Brooks Automation Reports Results of its Third Quarter of Fiscal 2020, Ended June 30, 2020, and Announces Quarterly Cash Dividend
CHELMSFORD, Mass., July 30, 2020 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the third fiscal quarter, ended June 30, 2020.
Financial Results Summary
Quarter Ended
Dollars in millions, except
per share data June 30, March 31, June 30, Change vs.
2020 2020 2019 Prior Qtr Prior Year
Revenue $
220 $
220 $
204 0
% 8
%
Semiconductor Solutions $
127 $
125 $
116 2
% 9
%
Life Sciences $
93 $
95 $
88 (2)
% 6
%
Diluted EPS Continuing
Operations $
0.19 $
0.12 $
0.01 49
% N/M
Diluted EPS Total $
0.19 $
0.12 $
0.10 50
% 85
%
Non-GAAP Diluted EPS
Continuing Operations $
0.32 $
0.25 $
0.20 26
% 60
%
Management Comments
"Despite the current environment's headwinds, we delivered a strong performance in the quarter," commented Steve Schwartz, president and CEO. "Our Life Sciences business witnessed robust demand for its sample management offerings and gene synthesis services. Due to many customer lab closures around the world, our gene sequencing business had a slow start to the quarter but has steadily increased and is now approaching pre-COVID levels. We continue to see a ramp in Semiconductor with increased demand for both automation systems and robots. The real story here is about the relentless team of Brooks employees working through the most difficult of environments without missing a beat!"
Summary of GAAP Results for Continuing Operations
-- Revenue for the third fiscal quarter was $220 million, up 8% year over
year. Diluted EPS from continuing operations was $0.19 per share
compared to $0.01 per share in the third quarter of 2019.
-- Life Sciences revenue of $93 million grew 6% year over year and was down
2% sequentially. Year-over-year organic growth was 5%, led by
consumables, instruments, and storage services. GENEWIZ revenue
declined 9% sequentially but remained 1% above the third quarter 2019
revenue.
-- Semiconductor Solutions revenue was $127 million, an increase of 9% year
over year and 2% sequentially.
-- GAAP operating income was $19 million, compared to $16 million in the
third quarter of 2019. GAAP operating margin at 8.7% was 60 basis
points higher year over year and 210 basis points higher sequentially.
-- Net interest expense was $0.8 million for the quarter, a $7.1 million
reduction from the third quarter of 2019.
Summary of Non-GAAP Results for Continuing Operations
-- Diluted EPS from continuing operations for the third quarter was $0.32,
up 26% from the second quarter of 2020 and up 60% over the prior year.
-- Operating income was $30 million, an increase of 15% sequentially and
year over year. Operating margin was 13.5%, up 180 basis points
sequentially and 80 basis points year over year. The margin expansion
was driven primarily by stronger gross margin.
-- Gross margin was 43.5%, an increase of 130 basis points sequentially and
110 basis points year over year. Gross margin expansion in both
segments, Life Sciences and Semiconductor Solutions, drove the
improvement year over year, while the sequential momentum was driven by
the Semiconductor business.
-- Life Sciences operating margin was 7.1%, approximately flat year over
year and lower by 150 basis points from the prior quarter. Gross margin
performance of 44.6%, up 140 basis points year over year and lower by
120 basis points sequentially, was the primary driver. The Life
Sciences Products business reported 40 basis points of improvement
sequentially but was more than offset by the lower margins of the Life
Sciences Services business.
-- Semiconductor Solutions operating margin was 18.4%, an increase of 100
basis points from the prior year and up 510 basis points from the second
quarter of 2020. Gross margin of 42.7%, up 100 basis points year over
year and 320 basis points sequentially, was the primary driver of
operating margin expansion.
-- Adjusted EBITDA was $40 million, up 12% from the third quarter of 2019
and 16% sequentially.
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.
Cash and Liquidity
-- Cash flow from operations was $26 million for the quarter and on a
year-to-date basis, and cash flow from operations, excluding the $92
million tax payment made in the second quarter on the gain on the sale
of the Semiconductor cryogenics business, was $78 million, an increase
of $19 million from the same period the prior year.
-- The Company ended the third quarter with a total balance of cash, cash
equivalents, restricted cash, and marketable securities of $263 million.
With total debt of $51 million, net cash was $212 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 25, 2020 to stockholders of record on September 4, 2020. 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 Fourth Quarter Fiscal 2020
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2020. Revenue is expected to be in the range of $229 million to $241 million and non-GAAP diluted earnings per share is expected to be in the range of $0.32 to $0.40. GAAP diluted earnings per share for the fourth fiscal quarter is expected to be in the range of $0.19 to $0.27.
Conference Call and Webcast
Brooks management will webcast its third quarter 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 www.brooks.investorroom.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-754-1366 (US & Canada only) or +1-212-231-2930 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 about our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, and our ability to deliver financial success in the future. Factors that could cause results to differ from our expectations include the following: the impact of the COVID-19 global pandemic on the markets we serve, including our supply chain, and on the global economy generally, 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
Brooks (Nasdaq: BRKS) is a leading provider of life science sample-based solutions and semiconductor manufacturing solutions worldwide. The Company's Life Sciences business provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally. Brooks Life Sciences' GENEWIZ division is a leading provider of DNA gene sequencing and gene synthesis services. With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip makers and equipment manufacturers. 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
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
June 30, June 30,
---
2020 2019 2020 2019
---
Revenue
Products $
142,323 $
128,397 $
413,329 $
381,827
Services 78,027 75,483 237,748 199,810
Total revenue 220,350 203,880 651,077 581,637
Cost of revenue
Products 81,989 77,203 245,930 229,580
Services 45,573 43,167 137,092 115,951
Total cost of revenue 127,562 120,370 383,022 345,531
Gross profit 92,788 83,510 268,055 236,106
Operating expenses
Research and development 14,004 14,235 43,727 41,485
Selling, general and
administrative 59,714 52,596 178,866 158,509
Restructuring charges (29) 256 1,125 685
Total operating expenses 73,689 67,087 223,718 200,679
Operating income 19,099 16,423 44,337 35,427
Interest income 29 108 865 847
Interest expense (810) (8,041) (2,265) (21,348)
Loss on extinguishment of debt (9,051)
Other income (expenses), net 498 (309) (1,318) (1,116)
Income before income taxes 18,816 8,181 41,619 4,759
Income tax benefit 5,120 7,260 5,557 400
Income from continuing
operations 13,696 921 36,062 4,359
Income (loss) from discontinued
operations, net of tax 6,333 (182) 20,731
Net income $
13,696 $
7,254 $
35,880 $
25,090
===
Basic net income per share:
---
Income from continuing
operations $
0.19 $
0.01 $
0.48 $
0.06
Income (loss) from discontinued
operations, net of tax 0.09 (0.00) 0.29
Basic net income per
share $
0.19 $
0.10 $
0.49 $
0.35
Diluted net income per share:
---
Income from continuing
operations $
0.19 $
0.01 $
0.49 $
0.06
Income (loss) from discontinued
operations, net of tax 0.09 (0.00) 0.29
Diluted net income per
share $
0.19 $
0.10 $
0.49 $
0.35
Weighted average shares
outstanding used in computing
net income per share:
Basic 73,759 72,188 73,473 71,903
Diluted 73,860 72,470 73,766 72,313
BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
June 30, September 30,
2020 2019
---
Assets
Current assets
Cash and cash equivalents $
256,633 $
301,642
Marketable securities 136 34,124
Accounts receivable, net 183,167 165,602
Inventories 117,686 99,445
Prepaid expenses and other current assets 44,389 46,332
Total current assets 602,011 647,145
Property, plant and equipment, net 111,416 100,669
Long-term marketable securities 2,939 2,845
Long-term deferred tax assets 3,489 5,064
Goodwill 500,062 488,602
Intangible assets, net 226,623 251,168
Other assets 57,377 20,506
Total assets $
1,503,917 $
1,515,999
===
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt $
828 $
829
Accounts payable 70,344 58,919
Deferred revenue 31,162 29,435
Accrued warranty and retrofit costs 7,881 7,175
Accrued compensation and benefits 33,847 31,375
Accrued restructuring costs 437 1,040
Accrued income taxes payable 16,253 99,263
Accrued expenses and other current liabilities 45,053 44,234
Total current liabilities 205,805 272,270
Long-term debt 49,563 50,315
Long-term tax reserves 19,609 18,274
Long-term deferred tax liabilities 10,613 20,636
Long-term pension liabilities 5,724 5,338
Long-term operating lease liabilities 29,280
Other long-term liabilities 8,470 10,212
Total liabilities 329,064 377,045
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, 87,222,115 shares issued and 73,760,246
shares outstanding at June 30, 2020, 85,759,700 shares
issued and 72,297,831 shares outstanding at September
30, 2019 872 857
Additional paid-in capital 1,936,619 1,921,954
Accumulated other comprehensive income 10,977 3,511
Treasury stock at cost - 13,461,869 shares (200,956) (200,956)
Accumulated deficit (572,659) (586,412)
Total stockholders' equity 1,174,853 1,138,954
Total liabilities and stockholders' equity $
1,503,917 $
1,515,999
===
BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
Nine Months Ended
June 30,
2020 2019
---
Cash flows from operating activities
Net income $
35,880 $
25,090
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 49,760 40,429
Impairment of property, plant and equipment 301
Stock-based compensation 12,348 15,172
Amortization of premium on marketable securities and
deferred financing costs 177 766
Earnings of equity method investments (4,876)
Deferred income taxes (9,319) (9,207)
Loss on extinguishment of debt 9,051
Other gains on disposals of assets 163 156
Loss on sale of divestiture, net of tax 319
Taxes paid stemming from divestiture (91,500)
Changes in operating assets and liabilities, net of
acquisitions:
Accounts receivable (15,719) (6,456)
Inventories (17,695) (6,431)
Prepaid expenses and current assets 12,554 2,109
Accounts payable 11,032 (6,761)
Deferred revenue 214 4,959
Accrued warranty and retrofit costs 580 1,022
Accrued compensation and tax withholdings 1,928 (9,404)
Accrued restructuring costs (609) (361)
Proceeds from recovery on insurance claim 1,082
Accrued expenses and current liabilities (4,347) 1,901
Net cash (used in) provided by operating activities (13,933) 58,241
Cash flows from investing activities
Purchases of property, plant and equipment (29,685) (15,548)
Purchases of marketable securities (10,843) (1,290)
Sales of marketable securities 2,492 48,904
Maturities of marketable securities 42,226 2,557
Acquisitions, net of cash acquired (15,743) (442,704)
Purchase of other investment (1,000)
Net cash used in investing activities (12,553) (408,081)
Cash flows from financing activities
Proceeds from term loans, net of discount 686,386
Proceeds from issuance of common stock 2,332 1,548
Payments of financing costs (687)
Principal payments on debt (828) (354,940)
Payments of capital leases (957) (849)
Common stock dividends paid (22,127) (21,658)
Net cash (used in) provided by financing activities (21,580) 309,800
Effects of exchange rate changes on cash and cash
equivalents 3,095 (816)
Net decrease in cash and cash equivalents (44,971) (40,856)
Cash and cash equivalents and restricted cash, beginning
of period 305,171 197,708
Cash and cash equivalents and restricted cash,
end of period $
260,200 $
156,852
===
Reconciliation of cash, cash equivalents, and restricted
cash to the consolidated balance sheets
Cash and cash equivalents $
256,633 $
156,802
Restricted cash included in prepaid expenses and other
current assets 3,567 50
Total cash, cash equivalents and restricted
cash shown in the consolidated statements of
cash flows $
260,200 $
156,852
===
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. 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, 2020 March 31, 2020 June 30, 2019
per diluted per diluted per diluted
Dollars in thousands, except per share
data
$ share
$ share
$ share
Net income from continuing operations $
13,696 $
0.19 $
9,192 $
0.12 $
921 $
0.01
Adjustments:
---
Amortization of intangible assets 10,390 0.14 10,355 0.14 9,050 0.12
Restructuring charges (29) (0.00) 578 0.01 256 0.00
Loss on extinguishment of debt
Merger costs 10 0.00 279 0.00 156 0.00
Restructuring related charges 301 0.00
Tax Reform (1) 4,281 0.06
Tax adjustments (1) 1,502 0.02 1,046 0.01 974 0.01
Tax effect of adjustments (2,561) (0.03) (2,997) (0.04) (1,345) (0.02)
Non-GAAP adjusted net income from
continuing operations $
23,309 $
0.32 $
18,453 $
0.25 $
14,293 $
0.20
Stock based compensation, pre-tax 3,725 0.05 4,214 0.06 5,277 0.07
Tax rate 15 15 15
% % %
Stock-based compensation, net of tax 3,166 0.04 3,582 0.05 4,485 0.06
Non-GAAP adjusted net income
excluding stock-based compensation -
continuing operations $
26,475 $
0.36 $
22,035 $
0.30 $
18,778 $
0.26
Shares used in computing non-GAAP
diluted net income per share 73,860 73,789 72,470
Nine Months Ended
---
June 30, 2020 June 30, 2019
per diluted per diluted
Dollars in thousands, except per share data
$ share
$ share
Net income from continuing operations $
36,062 $
0.49 $
4,359 $
0.06
Adjustments:
---
Purchase accounting impact on inventory and contracts acquired 184 0.00
Amortization of intangible assets 31,331 0.42 26,230 0.36
Restructuring related charges 301
Restructuring charges 1,125 0.02 685 0.01
Loss on extinguishment of debt 9,051 0.13
Merger costs 484 0.01 6,546 0.09
Tax Reform - rate change applied to deferred tax liabilities (2) 1,796 0.02
Tax adjustments (1) (2,789) (0.04) (1,275) (0.02)
Tax effect of adjustments (8,113) (0.11) (9,122) (0.13)
Non-GAAP adjusted net income from continuing operations $
58,401 $
0.79 $
38,454 $
0.53
Stock-based compensation, pre-tax 12,348 0.17 14,574 0.20
Tax rate 15
%
% 15
Stock-based compensation, net of tax 10,496 $
0.14 12,388 0.17
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations $
68,897 $
0.93 $
50,842 $
0.70
Shares used in computing non-GAAP diluted net income per share 73,766 72,313
(1) The Company elected to apply the
tax benefit related to the stock
compensation windfall realized in
the quarters ended December 31,
2019 and 2018 to the non-GAAP
full year tax rate. The Company
elected to exclude a deferred tax
benefit realized in the three
month period ended December 31,
2019 related to the extension of
the 15 percent tax rate incentive
in China.
(2) Adjustments are related to U.S.
Federal Tax Reform Transition Tax.
Quarter Ended Nine Months Ended
June 30, March 31, June 30, June 30, June 30,
Dollars in thousands 2020 2020 2019 2020 2019
GAAP net income $
13,696 $
9,127 $
7,254 $
35,880 $
25,090
Adjustments:
---
Less: Loss (income) from discontinued operations 65 (6,333) 182 (20,731)
Less: Interest income (29) (137) (108) (865) (847)
Add: Interest expense 810 718 8,041 2,265 21,348
Add: Income tax benefit 5,120 3,400 7,260 5,557 400
Add: Depreciation 6,290 6,247 5,037 18,429 14,196
Add: Amortization of completed technology 2,779 2,740 2,863 8,194 7,661
Add: Amortization of customer relationships and acquired intangible assets 7,611 7,615 6,187 23,137 18,569
Add: Loss on extinguishment of debt 9,051
Earnings before interest, taxes, depreciation and amortization $
36,277 $
29,775 $
30,201 $
92,779 $
74,737
Quarter Ended Nine Months Ended
June 30, March 31, June 30, June 30, June 30,
Dollars in thousands 2020 2020 2019 2020 2019
Earnings before interest, taxes, depreciation and amortization $
36,277 $
29,775 $
30,201 $
92,779 $
74,737
Adjustments:
---
Add: Stock-based compensation 3,725 4,214 5,277 12,348 14,574
Add: Restructuring charges (29) 578 256 1,125 685
Add: Restructuring related charges 301 301
Add: Purchase accounting impact on inventory and contracts acquired 184
Add: Merger costs 10 279 156 484 6,546
Adjusted earnings before interest, taxes, depreciation and amortization $
40,284 $
34,846 $
35,890 $
107,037 $
96,726
Quarter Ended
---
Dollars in thousands June 30, 2020 March 31, 2020 June 30, 2019
GAAP gross profit/margin $
92,788 42.1 $
90,281 41.0 $
83,510 41.0
percentage
% % %
Adjustments:
---
Amortization of completed
technology 2,779 1.3 2,740 1.2 2,863 1.4
Restructuring related charges 301 0.1 0.0 0.0
Non-GAAP adjusted gross profit/ $
95,868 43.5 $
93,021 42.2 $
86,373 42.4
gross margin percentage
% % %
Nine Months Ended
---
Dollars in thousands June 30, 2020 June 30, 2019
GAAP gross profit/margin percentage $
268,055 41.2 $
236,106 40.6
% %
Adjustments:
---
Amortization of completed technology 8,194 1.3 7,661 1.3
Purchase accounting impact on inventory and contracts acquired 184 0.0
Restructuring related charges 301 0.0
Non-GAAP adjusted gross profit/gross margin percentage $
276,550 42.5 $
243,951 41.9
% %
Brooks Semiconductor Solutions Group
Quarter Ended
Dollars in thousands June 30, 2020 March 31, 2020 June 30, 2019
GAAP gross profit/margin $
53,524 42.1 $
48,637 38.9 $
47,493 40.9
percentage
% % %
Adjustments:
---
Amortization of completed
technology 717 0.6 722 0.6 879 0.8
Non-GAAP adjusted gross $
54,241 42.7 $
49,359 39.5 $
48,372 41.7
profit/margin percentage
% % %
Brooks Life Sciences
---
Quarter Ended
---
Dollars in thousands June 30, 2020 March 31, 2020 June 30, 2019
GAAP gross profit/margin $
39,264 42.1 $
41,663 43.7 $
36,017 41.0
percentage
% % %
Adjustments:
---
Amortization of completed
technology 2,063 2.2 2,017 2.1 1,984 2.3
Restructuring related charges 301 0.3
Non-GAAP adjusted gross $
41,628 44.6 $
43,680 45.8 $
38,001 43.3
profit/margin percentage
% % %
Brooks Semiconductor Solutions Group
---
Nine Months Ended
---
Dollars in thousands June 30, 2020 June 30, 2019
GAAP gross profit/margin percentage $
148,443 40.0 $
139,393 40.8
% %
Adjustments:
---
Amortization of completed technology 2,172 0.6 2,732 0.8
Purchase accounting impact on inventory and contracts acquired 184 0.1
Non-GAAP adjusted gross profit/margin percentage $
150,615 40.6 $
142,309 41.7
% %
Brooks Life Sciences
---
Nine Months Ended
Dollars in thousands June 30, 2020 June 30, 2019
GAAP gross profit/margin percentage $
119,612 42.7 $
96,713 40.3
% %
Adjustments:
---
Amortization of completed technology 6,022 2.1 4,928 2.1
Restructuring related charges 301 0.1
Non-GAAP adjusted gross profit/margin percentage $
125,935 44.9 $
101,641 42.3
% %
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 2020 2020 2019 2020 2020 2019 2020 2020 2019
GAAP operating profit $
22,697 $
15,984 $
19,322 $
4,227 $
6,100 $
4,202 $
26,924 $
22,084 $
23,524
Adjustments:
---
Amortization of completed technology 717 722 879 2,063 2,017 1,984 2,780 2,739 2,863
Restructuring related charges 301 301
Non-GAAP adjusted operating profit $
23,414 $
16,706 $
20,201 $
6,591 $
8,117 $
6,186 $
30,005 $
24,823 $
26,387
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 2020 2020 2019 2020 2020 2019 2020 2020 2019
GAAP operating profit (loss) $
26,924 $
22,084 $
23,524 $
(7,825) $
(7,512) $
(7,101) $
19,099 $
14,572 $
16,423
Adjustments:
---
Amortization of completed technology 2,780 2,739 2,863 2,780 2,739 2,863
Amortization of customer relationships and
acquired intangible assets 7,611 7,615 6,187 7,611 7,615 6,187
Restructuring charges (29) 578 256 (29) 578 256
Merger costs 10 279 156 10 279 156
Restructuring related charges 301 301
Non-GAAP adjusted operating profit (loss) $
30,005 $
24,823 $
26,387 $
(233) $
960 $
(502) $
29,772 $
25,783 $
25,885
Brooks Semiconductor Solutions Group Brooks Life Sciences Total Segments
Nine Months Ended Nine Months Ended Nine Months Ended
Dollars in thousands June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
GAAP operating profit $
52,949 $
53,450 $
14,359 $
8,936 $
67,308 $
62,386
Adjustments:
---
Amortization of completed technology 2,172 2,732 6,022 4,928 8,194 7,661
Purchase accounting impact on inventory and contracts acquired 184 184
Restructuring related charges 301 301
Non-GAAP adjusted operating profit $
55,121 $
56,366 $
20,682 $
13,864 $
75,803 $
70,231
Total Segments
Corporate
Total
Nine Months Ended Nine Months Ended Nine Months Ended
Dollars in thousands June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
GAAP operating profit (loss) $
67,308 $
62,386 $
(22,971) $
(26,959) $
44,337 $
35,427
Adjustments:
---
Amortization of completed technology 8,194 7,661 8,194 7,661
Amortization of customer relationships and acquired intangible assets 23,137 18,569 23,137 18,569
Restructuring charges 1,125 685 1,125 685
Purchase accounting impact on inventory and contracts acquired 184 184
Merger costs 484 6,546 484 6,546
Restructuring related charges 301 301
Non-GAAP adjusted operating profit (loss) $
75,803 $
70,231 $
1,775 $
(1,159) $
77,578 $
69,072
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SOURCE Brooks Automation
