EX-99.1 2 brks-20210805xex99d1.htm EX-99.1

Exhibit 99.1

Graphic

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

Robust Demand and Strong Execution Drive Continued Growth in Revenue and Profitability

CHELMSFORD, Mass., August 5, 2021 (PR Newswire) -- 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.

2



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

3



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

4



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

5



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

6



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

7



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

8



(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

%  

9



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

%

10



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

11



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

12