News Releases
Brooks Automation Reports Fourth Quarter and Year-End Results of Fiscal Year 2019, Ended September 30, 2019, and Announces Quarterly Cash Dividend
Revenue Growth at 24% Caps Off a Transformative Year of High Growth and Margin Expansion

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

 

(PRNewsfoto/Brooks Automation)

SOURCE Brooks Automation

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