Brooks Automation Reports Results of Third Fiscal Quarter of 2019, Ended June 30, 2019, and Announces Quarterly Cash Dividend
CHELMSFORD, Mass., Aug. 1, 2019 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS), a leader in automation solutions for the semiconductor manufacturing and life sciences industries, today reported financial results for the third fiscal quarter of 2019, ended June 30, 2019.
Financial Results Summary
Quarter Ended
Dollars in millions, except per share data June 30, March 31, June 30, Change vs.
2019 2019 2018 Prior Qtr Prior Year
Revenue $
204 $
198 $
172 3
% 18
%
Semiconductor Solutions Group $
116 $
113 $
123 3
% (5)
%
Life Sciences $
88 $
86 $
50 3
% 77
%
Diluted EPS Continuing Operations $
0.01 $
(0.04) $
0.07 (133) (82)
% %
Diluted EPS Total $
0.10 $
0.05 $
0.32 112 (69)
% %
Non-GAAP Diluted EPS Cont. Operations $
0.20 $
0.17 $
0.21 16
% (6)
%
Adjusted EBITDA $
36 $
33 $
28 9
% 30
%
The Company announced on July 1, 2019 that it had completed the sale of its Semiconductor Cryogenics business to Edwards Vacuum LLC (a member of the Atlas Copco Group). In accordance with GAAP, the Company is reporting the operating results of the Semiconductor Cryogenics business, for all periods presented in this release, as discontinued operations.
Management Comments
Steve Schwartz, president and CEO, commented, "The results of our third fiscal quarter highlight the strength of our transformed portfolio. Our Life Sciences business has achieved its sixteenth quarter of sequential growth driven by the strength of GENEWIZ, while Semiconductor Solutions provided sequential growth in a very weak cyclical point in the market. We have achieved yet another significant change in our portfolio as the sale of the Semiconductor Cryo business was completed as we entered the fourth quarter. We have reset our balance sheet with the proceeds from the divestiture and have ample opportunity to use it."
Schwartz continued, "Our past investments and diversification of the portfolio are showing the benefits inside this quarter. In Semi, year-over-year, we continued to see slower sales through our traditional tier-one OEM customers, while achieving record revenue in Advanced Packaging applications and near record levels in our Contamination Control Solutions products. In Life Sciences, our Sample Management business provided 5% organic growth year-over year, while GENEWIZ, which was acquired in November, achieved strong 13% sequential growth compared to the second fiscal quarter with balanced growth in all service offerings. We believe each of our businesses hold great advantages and are positioned nicely in strong markets with additional opportunity as we go into the final quarter of our 2019 fiscal year."
GAAP Summary, Third Quarter, Fiscal 2019
-- Revenue was $204 million in the third quarter, an increase of 3%
compared to the second fiscal quarter of 2019, and 18% higher compared
to the third fiscal quarter of 2018.
-- GAAP diluted EPS was $0.10 compared to $0.05 last quarter and $0.32 in
the third quarter of 2018. Discontinued operations provided $0.09 and
continuing operations provided $0.01 in the quarter.
-- Semiconductor Solutions revenue was $116 million, up 3% from the second
quarter of 2019 and lower by 5% on a year-over-year basis. Sequential
growth was driven by expansion of vacuum systems and robots, and reticle
stockers.
-- Life Sciences revenue was $88 million, an increase of 3% compared to the
second quarter of 2019 and 77% on a year-over-year basis with 5% organic
growth year-over-year. GENEWIZ contributed $37 million of revenue in the
quarter, up 13% sequentially. Organic growth, driven within Sample
Management, was dampened by an 11% year-over-year decline in large
automated store systems.
-- GAAP operating income was $16 million, an increase of 20% compared to
the second quarter of 2019 and 31% higher compared with the third
quarter of 2018.
-- Below operating income, net interest expense was flat sequentially at $8
million. The Company reported a tax provision of $7.3 million in the
quarter, including a $4.3 million provision for additional transition
toll tax reflecting a regulatory adjustment in the quarter to the U.S.
Tax Reform Act. Compared to a $1.0 million tax benefit last quarter, the
change in the tax line provided an unfavorable $0.10 per share impact on
GAAP EPS. Second quarter 2019 results included a $9 million charge for
the early extinguishment of debt associated with the syndication of the
Company's $350 million incremental term loan incurred in connection with
the GENEWIZ acquisition.
-- Cash flow from operations was $36 million in the quarter. At June 30,
2019, the balance of total debt was $541 million and the balance of
cash, cash equivalents, and marketable securities was $160 million.
Non-GAAP Performance Discussion for Continuing Operations
-- Non-GAAP diluted EPS from continuing operations for the quarter was
$0.20 compared to $0.17 last quarter and $0.21 in the third quarter of
2018. Operating margins were 12.7%, up 90 basis points both sequentially
and from the third quarter of 2018 driven by gross margin improvement.
-- Non-GAAP gross margins were 42.4%, an improvement of 40 basis points
compared to the second quarter of 2019 and 230 basis points higher than
the third quarter of 2018. Life Sciences gross margins were 43.3%, up 70
basis points sequentially driven by improved GENEWIZ margins partially
offset by softer Sample Management margins. Life Sciences gross margins
were up 510 basis points year over year driven by the addition of the
higher margin GENEWIZ business in the portfolio. The Semiconductor
Solutions business gross margin improved 10 basis points from last
quarter to 41.7%, and 80 basis points from the prior year driven by
favorable revenue mix.
-- Adjusted EBITDA in the quarter was $36 million, up from $33 million in
the prior quarter and $28 million in the third quarter of 2018. The
adjusted EBITDA margin has improved 150 basis points year-over-year to
17.6%.
A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follows the consolidated balance sheets, statements of operations and statements of cash flows included in this release.
Subsequent Event - Sale of the Semiconductor Cryogenics Business
As previously announced after the close of the third quarter 2019, the Company completed the sale of its Semiconductor Cryogenics business on July 1, 2019 to Atlas Copco for $675 million in cash, which is estimated to provide a $400 million gain on the sale. Net cash proceeds from the divestiture will be approximately $550 million upon the settlement of fees, taxes and final working capital and other adjustments. Upon closure of the sale on July 1, the Company utilized $495 million of proceeds to reduce its gross debt to $52 million.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on September 27, 2019 to stockholders of record on September 6, 2019. Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.
Guidance for Fiscal Fourth Quarter and Year-End 2019
The Company announced revenue and earnings guidance for the fourth quarter and year-end of fiscal 2019. Revenue for the fourth quarter is expected to be in the range of $192 million to $200 million resulting in full year revenue of $774 million to $782 million. Non-GAAP diluted earnings per share from continuing operations for the fourth quarter is expected to be in the range of $0.21 to $0.26 and for the full year, $0.75 to $0.80. GAAP diluted EPS for the fourth quarter, excluding the gain to be recognized on the Cryogenics sale, is expected to be in the range of $0.05 to $0.12 and for the full year, $0.40 to $0.47.
Conference Call
Brooks management will webcast its third quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will discuss the quarterly financial results and respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook. Management's responses could contain information that has not been previously disclosed.
The conference call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-950-3502 (US & Canada only) or +1-212-231-2908 for international callers to listen to the live webcast.
Regulation G - Use of Non-GAAP financial Measures
The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analysis provided by its peers. These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures. A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets, statements of operations and statements of cash flows.
"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include, but are not limited to statements our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, the expected financial results from our recently acquired GENEWIZ business and our ability to deliver financial success in the future, and our ability to use the proceeds from the sale of the Cryogenics business to fund future acquisitions. Factors that could cause results to differ from our expectations include the following: the volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.
About Brooks Automation, Inc.
Brooks is a leading provider of life science and semiconductor manufacturing automation solutions worldwide. The Company applies its automation and cryogenics expertise to provide a full suite of reliable cold-chain sample management solutions across life sciences in areas such as drug development, clinical research and advanced cell therapies. Brooks recently added global capability for gene sequencing and gene synthesis services through its strategic acquisition of GENEWIZ, expanding its sample-based services offerings. With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision robotics, integrated automation systems and services. Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com.
INVESTOR CONTACTS:
Mark Namaroff
Director, Investor Relations
Brooks Automation
978.262.2635
mark.namaroff@brooks.com
Sherry Dinsmore
Brooks Automation
978.262.2400
sherry.dinsmore@brooks.com
John Mills
Partner
ICR, LLC
646.277.1254
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
June 30, June 30,
---
2019 2018 2019 2018
---
Revenue
Products $
128,397 $
135,278 $
381,827 $
362,082
Services 75,483 37,085 199,810 109,832
Total revenue 203,880 172,363 581,637 471,914
Cost of revenue
Products 77,203 82,340 229,580 216,504
Services 43,167 23,208 115,951 71,949
Total cost of revenue 120,370 105,548 345,531 288,453
Gross profit 83,510 66,815 236,106 183,461
Operating expenses
Research and development 14,235 12,045 41,485 34,797
Selling, general and administrative 52,596 42,142 158,509 120,741
Restructuring charges 256 81 685 129
Total operating expenses 67,087 54,268 200,679 155,667
Operating income 16,423 12,547 35,427 27,794
Interest income 108 689 847 1,193
Interest expense (8,041) (2,465) (21,348) (6,842)
Loss on extinguishment of debt (9,051)
Other expenses, net (309) (608) (1,116) (3,047)
Income before income taxes 8,181 10,163 4,759 19,098
Income tax provision (benefit) 7,260 5,350 400 (49,831)
Income from continuing operations 921 4,813 4,359 68,929
Income from discontinued operations, net of tax 6,333 17,793 20,731 37,183
Net income $
7,254 $
22,606 $
25,090 $
106,112
===
Net loss attributable to noncontrolling interest 111 111
Net income attributable to Brooks Automation, Inc. $
7,254 $
22,717 $
25,090 $
106,223
===
Basic net income per share:
---
Basic net income per share from continuing
operations $
0.01 $
0.07 $
0.06 $
0.98
Basic net income per share from discontinued operations 0.09 0.25 0.29 0.53
Basic net income per share $
0.10 $
0.32 $
0.35 $
1.51
Diluted net income per share:
---
Diluted net income per share from continuing
operations $
0.01 $
0.07 $
0.06 $
0.97
Diluted net income per share from discontinued operations 0.09 0.25 0.29 0.52
Diluted net income per share $
0.10 $
0.32 $
0.35 $
1.50
Weighted average shares outstanding used in computing net
income per share:
Basic 72,188 70,596 71,903 70,425
Diluted 72,470 70,978 72,313 70,933
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, September 30,
2019 2018
---
(unaudited)
Assets
Current assets
Cash and cash equivalents $
156,852 $
197,708
Marketable securities 35 46,281
Accounts receivable, net 163,105 125,192
Inventories 104,786 96,986
Prepaid expenses and other current assets 40,441 31,741
Current assets held for sale 61,665 66,148
Total current assets 526,884 564,056
Property, plant and equipment, net 98,330 59,988
Long-term marketable securities 2,874 7,237
Long-term deferred tax assets 25,345 43,798
Goodwill 490,545 255,876
Intangible assets, net 262,195 99,956
Other assets 21,126 5,294
Non-current assets held for sale 65,561 59,052
Total assets $
1,492,860 $
1,095,257
===
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt $
6,326 $
2,000
Accounts payable 47,789 44,724
Deferred revenue 30,598 25,884
Accrued warranty and retrofit costs 7,190 6,340
Accrued compensation and benefits 28,628 29,322
Accrued restructuring costs 280 659
Accrued income taxes payable 7,784 6,746
Accrued expenses and other current liabilities 33,656 30,405
Current liabilities held for sale 12,741 18,537
Total current liabilities 174,992 164,617
Long-term debt 534,748 194,071
Long-term tax reserves 15,044 1,102
Long-term deferred tax liabilities 16,025 7,135
Long-term pension liabilities 4,865 4,255
Other long-term liabilities 8,953 5,547
Non-current liabilities held for sale 107 698
Total liabilities 754,734 377,425
Stockholders' Equity
Preferred stock, $0.01 par value -1,000,000 shares
authorized, no shares issued or outstanding
Common stock, $0.01 par value -125,000,000 shares
authorized, 85,681,274 shares issued and 857 841
72,219,405 shares outstanding at June 30, 2019,
84,164,130 shares issued and 70,702,261 shares
outstanding at September 30, 2018
Additional paid-in capital 1,915,138 1,898,434
Accumulated other comprehensive income 14,586 13,587
Treasury stock at cost - 13,461,869 shares (200,956) (200,956)
Accumulated deficit (991,499) (994,074)
Total stockholders' equity 738,126 717,832
Total liabilities and stockholders' equity $
1,492,860 $
1,095,257
===
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Nine Months Ended
June 30,
2019 2018
---
Cash flows from operating activities
Net income $
25,090 $
106,112
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 40,429 27,621
Stock-based compensation 15,172 14,999
Amortization of premium on marketable securities and
deferred financing costs 766 565
Earnings of equity method investments (4,876) (4,931)
Loss recovery on insurance claim (1,103)
Deferred income tax benefit (9,207) (48,274)
Loss on extinguishment of debt 9,051
Other gains on disposals of assets 156
Accounts receivable (6,456) (32,887)
Inventories (6,431) (21,647)
Prepaid expenses and current assets 2,109 (4,395)
Accounts payable (6,761) 16,656
Deferred revenue 4,959 487
Accrued warranty and retrofit costs 1,022 (192)
Accrued compensation and tax withholdings (9,404) (1,252)
Accrued restructuring costs (361) (1,523)
Proceeds from recovery on insurance claim 1,082
Accrued expenses and current liabilities 1,901 (7,478)
Net cash provided by operating activities 58,241 42,758
Cash flows from investing activities
Purchases of property, plant and equipment (15,548) (9,320)
Purchases of marketable securities (1,290) (58,312)
Sales of marketable securities 48,904
Maturities of marketable securities 2,557 8,450
Acquisitions, net of cash acquired (442,704) (82,977)
Proceeds from sales of property, plant and equipment 200
Net cash used in investing activities (408,081) (141,959)
Cash flows from financing activities
Proceeds from term loans, net of discount 686,386 197,554
Proceeds from issuance of common stock 1,548 1,395
Payments of financing costs (687) (318)
Principal payments on debt (354,940) (1,000)
Payments of capital lease (849)
Common stock dividends paid (21,658) (21,202)
Net cash provided by financing activities 309,800 176,429
Effects of exchange rate changes on cash and cash
equivalents (816) 526
Net increase (decrease) in cash and cash equivalents (40,856) 77,754
Cash and cash equivalents, beginning of period 197,708 101,622
Cash and cash equivalents, end of period $
156,852 $
179,376
===
Notes on Non-GAAP Financial Measures:
These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.
Quarter Ended
---
June 30, 2019 March 31, 2019 June 30, 2018
per diluted per diluted per diluted
Dollars in thousands, except per share data share share share
Net income (loss) from continuing operations $
921 $
0.01 $
(2,829) $
(0.04) $
4,813 $
0.07
Adjustments:
---
Purchase accounting impact on inventory and contracts acquired 735 0.01
Amortization of intangible assets 9,050 0.12 9,405 0.13 6,583 0.09
Restructuring charges 256 0.00 370 0.01 81 0.00
Loss on extinguishment of debt 9,051
Merger costs 156 0.00 36 0.00 377 0.01
Adjustment of valuation allowance against deferred tax assets 1,670 0.02
Tax Reform - rate change applied to deferred tax liabilities (1) 4,281 0.06
Tax adjustments (2) 974 0.01 803 0.01
Tax effect of adjustments (1,345) (0.02) (4,593) (0.06) 568 0.01
Non-GAAP adjusted net income from continuing operations $
14,293 $
0.20 $
12,243 $
0.17 $
14,827 $
0.21
Stock based compensation, pre-tax 5,277 0.07 5,121 0.07 4,633 0.07
Tax rate 15 15 15
% % %
Stock-based compensation, net of tax 4,485 0.06 4,353 0.06 3,938 0.06
Non-GAAP adjusted net income excluding stock-based compensation - continuing
operations $
18,778 $
0.26 $
16,596 $
0.23 $
18,765 $
0.26
Shares used in computing non-GAAP diluted net income per share 72,470 72,292 70,978
Nine Months Ended
---
June 30, 2019 June 30, 2018
per diluted per diluted
Dollars in thousands, except per share data
$ share
$ share
Net income from continuing operations $
4,359 $
0.06 $
68,929 $
0.97
Adjustments:
---
Purchase accounting impact on inventory and contracts acquired 184 0.00 1,896 0.03
Amortization of intangible assets 26,230 0.36 17,686 0.25
Restructuring charges 685 0.01 129 0.00
Loss on extinguishment of debt 9,051
Merger costs 6,546 0.09 2,637 0.04
Adjustment of valuation allowance against deferred tax assets (56,347) (0.79)
Tax Reform - rate change applied to deferred tax liabilities (1) 1,796 0.02 (671) (0.01)
Tax adjustments (2) (1,275) (0.02)
Tax effect of adjustments (9,122) (0.13) (754) (0.01)
Non-GAAP adjusted net income from continuing operations 38,454 0.53 33,505 0.47
Stock-based compensation, pre-tax 14,574 0.20 14,269 0.20
Tax rate 15 15
% %
Stock-based compensation, net of tax 12,388 $
0.17 12,129 0.17
Non-GAAP adjusted net income excluding stock-based compensation - continuing
operations $
50,842 $
0.70 $
45,634 $
0.64
Shares used in computing non-GAAP diluted net income per share 72,313 70,933
(1) Adjustments are related to U.S.
Federal Tax Reform.
(2) The Company has elected to apply
the tax benefit related to the
stock compensation windfall
realized in the quarter ended
December 31, 2018 to the non-GAAP
full year tax rate and to exclude
the benefit of a change in the
deferred tax benefit realized in
the three months ended December
31, 2018 related to a change in
the Company's state effective tax
rate related to the acquisition of
GENEWIZ.
Quarter Ended Nine Months Ended
June 30, March 31, June 30, June 30, June 30,
Dollars in thousands 2019 2019 2018 2019 2018
GAAP net income attributable to
Brooks Automation, Inc. $
7,254 $
3,421 $
22,717 $
25,090 $
106,223
Adjustments:
---
Less: Discontinued operations (6,333) (6,250) (17,793) (20,731) (37,183)
Less: Interest income (108) (316) (689) (847) (1,193)
Add: Interest expense 8,041 8,018 2,465 21,348 6,842
Add: Income tax provision
(benefit) 7,260 (1,030) 5,350 400 (49,831)
Add: Depreciation 5,037 5,099 3,208 14,196 9,347
Add: Amortization of completed
technology 2,863 2,791 1,504 7,661 3,390
Add: Amortization of customer
relationships and acquired
intangible assets 6,187 6,614 5,079 18,569 14,296
Add: Loss on extinguishment of
debt 9,051 9,051
Earnings before interest, taxes,
depreciation and amortization $
30,201 $
27,398 $
21,841 $
74,737 $
51,891
Quarter Ended Nine Months Ended
June 30, March 31, June 30, June 30, June 30,
Dollars in thousands 2019 2019 2018 2019 2018
Earnings before interest, taxes,
depreciation and amortization $
30,201 $
27,398 $
21,841 $
74,737 $
51,891
Adjustments:
---
Less: Fair value adjustment of
equity method investment
Add: Stock-based compensation 5,277 5,121 4,633 14,574 14,269
Add: Restructuring charges 256 370 81 685 129
Add: Purchase accounting impact on
inventory and contracts acquired 735 184 1,896
Add: Merger costs 156 36 377 6,546 2,637
Adjusted earnings before interest,
taxes, depreciation and
amortization $
35,890 $
32,925 $
27,667 $
96,726 $
70,822
Quarter Ended
---
June 30, 2019 March 31, 2019 June 30, 2018
Dollars in thousands
$ %
$ %
$ %
GAAP gross profit/gross margin $
83,510 41.0 $
80,516 40.6 $
66,815 38.8
percentage
% % %
Adjustments:
---
Amortization of completed
technology 2,863 1.4 2,791 1.4 1,504 0.9
Purchase accounting impact on
inventory and contracts acquired 735 0.4
Non-GAAP adjusted gross profit/ $
86,373 42.4 $
83,307 42.0 $
69,054 40.1
gross margin percentage
% % %
Nine Months Ended
---
June 30, 2019 June 30, 2018
Dollars in thousands
$ %
$ %
GAAP gross profit/ $
236,106 40.6 $
183,461 38.9
gross margin
percentage % %
Adjustments:
---
Amortization of 7,661 1.3 3,390 0.7
completed technology
% %
Purchase accounting 184 0.0 1,896 0.4
impact on inventory
and contracts acquired % %
Non-GAAP adjusted $
243,951 41.9 $
188,747 40.0
gross profit/gross
margin percentage % %
Brooks Semiconductor Solutions Group
---
Quarter Ended
Dollars in thousands June 30, 2019 March 31, 2019 June 30, 2018
GAAP gross profit/margin $
47,493 40.9 $
45,987 40.7 $
48,227 39.3
percentage
% % %
Adjustments:
---
Amortization of completed
technology 879 0.8 916 0.8 1,146 0.9
Purchase accounting impact on
inventory and contracts acquired 735 0.6
Non-GAAP adjusted gross profit/ $
48,372 41.7 $
46,903 41.6 $
50,108 40.9
margin percentage
% % %
Brooks Life Sciences
---
Quarter Ended
Dollars in thousands June 30, 2019 March 31, 2019 June 30, 2018
GAAP gross profit/margin $
36,017 41.0 $
34,529 40.4 $
18,588 37.4
percentage
% % %
Adjustments:
---
Amortization of completed
technology 1,984 2.3 1,875 2.2 358 0.7
Purchase accounting impact on
inventory and contracts acquired
Non-GAAP adjusted gross profit/ $
38,001 43.3 $
36,404 42.6 $
18,946 38.1
margin percentage
% % %
Brooks Semiconductor Solutions Group
Nine Months Ended
Dollars in thousands June 30, 2019 June 30, 2018
GAAP gross profit/ $
139,393 40.8 $
130,180 39.9
margin percentage
% %
Adjustments:
---
Amortization of
completed
technology 2,732 0.8 2,250 0.7
Purchase accounting
impact on inventory
and contracts
acquired 184 0.1 735 0.2
Non-GAAP adjusted $
142,309 41.7 $
133,165 40.8
gross profit/
margin percentage % %
Brooks Life Sciences
Nine Months Ended
Dollars in thousands June 30, 2019 June 30, 2018
GAAP gross profit/ $
96,713 40.3 $
53,281 36.6
margin percentage
% %
Adjustments:
---
Amortization of
completed
technology 4,928 2.1 1,140 0.8
Purchase accounting
impact on inventory
and contracts
acquired 1,160 0.8
Non-GAAP adjusted $
101,641 42.3 $
55,581 38.2
gross profit/
margin percentage % %
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Total Segments
--- --- ---
Quarter Ended
Quarter Ended
Quarter Ended
June 30, March 31, June 30, June 30, March 31, June 30, June 30, March 31, June 30,
Dollars in thousands 2019 2019 2018 2019 2019 2018 2019 2019 2018
GAAP operating profit $
19,322 $
17,987 $
17,915 $
4,202 $
3,143 $
677 $
23,524 $
21,130 $
18,592
Adjustments:
---
Amortization of completed
technology 879 916 1,146 1,984 1,875 358 2,863 2,791 1,504
Purchase accounting impact on
inventory and contracts acquired 735 735
Non-GAAP adjusted operating
profit $
20,201 $
18,903 $
19,796 $
6,186 $
5,018 $
1,035 $
26,387 $
23,921 $
20,831
Total Segments
Corporate
Total
--- --- ---
Quarter Ended
Quarter Ended
Quarter Ended
June 30, March 31, June 30, June 30, March 31, June 30, June 30, March 31, June 30,
Dollars in thousands 2019 2019 2018 2019 2019 2018 2019 2019 2018
GAAP operating profit (loss) $
23,524 $
21,130 $
18,592 $
(7,101) $
(7,458) $
(6,045) $
16,423 $
13,672 $
12,547
Adjustments:
---
Amortization of completed
technology 2,863 2,791 1,504 2,863 2,791 1,504
Amortization of customer
relationships and acquired
intangible assets 6,187 6,614 5,079 6,187 6,614 5,079
Restructuring charges 256 370 81 256 370 81
Purchase accounting impact on
inventory and contracts acquired 735 735
Merger costs 156 36 377 156 36 377
Non-GAAP adjusted operating
profit (loss) $
26,387 $
23,921 $
20,831 $
(502) $
(438) $
(508) $
25,885 $
23,483 $
20,323
Brooks Semiconductor Solutions Group Brooks Life Sciences Total Segments
Nine Months Ended Nine Months Ended Nine Months Ended
Dollars in thousands June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
GAAP operating profit $
53,450 $
45,058 $
8,936 $
778 $
62,386 $
45,836
Adjustments:
---
Amortization of completed
technology 2,732 2,250 4,928 1,140 7,661 3,390
Purchase accounting impact on
inventory and contracts acquired 184 735 1,160 184 1,896
Non-GAAP adjusted operating
profit $
56,366 $
48,043 $
13,864 $
3,078 $
70,231 $
51,122
Total Segments
Corporate
Total
Nine Months Ended Nine Months Ended Nine Months Ended
Dollars in thousands June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018
GAAP operating profit (loss) $
62,386 $
45,836 $
(26,959) $
(18,042) $
35,427 $
27,794
Adjustments:
---
Amortization of completed
technology 7,661 3,390 7,661 3,390
Amortization of customer
relationships and acquired
intangible assets 18,569 14,296 18,569 14,296
Restructuring charges 685 129 685 129
Purchase accounting impact on
inventory and contracts acquired 184 1,896 184 1,896
Merger costs 6,546 2,637 6,546 2,637
Non-GAAP adjusted operating
profit (loss) $
70,231 $
51,122 $
(1,159) $
(980) $
69,072 $
50,142
View original content to download multimedia:http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-third-fiscal-quarter-of-2019-ended-june-30-2019-and-announces-quarterly-cash-dividend-300895276.html
SOURCE Brooks Automation
