AZTA 8-K
Azenta, Inc. (AZTA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions :
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 5, 2021, Brooks Automation, Inc. (“Brooks” or the “Company”) announced via press release its financial results for the fiscal quarter ended June 30, 2021. A copy of the press release is attached hereto as Exhibit 99.1.
Limitation on Incorporation by Reference. The information in this Item 2.02 and in Item 9.01 of this Current Report, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in this press release attached as an exhibit hereto, the press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed with this Current Report on Form 8-K.
EXHIBIT NUMBER | DESCRIPTION |
99.1 | Press release issued on August 5, 2021 by Brooks Automation, Inc. |
104 | Cover Page Interactive Data File (embedded within the iXBRL (Inline eXtensible Business Reporting Language) document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 5, 2021 | Jason W. Joseph | |
Senior Vice President, General Counsel and Secretary |
Exhibit 99.1
Brooks Automation Reports Results of Third Quarter of Fiscal 2021, Ended
June 30, 2021, and Announces Quarterly Cash Dividend
Robust Demand and Strong Execution Drive Continued Growth in Revenue and Profitability
CHELMSFORD, Mass., August 5, 2021 (PR Newswire) -- Brooks Automation, Inc. (Nasdaq: BRKS) today reported financial results for the fiscal quarter ended June 30, 2021.
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| | Quarter Ended | | | | | | | | ||||||||
Dollars in millions, except per share data | | June 30, | | March 31, | | | June 30, | | Change vs. | | | | |||||
| | 2021 | | 2021 | | | 2020 | | Prior Qtr | | Prior Year | | | | |||
Revenue |
| $ | 315 |
| $ | 287 | |
| $ | 220 | | 10 | % | 43 | % | | |
Semiconductor Solutions | | $ | 186 | | $ | 157 | | | $ | 127 | | 19 | % | 47 | % | | |
Life Sciences | | $ | 129 | | $ | 130 | | | $ | 93 | | 0 | % | 38 | % | | |
| | | | | | | | | | | | | | | | | |
Diluted EPS Continuing Operations | | $ | 0.53 | | $ | 0.32 | | | $ | 0.19 | | 64 | % | 184 | % | | |
Diluted EPS Total | | $ | 0.53 | | $ | 0.32 | | | $ | 0.19 | | 65 | % | 184 | % | | |
| | | | | | | | | | | | | | | | | |
Non-GAAP Diluted EPS Continuing Operations | | $ | 0.72 | | $ | 0.61 | | | $ | 0.32 | | 17 | % | 127 | % | | |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDA | | $ | 78 | | $ | 71 | | | $ | 40 | | 10 | % | 94 | % | | |
Management Comments
“We are proud of the results of our third fiscal quarter with strong execution by both businesses,” commented Steve Schwartz, President and CEO. “Life Sciences sustained its high growth performance and Semiconductor Solutions acceleration was exceptionally strong. We expect our fourth fiscal quarter of 2021 to continue the upward trajectory. We remain on track for the planned separation into two standalone companies, which is expected to occur by the end of the calendar year.”
Third Quarter, Fiscal 2021
| ● | Revenue for the third quarter was $315 million, up 43% year over year driven by growth in both Life Sciences and Semiconductor Solutions. |
| ● | Diluted EPS from continuing operations was $0.53 per share compared to $0.19 per share in the third quarter of 2020. |
| ● | Life Sciences revenue of $129 million grew 38% year over year. Year-over-year organic growth was 42%. Life Sciences Products grew 60% year over year, and Life Sciences Services grew 28%. Excluding the effect of the recent exit of the RUCDR alliance, Life Science Services grew 43%. |
| ● | Semiconductor Solutions revenue was $186 million, an increase of 47% year over year. Year-over-year organic growth was 43%. |
| ● | Operating income was $50 million, compared to $19 million in the third quarter of 2020. Operating margin was 15.9%, up 730 basis points year over year and was driven by gross margin of 45.8%, up 370 basis points year over year. Operating expenses in the quarter include approximately $6 million in unallocated corporate expenses related to strategic M&A initiatives, including the preparation to separate the two businesses. |
A 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
Third Quarter, Fiscal 2021
| ● | Diluted EPS for the third quarter was $0.72, up 127% year over year. |
| ● | Operating income was $68 million, an increase of 127% year over year, and operating margin was 21.5%, up 790 basis points year over year. Gross margin of 46.9% was up 340 basis points year over year. |
| ● | Life Sciences operating margin was 17.8%, up from 7.1% in the prior year. Gross margin was 50.0%, up 540 basis points year over year driven by performance improvement of 250 basis points, as well as, 280 basis points of favorable mix as a result of exiting the RUCDR alliance agreement. |
| ● | Semiconductor Solutions operating margin was 24.1%, an increase of 560 basis points from the prior year. Gross margin was 44.7%, up 200 basis points year over year, driven by margin expansion in Automation. |
| ● | Adjusted EBITDA was $78 million, up 94% from the third quarter of 2020 and 10% sequentially. |
Cash and Liquidity
| ● | Cash flow from operations was $45 million for the quarter, an increase of $19 million year over year. |
| ● | On April 29, 2021, the Company acquired Precise Automation, Inc. for approximately $70 million in cash subject to working capital and other adjustments. |
| ● | The Company ended the third fiscal quarter of 2021 with a total balance of cash, cash equivalents, restricted cash, and marketable securities of $286 million, with total debt of $50 million, and net cash of $236 million. |
Quarterly Cash Dividend
The Company additionally announced that the Board of Directors has reiterated a dividend of $0.10 per share payable on September 24, 2021 to stockholders of record on September 3, 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 Fourth Quarter Fiscal 2021
The Company announced revenue and earnings guidance for the fourth quarter of fiscal 2021. Revenue is expected to be in the range of $328 million to $348 million and non-GAAP diluted earnings per share is expected to be in the range of $0.71 to $0.81. GAAP diluted earnings per share for the fourth fiscal quarter is expected to be in the range of $0.50 to $0.60.
Conference Call and Webcast
Brooks management will webcast its third 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.
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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 800-941-1366 (US & Canada only) or +1-212-231-2926 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 analyses 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, our ability to deliver financial success in the future, and the timing of our planned separation into two independent public companies. 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) operates two, global, market-leading businesses, Life Sciences and Semiconductor Solutions, each with its own distinct area of focus and expertise. 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’ Semiconductor Solutions business provides industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world's leading semiconductor chip
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makers and equipment manufacturers as well as collaborative robotics and automation capabilities for multi-market applications.
On May 10, 2021, Brooks announced its 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 transaction is expected to be completed by the end of calendar year 2021.
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
Sherry Dinsmore
Brooks Automation
978.262.4301
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CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
| Three Months Ended | | | Nine Months Ended | | ||||||||
| June 30, | | | June 30, | | ||||||||
| 2021 | | 2020 | | | 2021 | | 2020 | | ||||
Revenue | | | | | | | | | | | | | |
Products | $ | 215,843 |
| $ | 142,323 | | | $ | 565,829 |
| $ | 413,329 | |
Services |
| 99,506 | |
| 78,027 | | |
| 285,610 | |
| 237,748 | |
Total revenue |
| 315,349 | |
| 220,350 | | |
| 851,439 | |
| 651,077 | |
Cost of revenue | | | | | | | | | | | | | |
Products |
| 120,387 | |
| 81,989 | | |
| 317,472 | |
| 245,930 | |
Services |
| 50,562 | |
| 45,573 | | |
| 149,165 | |
| 137,092 | |
Total cost of revenue |
| 170,949 | |
| 127,562 | | |
| 466,637 | |
| 383,022 | |
Gross profit |
| 144,400 | |
| 92,788 | | |
| 384,802 | |
| 268,055 | |
Operating expenses | | | | | | | | | | | | | |
Research and development |
| 18,284 | |
| 14,004 | | |
| 51,310 | |
| 43,727 | |
Selling, general and administrative |
| 75,883 | |
| 59,714 | | |
| 221,646 | |
| 178,866 | |
Restructuring charges |
| — | |
| (29) | | |
| 179 | |
| 1,125 | |
Total operating expenses |
| 94,167 | |
| 73,689 | | |
| 273,135 | |
| 223,718 | |
Operating income |
| 50,233 | |
| 19,099 | | |
| 111,667 | |
| 44,337 | |
Interest income |
| 409 | |
| 29 | | |
| 503 | |
| 865 | |
Interest expense |
| (477) | |
| (810) | | |
| (1,485) | |
| (2,265) | |
Other income (expenses), net |
| (1,625) | |
| 498 | | |
| (147) | |
| (1,318) | |
Income before income taxes |
| 48,540 | |
| 18,816 | | |
| 110,538 | |
| 41,619 | |
Income tax provision |
| 9,370 | |
| 5,120 | | |
| 20,428 | |
| 5,557 | |
Income from continuing operations | | 39,170 | |
| 13,696 | | |
| 90,110 | |
| 36,062 | |
Loss from discontinued operations, net of tax |
| (4) | |
| — | | |
| (1,168) | |
| (182) | |
Net income | $ | 39,166 | | $ | 13,696 | | | $ | 88,942 | | $ | 35,880 | |
Basic net income per share: | | | | | | | | | | | | | |
Income from continuing operations | $ | 0.53 | | $ | 0.19 | | | $ | 1.21 | | $ | 0.49 | |
Loss from discontinued operations, net of tax | | (0.00) | | | - | | | | (0.02) | | | (0.00) | |
Basic net income per share | $ | 0.53 | | $ | 0.19 | | | $ | 1.20 | | $ | 0.49 | |
Diluted net income per share: | | | | | | | | | | | | | |
Income from continuing operations | $ | 0.53 | | $ | 0.19 | | | $ | 1.21 | | $ | 0.49 | |
Loss from discontinued operations, net of tax | | (0.00) | | | - | | | | (0.02) | | | (0.00) | |
Diluted net income per share | $ | 0.53 | | $ | 0.19 | | | $ | 1.20 | | $ | 0.49 | |
| | | | | | | | | | | | | |
Weighted average shares outstanding used in computing net income per share: | | | | | | | | | | | | | |
Basic |
| 74,296 | |
| 73,759 | | |
| 74,195 | |
| 73,473 | |
Diluted |
| 74,495 | |
| 73,860 | | |
| 74,420 | |
| 73,766 | |
| | | | | | | | | | | | | |
5
CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
| June 30, | | September 30, | ||
| 2021 | | 2020 | ||
| | | | | |
Assets | | | | | |
Current assets | | | | | |
Cash and cash equivalents | $ | 269,862 |
| $ | 295,649 |
Marketable securities |
| 101 | |
| 67 |
Accounts receivable, net |
| 234,079 | |
| 188,291 |
Inventories |
| 154,720 | |
| 114,834 |
Prepaid expenses and other current assets |
| 58,455 | |
| 50,612 |
Total current assets |
| 717,217 | |
| 649,453 |
Property, plant and equipment, net |
| 146,522 | |
| 117,665 |
Long-term marketable securities |
| 3,637 | |
| 3,101 |
Long-term deferred tax assets |
| 4,447 | |
| 4,979 |
Goodwill |
| 551,326 | |
| 501,536 |
Intangible assets, net |
| 254,937 | |
| 218,325 |
Other assets |
| 85,169 | |
| 64,066 |
Total assets | $ | 1,763,255 | | $ | 1,559,125 |
Liabilities and Stockholders' Equity | | | | | |
Current liabilities | | | | | |
Current portion of long-term debt | $ | — | | $ | 827 |
Accounts payable | | 98,192 | | | 61,758 |
Deferred revenue | | 35,421 | |
| 31,357 |
Accrued warranty and retrofit costs | | 8,132 | |
| 8,201 |
Accrued compensation and benefits |
| 43,803 | |
| 43,267 |
Accrued restructuring costs |
| 29 | |
| 181 |
Accrued income taxes payable |
| 22,232 | |
| 10,094 |
Accrued expenses and other current liabilities |
| 103,251 | |
| 55,433 |
Total current liabilities |
| 311,060 | |
| 211,118 |
Long-term debt | | 49,651 | | | 49,588 |
Long-term tax reserves |
| 18,410 | |
| 19,168 |
Long-term deferred tax liabilities |
| 16,295 | |
| 17,798 |
Long-term pension liabilities |
| 6,536 | |
| 6,406 |
Long-term operating lease liabilities | | 45,034 | | | 31,855 |
Other long-term liabilities |
| 8,440 | |
| 9,578 |
Total liabilities |
| 455,426 | |
| 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, 87,758,598 shares issued and 74,296,729 shares outstanding at June 30, 2021, 87,293,710 shares issued and 73,831,841 shares outstanding at September 30, 2020 |
| 878 | |
| 873 |
Additional paid-in capital |
| 1,965,705 | |
| 1,942,850 |
Accumulated other comprehensive income |
| 26,619 | |
| 21,919 |
Treasury stock at cost - 13,461,869 shares |
| (200,956) | |
| (200,956) |
Accumulated deficit |
| (484,417) | |
| (551,072) |
Total stockholders' equity | | 1,307,829 | | | 1,213,614 |
Total liabilities and stockholders' equity | $ | 1,763,255 | | $ | 1,559,125 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
| Nine Months Ended | ||||
| June 30, | ||||
| 2021 | | 2020 | ||
Cash flows from operating activities | | | | | |
Net income | $ | 88,942 |
| $ | 35,880 |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Depreciation and amortization |
| 48,684 | |
| 49,760 |
Impairment of property, plant and equipment | | — | | | 301 |
Stock-based compensation |
| 20,277 | |
| 12,348 |
Amortization of premium on marketable securities and deferred financing costs |
| 169 | |
| 177 |
Deferred income taxes |
| (10,293) | |
| (9,319) |
Other gains on disposals of assets |
| 225 | |
| 163 |
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 |
| (40,286) | |
| (15,719) |
Inventories |
| (32,532) | |
| (17,695) |
Prepaid expenses and current assets |
| 4,000 | |
| 12,554 |
Accounts payable |
| 23,327 | |
| 11,032 |
Deferred revenue |
| (1,564) | |
| 214 |
Accrued warranty and retrofit costs |
| (286) | |
| 580 |
Accrued compensation and tax withholdings |
| (338) | | | 1,928 |
Accrued restructuring costs |
| (153) | | | (609) |
Accrued expenses and current liabilities |
| 21,625 | |
| (4,347) |
Net cash provided by (used in) operating activities |
| 122,745 | |
| (13,933) |
Cash flows from investing activities | | | | | |
Purchases of property, plant and equipment |
| (34,606) | |
| (29,685) |
Purchases of marketable securities |
| (100) | |
| (10,843) |
Sales of marketable securities |
| 25 | |
| 2,492 |
Maturities of marketable securities | | 25 | | | 42,226 |
Adjustment to proceeds from divestiture | | (1,802) | | | — |
Acquisitions, net of cash acquired |
| (92,375) | |
| (15,743) |
Disbursement for a loan receivable |
| — | |
| — |
Issuance of a note receivable |
| — | |
| (1,000) |
Proceeds from sales of property, plant and equipment | | — | | | — |
Net cash used in investing activities |
| (128,833) | |
| (12,553) |
Cash flows from financing activities | | | | | |
Proceeds from term loans, net of discount | | — | | | — |
Proceeds from issuance of common stock |
| 2,583 | |
| 2,332 |
Payments of financing costs |
| — | |
| — |
Principal payments on debt | | (828) | | | (828) |
Payments of finance leases | | (915) | | | (957) |
Common stock dividends paid |
| (22,288) | |
| (22,127) |
Net cash used in financing activities |
| (21,448) | |
| (21,580) |
Effects of exchange rate changes on cash and cash equivalents |
| 7,582 | |
| 3,095 |
Net decrease in cash, cash equivalents and restricted cash |
| (19,954) | |
| (44,971) |
Cash, cash equivalents and restricted cash, beginning of period |
| 302,526 | |
| 305,171 |
Cash and cash equivalents and restricted cash, end of period | $ | 282,572 | | $ | 260,200 |
| | | | | |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | | | | | |
Cash and cash equivalents | $ | 269,862 | | $ | 256,633 |
Short-term restricted cash included in prepaid expenses and other current assets | | 3,570 | | | 3,567 |
Long-term restricted cash included in other assets | | 9,140 | | | — |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 282,572 | | $ | 260,200 |
| | | | | |
| | | | | |
| | | | | |
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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 nine months ended June 30, 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 | ||||||||||||||||
| | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | ||||||||||||
| | | | per diluted | | | | per diluted | | | | per diluted | ||||||
Dollars in thousands, except per share data | | $ | | share | | $ | | share | | $ | | share | ||||||
Net income from continuing operations |
| $ | 39,170 |
| $ | 0.53 |
| $ | 23,932 |
| $ | 0.32 |
| $ | 13,696 |
| $ | 0.19 |
Adjustments: | | | | | | | | | | | | | | | | | | |
Purchase accounting impact on inventory and contracts acquired | |
| 140 | |
| 0.00 | |
| — | |
| — | |
| — | |
| — |
Amortization of intangible assets | |
| 11,085 | |
| 0.15 | |
| 9,920 | |
| 0.13 | |
| 10,390 | |
| 0.14 |
Restructuring charges | |
| — | |
| — | |
| 92 | |
| 0.00 | |
| (29) | |
| (0.00) |
Tariff adjustment | | | — | | | — | | | 5,497 | | | 0.07 | | | — | | | — |
Merger and acquisition costs | |
| 6,269 | |
| 0.08 | |
| 11,843 | |
| 0.16 | |
| 10 | |
| 0.00 |
Restructuring related charges | | | — | | | — | | | — | | | — | | | 301 | | | 0.00 |
Other adjustments | |
| (83) | |
| (0.00) | |
| — | |
| — | |
| — | |
| — |
Tax adjustments (1) | | | 682 | | | 0.01 | | | 639 | | | 0.01 | | | 1,502 | | | 0.02 |
Tax effect of adjustments | | | (3,790) | |
| (0.05) | |
| (6,283) | |
| (0.08) | | | (2,561) | | | (0.03) |
Non-GAAP adjusted net income from continuing operations | | $ | 53,473 | | $ | 0.72 | | $ | 45,640 | | $ | 0.61 | | $ | 23,309 | | $ | 0.32 |
Stock based compensation, pre-tax | |
| 6,086 | |
| 0.08 | |
| 6,710 | |
| 0.09 | |
| 3,725 | |
| 0.05 |
Tax rate | |
| 15 | % |
| — | |
| 15 | % |
| — | |
| 15 | % |
| — |
Stock-based compensation, net of tax | |
| 5,173 | |
| 0.07 | |
| 5,704 | |
| 0.08 | |
| 3,166 | |
| 0.04 |
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | | $ | 58,646 | | $ | 0.79 | | $ | 51,344 | | $ | 0.69 | | $ | 26,475 | | $ | 0.36 |
| | | | | | | | | | | | | | | | | | |
Shares used in computing non-GAAP diluted net income per share | |
| — | |
| 74,495 | |
| — | |
| 74,414 | |
| — | |
| 73,860 |
| | | Nine Months Ended | ||||||||||
| | | June 30, 2021 | | June 30, 2020 | ||||||||
| | | | | per diluted | | | | per diluted | ||||
Dollars in thousands, except per share data | | | $ | | share | | $ | | share | ||||
Net income from continuing operations |
|
| $ | 90,110 |
| $ | 1.21 |
| $ | 36,062 |
| $ | 0.49 |
Adjustments: | | | | | | | | | | | | | |
Purchase accounting impact on inventory and contracts acquired | | |
| 140 | |
| 0.00 | |
| — | | | — |
Amortization of intangible assets | | |
| 30,750 | |
| 0.41 | |
| 31,331 | | | 0.42 |
Restructuring related charges | | | | — | | | — | | | 301 | | | |
Restructuring charges | | |
| 179 | |
| 0.00 | |
| 1,125 | | | 0.02 |
Tariff adjustment | | |
| 5,497 | |
| 0.07 | |
| — | | | — |
Merger and acquisition costs | | |
| 21,104 | |
| 0.28 | |
| 484 | | | 0.01 |
Other adjustments | | | | (83) | | | (0.00) | | | | | | |
Tax adjustments (1) | | | | (725) | | | (0.01) | | | (2,789) | | | (0.04) |
Tax effect of adjustments | | | | (12,906) | | | (0.17) | | | (8,113) | | | (0.11) |
Non-GAAP adjusted net income from continuing operations | | | $ | 134,066 | | $ | 1.80 | | $ | 58,401 | | $ | 0.79 |
Stock-based compensation, pre-tax | | |
| 20,277 | |
| 0.27 | |
| 12,348 | | | 0.17 |
Tax rate | | |
| 15 | % |
| — | |
| 15 | % | | — |
Stock-based compensation, net of tax | | |
| 17,235 | | $ | 0.23 | |
| 10,496 | | | 0.14 |
Non-GAAP adjusted net income excluding stock-based compensation - continuing operations | | | $ | 151,301 | | $ | 2.03 | | $ | 68,897 | | $ | 0.93 |
| | | | | | | | | | | | | |
Shares used in computing non-GAAP diluted net income per share | | |
| — | |
| 74,420 | |
| — | | | 73,766 |
8
| (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 | | Nine Months Ended | |||||||||||
| | June 30, | | March 31, | | June 30, | | June 30, | | June 30, | |||||
Dollars in thousands | | 2021 | | 2021 | | 2020 | | 2021 | | 2020 | |||||
GAAP net income |
| $ | 39,166 |
| $ | 23,748 |
| $ | 13,696 |
| $ | 88,942 |
| $ | 35,880 |
Adjustments: | | | | | | | | | | | | | | | |
Less: Loss from discontinued operations | | | 4 | | | 184 | | | — | | | 1,168 | | | 182 |
Less: Interest income | |
| (409) | |
| (18) | |
| (29) | |
| (503) | |
| (865) |
Add: Interest expense | |
| 477 | |
| 452 | |
| 810 | |
| 1,485 | |
| 2,265 |
Add: Income tax benefit | |
| 9,370 | |
| 6,288 | |
| 5,120 | |
| 20,428 | |
| 5,557 |
Add: Depreciation | |
| 6,055 | |
| 5,877 | |
| 6,290 | |
| 17,933 | |
| 18,429 |
Add: Amortization of completed technology | |
| 3,352 | |
| 2,319 | |
| 2,779 | |
| 8,060 | |
| 8,194 |
Add: Amortization of customer relationships and acquired intangible assets | |
| 7,733 | |
| 7,601 | |
| 7,611 | |
| 22,690 | |
| 23,137 |
Earnings before interest, taxes, depreciation and amortization | | $ | 65,748 | | $ | 46,451 | | $ | 36,277 | | $ | 160,203 | | $ | 92,779 |
| | Quarter Ended | | Nine Months Ended | |||||||||||
| | June 30, | | March 31, | | June 30, | | June 30, | | June 30, | |||||
Dollars in thousands | | 2021 | | 2021 | | 2020 | | 2021 | | 2020 | |||||
Earnings before interest, taxes, depreciation and amortization |
| $ | 65,748 |
| $ | 46,451 |
| $ | 36,277 |
| $ | 160,203 |
| $ | 92,779 |
Adjustments: | | | | | | | | | | | | | | | |
Add: Stock-based compensation | |
| 6,086 | |
| 7,481 | |
| 3,725 | |
| 20,277 | |
| 12,348 |
Add: Restructuring charges | |
| — | |
| 92 | |
| (29) | |
| 179 | |
| 1,125 |
Add: Restructuring related charges | |
| — | | | — | | | 301 | |
| — | |
| 301 |
Add: Purchase accounting impact on inventory and contracts acquired | |
| 140 | |
| — | |
| — | |
| 140 | |
| — |
Add: Merger and acquisition costs | |
| 6,269 | |
| 11,843 | |
| 10 | |
| 21,104 | |
| 484 |
Add: Tariff adjustment | | | — | | | 5,497 | | | — | | | 5,497 | | | — |
Less: Other adjustments | | | (83) | | | — | | | — | | | (83) | | | — |
Adjusted earnings before interest, taxes, depreciation and amortization | | $ | 78,160 | | $ | 71,364 | | $ | 40,284 | | $ | 207,317 | | $ | 107,037 |
| | Quarter Ended |
| |||||||||||||||
Dollars in thousands | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | ||||||||||||
GAAP gross profit/margin percentage |
| $ | 144,400 |
| 45.8 | % |
| $ | 127,274 |
| 44.4 | % |
| $ | 92,788 |
| 42.1 | % |
Adjustments: | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 3,352 |
| 1.1 | | |
| 2,319 |
| 0.8 | | |
| 2,779 |
| 1.3 | |
Restructuring related charges | | | — | | — | | | | — | | 0.0 | | | | 301 | | 0.1 | |
Purchase accounting impact on inventory and contracts acquired | |
| 140 |
| 0.0 | | |
| — |
| — | | |
| — |
| 0.0 | |
Other adjustment | | | (83) | | (0.0) | | | | 5,497 | | 1.9 | | | | — | | 0.0 | |
Non-GAAP adjusted gross profit/gross margin percentage | | $ | 147,809 |
| 46.9 | % | | $ | 135,090 |
| 47.1 | % | | $ | 95,868 |
| 43.5 | % |
| | | | | | | | | | | | | | | | | | |
9
| | Nine Months Ended | ||||||||||
Dollars in thousands | | June 30, 2021 | | June 30, 2020 | ||||||||
GAAP gross profit/margin percentage |
| $ | 384,802 |
| 45.2 | % |
| $ | 268,055 |
| 41.2 | % |
Adjustments: | | | | | | | | | | | | |
Amortization of completed technology | | | 8,060 |
| 0.9 | | |
| 8,194 |
| 1.3 | |
Purchase accounting impact on inventory and contracts acquired | | | 140 |
| 0.0 | | |
| — |
| — | |
Restructuring related charges | | | — | | — | | | | 301 | | 0.0 | |
Other adjustment | | | (83) | | 0.0 | | | | | | | |
Tariff adjustment | | | 5,497 | | 0.6 | | | | — | | — | |
Non-GAAP adjusted gross profit/gross margin percentage | | $ | 398,416 |
| 46.8 | % | | $ | 276,550 |
| 42.5 | % |
| | Brooks Semiconductor Solutions Group | ||||||||||||||||
| | Quarter Ended | ||||||||||||||||
Dollars in thousands | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | ||||||||||||
GAAP gross profit/margin percentage |
| $ | 81,973 |
| 44.0 | % | | $ | 69,413 |
| 44.2 | % | | $ | 53,524 |
| 42.1 | % |
Adjustments: | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 1,178 | | 0.6 | | |
| 298 | | 0.2 | | |
| 717 | | 0.6 | |
Purchase accounting impact on inventory and contracts acquired | |
| 140 | | 0.1 | | |
| — | | — | | |
| — | | — | |
Non-GAAP adjusted gross profit/margin percentage | | $ | 83,291 | | 44.7 | % | | $ | 69,711 | | 44.4 | % | | $ | 54,241 | | 42.7 | % |
| | Brooks Life Sciences Products | | Brooks Life Sciences Services | ||||||||||||||||||||||||||||||||
| | Quarter Ended | | Quarter Ended | ||||||||||||||||||||||||||||||||
Dollars in thousands | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | ||||||||||||||||||||||||
GAAP gross profit/margin percentage |
| $ | 22,655 | | 46.6 | % | | $ | 24,051 | | 45.9 | % | | $ | 13,258 | | 43.6 | % | | $ | 39,772 | | 49.4 | % | | $ | 33,813 | | 43.8 | % | | $ | 26,006 | | 41.4 | % |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 432 | | 0.9 | | |
| 280 | | 0.5 | | |
| 287 | | 0.9 | | |
| 1,742 | | 2.2 | | |
| 1,741 | | 2.3 | | |
| 1,776 | | 2.8 | |
Restructuring related charges | | | — | | — | | | | — | | — | | | | — | | — | | | | — | | — | | | | — | | — | | | | 301 | | 0.5 | |
Other adjustment | | | — | | — | | | | — | | — | | | | — | | — | | | | (83) | | (0.1) | | | | — | | — | | | | — | | — | |
Tariff adjustment | | | — | | — | | | | — | | — | | | | — | | — | | | | — | | — | | | | 5,497 | | 7.1 | | | | — | | — | |
Non-GAAP adjusted gross profit/margin percentage | | $ | 23,087 | | 47.5 | % | | $ | 24,331 | | 46.5 | % | | $ | 13,545 | | 44.5 | % | | $ | 41,431 | | 51.5 | % | | $ | 41,051 | | 53.2 | % | | $ | 28,083 | | 44.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Brooks Life Sciences Total | ||||||||||||||||
| | Quarter Ended | ||||||||||||||||
Dollars in thousands | | June 30, 2021 | | March 31, 2021 | | June 30, 2020 | ||||||||||||
GAAP gross profit/margin percentage | | $ | 62,428 | | 48.4 | % | | $ | 57,864 | | 44.7 | % | | $ | 39,264 | | 42.1 | % |
Adjustments: | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 2,173 | | 1.7 | | |
| 2,021 | | 1.6 | | |
| 2,063 | | 2.2 | |
Restructuring related charges | | | — | | — | | | | — | | — | | | | 301 | | 0.3 | |
Other adjustment | | | (83) | | (0) | | | | — | | — | | | | — | | — | |
Tariff adjustment | | | — | | — | | | | 5,497 | | 4.2 | | | | — | | — | |
Non-GAAP adjusted gross profit/margin percentage | | $ | 64,518 | | 50.0 | % | | $ | 65,382 | | 50.5 | % | | $ | 41,628 | | 44.6 | % |
| | Brooks Semiconductor Solutions Group | ||||||||||
| | Nine Months Ended | ||||||||||
Dollars in thousands | | June 30, 2021 | | June 30, 2020 | ||||||||
GAAP gross profit/margin percentage | | $ | 207,175 |
| 43.6 | % | | $ | 148,443 |
| 40.0 | % |
Adjustments: |
| | | | | | | | | | | |
Amortization of completed technology | |
| 1,860 | | 0.4 | | |
| 2,172 | | 0.6 | |
Purchase accounting impact on inventory and contracts acquired | |
| 140 | | 0.0 | | |
| — | | — | |
Non-GAAP adjusted gross profit/margin percentage | | $ | 209,175 | | 44.1 | % | | $ | 150,615 | | 40.6 | % |
10
| | Brooks Life Sciences Products | Brooks Life Sciences Services | |||||||||||||||||||||||||||||||
| | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Dollars in thousands | | June 30, 2021 | | June 30, 2020 | June 30, 2021 | | June 30, 2020 | |||||||||||||||||||||||||||
GAAP gross profit/margin percentage | | $ | 67,238 |
| 45.9 | % | | $ | 39,016 |
| 42.8 | % | $ | 110,395 |
| 47.9 | % | | $ | 80,596 |
| 42.6 | % | |||||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Amortization of completed technology | |
| 985 | | 0.7 | | |
| 872 | | 1.0 | |
| 5,215 | | 2.3 | | |
| 5,151 | | 2.7 | | |||||||||||
Restructuring related charges | | | — | | — | | | | — | | — | | | — | | — | | | | 301 | | 0.2 | | |||||||||||
Other adjustment | | | — | | — | | | | — | | — | | | (83) | | (0.0) | | | | — | | — | | |||||||||||
Tariff adjustment | | | — | | — | | | | — | | — | | | 5,497 | | 2.4 | | | | — | | — | | |||||||||||
Non-GAAP adjusted gross profit/margin percentage | | $ | 68,223 | | 46.6 | % | | $ | 39,888 | | 43.8 | % | $ | 121,024 | | 52.6 | % | | $ | 86,047 | | 45.5 | % | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
| | Brooks Life Sciences Total | ||||||||||||||||||||||||||||||||
| | Nine Months Ended | ||||||||||||||||||||||||||||||||
Dollars in thousands | | June 30, 2021 | | June 30, 2020 | ||||||||||||||||||||||||||||||
GAAP gross profit/margin percentage | | $ | 177,633 |
| 47.1 | % | | $ | 119,612 |
| 42.7 | % | ||||||||||||||||||||||
Adjustments: | | | | | | | | | | | | | ||||||||||||||||||||||
Amortization of completed technology | |
| 6,200 | | 1.6 | | |
| 6,023 | | 2.1 | | ||||||||||||||||||||||
Restructuring related charges | | | — | | — | | | | 301 | | 0.1 | | ||||||||||||||||||||||
Other adjustment | | | (83) | | (0.0) | | | | — | | — | | ||||||||||||||||||||||
Tariff adjustment | | | 5,497 | | 1.5 | | | | — | | — | | ||||||||||||||||||||||
Non-GAAP adjusted gross profit/margin percentage | | $ | 189,247 | | 50.2 | % | | $ | 125,935 | | 44.9 | % | ||||||||||||||||||||||
| | Brooks Semiconductor Solutions Group | | Brooks Life Sciences Products | | Brooks Life Sciences Services |
| Brooks Life Sciences Total | ||||||||||||||||||||||||||||
| | Quarter Ended | | Quarter Ended | | Quarter Ended |
| Quarter Ended | ||||||||||||||||||||||||||||
| | June 30, | | March 31, | | June 30, | | June 30, |
| March 31, | | June 30, | | June 30, | | March 31, | | June 30, | | June 30, | | March 31, | | June 30, | ||||||||||||
Dollars in thousands | | 2021 | | 2021 | | 2020 | | 2021 | | 2021 | | 2020 | | 2021 | | 2021 | | 2020 |
| 2021 | | 2021 | | 2020 | ||||||||||||
GAAP operating profit |
| $ | 43,478 |
| $ | 33,004 |
| $ | 22,697 |
| $ | 8,706 |
| $ | 10,935 |
| $ | 2,195 | | $ | 12,125 |
| $ | 6,168 |
| $ | 2,032 | | $ | 20,831 |
| $ | 17,103 |
| $ | 4,227 |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 1,178 | |
| 298 | |
| 717 | |
| 432 | |
| 280 | |
| 287 | |
| 1,742 | |
| 1,741 | |
| 1,776 | |
| 2,174 | |
| 2,021 | |
| 2,063 |
Purchase accounting impact on inventory and contracts acquired | |
| 140 | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — |
Restructuring related charges | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 301 | | | — | | | — | | | 301 |
Other adjustment | | | — | | | — | | | — | | | — | | | — | | | — | | | (83) | | | — | | | — | | | (83) | | | — | | | — |
Tariff adjustment | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,497 | | | — | | | — | |
| 5,497 | |
| — |
Non-GAAP adjusted operating profit | | $ | 44,796 | | $ | 33,302 | | $ | 23,414 | | $ | 9,138 | | $ | 11,215 | | $ | 2,482 | | $ | 13,784 | | $ | 13,406 | | $ | 4,109 | | $ | 22,922 | | $ | 24,621 | | $ | 6,591 |
| | Total Segments | | Corporate | | Total | |||||||||||||||||||||
| | Quarter Ended | | Quarter Ended | | Quarter Ended | |||||||||||||||||||||
| | June 30, | | March 31, | | June 30, | | June 30, | | March 31, | | June 30, | | June 30, | | March 31, | | June 30, | |||||||||
Dollars in thousands | | 2021 | | 2021 | | 2020 | | 2021 | | 2021 | | 2020 | | 2021 | | 2021 | | 2020 | |||||||||
GAAP operating profit (loss) |
| $ | 64,309 |
| $ | 50,107 |
| $ | 26,924 |
| $ | (14,076) |
| $ | (19,602) |
| $ | (7,825) |
| $ | 50,233 |
| $ | 30,505 |
| $ | 19,099 |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | | | 3,352 | | | 2,319 | | | 2,780 | | | — | | | — | | | — | | | 3,352 | | | 2,319 | | | 2,780 |
Amortization of customer relationships and acquired intangible assets | | | — | | | — | | | — | | | 7,733 | | | 7,601 | | | 7,611 | | | 7,733 | | | 7,601 | | | 7,611 |
Purchase accounting impact on inventory and contracts acquired | | | 140 | | | — | | | — | | | — | | | — | | | — | | | 140 | | | — | | | — |
Restructuring charges | | | — | | | — | | | — | | | — | | | 92 | | | (29) | | | — | | | 92 | | | (29) |
Restructuring related charges | | | — | | | — | | | 301 | | | — | | | — | | | — | | | — | | | — | | | 301 |
Tariff adjustment | | | — | | | 5,497 | | | — | | | — | | | — | | | — | | | — | | | 5,497 | | | — |
Other adjustment | | | (83) | | | — | | | — | | | | | | | | | | | | (83) | | | — | | | — |
Merger and acquisition costs | | | — | | | — | | | — | | | 6,269 | | | 11,843 | | | 10 | | | 6,269 | | | 11,843 | | | 10 |
Non-GAAP adjusted operating profit (loss) | | $ | 67,718 | | $ | 57,923 | | $ | 30,005 | | $ | (74) | | $ | (66) | | $ | (233) | | $ | 67,644 | | $ | 57,857 | | $ | 29,772 |
11
| | Brooks Semiconductor Solutions Group | | Brooks Life Sciences Products | | Brooks Life Sciences Services |
| | Brooks Life SciencesTotal |
| ||||||||||||||||
| | Nine Months Ended | | Nine Months Ended | | Nine Months Ended |
| | Nine Months Ended |
| ||||||||||||||||
Dollars in thousands |
| June 30, |
| June 30, |
| June 30, |
| June 30, |
| June 30, |
| June 30, |
|
| June 30, |
| June 30, |
| ||||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | | | 2021 | | 2020 | | ||||||||
GAAP operating profit | | $ | 97,636 | | $ | 52,949 | | $ | 27,310 | | $ | 4,116 | | $ | 30,872 | | $ | 10,243 | | | $ | 58,182 | | $ | 14,359 | |
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | |
| 1,860 | |
| 2,172 | |
| 985 | |
| 872 | |
| 5,215 | |
| 5,150 | | |
| 6,200 | |
| 6,022 | |
Purchase accounting impact on inventory and contracts acquired | |
| 140 | |
| — | |
| — | |
| — | |
| — | |
| — | | |
| — | |
| — | |
Restructuring related charges | | | — | | | — | | | — | | | — | | | — | | | 301 | | | | — | | | 301 | |
Other adjustment | | | — | | | — | | | — | | | — | | | (83) | | | — | | | | (83) | | | — | |
Tariff adjustment | | | — | | | — | | | — | | | — | | | 5,497 | | | — | | | | 5,497 | | | — | |
Non-GAAP adjusted operating profit | | $ | 99,636 | | $ | 55,121 | | $ | 28,295 | | $ | 4,988 | | $ | 41,501 | | $ | 15,694 | | | $ | 69,796 | | $ | 20,682 | |
| | Total Segments | | Corporate | | Total | ||||||||||||
| | Nine Months Ended | | Nine Months Ended | | Nine Months Ended | ||||||||||||
Dollars in thousands |
| June 30, |
| June 30, |
| June 30, |
| June 30, |
| June 30, |
| June 30, | ||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | 2021 | | 2020 | ||||||
GAAP operating profit (loss) | | $ | 155,818 | | $ | 67,308 | | $ | (44,151) | | $ | (22,971) | | $ | 111,667 | | $ | 44,337 |
Adjustments: | | | | | | | | | | | | | | | | | | |
Amortization of completed technology | | | 8,060 | | | 8,194 | | | — | | | — | | | 8,060 | | | 8,194 |
Amortization of customer relationships and acquired intangible assets | | | — | | | — | | | 22,690 | | | 23,137 | | | 22,690 | | | 23,137 |
Purchase accounting impact on inventory and contracts acquired | | | 140 | | | — | | | — | | | — | | | 140 | | | — |
Restructuring charges | | | — | | | — | | | 179 | | | 1,125 | | | 179 | | | 1,125 |
Restructuring related charges | | | — | | | 301 | | | — | | | — | | | — | | | 301 |
Tariff adjustment | | | 5,497 | | | — | | | — | | | — | | | 5,497 | | | — |
Other adjustment | | | (83) | | | — | | | — | | | — | | | (83) | | | — |
Merger and acquisition costs | | | — | | | — | | | 21,104 | | | 484 | | | 21,104 | | | 484 |
Non-GAAP adjusted operating profit (loss) | | $ | 169,432 | | $ | 75,803 | | $ | (178) | | $ | 1,775 | | $ | 169,254 | | $ | 77,578 |
12