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Press Release: Varex Announces Financial Results -2-

· 02/04/2021 16:05
Accounts receivable, net 121.0 123.8 Inventories 269.8 271.9 Prepaid expenses and other current assets 26.3 25.7 ----------------- ----------------- Total current assets 522.6 522.0 Property, plant and equipment, net 144.8 145.2 Goodwill 295.3 293.1 Intangibles assets, net 64.5 67.5 Investments in privately-held companies 49.7 51.3 Deferred tax assets -- 0.5 Operating lease assets 26.3 27.7 Other assets 33.9 32.2 ----------------- ----------------- Total assets $ 1,137.1 $ 1,139.5 ============= ============= Liabilities and shareholder's equity Current liabilities: Accounts payable $ 68.1 $ 72.9 Accrued expenses and other current liabilities 67.4 70.5 Current operating lease liabilities 6.1 6.1 Current maturities of long-term debt 2.6 2.5 Deferred revenues 8.3 8.6 ----------------- ----------------- Total current liabilities 152.5 160.6 ----------------- ----------------- Long-term debt 457.5 452.8 Deferred tax liabilities 1.7 2.3 Operating lease liabilities 22.2 23.1 Other long-term liabilities 38.8 34.9 ----------------- ----------------- Total liabilities 672.7 673.7 Shareholders' equity: Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued -- -- Common stock, $.01 par value: 150,000,000 shares authorized, Shares issued and outstanding: 39,184,538 and 39,059,094 at January 1, 2021 and October 2, 2020, respectively. 0.4 0.4 Additional paid-in capital 439.2 434.4 Accumulated other comprehensive (loss) income 0.9 0.8 Retained earnings 9.7 16.1 ----------------- ----------------- Total Varex stockholders' equity 450.2 451.7 Noncontrolling interests 14.2 14.1 ----------------- ----------------- Total stockholders' equity 464.4 465.8 ----------------- ----------------- Total liabilities and shareholder's equity $ 1,137.1 $ 1,139.5 ============= ============= VAREX IMAGING CORPORATION RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited) Three Months Ended ---------------------------------------- (In millions, except per share amounts) January 1, 2021 January 3, 2020 ------------------- ------------------- GROSS PROFIT RECONCILIATION ------------------- ------------------- Revenues $ 177.1 $ 200.1 ---------- --- ---------- --- Gross profit $ 57.2 $ 61.1 ---------- --- ---------- --- Amortization of intangible assets 2.2 2.5 Restructuring charges 0.1 0.3 Other non-operational costs -- 1.9 Purchase price accounting adjustments -- 0.3 -------------- --- -------------- --- Non-GAAP gross profit $ 59.5 $ 66.1 ---------- --- ---------- --- Gross margin % 32.3% 30.5% Non-GAAP gross margin % 33.6% 33.0% OPERATING EXPENSE RECONCILIATION ------------------- ------------------- Operating expense $ 51.1 $ 56.5 ---------- --- ---------- --- Amortization of intangible assets 2.0 2.1 Separation and related costs -- 2.5 Restructuring charges 0.2 0.5 Acquisition and integration related costs 0.9 0.6 Other non-operational costs 2.5 0.1 -------------- --- -------------- --- Non-GAAP operating expense $ 45.5 $ 50.7 ---------- --- ---------- --- OPERATING EARNINGS RECONCILIATION ------------------- ------------------- Operating earnings $ 6.1 $ 4.6 ---------- --- ---------- --- Amortization of intangible assets (includes amortization impacts to cost of revenues) 4.2 4.6 Purchase price accounting adjustments (includes purchase price accounting impacts to cost of revenues) -- 0.3 Separation and related costs -- 2.5 Restructuring charges (includes restructuring impact to cost of revenues) 0.3 0.8 Acquisition and integration related costs 0.9 0.6 Other non-operational costs (includes other non-operational impacts to cost of revenues) 2.5 2.0 -------------- --- -------------- --- Total operating earnings adjustments $ 7.9 $ 10.8 ---------- --- ---------- --- Non-GAAP operating earnings $ 14.0 $ 15.4 ---------- --- ---------- --- Operating earnings margin 3.4% 2.3% Non-GAAP operating earnings margin 7.9% 7.7% VAREX IMAGING CORPORATION RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited) Three Months Ended ---------------------------------------- (In millions, except per share amounts) January 1, 2021 January 3, 2020 ------------------- ------------------- LOSS BEFORE TAXES RECONCILIATION ------------------- ------------------- Loss before taxes $ (4.7) $ (1.2) --------- --- --------- --- Total operating earnings adjustments 7.9 10.8 Convertible notes non-cash interest expense 1.9 -- Acquisition related (benefit) costs -- 0.8 ------------- --- ------------- --- Total earnings before tax adjustments $ 9.8 $ 11.6 --------- --- --------- --- Non-GAAP earnings before taxes $ 5.1 $ 10.4 --------- --- --------- --- NET LOSS AND DILUTED NET LOSS PER SHARE RECONCILIATION ------------------- ------------------- Net loss attributable to Varex $ (6.4) $ (1.3) --------- --- --------- --- Total earnings before taxes adjustments $ 9.8 $ 11.6 Estimated annual effective tax rate 1.0 % 19.0 % Effective tax rate for non-GAAP adjustments $ (0.1) $ (2.2) --------- --- --------- --- Non-GAAP net earnings $ 3.3 $ 8.1 --------- --- --------- --- Diluted net loss per

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February 04, 2021 16:05 ET (21:05 GMT)