Azenta, Inc. 10-K

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the Nasdaq Stock Market LLC under the symbol “BRKS.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Holders As of November 5, 2020, there were 515 holders of record of our common stock. Dividend Policy Dividends are declared at the discretion of our Board of Directors and depend on actual cash flow from operations, our financial condition, capital requirements and any other factors our Board of Directors may consider relevant. Future dividend declarations, as well as the record and payment dates for such dividends, will be determined by our Board of Directors on a quarterly basis. We intend to pay quarterly cash dividends in the future; however, the amount and timing of these dividends may be impacted by the cyclical nature of certain markets we serve. We may reduce, delay or cancel a quarterly cash dividend based on the severity of a cyclical downturn. On November 5, 2020, our Board of Directors approved a cash dividend of $0.10 per share payable on December 17, 2020 to common stockholders of record on December 4, 2020. Comparative Stock Performance The following graph compares the cumulative total shareholder return (assuming reinvestment of dividends) from investing $100 on September 30, 2015, and plotted at the last trading day of each of the fiscal years ended September 30, 2016, 2017, 2018, 2019 and 2020, in each of (i) our Common Stock; (ii) the Nasdaq/NYSE American/NYSE Index of companies; and (iii) a peer group for the fiscal year ended September 30, 2020 (“Peer Group”). The Peer Group for the year ended September 30, 2020 is comprised of Advanced Energy Industries, Inc., Axcelis Technologies Inc., Bio Rad Laboratories Inc., Bruker Corp., Cabot Microelectronics Corp., Coherent Inc., Entegris, Inc., Formfactor Inc., Haemonetics Corp., MKS Instruments, Inc., MTS Instruments, Inc., Novanta Inc., Onto Innovation Inc., Ultra Clean Holdings, Inc., Varex Imaging Corp. and Veeco Instruments Inc. 25 Table of Contents The stock price performance on the graph below is not necessarily indicative of future price performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 Brooks Automation, Inc. ​ $ 100.00 ​ $ 120.41 ​ $ 273.51 ​ $ 319.90 ​ $ 342.26 ​ $ 431.74 Nasdaq/NYSE American/NYSE ​ 100.00 ​ 113.95 ​ 135.67 ​ 154.47 ​ 156.69 ​ 176.49 Peer Group ​ 100.00 ​ 136.80 ​ 220.33 ​ 238.42 ​ 279.94 ​ 313.93 ​ The information included under the heading “Comparative Stock Performance” in Item 5 of "this report" shall not be deemed to be “soliciting material” or subject to Regulation 14A, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act. Issuer’s Purchases of Equity Securities On September 29, 2015, our Board of Directors approved a share repurchase program for up to $50.0 million worth of our common stock. The timing and amount of any shares to be repurchased under this program will be based on market and business conditions, legal requirements and other factors and may be commenced or suspended at any time at our discretion. There were no shares repurchased under this program during the fiscal year ended September 30, 2020. ​ 26 Table of Contents Item 6. Selected Financial Data The selected consolidated financial data (1)(4) set forth below should be read in conjunction with our Consolidated Financial Statements and notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” appearing elsewhere in this report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2019 2018 2017 2016 ​ ​ ​ ​ ​ ​ (2) ​ ​ ​ (2) ​ ​ (In thousands, except per share data) Revenue ​ $ 897,273 ​ $ 780,848 ​ $ 631,560 ​ $ 527,499 ​ $ 434,012 Gross profit ​ 380,024 ​ 316,260 ​ 246,081 ​ 198,887 ​ 156,689 Operating income (loss) ​ 78,458 ​ 46,038 ​ 31,409 ​ 14,319 ​ (17,054) Income (loss) from continuing operations ​ 65,035 ​ 9,554 ​ 67,717 ​ 10,687 ​ (85,457) Income (loss) from discontinued operations, net of tax ​ (182) ​ 427,862 ​ 48,747 ​ 51,925 ​ 15,981 Net income (loss) attributable to Brooks Automation, Inc. ​ 64,853 ​ 437,416 ​ 116,575 ​ 62,612 ​ (69,476) Basic net income (loss) per share attributable to Brooks Automation, Inc. common stockholders: ​ ​ ​ ​ ​ Income (loss) from continuing operations ​ 0.88 ​ 0.13 ​ 0.96 ​ 0.15 ​ (1.25) Income (loss) from discontinued operations, net of tax ​ (0.00) ​ 5.95 ​ 0.69 ​ 0.75 ​ 0.23 Basic net income (loss) per share attributable to Brooks Automation, Inc. ​ $ 0.88 ​ $ 6.08 ​ $ 1.65 ​ $ 0.90 ​ $ (1.01) Diluted net income (loss) per share attributable to Brooks Automation, Inc. common stockholders: ​ ​ ​ ​ ​ Income (loss) from continuing operations ​ $ 0.88 ​ $ 0.13 ​ $ 0.95 ​ $ 0.15 ​ $ (1.25) Income (loss) from discontinued operations, net of tax ​ (0.00) ​ 5.91 ​ 0.69 ​ 0.74 ​ 0.23 Diluted net income (loss) per share attributable to Brooks Automation, Inc. ​ $ 0.88 ​ $ 6.04 ​ $ 1.64 ​ $ 0.89 ​ $ (1.01) Dividend declared per share ​ $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ $ 0.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2020 2019 2018 2017 2016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Cash and cash equivalents and marketable securities ​ $ 298,817 ​ $ 338,611 ​ $ 251,227 ​ $ 104,292 ​ $ 91,221 Working capital (3)(5) ​ 143,446 ​ 36,409 ​ 109,799 ​ 61,385 ​ 59,996 Total assets ​ 1,559,125 ​ 1,515,999 ​ 1,095,257 ​ 766,628 ​ 685,905 Total equity ​ 1,213,614 ​ 1,138,954 ​ 717,832 ​ 607,644 ​ 553,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2020 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ (In thousands, except per share data) Revenue ​ $ 210,500 ​ $ 220,227 ​ $ 220,350 ​ $ 246,196 Gross profit ​ 84,986 ​ 90,281 ​ 92,788 ​ 111,969 Operating income ​ 10,666 ​ 14,572 ​ 19,099 ​ 34,121 Net income attributable to Brooks Automation, Inc. ​ 13,057 ​ 9,127 ​ 13,696 ​ 28,973 Basic net income per share ​ 0.18 ​ 0.12 ​ 0.19 ​ 0.39 Diluted net income per share ​ 0.18 ​ 0.12 ​ 0.19 ​ 0.39 ​ 27 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 2019 ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ (In thousands, except per share data) Revenue ​ $ 179,368 ​ $ 198,390 ​ $ 203,880 ​ $ 199,210 Gross profit ​ 72,081 ​ 80,516 ​ 83,510 ​ 80,153 Operating income ​ 5,333 ​ 13,672 ​ 16,423 ​ 10,610 Net income attributable to Brooks Automation, Inc. ​ 14,415 ​ 3,421 ​ 7,254 ​ 412,326 Basic net income per share ​ 0.20 ​ 0.05 ​ 0.10 ​ 5.71 Diluted net income per share ​ 0.20 ​ 0.05 ​ 0.10 ​ 5.68 (1) We make acquisitions from time to time and the selected financial data includes the operation results from these acquisitions in the results of operations from the dates of the acquisitions. Please refer to Note 4, “Acquisitions” to our Consolidated Financial Statements for additional information. (2) Operating income (loss) and net income (loss) includes a charge of $76.5 million during fiscal year 2016 related to an additional valuation allowance against our U.S. net deferred tax assets and a benefit of $77.2 million during fiscal year 2018 due to the partial reversal of the valuation allowance against U.S. net deferred tax assets. Please refer to Note 12, “Income Taxes” to our Consolidated Financial Statements for additional information. (3) The calculation of working capital excludes "Cash and cash equivalents" and "Marketable securities”. (4) On August 27, 2018, we entered into an agreement to sell our semiconductor cryogenics business. We determined that the semiconductor cryogenics business met the criteria of being reported as a discontinued operation as of September 30, 2018. As a result, the selected financial data presented for current period and prior periods have been revised to reflect the discontinued operation classification. Please refer to Note 3, “Discontinued Operations” to our Consolidated Financial Statements for additional information. The sale was completed in the fourth quarter of fiscal year 2019. Net income attributable to Brooks Automation, Inc. for the fourth quarter and full fiscal year of 2019 includes the net gain on the sale of the business of $408.6 million. (5) In connection with the closing of the sale of the semiconductor cryogenics business in the fourth quarter of fiscal 2019, we recorded accrued taxes payable of approximately $95 million as of September 30, 2019, which reduce our working capital for fiscal year 2019. ​