VARIAN MEDICAL SYSTEMS, INC. VAR Cash Flow

Varian medical systems, inc. (VAR)

CashFlow / TTM

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
231,900	277,200	292,200	338,600	381,600	366,400	150,300	112,100	109,500	92,500	219,200	255,400	284,400	325,200	399,700	383,975	398,717	407,686	412,000	418,787	412,235	399,054	403,700	415,184	420,925	440,925	438,248	441,103	437,114	432,098	427,049	407,608	397,371	392,678	398,933	403,212	390,101	378,136	360,422	352,444	352,301	329,000	319,022	0	0	0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense
51,100	52,300	47,900	47,100	47,700	45,700	45,900	42,500	38,800	40,400	41,200	45,000	48,100	48,500	48,300	45,706	44,862	44,863	46,300	46,140	46,198	43,293	39,600	38,776	37,886	41,518	42,637	45,136	46,128	47,538	47,876	43,761	41,053	39,955	42,018	47,784	49,671	43,533	39,814	37,361	37,505	40,716	42,577	0	0	0
Tax benefits from exercises of share-based payment awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,600	2,256	7,336	12,600	13,318	13,500	13,285	10,900	10,183	11,090	9,266	10,708	11,648	11,169	13,694	7,888	7,491	10,312	13,539	24,441	30,633	30,261	26,442	18,282	13,680	10,748	7,571	8,270	0	0	0
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,397	3,062	7,461	12,600	13,353	13,556	13,262	10,900	9,863	10,562	8,523	9,583	10,694	10,288	12,639	8,929	8,607	11,228	14,561	22,570	27,868	27,092	22,878	15,072	11,236	9,083	8,073	9,639	0	0	0
Depreciation
57,900	56,000	53,800	52,500	52,500	52,100	52,100	51,600	52,000	54,100	58,500	62,700	65,000	65,900	64,200	61,907	61,089	60,176	60,100	59,876	59,110	58,111	57,700	56,630	56,937	57,700	58,527	61,006	60,065	58,857	56,103	52,646	51,995	51,150	49,643	48,588	46,960	45,544	44,973	44,059	43,626	43,430	41,008	0	0	0
Amortization of intangible assets and inventory step-up
47,500	44,700	39,200	22,800	21,600	19,000	20,600	20,300	19,700	19,600	18,400	19,200	17,900	17,700	15,600	12,988	11,914	9,800	8,400	6,653	6,148	5,348	4,800	4,296	4,055	4,268	4,332	5,326	5,378	5,095	4,879	3,516	3,091	3,062	2,948	3,037	3,130	3,179	3,320	3,513	3,572	3,597	3,601	0	0	0
Deferred taxes
-	-	-	-	-	-	48,000	42,700	26,000	42,500	-23,300	-46,600	-36,400	-46,000	-28,300	-7,418	-10,399	-11,910	5,400	35,807	46,866	23,410	15,900	-13,765	-22,227	-1,496	-3,946	3,056	2,070	1,899	-2,349	25,370	27,979	32,529	35,230	41,176	34,513	35,153	30,111	-19,073	-18,498	-22,503	-22,008	0	0	0
Net change in fair value of derivatives and underlying commitments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Loss on equity investments
-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,425	891	2,461	1,479	184	-495	245	1,013	-440	2,971	4,276	4,161	2,133	1,044	-732	988	458	-450	-905	0	0	0
Provision to allowance for doubtful accounts
-	-	-	-	-	-	4,000	7,900	6,900	7,100	43,700	36,800	38,700	37,600	3,500	3,489	-1,982	-2,801	1,100	4,349	8,249	15,330	7,200	6,832	7,507	1,986	5,984	8,924	12,291	12,111	10,350	6,689	4,521	4,428	2,514	1,877	377	856	1,319	1,887	2,443	2,172	2,038	0	0	0
Gain on sale of equity investments
1,400	1,200	21,800	21,800	21,800	22,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
-	-	-	-	-	-	22,400	35,200	24,200	-	51,400	38,300	40,500	40,500	2,200	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sale of Research Instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Loss on sale or disposal of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other, net
3,700	3,300	2,300	-7,200	-10,900	-14,200	-9,700	-4,400	-2,200	-2,200	-2,400	1,300	900	2,000	300	-314	214	-2,283	-1,400	-3,536	-3,467	-908	-400	-831	-289	-2,490	-1,673	-1,215	-2,009	-278	-1,265	1,290	1,385	192	398	-2,097	-2,503	-445	-1,076	2,022	1,570	-899	-1,414	0	0	0
Changes in assets and liabilities, net of effects of acquisitions:
Trade and unbilled receivables
3,200	85,100	111,700	164,600	163,100	139,100	76,100	33,000	-24,900	-15,500	18,000	47,300	87,800	105,800	167,700	188,045	156,343	152,620	79,400	-7,492	-7,508	11,485	74,500	129,911	93,234	115,715	43,301	64,601	111,178	72,556	87,434	70,708	97,362	95,739	41,577	32,453	51,768	-10,859	12,874	50,674	-49,487	28,268	86,012	0	0	0
Inventories
118,700	119,400	106,900	46,300	47,400	37,100	16,400	35,500	3,800	-11,200	7,200	-9,600	17,000	68,400	42,300	36,412	-11,751	-16,549	41,600	71,528	113,189	81,101	43,300	45,062	52,754	59,733	76,400	73,586	60,182	52,903	42,459	23,196	18,051	36,432	42,235	40,954	48,525	50,002	53,328	44,668	42,207	34,317	39,575	0	0	0
Prepaid expenses and other assets
39,700	42,700	40,400	1,000	23,200	23,500	3,900	29,700	-6,600	10,600	48,900	6,300	32,600	-9,200	-7,300	10,898	2,813	12,165	8,200	13,855	18,933	11,109	3,300	15,204	-296	1,293	15,694	22,001	35,655	22,561	47,029	36,326	26,235	39,669	13,288	23,874	18,079	11,920	13,753	6,892	4,045	14,416	3,495	0	0	0
Accounts payable
-28,700	3,500	49,700	24,000	44,700	45,700	21,900	33,900	16,300	15,900	5,500	14,200	13,400	3,100	9,700	1,119	5,733	29,412	6,500	16,301	5,476	-24,268	2,000	-5,975	-363	30,398	7,784	26,682	24,305	10,753	19,275	30,353	19,765	8,938	35,524	8,297	8,688	17,004	2,959	17,834	-1,696	7,107	6,042	0	0	0
Accrued liabilities and other long-term liabilities
-2,900	-44,100	-14,500	1,200	-23,900	38,000	175,600	190,800	163,500	158,100	12,700	11,600	31,200	32,900	58,500	44,645	30,959	16,872	-14,000	-25,877	-89,033	-1,566	-800	30,536	77,769	-18,424	-32,731	-29,713	-3,232	18,139	37,748	-26,228	-11,347	-10,415	-15,758	24,637	-6,331	-1,932	1,023	27,161	22,337	10,813	47,139	0	0	0
Deferred revenues
49,100	81,300	71,100	22,000	44,700	29,400	800	27,400	24,800	34,000	43,200	27,700	-5,300	1,100	-15,700	44,960	53,966	59,975	71,600	21,957	31,007	62,387	31,900	64,497	91,783	49,279	74,598	138,563	90,901	87,552	68,787	15,542	19,479	34,899	21,630	5,458	11,482	-27,456	11,328	1,335	-190	-3,412	-10,819	0	0	0
Product warranty
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-1,602	-1,604	1,165	1,843	3,145	-174	378	-1,492	0	0	0
Advance payments from customers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	35,818	38,941	35,023	49,201	31,613	41,666	26,345	22,349	0	0	0
Other long-term liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-26,923	-18,522	-13,482	-10,590	7,421	-17,666	-18,452	-22,126	0	0	0
Net cash provided by operating activities
378,800	343,500	371,800	362,200	337,900	416,800	454,900	476,400	529,200	495,900	399,100	421,400	361,600	361,200	356,300	357,733	446,434	467,948	469,600	509,578	412,153	484,691	449,000	410,518	521,782	426,565	455,185	491,669	436,668	511,321	492,775	447,214	425,374	387,957	472,779	495,289	442,226	468,276	460,786	408,324	469,400	350,538	304,433	0	0	0
Cash flows from investing activities:
Purchases of property, plant and equipment
69,800	66,600	58,000	60,600	55,100	52,400	47,700	49,500	44,800	51,200	59,100	59,800	66,600	70,300	80,400	95,316	100,578	96,977	91,400	83,455	82,517	86,841	89,600	82,818	81,229	80,755	76,277	77,603	77,731	73,351	61,103	58,827	54,514	56,073	70,928	70,230	87,162	82,602	67,545	64,235	52,250	51,649	62,562	0	0	0
Investment in debt security
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions, net of cash acquired
559,600	552,400	576,200	535,900	104,400	134,500	109,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28,241	28,966	10,857	18,656	9,124	0	0	0	-	-	-	-	-	-	-	-
Purchase of equity investments
-	-	-	-	-	-	10,100	11,300	6,500	10,900	8,400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of equity investments
9,200	9,200	29,900	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,600	9,200	9,200	9,200	600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in available-for-sale securities
-	-	-	-	-	-	17,800	10,300	18,300	18,800	13,400	9,900	3,400	3,000	3,300	0	0	0	-	-	-	36,266	45,200	43,182	19,180	18,536	10,044	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loans to CPTC
-	-	-	-	-	-	-5,900	-5,300	-5,300	-4,600	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on notes receivable
-	-	-	-	-	-	-	6,300	5,200	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of notes receivable
-	-	-	-	-	-	-	-	-	-	18,200	29,600	27,000	31,000	21,700	29,000	24,900	22,800	23,700	5,000	10,000	8,000	5,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Escrow deposit
-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note repayments from related party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-8,800	4,913	3,535	3,996	781	-7,319	948	2,253	271	424	578	-7,668	-5,662	0	0	0
Amounts paid to deferred compensation plan trust account
-	-	-	-	-	-	-	-	0	0	-	-	0	400	-	-1,407	-2,002	900	-1,800	0	0	0	-	-	-	-	-	-267	-359	-2,802	-2,960	-2,331	-1,876	-2,128	-48	-310	428	-1,959	-591	-587	-1,145	2,284	2,505	0	0	0
Other, net
-1,000	-2,000	1,500	800	3,000	4,300	100	1,100	4,300	3,900	3,800	2,100	-1,000	-1,700	-1,000	615	-638	1,087	1,100	1,127	-618	-1,594	-600	-821	510	392	-50	6,077	9,123	8,808	8,288	3,190	1,745	4,277	4,345	4,466	3,401	1,226	6,332	5,817	5,329	7,318	4,627	0	0	0
Net cash used in investing activities
-633,300	-633,700	-631,700	-595,300	-154,300	-162,200	-174,700	-154,600	-132,200	-124,200	-130,400	-127,700	-115,900	-116,700	-109,200	-198,111	-182,232	-209,622	-210,900	-120,085	-149,361	-122,913	-133,100	-108,089	-111,819	-108,063	-96,271	-98,614	-122,876	-123,733	-122,295	-131,152	-112,890	-117,886	-117,932	-103,701	-99,942	-81,716	-74,815	-70,841	-58,406	-71,469	-77,906	0	0	0
Cash flows from financing activities:
Repurchases of common stock
167,300	175,700	166,700	184,200	174,800	160,000	181,900	157,300	164,900	301,700	294,500	356,200	434,900	318,700	461,300	502,630	469,519	488,565	422,000	504,025	514,356	597,732	627,700	548,079	540,568	471,885	419,933	374,121	375,931	360,991	257,440	0	0	0	-	-	-	-	497,500	272,579	156,682	85,116	101,485	0	0	0
Proceeds from issuance of common stock to employees
56,900	61,100	63,400	59,300	54,700	58,500	60,700	72,500	91,300	80,200	72,100	80,700	64,800	61,400	60,600	41,064	44,979	71,505	91,000	102,129	102,836	103,939	99,700	109,225	113,085	101,209	129,582	110,267	99,098	99,884	60,332	59,702	74,646	80,268	137,697	171,208	160,925	152,455	84,431	56,675	42,386	32,116	27,825	0	0	0
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,397	3,062	7,461	12,600	13,353	13,556	13,262	10,900	9,863	10,562	8,523	9,583	10,694	10,288	12,639	8,929	8,607	11,228	14,561	22,570	27,868	27,092	22,878	15,072	11,236	9,083	8,073	9,639	0	0	0
Tax withholdings on vesting of equity awards
12,100	13,700	14,500	14,200	14,400	15,700	11,600	11,600	11,300	9,800	10,700	10,800	10,800	7,700	11,000	10,900	10,954	9,438	16,300	16,336	16,368	11,860	8,800	8,698	13,507	13,460	9,560	11,050	10,279	14,491	10,122	9,225	28,515	14,927	14,815	29,524	5,977	8,302	8,034	-7,728	-7,716	-3,255	-3,193	0	0	0
Borrowings under credit facility agreement
741,500	647,500	636,500	430,000	269,000	336,900	503,300	586,300	375,300	387,400	231,000	148,000	90,000	18,000	83,000	103,000	228,000	220,000	145,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments under credit facility agreement
0	0	-	-	-	-	503,300	541,300	332,800	379,900	223,500	198,000	125,000	75,500	133,000	153,000	278,000	250,000	195,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net borrowings under the credit facility agreements with maturities less than 90 days
520,000	542,000	410,000	381,700	-230,000	-340,000	-350,000	-391,700	-335,000	-277,000	-322,000	-284,900	-211,900	-62,900	217,100	253,122	330,600	233,600	108,600	65,925	100,000	100,000	0	-140,382	-234,750	-200,000	-155,000	1,120	84,143	25,000	-26,400	168,815	30,638	175,000	161,400	0	119,969	-4,402	15,598	0	0	0	-	-	0	0
Contingent consideration and hold back
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,659	6,030	5,166	3,400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-5,200	-1,200	-300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,082	1,878	-100	-1,655	-2,357	-2,153	-1,974	-960	-75	-101	-99	0	0	0	-	-	-	-	-237	-223	-238	-247	-251	0	0	0
Repayments under term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	6,250	9,876	11,681	10,755	10,823	7,264	5,524	6,515	9,010	9,005	9,001	2,746	7,992	7,987	0	0	0
Capital contribution from noncontrolling interest holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
379,600	399,800	279,200	228,600	-389,700	-461,400	-487,000	-438,300	-341,600	-345,600	-392,400	-472,600	-508,000	-385,200	-245,800	-272,199	-156,336	-219,577	-276,700	-389,636	-370,320	-448,247	-595,500	-137,028	-206,087	-103,818	51,646	-264,050	-199,006	-244,310	-234,676	-261,082	-284,414	-366,709	-311,335	-404,921	-408,063	-310,850	-422,175	-221,851	-126,144	-77,250	-71,281	0	0	0
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
5,000	3,900	8,400	2,300	22,700	10,400	4,700	-1,000	-22,700	-18,300	-3,900	3,000	8,200	2,000	-3,300	-2,985	-9,014	10,267	14,200	25,579	30,740	19,621	11,000	-4,981	-4,612	1,020	2,731	3,176	8,220	5,894	4,309	10,484	4,268	-564	724	-6,356	-4,559	2,314	2,896	258	-4,740	805	977	0	0	0
Net increase in cash, cash equivalents, and restricted cash
130,100	113,500	27,700	-2,200	-183,400	-196,400	-202,100	-117,500	32,700	7,800	-127,600	-175,900	-254,100	-138,700	-2,000	-115,562	98,852	49,016	-3,800	25,436	-76,788	-66,848	-268,600	160,420	199,264	215,704	413,291	132,181	123,006	149,172	140,113	65,464	32,338	-97,202	44,236	-19,689	-70,338	78,024	-33,308	115,890	280,110	202,624	156,223	0	0	0