News Releases
Brooks Automation Reports its Fourth Quarter and Year-End Results of Fiscal 2020, Ended September 30, 2020, and Announces Quarterly Cash Dividend
Significant Earnings Growth Driven by Operating Margin Expansion and Double-Digit Revenue Growth in Both Life Sciences and Semiconductor Solutions

CHELMSFORD, Mass., Nov. 10, 2020 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the fourth fiscal quarter and fiscal year, ended September 30, 2020.




Financial Results Summary








Quarter Ended






Year Ended




Dollars in millions, except per share data


September 30, 


September 30, 






September 30, 


September 30, 






2020


2019


Change




2020


2019


Change


Revenue


$

246


$

199


24

%



$

897


$

781


15

%

Semiconductor Solutions


$

138


$

105


31

%



$

509


$

447


14

%

Life Sciences


$

108


$

94


15

%



$

389


$

334


16

%





















Diluted EPS Continuing Operations


$

0.39


$

0.07


447

%



$

0.88


$

0.13


567

%

Diluted EPS Total


$

0.39


$

5.68


NM




$

0.88


$

6.04


NM






















Non-GAAP Diluted EPS Continuing Operations


$

0.47


$

0.23


100

%



$

1.26


$

0.76


65

%





















Adjusted EBITDA


$

54


$

31


75

%



$

161


$

128


26

%



Management Comments
"We delivered a robust quarter and completed a milestone year for the company," commented Steve Schwartz, President and CEO. "The Semiconductor Solutions and Life Sciences businesses each continued their momentum during the quarter, once again achieving operating margin expansion and delivering double-digit growth for the year. The growth is proof of our ability to lead and service two markets that have remained robust in spite of the pandemic. Our global team's dedication and our business model's strength keeps us positioned to address the ever-changing challenges of these unprecedented times as we move into fiscal 2021." 

Summary of GAAP Results

Fourth Quarter, Fiscal 2020

  • Revenue for the fourth fiscal quarter was $246 million, up 24% year over year. Diluted EPS from continuing operations was $0.39 per share compared to $0.07 per share in the fourth quarter of 2019.
  • Life Sciences revenue of $108 million grew 15% year over year and 16% sequentially. Year-over-year organic growth was 17%. Life Science Products grew 20% year over year, and Life Science Services grew 12%. Organic revenue growth in Q4, from what was previously defined as Sample Management, was 14% year-over-year.
  • Semiconductor Solutions revenue was $138 million, an increase of 31% year over year and 9% sequentially. The growth was primarily driven by 50% year-over-year growth in Automation, while Contamination Control Solutions and Services each contributed single-digit growth.  

Full Year, Fiscal 2020

  • Revenue for fiscal 2020 was $897 million, an increase of 15% compared to fiscal 2019, supported by double-digit growth in both Life Sciences and Semiconductor.
  • Life Sciences revenue of $389 million was 16% higher than fiscal 2019. Life Sciences Products grew 9% and Life Sciences Services grew 20%, year over year. In total, the Life Sciences business organic growth was 10%, including 7% organic growth from Sample Management.
  • Semiconductor Solutions revenue was $509 million, up 14% over the prior year. Growth was led by Contamination Control Solutions at 33%, while Automation products and Services increased 8% and 1%, respectively.
  • Pre-tax income from continuing operations of $75 million was up $66 million from the prior year. The improvement was significantly driven by operating income of $78 million, which was up $32 million, or 70%, year over year. Net interest expense was $2 million for the year, a reduction of $19 million from 2019. In addition, the prior fiscal year included a $14 million loss on the extinguishment of debt.
  • The GAAP effective tax rate was 13.3% for the year.
  • Diluted EPS from continuing operations was $0.88 compared to $0.13 in 2019. Total diluted EPS for this fiscal year was $0.88 compared to $6.04 in 2019. Discontinued operations in fiscal 2019 provided $5.91 per diluted share primarily from the $409 million gain on the sale of the Semiconductor Cryogenics business.

Summary of Non-GAAP Results for Continuing Operations

Fourth Quarter, Fiscal 2020

  • Diluted EPS from continuing operations for the fourth quarter was $0.47, up 100% over the prior year and up 48% sequentially.
  • Operating income was $45 million, an increase of 112% year over year and 51% sequentially. Operating margin was 18.2%, up 760 basis points year over year and 470 basis points sequentially. The margin expansion was driven by gross margin improvements coupled with operating expense control.
  • Gross margin was 46.6%, an increase of 490 basis points year over year and 310 basis points sequentially. Gross margin expansion was driven by improvements in both Life Sciences and Semiconductor Solutions, both sequentially and year over year.
  • The total Life Sciences operating margin was 16.2%, an increase of 900 basis points year over year and 910 basis points from the prior quarter. Gross margin performance of 50.5%, which was up 790 basis points year over year and up 580 basis points sequentially, was the primary driver of improved operating margin. The Life Sciences Products business gross margin remained stable with a 50 basis point decline sequentially, and an increase of 390 basis points year over year, driven by sustained improvements achieved earlier in the fiscal year. The Life Sciences Services sequential improvement consisted of 590 basis points that was driven by improved performance, and another 350 basis points from the favorable mix effect of unwinding the Alliance support agreement with RUCDR. In the Alliance arrangement, RUCDR performed the substantive services while Brooks Life Sciences provided contract management and other support services which came at low gross margins. In this fourth fiscal quarter, we dissolved the business arrangement and going forward we will have only a nominal amount of revenue in final support of some ongoing contracts. The reported margins for Life Science Services are up 1,020 basis points year over year.
  • Semiconductor Solutions operating margin was 20.2%, an increase of 720 basis points from the prior year and up 170 basis points from the third quarter of 2020. Gross margin of 43.6%, up 260 basis points year over year and 90 basis points sequentially, was the primary driver of the operating margin expansion.
  • Adjusted EBITDA was $54 million, up 75% from the fourth quarter of 2019 and 34% sequentially.

Full Year, Fiscal 2020

  • Non-GAAP diluted EPS from continuing operations was $1.26, a 65% increase compared to $0.76 in 2019. The increase reflects the 15% revenue growth described in the GAAP summary, 200 basis points improvement in non-GAAP operating margin, and a reduction in net interest expense of $19 million.
  • The non-GAAP effective tax rate for the year was 21.9%.
  • Operating income was $122 million, a 36% increase from 2019, supported by non-GAAP gross margins of 43.6%, which improved 170 basis points. The increase in gross margin was driven by 410 basis points improvement in the Life Sciences gross margin.

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.

Cash and Liquidity

  • Cash flow from operations for the fourth quarter was $52 million. On a full year basis, excluding the $92 million tax payment made in the second quarter for the gain on the sale of the Semiconductor cryogenics business, cash flow from operations increased 24% to $129 million. This compares to cash from operations in 2019 of $104 million excluding the transaction fees associated with the sale of the Semiconductor cryogenics business.
  • The Company ended the fourth quarter with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $306 million. With total debt of $51 million, net cash at September 30, 2020 was $255 million.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on December 17, 2020 to stockholders of record on December 4, 2020.  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 First Quarter Fiscal 2021
The Company announced revenue and earnings guidance for the first quarter of fiscal 2021.  Revenue is expected to be in the range of $237 million to $251 million and non-GAAP diluted earnings per share is expected to be in the range of $0.37 to $0.47.  GAAP diluted earnings per share for the first fiscal quarter is expected to be in the range of $0.27 to $0.37.

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 800-897-4057 (US & Canada only) or +1-212-231-2914 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 about our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, and our ability to deliver financial success in the future. 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) is a leading provider of life science sample-based solutions and semiconductor manufacturing solutions worldwide.  The Company's Life Sciences business 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.  Brooks Life Sciences' GENEWIZ division is a leading provider of DNA gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip makers and equipment manufacturers.  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

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)







































Three Months Ended



Year Ended






September 30, 



September 30,






2020


2019



2020


2019


Revenue

















Products




$

160,547


$

122,202



$

573,876


$

504,029


Services





85,649



77,009




323,397



276,819


Total revenue





246,196



199,211




897,273



780,848


Cost of revenue

















Products





91,400



72,658




337,442



302,237


Services





42,827



46,399




179,807



162,351


Total cost of revenue





134,227



119,057




517,249



464,588


Gross profit





111,969



80,154




380,024



316,260


Operating expenses

















Research and development





15,336



14,882




59,063



56,368


Selling, general and administrative





62,271



53,451




241,137



211,960


Restructuring charges





241



1,209




1,366



1,894


Total operating expenses





77,848



69,542




301,566



270,222


Operating income





34,121



10,612




78,458



46,038


Interest income





(16)



602




849



1,449


Interest expense





(679)



(903)




(2,944)



(22,250)


Loss on extinguishment of debt







(5,288)






(14,339)


Other expenses, net





(73)



(339)




(1,391)



(1,455)


Income before income taxes





33,353



4,684




74,972



9,443


Income tax benefit





4,380



(511)




9,937



(111)


Income  from continuing operations




$

28,973


$

5,195



$

65,035


$

9,554


Income (loss) from discontinued operations, net of tax







407,130




(182)



427,862


Net income




$

28,973


$

412,325



$

64,853


$

437,416


Basic net income per share:

















Income from continuing operations




$

0.39


$

0.07



$

0.88


$

0.13


Income (loss) from discontinued operations, net of tax





-



5.63




(0.00)



5.95


Basic net income per share




$

0.39


$

5.71



$

0.88


$

6.08


Diluted net income per share:

















Income from continuing operations




$

0.39


$

0.07



$

0.88


$

0.13


Income (loss) from discontinued operations, net of tax





-



5.61




(0.00)



5.91


Diluted net income per share




$

0.39


$

5.68



$

0.88


$

6.04



















Weighted average shares outstanding used in computing net income per share:

















Basic





73,808



72,273




73,557



71,992


Diluted





74,004



72,558




73,850



72,386



















 

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)














September 30, 


September 30,


2020


2019







Assets






Current assets






Cash and cash equivalents

$

295,649


$

301,642

Marketable securities


67



34,124

Accounts receivable, net


188,291



165,602

Inventories


114,834



99,445

Prepaid expenses and other current assets


50,612



46,332

Total current assets


649,453



647,145

Property, plant and equipment, net


117,665



100,669

Long-term marketable securities


3,101



2,845

Long-term deferred tax assets


4,979



5,064

Goodwill


501,536



488,602

Intangible assets, net


218,325



251,168

Other assets


64,066



20,506

Total assets

$

1,559,125


$

1,515,999

Liabilities and Stockholders' Equity






Current liabilities






Current portion of long-term debt

$

827


$

829

Accounts payable


61,758



58,919

Deferred revenue


31,357



29,435

Accrued warranty and retrofit costs


8,201



7,175

Accrued compensation and benefits


43,267



31,375

Accrued restructuring costs


181



1,040

Accrued income taxes payable


10,094



99,263

Accrued expenses and other current liabilities


55,433



44,234

Total current liabilities


211,118



272,270

Long-term debt


49,588



50,315

Long-term tax reserves


19,168



18,274

Long-term deferred tax liabilities


17,798



20,636

Long-term pension liabilities


6,406



5,338

Long-term operating lease liabilities


31,855



Other long-term liabilities


9,578



10,212

Total liabilities


345,511



377,045

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, 87,293,710 shares issued and 73,831,841 shares outstanding at September 30, 2020, 85,759,700 shares issued and 72,297,831 shares outstanding at September 30, 2019


873



857

Additional paid-in capital


1,942,850



1,921,954

Accumulated other comprehensive income


21,919



3,511

Treasury stock at cost - 13,461,869 shares


(200,956)



(200,956)

Accumulated deficit


(551,072)



(586,412)

Total stockholders' equity


1,213,614



1,138,954

Total liabilities and stockholders' equity

$

1,559,125


$

1,515,999

 


BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)














Year Ended


September 30, 


2020


2019

Cash flows from operating activities






Net income

$

64,853


$

437,416

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization


65,496



54,454

Impairment of property, plant and equipment




285

Stock-based compensation


16,317



20,113

Amortization of premium on marketable securities and deferred financing costs


233



1,121

Earnings of equity method investments




(6,188)

Deferred income taxes


(5,407)



(15,161)

Loss on extinguishment of debt




14,339

Other gains on disposals of assets


226



209

Loss (gain) on sale of divestiture, net of tax


319



(408,575)

Contingent transaction fees paid stemming from divestiture




(13,388)

Taxes paid stemming from divestiture


(91,500)



Changes in operating assets and liabilities, net of acquisitions:






Accounts receivable


(18,755)



(11,445)

Inventories


(13,144)



(2,933)

Prepaid expenses and current assets


25,642



(16,009)

Accounts payable


792



4,695

Deferred revenue


(139)



4,213

Accrued warranty and retrofit costs


760



1,109

Accrued compensation and tax withholdings


11,097



(6,453)

Accrued restructuring costs


(865)



399

Proceeds from recovery on insurance claim




1,082

Accrued expenses and current liabilities


(18,059)



31,615

Net cash provided by operating activities


37,866



90,898

Cash flows from investing activities






Purchases of property, plant and equipment


(39,924)



(23,861)

Purchases of marketable securities


(10,894)



(35,225)

Sales of marketable securities


2,492



48,903

Maturities of marketable securities


42,328



2,557

Proceeds from divestiture




661,642

Acquisitions, net of cash acquired


(15,744)



(442,704)

Purchase of other investment


(1,000)



Net cash (used in) provided by investing activities


(22,742)



211,312

Cash flows from financing activities






Proceeds from term loans, net of discount




686,386

Proceeds from issuance of common stock


4,595



3,422

Payments of financing costs




(687)

Principal payments on debt


(828)



(850,190)

Payments of finance leases


(1,277)



(1,197)

Common stock dividends paid


(29,513)



(28,895)

Net cash used in financing activities


(27,023)



(191,161)

Effects of exchange rate changes on cash and cash equivalents


9,254



(3,586)

Net (decrease) increase in cash and cash equivalents


(2,645)



107,463

Cash, cash equivalents and restricted cash, beginning of period


305,171



197,708

Cash and cash equivalents and restricted cash, end of period

$

302,526


$

305,171







Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets






Cash and cash equivalents

$

295,649


$

301,642

Short-term restricted cash included in prepaid expenses and other current assets


3,567



3,529

Long-term restricted cash included in other assets


3,310



Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows

$

302,526


$

305,171

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. 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, 2020


June 30, 2020


September 30, 2019





per diluted




per diluted




per diluted

Dollars in thousands, except per share data 

$


share


$


share


$


share

Net income from continuing operations


$

28,973


$

0.39


$

13,696


$

0.19


$

5,195


$

0.07

Adjustments:



















Amortization of intangible assets



10,442



0.14



10,390



0.14



8,931



0.12

Restructuring charges



241



0.00



(29)



(0.00)



1,209



0.02

Loss on extinguishment of debt











5,288



0.07

Merger costs



19



0.00



10



0.00



134



0.00

Restructuring related charges







301



0.00



285



0.00

Tax adjustments (1)



(800)



(0.01)



1,502



0.02





Tax effect of adjustments 



(4,369)



(0.06)



(2,561)



(0.03)



(4,165)



(0.06)

Non-GAAP adjusted net income from continuing operations


$

34,506


$

0.47


$

23,309


$

0.32


$

16,877


$

0.23

   Stock based compensation, pre-tax



3,969



0.05



3,725



0.05



4,941



0.07

   Tax rate



15

%




15

%




15

%


Stock-based compensation, net of tax



3,374



0.05



3,166



0.04



4,200



0.06

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations


$

37,880


$

0.51


$

26,475


$

0.36


$

21,077


$

0.29




















Shares used in computing non-GAAP diluted net income per share





74,004





73,860





72,558

 
















Year Ended



September 30, 2020


September 30, 2019





per diluted




per diluted

Dollars in thousands, except per share data 


$


share


$


share

Net income from continuing operations


$

65,035


$

0.88


$

9,554


$

0.13

Adjustments:













Purchase accounting impact on inventory and contracts acquired







184



0.00

Amortization of intangible assets



41,773



0.57



35,161



0.49

Restructuring related charges



301



0.00



285




Restructuring charges



1,366



0.02



1,894



0.03

Loss on extinguishment of debt







14,339



0.20

Merger costs



501



0.01



6,679



0.09

Tax Reform - rate change applied to deferred tax liabilities (2)







1,796



0.02

Tax adjustments (1)



(3,510)



(0.05)



(233)



(0.00)

Tax effect of adjustments



(12,561)



(0.17)



(14,328)



(0.20)

Non-GAAP adjusted net income from continuing operations


$

92,905


$

1.26


$

55,331


$

0.76

Stock-based compensation, pre-tax



16,317



0.22



19,516



0.27

Tax rate



15

%




15

%


Stock-based compensation, net of tax



13,869


$

0.19



16,589



0.23

Non-GAAP adjusted net income excluding stock-based compensation - continuing operations


$

106,774


$

1.45


$

71,920


$

0.99














Shares used in computing non-GAAP diluted net income per share





73,850





72,386



(1)

The Company elected to apply the tax benefit related to the stock compensation windfall realized in the quarters ended December 31, 2019 and 2018 to the non-GAAP full year tax rate.  The Company elected to exclude a deferred tax benefit realized in the three month period ended December 31, 2019 related to the extension of the 15 percent tax rate incentive in China.



(2)

Adjustments are related to U.S. Federal Tax Reform Transition Tax.

 



















Quarter Ended


Year Ended



September 30, 


June 30,


September 30, 


September 30, 


September 30, 

Dollars in thousands


2020


2020


2019


2020


2019

GAAP net income


$

28,973


$

13,696


$

412,325


$

64,853


$

437,416

Adjustments:
















Less: Loss (income) from discontinued operations







(407,130)



182



(427,862)

Less: Interest income



16



(29)



(602)



(849)



(1,449)

Add: Interest expense



679



810



902



2,944



22,250

Add: Income tax benefit



4,380



5,120



(511)



9,937



(111)

Add: Depreciation



5,295



6,290



5,094



23,723



19,289

Add: Amortization of completed technology



2,813



2,779



2,764



11,007



10,424

Add: Amortization of customer relationships and acquired intangible assets



7,629



7,611



6,167



30,766



24,737

Add: Loss on extinguishment of debt







5,287





14,339

Earnings before interest, taxes, depreciation and amortization


$

49,785


$

36,277


$

24,296


$

142,563


$

99,033

 



















Quarter Ended


Year Ended



September 30, 


June 30,


September 30, 


September 30, 


September 30, 

Dollars in thousands


2020


2020


2019


2020


2019

Earnings before interest, taxes, depreciation and amortization


$

49,785


$

36,277


$

24,296


$

142,563


$

99,033

Adjustments:
















Add: Stock-based compensation



3,969



3,725



4,941



16,317



19,516

Add: Restructuring charges



240



(29)



1,209



1,366



1,894

Add: Restructuring related charges





301



285



301



285

Add: Purchase accounting impact on inventory and contracts acquired











184

Add: Merger costs



19



10



134



502



6,679

Adjusted earnings before interest, taxes, depreciation and amortization


$

54,013


$

40,284


$

30,865


$

161,049


$

127,591

 






















Quarter Ended


Dollars in thousands


September 30, 2020


June 30, 2020


September 30, 2019

GAAP gross profit/margin percentage


$

111,969


45.5

%


$

92,788


42.1

%


$

80,154


40.2

%

Adjustments:



















Amortization of completed technology



2,813


1.1




2,779


1.3




2,764


1.4


Restructuring related charges







301


0.1




285


0.1


Non-GAAP adjusted gross profit/gross margin percentage


$

114,782


46.6

%


$

95,868


43.5

%


$

83,203


41.8

%
















1




 
















Year Ended

Dollars in thousands


September 30, 2020


September 30, 2019

GAAP gross profit/margin percentage


$

380,024


42.4

%


$

316,260


40.5

%

Adjustments:













Amortization of completed technology



11,007


1.2




10,424


1.3


Purchase accounting impact on inventory and contracts acquired







184



Restructuring related charges



301


0.0




285


0


Non-GAAP adjusted gross profit/gross margin percentage


$

391,332


43.6

%


$

327,153


41.9

%

 






















Brooks Semiconductor Solutions Group



Quarter Ended

Dollars in thousands


Sep 30, 2020


Jun 30, 2020


Sep 30, 2019

GAAP gross profit/margin percentage


$

59,435


43.1

%


$

53,524


42.1

%


$

42,262


40.2

%

Adjustments:



















Amortization of completed technology



736


0.5




717


0.6




868


0.8


Non-GAAP adjusted gross profit/margin percentage


$

60,171


43.6

%


$

54,241


42.7

%


$

43,130


41.1

%

 








































Brooks Life Sciences Products


Brooks Life Sciences Services



Quarter Ended


Quarter Ended

Dollars in thousands


Sep 30, 2020


Jun 30, 2020


Sep 30, 2019


Sep 30, 2020


Jun 30, 2020


Sep 30, 2019

GAAP gross profit/margin percentage


$

16,701


43.2

%


$

13,258


43.6

%


$

12,575


39.2

%


$

35,832


51.5

%


$

26,006


41.4

%


$

25,316


40.8

%

Adjustments:





































Amortization of completed technology



293


0.8




287


0.9




304


0.9




1,784


2.6




1,776


2.8




1,592


2.6


Restructuring related charges



















301


0.5




285


0.5


Non-GAAP adjusted gross profit/margin percentage


$

16,994


44.0

%


$

13,545


44.5

%


$

12,879


40.1

%


$

37,616


54.0

%


$

28,083


44.7

%


$

27,193


43.8

%






































 






















Brooks Life Sciences Total



Quarter Ended

Dollars in thousands


Sep 30, 2020


Jun 30, 2020


Sep 30, 2019

GAAP gross profit/margin percentage


$

52,533


48.5

%


$

39,264


42.1

%


$

37,891


40.2

%

Adjustments:



















Amortization of completed technology



2,077


1.9




2,063


2.2




1,896


2.0


Purchase accounting impact on inventory and contracts acquired













Restructuring related charges







301


0.3




285


0.3


Non-GAAP adjusted gross profit/margin percentage


$

54,610


50.5

%


$

41,628


44.6

%


$

40,072


42.6

%

 
















Brooks Semiconductor Solutions Group



Year Ended September 30,

Dollars in thousands


2020


2019

GAAP gross profit/margin percentage


$

207,896


40.9

%


$

181,659


40.7

%

Adjustments:













Amortization of completed technology



2,908


0.6




3,600


0.8


Purchase accounting impact on inventory and contracts acquired







184


0.0


Non-GAAP adjusted gross profit/margin percentage


$

210,804


41.4

%


$

185,443


41.5

%

 



























Brooks Life Sciences Products

Brooks Life Sciences Services



Year Ended September 30,

Year Ended September 30,

Dollars in thousands


2020


2019

2020


2019

GAAP gross profit/margin percentage


$

55,718


42.9

%


$

43,577


36.6

%

$

116,428


45.0

%


$

91,027


42.3

%

Adjustments:
























Amortization of completed technology



1,165


0.9




1,238


1.0



6,935


2.7




5,586


2.6


Restructuring related charges










301


0.1




285


0.1


Non-GAAP adjusted gross profit/margin percentage


$

56,883


43.8

%


$

44,815


37.7

%

$

123,664


47.8

%


$

96,898


45.0

%

























 
















Brooks Life Sciences Total



Year Ended September 30,

Dollars in thousands


2020


2019

GAAP gross profit/margin percentage


$

172,146


44.3

%


$

134,604


40.3

%

Adjustments:











-


Amortization of completed technology



8,100


2.1




6,824


2.0


Restructuring related charges



301


0.1




285


0.1


Non-GAAP adjusted gross profit/margin percentage


$

180,547


46.5

%


$

141,713


42.4

%

 








































Brooks Semiconductor Solutions Group


Brooks Life Sciences Products


Brooks Life Sciences Services


Brooks Life Sciences Total



Quarter Ended


Quarter Ended


Quarter Ended


Quarter Ended



Sept 30,


Jun 30,


Sept 30,


Sept 30,


Jun 30,


Sept 30,


Sept 30,


Jun 30,


Sept 30,


Sept 30,


Jun 30,


Sept 30,

Dollars in thousands


2020


2020


2019


2020


2020


2019


2020


2020


2019


2020


2020


2019

GAAP operating profit


$

27,094


$

22,697


$

12,726


$

4,072


$

2,195


$

828


$

11,353


$

2,032


$

3,758


$

15,425


$

4,227


$

4,586

Adjustments:





































Amortization of completed technology



736



717



868



293



287



304



1,784



1,776



1,592



2,077



2,063



1,896

Restructuring related charges

















301



285





301



285

Non-GAAP adjusted operating profit


$

27,830


$

23,414


$

13,594


$

4,365


$

2,482


$

1,132


$

13,137


$

4,109


$

5,635


$

17,502


$

6,591


$

6,767

 































Total Segments


Corporate


Total



Quarter Ended


Quarter Ended


Quarter Ended



Sept 30,


Jun 30,


Sept 30,


Sept 30,


Jun 30,


Sept 30,


Sept 30,


Jun 30,


Sept 30,

Dollars in thousands


2020


2020


2019


2020


2020


2019


2020


2020


2019

GAAP operating profit (loss)


$

42,519


$

26,924


$

17,312


$

(8,398)


$

(7,825)


$

(6,700)


$

34,121


$

19,099


$

10,612

Adjustments:




























Amortization of completed technology



2,813



2,780



2,764









2,813



2,780



2,764

Amortization of customer relationships and acquired intangible assets









7,629



7,611



6,167



7,629



7,611



6,167

Restructuring charges









241



(29)



1,209



241



(29)



1,209

Merger costs









19



10



134



19



10



134

Restructuring related charges





301



285











301



285

Non-GAAP adjusted operating profit (loss)


$

45,332


$

30,005


$

20,361


$

(509)


$

(233)


$

810


$

44,823


$

29,772


$

21,171





























 






























Brooks Semiconductor Solutions Group


Brooks Life Sciences Products


Brooks Life Sciences Services



Brooks Life SciencesTotal




Year Ended September 30,


Year Ended September 30,


Year Ended September 30,



Year Ended September 30,


Dollars in thousands


2020


2019


2020


2019


2020


2019



2020


2019


GAAP operating profit


$

80,043


$

66,176


$

8,188


$

(3,073)


$

21,596


$

16,595



$

29,784


$

13,522


Adjustments:



























Amortization of completed technology



2,908



3,600



1,165



1,238



6,935



5,586




8,100



6,824


Purchase accounting impact on inventory and contracts acquired





184









285






285


Restructuring related charges











301






301




Non-GAAP adjusted operating profit


$

82,951


$

69,960


$

9,353


$

(1,835)


$

28,832


$

22,466



$

38,185


$

20,631


 






















Total Segments


Corporate


Total



Year Ended September 30,


Year Ended September 30,


Year Ended September 30,

Dollars in thousands


2020


2019


2020


2019


2020


2019

GAAP operating profit (loss)


$

109,827


$

79,698


$

(31,369)


$

(33,660)


$

78,458


$

46,038

Adjustments:



















Amortization of completed technology



11,008



10,424







11,008



10,424

Amortization of customer relationships and acquired intangible assets







30,766



24,737



30,766



24,737

Restructuring charges







1,366



1,894



1,366



1,894

Purchase accounting impact on inventory and contracts acquired





469









469

Merger costs







501



6,679



501



6,679

Restructuring related charges



301









301



Non-GAAP adjusted operating profit (loss)


$

121,136


$

90,591


$

1,264


$

(350)


$

122,400


$

90,241

 

(PRNewsfoto/Brooks Automation)

 

SOURCE Brooks Automation

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