CHELMSFORD, Mass., Nov. 10, 2021 /PRNewswire/ -- Brooks
Automation, Inc. (Nasdaq: BRKS) today reported financial results
for the fiscal quarter ended September 30,
2021.
Summary of GAAP Results
Results of
continuing operations reflect the Life Sciences business. Due to
the announced divestiture in the fourth fiscal quarter of 2021,
results of the Semiconductor Automation business are treated as
discontinued operations and reflected in total diluted EPS.
|
|
Quarter Ended
|
|
|
|
|
|
Year
Ended
|
|
|
|
Dollars in millions, except per share
data
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
Revenue - Continuing
Operations
|
|
$
|
137
|
|
$
|
108
|
|
27
|
%
|
|
|
$
|
514
|
|
$
|
389
|
|
32
|
%
|
Diluted EPS -
Continuing Operations
|
|
$
|
(0.30)
|
|
$
|
(0.01)
|
|
NM
|
|
|
|
$
|
(0.39)
|
|
$
|
(0.36)
|
|
9
|
%
|
Total Diluted
EPS
|
|
$
|
0.29
|
|
$
|
0.39
|
|
(25)
|
%
|
|
|
$
|
1.49
|
|
$
|
0.88
|
|
69
|
%
|
Summary of Non-GAAP Results
The aggregate view of
revenue and EPS is shown on a non-GAAP basis for investors to
compare results to the performance reports provided in previous
periods and to the Company's most recent guidance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
Year
Ended
|
|
|
|
Dollars in millions, except per share
data
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
Revenue - Continuing
Operations
|
|
$
|
137
|
|
$
|
108
|
|
27
|
%
|
|
|
$
|
514
|
|
$
|
389
|
|
32
|
%
|
Revenue -
Discontinued Operations
|
|
$
|
205
|
|
$
|
138
|
|
49
|
%
|
|
|
$
|
680
|
|
$
|
509
|
|
34
|
%
|
Aggregate view of
Revenue
|
|
$
|
342
|
|
$
|
246
|
|
39
|
%
|
|
|
$
|
1,194
|
|
$
|
897
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Diluted
EPS - Continuing Operations
|
|
$
|
0.12
|
|
$
|
0.09
|
|
32
|
%
|
|
|
$
|
0.48
|
|
$
|
0.02
|
|
NM
|
%
|
Non-GAAP Total
Diluted EPS
|
|
$
|
0.78
|
|
$
|
0.47
|
|
67
|
%
|
|
|
$
|
2.58
|
|
$
|
1.26
|
|
105
|
%
|
On September 20, 2021 the
Company announced that it had entered into a definitive agreement
to sell its Semiconductor Automation business. In accordance with
GAAP, sales and expenses directly related to that business must be
removed from their applicable income statement caption for
continuing operations and reported for all periods presented as net
income from discontinued operations in the GAAP financial
statements. For this transition quarter, we present the non-GAAP
summary above to provide a view of the entire business including
the Semiconductor Automation business for direct comparison to
prior guidance and historical results.
Management Comments
"We ended the 2021 fiscal year
with another strong quarter in what has been a truly
transformational year for the company," stated Steve Schwartz, President and CEO. "Life
Sciences delivered another quarter of growth in excess of 20%, and
we continue to see a long runway ahead. In addition, late in the
quarter we announced the new name and brand of our life sciences
business, Azenta. We are excited for the opportunity to launch into
the marketplace under a single, unified life sciences brand."
Summary of GAAP Results
Revenue excludes the
Semiconductor Automation revenue as a result of the pending sale of
this business. Profits related to this business are included in
discontinued operations.
Fourth Quarter, Fiscal 2021
- Revenue from continuing operations for the fourth quarter was
$137 million, up 27% year over year
driven by strong growth in both Life Sciences Products and
Services. Year-over-year organic growth was 24%.
- Revenue from Life Science Products grew 38% year over year, and
Life Sciences Services grew 20%.
- Operating loss for the quarter was $21
million and gross margin was 48.3%. Operating expenses
in the quarter include approximately $8
million related to the pending divestiture of the
Semiconductor Automation business and $13
million of non-cash charges due to the retirement of
tradenames related to the rebranding of the Life Sciences
business. Non-operating expenses include $16 million of charges for the release of a tax
indemnification asset, which is offset within tax expense with the
reduction of tax liability.
- Total diluted EPS of $0.29
includes $0.59 of diluted EPS from
discontinued operations. Diluted loss per share from
continuing operations was $0.30 per
share, down $0.29 compared to the
fourth quarter of 2020, primarily driven by operating expenses
related to the pending divestiture of the Semiconductor Automation
business and the impact of the retirement of tradenames related to
the rebranding of the Life Sciences business.
Full Year, Fiscal 2021
- Revenue for fiscal 2021 was $514
million, an increase of 32% compared to fiscal 2020 driven
by 54% growth in Life Science Products and 21% growth in Life
Science Services. Excluding the effect of the exit of the RUCDR
alliance in Q4 2020, Life Sciences Services grew 30%.
Year-over-year organic growth was 33%.
- Operating loss for fiscal 2021 was $31
million, a $6 million
reduction in operating loss compared to fiscal 2020. Gross margin
was 47.5%, a 320 basis point increase year-over-year.
- Diluted EPS was $1.49 for the
fiscal year, up 69% year-over-year driven by strong growth and
operating leverage, partially offset by expenses in the period
including $20 million due to the
pending divestiture of the Semiconductor Automation business and
$13 million due to the retirement of
tradenames related to the rebranding of the Life Sciences business.
Non-operating expenses include $16
million of charges for the release of a tax indemnification
asset, which is offset within tax expense with the reduction of tax
liability.
Summary of Non-GAAP Earnings for Continuing
Operations
The Continuing Operations view shown on a
non-GAAP basis provides investors additional performance
information by excluding the impact of M&A costs, amortization,
restructuring, purchase price accounting, and special
charges or gains, such as impairment losses. This profile will be
used in reporting future results and excludes the Semiconductor
Automation business, which is now part of discontinued
operations.
Fourth Quarter, Fiscal 2021
- Diluted EPS for the fourth quarter was $0.12, up 32% year over year.
- Adjusted EBITDA was $21 million,
up 38% from the fourth quarter of 2020 and 13% sequentially.
- Operating income was $11 million,
an increase of 48% year over year, and operating margin was 8.2%,
up 120 basis points year over year driven by margin leverage in
Life Science Products partially offset by increased costs in Life
Sciences Services.
- Gross margin of 49.7% was down 80 basis points year over year
driven lower margins in the Life Sciences Services business related
to higher materials and labor costs.
Full Year, Fiscal 2021
- Diluted EPS for fiscal 2021 was $0.48, compared to $0.02 in fiscal 2020.
- Adjusted EBITDA was $86 million,
up 205% from fiscal 2020.
- Operating income was $47 million,
compared to $0.3 million in fiscal
2020, and operating margin was 9.1%, up 910 basis points year over
year driven by gross margin improvement in both segments as well as
operating leverage.
- Gross margin of 50.1% was up 360 basis points year over year
driven by performance improvement of 290 basis points driven by
improvement in both Products and Services as well as 70 basis
points of favorable mix as a result of exiting the RUCDR alliance
agreement.
- The non-GAAP tax rate was 20.3%.
Commentary on Non-GAAP Earnings in an Aggregate View with
Semiconductor Automation Included
The aggregate view is
shown on a non-GAAP basis for investors wishing to compare results
to the performance reports provided in previous periods and to the
Company's most recent guidance.
Fourth Quarter, Fiscal 2021
- Revenue in aggregate for the fourth quarter was $342 million, up 39% year over year. The
Semiconductor Automation business generated revenue of $205 million, up 49% year over year and up 45% on
an organic basis. Life Sciences generated revenue of $137 million, up 27% year over year and up 24% on
an organic basis.
- Non-GAAP EPS was $0.78 in the
quarter, an increase of 67% year over year.
Full Year, Fiscal 2021
- Revenue in aggregate for fiscal 2021 was $1,194 million, up 33% year over year. The
Semiconductor Automation business generated revenue of $680 million, up 34% year over year and up 31% on
an organic basis. Life Sciences generated revenue of $514 million, up 32% year over year and up 33% on
an organic basis.
- Non-GAAP EPS was $2.58 for the
full year, an increase of 105% year over year.
Quarterly Cash Dividend
The Company additionally
announced that the Board of Directors has reiterated a dividend of
$0.10 per share payable on
December 23, 2021 to stockholders of
record on December 3, 2021.
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 Continuing Operations for First Quarter Fiscal
2022
The Company announced revenue and earnings guidance for
continuing operations for the first quarter of fiscal 2022.
Revenue is expected to be in the range of $130 million to $140
million and GAAP diluted loss per share for the first fiscal
quarter is expected to be in the range of $0.14 to $0.06.
Non-GAAP diluted earnings per share from continuing
operations is expected to be in the range of $0.04 to $0.12.
Brooks 2021 Investor Day Featuring Azenta Life
Sciences
The Company will host a virtual investor day on
November 16th from
9:00am to 12:00pm Eastern Time. The
investor day will feature our Life Sciences business, the recently
rebranded Azenta Life Sciences. Please visit our website at
brooks.investorroom.com or click here to register.
Conference Call and Webcast
Brooks management will webcast its fourth quarter earnings
conference call today at 4:30 p.m. Eastern
Time. During the call, Company management will respond to
questions concerning, but not limited to, the Company's financial
performance, business conditions and industry outlook. Management's
responses could contain information that has not been previously
disclosed.
The call will be broadcast live over the Internet and, together
with presentation materials referenced on the call, will be hosted
at the Investor Relations section of Brooks' website at
www.brooks.investorroom.com, and will be archived online on this
website for convenient on-demand replay. In addition, you may
call 800-786-1918 (US & Canada
only) or +1-212-231-2907 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 analyses
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 about our revenue and earnings
expectations, our ability to increase our profitability, our
ability to improve or retain our market position, our ability to
deliver financial success in the future, and certainty and/or
timing of completion of the pending sale of our Semiconductor
Automation business to Thomas H. Lee Partners, L.P., and our
ability to invest the expected cash proceeds from the sale. Factors
that could cause results to differ from our expectations include
the following: the impact of the COVID-19 global pandemic on
the markets we serve, including our supply chain, and on the global
economy generally, 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
Brooks (Nasdaq: BRKS) operates two global, market-leading
businesses, Life Sciences and Semiconductor Solutions, each with
its own distinct area of focus and expertise. The Life Sciences
business, to be operated under the new Azenta brand, provides a
full suite of reliable cold-chain sample management solutions and
genomic services across areas such as drug development, clinical
research and advanced cell therapies for the industry's top
pharmaceutical, biotech, academic and healthcare institutions
globally. On September 20, 2021, the
Company announced the pending sale to Thomas H. Lee Partners of its
Semiconductor Automation business, which provides industry-leading
precision vacuum robotics, integrated automation systems and
contamination control solutions to the world's leading
semiconductor chip makers and equipment manufacturers as well as
collaborative robotics and automation capabilities for multi-market
applications. Brooks is headquartered in Chelmsford, MA, with operations in
North America, Europe, and Asia. For more information, please visit
www.brooks.com.
BROOKS INVESTOR CONTACTS:
Sara Silverman
Director of Investor Relations
Brooks Automation
978.262.2635
sara.silverman@brooks.com
Sherry Dinsmore
Brooks Automation
978.262.4301
sherry.dinsmore@brooks.com
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(unaudited)
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year
Ended
|
|
|
|
|
September 30,
|
|
|
September
30,
|
|
|
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
48,745
|
|
$
|
34,347
|
|
|
$
|
181,036
|
|
$
|
110,567
|
|
Services
|
|
|
|
88,194
|
|
|
73,899
|
|
|
|
332,667
|
|
|
277,970
|
|
Total
revenue
|
|
|
|
136,939
|
|
|
108,246
|
|
|
|
513,703
|
|
|
388,537
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
|
25,118
|
|
|
19,363
|
|
|
|
96,678
|
|
|
44,243
|
|
Services
|
|
|
|
45,679
|
|
|
36,345
|
|
|
|
173,216
|
|
|
172,146
|
|
Total cost of
revenue
|
|
|
|
70,797
|
|
|
55,708
|
|
|
|
269,894
|
|
|
216,389
|
|
Gross
profit
|
|
|
|
66,142
|
|
|
52,538
|
|
|
|
243,809
|
|
|
172,148
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
|
6,599
|
|
|
4,636
|
|
|
|
22,412
|
|
|
17,818
|
|
Selling, general and
administrative
|
|
|
|
80,453
|
|
|
49,170
|
|
|
|
252,101
|
|
|
190,256
|
|
Restructuring
charges
|
|
|
|
332
|
|
|
114
|
|
|
|
385
|
|
|
674
|
|
Total operating
expenses
|
|
|
|
87,384
|
|
|
53,920
|
|
|
|
274,898
|
|
|
208,748
|
|
Operating
loss
|
|
|
|
(21,242)
|
|
|
(1,382)
|
|
|
|
(31,089)
|
|
|
(36,600)
|
|
Interest
income
|
|
|
|
129
|
|
|
(16)
|
|
|
|
632
|
|
|
849
|
|
Interest
expense
|
|
|
|
(552)
|
|
|
(679)
|
|
|
|
(2,037)
|
|
|
(2,944)
|
|
Other expenses,
net
|
|
|
|
(16,212)
|
|
|
(124)
|
|
|
|
(16,475)
|
|
|
(1,597)
|
|
Loss before income
taxes
|
|
|
|
(37,877)
|
|
|
(2,201)
|
|
|
|
(48,969)
|
|
|
(40,292)
|
|
Income tax
benefit
|
|
|
|
(15,480)
|
|
|
(1,620)
|
|
|
|
(20,100)
|
|
|
(13,930)
|
|
Loss from continuing
operations
|
|
|
$
|
(22,397)
|
|
$
|
(581)
|
|
|
$
|
(28,869)
|
|
$
|
(26,362)
|
|
Income from
discontinued operations, net of tax
|
|
|
|
44,201
|
|
|
29,554
|
|
|
|
139,616
|
|
|
91,215
|
|
Net income
|
|
|
$
|
21,804
|
|
$
|
28,973
|
|
|
$
|
110,747
|
|
$
|
64,853
|
|
Basic net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
$
|
(0.30)
|
|
$
|
(0.01)
|
|
|
$
|
(0.39)
|
|
$
|
(0.36)
|
|
Income from
discontinued operations, net of tax
|
|
|
|
0.59
|
|
|
0.40
|
|
|
|
1.88
|
|
|
1.25
|
|
Basic net income per
share
|
|
|
$
|
0.29
|
|
$
|
0.39
|
|
|
$
|
1.49
|
|
$
|
0.88
|
|
Diluted net income
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
|
$
|
(0.30)
|
|
$
|
(0.01)
|
|
|
$
|
(0.39)
|
|
$
|
(0.36)
|
|
Income from
discontinued operations, net of tax
|
|
|
|
0.59
|
|
|
0.40
|
|
|
|
1.88
|
|
|
1.24
|
|
Diluted net income
per share
|
|
|
$
|
0.29
|
|
$
|
0.39
|
|
|
$
|
1.49
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding used in computing net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
74,330
|
|
|
73,808
|
|
|
|
74,229
|
|
|
73,557
|
|
Diluted
|
|
|
|
74,532
|
|
|
74,004
|
|
|
|
74,455
|
|
|
73,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(unaudited)
|
(In thousands, except
share and per share data)
|
|
|
September 30,
|
|
September 30,
|
|
2021
|
|
2020
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
227,427
|
|
$
|
250,649
|
Marketable
securities
|
|
81
|
|
|
51
|
Accounts receivable,
net
|
|
119,877
|
|
|
94,791
|
Inventories
|
|
60,398
|
|
|
37,125
|
Prepaid expenses and
other current assets
|
|
58,198
|
|
|
43,974
|
Current assets held
for sale
|
|
311,385
|
|
|
222,863
|
Total current
assets
|
|
777,366
|
|
|
649,453
|
Property, plant and
equipment, net
|
|
130,719
|
|
|
88,735
|
Long-term marketable
securities
|
|
3,598
|
|
|
3,101
|
Long-term deferred tax
assets
|
|
10,043
|
|
|
3,976
|
Goodwill
|
|
469,356
|
|
|
453,177
|
Intangible assets,
net
|
|
186,534
|
|
|
212,323
|
Other
assets
|
|
58,068
|
|
|
49,782
|
Non-current assets
held for sale
|
|
183,828
|
|
|
98,718
|
Total
assets
|
$
|
1,819,512
|
|
$
|
1,559,265
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
—
|
|
$
|
827
|
Accounts
payable
|
|
42,360
|
|
|
25,689
|
Deferred
revenue
|
|
25,724
|
|
|
25,776
|
Accrued warranty and
retrofit costs
|
|
2,330
|
|
|
2,211
|
Accrued compensation
and benefits
|
|
33,183
|
|
|
28,669
|
Accrued restructuring
costs
|
|
304
|
|
|
122
|
Accrued income taxes
payable
|
|
8,711
|
|
|
1,975
|
Accrued expenses and
other current liabilities
|
|
103,537
|
|
|
43,017
|
Current liabilities
held for sale
|
|
128,939
|
|
|
82,832
|
Total current
liabilities
|
|
345,088
|
|
|
211,118
|
Long-term
debt
|
|
49,677
|
|
|
49,588
|
Long-term tax
reserves
|
|
1,973
|
|
|
18,471
|
Long-term deferred tax
liabilities
|
|
13,030
|
|
|
17,797
|
Long-term pension
liabilities
|
|
705
|
|
|
895
|
Long-term operating
lease liabilities
|
|
45,088
|
|
|
18,905
|
Other long-term
liabilities
|
|
6,173
|
|
|
1,302
|
Non-current
liabilities held for sale
|
|
32,444
|
|
|
27,575
|
Total
liabilities
|
|
494,178
|
|
|
345,651
|
Commitments and
contingencies
|
|
|
|
|
|
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, 87,808,922 shares issued
and 74,347,053 shares outstanding at September 30, 2021,
87,293,710 shares issued and 73,831,841 shares outstanding at
September 30, 2020
|
|
878
|
|
|
873
|
Additional paid-in
capital
|
|
1,976,112
|
|
|
1,942,850
|
Accumulated other
comprehensive income
|
|
19,351
|
|
|
21,919
|
Treasury stock at cost
- 13,461,869 shares
|
|
(200,956)
|
|
|
(200,956)
|
Accumulated
deficit
|
|
(470,051)
|
|
|
(551,072)
|
Total Brooks
Automation, Inc. stockholders' equity
|
|
1,325,334
|
|
|
1,213,614
|
Noncontrolling
interest in subsidiary
|
|
—
|
|
|
—
|
Total stockholders'
equity
|
|
1,325,334
|
|
|
1,213,614
|
Total liabilities and
stockholders' equity
|
$
|
1,819,512
|
|
$
|
1,559,265
|
BROOKS AUTOMATION,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(unaudited)
|
(In
thousands)
|
|
|
Year
Ended
|
|
|
September 30,
|
|
|
2021
|
|
2020
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
|
$
|
110,747
|
|
$
|
64,853
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
65,333
|
|
|
65,496
|
|
Impairment of
intangible assets
|
|
13,364
|
|
|
—
|
|
Stock-based
compensation
|
|
27,456
|
|
|
16,317
|
|
Amortization of
premium on marketable securities and deferred financing
costs
|
|
225
|
|
|
233
|
|
Deferred income
taxes
|
|
(17,265)
|
|
|
(5,407)
|
|
Other gains on
disposals of assets
|
|
260
|
|
|
226
|
|
Adjustment to the gain
on divestiture, net of tax
|
|
948
|
|
|
319
|
|
Taxes paid stemming
from divestiture
|
|
—
|
|
|
(91,500)
|
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
Accounts
receivable
|
|
(69,643)
|
|
|
(18,755)
|
|
Inventories
|
|
(50,443)
|
|
|
(13,144)
|
|
Prepaid expenses and
current assets
|
|
(15,968)
|
|
|
25,642
|
|
Accounts
payable
|
|
30,967
|
|
|
792
|
|
Deferred
revenue
|
|
(3,939)
|
|
|
(139)
|
|
Accrued warranty and
retrofit costs
|
|
54
|
|
|
760
|
|
Accrued compensation
and tax withholdings
|
|
7,298
|
|
|
11,097
|
|
Accrued restructuring
costs
|
|
124
|
|
|
(865)
|
|
Accrued expenses and
current liabilities
|
|
50,339
|
|
|
(18,059)
|
|
Net cash provided by
operating activities
|
|
149,857
|
|
|
37,866
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(52,805)
|
|
|
(39,924)
|
|
Purchases of
marketable securities
|
|
(151)
|
|
|
(10,894)
|
|
Sales of marketable
securities
|
|
25
|
|
|
2,492
|
|
Maturities of
marketable securities
|
|
96
|
|
|
42,328
|
|
Acquisitions, net of
cash acquired
|
|
(95,514)
|
|
|
(15,744)
|
|
Settlement (issuance)
of notes receivable
|
|
2,000
|
|
|
(1,000)
|
|
Net cash used in
investing activities
|
|
(146,349)
|
|
|
(22,742)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Proceeds from issuance
of common stock
|
|
5,812
|
|
|
4,595
|
|
Principal payments on
debt
|
|
(828)
|
|
|
(828)
|
|
Payments of finance
leases
|
|
(1,164)
|
|
|
(1,277)
|
|
Common stock dividends
paid
|
|
(29,726)
|
|
|
(29,513)
|
|
Net cash used in
financing activities
|
|
(25,906)
|
|
|
(27,023)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
|
5,205
|
|
|
9,254
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
(17,193)
|
|
|
(2,645)
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
302,526
|
|
|
305,171
|
|
Cash and cash
equivalents and restricted cash, end of period
|
$
|
285,333
|
|
$
|
302,526
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the consolidated
balance sheets
|
|
|
|
|
|
|
Cash and cash
equivalents of continuing operations
|
|
227,427
|
|
|
250,649
|
|
Cash and cash
equivalents included in assets held for sale
|
|
45,000
|
|
|
45,000
|
|
Short-term restricted
cash included in prepaid expenses and other current
assets
|
|
7,145
|
|
|
3,567
|
|
Long-term restricted
cash included in other assets
|
|
5,761
|
|
|
3,310
|
|
Total cash, cash
equivalents and restricted cash shown in the consolidated
statements of cash flows
|
$
|
285,333
|
|
$
|
302,526
|
|
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
adjusts 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. For fiscal
year 2021, management has excluded a charge related to liabilities
for import tariffs related to imports in prior fiscal years. The
cost of import tariffs which pertain to the current fiscal year
imports were not removed from non-GAAP results. 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, 2021
|
|
June 30, 2021
|
|
September 30, 2020
|
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
Dollars in
thousands, except per share
data
|
|
$
|
|
share
|
|
$
|
|
share
|
|
$
|
|
share
|
Net loss from
continuing operations
|
|
$
|
(22,397)
|
|
$
|
(0.30)
|
|
$
|
(1,842)
|
|
$
|
(0.02)
|
|
$
|
(581)
|
|
$
|
(0.01)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
9,515
|
|
|
0.13
|
|
|
9,570
|
|
|
0.13
|
|
|
8,833
|
|
|
0.12
|
Impairment of
intangible assets
|
|
|
13,364
|
|
|
0.18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Restructuring
charges
|
|
|
332
|
|
|
0.00
|
|
|
—
|
|
|
—
|
|
|
114
|
|
|
0.00
|
Merger and acquisition
costs
|
|
|
8,427
|
|
|
0.11
|
|
|
2,526
|
|
|
0.03
|
|
|
19
|
|
|
0.00
|
Rebranding and
transformation costs
|
|
|
827
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Indemnification asset
release
|
|
|
16,007
|
|
|
0.21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Other
adjustments
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
(0.00)
|
|
|
—
|
|
|
—
|
Tax adjustments
(1)
|
|
|
(10,345)
|
|
|
(0.14)
|
|
|
179
|
|
|
0.00
|
|
|
153
|
|
|
0.00
|
Tax effect of
adjustments
|
|
|
(6,967)
|
|
|
(0.09)
|
|
|
(2,688)
|
|
|
(0.04)
|
|
|
(1,928)
|
|
|
(0.03)
|
Non-GAAP adjusted
net income from continuing operations
|
|
$
|
8,763
|
|
$
|
0.12
|
|
$
|
7,662
|
|
$
|
0.10
|
|
$
|
6,610
|
|
$
|
0.09
|
Income from
discontinued operations, net of tax
|
|
|
44,201
|
|
|
0.59
|
|
|
41,009
|
|
|
0.55
|
|
|
29,554
|
|
|
0.40
|
Adjustments to
discontinued operations:
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
436
|
|
|
0.01
|
|
|
1,178
|
|
|
0.02
|
|
|
736
|
|
|
0.01
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
211
|
|
|
0.00
|
|
|
140
|
|
|
0.00
|
|
|
—
|
|
|
—
|
Tax effect of
adjustments related to discontinued operations
|
|
|
4,362
|
|
|
0.06
|
|
|
3,482
|
|
|
0.05
|
|
|
(2,394)
|
|
|
(0.03)
|
Non-GAAP adjusted
net income from discontinued operations
|
|
|
49,210
|
|
|
0.66
|
|
|
45,809
|
|
|
0.61
|
|
|
27,896
|
|
|
0.38
|
Non-GAAP adjusted
net income attributable to Brooks
|
|
$
|
57,973
|
|
$
|
0.78
|
|
$
|
53,471
|
|
$
|
0.72
|
|
$
|
34,506
|
|
$
|
0.47
|
Stock
based compensation, pre-tax
|
|
|
5,138
|
|
|
0.07
|
|
|
4,344
|
|
|
0.06
|
|
|
2,654
|
|
|
0.04
|
Tax
rate
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
Stock-based
compensation, net of tax
|
|
|
4,367
|
|
|
0.06
|
|
|
3,692
|
|
|
0.05
|
|
|
2,256
|
|
|
0.03
|
Non-GAAP adjusted net
income excluding stock-based compensation - continuing
operations
|
|
$
|
13,130
|
|
$
|
0.18
|
|
$
|
11,354
|
|
$
|
0.15
|
|
$
|
8,866
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted net income per share
|
|
|
—
|
|
|
74,532
|
|
|
—
|
|
|
74,495
|
|
|
—
|
|
|
74,004
|
|
|
Year
Ended
|
|
|
September 30, 2021
|
|
September 30, 2020
|
|
|
|
|
per
diluted
|
|
|
|
per
diluted
|
Dollars in
thousands, except per share
data
|
|
$
|
|
share
|
|
$
|
|
share
|
Net loss from
continuing operations
|
|
$
|
(28,869)
|
|
$
|
(0.39)
|
|
$
|
(26,362)
|
|
$
|
(0.36)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
37,372
|
|
|
0.50
|
|
|
35,375
|
|
|
0.48
|
Restructuring related
charges
|
|
|
—
|
|
|
—
|
|
|
301
|
|
|
|
Restructuring
charges
|
|
|
385
|
|
|
0.01
|
|
|
674
|
|
|
0.01
|
Tariff
adjustment
|
|
|
5,497
|
|
|
0.07
|
|
|
—
|
|
|
—
|
Merger and acquisition
costs
|
|
|
20,662
|
|
|
0.28
|
|
|
501
|
|
|
0.01
|
Impairment of
intangible assets
|
|
|
13,364
|
|
|
0.18
|
|
|
—
|
|
|
—
|
Rebranding and
transformation costs
|
|
|
827
|
|
|
0.01
|
|
|
—
|
|
|
—
|
Indemnification asset
release
|
|
|
16,007
|
|
|
0.21
|
|
|
—
|
|
|
—
|
Other
adjustments
|
|
|
(83)
|
|
|
(0.00)
|
|
|
—
|
|
|
—
|
Tax adjustments
(1)
|
|
|
(11,919)
|
|
|
(0.16)
|
|
|
(863)
|
|
|
(0.01)
|
Tax effect of
adjustments
|
|
|
(17,314)
|
|
|
(0.23)
|
|
|
(8,451)
|
|
|
(0.11)
|
Non-GAAP adjusted
net income from continuing operations
|
|
$
|
35,929
|
|
$
|
0.48
|
|
$
|
1,175
|
|
$
|
0.02
|
Income from
discontinued operations, net of tax
|
|
|
139,616
|
|
|
1.88
|
|
|
91,215
|
|
|
1.23
|
Adjustments to
discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
|
|
2,297
|
|
|
0.03
|
|
|
2,908
|
|
|
0.04
|
Purchase accounting
impact on inventory and contracts acquired
|
|
|
351
|
|
|
0.00
|
|
|
—
|
|
|
—
|
Tax effect of
adjustments related to discontinued operations
|
|
|
13,570
|
|
|
0.18
|
|
|
(2,264)
|
|
|
(0.03)
|
Non-GAAP adjusted
net income from discontinued operations
|
|
$
|
155,834
|
|
$
|
2.09
|
|
$
|
91,859
|
|
$
|
1.23
|
Non-GAAP adjusted
net income attributable to Brooks
|
|
$
|
191,763
|
|
$
|
2.58
|
|
$
|
93,034
|
|
$
|
1.25
|
Stock-based
compensation, pre-tax
|
|
|
20,051
|
|
|
0.27
|
|
|
10,506
|
|
|
0.14
|
Tax
rate
|
|
|
15
|
%
|
|
—
|
|
|
15
|
%
|
|
—
|
Stock-based
compensation, net of tax
|
|
|
17,043
|
|
$
|
0.23
|
|
|
8,930
|
|
|
0.12
|
Non-GAAP adjusted net
income excluding stock-based compensation - continuing
operations
|
|
$
|
52,972
|
|
$
|
0.71
|
|
$
|
10,105
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing non-GAAP diluted net income per share
|
|
|
—
|
|
|
74,455
|
|
|
—
|
|
|
73,850
|
|
|
(1)
|
Tax adjustments
during the quarter ended and year ended September 30, 2021 include
$2.0 million of excluded tax benefits related to valuation
allowance reversals and $16.6 million of excluded tax benefits
related to tax reserve reversals. The excluded benefits are offset
by the exclusion of $4.1 million of withholding tax costs
associated with foreign cash repatriation and $3.4 million of
charges relating to the write-off of an intangible asset that
offsets the tax reserve reversal. During the quarter ended
September 30, 2021, the company realized a benefit of $1.5 million
related to the timing differences in recognizing the tax benefit
related to stock compensation windfall tax deductions. The
benefit for US GAAP is recognized in the period of vesting but
included in the annual effective tax rate for Non-GAAP reporting.
During the year ended September 30, 2020, the Company elected to
exclude a deferred tax benefit of $0.5 million realized related to
the extension of the 15 percent tax rate incentive in
China.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year
Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
GAAP net
income
|
|
$
|
21,804
|
|
$
|
39,166
|
|
$
|
28,973
|
|
$
|
110,747
|
|
$
|
64,853
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Income from
discontinued operations
|
|
|
(44,201)
|
|
|
(41,009)
|
|
|
(29,554)
|
|
|
(139,616)
|
|
|
(91,215)
|
Less: Interest
income
|
|
|
(129)
|
|
|
(409)
|
|
|
16
|
|
|
(632)
|
|
|
(849)
|
Add: Interest
expense
|
|
|
552
|
|
|
477
|
|
|
679
|
|
|
2,037
|
|
|
2,944
|
Add: Income tax
benefit
|
|
|
(15,480)
|
|
|
(760)
|
|
|
(1,620)
|
|
|
(20,100)
|
|
|
(13,930)
|
Add:
Depreciation
|
|
|
5,055
|
|
|
4,873
|
|
|
5,195
|
|
|
19,488
|
|
|
18,747
|
Add: Amortization of
completed technology
|
|
|
1,873
|
|
|
2,173
|
|
|
2,077
|
|
|
8,073
|
|
|
8,099
|
Add: Amortization of
customer relationships and acquired intangible assets
|
|
|
7,642
|
|
|
7,396
|
|
|
6,756
|
|
|
29,299
|
|
|
27,276
|
(Loss) earnings
before interest, taxes, depreciation and amortization
|
|
$
|
(22,884)
|
|
$
|
11,907
|
|
$
|
12,522
|
|
$
|
9,296
|
|
$
|
15,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Year
Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
Dollars in thousands
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
(Loss) earnings
before interest, taxes, depreciation and amortization
|
|
$
|
(22,884)
|
|
$
|
11,907
|
|
$
|
12,522
|
|
$
|
9,296
|
|
$
|
15,925
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Stock-based
compensation
|
|
|
5,138
|
|
|
4,344
|
|
|
2,719
|
|
|
20,051
|
|
|
10,817
|
Add: Restructuring
charges
|
|
|
332
|
|
|
—
|
|
|
114
|
|
|
385
|
|
|
674
|
Add: Restructuring
related charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
Add: Merger and
acquisition costs
|
|
|
8,427
|
|
|
2,526
|
|
|
19
|
|
|
20,662
|
|
|
502
|
Add: Tariff
adjustment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,497
|
|
|
—
|
Impairment of
intangible assets
|
|
|
13,364
|
|
|
—
|
|
|
—
|
|
|
13,364
|
|
|
—
|
Rebranding and
transformation costs
|
|
|
827
|
|
|
—
|
|
|
—
|
|
|
827
|
|
|
—
|
Indemnification asset
release
|
|
|
16,007
|
|
|
—
|
|
|
—
|
|
|
16,007
|
|
|
—
|
Less: Other
adjustments
|
|
|
—
|
|
|
(83)
|
|
|
—
|
|
|
(83)
|
|
|
—
|
Adjusted earnings
before interest, taxes, depreciation and amortization - Continuing
operations
|
|
$
|
21,211
|
|
$
|
18,694
|
|
$
|
15,374
|
|
$
|
86,006
|
|
$
|
28,219
|
|
|
Quarter Ended
|
|
Dollars in
thousands
|
|
September 30, 2021
|
|
June 30, 2021
|
|
September 30, 2020
|
GAAP gross
profit
|
|
$
|
66,142
|
|
48.3
|
%
|
|
$
|
62,431
|
|
48.4
|
%
|
|
$
|
52,538
|
|
48.5
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,873
|
|
1.4
|
|
|
|
2,173
|
|
1.7
|
|
|
|
2,077
|
|
1.9
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
(83)
|
|
(0.1)
|
|
|
|
—
|
|
0.0
|
|
Non-GAAP adjusted
gross profit
|
|
$
|
68,015
|
|
49.7
|
%
|
|
$
|
64,521
|
|
50.0
|
%
|
|
$
|
54,615
|
|
50.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
Dollars in
thousands
|
|
September 30, 2021
|
|
September 30, 2020
|
GAAP gross
profit
|
|
$
|
243,809
|
|
47.5
|
%
|
|
$
|
172,148
|
|
44.3
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
8,073
|
|
1.6
|
|
|
|
8,099
|
|
2.1
|
|
Restructuring related
charges
|
|
|
—
|
|
—
|
|
|
|
301
|
|
0.1
|
|
Other
adjustment
|
|
|
(83)
|
|
0.0
|
|
|
|
|
|
|
|
Tariff
adjustment
|
|
|
5,497
|
|
1.1
|
|
|
|
—
|
|
—
|
|
Non-GAAP adjusted
gross profit
|
|
$
|
257,296
|
|
50.1
|
%
|
|
$
|
180,548
|
|
46.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life
Sciences Products
|
|
Brooks Life
Sciences Services
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
Dollars in
thousands
|
|
September 30, 2021
|
|
June 30, 2021
|
|
September 30, 2020
|
|
September 30, 2021
|
|
June 30, 2021
|
|
September 30, 2020
|
GAAP gross
profit
|
|
$
|
25,329
|
|
47.7
|
%
|
|
$
|
22,655
|
|
46.6
|
%
|
|
$
|
16,701
|
|
43.2
|
%
|
|
$
|
40,815
|
|
48.7
|
%
|
|
$
|
39,772
|
|
49.4
|
%
|
|
$
|
35,832
|
|
51.5
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
132
|
|
0.2
|
|
|
|
432
|
|
0.9
|
|
|
|
293
|
|
0.8
|
|
|
|
1,741
|
|
2.1
|
|
|
|
1,742
|
|
2.2
|
|
|
|
1,784
|
|
2.6
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
|
(83)
|
|
(0.1)
|
|
|
|
—
|
|
—
|
|
Non-GAAP adjusted
gross profit
|
|
$
|
25,461
|
|
47.9
|
%
|
|
$
|
23,087
|
|
47.5
|
%
|
|
$
|
16,994
|
|
44.0
|
%
|
|
$
|
42,556
|
|
50.8
|
%
|
|
$
|
41,431
|
|
51.5
|
%
|
|
$
|
37,616
|
|
54.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life
Sciences Products
|
Brooks Life
Sciences Services
|
|
|
Year
Ended
|
Year
Ended
|
Dollars in
thousands
|
|
September 30, 2021
|
|
September 30, 2020
|
September 30, 2021
|
|
September 30, 2020
|
GAAP gross
profit
|
|
$
|
92,566
|
|
46.4
|
%
|
|
$
|
55,718
|
|
42.9
|
%
|
$
|
151,210
|
|
48.1
|
%
|
|
$
|
116,428
|
|
45.0
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,117
|
|
0.6
|
|
|
|
1,165
|
|
0.9
|
|
|
6,957
|
|
2.2
|
|
|
|
6,935
|
|
2.7
|
|
Restructuring related
charges
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
|
301
|
|
0.1
|
|
Other
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
(83)
|
|
(0.0)
|
|
|
|
—
|
|
—
|
|
Tariff
adjustment
|
|
|
—
|
|
—
|
|
|
|
—
|
|
—
|
|
|
5,497
|
|
1.8
|
|
|
|
—
|
|
—
|
|
Non-GAAP adjusted
gross profit
|
|
$
|
93,683
|
|
46.9
|
%
|
|
$
|
56,883
|
|
43.8
|
%
|
$
|
163,581
|
|
52.1
|
%
|
|
$
|
123,664
|
|
47.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life Sciences
Products
|
|
Brooks Life
Sciences Services
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
Dollars in thousands
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
GAAP operating
profit
|
|
$
|
6,470
|
|
$
|
4,629
|
|
$
|
1,007
|
|
$
|
2,602
|
|
$
|
4,115
|
|
$
|
4,932
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
132
|
|
|
432
|
|
|
293
|
|
|
1,741
|
|
|
1,742
|
|
|
1,784
|
Other
adjustment
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
—
|
Non-GAAP adjusted
operating profit
|
|
$
|
6,602
|
|
$
|
5,061
|
|
$
|
1,300
|
|
$
|
4,343
|
|
$
|
5,774
|
|
$
|
6,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
GAAP operating profit
(loss)
|
|
$
|
9,072
|
|
$
|
8,744
|
|
$
|
5,939
|
|
$
|
(30,314)
|
|
$
|
(9,627)
|
|
$
|
(7,321)
|
|
$
|
(21,242)
|
|
$
|
(883)
|
|
$
|
(1,382)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,873
|
|
|
2,174
|
|
|
2,077
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,873
|
|
|
2,174
|
|
|
2,077
|
Amortization of
customer relationships and acquired intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,642
|
|
|
7,396
|
|
|
6,756
|
|
|
7,642
|
|
|
7,396
|
|
|
6,756
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
332
|
|
|
—
|
|
|
114
|
|
|
332
|
|
|
—
|
|
|
114
|
Impairment of
intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,364
|
|
|
—
|
|
|
—
|
|
|
13,364
|
|
|
—
|
|
|
—
|
Rebranding and
transformation costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
827
|
|
|
—
|
|
|
—
|
|
|
827
|
|
|
—
|
|
|
—
|
Other
adjustment
|
|
|
—
|
|
|
(83)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
—
|
Merger and acquisition
costs
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,427
|
|
|
2,526
|
|
|
19
|
|
|
8,427
|
|
|
2,526
|
|
|
19
|
Non-GAAP adjusted
operating profit (loss)
|
|
$
|
10,945
|
|
$
|
10,835
|
|
$
|
8,016
|
|
$
|
278
|
|
$
|
295
|
|
$
|
(432)
|
|
$
|
11,223
|
|
$
|
11,130
|
|
$
|
7,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooks Life Sciences
Products
|
|
Brooks Life Sciences
Services
|
|
|
Year
Ended
|
|
Year
Ended
|
Dollars in thousands
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
GAAP operating profit
(loss)
|
|
$
|
21,977
|
|
$
|
(4,206)
|
|
$
|
10,289
|
|
$
|
(4,376)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
1,117
|
|
|
1,165
|
|
|
6,957
|
|
|
6,935
|
Restructuring related
charges
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
Other
adjustment
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
—
|
Tariff
adjustment
|
|
|
—
|
|
|
—
|
|
|
5,497
|
|
|
—
|
Non-GAAP adjusted
operating profit
|
|
$
|
23,094
|
|
$
|
(3,041)
|
|
$
|
22,660
|
|
$
|
2,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Segments
|
|
Corporate
|
|
Total
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Year
Ended
|
Dollars in thousands
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
GAAP operating profit
(loss)
|
|
$
|
32,266
|
|
$
|
(8,582)
|
|
$
|
(63,355)
|
|
$
|
(28,018)
|
|
$
|
(31,089)
|
|
$
|
(36,600)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
completed technology
|
|
|
8,073
|
|
|
8,100
|
|
|
—
|
|
|
—
|
|
|
8,073
|
|
|
8,100
|
Amortization of
customer relationships and acquired intangible assets
|
|
|
—
|
|
|
—
|
|
|
29,299
|
|
|
27,276
|
|
|
29,299
|
|
|
27,276
|
Restructuring
charges
|
|
|
—
|
|
|
—
|
|
|
385
|
|
|
674
|
|
|
385
|
|
|
674
|
Restructuring related
charges
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
Tariff
adjustment
|
|
|
5,497
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,497
|
|
|
—
|
Impairment of
intangible assets
|
|
|
—
|
|
|
|
|
|
13,364
|
|
|
|
|
|
13,364
|
|
|
—
|
Rebranding and
transformation costs
|
|
|
—
|
|
|
|
|
|
827
|
|
|
|
|
|
827
|
|
|
—
|
Other
adjustment
|
|
|
(83)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83)
|
|
|
—
|
Merger and acquisition
costs
|
|
|
—
|
|
|
—
|
|
|
20,662
|
|
|
501
|
|
|
20,662
|
|
|
501
|
Non-GAAP adjusted
operating profit (loss)
|
|
$
|
45,753
|
|
$
|
(181)
|
|
$
|
1,182
|
|
$
|
433
|
|
$
|
46,935
|
|
$
|
252
|
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SOURCE Brooks Automation