News Releases
Brooks Automation Reports Results of Third Quarter of Fiscal 2021, Ended June 30, 2021, and Announces Quarterly Cash Dividend
Robust Demand and Strong Execution Drive Continued Growth in Revenue and Profitability

CHELMSFORD, Mass., Aug. 5, 2021 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the fiscal quarter ended June 30, 2021.

 
 

Financial Results Summary

 
   

Quarter Ended

             

Dollars in millions, except per share data

 

June 30, 

 

March 31, 

   

June 30, 

 

Change vs.

     
   

2021

 

2021

   

2020

 

Prior Qtr

 

Prior Year

     

Revenue

 

$

315

 

$

287

   

$

220

 

10

%

43

%

   

Semiconductor Solutions

 

$

186

 

$

157

   

$

127

 

19

%

47

%

   

Life Sciences

 

$

129

 

$

130

   

$

93

 

0

%

38

%

   
                                   

Diluted EPS Continuing Operations

 

$

0.53

 

$

0.32

   

$

0.19

 

64

%

184

%

   

Diluted EPS Total

 

$

0.53

 

$

0.32

   

$

0.19

 

65

%

184

%

   
                                   

Non-GAAP Diluted EPS Continuing Operations

 

$

0.72

 

$

0.61

   

$

0.32

 

17

%

127

%

   
                                   

Adjusted EBITDA

 

$

78

 

$

71

   

$

40

 

10

%

94

%

   
 

Management Comments

"We are proud of the results of our third fiscal quarter with strong execution by both businesses," commented Steve Schwartz, President and CEO. "Life Sciences sustained its high growth performance and Semiconductor Solutions acceleration was exceptionally strong. We expect our fourth fiscal quarter of 2021 to continue the upward trajectory. We remain on track for the planned separation into two standalone companies, which is expected to occur by the end of the calendar year."

Summary of GAAP Results

Third Quarter, Fiscal 2021

  • Revenue for the third quarter was $315 million, up 43% year over year driven by growth in both Life Sciences and Semiconductor Solutions.
  • Diluted EPS from continuing operations was $0.53 per share compared to $0.19 per share in the third quarter of 2020.
  • Life Sciences revenue of $129 million grew 38% year over year. Year-over-year organic growth was 42%. Life Sciences Products grew 60% year over year, and Life Sciences Services grew 28%. Excluding the effect of the recent exit of the RUCDR alliance, Life Science Services grew 43%.
  • Semiconductor Solutions revenue was $186 million, an increase of 47% year over year. Year-over-year organic growth was 43%.
  • Operating income was $50 million, compared to $19 million in the third quarter of 2020. Operating margin was 15.9%, up 730 basis points year over year and was driven by gross margin of 45.8%, up 370 basis points year over year. Operating expenses in the quarter include approximately $6 million in unallocated corporate expenses related to strategic M&A initiatives, including the preparation to separate the two businesses.

A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures follow the consolidated balance sheets, statements of operations and statements of cash flows included in this release.

Summary of Non-GAAP Results for Continuing Operations

Third Quarter, Fiscal 2021

  • Diluted EPS for the third quarter was $0.72, up 127% year over year.
  • Operating income was $68 million, an increase of 127% year over year, and operating margin was 21.5%, up 790 basis points year over year. Gross margin of 46.9% was up 340 basis points year over year.
  • Life Sciences operating margin was 17.8%, up from 7.1% in the prior year. Gross margin was 50.0%, up 540 basis points year over year driven by performance improvement of 250 basis points, as well as, 280 basis points of favorable mix as a result of exiting the RUCDR alliance agreement.
  • Semiconductor Solutions operating margin was 24.1%, an increase of 560 basis points from the prior year. Gross margin was 44.7%, up 200 basis points year over year, driven by margin expansion in Automation.
  • Adjusted EBITDA was $78 million, up 94% from the third quarter of 2020 and 10% sequentially.

Cash and Liquidity

  • Cash flow from operations was $45 million for the quarter, an increase of $19 million year over year.
  • On April 29, 2021, the Company acquired Precise Automation, Inc. for approximately $70 million in cash subject to working capital and other adjustments.
  • The Company ended the third fiscal quarter of 2021 with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $286 million, with total debt of $50 million, and net cash of $236 million.

Quarterly Cash Dividend

The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on September 24, 2021 to stockholders of record on September 3, 2021.  Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Fourth Quarter Fiscal 2021

The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2021.  Revenue is expected to be in the range of $328 million to $348 million and non-GAAP diluted earnings per share is expected to be in the range of $0.71 to $0.81.  GAAP diluted earnings per share for the fourth fiscal quarter is expected to be in the range of $0.50 to $0.60.

Conference Call and Webcast

Brooks management will webcast its third 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 800-941-1366 (US & Canada only) or +1-212-231-2926 for international callers to listen to the live webcast.

Regulation G – Use of Non-GAAP financial Measures

The Company supplements its GAAP financial measures with certain non-GAAP financial measures to provide investors a better perspective on the results of business operations, which the Company believes is more comparable to the similar analyses provided by its peers.  These measures are not presented in accordance with, nor are they a substitute for, U.S. generally accepted accounting principles, or GAAP. These measures should always be considered in conjunction with appropriate GAAP measures.  A reconciliation of non-GAAP measures to the most nearly comparable GAAP measures is included at the end of this release following the consolidated balance sheets, statements of operations and statements of cash flows.

"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934

Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks' financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include but are not limited to statements about our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, our ability to deliver financial success in the future, and the timing of our planned separation into two independent public companies. Factors that could cause results to differ from our expectations include the following:  the impact of the COVID-19 global pandemic on the markets we serve, including our supply chain, and on the global economy generally, the volatility of the industries the Company serves, particularly the semiconductor industry; our possible inability to meet demand for our products due to difficulties in obtaining components and materials from our suppliers in required quantities and of required quality; the inability of customers to make payments to us when due; the timing and effectiveness of cost reduction and cost control measures; price competition; disputes concerning intellectual property; uncertainties in global political and economic conditions, and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q. As a result, we can provide no assurance that our future results will not be materially different from those projected. Brooks expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based. Brooks undertakes no obligation to update the information contained in this press release.

About Brooks Automation

 

Brooks (Nasdaq: BRKS) operates two, global, market-leading businesses, Life Sciences and Semiconductor Solutions, each with its own distinct area of focus and expertise.  The 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 gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks' Semiconductor Solutions business provides industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip makers and equipment manufacturers as well as collaborative robotics and automation capabilities for multi-market applications. 

 

On May 10, 2021, Brooks announced its plans to separate into two independent, publicly traded companies by establishing a standalone life sciences company, comprised of the Life Sciences business, and a standalone automation company, comprised of the Semiconductor Solutions business. The transaction is expected to be completed by the end of calendar year 2021.

Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com.

BROOKS INVESTOR CONTACTS:

Sara Silverman
Director of Investor Relations
Brooks Automation
978.262.2635
sara.silverman@brooks.com

Sherry Dinsmore
Brooks Automation
978.262.4301
sherry.dinsmore@brooks.com

 

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 (In thousands, except per share data)

 
                           
 

Three Months Ended

   

Nine Months Ended

 
 

June 30, 

   

June 30, 

 
 

2021

 

2020

   

2021

 

2020

 

Revenue

                         

Products

$

215,843

 

$

142,323

   

$

565,829

 

$

413,329

 

Services

 

99,506

   

78,027

     

285,610

   

237,748

 

Total revenue

 

315,349

   

220,350

     

851,439

   

651,077

 

Cost of revenue

                         

Products

 

120,387

   

81,989

     

317,472

   

245,930

 

Services

 

50,562

   

45,573

     

149,165

   

137,092

 

Total cost of revenue

 

170,949

   

127,562

     

466,637

   

383,022

 

Gross profit

 

144,400

   

92,788

     

384,802

   

268,055

 

Operating expenses

                         

Research and development

 

18,284

   

14,004

     

51,310

   

43,727

 

Selling, general and administrative

 

75,883

   

59,714

     

221,646

   

178,866

 

Restructuring charges

 

   

(29)

     

179

   

1,125

 

Total operating expenses

 

94,167

   

73,689

     

273,135

   

223,718

 

Operating income

 

50,233

   

19,099

     

111,667

   

44,337

 

Interest income

 

409

   

29

     

503

   

865

 

Interest expense

 

(477)

   

(810)

     

(1,485)

   

(2,265)

 

Other income (expenses), net

 

(1,625)

   

498

     

(147)

   

(1,318)

 

Income before income taxes

 

48,540

   

18,816

     

110,538

   

41,619

 

Income tax provision

 

9,370

   

5,120

     

20,428

   

5,557

 

Income from continuing operations

 

39,170

   

13,696

     

90,110

   

36,062

 

Loss from discontinued operations, net of tax

 

(4)

   

     

(1,168)

   

(182)

 

Net income

$

39,166

 

$

13,696

   

$

88,942

 

$

35,880

 

Basic net income per share:

                         

Income from continuing operations

$

0.53

 

$

0.19

   

$

1.21

 

$

0.49

 

Loss from discontinued operations, net of tax

 

(0.00)

   

-

     

(0.02)

   

(0.00)

 

Basic net income per share

$

0.53

 

$

0.19

   

$

1.20

 

$

0.49

 

Diluted net income per share:

                         

Income from continuing operations

$

0.53

 

$

0.19

   

$

1.21

 

$

0.49

 

Loss from discontinued operations, net of tax

 

(0.00)

   

-

     

(0.02)

   

(0.00)

 

Diluted net income per share

$

0.53

 

$

0.19

   

$

1.20

 

$

0.49

 
                           

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

                         

Basic

 

74,296

   

73,759

     

74,195

   

73,473

 

Diluted

 

74,495

   

73,860

     

74,420

   

73,766

 
                           

               

BROOKS AUTOMATION, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

 (In thousands, except share and per share data)

 
           
 

June 30, 

 

September 30,

 

2021

 

2020

           

Assets

         

Current assets

         

Cash and cash equivalents

$

269,862

 

$

295,649

Marketable securities

 

101

   

67

Accounts receivable, net

 

234,079

   

188,291

Inventories

 

154,720

   

114,834

Prepaid expenses and other current assets

 

58,455

   

50,612

Total current assets

 

717,217

   

649,453

Property, plant and equipment, net

 

146,522

   

117,665

Long-term marketable securities

 

3,637

   

3,101

Long-term deferred tax assets

 

4,447

   

4,979

Goodwill

 

551,326

   

501,536

Intangible assets, net

 

254,937

   

218,325

Other assets

 

85,169

   

64,066

Total assets

$

1,763,255

 

$

1,559,125

Liabilities and Stockholders' Equity

         

Current liabilities

         

Current portion of long-term debt

$

 

$

827

Accounts payable

 

98,192

   

61,758

Deferred revenue

 

35,421

   

31,357

Accrued warranty and retrofit costs

 

8,132

   

8,201

Accrued compensation and benefits

 

43,803

   

43,267

Accrued restructuring costs

 

29

   

181

Accrued income taxes payable

 

22,232

   

10,094

Accrued expenses and other current liabilities

 

103,251

   

55,433

Total current liabilities

 

311,060

   

211,118

Long-term debt

 

49,651

   

49,588

Long-term tax reserves

 

18,410

   

19,168

Long-term deferred tax liabilities

 

16,295

   

17,798

Long-term pension liabilities

 

6,536

   

6,406

Long-term operating lease liabilities

 

45,034

   

31,855

Other long-term liabilities

 

8,440

   

9,578

Total liabilities

 

455,426

   

345,511

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, 87,758,598 shares issued and
74,296,729 shares outstanding at June 30, 2021, 87,293,710 shares issued and 73,831,841
shares outstanding at September 30, 2020

 

878

   

873

Additional paid-in capital

 

1,965,705

   

1,942,850

Accumulated other comprehensive income

 

26,619

   

21,919

Treasury stock at cost - 13,461,869 shares

 

(200,956)

   

(200,956)

Accumulated deficit

 

(484,417)

   

(551,072)

Total stockholders' equity

 

1,307,829

   

1,213,614

Total liabilities and stockholders' equity

$

1,763,255

 

$

1,559,125

 

 

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

 
           
 

Nine Months Ended

 

June 30, 

 

2021

 

2020

Cash flows from operating activities

         

Net income

$

88,942

 

$

35,880

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

         

Depreciation and amortization

 

48,684

   

49,760

Impairment of property, plant and equipment

 

   

301

Stock-based compensation

 

20,277

   

12,348

Amortization of premium on marketable securities and deferred financing costs

 

169

   

177

Deferred income taxes

 

(10,293)

   

(9,319)

Other gains on disposals of assets

 

225

   

163

Adjustment to the gain on divestiture, net of tax

 

948

   

319

Taxes paid stemming from divestiture

 

   

(91,500)

Changes in operating assets and liabilities, net of acquisitions:

         

Accounts receivable

 

(40,286)

   

(15,719)

Inventories

 

(32,532)

   

(17,695)

Prepaid expenses and current assets

 

4,000

   

12,554

Accounts payable

 

23,327

   

11,032

Deferred revenue

 

(1,564)

   

214

Accrued warranty and retrofit costs

 

(286)

   

580

Accrued compensation and tax withholdings

 

(338)

   

1,928

Accrued restructuring costs

 

(153)

   

(609)

Accrued expenses and current liabilities

 

21,625

   

(4,347)

Net cash provided by (used in) operating activities

 

122,745

   

(13,933)

Cash flows from investing activities

         

Purchases of property, plant and equipment

 

(34,606)

   

(29,685)

Purchases of marketable securities

 

(100)

   

(10,843)

Sales of marketable securities

 

25

   

2,492

Maturities of marketable securities

 

25

   

42,226

Adjustment to proceeds from divestiture

 

(1,802)

   

Acquisitions, net of cash acquired

 

(92,375)

   

(15,743)

Disbursement for a loan receivable

 

   

Issuance of a note receivable

 

   

(1,000)

Proceeds from sales of property, plant and equipment

 

   

Net cash used in investing activities

 

(128,833)

   

(12,553)

Cash flows from financing activities

         

Proceeds from term loans, net of discount

 

   

Proceeds from issuance of common stock

 

2,583

   

2,332

Payments of financing costs

 

   

Principal payments on debt

 

(828)

   

(828)

Payments of finance leases

 

(915)

   

(957)

Common stock dividends paid

 

(22,288)

   

(22,127)

Net cash used in financing activities

 

(21,448)

   

(21,580)

Effects of exchange rate changes on cash and cash equivalents

 

7,582

   

3,095

Net decrease in cash, cash equivalents and restricted cash

 

(19,954)

   

(44,971)

Cash, cash equivalents and restricted cash, beginning of period

 

302,526

   

305,171

Cash and cash equivalents and restricted cash, end of period

$

282,572

 

$

260,200

           

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

         

Cash and cash equivalents

$

269,862

 

$

256,633

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

 

3,570

   

3,567

Long-term restricted cash included in other assets

 

9,140

   

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

$

282,572

 

$

260,200

           
           
           

 

Notes on Non-GAAP Financial Measures:

These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusts the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers.  Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. For the nine months ended June 30, 2021, management has excluded a charge related to liabilities for import tariffs related to imports in prior fiscal years. The cost of import tariffs which pertain to the current fiscal year imports were not removed from non-GAAP results. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

                                     
   

Quarter Ended

   

June 30, 2021

 

March 31, 2021

 

June 30, 2020

       

per diluted

     

per diluted

     

per diluted

Dollars in thousands, except per share data    

 

$

 

share

 

$

 

share

 

$

 

share

Net income from continuing operations

 

$

39,170

 

$

0.53

 

$

23,932

 

$

0.32

 

$

13,696

 

$

0.19

Adjustments:

                                   

Purchase accounting impact on inventory and contracts acquired

   

140

   

0.00

   

   

   

   

Amortization of intangible assets

   

11,085

   

0.15

   

9,920

   

0.13

   

10,390

   

0.14

Restructuring charges

   

   

   

92

   

0.00

   

(29)

   

(0.00)

Tariff adjustment

   

   

   

5,497

   

0.07

   

   

Merger and acquisition costs

   

6,269

   

0.08

   

11,843

   

0.16

   

10

   

0.00

Restructuring related charges

   

   

   

   

   

301

   

0.00

Other adjustments

   

(83)

   

(0.00)

   

   

   

   

Tax adjustments (1)

   

682

   

0.01

   

639

   

0.01

   

1,502

   

0.02

Tax effect of adjustments 

   

(3,790)

   

(0.05)

   

(6,283)

   

(0.08)

   

(2,561)

   

(0.03)

Non-GAAP adjusted net income from continuing operations

 

$

53,473

 

$

0.72

 

$

45,640

 

$

0.61

 

$

23,309

 

$

0.32

   Stock based compensation, pre-tax

   

6,086

   

0.08

   

6,710

   

0.09

   

3,725

   

0.05

   Tax rate

   

15

%

 

   

15

%

 

   

15

%

 

Stock-based compensation, net of tax

   

5,173

   

0.07

   

5,704

   

0.08

   

3,166

   

0.04

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

 

$

58,646

 

$

0.79

 

$

51,344

 

$

0.69

 

$

26,475

 

$

0.36

                                     

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

   

   

74,495

   

   

74,414

   

   

73,860

 

                           
     

Nine Months Ended

     

June 30, 2021

 

June 30, 2020

         

per diluted

     

per diluted

Dollars in thousands, except per share data    

   

$

 

share

 

$

 

share

Net income from continuing operations

   

$

90,110

 

$

1.21

 

$

36,062

 

$

0.49

Adjustments:

                         

Purchase accounting impact on inventory and contracts acquired

     

140

   

0.00

   

   

Amortization of intangible assets

     

30,750

   

0.41

   

31,331

   

0.42

Restructuring related charges

     

   

   

301

     

Restructuring charges

     

179

   

0.00

   

1,125

   

0.02

Tariff adjustment

     

5,497

   

0.07

   

   

Merger and acquisition costs

     

21,104

   

0.28

   

484

   

0.01

Other adjustments

     

(83)

   

(0.00)

           

Tax adjustments (1)

     

(725)

   

(0.01)

   

(2,789)

   

(0.04)

Tax effect of adjustments

     

(12,906)

   

(0.17)

   

(8,113)

   

(0.11)

Non-GAAP adjusted net income from continuing operations

   

$

134,066

 

$

1.80

 

$

58,401

 

$

0.79

Stock-based compensation, pre-tax

     

20,277

   

0.27

   

12,348

   

0.17

Tax rate

     

15

%

 

   

15

%

 

Stock-based compensation, net of tax

     

17,235

 

$

0.23

   

10,496

   

0.14

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

   

$

151,301

 

$

2.03

 

$

68,897

 

$

0.93

                           

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

     

   

74,420

   

   

73,766

 

(1)

Tax adjustments primarily related to stock compensation windfall benefit. The Company elected to apply the tax benefit related to the stock compensation windfall realized in the quarters ended March 31, 2021 and 2020 to the non-GAAP full year tax rate.  The Company elected to exclude a deferred tax benefit realized in the three month period ended March 31, 2020 related to the extension of the 15 percent tax rate incentive in China.

 

                               
   

Quarter Ended

 

Nine Months Ended

   

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

June 30, 

Dollars in thousands

 

2021

 

2021

 

2020

 

2021

 

2020

GAAP net income

 

$

39,166

 

$

23,748

 

$

13,696

 

$

88,942

 

$

35,880

Adjustments:

                             

Less: Loss from discontinued operations

   

4

   

184

   

   

1,168

   

182

Less: Interest income

   

(409)

   

(18)

   

(29)

   

(503)

   

(865)

Add: Interest expense

   

477

   

452

   

810

   

1,485

   

2,265

Add: Income tax benefit

   

9,370

   

6,288

   

5,120

   

20,428

   

5,557

Add: Depreciation

   

6,055

   

5,877

   

6,290

   

17,933

   

18,429

Add: Amortization of completed technology

   

3,352

   

2,319

   

2,779

   

8,060

   

8,194

Add: Amortization of customer relationships and acquired intangible assets

   

7,733

   

7,601

   

7,611

   

22,690

   

23,137

Earnings before interest, taxes, depreciation and amortization

 

$

65,748

 

$

46,451

 

$

36,277

 

$

160,203

 

$

92,779

 

                               
   

Quarter Ended

 

Nine Months Ended

   

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

June 30, 

Dollars in thousands

 

2021

 

2021

 

2020

 

2021

 

2020

Earnings before interest, taxes, depreciation and amortization

 

$

65,748

 

$

46,451

 

$

36,277

 

$

160,203

 

$

92,779

Adjustments:

                             

Add: Stock-based compensation

   

6,086

   

7,481

   

3,725

   

20,277

   

12,348

Add: Restructuring charges

   

   

92

   

(29)

   

179

   

1,125

Add: Restructuring related charges

   

   

   

301

   

   

301

Add: Purchase accounting impact on inventory and contracts acquired

   

140

   

   

   

140

   

Add: Merger and acquisition costs

   

6,269

   

11,843

   

10

   

21,104

   

484

Add: Tariff adjustment

   

   

5,497

   

   

5,497

   

Less: Other adjustments

   

(83)

   

   

   

(83)

   

Adjusted earnings before interest, taxes, depreciation and amortization

 

$

78,160

 

$

71,364

 

$

40,284

 

$

207,317

 

$

107,037

 

                                     
   

Quarter Ended

 

Dollars in thousands

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

144,400

 

45.8

%

 

$

127,274

 

44.4

%

 

$

92,788

 

42.1

%

Adjustments:

                                   

Amortization of completed technology

   

3,352

 

1.1

     

2,319

 

0.8

     

2,779

 

1.3

 

Restructuring related charges

   

 

     

 

0.0

     

301

 

0.1

 

Purchase accounting impact on inventory and contracts acquired

   

140

 

0.0

     

 

     

 

0.0

 

Other adjustment

   

(83)

 

(0.0)

     

5,497

 

1.9

     

 

0.0

 

Non-GAAP adjusted gross profit/gross margin percentage

 

$

147,809

 

46.9

%

 

$

135,090

 

47.1

%

 

$

95,868

 

43.5

%

                                     

 

                         
   

Nine Months Ended

Dollars in thousands

 

June 30, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

384,802

 

45.2

%

 

$

268,055

 

41.2

%

Adjustments:

                       

Amortization of completed technology

   

8,060

 

0.9

     

8,194

 

1.3

 

Purchase accounting impact on inventory and contracts acquired

   

140

 

0.0

     

 

 

Restructuring related charges

   

 

     

301

 

0.0

 

Other adjustment

   

(83)

 

0.0

             

Tariff adjustment

   

5,497

 

0.6

     

 

 

Non-GAAP adjusted gross profit/gross margin percentage

 

$

398,416

 

46.8

%

 

$

276,550

 

42.5

%

 

                                     
   

Brooks Semiconductor Solutions Group

   

Quarter Ended

Dollars in thousands

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

81,973

 

44.0

%

 

$

69,413

 

44.2

%

 

$

53,524

 

42.1

%

Adjustments:

                                   

Amortization of completed technology

   

1,178

 

0.6

     

298

 

0.2

     

717

 

0.6

 

Purchase accounting impact on inventory and contracts acquired

   

140

 

0.1

     

 

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

83,291

 

44.7

%

 

$

69,711

 

44.4

%

 

$

54,241

 

42.7

%

 

                                                                         
   

Brooks Life Sciences Products

 

Brooks Life Sciences Services

   

Quarter Ended

 

Quarter Ended

Dollars in thousands

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

22,655

 

46.6

%

 

$

24,051

 

45.9

%

 

$

13,258

 

43.6

%

 

$

39,772

 

49.4

%

 

$

33,813

 

43.8

%

 

$

26,006

 

41.4

%

Adjustments:

                                                                       

Amortization of completed technology

   

432

 

0.9

     

280

 

0.5

     

287

 

0.9

     

1,742

 

2.2

     

1,741

 

2.3

     

1,776

 

2.8

 

Restructuring related charges

   

 

     

 

     

 

     

 

     

 

     

301

 

0.5

 

Other adjustment

   

 

     

 

     

 

     

(83)

 

(0.1)

     

 

     

 

 

Tariff adjustment

   

 

     

 

     

 

     

 

     

5,497

 

7.1

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

23,087

 

47.5

%

 

$

24,331

 

46.5

%

 

$

13,545

 

44.5

%

 

$

41,431

 

51.5

%

 

$

41,051

 

53.2

%

 

$

28,083

 

44.7

%

                                                                         

 

                                     
   

Brooks Life Sciences Total

   

Quarter Ended

Dollars in thousands

 

June 30, 2021

 

March 31, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

62,428

 

48.4

%

 

$

57,864

 

44.7

%

 

$

39,264

 

42.1

%

Adjustments:

                                   

Amortization of completed technology

   

2,173

 

1.7

     

2,021

 

1.6

     

2,063

 

2.2

 

Restructuring related charges

   

 

     

 

     

301

 

0.3

 

Other adjustment

   

(83)

 

(0)

     

 

     

 

 

Tariff adjustment

   

 

     

5,497

 

4.2

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

64,518

 

50.0

%

 

$

65,382

 

50.5

%

 

$

41,628

 

44.6

%

 

                         
   

Brooks Semiconductor Solutions Group

   

Nine Months Ended

Dollars in thousands

 

June 30, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

207,175

 

43.6

%

 

$

148,443

 

40.0

%

Adjustments:

                       

Amortization of completed technology

   

1,860

 

0.4

     

2,172

 

0.6

 

Purchase accounting impact on inventory and contracts acquired

   

140

 

0.0

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

209,175

 

44.1

%

 

$

150,615

 

40.6

%

 

                                               
   

Brooks Life Sciences Products

Brooks Life Sciences Services

   

Nine Months Ended

Nine Months Ended

Dollars in thousands

 

June 30, 2021

 

June 30, 2020

June 30, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

67,238

 

45.9

%

 

$

39,016

 

42.8

%

$

110,395

 

47.9

%

 

$

80,596

 

42.6

%

Adjustments:

                                             

Amortization of completed technology

   

985

 

0.7

     

872

 

1.0

   

5,215

 

2.3

     

5,151

 

2.7

 

Restructuring related charges

   

 

     

 

   

 

     

301

 

0.2

 

Other adjustment

   

 

     

 

   

(83)

 

(0.0)

     

 

 

Tariff adjustment

   

 

     

 

   

5,497

 

2.4

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

68,223

 

46.6

%

 

$

39,888

 

43.8

%

$

121,024

 

52.6

%

 

$

86,047

 

45.5

%

                                               
                         
   

Brooks Life Sciences Total

   

Nine Months Ended

Dollars in thousands

 

June 30, 2021

 

June 30, 2020

GAAP gross profit/margin percentage

 

$

177,633

 

47.1

%

 

$

119,612

 

42.7

%

Adjustments:

                       

Amortization of completed technology

   

6,200

 

1.6

     

6,023

 

2.1

 

Restructuring related charges

   

 

     

301

 

0.1

 

Other adjustment

   

(83)

 

(0.0)

     

 

 

Tariff adjustment

   

5,497

 

1.5

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

189,247

 

50.2

%

 

$

125,935

 

44.9

%

                                                                     

 

                                                                         
   

Brooks Semiconductor Solutions Group

 

Brooks Life Sciences Products

 

Brooks Life Sciences Services

 

Brooks Life Sciences Total

   

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

   

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

March 31,

 

June 30, 

Dollars in thousands

 

2021

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

 

2020

GAAP operating profit

 

$

43,478

 

$

33,004

 

$

22,697

 

$

8,706

 

$

10,935

 

$

2,195

 

$

12,125

 

$

6,168

 

$

2,032

 

$

20,831

 

$

17,103

 

$

4,227

Adjustments:

                                                                       

Amortization of completed technology

   

1,178

   

298

   

717

   

432

   

280

   

287

   

1,742

   

1,741

   

1,776

   

2,174

   

2,021

   

2,063

Purchase accounting impact on inventory and contracts acquired

   

140

   

   

   

   

   

   

   

   

   

   

   

Restructuring related charges

   

   

   

   

   

   

   

   

   

301

   

   

   

301

Other adjustment

   

   

   

   

   

   

   

(83)

   

   

   

(83)

   

   

Tariff adjustment

   

   

   

   

   

   

   

   

5,497

   

   

   

5,497

   

Non-GAAP adjusted operating profit

 

$

44,796

 

$

33,302

 

$

23,414

 

$

9,138

 

$

11,215

 

$

2,482

 

$

13,784

 

$

13,406

 

$

4,109

 

$

22,922

 

$

24,621

 

$

6,591

 

                                                       
   

Total Segments

 

Corporate

 

Total

   

Quarter Ended

 

Quarter Ended

 

Quarter Ended

   

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

March 31,

 

June 30, 

 

June 30, 

 

March 31,

 

June 30, 

Dollars in thousands

 

2021

 

2021

 

2020

 

2021

 

2021

 

2020

 

2021

 

2021

 

2020

GAAP operating profit (loss)

 

$

64,309

 

$

50,107

 

$

26,924

 

$

(14,076)

 

$

(19,602)

 

$

(7,825)

 

$

50,233

 

$

30,505

 

$

19,099

Adjustments:

                                                     

Amortization of completed technology

   

3,352

   

2,319

   

2,780

   

   

   

   

3,352

   

2,319

   

2,780

Amortization of customer relationships and acquired intangible assets

   

   

   

   

7,733

   

7,601

   

7,611

   

7,733

   

7,601

   

7,611

Purchase accounting impact on inventory and contracts acquired

   

140

   

   

   

   

   

   

140

   

   

Restructuring charges

   

   

   

   

   

92

   

(29)

   

   

92

   

(29)

Restructuring related charges

   

   

   

301

   

   

   

   

   

   

301

Tariff adjustment

   

   

5,497

   

   

   

   

   

   

5,497

   

Other adjustment

   

(83)

   

   

                     

(83)

   

   

Merger and acquisition costs

   

   

   

   

6,269

   

11,843

   

10

   

6,269

   

11,843

   

10

Non-GAAP adjusted operating profit (loss)

 

$

67,718

 

$

57,923

 

$

30,005

 

$

(74)

 

$

(66)

 

$

(233)

 

$

67,644

 

$

57,857

 

$

29,772

 

                                                     
   

Brooks Semiconductor Solutions Group

 

Brooks Life Sciences Products

 

Brooks Life Sciences Services

   

Brooks Life SciencesTotal

 
   

Nine Months Ended

 

Nine Months Ended

 

Nine Months Ended

   

Nine Months Ended

 

Dollars in thousands

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

   

June 30, 

 

June 30, 

 
   

2021

 

2020

 

2021

 

2020

 

2021

 

2020

   

2021

 

2020

 

GAAP operating profit

 

$

97,636

 

$

52,949

 

$

27,310

 

$

4,116

 

$

30,872

 

$

10,243

   

$

58,182

 

$

14,359

 

Adjustments:

                                                   

Amortization of completed technology

   

1,860

   

2,172

   

985

   

872

   

5,215

   

5,150

     

6,200

   

6,022

 

Purchase accounting impact on inventory and contracts acquired

   

140

   

   

   

   

   

     

   

 

Restructuring related charges

   

   

   

   

   

   

301

     

   

301

 

Other adjustment

   

   

   

   

   

(83)

   

     

(83)

   

 

Tariff adjustment

   

   

   

   

   

5,497

   

     

5,497

   

 

Non-GAAP adjusted operating profit

 

$

99,636

 

$

55,121

 

$

28,295

 

$

4,988

 

$

41,501

 

$

15,694

   

$

69,796

 

$

20,682

 

 

                                     
   

Total Segments

 

Corporate

 

Total

   

Nine Months Ended

 

Nine Months Ended

 

Nine Months Ended

Dollars in thousands

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

 

June 30, 

   

2021

 

2020

 

2021

 

2020

 

2021

 

2020

GAAP operating profit (loss)

 

$

155,818

 

$

67,308

 

$

(44,151)

 

$

(22,971)

 

$

111,667

 

$

44,337

Adjustments:

                                   

Amortization of completed technology

   

8,060

   

8,194

   

   

   

8,060

   

8,194

Amortization of customer relationships and acquired intangible assets

   

   

   

22,690

   

23,137

   

22,690

   

23,137

Purchase accounting impact on inventory and contracts acquired

   

140

   

   

   

   

140

   

Restructuring charges

   

   

   

179

   

1,125

   

179

   

1,125

Restructuring related charges

   

   

301

   

   

   

   

301

Tariff adjustment

   

5,497

   

   

   

   

5,497

   

Other adjustment

   

(83)

   

   

   

   

(83)

   

Merger and acquisition costs

   

   

   

21,104

   

484

   

21,104

   

484

Non-GAAP adjusted operating profit (loss)

 

$

169,432

 

$

75,803

 

$

(178)

 

$

1,775

 

$

169,254

 

$

77,578

 

(PRNewsfoto/Brooks Automation)

 

 

SOURCE Brooks Automation

Copyright © 1993-2021 Brooks Automation, Inc. | Privacy & Security Policy
Loading data...