News Releases
Brooks Automation Reports Results for the Fiscal Second Quarter of 2017, Ended March 31, 2017

CHELMSFORD, Mass.April 27, 2017 -- Brooks Automation, Inc. (Nasdaq:BRKS), a leading worldwide provider of automation and cryogenic solutions for multiple markets, including semiconductor manufacturing and life sciences, today reported financial results for the second quarter of 2017, ended March 31, 2017.

Fiscal Second Quarter of 2017 Financial and Operational Highlights:

  • Revenue was $169.3 million, 25% higher compared to Q2 2016 and 6% higher than Q1 2017;
  • GAAP net income was $14.0 million with diluted EPS of $0.20;
  • Non-GAAP net income was $19.8 million with diluted EPS of $0.28; and
  • Cash flow from operations was $24.6 million.

Summary of GAAP and Non-GAAP Earnings

  Quarter Ended
  March 31,   December 31,   March 31,
Dollars in thousands, except per share data 2017   2016   2016
GAAP net income (loss) $ 14,005     $ 13,871     $ (83,939 )
GAAP diluted earnings (loss) per share $ 0.20     $ 0.20     $ (1.22 )
           
Non-GAAP net income $ 19,839     $ 17,301     $ 4,920  
Non-GAAP diluted earnings per share $ 0.28     $ 0.25     $ 0.07  
                       

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

Management Comments

“In the second quarter, Brooks achieved several new performance milestones,” commented Steve Schwartz, CEO of Brooks Automation.  "Revenue grew 25% year over year, 6% sequentially, driven by continued strength in both segments. Life Sciences revenue grew 31% year over year and is more than 20% of total revenue despite strong Semiconductor growth, up 24% over the 2016 second quarter. Our strong top line contributed to the highest gross margins we have seen in more than ten years, $25 million of operating cash flow, and non-GAAP diluted earnings per share of $0.28 per share. Our continuing performance improvement is reflected in our results, and we thank our employees for their hard work and dedication to our customers."

GAAP Summary

Revenue for the second quarter of fiscal 2017 increased 6% to $169.3 million compared to the first quarter of fiscal 2017. The growth was driven by a 6% increase in the Brooks Semiconductor Solutions Group segment and a 4% increase in the Brooks Life Science Systems segment. Gross margin was 38.1%, up 250 basis points from the first quarter of fiscal 2017.  Operating expenses of $49.7 million increased 14% from the previous quarter.  Primary drivers of increased operating expense were higher accruals in this second fiscal quarter for performance-based compensation reflecting an improved performance outlook, and increased consulting expense.  In the second quarter, the Company incurred $0.9 million of restructuring charges compared to $1.0 million in the first quarter. GAAP net income in the second fiscal quarter was $14.0 million and diluted earnings per share was $0.20, which was even with the first fiscal quarter.

The amortization of intangible assets, restructuring charges, impact of purchase price accounting adjustments and special charges are appropriately included in the GAAP summary of earnings discussed above. The impact on earnings of such non-GAAP adjustments is referenced in the unaudited table included within this press release.

In the following analysis of the non-GAAP results, Brooks adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, and purchase price accounting adjustments 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. Brooks also excludes special charges or gains, such as impairment losses, gains or losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. Brooks currently includes a valuation allowance reserve against U.S. deferred tax assets in its GAAP results. In assessing the appropriate tax rate for the non-GAAP results, the Company evaluated the adjustments discussed above and concluded it was appropriate to maintain the valuation allowance reserve in deriving the non-GAAP tax rate.

Results of Fiscal Second Quarter of 2017 (Non-GAAP Discussion)

Non-GAAP net income was $19.8 million in the second quarter, resulting in non-GAAP earnings per share of $0.28. This compares to non-GAAP net income of $17.3 million and non-GAAP earnings per share of $0.25 in the first quarter of fiscal 2017, and non-GAAP net income of $4.9 million and non-GAAP earnings per share of $0.07 in the second quarter of fiscal 2016.

As noted above, revenue for the second fiscal quarter of 2017 was $169.3 million, up 6% compared to the first fiscal quarter of 2017. The semiconductor segment revenue increased 6% sequentially to $134.7 million.  While all key semiconductor product lines grew, cryogenic pump products led with 20% expansion from the first quarter. The life science segment revenue grew 4% sequentially to $34.7 million.  This segment reported a seasonal drop in genomic services of approximately $4 million dollars, where we observe customers consume remaining budgets in the December month.  Excluding the genomic services, the remaining balance of the life science segment grew 20% sequentially.  The primary growth driver was consumables and instruments, which expanded 45% sequentially and store systems which expanded 23%.

Adjusted gross margin, which excludes amortization, purchase accounting impacts and special charges, was 39.0% in the second quarter, up 270 basis points from the prior quarter.  The semiconductor segment non-GAAP adjusted gross margin was 38.7% in the second quarter compared to 36.4% in the prior period reflecting improved absorption of overhead, particularly in cryogenic pump products, and improved services cost of repair.  The life science segment non-GAAP adjusted gross margin was 40.1% in the second quarter compared to 35.7% in the prior period, primarily due to a lower mix of genomic service revenue within the BioStorage service offerings. In summary, the total non-GAAP adjusted gross profit increased by $8.0 million compared to the prior sequential quarter, driven by $9.4 million of increased revenue and improved margins across both segments.

Bookings for the semiconductor segment in the second quarter totaled $171.6 million, compared to $122.8 million in the first quarter.  The life science segment booked a total of $48.1 million of new contract value in the quarter, compared to $64.2 million in the first quarter.

Non-GAAP operating expense of $44.6 million increased 13%, or $5.1 million sequentially. The growth was $0.5 million in Research and Development expense, and $4.6 million in SG&A. The SG&A expansion was driven primarily by increased accruals for higher performance based compensation and increased consulting expense.

Adjusted EBITDA was $30.8 million, which improved 20% from the first fiscal quarter. The semiconductor segment reported non-GAAP segment operating profit of $20.8 million, or 15.4% of revenue. The life science segment reported $2.0 million of operating profit, or 5.7% of revenue.

Cash flow from operations was $24.6 million in the second quarter. The Company's cash, cash equivalents, and marketable securities was $110.1 million as of March 31, 2017, an increase of $21.1 million from the end of the first fiscal quarter.

Quarterly Cash Dividend

The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 23, 2017 to stockholders of record on June 2, 2017. 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 Third Fiscal Quarter 2017

The Company announced revenue and earnings guidance for the third quarter of fiscal 2017. Revenue is expected to be in the range of $175 million to $180 million and non-GAAP diluted earnings per share is expected to be in the range of $0.29 to $0.33. GAAP diluted earnings per share for the third quarter is expected to be in the range of $0.21 to $0.25, reflecting the impact of amortization, purchase price accounting and anticipated restructuring charges.

Conference Call

Brooks management will webcast its second 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.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-679-0308 for domestic callers and +1 303-223-2684 for international callers.

About Brooks Automation, Inc.

Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets, including semiconductor manufacturing and life sciences. Brooks' technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments.  Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market as a provider of precision automation and cryogenic vacuum solutions.  Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry.  Brooks' life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of ‑20°C to -150°C, as well as comprehensive outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal.  Brooks is headquartered in Chelmsford, MA, with operations in North AmericaEurope and Asia. For more information, visit www.brooks.com.

“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 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.

CONTACTS:
Lynne Yassemedis
Brooks Automation
978.262.2400
lynne.yassemedis@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
March 31,
  Six Months Ended
March 31,
  2017   2016   2017   2016
Revenue              
Products $ 132,613     $ 101,462     $ 254,727     $ 190,642  
Services 36,720     33,819     74,561     64,594  
Total revenue 169,333     135,281     329,288     255,236  
Cost of revenue              
Products 82,023     65,226     157,701     123,258  
Services 22,786     23,255     50,120     44,624  
Total cost of revenue 104,809     88,481     207,821     167,882  
Gross profit 64,524     46,800     121,467     87,354  
Operating expenses              
Research and development 11,345     13,111     22,190     26,389  
Selling, general and administrative 37,518     32,692     69,479     66,813  
Restructuring and other charges 860     7,336     1,835     8,811  
Total operating expenses 49,723     53,139     93,504     102,013  
Operating income (loss) 14,801     (6,339 )   27,963     (14,659 )
Interest income 227     50     294     255  
Interest expense (97 )   (16 )   (193 )   (19 )
Gain on settlement of equity method investment         1,847      
Other loss, net (283 )   (124 )   (534 )   (183 )
Income (loss) before income taxes and equity in earnings of equity method investments 14,648     (6,429 )   29,377     (14,606 )
Income tax provision 3,420     78,220     6,220     74,850  
Income (loss) before equity in earnings of equity method investments 11,228     (84,649 )   23,157     (89,456 )
Equity in earnings of equity method investments 2,777     710     4,719     869  
Net income (loss) $ 14,005     $ (83,939 )   $ 27,876     $ (88,587 )
Basic net income (loss) per share $ 0.20     $ (1.22 )   $ 0.40     $ (1.30 )
Diluted net income (loss) per share $ 0.20     $ (1.22 )   $ 0.40     $ (1.30 )
Dividend declared per share $ 0.10     $ 0.10     $ 0.20     $ 0.20  
               
Weighted average shares outstanding used in computing net income (loss) per share:              
Basic 69,600     68,556     69,388     68,342  
Diluted 70,149     68,556     70,073     68,342  
               

 

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
       
  March 31,
 2017
  September 30,
 2016
Assets      
Current assets      
Cash and cash equivalents $ 103,939     $ 85,086  
Marketable securities 1,495     39  
Accounts receivable, net 115,171     106,372  
Inventories 99,104     92,572  
Prepaid expenses and other current assets 17,518     15,265  
Total current assets 337,227     299,334  
Property, plant and equipment, net 53,273     54,885  
Long-term marketable securities 4,681     6,096  
Long-term deferred tax assets 1,495     1,982  
Goodwill 210,617     202,138  
Intangible assets, net 79,375     81,843  
Equity method investments 29,803     27,273  
Other assets 5,708     12,354  
Total assets $ 722,179     $ 685,905  
Liabilities and Stockholders' Equity      
Current liabilities      
Accounts payable $ 49,832     $ 41,128  
Deferred revenue 29,065     14,966  
Accrued warranty and retrofit costs 7,073     6,324  
Accrued compensation and benefits 19,547     21,254  
Accrued restructuring costs 2,044     5,939  
Accrued income taxes payable 8,295     7,554  
Accrued expenses and other current liabilities 23,917     22,628  
Total current liabilities 139,773     119,793  
Long-term tax reserves 2,111     2,681  
Long-term deferred tax liabilities 2,783     2,913  
Long-term pension liabilities 2,398     2,557  
Other long-term liabilities 4,500     4,271  
Total liabilities 151,565     132,215  
Commitments and contingencies      
Stockholders' Equity      
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding      
Common stock, $0.01 par value, 125,000,000 shares authorized, 83,105,485 shares issued and 69,643,616 shares outstanding at March 31, 2017; 82,220,270 shares issued and 68,758,401 shares outstanding at September 30, 2016 831     821  
Additional paid-in capital 1,863,449     1,855,703  
Accumulated other comprehensive income 10,402     15,166  
Treasury stock at cost - 13,461,869 shares (200,956 )   (200,956 )
Accumulated deficit (1,103,112 )   (1,117,044 )
Total stockholders' equity 570,614     553,690  
Total liabilities and stockholders' equity $ 722,179     $ 685,905  
               

 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
   
  Six Months Ended
March 31,
  2017   2016
Cash flows from operating activities      
Net income (loss) $ 27,876     $ (88,587 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 13,730     13,849  
Gain on settlement of equity method investment (1,847 )    
Stock-based compensation 6,884     6,568  
Amortization of premium on marketable securities and deferred financing costs 28     315  
Undistributed earnings of equity method investments (4,719 )   (869 )
Deferred income tax provision 334     73,454  
Gain on disposal of long-lived assets (117 )    
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (9,672 )   (664 )
Inventories (7,341 )   (374 )
Prepaid expenses and other current assets (2,256 )   (2,046 )
Accounts payable 10,072     (7,073 )
Deferred revenue 14,425     15,538  
Accrued warranty and retrofit costs 792     (333 )
Accrued compensation and tax withholdings (1,799 )   (7,297 )
Accrued restructuring costs (3,799 )   5,323  
Accrued expenses and other current liabilities 707     (7,433 )
Net cash provided by operating activities 43,298     371  
Cash flows from investing activities      
Purchases of property, plant and equipment (5,153 )   (6,090 )
Purchases of marketable securities     (12,900 )
Sales and maturities of marketable securities     139,388  
Acquisitions, net of cash acquired (5,346 )   (125,498 )
Disbursement for a loan receivable     (741 )
Purchases of other investments (170 )   (250 )
Net cash used in investing activities (10,669 )   (6,091 )
Cash flows from financing activities      
Proceeds from issuance of common stock 960     948  
Payment of deferred financing costs (27 )    
Common stock dividends paid (13,945 )   (13,738 )
Net cash used in financing activities (13,012 )   (12,790 )
Effects of exchange rate changes on cash and cash equivalents (764 )   (50 )
Net increase (decrease) in cash and cash equivalents 18,853     (18,560 )
Cash and cash equivalents, beginning of period 85,086     80,722  
Cash and cash equivalents, end of period $ 103,939     $ 62,162  
       
Supplemental disclosure of non-cash investing activities:      
Purchases of property, plant and equipment included in accounts payable $ 543     $ 835  
Fair value of non-cash consideration for the acquisition of Cool Lab, LLC 10,348      
           

Notes on Non-GAAP Financial Measures:
The information in this press release is for: internal managerial purposes; when publicly providing guidance on future results; and as a means to evaluate period-to-period comparisons. 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 believes these financial measures provide an additional way of viewing aspects of our operations, that, when viewed with our GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of our business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.

The press release includes financial measures which exclude the effects of special charges such as restructuring charges and acquisition related charges. Management believes these measures are useful to investors because it eliminates accounting charges that do not reflect Brooks' day-to-day operations. Tables reconciling GAAP to the non-GAAP measures are presented below.

          Quarter Ended        
  March 31, 2017   December 31, 2016   March 31, 2016
Dollars in thousands, except per share data $   per diluted 
share
  $   per diluted 
share
  $   per diluted 
share
GAAP net income (loss) $ 14,005     $ 0.20     $ 13,871     $ 0.20     $ (83,939 )   $ (1.22 )
Adjustments:                      
Purchase accounting impact on inventory and contracts acquired 382     0.01     70         250      
Amortization of intangible assets 4,355     0.06     4,058     0.06     3,809     0.06  
Restructuring charges 860     0.01     975     0.01     7,336     0.11  
Merger costs 936     0.01     249         215     0.00  
Establishment of valuation allowance against deferred tax assets                 79,340     1.15  
Fair value adjustment of equity investment         (1,847 )   (0.03 )        
BioCision stub period adjustment         203              
Tax effect of adjustments (699 )   (0.01 )   (278 )       (2,091 )   (0.03 )
Non-GAAP adjusted net income 19,839     0.28     17,301     0.25     4,920     0.07  
Stock based compensation, pre-tax 4,386         2,498         1,855      
Tax rate 17 %       15 %       16 %    
Stock-based compensation, net of tax 3,641     0.05     2,123     0.03     1,556     0.02  
Non-GAAP adjusted net income - excluding stock-based compensation $ 23,480     $ 0.33     $ 19,424     $ 0.28     $ 6,476     $ 0.09  
                       
Shares used in computing non-GAAP diluted net income per share     70,149         69,870         69,101  
                                   

 

  Six Months Ended
  March 31, 2017   March 31, 2016
Dollars in thousands, except per share data $   Per Diluted 
Share
  $   Per Diluted 
Share
GAAP net income (loss) $ 27,876     $ 0.40     $ (88,587 )   $ (1.30 )
Adjustments:              
Purchase accounting impact on inventory and contracts acquired 452     0.01     375     0.01  
Amortization of intangible assets 8,413     0.12     7,316     0.11  
Restructuring charges 1,835     0.03     8,811     0.13  
Merger costs 1,185     0.02     3,211     0.05  
Less: Fair value adjustment of equity investment (1,847 )   (0.03 )        
Add: True-up of BioCision stub period adjustment 203              
Establishment of valuation allowance against deferred tax assets         79,340     $ 1.14  
Tax effect of adjustments (976 )   (0.01 )   (4,300 )   (0.06 )
Non-GAAP adjusted net income 37,141     0.53     6,166     0.09  
Stock-based compensation, pre-tax 6,884         6,568      
Tax rate 16 %       26 %    
Stock-based compensation, net of tax 5,783     $ 0.08     4,855     $ 0.07  
Non-GAAP adjusted net income - excluding stock-based compensation $ 42,924     $ 0.61     $ 11,021     $ 0.16  
               
Shares used in computing non-GAAP diluted net income per share     70,073         69,313  
                       

 

  Quarter Ended
  March 31, 2017   December 31, 2016   March 31, 2016
Dollars in thousands $   %   $   %   $   %
GAAP gross profit/gross margin percentage $ 64,524     38.1 %   $ 56,943     35.6 %   $ 46,800     34.6 %
Adjustments:                      
Amortization of intangible assets 1,061     0.6 %   993     0.6 %   718     0.5 %
Purchase accounting impact on inventory and contracts acquired 382     0.2 %   70     %   250     0.2 %
Non-GAAP adjusted gross profit/gross margin percentage 65,967     39.0 %   58,006     36.3 %   47,768     35.3 %
                                   

 

  Six Months Ended
  March 31, 2017   March 31, 2016
Dollars in thousands $   %   $   %
GAAP Gross profit/gross margin percentage $ 121,467     36.9 %   $ 87,354     34.2 %
Adjustments:              
Amortization of intangible assets 2,054     0.6 %   2,014     0.8 %
Purchase accounting impact on inventory and contracts acquired 452     0.1 %   375     0.1 %
Non-GAAP adjusted gross profit/gross margin percentage $ 123,973     37.6 %   $ 89,743     35.2 %
                           

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2017   2016   2016   2017   2016
GAAP net income (loss) $ 14,005     $ 13,871     $ (83,939 )   $ 27,876     $ (88,587 )
Adjustments:                  
Less: Interest income (227 )   (68 )   (50 )   (294 )   (255 )
Add: Interest expense 97     96     16     193     19  
Add: Income tax provision 3,420     2,800     78,220     6,220     74,850  
Add: Depreciation 2,623     2,695     3,596     5,318     6,534  
Add: Amortization of completed technology 1,061     993     718     2,054     2,014  
Add: Amortization of customer relationships and acquired intangible assets 3,294     3,064     3,091     6,358     5,302  
Earnings (losses) before interest, taxes, depreciation and amortization $ 24,273     $ 23,451     $ 1,652     $ 47,725     $ (123 )
                                       

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2017   2016   2016   2017   2016
Earnings (losses) before interest, taxes, depreciation and amortization $ 24,273     $ 23,451     $ 1,652     $ 47,725     $ (123 )
Adjustments:                  
Less: Fair value adjustment of equity method investment     (1,847 )       (1,847 )    
Add: Stock-based compensation 4,386     2,498     1,855     6,884     6,568  
Add: Restructuring charges 860     975     7,336     1,835     8,811  
Add: BioCision stub period adjustment     203         203      
Add: Purchase accounting impact on inventory and contracts acquired 382     70     250     452     375  
Add: Merger costs 936     249     215     1,185     3,211  
Adjusted earnings before interest, taxes, depreciation and amortization $ 30,837     $ 25,599     $ 11,308     $ 56,437     $ 18,842  
                                       

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2017   2016   2016   2017   2016
GAAP selling, general and administrative expenses $ 37,518     $ 31,962     $ 32,692     $ 69,479     $ 66,813  
Adjustments:                  
Less: Amortization of customer relationships and acquired intangible assets (3,294 )   (3,064 )   (3,091 )   (6,358 )   (5,302 )
Less: Merger costs (936 )   (249 )   (215 )   (1,185 )   (3,211 )
Non-GAAP adjusted selling, general and administrative expenses $ 33,288     $ 28,649     $ 29,386     $ 61,936     $ 58,300  
Research and development expenses $ 11,345     $ 10,845     $ 13,111     $ 22,190     $ 26,389  
Non-GAAP adjusted operating expenses $ 44,633     $ 39,494     $ 42,497     $ 84,126     $ 84,689  
                                       

 

  Quarter Ended   Six Months Ended
  March 31,   December 31,   March 31,   March 31,   March 31,
Dollars in thousands 2017   2016   2016   2017   2016
GAAP equity in earnings of equity method investments $ 2,777     $ 1,942     $ 710     $ 4,719     $ 869  
Adjustments:                  
Add: BioCision stub period adjustment     203         203      
Non-GAAP adjusted equity in earnings of equity method investments $ 2,777     $ 2,145     $ 710     $ 4,922     $ 869  
                                       

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Quarter Ended   Quarter Ended
Dollars in thousands March 31, 
2017
  December 31, 
2016
  March 31, 
2016
  March 31, 
2017
  December 31, 
2016
  March 31, 
2016
GAAP gross profit $ 51,325     $ 45,468     $ 36,943     $ 13,199     $ 11,475     $ 9,857  
Adjustments:                      
Amortization of intangible assets 626     627     390     435     366     328  
Purchase accounting impact on inventory and contracts acquired 125         250     257     70      
Non-GAAP adjusted gross profit $ 52,076     $ 46,095     $ 37,583     $ 13,891     $ 11,911     $ 10,185  
                                               

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Six Months Ended   Six Months Ended
Dollars in thousands March 31, 2017   March 31, 2016   March 31, 2017   March 31, 2016
GAAP gross profit $ 96,794     $ 71,602     $ 24,673     $ 15,752  
Adjustments:              
Amortization of intangible assets 1,253     1,294     801     721  
Purchase accounting impact on inventory and contracts acquired 125     375     327      
Non-GAAP adjusted gross profit $ 98,172     $ 73,271     $ 25,801     $ 16,473  
                               

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Quarter Ended   Quarter Ended
Dollars in thousands March 31, 
2017
  December 31, 
2016
  March 31, 
2016
  March 31, 
2017
  December 31, 
2016
  March 31, 
2016
GAAP gross margin 38.1 %   35.9 %   33.9 %   38.1 %   34.4 %   37.2 %
Adjustments:                      
Amortization of intangible assets 0.5 %   0.5 %   0.4 %   1.3 %   1.1 %   1.2 %
Purchase accounting impact on inventory and contracts acquired 0.1 %   %   0.2 %   0.7 %   0.2 %   %
Non-GAAP adjusted gross margin 38.7 %   36.4 %   34.5 %   40.1 %   35.7 %   38.5 %
                                   

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems
  Six Months Ended   Six Months Ended
Dollars in thousands March 31, 2017   March 31, 2016   March 31, 2017   March 31, 2016
GAAP gross margin 37.0 %   34.4 %   36.3 %   33.3 %
Adjustments:              
Amortization of intangible assets 0.5 %   0.6 %   1.2 %   1.5 %
Purchase accounting impact on inventory and contracts acquired %   0.2 %   0.5 %   %
Non-GAAP adjusted gross margin 37.6 %   35.2 %   37.9 %   34.8 %
                       

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems   Total
  Quarter Ended   Quarter Ended   Quarter Ended
Dollars in thousands March 31, 2017   December 31, 2016   March 31, 2016   March 31, 2017   December 31, 2016   March 31, 2016   March 31, 2017   December 31, 2016   March 31, 2016
GAAP operating profit $ 20,003     $ 17,371     $ 6,658     $ 1,290     $ 112     $ (2,217 )   $ 21,293     $ 17,483     $ 4,441  
Adjustments:                                  
Amortization of intangible assets 626     627     390     435     366     328     1,061     993     718  
Purchase accounting impact on inventory and contracts acquired 125         250     257     70         382     70     250  
Non-GAAP adjusted operating profit $ 20,754     $ 17,998     $ 7,298     $ 1,982     $ 548     $ (1,889 )   $ 22,736     $ 18,546     $ 5,409  
                                                                       

 

  Brooks Semiconductor Solutions Group   Brooks Life Science Systems   Total
  Six Months Ended   Six Months Ended   Six Months Ended
Dollars in thousands March 31, 2017   March 31, 2016   March 31, 2017   March 31, 2016   March 31, 2017   March 31, 2016
GAAP operating profit $ 37,374     $ 9,598     $ 1,402     $ (6,819 )   $ 38,776     $ 2,779  
Adjustments:                      
Amortization of intangible assets 1,253     1,294     801     721     2,054     2,015  
Purchase accounting impact on inventory and contracts acquired 125     375     327         452     375  
Non-GAAP adjusted operating profit $ 38,752     $ 11,267     $ 2,530     $ (6,098 )   $ 41,282     $ 5,169  
                                               

 

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