Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000933974 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-25434 | |
Entity Registrant Name | AZENTA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3040660 | |
Entity Address, Address Line One | 15 Elizabeth Drive | |
Entity Address, City or Town | Chelmsford | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01824 | |
City Area Code | 978 | |
Local Phone Number | 262-2400 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Listing, Par Value Per Share | $ 0.01 | |
Trading Symbol | AZTA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 74,988,765 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,936,291 | $ 227,427 |
Marketable securities | 816,512 | 81 |
Accounts receivable, net of allowance for expected credit losses ($4,622 and $4,318, respectively) | 137,578 | 119,877 |
Inventories | 77,752 | 60,398 |
Prepaid expenses and other current assets | 74,961 | 58,198 |
Current assets held for sale | 311,385 | |
Total current assets | 3,043,094 | 777,366 |
Property, plant and equipment, net | 150,426 | 130,719 |
Long-term marketable securities | 260,220 | 3,598 |
Long-term deferred tax assets | 1,816 | 10,043 |
Goodwill | 467,746 | 469,356 |
Intangible assets, net | 170,507 | 186,534 |
Other assets | 65,237 | 58,068 |
Non-current assets held for sale | 183,828 | |
Total assets | 4,159,046 | 1,819,512 |
Current liabilities | ||
Accounts payable | 35,868 | 42,360 |
Deferred revenue | 30,700 | 25,724 |
Accrued warranty and retrofit costs | 2,491 | 2,330 |
Accrued compensation and benefits | 41,708 | 33,183 |
Accrued restructuring costs | 183 | 304 |
Accrued income taxes payable | 430,650 | 8,711 |
Accrued expenses and other current liabilities | 76,363 | 103,537 |
Current liabilities held for sale | 128,939 | |
Total current liabilities | 617,963 | 345,088 |
Long-term debt | 49,677 | |
Long-term tax reserves | 2,023 | 1,973 |
Long-term deferred tax liabilities | 17,502 | 13,030 |
Long-term pension liabilities | 720 | 705 |
Long-term operating lease liabilities | 48,698 | 45,088 |
Other long-term liabilities | 7,164 | 6,173 |
Non-current liabilities held for sale | 32,444 | |
Total liabilities | 694,070 | 494,178 |
Commitments and contingencies (Note 16) | ||
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, 88,445,490 shares issued and 74,983,621 shares outstanding at March 31, 2022, 87,808,922 shares issued and 74,347,053 shares outstanding at September 30, 2021 | 885 | 878 |
Additional paid-in capital | 1,986,796 | 1,976,112 |
Accumulated other comprehensive income | (7,398) | 19,351 |
Treasury stock, at cost - 13,461,869 shares | (200,956) | (200,956) |
Retained earnings (accumulated deficit) | 1,685,649 | (470,051) |
Total stockholders' equity | 3,464,976 | 1,325,334 |
Total liabilities and stockholders' equity | $ 4,159,046 | $ 1,819,512 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Allowance for expected credit losses | $ 4,622 | $ 4,318 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 88,445,490 | 87,808,922 |
Common stock, shares outstanding | 74,983,621 | 74,347,053 |
Treasury Stock, Shares [Abstract] | ||
Treasury stock, shares | 13,461,869 | 13,461,869 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | ||||
Total revenue | $ 145,544 | $ 129,535 | $ 285,196 | $ 247,677 |
Cost of revenue | ||||
Total cost of revenue | 74,719 | 71,635 | 147,327 | 132,442 |
Gross profit | 70,825 | 57,900 | 137,869 | 115,235 |
Operating expenses | ||||
Research and development | 6,896 | 5,236 | 13,381 | 10,324 |
Selling, general and administrative | 68,515 | 61,892 | 129,226 | 113,823 |
Restructuring charges | 122 | 92 | 295 | 53 |
Total operating expenses | 75,533 | 67,220 | 142,902 | 124,200 |
Operating loss | (4,708) | (9,320) | (5,033) | (8,965) |
Interest income | 3,076 | 18 | 3,111 | 94 |
Interest expense | (1,555) | (452) | (2,010) | (1,008) |
Loss on extinguishment of debt | (632) | (632) | ||
Other income (expenses), net | (1,170) | 108 | (2,248) | 1,389 |
Loss before income taxes | (4,989) | (9,646) | (6,812) | (8,490) |
Income tax benefit | (3,173) | (2,310) | (7,853) | (3,860) |
(Loss) income from continuing operations | (1,816) | (7,336) | 1,041 | (4,630) |
Income from discontinued operations, net of tax | 2,121,690 | 31,084 | 2,162,152 | 54,406 |
Net income | $ 2,119,874 | $ 23,748 | $ 2,163,193 | $ 49,776 |
Basic net income per share: | ||||
(Loss) income from continuing operations (in dollars per share) | $ (0.02) | $ (0.10) | $ 0.01 | $ (0.06) |
Income from discontinued operations, net of tax (in dollars per share) | 28.31 | 0.42 | 28.90 | 0.73 |
Basic net income per share (in dollars per share) | 28.28 | 0.32 | 28.91 | 0.67 |
Diluted net income per share: | ||||
(Loss) income from continuing operations (in dollars per share) | (0.02) | (0.10) | 0.01 | (0.06) |
Income from discontinued operations, net of tax (in dollars per share) | 28.31 | 0.42 | 28.77 | 0.73 |
Diluted net income per share (in dollars per share) | $ 28.28 | $ 0.32 | $ 28.79 | $ 0.67 |
Weighted average shares used in computing net income per share: | ||||
Basic (in shares) | 74,958 | 74,265 | 74,823 | 74,142 |
Diluted (in shares) | 74,958 | 74,265 | 75,145 | 74,142 |
Products | ||||
Revenue | ||||
Total revenue | $ 49,449 | $ 46,233 | $ 95,318 | $ 87,695 |
Cost of revenue | ||||
Total cost of revenue | 24,953 | 22,787 | 49,475 | 45,580 |
Services | ||||
Revenue | ||||
Total revenue | 96,095 | 83,302 | 189,878 | 159,982 |
Cost of revenue | ||||
Total cost of revenue | $ 49,766 | $ 48,848 | $ 97,852 | $ 86,862 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,119,874 | $ 23,748 | $ 2,163,193 | $ 49,776 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation reclassification adjustments included in income from discontinued operation (Note 2) | (16,567) | (16,567) | ||
Net investment hedge currency translation adjustment | 10,673 | 10,673 | ||
Foreign currency translation adjustments | (22,431) | (12,547) | (17,630) | 717 |
Unrealized loss on marketable securities, net of tax effects of $0, $0 fiscal years 2022 and 2021 | (3,306) | (3,306) | ||
Actuarial gains, net of tax effects of $20 and $21 during the three and six months ended March 31, 2022, ($4) and $1 during the three and six months ended March 31, 2021 | 84 | 39 | 81 | 1 |
Total other comprehensive income, net of tax | (31,547) | (12,508) | (26,749) | 718 |
Comprehensive income | $ 2,088,327 | $ 11,240 | $ 2,136,444 | $ 50,494 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Actuarial gains (losses) | $ 20 | $ 4 | $ 21 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 2,163,193 | $ 49,776 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 26,005 | 31,543 |
Stock-based compensation | 7,230 | 14,191 |
Amortization of premium on marketable securities and deferred financing costs | 66 | 113 |
Deferred income taxes | 11,054 | (10,161) |
Loss on extinguishment of debt | 632 | |
(Gain) loss on disposals of property, plant and equipment | (30) | 51 |
Gain on divestiture, net of tax | (2,130,351) | |
Adjustment to the gain on divestiture of semiconductor cryogenics business, net of tax | 948 | |
Fees paid stemming from divestiture | (52,461) | |
Changes in operating assets and liabilities, net of acquisitions and divestiture: | ||
Accounts receivable | (456) | (35,033) |
Inventories | (55,033) | (11,301) |
Prepaid expenses and other assets | (48,891) | 3,157 |
Accounts payable | (7,906) | 14,136 |
Deferred revenue | 5,215 | 4,659 |
Accrued warranty and retrofit costs | (198) | (261) |
Accrued compensation and tax withholdings | 10,875 | (5,371) |
Accrued restructuring costs | (113) | (124) |
Accrued expenses and other liabilities | 15,430 | 21,619 |
Net cash (used in) provided by operating activities | (55,739) | 77,942 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment | (44,326) | (25,531) |
Purchases of technology intangibles | (4,000) | |
Purchases of marketable securities | (1,074,428) | (75) |
Sales of marketable securities | 3,710 | 25 |
Proceeds from divestiture, net of cash transferred | 2,927,245 | |
Adjustment to proceeds from divestiture of semiconductor cryogenics business | (1,802) | |
Net cash provided by (used in) investing activities | 1,808,201 | (27,383) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 3,461 | 2,583 |
Principal payments on debt | (49,725) | (414) |
Payments of finance leases | (312) | (638) |
Payment for contingent consideration related to acquisition | (9,400) | |
Common stock dividends paid | (7,494) | (14,856) |
Net cash used in financing activities | (63,470) | (13,325) |
Effects of exchange rate changes on cash and cash equivalents | (25,372) | 6,051 |
Net increase in cash, cash equivalents and restricted cash | 1,663,620 | 43,285 |
Cash, cash equivalents and restricted cash, beginning of period | 285,333 | 302,526 |
Cash, cash equivalents and restricted cash, end of period | $ 1,948,953 | $ 345,811 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||
Cash and cash equivalents of continuing operations | $ 1,936,291 | $ 227,427 | |
Cash and cash equivalents included in assets held for sale | 45,000 | ||
Short-term restricted cash included in prepaid expenses and other current assets | 3,567 | 7,145 | |
Long-term restricted cash included in other assets | 9,095 | 5,761 | |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 1,948,953 | $ 285,333 | $ 345,811 |
Restricted Cash, Current, Statement of Financial Position | Prepaid expenses and other current assets | Prepaid expenses and other current assets | |
Restricted Cash, Noncurrent, Statement of Financial Position | Other assets | Other assets |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Treasury Stock | Total |
Beginning Balance at Sep. 30, 2020 | $ 873 | $ 1,942,850 | $ 21,919 | $ (551,072) | $ (200,956) | $ 1,213,614 |
Beginning Balance (in shares) at Sep. 30, 2020 | 87,293,710 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under restricted stock and purchase plans, net | $ 5 | 2,578 | 2,583 | |||
Shares issued under restricted stock and purchase plans, net (in shares) | 461,956 | |||||
Stock-based compensation | 14,191 | 14,191 | ||||
Common stock dividends declared | (14,856) | (14,856) | ||||
Foreign currency translation adjustments | 717 | 717 | ||||
Actuarial loss, net of tax effects | 1 | 1 | ||||
Net income | 49,776 | 49,776 | ||||
Ending Balance at Mar. 31, 2021 | $ 878 | 1,959,619 | 22,637 | (516,152) | (200,956) | 1,266,026 |
Ending Balance (in shares) at Mar. 31, 2021 | 87,755,666 | |||||
Beginning Balance at Dec. 31, 2020 | $ 877 | 1,949,556 | 35,145 | (532,468) | (200,956) | 1,252,154 |
Beginning Balance (in shares) at Dec. 31, 2020 | 87,672,132 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under restricted stock and purchase plans, net | $ 1 | 2,582 | 2,583 | |||
Shares issued under restricted stock and purchase plans, net (in shares) | 83,534 | |||||
Stock-based compensation | 7,481 | 7,481 | ||||
Common stock dividends declared | (7,432) | (7,432) | ||||
Foreign currency translation adjustments | (12,547) | (12,547) | ||||
Actuarial loss, net of tax effects | 39 | 39 | ||||
Net income | 23,748 | 23,748 | ||||
Ending Balance at Mar. 31, 2021 | $ 878 | 1,959,619 | 22,637 | (516,152) | (200,956) | 1,266,026 |
Ending Balance (in shares) at Mar. 31, 2021 | 87,755,666 | |||||
Beginning Balance at Sep. 30, 2021 | $ 878 | 1,976,112 | 19,351 | (470,051) | (200,956) | $ 1,325,334 |
Beginning Balance (in shares) at Sep. 30, 2021 | 87,808,922 | 74,347,053 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under restricted stock and purchase plans, net | $ 7 | 3,455 | $ 3,462 | |||
Shares issued under restricted stock and purchase plans, net (in shares) | 641,161 | |||||
Stock-based compensation | 7,229 | 7,229 | ||||
Common stock dividends declared | (7,493) | (7,493) | ||||
Net investment hedge currency translation adjustment | 10,673 | 10,673 | ||||
Foreign currency translation reclassification adjustments included in income from discontinued operation (Note 2) | (16,567) | (16,567) | ||||
Foreign currency translation adjustments | (17,630) | (17,630) | ||||
Changes in unrealized gains on marketable securities, net of tax | (3,306) | (3,306) | ||||
Actuarial loss, net of tax effects | 81 | 81 | ||||
Net income | 2,163,193 | 2,163,193 | ||||
Ending Balance at Mar. 31, 2022 | $ 885 | 1,986,796 | (7,398) | 1,685,649 | (200,956) | $ 3,464,976 |
Ending Balance (in shares) at Mar. 31, 2022 | 88,450,083 | 74,983,621 | ||||
Beginning Balance at Dec. 31, 2021 | $ 884 | 1,977,571 | 24,149 | (434,225) | (200,956) | $ 1,367,423 |
Beginning Balance (in shares) at Dec. 31, 2021 | 88,375,410 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under restricted stock and purchase plans, net | $ 1 | 3,460 | 3,461 | |||
Shares issued under restricted stock and purchase plans, net (in shares) | 74,673 | |||||
Stock-based compensation | 5,765 | 5,765 | ||||
Net investment hedge currency translation adjustment | 10,673 | 10,673 | ||||
Foreign currency translation reclassification adjustments included in income from discontinued operation (Note 2) | (16,567) | (16,567) | ||||
Foreign currency translation adjustments | (22,431) | (22,431) | ||||
Changes in unrealized gains on marketable securities, net of tax | (3,306) | (3,306) | ||||
Actuarial loss, net of tax effects | 84 | 84 | ||||
Net income | 2,119,874 | 2,119,874 | ||||
Ending Balance at Mar. 31, 2022 | $ 885 | $ 1,986,796 | $ (7,398) | $ 1,685,649 | $ (200,956) | $ 3,464,976 |
Ending Balance (in shares) at Mar. 31, 2022 | 88,450,083 | 74,983,621 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividend declared per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | |
Actuarial losses, tax | $ 3 | $ (4) | $ 0 | $ 5 |
Nature of Operation
Nature of Operation | 6 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operation | 1. Nature of Operation Azenta, Inc. (“Azenta”, or the “Company”) is a leading global provider of life science sample exploration and management solutions for the life sciences market. The Company supports its customers from research to clinical development with its sample management, automated storage, and genomic services expertise to help bring impactful therapies to market faster. Discontinued Operations In the fourth quarter of fiscal year 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to Thomas H. Lee Partners, L.P. (“THL”). The Company determined that the semiconductor automation business met the “held for sale” criteria and the “discontinued operations” criteria in accordance with Financial Accounting Standard Boards (“FASB”) Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash, subject to working capital and other customary adjustments. Net cash proceeds from the sale are expected to be $2.5 billion, after deducting estimated taxes payable and other items, such as closing costs. Risks and Uncertainties The Company is subject to risks common to companies in the markets it serves, including, but not limited to, global economic and financial market conditions, fluctuations in customer demand, acceptance of new products, development by its of new technological innovations, risk of disruption in its supply chain, the implementation of tariffs and export controls, dependence on key personnel, protection of proprietary technology, and compliance with domestic and foreign regulatory authorities and agencies. T . The Company has followed government guidance in each region and has implemented the U.S. Centers for Disease Control and Prevention social distancing guidelines and other best practices to protect the health and safety of the Company’s employees. The COVID-19 pandemic has not had a substantial negative impact on the Company’s financial results and a portion of this impact has been mitigated by the Company’s realignment of resources to satisfy incremental orders related to virus research and vaccine development and commercialization. Future impacts on the Company’s financial results are not fully determinable, as the full impact of the pandemic on the economy and markets which the Company serves is as yet unknown, but will be dependent, in part, on future variants of the virus and vaccine effectiveness against these variants and new or prolonged government responses to the pandemic. The Company’s financial results will also depend on variables including reduced demand from its customers, the degree that the supply chain may be constrained which could impact its delivery of products and services and the potential negative impact on its operations if there is an outbreak among the Company’s employees, as well as the amount of incremental demand caused by research and treatments in the areas of COVID-19 or related threats. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company applies the equity method of accounting to investments that provide it with the ability to exercise significant influence over the entities in which it lacks controlling financial interest and is not a primary beneficiary. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months and six months ended March 31, 2022, and 2021, and cash flows for the six months ended March 31, 2022, and 2021. The consolidated balance sheet at September 30, 2021 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted and, accordingly, the accompanying financial information should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ended September 30, 2021 (the “2021 Annual Report on Form 10-K”). The accompanying Consolidated Balance Sheet as of September 30, 2021 was derived from the audited annual consolidated financial statements as of the period then ended. Use of Estimates The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, and stock-based compensation expense. The Company assesses the estimates on an ongoing basis and record changes in estimates in the period they occur and become known. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, including results of operations and financial condition, sales, expenses, reserves and allowances, manufacturing and employee-related amounts, will depend on future developments that are highly uncertain. This includes results from new information that may emerge concerning COVID-19 and any actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income (expenses), net” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses were $1.2 million and $0.4 million during the three months ended March 31, 2022 and 2021, respectively. Net foreign currency transaction and remeasurement losses were $3.2 million and gains were $0.4 million during the six months ended March 31, 2022 and 2021, respectively. The determination of the functional currency of the Company’s subsidiaries is based on their financial and operational environment and is the local currency of all of the Company’s foreign subsidiaries. The subsidiaries’ assets and liabilities are translated into the reporting currency at period-end exchange rates, while revenue, expenses, gains and losses are translated at the average exchange rates during the period. Gains and losses from foreign currency translations are recorded in “Accumulated other comprehensive income” in the Company’s Consolidated Balance Sheets and presented as a component of comprehensive income in the Company’s Consolidated Statements of Comprehensive Income. The semiconductor automation business had foreign operations which had a cumulative translation adjustment balance of $16.6 million at the date of disposal. This amount was removed from accumulated other comprehensive income during the three months ended March 31, 2022, included in the gain on the sale of the semiconductor automation business. As a result, the Company presented a $16.6 million reclassification adjustment in other comprehensive income for the period. Derivative Financial Instruments The Company has transactions and balances denominated in currencies other than U.S. dollars. Most of these transactions or balances are denominated in Euros, British Pounds and a variety of Asian currencies. The Company enters into foreign exchange contracts to reduce its exposure to currency fluctuations. The arrangements typically mature in three months or less and they do not qualify for hedge accounting. Net gains and losses related to these contracts are recorded as a component of “Other income (expenses), net” in the accompanying unaudited Consolidated Statements of Operations and are as follows for the three and six months ended March 31, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Realized gains (losses) on derivatives not designated as hedging instruments $ 1,125 $ (5,173) $ 1,054 $ (6,335) The fair values of the forward contracts are recorded in the accompanying unaudited Consolidated Balance Sheets as “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”. Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy described below due to a lack of an active market for these contracts. Hedging Activities During the three months ended March 31, 2022, the Company entered into a cross-currency swap agreement to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged approximately $1.03 billion for approximately €915 million at a weighted average interest rate of approximately 1.196% . The designated notional amount is $960 million and the actual interest rate is 1.283% . 1.283% was in the range of the market value for that day and is the true interest rate on the notional amount. This cross-currency swap agreement expires in February 2023. We have designated the cross-currency swap as a hedge of net investments against one of our Euro denominated subsidiaries which requires an exchange of the notional amounts at maturity. At the maturity of the cross currency-swap, the Company will deliver a notional amount of €852 million and receive a notional amount of $960 million at an exchange rate of 1.1261 . This cross-currency swap is marked to market at each reporting period, representing the fair values of the cross-currency swap and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net, on the Statements of Comprehensive Income. Interest accrued on the cross-currency swap is recorded within Interest Income on the Consolidated Statements of Operations. For the three and six months ended March 31, 2022, the Company recorded a gain of $10.7 million to Accumulated other comprehensive income and recorded interest income of $2.1 million on this instrument. Fair Value Measurements The Company measures certain financial assets and liabilities, including cash equivalents, available for sale securities, accounts receivable, accounts payable, and derivative instruments at fair value. FASB ASC 820, Fair Value Measurement and Disclosures Accounts Receivable, Allowance for Expected Credit Losses and Sales Returns Trade accounts receivable do not bear interest and are recorded at the invoiced amount. The Company maintains an allowance for expected credit losses representing its best estimate of expected credit losses related to its existing accounts receivable and their net realizable value. The Company determines the allowance based on a number of factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience and other information over the payment periods. The Company reviews and adjusts the allowance for expected credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance for expected credit losses when the Company determines that the balances are not recoverable. Provisions for expected credit losses are recorded in “Selling, general and administrative” expenses in the Consolidated Statements of Operations. The Company determines the allowance for sales returns based on its best estimate of expected customer returns. Provisions for sales returns are recorded in "Revenue" in the Consolidated Statements of Operations. The Company does not have any off-balance-sheet credit exposure related to its customers. Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate. The classification of a lease as operating or finance and the determination of the right-of-use asset (“ROU asset”) and lease liability are determined at lease inception. The ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liability represents the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. Fixed payments for non-lease components are combined with lease payments and accounted for as a single lease component which increases the amount of the ROU asset and liability. The ROU asset for operating leases is included within “Other assets” and the ROU asset for finance leases is included within “Property, plant, and equipment, net” in the accompanying unaudited Consolidated Balance Sheets. The short-term lease liabilities for both operating leases and finance leases are included within “Accrued expenses and other current liabilities” in the accompanying unaudited Consolidated Balance Sheets. The long-term lease liabilities for operating leases and finance leases are included within “Long-term operating lease liabilities”, and “Other long-term liabilities”, respectively, in the accompanying unaudited Consolidated Balance Sheets. Recently Issued Accounting Pronouncements In November 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance . The amendment in this ASU requires disclosures to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. This ASU is effective for annual periods beginning after December 15, 2021. The Company will adopt the provisions of this ASU in fiscal 2023. The Company is evaluating the effect of adopting this new accounting guidance. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope . The amendments provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The provisions of the amendments are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted the guidance during the first quarter of fiscal year 2022 . There is no accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. In October 2020, the FASB issued ASU 2020-10, Codification Improvements . The amendments in this ASU represent changes to clarify certain ASCs, correct unintended application of guidance, or make minor improvements to certain ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. This ASU will not affect the Company's consolidated financial statements. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s disclosure to the consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amendments require additional disclosure for the weighted-average interest crediting rates, a narrative description of the reasons for significant gains and losses, and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment removes disclosure requirements for accumulated other comprehensive income expected to be recognized over the next year, information about plan assets to be returned to the entity, and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. The ASU is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The ASU does not amend the interim disclosure requirements of ASC 715-20. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 clarifying and amending existing guidance. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. Other For further information with regard to the Company’s significant accounting policies, please refer to Note 2 “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the 2021 Annual Report on Form 10-K. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations Disposition of Semiconductor Automation Business On September 20, 2021, the Company entered into a definitive agreement to sell its semiconductor automation business to THL. On February 1, 2022, the Company completed the sale of the semiconductor automation business for $2.9 billion in cash, subject to working capital and other customary adjustments. Net proceeds from the sale are expected to be $2.5 billion, after excluding estimated taxes payable. Net income from discontinued operations for March 31, 2022 is inclusive of the gain on sale of $2.6 billion. As part of the transaction, the Company recorded an $18.1 million liability related to retention bonuses and cash settled stock based awards for former employees of the Company that were conveyed with the transaction. The Company will remit payment to THL during fiscal 2023, at the end of the retention period which THL will directly remit to the respective individuals. The semiconductor automation business is comprised of the Semiconductor Solution Group segment. Following the completion of the sale, the Company no longer serves the semiconductor market. In connection with the closing of the sale, the Company and THL entered into a transition services agreement, to which both the Company and THL will provide each other with certain transition services related to finance and accounting, information technology, human resources, compliance, facilities, legal and research and development support, for time periods ranging from three . In addition, the Company entered into two separate lease agreements for leases back to the Company for portions of the facilities that have served as its corporate headquarters in Chelmsford, Massachusetts, and were sold to THL as part of the sale agreement. Each lease provides for a term of 24 months , which may be terminated earlier by the Company upon 90 days ’ notice to THL. The transition services agreement and lease agreements approximate fair value and there is no material impact to the Company’s results. During the fourth quarter of fiscal 2021, the Company determined that the semiconductor automation business met the criteria to be classified as a discontinued operation and, as a result, its historical financial results are reflected in the Company’s financial statements as a discontinued operation, and assets and liabilities were classified as assets and liabilities held for sale. The following table presents the financial results of discontinued operations with respect to the semiconductor automation business (in thousands). Three months ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Revenue Products $ 56,722 $ 144,136 $ 244,962 $ $ 262,290 Services 4,038 12,915 19,468 26,122 Total revenue 60,760 157,051 264,430 288,412 Cost of revenue Products 33,568 82,727 141,165 151,504 Services 2,850 4,950 11,159 11,741 Total cost of revenue 36,418 87,677 152,324 163,245 Gross profit 24,342 69,374 112,106 125,167 Operating expenses Research and development 4,746 11,708 18,486 22,702 Selling, general and administrative 7,466 17,841 30,142 31,940 Restructuring charges - (1) - 126 Total operating expenses 12,212 29,548 48,628 54,768 Operating income 12,130 39,826 63,478 70,399 Other income, net (87) (1,326) Gain on divestiture 2,561,420 - 2,561,374 - Income before income taxes 2,573,550 39,739 2,624,852 69,073 Income tax provision 451,860 8,655 462,700 14,667 Net income from discontinued operations $ 2,121,690 $ 31,084 $ 2,162,152 $ 54,406 On July 1, 2019, the Company sold its semiconductor cryogenics business. During the three and six months ended March 31, 2021, the Company recorded a $1.3 million negative working capital adjustment to the gain on divestiture that was previously recorded in the fourth fiscal quarter of 2019. This adjustment is shown within other income (loss), net within the income statement for the semiconductor automation business. The following table presents the significant non-cash items and capital expenditures for the discontinued operations with respect to the semiconductor automation business that are included in the Consolidated Statements of Cash Flows (in thousands): Three months ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Depreciation and amortization $ - $ 1,677 $ - $ 3,696 Capital expenditures $ 579 $ 904 $ 2,862 $ 2,731 Stock-based compensation $ 3,109 $ 4,088 $ 8,032 $ 5,963 The carrying value of the assets and liabilities of the discontinued operations with respect to the semiconductor automation business on the Consolidated Balance Sheets as of September 30, 2021 was as follows (in thousands): September 30, 2021 Assets Cash and cash equivalents $ 45,000 Accounts receivable, net 142,256 Inventories 110,735 Other current assets 13,394 Total current assets of discontinued operation $ 311,385 Property, plant and equipment, net $ 32,058 Long-term deferred tax assets 3,167 Goodwill 81,477 Intangibles, net 44,468 Other assets 22,658 Total long-term assets of discontinued operation $ 183,828 Liabilities Accounts payable $ 68,074 Deferred revenue 7,141 Accrued warranty and retrofit costs 6,081 Accrued compensation and benefits 18,144 Accrued Income Taxes 11,702 Accrued expenses and other current liabilities 18,014 Total current liabilities of discontinued operation $ 129,156 Long-term tax reserves 2,356 Long-term deferred tax liabilities 6,548 Long-term pension liabilities 5,490 Long-term operating lease liabilities 15,425 Other long-term liabilities 2,625 Total long-term liabilities of discontinued operation $ 32,444 Acquisition within the Semiconductor Automation Business On April 29, 2021, the Company acquired Precise Automation Inc., a leading developer of collaborative robots and automation subsystems headquartered in Fremont, California. The total cash purchase price for the acquisition was approximately $69.8 million. Precise provides the semiconductor automation business with a product offering and technology portfolio to take advantage of the opportunities in the collaborative robot market. The allocation of the consideration included $38.7 million of technology, $2.5 million of customer relationships, $33.1 million of goodwill, $6.2 million of deferred tax liabilities, and several other assets and liabilities. The Company applied variations of the income approach to estimate the fair values of the intangible assets acquired. The completed technology was valued using excess earnings method and the customer relationships was valued using distributor margin method, both of which have a useful life of 11 years. The intangible assets acquired are amortized over the total weighted average period of 11 years using methods that approximate the pattern in which the economic benefits are expected to be realized. The Company has included the financial results of the acquired operations within income from discontinued operations on its Consolidated Statements of Operations. The goodwill and intangible assets are not The Company did not present a pro forma information summary for its consolidated results of operations because such results were immaterial. During the three months ended March 31, 2022, and prior to the completion of the sale of the semiconductor automation business, the Company exercised an option acquired with the Precise acquisition, to purchase certain technology assets for $4.0 million. The technology assets worth $4.0 million and the option to purchase was deemed to have no fair value at the time of acquisition. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The Company invests in marketable securities that are classified as available-for-sale and records them at fair value in the accompanying unaudited Consolidated Balance Sheets. Marketable securities reported as current assets represent investments that mature within one year from the balance sheet date. Long-term marketable securities represent investments with maturity dates greater than one year from the balance sheet date. Unrealized gains and losses are excluded from earnings and reported as a separate component of “accumulated other comprehensive income, net of tax” in the accompanying unaudited Consolidated Balance Sheets until the security is sold or matures. Gains or losses realized from sales of marketable securities are computed based on the specific identification method and recognized as a component of "Other income (expenses), net" in the accompanying unaudited Consolidated Statements of Operations. There were insignificant sales of marketable securities for the three and six months ended March 31, 2022 and 2021. The following is a summary of the amortized cost and the fair value, including accrued interest receivable as well as unrealized holding gains (losses) on the short-term and long-term marketable securities as of March 31, 2022 and September 30, 2021 (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value March 31, 2022: U.S. Treasury securities and obligations of U.S. government agencies $ 720,648 $ (1,185) $ 18 $ 719,481 Corporate securities 258,862 (1,899) — 256,963 Municipal securities 100,518 (230) — 100,288 $ 1,080,028 $ (3,314) $ 18 $ 1,076,732 September 30, 2021: Bank certificates of deposits $ 30 $ — $ — $ 30 Corporate securities 3,624 — — 3,624 Other debt securities 25 — — 25 $ 3,679 $ — $ — $ 3,679 The fair values of the marketable securities by contractual maturities at March 31, 2022 are presented below (in thousands): Amortized Cost Fair Value Due in one year or less $ 817,223 $ 816,512 Due after one year through five years 259,382 256,797 Due after five years through ten years — — Due after ten years 3,422 3,423 Total marketable securities $ 1,080,027 $ 1,076,732 Expected maturities could differ from contractual maturities because the security issuers may have the right to prepay obligations without prepayment penalties. The Company reviews the marketable securities for impairment at each reporting period to determine if any of the securities have experienced an other-than-temporary decline in fair value. The Company considers factors, such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer, the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of its amortized cost basis. If the Company believes that an other-than-temporary decline in fair value has occurred, it writes down the investment to its fair value and recognizes the credit loss in earnings and the non-credit loss in accumulated other comprehensive income or loss. Securities in an unrealized loss position as of March 31, 2022 were $939.1 million. There were no securities in an unrealized loss position as of September 30, 2021. |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions The Company recorded the assets acquired and liabilities assumed related to the following acquisitions at their fair values as of the acquisition date, from a market participant’s perspective. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to value the assets acquired and liabilities assumed on the acquisition date, its estimates and assumptions are subject to refinement. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. The finalization of the assignment of fair values will be completed within one year after the respective acquisition date. The Company did not present a pro forma information summary for its consolidated results of operations for the acquisitions completed because such results were immaterial. Abeyatech LLC On April 2, 2021, the Company acquired Abeyatech LLC. The Company has included the financial results of the acquired operations within the Life Sciences Products segment. The purchase price includes $9.9 million cash payment and $9.4 million in contingent consideration, at present value, based on the acquired business’ performance for the twelve-month period ending December 31, 2021, subject to customary working capital adjustments and other adjustments. The acquisition enhances the breadth and depth of the Company’s offerings and expands its expertise in the Life Sciences Products segment. The allocation of the consideration included $11.9 million of technology, $4.4 million of goodwill, and several other assets and liabilities for $3.0 million. The weighted useful life of all the intangible assets acquired is 12 years. The goodwill and intangibles are tax deductible . During the three months ended March 31, 2022, the Company paid $10.0 million related to the contingent consideration recorded at the time of acquisition based on the achievement of business performance targets set forth in the purchase agreement. Trans-Hit Biomarkers, Inc. On December 3, 2020, the Company acquired Trans-Hit Biomarkers Inc. (“THB”), a worldwide biospecimen procurement service provider based in Montreal Canada. THB has an extensive collection capability for biospecimens and clinical samples through a worldwide partner network of clinical sites and biobanks. The total cash purchase price of the acquisition was approximately $15.1 million, net of cash acquired. The acquisition enhances the breadth and depth of the Company’s offerings and expands its expertise in the Life Sciences Services segment. The allocation of the consideration included $7.8 million of customer relationships, $9.3 million of goodwill, $2.4 million of deferred tax liabilities, and several other assets and liabilities. The weighted useful life of all intangibles acquired is 11 years . The Company has included the financial results of the acquired operations in the Life Sciences Services segment. The goodwill and intangibles are not tax deductible. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill represents the excess of net book value over the estimated fair value of net tangible and identifiable intangible assets of a reporting unit. Goodwill is tested for impairment annually or more often if impairment indicators are present at the reporting unit level. If events occur or circumstances change that would more likely than not reduce fair values of the reporting units below their carrying values, goodwill will be evaluated for impairment between annual tests. No triggering events indicating goodwill impairment occurred during the six months ended March 31, 2022. Please refer to Note 8, "Goodwill and Intangible Assets" to the Company's consolidated financial statements included in the 2021 Annual Report on Form 10-K for further information on the goodwill impairment testing performed during fiscal year 2021. The changes in the Company’s goodwill by reportable segment since September 30, 2021 are as follows (in thousands): Life Sciences Life Sciences Products Services Total Balance, at September 30, 2021 110,138 359,218 469,356 Currency translation adjustments (1,643) 33 (1,610) Balance, at March 31, 2022 $ 108,495 $ 359,251 $ 467,746 The components of the Company’s identifiable intangible assets as of March 31, 2022 and September 30, 2021 are as follows (in thousands): March 31, 2022 September 30, 2021 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,234 $ 1,055 $ 179 $ 1,242 $ 1,002 $ 240 Completed technology 75,373 35,833 39,540 75,527 32,383 43,144 Trademarks and trade names 424 47 377 424 33 391 Non-competition agreements 681 344 337 681 249 432 Customer relationships 253,063 122,989 130,074 253,486 111,159 142,327 Other intangibles 240 240 — 246 246 — $ 331,015 $ 160,508 $ 170,507 $ 331,606 $ 145,072 $ 186,534 Amortization expense for intangible assets was $7.9 million and $9.4 million, for the three months ended March 31, 2022 and 2021, respectively. Amortization expense for intangible assets was $15.9 million and $18.3 million, for the six months ended March 31, 2022 and 2021, respectively. Estimated future amortization expense for the intangible assets for the remainder of fiscal year 2022, the subsequent four fiscal years and thereafter is as follows (in thousands): 2022 $ 15,937 2023 30,845 2024 27,354 2025 22,574 2026 19,435 Thereafter 54,362 $ 170,507 |
Debt and Line of Credit
Debt and Line of Credit | 6 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Line of Credit | 7. Debt and Line of Credit On October 4, 2017, the Company entered into a $200.0 million term loan with the lenders pursuant to the terms of a credit agreement. The term loan was issued at $197.6 million, or 98.8% of its par value, resulting in a discount of $2.4 million, or 1.2%, which represented loan origination fees paid at the closing. The deferred financing costs are accreted over the term of the loan using the effective interest rate method and are included in “Interest expense” in the accompanying unaudited Consolidated Statements of Operations. During the six months ended March 31, 2022, the weighted average stated interest rate paid on all outstanding debt was 2.7%. During the three and six months ended March 31, 2022, the Company incurred aggregate interest expense of $0.1 million and $0.5 million, respectively, in connection with the borrowings, including $0.1 million of deferred financing costs amortization. On February 1, 2022, the Company completed the sale of its semiconductor automation business and used |
Leases
Leases | 6 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 8. Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate in North America, Europe, and Asia. Non-real estate leases are primarily related to vehicles and office equipment. Lease expiration dates range between 2022 and 2042. The components of lease expense were as follows (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Operating lease costs $ 2,389 $ 1,740 $ 4,560 $ 3,444 Finance lease costs: Amortization of assets 54 250 129 561 Interest on lease liabilities 2 6 5 23 Total finance lease costs 56 256 134 584 Variable lease costs 755 457 1,272 863 Short-term lease costs 364 50 718 89 Total lease costs $ 3,564 $ 2,503 $ 6,684 $ 4,980 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): March 31, 2022 September 30, 2021 Operating Leases: Operating lease right-of-use assets $ 53,278 $ 49,650 Accrued expenses and other current liabilities $ 6,113 $ 5,254 Long-term operating lease liabilities 48,698 45,088 Total operating lease liabilities $ 54,811 $ 50,342 Finance Leases: Property, plant and equipment, at cost $ 2,252 $ 2,252 Accumulated amortization (2,234) (2,105) Property, plant and equipment, net $ 18 $ 147 Accrued expenses and other current liabilities $ 44 $ 360 Other long-term liabilities (10) (10) Total finance lease liabilities $ 34 $ 350 Weighted average remaining lease term (in years): Operating leases 11.74 11.33 Finance leases 0.08 0.53 Weighted average discount rate: Operating leases 4.05 % 3.90 % Finance leases 4.86 % 4.87 % Supplemental cash flow information related to leases was as follows (in thousands, unaudited): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 1,950 $ 1,548 $ 3,599 $ 2,968 Operating cash flows from finance leases 1 12 4 27 Financing cash flows from finance leases 127 307 312 611 ROU assets obtained in exchange for lease liabilities: Operating leases $ 7,327 $ 549 $ 7,490 $ 4,081 Future lease payments for operating and finance leases as of March 31, 2022 were as follows for the remainder of fiscal year 2022, the subsequent five fiscal years and thereafter (in thousands): Finance Leases Operating Leases 2022 $ 34 $ 4,103 2023 - 7,762 2024 - 6,354 2025 - 5,910 2026 - 5,839 2027 - 5,650 Thereafter - 34,415 Total future lease payments 34 70,033 Less imputed interest - (15,222) Total lease liability balance $ 34 $ 54,811 As of March 31, 2022, the Company does not have significant leases that have not commenced or not recorded in the accompanying unaudited Consolidated Balance Sheets . |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company recorded an income tax benefit of $3.2 million and $7.9 million, respectively during the three and six months ended March 31, 2022. The benefit for the three months ended March 31, 2022, was primarily driven by the benefit on loss from operations during the period. The tax benefit for the six months ended March 31, 2022, was increased by a $4.5 million discrete stock compensation windfall benefit for tax deductions that exceeded the associated book compensation expense. The tax benefit for the six months ended March 31, 2022 was partially offset by a $0.6 million charge to increase the deferred tax liability to reflect a change in the blended state income tax rate that results from the sale of the semiconductor business assets. The Company recorded an income tax benefit of $2.3 million and $3.9 million, respectively during the three and six months ended March 31, 2021. The tax benefit for the three months ended March 31, 2021, was primarily driven by the benefit on loss from operations during the period. The benefit for the six months ended March 31, 2021 was increased by a $2.0 million discrete stock compensation windfall benefit for tax deductions that exceeded the associated book compensation expense, respectively. During March 2021, the United States enacted the American Rescue Plan Act of 2021. The Company evaluated the legislation of these Acts in relation to income taxes and determined that the income tax Acts do not have a material impact on its income tax provision. The Company evaluates the realizability of its deferred tax assets by tax-paying component and assesses the need for a valuation allowance on a quarterly basis. The Company evaluates the profitability of each tax-paying component on a historic cumulative basis and a forward-looking basis while performing this analysis. The Company maintains a U.S. valuation allowance related to the realizability of certain state tax credits and state net operating loss carry-forwards, as well as a valuation allowance against net deferred tax assets on certain foreign tax-paying components as of March 31, 2022. On February 1, 2022, the Company completed the sale of its semiconductor automation business that resulted in a taxable gain primarily recognized in the U.S. During the second quarter of fiscal year 2022, the Company recorded a reduction to its valuation allowance for the utilization of deferred tax assets that were previously expected to expire. The benefit of this valuation allowance reversal was recorded in income from discontinued operations in the amount of The Company maintains liabilities for uncertain tax positions. These liabilities involve judgment and estimation and are monitored based on the best information available. The Company recognizes interest related to unrecognized tax benefits as a component of the income tax provision or benefit. The Company recognized $0.1 million of interest expense related to its uncertain tax positions during the three and the six months ended March 31, 2022. The Company is subject to U.S. federal, state, local and foreign income taxes in various jurisdictions. The amount of income taxes paid is subject to the Company’s interpretation of applicable tax laws in the jurisdictions in which it files. In the normal course of business, the Company is subject to income tax audits in various global jurisdictions in which it operates. The years subject to examination vary for the U.S. and international jurisdictions, with the earliest tax year being 2013. Based on the outcome of these examinations or the expiration of statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized tax benefits could change from those recorded in the Company’s Consolidated Balance Sheets. The Company currently anticipates that it is reasonably possible that the unrecognized tax benefits and accrued interest on those benefits will be reduced by an amount of $0.4 million in the next twelve months due to statute of limitations expirations. These unrecognized tax benefits would impact the effective tax rate if recognized. |
Other Balance Sheet Information
Other Balance Sheet Information | 6 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Balance Sheet Information | 10. Other Balance Sheet Information The following is a summary of accounts receivable at March 31, 2022 and September 30, 2021 (in thousands): March 31, September 30, 2022 2021 Accounts receivable $ 142,200 $ 124,195 Less allowance for expected credit losses (4,622) (4,318) Accounts receivable, net $ 137,578 $ 119,877 The following is a summary of inventories at March 31, 2022 and September 30, 2021 (in thousands): March 31, September 30, 2022 2021 Inventories Raw materials and purchased parts $ 28,546 $ 27,644 Work-in-process 5,885 4,787 Finished goods 43,321 27,967 Total inventories $ 77,752 $ 60,398 Reserves for excess and obsolete inventory were $4.4 million and $3.7 million, respectively, at March 31, 2022 and September 30, 2021. At March 31, 2022 and September 30, 2021, the Company had cumulative capitalized direct costs of $24.2 million and $22.7 million, respectively, associated with the development of software for its internal use. As of March 31, 2022, this balance included $6.3 million associated with software assets that are still in the development stage and not yet placed in service. During the six months ended March 31, 2022, the Company capitalized direct costs of $1.6 million associated with the development of software for its internal use. The Company establishes reserves for estimated costs of product warranties based on historical information. Product warranty reserves are recorded at the time product revenue is recognized, and retrofit accruals are recorded at the time retrofit programs are established. The Company’s warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure and supplier warranties on parts delivered to the Company. The following is a summary of product warranty and retrofit activity on a gross basis for the three and six months ended March 31, 2022 and 2021 (in thousands): Activity -Three Months Ended March 31, 2022 Balance Balance December 31, March 31, 2021 Accruals Costs Incurred 2022 $ 2,342 $ 539 $ (390) $ 2,491 Activity -Three Months Ended March 31, 2021 Balance Balance December 31, March 31, 2020 Accruals Costs Incurred 2021 $ 2,267 $ 167 $ (252) $ 2,182 Activity -Six Months Ended March 31, 2022 Balance Balance September 30, March 31, 2021 Accruals Costs Incurred 2022 $ 2,330 $ 1,212 $ (1,051) $ 2,491 Activity -Six Months Ended March 31, 2021 Balance Balance September 30, March 31, 2020 Accruals Costs Incurred 2021 $ 2,211 $ 813 $ (842) $ 2,182 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation The Company may issue to eligible employees options to purchase shares of the Company’s stock, restricted stock and other equity incentives which vest upon the satisfaction of a performance condition and/or a service condition. In addition, the Company issues shares to participating employees pursuant to an employee stock purchase plan, and stock awards and deferred restricted stock units to its directors in accordance with its director compensation program. The stock-based compensation expense for restricted stock units for continuing operations was $5.2 million and $3.2 million, for the three months ended March 31, 2022 and 2021, respectively. The stock-based compensation expense for restricted stock units for continuing operations was $7.7 million and $7.7 million the six months ended March 31, 2022 and 2021, respectively. The stock-based compensation expense for employee stock purchase plan for continuing operations was $0.4 million and $0.2 million, for the three months ended March 31, 2022 and 2021. The stock-based compensation expense for employee stock purchase plan for continuing operations was $0.8 million and $0.5 million, for the six months ended March 31, 2022 and 2021. The information included within the remaining note is on a total company basis, and includes amounts related to our discontinued operations. The following table reflects the total stock-based compensation expense recorded during the three and six months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Restricted stock units $ 8,058 $ 7,048 $ 15,255 $ 13,192 Employee stock purchase plan 599 433 1,293 999 Total stock-based compensation expense $ 8,657 $ 7,481 $ 16,548 $ 14,191 The fair value of restricted stock units is determined based on the number of shares granted and the closing price of the Company’s common stock quoted on the Nasdaq Stock Market on the date of grant. For awards that vest based on service conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period. For awards that vest subject to performance conditions, the Company recognizes stock-based compensation expense ratably over the performance period if it is probable that performance condition will be met and adjusted for the probability percentage of achieving the performance goals. The Company makes estimates of stock award forfeitures and the number of awards expected to vest. The Company considers many factors in developing forfeiture estimates, including award types, employee classes and historical experience. Each quarter, the Company assesses the probability of achieving the performance goals. Current estimates may differ from actual results and future changes in estimates. The Company grants restricted stock units that vest over a required service period and/or achievement of certain operating performance goals. Restricted stock units granted with performance goals may also have a required service period following the achievement of all or a portion of the performance goals. The following table reflects restricted stock units, including stock awards, granted during the six months ended March 31, 2022 and 2021: Time-Based Stock Performance- Total Units Units Grants Based Units Six months ended March 31, 2022 228,468 101,706 16,286 110,476 Six months ended March 31, 2021 329,801 149,249 14,657 165,895 Time-Based Grants Restricted stock units granted with a required service period typically have three-year vesting schedules in which one-third one-third one-third Stock Grants The stock awards granted to the members of the Company’s Board of Directors include stock awards and deferred restricted stock units. Certain members of the Board of Directors have elected to defer receiving their annual stock awards and related quarterly dividends until they attain a certain age or cease to provide services as the Company’s Board members. Stock awards granted in fiscal years 2022 and 2021 were vested as of the respective grant dates. Performance-Based Grants Performance-based restricted stock units are earned based on the achievement of performance criteria established by the Human Resources and Compensation Committee and approved by the Board of Directors. The criteria for performance-based awards are weighted and have threshold, target and maximum performance goals. Performance-based awards granted in fiscal year 2022, 2021 and 2020 allow participants to earn 100% of the restricted stock units if the Company’s performance meets its target goal for each applicable financial metric, and up to a maximum of 200% if the Company’s performance for such metrics meets or exceeds the maximum or stretch goal. Performance below the minimum threshold for each financial metric results in award forfeiture. Performance goals will be measured over a three-year period for each year’s awards and at the end of the period to determine the number of units earned by recipients who continue to meet the service requirement. Around the third anniversary of each year’s awards’ grant date, the Company’s Board of Directors determines the number of units earned for participants who continue to meet the service requirements on the vest date. Restricted Stock Unit Activity The following table summarizes restricted stock unit activity for the six months ended March 31, 2022: Weighted Average Grant-Date Shares Fair Value Outstanding at September 30, 2021 1,088,652 $ 47.35 Granted 228,468 103.31 Vested (208,713) 40.03 Forfeited (553,624) 39.30 Outstanding at March 31, 2022 554,783 75.14 The weighted average grant date fair value of restricted stock units granted during the three months ended March 31, 2022 and 2021 was $82.34 and $80.09, respectively. The fair value of restricted stock units vested during the three months ended March 31, 2022 and 2021 was $1.9 million and $2.0 million, respectively. The weighted average grant date fair value of restricted stock units granted during the six months ended March 31, 2022 and 2021 was $103.31 and $70.18, respectively. The fair value of restricted stock units vested during the six months ended March 31, 2022 and 2021 was $66.7 million and $27.9 million, respectively. During the six months ended March 31, 2022 and 2021, the Company remitted $25.1 million and $9.7 million, respectively, collected from employees to satisfy their tax obligations as a result of share issuances. Such proceeds collected and remitted were insignificant during the three months ended March 31, 2022 and 2021. As of March 31, 2022, the unrecognized compensation cost that are expected to vest is $29.0 million and will be recognized over an estimated weighted average service period of approximately 1.9 years. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan that allows its employees to purchase shares of common stock at a price equal to 85% of the fair market value of the Company’s stock at the beginning or the end of the semi-annual offering period, whichever is lower. There were 51,133 and 58,124 shares, respectively, purchased by employees under the employee stock purchase plan during the six months ended March 31, 2022 and 2021. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 12. Earnings per Share The calculations of basic and diluted net income per share and basic and diluted weighted average shares outstanding are as follows for the three and six months ended March 31, 2022 and 2021 (in thousands, except per share data): Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 (Loss) income from continuing operations $ (1,816) $ (7,336) $ 1,041 $ (4,630) Income from discontinued operations, net of tax 2,121,690 31,084 2,162,152 54,406 Net income $ 2,119,874 $ 23,748 $ 2,163,193 $ 49,776 Weighted average common shares outstanding used in computing basic earnings per share 74,958 74,265 74,823 74,142 Dilutive restricted stock units — — 322 — Weighted average common shares outstanding used in computing diluted earnings per share 74,958 74,265 75,145 74,142 Basic net income per share: (Loss) income from continuing operations $ (0.02) $ (0.10) $ 0.01 $ (0.06) Income from discontinued operations, net of tax 28.31 0.42 28.90 0.73 Basic net income per share $ 28.28 $ 0.32 $ 28.91 $ 0.67 Diluted net income per share: (Loss) income from continuing operations $ (0.02) $ (0.10) $ 0.01 $ (0.06) Income from discontinued operations, net of tax 28.31 0.42 28.77 0.73 Diluted net income per share $ 28.28 $ 0.32 $ 28.79 $ 0.67 During the six months ended March 31, 2022, restricted stock units of 59,513 were excluded from the computation of diluted earnings per share as their effect would be antidilutive to earnings per share for continuing operations based on the treasury stock method. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 13. Revenue from Contracts with Customers Disaggregated Revenue The Company disaggregates revenue from contracts with customers in a manner that depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following is revenue by significant business line for the three and six months ended March 31, 2022 and 2021(in thousands): Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Significant Business Line Life Sciences Products $ 53,615 $ 52,355 $ 103,493 $ 97,899 Sample Repository Solutions 26,929 22,191 52,805 42,724 Genomic Services 65,000 54,989 128,898 107,054 Total $ 145,544 $ 129,535 $ 285,196 $ 247,677 Contract Balances Accounts Receivable, Net. before payment is due. Accounts receivable do not bear interest and are recorded at the invoiced amount. The Company maintains an allowance for expected credit losses representing its best estimate of probable credit losses related to its existing accounts receivable and their net realizable value. The Company determines the allowance for expected credit losses based on a number of factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience and other information through the payment periods. Accounts receivable, net were $137.6 million and $119.9 million at March 31, 2022 and September 30, 2021, respectively. Contract Assets. Contract Liabilities. Remaining Performance Obligations. As of March 31, 2022 Less than 1 Year Greater than 1 Year Total Remaining Performance Obligations $ 41,405 $ 14,300 $ 55,705 Cost to Obtain and Fulfill a Contract The Company capitalizes sales commissions when incurred if they are (i) incremental costs of obtaining a contract, (ii) expected to be recovered and (iii) have an expected amortization period that is greater than one year. As part of the Company’s cumulative effect adjustment, incremental costs associated with obtaining a contract were capitalized and have been classified as deferred commissions within the Company’s Consolidated Balance Sheet. These amounts primarily relate to sales commissions within the Life Sciences segments and are being amortized over a 60-month period, which represents the average period of contract performance. The Company did not capitalize any sales commissions during the six months ended March 31, 2022 as the amount of sales commissions that qualified for capitalization during the reporting period was insignificant. Sales commissions incurred during the reporting period have been expensed as incurred. These costs are recorded within “Selling, general and administrative” expenses on the Company’s Consolidated Statement of Operations. The Company has concluded that none of its costs incurred in fulfillment of customer contracts meet the capitalization criteria. The Company will account for shipping and handling activities as fulfillment activities and recognize the associated expense when control of the product has transferred to the customer. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 14. Segment and Geographic Information Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and to assess performance. The Company’s Chief Executive Officer is the Company’s chief operating decision maker. The Company operates in two reportable segments: the Life Sciences Products segment and the Life Sciences Services segment. These reportable segments also represent the Company’s operating segments . The Company previously operated in , our Semiconductor Solutions Group reportable segment has been classified as a discontinued operation. Historical information has been adjusted to reflect the new reportable segments. The sale of the semiconductor automation business was completed on February 1, 2022. The Life Sciences Products segment provides automated cold sample management systems for compound and biological sample storage, equipment for sample preparation and handling, consumables, and instruments, that help customers manage samples throughout their research discovery and development workflows. The segment’s product offerings include automated cold storage systems, cryogenic storage systems, consumables and instruments and the associated services business for these products. The Life Sciences Services segment provides comprehensive sample management programs, integrated cold chain solutions, informatics, as well as sample-based laboratory services to advance scientific research and support drug development. The segment’s service offerings include sample storage, genomic sequencing, gene synthesis, laboratory processing services, laboratory analysis, biospecimen procurement services and other support services which are provided to a wide range of life science customers, including pharmaceutical companies, biotechnology companies, biorepositories and research institutes. Our Sample Repository Solutions business is a global leader in sample and material storage and management and provides a full suite of reliable cold and ultra-cold chain solutions. The Company considers adjusted operating income, which excludes charges related to amortization of completed technology, the acquisition accounting impact on inventory contracts acquired, restructuring related charges and other special charges, such as impairment losses, as the primary performance metric when evaluating the business. The following is the summary of the financial information for the Company’s reportable segments for the three and six months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Revenue: Life Sciences Products $ 53,615 $ 52,355 103,487 97,899 Life Sciences Services 91,929 77,180 181,709 149,778 Total revenue $ 145,544 $ 129,535 $ 285,196 $ 247,677 Operating loss: Life Sciences Products $ 5,288 $ 7,248 9,679 11,431 Life Sciences Services 4,856 5,614 12,740 12,542 Reportable segment adjusted operating income 10,144 12,862 22,419 23,973 Amortization of completed technology 1,840 2,021 3,613 4,026 Amortization of other intangible assets 6,047 7,356 12,319 14,261 Restructuring charges 122 92 295 53 Tariff adjustment (486) 5,497 (486) 5,497 Other unallocated corporate expenses 7,329 7,216 11,711 9,101 Total operating loss (4,708) (9,320) (5,033) (8,965) Interest income 3,076 18 3,111 94 Interest expense (1,555) (452) (2,010) (1,008) Loss on extinguishment of debt (632) — (632) — Other income (expenses), net (1,170) 108 (2,248) 1,389 Loss before income taxes $ (4,989) $ (9,646) $ (6,812) $ (8,490) Assets: Life Sciences Products Life Sciences Services Total March 31, 2022 $ 288,902 $ 825,881 $ 1,114,783 September 30, 2021 278,769 780,238 1,059,007 The following is a reconciliation of the Company’s reportable segments’ segment assets to the corresponding amounts presented in the accompanying unaudited Consolidated Balance Sheets as of March 31, 2022 and September 30, 2021 (in thousands): March 31, September 30, 2022 2021 Segment assets $ 1,114,783 $ 1,059,007 Cash and cash equivalents, restricted cash, and marketable securities 3,025,685 244,012 Deferred tax assets 1,816 10,043 Other assets 16,762 11,237 Assets held for sale — 495,213 Total assets $ 4,159,046 $ 1,819,512 Revenue from external customers is attributed to geographic areas based on locations to which customer orders are shipped. Net revenue by geographic area for the three and six months ended March 31, 2022 and 2021 (in thousands) are as follows: Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Geographic Location: North America $ 94,283 $ 79,753 $ 184,366 $ 153,302 Europe 26,554 29,514 55,149 55,403 China 13,757 11,736 26,798 22,791 Asia / Pacific/ Other 10,950 8,532 18,883 16,181 Total $ 145,544 $ 129,535 $ 285,196 $ 247,677 Revenue for the United States comprises 99% of the revenue for North America for the three and six months ended March 31, 2022 and 2021. |
Significant Customers
Significant Customers | 6 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Significant Customers | 15. Significant Customers The Company had no individual customer that accounted for 10% or more of its consolidated revenue for each of the three and six months ended March 31, 2022 and 2021. There was no customer that accounted for more than 10% of the Company’s accounts receivable balance as of both March 31, 2022 and September 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Tariff Matter In fiscal year 2021, as part of the Company’s continued integration of GENEWIZ, which was acquired in November 2018, the Company initiated a review during first quarter of fiscal year 2021, with the assistance of a third party consultant, of the transaction value that the Company has used to calculate tariffs on inter-company imports of samples shipped from its GENEWIZ business. As a result of the third-party review and in light of a new interpretation surrounding the valuation method used to calculate the estimated transaction value, the Company revised its estimate of the tariffs owed and recorded and as a result recorded a liability of $6.1 million in the second quarter of fiscal 2021. As of March 31, 2022 and September 30, 2021, the accrual was $7.4 million and $7.0 million, respectively, which includes estimates for any additional liability for tariffs owed related to recurring operating activity. During the three months ended March 31, 2022, upon the completion of an independent transfer price study, the Company recorded a benefit of $0.5 million related to the reduction of the accrual for the fiscal years 2016 through 2020. Subsequent to March 31, 2022, the Company submitted a payment in the amount of million to the customs authorities related to the November of 2021 and prior periods. The customs authorities will review the Company’s calculation of tariff for these periods and determine if any further tariffs are owed. The Company does not expect to incur any significant penalties associated with the tariffs. Purchase Commitments At March 31, 2022, the Company had non-cancellable commitments of $97.0 million, including primarily purchase orders for inventory of $76.7 million, information technology related commitments of $16.7 million, and China facility commitments of $3.6 million. Contingencies The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or in certain instances provide reasonable ranges of potential losses. The Company may also have certain indemnification obligations pursuant to claims made under the definitive agreement it entered into with Edwards Vacuum LLC (a member of the Atlas Copco Group) in connection with the Company’s sale of its semiconductor cryogenics business in the fourth quarter of fiscal year 2018. However, as of the date of this report, the Company believes that none of these claims will have a material adverse effect on its consolidated financial position or results of operations. In the third quarter of fiscal year 2020, Edwards asserted claims for indemnification under the definitive agreement relating to alleged breaches of representations and warranties relating to customer warranty claims and inventory. The Company cannot determine the probability of any losses or outcome of these claims including the amount of any indemnifiable losses, if any, resulting from these claims at this time, however, the Company believes that none of these claims will have a material adverse effect on its consolidated financial position or results of operations. If the resolution of these claims results in indemnifiable losses in excess of the applicable indemnification deductibles and indemnification escrow established under the definitive agreement, Edwards would be required to seek recovery under the representation and warranty insurance Edwards obtained in connection with the closing of the transaction. The Company believes that any indemnifiable losses in excess of the applicable deductibles and indemnification escrow established in the definitive agreement would be covered by such insurance. If Edwards is unable to obtain recovery under its insurance, however, it could seek recovery of such indemnifiable losses, if any, directly from the Company’s continuing operation. In the event of unexpected subsequent developments and given the inherent unpredictability of these matters, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s consolidated financial position or results of operations in particular quarterly or annual periods. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 17. Fair Value Measurement The fair value measurement guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following levels of inputs may be used to measure fair value: Level 1 Inputs: Level 2 Inputs: Level 3 Inputs: The Company measures certain assets, including the cost and equity method investments, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparable, and discounted cash flow projections. An impairment charge is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying Consolidated Balance Sheets as of March 31, 2022 and September 30, 2021 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable March 31, Identical Assets Observable Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 764,361 $ 764,361 $ — $ — Available-for-sale securities 1,076,732 517,457 559,275 — Foreign exchange contracts 130 — 130 — Net Investment Hedge 10,673 — 10,673 — Total Assets $ 1,851,896 $ 1,281,818 $ 570,078 $ — Liabilities: Foreign exchange contracts 734 — 734 — Total Liabilities $ 734 $ — $ 734 $ — Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable September 30, Identical Assets Observable Inputs Inputs Description 2021 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 21 $ 21 $ — $ — Available-for-sale securities 3,679 — 3,679 — Foreign exchange contracts 153 — 153 — Total Assets $ 3,853 $ 21 $ 3,832 $ — Liabilities: Foreign exchange contracts 165 $ — 165 — Acquisition-related contingent consideration 9,400 — — 9,400 Total Liabilities $ 9,565 $ — $ 165 $ 9,400 Cash Equivalents Cash equivalents consist of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Available-For-Sale Securities Available-for-sale securities primarily consist of municipal securities, bank certificate of deposits and U.S. government backed securities, and as such are classified as Level 1. Investments classified as Level 2 consist of debt securities that are valued using matrix pricing and benchmarking because they are not actively traded. Matrix pricing is a mathematical technique used to value securities by relying on the securities’ relationship to other benchmark quoted prices. Foreign Exchange Contracts Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy due to a lack of an active market for these contracts. Net Investment Hedge Net investment hedge assets is measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy due to a lack of an active market for these contracts. Acquisition-related Contingent Consideration Acquisition-related contingent consideration is measured and reported at fair value using the real options method based on the unobservable inputs that are significant to the fair value and classified with Level 3 of the fair value hierarchy. The amount is contingent based on the acquired business’ performance for the twelve-month period ending December 31, 2021. Please refer to Note 5, “Acquisitions” for further detail. Changes in the fair value of contingent consideration resulting from a change in the underlying inputs are recognized in results of operations until the arrangement is settled. Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis During the three months and six months ended March 31, 2022 and 2021, the Company did not record any material other-than-temporary impairments on financial assets required to be measured at fair value on a nonrecurring basis. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of the Company and its majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company applies the equity method of accounting to investments that provide it with the ability to exercise significant influence over the entities in which it lacks controlling financial interest and is not a primary beneficiary. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months and six months ended March 31, 2022, and 2021, and cash flows for the six months ended March 31, 2022, and 2021. The consolidated balance sheet at September 30, 2021 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements have been condensed or omitted and, accordingly, the accompanying financial information should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission for the fiscal year ended September 30, 2021 (the “2021 Annual Report on Form 10-K”). The accompanying Consolidated Balance Sheet as of September 30, 2021 was derived from the audited annual consolidated financial statements as of the period then ended. |
Use of Estimates | Use of Estimates The preparation of unaudited consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates are associated with recording accounts receivable, inventories, goodwill, intangible assets other than goodwill, long-lived assets, derivative financial instruments, deferred income taxes, warranty obligations, revenue over time, and stock-based compensation expense. The Company assesses the estimates on an ongoing basis and record changes in estimates in the period they occur and become known. Actual results could differ from these estimates. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, including results of operations and financial condition, sales, expenses, reserves and allowances, manufacturing and employee-related amounts, will depend on future developments that are highly uncertain. This includes results from new information that may emerge concerning COVID-19 and any actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. |
Foreign Currency Translation | Foreign Currency Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other income (expenses), net” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement losses were $1.2 million and $0.4 million during the three months ended March 31, 2022 and 2021, respectively. Net foreign currency transaction and remeasurement losses were $3.2 million and gains were $0.4 million during the six months ended March 31, 2022 and 2021, respectively. The determination of the functional currency of the Company’s subsidiaries is based on their financial and operational environment and is the local currency of all of the Company’s foreign subsidiaries. The subsidiaries’ assets and liabilities are translated into the reporting currency at period-end exchange rates, while revenue, expenses, gains and losses are translated at the average exchange rates during the period. Gains and losses from foreign currency translations are recorded in “Accumulated other comprehensive income” in the Company’s Consolidated Balance Sheets and presented as a component of comprehensive income in the Company’s Consolidated Statements of Comprehensive Income. The semiconductor automation business had foreign operations which had a cumulative translation adjustment balance of $16.6 million at the date of disposal. This amount was removed from accumulated other comprehensive income during the three months ended March 31, 2022, included in the gain on the sale of the semiconductor automation business. As a result, the Company presented a $16.6 million reclassification adjustment in other comprehensive income for the period. |
Derivative Financial Instruments | Derivative Financial Instruments The Company has transactions and balances denominated in currencies other than U.S. dollars. Most of these transactions or balances are denominated in Euros, British Pounds and a variety of Asian currencies. The Company enters into foreign exchange contracts to reduce its exposure to currency fluctuations. The arrangements typically mature in three months or less and they do not qualify for hedge accounting. Net gains and losses related to these contracts are recorded as a component of “Other income (expenses), net” in the accompanying unaudited Consolidated Statements of Operations and are as follows for the three and six months ended March 31, 2022 and 2021 (in thousands): Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Realized gains (losses) on derivatives not designated as hedging instruments $ 1,125 $ (5,173) $ 1,054 $ (6,335) The fair values of the forward contracts are recorded in the accompanying unaudited Consolidated Balance Sheets as “Prepaid expenses and other current assets” and “Accrued expenses and other current liabilities”. Foreign exchange contract assets and liabilities are measured and reported at fair value based on observable market inputs and classified within Level 2 of the fair value hierarchy described below due to a lack of an active market for these contracts. |
Hedging Activities | Hedging Activities During the three months ended March 31, 2022, the Company entered into a cross-currency swap agreement to hedge the variability of exchange rate impacts between the United States dollar and the Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged approximately $1.03 billion for approximately €915 million at a weighted average interest rate of approximately 1.196% . The designated notional amount is $960 million and the actual interest rate is 1.283% . 1.283% was in the range of the market value for that day and is the true interest rate on the notional amount. This cross-currency swap agreement expires in February 2023. We have designated the cross-currency swap as a hedge of net investments against one of our Euro denominated subsidiaries which requires an exchange of the notional amounts at maturity. At the maturity of the cross currency-swap, the Company will deliver a notional amount of €852 million and receive a notional amount of $960 million at an exchange rate of 1.1261 . This cross-currency swap is marked to market at each reporting period, representing the fair values of the cross-currency swap and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net, on the Statements of Comprehensive Income. Interest accrued on the cross-currency swap is recorded within Interest Income on the Consolidated Statements of Operations. For the three and six months ended March 31, 2022, the Company recorded a gain of $10.7 million to Accumulated other comprehensive income and recorded interest income of $2.1 million on this instrument. |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial assets and liabilities, including cash equivalents, available for sale securities, accounts receivable, accounts payable, and derivative instruments at fair value. FASB ASC 820, Fair Value Measurement and Disclosures |
Accounts Receivable, Allowance for Expected Credit Losses and Sales Returns | Accounts Receivable, Allowance for Expected Credit Losses and Sales Returns Trade accounts receivable do not bear interest and are recorded at the invoiced amount. The Company maintains an allowance for expected credit losses representing its best estimate of expected credit losses related to its existing accounts receivable and their net realizable value. The Company determines the allowance based on a number of factors, including an evaluation of customer credit worthiness, the age of the outstanding receivables, economic trends, historical experience and other information over the payment periods. The Company reviews and adjusts the allowance for expected credit losses on a quarterly basis. Accounts receivable balances are written off against the allowance for expected credit losses when the Company determines that the balances are not recoverable. Provisions for expected credit losses are recorded in “Selling, general and administrative” expenses in the Consolidated Statements of Operations. The Company determines the allowance for sales returns based on its best estimate of expected customer returns. Provisions for sales returns are recorded in "Revenue" in the Consolidated Statements of Operations. The Company does not have any off-balance-sheet credit exposure related to its customers. |
Leases | Leases The Company has operating leases for real estate and non-real estate and finance leases for non-real estate. The classification of a lease as operating or finance and the determination of the right-of-use asset (“ROU asset”) and lease liability are determined at lease inception. The ROU asset represents the Company’s right to use an underlying asset for the lease term and the lease liability represents the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company’s lease agreements may contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. Fixed payments for non-lease components are combined with lease payments and accounted for as a single lease component which increases the amount of the ROU asset and liability. The ROU asset for operating leases is included within “Other assets” and the ROU asset for finance leases is included within “Property, plant, and equipment, net” in the accompanying unaudited Consolidated Balance Sheets. The short-term lease liabilities for both operating leases and finance leases are included within “Accrued expenses and other current liabilities” in the accompanying unaudited Consolidated Balance Sheets. The long-term lease liabilities for operating leases and finance leases are included within “Long-term operating lease liabilities”, and “Other long-term liabilities”, respectively, in the accompanying unaudited Consolidated Balance Sheets. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-10, Government Assistance (Topic 832) – Disclosures by Business Entities about Government Assistance . The amendment in this ASU requires disclosures to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. This ASU is effective for annual periods beginning after December 15, 2021. The Company will adopt the provisions of this ASU in fiscal 2023. The Company is evaluating the effect of adopting this new accounting guidance. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope . The amendments provide temporary optional expedients and exceptions to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The provisions of the amendments are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The standard should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company adopted the guidance during the first quarter of fiscal year 2022 . There is no accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. In October 2020, the FASB issued ASU 2020-10, Codification Improvements . The amendments in this ASU represent changes to clarify certain ASCs, correct unintended application of guidance, or make minor improvements to certain ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. This ASU will not affect the Company's consolidated financial statements. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s disclosure to the consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The amendments require additional disclosure for the weighted-average interest crediting rates, a narrative description of the reasons for significant gains and losses, and an explanation of any other significant changes in the benefit obligation or plan assets. The amendment removes disclosure requirements for accumulated other comprehensive income expected to be recognized over the next year, information about plan assets to be returned to the entity, and the effects of a one-percentage-point change on the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. The ASU is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The ASU does not amend the interim disclosure requirements of ASC 715-20. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 clarifying and amending existing guidance. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022 . There is no significant accounting impact on the Company’s consolidated financial statements and related disclosures as a result of the adoption of this ASU. |
Other | Other For further information with regard to the Company’s significant accounting policies, please refer to Note 2 “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the 2021 Annual Report on Form 10-K. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Realized gains (losses) on derivatives not designated as hedging instruments | Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Realized gains (losses) on derivatives not designated as hedging instruments $ 1,125 $ (5,173) $ 1,054 $ (6,335) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | Three months ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Revenue Products $ 56,722 $ 144,136 $ 244,962 $ $ 262,290 Services 4,038 12,915 19,468 26,122 Total revenue 60,760 157,051 264,430 288,412 Cost of revenue Products 33,568 82,727 141,165 151,504 Services 2,850 4,950 11,159 11,741 Total cost of revenue 36,418 87,677 152,324 163,245 Gross profit 24,342 69,374 112,106 125,167 Operating expenses Research and development 4,746 11,708 18,486 22,702 Selling, general and administrative 7,466 17,841 30,142 31,940 Restructuring charges - (1) - 126 Total operating expenses 12,212 29,548 48,628 54,768 Operating income 12,130 39,826 63,478 70,399 Other income, net (87) (1,326) Gain on divestiture 2,561,420 - 2,561,374 - Income before income taxes 2,573,550 39,739 2,624,852 69,073 Income tax provision 451,860 8,655 462,700 14,667 Net income from discontinued operations $ 2,121,690 $ 31,084 $ 2,162,152 $ 54,406 Three months ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Depreciation and amortization $ - $ 1,677 $ - $ 3,696 Capital expenditures $ 579 $ 904 $ 2,862 $ 2,731 Stock-based compensation $ 3,109 $ 4,088 $ 8,032 $ 5,963 September 30, 2021 Assets Cash and cash equivalents $ 45,000 Accounts receivable, net 142,256 Inventories 110,735 Other current assets 13,394 Total current assets of discontinued operation $ 311,385 Property, plant and equipment, net $ 32,058 Long-term deferred tax assets 3,167 Goodwill 81,477 Intangibles, net 44,468 Other assets 22,658 Total long-term assets of discontinued operation $ 183,828 Liabilities Accounts payable $ 68,074 Deferred revenue 7,141 Accrued warranty and retrofit costs 6,081 Accrued compensation and benefits 18,144 Accrued Income Taxes 11,702 Accrued expenses and other current liabilities 18,014 Total current liabilities of discontinued operation $ 129,156 Long-term tax reserves 2,356 Long-term deferred tax liabilities 6,548 Long-term pension liabilities 5,490 Long-term operating lease liabilities 15,425 Other long-term liabilities 2,625 Total long-term liabilities of discontinued operation $ 32,444 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value, Including Accrued Interest Receivable and Unrealized Holding Gains (Losses) on Short-term and Long-term Marketable Securities | The following is a summary of the amortized cost and the fair value, including accrued interest receivable as well as unrealized holding gains (losses) on the short-term and long-term marketable securities as of March 31, 2022 and September 30, 2021 (in thousands): Gross Gross Amortized Unrealized Unrealized Cost Losses Gains Fair Value March 31, 2022: U.S. Treasury securities and obligations of U.S. government agencies $ 720,648 $ (1,185) $ 18 $ 719,481 Corporate securities 258,862 (1,899) — 256,963 Municipal securities 100,518 (230) — 100,288 $ 1,080,028 $ (3,314) $ 18 $ 1,076,732 September 30, 2021: Bank certificates of deposits $ 30 $ — $ — $ 30 Corporate securities 3,624 — — 3,624 Other debt securities 25 — — 25 $ 3,679 $ — $ — $ 3,679 |
Fair Value of Marketable Securities by Contractual Maturity | The fair values of the marketable securities by contractual maturities at March 31, 2022 are presented below (in thousands): Amortized Cost Fair Value Due in one year or less $ 817,223 $ 816,512 Due after one year through five years 259,382 256,797 Due after five years through ten years — — Due after ten years 3,422 3,423 Total marketable securities $ 1,080,027 $ 1,076,732 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill by Business Segment | The changes in the Company’s goodwill by reportable segment since September 30, 2021 are as follows (in thousands): Life Sciences Life Sciences Products Services Total Balance, at September 30, 2021 110,138 359,218 469,356 Currency translation adjustments (1,643) 33 (1,610) Balance, at March 31, 2022 $ 108,495 $ 359,251 $ 467,746 |
Components of Identifiable Intangible Assets | The components of the Company’s identifiable intangible assets as of March 31, 2022 and September 30, 2021 are as follows (in thousands): March 31, 2022 September 30, 2021 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Patents $ 1,234 $ 1,055 $ 179 $ 1,242 $ 1,002 $ 240 Completed technology 75,373 35,833 39,540 75,527 32,383 43,144 Trademarks and trade names 424 47 377 424 33 391 Non-competition agreements 681 344 337 681 249 432 Customer relationships 253,063 122,989 130,074 253,486 111,159 142,327 Other intangibles 240 240 — 246 246 — $ 331,015 $ 160,508 $ 170,507 $ 331,606 $ 145,072 $ 186,534 |
Schedule of Future Amortization Expense | Estimated future amortization expense for the intangible assets for the remainder of fiscal year 2022, the subsequent four fiscal years and thereafter is as follows (in thousands): 2022 $ 15,937 2023 30,845 2024 27,354 2025 22,574 2026 19,435 Thereafter 54,362 $ 170,507 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of leases | The components of lease expense were as follows (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Operating lease costs $ 2,389 $ 1,740 $ 4,560 $ 3,444 Finance lease costs: Amortization of assets 54 250 129 561 Interest on lease liabilities 2 6 5 23 Total finance lease costs 56 256 134 584 Variable lease costs 755 457 1,272 863 Short-term lease costs 364 50 718 89 Total lease costs $ 3,564 $ 2,503 $ 6,684 $ 4,980 Supplemental balance sheet information related to leases is as follows (in thousands, except lease term and discount rate): March 31, 2022 September 30, 2021 Operating Leases: Operating lease right-of-use assets $ 53,278 $ 49,650 Accrued expenses and other current liabilities $ 6,113 $ 5,254 Long-term operating lease liabilities 48,698 45,088 Total operating lease liabilities $ 54,811 $ 50,342 Finance Leases: Property, plant and equipment, at cost $ 2,252 $ 2,252 Accumulated amortization (2,234) (2,105) Property, plant and equipment, net $ 18 $ 147 Accrued expenses and other current liabilities $ 44 $ 360 Other long-term liabilities (10) (10) Total finance lease liabilities $ 34 $ 350 Weighted average remaining lease term (in years): Operating leases 11.74 11.33 Finance leases 0.08 0.53 Weighted average discount rate: Operating leases 4.05 % 3.90 % Finance leases 4.86 % 4.87 % Supplemental cash flow information related to leases was as follows (in thousands, unaudited): Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases $ 1,950 $ 1,548 $ 3,599 $ 2,968 Operating cash flows from finance leases 1 12 4 27 Financing cash flows from finance leases 127 307 312 611 ROU assets obtained in exchange for lease liabilities: Operating leases $ 7,327 $ 549 $ 7,490 $ 4,081 |
Schedule of future lease payments of operating leases | Finance Leases Operating Leases 2022 $ 34 $ 4,103 2023 - 7,762 2024 - 6,354 2025 - 5,910 2026 - 5,839 2027 - 5,650 Thereafter - 34,415 Total future lease payments 34 70,033 Less imputed interest - (15,222) Total lease liability balance $ 34 $ 54,811 |
Schedule of future lease payments of finance leases | Finance Leases Operating Leases 2022 $ 34 $ 4,103 2023 - 7,762 2024 - 6,354 2025 - 5,910 2026 - 5,839 2027 - 5,650 Thereafter - 34,415 Total future lease payments 34 70,033 Less imputed interest - (15,222) Total lease liability balance $ 34 $ 54,811 |
Other Balance Sheet Informati_2
Other Balance Sheet Information (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Accounts Receivable | The following is a summary of accounts receivable at March 31, 2022 and September 30, 2021 (in thousands): March 31, September 30, 2022 2021 Accounts receivable $ 142,200 $ 124,195 Less allowance for expected credit losses (4,622) (4,318) Accounts receivable, net $ 137,578 $ 119,877 |
Summary of Inventories | The following is a summary of inventories at March 31, 2022 and September 30, 2021 (in thousands): March 31, September 30, 2022 2021 Inventories Raw materials and purchased parts $ 28,546 $ 27,644 Work-in-process 5,885 4,787 Finished goods 43,321 27,967 Total inventories $ 77,752 $ 60,398 |
Product Warranty and Retrofit Activity on Gross Basis | The following is a summary of product warranty and retrofit activity on a gross basis for the three and six months ended March 31, 2022 and 2021 (in thousands): Activity -Three Months Ended March 31, 2022 Balance Balance December 31, March 31, 2021 Accruals Costs Incurred 2022 $ 2,342 $ 539 $ (390) $ 2,491 Activity -Three Months Ended March 31, 2021 Balance Balance December 31, March 31, 2020 Accruals Costs Incurred 2021 $ 2,267 $ 167 $ (252) $ 2,182 Activity -Six Months Ended March 31, 2022 Balance Balance September 30, March 31, 2021 Accruals Costs Incurred 2022 $ 2,330 $ 1,212 $ (1,051) $ 2,491 Activity -Six Months Ended March 31, 2021 Balance Balance September 30, March 31, 2020 Accruals Costs Incurred 2021 $ 2,211 $ 813 $ (842) $ 2,182 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation expense | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Restricted stock units $ 8,058 $ 7,048 $ 15,255 $ 13,192 Employee stock purchase plan 599 433 1,293 999 Total stock-based compensation expense $ 8,657 $ 7,481 $ 16,548 $ 14,191 |
Restricted Stock Unit Activity | Time-Based Stock Performance- Total Units Units Grants Based Units Six months ended March 31, 2022 228,468 101,706 16,286 110,476 Six months ended March 31, 2021 329,801 149,249 14,657 165,895 Weighted Average Grant-Date Shares Fair Value Outstanding at September 30, 2021 1,088,652 $ 47.35 Granted 228,468 103.31 Vested (208,713) 40.03 Forfeited (553,624) 39.30 Outstanding at March 31, 2022 554,783 75.14 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding for Purposes of Calculating Basic and Diluted Earnings Per Share | The calculations of basic and diluted net income per share and basic and diluted weighted average shares outstanding are as follows for the three and six months ended March 31, 2022 and 2021 (in thousands, except per share data): Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 (Loss) income from continuing operations $ (1,816) $ (7,336) $ 1,041 $ (4,630) Income from discontinued operations, net of tax 2,121,690 31,084 2,162,152 54,406 Net income $ 2,119,874 $ 23,748 $ 2,163,193 $ 49,776 Weighted average common shares outstanding used in computing basic earnings per share 74,958 74,265 74,823 74,142 Dilutive restricted stock units — — 322 — Weighted average common shares outstanding used in computing diluted earnings per share 74,958 74,265 75,145 74,142 Basic net income per share: (Loss) income from continuing operations $ (0.02) $ (0.10) $ 0.01 $ (0.06) Income from discontinued operations, net of tax 28.31 0.42 28.90 0.73 Basic net income per share $ 28.28 $ 0.32 $ 28.91 $ 0.67 Diluted net income per share: (Loss) income from continuing operations $ (0.02) $ (0.10) $ 0.01 $ (0.06) Income from discontinued operations, net of tax 28.31 0.42 28.77 0.73 Diluted net income per share $ 28.28 $ 0.32 $ 28.79 $ 0.67 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Reporting Unit | Three months ended March 31, Six months ended March 31, 2022 2021 2022 2021 Significant Business Line Life Sciences Products $ 53,615 $ 52,355 $ 103,493 $ 97,899 Sample Repository Solutions 26,929 22,191 52,805 42,724 Genomic Services 65,000 54,989 128,898 107,054 Total $ 145,544 $ 129,535 $ 285,196 $ 247,677 |
Remaining Performance Obligations | As of March 31, 2022 Less than 1 Year Greater than 1 Year Total Remaining Performance Obligations $ 41,405 $ 14,300 $ 55,705 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Information for Business Segments | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Revenue: Life Sciences Products $ 53,615 $ 52,355 103,487 97,899 Life Sciences Services 91,929 77,180 181,709 149,778 Total revenue $ 145,544 $ 129,535 $ 285,196 $ 247,677 Operating loss: Life Sciences Products $ 5,288 $ 7,248 9,679 11,431 Life Sciences Services 4,856 5,614 12,740 12,542 Reportable segment adjusted operating income 10,144 12,862 22,419 23,973 Amortization of completed technology 1,840 2,021 3,613 4,026 Amortization of other intangible assets 6,047 7,356 12,319 14,261 Restructuring charges 122 92 295 53 Tariff adjustment (486) 5,497 (486) 5,497 Other unallocated corporate expenses 7,329 7,216 11,711 9,101 Total operating loss (4,708) (9,320) (5,033) (8,965) Interest income 3,076 18 3,111 94 Interest expense (1,555) (452) (2,010) (1,008) Loss on extinguishment of debt (632) — (632) — Other income (expenses), net (1,170) 108 (2,248) 1,389 Loss before income taxes $ (4,989) $ (9,646) $ (6,812) $ (8,490) Assets: Life Sciences Products Life Sciences Services Total March 31, 2022 $ 288,902 $ 825,881 $ 1,114,783 September 30, 2021 278,769 780,238 1,059,007 |
Reconciliation of Reportable Segment Assets to Corresponding Consolidated Amounts | March 31, September 30, 2022 2021 Segment assets $ 1,114,783 $ 1,059,007 Cash and cash equivalents, restricted cash, and marketable securities 3,025,685 244,012 Deferred tax assets 1,816 10,043 Other assets 16,762 11,237 Assets held for sale — 495,213 Total assets $ 4,159,046 $ 1,819,512 |
Revenue from External Customers Attributed to Geographic Areas | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Geographic Location: North America $ 94,283 $ 79,753 $ 184,366 $ 153,302 Europe 26,554 29,514 55,149 55,403 China 13,757 11,736 26,798 22,791 Asia / Pacific/ Other 10,950 8,532 18,883 16,181 Total $ 145,544 $ 129,535 $ 285,196 $ 247,677 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable March 31, Identical Assets Observable Inputs Inputs Description 2022 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 764,361 $ 764,361 $ — $ — Available-for-sale securities 1,076,732 517,457 559,275 — Foreign exchange contracts 130 — 130 — Net Investment Hedge 10,673 — 10,673 — Total Assets $ 1,851,896 $ 1,281,818 $ 570,078 $ — Liabilities: Foreign exchange contracts 734 — 734 — Total Liabilities $ 734 $ — $ 734 $ — Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Active Markets for Significant Other Unobservable September 30, Identical Assets Observable Inputs Inputs Description 2021 (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 21 $ 21 $ — $ — Available-for-sale securities 3,679 — 3,679 — Foreign exchange contracts 153 — 153 — Total Assets $ 3,853 $ 21 $ 3,832 $ — Liabilities: Foreign exchange contracts 165 $ — 165 — Acquisition-related contingent consideration 9,400 — — 9,400 Total Liabilities $ 9,565 $ — $ 165 $ 9,400 |
Nature of Operation (Details)
Nature of Operation (Details) - Discontinued Operations, Disposed of by Sale - Semiconductor Automation Business $ in Billions | Feb. 01, 2022USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Proceeds from divestiture | $ 2.9 |
Cash proceeds after adjustments and deducting taxes and other items | $ 2.5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign Currency Transaction Gain (Loss), before Tax [Abstract] | ||||
Foreign currency transaction and remeasurement losses | $ (1,200) | $ (400) | $ (3,200) | $ 400 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation reclassification adjustments included in income from discontinued operation | $ 16,567 | $ 16,567 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Realized losses on derivatives not designated as hedging instruments | $ 1,125 | $ (5,173) | $ 1,054 | $ (6,335) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Hedging Activities (Details) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022USD ($)$ / € | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)$ / € | Mar. 31, 2021USD ($) | Mar. 31, 2022EUR (€)$ / € | |
Derivative [Line Items] | |||||
Interest income | $ 3,076 | $ 18 | $ 3,111 | $ 94 | |
Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, cross-currency swap, exchanged | 1,030,000 | 1,030,000 | |||
Derivative, notional amount, cross-currency swap, received | € | € 915 | ||||
Derivative, notional amount | $ 960,000 | $ 960,000 | |||
Derivative, fixed interest rate (as a percent) | 1.283% | 1.283% | 1.283% | ||
Derivative, notional amount, cross-currency swap, maturity, deliver | € | € 852 | ||||
Derivative, notional amount, cross-currency swap, maturity, receive | $ 960,000 | $ 960,000 | |||
Derivative, forward exchange rate | $ / € | 1.1261 | 1.1261 | 1.1261 | ||
Gain to accumulated other comprehensive income | $ 10,700 | $ 10,700 | |||
Interest income | $ 2,100 | $ 2,100 | |||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |||||
Derivative [Line Items] | |||||
Derivative, variable interest rate | 1.196% | 1.196% | 1.196% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Recently Issued and Adopted Accounting Pronouncements (Details) | Mar. 31, 2022 |
Accounting Standards Update 2021-10 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Accounting Standards Update 2020-10 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2021 |
Accounting Standards Update 2020-04 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Accounting Standards Update 2019-12 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2021 |
Accounting Standards Update 2021-08 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2021 |
Accounting Standards Update 2018-14 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Oct. 1, 2021 |
Discontinued Operations - Gener
Discontinued Operations - General Information (Details) $ in Thousands | Feb. 01, 2022USD ($)lease | Mar. 31, 2022USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Thomas H. Lee Partners, L.P. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Transition service agreement, term, low end of range | 3 months | |||
Transition service agreement, term, high end of range | 24 months | |||
Sale leaseback transaction, lease agreements, number | lease | 2 | |||
Sale leaseback transaction, lease term | 24 months | |||
Sale leaseback transaction, termination notice period | 90 days | |||
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture | $ 2,900,000 | |||
Cash proceeds after adjustments and deducting taxes and other items | 2,500,000 | |||
Gain on divestiture | $ 2,561,420 | $ 2,561,374 | ||
Liability related to retention and stock compensation for former employees of the Company that were conveyed with the transaction | $ 18,100 | |||
Discontinued Operations, Disposed of by Sale | Semiconductor Cryogenics Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net gain (loss) on sale | $ (1,300) |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Net income from discontinued operations | $ 2,121,690 | $ 31,084 | $ 2,162,152 | $ 54,406 |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total revenue | 60,760 | 157,051 | 264,430 | 288,412 |
Total cost of revenue | 36,418 | 87,677 | 152,324 | 163,245 |
Gross profit | 24,342 | 69,374 | 112,106 | 125,167 |
Research and development | 4,746 | 11,708 | 18,486 | 22,702 |
Selling, general and administrative | 7,466 | 17,841 | 30,142 | 31,940 |
Restructuring charges | (1) | 126 | ||
Total operating expenses | 12,212 | 29,548 | 48,628 | 54,768 |
Operating income | 12,130 | 39,826 | 63,478 | 70,399 |
Other income, net | (87) | (1,326) | ||
Gain on divestiture | 2,561,420 | 2,561,374 | ||
Income before income taxes | 2,573,550 | 39,739 | 2,624,852 | 69,073 |
Income tax provision | 451,860 | 8,655 | 462,700 | 14,667 |
Net income from discontinued operations | 2,121,690 | 31,084 | 2,162,152 | 54,406 |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | Products | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total revenue | 56,722 | 144,136 | 244,962 | 262,290 |
Total cost of revenue | 33,568 | 82,727 | 141,165 | 151,504 |
Discontinued Operations, Disposed of by Sale | Semiconductor Automation Business | Services | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total revenue | 4,038 | 12,915 | 19,468 | 26,122 |
Total cost of revenue | $ 2,850 | $ 4,950 | $ 11,159 | $ 11,741 |
Discontinued Operations - Non-c
Discontinued Operations - Non-cash Items and Capital Expenditures (Details) - Discontinued Operations, Disposed of by Sale - Semiconductor Automation Business - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Discontinued Operation, Alternative Cash Flow Information [Abstract] | ||||
Depreciation and amortization | $ 1,677 | $ 3,696 | ||
Capital expenditures | $ 579 | 904 | $ 2,862 | 2,731 |
Stock-based compensation | $ 3,109 | $ 4,088 | $ 8,032 | $ 5,963 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |
Cash and cash equivalents | $ 45,000 |
Total current assets of discontinued operation | 311,385 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |
Total long-term assets of discontinued operation | 183,828 |
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |
Total current liabilities of discontinued operation | 128,939 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | |
Total long-term liabilities of discontinued operation | 32,444 |
Discontinued Operations, Held-for-sale | Semiconductor Automation Business | |
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |
Cash and cash equivalents | 45,000 |
Accounts receivable, net | 142,256 |
Inventories | 110,735 |
Other current assets | 13,394 |
Total current assets of discontinued operation | 311,385 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |
Property, plant and equipment, net | 32,058 |
Long-term deferred tax assets | 3,167 |
Goodwill | 81,477 |
Intangibles, net | 44,468 |
Other assets | 22,658 |
Total long-term assets of discontinued operation | 183,828 |
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |
Accounts payable | 68,074 |
Deferred revenue | 7,141 |
Accrued warranty and retrofit costs | 6,081 |
Accrued compensation and benefits | 18,144 |
Accrued Income Taxes | 11,702 |
Accrued expenses and other current liabilities | 18,014 |
Total current liabilities of discontinued operation | 129,156 |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | |
Long-term tax reserves | 2,356 |
Long-term deferred tax liabilities | 6,548 |
Long-term pension liabilities | 5,490 |
Long-term operating lease liabilities | 15,425 |
Other long-term liabilities | 2,625 |
Total long-term liabilities of discontinued operation | $ 32,444 |
Discontinued Operations - Acqui
Discontinued Operations - Acquisitions (Details) - USD ($) $ in Thousands | Apr. 29, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 467,746 | $ 467,746 | $ 469,356 | |
Payments to Acquire Productive Assets [Abstract] | ||||
Purchases of technology intangibles | $ 4,000 | |||
Discontinued Operations, Held-for-sale | Semiconductor Automation Business | Precise Automation, Inc. | ||||
Business Acquisition, Date of Acquisition [Abstract] | ||||
Business acquisition, effective date of acquisition | Apr. 29, 2021 | |||
Business Combination, Consideration Transferred [Abstract] | ||||
Total purchase price | $ 69,800 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | 33,100 | |||
Deferred tax liabilities | $ 6,200 | |||
Weighted average useful life of intangible assets | 11 years | |||
Business combination, option to purchase certain technology assets, exercised | 4,000 | |||
Business Combination, Goodwill [Abstract] | ||||
Goodwill deductible for tax purposes | $ 0 | |||
Payments to Acquire Productive Assets [Abstract] | ||||
Purchases of technology intangibles | $ 4,000 | |||
Discontinued Operations, Held-for-sale | Semiconductor Automation Business | Precise Automation, Inc. | Completed Technology | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets | 38,700 | |||
Discontinued Operations, Held-for-sale | Semiconductor Automation Business | Precise Automation, Inc. | Customer Relationships | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Intangible assets | $ 2,500 |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,080,028 | $ 3,679 |
Gross Unrealized Losses | (3,314) | |
Gross Unrealized Gains | 18 | |
Fair Value | 1,076,732 | 3,679 |
U.S. Treasury securities and obligations of U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 720,648 | |
Gross Unrealized Losses | (1,185) | |
Gross Unrealized Gains | 18 | |
Fair Value | 719,481 | |
Certificates of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30 | |
Fair Value | 30 | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 258,862 | 3,624 |
Gross Unrealized Losses | (1,899) | |
Fair Value | 256,963 | 3,624 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100,518 | |
Gross Unrealized Losses | (230) | |
Fair Value | $ 100,288 | |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25 | |
Fair Value | $ 25 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value of Marketable Securities by Contractual Maturity (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Amortized cost, due in one year or less | $ 817,223 |
Amortized cost, due in one year | 0 |
Amortized cost, due after one year through five years | 259,382 |
Amortized cost, due after ten years | 3,422 |
Amortized cost | 1,080,027 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | |
Fair value, due in one year or less | 816,512 |
Fair value, due in one year | 0 |
Fair value, due after one year through five years | 256,797 |
Fair value, due after ten years | 3,423 |
Fair value | $ 1,076,732 |
Marketable Securities - Unreali
Marketable Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Fair value of marketable securities in unrealized loss position | $ 939,100 | $ 0 |
Acquisitions - General Informat
Acquisitions - General Information (Details) | Apr. 02, 2021 | Dec. 03, 2020 |
Abeyatech LLC | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Apr. 2, 2021 | |
Trans-Hit Biomarkers | ||
Business Acquisition, Date of Acquisition [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Dec. 3, 2020 |
Acquisitions - Purchase Conside
Acquisitions - Purchase Consideration (Details) - USD ($) $ in Millions | Apr. 02, 2021 | Dec. 03, 2020 |
Abeyatech LLC | ||
Business Acquisition [Line Items] | ||
Net cash outflow | $ 9.9 | |
Acquisition-related contingent consideration | $ 9.4 | |
Trans-Hit Biomarkers | ||
Business Acquisition [Line Items] | ||
Total purchase price | $ 15.1 |
Acquisitions - Contingent Consi
Acquisitions - Contingent Consideration Paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||
Payment for contingent consideration related to acquisition, financing activities | $ 9,400 | |
Abeyatech LLC | ||
Business Acquisition [Line Items] | ||
Payment for contingent consideration related to acquisition | $ 10,000 |
Acquisitions - Amounts of Asset
Acquisitions - Amounts of Assets and Liabilities at Fair Value as of Acquisition Date (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 | Apr. 02, 2021 | Dec. 03, 2020 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 467,746 | $ 469,356 | ||
Abeyatech LLC | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 4,400 | |||
Intangible assets | 11,900 | |||
Other assets and liabilities, net | $ 3,000 | |||
Trans-Hit Biomarkers | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||
Goodwill | $ 9,300 | |||
Intangible assets | 7,800 | |||
Long-term deferred tax liabilities | $ (2,400) |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets Acquired (Details) | Apr. 02, 2021 | Dec. 03, 2020 |
Abeyatech LLC | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 12 years | |
Trans-Hit Biomarkers | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life of intangible assets | 11 years |
Acquisitions - Goodwill (Detail
Acquisitions - Goodwill (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 | Apr. 02, 2021 | Dec. 03, 2020 |
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 467,746 | $ 469,356 | ||
Life Sciences Products | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill | 108,495 | 110,138 | ||
Life Sciences Services | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 359,251 | $ 359,218 | ||
Abeyatech LLC | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 4,400 | |||
Abeyatech LLC | Life Sciences Products | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill deductible for tax purposes | $ 4,400 | |||
Trans-Hit Biomarkers | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill | $ 9,300 | |||
Trans-Hit Biomarkers | Life Sciences Services | ||||
Business Combination, Goodwill [Abstract] | ||||
Goodwill deductible for tax purposes | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 469,356 |
Goodwill, ending balance | 467,746 |
Life Sciences Products | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 110,138 |
Currency translation adjustments | (1,643) |
Goodwill, ending balance | 108,495 |
Life Sciences Services | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 359,218 |
Currency translation adjustments | 33 |
Goodwill, ending balance | 359,251 |
Other | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 469,356 |
Currency translation adjustments | (1,610) |
Goodwill, ending balance | $ 467,746 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 331,015 | $ 331,606 |
Accumulated Amortization | 160,508 | 145,072 |
Net Book Value | 170,507 | 186,534 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,234 | 1,242 |
Accumulated Amortization | 1,055 | 1,002 |
Net Book Value | 179 | 240 |
Completed Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 75,373 | 75,527 |
Accumulated Amortization | 35,833 | 32,383 |
Net Book Value | 39,540 | 43,144 |
Trademarks and Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 424 | 424 |
Accumulated Amortization | 47 | 33 |
Net Book Value | 377 | 391 |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 681 | 681 |
Accumulated Amortization | 344 | 249 |
Net Book Value | 337 | 432 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 253,063 | 253,486 |
Accumulated Amortization | 122,989 | 111,159 |
Net Book Value | 130,074 | 142,327 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 240 | 246 |
Accumulated Amortization | $ 240 | $ 246 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 7.9 | $ 9.4 | $ 15.9 | $ 18.3 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | $ 15,937 | |
2023 | 30,845 | |
2024 | 27,354 | |
2025 | 22,574 | |
2026 | 19,435 | |
Thereafter | 54,362 | |
Net Book Value | $ 170,507 | $ 186,534 |
Debt and Line of Credit (Detail
Debt and Line of Credit (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Oct. 04, 2017 |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 632 | $ 632 | ||
Secured Debt | Senior Secured Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 200,000 | |||
Issue amount | $ 197,600 | |||
Percentage of par (as a percent) | 98.80% | |||
Discount | $ 2,400 | |||
Discount percentage (as a percent) | 1.20% | |||
Weighted average interest rate (as a percent) | 2.70% | |||
Interest expense | 100 | $ 500 | ||
Deferred financing costs amortization | $ 100 | $ 100 | ||
Debt extinguished | $ 49,700 | |||
Loss on extinguishment of debt | $ 600 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Lease, Cost [Abstract] | ||||
Operating lease costs | $ 2,389 | $ 1,740 | $ 4,560 | $ 3,444 |
Amortization of assets | 54 | 250 | 129 | 561 |
Interest on lease liabilities | 2 | 6 | 5 | 23 |
Total finance lease costs | 56 | 256 | 134 | 584 |
Variable lease cost | 755 | 457 | 1,272 | 863 |
Short-term lease costs | 364 | 50 | 718 | 89 |
Total lease costs | $ 3,564 | $ 2,503 | $ 6,684 | $ 4,980 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities - Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 53,278 | $ 49,650 |
Accrued expenses and other current liabilities | $ 6,113 | $ 5,254 |
Operating Lease, Liability, Current, Statement of Financial Position | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Long-term operating lease liabilities | $ 48,698 | $ 45,088 |
Total lease liability balance | $ 54,811 | $ 50,342 |
Leases - Assets and Liabiliti_2
Leases - Assets and Liabilities - Finance Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization [Abstract] | ||
Property, plant and equipment, at cost | $ 2,252 | $ 2,252 |
Accumulated amortization | (2,234) | (2,105) |
Property, plant and equipment, net | $ 18 | $ 147 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property, plant and equipment, net | Property, plant and equipment, net |
Finance Lease Liability [Abstract] | ||
Accrued expenses and other current liabilities | $ 44 | $ 360 |
Finance Lease, Liability, Current, Statement of Financial Position | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Other long-term liabilities, net | $ (10) | $ (10) |
Total finance lease liabilities | $ 34 | $ 350 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2022 | Sep. 30, 2021 |
Leases [Abstract] | ||
Weighted average remaining lease term, operating leases | 11 years 8 months 26 days | 11 years 3 months 29 days |
Weighted average remaining lease term, finance leases | 29 days | 6 months 10 days |
Weighted average discount rate, operating leases (as a percent) | 4.05% | 3.90% |
Weighted average discount rate, finance leases (as a percent) | 4.86% | 4.87% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||||
Operating cash flows from operating leases | $ 1,950 | $ 1,548 | $ 3,599 | $ 2,968 |
Operating cash flows from finance leases | 1 | 12 | 4 | 27 |
Financing cash flows from finance leases | $ 127 | $ 307 | $ 312 | $ 611 |
Leases - Assets Obtained in Exc
Leases - Assets Obtained in Exchange for Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | ||||
ROU assets obtained in exchange for lease liabilities, operating leases | $ 7,327 | $ 549 | $ 7,490 | $ 4,081 |
Leases - Future Lease Payments
Leases - Future Lease Payments - Operating Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 4,103 |
2023 | 7,762 |
2024 | 6,354 |
2025 | 5,910 |
2026 | 5,839 |
2027 | 5,650 |
Thereafter | 34,415 |
Total future lease payments | $ 70,033 |
Leases - Gross Difference - Ope
Leases - Gross Difference - Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Total future lease payments | $ 70,033 | |
Less imputed interest | (15,222) | |
Total lease liability balance | $ 54,811 | $ 50,342 |
Leases - Future Lease Payment_2
Leases - Future Lease Payments - Finance Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 34 |
Total future lease payments | $ 34 |
Leases - Gross Difference - Fin
Leases - Gross Difference - Finance Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Total future lease payments | $ 34 | |
Total finance lease liabilities | $ 34 | $ 350 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Income tax expense (benefit) | $ (3,173) | $ (2,310) | $ (7,853) | $ (3,860) |
Benefit related to stock compensation windfalls | 4,500 | $ 2,000 | ||
Charge to increase the deferred tax liability to reflect a change in the blended state income tax rate that results from the sale of the semiconductor business assets | $ 600 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Utilization of Previously Expected to Expire Deferred Tax Assets, Driven by Income from Discontinued Operations | |
Valuation Allowance [Line Items] | |
Decrease in valuation allowance | $ 3.6 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits - Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Mar. 31, 2022 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract] | ||
Interest related to unrecognized benefits | $ 0.1 | $ 0.1 |
Income Taxes - Unrecognized T_2
Income Taxes - Unrecognized Tax Benefits - Decrease in Unrecognized Tax Benefits is Reasonably Possible (Details) $ in Millions | Mar. 31, 2022USD ($) |
Income Tax Disclosure [Abstract] | |
Anticipated unrecognized tax benefit reduction during next twelve months | $ 0.4 |
Other Balance Sheet Informati_3
Other Balance Sheet Information - Summary of Account Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable | $ 142,200 | $ 124,195 |
Less allowance for expected credit losses | (4,622) | (4,318) |
Accounts receivable, net | $ 137,578 | $ 119,877 |
Other Balance Sheet Informati_4
Other Balance Sheet Information - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials and purchased parts | $ 28,546 | $ 27,644 |
Work-in-process | 5,885 | 4,787 |
Finished goods | 43,321 | 27,967 |
Inventory, net | 77,752 | 60,398 |
Reserves for excess and obsolete inventory | $ 4,400 | $ 3,700 |
Other Balance Sheet Informati_5
Other Balance Sheet Information - Capitalized Direct Costs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment, Gross [Abstract] | ||
Capitalized computer software, gross | $ 24.2 | $ 22.7 |
Capitalized computer software costs | 1.6 | |
Software Development | ||
Property, Plant and Equipment, Gross [Abstract] | ||
Capitalized computer software, gross | $ 6.3 |
Other Balance Sheet Informati_6
Other Balance Sheet Information - Product Warranty and Retrofit Activity on Gross Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||||
Beginning Balance | $ 2,342 | $ 2,267 | $ 2,330 | $ 2,211 |
Accruals for warranties | 539 | 167 | 1,212 | 813 |
Costs incurred | (390) | (252) | (1,051) | (842) |
Ending Balance | $ 2,491 | $ 2,182 | $ 2,491 | $ 2,182 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 8,657 | $ 7,481 | $ 16,548 | $ 14,191 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 8,058 | 7,048 | 15,255 | 13,192 |
Restricted Stock Units (RSUs) | Continuing Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 5,200 | 3,200 | 7,700 | 7,700 |
Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 599 | 433 | 1,293 | 999 |
Employee Stock | Continuing Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 400 | $ 200 | $ 800 | $ 500 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Granted - Tabular Disclosure (Details) - shares | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 228,468 | 329,801 |
Restricted Stock, Time Based Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 101,706 | 149,249 |
Board of Director Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 16,286 | 14,657 |
Restricted Stock, Performance Based Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stocks granted (in shares) | 110,476 | 165,895 |
Stock-Based Compensation - Time
Stock-Based Compensation - Time-Based Restricted Stock Unit Grants (Details) - Restricted Stock, Time Based Shares | 6 Months Ended |
Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period (in years) | 3 years |
Share-based Compensation Award, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage (as a percent) | 33.33% |
Share-based Compensation Award, Tranche Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage (as a percent) | 33.33% |
Share-based Compensation Award, Tranche Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting percentage (as a percent) | 33.33% |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based Restricted Stock Unit Grants (Details) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Performance-based awards granted, percentage (as a percent) | 100.00% | 100.00% | 100.00% |
Performance-based awards granted, percentage, maximum threshold met (as a percent) | 200.00% | 200.00% | 200.00% |
Performance goal measurement period (in years) | 3 years |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Unit Activity - Tabular Disclosure (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Shares | ||||
Outstanding at beginning of period (in shares) | 1,088,652 | |||
Restricted stocks granted (in shares) | 228,468 | 329,801 | ||
Vested (in shares) | (208,713) | |||
Forfeited (in shares) | (553,624) | |||
Outstanding at end of period (in shares) | 554,783 | 554,783 | ||
Weighted Average Grant-Date Fair Value | ||||
Outstanding at beginning of period (in dollars per share) | $ 47.35 | |||
Granted (in dollars per share) | $ 82.34 | $ 80.09 | 103.31 | $ 70.18 |
Vested (in dollars per share) | 40.03 | |||
Forfeited (in dollars per share) | 39.30 | |||
Outstanding at end of period (in dollars per share) | $ 75.14 | $ 75.14 |
Stock-Based Compensation - Re_3
Stock-Based Compensation - Restricted Stock Unit Activity - Additional Information (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 82.34 | $ 80.09 | $ 103.31 | $ 70.18 |
Fair value of restricted stock awards vested | $ 1.9 | $ 2 | $ 66.7 | $ 27.9 |
Proceeds from employees to satisfy tax obligation | $ 25.1 | $ 9.7 |
Stock-Based Compensation - Re_4
Stock-Based Compensation - Restricted Stock Unit Activity - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 29 |
Unrecognized compensation cost, estimated weighted average amortization period | 1 year 10 months 24 days |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued under employee stock purchase plan (in shares) | 51,133 | 58,124 |
Employee Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase price of common stock (as a percent) | 85.00% |
Earnings per Share - Tabular Di
Earnings per Share - Tabular Disclosure (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | ||||
(Loss) income from continuing operations | $ (1,816) | $ (7,336) | $ 1,041 | $ (4,630) |
Income from discontinued operations, net of tax | 2,121,690 | 31,084 | 2,162,152 | 54,406 |
Net income | 2,119,874 | 23,748 | 2,163,193 | 49,776 |
Net income attributable to Brooks Automation, Inc. - basic | 2,119,874 | 23,748 | 2,163,193 | 49,776 |
Net income attributable to Brooks Automation, Inc. - diluted | $ 2,119,874 | $ 23,748 | $ 2,163,193 | $ 49,776 |
Weighted average common shares outstanding used in computing diluted earnings per share | ||||
Weighted average common shares outstanding used in computing basic earnings per share (in shares) | 74,958 | 74,265 | 74,823 | 74,142 |
Dilutive restricted stock units | 322 | |||
Weighted average common shares outstanding used in computing diluted earnings per share (in shares) | 74,958 | 74,265 | 75,145 | 74,142 |
Basic net income per share: | ||||
(Loss) income from continuing operations (in dollars per share) | $ (0.02) | $ (0.10) | $ 0.01 | $ (0.06) |
Income from discontinued operations, net of tax (in dollars per share) | 28.31 | 0.42 | 28.90 | 0.73 |
Basic net income per share (in dollars per share) | 28.28 | 0.32 | 28.91 | 0.67 |
Diluted net income per share: | ||||
(Loss) income from continuing operations (in dollars per share) | (0.02) | (0.10) | 0.01 | (0.06) |
Income from discontinued operations, net of tax (in dollars per share) | 28.31 | 0.42 | 28.77 | 0.73 |
Diluted net income per share (in dollars per share) | $ 28.28 | $ 0.32 | $ 28.79 | $ 0.67 |
Earnings per Share - Anti-dilut
Earnings per Share - Anti-dilutive Securities (Details) | 6 Months Ended |
Mar. 31, 2022shares | |
Restricted Stock Units (RSUs) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from computation of diluted earnings per share (in shares) | 59,513 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregated By Reporting Unit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 145,544 | $ 129,535 | $ 285,196 | $ 247,677 |
Life Sciences Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 53,615 | $ 52,355 | $ 103,493 | $ 97,899 |
Reporting unit, name of segment | Life Sciences Products | Life Sciences Products | Life Sciences Products | Life Sciences Products |
Sample Repository Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 26,929 | $ 22,191 | $ 52,805 | $ 42,724 |
Reporting unit, name of segment | Life Sciences Services | Life Sciences Services | Life Sciences Services | Life Sciences Services |
Genomic Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 65,000 | $ 54,989 | $ 128,898 | $ 107,054 |
Reporting unit, name of segment | Life Sciences Services | Life Sciences Services | Life Sciences Services | Life Sciences Services |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2021 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable, net of allowance for expected credit losses ($4,622 and $4,318, respectively) | $ 137,578 | $ 119,877 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract] | ||
Contract assets | 25,800 | 15,300 |
Contract with Customer, Liability [Abstract] | ||
Current contract liabilities | 30,700 | 25,724 |
Contract liabilities | 30,700 | $ 25,700 |
Revenue recognized | $ 18,200 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Remaining Performance Obligations (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 55,705 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 41,405 |
Unsatisfied performance obligation, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 14,300 |
Unsatisfied performance obligation, period |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Costs to Obtain and Fulfill a Contract (Details) | Mar. 31, 2022 |
Capitalized Contract Cost [Abstract] | |
Sales commission amortization period | 60 months |
Segment and Geographic Inform_3
Segment and Geographic Information - General Information (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||
Number of reportable segments | 2 | 2 | 2 | 2 |
Number of operating segments | 2 | 2 | 2 | 2 |
Number of reportable segments, previously operated | 3 | 3 | 3 | 3 |
Segment and Geographic Inform_4
Segment and Geographic Information - Reconciliation of Reportable Segment Operating Income (Loss) to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 145,544 | $ 129,535 | $ 285,196 | $ 247,677 |
Amortization of other intangible assets | 7,900 | 9,400 | 15,900 | 18,300 |
Restructuring charges | 122 | 92 | 295 | 53 |
Tariff adjustment | (486) | 5,497 | (486) | 5,497 |
Operating income (loss) | (4,708) | (9,320) | (5,033) | (8,965) |
Interest income | 3,076 | 18 | 3,111 | 94 |
Interest expense | (1,555) | (452) | (2,010) | (1,008) |
Loss on extinguishment of debt | (632) | (632) | ||
Other income (expenses), net | (1,170) | 108 | (2,248) | 1,389 |
(Loss) income before income taxes | (4,989) | (9,646) | (6,812) | (8,490) |
Completed Technology | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of other intangible assets | 1,840 | 2,021 | 3,613 | 4,026 |
Acquired Intangible Assets | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of other intangible assets | 6,047 | 7,356 | 12,319 | 14,261 |
Life Sciences Products | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 53,615 | 52,355 | 103,487 | 97,899 |
Operating income (loss) | 5,288 | 7,248 | 9,679 | 11,431 |
Life Sciences Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 91,929 | 77,180 | 181,709 | 149,778 |
Operating income (loss) | 4,856 | 5,614 | 12,740 | 12,542 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 145,544 | 129,535 | 285,196 | 247,677 |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | 10,144 | 12,862 | 22,419 | 23,973 |
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Other unallocated corporate expense (income) | $ 7,329 | $ 7,216 | $ 11,711 | $ 9,101 |
Segment and Geographic Inform_5
Segment and Geographic Information - Financial Information for Business Segments - Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,159,046 | $ 1,819,512 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,114,783 | 1,059,007 |
Operating Segments | Life Sciences Products | ||
Segment Reporting Information [Line Items] | ||
Total assets | 288,902 | 278,769 |
Operating Segments | Life Sciences Services | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 825,881 | $ 780,238 |
Segment and Geographic Inform_6
Segment and Geographic Information - Reconciliation of Reportable Segment Assets to Corresponding Consolidated Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents, restricted cash, and marketable securities | $ 3,025,685 | $ 244,012 |
Deferred tax asset | 1,816 | 10,043 |
Other assets | 16,762 | 11,237 |
Assets held for sale | 495,213 | |
Assets | 4,159,046 | 1,819,512 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 1,114,783 | $ 1,059,007 |
Segment and Geographic Inform_7
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Tabular Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 145,544 | $ 129,535 | $ 285,196 | $ 247,677 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 94,283 | 79,753 | 184,366 | 153,302 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 26,554 | 29,514 | 55,149 | 55,403 |
CHINA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 13,757 | 11,736 | 26,798 | 22,791 |
Asia / Pacific/ Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 10,950 | $ 8,532 | $ 18,883 | $ 16,181 |
Segment and Geographic Inform_8
Segment and Geographic Information - Net Revenues Based upon Source of Order by Geographic Area - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk, North America [Member] | UNITED STATES | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 99.00% | 99.00% |
Commitments and Contingencies -
Commitments and Contingencies - Tariff Matter (Details) - Tariffs - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
May 06, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | |
Loss Contingency Accrual, Disclosures [Abstract] | ||||
Loss contingency accrual | $ 7.4 | $ 7 | $ 6.1 | |
Loss contingency benefit | $ 0.5 | |||
Subsequent Event | ||||
Loss Contingency Accrual, Disclosures [Abstract] | ||||
Loss contingency payment | $ 5.9 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Commitments (Details) $ in Millions | Mar. 31, 2022USD ($) |
Non-cancelable commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 97 |
Non-cancellable Contracts and Purchase Orders for Inventory | |
Other Commitments [Line Items] | |
Other commitment | 76.7 |
Non-cancelable IT-related commitments | |
Other Commitments [Line Items] | |
Other commitment | 16.7 |
Non-cancelable China facility commitments | |
Other Commitments [Line Items] | |
Other commitment | $ 3.6 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Assets: | ||
Available-for-sale securities | $ 1,076,732 | $ 3,679 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Available-for-sale securities | 1,076,732 | 3,679 |
Foreign exchange contracts | 130 | 153 |
Net Investment Hedge | 10,673 | |
Total Assets | 1,851,896 | 3,853 |
Liabilities: | ||
Foreign exchange contracts | 734 | 165 |
Acquisition-related contingent consideration | 9,400 | |
Total Liabilities | 734 | 9,565 |
Fair Value, Measurements, Recurring | Cash equivalents | ||
Assets: | ||
Cash equivalents | 764,361 | 21 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Available-for-sale securities | 517,457 | |
Total Assets | 1,281,818 | 21 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | Cash equivalents | ||
Assets: | ||
Cash equivalents | 764,361 | 21 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets: | ||
Available-for-sale securities | 559,275 | 3,679 |
Foreign exchange contracts | 130 | 153 |
Net Investment Hedge | 10,673 | |
Total Assets | 570,078 | 3,832 |
Liabilities: | ||
Foreign exchange contracts | 734 | 165 |
Total Liabilities | $ 734 | 165 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Liabilities: | ||
Acquisition-related contingent consideration | 9,400 | |
Total Liabilities | $ 9,400 |