Bruker Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Bruker Corporation (Nasdaq: BRKR) reported Q4 2021 revenues of $683.5 million, an increase of 8.9% year-over-year, with organic growth of 11.4%. FY 2021 revenues reached $2.42 billion, up 21.7%, with non-GAAP EPS rising 55.6% to $2.10. For FY 2022, Bruker expects revenue growth between 5% to 7%, and non-GAAP EPS guidance of $2.29 to $2.33, reflecting solid performance despite ongoing supply chain challenges. Significant investments in Project Accelerate 2.0 focus on proteomics and spatial biology are expected to drive future growth.
- Q4 2021 revenues increased 8.9% to $683.5 million.
- FY 2021 non-GAAP EPS rose 55.6% to $2.10.
- FY 2022 non-GAAP EPS expected to increase 9% to 11% year-over-year.
- Non-GAAP operating margin declined 150 bps year-over-year in Q4 2021.
- Supply chain and inflation challenges anticipated to persist through H1 2022.
-
Q4 2021 revenues
, up$683.5M 8.9% year-over-year (yoy); organic revenue growth of11.4% yoy -
Q4 2021 GAAP EPS
; non-GAAP EPS$0.50 , up$0.59 yoy$0.01 -
FY 2021 revenues of
, up$2.42B 21.7% yoy; organic revenue growth of19.1% yoy -
FY 2021 GAAP EPS
; non-GAAP EPS$1.81 , up$2.10 55.6% yoy - Solid organic revenue and non-GAAP EPS growth expected in FY 2022, with significant investments in Project Accelerate 2.0 initiatives, particularly in proteomics, spatial biology, semicon metrology and biopharma
Fourth Quarter 2021 Financial Results
Bruker’s revenues for the fourth quarter of 2021 were
Fourth quarter 2021 Bruker Scientific Instruments (BSI) revenues of
Fourth quarter 2021 GAAP operating income was
Fourth quarter 2021 GAAP diluted earnings per share (EPS) were
Fiscal Year 2021 Financial Results
For fiscal year (FY) 2021, Bruker’s revenues were
In FY 2021, BSI revenues of
In FY 2021, GAAP operating income was
Fiscal year 2021 GAAP diluted EPS were
A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.
Fiscal Year 2022 Financial Outlook
For FY 2022, Bruker expects approximately
-
organic revenue growth of approximately
6% to8% , -
M&A contribution of approximately
1% , and -
foreign currency translation headwind of approximately -
2% .
In FY 2022, Bruker expects non-GAAP operating margin expansion of 30 bps to 60 bps year-over-year, from
Finally, Bruker expects FY 2022 non-GAAP EPS of
Bruker’s revenue growth, non-GAAP operating margin expansion and non-GAAP EPS guidance for FY 2022 are based on foreign exchange rates as of
For the Company’s outlook for FY 2022, organic revenue growth, non-GAAP operating margin and non-GAAP EPS, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from our expected non-GAAP operating margin and non-GAAP EPS.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today,
About
Bruker is enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker’s high performance scientific instruments and high value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity and customer success in life science molecular and cell biology research, in applied and pharma applications, in microscopy and nanoanalysis, as well as in industrial applications. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit: www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with
We also may refer to organic revenue growth or decline, free cash flow and return on invested capital, which are also non-GAAP financial measures. We define the term organic revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates and the effect of acquisitions and divestitures, and believe it is a useful measure to evaluate our continuing business. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. We believe free cash flow is a useful measure to evaluate our business because it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, acquisitions, investments in our business, repayment of debt and return of capital to shareholders. We define return on invested capital (ROIC) as non-GAAP operating profit after income tax divided by average total capital, which we define as debt plus equity minus cash and cash equivalents. We believe ROIC is an important measure of how effectively the Company invests its capital.
The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance, however we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included in the accompanying tables, and not to rely on any single financial measure to evaluate our business. Specifically, management believes that the non-GAAP measures mentioned above provide relevant and useful information which is widely used by analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our period-over-period operating performance because our management believes this provides a more comparable measure of our continuing business by adjusting for certain items that are not reflective of the underlying performance of our business. These measures may also be useful to investors in evaluating the underlying operating performance of our business and forecasting future results. We regularly use these non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on certain non-GAAP measures and use this information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable GAAP financial measures are provided in the tables accompanying this press release following our GAAP financial statements.
With respect to our outlook for 2022 non-GAAP organic revenue, non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate, we are not providing the most directly comparable GAAP financial measures or corresponding reconciliations to such GAAP financial measures on a forward-looking basis, because we are unable to predict with reasonable certainty certain items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. Our expected non-GAAP organic revenue, operating margin, tax rate and EPS ranges exclude primarily the future impact of restructuring actions, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments. These reconciling items are uncertain, depend on various factors outside our management’s control and could significantly impact, either individually or in the aggregate, our future period operating margins, EPS and tax rate calculated and presented in accordance with GAAP.
Forward Looking Statements
Any statements contained in this press release which do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our fiscal year 2022 financial outlook, including our outlook for organic revenue growth, non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate; management’s expectations for the impact of foreign currency and acquisitions, and for future financial and operational performance and business outlook; the impact of the COVID-19 pandemic; future economic conditions; the duration and impact of supply chain challenges; strategic investments; and statements found under the “Use of Non-GAAP Financial Measures” section of this release. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the length and severity of the COVID-19 pandemic, the impact of the pandemic on global economic conditions, the length and severity of any resulting recession, the impact of supply chain challenges, continued volatility in the capital markets, the integration and assumption of liabilities of businesses we have acquired or may acquire in the future, fluctuations in foreign currency exchange rates, our material weaknesses in internal controls, our ability to successfully implement our restructuring initiatives and other cost reduction initiatives, changing technologies, product development and market acceptance of our products, the success of our R&D investment initiatives, the cost and pricing of our products, manufacturing, competition, loss of key personnel, dependence on collaborative partners, key suppliers and contract manufacturers, capital spending and government funding policies, changes in governmental regulations, international trade disputes, the use and protection of intellectual property rights, litigation, and other risk factors discussed from time to time in our filings with the
-tables follow-
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ASSETS |
|
|
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Current assets: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,068.2 |
|
$ |
681.8 |
Short-term investments |
|
100.0 |
|
50.0 |
||
Accounts receivable, net |
|
416.9 |
|
|
335.3 |
|
Inventories |
|
710.1 |
|
|
692.3 |
|
Other current assets |
|
176.6 |
|
|
165.6 |
|
Total current assets |
|
|
2,471.8 |
|
|
1,925.0 |
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
406.1 |
|
|
395.5 |
|
|
|
772.1 |
|
|
728.5 |
Total assets |
|
$ |
3,650.0 |
|
$ |
3,049.0 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY |
|
|
|
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||
Current liabilities: |
|
|
|
|
||
Current portion of long-term debt |
|
$ |
112.4 |
|
$ |
2.2 |
Accounts payable |
|
147.4 |
|
|
134.6 |
|
Customer advances |
|
197.5 |
|
|
189.2 |
|
Other current liabilities |
|
481.2 |
|
|
465.9 |
|
Total current liabilities |
|
|
938.5 |
|
|
791.9 |
|
|
|
|
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||
Long-term debt |
|
1,221.8 |
|
|
842.3 |
|
Other long-term liabilities |
|
404.9 |
|
|
440.5 |
|
|
|
|
|
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||
Redeemable noncontrolling interest |
|
0.2 |
|
— |
||
|
|
|
|
|
||
Total shareholders’ equity |
|
|
1,084.6 |
|
|
974.3 |
Total liabilities, redeemable noncontrolling interest and shareholders’ equity |
|
$ |
3,650.0 |
|
$ |
3,049.0 |
|
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Three Months Ended
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Twelve Months Ended
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|||||||||||||||
2021 |
2020 |
|
2021 |
|
2020 |
|||||||||||
Revenue |
$ |
683.5 |
|
$ |
627.5 |
|
$ |
2,417.9 |
|
$ |
1,987.5 |
|
||||
Cost of revenue |
|
341.9 |
|
|
314.5 |
|
|
1,208.3 |
|
|
1,047.7 |
|
||||
Gross profit |
|
341.6 |
|
|
313.0 |
|
|
1,209.6 |
|
|
939.8 |
|
||||
|
|
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|
|||||||||||||
Operating expenses: |
|
|
|
|
||||||||||||
Selling, general and administrative |
|
153.3 |
|
|
130.4 |
|
|
561.2 |
|
|
468.6 |
|
||||
Research and development |
|
58.1 |
|
|
57.1 |
|
|
220.8 |
|
|
198.0 |
|
||||
Other charges, net |
|
4.8 |
|
|
12.7 |
|
|
14.3 |
|
|
24.9 |
|
||||
Total operating expenses |
|
216.2 |
|
|
200.2 |
|
|
796.3 |
|
|
691.5 |
|
||||
Operating income |
|
125.4 |
|
|
112.8 |
|
|
413.3 |
|
|
248.3 |
|
||||
|
|
|
|
|||||||||||||
Interest and other income (expense), net |
|
(5.9 |
) |
|
(7.1 |
) |
|
(19.7 |
) |
|
(22.5 |
) |
||||
Income before income taxes and noncontrolling interest in consolidated subsidiaries |
|
119.5 |
|
|
105.7 |
|
|
393.6 |
|
|
225.8 |
|
||||
Income tax provision |
|
43.5 |
|
|
34.4 |
|
|
113.0 |
|
|
64.4 |
|
||||
Consolidated net income |
|
76.0 |
|
|
71.3 |
|
|
280.6 |
|
|
161.4 |
|
||||
Net income attributable to noncontrolling interest in consolidated subsidiaries |
|
0.3 |
|
|
2.4 |
|
|
3.5 |
|
|
3.6 |
|
||||
Net income attributable to |
$ |
75.7 |
|
$ |
68.9 |
|
$ |
277.1 |
|
$ |
157.8 |
|
||||
Net income per common share attributable to |
|
|
|
|
||||||||||||
Basic |
$ |
0.50 |
|
$ |
0.45 |
|
$ |
1.83 |
|
$ |
1.03 |
|
||||
Diluted |
$ |
0.50 |
|
$ |
0.45 |
|
$ |
1.81 |
|
$ |
1.02 |
|
||||
|
|
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Weighted average common shares outstanding: |
|
|
|
|
||||||||||||
Basic |
|
151.3 |
|
|
|
152.7 |
|
|
151.4 |
|
|
153.4 |
|
|||
Diluted |
|
152.5 |
|
|
153.8 |
|
|
|
152.9 |
|
|
|
154.6 |
|
|
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Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Cash flows from operating activities: |
|
|
|
|
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Consolidated net income |
$ |
76.0 |
|
$ |
71.3 |
|
$ |
280.6 |
|
$ |
161.4 |
|
||||
Adjustments to reconcile consolidated net income to cash flows from operating activities: |
|
|
|
|
||||||||||||
Depreciation and amortization |
|
23.0 |
|
|
21.7 |
|
|
89.1 |
|
|
80.4 |
|
||||
Stock-based compensation expense |
|
5.3 |
|
|
5.1 |
|
|
17.2 |
|
|
16.0 |
|
||||
Deferred income taxes |
|
0.7 |
|
|
(23.0 |
) |
|
(5.8 |
) |
|
(22.5 |
) |
||||
Other non-cash expenses, net |
|
1.7 |
|
|
1.8 |
|
|
26.5 |
|
|
27.3 |
|
||||
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
||||||||||||
Accounts receivable |
|
(47.6 |
) |
|
3.9 |
|
|
(95.3 |
) |
|
40.8 |
|
||||
Inventories |
|
14.3 |
|
|
18.1 |
|
|
(67.0 |
) |
|
(91.6 |
) |
||||
Accounts payable and accrued expenses |
|
15.9 |
|
|
12.9 |
|
|
61.8 |
|
|
(2.4 |
) |
||||
Income taxes payable, net |
|
(10.9 |
) |
|
52.0 |
|
|
(44.3 |
) |
|
42.9 |
|
||||
Deferred revenue |
|
0.9 |
|
|
(3.2 |
) |
|
20.3 |
|
|
16.9 |
|
||||
Customer advances |
|
28.0 |
|
|
19.3 |
|
|
18.5 |
|
|
51.7 |
|
||||
Other changes in operating assets and liabilities, net |
|
31.3 |
|
|
23.1 |
|
|
(19.2 |
) |
|
11.3 |
|
||||
Net cash provided by operating activities |
|
138.6 |
|
|
203.0 |
|
|
282.4 |
|
|
332.2 |
|
||||
Cash flows from investing activities: |
|
|
|
|
||||||||||||
Purchases of short-term investments |
|
(100.0 |
) |
|
(50.0 |
) |
|
(148.0 |
) |
|
(150.0 |
) |
||||
Maturity of short-term investments |
|
97.5 |
|
|
50.0 |
|
|
98.2 |
|
|
106.1 |
|
||||
Purchases of investments held to maturity |
|
— |
|
|
(1.2 |
) |
|
(0.5 |
) |
|
(1.2 |
) |
||||
Cash paid for acquisitions, net of cash acquired |
|
(20.0 |
) |
|
(0.4 |
) |
|
(65.0 |
) |
|
(59.2 |
) |
||||
Purchases of property, plant and equipment |
|
(28.4 |
) |
|
(28.8 |
) |
|
(92.0 |
) |
|
(97.2 |
) |
||||
Proceeds from sales of property, plant and equipment |
|
0.9 |
|
|
0.1 |
|
|
4.9 |
|
|
0.2 |
|
||||
Net proceeds from cross-currency swap agreements |
|
1.4 |
|
|
1.5 |
|
|
10.0 |
|
|
8.6 |
|
||||
Net cash used in investing activities |
|
(48.6 |
) |
|
(28.8 |
) |
|
(192.4 |
) |
|
(192.7 |
) |
||||
Cash flows from financing activities: |
|
|
|
|
||||||||||||
Repayments of revolving lines of credit |
|
— |
|
|
— |
|
|
— |
|
|
(305.1 |
) |
||||
Proceeds from revolving lines of credit |
|
— |
|
|
— |
|
|
— |
|
|
297.5 |
|
||||
Proceeds from 2021 Note Purchase Agreement |
|
492.8 |
|
|
— |
|
|
492.8 |
|
|
— |
|
||||
Repayment of other debt, net |
|
(1.4 |
) |
|
(0.3 |
) |
|
(3.2 |
) |
|
(0.7 |
) |
||||
Payment of deferred financing costs |
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
||||
Proceeds from issuance of common stock, net |
|
1.1 |
|
|
2.2 |
|
|
7.0 |
|
|
3.3 |
|
||||
Payment of contingent consideration |
|
— |
|
|
(1.3 |
) |
|
(0.4 |
) |
|
(7.5 |
) |
||||
Payment of dividends to common stockholders |
|
(6.0 |
) |
|
(6.1 |
) |
|
(24.2 |
) |
|
(24.6 |
) |
||||
Repurchase of common stock |
|
(82.2 |
) |
|
(68.8 |
) |
|
(153.3 |
) |
|
(123.2 |
) |
||||
Cash payments to noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
(1.2 |
) |
||||
Net cash provided by (used in) financing activities |
|
404.3 |
|
|
(74.3 |
) |
|
318.7 |
|
|
(161.6 |
) |
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
0.9 |
|
|
15.0 |
|
|
(22.5 |
) |
|
25.7 |
|
||||
Net change in cash, cash equivalents and restricted cash |
|
495.2 |
|
|
114.9 |
|
|
386.2 |
|
|
3.6 |
|
||||
Cash, cash equivalents and restricted cash at beginning of period |
|
576.5 |
|
|
570.6 |
|
|
685.5 |
|
|
681.9 |
|
||||
Cash, cash equivalents and restricted cash at end of period |
$ |
1,071.7 |
|
$ |
685.5 |
|
$ |
1,071.7 |
|
$ |
685.5 |
|
|
||||||||||||||||
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income and Non-GAAP Earnings Per Share |
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
GAAP operating income |
$ |
125.4 |
|
$ |
112.8 |
|
$ |
413.3 |
|
$ |
248.3 |
|
||||
Non-GAAP adjustments: |
|
|
|
|
||||||||||||
Restructuring costs |
|
3.0 |
|
|
10.1 |
|
|
8.2 |
|
|
15.8 |
|
||||
Acquisition-related costs |
|
3.0 |
|
|
3.7 |
|
|
6.9 |
|
|
3.2 |
|
||||
Purchased intangible amortization |
10.2 |
|
8.9 |
|
|
37.4 |
|
|
35.7 |
|
||||||
Other costs |
|
2.2 |
|
|
5.6 |
|
|
4.4 |
|
|
14.2 |
|
||||
Total non-GAAP adjustments |
$ |
18.4 |
|
$ |
28.3 |
|
$ |
56.9 |
|
$ |
68.9 |
|
||||
Non-GAAP operating income |
$ |
143.8 |
|
$ |
141.1 |
|
$ |
470.2 |
|
$ |
317.2 |
|
||||
Non-GAAP operating margin |
|
21.0 |
% |
|
22.5 |
% |
|
19.4 |
% |
|
16.0 |
% |
||||
|
|
|
|
|
||||||||||||
Interest & other expense, net |
|
(5.9 |
) |
|
(7.1 |
) |
|
(19.7 |
) |
|
(22.5 |
) |
||||
Non-GAAP profit before tax |
|
137.9 |
|
|
134.0 |
|
|
450.5 |
|
|
294.7 |
|
||||
|
|
|
|
|
||||||||||||
Non-GAAP income tax provision |
|
(47.4 |
) |
|
(42.7 |
) |
|
(126.1 |
) |
|
(82.9 |
) |
||||
Non-GAAP tax rate |
|
34.4 |
% |
|
31.9 |
% |
|
28.0 |
% |
|
28.1 |
% |
||||
|
|
|
|
|
||||||||||||
Minority interest |
|
(0.3 |
) |
|
(2.4 |
) |
|
(3.5 |
) |
|
(3.6 |
) |
||||
Non-GAAP net income attributable to Bruker |
|
90.2 |
|
|
88.9 |
|
|
320.9 |
|
|
208.2 |
|||||
|
|
|
|
|||||||||||||
Weighted average shares outstanding (diluted) |
|
152.5 |
|
|
153.8 |
|
|
152.9 |
|
|
154.6 |
|
||||
|
|
|
|
|
||||||||||||
Non-GAAP earnings per share |
$ |
0.59 |
|
$ |
0.58 |
|
$ |
2.10 |
|
$ |
1.35 |
|
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit |
|||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
2021 |
2020 |
2021 |
2020 |
||||||||||||
GAAP gross profit |
$ |
341.6 |
$ |
313.0 |
|
$ |
1,209.6 |
|
$ |
939.8 |
|
||||
Non-GAAP adjustments: |
|
|
|
|
|||||||||||
Restructuring costs |
|
1.8 |
|
2.5 |
|
|
3.4 |
|
|
3.8 |
|
||||
Acquisition-related costs |
0.6 |
|
0.3 |
|
|
0.7 |
|
|
0.8 |
|
|||||
Purchased intangible amortization |
|
5.2 |
|
4.8 |
|
|
20.2 |
|
|
19.9 |
|
||||
Other costs |
|
1.0 |
|
3.8 |
|
|
1.1 |
|
|
3.7 |
|
||||
Total non-GAAP adjustments |
|
8.6 |
|
11.4 |
|
|
25.4 |
|
|
28.2 |
|
||||
Non-GAAP gross profit |
|
$ |
324.4 |
|
$ |
1,235.0 |
|
$ |
968.0 |
|
|||||
Non-GAAP gross margin |
|
|
51.7 |
% |
|
51.1 |
% |
|
48.7 |
% |
Reconciliation of GAAP Selling, General and Administrative (SG&A) Expenses to Non-GAAP SG&A Expenses |
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
GAAP SG&A expenses |
$ |
153.3 |
|
$ |
130.4 |
|
$ |
561.2 |
|
$ |
468.6 |
|
||||
Non-GAAP adjustments: |
|
|
|
|||||||||||||
Purchased intangible amortization |
|
(5.0 |
) |
|
(4.2 |
) |
|
(17.2 |
) |
|
(15.8 |
) |
||||
Non-GAAP SG&A expenses |
$ |
148.3 |
|
$ |
126.2 |
|
$ |
544.0 |
|
$ |
452.8 |
|
|
||||||||||||
Reconciliation of GAAP Tax Rate to Non-GAAP Tax Rate |
||||||||||||
|
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
GAAP tax rate |
|
36.4 |
% |
|
32.5 |
% |
|
28.7 |
% |
|
28.5 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
||||
Tax impact of non-GAAP adjustments |
|
(1.6 |
%) |
|
(0.1 |
%) |
|
(0.8 |
%) |
|
(0.5 |
%) |
Stock Compensation |
|
0.1 |
% |
|
(0.1 |
%) |
|
0.4 |
% |
|
0.1 |
% |
|
|
— |
|
|
(0.2 |
%) |
|
— |
|
|
(0.1 |
%) |
Other discrete items |
|
(0.5 |
%) |
|
(0.2 |
%) |
|
(0.3 |
%) |
|
0.1 |
% |
Total non-GAAP adjustments |
(2.0 |
%) |
(0.6 |
%) |
|
(0.7 |
%) |
|
(0.4 |
%) |
||
Non-GAAP tax rate |
34.4 |
% |
31.9 |
% |
|
28.0 |
% |
|
28.1 |
% |
Reconciliation of GAAP Earnings Per Share to Non-GAAP Earnings Per Share (Diluted) |
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
GAAP earnings per share (diluted) |
$ |
0.50 |
|
|
$ |
0.45 |
|
|
$ |
1.81 |
|
|
$ |
1.02 |
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|||||||||
Restructuring costs |
|
0.02 |
|
|
|
0.07 |
|
|
|
0.05 |
|
|
|
0.10 |
|
|
Acquisition-related costs |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
Purchased intangible amortization |
|
0.06 |
|
|
|
0.06 |
|
|
|
0.24 |
|
|
|
0.23 |
|
|
Other costs |
|
0.02 |
|
|
|
0.04 |
|
|
|
0.04 |
|
|
|
0.09 |
|
|
Income tax rate differential |
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.09 |
) |
|
|
(0.11 |
) |
|
Total non-GAAP adjustments |
|
0.09 |
|
|
|
0.13 |
|
|
|
0.29 |
|
|
|
0.33 |
|
|
Non-GAAP earnings per share (diluted) |
$ |
0.59 |
|
|
$ |
0.58 |
|
|
$ |
2.10 |
|
|
$ |
1.35 |
|
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow |
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
GAAP operating cash flow |
$ |
138.6 |
|
|
$ |
203.0 |
|
|
$ |
282.4 |
|
|
$ |
332.2 |
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|||||||||
Purchases of property, plant and equipment |
|
(28.4 |
) |
|
|
(28.8 |
) |
|
|
(92.0 |
) |
|
|
(97.2 |
) |
|
Non-GAAP Free Cash Flow |
$ |
110.2 |
|
|
$ |
174.2 |
|
|
$ |
190.4 |
|
|
$ |
235.0 |
|
Reconciliation of Non-GAAP Return on |
||||||||
|
Twelve Months Ended
|
|||||||
|
2021 |
2020 |
||||||
Non-GAAP operating income |
|
$ |
470.2 |
|
|
$ |
317.2 |
|
Less: Non-GAAP income tax provision |
|
|
(126.1 |
) |
|
|
(82.9 |
) |
Non-GAAP operating income after tax |
|
$ |
344.1 |
|
|
$ |
234.3 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Average Long-Term Debt |
|
$ |
1,033.1 |
|
|
$ |
827.6 |
|
Average Current portion of Long-Term Debt |
|
|
57.3 |
|
|
|
1.4 |
|
Average Total Shareholder’s Equity |
|
|
1,029.6 |
|
|
|
956.3 |
|
Less: Average Cash and Cash Equivalents |
|
|
875.0 |
|
|
|
680.1 |
|
|
|
$ |
1,245.0 |
|
|
$ |
1,105.2 |
|
|
|
|
|
|
||||
Return on |
|
|
27.6 |
% |
|
|
21.2 |
% |
|
||||||||||||||||
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Revenue by Group: |
|
|
|
|
|
|
|
|||||||||
Bruker BioSpin |
$ |
196.6 |
|
|
$ |
201.9 |
|
|
$ |
691.0 |
|
|
$ |
600.0 |
|
|
Bruker CALID |
|
239.7 |
|
|
|
209.4 |
|
|
|
819.6 |
|
|
|
653.9 |
|
|
|
|
192.9 |
|
|
|
163.4 |
|
|
|
697.5 |
|
|
|
556.1 |
|
|
BEST |
|
57.8 |
|
|
|
54.7 |
|
|
|
223.8 |
|
|
|
189.5 |
|
|
Eliminations |
|
(3.5 |
) |
|
|
(1.9 |
) |
|
|
(14.0 |
) |
|
|
(12.0 |
) |
|
Total revenue |
$ |
683.5 |
|
|
$ |
627.5 |
|
|
$ |
2,417.9 |
|
|
$ |
1,987.5 |
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Revenue by End Customer Geography: |
|
|
|
|
|
|
|
|||||||||
|
$ |
159.0 |
|
|
$ |
123.8 |
|
|
$ |
601.0 |
|
|
$ |
455.9 |
|
|
|
|
274.4 |
|
|
|
272.1 |
|
|
|
920.7 |
|
|
|
764.7 |
|
|
|
|
203.3 |
|
|
|
195.8 |
|
|
|
729.1 |
|
|
|
629.1 |
|
|
Other |
|
46.8 |
|
|
|
35.8 |
|
|
|
167.1 |
|
|
|
137.8 |
|
|
Total revenue |
$ |
683.5 |
|
|
$ |
627.5 |
|
|
$ |
2,417.9 |
|
|
$ |
1,987.5 |
|
Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth |
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Total Bruker |
Total Bruker |
||||||||||||||
GAAP revenue as of prior comparable period |
$ |
627.5 |
|
$ |
599.9 |
|
$ |
1,987.5 |
|
$ |
2,072.6 |
|
||||
Non-GAAP adjustments: |
|
|
|
|
||||||||||||
Acquisitions and divestitures |
|
1.8 |
|
|
2.6 |
|
|
8.1 |
|
|
10.5 |
|
||||
Organic |
|
71.6 |
|
|
(2.4 |
) |
|
379.0 |
|
|
(125.0 |
) |
||||
Currency |
|
(17.4 |
) |
|
27.4 |
|
|
43.3 |
|
|
29.4 |
|
||||
Total non-GAAP adjustments |
|
56.0 |
|
|
27.6 |
|
|
430.4 |
|
|
(85.1 |
) |
||||
GAAP revenue |
$ |
683.5 |
|
$ |
627.5 |
|
$ |
2,417.9 |
|
$ |
1,987.5 |
|
||||
Revenue growth |
|
8.9 |
% |
|
4.6 |
% |
|
21.7 |
% |
|
-4.1 |
% |
||||
Organic revenue growth |
|
11.4 |
% |
|
-0.4 |
% |
|
19.1 |
% |
|
-6.0 |
% |
||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Bruker Scientific Instruments (1) |
Bruker Scientific Instruments (1) |
||||||||||||||
GAAP revenue as of prior comparable period |
$ |
574.7 |
|
$ |
546.6 |
|
$ |
1,810.0 |
|
$ |
1,877.6 |
|
||||
|
|
|
|
|
||||||||||||
Non-GAAP adjustments: |
|
|
|
|
||||||||||||
Acquisitions and divestitures |
|
1.8 |
|
|
2.7 |
|
|
8.1 |
|
|
9.6 |
|
||||
Organic |
|
68.0 |
|
|
1.2 |
|
|
351.4 |
|
|
(103.5 |
) |
||||
Currency |
|
(15.3 |
) |
|
24.2 |
|
|
38.6 |
|
|
26.3 |
|
||||
Total non-GAAP adjustments |
|
54.5 |
|
|
28.1 |
|
|
398.1 |
|
|
(67.6 |
) |
||||
GAAP revenue |
$ |
629.2 |
|
$ |
574.7 |
|
$ |
2,208.1 |
|
$ |
1,810.0 |
|
||||
Revenue growth |
|
9.5 |
% |
|
5.1 |
% |
|
22.0 |
% |
|
-3.6 |
% |
||||
Organic revenue growth |
|
11.8 |
% |
|
0.2 |
% |
|
19.4 |
% |
|
-5.5 |
% |
||||
|
|
|
|
|
(1) Bruker Scientific Instruments (BSI) revenue reflects the sum of the BSI Life Science and BSI Nano Segments as presented in our 2020 Form 10-K.
|
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
BEST, net of Intercompany
|
BEST, net of Intercompany
|
||||||||||||||
GAAP revenue as of prior comparable period |
$ |
52.8 |
|
$ |
53.3 |
|
$ |
177.5 |
|
$ |
195.0 |
|
||||
|
|
|
|
|||||||||||||
Non-GAAP adjustments: |
|
|
||||||||||||||
Acquisitions and divestitures |
|
— |
|
|
(0.1 |
) |
|
— |
|
|
0.9 |
|
||||
Organic |
|
3.6 |
|
|
(3.6 |
) |
|
27.6 |
|
|
(21.5 |
) |
||||
Currency |
|
(2.1 |
) |
|
3.2 |
|
|
4.7 |
|
|
3.1 |
|
||||
Total non-GAAP adjustments |
|
1.5 |
|
|
(0.5 |
) |
|
32.3 |
|
|
(17.5 |
) |
||||
GAAP revenue |
$ |
54.3 |
|
$ |
52.8 |
|
$ |
209.8 |
|
$ |
177.5 |
|
||||
Revenue growth |
|
2.8 |
% |
|
-0.9 |
% |
|
18.2 |
% |
|
-9.0 |
% |
||||
Organic revenue growth |
|
6.8 |
% |
|
-6.8 |
% |
|
15.5 |
% |
|
-11.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220211005115/en/
Sr. Director, Investor Relations & Corporate Development
T: +1 (978) 663–3660, ext. 1479
E: Investor.Relations@bruker.com
Source:
FAQ
What were Bruker's Q4 2021 revenue and earnings per share?
What is Bruker's revenue growth outlook for FY 2022?
What is the non-GAAP EPS guidance for Bruker in FY 2022?
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