CHELMSFORD, Mass., Nov. 6, 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 fourth quarter and the
fiscal year ended September 30,
2019.
|
|
Financial Results
Summary
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
Year
Ended
|
|
|
|
Dollars in millions, except per share
data
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
|
|
2019
|
|
2018
|
|
Change
|
|
Revenue
|
|
$
|
200
|
|
$
|
160
|
|
25
|
%
|
|
|
$
|
782
|
|
$
|
632
|
|
24
|
%
|
Semiconductor Solutions
Group
|
|
$
|
106
|
|
$
|
109
|
|
(3)
|
%
|
|
|
$
|
448
|
|
$
|
435
|
|
3
|
%
|
Life
Sciences
|
|
$
|
94
|
|
$
|
51
|
|
85
|
%
|
|
|
$
|
334
|
|
$
|
197
|
|
70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
Continuing Operations
|
|
$
|
0.08
|
|
$
|
(0.02)
|
|
|
|
|
|
$
|
0.14
|
|
$
|
0.95
|
|
|
|
Diluted EPS
Total
|
|
$
|
5.69
|
|
$
|
0.15
|
|
|
|
|
|
$
|
6.05
|
|
$
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Diluted EPS
Cont. Operations
|
|
$
|
0.24
|
|
$
|
0.17
|
|
43
|
%
|
|
|
$
|
0.77
|
|
$
|
0.64
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
31
|
|
$
|
22
|
|
39
|
%
|
|
|
$
|
128
|
|
$
|
93
|
|
37
|
%
|
|
On July 1, 2019, the Company
announced 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 reports
the results of the Semiconductor Cryogenics business as
discontinued operations for all periods presented.
Management Comments
"In the fourth quarter we
delivered continued growth in our Life Sciences business, solid
performance in our Semiconductor business, and one of our highest
quarters in cash generation," commented Steve Schwartz, CEO of Brooks Automation. "We
capped off a year in which all areas of the business provided
growth and margin expansion. It was truly a transformative
year for us as our team successfully completed the acquisition of
GENEWIZ and closed the sale of the Semiconductor Cryogenics
business. We have good momentum in Life Sciences
revenue, strong bookings in the Semiconductor Solutions business,
and a solid balance sheet that supports additional
investments. We have set the stage for a strong 2020 fiscal
year."
Summary of GAAP Results
Fourth Quarter, Fiscal 2019
- Revenue of $200 million was up
25% year over year, driven by the Life Sciences segment growth of
85% and slightly offset by a decline of 3% in Semiconductor
Solutions. Sequentially, quarterly revenue declined 2% driven by
lower Semiconductor Solutions revenue which was down 9%, offset by
Life Sciences revenue, up 7% compared to the third quarter of
fiscal 2019.
- Life Sciences revenue of $94
million grew 85% year over year, inclusive of 10% organic
growth, all attributable to Sample Management. GENEWIZ, acquired in
November of 2018, contributed $40
million of revenue in the fourth quarter.
- Semiconductor Solutions revenue of $106
million was down 3% year over year, yet stable relative to
the overall semiconductor capital equipment market.
- GAAP diluted EPS was $5.69
compared to $0.15 in the fourth
quarter of 2018. Discontinued operations provided $5.61 earnings per share supported by a
$409 million gain on the sale of the
Semiconductor Cryogenics business. Continuing operations yielded
$0.08 in the quarter compared to
($0.02) in the fourth quarter a year
ago.
- GAAP operating income was $11
million, compared to $4
million in the fourth quarter of 2018.
- Net interest expense for the fourth fiscal quarter was
$0.3 million, down from $2.0 million in the fourth quarter of 2018 and
down from $7.9 million in the third
fiscal quarter of 2019, as a result of the reduction of
$495 million of debt on July 1, 2019. The divestiture generated
$662 million of cash in the
quarter.
- Cash flow from operations was $33
million in the quarter, inclusive of $13 million of transaction fees paid, stemming
from the closure of the Cryogenics sale. Excluding these one-time
cash outflows, our operating cash flow was $46 million. The ending balance of total debt was
$51 million and the balance of cash,
cash equivalents, restricted cash, and marketable securities was
$342 million.
Full Year, Fiscal 2019
- Revenue for fiscal 2019 was $782
million, an increase of 24% compared to fiscal 2018. Growth
was supported by both segments. Life Sciences revenue of
$334 million was 70% higher than
fiscal 2018, inclusive of 8% organic growth. Semiconductor revenue
was $448 million was an increase of
3% over the prior year.
- GAAP diluted EPS was $6.05
compared to $1.64 in fiscal 2018.
Discontinued operations provided $5.91 primarily from the $409 million gain on the sale of the
Semiconductor Cryogenics business. Continuing operations provided
$0.14 compared to $0.95 in fiscal 2018, which included a tax
benefit of $43 million for the
reversal of a valuation allowance reserve. Fiscal year 2019 results
included $11 million of additional
amortization of intangibles driven by the acquisition of GENEWIZ
and $14 million in charges for the
extinguishment of debt.
- GAAP operating income was $47
million, an increase of 48% compared to fiscal 2018.
- Cash flow from operations was $91
million, a 23% increase compared to $74 million in fiscal 2018. Excluding transaction
fees paid upon the closure of the Cryogenics sale, cash flow from
operations was $104 million, a 41%
increase from 2018.
Summary of Non-GAAP Results for Continuing Operations
Fourth Quarter, Fiscal 2019
- Non-GAAP diluted EPS from continuing operations for the quarter
was $0.24, a 43% increase compared to
the fourth quarter of 2018.
- Non-GAAP operating margin was 10.8%, higher by 140 basis points
compared to the fourth quarter of 2018. The improvement was driven
by non-GAAP gross margin performance, which was 41.8% and 160 basis
points higher year over year, driven by Life Sciences adjusted
gross margin of 42.6% which was higher by 480 basis points year
over year. The improvement reflects 220 basis points improvement in
Sample Management operations and the favorable mix of adding
GENEWIZ to the business. Operating expense increased 26% year over
year, consistent with revenue and reflecting the incremental
structure of GENEWIZ and an increase in Semiconductor R&D
spending.
- Adjusted EBITDA in the quarter increased 39% year over year to
$31 million, up from $22 million in the prior year quarter. The
adjusted EBITDA margin improved to 15.7% from 14.1% in the fourth
quarter of fiscal 2018.
Full Year, Fiscal 2019
- Non-GAAP diluted EPS from continuing operations for 2019 was
$0.77, a 20% increase compared to
$0.64 in 2018. The increase reflects
the 24% revenue growth and improvement in operating margin of 130
basis points, partially offset by higher interest expense.
- Operating income was $91 million,
a 39% increase from 2018. The increase was supported by non-GAAP
gross margins of 41.9%, which improved 190 basis points compared to
2018. Life Sciences gross margins were 42.4%, up 440 basis points
from last year driven by the inclusion of GENEWIZ results and 40
basis points of improvement in Sample Management. The Semiconductor
Solutions business gross margin improved 60 basis points from last
year to 41.5%.
A reconciliation of non-GAAP measures to the most nearly
comparable GAAP measures follows the consolidated balance sheets,
statements of operations and statements of cash flows included in
this release.
Quarterly Cash Dividend
The Company additionally
announced that the Board of Directors has reiterated a dividend of
$0.10 per share payable on
December 20, 2019 to stockholders of
record on December 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 First Quarter 2020
The
Company announced revenue and earnings guidance for the first
quarter of fiscal 2020. Revenue is expected to be in the
range of $204 million to $214 million and non-GAAP diluted earnings per
share is expected to be in the range of $0.20 to $0.27. GAAP diluted earnings per share for
the first quarter is expected to be in the range of $0.09 to $0.17.
Conference Call
Brooks management will webcast its
fourth quarter and year-end earnings conference call today at
4:30 p.m. Eastern Time. During the
call, Company management will respond to questions concerning, but
not limited to, the Company's financial performance, business
conditions and industry outlook. Management's responses could
contain information that has not been previously disclosed.
The call will be broadcast live over the Internet and, together
with presentation materials referenced on the call, will be hosted
at the Investor Relations section of Brooks' website at
https://brooks.investorroom.com/events, and will be archived online
on this website for convenient on-demand replay. In addition,
you may call 877-256-3275 (US & Canada only) or +1-212-231-2938 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. 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
john.mills@icrinc.com
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year
Ended
|
|
|
|
|
September 30,
|
|
|
September
30,
|
|
|
|
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
123,219
|
|
$
|
120,307
|
|
|
$
|
505,046
|
|
$
|
482,389
|
|
Services
|
|
|
|
77,009
|
|
|
39,339
|
|
|
|
276,819
|
|
|
149,171
|
|
Total
revenue
|
|
|
|
200,228
|
|
|
159,646
|
|
|
|
781,865
|
|
|
631,560
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
73,177
|
|
|
71,820
|
|
|
|
302,757
|
|
|
288,323
|
|
Services
|
|
|
|
46,400
|
|
|
25,206
|
|
|
|
162,351
|
|
|
97,156
|
|
Total cost of
revenue
|
|
|
|
119,577
|
|
|
97,026
|
|
|
|
465,108
|
|
|
385,479
|
|
Gross
profit
|
|
|
|
80,651
|
|
|
62,620
|
|
|
|
316,757
|
|
|
246,081
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
|
14,883
|
|
|
12,138
|
|
|
|
56,368
|
|
|
46,936
|
|
Selling, general and
administrative
|
|
|
|
53,451
|
|
|
46,281
|
|
|
|
211,960
|
|
|
167,022
|
|
Restructuring
charges
|
|
|
|
1,209
|
|
|
585
|
|
|
|
1,894
|
|
|
714
|
|
Total operating
expenses
|
|
|
|
69,542
|
|
|
59,004
|
|
|
|
270,222
|
|
|
214,672
|
|
Operating
income
|
|
|
|
11,109
|
|
|
3,616
|
|
|
|
46,535
|
|
|
31,409
|
|
Interest
income
|
|
|
|
602
|
|
|
688
|
|
|
|
1,449
|
|
|
1,881
|
|
Interest
expense
|
|
|
|
(902)
|
|
|
(2,679)
|
|
|
|
(22,250)
|
|
|
(9,520)
|
|
Loss on
extinguishment of debt
|
|
|
|
(5,288)
|
|
|
—
|
|
|
|
(14,339)
|
|
|
—
|
|
Other expenses,
net
|
|
|
|
(339)
|
|
|
(257)
|
|
|
|
(1,455)
|
|
|
(3,304)
|
|
Income before income
taxes
|
|
|
|
5,182
|
|
|
1,368
|
|
|
|
9,940
|
|
|
20,466
|
|
Income tax provision
(benefit)
|
|
|
|
(350)
|
|
|
2,580
|
|
|
|
50
|
|
|
(47,251)
|
|
Income (loss) from
continuing operations
|
|
|
$
|
5,532
|
|
$
|
(1,212)
|
|
|
$
|
9,890
|
|
$
|
67,717
|
|
Income from
discontinued operations, net of tax
|
|
|
|
407,131
|
|
|
11,563
|
|
|
|
427,862
|
|
|
48,747
|
|
Net income
|
|
|
$
|
412,663
|
|
$
|
10,351
|
|
|
$
|
437,752
|
|
$
|
116,464
|
|
Net loss attributable
to noncontrolling interest
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
111
|
|
Net income
attributable to Brooks Automation, Inc.
|
|
|
$
|
412,663
|
|
$
|
10,351
|
|
|
$
|
437,752
|
|
$
|
116,575
|
|
Basic net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share from continuing operations
|
|
|
$
|
0.08
|
|
$
|
(0.02)
|
|
|
$
|
0.14
|
|
$
|
0.96
|
|
Basic net income per
share from discontinued operations
|
|
|
|
5.63
|
|
|
0.16
|
|
|
|
5.94
|
|
|
0.69
|
|
Basic net income per
share
|
|
|
$
|
5.71
|
|
$
|
0.15
|
|
|
$
|
6.08
|
|
$
|
1.65
|
|
Diluted net income
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share from continuing operations
|
|
|
$
|
0.08
|
|
$
|
(0.02)
|
|
|
$
|
0.14
|
|
$
|
0.95
|
|
Diluted net income per
share from discontinued operations
|
|
|
|
5.61
|
|
|
0.16
|
|
|
|
5.91
|
|
|
0.69
|
|
Diluted net income
per share
|
|
|
$
|
5.69
|
|
$
|
0.15
|
|
|
$
|
6.05
|
|
$
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding used in computing net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
72,273
|
|
|
70,681
|
|
|
|
71,992
|
|
|
70,489
|
|
Diluted
|
|
|
|
72,558
|
|
|
71,085
|
|
|
|
72,386
|
|
|
70,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(unaudited)
|
(In thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
301,642
|
|
$
|
197,708
|
Marketable
securities
|
|
34,124
|
|
|
46,281
|
Accounts receivable,
net
|
|
166,657
|
|
|
125,192
|
Inventories
|
|
99,445
|
|
|
96,986
|
Prepaid expenses and
other current assets
|
|
46,331
|
|
|
31,741
|
Current assets held
for sale
|
|
—
|
|
|
66,148
|
Total current
assets
|
|
648,199
|
|
|
564,056
|
Property, plant and
equipment, net
|
|
100,669
|
|
|
59,988
|
Long-term marketable
securities
|
|
2,845
|
|
|
7,237
|
Long-term deferred tax
assets
|
|
5,064
|
|
|
43,798
|
Goodwill
|
|
488,602
|
|
|
255,876
|
Intangible assets,
net
|
|
251,168
|
|
|
99,956
|
Other
assets
|
|
20,507
|
|
|
5,294
|
Non-current assets
held for sale
|
|
—
|
|
|
59,052
|
Total
assets
|
$
|
1,517,054
|
|
$
|
1,095,257
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
829
|
|
$
|
2,000
|
Accounts
payable
|
|
59,437
|
|
|
44,724
|
Deferred
revenue
|
|
29,477
|
|
|
25,884
|
Accrued warranty and
retrofit costs
|
|
7,175
|
|
|
6,340
|
Accrued compensation
and benefits
|
|
31,375
|
|
|
29,322
|
Accrued restructuring
costs
|
|
1,040
|
|
|
659
|
Accrued income taxes
payable
|
|
99,423
|
|
|
6,746
|
Accrued expenses and
other current liabilities
|
|
44,234
|
|
|
30,405
|
Current liabilities
held for sale
|
|
—
|
|
|
18,537
|
Total current
liabilities
|
|
272,990
|
|
|
164,617
|
Long-term
debt
|
|
50,315
|
|
|
194,071
|
Long-term tax
reserves
|
|
18,273
|
|
|
1,102
|
Long-term deferred tax
liabilities
|
|
20,636
|
|
|
7,135
|
Long-term pension
liabilities
|
|
5,338
|
|
|
4,255
|
Other long-term
liabilities
|
|
10,212
|
|
|
5,547
|
Non-current
liabilities held for sale
|
|
—
|
|
|
698
|
Total
liabilities
|
|
377,764
|
|
|
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, 85,759,700 shares issued
and 72,297,831 shares outstanding at September 30, 2019,
84,164,130 shares issued and 70,702,261 shares outstanding at
September 30, 2018
|
|
857
|
|
|
841
|
Additional paid-in
capital
|
|
1,921,954
|
|
|
1,898,434
|
Accumulated other
comprehensive income
|
|
3,510
|
|
|
13,587
|
Treasury stock at cost
- 13,461,869 shares
|
|
(200,956)
|
|
|
(200,956)
|
Accumulated
deficit
|
|
(586,075)
|
|
|
(994,074)
|
Total stockholders'
equity
|
|
1,139,290
|
|
|
717,832
|
Total liabilities and
stockholders' equity
|
$
|
1,517,054
|
|
$
|
1,095,257
|
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
September 30,
|
|
2019
|
|
2018
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
$
|
437,752
|
|
$
|
116,464
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
54,454
|
|
|
37,429
|
Impairment of
property, plant and equipment
|
|
285
|
|
|
—
|
Stock-based
compensation
|
|
20,113
|
|
|
19,822
|
Amortization of
premium on marketable securities and deferred financing
costs
|
|
1,121
|
|
|
710
|
Earnings of equity
method investments
|
|
(6,188)
|
|
|
(6,788)
|
Loss recovery on
insurance claim
|
|
—
|
|
|
(1,103)
|
Deferred income
taxes
|
|
(15,161)
|
|
|
(45,217)
|
Loss on extinguishment
of debt
|
|
14,339
|
|
|
—
|
Other gains on
disposals of assets
|
|
209
|
|
|
(758)
|
Gain on sale of
divestiture, net of tax
|
|
(408,575)
|
|
|
—
|
Contingent transaction
fees paid stemming from divestiture
|
|
(13,388)
|
|
|
—
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
|
|
Accounts
receivable
|
|
(12,504)
|
|
|
(28,463)
|
Inventories
|
|
(2,933)
|
|
|
(24,365)
|
Prepaid expenses and
current assets
|
|
(16,009)
|
|
|
(3,676)
|
Accounts
payable
|
|
5,215
|
|
|
5,457
|
Deferred
revenue
|
|
4,255
|
|
|
2,791
|
Accrued warranty and
retrofit costs
|
|
1,109
|
|
|
(157)
|
Accrued compensation
and tax withholdings
|
|
(6,453)
|
|
|
5,978
|
Accrued restructuring
costs
|
|
399
|
|
|
(1,080)
|
Proceeds from recovery
on insurance claim
|
|
1,082
|
|
|
—
|
Accrued expenses and
current liabilities
|
|
31,776
|
|
|
(3,080)
|
Net cash provided by
operating activities
|
|
90,898
|
|
|
73,964
|
Cash flows from
investing activities
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(23,861)
|
|
|
(12,787)
|
Purchases of
marketable securities
|
|
(35,225)
|
|
|
(69,692)
|
Sales of marketable
securities
|
|
48,903
|
|
|
1,584
|
Maturities of
marketable securities
|
|
2,557
|
|
|
17,482
|
Proceeds from
divestiture, net of transaction costs
|
|
661,642
|
|
|
|
Acquisitions, net of
cash acquired
|
|
(442,704)
|
|
|
(85,755)
|
Proceeds from other
investments
|
|
—
|
|
|
500
|
Proceeds from sales of
property, plant and equipment
|
|
—
|
|
|
200
|
Net cash provided by
(used) in investing activities
|
|
211,312
|
|
|
(148,468)
|
Cash flows from
financing activities
|
|
|
|
|
|
Proceeds from term
loans, net of discount
|
|
686,386
|
|
|
197,554
|
Proceeds from issuance
of common stock
|
|
3,422
|
|
|
2,826
|
Payments of financing
costs
|
|
(687)
|
|
|
(318)
|
Principal payments on
debt
|
|
(850,190)
|
|
|
(1,500)
|
Payments of capital
leases
|
|
(1,197)
|
|
|
—
|
Common stock dividends
paid
|
|
(28,895)
|
|
|
(28,285)
|
Net cash provided by
(used in) financing activities
|
|
(191,161)
|
|
|
170,277
|
Effects of exchange
rate changes on cash and cash equivalents
|
|
(3,586)
|
|
|
313
|
Net increase in cash
and cash equivalents
|
|
107,463
|
|
|
96,086
|
Cash and cash
equivalents and restricted cash, beginning of period
|
|
197,708
|
|
|
101,622
|
Cash and cash
equivalents and restricted cash, end of period
|
$
|
305,171
|
|
$
|
197,708
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the consolidated
balance sheets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
301,642
|
|
$
|
197,708
|
Restricted cash
included in prepaid expenses and other current assets
|
|
3,529
|
|
|
—
|
Total cash, cash
equivalents and restricted cash shown in the consolidated
statements of cash flows
|
$
|
305,171
|
|
$
|
197,708
|
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
|
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
Dollars in
thousands, except per share data
|
|
|
|
share
|
|
|
|
share
|
|
|
|
share
|
Net income (loss)
from continuing operations
|
|
$
|
5,532
|
|
$
|
0.08
|
|
$
|
921
|
|
$
|
0.01
|
|
$
|
(1,212)
|
|
$
|
(0.02)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
8,931
|
|
|
0.12
|
|
|
9,050
|
|
|
0.12
|
|
|
6,530
|
|
|
0.09
|
Restructuring
charges
|
|
|
1,209
|
|
|
0.02
|
|
|
256
|
|
|
0.00
|
|
|
585
|
|
|
0.01
|
Loss on extinguishment
of debt
|
|
|
5,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Merger
costs
|
|
|
134
|
|
|
0.00
|
|
|
156
|
|
|
0.00
|
|
|
4,309
|
|
|
0.06
|
Restructuring related
charges
|
|
|
285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment of
valuation allowance against
deferred tax assets
|
|
|
(233)
|
|
|
(0.00)
|
|
|
—
|
|
|
—
|
|
|
690
|
|
|
0.01
|
Tax Reform - rate
change applied to deferred tax
liabilities (1)
|
|
|
—
|
|
|
—
|
|
|
4,281
|
|
|
0.06
|
|
|
—
|
|
|
—
|
Tax adjustments
(2)
|
|
|
—
|
|
|
—
|
|
|
974
|
|
|
0.01
|
|
|
—
|
|
|
—
|
Tax effect of
adjustments
|
|
|
(3,932)
|
|
|
(0.05)
|
|
|
(1,345)
|
|
|
(0.02)
|
|
|
868
|
|
|
0.01
|
Non-GAAP adjusted
net income from continuing
operations
|
|
$
|
17,214
|
|
$
|
0.24
|
|
$
|
14,293
|
|
$
|
0.20
|
|
$
|
11,770
|
|
$
|
0.17
|
Stock
based compensation, pre-tax
|
|
|
4,941
|
|
|
0.07
|
|
|
5,277
|
|
|
0.07
|
|
|
4,587
|
|
|
0.06
|
Tax
rate
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
|
|
9
|
%
|
|
—
|
Stock-based
compensation, net of tax
|
|
|
4,200
|
|
|
0.06
|
|
|
4,485
|
|
|
0.06
|
|
|
4,188
|
|
|
0.06
|
Non-GAAP adjusted net
income excluding
stock-based compensation - continuing
operations
|
|
$
|
21,414
|
|
$
|
0.30
|
|
$
|
18,778
|
|
$
|
0.26
|
|
$
|
15,958
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted
net income per share
|
|
|
—
|
|
|
72,558
|
|
|
—
|
|
|
72,470
|
|
|
—
|
|
|
71,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
Dollars in
thousands, except per share data
|
|
$
|
|
share
|
|
$
|
|
share
|
Net income from
continuing operations
|
|
$
|
9,890
|
|
$
|
0.14
|
|
$
|
67,717
|
|
$
|
0.95
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
0.00
|
|
|
1,896
|
|
|
0.03
|
Amortization of
intangible assets
|
|
|
35,161
|
|
|
0.49
|
|
|
24,216
|
|
|
0.34
|
Restructuring
charges
|
|
|
1,894
|
|
|
0.03
|
|
|
714
|
|
|
0.01
|
Loss on extinguishment
of debt
|
|
|
14,339
|
|
|
—
|
|
|
—
|
|
|
—
|
Merger costs
|
|
|
6,679
|
|
|
0.09
|
|
|
6,945
|
|
|
0.10
|
Restructuring related
charges
|
|
|
285
|
|
|
|
|
|
|
|
|
|
Adjustment of valuation
allowance against deferred tax assets
|
|
|
(233)
|
|
|
(0.00)
|
|
|
(43,062)
|
|
|
(0.61)
|
Tax Reform - rate
change applied to deferred tax liabilities
(1)
|
|
|
1,796
|
|
|
0.02
|
|
|
(671)
|
|
|
(0.01)
|
Tax effect of
adjustments
|
|
|
(14,328)
|
|
|
(0.20)
|
|
|
(12,481)
|
|
|
(0.18)
|
Non-GAAP adjusted
net income from continuing operations
|
|
$
|
55,667
|
|
$
|
0.77
|
|
$
|
45,274
|
|
$
|
0.64
|
Stock-based
compensation, pre-tax
|
|
|
19,516
|
|
|
0.27
|
|
|
18,856
|
|
|
0.27
|
Tax
rate
|
|
|
15
|
%
|
|
—
|
|
|
11
|
%
|
|
—
|
Stock-based
compensation, net of tax
|
|
|
16,589
|
|
$
|
0.23
|
|
|
16,838
|
|
|
0.24
|
Non-GAAP adjusted net
income excluding stock-based
compensation - continuing operations
|
|
$
|
72,256
|
|
$
|
1.00
|
|
$
|
62,112
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted net income per share
|
|
|
—
|
|
|
72,386
|
|
|
—
|
|
|
70,937
|
(1)
|
Adjustments are
related to U.S. Federal Tax Reform.
|
|
|
(2)
|
The Company 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
|
|
Year
Ended
|
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
GAAP net income
attributable to Brooks Automation, Inc.
|
|
$
|
412,663
|
|
$
|
7,254
|
|
$
|
10,351
|
|
$
|
437,752
|
|
$
|
116,575
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Discontinued
operations
|
|
|
(407,131)
|
|
|
(6,333)
|
|
|
(11,563)
|
|
|
(427,862)
|
|
|
(48,747)
|
Less: Interest
income
|
|
|
(602)
|
|
|
(108)
|
|
|
(688)
|
|
|
(1,449)
|
|
|
(1,881)
|
Add: Interest
expense
|
|
|
902
|
|
|
8,041
|
|
|
2,679
|
|
|
22,250
|
|
|
9,520
|
Add: Income tax
provision (benefit)
|
|
|
(350)
|
|
|
7,260
|
|
|
2,580
|
|
|
50
|
|
|
(47,251)
|
Add:
Depreciation
|
|
|
5,094
|
|
|
5,037
|
|
|
3,122
|
|
|
19,289
|
|
|
12,470
|
Add: Amortization of
completed technology
|
|
|
2,764
|
|
|
2,863
|
|
|
1,487
|
|
|
10,424
|
|
|
4,877
|
Add: Amortization of
customer relationships and acquired intangible assets
|
|
|
6,167
|
|
|
6,187
|
|
|
5,043
|
|
|
24,737
|
|
|
19,339
|
Restructuring related
charges
|
|
|
285
|
|
|
|
|
|
|
|
|
285
|
|
|
|
Add: Loss on
extinguishment of debt
|
|
|
5,288
|
|
|
—
|
|
|
—
|
|
|
14,339
|
|
|
—
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
|
25,080
|
|
$
|
30,201
|
|
$
|
13,011
|
|
$
|
99,815
|
|
$
|
64,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year
Ended
|
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Earnings before
interest, taxes, depreciation and amortization
|
|
$
|
25,080
|
|
$
|
30,201
|
|
$
|
13,011
|
|
$
|
99,815
|
|
$
|
64,902
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Stock-based
compensation
|
|
|
4,941
|
|
|
5,277
|
|
|
4,587
|
|
|
19,516
|
|
|
18,856
|
Add: Restructuring
charges
|
|
|
1,209
|
|
|
256
|
|
|
585
|
|
|
1,894
|
|
|
714
|
Add: Purchase
accounting impact on inventory and contracts acquired
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
1,896
|
Add: Merger
costs
|
|
|
134
|
|
|
156
|
|
|
4,309
|
|
|
6,679
|
|
|
6,945
|
Adjusted earnings
before interest, taxes, depreciation and amortization
|
|
$
|
31,364
|
|
$
|
35,890
|
|
$
|
22,492
|
|
$
|
128,088
|
|
$
|
93,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
Dollars in
thousands
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
GAAP gross
profit/gross margin percentage
|
|
$
|
80,651
|
|
40.3
|
%
|
|
$
|
83,510
|
|
41.0
|
%
|
|
$
|
62,620
|
|
39.2
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
2,764
|
|
1.4
|
|
|
|
2,863
|
|
1.4
|
|
|
|
1,487
|
|
0.9
|
|
Restructuring related
charges
|
|
|
285
|
|
0.1
|
|
|
|
—
|
|
0.0
|
|
|
|
—
|
|
0.0
|
|
Non-GAAP adjusted
gross profit/gross margin percentage
|
|
$
|
83,700
|
|
41.8
|
%
|
|
$
|
86,373
|
|
42.4
|
%
|
|
$
|
64,107
|
|
40.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks
Semiconductor Solutions Group
|
|
|
Quarter
Ended
|
Dollars in
thousands
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
GAAP gross
profit/margin percentage
|
|
$
|
42,759
|
|
40.3
|
%
|
|
$
|
47,493
|
|
40.9
|
%
|
|
$
|
43,774
|
|
40.2
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
868
|
|
0.8
|
|
|
|
879
|
|
0.8
|
|
|
|
1,152
|
|
1.1
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
43,627
|
|
41.1
|
%
|
|
$
|
48,372
|
|
41.7
|
%
|
|
$
|
44,926
|
|
41.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life
Sciences
|
|
|
Quarter
Ended
|
Dollars in
thousands
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
GAAP gross
profit/margin percentage
|
|
$
|
37,891
|
|
40.2
|
%
|
|
$
|
36,017
|
|
41.0
|
%
|
|
$
|
18,846
|
|
37.1
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,896
|
|
2.0
|
|
|
|
1,984
|
|
2.3
|
|
|
|
335
|
|
0.7
|
|
Restructuring related
charges
|
|
|
285
|
|
0.3
|
|
|
|
—
|
|
—
|
|
|
0
|
—
|
|
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
40,072
|
|
42.6
|
%
|
|
$
|
38,001
|
|
43.3
|
%
|
|
$
|
19,181
|
|
37.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Semiconductor Solutions Group
|
|
|
Year
Ended
|
Dollars in
thousands
|
|
September 30, 2019
|
|
September 30, 2018
|
GAAP gross
profit/margin percentage
|
|
$
|
182,157
|
|
40.7
|
%
|
|
$
|
173,954
|
|
40.0
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
3,600
|
|
0.8
|
|
|
|
3,402
|
|
0.8
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
0.0
|
|
|
|
735
|
|
0.2
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
185,941
|
|
41.5
|
%
|
|
$
|
178,091
|
|
40.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life
Sciences
|
|
|
Year
Ended
|
Dollars in
thousands
|
|
September 30, 2019
|
|
September 30, 2018
|
GAAP gross
profit/margin percentage
|
|
$
|
134,604
|
|
40.3
|
%
|
|
$
|
72,127
|
|
36.7
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
6,824
|
|
2.0
|
|
|
|
1,475
|
|
0.8
|
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
—
|
|
—
|
|
|
|
1,160
|
|
0.6
|
|
Restructuring related
charges
|
|
|
285
|
|
0.1
|
|
|
|
—
|
|
-
|
|
Non-GAAP adjusted
gross profit/margin percentage
|
|
$
|
141,713
|
|
42.4
|
%
|
|
$
|
74,762
|
|
38.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Semiconductor Solutions Group
|
|
Brooks Life Sciences
|
|
Total
Segments
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
Dollars in thousands
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
GAAP operating
profit
|
|
$
|
13,223
|
|
$
|
19,322
|
|
$
|
13,316
|
|
$
|
4,586
|
|
$
|
4,202
|
|
$
|
382
|
|
$
|
17,809
|
|
$
|
23,524
|
|
$
|
13,698
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
868
|
|
|
879
|
|
|
1,152
|
|
|
1,896
|
|
|
1,984
|
|
|
335
|
|
|
2,764
|
|
|
2,863
|
|
|
1,487
|
Restructuring related
charges
|
|
|
|
|
|
|
|
|
|
|
|
285
|
|
|
|
|
|
|
|
|
285
|
|
|
|
|
|
|
Non-GAAP adjusted
operating profit
|
|
$
|
14,091
|
|
$
|
20,201
|
|
$
|
14,468
|
|
$
|
6,767
|
|
$
|
6,186
|
|
$
|
717
|
|
$
|
20,858
|
|
$
|
26,387
|
|
$
|
15,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Segments
|
|
Corporate
|
|
Total
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
Dollars in thousands
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
GAAP operating profit
(loss)
|
|
$
|
17,809
|
|
$
|
23,524
|
|
$
|
13,698
|
|
$
|
(6,700)
|
|
$
|
(7,101)
|
|
$
|
(10,082)
|
|
$
|
11,109
|
|
$
|
16,423
|
|
$
|
3,616
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
2,764
|
|
|
2,863
|
|
|
1,487
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,764
|
|
|
2,863
|
|
|
1,487
|
Amortization of
customer relationships and acquired intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,167
|
|
|
6,187
|
|
|
5,043
|
|
|
6,167
|
|
|
6,187
|
|
|
5,043
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,209
|
|
|
256
|
|
|
585
|
|
|
1,209
|
|
|
256
|
|
|
585
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Merger costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134
|
|
|
156
|
|
|
4,309
|
|
|
134
|
|
|
156
|
|
|
4,309
|
Restructuring related
charges
|
|
|
285
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
285
|
|
|
|
|
|
|
Non-GAAP adjusted
operating profit (loss)
|
|
$
|
20,858
|
|
$
|
26,387
|
|
$
|
15,185
|
|
$
|
810
|
|
$
|
(502)
|
|
$
|
(145)
|
|
$
|
21,668
|
|
$
|
25,885
|
|
$
|
15,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Semiconductor Solutions Group
|
|
Brooks Life Sciences
|
|
Total
Segments
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Year
Ended
|
Dollars in thousands
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
GAAP operating
profit
|
|
$
|
66,673
|
|
$
|
58,373
|
|
$
|
13,522
|
|
$
|
1,160
|
|
$
|
80,195
|
|
$
|
59,533
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
3,600
|
|
|
3,402
|
|
|
6,824
|
|
|
1,475
|
|
|
10,425
|
|
|
4,877
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
735
|
|
|
—
|
|
|
1,160
|
|
|
184
|
|
|
1,896
|
Restructuring related
charges
|
|
|
—
|
|
|
—
|
|
|
285
|
|
|
—
|
|
|
285
|
|
|
—
|
Non-GAAP adjusted
operating profit
|
|
$
|
70,457
|
|
$
|
62,510
|
|
$
|
20,631
|
|
$
|
3,795
|
|
$
|
91,089
|
|
$
|
66,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Segments
|
|
Corporate
|
|
Total
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Year
Ended
|
Dollars in thousands
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
GAAP operating profit
(loss)
|
|
$
|
80,195
|
|
$
|
59,533
|
|
$
|
(33,660)
|
|
$
|
(28,124)
|
|
$
|
46,535
|
|
$
|
31,409
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
10,425
|
|
|
4,877
|
|
|
—
|
|
|
—
|
|
|
10,425
|
|
|
4,877
|
Amortization of
customer relationships and acquired intangible assets
|
|
|
—
|
|
|
—
|
|
|
24,737
|
|
|
19,339
|
|
|
24,737
|
|
|
19,339
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
1,894
|
|
|
714
|
|
|
1,894
|
|
|
714
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
184
|
|
|
1,896
|
|
|
—
|
|
|
—
|
|
|
184
|
|
|
1,896
|
Merger costs
|
|
|
—
|
|
|
—
|
|
|
6,679
|
|
|
6,945
|
|
|
6,679
|
|
|
6,945
|
Restructuring related
charges
|
|
|
285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
285
|
|
|
—
|
Non-GAAP adjusted
operating profit (loss)
|
|
$
|
91,089
|
|
$
|
66,306
|
|
$
|
(350)
|
|
$
|
(1,126)
|
|
$
|
90,739
|
|
$
|
65,180
|
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SOURCE Brooks Automation