
OP%
9.2
%
1.4
%
7.5
%
7.7
%
Amortization of intangible assets
66,813
33,437
202,078
76,929
Purchase accounting adjustments
9,164
5,673
43,710
9,322
Acquisition and divestiture-related costs
30,501
47,060
58,788
61,564
Significant litigation matters and settlements
629
–
(632
)
–
Restructuring and other, net
2,042
1,624
24,869
9,368
Pro-Forma deprecation on assets held for sale
(2,363
)
–
(2,363
)
–
Adjusted operating income including AES
164,806
94,940
469,097
271,431
Adjusted OP%
26.0
%
18.5
%
24.7
%
18.3
%
Diagnostics
Reported revenue
399,020
653,805
1,625,124
2,222,527
Purchase accounting adjustments
203
199
609
597
Adjusted revenue
399,223
654,004
1,625,733
2,223,124
Reported operating income from continued operations
94,654
237,903
553,898
965,650
OP%
23.7
%
36.4
%
34.1
%
43.4
%
Amortization of intangible assets
27,099
37,517
95,375
107,743
Purchase accounting adjustments
457
5,107
1,884
9,485
Asset impairment
–
3,868
–
3,868
Acquisition and divestiture-related costs
–
2,023
14,119
7,833
Restructuring and other, net
1,218
587
3,705
3,650
Adjusted operating income
123,428
287,005
668,981
1,098,229
Adjusted OP%
30.9
%
43.9
%
41.1
%
49.4
%
Corporate
Reported operating loss
(16,505
)
(23,079
)
(54,673
)
(57,664
)
Pro Forma Operating Results including AES
Revenue including AES
$
1,032,419
$
1,166,685
$
3,521,430
$
3,702,844
Purchase accounting adjustments
203
199
609
2,446
Adjusted revenue including AES
1,032,622
1,166,884
3,522,039
3,705,290
Operating income including AES
136,169
221,970
641,872
1,022,234
OP%
13.2
%
19.0
%
18.2
%
27.6
%
Amortization of intangible assets
93,912
70,954
297,453
184,672
Purchase accounting adjustments
9,621
10,780
45,594
18,807
Acquisition and divestiture-related costs
30,501
49,083
72,907
69,397
Asset impairment
–
3,868
–
3,868
Significant litigation matters and settlements
629
–
(632
)
–
Restructuring and other, net
3,260
2,211
28,574
13,018
Pro-Forma deprecation on assets held for sale
(2,363
)
–
(2,363
)
–
Adjusted operating income including AES
$
271,729
$
358,866
$
1,083,405
$
1,311,996
Adjusted OP%
26.3
%
30.8
%
30.8
%
35.4
%
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP
(1) amounts may not sum due to rounding
PerkinElmer, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
October 2, 2022
January 2, 2022
Current assets:
Cash and cash equivalents
$
400,741
$
603,320
Accounts receivable, net
540,867
707,941
Inventories, net
378,256
425,890
Other current assets
138,867
148,255
Current assets of discontinued operations
1,657,749
555,374
Total current assets
3,116,480
2,440,780
Property, plant and equipment, net
460,397
485,531
Operating lease right-of-use assets
160,120
164,040
Intangible assets, net
3,401,143
3,821,847
Goodwill
6,373,327
6,627,119
Other assets, net
312,297
312,887
Long-term assets of discontinued operations
–
1,148,350
Total assets
$
13,823,764
$
15,000,554
Current liabilities:
Current portion of long-term debt
$
503,549
$
4,240
Accounts payable
275,824
324,811
Accrued expenses and other current liabilities
471,570
728,445
Current liabilities of discontinued operations
234,788
156,248
Total current liabilities
1,485,731
1,213,744
Long-term debt
3,898,267
4,979,737
Long-term liabilities
1,231,724
1,413,196
Operating lease liabilities
142,842
147,395
Long-term liabilities of discontinued operations
–
105,237
Total liabilities
6,758,564
7,859,309
Total stockholders’ equity
7,065,200
7,141,245
Total liabilities and stockholders’ equity
$
13,823,764
$
15,000,554
PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
Nine Months Ended
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
(In thousands)
(In thousands)
Operating activities:
Net income
$
85,347
$
127,738
$
441,521
$
752,973
Income from discontinued operations and dispositions, net of income taxes
(15,839
)
(20,107
)
(26,342
)
(47,626
)
Income from continuing operations
69,508
107,631
415,179
705,347
Adjustments to reconcile income from continuing operations to net cash provided by continuing operations:
Stock-based compensation
10,112
5,835
39,776
16,718
Restructuring and other, net
2,774
2,011
15,443
10,517
Depreciation and amortization
104,736
76,146
322,766
197,386
Change in fair value of contingent consideration
(2,132
)
1,076
(769
)
1,553
Amortization of deferred debt financing costs and accretion of discounts
2,194
1,500
6,046
3,224
Change in fair value of financial securities
5,106
19,365
14,321
(8,566
)
Debt extinguishment income
(580
)
–
(92
)
–
Amortization of acquired inventory revaluation
11,315
9,425
45,039
14,728
Gain on disposition of businesses and assets, net
–
(1,970
)
–
(1,970
)
Asset impairment
–
3,868
–
3,868
Changes in assets and liabilities which provided (used) cash, excluding effects from companies acquired:
Accounts receivable, net
28,637
87,718
93,092
224,162
Inventories
(19,996
)
7,796
(61,632
)
14,683
Accounts payable
(16,429
)
(9,358
)
(24,314
)
(40,009
)
Accrued expenses and other
(72,496
)
(20,787
)
(338,223
)
(168,949
)
Net cash provided by operating activities of continuing operations
122,749
290,256
526,632
972,692
Net cash provided by operating activities of discontinued operations
37,205
23,539
14,020
102,466
Net cash provided by operating activities
159,954
313,795
540,652
1,075,158
Investing activities:
Capital expenditures
(13,095
)
(26,365
)
(59,502
)
(59,066
)
Purchases of investments
(17,765
)
(4,623
)
(45,010
)
(19,130
)
Proceeds from notes receivables
8,890
–
8,890
–
Proceeds from disposition of businesses and assets
4,610
1,460
5,664
1,460
Cash paid for acquisitions, net of cash acquired
(1,884
)
(3,264,981
)
(7,768
)
(3,967,678
)
Net cash used in investing activities of continuing operations
(19,244
)
(3,294,509
)
(97,726
)
(4,044,414
)
Net cash used in investing activities of discontinued operations
(3,263
)
(6,419
)
(9,441
)
(8,393
)
Net cash used in investing activities
(22,507
)
(3,300,928
)
(107,167
)
(4,052,807
)
Financing Activities:
Payments on borrowings
–
(427,580
)
(220,000
)
(1,191,125
)
Proceeds from borrowings
–
415,282
220,000
1,144,282
Payments of term loan
(50,000
)
–
(500,000
)
–
Proceeds from term loan
–
500,000
–
500,000
Payments of senior debt
(7,472
)
–
(7,472
)
(339,605
)
Proceeds from sale of senior debt
–
2,286,239
–
3,086,095
Payments of debt financing costs
–
(22,741
)
–
(30,983
)
Settlement of cash flow hedges
–
4,477
(762
)
(1,459
)
Net payments on other credit facilities
343
(905
)
(487
)
(12,731
)
Proceeds from issuance of common stock under stock plans
413
8,575
6,254
22,760
Purchases of common stock
(89
)
(89
)
(56,137
)
(73,013
)
Dividends paid
(8,835
)
(7,842
)
(26,502
)
(23,539
)
Net cash (used in) provided by financing activities of continuing operations
(65,640
)
2,755,416
(585,106
)
3,080,682
Net cash (used in) provided by financing activities of discontinued operations
–
–
–
–
Net cash (used in) provided by financing activities
(65,640
)
2,755,416
(585,106
)
3,080,682
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(17,427
)
(5,925
)
(51,404
)
(16,584
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
54,380
(237,642
)
(203,025
)
86,449
Cash, cash equivalents, and restricted cash at beginning of period
361,932
726,704
619,337
402,613
Cash, cash equivalents, and restricted cash at end of period
$
416,312
$
489,062
$
416,312
$
489,062
Supplemental disclosure of cash flow information:
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total shown in the consolidated statements of cash flows:
Cash and cash equivalents
$
400,741
$
472,374
$
400,741
$
472,374
Restricted cash included in other current assets
284
1,689
284
1,689
Restricted cash included in other assets
288
–
288
–
Cash and cash equivalents included in current assets of discontinued operations
14,999
14,999
14,999
14,999
Total cash, cash equivalents and restricted cash
$
416,312
$
489,062
$
416,312
$
489,062
PREPARED IN ACCORDANCE WITH GAAP
Contacts
Investor Relations:
Steve Willoughby (781) 663-5677
[email protected]
Media:
Fara Goldberg (781) 663-5699
[email protected]
