Brooks Automation Reports Results of Second Quarter of Fiscal 2021, Ended March 31, 2021, and Announces Quarterly Cash Dividend

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Record Revenue and Continued Margin Expansion in Both Life Sciences and Semiconductor Solutions

CHELMSFORD, Mass., May 10, 2021 /PRNewswire/ -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the second fiscal quarter of 2021, ended March 31, 2021.



Financial Results Summary



Quarter Ended








Dollars in millions, except per share data


March 31,


December 31,



March 31,


Change vs.






2021


2020



2020


Prior Qtr


Prior Year




Revenue


$

287


$

250



$

220


15

%

30

%



Semiconductor Solutions


$

157


$

131



$

125


20

%

26

%



Life Sciences


$

130


$

118



$

95


10

%

36

%





















Diluted EPS Continuing Operations


$

0.32


$

0.36



$

0.12


(12)

%

158

%



Diluted EPS Total


$

0.32


$

0.35



$

0.12


(9)

%

158

%





















Non-GAAP Diluted EPS Continuing Operations


$

0.61


$

0.47



$

0.25


30

%

145

%





















Adjusted EBITDA


$

71


$

58



$

35


23

%

105

%





Today the Company also announced 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 separation is expected to be completed by end of the calendar year 2021 and does not affect the presentation of the financial statements included within this release. Please see the Company's separate press release for further information.

Management Comments
"Record level revenue in the second quarter is yet another proof point of the strength and continued momentum of our Life Sciences and Semiconductor Solutions businesses," commented Steve Schwartz, President and CEO. "While today's separation announcement reflects years of strategic investment and innovation, we believe that the Life Sciences and Semiconductor Solutions businesses are now of size and scale to operate and benefit from their own standalone structures. Looking ahead, we see strong demand in both businesses supporting continued acceleration as we enter the second half of our fiscal year."

Summary of GAAP Results
Second Quarter, Fiscal 2021

  • Revenue for the second quarter was $287 million, up 30% year over year, supported by growth in both Life Sciences and Semiconductor Solutions. Diluted EPS from continuing operations was $0.32 per share compared to $0.12 per share in the second quarter of 2020.

  • Life Sciences revenue of $130 million grew 36% year over year. Year-over-year organic growth was also 36%. Life Sciences Products grew 69% year over year, and Life Sciences Services grew 20%. Excluding the effect of the recent exit of the RUCDR alliance, Life Science Services grew 28%.

  • Semiconductor Solutions revenue was $157 million, an increase of 26% year over year.

  • Operating income was $31 million, compared to $15 million in the second quarter of 2020. Operating margin was 10.6%, up 400 basis points year over year and was driven by gross margin of 44.4%, up 340 basis points year over year. The gross profit result in the second quarter of 2021 includes a charge of approximately $5 million related to liabilities for import tariffs. Operating expenses in the quarter include approximately $12 million in unallocated corporate expenses related to strategic M&A initiatives, including the preparation to separate the two businesses.

In the following analysis of the non-GAAP results, Brooks adjusted the GAAP results 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 and/or representative of the normal operations of the business. In this context, the Company has removed the effect of the charge in the second quarter of 2021 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 remain in the results discussed below. A description of all adjustments and 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
Second Quarter, Fiscal 2021

  • Diluted EPS for the second quarter was $0.61, up 145% year over year.

  • Operating income was $58 million, an increase of 124% year over year, and operating margin was 20.2%, up 850 basis points year over year. Gross margin of 47.1% was up 490 basis points year over year. Year-over-year gross margin expansion in both Life Sciences and Semiconductor Solutions drove this improvement.

  • Life Sciences operating margin was 19.0%, up from 8.5% in the prior year. The year-over-year improvement was driven by gross margin of 50.5%, up 460 basis points year over year. An additional 590 basis points improvement came from operating leverage, as revenue grew 36% year over year while operating expense only grew 15% year over year. The 460 basis point year-over-year improvement in Life Sciences gross margin was driven by performance improvement of 280 basis points and 180 basis points of favorable mix as a result of exiting the RUCDR alliance agreement.

  • Semiconductor Solutions operating margin was 21.2%, an increase of 780 basis points from the prior year. Gross margin was 44.4%, up 490 basis points year over year, driven by growth and favorable mix in vacuum robots and systems.

  • Adjusted EBITDA was $71 million, up 105% from the second quarter of 2020 and 23% sequentially.

Cash and Liquidity

  • Cash flow from operations was $34 million for the quarter, an increase of $9 million year over year, when excluding from the second quarter of fiscal year 2020 period, the $92 million of taxes paid by the Company related to its sale of the semiconductor cryogenics business in fiscal year 2019.

  • The Company ended the second fiscal quarter of 2021 with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $334 million. With total debt of $50 million, net cash was $284 million. Subsequent to the quarter end, on April 29, 2021, the Company acquired Precise Automation, Inc. for $70 million in cash, subject to working capital and other adjustments.

Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on June 25, 2021 to stockholders of record on June 4, 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 Third Quarter Fiscal 2021
The Company announced revenue and earnings guidance for the third quarter of fiscal 2021. Revenue is expected to be in the range of $300 million to $320 million and non-GAAP diluted earnings per share is expected to be in the range of $0.65 to $0.75. GAAP diluted earnings per share for the third fiscal quarter is expected to be in the range of $0.46 to $0.56.

Conference Call and Webcast
Brooks management will webcast its second 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 800-913-8744 (US & Canada only) or +1-212-271-4615 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 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.

BROOKS INVESTOR CONTACTS:

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

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

BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(In thousands, except per share data)
















Three Months Ended



Six Months Ended



March 31,



March 31,



2021


2020



2021


2020


Revenue














Products

$

190,369


$

139,144



$

349,985


$

271,006


Services


96,217



81,083




186,104



159,721


Total revenue


286,586



220,227




536,089



430,727


Cost of revenue














Products


105,581



83,970




197,084



163,941


Services


53,731



45,976




98,603



91,519


Total cost of revenue


159,312



129,946




295,687



255,460


Gross profit


127,274



90,281




240,402



175,267


Operating expenses














Research and development


16,943



15,322




33,026



29,723


Selling, general and administrative


79,734



59,809




145,763



119,152


Restructuring charges


92



578




179



1,154


Total operating expenses


96,769



75,709




178,968



150,029


Operating income


30,505



14,572




61,434



25,238


Interest income


18



137




94



836


Interest expense


(452)



(718)




(1,008)



(1,455)


Other income (expenses), net


149



(1,399)




1,478



(1,816)


Income before income taxes


30,220



12,592




61,998



22,803


Income tax provision


6,288



3,400




11,058



437


Income from continuing operations


23,932



9,192




50,940



22,366


Loss from discontinued operations, net of tax


(184)



(65)




(1,164)



(182)


Net income

$

23,748


$

9,127



$

49,776


$

22,184


Basic net income per share:














Income from continuing operations

$

0.32


$

0.12



$

0.69


$

0.30


Loss from discontinued operations, net of tax


(0.00)



(0.00)




(0.02)



(0.00)


Basic net income per share

$

0.32


$

0.12



$

0.67


$

0.30


Diluted net income per share:














Income from continuing operations

$

0.32


$

0.12



$

0.68


$

0.30


Loss from discontinued operations, net of tax


(0.00)



(0.00)




(0.02)



(0.00)


Diluted net income per share

$

0.32


$

0.12



$

0.67


$

0.30
















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














Basic


74,265



73,708




74,142



73,331


Diluted


74,414



73,789




74,367



73,752
















BROOKS AUTOMATION, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands, except share and per share data)








March 31,


September 30,


2021


2020







Assets






Current assets






Cash and cash equivalents

$

320,105


$

295,649

Marketable securities


101



67

Accounts receivable, net


225,389



188,291

Inventories


127,987



114,834

Prepaid expenses and other current assets


50,908



50,612

Total current assets


724,490



649,453

Property, plant and equipment, net


132,420



117,665

Long-term marketable securities


3,485



3,101

Long-term deferred tax assets


9,864



4,979

Goodwill


513,093



501,536

Intangible assets, net


209,899



218,325

Other assets


70,845



64,066

Total assets

$

1,664,096


$

1,559,125

Liabilities and Stockholders' Equity






Current liabilities






Current portion of long-term debt

$

414


$

827

Accounts payable


77,741



61,758

Deferred revenue


36,793



31,357

Accrued warranty and retrofit costs


8,044



8,201

Accrued compensation and benefits


38,504



43,267

Accrued restructuring costs


58



181

Accrued income taxes payable


23,889



10,094

Accrued expenses and other current liabilities


80,203



55,433

Total current liabilities


265,646



211,118

Long-term debt


49,653



49,588

Long-term tax reserves


19,707



19,168

Long-term deferred tax liabilities


15,442



17,798

Long-term pension liabilities


6,353



6,406

Long-term operating lease liabilities


32,749



31,855

Other long-term liabilities


8,520



9,578

Total liabilities


398,070



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, 87,755,666 shares issued and 74,293,797 shares outstanding at March 31, 2021, 87,293,710 shares issued and 73,831,841 shares outstanding at September 30, 2021


878



873

Additional paid-in capital


1,959,619



1,942,850

Accumulated other comprehensive income


22,637



21,919

Treasury stock at cost - 13,461,869 shares


(200,956)



(200,956)

Accumulated deficit


(516,152)



(551,072)

Total stockholders' equity


1,266,026



1,213,614

Total liabilities and stockholders' equity

$

1,664,096


$

1,559,125


BROOKS AUTOMATION, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands)








Six Months Ended


March 31,


2021


2020

Cash flows from operating activities






Net income

$

49,776


$

22,184

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






Depreciation and amortization


31,543



33,079

Stock-based compensation


14,191



8,624

Amortization of premium on marketable securities and deferred financing costs

...

113



94

Deferred income taxes


(10,161)



(9,477)

Other gains on disposals of assets


51



125

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


(35,033)



(12,670)

Inventories


(11,301)



(9,094)

Prepaid expenses and current assets


3,157



5,374

Accounts payable


14,136



5,807

Deferred revenue


4,659



(1,478)

Accrued warranty and retrofit costs


(261)



735

Accrued compensation and tax withholdings


(5,371)



(522)

Accrued restructuring costs


(124)



(112)

Accrued expenses and current liabilities


21,619



8,455

Net cash provided by (used in) operating activities


77,942



(40,057)

Cash flows from investing activities






Purchases of property, plant and equipment


(25,531)



(21,170)

Purchases of marketable securities


(75)



(10,843)

Sales of marketable securities


25



2,492

Maturities of marketable securities




42,226

Adjustment to proceeds from divestiture


(1,802)



Acquisitions, net of cash acquired


(15,061)



(15,743)

Issuance of a note receivable




(1,000)

Net cash used in investing activities


(42,444)



(4,038)

Cash flows from financing activities






Proceeds from term loans, net of discount




Proceeds from issuance of common stock


2,583



2,330

Payments of financing costs




Principal payments on debt


(414)



(414)

Payments of finance leases


(638)



(639)

Common stock dividends paid


(14,856)



(14,747)

Net cash used in financing activities


(13,325)



(13,470)

Effects of exchange rate changes on cash and cash equivalents


6,051



(1,803)

Net increase (decrease) in cash, cash equivalents and restricted cash


28,224



(59,368)

Cash, cash equivalents and restricted cash, beginning of period


302,526



305,171

Cash and cash equivalents and restricted cash, end of period

$

330,750


$

245,803







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






Cash and cash equivalents

$

320,105


$

242,274

Short-term restricted cash included in prepaid expenses and other current assets


3,570



3,529

Long-term restricted cash included in other assets


7,075



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

$

330,750


$

245,803

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 three and six months ended March 31, 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



March 31, 2021


December 31, 2020


March 31, 2020

Dollars in thousands, except per share data


$


per diluted

share


$


per diluted

share


$


per diluted

share

Net income from continuing operations


$

23,932


$

0.32


$

27,007


$

0.36


$

9,192


$

0.12

Adjustments:



















Amortization of intangible assets



9,920



0.13



9,745



0.13



10,355



0.14

Restructuring charges



92



0.00



87



0.00



578



0.01

Tariff adjustment



5,497











Merger and acquisition costs



11,843



0.16



2,991



0.04



279



0.00

Tax adjustments (1)



639



0.01



(1,999)



(0.03)



1,046



0.01

Tax effect of adjustments



(6,283)



(0.08)



(2,880)



(0.04)



(2,997)



(0.04)

Non-GAAP adjusted net income from continuing operations


$

45,640


$

0.61


$

34,951


$

0.47


$

18,453


$

0.25

Stock based compensation, pre-tax



6,710



0.09



6,710



0.09



4,214



0.06

Tax rate



15

%




15

%




15

%


Stock-based compensation, net of tax



5,704



0.08



5,704



0.08



3,582



0.05

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


$

51,344


$

0.69


$

40,655


$

0.55


$

22,035


$

0.30




















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





74,414





74,283





73,789
















Six Months Ended



March 31, 2021


March 31, 2020

Dollars in thousands, except per share data


$


per diluted

share


$


per diluted

share

Net income from continuing operations


$

50,940


$

0.68


$

22,366


$

0.30

Adjustments:













Amortization of intangible assets



19,665



0.26



20,940



0.28

Restructuring charges



179



0.00



1,154



0.02

Tariff adjustment



5,497



0.07





Merger and acquisition costs



14,834



0.20



473



0.01

Tax adjustments (1)



(1,359)



(0.02)



(4,167)



(0.06)

Tax effect of adjustments



(9,165)



(0.12)



(5,676)



(0.08)

Non-GAAP adjusted net income from continuing operations


$

80,591


$

1.08


$

35,090


$

0.48

Stock-based compensation, pre-tax



14,191



0.19



8,624



0.12

Tax rate



15

%




15

%


Stock-based compensation, net of tax



12,062


$

0.16



7,330



0.10

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


$

92,653


$

1.25


$

42,420


$

0.58














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





74,367





73,752



(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


Six Months Ended



March 31,


December 31,


March 31,


March 31,


March 31,

Dollars in thousands


2021


2020


2020


2021


2020

GAAP net income


$

23,748


$

26,028


$

9,127


$

49,776


$

22,184

Adjustments:
















Less: Loss from discontinued operations



184



979



65



1,164



182

Less: Interest income



(18)



(76)



(137)



(94)



(836)

Add: Interest expense



452



556



718



1,008



1,455

Add: Income tax benefit



6,288



4,770



3,400



11,058



437

Add: Depreciation



5,877



6,001



6,247



11,878



12,139

Add: Amortization of completed technology



2,319



2,389



2,740



4,708



5,415

Add: Amortization of customer relationships and acquired intangible assets



7,601



7,356



7,615



14,957



15,525

Earnings before interest, taxes, depreciation and amortization


$

46,451


$

48,003


$

29,775


$

94,455


$

56,501



















Quarter Ended


Six Months Ended



March 31,


December 31,


March 31,


March 31,


March 31,

Dollars in thousands


2021


2020


2020


2021


2020

Earnings before interest, taxes, depreciation and amortization


$

46,451


$

48,003


$

29,775


$

94,455


$

56,501

Adjustments:
















Add: Stock-based compensation



7,481



6,710



4,214



14,191



8,624

Add: Restructuring charges



92



87



578



179



1,154

Add: Merger and acquisition costs



11,843



2,991



279



14,834



473

Add: Tariff adjustment



5,497







5,497



Adjusted earnings before interest, taxes, depreciation and amortization


$

71,364


$

57,791


$

34,846


$

129,156


$

66,752






















Quarter Ended


Dollars in thousands


March 31, 2021


December 31, 2020


March 31, 2020

GAAP gross profit/margin percentage


$

127,274


44.4

%


$

113,128


45.3

%


$

90,281


41.0

%

Adjustments:



















Amortization of completed technology



2,319


0.8




2,389


1.0




2,740


1.2


Tariff adjustment



5,497


1.9














Non-GAAP adjusted gross profit/gross margin percentage


$

135,090


47.1

%


$

115,517


46.3

%


$

93,021


42.2

%



































Six Months Ended

Dollars in thousands


March 31, 2021


March 31, 2020

GAAP gross profit/margin percentage


$

240,402


44.8

%


$

175,267


40.7

%

Adjustments:













Amortization of completed technology



4,708


0.9




5,415


1.3


Tariff adjustment



5,497


1.0








Non-GAAP adjusted gross profit/gross margin percentage


$

250,607


46.7

%


$

180,682


41.9

%






















Brooks Semiconductor Solutions Group



Quarter Ended

Dollars in thousands


March 31, 2021


December 31, 2020


March 31, 2020

GAAP gross profit/margin percentage


$

69,413


44.2

%


$

55,789


42.5

%


$

48,637


38.9

%

Adjustments:



















Amortization of completed technology



298


0.2




384


0.3




722


0.6


Non-GAAP adjusted gross profit/margin percentage


$

69,711


44.4

%


$

56,173


42.8

%


$

49,359


39.5

%








































Brooks Life Sciences Products


Brooks Life Sciences Services



Quarter Ended


Quarter Ended

Dollars in thousands


March 31, 2021


December 31, 2020


March 31, 2020


March 31, 2021


December 31, 2020


March 31, 2020

GAAP gross profit/margin percentage


$

24,051


45.9

%


$

20,531


45.1

%


$

13,380


43.2

%


$

33,813


43.8

%


$

36,810


50.7

%


$

28,283


44.0

%

Adjustments:





































Amortization of completed technology



280


0.5




273


0.6




292


0.9




1,741


2.3




1,732


2.4




1,725


2.7


Tariff adjustment



















5,497


7.1










Non-GAAP adjusted gross profit/margin percentage


$

24,331


46.5

%


$

20,804


45.7

%


$

13,672


44.1

%


$

41,051


53.2

%


$

38,542


53.1

%


$

30,008


46.7

%



























































Brooks Life Sciences Total



Quarter Ended

Dollars in thousands


March 31, 2021


December 31, 2020


March 31, 2020

GAAP gross profit/margin percentage


$

57,864


44.7

%


$

57,341


48.5

%


$

41,663


43.7

%

Adjustments:



















Amortization of completed technology



2,021


1.6




2,005


1.7




2,017


2.1


Tariff adjustment



5,497


4.2










Non-GAAP adjusted gross profit/margin percentage


$

65,382


50.5

%


$

59,346


50.2

%


$

43,680


45.8

%
















Brooks Semiconductor Solutions Group



Six Months Ended

Dollars in thousands


March 31, 2021


March 31, 2020

GAAP gross profit/margin percentage


$

125,202


43.4

%


$

94,936


39.0

%

Adjustments:













Amortization of completed technology



682


0.2




1,455


0.6


Non-GAAP adjusted gross profit/margin percentage


$

125,884


43.6

%


$

96,391


39.5

%



























Brooks Life Sciences Products

Brooks Life Sciences Services



Six Months Ended

Six Months Ended

Dollars in thousands


March 31, 2021


March 31, 2020

March 31, 2021


March 31, 2020

GAAP gross profit/margin percentage


$

44,582


45.6

%


$

25,758


42.4

%

$

70,623


47.1

%


$

54,590


43.2

%

Adjustments:
























Amortization of completed technology



553


0.6




585


1.0



3,473


2.3




3,375


2.7


Tariff adjustment










5,497


3.7






Non-GAAP adjusted gross profit/margin percentage


$

45,135


46.1

%


$

26,343


43.4

%

$

79,593


53.1

%


$

57,965


45.9

%








































Brooks Life Sciences Total



Six Months Ended

Dollars in thousands


March 31, 2021


March 31, 2020

GAAP gross profit/margin percentage


$

115,205


46.5

%


$

80,348


43.0

%

Adjustments:











-


Amortization of completed technology



4,026


1.6




3,960


2.1





5,497


2.2






Non-GAAP adjusted gross profit/margin percentage


$

124,728


50.4

%


$

84,308


45.1

%








































Brooks Semiconductor Solutions Group


Brooks Life Sciences Products


Brooks Life Sciences Services


Brooks Life Sciences Total



Quarter Ended


Quarter Ended


Quarter Ended


Quarter Ended



March 31,


December 31,


March 31,


March 31,


December 31,


March 31,


March 31,


December 31,


March 31,


March 31,


December 31,


March 31,

Dollars in thousands


2021


2020


2020


2021


2020


2020


2021


2020


2020


2021


2020


2020

GAAP operating profit


$

33,004


$

21,154


$

15,984


$

10,935


$

7,669


$

1,852


$

6,168


$

12,579


$

4,248


$

17,103


$

20,248


$

6,100

Adjustments:





































Amortization of completed technology



298



384



722



280



273



292



1,741



1,732



1,725



2,021



2,005



2,017

Tariff adjustment















5,497







5,497





Non-GAAP adjusted operating profit


$

33,302


$

21,538


$

16,706


$

11,215


$

7,942


$

2,144


$

13,406


$

14,311


$

5,973


$

24,621


$

22,253


$

8,117































Total Segments


Corporate


Total



Quarter Ended


Quarter Ended


Quarter Ended



March 31,


December 31,


March 31,


March 31,


December 31,


March 31,


March 31,


December 31,


March 31,

Dollars in thousands


2021


2020


2020


2021


2020


2020


2021


2020


2020

GAAP operating profit (loss)


$

50,107


$

41,402


$

22,084


$

(19,602)


$

(10,474)


$

(7,512)


$

30,505


$

30,928


$

14,572

Adjustments:




























Amortization of completed technology



2,319



2,389



2,739









2,319



2,389



2,739

Tariff adjustment



5,497













5,497





Amortization of customer relationships and acquired intangible assets









7,601



7,356



7,615



7,601



7,356



7,615

Restructuring charges









92



87



578



92



87



578

Merger and acquisition costs









11,843



2,991



279



11,843



2,991



279

Non-GAAP adjusted operating profit (loss)


$

57,923


$

43,791


$

24,823


$

(66)


$

(40)


$

960


$

57,857


$

43,751


$

25,783


























































Brooks Semiconductor Solutions Group


Brooks Life Sciences Products


Brooks Life Sciences Services



Brooks Life Sciences Total




Six Months Ended


Six Months Ended


Six Months Ended



Six Months Ended


Dollars in thousands


March 31,


March 31,


March 31,


March 31,


March 31,


March 31,



March 31,


March 31,




2021


2020


2021


2020


2021


2020



2021


2020


GAAP operating profit


$

54,158


$

30,252


$

18,604


$

1,921


$

18,747


$

8,211



$

37,351


$

10,132


Adjustments:



























Amortization of completed technology



682



1,455



553



585



3,473



3,375




4,026