{"id":520386,"date":"2021-07-29T16:19:18","date_gmt":"2021-07-29T20:19:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bio-rad-reports-second-quarter-2021-financial-results\/"},"modified":"2021-07-29T16:19:18","modified_gmt":"2021-07-29T20:19:18","slug":"bio-rad-reports-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bio-rad-reports-second-quarter-2021-financial-results\/","title":{"rendered":"Bio-Rad Reports Second-Quarter 2021 Financial Results"},"content":{"rendered":"

<\/p>\n

Bio-Rad Reports Second-Quarter 2021 Financial Results<\/b><\/p>\n

HERCULES, Calif.–(BUSINESS WIRE<\/a>)–
\nBio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life science research and clinical diagnostic products, today announced financial results for the second quarter ended June 30, 2021.\n<\/p>\n

\nSecond-quarter 2021 net sales were $715.9 million, an increase of 33.4 percent compared to $536.9 million reported for the second quarter of 2020. On a currency-neutral basis, quarterly sales increased 27.5 percent compared to the same period in 2020. Second-quarter gross margin was 56.1 percent compared to 54.6 percent during the second quarter in 2020.\n<\/p>\n

\nLife Science segment net sales for the second quarter of 2021 were $334.2 million, an increase of 32.6 percent compared to the same quarter last year. On a currency-neutral basis, sales increased 27.1 percent compared to the same period in 2020. Currency-neutral sales increased across nearly all life science research products but were primarily driven by growth in our Western Blotting, Droplet Digital PCR\u00ae<\/sup>, qPCR, and Process Media product lines. All regions experienced strong currency-neutral sales growth compared to the second quarter of 2020.\n<\/p>\n

\nClinical Diagnostics segment sales for the second quarter of 2021 were $380.2 million, an increase of 34.3 percent compared to the same period last year. On a currency-neutral basis, sales increased 28.0 percent compared to the second quarter in 2020. The currency-neutral sales increase was primarily driven by the ongoing recovery across product lines in all regions.\n<\/p>\n

\nIncome from operations during the second quarter of 2021 was $124.8 million versus $51.7 million during the same quarter last year.\n<\/p>\n

\nNet income for the second quarter of 2021 was $914.1 million, or $30.32 per share, on a diluted basis, versus $966.4 million, or $32.15 per share, on a diluted basis, during the same period in 2020. Net income for the second quarter of 2021 and 2020 was impacted by the recognition of changes in the fair market value of equity securities, primarily related to the holdings of our investment in Sartorius AG. The effective tax rate for the second quarter of 2021 was 21.0 percent, compared to 22.4 percent for the same period in 2020. The tax rates for both periods were driven by the large unrealized gain in equity securities. In addition, the effective income tax rate for the second quarter of 2021 was lower also due to the release of certain tax reserves resulting from the lapse of certain statute of limitations.\n<\/p>\n

\n\u201cPerformance in the second quarter for both our Life Science and Clinical Diagnostics segments was strong and ahead of expectations,\u201d said Norman Schwartz, Bio-Rad President and Chief Executive Officer. \u201cWe are pleased to see the gradual recovery in our end markets across the business and in all regions after the significant downturn last year with the onset of COVID-19. Although the pandemic is still somewhat unpredictable, we have adapted well to the constraints of COVID-19 and continue to make progress on our core strategies, while supporting our customers and ensuring the safety of our employees,\u201d he said.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

GAAP Results<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q2 2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q2 2020<\/b><\/p>\n<\/td>\n

<\/tr>\n
\n

\nRevenue (millions)\n<\/p>\n<\/td>\n

\n

\n$715.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$536.9\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nGross margin\n<\/p>\n<\/td>\n

\n

\n56.1%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n54.6%\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nOperating margin\n<\/p>\n<\/td>\n

\n

\n17.4%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9.6%\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nNet income (millions)\n<\/p>\n<\/td>\n

\n

\n$914.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$966.4\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nIncome per diluted share\n<\/p>\n<\/td>\n

\n

\n$30.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$32.15\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

<\/tr>\n
\n

Non-GAAP Results<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q2 2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q2 2020<\/b><\/p>\n<\/td>\n

<\/tr>\n
\n

\nGross margin\n<\/p>\n<\/td>\n

\n

\n56.9%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n55.5%\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nOperating margin\n<\/p>\n<\/td>\n

\n

\n18.5%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11.8%\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nNet income (millions)\n<\/p>\n<\/td>\n

\n

\n$106.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$48.3\n<\/p>\n<\/td>\n

<\/tr>\n
\n

\nIncome per diluted share\n<\/p>\n<\/td>\n

\n

\n$3.54\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1.61\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this press release. Non-GAAP adjustments include amortization of purchased intangibles; acquisition-related expenses and benefits; restructuring, impairment charges and valuation changes in equity-owned securities; gains and losses on equity-method investments; significant litigation charges or benefits and legal costs; and discrete income tax events and the income tax effect on these non-GAAP adjustments.<\/i><\/p>\n<\/td>\n

<\/tr>\n<\/table>\n

\nNon-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS) are non-GAAP measures that exclude certain items detailed later in this press release under the heading \u201cNon-GAAP Reporting.\u201d\n<\/p>\n

\nNon-GAAP net income for the second quarter of 2021 was $106.6 million, or $3.54 per share, on a diluted basis, compared to $48.3 million, or $1.61 per share, on a diluted basis, during the same period in 2020.\n<\/p>\n

\nThe non-GAAP effective income tax rate for the second quarter of 2021 was 21.5 percent, compared to 23.8 percent for the same period in 2020. The lower rate in 2021 was driven by geographic mix of earnings.\n<\/p>\n

\nThe following table represents a reconciliation of Bio-Rad\u2019s reported net income and diluted income per share to non-GAAP net income and non-GAAP diluted income per share for the three and six months ended June 30, 2021 and 2020:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(in thousands, except per share data)<\/i><\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\nThree Months Ended\n<\/p>\n

\nJune 30,\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nSix Months Ended\n<\/p>\n

\nJune 30,\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n2021\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2020\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2021\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2020\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n

\nGAAP net income\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n914,114\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n966,429\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n1,891,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n1,652,341\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nAmortization of purchased intangibles\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,995\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,239\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,094\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nLegal matters\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,761\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,418\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nAcquisition related benefits\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(955\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,002\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nRestructuring (benefits) costs\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,781\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n284\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nValuation gain on equity-owned securities\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,030,691\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,183,488\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,210,094\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,011,159\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nLoss on equity-method investments\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,840\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,138\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,680\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,451\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nOther non-recurring items\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nIncome tax effect on non-GAAP adjustments\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n213,387\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n264,428\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n484,523\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n457,230\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-GAAP net income\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n106,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n48,348\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n263,956\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n105,977\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGAAP diluted income per share\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n30.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32.15\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n62.70\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n54.84\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nNon-GAAP diluted income per share\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.54\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.61\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n8.75\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nOn a reported basis, net sales for the first half of 2021 increased 30.1 percent to $1,442.7 million compared to $1,108.5 million for the same period in 2020. On a currency-neutral basis, net sales increased 25.4 percent.\n<\/p>\n

\nYear-to-date net income for 2021 was $1,891.5 million, or $62.70 per share on a fully diluted basis, compared to $1,652.3 million, or $54.84 per share, respectively, during the same period in 2020. On a non-GAAP basis net income for the first two quarters of 2021 was $264.0 million, or $8.75 per share, compared to $106.0 million, or $3.52 per share, during the same period in 2020.\n<\/p>\n

2021 Financial Outlook<\/b><\/p>\n

\nFor the full year 2021, the company has updated its guidance and now anticipates non-GAAP currency-neutral revenue growth between 10.0 to 10.5 percent and an estimated non-GAAP operating margin of approximately 19.0 percent. Management will discuss this outlook in greater detail on the second-quarter 2021 financial results conference call.\n<\/p>\n

Use of Non-GAAP Reporting and Currency-Neutral<\/b><\/p>\n

\nIn addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP EPS, which exclude amortization of acquisition-related intangible assets, certain acquisition-related expenses and benefits, restructuring charges, asset impairment charges, valuation changes of equity-owned securities, gains and losses on equity-method investments, and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, income tax provisions\/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and\/or, in certain cases, are difficult to forecast accurately for future periods.\n<\/p>\n

\nWe utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. More specifically, management adjusts for the excluded items for the following reasons:\n<\/p>\n

Amortization of purchased intangible assets:<\/i> we do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to purchased intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of purchased intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.\n<\/p>\n

Acquisition-related expenses and benefits:<\/i> we incur expenses or benefits with respect to certain items associated with our acquisitions, such as transaction costs, professional fees for assistance with the transaction; valuation or integration costs; changes in the fair value of contingent consideration, gain or loss on settlement of pre-existing relationships with the acquired entity; or adjustments to purchase price. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business.\n<\/p>\n

Restructuring, impairment charges and valuation changes in equity-owned securities and gains and losses on equity-method investments:<\/i> we incur restructuring and impairment charges on individual or groups of employed assets and charges and benefits arising from valuation changes in equity-owned securities and gains and losses on equity-method investments, which arise from unforeseen circumstances and\/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.\n<\/p>\n

Significant litigation charges or benefits and legal costs:<\/i> we may incur charges or benefits as well as legal costs in connection with litigation and other contingencies unrelated to our core operations. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results.\n<\/p>\n

Income tax expense:<\/i>w<\/i>e estimate the tax effect of the excluded items identified above to determine a non-GAAP annual effective income tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. We also adjust for items for which the nature and\/or tax jurisdiction requires the application of a specific tax rate or treatment.\n<\/p>\n

\nFrom time to time in the future, there may be other items excluded if we believe that doing so is consistent with the goal of providing useful information to investors and management.\n<\/p>\n

\nPercentage sales growth in currency-neutral amounts are calculated by translating prior period sales in each local currency using the current period\u2019s monthly average foreign exchange rates for that currency and comparing that to current period sales.\n<\/p>\n

\nThere are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.\n<\/p>\n

Conference Call and Webcast<\/b><\/p>\n

\nManagement will discuss second-quarter ended June 30, 2021 results in a conference call at 3 PM Pacific Time (6 PM Eastern Time) July 29, 2021. To listen, call 855-779-9068 within the U.S. or 631-485-4862 outside the U.S., passcode: 5382265. You may also listen to the conference call live via a webcast<\/a> that is available on the \u201cInvestor Relations\u201d section of our website under \u201cQuarterly Results\u201d at bio-rad.com. The webcast will be available for up to a year.\n<\/p>\n

BIO-RAD and DROPLET DIGITAL PCR are trademarks of Bio-Rad Laboratories, Inc. in certain jurisdictions. <\/i><\/p>\n

About Bio-Rad<\/b><\/p>\n

\nBio-Rad Laboratories, Inc. (NYSE: BIO and BIOb) is a global leader in developing, manufacturing, and marketing a broad range of innovative products for the life science research and clinical diagnostic markets. With a focus on quality and customer service for over 65 years, our products advance the discovery process and improve healthcare. Our customers are university and research institutions, hospitals, public health and commercial laboratories, biotechnology, pharmaceutical, as well as applied laboratories that include food safety and environmental quality. Founded in 1952, Bio-Rad is based in Hercules, California, and has a global network of operations with approximately 7,700 employees worldwide. Bio-Rad had revenues exceeding $2.5 billion in 2020. Please visit bio-rad.com for further information.\n<\/p>\n

This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding estimated future financial performance or results; anticipating non-GAAP currency-neutral revenue growth of between 10.0 to 10.5 percent and an estimated non-GAAP operating margin of approximately 19.0 percent for the full year 2021;<\/i>and continuing to make progress on our core strategies, while supporting our customers and ensuring the safety of our employees. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, “anticipate,” “estimate,” “expect,” “continue,” “believe,” “will,” “project,” “assume,” “may,” “intend,” or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include the duration, severity and impact of the COVID-19 pandemic, global economic conditions, our ability to develop and market new or improved products, our ability to compete effectively, foreign currency exchange fluctuations, reductions in government funding or capital spending of our customers, international legal and regulatory risks, supply chain issues, product quality and liability issues, our ability to integrate acquired companies, products or technologies into our company successfully, changes in the healthcare industry, and natural disasters and other catastrophic events beyond our control. For further information regarding the Company’s risks and uncertainties, please refer to the “Risk Factors” and “Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s public reports filed with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021 to be filed with the SEC. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. Bio-Rad Laboratories, Inc. disclaims any obligation to update these forward-looking statements.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bio-Rad Laboratories, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Statements of Income<\/b><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
(In thousands, except per share data)<\/i><\/td>\n<\/tr>\n
(Unaudited)<\/i><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\nThree Months Ended<\/b><\/td>\n\nSix Months Ended<\/b><\/td>\n<\/tr>\n
\n\n\nJune 30,<\/b><\/td>\n\nJune 30,<\/b><\/td>\n<\/tr>\n
\n\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n\n

2020<\/b><\/p>\n<\/td>\n

\n\n

2021<\/b><\/p>\n<\/td>\n

\n\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Net sales<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n715,931\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n536,880\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,442,727\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,108,524\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nCost of goods sold<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n314,333\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n243,892\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n640,502\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n498,168\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Gross profit<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n401,598\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n292,988\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n802,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n610,356\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nSelling, general and administrative expense<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n213,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n189,262\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n439,278\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n382,954\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nResearch and development expense<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n63,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,984\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n137,303\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n101,287\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income from operations<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n124,782\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,742\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n225,644\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n126,115\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nInterest expense<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n363\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,740\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n761\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,430\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nForeign currency exchange (gains) losses, net<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,761\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n774\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,690\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,702\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nChange in fair market value of equity securities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,030,691\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,183,488\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,210,094\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,011,159\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nOther expense (income), net<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n96\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(17,229\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(17,311\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(20,502\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,156,775\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,245,945\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,453,978\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,144,644\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nProvision for income taxes<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(242,661\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(279,516\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(562,450\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(492,303\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Net income<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n914,114\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n966,429\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,891,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,652,341\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Basic earnings per share:<\/td>\n\n\n\n\n\n\n\n<\/tr>\n
\nNet income per basic share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n30.71\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32.59\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n63.49\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n55.52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nWeighted average common shares – basic<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29,764\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29,793\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29,759\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Diluted earnings per share:<\/td>\n\n\n\n\n\n\n\n<\/tr>\n
\nNet income per diluted share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n30.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32.15\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n62.70\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n54.84\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\nWeighted average common shares – diluted<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,148\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,058\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,167\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,131\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bio-Rad Laboratories, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n
<\/tr>\n
(In thousands)<\/i><\/td>\n<\/tr>\n
<\/tr>\n
\n\n\n\u00a0<\/td>\nJune 30,<\/b><\/td>\n\nDecember 31,<\/b><\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n(Unaudited)<\/i><\/td>\n\n<\/tr>\n
Current assets:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nCash and cash equivalents<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n732,836\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n662,205\n<\/p>\n<\/td>\n<\/tr>\n

\nShort-term investments<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n434,122\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n334,473\n<\/p>\n<\/td>\n<\/tr>\n

\nAccounts receivable, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n399,307\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n419,424\n<\/p>\n<\/td>\n<\/tr>\n

\nInventories, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n598,989\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n622,253\n<\/p>\n<\/td>\n<\/tr>\n

\nOther current assets<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n123,839\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n101,480\n<\/p>\n<\/td>\n<\/tr>\n

\n\nTotal current assets<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,289,093\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,139,835\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Property, plant and equipment, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n482,001\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n491,371\n<\/p>\n<\/td>\n<\/tr>\n

Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n190,233\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n202,136\n<\/p>\n<\/td>\n<\/tr>\n

Goodwill, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n291,916\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n291,916\n<\/p>\n<\/td>\n<\/tr>\n

Purchased intangibles, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n184,852\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n199,497\n<\/p>\n<\/td>\n<\/tr>\n

Other investments<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,580,390\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,561,140\n<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n99,071\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n86,723\n<\/p>\n<\/td>\n<\/tr>\n

\n\nTotal assets<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n15,117,556\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n12,972,618\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Current liabilities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nAccounts payable, accrued payroll and employee benefits<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n342,345\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n362,326\n<\/p>\n<\/td>\n<\/tr>\n

\nCurrent maturities of long-term debt<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,736\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,798\n<\/p>\n<\/td>\n<\/tr>\n

\nIncome and other taxes payable<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n52,421\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n57,335\n<\/p>\n<\/td>\n<\/tr>\n

\nOther current liabilities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n190,550\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n210,077\n<\/p>\n<\/td>\n<\/tr>\n

\n\nTotal current liabilities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n587,052\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n631,536\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Long-term debt, net of current maturities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,779\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,258\n<\/p>\n<\/td>\n<\/tr>\n

Other long-term liabilities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,924,845\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,448,884\n<\/p>\n<\/td>\n<\/tr>\n

\n\nTotal liabilities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,522,676\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,092,678\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nTotal stockholders’ equity<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,594,880\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,879,940\n<\/p>\n<\/td>\n<\/tr>\n

\n\nTotal liabilities and stockholders’ equity<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n15,117,556\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n12,972,618\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bio-Rad Laboratories, Inc.<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n
<\/tr>\n
(In thousands)<\/i><\/td>\n<\/tr>\n
(Unaudited)<\/i><\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\nSix Months Ended<\/b><\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\nJune 30,<\/b><\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Cash flows from operating activities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nCash received from customers<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,456,601\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,127,141\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nCash paid to suppliers and employees<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,131,533\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(959,300\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nInterest paid, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,536\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(10,847\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nIncome tax payments, net<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(77,573\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(10,005\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nOther operating activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n22,275\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,941\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nNet cash provided by operating activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n268,234\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n154,930\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from investing activities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nPayments for acquisitions<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(96,889\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nOther investing activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(148,604\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,106\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nNet cash used in investing activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(148,604\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(100,995\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from financing activities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nPayments on long-term borrowings<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,523\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,597\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nOther financing activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(42,959\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(99,999\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nNet cash used in financing activities<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(44,482\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(101,596\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Effect of foreign exchange rate changes on cash<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(5,102\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,858\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Net increase (decrease) in cash, cash equivalents, and restricted cash<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70,046\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(50,519\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Cash, cash equivalents, and restricted cash at beginning of period<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n667,115\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n662,651\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Cash, cash equivalents, and restricted cash at end of period<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n737,161\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n612,132\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n
Reconciliation of net income to net cash<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
provided by operating activities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
Net income<\/td>\n\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,891,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,652,341\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\n\n<\/tr>\n
\nDepreciation and amortization<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n66,388\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n68,256\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nReduction in the carrying amount of right-of-use assets<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,556\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,674\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\nChanges in working capital<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(61,418\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(34,539\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\nOther<\/td>\n\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,647,820\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,549,802\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Net cash provided by operating activities<\/td>\n\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n268,234\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n154,930\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bio-Rad Laboratories, Inc.<\/b><\/td>\n<\/tr>\n
Reconciliation of GAAP financial measures to non-GAAP financial measures<\/b><\/td>\n<\/tr>\n
(In thousands, except per share data)<\/i><\/td>\n<\/tr>\n
(Unaudited)<\/i><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including non-GAAP net income and non-GAAP diluted income per share (non-GAAP EPS), which exclude amortization of acquisition-related intangible assets; certain acquisition-related expenses and benefits; restructuring charges; asset impairment charges; valuation changes of equity-owned securities; gains and losses on equity-method investments; and significant legal-related charges or benefits and associated legal costs. Non-GAAP net income and non-GAAP EPS also exclude certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions\/benefits related to the previous items, and significant discrete tax events. We exclude the above items because they are outside of our normal operations and\/or, in certain cases, are difficult to forecast accurately for future periods.<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n

Three Months<\/b><\/p>\n

Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months<\/b><\/p>\n

Ended <\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Six Months<\/b><\/p>\n

Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Six Months<\/b><\/p>\n

Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n

June 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% of<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% of<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% of<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

June 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% of<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

revenue<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

revenue<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

revenue<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

revenue<\/b><\/p>\n<\/td>\n<\/tr>\n

GAAP cost of goods sold<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n314,333\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n243,892\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n640,502\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n498,168\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,640\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,962\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(9,225\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(8,859\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n536\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring benefits (costs)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,209\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(25,189\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,468\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP cost of goods sold<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n308,484\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n238,942\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n606,624\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n490,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP gross profit<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n401,598\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n56.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n292,988\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n54.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n802,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n55.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n610,356\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n55.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,962\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,859\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(536\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring (benefits) costs<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,209\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(12\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n25,189\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,468\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP gross profit<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n407,447\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n56.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n297,938\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n55.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n836,103\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n58.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n617,747\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n55.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP selling, general and administrative expense<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n213,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n189,262\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n439,278\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n382,954\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,355\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,277\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,710\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,235\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(8,761\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,585\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(13,176\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,418\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAcquisition related benefits (costs) (1)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n40\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n955\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n40\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,002\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring benefits (costs)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,929\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,320\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(27,806\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,807\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP selling, general and administrative expense<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n209,278\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n182,035\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n393,626\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n372,496\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP research and development expense<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n63,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n51,984\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n137,303\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n101,287\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring benefits (costs)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,061\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n656\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(14,789\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,055\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP research and development expense<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n65,452\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n52,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n122,514\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n102,342\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP income from operations<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n124,782\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n17.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n51,742\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n9.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n225,644\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n15.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n126,115\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n11.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,995\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,239\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,094\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,761\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,418\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAcquisition related (benefits) costs (1)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(955\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,002\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring (benefits) costs<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,781\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n284\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP income from operations<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n132,717\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n18.5\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n63,263\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n11.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n319,963\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n22.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n142,909\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n12.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP change in fair market value of equity securities<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1,030,691\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1,183,488\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2,210,094\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2,011,159\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nValuation (loss) gain on equity-owned securities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,030,691\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,183,488\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,210,094\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,011,159\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP change in fair market value of equity securities<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP other (income) expense, net<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n96\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(17,229\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(17,311\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(20,502\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n(Loss) gain on equity-method investments<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,840\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,138\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,451\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nOther non-recurring items (3)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,680\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,680\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP other (income) expense, net<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1,744\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(6,687\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(20,991\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(11,273\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP income before income taxes<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,156,775\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,245,945\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,453,978\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,144,644\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,995\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,239\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,094\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,761\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,418\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAcquisition related (benefits) costs (1)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(955\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,002\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring (benefits) costs<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,781\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n284\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nValuation loss (gain) on equity-owned securities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,030,691\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,183,488\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,210,094\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,011,159\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLoss (gain) on equity-method investments<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,840\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,138\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,680\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,451\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nOther non-recurring items (3)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP income before income taxes<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n135,859\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n63,436\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n341,883\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n141,050\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP provision for income taxes<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(242,661\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(279,516\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(562,450\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(492,303\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nIncome tax effect of non-GAAP adjustments (2)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n213,387\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n264,428\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n484,523\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n457,230\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP provision for income taxes<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(29,274\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(15,088\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(77,927\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(35,073\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP net income<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n914,114\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n127.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n966,429\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n180.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,891,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n131.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,652,341\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n149.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,995\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,239\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,094\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,761\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,640\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,418\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAcquisition related (benefits) costs (1)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(955\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(40\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,002\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring (benefits) costs<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,781\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n284\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nValuation loss (gain) on equity-owned securities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,030,691\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,183,488\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,210,094\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,011,159\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLoss (gain) on equity-method investments<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,840\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,138\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,680\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,451\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nOther non-recurring items (3)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,680\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nIncome tax effect of non-GAAP adjustments (2)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n213,387\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n264,428\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n484,523\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n457,230\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP net income<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n106,585\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n14.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n48,348\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n9.0\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n263,956\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n18.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n105,977\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n9.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP diluted income per share<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n30.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32.15\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n62.70\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n54.84\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAmortization of purchased intangibles<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.23\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.24\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.46\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLegal matters<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.29\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.09\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.42\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.15\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nAcquisition related (benefits) costs (1)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.03\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.03\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nRestructuring (benefits) costs<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.26\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.09\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.25\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nValuation loss (gain) on equity-owned securities<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(34.19\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(39.37\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(73.26\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(66.75\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nLoss (gain) on equity-method investments<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.04\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.12\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.08\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nOther non-recurring items (3)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.39\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.39\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nIncome tax effect of non-GAAP adjustments (2)<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7.09\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8.79\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n16.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n15.18\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP diluted income per share<\/b><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.54\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.61\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n8.75\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n3.52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
GAAP diluted weighted average shares used in per share calculation<\/b><\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,148\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,058\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,167\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,131\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
\nShares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive<\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n
Non-GAAP diluted weighted average shares used in per share calculation<\/b><\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,148\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,058\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,167\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,131\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n(1)\n<\/p>\n<\/td>\n

\u00a0<\/td>\nRelease of contingent consideration and other acquisition-related (benefits) expenses.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(2)\n<\/p>\n<\/td>\n

\u00a0<\/td>\nExcluded items identified in the reconciliation schedule are tax effected by application of a non-GAAP effective tax rate. The non-GAAP tax provision is adjusted for items, the nature of which and\/or tax jurisdiction requires the application of a specific tax rate or treatment.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(3)\n<\/p>\n<\/td>\n

\u00a0<\/td>\nGain on the sale of a division (2020).<\/td>\n<\/tr>\n<\/table>\n

2021 Financial Outlook<\/b><\/p>\n

\nForecasted non-GAAP operating margin excludes 102 basis points related to amortization of purchased intangibles. Forecasted non-GAAP operating margin does not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and\/or significance, such as foreign currency fluctuations, future gains or losses associated with certain legal matters, acquisitions and restructuring activities.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210729005974\/en\/<\/a><\/span><\/p>\n

Investor Contact:
\n<\/b>
Bio-Rad Laboratories, Inc.
\n
Edward Chung, Vice President, Investor Relations
\n
510-741-6577
\n
ir@bio-rad.com<\/a><\/p>\n

Media Contact:
\n<\/b>
Bio-Rad Laboratories, Inc.
\n
Tina Cuccia, Manager, Corporate Communications
\n
510-741-6063
\n
tina_cuccia@bio-rad.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Medical Supplies Biotechnology Other Health Health General Health Pharmaceutical Other Science Medical Devices Research Science Clinical Trials<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bio-Rad Reports Second-Quarter 2021 Financial Results HERCULES, Calif.–(BUSINESS WIRE)– Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life science research and clinical diagnostic products, today announced financial results for the second quarter ended June 30, 2021. Second-quarter 2021 net sales were $715.9 million, an increase of 33.4 percent compared to $536.9 million reported for the second quarter of 2020. On a currency-neutral basis, quarterly sales increased 27.5 percent compared to the same period in 2020. Second-quarter gross margin was 56.1 percent compared to 54.6 percent during the second quarter in 2020. Life Science segment net sales for the second quarter of 2021 were $334.2 million, an increase of 32.6 percent compared to the same quarter last year. … <\/p>\n

Continue reading “Bio-Rad Reports Second-Quarter 2021 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-520386","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBio-Rad Reports Second-Quarter 2021 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bio-rad-reports-second-quarter-2021-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bio-Rad Reports Second-Quarter 2021 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Bio-Rad Reports Second-Quarter 2021 Financial Results HERCULES, Calif.–(BUSINESS WIRE)– Bio-Rad Laboratories, Inc. (NYSE: BIO and BIOb), a global leader of life science research and clinical diagnostic products, today announced financial results for the second quarter ended June 30, 2021. Second-quarter 2021 net sales were $715.9 million, an increase of 33.4 percent compared to $536.9 million reported for the second quarter of 2020. On a currency-neutral basis, quarterly sales increased 27.5 percent compared to the same period in 2020. Second-quarter gross margin was 56.1 percent compared to 54.6 percent during the second quarter in 2020. 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