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SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 9 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
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 |
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.
Schedule of Long-Lived Assets by Geographic Area | Long-lived assets by geographic area are as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other |  | Consolidated
| (in thousands)
Long-lived assets |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 953,412 |  |  | $ | 425,967 |  |  | $ | 152,980 |  |  | $ | 70,816 |  |  | $ | 36,803 |  |  | $ | 1,639,978 |
December 30, 2023 | 964,176 |  |  | 407,375 |  |  | 157,483 |  |  | 74,605 |  |  | 36,102 |  |  | 1,639,741 |

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