Brooks Automation Reports Results of Second Fiscal Quarter of 2019, Ended March 31, 2019, and Announces Quarterly Cash Divide...

Date : 04/29/2019 @ 8:05PM
Source : PR Newswire (US)
Stock : Brooks Automation Inc (BRKS)
Quote : 45.25  0.1 (0.22%) @ 7:56PM

Brooks Automation Reports Results of Second Fiscal Quarter of 2019, Ended March 31, 2019, and Announces Quarterly Cash Divide...

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CHELMSFORD, Mass., April 29, 2019 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the second fiscal quarter of 2019, ended March 31, 2019.



Financial Results Summary





















Quarter Ended








Dollars in millions, except per share data


March 31, 


December 31,



March 31, 


Change vs.






2019


2018



2018


Prior Qtr


Prior Year




Revenue


$

198


$

179



$

157


11

%

26

%



Semiconductor Solutions Group


$

113


$

113



$

108


0

%

4

%



Life Sciences


$

86


$

67



$

49


28

%

76

%





















Diluted EPS Continuing Operations


$

(0.04)


$

0.09



$

0.89


(145)

%

(104)

%



Diluted EPS Total


$

0.05


$

0.20



$

0.95


(76)

%

(95)

%





















Non-GAAP Diluted EPS Cont. Operations


$

0.17


$

0.17



$

0.18


3

%

(3)

%





















Adjusted EBITDA


$

33


$

28



$

25


(18)

%

29

%





The Company announced on August 27, 2018 it had entered into a definitive agreement to sell 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, as discontinued operations.

Management Comments
"We are pleased to report solid Q2 operating results with 26% year-over-year revenue growth.  Life Sciences grew 76% while Semiconductor Solutions remained solid with 4% growth, despite the semiconductor capital equipment slow down.  Our Semiconductor Solutions resilience is a testament to our product portfolio that serves a broadening customer base across the range of chip technologies," commented Steve Schwartz, president and CEO. "During our first full quarter of owning GENEWIZ, that team captured 170 new customers and continued its revenue growth driven by its next-generation sequencing and Sanger sequencing capabilities.  Sample Management continued to improve with 11% year-over-year organic growth.  The second quarter results mark a transformative milestone with 43% of our revenue coming from Life Sciences."

GAAP Summary, Second Quarter, Fiscal 2019

  • Revenue was $198 million in the second quarter, 11% higher compared to the first fiscal quarter of 2019, and 26% higher compared to the second fiscal quarter of 2018. Revenue included $33 million from a full quarter of GENEWIZ that was acquired on November 15, 2018, compared to $16 million in the first quarter.
  • GAAP diluted EPS was $0.05 compared with $0.20 in the first quarter of 2019 and $0.95 in the second quarter of 2018. Discontinued operations provided $0.09 and continuing operations generated a loss of $0.04 per diluted share, including a $9 million charge for early extinguishment of debt. The Company syndicated its $350 million incremental term loan incurred in connection with the GENEWIZ acquisition.
  • GAAP operating income was $14 million, an increase of 156% compared to the first quarter of 2019 and 32% higher compared with the second quarter of 2018.
  • Below operating income, net interest expense increased by $3 million compared to the first quarter, due to the full quarter of interest expense associated with the debt incurred when we acquired GENEWIZ. The Company also reported a $1 million tax benefit in the quarter compared to a $6 million tax benefit last quarter, which had a favorable $0.08 per share impact on EPS in the prior quarter.
  • Life Sciences revenue of $86 million grew 28% compared to the first quarter of 2019. It was up 76% on a year-over-year basis, inclusive of 11% organic growth, all attributable to Sample Management. GENEWIZ contributed $33 million of revenue in the second quarter, compared to $16 million in the first quarter.
  • Semiconductor Solutions revenue of $113 million, grew 4% on a year over year basis and was flat compared to the first quarter of 2019.

Non-GAAP Profit Discussion for Continuing Operations

  • Non-GAAP diluted EPS from continuing operations for the quarter was $0.17 compared to $0.17 in the first quarter and $0.18 in the second quarter of 2018. Operating margins were 12% in the second quarter, expanding 90 basis points sequentially and 60 basis points year over year on improved gross margins. The increase in interest expense largely offset the improved operating income, as the Company raised additional debt in the middle of the prior quarter to fund the GENEWIZ acquisition. The Company anticipates paying down a significant portion of outstanding debt upon closing the sale of the Semiconductor Cryogenics business.
  • Non-GAAP gross margins expanded to 42.0%, an improvement of 60 basis points compared to the first quarter of 2019 and 160 basis points higher than the second quarter of 2018. Life Sciences gross margins expanded to 42.6%, up 170 basis points sequentially driven by 60 basis points improvement in Sample Management and a favorable mix benefit from additional GENEWIZ revenue. The Semiconductor Solutions business gross margins were essentially flat sequentially at 41.6% and were 90 basis points improved compared to the second quarter of 2018.
  • Net interest expense increased $3 million sequentially in the quarter to $8 million reflecting the debt utilized to fund the GENEWIZ acquisition. The Company expects interest expense to decrease following an anticipated reduction of debt upon closure of the sale of the Semiconductor Cryogenics business.
  • Adjusted EBITDA in the quarter was $33 million, up from $28 million in the prior quarter and $25 million in the second quarter of 2018. The adjusted EBITDA margin expanded 100 basis points sequentially to 16.6% and reflects 40 basis points improvement from the second quarter of 2018.
  • Cash flow from operations was $16 million in the quarter generating $10 million in free cash flow. At March 31, 2019, total debt was $543 million and the balance of cash, cash equivalents, and marketable securities was $140 million.

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.

Pending Sale of the Semiconductor Cryogenics Business  
As previously disclosed, the completion of the sale of the Company's Semiconductor Cryogenics business is conditioned upon, among other things, certain regulatory approvals, including the approval of the Committee on Foreign Investment in the United States (CFIUS).  The Company and the buyer continue to pursue the necessary clearances and expect that the CFIUS process will conclude in the second calendar quarter.  Accordingly, the Company expects to complete the sale within the June quarter.  The Company and the buyer remain fully committed to completing the sale as expeditiously as possible. 

Guidance for Fiscal Third Quarter 2019 
The Company announced revenue and earnings guidance for the third quarter of fiscal 2019.  Revenue is expected to be in the range of $200 million to $210 million and non-GAAP diluted earnings per share from continuing operations is expected to be in the range of $0.13 to $0.18.  GAAP diluted earnings per share for the third quarter is expected to be in the range of $0.04 to $0.09.

Quarterly Cash Dividend 
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 28, 2019 to stockholders of record on June 7, 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.

Conference Call
Brooks management will webcast its second 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 800-897-4662 (US & Canada only) or +1-212-231-2903 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.

Free cash flow is a non-GAAP financial measure and is defined as operating cash flow minus capital expenditures.

"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 whether CFIUS will approve the sale of our Semiconductor Cryogenics business or the expected timing for completion of the sale, 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, the risk that CFIUS does not approve the sale of the Cryogenics business 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



Six Months Ended




March 31, 



March 31, 




2019


2018



2019


2018



Revenue















Products

$

128,056


$

121,031



$

253,430


$

226,803



Services


70,334



35,921




124,327



72,748



Total revenue


198,390



156,952




377,757



299,551



Cost of revenue















Products


77,803



70,635




152,376



134,164



Services


40,071



23,931




72,785



48,742



Total cost of revenue


117,874



94,566




225,161



182,906



Gross profit


80,516



62,386




152,596



116,645



Operating expenses















Research and development


14,101



11,347




27,249



22,752



Selling, general and administrative


52,373



40,671




105,914



78,599



Restructuring charges


370



47




429



48



Total operating expenses


66,844



52,065




133,592



101,399



Operating income


13,672



10,321




19,004



15,246



Interest income


316



356




739



504



Interest expense


(8,018)



(2,196)




(13,308)



(4,377)



Loss on extinguishment of debt


(9,051)






(9,051)





Other expenses, net


(778)



(515)




(807)



(2,438)



Income (loss) before income taxes


(3,859)



7,966




(3,423)



8,935



Income tax benefit


(1,030)



(54,531)




(6,860)



(55,181)



Income (loss) from continuing operations


(2,829)



62,497




3,437



64,116



Income from discontinued operations, net of tax


6,250



4,523




14,399



19,390



Net income

$

3,421


$

67,020



$

17,836


$

83,506



Basic net income per share:















Basic net income (loss) per share from continuing operations

$

(0.04)


$

0.89



$

0.05


$

0.91



Basic net income per share from discontinued operations


0.09



0.06




0.20



0.28



Basic net income per share

$

0.05


$

0.95



$

0.25


$

1.19



Diluted net income per share:















Diluted net income (loss) per share from continuing operations

$

(0.04)


$

0.89



$

0.05


$

0.90



Diluted net income per share from discontinued operations


0.09



0.06




0.20



0.27



Diluted net income per share

$

0.05


$

0.95



$

0.25


$

1.18


















Weighted average shares outstanding used in computing net income per
share:















Basic


72,077



70,220




71,760



70,340



Diluted


72,292



70,613




72,215



70,908


















 

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)



March 31, 


September 30,


2019


2018


(unaudited)




Assets






Current assets






Cash and cash equivalents

$

137,217


$

197,708

Marketable securities


47



46,281

Accounts receivable, net


163,653



125,192

Inventories


108,512



96,986

Prepaid expenses and other current assets


35,056



31,741

Current assets held for sale


65,005



66,148

Total current assets


509,490



564,056

Property, plant and equipment, net


97,939



59,988

Long-term marketable securities


2,795



7,237

Long-term deferred tax assets


28,012



43,798

Goodwill


492,526



255,876

Intangible assets, net


270,793



99,956

Other assets


23,250



5,294

Non-current assets held for sale


63,072



59,052

Total assets

$

1,487,877


$

1,095,257

Liabilities and Stockholders' Equity






Current liabilities






Current portion of long-term debt

$

8,114


$

2,000

Accounts payable


56,934



55,873

Deferred revenue


31,200



25,884

Accrued warranty and retrofit costs


7,202



6,340

Accrued compensation and benefits


24,129



29,322

Accrued restructuring costs


586



659

Accrued income taxes payable


7,276



6,746

Accrued expenses and other current liabilities


36,294



30,405

Current liabilities held for sale


6,595



7,388

Total current liabilities


178,330



164,617

Long-term debt


535,384



194,071

Long-term tax reserves


15,037



1,102

Long-term deferred tax liabilities


15,978



7,135

Long-term pension liabilities


4,717



4,255

Other long-term liabilities


7,997



5,547

Non-current liabilities held for sale


523



698

Total liabilities


757,966



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, 85,593,182 shares issued and
72,131,313 shares outstanding at March 31, 2019, 84,164,130 shares issued and 70,702,261 shares
outstanding at September 30, 2018


856



841

Additional paid-in capital


1,909,684



1,898,434

Accumulated other comprehensive income


11,852



13,587

Treasury stock at cost - 13,461,869 shares


(200,956)



(200,956)

Accumulated deficit


(991,525)



(994,074)

Total stockholders' equity


729,911



717,832

Total liabilities and stockholders' equity

$

1,487,877


$

1,095,257

 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)


Six Months Ended


March 31, 


2019


2018

Cash flows from operating activities






Net income

$

17,836


$

83,506

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


26,339



17,634

Stock-based compensation


9,717



10,129

Amortization of premium on marketable securities and deferred financing costs


556



217

Earnings of equity method investments


(3,041)



(3,602)

Loss recovery on insurance claim




(1,103)

Deferred income tax benefit


(12,472)



(49,156)

Loss on extinguishment of debt


9,051



Other gains on disposals of assets


34



Accounts receivable


(9,654)



(16,949)

Inventories


(9,992)



(16,233)

Prepaid expenses and current assets


1,938



(17,248)

Accounts payable


(6,088)



14,899

Deferred revenue


5,410



(2,783)

Accrued warranty and retrofit costs


740



(16)

Accrued compensation and tax withholdings


(11,123)



(4,151)

Accrued restructuring costs


(57)



(1,336)

Proceeds from recovery on insurance claim


886



Accrued expenses and current liabilities


2,149



9,619

Net cash provided by operating activities


22,229



23,427

Cash flows from investing activities






Purchases of property, plant and equipment


(9,676)



(5,675)

Purchases of marketable securities


(1,290)



(49,560)

Sales of marketable securities


48,904



Maturities of marketable securities


2,557



100

Acquisitions, net of cash acquired


(442,704)



(64,988)

Proceeds from sales of property, plant and equipment




200

Net cash used in investing activities


(402,209)



(119,923)

Cash flows from financing activities






Proceeds from term loan, net of discount


686,386



197,554

Proceeds from issuance of common stock


1,548



1,395

Payment of financing costs


(687)



(318)

Repayment of term loan


(352,289)



(500)

Repayment of capital lease


(487)



Common stock dividends paid


(14,429)



(14,125)

Net cash provided by financing activities


320,042



184,006

Effects of exchange rate changes on cash and cash equivalents


(553)



4,884

Net increase (decrease) in cash and cash equivalents


(60,491)



92,394

Cash and cash equivalents, beginning of period


197,708



101,622

Cash and cash equivalents, end of period

$

137,217


$

194,016

Revision of Prior Period Financial Statements

During the three months ended March 31, 2019, the Company identified a misclassification related to the presentation of the product and service revenue and the cost of product and service revenue related to GENEWIZ in the Company's Consolidated Statements of Operations for the three months ended December 31, 2018. The total revenue and cost of revenue related to GENEWIZ for the three months ended December 31, 2018 were included in the product revenue and cost of revenue line items instead of the service revenue and cost of revenue line items in the Consolidated Statements of Operations in the Form 10-Q for the quarter ended December 31, 2018.  GENEWIZ was acquired during the three months ended December 31, 2018 and therefore the misclassification did not impact any other historical periods.  The misclassification had no impact on total revenue or the total cost of revenue, gross profit, operating income (loss), net income (loss), as well as basic and diluted net income (loss) per share during any of the periods presented. Additionally, the misclassification had no impact on the Company's consolidated balance sheets and consolidated statements of cash flows during any of the prior periods. Please refer to Note 1 "Basis of Presentation" to the Company's unaudited consolidated financial statements included in the Form 10-Q for the quarter ended March 31, 2019 for further information on this reclassification.

The following table summarizes the effects of the misclassification to the three months ended December 31, 2018:













Three Months Ended December 31, 2018

Dollars in thousands


As Previously Reported


Adjustment


As Revised

Total Company










Revenue










Products


$

141,732


$

(16,357)


$

125,375

Service



37,636



16,357



53,993

Total Revenue



179,368





179,368











Cost of revenue










Products



83,481



(8,907)



74,574

Service



23,806



8,907



32,713

Total cost of revenue


$

107,287


$


$

107,287











Brooks Life Science Segment










Revenue










Products


$

39,931


$

(16,357)


$

23,574

Service



26,730



16,357



43,087

Total Revenue


$

66,661


$


$

66,661











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



March 31, 2019


December 31, 2018


March 31, 2018





per diluted




per diluted




per diluted

Dollars in thousands, except per share data    




share




share




share

Net income (loss) from continuing operations


$

(2,829)


$

(0.04)


$

6,266


$

0.09


$

62,497


$

0.89

Adjustments:



















Purchase accounting impact on inventory and
contracts acquired







184



0.00





Amortization of intangible assets



9,405



0.13



7,776



0.11



5,611



0.08

Restructuring charges



370



0.01



59



0.00



47



0.00

Loss on extinguishment of debt



9,051











Merger costs



36



0.00



6,354



0.09



1,646



0.02

Adjustment of valuation allowance against
deferred tax assets











(58,018)



(0.82)

Tax Reform - rate change applied to deferred tax
liabilities (1)







(1,125)



(0.02)





Tax adjustments (2)



803



0.01



(4,411)



(0.06)





Tax effect of adjustments 



(4,593)



(0.06)



(3,184)



(0.04)



599



0.01

Non-GAAP adjusted net income from continuing
operations


$

12,243


$

0.17


$

11,919


$

0.17


$

12,382


$

0.18

   Stock based compensation, pre-tax



5,121



0.07



4,176



0.06



5,074



0.07

   Tax rate



15

%




15

%




15

%


Stock-based compensation, net of tax



4,353



0.06



3,550



0.05



4,313



0.06

Non-GAAP adjusted net income excluding
stock-based compensation - continuing
operations


$

16,596


$

0.23


$

15,469


$

0.21


$

16,695


$

0.24




















Shares used in computing non-GAAP diluted net
income per share





72,292





72,165





70,613

 
















Six Months Ended



March 31, 2019


March 31, 2018





per diluted




per diluted

Dollars in thousands, except per share data    


$


share


$


share

Net income from continuing operations


$

3,437


$

0.05


$

64,116


$

0.90

Adjustments:













Purchase accounting impact on inventory and contracts acquired



184



0.00



1,160



0.02

Amortization of intangible assets



17,180



0.24



11,103



0.16

Restructuring charges



429



0.01



48



0.00

Loss on extinguishment of debt



9,051







Merger costs



6,390



0.09



2,259



0.03

Adjustment of valuation allowance against deferred tax assets







(58,018)



(0.82)

Tax Reform - rate change applied to deferred tax liabilities (1)



(1,125)



(0.02)



(671)



(0.01)

Tax adjustments (2)



(3,608)



(0.05)





Tax effect of adjustments



(7,777)



(0.11)



(1,321)



(0.02)

Non-GAAP adjusted net income from continuing
operations



24,161



0.33



18,676



0.26

Stock-based compensation, pre-tax



9,297



0.13



9,637



0.14

Tax rate



15

%




15

%


Stock-based compensation, net of tax



7,902


$

0.11



8,191



0.12

Non-GAAP adjusted net income attributable to Brooks
Automation, Inc.- excluding stock-based compensation


$

32,063


$

0.44


$

26,867


$

0.38














Shares used in computing non-GAAP diluted net income
attributable to Brooks Automation, Inc. per share





72,215





70,908


(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


Six Months Ended



March 31, 


December 31, 


March 31, 


March 31, 


March 31, 

Dollars in thousands


2019


2018


2018


2019


2018

GAAP net income


$

3,421


$

14,415


$

67,020


$

17,836


$

83,506

Adjustments:
















Less: Discontinued operations



(6,250)



(8,149)



(4,523)



(14,399)



(19,390)

Less: Interest income



(316)



(423)



(356)



(739)



(504)

Add: Interest expense



8,018



5,290



2,196



13,308



4,377

Add: Income tax provision (benefit)



(1,030)



(5,830)



(54,531)



(6,860)



(55,181)

Add: Depreciation



5,099



4,060



3,304



9,159



6,140

Add: Amortization of completed technology



2,791



2,007



982



4,798



1,886

Add: Amortization of customer relationships
and acquired intangible assets



6,614



5,769



4,629



12,382



9,217

Add: Loss on extinguishment of debt



9,051







9,051



Earnings before interest, taxes, depreciation and
amortization


$

27,398


$

17,139


$

18,721


$

44,536


$

30,051

 



















Quarter Ended


Six Months Ended



March 31, 


December 31, 


March 31, 


March 31, 


March 31, 

Dollars in thousands


2019


2018


2018


2019


2018

Earnings before interest, taxes, depreciation and
amortization


$

27,398


$

17,139


$

18,721


$

44,536


$

30,051

Adjustments:
















Less: Fair value adjustment of equity method
investment












Add: Stock-based compensation



5,121



4,176



5,074



9,297



9,637

Add: Restructuring charges



370



59



47



429



48

Add: Purchase accounting impact on inventory
and contracts acquired





184





184



1,160

Add: Merger costs



36



6,354



1,646



6,390



2,259

Adjusted earnings before interest, taxes,
depreciation and amortization


$

32,925


$

27,912


$

25,488


$

60,836


$

43,155

 






















Quarter Ended




March 31, 2019


December 31, 2018


March 31, 2018

Dollars in thousands


$


%


$


%


$


%

GAAP gross profit/gross margin
percentage


$

80,516


40.6

%


$

72,081


40.2

%


$

62,386


39.7

%

Adjustments:



















Amortization of completed
technology



2,791


1.4




2,007


1.1




982


0.6


Purchase accounting impact on
inventory and contracts acquired




0.0




184


0.1





0.0


Non-GAAP adjusted gross
profit/gross margin percentage


$

83,307


42.0

%


$

74,272


41.4

%


$

63,368


40.4

%




















 



































Six Months Ended



March 31, 2019


March 31, 2018

Dollars in thousands


$


%



$


%

GAAP gross profit/gross margin percentage


$

152,596


40.4

%


$

116,645


38.9

%

Adjustments:













Amortization of completed technology



4,798


1.3

%



1,886


0.6

%

Purchase accounting impact on inventory and
contracts acquired



184


0.0

%



1,160


0.4

%

Non-GAAP adjusted gross profit/gross margin
percentage


$

157,578


41.7

%


$

119,691


40.0

%
































































 






















Brooks Semiconductor Solutions Group



Quarter Ended

Dollars in thousands


March 31, 2019


December 31, 2018


March 31, 2018

GAAP gross profit/margin percentage


$

45,987


40.7

%


$

45,915


40.7

%


$

43,457


40.1

%

Adjustments:



















Amortization of completed
technology



916


0.8




937


0.8




570


0.5


Purchase accounting impact on
inventory and contracts acquired







184


0.2






Non-GAAP adjusted gross
profit/margin percentage


$

46,903


41.6

%


$

47,036


41.7

%


$

44,027


40.6

%

 






















Brooks Life Sciences



Quarter Ended

Dollars in thousands


March 31, 2019


December 31, 2018


March 31, 2018

GAAP gross profit/margin percentage


$

34,529


40.4

%


$

26,166


39.3

%


$

18,929


39.0

%

Adjustments:



















Amortization of completed
technology



1,875


2.2




1,070


1.6




412


0.8


Purchase accounting impact on
inventory and contracts acquired













Non-GAAP adjusted gross
profit/margin percentage


$

36,404


42.6

%


$

27,236


40.9

%


$

19,341


39.8

%

 


















Brooks Semiconductor Solutions Group





Six Months Ended



Dollars in thousands


March 31, 2019


March 31, 2018



GAAP gross profit/margin percentage


$

91,901


40.7

%


$

81,952


40.3

%



Adjustments:















Amortization of completed technology



1,853


0.8




1,103


0.5




Purchase accounting impact on inventory and
contracts acquired



184


0.1








Non-GAAP adjusted gross profit/margin percentage


$

93,938


41.6

%


$

83,055


40.8

%




















Brooks Life Sciences





Six Months Ended



Dollars in thousands


March 31, 2019


March 31, 2018



GAAP gross profit/margin percentage


$

60,695


39.9

%


$

34,693


36.1

%



Adjustments:















Amortization of completed technology



2,945


1.9




783


0.8




Purchase accounting impact on inventory and
contracts acquired







1,160


1.2




Non-GAAP adjusted gross profit/margin percentage


$

63,640


41.8

%


$

36,636


38.2

%


















 































Brooks Semiconductor Solutions Group


Brooks Life Sciences


Total Segments



Quarter Ended


Quarter Ended


Quarter Ended



March 31, 


December 31, 


March 31, 


March 31, 


December 31, 


March 31, 


March 31, 


December 31, 


March 31, 

Dollars in thousands


2019


2018


2018


2019


2018


2018


2019


2018


2018

GAAP operating profit


$

17,987


$

16,141


$

15,424


$

3,143


$

1,590


$

1,496


$

21,130


$

17,731


$

16,920

Adjustments:




























Amortization of completed
technology



916



937



570



1,875



1,070



412



2,791



2,007



982

Purchase accounting impact
on inventory and contracts
acquired





184













184



Non-GAAP adjusted operating
profit


$

18,903


$

17,262


$

15,994


$

5,018


$

2,660


$

1,908


$

23,921


$

19,922


$

17,902

 































Total Segments


Corporate


Total



Quarter Ended


Quarter Ended


Quarter Ended



March 31, 


December 31, 


March 31, 


March 31, 


December 31, 


March 31, 


March 31, 


December 31, 


March 31, 

Dollars in thousands


2019


2018


2018


2019


2018


2018


2019


2018


2018

GAAP operating profit (loss)


$

21,130


$

17,731


$

16,920


$

(7,458)


$

(12,398)


$

(6,599)


$

13,672


$

5,333


$

10,321

Adjustments:




























Amortization of completed
technology



2,791



2,007



982









2,791



2,007



982

Amortization of customer
relationships and acquired
intangible assets









6,614



5,769



4,629



6,614



5,769



4,629

Restructuring charges









370



59



47



370



59



47

Purchase accounting impact
on inventory and contracts
acquired





184













184



Merger costs









36



6,354



1,646



36



6,354



1,646

Non-GAAP adjusted operating
profit (loss)


$

23,921


$

19,922


$

17,902


$

(438)


$

(216)


$

(277)


$

23,483


$

19,706


$

17,625





























 






















Brooks Semiconductor Solutions Group


Brooks Life Sciences


Total Segments



Six Months Ended


Six Months Ended


Six Months Ended

Dollars in thousands


March 31, 2019


March 31, 2018


March 31, 2019


March 31, 2018


March 31, 2019


March 31, 2018

GAAP operating profit


$

34,128


$

27,143


$

4,733


$

101


$

38,861


$

27,244

Adjustments:



















Amortization of completed technology



1,853



1,103



2,945



783



4,798



1,886

Purchase accounting impact on
inventory and contracts acquired



184







1,160



184



1,160

Non-GAAP adjusted operating profit


$

36,165


$

28,246


$

7,678


$

2,044


$

43,843


$

30,290

 






















Total Segments


Corporate


Total



Six Months Ended


Six Months Ended


Six Months Ended

Dollars in thousands


March 31, 2019


March 31, 2018


March 31, 2019


March 31, 2018


March 31, 2019


March 31, 2018

GAAP operating profit (loss)


$

38,861


$

27,244


$

113,735


$

(11,998)


$

19,004


$

15,246

Adjustments:



















Amortization of completed technology



4,798



1,886







4,798



1,886

Amortization of customer
relationships and acquired intangible
assets







12,382



9,217



12,382



9,217

Restructuring charges







429



48



429



48

Purchase accounting impact on
inventory and contracts acquired



184



1,160







184



1,160

Merger costs







6,390



2,259



6,390



2,259

Non-GAAP adjusted operating profit
(loss)


$

43,843


$

30,290


$

132,936


$

(474)


$

43,187


$

29,816

 

(PRNewsfoto/Brooks Automation)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-second-fiscal-quarter-of-2019-ended-march-31-2019-and-announces-quarterly-cash-dividend-300840075.html

SOURCE Brooks Automation, Inc.

Copyright 2019 PR Newswire

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