10-Q Filing

VAREX IMAGING CORP CIK: 1681622 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001681622-18-000008`
Period End Date	20171231
Filing Date	20180207
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	var-20171229.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 40 Cash Flow Statement 66 Comprehensive Income 14

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.10M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.50M	USD	Point-in-time
Common stock, par value per share (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$130.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$163.60M	USD	Point-in-time
Common stock, par value per share (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$234.50M	USD	Point-in-time
Inventories, net	`InventoryNet`	$245.30M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$14.50M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	37.63M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	37.75M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.90M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	37.63M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	37.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$495.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$483.90M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$144.10M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$148.30M	USD	Point-in-time
Goodwill	`Goodwill`	$241.90M	USD	Point-in-time
Goodwill	`Goodwill`	$241.90M	USD	Point-in-time
Intangibles assets	`IntangibleAssetsNetExcludingGoodwill`	$91.30M	USD	Point-in-time
Intangibles assets	`IntangibleAssetsNetExcludingGoodwill`	$87.10M	USD	Point-in-time
Investments in privately-held companies	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$52.30M	USD	Point-in-time
Investments in privately-held companies	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$50.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$12.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.00M	USD	Point-in-time
Total assets	`Assets`	$1.04B	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.30M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$60.50M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$62.40M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$10.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$10.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$151.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$148.80M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$434.50M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$463.90M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$29.50M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$20.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.70M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$7.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$611.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$649.90M	USD	Point-in-time
Redeemable noncontrolling interests	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$11.20M	USD	Point-in-time
Redeemable noncontrolling interests	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$11.40M	USD	Point-in-time
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock, $.01 par value: 150,000 shares authorized, 37,753,118 issued and outstanding as of December 29,2017; 37,633,747 issued and outstanding as of September 29, 2017	`CommonStockValueOutstanding`	$400.00K	USD	Point-in-time
Common stock, $.01 par value: 150,000 shares authorized, 37,753,118 issued and outstanding as of December 29,2017; 37,633,747 issued and outstanding as of September 29, 2017	`CommonStockValueOutstanding`	$400.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$342.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$348.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$800.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$46.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$379.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$397.50M	USD	Point-in-time
Total liabilities, redeemable noncontrolling interests and Varex stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities, redeemable noncontrolling interests and Varex stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.04B	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$176.20M	USD	1 Quarter
Revenues	`Revenues`	$157.40M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$98.60M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$114.70M	USD	1 Quarter
Gross margin	`GrossProfit`	$61.50M	USD	1 Quarter
Gross margin	`GrossProfit`	$58.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$19.70M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.30M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$26.90M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$28.20M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$40.20M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$47.90M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$18.60M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$13.60M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$100.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$100.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.50M	USD	1 Quarter
Interest expense	`InterestExpense`	$600.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-1.10M	USD	1 Quarter
Interest and other income (expense), net	`NonoperatingIncomeExpense`	$-6.50M	USD	1 Quarter
Interest and other income (expense), net	`NonoperatingIncomeExpense`	$-300.00K	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.30M	USD	1 Quarter
Earnings before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$7.10M	USD	1 Quarter
(Benefit) taxes on earnings	`IncomeTaxExpenseBenefit`	$-4.30M	USD	1 Quarter
(Benefit) taxes on earnings	`IncomeTaxExpenseBenefit`	$7.10M	USD	1 Quarter
Net earnings	`ProfitLoss`	$11.20M	USD	1 Quarter
Net earnings	`ProfitLoss`	$11.40M	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Net earnings attributable to Varex	`NetIncomeLoss`	$11.30M	USD	1 Quarter
Net earnings attributable to Varex	`NetIncomeLoss`	$11.10M	USD	1 Quarter
Earnings per share, basic (in USD per share)	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Earnings per share, basic (in USD per share)	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Earnings per share, diluted (in USD per share)	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Earnings per share, diluted (in USD per share)	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Weighted average number of shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.70M	shares	1 Quarter
Weighted average number of shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.40M	shares	1 Quarter
Weighted average number of shares outstanding,diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.20M	shares	1 Quarter
Weighted average number of shares outstanding,diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.70M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$11.20M	USD	1 Quarter
Net earnings	`ProfitLoss`	$11.40M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.30M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.10M	USD	1 Quarter
Depreciation	`Depreciation`	$3.10M	USD	1 Quarter
Depreciation	`Depreciation`	$4.90M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.20M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.30M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-9.90M	USD	1 Quarter
Deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$5.20M	USD	1 Quarter
Loss (income) from equity method investments	`IncomeLossFromEquityMethodInvestments`	$-700.00K	USD	1 Quarter
Loss (income) from equity method investments	`IncomeLossFromEquityMethodInvestments`	$100.00K	USD	1 Quarter
Amortization of deferred loan costs	`AmortizationOfFinancingCosts`	$600.00K	USD	1 Quarter
Amortization of deferred loan costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-200.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-33.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$9.60M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.40M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.90M	USD	1 Quarter
Accrued operating liabilities and other long-term operating liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.40M	USD	1 Quarter
Accrued operating liabilities and other long-term operating liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.10M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-500.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-500.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.10M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.60M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-700.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.60M	USD	1 Quarter
Net transfers from (to) parent	`ProceedsFromContributionsFromAffiliates`	-	USD	1 Quarter
Net transfers from (to) parent	`ProceedsFromContributionsFromAffiliates`	$1.80M	USD	1 Quarter
Borrowings under credit agreements	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Borrowings under credit agreements	`ProceedsFromLongTermLinesOfCredit`	$2.00M	USD	1 Quarter
Repayments of borrowing under credit agreements	`RepaymentsOfLongTermLinesOfCredit`	$32.00M	USD	1 Quarter
Repayments of borrowing under credit agreements	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.80M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from shares issued under employee stock purchase plan	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.40M	USD	1 Quarter
Proceeds from shares issued under employee stock purchase plan	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.80M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.80M	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$100.00K	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$700.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$17.40M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.80M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$83.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$53.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$36.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$53.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$83.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$94.10M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$36.50M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$5.00M	USD	1 Quarter
Cash paid for income tax	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income tax	`IncomeTaxesPaid`	$200.00K	USD	1 Quarter
Purchases of property, plant and equipment financed through accounts payable	`FairValueOfAssetsAcquired`	$3.60M	USD	1 Quarter
Purchases of property, plant and equipment financed through accounts payable	`FairValueOfAssetsAcquired`	$2.00M	USD	1 Quarter

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$11.20M	USD	1 Quarter
Net earnings	`ProfitLoss`	$11.40M	USD	1 Quarter
Tax on interest rate swap contracts	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$600.00K	USD	1 Quarter
Tax on interest rate swap contracts	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	-	USD	1 Quarter
Unrealized gain on interest rate swap contracts, net of tax expense of $0.6 and $0 during the three months ended December 29, 2017 and December 30, 2016, respectively	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$1.80M	USD	1 Quarter
Unrealized gain on interest rate swap contracts, net of tax expense of $0.6 and $0 during the three months ended December 29, 2017 and December 30, 2016, respectively	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Other comprehensive earnings, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.80M	USD	1 Quarter
Other comprehensive earnings, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Comprehensive earnings	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$11.20M	USD	1 Quarter
Comprehensive earnings	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$13.20M	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Less: Net earnings attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Comprehensive earnings attributable to Varex	`ComprehensiveIncomeNetOfTax`	$11.10M	USD	1 Quarter
Comprehensive earnings attributable to Varex	`ComprehensiveIncomeNetOfTax`	$13.10M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.