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

Rhea-AI Summary

Brooks Automation, Inc. (Nasdaq: BRKS) reported a 30% increase in revenue for Q2 FY2021, reaching $287 million, driven by growth in both Life Sciences (up 36%) and Semiconductor Solutions (up 26%). Diluted EPS for continuing operations was $0.32, a 158% increase year-over-year. The company plans to separate into two independent entities by year-end 2021. Adjusted EBITDA rose 105% to $71 million. Cash flow from operations was $34 million, with a total cash balance of $334 million against $50 million in debt. Guidance for Q3 expects revenue between $300 million and $320 million.

Positive

• Revenue increased 30% year-over-year to $287 million, supported by both segments.
• Diluted EPS for continuing operations rose 158% year-over-year to $0.32.
• Life Sciences revenue grew 36% year-over-year to $130 million.
• Adjusted EBITDA increased 105% year-over-year to $71 million.
• Plans to separate into two independent companies could enhance operational focus.

Negative

• Diluted EPS decreased 12% sequentially from the prior quarter.
• Gross profit included a $5 million charge from import tariff liabilities.

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			3,960
Tariff adjustment			—			—			—			—			5,497			—				5,497			—
Non-GAAP adjusted operating profit		$	54,840		$	31,707		$	19,157		$	2,506		$	27,717		$	11,586			$	46,874		$	14,092

 

		Total Segments						Corporate						Total
		Six Months Ended						Six Months Ended						Six Months Ended
Dollars in thousands		March 31,			March 31,			March 31,			March 31,			March 31,			March 31,
		2021			2020			2021			2020			2021			2020
GAAP operating profit (loss)		$	91,509		$	40,384		$	(30,075)		$	(15,146)		$	61,434		$	25,238
Adjustments:
Amortization of completed technology			4,708			5,415			—			—			4,708			5,415
Tariff adjustment			5,497			—			—			—			5,497			—
Amortization of customer relationships and acquired intangible assets			—			—			14,957			15,525			14,957			15,525
Restructuring charges			—			—			179			1,154			179			1,154
Merger and acquisition costs			—			—			14,834			473			14,834			473
Restructuring related charges			—			—			—			—			—			—
Non-GAAP adjusted operating profit (loss)		$	101,714		$	45,799		$	(105)		$	2,006		$	101,609		$	47,805

 

 

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SOURCE Brooks Automation

FAQ

What were Brooks Automation's Q2 FY2021 revenue figures?

Brooks Automation reported Q2 FY2021 revenue of $287 million, a 30% increase from the prior year.

How much did Brooks Automation's diluted EPS increase in Q2 FY2021?

The diluted EPS for continuing operations increased by 158% year-over-year to $0.32.

What is Brooks Automation's revenue guidance for Q3 FY2021?

The revenue guidance for Q3 FY2021 is expected to be between $300 million and $320 million.

When is Brooks Automation planning to separate its business segments?

Brooks Automation plans to separate into two independent companies by the end of the calendar year 2021.

What factors contributed to Brooks Automation's revenue growth in Q2 FY2021?

Revenue growth was driven by a 36% increase in Life Sciences and a 26% increase in Semiconductor Solutions.