The following table reconciles GAAP and non-GAAP financial measures for Varian's continuing operations:
Varian Medical Systems, Inc. and Subsidiaries
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Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
(Unaudited)
(Dollars and shares in millions, except per share amounts)
Q1
2018
Q1
2017
Non-GAAP adjustments
Amortization of intangible assets (1)
$
3.1
$
2.8
Restructuring charges
—
3.6
Legal costs
—
6.2
Impairment charges
—
38.3
Other (2)
1.5
0.3
Total non-GAAP adjustments to operating earnings
4.6
51.2
Tax effects of non-GAAP adjustments
(1.0)
(11.3)
Significant effects of tax legislation (3)
207.1
—
Total net earnings from continuing operations impact from non-GAAP adjustments
$
210.7
$
39.9
Operating earnings reconciliation
GAAP operating earnings from continuing operations
$
121.4
$
17.4
Total operating earnings from continuing operations impact from non-GAAP adjustments
4.6
51.2
Non-GAAP operating earnings from continuing operations
$
126.0
$
68.6
Net (loss) earnings and net (loss) earnings per diluted share reconciliation
GAAP net (loss) earnings from continuing operations attributable to Varian (4)
$
(112.3)
$
7.6
Total net earnings from continuing operations impact from non-GAAP adjustments
210.7
39.9
Non-GAAP net earnings from continuing operations attributable to Varian
$
98.4
$
47.5
GAAP net (loss) earnings per diluted share from continuing operations
$
(1.22)
$
0.08
Non-GAAP net earnings per diluted share from continuing operations
$
1.06
$
0.50
Shares used in computing GAAP net earnings per diluted share
91.6
94.2
Shares used in computing non-GAAP net earnings per diluted share
92.7
94.2
(1)
Includes $1.2 million and $1.3 million, respectively in cost of revenues for the periods presented.
(2)
Other includes acquisition-related expenses and benefits.
(3)
Represents the tax effect of a change in law related to the U.S. Tax Cuts and Jobs Act. The corporate rate reduction results in a remeasurement of our Deferred Tax Assets of $37.8 million. The mandatory deemed repatriation of unremitted foreign earnings results in an estimated charge of $169.3 million.
(4)
Excludes immaterial net earnings (loss) from continuing operations attributable to noncontrolling interests for the periods presented.
SOURCE Varian
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