Call 888-776-0942 from 8 a.m. to 10 p.m. Eastern Time
Strong double-digit growth highlights the strong demand environment in the life sciences sector
Chelmsford, Massachusetts, November 10, 2021/PRNewswire/-Brooks Automation, Inc. (NASDAQ: BRKS) today announced financial results for the fiscal quarter ending September 30, 2021 .
Summary of GAAP Results The results of continuing operations reflect the life sciences business. Due to the announcement of the divestiture in the fourth quarter of 2021, the performance of the semiconductor automation business is deemed to have been discontinued and is reflected in the diluted earnings per share.
In millions of U.S. dollars, except per share data
Diluted earnings per share-continuing operations
The summary view of non-GAAP performance summary revenue and earnings per share is based on a non-GAAP basis for investors to compare performance with performance reports provided during the previous period and the company’s most recent guidance.
In millions of U.S. dollars, except per share data
Non-GAAP Diluted Earnings Per Share-continuing operations
On September 20, 2021, the company announced that it had signed a definitive agreement to sell its semiconductor automation business. According to GAAP, sales and expenses directly related to the business must be removed from its applicable continuing operations income statement title and reported as net income from discontinued operations in the GAAP financial statements for all periods. For this transition quarter, we provide the above non-GAAP summary to provide a view of the entire business, including the semiconductor automation business, for direct comparison with previous guidance and historical results.
Management commented "We ended the 2021 fiscal year with another strong quarter. This is a year of true transformation for the company," said President and CEO Steve Schwartz. "The life sciences division has achieved quarterly growth of more than 20%, and we continue to see a long way to go. In addition, at the end of the quarter, we announced the new name and brand of the life sciences business, Azenta. We are very happy to The opportunity for a single, unified life science brand to enter the market."
GAAP results summary revenue does not include semiconductor automation revenue generated by the pending sale of this business. The profit related to this business is included in the discontinued business.
Summary of Non-GAAP Benefits from Continuing Operations A non-GAAP-based view of continuing operations that provides investors with additional performance by excluding the effects of acquisition costs, amortization, restructuring, purchase price accounting, and special expenses or benefits (such as impairment) Information loss. This profile will be used to report future results, excluding the semiconductor automation business, which has now ceased operations.
The summary view of comments on non-GAAP earnings in the summary view that includes semiconductor automation is displayed on a non-GAAP basis for investors who wish to compare results with performance reports provided in previous periods and the company’s most recent guidance.
The quarterly cash dividend company also announced that the board of directors has reiterated that on December 23, 2021, it will pay a dividend of $0.10 per share to shareholders of record on December 3, 2021. Future dividend declarations, as well as the record and payment date of such dividends, are subject to the final decision of the company's board of directors.
Guidelines for continuing operations in the first quarter of fiscal year 2022 The company announced revenue and earnings guidance for continuing operations in the first quarter of fiscal year 2022. The revenue in the first quarter is expected to be between 130 million U.S. dollars and 140 million U.S. dollars, and the GAAP diluted share loss for the fiscal quarter is expected to be between 0.14 U.S. dollars and 0.06 U.S. dollars. Non-GAAP diluted earnings per share from continuing operations are expected to be between US$0.04 and US$0.12.
Brooks 2021 Investor Day, featuring Azenta Life Sciences, will host a virtual investor day from 9:00 a.m. to 12:00 p.m. Eastern Time on November 16. The Investor Day will showcase our life sciences business, which was recently renamed Azenta Life Sciences. Please visit our website brooks.investorroom.com or click here to register.
Conference call and webcast Brooks management will webcast its fourth quarter earnings call today at 4:30 pm Eastern time. During the conference call, the company’s management will answer questions about, but not limited to, the company’s financial performance, business conditions, and industry prospects. Management’s response may contain previously undisclosed information.
The conference call will be broadcast live over the Internet, and will be hosted on the investor relations section of Brooks website www.brooks.investorroom.com together with the presentation materials quoted in the conference call, and will be archived online on the website for convenient on-demand playback . In addition, you can dial 800-786-1918 (U.S. and Canada only) or 1-212-231-2907 to let international callers listen to the webcast.
Rule G-Use of Non-GAAP Financial Measures The company supplements its GAAP financial measures with certain non-GAAP financial measures to allow investors to better understand the results of business operations, which the company believes is more comparable to similar analysis provided. Its peers. These measures are not proposed in accordance with US Generally Accepted Accounting Principles or GAAP, nor can they replace them. These measures should always be considered in conjunction with appropriate GAAP measures. The consolidated balance sheet, operating statement, and cash flow statement at the end of this press release include a reconciliation of non-GAAP measures with the closest comparable GAAP measure.
"Safe Harbor Statement" under Section 21E of the Securities Exchange Act of 1934 Certain statements in this press release are forward-looking statements made pursuant to Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees, but involve risks and uncertainties, known and unknown, which may cause Brooks' financial and business results to be materially different from our expectations. They are based on facts known to management at the time of formulation. These forward-looking statements include, but are not limited to, our revenue and profit expectations, our ability to improve profitability, our ability to improve or maintain our market position, our ability to achieve financial success in the future, and the certainty and/or completion of our The timing of the sale of the semiconductor automation business to Thomas H. Lee Partners, LP, and our ability to invest and sell the expected cash proceeds. Factors that may cause the results to differ from our expectations include: the overall impact of the COVID-19 pandemic on the markets we serve (including our supply chain) and the global economy, the volatility of the industries the company serves, especially the semiconductor industry; As it is difficult to obtain the required quantity and quality of components and materials from our suppliers, we may not be able to meet the demand for our products; customers cannot pay us when they are due; the timing and effectiveness of cost reduction and cost control measures ; Price competition; intellectual property disputes; the uncertainty of global political and economic conditions, as well as other factors and other risks, including the risks described in our documents filed with the US Securities and Exchange Commission, including but not limited to our 10-K Form annual report, current report on Form 8-K and our quarterly report on Form 10-Q. Therefore, we cannot guarantee that our future results will not differ materially from the expected results. Brooks expressly disclaims any obligation or commitment to publicly release any updates or amendments to any such statements to reflect any changes we anticipate or any changes in the events, conditions or circumstances on which such statements are based. Brooks assumes no obligation to update the information contained in this press release.
About Brooks Automation Brooks (NASDAQ: BRKS) operates two global market-leading businesses, namely life sciences and semiconductor solutions, each with its own unique areas of focus and expertise. The life sciences business will operate under the new Azenta brand, which is the industry's top pharmaceutical, biotechnology, global academic and medical institutions. On September 20, 2021, the company announced the sale of its semiconductor automation business to Thomas H. Lee Partners, which provides industry-leading precision vacuum robots, integrated automation systems, and pollution control to the world's leading semiconductor chip manufacturers and equipment manufacturers Solutions as well as collaborative robots and automation functions for multi-market applications. Brooks is headquartered in Chelmsford, Massachusetts, with operations in North America, Europe and Asia. For more information, please visit www.brooks.com.
Sara Silverman Director of Investor Relations Brooks Automation 978.262.2635 [email protected]
Sherry Dinsmore Brooks Automation 978.262.4301 [Email protection]
(In thousands, except per share data)
Income from discontinued operations, net after tax
Basic net income per share:
Income from discontinued operations, net after tax
Basic net income per share
Diluted net income per share:
Income from discontinued operations, net after tax
Diluted net income per share
The weighted average number of shares outstanding used to calculate the net income per share:
(In thousands, excluding share and share data)
Prepaid expenses and other liquid assets
Holding current assets for sale
Real estate, plant and equipment, net
Holding non-current assets for sale
The current portion of long-term debt
Accrued warranty and retrofit costs
Accrued expenses and other current liabilities
Current liabilities held for sale
Non-current liabilities held for sale
Preferred shares with a par value of US$0.01-1,000,000 shares have been authorized and have not been issued or circulated
Ordinary shares with a par value of USD 0.01-125,000,000 authorized shares, 87,808,922 shares and 74,347,053 outstanding shares issued on September 30, 2021, 87,293,710 shares and 73,831,841 outstanding shares issued on September 20, 2020
Treasury shares at cost-13,461,869 shares
Total Brooks Automation, Inc. Shareholders' Equity
Total liabilities and shareholders' equity
Consolidated cash flow statement
Cash flow from operating activities
Adjust net income and net cash provided by operating activities:
Securities premium amortization and deferred financing costs
Other gains from the sale of assets
Adjustments to divestiture gains (net after tax)
Taxes paid due to divestiture
Changes in operating assets and liabilities, net of acquisitions:
Prepaid expenses and liquid assets
Accrued warranty and retrofit costs
Accrued compensation and withholding tax
Accrued expenses and current liabilities
Net cash provided by operating activities
Cash flows from investing activities
Purchase property, plant and equipment
Acquisition, net of cash acquired
Settlement of notes receivable (issuance)
Net cash used for investment activities
Cash flow from financing activities
Proceeds from the issuance of ordinary shares
Net cash used in financing activities
effect of the changes of the exchange rate on cash and the equivalents
Net decrease in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash and cash equivalents and restricted cash, period-end
Reconciling cash, cash equivalents, and restricted cash to the consolidated balance sheet
Cash and cash equivalents from continuing operations
Holding cash and cash equivalents contained in assets for sale
Short-term restricted cash included in prepaid expenses and other current assets
Long-term restricted cash included in other assets
Total cash, cash equivalents, and restricted cash shown in the consolidated cash flow statement
Note on non-GAAP financial measures: These financial measures are used in addition to and in conjunction with the results presented in accordance with GAAP, and should not be relied on to exclude GAAP financial measures. The management adjusted the GAAP results for the impact of intangible asset amortization, restructuring expenses, purchase price accounting adjustments, and merger-related expenses to allow investors to better understand operating performance, which the company believes is more comparable to similar analysis provided by the company . Peer. Management also does not include special expenses and gains, such as impairment losses, asset sales gains and losses, and other gains and expenses that do not represent normal business operations. For the 2021 fiscal year, management has excluded expenses related to import tariff liabilities related to imports in the previous fiscal year. Import tariff costs related to imports in the current fiscal year have not been excluded from the non-GAAP results. The management strongly encourages investors to thoroughly review our financial statements and publicly filed reports instead of relying on any single measurement standard.
In thousands of U.S. dollars, except per share data
Net loss from continuing operations
Non-US GAAP adjusted net income from continuing operations
Income from discontinued operations, net after tax
The impact of purchasing accounting on inventory and acquired contracts
Tax impact of adjustments related to discontinued operations
Non-US GAAP adjusted net income from discontinued operations
Non-GAAP adjusted net profit attributable to Brooks
Stock-based compensation, net after tax
Non-GAAP adjusted net income, excluding stock-based compensation-continuing operations
Shares used to calculate non-GAAP diluted net income per share
In thousands of U.S. dollars, except per share data
Net loss from continuing operations
Non-US GAAP adjusted net income from continuing operations
Income from discontinued operations, net after tax
The impact of purchasing accounting on inventory and acquired contracts
Tax impact of adjustments related to discontinued operations
Non-US GAAP adjusted net income from discontinued operations
Non-GAAP adjusted net profit attributable to Brooks
Stock-based compensation, net after tax
Non-GAAP adjusted net income, excluding stock-based compensation-continuing operations
Shares used to calculate non-GAAP diluted net income per share
Tax adjustments for the quarter ended September 30, 2021 and for the year ended September 30, 2021 include $2 million related to valuation subsidy write-offs, excluding tax incentives and $16.6 million related to tax reserve write-offs, excluding tax discount. The excluded benefits are offset by the exclusion of $4.1 million in withholding tax costs related to foreign cash repatriation and $3.4 million in expenses related to the write-off of intangible assets that offset tax reserves. In the quarter ended September 30, 2021, the company realized a gain of $1.5 million, which is related to the time difference in the recognition of tax benefits related to stock compensation unexpected tax deductions. US GAAP income is recognized during the vesting period, but is included in the annual effective tax rate for non-GAAP reports. During the year ending September 30, 2020, the company chose to exclude the $500,000 deferred tax benefit related to the extension of China's 15% tax rate incentives.
Less: income from discontinued operations
Plus: technical amortization has been completed
Plus: customer relationship amortization and acquisition of intangible assets
(Loss) Earnings before interest, tax, depreciation and amortization
(Loss) Earnings before interest, tax, depreciation and amortization
Plus: M&A costs
Adjusted earnings before interest, tax, depreciation and amortization-continuing operations
Customer relationship and amortization of acquired intangible assets
Non-GAAP adjusted operating profit (loss)
Customer relationship and amortization of acquired intangible assets
Non-GAAP adjusted operating profit (loss)
More news releases on similar topics
Cision Distribution 888-776-0942 8 a.m. to 9 p.m. Eastern Time