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SEGMENT AND GEOGRAPHIC INFORMATION | 3 Months Ended
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Mar. 29, 2025
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in three reportable segments: RMS, DSA, and Manufacturing. The reportable segments comprise the structure used by the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), to make key operating decisions and assess performance. These segments are strategic business units with differing products and services. The Company’s CODM evaluates the segments operating performance based on operating income. Operating income is the measure of profit or loss regularly provided to and used by the CODM to assess performance and allocate resources. Operating income is defined as revenue less costs of revenue; selling, general, and administrative expenses; amortization of intangible assets; and goodwill impairments. For each segment, the CODM uses operating income in the annual budgeting and quarterly forecasting process when comparing to actual results. Asset information on a reportable segment basis is not disclosed as this information is not separately identified and internally reported to the Company’s CODM. The following table presents the results of operations by reportable segment:
|  |  | Three Months Ended
|  |  |  |  | March 29, 2025 |  | March 30, 2024
|  |  |  |  | (in thousands)
RMS |  |  |  |  |  |  |
Revenue |  |  |  |  | $ | 213,073 |  |  | $ | 220,907 |
Cost of revenue (excluding amortization of intangible assets) |  |  |  |  | 139,296 |  |  | 140,925 |
Selling, general and administrative |  |  |  |  | 24,206 |  |  | 30,893 |
Amortization of intangible assets |  |  |  |  | 5,966 |  |  | 5,940 |
Operating income |  |  |  |  | $ | 43,605 |  |  | $ | 43,149 |
DSA |  |  |  |  |  |  |
Revenue |  |  |  |  | $ | 592,609 |  |  | $ | 605,452 |
Cost of revenue (excluding amortization of intangible assets) |  |  |  |  | 420,143 |  |  | 417,912 |
Selling, general and administrative |  |  |  |  | 65,293 |  |  | 56,859 |
Amortization of intangible assets |  |  |  |  | 13,221 |  |  | 15,842 |
Operating income |  |  |  |  | $ | 93,952 |  |  | $ | 114,839 |
Manufacturing |  |  |  |  |  |  |
Revenue |  |  |  |  | $ | 178,486 |  |  | $ | 185,201 |
Cost of revenue (excluding amortization of intangible assets) |  |  |  |  | 106,997 |  |  | 107,880 |
Selling, general and administrative |  |  |  |  | 34,032 |  |  | 32,847 |
Amortization of intangible assets |  |  |  |  | 46,077 |  |  | 10,793 |
Operating income (loss) |  |  |  |  | $ | (8,620) |  |  | $ | 33,681 |
Unallocated Corporate (1) |  |  |  |  |  |  |
Selling, general and administrative |  |  |  |  | $ | 54,268 |  |  | $ | 65,692 |
Operating loss |  |  |  |  | $ | (54,268) |  |  | $ | (65,692) |
(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.
|  |  | Three Months Ended
|  |  |  |  | March 29, 2025 |  | March 30, 2024
|  |  |  |  | (in thousands)
Revenue |  |  |  |  |  |  |
RMS |  |  |  |  | $ | 213,073 |  |  | $ | 220,907 |
DSA |  |  |  |  | 592,609 |  |  | 605,452 |
Manufacturing |  |  |  |  | 178,486 |  |  | 185,201 |
Total revenue |  |  |  |  | $ | 984,168 |  |  | $ | 1,011,560 |
Operating Income (Loss) |  |  |  |  |  |  |
RMS |  |  |  |  | $ | 43,605 |  |  | $ | 43,149 |
DSA |  |  |  |  | 93,952 |  |  | 114,839 |
Manufacturing |  |  |  |  | (8,620) |  |  | 33,681 |
Segment operating income |  |  |  |  | 128,937 |  |  | 191,669 |
Unallocated Corporate |  |  |  |  | (54,268) |  |  | (65,692) |
Operating income |  |  |  |  | $ | 74,669 |  |  | $ | 125,977 |
Other income (expense): |  |  |  |  |  |  |
Interest income |  |  |  |  | 1,404 |  |  | 2,202 |
Interest expense |  |  |  |  | (27,884) |  |  | (35,001) |
Other income (expense), net |  |  |  |  | (12,211) |  |  | 5,833 |
Income before income taxes |  |  |  |  | $ | 35,978 |  |  | $ | 99,011 |
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: |  |  |  |  |  |  |  |  |
March 29, 2025 | $ | 7,286 |  |  | $ | 34,521 |  |  | $ | 17,279 |  |  | $ | 238 |  |  | $ | 59,324 |
March 30, 2024 | 20,044 |  |  | 48,959 |  |  | 8,862 |  |  | 1,279 |  |  | 79,144 |
Depreciation and amortization (1) |  |  |  |  |  |  |  |  |
Three Months Ended: |  |  |  |  |  |  |  |  |
March 29, 2025 | $ | 21,761 |  |  | $ | 42,084 |  |  | $ | 54,623 |  |  | $ | 1,896 |  |  | $ | 120,364 |
March 30, 2024 | 18,123 |  |  | 45,789 |  |  | 19,805 |  |  | 1,640 |  |  | 85,357 |
(1) Depreciation and amortization includes both inventory step up amortization expense and biological assets amortization expense.
Revenue represents sales originating in entities physically located in the identified geographic area. Revenue by geographic area is as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other (1) |  | Consolidated
| (in thousands)
Three Months Ended: |  |  |  |  |  |  |  |  |  |  |
March 29, 2025 | $ | 536,955 |  |  | $ | 263,250 |  |  | $ | 125,353 |  |  | $ | 41,942 |  |  | $ | 16,668 |  |  | $ | 984,168 |
March 30, 2024 | 562,317 |  |  | 276,319 |  |  | 110,401 |  |  | 45,772 |  |  | 16,751 |  |  | 1,011,560 |
(1) The Other category represents operations located in Brazil, Israel, and Mauritius.
Long-lived assets consist of property, plant, and equipment, net. Long-lived assets by geographic area are as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other |  | Consolidated
| (in thousands)
Long-lived assets |  |  |  |  |  |  |  |  |  |  |
March 29, 2025 | $ | 908,579 |  |  | $ | 427,205 |  |  | $ | 148,614 |  |  | $ | 64,716 |  |  | $ | 37,955 |  |  | $ | 1,587,069 |
December 28, 2024 | 941,621 |  |  | 412,967 |  |  | 147,039 |  |  | 66,046 |  |  | 36,341 |  |  | 1,604,014 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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