Brooks Automation Reports Results of Third Quarter of Fiscal 2021, Ended June 30, 2021, and Announces Quarterly Cash Dividend

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

Financial Results Summary
		Quarter Ended
Dollars in millions, except per share data		June 30,			March 31,				June 30,			Change vs.
		2021			2021				2020			Prior Qtr		Prior Year
Revenue		$	315		$	287			$	220		10	%	43	%
Semiconductor Solutions		$	186		$	157			$	127		19	%	47	%
Life Sciences		$	129		$	130			$	93		0	%	38	%
Diluted EPS Continuing Operations		$	0.53		$	0.32			$	0.19		64	%	184	%
Diluted EPS Total		$	0.53		$	0.32			$	0.19		65	%	184	%
Non-GAAP Diluted EPS Continuing Operations		$	0.72		$	0.61			$	0.32		17	%	127	%
Adjusted EBITDA		$	78		$	71			$	40		10	%	94	%

Management Comments

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

Summary of GAAP Results

Third Quarter, Fiscal 2021

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

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

Summary of Non-GAAP Results for Continuing Operations

Third Quarter, Fiscal 2021

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

Cash and Liquidity

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

Quarterly Cash Dividend

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

Guidance for Fourth Quarter Fiscal 2021

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

Conference Call and Webcast

Brooks management will webcast its third quarter earnings conference call today at 4:30 p.m. Eastern Time. During the call, Company management will respond to questions concerning, but not limited to, the Company's financial performance, business conditions and industry outlook.  Management's responses could contain information that has not been previously disclosed.

The call will be broadcast live over the Internet and, together with presentation materials referenced on the call, will be hosted at the Investor Relations section of Brooks' website at www.brooks.investorroom.com, and will be archived online on this website for convenient on-demand replay.  In addition, you may call 800-941-1366 (US & Canada only) or +1-212-231-2926 for international callers to listen to the live webcast.

Regulation G – Use of Non-GAAP financial Measures

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

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

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

About Brooks Automation

Brooks (Nasdaq: BRKS) operates two, global, market-leading businesses, Life Sciences and Semiconductor Solutions, each with its own distinct area of focus and expertise.  The Company's Life Sciences business provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry's top pharmaceutical, biotech, academic and healthcare institutions globally.  Brooks Life Sciences' GENEWIZ division is a leading provider of gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks' Semiconductor Solutions business provides industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip makers and equipment manufacturers as well as collaborative robotics and automation capabilities for multi-market applications. 

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

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

BROOKS INVESTOR CONTACTS:

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

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

 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
	Three Months Ended							Nine Months Ended
	June 30,							June 30,
	2021			2020				2021			2020
Revenue
Products	$	215,843		$	142,323			$	565,829		$	413,329
Services		99,506			78,027				285,610			237,748
Total revenue		315,349			220,350				851,439			651,077
Cost of revenue
Products		120,387			81,989				317,472			245,930
Services		50,562			45,573				149,165			137,092
Total cost of revenue		170,949			127,562				466,637			383,022
Gross profit		144,400			92,788				384,802			268,055
Operating expenses
Research and development		18,284			14,004				51,310			43,727
Selling, general and administrative		75,883			59,714				221,646			178,866
Restructuring charges		—			(29)				179			1,125
Total operating expenses		94,167			73,689				273,135			223,718
Operating income		50,233			19,099				111,667			44,337
Interest income		409			29				503			865
Interest expense		(477)			(810)				(1,485)			(2,265)
Other income (expenses), net		(1,625)			498				(147)			(1,318)
Income before income taxes		48,540			18,816				110,538			41,619
Income tax provision		9,370			5,120				20,428			5,557
Income from continuing operations		39,170			13,696				90,110			36,062
Loss from discontinued operations, net of tax		(4)			—				(1,168)			(182)
Net income	$	39,166		$	13,696			$	88,942		$	35,880
Basic net income per share:
Income from continuing operations	$	0.53		$	0.19			$	1.21		$	0.49
Loss from discontinued operations, net of tax		(0.00)			-				(0.02)			(0.00)
Basic net income per share	$	0.53		$	0.19			$	1.20		$	0.49
Diluted net income per share:
Income from continuing operations	$	0.53		$	0.19			$	1.21		$	0.49
Loss from discontinued operations, net of tax		(0.00)			-				(0.02)			(0.00)
Diluted net income per share	$	0.53		$	0.19			$	1.20		$	0.49
Weighted average shares outstanding used in computing net income per share:
Basic		74,296			73,759				74,195			73,473
Diluted		74,495			73,860				74,420			73,766

               

BROOKS AUTOMATION, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
	June 30,			September 30,
	2021			2020
Assets
Current assets
Cash and cash equivalents	$	269,862		$	295,649
Marketable securities		101			67
Accounts receivable, net		234,079			188,291
Inventories		154,720			114,834
Prepaid expenses and other current assets		58,455			50,612
Total current assets		717,217			649,453
Property, plant and equipment, net		146,522			117,665
Long-term marketable securities		3,637			3,101
Long-term deferred tax assets		4,447			4,979
Goodwill		551,326			501,536
Intangible assets, net		254,937			218,325
Other assets		85,169			64,066
Total assets	$	1,763,255		$	1,559,125
Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt	$	—		$	827
Accounts payable		98,192			61,758
Deferred revenue		35,421			31,357
Accrued warranty and retrofit costs		8,132			8,201
Accrued compensation and benefits		43,803			43,267
Accrued restructuring costs		29			181
Accrued income taxes payable		22,232			10,094
Accrued expenses and other current liabilities		103,251			55,433
Total current liabilities		311,060			211,118
Long-term debt		49,651			49,588
Long-term tax reserves		18,410			19,168
Long-term deferred tax liabilities		16,295			17,798
Long-term pension liabilities		6,536			6,406
Long-term operating lease liabilities		45,034			31,855
Other long-term liabilities		8,440			9,578
Total liabilities		455,426			345,511
Stockholders' Equity
Preferred stock, $0.01 par value - 1,000,000 shares authorized, no shares issued or outstanding		—			—
Common stock, $0.01 par value - 125,000,000 shares authorized, 87,758,598 shares issued and 74,296,729 shares outstanding at June 30, 2021, 87,293,710 shares issued and 73,831,841 shares outstanding at September 30, 2020		878			873
Additional paid-in capital		1,965,705			1,942,850
Accumulated other comprehensive income		26,619			21,919
Treasury stock at cost - 13,461,869 shares		(200,956)			(200,956)
Accumulated deficit		(484,417)			(551,072)
Total stockholders' equity		1,307,829			1,213,614
Total liabilities and stockholders' equity	$	1,763,255		$	1,559,125

 

BROOKS AUTOMATION, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
	Nine Months Ended
	June 30,
	2021			2020
Cash flows from operating activities
Net income	$	88,942		$	35,880
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		48,684			49,760
Impairment of property, plant and equipment		—			301
Stock-based compensation		20,277			12,348
Amortization of premium on marketable securities and deferred financing costs		169			177
Deferred income taxes		(10,293)			(9,319)
Other gains on disposals of assets		225			163
Adjustment to the gain on divestiture, net of tax		948			319
Taxes paid stemming from divestiture		—			(91,500)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(40,286)			(15,719)
Inventories		(32,532)			(17,695)
Prepaid expenses and current assets		4,000			12,554
Accounts payable		23,327			11,032
Deferred revenue		(1,564)			214
Accrued warranty and retrofit costs		(286)			580
Accrued compensation and tax withholdings		(338)			1,928
Accrued restructuring costs		(153)			(609)
Accrued expenses and current liabilities		21,625			(4,347)
Net cash provided by (used in) operating activities		122,745			(13,933)
Cash flows from investing activities
Purchases of property, plant and equipment		(34,606)			(29,685)
Purchases of marketable securities		(100)			(10,843)
Sales of marketable securities		25			2,492
Maturities of marketable securities		25			42,226
Adjustment to proceeds from divestiture		(1,802)			—
Acquisitions, net of cash acquired		(92,375)			(15,743)
Disbursement for a loan receivable		—			—
Issuance of a note receivable		—			(1,000)
Proceeds from sales of property, plant and equipment		—			—
Net cash used in investing activities		(128,833)			(12,553)
Cash flows from financing activities
Proceeds from term loans, net of discount		—			—
Proceeds from issuance of common stock		2,583			2,332
Payments of financing costs		—			—
Principal payments on debt		(828)			(828)
Payments of finance leases		(915)			(957)
Common stock dividends paid		(22,288)			(22,127)
Net cash used in financing activities		(21,448)			(21,580)
Effects of exchange rate changes on cash and cash equivalents		7,582			3,095
Net decrease in cash, cash equivalents and restricted cash		(19,954)			(44,971)
Cash, cash equivalents and restricted cash, beginning of period		302,526			305,171
Cash and cash equivalents and restricted cash, end of period	$	282,572		$	260,200
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	$	269,862		$	256,633
Short-term restricted cash included in prepaid expenses and other current assets		3,570			3,567
Long-term restricted cash included in other assets		9,140			—
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$	282,572		$	260,200

 

Notes on Non-GAAP Financial Measures:

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

		Quarter Ended
		June 30, 2021						March 31, 2021						June 30, 2020
					per diluted						per diluted						per diluted
Dollars in thousands, except per share data		$			share			$			share			$			share
Net income from continuing operations		$	39,170		$	0.53		$	23,932		$	0.32		$	13,696		$	0.19
Adjustments:
Purchase accounting impact on inventory and contracts acquired			140			0.00			—			—			—			—
Amortization of intangible assets			11,085			0.15			9,920			0.13			10,390			0.14
Restructuring charges			—			—			92			0.00			(29)			(0.00)
Tariff adjustment			—			—			5,497			0.07			—			—
Merger and acquisition costs			6,269			0.08			11,843			0.16			10			0.00
Restructuring related charges			—			—			—			—			301			0.00
Other adjustments			(83)			(0.00)			—			—			—			—
Tax adjustments (1)			682			0.01			639			0.01			1,502			0.02
Tax effect of adjustments			(3,790)			(0.05)			(6,283)			(0.08)			(2,561)			(0.03)
Non-GAAP adjusted net income from continuing operations		$	53,473		$	0.72		$	45,640		$	0.61		$	23,309		$	0.32
Stock based compensation, pre-tax			6,086			0.08			6,710			0.09			3,725			0.05
Tax rate			15	%		—			15	%		—			15	%		—
Stock-based compensation, net of tax			5,173			0.07			5,704			0.08			3,166			0.04
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations		$	58,646		$	0.79		$	51,344		$	0.69		$	26,475		$	0.36
Shares used in computing non-GAAP diluted net income per share			—			74,495			—			74,414			—			73,860

 

			Nine Months Ended
			June 30, 2021						June 30, 2020
						per diluted						per diluted
Dollars in thousands, except per share data			$			share			$			share
Net income from continuing operations			$	90,110		$	1.21		$	36,062		$	0.49
Adjustments:
Purchase accounting impact on inventory and contracts acquired				140			0.00			—			—
Amortization of intangible assets				30,750			0.41			31,331			0.42
Restructuring related charges				—			—			301
Restructuring charges				179			0.00			1,125			0.02
Tariff adjustment				5,497			0.07			—			—
Merger and acquisition costs				21,104			0.28			484			0.01
Other adjustments				(83)			(0.00)
Tax adjustments (1)				(725)			(0.01)			(2,789)			(0.04)
Tax effect of adjustments				(12,906)			(0.17)			(8,113)			(0.11)
Non-GAAP adjusted net income from continuing operations			$	134,066		$	1.80		$	58,401		$	0.79
Stock-based compensation, pre-tax				20,277			0.27			12,348			0.17
Tax rate				15	%		—			15	%		—
Stock-based compensation, net of tax				17,235		$	0.23			10,496			0.14
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations			$	151,301		$	2.03		$	68,897		$	0.93
Shares used in computing non-GAAP diluted net income per share				—			74,420			—			73,766

 

(1)

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

 

		Quarter Ended									Nine Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
Dollars in thousands		2021			2021			2020			2021			2020
GAAP net income		$	39,166		$	23,748		$	13,696		$	88,942		$	35,880
Adjustments:
Less: Loss from discontinued operations			4			184			—			1,168			182
Less: Interest income			(409)			(18)			(29)			(503)			(865)
Add: Interest expense			477			452			810			1,485			2,265
Add: Income tax benefit			9,370			6,288			5,120			20,428			5,557
Add: Depreciation			6,055			5,877			6,290			17,933			18,429
Add: Amortization of completed technology			3,352			2,319			2,779			8,060			8,194
Add: Amortization of customer relationships and acquired intangible assets			7,733			7,601			7,611			22,690			23,137
Earnings before interest, taxes, depreciation and amortization		$	65,748		$	46,451		$	36,277		$	160,203		$	92,779

 

		Quarter Ended									Nine Months Ended
		June 30,			March 31,			June 30,			June 30,			June 30,
Dollars in thousands		2021			2021			2020			2021			2020
Earnings before interest, taxes, depreciation and amortization		$	65,748		$	46,451		$	36,277		$	160,203		$	92,779
Adjustments:
Add: Stock-based compensation			6,086			7,481			3,725			20,277			12,348
Add: Restructuring charges			—			92			(29)			179			1,125
Add: Restructuring related charges			—			—			301			—			301
Add: Purchase accounting impact on inventory and contracts acquired			140			—			—			140			—
Add: Merger and acquisition costs			6,269			11,843			10			21,104			484
Add: Tariff adjustment			—			5,497			—			5,497			—
Less: Other adjustments			(83)			—			—			(83)			—
Adjusted earnings before interest, taxes, depreciation and amortization		$	78,160		$	71,364		$	40,284		$	207,317		$	107,037

 

		Quarter Ended
Dollars in thousands		June 30, 2021						March 31, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	144,400		45.8	%		$	127,274		44.4	%		$	92,788		42.1	%
Adjustments:
Amortization of completed technology			3,352		1.1				2,319		0.8				2,779		1.3
Restructuring related charges			—		—				—		0.0				301		0.1
Purchase accounting impact on inventory and contracts acquired			140		0.0				—		—				—		0.0
Other adjustment			(83)		(0.0)				5,497		1.9				—		0.0
Non-GAAP adjusted gross profit/gross margin percentage		$	147,809		46.9	%		$	135,090		47.1	%		$	95,868		43.5	%

 

		Nine Months Ended
Dollars in thousands		June 30, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	384,802		45.2	%		$	268,055		41.2	%
Adjustments:
Amortization of completed technology			8,060		0.9				8,194		1.3
Purchase accounting impact on inventory and contracts acquired			140		0.0				—		—
Restructuring related charges			—		—				301		0.0
Other adjustment			(83)		0.0
Tariff adjustment			5,497		0.6				—		—
Non-GAAP adjusted gross profit/gross margin percentage		$	398,416		46.8	%		$	276,550		42.5	%

 

		Brooks Semiconductor Solutions Group
		Quarter Ended
Dollars in thousands		June 30, 2021						March 31, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	81,973		44.0	%		$	69,413		44.2	%		$	53,524		42.1	%
Adjustments:
Amortization of completed technology			1,178		0.6				298		0.2				717		0.6
Purchase accounting impact on inventory and contracts acquired			140		0.1				—		—				—		—
Non-GAAP adjusted gross profit/margin percentage		$	83,291		44.7	%		$	69,711		44.4	%		$	54,241		42.7	%

 

		Brooks Life Sciences Products																		Brooks Life Sciences Services
		Quarter Ended																		Quarter Ended
Dollars in thousands		June 30, 2021						March 31, 2021						June 30, 2020						June 30, 2021						March 31, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	22,655		46.6	%		$	24,051		45.9	%		$	13,258		43.6	%		$	39,772		49.4	%		$	33,813		43.8	%		$	26,006		41.4	%
Adjustments:
Amortization of completed technology			432		0.9				280		0.5				287		0.9				1,742		2.2				1,741		2.3				1,776		2.8
Restructuring related charges			—		—				—		—				—		—				—		—				—		—				301		0.5
Other adjustment			—		—				—		—				—		—				(83)		(0.1)				—		—				—		—
Tariff adjustment			—		—				—		—				—		—				—		—				5,497		7.1				—		—
Non-GAAP adjusted gross profit/margin percentage		$	23,087		47.5	%		$	24,331		46.5	%		$	13,545		44.5	%		$	41,431		51.5	%		$	41,051		53.2	%		$	28,083		44.7	%

 

		Brooks Life Sciences Total
		Quarter Ended
Dollars in thousands		June 30, 2021						March 31, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	62,428		48.4	%		$	57,864		44.7	%		$	39,264		42.1	%
Adjustments:
Amortization of completed technology			2,173		1.7				2,021		1.6				2,063		2.2
Restructuring related charges			—		—				—		—				301		0.3
Other adjustment			(83)		(0)				—		—				—		—
Tariff adjustment			—		—				5,497		4.2				—		—
Non-GAAP adjusted gross profit/margin percentage		$	64,518		50.0	%		$	65,382		50.5	%		$	41,628		44.6	%

 

		Brooks Semiconductor Solutions Group
		Nine Months Ended
Dollars in thousands		June 30, 2021						June 30, 2020
GAAP gross profit/margin percentage		$	207,175		43.6	%		$	148,443		40.0	%
Adjustments:
Amortization of completed technology			1,860		0.4				2,172		0.6
Purchase accounting impact on inventory and contracts acquired			140		0.0				—		—
Non-GAAP adjusted gross profit/margin percentage		$	209,175		44.1	%		$	150,615		40.6	%

 

		Brooks Life Sciences Products																Brooks Life Sciences Services
		Nine Months Ended																Nine Months Ended
Dollars in thousands		June 30, 2021									June 30, 2020							June 30, 2021										June 30, 2020
GAAP gross profit/margin percentage		$	67,238		45.9		%				$	39,016		42.8			%	$	110,395				47.9			%		$	80,596				42.6	%
Adjustments:
Amortization of completed technology			985		0.7							872		1.0					5,215				2.3						5,151				2.7
Restructuring related charges			—		—							—		—					—				—						301				0.2
Other adjustment			—		—							—		—					(83)				(0.0)						—				—
Tariff adjustment			—		—							—		—					5,497				2.4						—				—
Non-GAAP adjusted gross profit/margin percentage		$	68,223		46.6		%				$	39,888		43.8			%	$	121,024				52.6			%		$	86,047				45.5	%
								Brooks Life Sciences Total
								Nine Months Ended
Dollars in thousands								June 30, 2021																June 30, 2020
GAAP gross profit/margin percentage								$		177,633						47.1				%				$	119,612						42.7			%
Adjustments:
Amortization of completed technology										6,200						1.6									6,023						2.1
Restructuring related charges										—						—									301						0.1
Other adjustment										(83)						(0.0)									—						—
Tariff adjustment										5,497						1.5									—						—
Non-GAAP adjusted gross profit/margin percentage								$		189,247						50.2				%				$	125,935						44.9			%

 

		Brooks Semiconductor Solutions Group									Brooks Life Sciences Products									Brooks Life Sciences Services									Brooks Life Sciences Total
		Quarter Ended									Quarter Ended									Quarter Ended									Quarter Ended
		June 30,			March 31,			June 30,			June 30,			March 31,			June 30,			June 30,			March 31,			June 30,			June 30,			March 31,			June 30,
Dollars in thousands		2021			2021			2020			2021			2021			2020			2021			2021			2020			2021			2021			2020
GAAP operating profit		$	43,478		$	33,004		$	22,697		$	8,706		$	10,935		$	2,195		$	12,125		$	6,168		$	2,032		$	20,831		$	17,103		$	4,227
Adjustments:
Amortization of completed technology			1,178			298			717			432			280			287			1,742			1,741			1,776			2,174			2,021			2,063
Purchase accounting impact on inventory and contracts acquired			140			—			—			—			—			—			—			—			—			—			—			—
Restructuring related charges			—			—			—			—			—			—			—			—			301			—			—			301
Other adjustment			—			—			—			—			—			—			(83)			—			—			(83)			—			—
Tariff adjustment			—			—			—			—			—			—			—			5,497			—			—			5,497			—
Non-GAAP adjusted operating profit		$	44,796		$	33,302		$	23,414		$	9,138		$	11,215		$	2,482		$	13,784		$	13,406		$	4,109		$	22,922		$	24,621		$	6,591

 

		Total Segments									Corporate									Total
		Quarter Ended									Quarter Ended									Quarter Ended
		June 30,			March 31,			June 30,			June 30,			March 31,			June 30,			June 30,			March 31,			June 30,
Dollars in thousands		2021			2021			2020			2021			2021			2020			2021			2021			2020
GAAP operating profit (loss)		$	64,309		$	50,107		$	26,924		$	(14,076)		$	(19,602)		$	(7,825)		$	50,233		$	30,505		$	19,099
Adjustments:
Amortization of completed technology			3,352			2,319			2,780			—			—			—			3,352			2,319			2,780
Amortization of customer relationships and acquired intangible assets			—			—			—			7,733			7,601			7,611			7,733			7,601			7,611
Purchase accounting impact on inventory and contracts acquired			140			—			—			—			—			—			140			—			—
Restructuring charges			—			—			—			—			92			(29)			—			92			(29)
Restructuring related charges			—			—			301			—			—			—			—			—			301
Tariff adjustment			—			5,497			—			—			—			—			—			5,497			—
Other adjustment			(83)			—			—												(83)			—			—
Merger and acquisition costs			—			—			—			6,269			11,843			10			6,269			11,843			10
Non-GAAP adjusted operating profit (loss)		$	67,718		$	57,923		$	30,005		$	(74)		$	(66)		$	(233)		$	67,644		$	57,857		$	29,772

 

		Brooks Semiconductor Solutions Group						Brooks Life Sciences Products						Brooks Life Sciences Services							Brooks Life SciencesTotal
		Nine Months Ended						Nine Months Ended						Nine Months Ended							Nine Months Ended
Dollars in thousands		June 30,			June 30,			June 30,			June 30,			June 30,			June 30,				June 30,			June 30,
		2021			2020			2021			2020			2021			2020				2021			2020
GAAP operating profit		$	97,636		$	52,949		$	27,310		$	4,116		$	30,872		$	10,243			$	58,182		$	14,359
Adjustments:
Amortization of completed technology			1,860			2,172			985			872			5,215			5,150				6,200			6,022
Purchase accounting impact on inventory and contracts acquired			140			—			—			—			—			—				—			—
Restructuring related charges			—			—			—			—			—			301				—			301
Other adjustment			—			—			—			—			(83)			—				(83)			—
Tariff adjustment			—			—			—			—			5,497			—				5,497			—
Non-GAAP adjusted operating profit		$	99,636		$	55,121		$	28,295		$	4,988		$	41,501		$	15,694			$	69,796		$	20,682

 

		Total Segments						Corporate						Total
		Nine Months Ended						Nine Months Ended						Nine Months Ended
Dollars in thousands		June 30,			June 30,			June 30,			June 30,			June 30,			June 30,
		2021			2020			2021			2020			2021			2020
GAAP operating profit (loss)		$	155,818		$	67,308		$	(44,151)		$	(22,971)		$	111,667		$	44,337
Adjustments:
Amortization of completed technology			8,060			8,194			—			—			8,060			8,194
Amortization of customer relationships and acquired intangible assets			—			—			22,690			23,137			22,690			23,137
Purchase accounting impact on inventory and contracts acquired			140			—			—			—			140			—
Restructuring charges			—			—			179			1,125			179			1,125
Restructuring related charges			—			301			—			—			—			301
Tariff adjustment			5,497			—			—			—			5,497			—
Other adjustment			(83)			—			—			—			(83)			—
Merger and acquisition costs			—			—			21,104			484			21,104			484
Non-GAAP adjusted operating profit (loss)		$	169,432		$	75,803		$	(178)		$	1,775		$	169,254		$	77,578

 

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SOURCE Brooks Automation