VREX FY 2014 Earnings Report — Varex Imaging Corporation Revenue & Financial Results | Market Cap Arena

Varex Imaging CorporationVREX

FY 2014 Earnings

Reported September 29, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$685M	—	$670M	—	2.3%
Op. Income	$176M	—	$169M	—	4.3%
Gross Margin	40.7%	—	40.0%	—	0.6pp
Net Margin	16.1%	—	16.4%	—	-0.3pp
EPS (Diluted)	$2.87	—	$2.85	—	0.7%
Free Cash Flow	$95M	—	$83M	—	15.1%

Revenue Flow

Item	Amount
REVENUE	$685M
Cost of Revenue	$407M
GROSS PROFIT	$279M
R&D Expenses	$40M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$63M
Other Expenses	-$400.0K
Operating Expenses	$103M
Cost & Expenses	$509M
OPERATING INCOME	$176M
Interest Income	$300.0K
Interest Expense	$900.0K
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$174M
Income Tax Expense	$64M
Net Income from Continuing Ops	$110M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$110M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$10M
EBIT	$176M
EBITDA	$185M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$685M
Cost of Revenue	$407M
GROSS PROFIT	$279M
R&D Expenses	$40M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$63M
Other Expenses	-$400.0K
Operating Expenses	$103M
Cost & Expenses	$509M
OPERATING INCOME	$176M
Interest Income	$300.0K
Interest Expense	$900.0K
Other Income/Expenses	-$2M
INCOME BEFORE TAX	$174M
Income Tax Expense	$64M
Net Income from Continuing Ops	$110M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$110M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$110M
D&A	$10M
EBIT	$176M
EBITDA	$185M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$110M
Depreciation & Amortization	$10M
Stock-Based Compensation	$8M
Deferred Income Tax	-$2M
Other Non-Cash Items	$100.0K
Change in Working Capital	-$8M
OPERATING CASH FLOW	$119M
Capital Expenditure	-$23M
Acquisitions (Net)	-$5M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$29M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$90M
NET CASH FROM FINANCING	-$90M
FREE CASH FLOW	$95M
Net Change in Cash	$100.0K

Balance Sheet

Item	Amount
Cash & Equivalents	$500.0K
Short-Term Investments	$0
Net Receivables	$129M
Inventory	$140M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$271M
PP&E (Net)	$63M
Goodwill	$36M
Intangible Assets	$5M
Long-Term Investments	$50M
Tax Assets	$9M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$163M
TOTAL ASSETS	$433M
Account Payables	$42M
Short-Term Debt	$0
Deferred Revenue	$4M
Other Current Liabilities	$13M
TOTAL CURRENT LIABILITIES	$69M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5M
TOTAL NON-CURRENT LIABILITIES	$5M
TOTAL LIABILITIES	$74M
Common Stock	$359M
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$359M
Minority Interest	$0
TOTAL EQUITY	$359M
TOTAL LIABILITIES & EQUITY	$433M
Total Debt	$0
Net Debt	-$500.0K