- Q4 2022 revenues $708.4 million, up 3.6% year-over-year
(yoy); organic revenue growth of 8.9%
- Q4 2022 GAAP EPS $0.66; non-GAAP EPS $0.74, up 25.4%
yoy
- FY 2022 revenues $2.531 billion, up 4.7% yoy; organic
revenue growth of 10.2%
- FY 2022 GAAP EPS $1.99; non-GAAP EPS $2.34, up 11.4%
yoy
- Bruker expects FY 2023 organic revenue growth of 8% to 10%
yoy
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its fourth quarter and for the fiscal year ended
December 31, 2022.
Fourth Quarter 2022 Financial Results
Bruker’s revenues for the fourth quarter of 2022 were $708.4
million, an increase of 3.6% compared to $683.5 million in the
fourth quarter of 2021. In the fourth quarter of 2022, revenues
increased 8.9% organically year-over-year. Growth from acquisitions
was 1.7%, while foreign currency translation had a negative effect
of 7.0%.
Fourth quarter 2022 Bruker Scientific Instruments (BSI) revenues
of $651.8 million increased 3.6% year-over-year, with organic
revenue growth of 8.5%. Fourth quarter 2022 Bruker Energy &
Supercon Technologies (BEST) revenues of $58.9 million increased
1.9% year-over-year, with organic revenue growth, net of
intercompany eliminations, of 13.6%.
Fourth quarter 2022 GAAP operating income was $131.0 million, an
increase of 4.5% compared to $125.4 million in the fourth quarter
of 2021, representing GAAP operating margins of 18.5% and 18.3%,
respectively. Non-GAAP operating income was $148.9 million in the
fourth quarter of 2022, an increase of 3.5% compared to $143.8
million in the fourth quarter of 2021. Bruker’s fourth quarter 2022
non-GAAP operating margin was 21.0%, consistent with 21.0% in the
fourth quarter of 2021.
Fourth quarter 2022 GAAP diluted earnings per share (EPS) were
$0.66, compared to $0.50 in the fourth quarter of 2021. Fourth
quarter 2022 non-GAAP diluted EPS were $0.74, an increase of 25.4%
compared to $0.59 in the fourth quarter of 2021.
Fiscal Year 2022 Financial Results
For fiscal year (FY) 2022, Bruker’s revenues were $2.531
billion, an increase of 4.7% from $2.418 billion in FY 2021. In FY
2022, revenues increased 10.2% organically year-over-year. Growth
from acquisitions was 1.4%, while foreign currency translation had
a negative effect of 6.9%.
In FY 2022, BSI revenues of $2.306 billion increased 4.4%
compared to FY2021, including organic growth of 9.5%. FY2022 BEST
revenues of $237.1 million increased 5.9% year-over-year with
organic growth, net of intercompany eliminations, of 17.4%.
In FY 2022, GAAP operating income was $432.7 million, up 4.7%
compared to $413.3 million in FY 2021, representing GAAP operating
margins of 17.1% in both periods. Non-GAAP operating income in FY
2022 was $505.6 million, up 7.5% compared to $470.2 million in FY
2021. Bruker’s non-GAAP operating margin in FY 2022 was 20.0%, an
increase of 60 basis points compared to 19.4% in FY 2021.
FY 2022 GAAP diluted EPS was $1.99, compared to $1.81 in FY
2021. FY 2022 non-GAAP diluted EPS was $2.34, up 11.4% compared to
$2.10 in FY 2021.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, Bruker’s President and CEO, commented: “In FY
2022, Bruker delivered solid financial improvements - with 10%
organic revenue growth, 150 bps gross margin expansion and 11%
non-GAAP EPS growth. Our teams achieved this despite supply chain
challenges, and while making significant investments in proteomics
and spatial biology. Last year, our scientific instruments segment
also generated double-digit organic bookings growth and built
additional backlog, which gives us good visibility into FY
2023.”
Dr. Laukien continued: “In the last 13 months, we made key
acquisitions to expand in proteomics consumables, automation,
software and expert biopharma services. For FY 2023, we again aim
for strong revenue growth and a solid EPS increase, while
accelerating investments in our high-growth, high-margin
initiatives. Our medium-term goal is to leverage Project Accelerate
2.0 and our operational excellence initiative to continue to
transform Bruker into a sustained high revenue and EPS growth
company with significant further gross and operating margin
expansion potential.”
Fiscal Year 2023 Financial Outlook
For FY 2023, Bruker expects revenue of $2.81 to $2.86 billion,
or 11% to 13% year-over-year reported revenue growth, including
year-over-year revenue contributions from:
- organic revenue growth of 8% to 10%,
- M&A contributions of approximately 1.5%, and
- foreign currency translation tailwind of approximately
1.5%.
Bruker intends to further increase its R&D and commercial
investments, particularly in proteomics and spatial biology, with
FY 2023 R&D expenses of approximately 10% of revenue.
Bruker expects FY 2023 non-GAAP EPS of $2.52 to $2.57, or 8% to
10% year-over-year non-GAAP EPS growth.
Bruker’s revenue and non-GAAP EPS guidance are based on foreign
exchange rates as of January 31, 2023.
For the Company’s outlook for FY 2023 organic revenue growth and
non-GAAP EPS, we are not able to provide without unreasonable
effort the most directly comparable GAAP financial measures, or
reconciliations to such GAAP financial measures on a
forward-looking basis. Please see “Use of Non-GAAP Financial
Measures” below for a description of items excluded from our
expected non-GAAP EPS.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its
financial results, business outlook, and related corporate and
financial matters today, February 9, 2023, at 8:30 a.m. Eastern
Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q4 2022 Earnings Webcast”
hyperlink. A slide presentation that will be referenced during the
webcast will be posted to our Investor Relations 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
Fourth Quarter 2022 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
replay access code: 3734516. The replay will be available beginning
one hour after the end of the conference call through March 9,
2023.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries
and develop new applications that improve the quality of human
life. Bruker’s high performance scientific instruments and high
value analytical and diagnostic solutions enable scientists to
explore life and materials at molecular, cellular, and microscopic
levels. In close cooperation with our customers, Bruker is enabling
innovation, improved productivity, and customer success in
life-science molecular and cell biology research, in applied and
pharma applications, in microscopy and nanoanalysis, as well as in
industrial research, semiconductor metrology and cleantech
applications. Bruker offers differentiated, high-value life science
and diagnostics systems and solutions in preclinical imaging,
clinical phenomics research, proteomics and multiomics, spatial and
single-cell biology, functional structural and condensate biology,
as well as in clinical microbiology and molecular diagnostics. For
more information, please visit: www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (GAAP), we use the following non-GAAP
financial measures: non-GAAP gross profit; non-GAAP gross profit
margin; non-GAAP operating income; non-GAAP operating profit;
non-GAAP operating margin; non-GAAP SG&A expense; non-GAAP
Interest and Other Income (Expense), net, non-GAAP profit before
tax; non-GAAP tax rate; non-GAAP net income and non-GAAP diluted
earnings per share. These non-GAAP measures exclude costs related
to restructuring actions, acquisition and related integration
expenses, amortization of acquired intangible assets and other
non-operational costs.
We also may refer to organic revenue growth or decline, free
cash flow or use, return on invested capital and non-GAAP earnings
before interest taxes depreciation and amortization (EBITDA) which
are also non-GAAP financial measures. We define the term organic
revenue as GAAP revenue excluding the effect of changes in foreign
currency translation rates and the effect of acquisitions and
divestitures, and believe it is a useful measure to evaluate our
continuing business. We define free cash flow as net cash provided
by operating activities less additions to property, plant, and
equipment. We believe free cash flow is a useful measure to
evaluate our business because it indicates the amount of cash
generated after additions to property, plant, and equipment that is
available for, among other things, acquisitions, investments in our
business, repayment of debt and return of capital to shareholders.
We define return on invested capital (ROIC) as non-GAAP operating
profit after income tax divided by average total capital, which we
define as debt plus equity minus cash and cash equivalents. We
believe ROIC is an important measure of how effectively the Company
invests its capital. We define non-GAAP EBITDA as non-GAAP net
income adjusting out the effects of interest expense, net, non-GAAP
income tax expense and GAAP depreciation and amortization, with
purchased intangible amortization already adjusted out of non-GAAP
net income. We believe non-GAAP EBITDA is an important means of
comparing profitability of comparable companies.
The presentation of these non-GAAP financial measures is not
intended to be a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP and may
be different from non-GAAP financial measures used by other
companies, and therefore, may not be comparable among companies. We
believe these non-GAAP financial measures provide meaningful
supplemental information regarding our performance, however, we
urge investors to review the reconciliation of these financial
measures to the comparable GAAP financial measures included in the
accompanying tables, and not to rely on any single financial
measure to evaluate our business. Specifically, management believes
that the non-GAAP measures mentioned above provide relevant and
useful information which is widely used by analysts, investors and
competitors in our industry, as well as by our management, in
assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our
period-over-period operating performance because our management
believes this provides a more comparable measure of our continuing
business by adjusting for certain items that are not reflective of
the underlying performance of our business. These measures may also
be useful to investors in evaluating the underlying operating
performance of our business and forecasting future results. We
regularly use these non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and compensate
them, in part, based on certain non-GAAP measures and use this
information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial
measures used in this press release and reconciliations to the most
directly comparable GAAP financial measures are provided in the
tables accompanying this press release following our GAAP financial
statements.
With respect to our outlook for 2023 non-GAAP organic revenue,
non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate, we
are not providing the most directly comparable GAAP financial
measures or corresponding reconciliations to such GAAP financial
measures on a forward-looking basis, because we are unable to
predict with reasonable certainty certain items that may affect
such measures calculated and presented in accordance with GAAP
without unreasonable effort. Our expected non-GAAP organic revenue,
operating margin, tax rate and EPS ranges exclude primarily the
future impact of restructuring actions, unusual gains and losses,
acquisition-related expenses and purchase accounting fair value
adjustments. These reconciling items are uncertain, depend on
various factors outside our management’s control and could
significantly impact, either individually or in the aggregate, our
future period operating margins, EPS and tax rate calculated and
presented in accordance with GAAP.
Forward-Looking Statements
Any statements contained in this press release which do not
describe historical facts may constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our fiscal year 2022
financial outlook, our outlook for reported revenue growth, organic
revenue growth, non-GAAP operating margin, non-GAAP EPS and
non-GAAP tax rate; management’s expectations for the impact of
foreign currency and acquisitions, and for future financial and
operational performance and business outlook; future economic
conditions; the duration and impact of supply chain and
geopolitical challenges; strategic investments; and statements
found under the “Use of Non-GAAP Financial Measures” section of
this release. Any forward-looking statements contained herein are
based on current expectations, but are subject to risks and
uncertainties that could cause actual results to differ materially
from those indicated, including, but not limited to, risks and
uncertainties relating to COVID-19, the length and severity of any
recession and the impact on global economic conditions, the impact
of supply chain challenges, including inflationary pressures, the
impact of geopolitical tensions and any sanctions, including any
reduction in natural gas exports from Russia resulting from its
ongoing conflict with Ukraine and resulting market disruptions,
such as higher prices for and reduced availability of key metals
used in our products, continued volatility in the capital markets,
the impact of increased interest rates, the integration and
assumption of liabilities of businesses we have acquired or may
acquire in the future, our restructuring and cost-control
initiatives, changing technologies, product development and market
acceptance of our products, the cost and pricing of our products,
manufacturing and outsourcing, competition, dependence on
collaborative partners, key suppliers and third party distributors,
capital spending and government funding policies, changes in
governmental regulations, intellectual property rights, litigation,
exposure to foreign currency fluctuations, the impact of foreign
currency exchange rates, our ability to service our debt
obligations and fund our anticipated cash needs, the effect of a
concentrated ownership of our common stock, loss of key personnel,
payment of future dividends and other risk factors discussed from
time to time in our filings with the Securities and Exchange
Commission, or SEC. 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, 2021, as may be updated by our 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-
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in millions)
December 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
645.5
$
1,068.2
Short-term investments
—
100.0
Accounts receivable, net
472.7
416.9
Inventories
803.7
710.1
Other current assets
202.6
176.6
Total current assets
2,124.5
2,471.8
Property, plant and equipment, net
487.0
406.1
Goodwill, intangibles, net and other
long-term assets
1,007.0
772.1
Total assets
$
3,618.5
$
3,650.0
LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
18.7
$
112.4
Accounts payable
182.3
147.4
Customer advances
225.7
197.5
Other current liabilities
487.1
481.2
Total current liabilities
913.8
938.5
Long-term debt
1,200.5
1,221.8
Other long-term liabilities
372.4
404.9
Redeemable noncontrolling interests
6.1
0.2
Total shareholders' equity
1,125.7
1,084.6
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
3,618.5
$
3,650.0
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Revenue
$
708.4
$
683.5
$
2,530.7
$
2,417.9
Cost of revenue
342.5
341.9
1,225.0
1,208.3
Gross profit
365.9
341.6
1,305.7
1,209.6
Operating expenses:
Selling, general and administrative
164.7
153.3
607.4
561.2
Research and development
63.5
58.1
235.9
220.8
Other charges, net
6.7
4.8
29.7
14.3
Total operating expenses
234.9
216.2
873.0
796.3
Operating income
131.0
125.4
432.7
413.3
Interest and other income (expense),
net
(10.0
)
(5.9
)
(18.8
)
(19.7
)
Income before income taxes, equity in
income of unconsolidated investee, net of tax, and noncontrolling
interests in consolidated subsidiaries
121.0
119.5
413.9
393.6
Income tax provision
23.4
43.5
116.4
113.0
Equity in income of unconsolidated
investee, net of tax
0.7
—
1.0
—
Consolidated net income
98.3
76.0
298.5
280.6
Net income attributable to noncontrolling
interests in consolidated subsidiaries
0.9
0.3
1.9
3.5
Net income attributable to Bruker
Corporation
$
97.4
$
75.7
$
296.6
$
277.1
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.66
$
0.50
$
2.00
$
1.83
Diluted
$
0.66
$
0.50
$
1.99
$
1.81
Weighted average common shares
outstanding:
Basic
147.1
151.3
148.6
151.4
Diluted
147.9
152.5
149.4
152.9
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Cash flows from operating activities:
Consolidated net income
$
98.3
$
76.0
$
298.5
$
280.6
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
23.7
23.0
88.0
89.1
Stock-based compensation expense
4.7
5.3
27.7
17.2
Deferred income taxes
8.9
0.7
(16.8
)
(5.8
)
Other non-cash expenses, net
(3.7
)
2.1
8.1
26.9
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
(28.2
)
(47.6
)
(67.9
)
(95.3
)
Inventories
(1.0
)
14.3
(140.1
)
(67.0
)
Accounts payable and accrued expenses
28.5
15.5
28.8
61.4
Income taxes payable, net
(26.8
)
(10.9
)
(16.2
)
(44.3
)
Deferred revenue
10.4
0.9
24.4
20.3
Customer advances
31.8
28.0
28.3
18.5
Other changes in operating assets and
liabilities, net
12.5
31.3
(0.8
)
(19.2
)
Net cash provided by operating
activities
159.1
138.6
262.0
282.4
Cash flows from investing activities:
Purchases of short-term investments
—
(100.0
)
—
(148.0
)
Maturity of short-term investments
—
97.5
100.0
98.2
Cash paid for strategic investments
(20.5
)
—
(61.3
)
(0.5
)
Cash paid for acquisitions, net of cash
acquired
(93.6
)
(20.0
)
(179.1
)
(65.0
)
Purchases of property, plant and
equipment
(24.4
)
(28.4
)
(119.0
)
(92.0
)
Proceeds from sales of property, plant and
equipment
0.1
0.9
13.9
4.9
Net proceeds from cross-currency swap
agreements
1.4
1.4
6.2
10.0
Net cash used in investing activities
(137.0
)
(48.6
)
(239.3
)
(192.4
)
Cash flows from financing activities:
Proceeds from issuance of long-term
debt
—
492.8
—
492.8
Proceeds (repayment) of other debt,
net
1.5
(0.5
)
0.3
(2.3
)
Repayment of 2012 Note Purchase
Agreement
—
—
(105.0
)
—
Repayment of 2019 Note Purchase
Agreement
(3.7
)
(0.8
)
(6.0
)
(0.8
)
Payment of deferred financing costs
—
(0.1
)
—
(0.1
)
Proceeds from issuance of common stock,
net
2.0
1.1
2.8
7.0
Payment of contingent consideration
(0.9
)
—
(2.6
)
(0.4
)
Payment of dividends to common
shareholders
(7.4
)
(6.0
)
(29.8
)
(24.2
)
Repurchase of common stock
(26.3
)
(82.2
)
(263.1
)
(153.3
)
Purchase of minority interest
(1.2
)
—
(11.8
)
—
Net cash (used in) provided by financing
activities
(36.0
)
404.3
(415.2
)
318.7
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
33.3
0.9
(30.5
)
(22.5
)
Net change in cash, cash equivalents and
restricted cash
19.4
495.2
(423.0
)
386.2
Cash, cash equivalents and restricted cash
at beginning of period
629.3
576.5
1,071.7
685.5
Cash, cash equivalents and restricted cash
at end of period
$
648.7
$
1,071.7
$
648.7
$
1,071.7
Bruker Corporation
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(unaudited and in millions,
except per share data)
Reconciliation of Non-GAAP
Operating Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income
and Non-GAAP Earnings Per Share
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP operating income
$
131.0
$
125.4
$
432.7
$
413.3
Non-GAAP adjustments:
Restructuring costs
0.4
3.0
4.8
8.2
Acquisition-related costs
4.3
3.0
19.7
6.9
Purchased intangible amortization
9.6
10.2
37.1
37.4
Other costs
3.6
2.2
11.3
4.4
Total Non-GAAP adjustments:
17.9
18.4
72.9
56.9
Non-GAAP operating income
$
148.9
$
143.8
$
505.6
$
470.2
Non-GAAP operating margin
21.0
%
21.0
%
20.0
%
19.4
%
Non-GAAP interest & other expense,
net
(10.0
)
(5.9
)
(20.4
)
(19.7
)
Non-GAAP profit before tax
138.9
137.9
485.2
450.5
Non-GAAP income tax provision
(28.6
)
(47.4
)
(134.4
)
(126.1
)
Non-GAAP tax rate
20.6
%
34.4
%
27.7
%
28.0
%
Minority interest
(0.9
)
(0.3
)
(1.9
)
(3.5
)
Non-GAAP net income attributable to
Bruker
109.4
90.2
348.9
320.9
Weighted average shares outstanding
(diluted)
147.9
152.5
149.4
152.9
Non-GAAP earnings per share
$
0.74
$
0.59
$
2.34
$
2.10
Reconciliation of GAAP Gross
Profit to Non-GAAP Gross Profit
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP gross profit
$
365.9
$
341.6
$
1,305.7
$
1,209.6
Non-GAAP adjustments:
Restructuring costs
(0.2
)
1.8
0.9
3.4
Acquisition-related costs
0.1
0.6
0.4
0.7
Purchased intangible amortization
4.8
5.2
18.3
20.2
Other costs
1.7
1.0
4.8
1.1
Total Non-GAAP adjustments:
6.4
8.6
24.4
25.4
Non-GAAP gross profit
$
372.3
$
350.2
$
1,330.1
$
1,235.0
Non-GAAP gross margin
52.6
%
51.2
%
52.6
%
51.1
%
Reconciliation of GAAP
Selling, General and Administrative (SG&A) Expenses to Non-GAAP
SG&A Expenses
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP SG&A expenses
$
164.7
$
153.3
$
607.4
$
561.2
Non-GAAP adjustments:
Purchased intangible amortization
(4.8
)
(5.0
)
(18.8
)
(17.2
)
Non-GAAP SG&A expenses
$
159.9
$
148.3
$
588.6
$
544.0
Bruker Corporation
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES - Continued
(unaudited and in millions,
except per share data)
Reconciliation of GAAP
Interest and Other Income (Expense), net to Non-GAAP Interest and
Other Income (Expense), net
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP interest and other income
(expense), net
$
(10.0
)
$
(5.9
)
$
(18.8
)
$
(19.7
)
Non-GAAP adjustments:
Strategic investments related
adjustments
—
—
(1.6
)
—
Non-GAAP interest and other income
(expense), net
$
(10.0
)
$
(5.9
)
$
(20.4
)
$
(19.7
)
Reconciliation of GAAP Tax
Rate to Non-GAAP Tax Rate
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP tax rate
19.3
%
36.4
%
28.1
%
28.7
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
1.7
%
-1.6
%
-1.8
%
-0.8
%
Other discrete items
-0.4
%
-0.4
%
1.4
%
0.1
%
Total non-GAAP adjustments:
1.3
%
-2.0
%
-0.4
%
-0.7
%
Non-GAAP tax rate
20.6
%
34.4
%
27.7
%
28.0
%
Reconciliation of GAAP
Earnings Per Share to Non-GAAP Earnings Per Share (Diluted)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP earnings per share
(diluted)
$
0.66
$
0.50
$
1.99
$
1.81
Non-GAAP adjustments:
Restructuring costs
—
0.02
0.03
0.05
Acquisition-related costs
0.03
0.02
0.13
0.05
Purchased intangible amortization
0.07
0.06
0.25
0.24
Other costs
0.01
0.02
0.06
0.04
Income tax rate differential
(0.03
)
(0.03
)
(0.12
)
(0.09
)
Total non-GAAP adjustments:
0.08
0.09
0.35
0.29
Non-GAAP earnings per share
(diluted)
$
0.74
$
0.59
$
2.34
$
2.10
Reconciliation of GAAP
Operating Cash Flow to Non-GAAP Free Cash Flow
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
GAAP operating cash flow
$
159.1
$
138.6
$
262.0
$
282.4
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(24.4
)
(28.4
)
(119.0
)
(92.0
)
Non-GAAP free cash flow
$
134.7
$
110.2
$
143.0
$
190.4
Bruker Corporation
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES - Continued
(unaudited and in millions,
except per share data)
Reconciliation of Non-GAAP
Return on Invested Capital (ROIC)
FY 2022
FY 2021
Non-GAAP operating income
$
505.6
$
470.2
Less: non-GAAP income tax provision
(134.4
)
(126.1
)
Non-GAAP operating income after
tax
$
371.2
$
344.1
Average total invested capital
Average long-term debt
$
1,213.0
$
1,034.3
Average current portion of long-term
debt
65.6
57.3
Average total shareholders' equity
1,108.3
1,029.6
Less: average cash and cash
equivalents
(856.9
)
(875.0
)
Average total invested capital
$
1,530.0
$
1,246.2
Return on invested capital
(ROIC)
24.3
%
27.6
%
Reconciliation of Non-GAAP
EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Non-GAAP net income attributable to
Bruker
$
109.4
$
90.2
$
348.9
$
320.9
Non-GAAP adjustments:
Interest Expense, net 1
3.2
3.4
13.3
13.5
Non-GAAP Income Tax Provision (from
above)
28.6
47.4
134.4
126.1
GAAP Depreciation Expense
14.1
12.8
50.2
51.6
Amortization Expense 2
—
—
0.7
0.1
Total Non-GAAP adjustments:
45.9
63.6
198.6
191.3
Non-GAAP EBITDA
$
155.3
$
153.8
$
547.5
$
512.2
Non-GAAP EBITDA Margin
21.9
%
22.5
%
21.6
%
21.2
%
1 GAAP Interest Expense,
net
2 GAAP Amortization Expense -
with purchased intangible amortization already adjusted out of
non-GAAP net income
Bruker Corporation
REVENUE
(unaudited and in
millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Revenue by group:
Bruker BioSpin
$
203.4
$
196.6
$
696.7
$
691.0
Bruker CALID
221.2
239.7
822.2
819.6
Bruker Nano
227.2
192.9
787.0
697.5
BEST
58.9
57.8
237.1
223.8
Eliminations
(2.3
)
(3.5
)
(12.3
)
(14.0
)
Total revenue
$
708.4
$
683.5
$
2,530.7
$
2,417.9
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Revenue by end customer
geography:
United States
$
177.8
$
159.0
$
696.1
$
601.0
Europe
236.2
274.4
839.3
920.7
Asia Pacific
242.8
203.3
804.9
729.1
Other
51.6
46.8
190.4
167.1
Total revenue
$
708.4
$
683.5
$
2,530.7
$
2,417.9
Reconciliation of GAAP
Reported Revenue Growth to Organic Revenue Growth
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
683.5
$
627.5
$
2,417.9
$
1,987.5
Non-GAAP adjustments:
Acquisitions and divestitures
11.6
1.8
34.3
8.1
Organic
60.8
71.6
246.5
379.0
Currency
(47.5
)
(17.4
)
(168.0
)
43.3
Total Non-GAAP adjustments:
24.9
56.0
112.8
430.4
GAAP revenue
$
708.4
$
683.5
$
2,530.7
$
2,417.9
Revenue growth
3.6
%
8.9
%
4.7
%
21.7
%
Organic revenue growth
8.9
%
11.4
%
10.2
%
19.1
%
Bruker Corporation
REVENUE - Continued
(unaudited and in
millions)
Reconciliation of GAAP
Reported Revenue Growth to Organic Revenue Growth -
Continued
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Bruker Scientific Instruments
(1)
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
629.2
$
574.7
$
2,208.1
$
1,810.0
Non-GAAP adjustments:
Acquisitions and divestitures
11.6
1.8
34.3
8.1
Organic
53.4
68.0
210.0
351.4
Currency
(42.4
)
(15.3
)
(146.5
)
38.6
Total non-GAAP adjustments:
22.6
54.5
97.8
398.1
GAAP revenue
$
651.8
$
629.2
$
2,305.9
$
2,208.1
Revenue growth
3.6
%
9.5
%
4.4
%
22.0
%
Organic revenue growth
8.5
%
11.8
%
9.5
%
19.4
%
(1) Bruker Scientific Instruments
(BSI) revenue reflects the sum of the BSI Life Science and the BSI
Nano Segments as presented in our 2021 10K.
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
54.3
$
52.8
$
209.8
$
177.5
Non-GAAP adjustments:
Organic
7.4
3.6
36.5
27.6
Currency
(5.1
)
(2.1
)
(21.5
)
4.7
Total non-GAAP adjustments:
2.3
1.5
15.0
32.3
GAAP revenue
$
56.6
$
54.3
$
224.8
$
209.8
Revenue growth
4.2
%
2.8
%
7.1
%
18.2
%
Organic revenue growth
13.6
%
6.8
%
17.4
%
15.5
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230209005225/en/
Justin Ward Sr. Director, Investor Relations & Corporate
Development Bruker Corporation T: +1 (978) 663–3660, ext. 1479 E:
Investor.Relations@bruker.com
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