CHELMSFORD, Mass., Feb. 5, 2019 /PRNewswire/ -- Brooks Automation,
Inc. (Nasdaq: BRKS) today reported financial results for the first
fiscal quarter of 2019, ended December 31,
2018.
|
|
Summary
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
Dollars in millions, except per share
data
|
|
December 31,
|
|
September
30,
|
|
|
December 31,
|
|
Change
vs.
|
|
|
|
|
|
2018
|
|
2018
|
|
|
2017
|
|
Prior
Quarter
|
|
Prior
Year
|
|
|
|
Revenue
|
|
$
|
179
|
|
$
|
160
|
|
|
$
|
143
|
|
12
|
%
|
26
|
%
|
|
|
Semiconductor Solutions
Group
|
|
$
|
113
|
|
$
|
109
|
|
|
$
|
95
|
|
4
|
%
|
18
|
%
|
|
|
Life
Sciences
|
|
$
|
67
|
|
$
|
51
|
|
|
$
|
47
|
|
31
|
%
|
41
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS Continuing Operations
|
|
$
|
0.09
|
|
$
|
(0.02)
|
|
|
$
|
0.02
|
|
NM
|
|
280
|
%
|
|
|
Diluted EPS
Total
|
|
$
|
0.20
|
|
$
|
0.15
|
|
|
$
|
0.23
|
|
37
|
%
|
(14)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Diluted EPS Cont. Operations
|
|
$
|
0.17
|
|
$
|
0.17
|
|
|
$
|
0.09
|
|
0
|
%
|
86
|
%
|
|
|
|
|
The Company provides additional non-GAAP information to provide
investors a better perspective on the results of operations, which
the Company believes is more comparable to the similar analysis
provided by its peers. 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.
The Company announced on August 27,
2018 it had entered into a definitive agreement to sell the
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
"Our 2019 fiscal year is off to a
strong start with overall Q1 revenue growing 26% from the prior
year driven by double digit revenue growth in each of our business
segments," commented Steve Schwartz,
CEO of Brooks Automation. "The newly acquired GENEWIZ business is
meeting our growth expectations and our Sample Management business
increased organic growth to 8% and delivered a record quarter of
new bookings. And in a muted semiconductor market
environment, the Semiconductor Solutions Group grew 4%
sequentially, and 18% from the same quarter a year earlier.
The Brooks portfolio and team have never been stronger."
GAAP Summary, First Quarter, Fiscal 2019
- EPS from continuing operations was $0.09 in the quarter compared to a loss of
$0.02 in the fourth fiscal quarter of
2018. Revenue growth combined with 100 basis points of gross margin
expansion to lift operating income to $5.3
million, 47% higher in the first fiscal quarter of 2019
compared to the fourth fiscal quarter of 2018. The improvement was
partially driven by the acquisition of GENEWIZ, which was accretive
to operating income in the quarter. Net interest expense increased
$2.9 million compared to the fourth
fiscal quarter, driven by additional debt taken at the time of the
GENEWIZ acquisition. The Company reported a $5.8 million benefit from taxes in the
quarter.
- Revenue was $179 million in the
first quarter, an increase of 12% compared to the fourth fiscal
quarter of 2018, and 26% higher compared to the first fiscal
quarter of 2018.
- Life Sciences revenue was $67
million, 31% higher compared to the fourth quarter of 2018
and 41% higher on a year over year basis, inclusive of 8% organic
growth. The GENEWIZ acquisition, which closed November 15, 2018, contributed $16 million of revenue in the quarter.
- Semiconductor Solutions revenue was $113
million, 4% higher compared to the fourth quarter of 2018
and 18% higher on a year over year basis.
- Cash flow from operations was $6
million in the quarter. The Company raised an additional
$350 million of debt on November 15, 2018 to support the acquisition of
GENEWIZ, which was purchased for a cash purchase price of
approximately $450 million. At
December 31, 2018, the ending balance
of total debt was $541 million and
the balance of cash, cash equivalents, and marketable securities
was $138 million.
Non-GAAP Profit Discussion for Continuing Operations
- Non-GAAP EPS for the quarter was $0.17, an improvement of 86% year over year.
Improved earnings were driven predominantly by 26% year over year
revenue growth and improved gross margins.
- Non-GAAP gross margins were 41.4%, an improvement of 130 basis
points compared to the fourth quarter of 2018 and 190 basis points
higher than the first quarter of 2018. Life Sciences gross margins
were 40.9%, up 440 basis points compared to the first quarter of
2018, driven by a 130 basis points improvement in Sample Management
and the addition of the higher margin GENEWIZ business. The
Semiconductor Solutions business also expanded margins 70 basis
points year over year to 41.7%.
- Adjusted EBITDA in the quarter was $28
million, up from $22 million
in the prior quarter and $18 million
in the first quarter of 2018. The adjusted EBITDA margin improved
150 basis points sequentially to 15.6% and reflects 320 basis
points improvement from the first quarter of 2018.
- Operating margin improved 160 basis points sequentially and 240
basis points from first quarter 2018 to 11.0% driven primarily by
revenue growth and improved gross margins.
- Net interest expense increased $2.9
million sequentially in the quarter to $4.9 million reflecting the additional debt
utilized to fund the GENEWIZ acquisition.
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, but now
expect that the CFIUS process will extend into the second calendar
quarter. Accordingly, the Company now 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.
Quarterly Cash Dividend
The Company additionally
announced that the Board of Directors has reiterated a dividend of
$0.10 per share payable on
March 22, 2019 to stockholders of
record on March 1, 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 Second Quarter 2019
The Company
announced revenue and earnings guidance for the second quarter of
fiscal 2019. Revenue is expected to be in the range of
$190 million to $200 million and non-GAAP diluted earnings per
share from continuing operations is expected to be in the range of
$0.07 to $0.12. GAAP diluted earnings per share for
the second quarter is expected to be in the range of $0.01 to $0.06.
Conference Call
Brooks management will webcast its
first quarter earnings conference call today at 5:30 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
800-915-4217 (US & Canada
only) or +1-212-231-2921 for international callers to listen to the
live webcast.
About Brooks Automation, Inc.
Brooks is a leading
worldwide provider of automation equipment and services solutions
for multiple markets including semiconductor manufacturing and life
sciences. Brooks' automation technologies, engineering
competencies and global service capabilities provide customers
speed to market and ensure high uptime and rapid response, which
equate to superior value in their mission-critical controlled
environments. Since 1978, Brooks has been a leading partner
to the global semiconductor manufacturing market as a provider of
precision automation and vacuum solutions. In 2011, Brooks
applied its automation and cryogenics expertise to meet the needs
of the life sciences industry for reliable ultra-cold storage of
compound and biological samples. Today, Brooks' offers
comprehensive sample management solutions including on-site
infrastructure for temperatures of ‑20°C to -196°C, and outsource
service solutions for collection, transport, processing, long-term
storage, protection, retrieval and disposal of customer
samples. Brooks recently completed the strategic acquisition
of GENEWIZ Group, expanding Brooks' sample-based offerings with a
leading global capability in gene sequencing and synthesis
services. Brooks is headquartered in Chelmsford, MA, with operations in
North America, Europe and Asia. For more information, visit
www.brooks.com.
"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.
CONTACTS:
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
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
$
|
141,732
|
|
$
|
105,772
|
|
|
|
|
Services
|
|
|
37,636
|
|
|
36,827
|
|
|
|
|
Total
revenue
|
|
|
179,368
|
|
|
142,599
|
|
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
83,481
|
|
|
63,529
|
|
|
|
|
Services
|
|
|
23,806
|
|
|
24,811
|
|
|
|
|
Total cost of
revenue
|
|
|
107,287
|
|
|
88,340
|
|
|
|
|
Gross
profit
|
|
|
72,081
|
|
|
54,259
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
13,148
|
|
|
11,405
|
|
|
|
|
Selling, general and
administrative
|
|
|
53,541
|
|
|
37,929
|
|
|
|
|
Restructuring
charges
|
|
|
59
|
|
|
—
|
|
|
|
|
Total operating
expenses
|
|
|
66,748
|
|
|
49,334
|
|
|
|
|
Operating
income
|
|
|
5,333
|
|
|
4,925
|
|
|
|
|
Interest
income
|
|
|
423
|
|
|
149
|
|
|
|
|
Interest
expense
|
|
|
(5,290)
|
|
|
(2,181)
|
|
|
|
|
Other expenses,
net
|
|
|
(30)
|
|
|
(1,924)
|
|
|
|
|
Income before income
taxes
|
|
|
436
|
|
|
969
|
|
|
|
|
Income tax
benefit
|
|
|
(5,830)
|
|
|
(650)
|
|
|
|
|
Income from
continuing operations
|
|
|
6,266
|
|
|
1,619
|
|
|
|
|
Income from
discontinued operations, net of tax
|
|
|
8,149
|
|
|
14,867
|
|
|
|
|
Net income
|
|
$
|
14,415
|
|
$
|
16,486
|
|
|
|
|
Basic net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share from continuing operations
|
|
|
0.09
|
|
|
0.02
|
|
|
|
|
Basic net income per
share from discontinued operations
|
|
|
0.11
|
|
|
0.21
|
|
|
|
|
Basic net income per
share
|
|
$
|
0.20
|
|
$
|
0.23
|
|
|
|
|
Diluted net income
per share:
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share from continuing operations
|
|
|
0.09
|
|
|
0.02
|
|
|
|
|
Diluted net income per
share from discontinued operations
|
|
|
0.11
|
|
|
0.21
|
|
|
|
|
Diluted net income
per share
|
|
|
0.20
|
|
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend declared per
share
|
|
|
0.10
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding used in computing net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
71,450
|
|
|
70,183
|
|
|
|
|
Diluted
|
|
|
72,165
|
|
|
70,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKS AUTOMATION,
INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
2018
|
|
2018
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
135,791
|
|
$
|
197,708
|
Marketable
securities
|
|
28
|
|
|
46,281
|
Accounts receivable,
net
|
|
164,516
|
|
|
125,192
|
Inventories
|
|
110,070
|
|
|
96,986
|
Prepaid expenses and
other current assets
|
|
42,063
|
|
|
31,741
|
Current assets held
for sale
|
|
68,334
|
|
|
66,148
|
Total current
assets
|
|
520,802
|
|
|
564,056
|
Property, plant and
equipment, net
|
|
96,124
|
|
|
59,988
|
Long-term marketable
securities
|
|
2,489
|
|
|
7,237
|
Long-term deferred tax
assets
|
|
23,287
|
|
|
43,798
|
Goodwill
|
|
490,525
|
|
|
255,876
|
Intangible assets,
net
|
|
279,233
|
|
|
99,956
|
Other
assets
|
|
22,304
|
|
|
5,294
|
Non-current assets
held for sale
|
|
61,967
|
|
|
59,052
|
Total
assets
|
$
|
1,496,731
|
|
$
|
1,095,257
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
9,527
|
|
$
|
2,000
|
Accounts
payable
|
|
70,814
|
|
|
55,873
|
Deferred
revenue
|
|
31,091
|
|
|
25,884
|
Accrued warranty and
retrofit costs
|
|
6,851
|
|
|
6,340
|
Accrued compensation
and benefits
|
|
20,799
|
|
|
29,322
|
Accrued restructuring
costs
|
|
464
|
|
|
659
|
Accrued income taxes
payable
|
|
6,131
|
|
|
6,746
|
Accrued expenses and
other current liabilities
|
|
37,068
|
|
|
30,405
|
Current liabilities
held for sale
|
|
8,335
|
|
|
7,388
|
Total current
liabilities
|
|
191,080
|
|
|
164,617
|
Long-term
debt
|
|
531,282
|
|
|
194,071
|
Long-term tax
reserves
|
|
14,635
|
|
|
1,102
|
Long-term deferred tax
liabilities
|
|
15,555
|
|
|
7,135
|
Long-term pension
liabilities
|
|
4,499
|
|
|
4,255
|
Other long-term
liabilities
|
|
8,979
|
|
|
5,547
|
Non-current
liabilities held for sale
|
|
506
|
|
|
698
|
Total
liabilities
|
|
766,536
|
|
|
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, 85,417,038 shares issued
and 71,955,169 shares outstanding at December 31, 2018,
84,164,130 shares issued and 70,702,261 shares outstanding at
September 30, 2018
|
|
854
|
|
|
841
|
Additional paid-in
capital
|
|
1,902,888
|
|
|
1,898,434
|
Accumulated other
comprehensive income
|
|
15,134
|
|
|
13,587
|
Treasury stock at cost
- 13,461,869 shares
|
|
(200,956)
|
|
|
(200,956)
|
Accumulated
deficit
|
|
(987,725)
|
|
|
(994,074)
|
Total stockholders'
equity
|
|
730,195
|
|
|
717,832
|
Total liabilities and
stockholders' equity
|
$
|
1,496,731
|
|
$
|
1,095,257
|
BROOKS AUTOMATION,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited)
(In
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
December 31,
|
|
2018
|
|
2017
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
$
|
14,415
|
|
$
|
16,486
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
11,838
|
|
|
8,521
|
Stock-based
compensation
|
|
4,467
|
|
|
4,809
|
Amortization of
premium on marketable securities and deferred financing
costs
|
|
235
|
|
|
122
|
Earnings of equity
method investments
|
|
(1,772)
|
|
|
(2,180)
|
Deferred income tax
benefit
|
|
(7,682)
|
|
|
(689)
|
Other gains on
disposals of assets
|
|
6
|
|
|
—
|
Accounts
receivable
|
|
(13,826)
|
|
|
(16,157)
|
Inventories
|
|
(12,260)
|
|
|
(5,518)
|
Prepaid expenses and
current assets
|
|
1,695
|
|
|
3,285
|
Accounts
payable
|
|
7,932
|
|
|
4,449
|
Deferred
revenue
|
|
6,385
|
|
|
1,376
|
Accrued warranty and
retrofit costs
|
|
572
|
|
|
87
|
Accrued compensation
and tax withholdings
|
|
(13,842)
|
|
|
(11,145)
|
Accrued restructuring
costs
|
|
(181)
|
|
|
(592)
|
Accrued expenses and
current liabilities
|
|
8,282
|
|
|
362
|
Net cash provided by
operating activities
|
|
6,264
|
|
|
3,216
|
Cash flows from
investing activities
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(3,560)
|
|
|
(2,700)
|
Purchases of
marketable securities
|
|
(1,290)
|
|
|
(26,875)
|
Sales of marketable
securities
|
|
48,904
|
|
|
—
|
Maturities of
marketable securities
|
|
2,557
|
|
|
100
|
Acquisitions, net of
cash acquired
|
|
(445,210)
|
|
|
(65,074)
|
Proceeds from sales of
property, plant and equipment
|
|
—
|
|
|
200
|
Net cash used in
investing activities
|
|
(398,599)
|
|
|
(94,349)
|
Cash flows from
financing activities
|
|
|
|
|
|
Proceeds from term
loan
|
|
340,540
|
|
|
197,554
|
Payment of deferred
financing costs
|
|
—
|
|
|
(318)
|
Repayment of term
loan
|
|
(1,789)
|
|
|
—
|
Repayment of capital
lease
|
|
(121)
|
|
|
—
|
Common stock dividends
paid
|
|
(7,208)
|
|
|
(7,057)
|
Net cash provided by
financing activities
|
|
331,422
|
|
|
190,179
|
Effects of exchange
rate changes on cash and cash equivalents
|
|
(1,004)
|
|
|
1,671
|
Net increase
(decrease) in cash and cash equivalents
|
|
(61,917)
|
|
|
100,717
|
Cash and cash
equivalents, beginning of period
|
|
197,708
|
|
|
101,622
|
Cash and cash
equivalents, end of period
|
$
|
135,791
|
|
$
|
202,339
|
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, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
Dollars in
thousands, except per share
data
|
|
|
|
share
|
|
|
|
share
|
|
|
|
share
|
Net income (loss)
from continuing operations
|
|
$
|
6,266
|
|
$
|
0.09
|
|
$
|
(1,212)
|
|
$
|
(0.02)
|
|
$
|
1,619
|
|
$
|
0.02
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
0.00
|
|
|
—
|
|
|
—
|
|
|
1,160
|
|
|
0.02
|
Amortization of
intangible assets
|
|
|
7,776
|
|
|
0.11
|
|
|
6,530
|
|
|
0.09
|
|
|
5,492
|
|
|
0.08
|
Restructuring
charges
|
|
|
59
|
|
|
0.00
|
|
|
585
|
|
|
0.01
|
|
|
—
|
|
|
—
|
Merger
costs
|
|
|
6,354
|
|
|
0.09
|
|
|
4,309
|
|
|
0.06
|
|
|
613
|
|
|
0.01
|
Adjustment of
valuation allowance against deferred tax assets
|
|
|
—
|
|
|
—
|
|
|
690
|
|
|
0.01
|
|
|
—
|
|
|
—
|
Tax Reform - rate
change applied to deferred tax liabilities
(1)
|
|
|
(1,125)
|
|
|
(0.02)
|
|
|
—
|
|
|
—
|
|
|
(671)
|
|
|
(0.01)
|
Tax adjustments
(2)
|
|
|
(4,411)
|
|
|
(0.06)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Tax effect of
adjustments
|
|
|
(3,184)
|
|
|
(0.04)
|
|
|
868
|
|
|
0.01
|
|
|
(1,920)
|
|
|
(0.03)
|
Non-GAAP adjusted
net income from continuing operations
|
|
$
|
11,919
|
|
$
|
0.17
|
|
$
|
11,770
|
|
$
|
0.17
|
|
$
|
6,293
|
|
$
|
0.09
|
Stock
based compensation, pre-tax
|
|
|
4,176
|
|
|
0.06
|
|
|
4,587
|
|
|
0.06
|
|
|
4,563
|
|
|
0.06
|
Tax
rate
|
|
|
15
|
%
|
|
—
|
|
|
9
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
Stock-based
compensation, net of tax
|
|
|
3,550
|
|
|
0.05
|
|
|
4,188
|
|
|
0.06
|
|
|
3,970
|
|
|
0.06
|
Non-GAAP adjusted net
income excluding stock-based compensation - continuing
operations
|
|
$
|
15,469
|
|
$
|
0.21
|
|
$
|
15,958
|
|
$
|
0.22
|
|
$
|
10,263
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted net income per share
|
|
|
—
|
|
|
72,165
|
|
|
—
|
|
|
71,085
|
|
|
—
|
|
|
70,864
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
$
|
14,415
|
|
$
|
10,351
|
|
$
|
16,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Discontinued
operations
|
|
|
(8,149)
|
|
|
(11,563)
|
|
|
(14,867)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Interest
income
|
|
|
(423)
|
|
|
(688)
|
|
|
(149)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Interest
expense
|
|
|
5,290
|
|
|
2,679
|
|
|
2,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Income tax
provision (benefit)
|
|
|
(5,830)
|
|
|
2,580
|
|
|
(650)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation
|
|
|
4,060
|
|
|
3,122
|
|
|
2,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Amortization of
completed technology
|
|
|
2,007
|
|
|
1,487
|
|
|
904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Amortization of
customer relationships and acquired intangible assets
|
|
|
5,769
|
|
|
5,043
|
|
|
4,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
|
17,139
|
|
$
|
13,011
|
|
$
|
11,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollars in thousands
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
|
17,139
|
|
$
|
13,011
|
|
$
|
11,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Stock-based
compensation
|
|
|
4,176
|
|
|
4,587
|
|
|
4,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Restructuring
charges
|
|
|
59
|
|
|
585
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Purchase
accounting impact on inventory and contracts acquired
|
|
|
184
|
|
|
—
|
|
|
1,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Merger
costs
|
|
|
6,354
|
|
|
4,309
|
|
|
613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
|
27,912
|
|
$
|
22,492
|
|
$
|
17,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
Dollars in
thousands
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit/gross margin percentage
|
|
$
|
72,081
|
|
40.2
|
%
|
|
$
|
62,620
|
|
39.2
|
%
|
|
$
|
54,259
|
|
38.1
|
%
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
2,007
|
|
1.1
|
|
|
|
1,487
|
|
0.9
|
|
|
|
904
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
0.1
|
|
|
|
—
|
|
—
|
|
|
|
1,160
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
gross profit/gross margin percentage
|
|
$
|
74,272
|
|
41.4
|
%
|
|
$
|
64,107
|
|
40.2
|
%
|
|
$
|
56,323
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks
Semiconductor Solutions Group
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Dollars in
thousands
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit/margin percentage
|
|
$
|
45,915
|
|
40.7
|
%
|
|
$
|
43,774
|
|
40.2
|
%
|
|
$
|
38,494
|
|
40.5
|
%
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
937
|
|
0.8
|
|
|
|
1,152
|
|
1.1
|
|
|
|
533
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
0.2
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
47,036
|
|
41.7
|
%
|
|
$
|
44,926
|
|
41.3
|
%
|
|
$
|
39,027
|
|
41.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life
Sciences
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Dollars in
thousands
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit/margin percentage
|
|
$
|
26,166
|
|
39.3
|
%
|
|
$
|
18,846
|
|
37.1
|
%
|
|
$
|
15,762
|
|
33.2
|
%
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,070
|
|
1.6
|
|
|
|
335
|
|
0.7
|
|
|
|
371
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
1,160
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
27,236
|
|
40.9
|
%
|
|
$
|
19,181
|
|
37.7
|
%
|
|
$
|
17,293
|
|
36.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
GAAP operating profit
(loss)
|
|
$
|
16,141
|
|
$
|
13,316
|
|
$
|
11,718
|
|
$
|
1,590
|
|
$
|
382
|
|
$
|
(1,396)
|
|
$
|
17,731
|
|
$
|
13,698
|
|
$
|
10,322
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
937
|
|
|
1,152
|
|
|
533
|
|
|
1,070
|
|
|
335
|
|
|
371
|
|
|
2,007
|
|
|
1,487
|
|
|
904
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,160
|
|
|
184
|
|
|
—
|
|
|
1,160
|
Non-GAAP adjusted
operating profit
|
|
$
|
17,262
|
|
$
|
14,468
|
|
$
|
12,251
|
|
$
|
2,660
|
|
$
|
717
|
|
$
|
135
|
|
$
|
19,922
|
|
$
|
15,185
|
|
$
|
12,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
GAAP operating profit
(loss)
|
|
$
|
17,731
|
|
$
|
13,698
|
|
$
|
10,322
|
|
$
|
(12,398)
|
|
$
|
(10,082)
|
|
$
|
(5,397)
|
|
$
|
5,333
|
|
$
|
3,616
|
|
$
|
4,925
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
2,007
|
|
|
1,487
|
|
|
904
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,007
|
|
|
1,487
|
|
|
904
|
Amortization of
customer relationships and acquired intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,769
|
|
|
5,043
|
|
|
4,588
|
|
|
5,769
|
|
|
5,043
|
|
|
4,588
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
585
|
|
|
1
|
|
|
59
|
|
|
585
|
|
|
1
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
—
|
|
|
1,160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
—
|
|
|
1,160
|
Merger costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,354
|
|
|
4,309
|
|
|
613
|
|
|
6,354
|
|
|
4,309
|
|
|
613
|
Non-GAAP adjusted
operating profit (loss)
|
|
$
|
19,922
|
|
$
|
15,185
|
|
$
|
12,386
|
|
$
|
(216)
|
|
$
|
(145)
|
|
$
|
(195)
|
|
$
|
19,706
|
|
$
|
15,040
|
|
$
|
12,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-first-fiscal-quarter-of-2019-ended-december-31-2018-300790258.html
SOURCE Brooks Automation, Inc.