Brooks Automation Reports Results of First Quarter of Fiscal 2020, Ended December 31, 2019, and Announces Quarterly Cash Dividend
CHELMSFORD, Mass., Feb. 6, 2020 /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 first fiscal quarter of 2020, ended December 31, 2019.
|
Financial Results Summary |
|||||||||||||||||
|
Quarter Ended |
|||||||||||||||||
|
Dollars in millions, except per share data |
December 31, |
September 30, |
December 31, |
Change vs. |
|||||||||||||
|
2019 |
2019 |
2018 |
Prior Qtr |
Prior Year |
|||||||||||||
|
Revenue |
$ |
210 |
$ |
199 |
$ |
179 |
6 |
% |
17 |
% |
|||||||
|
Semiconductor Solutions Group |
$ |
119 |
$ |
105 |
$ |
113 |
13 |
% |
5 |
% |
|||||||
|
Life Sciences |
$ |
92 |
$ |
94 |
$ |
67 |
(3) |
% |
38 |
% |
|||||||
|
Diluted EPS Continuing Operations |
$ |
0.18 |
$ |
0.07 |
$ |
0.09 |
150 |
% |
106 |
% |
|||||||
|
Diluted EPS Total |
$ |
0.18 |
$ |
5.68 |
$ |
0.20 |
(97) |
% |
(11) |
% |
|||||||
|
Non-GAAP Diluted EPS Cont. Operations |
$ |
0.23 |
$ |
0.23 |
$ |
0.17 |
(3) |
% |
37 |
% |
|||||||
Management Comments
“The results of our first fiscal quarter of 2020 showed good growth in each segment and we are solidly on track for a strong year,” commented Steve Schwartz, CEO of Brooks Automation. “Our Semiconductor Solutions business was lifted by another record quarter of revenue from Contamination Control Solutions, we delivered another quarter of gross margin improvement in Life Sciences Sample Management, and we had strong cash flow from operations.”
Summary of GAAP Results for Continuing Operations
- Revenue of $210 million grew 17% year-over-year and diluted EPS from continuing operations was $0.18, which has doubled from $0.09 in the first quarter of 2019.
- Life Sciences revenue of $92 million grew 38% year-over-year, helped by the acquisition and continued growth of GENEWIZ, which was acquired on November 15, 2018. The organic growth of GENEWIZ was 22% and for Sample Management 3%, year-over-year.
- Semiconductor Solutions revenue of $119 million grew 5% year-over-year and 13% sequentially, driven by strong shipments of Contamination Control Solutions to end-user fabs and vacuum robots to OEM customers.
- GAAP operating income was $11 million, compared to $5 million in the first quarter of 2019. The increase was driven by the growth and expanded operating margins in Life Sciences. Life Sciences margins benefited from 340 basis points expansion of gross margins in Sample Management and improved mix from a full quarter of the higher margin results of GENEWIZ compared to a half quarter a year ago.
- Amortization of intangibles was $11 million, an increase of approximately $3 million due to carrying GENEWIZ for a full quarter in 2020 versus a half quarter of ownership in the first fiscal quarter of 2019.
- Net interest expense was zero for the quarter, a $5 million reduction from the first quarter of 2019.
- Cash flow from operations was $26 million in the quarter, compared to $6 million in the first quarter of 2019. The ending balance of total debt was $51 million and the balance of cash, cash equivalents, restricted cash, and marketable securities was $353 million. In January 2020, subsequent to the first quarter reporting period, the Company used $93 million of this cash balance to settle income taxes related to the 2019 gain on the sale of the Semiconductor Cryogenics business.
Summary of Non-GAAP Results for Continuing Operations
- Diluted EPS from continuing operations for the quarter was $0.23, up 37% from the first quarter of 2019.
- Operating margins were 10.5%, down 50 basis points year-over-year. The current quarter includes higher SG&A expense driven primarily by the additional structure acquired with GENEWIZ and subsequent investments for its growth. The first fiscal quarter included excess professional fees of approximately $2 million, primarily associated with the previously disclosed material weaknesses that impacted operating margins negatively by approximately 100 basis points.
- Non-GAAP gross margins were 41.6%, an increase of 20 basis points from the first quarter of 2019 driven by improved margins in Life Sciences, partially offset by lower margins in Semiconductor.
- Life Sciences non-GAAP operating margins were 6.5%, up 250 basis points year-over-year. The improvement was primarily driven at the gross margin line which was 44.3%, up 350 basis points year-over-year. This reflects 340 basis point improvement in Sample Management gross margins and the favorable mix of acquiring the GENEWIZ business which carries higher gross margins.
- The Semiconductor Solutions non-GAAP operating margins were 12.6%, a decline of 270 basis points. The decline reflects softer gross margins of 39.6%, lower by 210 basis points from the prior year, primarily driven by the mix of revenue.
- Adjusted EBITDA was $32 million, up 14% from the first quarter of 2019.
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 March 27, 2020 to stockholders of record on March 6, 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 Fiscal Second Quarter Fiscal 2020
The Company announced revenue and earnings guidance for the second quarter of fiscal 2020. Revenue is expected to be in the range of $213 million to $225 million and non-GAAP diluted earnings per share is expected to be in the range of $0.22 to $0.28. GAAP diluted earnings per share for the second fiscal quarter is expected to be in the range of $0.09 to $0.15.
Conference Call
Brooks management will webcast its first 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.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-728-2056 (US & Canada only) or +1-212-231-2922 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, 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; risks and uncertainties related to the coronavirus originating in Wuhan, China and its effects on the Company’s operations in China, including supply chain, and the operations of our customers in China; 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
Senior Managing 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 |
||||||||||
|
December 31, |
||||||||||
|
2019 |
2018 |
|||||||||
|
Revenue |
||||||||||
|
Products |
$ |
131,862 |
$ |
125,375 |
||||||
|
Services |
78,638 |
53,993 |
||||||||
|
Total revenue |
210,500 |
179,368 |
||||||||
|
Cost of revenue |
||||||||||
|
Products |
79,971 |
74,574 |
||||||||
|
Services |
45,543 |
32,713 |
||||||||
|
Total cost of revenue |
125,514 |
107,287 |
||||||||
|
Gross profit |
84,986 |
72,081 |
||||||||
|
Operating expenses |
||||||||||
|
Research and development |
14,401 |
13,148 |
||||||||
|
Selling, general and administrative |
59,343 |
53,541 |
||||||||
|
Restructuring charges |
576 |
59 |
||||||||
|
Total operating expenses |
74,320 |
66,748 |
||||||||
|
Operating income |
10,666 |
5,333 |
||||||||
|
Interest income |
699 |
423 |
||||||||
|
Interest expense |
(737) |
(5,290) |
||||||||
|
Other expenses, net |
(417) |
(30) |
||||||||
|
Income before income taxes |
10,211 |
436 |
||||||||
|
Income tax benefit |
(2,963) |
(5,830) |
||||||||
|
Income from continuing operations |
13,174 |
6,266 |
||||||||
|
(Loss) income from discontinued operations, net of tax |
(117) |
8,149 |
||||||||
|
Net income |
$ |
13,057 |
$ |
14,415 |
||||||
|
Basic net income per share: |
||||||||||
|
Basic net income per share from continuing operations |
$ |
0.18 |
$ |
0.09 |
||||||
|
Basic net (loss) income per share from discontinued operations |
(0.00) |
0.11 |
||||||||
|
Basic net income per share |
$ |
0.18 |
$ |
0.20 |
||||||
|
Diluted net income per share: |
||||||||||
|
Diluted net income per share from continuing operations |
$ |
0.18 |
$ |
0.09 |
||||||
|
Diluted net (loss) income per share from discontinued operations |
(0.00) |
0.11 |
||||||||
|
Diluted net income per share |
$ |
0.18 |
$ |
0.20 |
||||||
|
Weighted average shares outstanding used in computing net income per share: |
||||||||||
|
Basic |
72,972 |
71,450 |
||||||||
|
Diluted |
73,645 |
72,165 |
||||||||
|
BROOKS AUTOMATION, INC. |
|||||
|
CONSOLIDATED BALANCE SHEETS |
|||||
|
(unaudited) |
|||||
|
(In thousands, except share and per share data) |
|||||
|
December 31, |
September 30, |
||||
|
2019 |
2019 |
||||
|
Assets |
|||||
|
Current assets |
|||||
|
Cash and cash equivalents |
$ |
335,319 |
$ |
301,642 |
|
|
Marketable securities |
11,233 |
34,124 |
|||
|
Accounts receivable, net |
165,176 |
165,602 |
|||
|
Inventories |
105,181 |
99,445 |
|||
|
Prepaid expenses and other current assets |
46,560 |
46,332 |
|||
|
Total current assets |
663,469 |
647,145 |
|||
|
Property, plant and equipment, net |
105,296 |
100,669 |
|||
|
Long-term marketable securities |
3,039 |
2,845 |
|||
|
Long-term deferred tax assets |
6,004 |
5,064 |
|||
|
Goodwill |
490,370 |
488,602 |
|||
|
Intangible assets, net |
242,248 |
251,168 |
|||
|
Other assets |
48,532 |
20,506 |
|||
|
Total assets |
$ |
1,558,958 |
$ |
1,515,999 |
|
|
Liabilities and Stockholders’ Equity |
|||||
|
Current liabilities |
|||||
|
Current portion of long-term debt |
$ |
827 |
$ |
829 |
|
|
Accounts payable |
65,306 |
58,919 |
|||
|
Deferred revenue |
29,042 |
29,435 |
|||
|
Accrued warranty and retrofit costs |
7,493 |
7,175 |
|||
|
Accrued compensation and benefits |
25,810 |
31,375 |
|||
|
Accrued restructuring costs |
844 |
1,040 |
|||
|
Accrued income taxes payable |
100,451 |
99,263 |
|||
|
Accrued expenses and other current liabilities |
53,179 |
44,234 |
|||
|
Total current liabilities |
282,952 |
272,270 |
|||
|
Long-term debt |
49,918 |
50,315 |
|||
|
Long-term tax reserves |
18,543 |
18,274 |
|||
|
Long-term deferred tax liabilities |
13,636 |
20,636 |
|||
|
Long-term pension liabilities |
5,397 |
5,338 |
|||
|
Long-term operating lease liabilities |
20,526 |
— |
|||
|
Other long-term liabilities |
9,291 |
10,212 |
|||
|
Total liabilities |
400,263 |
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, 87,080,017 shares issued and 73,618,148 shares outstanding at December 31, 2019, 85,759,700 shares issued and 72,297,831 shares outstanding at September 30, 2019 |
871 |
857 |
|||
|
Additional paid-in capital |
1,926,350 |
1,921,954 |
|||
|
Accumulated other comprehensive income |
13,154 |
3,511 |
|||
|
Treasury stock at cost – 13,461,869 shares |
(200,956) |
(200,956) |
|||
|
Accumulated deficit |
(580,724) |
(586,412) |
|||
|
Total stockholders’ equity |
1,158,695 |
1,138,954 |
|||
|
Total liabilities and stockholders’ equity |
$ |
1,558,958 |
$ |
1,515,999 |
|
|
BROOKS AUTOMATION, INC. |
|||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
|
(unaudited) |
|||||
|
(In thousands) |
|||||
|
Three Months Ended |
|||||
|
December 31, |
|||||
|
2019 |
2018 |
||||
|
Cash flows from operating activities |
|||||
|
Net income |
$ |
13,057 |
$ |
14,415 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
|
Depreciation and amortization |
16,477 |
11,838 |
|||
|
Stock-based compensation |
4,410 |
4,467 |
|||
|
Amortization of premium on marketable securities and deferred financing costs |
67 |
235 |
|||
|
Earnings of equity method investments |
— |
(1,772) |
|||
|
Deferred income taxes |
(8,183) |
(7,682) |
|||
|
Other gains on disposals of assets |
126 |
6 |
|||
|
Loss on sale of divestiture, net of tax |
319 |
— |
|||
|
Changes in operating assets and liabilities, net of acquisitions: |
|||||
|
Accounts receivable |
1,503 |
(13,826) |
|||
|
Inventories |
(4,335) |
(12,260) |
|||
|
Prepaid expenses and current assets |
6,120 |
1,029 |
|||
|
Accounts payable |
5,255 |
7,932 |
|||
|
Deferred revenue |
(720) |
6,385 |
|||
|
Accrued warranty and retrofit costs |
221 |
572 |
|||
|
Accrued compensation and tax withholdings |
(5,755) |
(13,842) |
|||
|
Accrued restructuring costs |
(203) |
(181) |
|||
|
Accrued expenses and current liabilities |
(2,616) |
8,948 |
|||
|
Net cash provided by operating activities |
25,743 |
6,264 |
|||
|
Cash flows from investing activities |
|||||
|
Purchases of property, plant and equipment |
(9,614) |
(3,560) |
|||
|
Purchases of marketable securities |
(10,742) |
(1,290) |
|||
|
Sales of marketable securities |
— |
48,904 |
|||
|
Maturities of marketable securities |
33,584 |
2,557 |
|||
|
Acquisitions, net of cash acquired |
— |
(445,210) |
|||
|
Net cash provided by (used) in investing activities |
13,228 |
(398,599) |
|||
|
Cash flows from financing activities |
|||||
|
Proceeds from term loans, net of discount |
— |
340,540 |
|||
|
Principal payments on debt |
(414) |
(1,789) |
|||
|
Payments of capital leases |
(319) |
(121) |
|||
|
Common stock dividends paid |
(7,369) |
(7,208) |
|||
|
Net cash provided by (used in) financing activities |
(8,102) |
331,422 |
|||
|
Effects of exchange rate changes on cash and cash equivalents |
2,808 |
(1,004) |
|||
|
Net increase (decrease) in cash and cash equivalents |
33,677 |
(61,917) |
|||
|
Cash and cash equivalents and restricted cash, beginning of period |
305,171 |
197,708 |
|||
|
Cash and cash equivalents and restricted cash, end of period |
$ |
338,848 |
$ |
135,791 |
|
|
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets |
|||||
|
Cash and cash equivalents |
$ |
335,319 |
$ |
135,741 |
|
|
Restricted cash included in prepaid expenses and other current assets |
3,529 |
50 |
|||
|
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows |
$ |
338,848 |
$ |
135,791 |
|
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 |
||||||||||||||||||
|
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
||||||||||||||||
|
per diluted |
per diluted |
per diluted |
||||||||||||||||
|
Dollars in thousands, except per share data |
share |
share |
share |
|||||||||||||||
|
Net income from continuing operations |
$ |
13,174 |
$ |
0.18 |
$ |
5,195 |
$ |
0.07 |
$ |
6,266 |
$ |
0.09 |
||||||
|
Adjustments: |
||||||||||||||||||
|
Purchase accounting impact on inventory and contracts acquired |
— |
— |
— |
— |
184 |
0.00 |
||||||||||||
|
Amortization of intangible assets |
10,584 |
0.14 |
8,931 |
0.12 |
7,776 |
0.11 |
||||||||||||
|
Restructuring charges |
576 |
0.01 |
1,209 |
0.02 |
59 |
0.00 |
||||||||||||
|
Loss on extinguishment of debt |
— |
— |
5,288 |
0.07 |
— |
— |
||||||||||||
|
Merger costs |
195 |
0.00 |
134 |
0.00 |
6,354 |
0.09 |
||||||||||||
|
Restructuring related charges |
— |
— |
285 |
0.00 |
— |
— |
||||||||||||
|
Adjustment of valuation allowance against deferred tax assets |
— |
— |
(233) |
(0.00) |
— |
— |
||||||||||||
|
Tax Reform (1) |
— |
— |
— |
— |
(1,125) |
(0.02) |
||||||||||||
|
Tax adjustments (2) |
(5,230) |
(0.07) |
— |
— |
(4,411) |
(0.06) |
||||||||||||
|
Tax effect of adjustments |
(2,662) |
(0.04) |
(3,932) |
(0.05) |
(3,184) |
(0.04) |
||||||||||||
|
Non-GAAP adjusted net income from continuing operations |
$ |
16,637 |
$ |
0.23 |
$ |
16,877 |
$ |
0.23 |
$ |
11,919 |
$ |
0.17 |
||||||
|
Stock based compensation, pre-tax |
4,410 |
0.06 |
4,941 |
0.07 |
4,176 |
0.06 |
||||||||||||
|
Tax rate |
15 |
% |
— |
15 |
% |
— |
15 |
% |
— |
|||||||||
|
Stock-based compensation, net of tax |
3,749 |
0.05 |
4,200 |
0.06 |
3,550 |
0.05 |
||||||||||||
|
Non-GAAP adjusted net income excluding stock-based compensation – continuing operations |
$ |
20,386 |
$ |
0.28 |
$ |
21,077 |
$ |
0.29 |
$ |
15,469 |
$ |
0.21 |
||||||
|
Shares used in computing non-GAAP diluted net income per share |
— |
73,645 |
— |
72,558 |
— |
72,165 |
||||||||||||
|
(1) |
Adjustments are related to U.S. Federal Tax Reform Transition Tax. |
|
(2) |
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 and a deferred tax benefit realized in the three month period ended December 31, 2018 related to a change in the Company’s state effective tax rate driven by the acquisition of GENEWIZ. |
|
Quarter Ended |
||||||||||
|
December 31, |
September 30, |
December 31, |
||||||||
|
Dollars in thousands |
2019 |
2019 |
2018 |
|||||||
|
GAAP net income |
$ |
13,057 |
$ |
412,326 |
$ |
14,415 |
||||
|
Adjustments: |
||||||||||
|
Less: Loss (income) from discontinued operations |
117 |
(407,131) |
(8,149) |
|||||||
|
Less: Interest income |
(699) |
(602) |
(423) |
|||||||
|
Add: Interest expense |
737 |
902 |
5,290 |
|||||||
|
Add: Income tax benefit |
(2,963) |
(511) |
(5,830) |
|||||||
|
Add: Depreciation |
5,891 |
5,094 |
4,060 |
|||||||
|
Add: Amortization of completed technology |
2,674 |
2,764 |
2,007 |
|||||||
|
Add: Amortization of customer relationships and acquired intangible assets |
7,910 |
6,167 |
5,769 |
|||||||
|
Add: Loss on extinguishment of debt |
— |
5,288 |
— |
|||||||
|
Earnings before interest, taxes, depreciation and amortization |
$ |
26,724 |
$ |
24,297 |
$ |
17,139 |
||||
|
Quarter Ended |
||||||||||
|
December 31, |
September 30, |
December 31, |
||||||||
|
Dollars in thousands |
2019 |
2019 |
2018 |
|||||||
|
Earnings before interest, taxes, depreciation and amortization |
$ |
26,726 |
$ |
24,297 |
$ |
17,139 |
||||
|
Adjustments: |
||||||||||
|
Add: Stock-based compensation |
4,410 |
4,941 |
4,176 |
|||||||
|
Add: Restructuring charges |
576 |
1,209 |
59 |
|||||||
|
Add: Restructuring related charges |
— |
285 |
— |
|||||||
|
Add: Purchase accounting impact on inventory and contracts acquired |
— |
— |
184 |
|||||||
|
Add: Merger costs |
195 |
134 |
6,354 |
|||||||
|
Adjusted earnings before interest, taxes, depreciation and amortization |
$ |
31,907 |
$ |
30,866 |
$ |
27,912 |
||||
|
Quarter Ended |
||||||||||||||||||
|
Dollars in thousands |
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
|||||||||||||||
|
GAAP gross profit/margin percentage |
$ |
84,986 |
40.4 |
% |
$ |
80,153 |
40.2 |
% |
$ |
72,081 |
40.2 |
% |
||||||
|
Adjustments: |
||||||||||||||||||
|
Amortization of completed technology |
2,674 |
1.3 |
2,764 |
1.4 |
2,007 |
1.1 |
||||||||||||
|
Restructuring related charges |
— |
— |
285 |
0.1 |
— |
— |
||||||||||||
|
Purchase accounting impact on inventory and contracts acquired |
— |
— |
— |
— |
184 |
0.1 |
||||||||||||
|
Non-GAAP adjusted gross profit/gross margin percentage |
$ |
87,660 |
41.6 |
% |
$ |
83,202 |
41.8 |
% |
$ |
74,272 |
41.4 |
% |
||||||
|
Brooks Semiconductor Solutions Group |
||||||||||||||||||
|
Quarter Ended |
||||||||||||||||||
|
Dollars in thousands |
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
|||||||||||||||
|
GAAP gross profit/margin percentage |
$ |
46,300 |
39.0 |
% |
$ |
42,262 |
40.2 |
% |
$ |
45,915 |
40.7 |
% |
||||||
|
Adjustments: |
||||||||||||||||||
|
Amortization of completed technology |
732 |
0.6 |
868 |
0.8 |
937 |
0.8 |
||||||||||||
|
Purchase accounting impact on inventory and contracts acquired |
— |
— |
— |
— |
184 |
0.2 |
||||||||||||
|
Non-GAAP adjusted gross profit/margin percentage |
$ |
47,032 |
39.6 |
% |
$ |
43,130 |
41.1 |
% |
$ |
47,036 |
41.7 |
% |
||||||
|
Brooks Life Sciences |
||||||||||||||||||
|
Quarter Ended |
||||||||||||||||||
|
Dollars in thousands |
December 31, 2019 |
September 30, 2019 |
December 31, 2018 |
|||||||||||||||
|
GAAP gross profit/margin percentage |
$ |
38,686 |
42.2 |
% |
$ |
37,891 |
40.2 |
% |
$ |
26,166 |
39.3 |
% |
||||||
|
Adjustments: |
||||||||||||||||||
|
Amortization of completed technology |
1,942 |
2.1 |
1,896 |
2.0 |
1,070 |
1.6 |
||||||||||||
|
Restructuring related charges |
— |
— |
285 |
0.3 |
— |
— |
||||||||||||
|
Non-GAAP adjusted gross profit/margin percentage |
$ |
40,628 |
44.3 |
% |
$ |
40,072 |
42.6 |
% |
$ |
27,236 |
40.9 |
% |
||||||
|
Brooks Semiconductor Solutions Group |
Brooks Life Sciences |
Total Segments |
|||||||||||||||||||||||||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
|||||||||||||||||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
September 30, |
December 31, |
|||||||||||||||||||
|
Dollars in thousands |
2019 |
2019 |
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
2018 |
||||||||||||||||||
|
GAAP operating profit |
$ |
14,268 |
$ |
12,726 |
$ |
16,141 |
$ |
4,032 |
$ |
4,586 |
$ |
1,590 |
$ |
18,300 |
$ |
17,312 |
$ |
17,731 |
|||||||||
|
Adjustments: |
|||||||||||||||||||||||||||
|
Amortization of completed technology |
732 |
868 |
937 |
1,942 |
1,896 |
1,070 |
2,674 |
2,764 |
2,007 |
||||||||||||||||||
|
Purchase accounting impact on inventory and contracts acquired |
— |
— |
184 |
— |
— |
— |
— |
— |
184 |
||||||||||||||||||
|
Restructuring related charges |
— |
— |
— |
— |
285 |
— |
— |
285 |
— |
||||||||||||||||||
|
Non-GAAP adjusted operating profit |
$ |
15,000 |
$ |
13,594 |
$ |
17,262 |
$ |
5,974 |
$ |
6,767 |
$ |
2,660 |
$ |
20,974 |
$ |
20,361 |
$ |
19,922 |
|||||||||
|
Total Segments |
Corporate |
Total |
|||||||||||||||||||||||||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
|||||||||||||||||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
September 30, |
December 31, |
|||||||||||||||||||
|
Dollars in thousands |
2019 |
2019 |
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
2018 |
||||||||||||||||||
|
GAAP operating profit (loss) |
$ |
18,300 |
$ |
17,312 |
$ |
17,731 |
$ |
(7,634) |
$ |
(6,702) |
$ |
(12,398) |
$ |
10,666 |
$ |
10,610 |
$ |
5,333 |
|||||||||
|
Adjustments: |
|||||||||||||||||||||||||||
|
Amortization of completed technology |
2,674 |
2,764 |
2,007 |
— |
— |
— |
2,674 |
2,764 |
2,007 |
||||||||||||||||||
|
Amortization of customer relationships and acquired intangible assets |
— |
— |
— |
7,910 |
6,167 |
5,769 |
7,910 |
6,167 |
5,769 |
||||||||||||||||||
|
Restructuring charges |
— |
— |
— |
576 |
1,209 |
59 |
576 |
1,209 |
59 |
||||||||||||||||||
|
Purchase accounting impact on inventory and contracts acquired |
— |
— |
184 |
— |
— |
— |
— |
— |
184 |
||||||||||||||||||
|
Merger costs |
— |
— |
— |
195 |
134 |
6,354 |
195 |
134 |
6,354 |
||||||||||||||||||
|
Restructuring related charges |
— |
285 |
— |
— |
— |
— |
285 |
— |
|||||||||||||||||||
|
Non-GAAP adjusted operating profit (loss) |
$ |
20,974 |
$ |
20,361 |
$ |
19,922 |
$ |
1,047 |
$ |
808 |
$ |
(216) |
$ |
22,021 |
$ |
21,169 |
$ |
19,706 |
|||||||||
SOURCE Brooks Automation
