Brooks Automation Reports Results of Second Quarter of Fiscal 2021, Ended March 31, 2021, and Announces Quarterly Cash Dividend

Brooks Automation Reports Results of Second Quarter of Fiscal 2021, Ended March 31, 2021, and Announces Quarterly Cash Dividend

Record Revenue and Continued Margin Expansion in Both Life Sciences and Semiconductor Solutions

CHELMSFORD, Mass., May 10, 2021 /PRNewswire/ — Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the second fiscal quarter of 2021, ended March 31, 2021.

 
 

Financial Results Summary

   

Quarter Ended

             

Dollars in millions, except per share data

 

March 31, 

 

December 31, 

   

March 31, 

 

Change vs.

     
   

2021

 

2020

   

2020

 

Prior Qtr

 

Prior Year

     

Revenue

 

$

287

 

$

250

   

$

220

 

15

%

30

%

   

Semiconductor Solutions

 

$

157

 

$

131

   

$

125

 

20

%

26

%

   

Life Sciences

 

$

130

 

$

118

   

$

95

 

10

%

36

%

   
                                   

Diluted EPS Continuing Operations

 

$

0.32

 

$

0.36

   

$

0.12

 

(12)

%

158

%

   

Diluted EPS Total

 

$

0.32

 

$

0.35

   

$

0.12

 

(9)

%

158

%

   
                                   

Non-GAAP Diluted EPS Continuing Operations

 

$

0.61

 

$

0.47

   

$

0.25

 

30

%

145

%

   
                                   

Adjusted EBITDA

 

$

71

 

$

58

   

$

35

 

23

%

105

%

   
 
 

Today the Company also announced 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 separation is expected to be completed by end of the calendar year 2021 and does not affect the presentation of the financial statements included within this release. Please see the Company’s separate press release for further information.

Management Comments
“Record level revenue in the second quarter is yet another proof point of the strength and continued momentum of our Life Sciences and Semiconductor Solutions businesses,” commented Steve Schwartz, President and CEO. “While today’s separation announcement reflects years of strategic investment and innovation, we believe that the Life Sciences and Semiconductor Solutions businesses are now of size and scale to operate and benefit from their own standalone structures. Looking ahead, we see strong demand in both businesses supporting continued acceleration as we enter the second half of our fiscal year.”

Summary of GAAP Results
Second Quarter, Fiscal 2021

  • Revenue for the second quarter was $287 million, up 30% year over year, supported by growth in both Life Sciences and Semiconductor Solutions. Diluted EPS from continuing operations was $0.32 per share compared to $0.12 per share in the second quarter of 2020.
  • Life Sciences revenue of $130 million grew 36% year over year. Year-over-year organic growth was also 36%. Life Sciences Products grew 69% year over year, and Life Sciences Services grew 20%. Excluding the effect of the recent exit of the RUCDR alliance, Life Science Services grew 28%.
  • Semiconductor Solutions revenue was $157 million, an increase of 26% year over year.
  • Operating income was $31 million, compared to $15 million in the second quarter of 2020. Operating margin was 10.6%, up 400 basis points year over year and was driven by gross margin of 44.4%, up 340 basis points year over year. The gross profit result in the second quarter of 2021 includes a charge of approximately $5 million related to liabilities for import tariffs. Operating expenses in the quarter include approximately $12 million in unallocated corporate expenses related to strategic M&A initiatives, including the preparation to separate the two businesses.

In the following analysis of the non-GAAP results, Brooks adjusted the GAAP results 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 and/or representative of the normal operations of the business.  In this context, the Company has removed the effect of the charge in the second quarter of 2021 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 remain in the results discussed below.  A description of all adjustments and 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
Second Quarter, Fiscal 2021

  • Diluted EPS for the second quarter was $0.61, up 145% year over year.
  • Operating income was $58 million, an increase of 124% year over year, and operating margin was 20.2%, up 850 basis points year over year. Gross margin of 47.1% was up 490 basis points year over year. Year-over-year gross margin expansion in both Life Sciences and Semiconductor Solutions drove this improvement.
  • Life Sciences operating margin was 19.0%, up from 8.5% in the prior year. The year-over-year improvement was driven by gross margin of 50.5%, up 460 basis points year over year. An additional 590 basis points improvement came from operating leverage, as revenue grew 36% year over year while operating expense only grew 15% year over year. The 460 basis point year-over-year improvement in Life Sciences gross margin was driven by performance improvement of 280 basis points and 180 basis points of favorable mix as a result of exiting the RUCDR alliance agreement.
  • Semiconductor Solutions operating margin was 21.2%, an increase of 780 basis points from the prior year. Gross margin was 44.4%, up 490 basis points year over year, driven by growth and favorable mix in vacuum robots and systems.
  • Adjusted EBITDA was $71 million, up 105% from the second quarter of 2020 and 23% sequentially.

Cash and Liquidity

  • Cash flow from operations was $34 million for the quarter, an increase of $9 million year over year, when excluding from the second quarter of fiscal year 2020 period, the $92 million of taxes paid by the Company related to its sale of the semiconductor cryogenics business in fiscal year 2019.
  • The Company ended the second fiscal quarter of 2021 with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $334 million. With total debt of $50 million, net cash was $284 million. Subsequent to the quarter end, on April 29, 2021, the Company acquired Precise Automation, Inc. for $70 million in cash, subject to working capital and other adjustments.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 25, 2021 to stockholders of record on June 4, 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 Third Quarter Fiscal 2021
The Company announced revenue and earnings guidance for the third quarter of fiscal 2021.  Revenue is expected to be in the range of $300 million to $320 million and non-GAAP diluted earnings per share is expected to be in the range of $0.65 to $0.75.  GAAP diluted earnings per share for the third fiscal quarter is expected to be in the range of $0.46 to $0.56.

Conference Call and Webcast
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.investorroom.com, and will be archived online on this website for convenient on-demand replay.  In addition, you may call 800-913-8744 (US & Canada only) or +1-212-271-4615 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 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.

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

   

Six Months Ended

 
 

March 31, 

   

March 31, 

 
 

2021

 

2020

   

2021

 

2020

 

Revenue

                         

Products

$

190,369

 

$

139,144

   

$

349,985

 

$

271,006

 

Services

 

96,217

   

81,083

     

186,104

   

159,721

 

Total revenue

 

286,586

   

220,227

     

536,089

   

430,727

 

Cost of revenue

                         

Products

 

105,581

   

83,970

     

197,084

   

163,941

 

Services

 

53,731

   

45,976

     

98,603

   

91,519

 

Total cost of revenue

 

159,312

   

129,946

     

295,687

   

255,460

 

Gross profit

 

127,274

   

90,281

     

240,402

   

175,267

 

Operating expenses

                         

Research and development

 

16,943

   

15,322

     

33,026

   

29,723

 

Selling, general and administrative

 

79,734

   

59,809

     

145,763

   

119,152

 

Restructuring charges

 

92

   

578

     

179

   

1,154

 

Total operating expenses

 

96,769

   

75,709

     

178,968

   

150,029

 

Operating income

 

30,505

   

14,572

     

61,434

   

25,238

 

Interest income

 

18

   

137

     

94

   

836

 

Interest expense

 

(452)

   

(718)

     

(1,008)

   

(1,455)

 

Other income (expenses), net

 

149

   

(1,399)

     

1,478

   

(1,816)

 

Income before income taxes

 

30,220

   

12,592

     

61,998

   

22,803

 

Income tax provision

 

6,288

   

3,400

     

11,058

   

437

 

Income from continuing operations

 

23,932

   

9,192

     

50,940

   

22,366

 

Loss from discontinued operations, net of tax

 

(184)

   

(65)

     

(1,164)

   

(182)

 

Net income

$

23,748

 

$

9,127

   

$

49,776

 

$

22,184

 

Basic net income per share:

                         

Income from continuing operations

$

0.32

 

$

0.12

   

$

0.69

 

$

0.30

 

Loss from discontinued operations, net of tax

 

(0.00)

   

(0.00)

     

(0.02)

   

(0.00)

 

Basic net income per share

$

0.32

 

$

0.12

   

$

0.67

 

$

0.30

 

Diluted net income per share:

                         

Income from continuing operations

$

0.32

 

$

0.12

   

$

0.68

 

$

0.30

 

Loss from discontinued operations, net of tax

 

(0.00)

   

(0.00)

     

(0.02)

   

(0.00)

 

Diluted net income per share

$

0.32

 

$

0.12

   

$

0.67

 

$

0.30

 
                           

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

                         

Basic

 

74,265

   

73,708

     

74,142

   

73,331

 

Diluted

 

74,414

   

73,789

     

74,367

   

73,752

 
                           

BROOKS AUTOMATION, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

 (In thousands, except share and per share data)

           
 

March 31, 

 

September 30,

 

2021

 

2020

           

Assets

         

Current assets

         

Cash and cash equivalents

$

320,105

 

$

295,649

Marketable securities

 

101

   

67

Accounts receivable, net

 

225,389

   

188,291

Inventories

 

127,987

   

114,834

Prepaid expenses and other current assets

 

50,908

   

50,612

Total current assets

 

724,490

   

649,453

Property, plant and equipment, net

 

132,420

   

117,665

Long-term marketable securities

 

3,485

   

3,101

Long-term deferred tax assets

 

9,864

   

4,979

Goodwill

 

513,093

   

501,536

Intangible assets, net

 

209,899

   

218,325

Other assets

 

70,845

   

64,066

Total assets

$

1,664,096

 

$

1,559,125

Liabilities and Stockholders’ Equity

         

Current liabilities

         

Current portion of long-term debt

$

414

 

$

827

Accounts payable

 

77,741

   

61,758

Deferred revenue

 

36,793

   

31,357

Accrued warranty and retrofit costs

 

8,044

   

8,201

Accrued compensation and benefits

 

38,504

   

43,267

Accrued restructuring costs

 

58

   

181

Accrued income taxes payable

 

23,889

   

10,094

Accrued expenses and other current liabilities

 

80,203

   

55,433

Total current liabilities

 

265,646

   

211,118

Long-term debt

 

49,653

   

49,588

Long-term tax reserves

 

19,707

   

19,168

Long-term deferred tax liabilities

 

15,442

   

17,798

Long-term pension liabilities

 

6,353

   

6,406

Long-term operating lease liabilities

 

32,749

   

31,855

Other long-term liabilities

 

8,520

   

9,578

Total liabilities

 

398,070

   

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, 87,755,666 shares issued and 74,293,797 shares outstanding at March 31, 2021, 87,293,710 shares issued and 73,831,841 shares outstanding at September 30, 2021

 

878

   

873

Additional paid-in capital

 

1,959,619

   

1,942,850

Accumulated other comprehensive income

 

22,637

   

21,919

Treasury stock at cost – 13,461,869 shares

 

(200,956)

   

(200,956)

Accumulated deficit

 

(516,152)

   

(551,072)

Total stockholders’ equity

 

1,266,026

   

1,213,614

Total liabilities and stockholders’ equity

$

1,664,096

 

$

1,559,125

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)

           
 

Six Months Ended

 

March 31, 

 

2021

 

2020

Cash flows from operating activities

         

Net income

$

49,776

 

$

22,184

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

         

Depreciation and amortization

 

31,543

   

33,079

Stock-based compensation

 

14,191

   

8,624

Amortization of premium on marketable securities and deferred financing costs

 

113

   

94

Deferred income taxes

 

(10,161)

   

(9,477)

Other gains on disposals of assets

 

51

   

125

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

 

(35,033)

   

(12,670)

Inventories

 

(11,301)

   

(9,094)

Prepaid expenses and current assets

 

3,157

   

5,374

Accounts payable

 

14,136

   

5,807

Deferred revenue

 

4,659

   

(1,478)

Accrued warranty and retrofit costs

 

(261)

   

735

Accrued compensation and tax withholdings

 

(5,371)

   

(522)

Accrued restructuring costs

 

(124)

   

(112)

Accrued expenses and current liabilities

 

21,619

   

8,455

Net cash provided by (used in) operating activities

 

77,942

   

(40,057)

Cash flows from investing activities

         

Purchases of property, plant and equipment

 

(25,531)

   

(21,170)

Purchases of marketable securities

 

(75)

   

(10,843)

Sales of marketable securities

 

25

   

2,492

Maturities of marketable securities

 

   

42,226

Adjustment to proceeds from divestiture

 

(1,802)

   

Acquisitions, net of cash acquired

 

(15,061)

   

(15,743)

Issuance of a note receivable

 

   

(1,000)

Net cash used in investing activities

 

(42,444)

   

(4,038)

Cash flows from financing activities

         

Proceeds from term loans, net of discount

 

   

Proceeds from issuance of common stock

 

2,583

   

2,330

Payments of financing costs

 

   

Principal payments on debt

 

(414)

   

(414)

Payments of finance leases

 

(638)

   

(639)

Common stock dividends paid

 

(14,856)

   

(14,747)

Net cash used in financing activities

 

(13,325)

   

(13,470)

Effects of exchange rate changes on cash and cash equivalents

 

6,051

   

(1,803)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

28,224

   

(59,368)

Cash, cash equivalents and restricted cash, beginning of period

 

302,526

   

305,171

Cash and cash equivalents and restricted cash, end of period

$

330,750

 

$

245,803

           

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

         

Cash and cash equivalents

$

320,105

 

$

242,274

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

 

3,570

   

3,529

Long-term restricted cash included in other assets

 

7,075

   

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

$

330,750

 

$

245,803

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 three and six months ended March 31, 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

   

March 31, 2021

 

December 31, 2020

 

March 31, 2020

Dollars in thousands, except per share data    

 

$

 

per diluted

share

 

$

 

per diluted

share

 

$

 

per diluted

share

Net income from continuing operations

 

$

23,932

 

$

0.32

 

$

27,007

 

$

0.36

 

$

9,192

 

$

0.12

Adjustments:

                                   

Amortization of intangible assets

   

9,920

   

0.13

   

9,745

   

0.13

   

10,355

   

0.14

Restructuring charges

   

92

   

0.00

   

87

   

0.00

   

578

   

0.01

Tariff adjustment

   

5,497

   

   

   

   

   

Merger and acquisition costs

   

11,843

   

0.16

   

2,991

   

0.04

   

279

   

0.00

Tax adjustments (1)

   

639

   

0.01

   

(1,999)

   

(0.03)

   

1,046

   

0.01

Tax effect of adjustments 

   

(6,283)

   

(0.08)

   

(2,880)

   

(0.04)

   

(2,997)

   

(0.04)

Non-GAAP adjusted net income from continuing operations

 

$

45,640

 

$

0.61

 

$

34,951

 

$

0.47

 

$

18,453

 

$

0.25

   Stock based compensation, pre-tax

   

6,710

   

0.09

   

6,710

   

0.09

   

4,214

   

0.06

   Tax rate

   

15

%

 

   

15

%

 

   

15

%

 

Stock-based compensation, net of tax

   

5,704

   

0.08

   

5,704

   

0.08

   

3,582

   

0.05

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

 

$

51,344

 

$

0.69

 

$

40,655

 

$

0.55

 

$

22,035

 

$

0.30

                                     

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

   

   

74,414

   

   

74,283

   

   

73,789

                         
   

Six Months Ended

   

March 31, 2021

 

March 31, 2020

Dollars in thousands, except per share data    

 

$

 

per diluted

share

 

$

 

per diluted

share

Net income from continuing operations

 

$

50,940

 

$

0.68

 

$

22,366

 

$

0.30

Adjustments:

                       

Amortization of intangible assets

   

19,665

   

0.26

   

20,940

   

0.28

Restructuring charges

   

179

   

0.00

   

1,154

   

0.02

Tariff adjustment

   

5,497

   

0.07

   

   

Merger and acquisition costs

   

14,834

   

0.20

   

473

   

0.01

Tax adjustments (1)

   

(1,359)

   

(0.02)

   

(4,167)

   

(0.06)

Tax effect of adjustments

   

(9,165)

   

(0.12)

   

(5,676)

   

(0.08)

Non-GAAP adjusted net income from continuing operations

 

$

80,591

 

$

1.08

 

$

35,090

 

$

0.48

Stock-based compensation, pre-tax

   

14,191

   

0.19

   

8,624

   

0.12

Tax rate

   

15

%

 

   

15

%

 

Stock-based compensation, net of tax

   

12,062

 

$

0.16

   

7,330

   

0.10

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

 

$

92,653

 

$

1.25

 

$

42,420

 

$

0.58

                         

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

   

   

74,367

   

   

73,752

   

(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

 

Six Months Ended

   

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

March 31, 

Dollars in thousands

 

2021

 

2020

 

2020

 

2021

 

2020

GAAP net income

 

$

23,748

 

$

26,028

 

$

9,127

 

$

49,776

 

$

22,184

Adjustments:

                             

Less: Loss from discontinued operations

   

184

   

979

   

65

   

1,164

   

182

Less: Interest income

   

(18)

   

(76)

   

(137)

   

(94)

   

(836)

Add: Interest expense

   

452

   

556

   

718

   

1,008

   

1,455

Add: Income tax benefit

   

6,288

   

4,770

   

3,400

   

11,058

   

437

Add: Depreciation

   

5,877

   

6,001

   

6,247

   

11,878

   

12,139

Add: Amortization of completed technology

   

2,319

   

2,389

   

2,740

   

4,708

   

5,415

Add: Amortization of customer relationships and acquired intangible assets

   

7,601

   

7,356

   

7,615

   

14,957

   

15,525

Earnings before interest, taxes, depreciation and amortization

 

$

46,451

 

$

48,003

 

$

29,775

 

$

94,455

 

$

56,501

                               
   

Quarter Ended

 

Six Months Ended

   

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

March 31, 

Dollars in thousands

 

2021

 

2020

 

2020

 

2021

 

2020

Earnings before interest, taxes, depreciation and amortization

 

$

46,451

 

$

48,003

 

$

29,775

 

$

94,455

 

$

56,501

Adjustments:

                             

Add: Stock-based compensation

   

7,481

   

6,710

   

4,214

   

14,191

   

8,624

Add: Restructuring charges

   

92

   

87

   

578

   

179

   

1,154

Add: Merger and acquisition costs

   

11,843

   

2,991

   

279

   

14,834

   

473

Add: Tariff adjustment

   

5,497

   

   

   

5,497

   

Adjusted earnings before interest, taxes, depreciation and amortization

 

$

71,364

 

$

57,791

 

$

34,846

 

$

129,156

 

$

66,752

                                     
   

Quarter Ended

 

Dollars in thousands

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

127,274

 

44.4

%

 

$

113,128

 

45.3

%

 

$

90,281

 

41.0

%

Adjustments:

                                   

Amortization of completed technology

   

2,319

 

0.8

     

2,389

 

1.0

     

2,740

 

1.2

 

Tariff adjustment

   

5,497

 

1.9

                         

Non-GAAP adjusted gross profit/gross margin percentage

 

$

135,090

 

47.1

%

 

$

115,517

 

46.3

%

 

$

93,021

 

42.2

%

                                     
                         
   

Six Months Ended

Dollars in thousands

 

March 31, 2021

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

240,402

 

44.8

%

 

$

175,267

 

40.7

%

Adjustments:

                       

Amortization of completed technology

   

4,708

 

0.9

     

5,415

 

1.3

 

Tariff adjustment

   

5,497

 

1.0

             

Non-GAAP adjusted gross profit/gross margin percentage

 

$

250,607

 

46.7

%

 

$

180,682

 

41.9

%

                                     
   

Brooks Semiconductor Solutions Group

   

Quarter Ended

Dollars in thousands

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

69,413

 

44.2

%

 

$

55,789

 

42.5

%

 

$

48,637

 

38.9

%

Adjustments:

                                   

Amortization of completed technology

   

298

 

0.2

     

384

 

0.3

     

722

 

0.6

 

Non-GAAP adjusted gross profit/margin percentage

 

$

69,711

 

44.4

%

 

$

56,173

 

42.8

%

 

$

49,359

 

39.5

%

                                                                         
   

Brooks Life Sciences Products

 

Brooks Life Sciences Services

   

Quarter Ended

 

Quarter Ended

Dollars in thousands

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

24,051

 

45.9

%

 

$

20,531

 

45.1

%

 

$

13,380

 

43.2

%

 

$

33,813

 

43.8

%

 

$

36,810

 

50.7

%

 

$

28,283

 

44.0

%

Adjustments:

                                                                       

Amortization of completed technology

   

280

 

0.5

     

273

 

0.6

     

292

 

0.9

     

1,741

 

2.3

     

1,732

 

2.4

     

1,725

 

2.7

 

Tariff adjustment

   

 

                             

5,497

 

7.1

     

 

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

24,331

 

46.5

%

 

$

20,804

 

45.7

%

 

$

13,672

 

44.1

%

 

$

41,051

 

53.2

%

 

$

38,542

 

53.1

%

 

$

30,008

 

46.7

%

                                                                         
                                     
   

Brooks Life Sciences Total

   

Quarter Ended

Dollars in thousands

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

57,864

 

44.7

%

 

$

57,341

 

48.5

%

 

$

41,663

 

43.7

%

Adjustments:

                                   

Amortization of completed technology

   

2,021

 

1.6

     

2,005

 

1.7

     

2,017

 

2.1

 

Tariff adjustment

   

5,497

 

4.2

     

 

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

65,382

 

50.5

%

 

$

59,346

 

50.2

%

 

$

43,680

 

45.8

%

                         
   

Brooks Semiconductor Solutions Group

   

Six Months Ended

Dollars in thousands

 

March 31, 2021

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

125,202

 

43.4

%

 

$

94,936

 

39.0

%

Adjustments:

                       

Amortization of completed technology

   

682

 

0.2

     

1,455

 

0.6

 

Non-GAAP adjusted gross profit/margin percentage

 

$

125,884

 

43.6

%

 

$

96,391

 

39.5

%

                                               
   

Brooks Life Sciences Products

Brooks Life Sciences Services

   

Six Months Ended

Six Months Ended

Dollars in thousands

 

March 31, 2021

 

March 31, 2020

March 31, 2021

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

44,582

 

45.6

%

 

$

25,758

 

42.4

%

$

70,623

 

47.1

%

 

$

54,590

 

43.2

%

Adjustments:

                                             

Amortization of completed technology

   

553

 

0.6

     

585

 

1.0

   

3,473

 

2.3

     

3,375

 

2.7

 

Tariff adjustment

   

 

     

 

   

5,497

 

3.7

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

45,135

 

46.1

%

 

$

26,343

 

43.4

%

$

79,593

 

53.1

%

 

$

57,965

 

45.9

%

                                               
                         
   

Brooks Life Sciences Total

   

Six Months Ended

Dollars in thousands

 

March 31, 2021

 

March 31, 2020

GAAP gross profit/margin percentage

 

$

115,205

 

46.5

%

 

$

80,348

 

43.0

%

Adjustments:

                   

 

Amortization of completed technology

   

4,026

 

1.6

     

3,960

 

2.1

 
     

5,497

 

2.2

     

 

 

Non-GAAP adjusted gross profit/margin percentage

 

$

124,728

 

50.4

%

 

$

84,308

 

45.1

%

                                                                         
   

Brooks Semiconductor Solutions Group

 

Brooks Life Sciences Products

 

Brooks Life Sciences Services

 

Brooks Life Sciences Total

   

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

   

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

December 31, 

 

March 31, 

Dollars in thousands

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

GAAP operating profit

 

$

33,004

 

$

21,154

 

$

15,984

 

$

10,935

 

$

7,669

 

$

1,852

 

$

6,168

 

$

12,579

 

$

4,248

 

$

17,103

 

$

20,248

 

$

6,100

Adjustments:

                                                                       

Amortization of completed technology

   

298

   

384

   

722

   

280

   

273

   

292

   

1,741

   

1,732

   

1,725

   

2,021

   

2,005

   

2,017

Tariff adjustment

   

   

   

   

   

   

   

5,497

   

   

   

5,497

   

   

Non-GAAP adjusted operating profit

 

$

33,302

 

$

21,538

 

$

16,706

 

$

11,215

 

$

7,942

 

$

2,144

 

$

13,406

 

$

14,311

 

$

5,973

 

$

24,621

 

$

22,253

 

$

8,117

                                                       
   

Total Segments

 

Corporate

 

Total

   

Quarter Ended

 

Quarter Ended

 

Quarter Ended

   

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

December 31, 

 

March 31, 

 

March 31, 

 

December 31, 

 

March 31, 

Dollars in thousands

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

 

2021

 

2020

 

2020

GAAP operating profit (loss)

 

$

50,107

 

$

41,402

 

$

22,084

 

$

(19,602)

 

$

(10,474)

 

$

(7,512)

 

$

30,505

 

$

30,928

 

$

14,572

Adjustments:

                                                     

Amortization of completed technology

   

2,319

   

2,389

   

2,739

   

   

   

   

2,319

   

2,389

   

2,739

Tariff adjustment

   

5,497

   

   

   

   

   

   

5,497

   

   

Amortization of customer relationships and acquired intangible assets

   

   

   

   

7,601

   

7,356

   

7,615

   

7,601

   

7,356

   

7,615

Restructuring charges

   

   

   

   

92

   

87

   

578

   

92

   

87

   

578

Merger and acquisition costs

   

   

   

   

11,843

   

2,991

   

279

   

11,843

   

2,991

   

279

Non-GAAP adjusted operating profit (loss)

 

$

57,923

 

$

43,791

 

$

24,823

 

$

(66)

 

$

(40)

 

$

960

 

$

57,857

 

$

43,751

 

$

25,783

                                                       
                                                     
   

Brooks Semiconductor Solutions Group

 

Brooks Life Sciences Products

 

Brooks Life Sciences Services

   

Brooks Life Sciences Total

 
   

Six Months Ended

 

Six Months Ended

 

Six Months Ended

   

Six Months Ended

 

Dollars in thousands

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

   

March 31, 

 

March 31, 

 
   

2021

 

2020

 

2021

 

2020

 

2021

 

2020

   

2021

 

2020

 

GAAP operating profit

 

$

54,158

 

$

30,252

 

$

18,604

 

$

1,921

 

$

18,747

 

$

8,211

   

$

37,351

 

$

10,132

 

Adjustments:

                                                   

Amortization of completed technology

   

682

   

1,455

   

553

   

585

   

3,473

   

3,375

     

4,026

   

3,960

 

Tariff adjustment

   

   

   

   

   

5,497

   

     

5,497

   

 

Non-GAAP adjusted operating profit

 

$

54,840

 

$

31,707

 

$

19,157

 

$

2,506

 

$

27,717

 

$

11,586

   

$

46,874

 

$

14,092

 
                                     
   

Total Segments

 

Corporate

 

Total

   

Six Months Ended

 

Six Months Ended

 

Six Months Ended

Dollars in thousands

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

 

March 31, 

   

2021

 

2020

 

2021

 

2020

 

2021

 

2020

GAAP operating profit (loss)

 

$

91,509

 

$

40,384

 

$

(30,075)

 

$

(15,146)

 

$

61,434

 

$

25,238

Adjustments:

                                   

Amortization of completed technology

   

4,708

   

5,415

   

   

   

4,708

   

5,415

Tariff adjustment

   

5,497

   

   

   

   

5,497

   

Amortization of customer relationships and acquired intangible assets

   

   

   

14,957

   

15,525

   

14,957

   

15,525

Restructuring charges

   

   

   

179

   

1,154

   

179

   

1,154

Merger and acquisition costs

   

   

   

14,834

   

473

   

14,834

   

473

Restructuring related charges

   

   

   

   

   

   

Non-GAAP adjusted operating profit (loss)

 

$

101,714

 

$

45,799

 

$

(105)

 

$

2,006

 

$

101,609

 

$

47,805

(PRNewsfoto/Brooks Automation)

SOURCE Brooks Automation