BILLERICA, Mass., Nov. 2, 2017 /PRNewswire/ -- Bruker
Corporation (NASDAQ: BRKR) today announced financial results for
its third quarter ended September 30,
2017.
Bruker's revenues for the third quarter of 2017 were
$435.6 million, an increase of 10.6%
compared to the third quarter of 2016. Excluding a 4.8%
contribution from acquisitions and a 2.4% favorable effect from
changes in foreign currency rates, Bruker's year-over-year organic
revenue growth was 3.4% in the third quarter of 2017.
Third quarter 2017 GAAP earnings per diluted share (EPS) were
$0.23, compared to $0.29 in the third quarter of 2016. Third quarter
2017 non-GAAP EPS were $0.29,
compared to $0.32 in the third
quarter of 2016. The year-over-year decline in the company's third
quarter 2017 GAAP and non-GAAP EPS was primarily attributed to an
unusually favorable tax rate in the third quarter of 2016, as
previously disclosed. A reconciliation of non-GAAP to GAAP
financial measures is provided in the tables accompanying this
press release.
For the first nine months of 2017, Bruker's revenues increased
8.3% year-over-year to $1,235.4
million, compared to $1,141.0
million in the first nine months of 2016. Excluding a 5.3%
contribution from acquisitions and a 0.4% negative effect from
changes in foreign currency rates, Bruker's year-over-year organic
revenue growth was 3.4% in the first nine months of 2017.
In the first nine months of 2017, GAAP EPS were $0.51, compared to $0.52 in the first nine months of 2016. Non-GAAP
EPS for the first nine months of 2017 were $0.70, compared to $0.73 in the first nine months of 2016.
Frank Laukien, President and CEO
of Bruker, commented: "We are pleased to report another quarter of
positive organic revenue growth, which included about 4%
year-over-year organic growth in our Scientific Instruments (BSI)
segment. This growth reflects improvements in our academic markets,
particularly in Europe, and in
global industrial markets, as well as contributions from our
targeted growth areas. In the first nine months of 2017, Bruker's
operating profit has increased at double-digit rates on both a GAAP
and non-GAAP basis, while year-over-year EPS comparisons were
adversely affected by an unusually low 2016 tax rate, as
expected."
He concluded: "We are encouraged by our year-to-date performance
improvements and expect continued organic revenue growth momentum
in 2018, in support of our multi-year margin expansion strategy.
Based on our progress so far in 2017, we are raising our financial
guidance for the year."
Fiscal Year (FY) 2017 Financial Outlook
Bruker is raising its outlook for revenue growth, non-GAAP
operating margin expansion and non-GAAP EPS in fiscal year 2017 to
reflect improved operating performance and updated foreign currency
rates. For FY 2017, the Company now expects revenue growth of 8% to
8.5%, including organic growth of 2.5% to 3%, growth from
acquisitions of approximately 4.5%, and a foreign currency tailwind
of approximately 1%.
The Company now projects an increase in FY 2017 non-GAAP
operating margin of 70 bps to 100 bps year-over-year, including
approximately 40 bps of headwind from recent acquisitions. Finally,
for FY 2017 Bruker now expects non-GAAP EPS of $1.17 to $1.20.
For the Company's outlook for FY 2017 non-GAAP operating
margin and non-GAAP EPS, we are not able to provide without
unreasonable effort the most directly comparable GAAP financial
measures, or reconciliations to such GAAP financial measures on a
forward-looking basis. Please see "Use of Non-GAAP Financial
Measures" below for a description of items excluded from our
expected non-GAAP operating margin and non-GAAP EPS.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its
financial results, business outlook, and related corporate and
financial matters today at 4:30 p.m. Eastern
Daylight Time. To listen to the webcast, investors can
go to http://ir.bruker.com and click on the "Events &
Presentations" hyperlink. A slide presentation that will be
referenced during the webcast will be posted to the Company's
website shortly before the webcast begins. Investors can also
listen to the earnings webcast via telephone by dialing
1-888-437-2685 (US toll free) or +1-412-317-6702 (international),
and referencing "Bruker's Third Quarter 2017 Earnings Conference
Call". A telephone replay of the conference call will be
available by dialing 1-877-344-7529 (US toll free) or
+1-412-317-0088 (international) and entering conference number:
10113580. The replay will be available beginning one hour after the
end of the conference through December 2,
2017.
About Bruker Corporation
For more than 55 years, Bruker has enabled scientists to make
breakthrough discoveries and develop new applications that improve
the quality of human life. Bruker's high-performance
scientific instruments and high-value analytical and diagnostic
solutions enable scientists to explore life and materials at
molecular, cellular and microscopic levels. In close
cooperation with our customers, Bruker is enabling innovation,
productivity and customer success in life science molecular
research, in applied and pharma applications, in microscopy,
nanoanalysis and industrial applications, as well as in cell
biology, preclinical imaging, clinical phenomics and proteomics
research, clinical microbiology and molecular pathology
research. For more information, please visit:
www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (GAAP), we use the following non-GAAP
financial measures in this press release and in the earnings
webcast: non-GAAP gross profit; non-GAAP gross profit margin;
non-GAAP operating income; non-GAAP operating margin; non-GAAP
profit before tax; non-GAAP tax rate; non-GAAP net income and
non-GAAP earnings per share. These non-GAAP measures exclude
costs related to restructuring actions, acquisition and related
integration expenses, amortization of acquired intangible assets
and other non-operational costs.
We also refer to organic revenue growth and free cash flow in
this press release and in the earnings webcast, which are also
non-GAAP financial measures. We define the term organic revenue as
GAAP revenue excluding the effect of changes in foreign currency
translation rates and the effect of acquisitions and divestitures,
and believe it is a useful measure to evaluate our continuing
business. We define free cash flow as net cash provided by
operating activities less additions to property, plant, and
equipment. We believe free cash flow is a useful measure to
evaluate our business because it indicates the amount of cash
generated after additions to property, plant, and equipment that is
available for, among other things, acquisitions, investments in our
business, repayment of debt and return of capital to
shareholders.
The presentation of these non-GAAP financial measures is not
intended to be a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP and may
be different from non-GAAP financial measures used by other
companies, and therefore, may not be comparable among
companies. We believe these non-GAAP financial measures
provide meaningful supplemental information regarding our
performance. Specifically, management believes that the non-GAAP
measures mentioned above provide relevant and useful information
which is widely used by analysts, investors and competitors in our
industry, as well as by our management, in assessing both
consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our
period-over-period operating performance because our management
believes this provides a more comparable measure of our continuing
business by adjusting for certain items that are not reflective of
the underlying performance of our business. These measures may also
be useful to investors in evaluating the underlying operating
performance of our business and forecasting future results.
We regularly use these non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and
compensate them, in part, based on such non-GAAP measures and use
this information for our planning and forecasting
activities.
Additional information relating to these non-GAAP financial
measures and reconciliations to the most directly comparable GAAP
financial measures is provided in the tables accompanying this
press release following our GAAP financial statements.
With respect to the Company's outlook for 2017 non-GAAP
operating margin, non-GAAP EPS and non-GAAP tax rate, we are not
providing the most directly comparable GAAP financial measures or
corresponding reconciliations to such GAAP financial measures on a
forward-looking basis, because we are unable to predict with
reasonable certainty certain items that may affect such measures
calculated and presented in accordance with GAAP without
unreasonable effort. Our expected non-GAAP operating margin, tax
rate and EPS ranges exclude primarily the future impact of
restructuring actions, unusual gains and losses,
acquisition-related expenses and purchase accounting fair value
adjustments. These reconciling items are uncertain, depend on
various factors outside our management's control and could
significantly impact, either individually or in the aggregate, our
future period operating margins, EPS and tax rate calculated and
presented in accordance with GAAP.
Forward Looking Statements
Any statements contained in this press release which do not
describe historical facts may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any forward-looking statements contained herein are based
on current expectations, but are subject to risks and uncertainties
that could cause actual results to differ materially from those
indicated, including, but not limited to, risks and uncertainties
relating to adverse changes in conditions in the global economy and
volatility in the capital markets, the integration of businesses we
have acquired or may acquire in the future, fluctuations in foreign
currency exchange rates, our ability to successfully implement our
restructuring initiatives, changing technologies, product
development and market acceptance of our products, the cost and
pricing of our products, manufacturing, competition, dependence on
collaborative partners, key suppliers and contract manufacturers,
capital spending and government funding policies, changes in
governmental regulations, the use and protection of intellectual
property rights, litigation, and other risk factors discussed from
time to time in our filings with the Securities and Exchange
Commission, or SEC. These and other factors are identified and
described in more detail in our filings with the SEC, including,
without limitation, our annual report on Form 10-K for the year
ended December 31, 2016 and
subsequently filed Quarterly Reports on Form 10-Q. We expressly
disclaim any intent or obligation to update these forward-looking
statements other than as required by law.
-tables follow-
Contacts:
Miroslava
Minkova
Head of Investor Relations
Bruker
Corporation
T: +1 (978) 663 – 3660, ext.
1479
E: miroslava.minkova@bruker.com
Bruker
Corporation
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
263.9
|
|
$
342.4
|
|
|
Short-term
investments
|
165.3
|
|
157.9
|
|
|
Accounts receivable,
net
|
269.8
|
|
243.9
|
|
|
Inventories
|
|
515.3
|
|
440.4
|
|
|
Other current
assets
|
122.5
|
|
91.3
|
|
|
|
Total current
assets
|
1,336.8
|
|
1,275.9
|
|
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
260.4
|
|
239.1
|
|
Intangibles, net and
other long-term assets
|
364.3
|
|
293.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,961.5
|
|
$
1,808.4
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of
long-term debt
|
$
-
|
|
$
20.1
|
|
|
Accounts
payable
|
94.8
|
|
86.1
|
|
|
Customer
advances
|
126.2
|
|
149.0
|
|
|
Other current
liabilities
|
292.5
|
|
269.5
|
|
|
|
Total current
liabilities
|
513.5
|
|
524.7
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
480.5
|
|
391.6
|
|
Other long-term
liabilities
|
227.6
|
|
199.0
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
739.9
|
|
693.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
1,961.5
|
|
$
1,808.4
|
|
|
|
|
|
|
|
|
|
|
Bruker
Corporation
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in millions,
except per share amounts)
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenues
|
$
435.6
|
|
$
393.9
|
|
$
1,235.4
|
|
$
1,141.0
|
Cost of
revenues
|
237.6
|
|
208.7
|
|
677.6
|
|
618.9
|
|
|
|
|
|
|
|
|
Gross
profit
|
198.0
|
|
185.2
|
|
557.8
|
|
522.1
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
102.9
|
|
96.8
|
|
303.8
|
|
290.4
|
Research and
development
|
40.9
|
|
37.9
|
|
119.2
|
|
110.8
|
Other charges,
net
|
4.3
|
|
4.6
|
|
13.8
|
|
20.6
|
Total operating
expenses
|
148.1
|
|
139.3
|
|
436.8
|
|
421.8
|
|
|
|
|
|
|
|
|
Operating
income
|
49.9
|
|
45.9
|
|
121.0
|
|
100.3
|
|
|
|
|
|
|
|
|
Interest and other
expense, net
|
(2.5)
|
|
(2.9)
|
|
(11.8)
|
|
(11.1)
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling
|
|
|
|
|
|
|
|
interest in
consolidated subsidiaries
|
47.4
|
|
43.0
|
|
109.2
|
|
89.2
|
Income tax
provision
|
9.8
|
|
(4.0)
|
|
25.9
|
|
3.8
|
|
|
|
|
|
|
|
|
Consolidated net
income
|
37.6
|
|
47.0
|
|
83.3
|
|
85.4
|
Net income
attributable to noncontrolling
|
|
|
|
|
|
|
|
interests in
consolidated subsidiaries
|
0.6
|
|
0.5
|
|
1.3
|
|
0.8
|
Net income
attributable to Bruker Corporation
|
$
37.0
|
|
$
46.5
|
|
$
82.0
|
|
$
84.6
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to
|
|
|
|
|
|
|
|
Bruker Corporation
shareholders:
|
|
|
|
|
|
|
|
Basic
|
$
0.23
|
|
$
0.29
|
|
$
0.52
|
|
$
0.52
|
Diluted
|
$
0.23
|
|
$
0.29
|
|
$
0.51
|
|
$
0.52
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
157.5
|
|
160.8
|
|
158.9
|
|
161.8
|
Diluted
|
158.7
|
|
161.5
|
|
159.9
|
|
162.7
|
Bruker
Corporation
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
millions)
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Consolidated
net income
|
|
|
$
37.6
|
|
$
47.0
|
|
$
83.3
|
|
$
85.4
|
Adjustments to
reconcile consolidated net income to cash flows
|
|
|
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
17.1
|
|
13.7
|
|
48.2
|
|
40.4
|
|
Stock-based
compensation expense
|
|
3.1
|
|
2.5
|
|
8.4
|
|
6.8
|
|
Deferred income
taxes
|
|
(2.8)
|
|
(28.1)
|
|
(5.0)
|
|
(32.1)
|
|
Other non-cash
expenses, net
|
|
4.3
|
|
7.7
|
|
6.1
|
|
25.2
|
Changes in
operating assets and liabilities, net of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(25.3)
|
|
(14.9)
|
|
(8.4)
|
|
15.4
|
|
Inventories
|
|
|
(0.9)
|
|
(13.4)
|
|
(37.5)
|
|
(73.4)
|
|
Accounts
payable and accrued expenses
|
|
15.8
|
|
0.8
|
|
(8.6)
|
|
(11.5)
|
|
Income taxes
payable, net
|
|
1.3
|
|
11.6
|
|
(6.3)
|
|
(19.8)
|
|
Deferred
revenue
|
|
|
(3.5)
|
|
(2.4)
|
|
(0.2)
|
|
3.0
|
|
Customer
advances
|
|
|
(14.1)
|
|
(0.1)
|
|
(34.7)
|
|
(6.5)
|
|
Other changes
in operating assets and liabilities, net
|
2.7
|
|
11.5
|
|
5.4
|
|
7.1
|
Net cash
provided by operating activities
|
|
35.3
|
|
35.9
|
|
50.7
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of
short-term investments
|
|
-
|
|
(44.5)
|
|
(118.5)
|
|
(77.6)
|
|
Maturities of
short-term investments
|
|
64.6
|
|
72.3
|
|
134.0
|
|
122.4
|
|
Cash paid for
acquisitions, net of cash acquired
|
(7.1)
|
|
-
|
|
(65.8)
|
|
(1.2)
|
|
Purchases of
property, plant and equipment
|
(10.2)
|
|
(8.8)
|
|
(31.3)
|
|
(26.0)
|
|
Proceeds from
sales of property, plant and equipment
|
-
|
|
-
|
|
6.9
|
|
0.9
|
Net cash
provided (used in) by investing activities
|
|
47.3
|
|
19.0
|
|
(74.7)
|
|
18.5
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
revolving lines of credit
|
|
75.0
|
|
22.0
|
|
154.0
|
|
99.0
|
|
Repayment of
revolving lines of credit
|
|
(25.0)
|
|
-
|
|
(65.0)
|
|
-
|
|
Repayment of
note purchase agreement
|
|
-
|
|
-
|
|
(20.0)
|
|
-
|
|
(Repayment)
Proceeds of other debt, net
|
|
(0.7)
|
|
(0.1)
|
|
(1.0)
|
|
0.1
|
|
Proceeds from
issuance of common stock, net
|
6.1
|
|
0.6
|
|
15.3
|
|
10.2
|
|
Repurchase of
common stock
|
|
(88.0)
|
|
(25.9)
|
|
(129.7)
|
|
(143.5)
|
|
Payment of
dividends
|
|
(6.3)
|
|
(6.4)
|
|
(19.1)
|
|
(19.4)
|
|
Payment of
contingent consideration
|
|
-
|
|
-
|
|
(3.5)
|
|
-
|
|
Cash payments
to noncontrolling interest
|
-
|
|
(0.7)
|
|
(0.5)
|
|
(0.7)
|
|
Excess tax
benefit related to stock option awards
|
-
|
|
-
|
|
-
|
|
0.3
|
Net cash used
in financing activities
|
|
(38.9)
|
|
(10.5)
|
|
(69.5)
|
|
(54.0)
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
2.7
|
|
1.9
|
|
15.4
|
|
6.6
|
Net change in
cash, cash equivalents and restricted cash
|
46.4
|
|
46.3
|
|
(78.1)
|
|
11.1
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
221.4
|
|
236.0
|
|
345.9
|
|
271.2
|
Cash, cash
equivalents and restricted cash at end of period
|
$
267.8
|
|
$
282.3
|
|
$
267.8
|
|
$
282.3
|
Bruker
Corporation
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)
|
|
|
|
|
|
|
|
|
|
|
(in millions,
except per share amounts)
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Reconciliation of
Non-GAAP Operating Income, Non-GAAP Profit
Before Tax, Non-GAAP Net Income, and Non-GAAP EPS
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
49.9
|
|
$
45.9
|
|
$
121.0
|
|
$
100.3
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
4.6
|
|
5.3
|
|
8.5
|
|
12.8
|
Acquisition-Related
Costs
|
0.7
|
|
0.4
|
|
9.4
|
|
10.4
|
Purchased Intangible
Amortization
|
8.2
|
|
5.4
|
|
22.6
|
|
16.2
|
Other
Costs
|
1.0
|
|
1.6
|
|
3.8
|
|
6.2
|
Total
Non-GAAP Adjustments:
|
$
14.5
|
|
$
12.7
|
|
$
44.3
|
|
$
45.6
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
64.4
|
|
$
58.6
|
|
$
165.3
|
|
$
145.9
|
Non-GAAP Operating Margin
|
14.8%
|
|
14.9%
|
|
13.4%
|
|
12.8%
|
|
|
|
|
|
|
|
|
Non-GAAP Interest
& Other Expense, net
|
(3.6)
|
|
(2.9)
|
|
(12.9)
|
|
(11.1)
|
Non-GAAP Profit
Before Tax
|
60.8
|
|
55.7
|
|
152.4
|
|
134.8
|
|
|
|
|
|
|
|
|
Non-GAAP Income Tax
Provision
|
(13.8)
|
|
(3.5)
|
|
(38.7)
|
|
(15.4)
|
Non-GAAP Tax Rate
|
22.7%
|
|
6.3%
|
|
25.4%
|
|
11.4%
|
|
|
|
|
|
|
|
|
Minority
Interest
|
(0.6)
|
|
(0.5)
|
|
(1.3)
|
|
(0.8)
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income Attributable to Bruker
|
46.4
|
|
51.7
|
|
112.4
|
|
118.6
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Diluted)
|
158.7
|
|
161.5
|
|
159.9
|
|
162.7
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
Per Share
|
$
0.29
|
|
$
0.32
|
|
$
0.70
|
|
$
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
GAAP Gross
Profit
|
$
198.0
|
|
$
185.2
|
|
$
557.8
|
|
$
522.1
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
1.6
|
|
2.5
|
|
1.6
|
|
6.4
|
Acquisition-Related
Costs
|
0.2
|
|
0.2
|
|
5.6
|
|
2.3
|
Purchased Intangible
Amortization
|
7.4
|
|
4.7
|
|
18.4
|
|
14.0
|
Other
Costs
|
0.2
|
|
-
|
|
0.7
|
|
0.1
|
Total
Non-GAAP Adjustments:
|
9.4
|
|
7.4
|
|
26.3
|
|
22.8
|
Non-GAAP Gross
Profit
|
$
207.4
|
|
$
192.6
|
|
$
584.1
|
|
$
544.9
|
Non-GAAP Gross Margin
|
47.6%
|
|
48.9%
|
|
47.3%
|
|
47.8%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Tax Rate
|
|
|
|
|
|
|
|
GAAP Tax
Rate
|
20.7%
|
|
-9.3%
|
|
23.7%
|
|
4.3%
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Tax Impact of
Non-GAAP Adjustments
|
1.9%
|
|
1.3%
|
|
1.5%
|
|
-2.4%
|
Tax Authority
Settlements
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
1.7%
|
Valuation Allowance
Release
|
0.0%
|
|
16.4%
|
|
0.0%
|
|
9.3%
|
Other Discrete
Items
|
0.1%
|
|
-2.1%
|
|
0.2%
|
|
-1.5%
|
Total
Non-GAAP Adjustments:
|
2.0%
|
|
15.6%
|
|
1.7%
|
|
7.1%
|
Non-GAAP Tax
Rate
|
22.7%
|
|
6.3%
|
|
25.4%
|
|
11.4%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Interest & Other Income (Expense),
net
|
|
|
|
|
|
|
GAAP Interest
& Other Income (Expense), net
|
$
(2.5)
|
|
$
(2.9)
|
|
$
(11.8)
|
|
$
(11.1)
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Bargain Purchase
Gain
|
(1.1)
|
|
-
|
|
(1.1)
|
|
-
|
Non-GAAP Interest
& Other Income (Expense), net
|
$
(3.6)
|
|
$
(2.9)
|
|
$
(12.9)
|
|
$
(11.1)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Operating Cash Flow and Non-GAAP Free Cash Flow
|
|
|
|
|
|
|
GAAP Operating
Cash Flow
|
$
35.3
|
|
$
35.9
|
|
$
50.7
|
|
$
40.0
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(10.2)
|
|
(8.8)
|
|
(31.3)
|
|
(26.0)
|
Non-GAAP Free Cash
Flow
|
$
25.1
|
|
$
27.1
|
|
$
19.4
|
|
$
14.0
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Revenue and Non-GAAP Revenue
|
|
|
|
|
|
|
|
GAAP Revenue as of
Prior Comparable Period
|
$
393.9
|
|
$
396.1
|
|
$
1,141.0
|
|
$
1,145.6
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Acquisitions and
divestitures
|
19.1
|
|
6.3
|
|
60.4
|
|
23.5
|
Currency
|
9.0
|
|
1.2
|
|
(5.1)
|
|
(1.9)
|
Organic
|
13.6
|
|
(9.7)
|
|
39.1
|
|
(26.2)
|
Total
Non-GAAP Adjustments:
|
41.7
|
|
(2.2)
|
|
94.4
|
|
(4.6)
|
Non-GAAP
Revenue
|
$
435.6
|
|
$
393.9
|
|
$
1,235.4
|
|
$
1,141.0
|
Organic Revenue Growth
|
3.4%
|
|
-2.4%
|
|
3.4%
|
|
-2.3%
|
|
Days Inventory
Outstanding is calculated as follows: GAAP Average Inventory
balance divided by (GAAP Revenue less Non-GAAP Gross Profit
(defined above))
|
|
|
|
|
|
|
|
|
Days Payable
Outstanding is calculated as follows: GAAP Average Accounts
Payable balance divided by (GAAP Revenue less Non-GAAP Gross Profit
(defined above) plus the Change in GAAP Inventory
balance)
|
|
|
|
|
|
|
|
|
|
|
|
Days Sales
Outstanding is calculated as follows: GAAP Average Accounts
Receivable balance divided by GAAP Revenue
|
|
View original
content:http://www.prnewswire.com/news-releases/bruker-reports-third-quarter-2017-financial-results-300548784.html
SOURCE Bruker Corporation