Schedule of Revenue and Other Financial Information by Business Segment |
The following table presents the results of operations by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 28, 2024 | | September 30, 2023 | | September 28, 2024 | | September 30, 2023 | | (in thousands) | RMS | | | | | | | | Revenue | $ | 197,824 | | | $ | 186,848 | | | $ | 625,120 | | | $ | 596,562 | | Cost of revenue (excluding amortization of intangible assets) | 137,906 | | | 126,640 | | | 421,773 | | | 381,332 | | Selling, general and administrative | 26,453 | | | 26,483 | | | 84,943 | | | 81,194 | | Amortization of intangible assets | 5,921 | | | 5,399 | | | 17,763 | | | 16,383 | | Operating income | $ | 27,544 | | | $ | 28,326 | | | $ | 100,641 | | | $ | 117,653 | | | | | | | | | | | | | | | | | | DSA | | | | | | | | Revenue | $ | 615,060 | | | $ | 664,028 | | | $ | 1,847,931 | | | $ | 1,989,838 | | Cost of revenue (excluding amortization of intangible assets) | 409,684 | | | 436,174 | | | 1,246,560 | | | 1,268,248 | | Selling, general and administrative | 63,260 | | | 63,369 | | | 174,598 | | | 189,076 | | Amortization of intangible assets | 15,680 | | | 17,666 | | | 47,122 | | | 52,726 | | Operating income | $ | 126,436 | | | $ | 146,819 | | | $ | 379,651 | | | $ | 479,788 | | | | | | | | | | | | | | | | | | Manufacturing | | | | | | | | Revenue | $ | 196,879 | | | $ | 175,747 | | | $ | 574,389 | | | $ | 529,533 | | Cost of revenue (excluding amortization of intangible assets) | 113,152 | | | 101,968 | | | 331,530 | | | 327,882 | | Selling, general and administrative | 32,737 | | | 36,338 | | | 99,397 | | | 114,556 | | Amortization of intangible assets | 10,802 | | | 11,166 | | | 32,363 | | | 34,311 | | Operating income | $ | 40,188 | | | $ | 26,275 | | | $ | 111,099 | | | $ | 52,784 | | | | | | | | | | | | | | | | | | Unallocated Corporate | | | | | | | | Selling, general and administrative | $ | 76,763 | | | $ | 49,918 | | | $ | 196,357 | | | $ | 165,886 | | Operating income (1) | $ | (76,763) | | | $ | (49,918) | | | $ | (196,357) | | | $ | (165,886) | | | | | | | | | | Consolidated | | | | | | | | Revenue | $ | 1,009,763 | | | $ | 1,026,623 | | | $ | 3,047,440 | | | $ | 3,115,933 | | Cost of revenue (excluding amortization of intangible assets) | 660,742 | | | 664,783 | | | 1,999,863 | | | 1,977,462 | | Selling, general and administrative | 199,213 | | | 176,109 | | | 555,295 | | | 550,713 | | Amortization of intangible assets | 32,403 | | | 34,229 | | | 97,248 | | | 103,419 | | Operating income | $ | 117,405 | | | $ | 151,502 | | | $ | 395,034 | | | $ | 484,339 | | | | | | | | | | | | | | | | | | (1) Operating income for unallocated corporate consists of costs associated with departments such as senior executives, corporate accounting, legal, tax, human resources, treasury, and investor relations. |
Capital expenditures and depreciation and amortization (related to both intangible assets and certain assets acquired in business combinations) by reportable segment are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMS | | DSA | | Manufacturing | | Unallocated Corporate | | Consolidated | | (in thousands) | Capital Expenditures | | | | | | | | | | Three Months Ended: | | | | | | | | | | September 28, 2024 | $ | 7,186 | | | $ | 22,773 | | | $ | 8,735 | | | $ | 27 | | | $ | 38,721 | | September 30, 2023 | 9,192 | | | 41,967 | | | 14,349 | | | 439 | | | 65,947 | | Nine Months Ended: | | | | | | | | | | September 28, 2024 | $ | 36,543 | | | $ | 91,176 | | | $ | 28,180 | | | $ | 1,452 | | | $ | 157,351 | | September 30, 2023 | 35,769 | | | 155,477 | | | 46,949 | | | 2,010 | | | 240,205 | | | | | | | | | | | | Depreciation and amortization | | | | | | | | | | Three Months Ended: | | | | | | | | | | September 28, 2024 | $ | 18,389 | | | $ | 47,751 | | | $ | 20,298 | | | $ | 1,760 | | | $ | 88,198 | | September 30, 2023 | 13,872 | | | 44,088 | | | 20,070 | | | 840 | | | 78,870 | | Nine Months Ended: | | | | | | | | | | September 28, 2024 | $ | 53,050 | | | $ | 141,269 | | | $ | 60,176 | | | $ | 5,142 | | | $ | 259,637 | | September 30, 2023 | 41,310 | | | 129,662 | | | 59,677 | | | 2,961 | | | 233,610 | |
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Schedule of Revenue by Geographic Area |
The following table disaggregates the Company’s revenue by reportable segment and timing of transfer of products or services: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 28, 2024 | | September 30, 2023 | | September 28, 2024 | | September 30, 2023 | | (in thousands) | Timing of Revenue Recognition: | | | | | | | | RMS | | | | | | | | Services and products transferred over time | $ | 93,446 | | | $ | 94,883 | | | $ | 285,794 | | | $ | 282,980 | | Services and products transferred at a point in time | 104,378 | | | 91,965 | | | 339,326 | | | 313,582 | | Total RMS revenue | 197,824 | | | 186,848 | | | 625,120 | | | 596,562 | | DSA | | | | | | | | Services and products transferred over time | 613,388 | | | 663,128 | | | 1,844,298 | | | 1,987,617 | | Services and products transferred at a point in time | 1,672 | | | 900 | | | 3,633 | | | 2,221 | | Total DSA revenue | 615,060 | | | 664,028 | | | 1,847,931 | | | 1,989,838 | | Manufacturing | | | | | | | | Services and products transferred over time | 107,284 | | | 94,446 | | | 311,823 | | | 280,992 | | Services and products transferred at a point in time | 89,595 | | | 81,301 | | | 262,566 | | | 248,541 | | Total Manufacturing revenue | 196,879 | | | 175,747 | | | 574,389 | | | 529,533 | | Total revenue | $ | 1,009,763 | | | $ | 1,026,623 | | | $ | 3,047,440 | | | $ | 3,115,933 | |
Revenue by geographic area is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. | | Europe | | Canada | | Asia Pacific | | Other (1) | | Consolidated | | (in thousands) | Three Months Ended: | | | | | | | | | | | | September 28, 2024 | $ | 559,277 | | | $ | 267,123 | | | $ | 127,088 | | | $ | 45,009 | | | $ | 11,266 | | | $ | 1,009,763 | | September 30, 2023 | 590,316 | | | 264,787 | | | 129,023 | | | 40,233 | | | 2,264 | | | 1,026,623 | | | | | | | | | | | | | | Nine Months Ended: | | | | | | | | | | | | September 28, 2024 | $ | 1,693,021 | | | $ | 814,819 | | | $ | 362,733 | | | $ | 141,168 | | | $ | 35,699 | | | $ | 3,047,440 | | September 30, 2023 | 1,802,532 | | | 805,466 | | | 357,276 | | | 142,910 | | | 7,749 | | | 3,115,933 | | | | | | | | | | | | | | (1) The Other category represents operations located in Brazil, Israel, and Mauritius. | | | | | | | | | | | | |
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