Azenta, Inc. · NASDAQ:AZTA
Azenta — Brooks Automation — Q4 2009 Earnings Presentation
14 slides from Azenta's earnings presentation, Nov 12, 2009
Slide 1: 4th Quarter Fiscal 2009 Financial Results Conference Call
4th Quarter Fiscal 2009 Financial Results Conference Call Thursday, November 12, 2009 10:00 a.m. ET
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
Safe Harbor Statement & Non-GAAP Financial Measures "Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward-looking statements that are subject to r
Slide 3: Strong Ramp-Up in Activity
Strong Ramp-Up in Activity $millions Q3 Q4 Change Revenues $ 43.9 $ 64.1 $ 20.2 Gross Profit before Special Charges 4.0 11.9 7.9 Research & Development 7.5 7.1 0.4 SG&A, continuing 19.6 18.8 0.8 Operating Loss before Special Charges ($ 23.1) ($ 14.1) $ 9.1
Slide 4: End Market Trends
End Market Trends Q4 FY09 Fiscal 2009 Fiscal 2008 Semiconductor 79% 71% 77% Industrial 9% 14% 10% Other Markets 12% 15% 13% Semiconductor OEMs lead the recovery 3 OEM's represented greater than 10% of revenues in the quarter
Slide 5: 45% Drop Thru from Revenue Increases
45% Drop Thru from Revenue Increases $ millions Revenues Profits before Special Charges 3rd Quarter Fiscal 2009 $ 43.9 ($ 23.2) Product Revenue Growth 19.2 7.8 Service Revenue Growth 1.0 0.2 Additional Costs Supporting Oracle (0.4) Additional Depreciation for Oracle Systems (0.7) Higher Stock Option
Slide 6: Continued Improvement in Adjusted EBITDA
Continued Improvement in Adjusted EBITDA $ millions Q1 Q2 Q3 Q4 Revenues 73.4 37.3 43.8 64.1 Adjusted EBITDA (20.3) (26.7) (17.2) (8.7)
Slide 7: Limited Special Charges Impact on GAAP Net Income
Limited Special Charges Impact on GAAP Net Income $ millions Q3 Q4 Comments on Sequential Trends Operating Loss before Special Charges ($ 23.2) ($ 14.1) Special Charges ( 2.7) ( 0.5) Residual restructuring charges Interest Income, net 0.5 0.4 Other Income, net 0.1 0.1 Joint Venture Management Fees I
Slide 8: Modest Cash Utilization
Modest Cash Utilization Adjusted EBITDA ($ 8.7) Restructuring Cash Flow ( 2.9) Net Interest Income 0.4 Change in Assets and Other 7.6 Cash Flow from Continuing Operations ( 3.6) Capital Expenditures ( 0.5) Currency and Other 0.2 Net Change in Cash and Marketable Investments ($ 3.9) A reconciliation
Slide 9: Critical Balance Sheet Accounts
Critical Balance Sheet Accounts $ millions June 2009 Sept 2009 Comments on Sequential Trends Cash and Marketable Securities 114.4 110.5 Accounts Receivable, net 28.1 38.4 DSO improves by 4 days Inventories, net 91.4 84.7 Gross inventory reduction of $7.6 million Accounts Payable ( 15.7) ( 26.4) DPO
Slide 10: Critical Solutions Segment
Critical Solutions Segment $ millions Q3 Q4 Comments on Sequential Trends Revenues $16.8 $25.5 52% revenue growth Gross Profit before Amortization 1.3 7.3 Volume drop through and vacation cost benefits GAAP Gross Profit 0.9 6.9 Still carrying surplus capacity costs Operating Expenses 13.4 13.2 Segme
Slide 11: Systems Solutions Segment
Systems Solutions Segment $ millions Q3 Q4 Comments on Sequential Trends Revenues $14.2 $24.8 74% growth led by Extended Factory products GAAP Gross Profit 1.1 3.4 Volume drop through impact of Extended Factory on mix Operating Expenses 7.4 7.5 Increased IT cost allocations Segment Operating Loss ($
Slide 12: Global Customer Operations
Global Customer Operations $ millions Q3 Q4 Comments on Sequential Trends Revenues $12.8 $13.8 7% growth Gross Profit before Amortization 2.1 1.7 Start-up costs in China, mix and expediting costs GAAP Gross Profit 2.0 1.6 No special charges in Q4 Operating Expenses 5.0 4.8 Segment Operating Loss ($3
Slide 13: Looking Forward
Looking Forward December quarter revenues up at least 45% over the September quarter. Earnings and Cash Flow converging on breakeven. Working capital velocity continues to improve. Growing confidence in projecting strong sales growth well into calendar year 2010.
Slide 14: 4th Quarter Fiscal 2009 Financial Results Conference Call
4th Quarter Fiscal 2009 Financial Results Conference Call Thursday, November 12, 2009 10:00 a.m. ET