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