Brooks Automation Reports Results of its Third Quarter of Fiscal 2020, Ended June 30, 2020, and Announces Quarterly Cash Dividend

CHELMSFORD, Mass., July 30, 2020 /PRNewswire/ -- Brooks Automation, Inc. BRKS today reported financial results for the third fiscal quarter, ended June 30, 2020.

Financial Results Summary











































Quarter Ended















Dollars in millions, except per share data



June 30, 



March 31, 





June 30, 



Change vs.











2020



2020





2019



Prior Qtr



Prior Year







Revenue



$

220



$

220





$

204



0

%

8

%





Semiconductor Solutions



$

127



$

125





$

116



2

%

9

%





Life Sciences



$

93



$

95





$

88



(2)

%

6

%









































Diluted EPS Continuing Operations



$

0.19



$

0.12





$

0.01



49

%

N/M







Diluted EPS Total



$

0.19



$

0.12





$

0.10



50

%

85

%









































Non-GAAP Diluted EPS Continuing Operations



$

0.32



$

0.25





$

0.20



26

%

60

%





Management Comments

"Despite the current environment's headwinds, we delivered a strong performance in the quarter," commented Steve Schwartz, president and CEO. "Our Life Sciences business witnessed robust demand for its sample management offerings and gene synthesis services.  Due to many customer lab closures around the world, our gene sequencing business had a slow start to the quarter but has steadily increased and is now approaching pre-COVID levels.  We continue to see a ramp in Semiconductor with increased demand for both automation systems and robots.  The real story here is about the relentless team of Brooks employees working through the most difficult of environments without missing a beat!"

Summary of GAAP Results for Continuing Operations

  • Revenue for the third fiscal quarter was $220 million, up 8% year over year.  Diluted EPS from continuing operations was $0.19 per share compared to $0.01 per share in the third quarter of 2019. 
  • Life Sciences revenue of $93 million grew 6% year over year and was down 2% sequentially.  Year-over-year organic growth was 5%, led by consumables, instruments, and storage services.  GENEWIZ revenue declined 9% sequentially but remained 1% above the third quarter 2019 revenue. 
  • Semiconductor Solutions revenue was $127 million, an increase of 9% year over year and 2% sequentially. 
  • GAAP operating income was $19 million, compared to $16 million in the third quarter of 2019.  GAAP operating margin at 8.7% was 60 basis points higher year over year and 210 basis points higher sequentially.
  • Net interest expense was $0.8 million for the quarter, a $7.1 million reduction from the third quarter of 2019.

Summary of Non-GAAP Results for Continuing Operations

  • Diluted EPS from continuing operations for the third quarter was $0.32, up 26% from the second quarter of 2020 and up 60% over the prior year.  
  • Operating income was $30 million, an increase of 15% sequentially and year over year.  Operating margin was 13.5%, up 180 basis points sequentially and 80 basis points year over year.  The margin expansion was driven primarily by stronger gross margin.
  • Gross margin was 43.5%, an increase of 130 basis points sequentially and 110 basis points year over year.  Gross margin expansion in both segments, Life Sciences and Semiconductor Solutions, drove the improvement year over year, while the sequential momentum was driven by the Semiconductor business.
  • Life Sciences operating margin was 7.1%, approximately flat year over year and lower by 150 basis points from the prior quarter.  Gross margin performance of 44.6%, up 140 basis points year over year and lower by 120 basis points sequentially, was the primary driver.  The Life Sciences Products business reported 40 basis points of improvement sequentially but was more than offset by the lower margins of the Life Sciences Services business.
  • Semiconductor Solutions operating margin was 18.4%, an increase of 100 basis points from the prior year and up 510 basis points from the second quarter of 2020.  Gross margin of 42.7%, up 100 basis points year over year and 320 basis points sequentially, was the primary driver of operating margin expansion.  
  • Adjusted EBITDA was $40 million, up 12% from the third quarter of 2019 and 16% sequentially.

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

Cash and Liquidity

  • Cash flow from operations was $26 million for the quarter and on a year-to-date basis, and cash flow from operations, excluding the $92 million tax payment made in the second quarter on the gain on the sale of the Semiconductor cryogenics business, was $78 million, an increase of $19 million from the same period the prior year. 
  • The Company ended the third quarter with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $263 million.  With total debt of $51 million, net cash was $212 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 25, 2020 to stockholders of record on September 4, 2020.  Future dividend declarations, as well as the record and payment dates for such dividends, are subject to the final determination of the Company's Board of Directors.

Guidance for Fourth Quarter Fiscal 2020

The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2020.  Revenue is expected to be in the range of $229 million to $241 million and non-GAAP diluted earnings per share is expected to be in the range of $0.32 to $0.40.  GAAP diluted earnings per share for the fourth fiscal quarter is expected to be in the range of $0.19 to $0.27.

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 800-754-1366 (US & Canada only) or +1-212-231-2930 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 BRKS is a leading provider of life science sample-based solutions and semiconductor manufacturing solutions worldwide.  The Company's Life Sciences business provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally.  Brooks Life Sciences' GENEWIZ division is a leading provider of DNA gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip makers and equipment manufacturers.  Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia.  For more information, visit www.brooks.com.

INVESTOR CONTACTS:

Mark Namaroff

Director, Investor Relations

Brooks Automation

978.262.2635

mark.namaroff@brooks.com

Sherry Dinsmore

Brooks Automation

978.262.2400

sherry.dinsmore@brooks.com

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)





Three Months Ended





Nine Months Ended



June 30, 





June 30, 



2020



2019





2020



2019

Revenue

























Products

$

142,323



$

128,397





$

413,329



$

381,827

Services



78,027





75,483







237,748





199,810

Total revenue



220,350





203,880







651,077





581,637

Cost of revenue

























Products



81,989





77,203







245,930





229,580

Services



45,573





43,167







137,092





115,951

Total cost of revenue



127,562





120,370







383,022





345,531

Gross profit



92,788





83,510







268,055





236,106

Operating expenses

























Research and development



14,004





14,235







43,727





41,485

Selling, general and administrative



59,714





52,596







178,866





158,509

Restructuring charges



(29)





256







1,125





685

Total operating expenses



73,689





67,087







223,718





200,679

Operating income



19,099





16,423







44,337





35,427

Interest income



29





108







865





847

Interest expense



(810)





(8,041)







(2,265)





(21,348)

Loss on extinguishment of debt

















(9,051)

Other income (expenses), net



498





(309)







(1,318)





(1,116)

Income before income taxes



18,816





8,181







41,619





4,759

Income tax benefit



5,120





7,260







5,557





400

Income  from continuing operations



13,696





921







36,062





4,359

Income (loss) from discontinued operations, net of tax







6,333







(182)





20,731

Net income

$

13,696



$

7,254





$

35,880



$

25,090

Basic net income per share:

























Income from continuing operations

$

0.19



$

0.01





$

0.48



$

0.06

Income (loss) from discontinued operations, net of tax



-





0.09







(0.00)





0.29

Basic net income per share

$

0.19



$

0.10





$

0.49



$

0.35

Diluted net income per share:

























Income from continuing operations

$

0.19



$

0.01





$

0.49



$

0.06

Income (loss) from discontinued operations, net of tax



-





0.09







(0.00)





0.29

Diluted net income per share

$

0.19



$

0.10





$

0.49



$

0.35



























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

























Basic



73,759





72,188







73,473





71,903

Diluted



73,860





72,470







73,766





72,313



























 

BROOKS AUTOMATION, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)





June 30, 



September 30,



2020



2019













Assets











Current assets











Cash and cash equivalents

$

256,633



$

301,642

Marketable securities



136





34,124

Accounts receivable, net



183,167





165,602

Inventories



117,686





99,445

Prepaid expenses and other current assets



44,389





46,332

Total current assets



602,011





647,145

Property, plant and equipment, net



111,416





100,669

Long-term marketable securities



2,939





2,845

Long-term deferred tax assets



3,489





5,064

Goodwill



500,062





488,602

Intangible assets, net



226,623





251,168

Other assets



57,377





20,506

Total assets

$

1,503,917



$

1,515,999

Liabilities and Stockholders' Equity











Current liabilities











Current portion of long-term debt

$

828



$

829

Accounts payable



70,344





58,919

Deferred revenue



31,162





29,435

Accrued warranty and retrofit costs



7,881





7,175

Accrued compensation and benefits



33,847





31,375

Accrued restructuring costs



437





1,040

Accrued income taxes payable



16,253





99,263

Accrued expenses and other current liabilities



45,053





44,234

Total current liabilities



205,805





272,270

Long-term debt



49,563





50,315

Long-term tax reserves



19,609





18,274

Long-term deferred tax liabilities



10,613





20,636

Long-term pension liabilities



5,724





5,338

Long-term operating lease liabilities



29,280





Other long-term liabilities



8,470





10,212

Total liabilities



329,064





377,045

Stockholders' Equity











Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding







Common stock, $0.01 par value - 125,000,000 shares authorized, 87,222,115 shares issued and 73,760,246 shares outstanding at June 30, 2020, 85,759,700 shares issued and 72,297,831 shares outstanding at September 30, 2019



872





857

Additional paid-in capital



1,936,619





1,921,954

Accumulated other comprehensive income



10,977





3,511

Treasury stock at cost - 13,461,869 shares



(200,956)





(200,956)

Accumulated deficit



(572,659)





(586,412)

Total stockholders' equity



1,174,853





1,138,954

Total liabilities and stockholders' equity

$

1,503,917



$

1,515,999

 

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)





Nine Months Ended



June 30, 



2020



2019

Cash flows from operating activities











Net income

$

35,880



$

25,090

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











Depreciation and amortization



49,760





40,429

Impairment of property, plant and equipment



301





Stock-based compensation



12,348





15,172

Amortization of premium on marketable securities and deferred financing costs



177





766

Earnings of equity method investments







(4,876)

Deferred income taxes



(9,319)





(9,207)

Loss on extinguishment of debt







9,051

Other gains on disposals of assets



163





156

Loss on sale of divestiture, net of tax



319





Taxes paid stemming from divestiture



(91,500)





Changes in operating assets and liabilities, net of acquisitions:











Accounts receivable



(15,719)





(6,456)

Inventories



(17,695)





(6,431)

Prepaid expenses and current assets



12,554





2,109

Accounts payable



11,032





(6,761)

Deferred revenue



214





4,959

Accrued warranty and retrofit costs



580





1,022

Accrued compensation and tax withholdings



1,928





(9,404)

Accrued restructuring costs



(609)





(361)

Proceeds from recovery on insurance claim







1,082

Accrued expenses and current liabilities



(4,347)





1,901

Net cash (used in) provided by operating activities



(13,933)





58,241

Cash flows from investing activities











Purchases of property, plant and equipment



(29,685)





(15,548)

Purchases of marketable securities



(10,843)





(1,290)

Sales of marketable securities



2,492





48,904

Maturities of marketable securities



42,226





2,557

Acquisitions, net of cash acquired



(15,743)





(442,704)

Purchase of other investment



(1,000)





Net cash used in investing activities



(12,553)





(408,081)

Cash flows from financing activities











Proceeds from term loans, net of discount







686,386

Proceeds from issuance of common stock



2,332





1,548

Payments of financing costs







(687)

Principal payments on debt



(828)





(354,940)

Payments of capital leases



(957)





(849)

Common stock dividends paid



(22,127)





(21,658)

Net cash (used in) provided by financing activities



(21,580)





309,800

Effects of exchange rate changes on cash and cash equivalents



3,095





(816)

Net decrease in cash and cash equivalents



(44,971)





(40,856)

Cash and cash equivalents and restricted cash, beginning of period



305,171





197,708

Cash and cash equivalents and restricted cash, end of period

$

260,200



$

156,852













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











Cash and cash equivalents

$

256,633



$

156,802

Restricted cash included in prepaid expenses and other current assets



3,567





50

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

$

260,200



$

156,852

Notes on Non-GAAP Financial Measures:

These financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management adjusted the GAAP results for the impact of amortization of intangible assets, restructuring charges, purchase price accounting adjustments and charges related to M&A to provide investors better perspective on the results of operations which the Company believes is more comparable to the similar analysis provided by its peers. Management also excludes special charges and gains, such as impairment losses, gains and losses from the sale of assets, as well as other gains and charges that are not representative of the normal operations of the business. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.







Quarter Ended





June 30, 2020



March 31, 2020



June 30, 2019









per diluted







per diluted







per diluted

Dollars in thousands, except per share data 



$



share



$



share



$



share

Net income from continuing operations



$

13,696



$

0.19



$

9,192



$

0.12



$

921



$

0.01

Adjustments:





































Amortization of intangible assets





10,390





0.14





10,355





0.14





9,050





0.12

Restructuring charges





(29)





(0.00)





578





0.01





256





0.00

Loss on extinguishment of debt

























Merger costs





10





0.00





279





0.00





156





0.00

Restructuring related charges





301





0.00

















Tax Reform  (1)





















4,281





0.06

Tax adjustments (1)





1,502





0.02





1,046





0.01





974





0.01

Tax effect of adjustments 





(2,561)





(0.03)





(2,997)





(0.04)





(1,345)





(0.02)

Non-GAAP adjusted net income from continuing operations



$

23,309



$

0.32



$

18,453



$

0.25



$

14,293



$

0.20

   Stock based compensation, pre-tax





3,725





0.05





4,214





0.06





5,277





0.07

   Tax rate





15

%







15

%







15

%



Stock-based compensation, net of tax





3,166





0.04





3,582





0.05





4,485





0.06

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



$

26,475



$

0.36



$

22,035



$

0.30



$

18,778



$

0.26







































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









73,860









73,789









72,470









Nine Months Ended





June 30, 2020



June 30, 2019









per diluted







per diluted

Dollars in thousands, except per share data 



$



share



$



share

Net income from continuing operations



$

36,062



$

0.49



$

4,359



$

0.06

Adjustments:























Purchase accounting impact on inventory and contracts acquired













184





0.00

Amortization of intangible assets





31,331





0.42





26,230





0.36

Restructuring related charges





301

















Restructuring charges





1,125





0.02





685





0.01

Loss on extinguishment of debt













9,051





0.13

Merger costs





484





0.01





6,546





0.09

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













1,796





0.02

Tax adjustments (1)





(2,789)





(0.04)





(1,275)





(0.02)

Tax effect of adjustments





(8,113)





(0.11)





(9,122)





(0.13)

Non-GAAP adjusted net income from continuing operations



$

58,401



$

0.79



$

38,454



$

0.53

Stock-based compensation, pre-tax





12,348





0.17





14,574





0.20

Tax rate





15

%







15

%



Stock-based compensation, net of tax





10,496



$

0.14





12,388





0.17

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



$

68,897



$

0.93



$

50,842



$

0.70



























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









73,766









72,313





(1)

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

(2)

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

 





Quarter Ended



Nine Months Ended





June 30, 



March 31,



June 30, 



June 30, 



June 30, 

Dollars in thousands



2020



2020



2019



2020



2019

GAAP net income



$

13,696



$

9,127



$

7,254



$

35,880



$

25,090

Adjustments:































Less: Loss (income) from discontinued operations









65





(6,333)





182





(20,731)

Less: Interest income





(29)





(137)





(108)





(865)





(847)

Add: Interest expense





810





718





8,041





2,265





21,348

Add: Income tax benefit





5,120





3,400





7,260





5,557





400

Add: Depreciation





6,290





6,247





5,037





18,429





14,196

Add: Amortization of completed technology





2,779





2,740





2,863





8,194





7,661

Add: Amortization of customer relationships and acquired intangible assets





7,611





7,615





6,187





23,137





18,569

Add: Loss on extinguishment of debt





















9,051

Earnings before interest, taxes, depreciation and amortization



$

36,277



$

29,775



$

30,201



$

92,779



$

74,737









Quarter Ended



Nine Months Ended





June 30, 



March 31,



June 30, 



June 30, 



June 30, 

Dollars in thousands



2020



2020



2019



2020



2019

Earnings before interest, taxes, depreciation and amortization



$

36,277



$

29,775



$

30,201



$

92,779



$

74,737

Adjustments:































Add: Stock-based compensation





3,725





4,214





5,277





12,348





14,574

Add: Restructuring charges





(29)





578





256





1,125





685

Add: Restructuring related charges





301















301







Add: Purchase accounting impact on inventory and contracts acquired





















184

Add: Merger costs





10





279





156





484





6,546

Adjusted earnings before interest, taxes, depreciation and amortization



$

40,284



$

34,846



$

35,890



$

107,037



$

96,726









Quarter Ended

Dollars in thousands



June 30, 2020



March 31, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

92,788



42.1

%



$

90,281



41.0

%



$

83,510



41.0

%

Adjustments:





































Amortization of completed technology





2,779



1.3







2,740



1.2







2,863



1.4



Restructuring related charges





301



0.1









0.0









0.0



Non-GAAP adjusted gross profit/gross margin percentage



$

95,868



43.5

%



$

93,021



42.2

%



$

86,373



42.4

%















































Nine Months Ended

Dollars in thousands



June 30, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

268,055



41.2

%



$

236,106



40.6

%

Adjustments:

























Amortization of completed technology





8,194



1.3







7,661



1.3



Purchase accounting impact on inventory and contracts acquired













184



0.0



Restructuring related charges





301



0.0











Non-GAAP adjusted gross profit/gross margin percentage



$

276,550



42.5

%



$

243,951



41.9

%

 





Brooks Semiconductor Solutions Group





Quarter Ended

Dollars in thousands



June 30, 2020



March 31, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

53,524



42.1

%



$

48,637



38.9

%



$

47,493



40.9

%

Adjustments:





































Amortization of completed technology





717



0.6







722



0.6







879



0.8



Non-GAAP adjusted gross profit/margin percentage



$

54,241



42.7

%



$

49,359



39.5

%



$

48,372



41.7

%







Brooks Life Sciences





Quarter Ended

Dollars in thousands



June 30, 2020



March 31, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

39,264



42.1

%



$

41,663



43.7

%



$

36,017



41.0

%

Adjustments:





































Amortization of completed technology





2,063



2.2







2,017



2.1







1,984



2.3



Restructuring related charges





301



0.3



















Non-GAAP adjusted gross profit/margin percentage



$

41,628



44.6

%



$

43,680



45.8

%



$

38,001



43.3

%







Brooks Semiconductor Solutions Group





Nine Months Ended

Dollars in thousands



June 30, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

148,443



40.0

%



$

139,393



40.8

%

Adjustments:

























Amortization of completed technology





2,172



0.6







2,732



0.8



Purchase accounting impact on inventory and contracts acquired













184



0.1



Non-GAAP adjusted gross profit/margin percentage



$

150,615



40.6

%



$

142,309



41.7

%







Brooks Life Sciences





Nine Months Ended

Dollars in thousands



June 30, 2020



June 30, 2019

GAAP gross profit/margin percentage



$

119,612



42.7

%



$

96,713



40.3

%

Adjustments:

























Amortization of completed technology





6,022



2.1







4,928



2.1



Restructuring related charges





301



0.1











Non-GAAP adjusted gross profit/margin percentage



$

125,935



44.9

%



$

101,641



42.3

%

 





Brooks Semiconductor Solutions Group



Brooks Life Sciences



Total Segments





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



2020



2020



2019



2020



2020



2019



2020



2020



2019

GAAP operating profit



$

22,697



$

15,984



$

19,322



$

4,227



$

6,100



$

4,202



$

26,924



$

22,084



$

23,524

Adjustments:























































Amortization of completed technology





717





722





879





2,063





2,017





1,984





2,780





2,739





2,863

Restructuring related charges

















301













301









Non-GAAP adjusted operating profit



$

23,414



$

16,706



$

20,201



$

6,591



$

8,117



$

6,186



$

30,005



$

24,823



$

26,387





















































































































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



2020



2020



2019



2020



2020



2019



2020



2020



2019

GAAP operating profit (loss)



$

26,924



$

22,084



$

23,524



$

(7,825)



$

(7,512)



$

(7,101)



$

19,099



$

14,572



$

16,423

Adjustments:























































Amortization of completed technology





2,780





2,739





2,863

















2,780





2,739





2,863

Amortization of customer relationships and acquired intangible assets

















7,611





7,615





6,187





7,611





7,615





6,187

Restructuring charges

















(29)





578





256





(29)





578





256

Merger costs

















10





279





156





10





279





156

Restructuring related charges





301



























301









Non-GAAP adjusted operating profit (loss)



$

30,005



$

24,823



$

26,387



$

(233)



$

960



$

(502)



$

29,772



$

25,783



$

25,885



































































































Brooks Semiconductor Solutions Group



Brooks Life Sciences



Total Segments





Nine Months Ended



Nine Months Ended



Nine Months Ended

Dollars in thousands



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019

GAAP operating profit



$

52,949



$

53,450



$

14,359



$

8,936



$

67,308



$

62,386

Adjustments:





































Amortization of completed technology





2,172





2,732





6,022





4,928





8,194





7,661

Purchase accounting impact on inventory and contracts acquired









184

















184

Restructuring related charges













301









301





Non-GAAP adjusted operating profit



$

55,121



$

56,366



$

20,682



$

13,864



$

75,803



$

70,231

















































































Total Segments



Corporate



Total





Nine Months Ended



Nine Months Ended



Nine Months Ended

Dollars in thousands



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019



June 30, 2020



June 30, 2019

GAAP operating profit (loss)



$

67,308



$

62,386



$

(22,971)



$

(26,959)



$

44,337



$

35,427

Adjustments:





































Amortization of completed technology





8,194





7,661













8,194





7,661

Amortization of customer relationships and acquired intangible assets













23,137





18,569





23,137





18,569

Restructuring charges













1,125





685





1,125





685

Purchase accounting impact on inventory and contracts acquired









184

















184

Merger costs













484





6,546





484





6,546

Restructuring related charges





301

















301





Non-GAAP adjusted operating profit (loss)



$

75,803



$

70,231



$

1,775



$

(1,159)



$

77,578



$

69,072

 

(PRNewsfoto/Brooks Automation)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/brooks-automation-reports-results-of-its-third-quarter-of-fiscal-2020-ended-june-30-2020-and-announces-quarterly-cash-dividend-301103421.html

SOURCE Brooks Automation

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