Chronicle Journal: Finance

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. (Nasdaq: 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 (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 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)

 

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SOURCE Brooks Automation

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