VARIAN MEDICAL SYSTEMS, INC. VAR Cash Flow

Varian medical systems, inc. (VAR)

CashFlow / Quarterly

Apr'20	Jan'20	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09	Dec'08
Cash flows from operating activities:
Net earnings
43,100	88,900	70,400	29,500	88,400	103,900	116,800	72,500	73,200	-112,200	78,600	69,900	56,200	14,500	114,800	98,900	97,000	89,000	99,075	113,642	105,969	93,314	105,862	107,090	92,788	97,960	117,346	112,831	112,788	95,283	120,201	108,842	107,772	90,234	100,760	98,605	103,079	96,489	105,039	85,494	91,114	78,775	97,061	85,351	67,813	68,797
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense
11,300	14,900	12,700	12,200	12,500	10,500	11,900	12,800	10,500	10,700	8,500	9,100	12,100	11,500	12,300	12,200	12,500	11,300	9,706	11,356	12,501	12,737	9,546	11,414	9,596	9,044	8,722	10,524	13,228	10,163	11,221	11,516	14,638	10,501	7,106	8,808	13,540	12,564	12,872	10,695	7,402	8,845	10,419	10,839	10,613	10,706
Tax benefits from exercises of share-based payment awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500	-200	1,000	300	1,156	4,880	6,264	1,018	1,338	4,665	3,879	301	2,245	2,841	5,321	1,241	1,766	5,366	-485	844	4,587	8,593	10,417	7,036	4,215	4,774	2,257	2,434	1,283	1,597	2,956
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500	500	1,100	297	1,165	4,899	6,239	1,050	1,368	4,605	3,877	13	2,067	2,566	4,937	1,124	1,661	4,917	1,227	802	4,282	8,250	9,236	6,100	3,506	4,036	1,430	2,264	1,353	3,026	2,996
Depreciation
14,900	15,000	15,100	12,900	13,000	12,800	13,800	12,900	12,600	12,800	13,300	13,300	14,700	17,200	17,500	15,600	15,600	15,500	15,207	14,782	14,687	15,424	14,983	14,016	13,688	15,013	13,913	14,323	14,451	15,840	16,392	13,382	13,243	13,086	12,935	12,731	12,398	11,579	11,880	11,103	10,982	11,008	10,966	10,670	10,786	8,586
Amortization of intangible assets and inventory step-up
9,500	10,200	21,800	6,000	6,700	4,700	5,400	4,800	4,100	6,300	5,100	4,200	4,000	5,100	5,900	2,900	3,800	3,000	3,288	1,826	1,686	1,600	1,541	1,321	886	1,052	1,037	1,080	1,099	1,116	2,031	1,132	816	900	668	707	787	786	757	800	836	927	950	859	861	931
Deferred taxes
-	-	-	-	-	-	-2,100	8,300	-3,100	44,900	-7,400	-8,400	13,400	-20,900	-30,700	1,800	3,800	-3,200	-9,818	-1,181	2,289	14,110	20,589	9,878	-21,167	6,600	-9,076	1,416	-436	4,150	-2,074	430	-607	-98	25,645	3,039	3,943	2,603	31,591	-3,624	4,583	-2,439	-17,593	-3,049	578	-1,944
Net change in fair value of derivatives and underlying commitments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23	2,075	432	-	-94	-1,325	-346
Loss on equity investments
-	-	-	-	-	-	-	-	-900	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	791	-1,391	2	3,023	-743	179	-980	1,728	-1,422	919	-212	275	1,989	2,224	-327	-1,753	900	448	1,393	-2,283	-8	-7
Provision to allowance for doubtful accounts
-	-	-	-	-	-	1,300	700	500	1,500	5,200	-300	700	38,100	-1,700	1,600	-400	4,000	-1,711	-3,871	-1,219	7,901	1,538	29	5,862	-229	1,170	704	341	3,769	4,110	4,071	161	2,008	449	1,903	68	94	-188	403	547	557	380	959	276	423
Gain on sale of equity investments
0	1,400	0	0	-200	22,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
-	-	-	-	-	-	300	11,000	11,100	-	13,100	0	0	38,300	0	2,200	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-	8,800	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sale of Research Instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,043	-	-	-	-
Loss on sale or disposal of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-28
Other, net
3,800	-2,700	1,100	1,500	3,400	-3,700	-8,400	-2,200	100	800	-3,100	0	100	600	600	-400	1,200	-1,100	-14	128	-1,297	-217	-2,150	197	1,262	291	-2,581	739	-939	1,108	-2,123	-55	792	121	432	40	-401	327	-2,063	-366	1,657	-304	1,035	-818	-812	-819
Changes in assets and liabilities, net of effects of acquisitions:
Trade and unbilled receivables
-20,400	-29,500	34,000	19,100	61,500	-2,900	86,900	17,600	37,500	-65,900	43,800	-40,300	46,900	-32,400	73,100	200	64,900	29,500	93,445	-31,502	61,177	-43,720	6,553	-31,518	80,170	19,295	61,964	-68,195	102,651	-53,119	83,264	-21,618	64,029	-38,241	66,538	5,036	62,406	-92,403	57,414	24,351	-221	-68,670	95,214	-75,810	77,534	-10,926
Inventories
8,800	44,900	28,500	36,500	9,500	32,400	-32,100	37,600	-800	11,700	-13,000	5,900	-15,800	30,100	-29,800	32,500	35,600	4,000	-35,688	-15,663	30,802	62,149	-5,760	25,998	-1,286	24,348	-3,998	33,690	5,693	41,015	-6,812	20,286	-1,586	30,571	-26,075	15,141	16,795	36,374	-27,356	22,712	18,272	39,700	-36,016	20,251	10,382	44,958
Prepaid expenses and other assets
24,900	-6,300	13,500	7,600	27,900	-8,600	-25,900	29,800	28,200	-28,200	-100	-6,500	45,400	10,100	-42,700	19,800	3,600	12,000	-24,502	11,715	12,952	8,035	-18,847	16,793	5,128	226	-6,943	1,293	6,717	14,627	-636	14,947	-6,377	39,095	-11,339	4,856	7,057	12,714	-753	-939	898	14,547	-7,614	-3,786	11,269	3,626
Accounts payable
-22,000	-32,700	19,800	6,200	10,200	13,500	-5,900	26,900	11,200	-10,300	6,100	9,300	10,800	-20,700	14,800	8,500	500	-14,100	6,219	13,114	24,179	-37,012	16,020	2,289	-5,565	-10,744	8,045	7,901	25,196	-33,358	26,943	5,524	11,644	-24,836	38,021	-5,064	817	1,750	10,794	-4,673	9,133	-12,295	25,669	-24,203	17,936	-13,360
Accrued liabilities and other long-term liabilities
-20,500	-42,100	9,900	49,800	-61,700	-12,500	25,600	24,700	200	125,100	40,800	-2,600	-5,200	-20,300	39,700	17,000	-3,500	5,300	25,845	3,314	-17,587	-25,572	13,968	-59,842	69,880	-24,806	45,304	-12,609	-26,313	-39,113	48,322	13,872	-4,942	-19,504	-15,654	28,753	-4,010	-24,847	24,741	-2,215	389	-21,892	50,879	-7,039	-11,135	14,434
Deferred revenues
-24,000	57,400	16,200	-500	8,200	47,200	-32,900	22,200	-7,100	18,600	-6,300	19,600	2,100	27,800	-21,800	-13,400	8,500	11,000	38,860	-4,394	14,509	22,625	-10,783	4,656	45,889	-7,862	21,814	31,942	3,385	17,457	85,779	-15,720	36	-1,308	32,534	-11,783	15,456	-14,577	16,362	-5,759	-23,482	24,207	6,369	-7,284	-26,704	16,800
Product warranty
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,530	-417	-1,109	-	455	-3,537	-533	2,013	453	-768	145	3,315	-2,866	-216	-1,725
Advance payments from customers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,300	21,455	19,068	-	11,980	16,243	12,712	-5,117	15,103	12,325	26,890	-22,705	25,156	-2,996	22,894
Other long-term liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-957	-3,524	-1,430	-	-4,340	-2,608	-3,062	-16,913	4,061	2,432	-170	1,098	-21,026	1,646	-3,844
Net cash provided by operating activities
21,900	112,600	117,800	126,500	-13,400	140,900	108,200	102,200	65,500	179,000	129,700	155,000	32,200	82,200	152,000	95,200	31,800	77,300	153,433	183,901	53,314	78,952	193,411	86,476	125,852	43,261	154,929	197,740	30,635	71,881	191,413	142,739	105,288	53,335	145,852	120,899	67,871	138,157	168,362	67,836	93,921	130,667	115,900	128,912	-24,941	84,562
Cash flows from investing activities:
Purchases of property, plant and equipment
14,400	22,600	14,300	18,500	11,200	14,000	16,900	13,000	8,500	9,300	18,700	8,300	14,900	17,200	19,400	15,100	18,600	27,300	34,316	20,362	14,999	21,723	26,371	19,424	19,323	24,482	19,589	17,835	18,849	20,004	20,915	17,963	14,469	7,756	18,639	13,650	16,028	22,611	17,941	30,582	11,468	7,554	14,631	18,597	10,867	18,467
Investment in debt security
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,084	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions, net of cash acquired
6,700	1,700	90,600	460,600	-500	25,500	50,300	29,100	29,600	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	18,409	0	9,832	725	300	7,799	300	-	-	-	-	-	-	-	-
Purchase of equity investments
-	-	-	-	-	-	0	7,000	600	2,500	1,200	2,200	5,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of equity investments
0	9,200	0	0	0	29,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	8,600	600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in available-for-sale securities
-	-	-	-	-	-	11,800	0	0	6,000	4,300	8,000	500	600	800	1,500	100	900	-	-	-	942	4,508	26,946	3,870	9,876	2,490	2,944	3,226	1,384	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loans to CPTC
-	-	-	-	-	-	-600	0	-700	-4,600	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on notes receivable
-	-	-	-	-	-	-	1,100	4,700	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of notes receivable
-	-	-	-	-	-	-	-	-	-	0	6,700	100	11,400	11,400	4,100	4,100	2,100	18,700	0	2,000	3,000	0	5,000	0	500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Escrow deposit
-	-	-	-	-	-	-	-	-	2,600	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note repayments from related party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,440	-6,720	0	3,360	8,273	-8,098	461	145	173	169	1,766	-1,837	326	323	-6,480	169
Amounts paid to deferred compensation plan trust account
-	-	-	-	-	-	-	-	0	1,300	-	-	1,000	3,400	-	0	200	2,700	-4,307	-595	3,102	0	-	-	-	-	-	-415	2,520	-2,120	-252	-507	77	-2,278	377	-52	-175	-198	115	686	-2,562	1,170	119	128	867	1,391
Other, net
0	0	-200	-800	-1,000	3,500	-900	1,400	300	-700	100	4,600	-100	-800	-1,600	1,500	-800	-100	15	247	925	-87	42	-1,498	-51	907	-179	-167	-169	465	5,948	2,879	-484	-55	850	1,434	2,048	13	971	369	-127	5,119	456	-119	1,862	2,428
Net cash used in investing activities
-21,100	-15,100	-108,000	-489,100	-21,500	-13,100	-71,600	-48,100	-29,400	-25,600	-51,500	-25,700	-21,400	-31,800	-48,800	-13,900	-22,200	-24,300	-137,711	1,979	-49,590	-25,578	-46,896	-27,297	-23,142	-35,765	-21,885	-31,027	-19,386	-23,973	-24,228	-55,289	-20,243	-22,535	-33,085	-37,027	-25,239	-22,581	-18,854	-33,268	-7,013	-15,680	-14,880	-20,833	-20,076	-22,117
Cash flows from financing activities:
Repurchases of common stock
42,400	43,800	32,500	48,600	50,800	34,800	50,000	39,200	36,000	56,700	25,400	46,800	172,800	49,500	87,100	125,500	56,600	192,100	128,430	92,389	75,646	125,535	210,455	102,720	159,022	155,503	130,834	95,209	90,339	103,551	85,022	97,019	75,399	0	-	-	-	-	254,865	115,897	71,566	55,172	29,944	0	0	71,541
Proceeds from issuance of common stock to employees
12,400	19,700	7,700	17,100	16,600	22,000	3,600	12,500	20,400	24,200	15,400	31,300	9,300	16,100	24,000	15,400	5,900	15,300	4,464	19,315	32,426	34,795	15,593	20,022	33,529	30,556	25,118	23,882	21,653	58,929	5,803	12,713	22,439	19,377	5,173	27,657	28,061	76,806	38,684	17,374	19,591	8,782	10,928	3,085	9,321	4,491
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500	500	1,100	297	1,165	4,899	6,239	1,050	1,368	4,605	3,877	13	2,067	2,566	4,937	1,124	1,661	4,917	1,227	802	4,282	8,250	9,236	6,100	3,506	4,036	1,430	2,264	1,353	3,026	2,996
Tax withholdings on vesting of equity awards
7,900	3,600	400	200	9,500	4,400	100	400	10,800	300	100	100	9,300	1,200	200	100	6,200	4,500	100	154	4,684	11,362	136	186	176	8,302	34	4,995	129	4,402	1,524	4,224	4,341	33	627	23,514	-9,247	-79	15,336	-33	-6,922	-347	-426	-21	-2,461	-285
Borrowings under credit facility agreement
94,000	11,000	206,500	430,000	0	0	0	269,000	67,900	166,400	83,000	58,000	80,000	10,000	0	0	8,000	75,000	20,000	125,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments under credit facility agreement
94,000	11,000	-	-	-	-	0	294,000	42,900	166,400	38,000	85,500	90,000	10,000	12,500	12,500	40,500	67,500	32,500	137,500	12,500	12,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net borrowings under the credit facility agreements with maturities less than 90 days
-22,000	132,000	10,000	400,000	0	0	-18,300	-211,700	-110,000	-10,000	-60,000	-155,000	-52,000	-55,000	-22,900	-82,000	97,000	225,000	13,122	-4,522	0	100,000	-29,553	29,553	0	0	-169,935	-64,815	34,750	45,000	-13,815	18,208	-24,393	-6,400	181,400	-119,969	119,969	-20,000	20,000	0	-4,402	0	-	-	-15,000	25,000
Contingent consideration and hold back
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,900	1,200	2,500	59	2,271	336	734	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
0	-900	400	-4,700	4,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,774	516	-208	-204	-204	-1,039	-910	0	-25	-25	-25	-26	-23	-	-	-	-	-73	-45	-59	-60	-59	-60	-68	-64
Repayments under term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,500	25,000	-	-	-	0	0	6,250	0	3,626	1,805	5,324	68	67	65	6,315	2,563	62	61	60	7,809	57
Capital contribution from noncontrolling interest holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-59,900	103,400	-14,800	350,900	-39,700	-17,200	-65,400	-267,400	-111,400	-42,800	-16,700	-170,700	-115,400	-89,600	-96,900	-206,100	7,400	49,800	-123,299	-90,237	-55,841	-7,323	-236,235	-70,921	-133,768	-154,576	222,237	-139,980	-31,499	888	-93,459	-74,936	-76,803	10,522	-119,865	-98,268	-159,098	65,896	-213,451	-101,410	-61,885	-45,429	-13,127	-5,703	-12,991	-39,460
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
5,900	-2,800	6,200	-4,300	4,800	1,700	100	16,100	-7,500	-4,000	-5,600	-5,600	-3,100	10,400	1,300	-400	-9,300	5,100	1,615	-6,429	9,981	9,033	12,994	-1,268	-1,138	412	-2,987	-899	4,494	2,123	-2,542	4,145	2,168	538	3,633	-2,071	-2,664	1,826	-3,447	-274	4,209	2,408	-6,085	-5,272	9,754	2,580
Net increase in cash, cash equivalents, and restricted cash
-53,200	198,100	1,200	-16,000	-69,800	112,300	-28,700	-197,200	-82,800	106,600	55,900	-47,000	-107,700	-28,800	7,600	-125,200	7,700	107,900	-105,962	89,214	-42,136	55,084	-76,726	-13,010	-32,196	-146,668	352,294	25,834	-15,756	50,919	71,184	16,659	10,410	41,860	-3,465	-16,467	-119,130	183,298	-67,390	-67,116	29,232	71,966	81,808	97,104	-48,254	25,565