Brooks Automation Reports Fourth Quarter and Year-End Results of Fiscal Year 2019, Ended September 30, 2019, and Announces Quarterly Cash Dividend
CHELMSFORD, Mass., Nov. 6, 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 fourth quarter and the fiscal year ended September 30, 2019.
Financial Results Summary
Quarter Ended
Year Ended
Dollars in millions, except per share data September 30, September 30, September 30, September 30,
2019 2018 Change 2019 2018 Change
Revenue $
200 $
160 25 $
782 $
632 24
% %
Semiconductor Solutions Group $
106 $
109 (3)
% $
448 $
435 3
%
Life Sciences $
94 $
51 85 $
334 $
197 70
% %
Diluted EPS Continuing Operations $
0.08 $
(0.02) $
0.14 $
0.95
Diluted EPS Total $
5.69 $
0.15 $
6.05 $
1.64
Non-GAAP Diluted EPS Cont. Operations $
0.24 $
0.17 43 $
0.77 $
0.64 20
% %
Adjusted EBITDA $
31 $
22 39 $
128 $
93 37
% %
On July 1, 2019, the Company announced 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 reports the results of the Semiconductor Cryogenics business as discontinued operations for all periods presented.
Management Comments
"In the fourth quarter we delivered continued growth in our Life Sciences business, solid performance in our Semiconductor business, and one of our highest quarters in cash generation," commented Steve Schwartz, CEO of Brooks Automation. "We capped off a year in which all areas of the business provided growth and margin expansion. It was truly a transformative year for us as our team successfully completed the acquisition of GENEWIZ and closed the sale of the Semiconductor Cryogenics business. We have good momentum in Life Sciences revenue, strong bookings in the Semiconductor Solutions business, and a solid balance sheet that supports additional investments. We have set the stage for a strong 2020 fiscal year."
Summary of GAAP Results
Fourth Quarter, Fiscal 2019
-- Revenue of $200 million was up 25% year over year, driven by the Life
Sciences segment growth of 85% and slightly offset by a decline of 3% in
Semiconductor Solutions. Sequentially, quarterly revenue declined 2%
driven by lower Semiconductor Solutions revenue which was down 9%,
offset by Life Sciences revenue, up 7% compared to the third quarter of
fiscal 2019.
-- Life Sciences revenue of $94 million grew 85% year over year, inclusive
of 10% organic growth, all attributable to Sample Management. GENEWIZ,
acquired in November of 2018, contributed $40 million of revenue in the
fourth quarter.
-- Semiconductor Solutions revenue of $106 million was down 3% year over
year, yet stable relative to the overall semiconductor capital equipment
market.
-- GAAP diluted EPS was $5.69 compared to $0.15 in the fourth quarter of
2018. Discontinued operations provided $5.61 earnings per share
supported by a $409 million gain on the sale of the Semiconductor
Cryogenics business. Continuing operations yielded $0.08 in the quarter
compared to ($0.02) in the fourth quarter a year ago.
-- GAAP operating income was $11 million, compared to $4 million in the
fourth quarter of 2018.
-- Net interest expense for the fourth fiscal quarter was $0.3 million,
down from $2.0 million in the fourth quarter of 2018 and down from $7.9
million in the third fiscal quarter of 2019, as a result of the
reduction of $495 million of debt on July 1, 2019. The divestiture
generated $662 million of cash in the quarter.
-- Cash flow from operations was $33 million in the quarter, inclusive of
$13 million of transaction fees paid, stemming from the closure of the
Cryogenics sale. Excluding these one-time cash outflows, our operating
cash flow was $46 million. The ending balance of total debt was $51
million and the balance of cash, cash equivalents, restricted cash, and
marketable securities was $342 million.
Full Year, Fiscal 2019
-- Revenue for fiscal 2019 was $782 million, an increase of 24% compared to
fiscal 2018. Growth was supported by both segments. Life Sciences
revenue of $334 million was 70% higher than fiscal 2018, inclusive of 8%
organic growth. Semiconductor revenue was $448 million was an increase
of 3% over the prior year.
-- GAAP diluted EPS was $6.05 compared to $1.64 in fiscal 2018.
Discontinued operations provided $5.91 primarily from the $409 million
gain on the sale of the Semiconductor Cryogenics business. Continuing
operations provided $0.14 compared to $0.95 in fiscal 2018, which
included a tax benefit of $43 million for the reversal of a valuation
allowance reserve. Fiscal year 2019 results included $11 million of
additional amortization of intangibles driven by the acquisition of
GENEWIZ and $14 million in charges for the extinguishment of debt.
-- GAAP operating income was $47 million, an increase of 48% compared to
fiscal 2018.
-- Cash flow from operations was $91 million, a 23% increase compared to
$74 million in fiscal 2018. Excluding transaction fees paid upon the
closure of the Cryogenics sale, cash flow from operations was $104
million, a 41% increase from 2018.
Summary of Non-GAAP Results for Continuing Operations
Fourth Quarter, Fiscal 2019
-- Non-GAAP diluted EPS from continuing operations for the quarter was
$0.24, a 43% increase compared to the fourth quarter of 2018.
-- Non-GAAP operating margin was 10.8%, higher by 140 basis points compared
to the fourth quarter of 2018. The improvement was driven by non-GAAP
gross margin performance, which was 41.8% and 160 basis points higher
year over year, driven by Life Sciences adjusted gross margin of 42.6%
which was higher by 480 basis points year over year. The improvement
reflects 220 basis points improvement in Sample Management operations
and the favorable mix of adding GENEWIZ to the business. Operating
expense increased 26% year over year, consistent with revenue and
reflecting the incremental structure of GENEWIZ and an increase in
Semiconductor R&D spending.
-- Adjusted EBITDA in the quarter increased 39% year over year to $31
million, up from $22 million in the prior year quarter. The adjusted
EBITDA margin improved to 15.7% from 14.1% in the fourth quarter of
fiscal 2018.
Full Year, Fiscal 2019
-- Non-GAAP diluted EPS from continuing operations for 2019 was $0.77, a
20% increase compared to $0.64 in 2018. The increase reflects the 24%
revenue growth and improvement in operating margin of 130 basis points,
partially offset by higher interest expense.
-- Operating income was $91 million, a 39% increase from 2018. The increase
was supported by non-GAAP gross margins of 41.9%, which improved 190
basis points compared to 2018. Life Sciences gross margins were 42.4%,
up 440 basis points from last year driven by the inclusion of GENEWIZ
results and 40 basis points of improvement in Sample Management. The
Semiconductor Solutions business gross margin improved 60 basis points
from last year to 41.5%.
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.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on December 20, 2019 to stockholders of record on December 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 First Quarter 2020
The Company announced revenue and earnings guidance for the first quarter of fiscal 2020. Revenue is expected to be in the range of $204 million to $214 million and non-GAAP diluted earnings per share is expected to be in the range of $0.20 to $0.27. GAAP diluted earnings per share for the first quarter is expected to be in the range of $0.09 to $0.17.
Conference Call
Brooks management will webcast its fourth quarter and year-end earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will 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 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 https://brooks.investorroom.com/events, and will be archived online on this website for convenient on-demand replay. In addition, you may call 877-256-3275 (US & Canada only) or +1-212-231-2938 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. 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
john.mills@icrinc.com
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended Year Ended
September 30, September 30,
2019 2018 2019 2018
Revenue
Products $
123,219 $
120,307 $
505,046 $
482,389
Services 77,009 39,339 276,819 149,171
Total revenue 200,228 159,646 781,865 631,560
Cost of revenue
Products 73,177 71,820 302,757 288,323
Services 46,400 25,206 162,351 97,156
Total cost of revenue 119,577 97,026 465,108 385,479
Gross profit 80,651 62,620 316,757 246,081
Operating expenses
Research and development 14,883 12,138 56,368 46,936
Selling, general and administrative 53,451 46,281 211,960 167,022
Restructuring charges 1,209 585 1,894 714
Total operating expenses 69,542 59,004 270,222 214,672
Operating income 11,109 3,616 46,535 31,409
Interest income 602 688 1,449 1,881
Interest expense (902) (2,679) (22,250) (9,520)
Loss on extinguishment of debt (5,288) (14,339)
Other expenses, net (339) (257) (1,455) (3,304)
Income before income taxes 5,182 1,368 9,940 20,466
Income tax provision (benefit) (350) 2,580 50 (47,251)
Income (loss) from continuing operations $
5,532 $
(1,212) $
9,890 $
67,717
Income from discontinued operations, net of tax 407,131 11,563 427,862 48,747
Net income $
412,663 $
10,351 $
437,752 $
116,464
Net loss attributable to noncontrolling interest 111
Net income attributable to Brooks Automation, Inc. $
412,663 $
10,351 $
437,752 $
116,575
Basic net income per share:
---
Basic net income per share from continuing operations $
0.08 $
(0.02) $
0.14 $
0.96
Basic net income per share from discontinued operations 5.63 0.16 5.94 0.69
Basic net income per share $
5.71 $
0.15 $
6.08 $
1.65
Diluted net income per share:
---
Diluted net income per share from continuing operations $
0.08 $
(0.02) $
0.14 $
0.95
Diluted net income per share from discontinued operations 5.61 0.16 5.91 0.69
Diluted net income per share $
5.69 $
0.15 $
6.05 $
1.64
Weighted average shares outstanding used in computing net income per share:
Basic 72,273 70,681 71,992 70,489
Diluted 72,558 71,085 72,386 70,937
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
September 30, September 30,
2019 2018
---
Assets
Current assets
Cash and cash equivalents $
301,642 $
197,708
Marketable securities 34,124 46,281
Accounts receivable, net 166,657 125,192
Inventories 99,445 96,986
Prepaid expenses and other current assets 46,331 31,741
Current assets held for sale 66,148
Total current assets 648,199 564,056
Property, plant and equipment, net 100,669 59,988
Long-term marketable securities 2,845 7,237
Long-term deferred tax assets 5,064 43,798
Goodwill 488,602 255,876
Intangible assets, net 251,168 99,956
Other assets 20,507 5,294
Non-current assets held for sale 59,052
Total assets $
1,517,054 $
1,095,257
===
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt $
829 $
2,000
Accounts payable 59,437 44,724
Deferred revenue 29,477 25,884
Accrued warranty and retrofit costs 7,175 6,340
Accrued compensation and benefits 31,375 29,322
Accrued restructuring costs 1,040 659
Accrued income taxes payable 99,423 6,746
Accrued expenses and other current liabilities 44,234 30,405
Current liabilities held for sale 18,537
Total current liabilities 272,990 164,617
Long-term debt 50,315 194,071
Long-term tax reserves 18,273 1,102
Long-term deferred tax liabilities 20,636 7,135
Long-term pension liabilities 5,338 4,255
Other long-term liabilities 10,212 5,547
Non-current liabilities held for sale 698
Total liabilities 377,764 377,425
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, 85,759,700 shares issued and 72,297,831
shares outstanding at September 30, 2019, 84,164,130 shares issued and 70,702,261 shares outstanding at
September 30, 2018 857 841
Additional paid-in capital 1,921,954 1,898,434
Accumulated other comprehensive income 3,510 13,587
Treasury stock at cost - 13,461,869 shares (200,956) (200,956)
Accumulated deficit (586,075) (994,074)
Total stockholders' equity 1,139,290 717,832
Total liabilities and stockholders' equity $
1,517,054 $
1,095,257
===
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Year Ended
September 30,
2019 2018
---
Cash flows from operating activities
Net income $
437,752 $
116,464
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 54,454 37,429
Impairment of property, plant and equipment 285
Stock-based compensation 20,113 19,822
Amortization of premium on marketable securities and
deferred financing costs 1,121 710
Earnings of equity method investments (6,188) (6,788)
Loss recovery on insurance claim (1,103)
Deferred income taxes (15,161) (45,217)
Loss on extinguishment of debt 14,339
Other gains on disposals of assets 209 (758)
Gain on sale of divestiture, net of tax (408,575)
Contingent transaction fees paid stemming from
divestiture (13,388)
Changes in operating assets and liabilities, net of
acquisitions:
Accounts receivable (12,504) (28,463)
Inventories (2,933) (24,365)
Prepaid expenses and current assets (16,009) (3,676)
Accounts payable 5,215 5,457
Deferred revenue 4,255 2,791
Accrued warranty and retrofit costs 1,109 (157)
Accrued compensation and tax withholdings (6,453) 5,978
Accrued restructuring costs 399 (1,080)
Proceeds from recovery on insurance claim 1,082
Accrued expenses and current liabilities 31,776 (3,080)
Net cash provided by operating activities 90,898 73,964
Cash flows from investing activities
Purchases of property, plant and equipment (23,861) (12,787)
Purchases of marketable securities (35,225) (69,692)
Sales of marketable securities 48,903 1,584
Maturities of marketable securities 2,557 17,482
Proceeds from divestiture, net of transaction costs 661,642
Acquisitions, net of cash acquired (442,704) (85,755)
Proceeds from other investments 500
Proceeds from sales of property, plant and equipment 200
Net cash provided by (used) in investing activities 211,312 (148,468)
Cash flows from financing activities
Proceeds from term loans, net of discount 686,386 197,554
Proceeds from issuance of common stock 3,422 2,826
Payments of financing costs (687) (318)
Principal payments on debt (850,190) (1,500)
Payments of capital leases (1,197)
Common stock dividends paid (28,895) (28,285)
Net cash provided by (used in) financing activities (191,161) 170,277
Effects of exchange rate changes on cash and cash
equivalents (3,586) 313
Net increase in cash and cash equivalents 107,463 96,086
Cash and cash equivalents and restricted cash, beginning
of period 197,708 101,622
Cash and cash equivalents and restricted cash,
end of period $
305,171 $
197,708
===
Reconciliation of cash, cash equivalents, and restricted
cash to the consolidated balance sheets
Cash and cash equivalents $
301,642 $
197,708
Restricted cash included in prepaid expenses and other
current assets 3,529
Total cash, cash equivalents and restricted
cash shown in the consolidated statements of
cash flows $
305,171 $
197,708
===
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
---
September 30, 2019 June 30, 2019 September 30, 2018
per diluted per diluted per diluted
Dollars in thousands, except per share data share share share
Net income (loss) from continuing operations $
5,532 $
0.08 $
921 $
0.01 $
(1,212) $
(0.02)
Adjustments:
---
Amortization of intangible assets 8,931 0.12 9,050 0.12 6,530 0.09
Restructuring charges 1,209 0.02 256 0.00 585 0.01
Loss on extinguishment of debt 5,288
Merger costs 134 0.00 156 0.00 4,309 0.06
Restructuring related charges 285
Adjustment of valuation allowance against (233) (0.00) 690 0.01
deferred tax assets
Tax Reform - rate change applied to deferred tax 4,281 0.06
liabilities (1)
Tax adjustments (2) 974 0.01
Tax effect of adjustments (3,932) (0.05) (1,345) (0.02) 868 0.01
Non-GAAP adjusted net income from continuing $
17,214 $
0.24 $
14,293 $
0.20 $
11,770 $
0.17
operations
Stock based compensation, pre-tax 4,941 0.07 5,277 0.07 4,587 0.06
Tax rate 15 15 9
% % %
Stock-based compensation, net of tax 4,200 0.06 4,485 0.06 4,188 0.06
Non-GAAP adjusted net income excluding $
21,414 $
0.30 $
18,778 $
0.26 $
15,958 $
0.22
stock-based compensation - continuing
operations
Shares used in computing non-GAAP diluted 72,558 72,470 71,085
net income per share
Year Ended
---
September 30, 2019 September 30, 2018
per diluted per diluted
Dollars in thousands, except per share data
$ share
$ share
Net income from continuing operations $
9,890 $
0.14 $
67,717 $
0.95
Adjustments:
---
Purchase accounting impact on inventory and contracts acquired 184 0.00 1,896 0.03
Amortization of intangible assets 35,161 0.49 24,216 0.34
Restructuring charges 1,894 0.03 714 0.01
Loss on extinguishment of debt 14,339
Merger costs 6,679 0.09 6,945 0.10
Restructuring related charges 285
Adjustment of valuation allowance against deferred tax assets (233) (0.00) (43,062) (0.61)
Tax Reform - rate change applied to deferred tax liabilities (1) 1,796 0.02 (671) (0.01)
Tax effect of adjustments (14,328) (0.20) (12,481) (0.18)
Non-GAAP adjusted net income from continuing operations $
55,667 $
0.77 $
45,274 $
0.64
Stock-based compensation, pre-tax 19,516 0.27 18,856 0.27
Tax rate 15 11
% %
Stock-based compensation, net of tax 16,589 $
0.23 16,838 0.24
Non-GAAP adjusted net income excluding stock-based $
72,256 $
1.00 $
62,112 $
0.88
compensation - continuing operations
Shares used in computing non-GAAP diluted net income per share 72,386 70,937
(1) Adjustments are related to U.S.
Federal Tax Reform.
(2) The Company 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
Year Ended
September 30, June 30, September 30, September 30, September 30,
Dollars in thousands 2019 2019 2018 2019 2018
GAAP net income attributable to Brooks Automation, Inc. $
412,663 $
7,254 $
10,351 $
437,752 $
116,575
Adjustments:
---
Less: Discontinued operations (407,131) (6,333) (11,563) (427,862) (48,747)
Less: Interest income (602) (108) (688) (1,449) (1,881)
Add: Interest expense 902 8,041 2,679 22,250 9,520
Add: Income tax provision (benefit) (350) 7,260 2,580 50 (47,251)
Add: Depreciation 5,094 5,037 3,122 19,289 12,470
Add: Amortization of completed technology 2,764 2,863 1,487 10,424 4,877
Add: Amortization of customer relationships and acquired intangible assets 6,167 6,187 5,043 24,737 19,339
Restructuring related charges 285 285
Add: Loss on extinguishment of debt 5,288 14,339
Earnings before interest, taxes, depreciation and amortization $
25,080 $
30,201 $
13,011 $
99,815 $
64,902
Quarter Ended
Year Ended
September 30, June 30, September 30, September 30, September 30,
Dollars in thousands 2019 2019 2018 2019 2018
Earnings before interest, taxes, depreciation and amortization $
25,080 $
30,201 $
13,011 $
99,815 $
64,902
Adjustments:
---
Add: Stock-based compensation 4,941 5,277 4,587 19,516 18,856
Add: Restructuring charges 1,209 256 585 1,894 714
Add: Purchase accounting impact on inventory and contracts acquired 184 1,896
Add: Merger costs 134 156 4,309 6,679 6,945
Adjusted earnings before interest, taxes, depreciation and amortization $
31,364 $
35,890 $
22,492 $
128,088 $
93,313
Quarter Ended
---
September 30, 2019 June 30, 2019 September 30, 2018
Dollars in thousands
$ %
$ %
$ %
GAAP gross profit/gross margin percentage $
80,651 40.3 $
83,510 41.0 $
62,620 39.2
% % %
Adjustments:
---
Amortization of completed technology 2,764 1.4 2,863 1.4 1,487 0.9
Restructuring related charges 285 0.1 0.0 0.0
Non-GAAP adjusted gross profit/gross margin percentage $
83,700 41.8 $
86,373 42.4 $
64,107 40.2
% % %
Brooks Semiconductor Solutions Group
---
Quarter Ended
Dollars in thousands September 30, 2019 June 30, 2019 September 30, 2018
GAAP gross profit/margin percentage $
42,759 40.3 $
47,493 40.9 $
43,774 40.2
% % %
Adjustments:
---
Amortization of completed technology 868 0.8 879 0.8 1,152 1.1
Non-GAAP adjusted gross profit/margin percentage $
43,627 41.1 $
48,372 41.7 $
44,926 41.3
% % %
Brooks Life Sciences
---
Quarter Ended
Dollars in thousands September 30, 2019 June 30, 2019 September 30, 2018
GAAP gross profit/margin percentage $
37,891 40.2 $
36,017 41.0 $
18,846 37.1
% % %
Adjustments:
---
Amortization of completed technology 1,896 2.0 1,984 2.3 335 0.7
Restructuring related charges 285 0.3 0
Non-GAAP adjusted gross profit/margin percentage $
40,072 42.6 $
38,001 43.3 $
19,181 37.7
% % %
Brooks Semiconductor Solutions Group
---
Year Ended
Dollars in thousands September 30, 2019 September 30, 2018
GAAP gross profit/margin percentage $
182,157 40.7 $
173,954 40.0
% %
Adjustments:
---
Amortization of completed technology 3,600 0.8 3,402 0.8
Purchase accounting impact on inventory and contracts acquired 184 0.0 735 0.2
Non-GAAP adjusted gross profit/margin percentage $
185,941 41.5 $
178,091 40.9
% %
Brooks Life Sciences
---
Year Ended
Dollars in thousands September 30, 2019 September 30, 2018
GAAP gross profit/margin percentage $
134,604 40.3 $
72,127 36.7
% %
Adjustments:
---
Amortization of completed technology 6,824 2.0 1,475 0.8
Purchase accounting impact on inventory and contracts acquired 1,160 0.6
Restructuring related charges 285 0.1
Non-GAAP adjusted gross profit/margin percentage $
141,713 42.4 $
74,762 38.0
% %
Brooks Semiconductor Solutions Group
Brooks Life Sciences
Total Segments
--- --- ---
Quarter Ended
Quarter Ended
Quarter Ended
September 30, June 30, September 30, September 30, June 30, September 30, September 30, June 30, September 30,
Dollars in thousands 2019 2019 2018 2019 2019 2018 2019 2019 2018
GAAP operating profit $
13,223 $
19,322 $
13,316 $
4,586 $
4,202 $
382 $
17,809 $
23,524 $
13,698
Adjustments:
---
Amortization of completed technology 868 879 1,152 1,896 1,984 335 2,764 2,863 1,487
Restructuring related charges 285 285
Non-GAAP adjusted operating profit $
14,091 $
20,201 $
14,468 $
6,767 $
6,186 $
717 $
20,858 $
26,387 $
15,185
Total Segments
Corporate
Total
--- --- ---
Quarter Ended
Quarter Ended
Quarter Ended
September 30, June 30, September 30, September 30, June 30, September 30, September 30, June 30, September 30,
Dollars in thousands 2019 2019 2018 2019 2019 2018 2019 2019 2018
GAAP operating profit (loss) $
17,809 $
23,524 $
13,698 $
(6,700) $
(7,101) $
(10,082) $
11,109 $
16,423 $
3,616
Adjustments:
---
Amortization of completed technology 2,764 2,863 1,487 2,764 2,863 1,487
Amortization of customer relationships and acquired
intangible assets 6,167 6,187 5,043 6,167 6,187 5,043
Restructuring charges 1,209 256 585 1,209 256 585
Purchase accounting impact on inventory and contracts
acquired
Merger costs 134 156 4,309 134 156 4,309
Restructuring related charges 285 285
Non-GAAP adjusted operating profit (loss) $
20,858 $
26,387 $
15,185 $
810 $
(502) $
(145) $
21,668 $
25,885 $
15,040
Brooks Semiconductor Solutions Group Brooks Life Sciences
Total Segments
Year Ended
Year Ended
Year Ended
Dollars in thousands September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
GAAP operating profit $
66,673 $
58,373 $
13,522 $
1,160 $
80,195 $
59,533
Adjustments:
---
Amortization of completed technology 3,600 3,402 6,824 1,475 10,425 4,877
Purchase accounting impact on inventory and contracts
acquired 184 735 1,160 184 1,896
Restructuring related charges 285 285
Non-GAAP adjusted operating profit $
70,457 $
62,510 $
20,631 $
3,795 $
91,089 $
66,306
Total Segments
Corporate
Total
Year Ended
Year Ended
Year Ended
Dollars in thousands September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018
GAAP operating profit (loss) $
80,195 $
59,533 $
(33,660) $
(28,124) $
46,535 $
31,409
Adjustments:
---
Amortization of completed technology 10,425 4,877 10,425 4,877
Amortization of customer relationships and acquired
intangible assets 24,737 19,339 24,737 19,339
Restructuring charges 1,894 714 1,894 714
Purchase accounting impact on inventory and contracts
acquired 184 1,896 184 1,896
Merger costs 6,679 6,945 6,679 6,945
Restructuring related charges 285 285
Non-GAAP adjusted operating profit (loss) $
91,089 $
66,306 $
(350) $
(1,126) $
90,739 $
65,180
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SOURCE Brooks Automation
