BILLERICA, Mass., Nov. 2, 2016 /PRNewswire/ -- Bruker Corporation
(NASDAQ: BRKR) today reported financial results for its third
quarter ended September 30, 2016.
Bruker's revenues for the third quarter of 2016 were
$393.9 million, a decline of 0.6%
compared to the third quarter of 2015. Excluding a 1.6%
positive effect from acquisitions and a 0.2% positive effect from
changes in foreign currency translation, Bruker reported a
year-over-year organic revenue decline of 2.4% in the third quarter
of 2016.
Third quarter 2016 GAAP earnings per diluted share (EPS) were
$0.29, compared to $0.07 in the third quarter of 2015. Third
quarter 2016 non-GAAP EPS were $0.32,
an increase of 68% compared to $0.19
in the third quarter of 2015. In the third quarter of 2016,
significant non-cash tax benefits reduced the non-GAAP tax rate to
approximately 6%, as the release of remaining tax valuation
allowances was recorded. The same items also resulted in a
tax benefit recorded on a GAAP basis. A reconciliation of GAAP to
non-GAAP financial measures is provided in the Company's financial
tables accompanying this press release.
For the first nine months of 2016, Bruker's revenues declined
0.4% to $1,141.0 million, compared to
$1,145.6 million for the first nine
months of 2015. Excluding a 2.0% positive effect from
acquisitions, and a 0.1% negative effect from changes in foreign
currency translation, Bruker's reported year-over-year organic
revenue decline was 2.3% for the first nine months of
2016.
Bruker reported GAAP EPS of $0.52
in the first nine months of 2016, compared to $0.24 in the first nine months of 2015.
Non-GAAP EPS for the first nine months of 2016 were $0.73, an increase of 43% compared to
$0.51 in the first nine months of
2015.
Frank Laukien, the President and
CEO of Bruker, commented: "During the third quarter of 2016, Bruker
again delivered strong operational improvements as well as
significant EPS growth, even when the above mentioned tax benefits
are excluded. In the first nine months of 2016, Bruker has
continued to substantially expand gross and operating margins, and
delivered strong EPS growth, despite weakness in European academic
and global industrial markets."
Dr. Laukien continued: "We also have taken additional
restructuring and cost actions, and have started two additional
factory consolidations, which we expect to be substantially
completed by mid-2017. We are working to return to revenue growth
in 2017, and we also expect continued healthy margin expansion.
Finally, I am very pleased with our concurrently announced
acquisition of certain PCR assays for microbiology, and of
syndromic panel development capabilities for the MALDI
BioTyper, one of our key profitable growth platforms."
Full Year 2016 Financial Outlook
For the year 2016, the Company now expects reported revenue to
decline approximately 1% from 2015. Bruker now expects to
increase its non-GAAP operating margin by 100 basis points or more
year-over-year. For the year 2016, Bruker now projects
non-GAAP EPS between $1.07 and $1.11,
assuming a 2016 non-GAAP tax rate between 16% and 17%.
For the Company's outlook for 2016, we are not able to
provide without unreasonable effort the most directly comparable
GAAP financial measures, or reconciliations to such GAAP financial
measures on a forward-looking basis. Please see "Use of Non-GAAP
Financial Measures" below for a description of items excluded from
our expected non-GAAP operating margin, non-GAAP EPS and non-GAAP
tax rate.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its
financial results, business outlook, and related corporate and
financial matters at 4:45 p.m. Eastern
Time today. To listen to the webcast, investors can go
to http://ir.bruker.com and click on the "Events &
Presentations" hyperlink. A slide presentation that will be
referenced during the webcast will be posted to the Company's
website shortly before the webcast begins. Investors can also
listen to the earnings webcast via telephone by dialing
1-888-437-2685 (US toll free) or +1-412-317-6702 (international),
and referencing "Bruker's Third Quarter 2016 Earnings Conference
Call". A telephone replay of the conference call will be
available by dialing 1-877-344-7529 (US toll free) or
+1-412-317-0088 (international) and entering conference number:
10095076. The replay will be available beginning one hour after the
end of the conference through December 2,
2016.
About Bruker Corporation
For more than 50 years, Bruker has enabled scientists to make
breakthrough discoveries and develop new applications that improve
the quality of human life. Bruker's high-performance
scientific research instruments and high-value analytical solutions
enable scientists to explore life and materials at molecular,
cellular and microscopic levels.
In close cooperation with our customers, Bruker is enabling
innovation, productivity and customer success in life science
molecular research, in applied and pharma applications, and in
microscopy, nano-analysis and industrial applications, as well as
in cell biology, preclinical imaging, clinical research,
microbiology and molecular diagnostics. For more information,
please visit: http://www.bruker.com.
Use of Non-GAAP Financial Measures
The non-GAAP financial measures used by Bruker Corporation in
this press release and in its earnings webcast are organic revenue
growth; non-GAAP gross profit; non-GAAP gross profit margin;
non-GAAP operating income; non-GAAP operating margin; non-GAAP
profit before tax; non-GAAP tax rate; non-GAAP net income; non-GAAP
earnings per share; return on invested capital; and free cash
flow. These non-GAAP measures exclude costs related to
restructuring costs, acquisition and related integration expenses,
amortization of acquired intangible assets and other costs that are
non-recurring in nature. There are limitations in using non-GAAP
financial measures as they are not prepared in accordance with U.S.
generally accepted accounting principles and may be different from
non-GAAP financial measures used by other companies.
We believe that the non-GAAP financial measures provide useful
and supplementary information to investors regarding our quarterly
and annual performance. It is our belief that these non-GAAP
financial measures are particularly important as Bruker implements
restructuring initiatives to expand operating margins. The
financial impact of these activities, particularly restructuring
activities, can be large and may adversely affect the comparability
of our results from period-to-period. We define free cash
flow as net cash provided by operating activities less additions to
property, plant, and equipment. We believe free cash flow is
a useful measure to evaluate our business as it indicates the
amount of cash generated after additions to property, plant, and
equipment which is available for, among other things, acquisitions,
investments in our business, and repayment of debt. We define
return on invested capital (RoIC) as non-GAAP operating profit
after income tax and minority interest divided by average total
capital, which we define as debt plus equity minus cash. We
believe RoIC is an important measure for how effectively the
Company invests its capital.
We regularly use non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and
compensate them, in part, based on such non-GAAP measures.
For the same reasons, we also use this information for our
forecasting activities.
Non-GAAP financial measures should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. The non-GAAP financial
measures are meant to supplement, and to be viewed in conjunction
with, GAAP financial measures. They are limited in value
because they exclude charges that have a material effect on our
reported results and, therefore, should not be relied upon as the
sole financial measures to evaluate our financial results.
Investors are encouraged to review the reconciliation of the
financial measures to their most directly comparable GAAP financial
measures as provided in the tables accompanying this press
release.
With respect to the Company's outlook for 2016 non-GAAP
operating margin, non-GAAP EPS and non-GAAP tax rate, we are not
providing the most directly comparable GAAP financial measures or
corresponding reconciliations to such GAAP financial measures on a
forward-looking basis, because we are unable to predict with
reasonable certainty certain items that may affect such measures
calculated and presented in accordance with GAAP without
unreasonable effort. Our expected non-GAAP operating margin, tax
rate and EPS ranges exclude primarily the future impact of
restructuring actions, unusual gains and losses, acquisition
related expenses and purchase accounting fair value
adjustments. These reconciling items are uncertain, depend on
various factors and could significantly impact, either individually
or in the aggregate, our future period operating margins, EPS and
tax rate calculated and presented in accordance with GAAP. Please
see "Use of Non-GAAP Financial Measures" above for additional
information regarding our use of non-GAAP financial measures.
Forward Looking Statements
Any statements contained in this press release which do not
describe historical facts may constitute forward-looking statements
as the term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations, but are subject to risks and
uncertainties which could cause actual results to differ materially
from those projected, including, but not limited to, risks and
uncertainties relating to adverse changes in conditions in the
global economy and volatility in the capital markets, the
integration of businesses we have acquired or may acquire in the
future, our ability to successfully implement our restructuring
initiatives, changing technologies, product development and market
acceptance of our products, the cost and pricing of our products,
manufacturing, competition, dependence on collaborative partners
and key suppliers, capital spending and government funding
policies, changes in governmental regulations, realization of
anticipated benefits from economic stimulus programs, intellectual
property rights, litigation, exposure to foreign currency
fluctuations and other risk factors discussed from time to time in
our filings with the Securities and Exchange Commission. These and
other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our annual
report on Form 10-K for the year ended December 31, 2015 and subsequently filed
Quarterly Reports on Form 10-Q. We expressly disclaim any intent or
obligation to update these forward-looking statements other than as
required by law.
-tables follow-
Contacts:
Miroslava
Minkova
Head of Investor Relations
Bruker
Corporation
T: +1 (978) 663 – 3660, ext.
1479
E: Miroslava.Minkova@Bruker.com
Bruker
Corporation
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
278.7
|
|
$
267.1
|
|
Short-term
investments
|
162.8
|
|
201.2
|
|
Accounts receivable,
net
|
223.6
|
|
234.7
|
|
Inventories
|
|
483.1
|
|
422.0
|
|
Other current
assets
|
118.5
|
|
106.5
|
|
|
Total current
assets
|
1,266.7
|
|
1,231.5
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
239.4
|
|
231.1
|
Intangibles, net and
other long-term assets
|
291.8
|
|
267.4
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
1,797.9
|
|
$
1,730.0
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
20.2
|
|
$
0.6
|
|
Accounts
payable
|
93.3
|
|
72.1
|
|
Customer
advances
|
148.2
|
|
178.3
|
|
Other current
liabilities
|
290.9
|
|
303.5
|
|
|
Total current
liabilities
|
552.6
|
|
554.5
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
344.7
|
|
265.2
|
Other long-term
liabilities
|
199.7
|
|
177.4
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
700.9
|
|
732.9
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
1,797.9
|
|
$
1,730.0
|
Bruker
Corporation
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in millions,
except per share amounts)
|
September
30,
|
|
September
30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
393.9
|
|
$
396.1
|
|
$
1,141.0
|
|
$
1,145.6
|
Cost of
revenues
|
208.7
|
|
228.6
|
|
618.9
|
|
648.5
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
185.2
|
|
167.5
|
|
522.1
|
|
497.1
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
96.8
|
|
96.1
|
|
290.4
|
|
289.2
|
Research and
development
|
37.9
|
|
34.3
|
|
110.8
|
|
109.0
|
Other charges,
net
|
4.6
|
|
8.9
|
|
20.6
|
|
23.9
|
Total operating
expenses
|
139.3
|
|
139.3
|
|
421.8
|
|
422.1
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
45.9
|
|
28.2
|
|
100.3
|
|
75.0
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense), net
|
(2.9)
|
|
(4.6)
|
|
(11.1)
|
|
(14.3)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling
|
|
|
|
|
|
|
|
|
interest in
consolidated subsidiaries
|
43.0
|
|
23.6
|
|
89.2
|
|
60.7
|
Income tax (benefit)
provision
|
(4.0)
|
|
10.7
|
|
3.8
|
|
17.8
|
|
|
|
|
|
|
|
|
|
|
Consolidated net
income
|
47.0
|
|
12.9
|
|
85.4
|
|
42.9
|
Net income
attributable to noncontrolling
|
|
|
|
|
|
|
|
|
interests in
consolidated subsidiaries
|
0.5
|
|
1.1
|
|
0.8
|
|
2.7
|
Net income
attributable to Bruker Corporation
|
$
46.5
|
|
$
11.8
|
|
$
84.6
|
|
$
40.2
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to
|
|
|
|
|
|
|
|
|
Bruker Corporation
shareholders:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.29
|
|
$
0.07
|
|
$
0.52
|
|
$
0.24
|
|
Diluted
|
$
0.29
|
|
$
0.07
|
|
$
0.52
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
160.8
|
|
167.8
|
|
161.8
|
|
168.2
|
|
Diluted
|
161.5
|
|
168.7
|
|
162.7
|
|
169.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bruker
Corporation
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
millions)
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Consolidated
net income
|
|
|
$
47.0
|
|
$
12.9
|
|
$
85.4
|
|
$
42.9
|
Adjustments to
reconcile consolidated net income to cash flows
|
|
|
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
13.7
|
|
13.3
|
|
40.4
|
|
40.0
|
|
Write-down of
demonstration inventories to net realizable value
|
4.0
|
|
5.1
|
|
12.5
|
|
15.0
|
|
Stock-based
compensation expense
|
|
2.5
|
|
2.2
|
|
6.8
|
|
5.8
|
|
Deferred income
taxes
|
|
(28.1)
|
|
(0.5)
|
|
(32.1)
|
|
(1.1)
|
|
Loss (gain) on
disposal of product line
|
|
-
|
|
-
|
|
-
|
|
0.2
|
|
Other non-cash
expenses, net
|
|
3.7
|
|
8.6
|
|
12.7
|
|
9.5
|
Changes in
operating assets and liabilities, net of acquisitions and
divestitures:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(14.9)
|
|
(4.9)
|
|
15.4
|
|
37.7
|
|
Inventories
|
|
|
(13.4)
|
|
(1.8)
|
|
(73.4)
|
|
(40.7)
|
|
Accounts
payable and accrued expenses
|
|
0.8
|
|
12.1
|
|
(11.5)
|
|
4.8
|
|
Income taxes
payable, net
|
|
11.7
|
|
12.2
|
|
(19.7)
|
|
(4.5)
|
|
Deferred
revenue
|
|
|
(2.4)
|
|
(0.1)
|
|
3.0
|
|
(1.2)
|
|
Customer
advances
|
|
|
(0.1)
|
|
(2.3)
|
|
(6.5)
|
|
(9.7)
|
|
Other changes
in operating assets and liabilities, net
|
11.4
|
|
(2.7)
|
|
7.0
|
|
(19.1)
|
Net cash
provided by operating activities
|
|
35.9
|
|
54.1
|
|
40.0
|
|
79.6
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of
short-term investments
|
|
(44.5)
|
|
(28.9)
|
|
(77.6)
|
|
(78.0)
|
|
Maturities of
short-term investments
|
|
72.3
|
|
1.0
|
|
122.4
|
|
41.3
|
|
Purchases of
property, plant and equipment
|
(8.8)
|
|
(9.4)
|
|
(26.0)
|
|
(22.8)
|
|
Proceeds from
sales of property, plant and equipment
|
-
|
|
-
|
|
0.9
|
|
0.7
|
|
Cash paid for
acquisitions, net of cash acquired
|
-
|
|
-
|
|
(1.2)
|
|
-
|
Net cash
provided by (used in) investing activities
|
|
19.0
|
|
(37.3)
|
|
18.5
|
|
(58.8)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
revolving lines of credit
|
|
22.0
|
|
7.0
|
|
99.0
|
|
17.0
|
|
Proceeds
(repayment) of other debt, net
|
|
(0.1)
|
|
(0.2)
|
|
0.1
|
|
(0.4)
|
|
Proceeds from
issuance of common stock, net
|
0.6
|
|
0.8
|
|
10.2
|
|
7.0
|
|
Payment of
contingent consideration
|
|
-
|
|
-
|
|
-
|
|
(3.0)
|
|
Repurchase of
common stock
|
|
(25.9)
|
|
(7.7)
|
|
(143.5)
|
|
(24.9)
|
|
Changes in
restricted cash
|
|
(0.1)
|
|
-
|
|
0.6
|
|
1.4
|
|
Cash payments
to noncontrolling interest
|
(0.7)
|
|
-
|
|
(0.7)
|
|
(0.5)
|
|
Payment of
dividends
|
|
(6.4)
|
|
-
|
|
(19.4)
|
|
-
|
|
Excess tax
benefit related to stock option awards
|
-
|
|
-
|
|
0.3
|
|
2.2
|
Net cash used
in financing activities
|
|
(10.6)
|
|
(0.1)
|
|
(53.4)
|
|
(1.2)
|
Effect of
exchange rate changes on cash and cash equivalents
|
1.9
|
|
(6.5)
|
|
6.5
|
|
(8.1)
|
Net change in
cash and cash equivalents
|
|
46.2
|
|
10.2
|
|
11.6
|
|
11.5
|
Cash and cash
equivalents at beginning of period
|
|
232.5
|
|
320.8
|
|
267.1
|
|
319.5
|
Cash and cash
equivalents at end of period
|
|
$
278.7
|
|
$
331.0
|
|
$
278.7
|
|
$
331.0
|
|
|
|
|
|
|
|
|
|
|
|
Bruker
Corporation
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES* (unaudited)
|
|
|
|
|
|
|
|
|
|
|
(in millions,
except per share amounts)
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Reconciliation of
Non-GAAP Operating Income, Non-GAAP
Profit Before Tax, Non-GAAP Net Income, and Non-GAAP
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
45.9
|
|
$
28.2
|
|
$
100.3
|
|
$
75.0
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
5.3
|
|
12.7
|
|
12.8
|
|
21.2
|
Acquisition-Related
Costs
|
0.4
|
|
1.2
|
|
10.4
|
|
(1.4)
|
Purchased Intangible
Amortization
|
5.4
|
|
5.1
|
|
16.2
|
|
15.5
|
Other
Costs
|
1.6
|
|
5.6
|
|
6.2
|
|
21.2
|
Total
Non-GAAP Adjustments:
|
$
12.7
|
|
$
24.6
|
|
$
45.6
|
|
$
56.5
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
58.6
|
|
$
52.8
|
|
$
145.9
|
|
$
131.5
|
Non-GAAP Operating Margin
|
14.9%
|
|
13.3%
|
|
12.8%
|
|
11.5%
|
|
|
|
|
|
|
|
|
Non-GAAP Interest
& Other Income (Expense), net
|
(2.9)
|
|
(4.6)
|
|
(11.1)
|
|
(14.1)
|
Non-GAAP Profit
Before Tax
|
55.7
|
|
48.2
|
|
134.8
|
|
117.4
|
|
|
|
|
|
|
|
|
Non-GAAP Income Tax
Provision
|
(3.5)
|
|
(15.5)
|
|
(15.4)
|
|
(28.1)
|
Non-GAAP Tax Rate
|
6.3%
|
|
32.2%
|
|
11.4%
|
|
23.9%
|
|
|
|
|
|
|
|
|
Minority
Interest
|
(0.5)
|
|
(1.1)
|
|
(0.8)
|
|
(2.7)
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income Attributable to Bruker
|
51.7
|
|
31.6
|
|
118.6
|
|
86.6
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Diluted)
|
161.5
|
|
168.7
|
|
162.7
|
|
169.1
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
Per Share
|
$
0.32
|
|
$
0.19
|
|
$
0.73
|
|
$
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Gross Profit
|
|
|
|
|
|
|
|
GAAP Gross
Profit
|
$
185.2
|
|
$
167.5
|
|
$
522.1
|
|
$
497.1
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Restructuring
Costs
|
2.5
|
|
9.7
|
|
6.4
|
|
15.9
|
Acquisition-Related
Costs
|
0.2
|
|
0.9
|
|
2.3
|
|
1.2
|
Purchased Intangible
Amortization
|
4.7
|
|
4.6
|
|
14.0
|
|
14.0
|
Other
Costs
|
-
|
|
-
|
|
0.1
|
|
-
|
Total
Non-GAAP Adjustments:
|
7.4
|
|
15.2
|
|
22.8
|
|
31.1
|
Non-GAAP Gross
Profit
|
$
192.6
|
|
$
182.7
|
|
$
544.9
|
|
$
528.2
|
Non-GAAP Gross Margin
|
48.9%
|
|
46.1%
|
|
47.8%
|
|
46.1%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Interest & Other Income (Expense),
net
|
|
|
|
|
GAAP Interest
& Other Income (Expense), net
|
$
(2.9)
|
|
$
(4.6)
|
|
$
(11.1)
|
|
$
(14.3)
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Sale of Product
Line
|
-
|
|
-
|
|
-
|
|
0.2
|
Non-GAAP Interest
& Other Income (Expense), net
|
$
(2.9)
|
|
$
(4.6)
|
|
$
(11.1)
|
|
$
(14.1)
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Operating Cash Flow and Non-GAAP Free Cash Flow
|
|
|
|
|
GAAP Operating
Cash Flow
|
$
35.9
|
|
$
54.1
|
|
$
40.0
|
|
$
79.6
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(8.8)
|
|
(9.4)
|
|
(26.0)
|
|
(22.8)
|
Non-GAAP Free Cash
Flow
|
$
27.1
|
|
$
44.7
|
|
$
14.0
|
|
$
56.8
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Revenue and Non-GAAP Revenue
|
|
|
|
|
|
|
|
GAAP Revenue as of
Prior Comparable Period
|
$
396.1
|
|
$
419.8
|
|
$
1,145.6
|
|
$
1,300.9
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
Acquisitions and
divestitures
|
6.3
|
|
(11.1)
|
|
23.5
|
|
(34.0)
|
Currency
|
1.2
|
|
(45.8)
|
|
(1.9)
|
|
(145.2)
|
Organic
|
(9.7)
|
|
33.2
|
|
(26.2)
|
|
23.9
|
Total
Non-GAAP Adjustments:
|
(2.2)
|
|
(23.7)
|
|
(4.6)
|
|
(155.3)
|
Non-GAAP
Revenue
|
$
393.9
|
|
$
396.1
|
|
$
1,141.0
|
|
$
1,145.6
|
Organic Revenue Growth
|
-2.4%
|
|
8.1%
|
|
-2.3%
|
|
1.9%
|
|
|
|
|
|
|
|
|
* Please refer
to our press release for a full explanation for the use of non-GAAP
measures.
|
|
|
|
|
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SOURCE Bruker Corporation