BILLERICA, Mass., Oct. 31, 2019 /PRNewswire/ -- Bruker
Corporation (Nasdaq: BRKR) today announced financial results for
its third quarter and for the nine months ended September 30, 2019.
Third Quarter 2019 Financial Results
Bruker's revenues for the third quarter of 2019 were
$521.1 million, an increase of 11.7%
compared to the third quarter of 2018. In the third quarter of
2019, Bruker's year-over-year organic revenue growth was 7.6%.
Growth from acquisitions was 6.4%, while foreign currency
translation had a negative effect of 2.3%.
Third quarter 2019 Bruker Scientific Instruments (BSI) segment
revenues of $471.8 million increased
13.1% year-over-year, including organic growth of 8.6%. Third
quarter 2019 Bruker Energy & Supercon Technologies (BEST)
segment revenues of $52.5 million
increased 3.1% year-over-year, including an organic revenue decline
of 0.8%, net of intercompany eliminations.
Third quarter 2019 GAAP operating income was $87.8 million, compared to $69.1 million in the third quarter of 2018,
representing GAAP operating margins of 16.8% and 14.8%,
respectively. Non-GAAP operating income was $95.5 million, compared to $83.3 million in the third quarter of 2018.
Bruker's third quarter 2019 non-GAAP operating margin of 18.3%
increased 40 basis points from 17.9% in the third quarter of
2018.
Third quarter 2019 GAAP diluted earnings per share (EPS) were
$0.39, compared to $0.28 in the third quarter of 2018. Non-GAAP EPS
were $0.43, a 16.2% increase compared
to $0.37 in the third quarter of
2018.
First Nine Months of 2019 Financial Results
For the first nine months of 2019, Bruker's revenues were
$1,472.7 million, an increase of 9.7%
from $1,342.0 million in the first
nine months of 2018. In the first nine months of 2019, Bruker's
organic revenue growth was 6.0% year-over-year. Growth from
acquisitions was 7.0%, while foreign currency translation had a
negative effect of 3.3%.
In the first nine months of 2019, BSI segment revenues of
$1,331.0 million increased 10.3%
year-over-year, including organic growth of 5.8%. First nine months
2019 BEST segment revenues of $152.2
million increased 9.3% year-over-year, including organic
growth of 7.0%, net of intercompany eliminations.
In the first nine months of 2019, GAAP operating income was
$183.2 million, compared to
$156.0 million in the first nine
months of 2018, representing GAAP operating margins of 12.4% and
11.6%, respectively. Non-GAAP operating income was $231.5 million, compared to $195.1 million in the first nine months of 2018.
Bruker's non-GAAP operating margin in the first nine months of 2019
was 15.7%, an increase of 120 basis points, compared to 14.5% in
the first nine months of 2018.
In the first nine months of 2019, GAAP EPS were $0.82, compared to $0.65 in the first nine months of 2018. Non-GAAP
EPS were $1.04, an increase of 20.9%
over $0.86 in the first nine months
of 2018.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, President and
CEO of Bruker, commented: "We are very pleased with our
year-to-date progress, with 6% organic and 13% constant currency
revenue growth, highlighted by our strong performance in life
science mass spectrometry solutions and in microbiology. We are on
track to deliver solid margin and EPS improvements in 2019, and we
are increasing our non-GAAP EPS outlook for the full
year."
Fiscal Year (FY) 2019 Financial Outlook
For FY 2019, Bruker continues to expect year-over-year revenue
growth of 7.0% to 8.0%, which now includes the following
estimates:
- organic revenue growth of 4.5% to 5.5%;
- growth from acquisitions of approximately 5.5%;
- constant currency revenue growth of 10.0% to 11.0%; and
- an increased foreign currency revenue headwind of approximately
3%.
Bruker continues to expect non-GAAP operating margin expansion
in FY 2019 of 90 to 120 basis points over its FY 2018 non-GAAP
operating margin of 16.8%. This now includes approximately 50 basis
points of foreign currency tailwind. Bruker is raising its FY 2019
non-GAAP EPS outlook to a range between $1.59 and $1.62,
representing a 13.5% to 15.5% increase compared to FY 2018.
For our outlook for FY 2019 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, October 31,
at 4:30 p.m. Eastern Daylight Time.
To listen to the webcast, investors can go to
https://ir.bruker.com and click on the "Q3 2019 Earnings
Webcast" hyperlink. A slide presentation that will be referenced
during the webcast will be posted to our Investor Relations 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 2019 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: 10136323. The replay will be available beginning
one hour after the end of the conference through December 1, 2019.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling 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, improved productivity and customer success in life
science molecular research, in applied and pharma applications, in
microscopy and nanoanalysis, and in industrial applications, as
well as in cell biology, preclinical imaging, clinical phenomics
and proteomics research and clinical microbiology. 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 or in the earnings
webcast: organic revenue and revenue growth on a constant currency
basis; non-GAAP gross profit; non-GAAP gross profit margin;
non-GAAP operating income; non-GAAP operating profit; non-GAAP
operating margin; non-GAAP SG&A expense; 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 or on 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. Related to organic growth, we also present constant
currency information to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign
currency rate fluctuations. To present this information, current
and comparative prior period results for entities reporting in
currencies other than U.S. dollars are converted into U.S. dollars
using the average exchange rates from the comparative period rather
than the actual exchange rates in effect during the respective
periods. 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, however we urge investors to review the reconciliation
of these financial measures to the comparable GAAP financial
measures included in the accompanying tables, and not to rely on
any single financial measure to evaluate our business.
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 certain 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 and in our
slide presentation, which is available through the "Quarterly
Results" hyperlink in the "Financial Info" section on Bruker's
Investor Relations web site ir.bruker.com.
With respect to our outlook for 2019 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 Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding management's expectations
for future financial and operational performance, expected growth,
and business outlook; statements regarding our business focus; our
fiscal year 2019 outlook, including our outlook for revenue growth,
growth from acquisitions, non-GAAP operating margin; non-GAAP EPS;
and the impact of foreign currency; and statements found under the
"Use of Non-GAAP Financial Measures" section of this release. 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 and assumption of
liabilities 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, loss of key personnel, 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, 2018. We expressly disclaim any
intent or obligation to update these forward-looking statements
other than as required by law.
-tables follow-
Contact:
Miroslava
Minkova
Director, Investor Relations & Corporate Development
Bruker Corporation
T: +1 (978) 663–3660, ext. 1479
E: Investor.Relations@bruker.com
Bruker
Corporation
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
296.3
|
|
$
322.4
|
|
Short-term
investments
|
6.1
|
|
-
|
|
Accounts receivable,
net
|
358.8
|
|
357.2
|
|
Inventories
|
|
586.7
|
|
509.6
|
|
Other current
assets
|
186.1
|
|
115.1
|
|
|
Total current
assets
|
1,434.0
|
|
1,304.3
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
278.1
|
|
270.6
|
Operating lease
assets
|
68.9
|
|
-
|
Intangibles, net and
other long-term assets
|
571.1
|
|
553.7
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
2,352.1
|
|
$
2,128.6
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
0.3
|
|
$
18.5
|
|
Accounts
payable
|
116.6
|
|
104.5
|
|
Customer
advances
|
126.1
|
|
124.4
|
|
Other current
liabilities
|
400.0
|
|
351.9
|
|
|
Total current
liabilities
|
643.0
|
|
599.3
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
518.5
|
|
322.6
|
Operating lease
liabilities
|
50.7
|
|
-
|
Other long-term
liabilities
|
264.3
|
|
279.0
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
20.9
|
|
22.6
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
854.7
|
|
905.1
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
2,352.1
|
|
$
2,128.6
|
Bruker
Corporation
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in millions,
except per share amounts)
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
521.1
|
|
$
466.6
|
|
$
1,472.7
|
|
$
1,342.0
|
Cost of
revenues
|
267.2
|
|
244.0
|
|
773.7
|
|
714.8
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
253.9
|
|
222.6
|
|
699.0
|
|
627.2
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
125.3
|
|
106.5
|
|
369.9
|
|
327.4
|
Research and
development
|
46.1
|
|
41.8
|
|
141.0
|
|
128.6
|
Other charges,
net
|
(5.3)
|
|
5.2
|
|
4.9
|
|
15.2
|
Total operating
expenses
|
166.1
|
|
153.5
|
|
515.8
|
|
471.2
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
87.8
|
|
69.1
|
|
183.2
|
|
156.0
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense), net
|
(4.6)
|
|
(3.7)
|
|
(14.0)
|
|
(11.5)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling
|
|
|
|
|
|
|
|
interest in
consolidated subsidiaries
|
83.2
|
|
65.4
|
|
169.2
|
|
144.5
|
Income tax
provision
|
21.7
|
|
21.2
|
|
40.0
|
|
41.4
|
|
|
|
|
|
|
|
|
|
|
Consolidated net
income (loss)
|
61.5
|
|
44.2
|
|
129.2
|
|
103.1
|
Net income
attributable to noncontrolling
|
|
|
|
|
|
|
|
interests in
consolidated subsidiaries
|
0.2
|
|
0.8
|
|
0.6
|
|
1.5
|
Net income (loss)
attributable to Bruker Corporation
|
$
61.3
|
|
$
43.4
|
|
$
128.6
|
|
$
101.6
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to
|
|
|
|
|
|
|
|
Bruker Corporation
shareholders:
|
|
|
|
|
|
|
|
Basic
|
$
0.40
|
|
$
0.28
|
|
$
0.83
|
|
$
0.65
|
Diluted
|
$
0.39
|
|
$
0.28
|
|
$
0.82
|
|
$
0.65
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
Basic
|
154.2
|
|
156.4
|
|
155.7
|
|
156.1
|
Diluted
|
155.6
|
|
157.4
|
|
157.0
|
|
157.2
|
Bruker
Corporation
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
millions)
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Consolidated
net income (loss)
|
|
$
61.5
|
|
$
44.2
|
|
$
129.2
|
|
$
103.1
|
Adjustments to
reconcile consolidated net income to cash flows
|
|
|
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
18.9
|
|
15.9
|
|
57.3
|
|
48.3
|
|
Stock-based
compensation expense
|
|
4.0
|
|
3.3
|
|
10.1
|
|
8.2
|
|
Deferred income
taxes
|
|
(0.2)
|
|
(1.2)
|
|
(0.5)
|
|
(8.6)
|
|
Other non-cash
expenses, net
|
|
(4.4)
|
|
3.9
|
|
1.7
|
|
28.7
|
Changes in
operating assets and liabilities, net of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(18.6)
|
|
(43.5)
|
|
(8.0)
|
|
(6.9)
|
|
Inventories
|
|
|
(11.1)
|
|
(10.5)
|
|
(80.9)
|
|
(55.3)
|
|
Accounts
payable and accrued expenses
|
|
7.5
|
|
12.4
|
|
10.3
|
|
(1.2)
|
|
Income taxes
payable, net
|
|
12.8
|
|
7.2
|
|
(6.4)
|
|
(8.5)
|
|
Deferred
revenue
|
|
|
0.5
|
|
(4.9)
|
|
9.7
|
|
4.8
|
|
Customer
advances
|
|
|
(8.2)
|
|
2.4
|
|
(9.1)
|
|
2.1
|
|
Other changes
in operating assets and liabilities, net
|
(10.3)
|
|
(1.7)
|
|
(36.2)
|
|
(7.3)
|
Net cash
provided by operating activities
|
|
52.4
|
|
27.5
|
|
77.2
|
|
107.4
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of
short-term investments
|
|
-
|
|
-
|
|
(6.4)
|
|
-
|
|
Maturities of
short-term investments
|
|
-
|
|
-
|
|
-
|
|
117.0
|
|
Cash paid for
acquisitions, net of cash acquired
|
(7.1)
|
|
(17.7)
|
|
(79.0)
|
|
(55.3)
|
|
Purchases of
property, plant and equipment
|
(16.2)
|
|
(11.4)
|
|
(44.8)
|
|
(28.9)
|
|
Proceeds from
sales of property, plant and equipment
|
10.7
|
|
-
|
|
11.0
|
|
0.1
|
Net cash (used
in) provided by investing activities
|
|
(12.6)
|
|
(29.1)
|
|
(119.2)
|
|
32.9
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
revolving lines of credit
|
|
50.0
|
|
20.0
|
|
250.6
|
|
27.5
|
|
Repayment of
revolving lines of credit
|
|
(22.0)
|
|
-
|
|
(50.5)
|
|
(202.5)
|
|
Repayment of
note purchase agreement
|
|
-
|
|
-
|
|
(15.0)
|
|
-
|
|
Repayment of
other debt, net
|
|
(0.3)
|
|
(0.1)
|
|
(4.4)
|
|
(0.9)
|
|
Proceeds from
issuance of common stock, net
|
2.3
|
|
1.9
|
|
8.1
|
|
8.9
|
|
Repurchase of
common stock
|
|
(42.3)
|
|
-
|
|
(142.3)
|
|
-
|
|
Payment of
contingent consideration
|
|
(1.0)
|
|
-
|
|
(5.6)
|
|
(2.3)
|
|
Payment of
dividends
|
|
(6.2)
|
|
(6.3)
|
|
(18.8)
|
|
(18.8)
|
|
Cash Payments
to noncontrolling interest
|
-
|
|
(0.9)
|
|
-
|
|
(0.9)
|
Net cash (used
in) provided by financing activities
|
|
(19.5)
|
|
14.6
|
|
22.1
|
|
(189.0)
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
(6.8)
|
|
(0.7)
|
|
(6.4)
|
|
(5.4)
|
Net change in
cash, cash equivalents and restricted cash
|
13.5
|
|
12.3
|
|
(26.3)
|
|
(54.1)
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
286.5
|
|
262.5
|
|
326.3
|
|
328.9
|
Cash, cash
equivalents and restricted cash at end of period
|
$
300.0
|
|
$
274.8
|
|
$
300.0
|
|
$
274.8
|
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,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Reconciliation of
Non-GAAP Operating Income, Non-GAAP Profit
Before Tax, Non-GAAP Net Income, and Non-GAAP EPS
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
87.8
|
|
$
69.1
|
|
$
183.2
|
|
$
156.0
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
(6.8)
|
|
2.5
|
|
(1.4)
|
|
6.7
|
Acquisition-Related
Costs
|
4.1
|
|
2.8
|
|
15.2
|
|
3.9
|
Purchased Intangible
Amortization
|
9.2
|
|
6.9
|
|
29.2
|
|
21.5
|
Other
Costs
|
1.2
|
|
2.0
|
|
5.3
|
|
7.0
|
Total
Non-GAAP Adjustments:
|
$
7.7
|
|
$
14.2
|
|
$
48.3
|
|
$
39.1
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
95.5
|
|
$
83.3
|
|
$
231.5
|
|
$
195.1
|
Non-GAAP Operating Margin
|
18.3%
|
|
17.9%
|
|
15.7%
|
|
14.5%
|
|
|
|
|
|
|
|
|
Non-GAAP Interest
& Other Expense, net
|
(4.6)
|
|
(3.7)
|
|
(14.0)
|
|
(11.5)
|
Non-GAAP Profit
Before Tax
|
90.9
|
|
79.6
|
|
217.5
|
|
183.6
|
|
|
|
|
|
|
|
|
Non-GAAP Income Tax
Provision
|
(23.1)
|
|
(20.6)
|
|
(53.3)
|
|
(47.0)
|
Non-GAAP Tax Rate
|
25.4%
|
|
25.9%
|
|
24.5%
|
|
25.6%
|
|
|
|
|
|
|
|
|
Minority
Interest
|
(0.2)
|
|
(0.8)
|
|
(0.6)
|
|
(1.5)
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income Attributable to Bruker
|
67.6
|
|
58.2
|
|
163.6
|
|
135.1
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Diluted)
|
155.6
|
|
157.4
|
|
157.0
|
|
157.2
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
Per Share
|
$
0.43
|
|
$
0.37
|
|
$
1.04
|
|
$
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
GAAP Gross
Profit
|
$
253.9
|
|
$
222.6
|
|
$
699.0
|
|
$
627.2
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
0.6
|
|
0.5
|
|
4.1
|
|
0.8
|
Acquisition-Related
Costs
|
3.3
|
|
1.6
|
|
9.3
|
|
1.6
|
Purchased Intangible
Amortization
|
5.4
|
|
5.1
|
|
18.3
|
|
16.6
|
Other
Costs
|
-
|
|
-
|
|
0.8
|
|
-
|
Total
Non-GAAP Adjustments:
|
9.3
|
|
7.2
|
|
32.5
|
|
19.0
|
Non-GAAP Gross
Profit
|
$
263.2
|
|
$
229.8
|
|
$
731.5
|
|
$
646.2
|
Non-GAAP Gross Margin
|
50.5%
|
|
49.2%
|
|
49.7%
|
|
48.2%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Selling, General and Administrative (SG&A)
Expenses
|
|
|
|
|
GAAP SG&A
Expenses
|
$
125.3
|
|
$
106.5
|
|
$
369.9
|
|
$
327.4
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Purchased Intangible
Amortization
|
3.7
|
|
1.8
|
|
10.9
|
|
4.9
|
Non-GAAP SG&A
Expenses
|
$
121.6
|
|
$
104.7
|
|
$
359.0
|
|
$
322.5
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Tax Rate
|
|
|
|
|
|
|
|
GAAP Tax
Rate
|
26.1%
|
|
32.4%
|
|
23.6%
|
|
28.7%
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Tax Impact of
Non-GAAP Adjustments
|
-2.7%
|
|
-0.3%
|
|
-1.5%
|
|
-0.2%
|
Stock
Compensation
|
0.4%
|
|
0.0%
|
|
0.8%
|
|
0.0%
|
U.S. Tax Reform- Toll
Charge
|
0.0%
|
|
-5.7%
|
|
1.0%
|
|
-2.6%
|
Other Discrete
Items
|
1.6%
|
|
-0.5%
|
|
0.6%
|
|
-0.3%
|
Total
Non-GAAP Adjustments:
|
-0.7%
|
|
-6.5%
|
|
0.9%
|
|
-3.1%
|
Non-GAAP Tax
Rate
|
25.4%
|
|
25.9%
|
|
24.5%
|
|
25.6%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Earnings Per Share (Diluted)
|
|
|
|
|
|
|
GAAP Earnings Per
Share (Diluted)
|
$
0.39
|
|
$
0.28
|
|
$
0.82
|
|
$
0.65
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
(0.04)
|
|
0.02
|
|
(0.01)
|
|
0.04
|
Acquisition-Related
Costs
|
0.03
|
|
0.02
|
|
0.10
|
|
0.03
|
Purchased Intangible
Amortization
|
0.05
|
|
0.04
|
|
0.18
|
|
0.14
|
Other
Costs
|
0.01
|
|
0.01
|
|
0.03
|
|
0.04
|
Income Tax Rate
Differential
|
(0.01)
|
|
-
|
|
(0.08)
|
|
(0.04)
|
Total
Non-GAAP Adjustments:
|
0.04
|
|
0.09
|
|
0.22
|
|
0.21
|
Non-GAAP Earnings
Per Share (Diluted)
|
$
0.43
|
|
$
0.37
|
|
$
1.04
|
|
$
0.86
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Operating Cash Flow and Non-GAAP Free Cash Flow
|
|
|
|
|
|
|
|
GAAP Operating
Cash Flow
|
$
52.4
|
|
$
27.5
|
|
$
77.2
|
|
$
107.4
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(16.2)
|
|
(11.4)
|
|
(44.8)
|
|
(28.9)
|
Non-GAAP Free Cash
Flow
|
$
36.2
|
|
$
16.1
|
|
$
32.4
|
|
$
78.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bruker
Corporation
|
|
|
|
|
|
|
|
REVENUE
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue by
Group:
|
|
|
|
|
|
|
|
Bruker
BioSpin
|
$
143.7
|
|
$
139.5
|
|
$
422.4
|
|
$
411.2
|
Bruker
CALID
|
158.2
|
|
134.6
|
|
446.9
|
|
393.9
|
Bruker
Nano
|
169.9
|
|
143.0
|
|
461.7
|
|
401.4
|
BEST
|
52.5
|
|
50.9
|
|
152.2
|
|
139.2
|
Eliminations
|
(3.2)
|
|
(1.4)
|
|
(10.5)
|
|
(3.7)
|
Total
Revenue
|
$
521.1
|
|
$
466.6
|
|
$
1,472.7
|
|
$
1,342.0
|
|
|
|
|
|
|
|
|
Revenue by
End Customer Geography:
|
|
|
|
|
|
|
|
United
States
|
$
135.5
|
|
$
134.1
|
|
$
379.3
|
|
$
347.3
|
Europe
|
178.7
|
|
159.5
|
|
500.1
|
|
481.7
|
Asia
Pacific
|
158.5
|
|
134.4
|
|
464.5
|
|
396.8
|
Other
|
48.4
|
|
38.6
|
|
128.8
|
|
116.2
|
Total
Revenue
|
$
521.1
|
|
$
466.6
|
|
$
1,472.7
|
|
$
1,342.0
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
Total
Bruker
|
GAAP Revenue as of
Prior Comparable Period
|
$
466.6
|
|
$
435.6
|
|
$
1,342.0
|
|
$
1,235.4
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Acquisitions and
divestitures
|
29.9
|
|
6.4
|
|
94.4
|
|
11.2
|
Organic
|
35.3
|
|
30.4
|
|
80.1
|
|
57.8
|
Constant Currency Revenue Growth:
|
65.2
|
|
36.8
|
|
174.5
|
|
69.0
|
Currency
|
(10.7)
|
|
(5.8)
|
|
(43.8)
|
|
37.6
|
Total
Non-GAAP Adjustments:
|
54.5
|
|
31.0
|
|
130.7
|
|
106.6
|
Non-GAAP
Revenue
|
$
521.1
|
|
$
466.6
|
|
$
1,472.7
|
|
$
1,342.0
|
Revenue Growth
|
11.7%
|
|
7.1%
|
|
9.7%
|
|
8.6%
|
Organic Revenue Growth
|
7.6%
|
|
7.0%
|
|
6.0%
|
|
4.7%
|
Constant Currency Revenue Growth
|
14.0%
|
|
8.5%
|
|
13.0%
|
|
5.6%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
BSI
Segment
|
GAAP Revenue as of
Prior Comparable Period
|
$
417.1
|
|
$
390.6
|
|
$
1,206.5
|
|
$
1,099.5
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Acquisitions and
divestitures
|
27.9
|
|
6.4
|
|
91.4
|
|
11.2
|
Organic
|
35.7
|
|
25.4
|
|
70.5
|
|
64.3
|
Constant Currency Revenue Growth:
|
63.6
|
|
31.8
|
|
161.9
|
|
75.5
|
Currency
|
(8.9)
|
|
(5.3)
|
|
(37.4)
|
|
31.5
|
Total
Non-GAAP Adjustments:
|
54.7
|
|
26.5
|
|
124.5
|
|
107.0
|
Non-GAAP
Revenue
|
$
471.8
|
|
$
417.1
|
|
$
1,331.0
|
|
$
1,206.5
|
Revenue Growth
|
13.1%
|
|
6.8%
|
|
10.3%
|
|
9.7%
|
Organic Revenue Growth
|
8.6%
|
|
6.5%
|
|
5.8%
|
|
5.8%
|
Constant Currency Revenue Growth
|
15.3%
|
|
8.2%
|
|
13.4%
|
|
6.9%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
BEST Segment, net
of Intercompany Eliminations
|
GAAP Revenue as of
Prior Comparable Period
|
$
49.5
|
|
$
45.0
|
|
$
135.5
|
|
$
135.9
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Acquisitions and
divestitures
|
2.0
|
|
-
|
|
3.0
|
|
-
|
Organic
|
(0.4)
|
|
5.0
|
|
9.5
|
|
(6.5)
|
Constant Currency Revenue Growth:
|
1.6
|
|
5.0
|
|
12.5
|
|
(6.5)
|
Currency
|
(1.8)
|
|
(0.5)
|
|
(6.3)
|
|
6.1
|
Total
Non-GAAP Adjustments:
|
(0.2)
|
|
4.5
|
|
6.2
|
|
(0.4)
|
Non-GAAP
Revenue
|
$
49.3
|
|
$
49.5
|
|
$
141.7
|
|
$
135.5
|
Revenue Growth
|
-0.4%
|
|
10.0%
|
|
4.6%
|
|
-0.3%
|
Organic Revenue Growth
|
-0.8%
|
|
11.1%
|
|
7.0%
|
|
-4.8%
|
Constant Currency Revenue Growth
|
3.2%
|
|
11.1%
|
|
9.2%
|
|
-4.8%
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/bruker-reports-third-quarter-2019-financial-results-300949423.html
SOURCE Bruker Corporation