PR Newswire
CHELMSFORD, Mass., Nov. 19, 2018
CHELMSFORD, Mass., Nov. 19, 2018 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the fourth quarter and the fiscal year ended September 30, 2018.
GAAP Summary | |||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||
Dollars in millions, except per share data | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||
Revenue - Continuing Operations | $ | 160 | $ | 135 | 19 | % | $ | 632 | $ | 527 | 20 | % | |||||||
Total Diluted EPS attributable to Brooks | $ | 0.15 | $ | 0.25 | (41) | % | $ | 1.64 | $ | 0.89 | 85 | % | |||||||
Non-GAAP Summary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate View which includes the Semiconductor Cryogenics Business in each line | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dollars in millions, except per share data | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue - Continuing Operations | $ | 160 | $ | 135 | 19 | % | $ | 632 | $ | 527 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||
Revenue - Semiconductor Cryogenics | $ | 48 | $ | 47 | 1 | % | $ | 196 | $ | 165 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||
Aggregate view of Revenue | $ | 208 | $ | 182 | 14 | % | $ | 828 | $ | 693 | 19 | % | |||||||||||||||||||||||||||||||||||||||||||
Non-GAAP Total Diluted EPS | $ | 0.40 | $ | 0.35 | 15 | % | $ | 1.57 | $ | 1.23 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||
The Company announced on August 27, 2018 it had entered into a definitive agreement to sell the Semiconductor Cryogenics business. In accordance with GAAP, sales and expenses directly related to that business must be removed from their applicable income statement caption for continuing operations, and reported for all periods presented as net income from discontinued operations in the GAAP financial statements. For this transition quarter, we present the non-GAAP summary above to provide a view of the entire business including the Semiconductor Cryogenics business aggregated line-by-line for a direct comparison to prior guidance and historical results.
The Company provides additional non-GAAP information to provide investors a better perspective on the results of operations, which the Company believes is more comparable to the similar analysis provided by its peers. 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.
Management Comments
"Our 2018 fiscal year was strong from start to finish and has charted a new path with transformative M&A agreements that are reshaping the company," commented Steve Schwartz, CEO of Brooks Automation. "The acquisition of GENEWIZ, which we completed last week, is expanding our reach in sample services to thousands of additional customers, supported by a highly talented global team. Further, we signed an agreement in August to sell our Semiconductor Cryogenics business and expect to complete the sale during our second fiscal quarter of 2019. We believe these transactions strengthen our growth portfolio and extend our position as the leading provider of life science sample services. Meanwhile we continued our strong operating performance in the semiconductor business and delivered yet another consecutive growth quarter in life sciences, yielding a 20% top-line growth for the year."
Commentary on GAAP Earnings for Fiscal Year 2018
Revenue excludes the Semiconductor Cryogenics revenue as a result of the pending sale of this business. Profits related to this business are included in discontinued operations.
Commentary on Non-GAAP Earnings in an Aggregate View with Semiconductor Cryogenics Included
The aggregate view is shown on a non-GAAP basis for investors wishing to compare results to the performance reports provided in previous periods and to the Company's most recent guidance.
Fourth Quarter, Fiscal 2018
Full Year, Fiscal Year 2018
Non-GAAP Summary | |||||||||||||||||||
Continuing Operations which excludes Semiconductor Cryogenics Business | |||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||
Dollars in millions, except per share data | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||
Revenue - Continuing Operations | $ | 160 | $ | 135 | 19 | % | $ | 632 | $ | 527 | 20 | % | |||||||
Semiconductor Solutions Group | 109 | 91 | 20 | % | 435 | 379 | 15 | % | |||||||||||
Life Sciences | 51 | 44 | 16 | % | 197 | 149 | 32 | % | |||||||||||
Non-GAAP Diluted EPS | $ | 0.17 | $ | 0.12 | 36 | % | $ | 0.64 | $ | 0.44 | 44 | % | |||||||
Commentary on Non-GAAP Earnings for Continuing Operations with Semiconductor Cryogenics Excluded
The Continuing Operations view shown on a non-GAAP basis provides investors additional performance information by excluding the impact of M&A costs, amortization, restructuring, purchase price accounting, and special charges or gains. This profile will be used in reporting future results.
Fourth Quarter, Fiscal 2018
Full Year, Fiscal Year 2018
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.
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on December 20, 2018 to stockholders of record on December 7, 2018. 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 Fiscal First Quarter 2019
The Company announced revenue and earnings guidance for the first quarter of fiscal 2019. Revenue from continuing operations is expected to be in the range of $170 million to $180 million and non-GAAP diluted earnings per share from continuing operations is expected to be in the range of $0.10 to $0.14. Total GAAP diluted earnings per share, inclusive of the discontinued operations for the first quarter is expected to be in the range of $0.05 to $0.14.
Conference Call
Brooks management will webcast its fourth quarter earnings conference call today at 5:00 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.com, and will be archived online on this website for convenient on-demand replay. In addition, you may call 800-772-4206 (US & Canada only) or +1-212-271-4651 to listen to the live webcast.
About Brooks Automation, Inc.
Brooks is a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences. Brooks' technologies, engineering competencies and global service capabilities provide customers speed to market and ensure high uptime and rapid response, which equate to superior value in their mission-critical controlled environments. Since 1978, Brooks has been a leading partner to the global semiconductor manufacturing market as a provider of precision automation and cryogenic vacuum solutions. Since 2011, Brooks has applied its automation and cryogenics expertise to meet the sample storage needs of customers in the life sciences industry. Brooks' life sciences offerings include a broad range of products and services for on-site infrastructure for sample management in temperatures of ‑20°C to -196°C, as well as comprehensive outsource service solutions across the complete life cycle of biological samples including collection, transportation, processing, storage, protection, retrieval and disposal. Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com.
"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 the expected timing for completion of our sale of the Semiconductor Cryogenics business, our revenue and earnings expectations, our ability to increase our profitability, our ability to improve or retain our market position, the expected financial results from our recently acquired GENEWIZ business and our ability to deliver financial success in the future. Factors that could cause results to differ from our expectations include the following: 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.
CONTACTS:
Sherry Dinsmore
Brooks Automation
978.262.2400
[email protected]
John Mills
Partner
ICR, LLC
646.277.1254
[email protected]
BROOKS AUTOMATION, INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(unaudited) | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | |||||||||||||||
Products | $ | 120,646 | $ | 100,181 | $ | 482,729 | $ | 406,986 | |||||||
Services | 39,000 | 34,391 | 148,831 | 120,513 | |||||||||||
Total revenue | 159,646 | 134,572 | 631,560 | 527,499 | |||||||||||
Cost of revenue | |||||||||||||||
Products | 71,820 | 58,864 | 288,323 | 249,396 | |||||||||||
Services | 25,206 | 21,741 | 97,156 | 79,216 | |||||||||||
Total cost of revenue | 97,026 | 80,605 | 385,479 | 328,612 | |||||||||||
Gross profit | 62,620 | 53,967 | 246,081 | 198,887 | |||||||||||
Operating expenses | |||||||||||||||
Research and development | 12,138 | 10,996 | 46,936 | 39,875 | |||||||||||
Selling, general and administrative | 46,281 | 40,485 | 167,022 | 141,549 | |||||||||||
Restructuring charges | 585 | 563 | 714 | 3,144 | |||||||||||
Total operating expenses | 59,004 | 52,044 | 214,672 | 184,568 | |||||||||||
Operating income | 3,616 | 1,923 | 31,409 | 14,319 | |||||||||||
Interest income | 688 | 32 | 1,881 | 464 | |||||||||||
Interest expense | (2,679) | (122) | (9,520) | (408) | |||||||||||
Gain on settlement of equity method investment | — | — | — | 1,847 | |||||||||||
Other expense, net | (257) | (30) | (3,304) | (1,702) | |||||||||||
Income before income taxes and earnings of equity method investments | 1,368 | 1,803 | 20,466 | 14,520 | |||||||||||
Income tax (benefit) provision | 2,580 | 4,540 | (47,251) | 3,380 | |||||||||||
Income (loss) before equity in earnings of equity method investments | $ | (1,212) | $ | (2,737) | $ | 67,717 | $ | 11,140 | |||||||
Equity in earnings of equity method investments | — | — | — | (453) | |||||||||||
Income (loss) from continuing operations | (1,212) | (2,737) | 67,717 | 10,687 | |||||||||||
Income from discontinued operations, net of tax | 11,563 | 20,123 | 48,747 | 51,925 | |||||||||||
Net income | $ | 10,351 | $ | 17,386 | $ | 116,464 | $ | 62,612 | |||||||
Net loss attributable to noncontrolling interest | — | — | 111 | — | |||||||||||
Net income attributable to Brooks Automation, Inc. | $ | 10,351 | $ | 17,386 | $ | 116,575 | $ | 62,612 | |||||||
Basic net income (loss) per share: | |||||||||||||||
Basic net income (loss) per share from continuing operations | $ | (0.02) | $ | (0.04) | $ | 0.96 | $ | 0.15 | |||||||
Basic net income per share from discontinued operations | 0.16 | 0.29 | 0.69 | 0.75 | |||||||||||
Basic net income per share attributable to Brooks Automation, Inc. | $ | 0.15 | $ | 0.25 | $ | 1.65 | $ | 0.90 | |||||||
Diluted net income (loss) per share: | |||||||||||||||
Diluted net income (loss) per share from continuing operations | $ | (0.02) | $ | (0.04) | $ | 0.95 | $ | 0.15 | |||||||
Diluted net income per share from discontinued operations | 0.16 | 0.28 | 0.69 | 0.74 | |||||||||||
Diluted net income per share attributable to Brooks Automation, Inc. | $ | 0.15 | $ | 0.25 | $ | 1.64 | $ | 0.89 | |||||||
Dividend declared per share | $ | 0.10 | $ | 0.10 | $ | 0.40 | $ | 0.40 | |||||||
Weighted average shares outstanding used in computing net income per | |||||||||||||||
Basic | 70,681 | 69,808 | 70,489 | 69,575 | |||||||||||
Diluted | 71,085 | 70,681 | 70,937 | 70,485 | |||||||||||
BROOKS AUTOMATION, INC. | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(unaudited) | |||||
(In thousands, except share and per share data) | |||||
September 30, | September 30, | ||||
2018 | 2017 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 197,708 | $ | 101,622 | |
Marketable securities | 46,281 | 28 | |||
Accounts receivable, net | 125,942 | 93,465 | |||
Inventories | 96,986 | 73,397 | |||
Prepaid expenses and other current assets | 31,741 | 22,594 | |||
Current assets held for sale | 66,148 | 60,671 | |||
Total current assets | 564,806 | 351,777 | |||
Property, plant and equipment, net | 59,988 | 56,981 | |||
Long-term marketable securities | 7,237 | 2,642 | |||
Long-term deferred tax assets | 43,798 | 1,692 | |||
Goodwill | 255,876 | 207,154 | |||
Intangible assets, net | 99,956 | 83,504 | |||
Other assets | 5,294 | 6,325 | |||
Non-current assets held for sale | 59,052 | 56,553 | |||
Total assets | $ | 1,096,007 | $ | 766,628 | |
Liabilities and Stockholders' Equity | |||||
Current liabilities | |||||
Current portion of long term debt | $ | 2,000 | $ | — | |
Accounts payable | 55,873 | 49,100 | |||
Deferred revenue | 26,634 | 22,564 | |||
Accrued warranty and retrofit costs | 6,340 | 5,479 | |||
Accrued compensation and benefits | 29,322 | 23,876 | |||
Accrued restructuring costs | 659 | 1,708 | |||
Accrued income taxes payable | 6,746 | 11,417 | |||
Accrued expenses and other current liabilities | 30,405 | 24,808 | |||
Current liabilities held for sale | 7,388 | 7,825 | |||
Total current liabilities | 165,367 | 146,777 | |||
Long-term debt | 194,071 | — | |||
Long-term tax reserves | 1,102 | 1,687 | |||
Long-term deferred tax liabilities | 7,135 | 3,748 | |||
Long-term pension liabilities | 4,255 | 1,783 | |||
Other long-term liabilities | 5,547 | 4,336 | |||
Non-current liabilities held for sale | 698 | 652 | |||
Total liabilities | 378,175 | 158,983 | |||
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, 84,164,130 shares issued and | 841 | 833 | |||
Additional paid-in capital | 1,898,434 | 1,874,918 | |||
Accumulated other comprehensive income | 13,587 | 15,213 | |||
Treasury stock at cost - 13,461,869 shares | (200,956) | (200,956) | |||
Accumulated deficit | (994,074) | (1,082,363) | |||
Total stockholders' equity | 717,832 | 607,645 | |||
Total liabilities and stockholders' equity | $ | 1,096,007 | $ | 766,628 |
BROOKS AUTOMATION, INC. | |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(unaudited) | |||||
(In thousands) | |||||
Year Ended | |||||
September 30, | |||||
2018 | 2017 | ||||
Cash flows from operating activities | |||||
Net income | $ | 116,464 | $ | 62,612 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 37,429 | 28,149 | |||
Gain on settlement of equity method investment | — | (1,847) | |||
Impairment of other assets | — | — | |||
Stock-based compensation | 19,822 | 17,278 | |||
Amortization of premium on marketable securities and deferred financing costs | 710 | 252 | |||
Earnings of equity method investments | (6,788) | (9,381) | |||
Loss recovery on insurance claim | (1,103) | — | |||
Deferred income tax benefit | (45,217) | 517 | |||
Pension settlement | — | (259) | |||
Other gains on disposals of assets | (758) | (406) | |||
Changes in operating assets and liabilities, net of acquisitions: | |||||
Accounts receivable | (29,213) | (11,178) | |||
Inventories | (24,365) | (12,792) | |||
Prepaid expenses and other current assets | (3,676) | (5,829) | |||
Accounts payable | 5,457 | 7,846 | |||
Deferred revenue | 3,541 | 8,049 | |||
Accrued warranty and retrofit costs | (157) | 1,602 | |||
Accrued compensation and tax withholdings | 5,978 | 5,565 | |||
Accrued restructuring costs | (1,080) | (4,241) | |||
Accrued pension costs | — | (32) | |||
Accrued expenses and other current liabilities | (3,080) | 10,319 | |||
Net cash provided by operating activities | 73,964 | 96,224 | |||
Cash flows from investing activities | |||||
Purchases of property, plant and equipment | (12,787) | (12,677) | |||
Purchases of technology intangibles | — | (240) | |||
Purchases of marketable securities | (69,692) | — | |||
Sales of marketable securities | 1,584 | 3,590 | |||
Maturities of marketable securities | 17,482 | — | |||
Acquisitions, net of cash acquired | (85,755) | (44,791) | |||
Proceeds from (purchases of) other investments | 500 | (170) | |||
Proceeds from sales of property, plant and equipment | 200 | 100 | |||
Net cash used in investing activities | (148,468) | (54,188) | |||
Cash flows from financing activities | |||||
Proceeds from issuance of common stock | 2,826 | 2,040 | |||
Proceeds from term loan | 197,554 | — | |||
Payment of deferred financing costs | (318) | (28) | |||
Repayment of term loan | (1,500) | — | |||
Common stock dividends paid | (28,285) | (27,932) | |||
Net cash provided by (used in) financing activities | 170,277 | (25,920) | |||
Effects of exchange rate changes on cash and cash equivalents | 313 | 420 | |||
Net increase in cash and cash equivalents | 96,086 | 16,536 | |||
Cash and cash equivalents, beginning of period | 101,622 | 85,086 | |||
Cash and cash equivalents, end of period | $ | 197,708 | $ | 101,622 |
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. In this context, the Company has also removed the effect of reversing the valuation allowance reserve on the U.S. deferred income tax assets. Additionally, due to the pending sale of the Company's Semiconductor Cryogenics business, the results from this business are reported in discontinued operations in the current and prior periods. As a result, the Company has chosen to show the Aggregate View of the business which includes the results of the Semiconductor Cryogenics business, which is considered a non-GAAP financial measure Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and not rely on any single measure.
The following tables provide a reconciliation of Net income attributable to Brooks Automation, Inc. to our Non-GAAP adjusted net income attributable to Brooks Automation, Inc. on an aggregate view as well as a reconciliation from the aggregate view to Non-GAAP adjusted net on a continuing operations basis for the quarters ended September, 30, 2018, June 30, 2018 and September 30, 2017 and then fiscal years ended September 30, 2018 and 2017.
Quarter Ended | ||||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||||||||
per diluted | per diluted | per diluted | ||||||||||||||||
Dollars in thousands, except per share data | $ | share | $ | share | $ | share | ||||||||||||
Net income attributable to Brooks Automation, | $ | 10,351 | $ | 0.15 | $ | 22,717 | $ | 0.32 | $ | 17,386 | $ | 0.25 | ||||||
Adjustments: | ||||||||||||||||||
Purchase accounting impact on inventory and | — | — | 736 | 0.01 | — | — | ||||||||||||
Amortization of intangible assets | 6,531 | 0.09 | 6,584 | 0.09 | 4,403 | 0.06 | ||||||||||||
Restructuring charges | 585 | 0.01 | 82 | 0.00 | 563 | 0.01 | ||||||||||||
Merger costs | 8,673 | 0.12 | 2,460 | 0.03 | 3,470 | 0.05 | ||||||||||||
Adjustment of valuation allowance against deferred tax assets | 690 | 0.01 | 690 | 0.01 | — | — | ||||||||||||
Tax effect of adjustments | 1,580 | 0.02 | (800) | (0.01) | (1,300) | (0.02) | ||||||||||||
Net loss attributable to noncontrolling interest | — | — | (111) | (0.00) | — | — | ||||||||||||
Non-GAAP adjusted net income attributable | 28,410 | 0.40 | 32,358 | 0.46 | 24,522 | 0.35 | ||||||||||||
Less: Income from discontinued operations, net of tax | (11,563) | (0.16) | (17,793) | (0.25) | (20,123) | (0.28) | ||||||||||||
Adjustments to discontinued operations: | ||||||||||||||||||
Amortization of intangible assets | (1) | (0.00) | (1) | (0.00) | (1) | (0.00) | ||||||||||||
Restructuring charges | — | — | — | — | — | — | ||||||||||||
Merger costs | (4,364) | (0.06) | (2,082) | (0.03) | — | — | ||||||||||||
Tax effect of adjustments related to discontinued operations | (712) | (0.01) | 2,348 | 0.03 | 4,239 | 0.06 | ||||||||||||
Non-GAAP adjusted net income from discontinued operations | (16,640) | (0.23) | (17,528) | (0.25) | (15,885) | (0.22) | ||||||||||||
Non-GAAP adjusted net income attributable to continuing operations | 11,770 | 0.17 | 14,830 | 0.21 | 8,637 | 0.12 | ||||||||||||
Stock based compensation, pre-tax | 4,587 | 0.06 | 4,623 | 0.07 | 5,983 | 0.08 | ||||||||||||
Tax rate | 9 | % | — | 10 | % | — | 13 | % | — | |||||||||
Stock-based compensation, net of tax | 4,188 | 0.06 | 4,022 | 0.06 | 5,205 | 0.07 | ||||||||||||
Non-GAAP adjusted net income attributable to Brooks Automation, Inc.- excluding stock-based compensation | $ | 15,958 | $ | 0.22 | $ | 18,852 | $ | 0.27 | $ | 13,842 | $ | 0.20 | ||||||
Shares used in computing non-GAAP diluted net income attributable to Brooks Automation, Inc. per share | — | 71,085 | — | 70,978 | — | 70,681 |
Year Ended | ||||||||||||
September 30, 2018 | September 30, 2017 | |||||||||||
per diluted | per diluted | |||||||||||
Dollars in thousands, except per share data | $ | share | $ | share | ||||||||
Net income attributable to Brooks Automation, Inc. | $ | 116,575 | $ | 1.64 | $ | 62,612 | $ | 0.89 | ||||
Adjustments: | ||||||||||||
Purchase accounting impact on inventory and contracts | 1,896 | 0.03 | 523 | 0.01 | ||||||||
Amortization of intangible assets | 24,219 | 0.34 | 17,146 | 0.24 | ||||||||
Restructuring charges | 716 | 0.01 | 3,226 | 0.05 | ||||||||
Merger costs | 14,412 | 0.20 | 8,309 | 0.12 | ||||||||
Less: Fair value adjustment of equity investment | — | — | (1,847) | (0.03) | ||||||||
Add: True-up of BioCision stub period adjustment | — | — | 203 | — | ||||||||
Adjustment of valuation allowance against deferred tax assets | (43,062) | (0.61) | — | — | ||||||||
Tax effect of adjustments | (2,438) | (0.03) | (3,157) | (0.04) | ||||||||
Tax Reform - rate change applied to deferred tax liabilities | (671) | (0.01) | — | — | ||||||||
Net loss attributable to noncontrolling interest | (111) | (0.00) | — | — | ||||||||
Non-GAAP adjusted net income attributable to Brooks Automation, Inc. - Aggregate view | 111,536 | 1.57 | 87,015 | 1.23 | ||||||||
Less: Income from discontinued operations, net of tax | (48,747) | (0.69) | (51,925) | (0.73) | ||||||||
Adjustments to discontinued operations: | ||||||||||||
Amortization of intangible assets | (3) | (0.00) | (3) | (0.00) | ||||||||
Restructuring charges | (2) | (0.00) | (82) | (0.00) | ||||||||
Merger costs | (7,467) | (0.11) | — | — | ||||||||
Tax effect of adjustments related to discontinued operations | (10,043) | (0.14) | (3,855) | (0.05) | ||||||||
Non-GAAP adjusted net income from discontinued operations | (66,262) | (0.93) | (55,865) | (0.79) | ||||||||
Tax adjustments due to discontinued operations: | ||||||||||||
Non-GAAP adjusted net income attributable to continuing operations | 45,274 | 0.64 | 31,150 | 0.44 | ||||||||
Stock-based compensation, pre-tax | 18,856 | 0.27 | 16,638 | 0.24 | ||||||||
Tax rate | 11 | % | — | 15 | % | — | ||||||
Stock-based compensation, net of tax | 16,838 | $ | 0.24 | 14,142 | 0.20 | |||||||
Non-GAAP adjusted net income attributable to Brooks Automation, Inc.- excluding stock-based compensation | $ | 62,112 | $ | 0.88 | $ | 45,292 | $ | 0.64 | ||||
Shares used in computing non-GAAP diluted net income attributable to Brooks Automation, Inc. per share | — | 70,937 | — | 70,681 |
The following tables shows a reconciliation of revenue from the Semiconductor Solutions Group on a continuing operations basis to the revenue from the Semiconductor Solutions Group on an aggregate view which includes the Semiconductor Cryogenics Business for the quarters ended September 30, 2018, June 30, 2018 and September 30, 2017 and then fiscal years ended September 30, 2018 and 2017.
Quarter Ended | Year Ended | |||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
Dollars in thousands | 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||
Revenue - Semiconductor Solutions Group | $ | 108,789 | $ | 122,660 | $ | 90,626 | $ | 435,019 | $ | 378,790 | ||||||
Adjustments: | ||||||||||||||||
Revenue - Cryogenics Business | 47,941 | 51,117 | 47,307 | 196,095 | 165,386 | |||||||||||
Revenue - Semiconductor Solutions Group | $ | 156,730 | $ | 173,777 | $ | 137,933 | $ | 631,114 | $ | 544,176 |
View original content:http://www.prnewswire.com/news-releases/brooks-automation-reports-fourth-quarter-results-of-fiscal-year-ended-september-30-2018-300753211.html
SOURCE Brooks Automation
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