Varian Medical Systems, Inc. - Special Call

Varian Medical Systems,
Inc. NYSE:VAR
Special Call
Thursday, January 11, 2018 9:30 PM GMT
CALL PARTICIPANTS 2
PRESENTATION 3
QUESTION AND ANSWER 7
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VARIAN MEDICAL SYSTEMS, INC. SPECIAL CALL JAN 11, 2018
Call Participants
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EXECUTIVES
Gary E. Bischoping
Senior VP of Finance & CFO
J. Michael Bruff
Vice President of Investor
Relations
Magnus A. Momsen
Senior VP, Chief Accounting Officer
& Corporate Controller
ANALYSTS
Amit Hazan
Citigroup Inc, Research Division
Jeffrey D. Johnson
Robert W. Baird & Co.
Incorporated, Research Division
Steven Paul Reiman

JP Morgan Chase & Co, Research
Division
Vijay Muniyappa Kumar

Evercore ISI, Research Division
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Presentation
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Operator
Ladies and gentlemen, greetings, and welcome to the Varian New Reporting Standards. [Operator
Instructions]
It is now my pleasure to introduce your host, J. Michael Bruff, Vice President of Investor Relations. Thank
you. You may begin.
J. Michael Bruff
Vice President of Investor Relations
Thank you, operator. Hello, everyone, and thank you for joining us on the conference call. Joining me
today are Gary Bischoping, our Chief Financial Officer; and Magnus Momsen, the Chief Accounting Officer
and Corporate Controller for Varian.
Today's call is being webcast live and recorded. If you ask a question, it will be included in our live
transmission, in the transcript and any future use of the recording. A replay of this call can be heard on
the Varian investor website at www.varian.com/investor. Also on our website is our slide deck, which is
intended to follow today's discussion. You can also find today's 8-K filing and selected restated financial
metrics on our website as well as our fiscal year 2017 10-K, which was filed in November under the prior
revenue standard, Accounting Standard Codification 605.
During this call, many statements may be considered forward-looking statements. Our use of words
and phrases such as outlook, believe, expect, anticipate, could, should, will, promising and similar
expressions are intended to identify those statements, which represent our current judgment on future
performance or other future matters. While we believe them to be reasonable based on information
currently available to us, these statements are subject to risks and uncertainties that could cause actual
results to differ materially. We assume no obligation to update or revise the forward-looking statements in
this presentation and discussion because of new information, future events or otherwise.
We are holding this call to aid analysts and investors in understanding Varian's transition to the new
revenue recognition, Accounting Standard Codification 606, and we will also discuss an unrelated change
in our services orders policy.
First, we will describe the translation of fiscal years 2016 and 2017 key earnings financial metrics from
the prior ASC 605 standard to the new ASC 606 standard, then we will discuss an unrelated change in
our services orders policy. We will close with fiscal year 2018 guidance updated for the impacts of the
transition to ASC 606 only. And finally, we should have time for questions at the end.
It is important to note that we will not be providing information concerning the just completed first quarter
of fiscal year 2018, and we will not discuss the expected impact of the tax cuts and JOBS Act.
Before I turn the call over to Magnus, I'd like to clarify some of the terms that we will use in today's
discussion. We will refer to the revenue accounting standard that was applicable throughout fiscal year
2017 as the prior standard, and we will refer to the newly adopted ASC 606 accounting standard as the
new standard or 606. And unless otherwise stated, all financial metrics presented and discussed are from
continuing operations. Our growth rates are year-over-year and any references to orders are gross orders.
With all that said, I will now turn it over to Magnus.

Magnus A. Momsen
Senior VP, Chief Accounting Officer & Corporate Controller
Thanks, Mike, and good afternoon, everyone. At the beginning of our fiscal year 2018, we adopted the
new revenue accounting standard, ASC 606. Concurrently, we'll update you on the change to our services
order policy. We will report our results under this new reporting standard in orders policy beginning with
the first quarter of our fiscal year 2018.
First, I'll discuss the adoption of 606, starting on Slide 5 in the presentation materials. We chose to adopt
the new standard early primarily to better align with the timing of the many public companies who will be
adopting the standard on January 1 and to more accurately reflect the transfer of value to our customers.
It's important to note that this is a cross-industry standard whereby companies' recognized revenue of
controlled products and services are transferred. To properly evaluate the impact, we follow these 5 steps:
identify contracts, identify separate performance obligations, determine the transaction price, allocate the
transaction price to the separate performance obligations and then recognize revenue when Varian satisfy
the performance obligation.
Under the new standard, it's important to know the overall economics and cash flow of the business do not
change. Other notable items, which should not change as a result of adopting the new standard, are listed
here on Slide 6. However, the timing and pattern of revenue recognition do change. The most notable
changes in our key financial metrics are driven by the elimination of specific rules governing revenue
deferrals related to contingent payment terms, vendor-specific objective evidence of fair value, known
as VSOE for software, and extended payment terms for software as well. The new standard also defines
additional performance obligations, which result in changes in revenue timing and the related deferrals for
warranty, installation and training. These changes will also impact operating earnings, net earnings and
net earnings per diluted share. In addition, these impacts will be reflected in the translation of our fiscal
year 2018 annual guidance to the new standard.
Our historical tax rate changes primarily due to a different geographic mix of our recognized earnings. As
you will see in our adjusted key financial metrics included in this presentation, we have elected to adopt
the standard using the full retrospective method restating fiscal years 2017 and 2016 to provide greater
comparability for the readers of our financial statements.
I will now share examples of how the new standard compare -- new standard changes our reporting
financial metrics. Starting with Slide 7, the 2 examples illustrate the impact of 606 on revenue when
contingent payment terms exist. Both examples illustrate that under the new standard, hardware and
installation are recognized based on fair value and not impacted by payment terms. Under the prior
standard, the revenue recognized was limited by the payment tied to that deliverable. I'll remind you,
there is no change to customer billing or operating cash flow for this example and also for the next 3
examples.
And moving on to Slide 8, we will discuss VSOE and its impact on software revenue, another part of
the business where revenue recognition is changed due to transition to 606. We frequently sell multiple
software product on a single customer order. As illustrated in the example, under the prior standard, in the
absence of VSOE for the fair value of each software product and order, all revenue is deferred until the last
software product was delivered. 606 eliminated this requirement and, therefore, revenue in each software
product will be recognized as delivered to the customer.
Moving to Slide 9, we will discuss extended payment terms on software product, another impact from the
transition of 606 on our software revenue. We will at times enter into arrangements with payments due
over multiple years, for example, in certain public tenders in EMEA. Under the prior standard. If payment
to software products were due beyond the year, revenue have to be recognized as payments were due.
As illustrated in the example, these resulted in software revenue in these situations being recognized
potentially over multiple years after delivery. 606 also eliminated this requirement and, therefore, revenue
in each software product will be recognized as delivered to the customer.
On to Slide 10, we provide another example reflecting other changes driven by the adoption of 606.
In this example, only the allocation of revenue across the discrete performance areas such as service-
type warranties and trainings change based on their fair value and cost of those areas. The timing of the
revenue associated with these performance obligations will be recognized as they performed, which is
often later than the delivery of the product.
And to help you understand the difference between the prior and the new revenue standards, we provided
bridges for fiscal year 2017 and fiscal 2016 revenue on Slide 11. Beginning with the left bar, you'll see that
the fiscal year 2017 GAAP revenue as reported under the prior standard is $2.67 billion. The next 3 bars
represent the revenue impact of contingent revenues, VSOE and other performance obligations under the
new standard. Under the prior revenue standard, fiscal year 2017 included recognition of items delivered
in previous years. Under the new standard, all contingent revenues and software revenues deferred due
to lack of VSOE are restated to prior years or to retained earnings in the period they were delivered.
This is represented by the second bar with the down arrow. Conversely, under the new standard, we will
recognize revenue into fiscal year 2017 for contingent revenues and software revenues deferred due to
lack of VSOE, which would have been previously recognized in future years under the prior standard. This
is represented by the third bar with an up arrow.
As I mentioned earlier, there are other changes primarily driven by service-type warranties and training
performance obligations. The net impact of these changes are represented by the fourth bar from the left.
The net impact of these changes compared to our total revenue base is small, a decrease of approximately
$49 million in fiscal year 2017 revenue. Under the new standard, this is less than 2% decrease in total
company revenues. In 2016, total company revenue decreased $27 million or 1%.
And now to Slide 12. We provided bridges for fiscal year 2017 and fiscal year 2016 gross margin. The
net impact to gross margin of changes to revenue reflected on Slide 11 are also small compared to our
total gross margin base, a decrease of approximately $42 million in fiscal year 2017 gross margin under
the new standard. This is approximately 3.5% of total company gross margin. In 2016, total company
gross margin decreased $8 million, which is less than 1%. However, given there's no change to operating
expenses, the changes to gross margin fully impact operating earnings.
Now before we move to the adjusted key earnings financial metrics, I want to also share with you the
change that we made at the beginning of fiscal year 2018 to our services order policy. This change was
a discretionary change not required by ASC 606. Prior to this policy change, services orders included
services revenue plus changes in deferred services revenue. Under the new policy, services orders
will not include the changes in deferred services revenue. The reason we made this change is that it
more accurately reflect the operational performance of the services business and to eliminate variations
in orders reporting due to the timing of services billings. This policy change will also impact backlog,
which will no longer reflect the deferred revenue related to purchase of the services. Now to aid you in
understanding the impact of this change, we're providing restated gross order and backlog for fiscal years
2015, '16 and '17, along with associated growth rates. As you can see, there is minor to no change in
growth rates. The orders and backlog information on Slide 14 and 15 reflect the impact from this change
in service orders policy only and not the adoption of ASC 606.
And moving to Slide 15. The service order policy change impacts the oncology business unit only. The
Particle Therapy business unit orders currently equal services revenue.
In this section, we'll change -- share the changes from as reported, which reflects the prior standard and
prior services order policy to as adjusted, which reflects both the transition to 606 and the new services
order policy.
Slide 17 provides a summary of fiscal years 2016 and 2017 key earnings financial metrics, both in the
GAAP view on top and the non-GAAP view on the bottom. In both years, given there's no change in
non-GAAP reconciling items, the changes from as reported to as adjusted are the same. The revenue
and gross margin changes are driven by the factors I described in detail on slides 11 and 12. Given no
change in operating expenses, the operating earnings changes the same as it change in gross margin.
Finally, as I mentioned earlier, our historical tax rate is impacted slightly based on the geographic mix
of recognized income. As a result, the net earnings per diluted share decreased by $0.33 in fiscal year
2017 and declined $0.03 in fiscal year 2016. The main driver for the greater decline in fiscal year 2017 is
due to a larger VSOE impact on software revenue, which is now recognized in prior periods. The majority
of the decline in earnings for fiscal years 2016 and 2017 are reflected in an increase in fiscal year 2015
retained earnings. However, there is a smaller amount related to performance obligations such as service-
type warranties and training, which are deferred into the future periods. And again, these changes have no
impact on economics of the overall business, cash or net cash flows.
On Slide 18, we've broken out fiscal year 2017 by quarter, both in a GAAP view on top and a non-GAAP
view on the bottom. Again, as reported reflects the prior standard and prior services order policy, and
as adjusted reflects the transition to 606 and the new services order policy. The quarterly variability
of the revenue impact in fiscal year 2017 is primarily driven by the timing of establishing VSOE for
certain products and the timing of product deliveries and installations. I hope this has been helpful in
understanding the changes associated with the adoption of 606.
And with that, I'll turn it over to Gary.

Gary E. Bischoping
Thank you, Magnus. And now we will discuss guidance. As you recall, we transitioned to annual guidance.
Today, we are providing you with our fiscal year 2018 guidance under the new 606 revenue standard. To
be clear, we are not providing any update to previously communicated fiscal year 2018 guidance other
than the translation of that guidance from the prior standard to the new standard. As such, this guidance
does not consider any updates based on the first quarter just completed and fiscal year 2018 or the just
passed tax cuts and JOBS Act.
Due to the lower fiscal year 2017 revenue under the new standard, fiscal year 2018 revenue guidance
range is now increased to 3% to 5% under the new standard. The fiscal year 2018 guidance for operating
earnings as a percentage of revenue is now 17.5% to 18.5%. The decrease in guidance from the prior
standard to the new standard is primarily driven by the increasing deferral of certain performance
obligations such as training. There is no change in fiscal year 2018 effective tax rate guidance, and
there's no change to our weighted average diluted share count guidance. Therefore, the deferral of certain
performance obligations under the new standard results in lower revenue, gross margin and net earnings.
As such, EPS guidance range for fiscal year 2018 is now $4.05 to $4.17 under the new standard. And
finally, there is no impact from the new revenue standard on net cash flow from operations guidance for
fiscal year 2018.
I'll remind you that we have posted this presentation on our Investor Relations website. Also in the
Appendix of this presentation are other key financial metrics, including the reconciliation of non-GAAP to
GAAP financials and business unit level fiscal year 2017 comparisons.
I'd like to thank everyone for joining our call today -- oh sorry, with that, I'm going to actually turn it over
to questions at this point. Operator?
Question and Answer

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Operator
[Operator Instructions] Our first question comes from the line of Amit Hazan from Citi.
Amit Hazan
Let me just start with the earnings guide for '16, '17 and then the '18 guidance. I think it would be helpful
for people. You've went through it pretty fast, I don't think anyone has had much time to review it.
Though what we see is that earnings is actually adjusted lower for fiscal '16, fiscal '17 and then guidance
for fiscal '18. So maybe just help people understand why 3 years in a row earnings would go down and
whether there's going to be a catch-up and how should we maybe be thinking about '19, but just a little
bit of a recap of what you just said in summary on why earnings has gone down adjusted in '16, '17 and
now '18 for guidance.
Magnus A. Momsen
Senior VP, Chief Accounting Officer & Corporate Controller
Sure. Overall, though, the total impact was pushed back into 2015, or the opening 2016 retained earnings
was about $71 million increase to the beginning opening retained earnings. And that is really driven by
-- going forward, the reason we've had the continual reductions is as the carve-outs relating to training,
is why that's driving through into 2018 into the guidance, those items that I highlighted on one of the
slides related to carve-outs that previously would have been recognized when we took revenue on the
equipment are now being deferred and run -- taken as revenue over time.
Gary E. Bischoping
So it's really -- Amit, it's really the increase in the amount of training, right, that's going out the door
which, overall, for the company, is a good thing. This is under the new -- because it's increasing from '15
to '16 to '17 and now we've anticipated that increase in '18, the fact that training is now increasing a part
of our portfolio and overall revenue, the way that's treated is now in training. That element is deferred
until we actually deliver the training, whereas the prior treatment was it was included revenue upon install
or delivery of the hardware. So that's -- the fact that training continues to increase is what you're seeing
drive the changes in earnings per share because that drops all the way down through to the P&L. Does
that make sense?
Amit Hazan
Yes, yes, and I'll leave it for others there to probably jump in on that point. But if I move on to just
thinking about it in a forward-looking sort of way, do these accounting changes change for you guys how
you think about approaching whether it's individual sales contracts or your business model generally in
any way?
Gary E. Bischoping
No, we like the business model. We think it's actually executing very well. The cash flow impacts that we
saw coming out of 2017 were very strong, the actual model, go-to-market and how we're engaging with
customers and winning share. Like we've been talking about, we won 100 basis points of share, we think
last year and the year before that. Accounting, we don't see us changing the business model or how we're
going to market here.
Amit Hazan
And then last one for me, I mean it seems like it's going to, if anything, probably increase quarterly
volatility, which has been an issue for this company historically for the last couple of years. Are you going
to say a word about that? I know you're focused on annual guidance now but, nonetheless, Wall Street is
still focuses on quarters. So how do you deal with -- and do you agree that this might increase quarterly
volatility?
Gary E. Bischoping
Yes. Look, Amit, we're -- we'll work our way through the quarterly bit for '17, and you guys can see that
in the numbers. Look, it's pretty early to call what it's going to do to quarterly volatility at this point. I
think the relevant points we'll continue to talk about as we've been talking about in the last few earnings
calls would be trailing 12 months results, how that's rolling through and in our ability to win share in the
marketplace. I'm thinking that will materially change relative to the accounting changes. So we'll get
comfortable with it. We'll continue to be transparent like we are today as we think about the business and
the impacts from the accounting model changes. But it's too early to call, I think, as to whether or not it
will increase the quarterly volatility or not.
Operator
Our next question comes from the line of Jeff Johnson from Baird.
Jeffrey D. Johnson
Robert W. Baird & Co. Incorporated, Research Division
So Gary, I just -- I think what Amit is getting at and kind of the question I still have as well is,
traditionally, we think of you guys as kind of market is growing low to mid-single digits, maybe you pick
up a point or 2 of growth in excess of that, maybe get back to a 30 to 50 basis point operating margin
expansion-type story. Is there anything that conceptually changes in how we should think about the next
few years from just the kind of high-level outlook standpoint? Is there going to be a catch-up on the EPS
side? I think you said no because the '15 retained earnings change. But I just want to make sure, should
we be thinking about any of this having an impact as we go into '19, '20 from just how we think about you
from a high level?
Gary E. Bischoping
No. Look, again, I don't think there's a material impact on how we're thinking about the business and how
it's operating, right? So when you look at kind of what we've updated to and where we came from, just to
put some facts around it, a little more detail, the actual operating income results, when you look at those
for '17 as a percent of revenue and then look at what we're -- what we then guided to for '18, there's
actually a larger increase in -- moving from '17 to '18. And then when you think about the earnings per
share growth, there is more earnings per share growth in the guidance that we just gave of '18 versus
'17. And the reason that is, is because of the impact of VSOE were higher in '17, okay, than they'll be in
'18. So all we're capturing in fiscal year '18 is really just increasing the amount of deferrals from training,
which has no impact on cash, okay, guys? So when we bill for that, training doesn't change, right? So we
bill for that training as we issue the hardware bill. And when we get paid for that, training doesn't change,
we get paid up-front. It's just a matter of now that revenue is recognized later in the process when
we actually deliver value to the customer, which is upon delivery of the training. So that's the material
number that's floating around in the results in '17 and '18 you guys are alluding to in bringing earnings
down, but there's no change in cash flow, no change in how we're running and operating business. And
we anticipate that we'll continue to see that improvement in operating margin over time that we've been
talking about.
Jeffrey D. Johnson
And just to follow up there, Gary, so '17 to '18, the numbers -- the EPS number comes down, but the
growth rate goes up, as you alluded to. Again, does that impact the '19, '20, that over the next couple of
years, you should get a little more tailwind? Or does most of the kind of year-to-year impact of this kind of
start to tail off beyond '18?
Gary E. Bischoping
If we continue to grow training as a percent of the business, Jeff, we'll continue to see that kind of impact
you've seen in '18 guidance into the future.
Jeffrey D. Johnson
So it does provide a tailwind, if you will, to the EPS growth rate potentially if you continue to grow
training?
Gary E. Bischoping
Yes. Again, it's -- from an accounting perspective, it wouldn't be materially different from what we just
outlined, but yes. I mean, the way you think about it is that cash and economics of the business haven't
changed. The revenue recognition standard change has resulted in some deferral of the increase in the
training over time.
Jeffrey D. Johnson
Okay. And then I know you said you don't want to touch -- or you don't touch on tax rate or comment
on tax rate. Is there any reason why not update tax rate here? I mean, most of the companies in the low
20s that we're talking to, we expect to stick around that low 20s number. I'm just trying to think, in a few
weeks when you report, or in a couple of weeks when you report, are we going to see another big change
in the tax rate that then materially changes kind of this $4.05 to $4.17 range that we're thinking about?
Gary E. Bischoping
Yes, we're going to do it 2-step here, Jeff, and where we'll select the impact of taxes when we talk to you
guys in the call. And so that's just part of the process in how we're working our way through it. We wanted
to be transparent with the fact that this impact is only the impact from the ASC 606 change. That's all it
is. So in order to be true to that, that's what we've done, and then we'll update you on tax rate and the
impacts from the tax rate as we go into the Q1 call.
Operator
Our next question comes from the line of Tycho Peterson with JPMorgan.
Steven Paul Reiman
JP Morgan Chase & Co, Research Division
It's actually Steve Reiman on for Tycho. Maybe I'll actually move over to the change in the gross order
policy. Can you give us a little more color on what your thinking was there and why you decided to make
that change?
Gary E. Bischoping
Yes. It's just like what we've tried to outline here quickly is that it stays as a non-GAAP measure, right?
And then we believe that this definition more accurately reflects the operational performance of Varian.
And it should help the community, analysts and investors evaluate our results by reducing the volatility
in orders reporting due to the timing of services billing, right? So now we're going to be -- this should be
more transparent. You'll be able to see kind of what happen in the period with hardware cleaner. And we
think that, that will result in a better conversation. And it also aligns with kind of our thoughts around now
disclosing what's happening to the installed base. And so we think that this will better reflect kind of the
overall results of the business.
Steven Paul Reiman
JP Morgan Chase & Co, Research Division
Got it. And then just the change to the new accounting standard. So is there a way to think about this that
in a typical contract now, you're much more likely to collect more cash up-front and you're recognizing
revenue, so much more cash up-front and you're recognizing the revenue down the line? So is it basically
making rev rec and cash collection even more divergent than what it is now?
Gary E. Bischoping
I wouldn't say much more. We're talking about $20 million here or so, right? And so I wouldn't say much
more, but it is just related to training only. So we still collect -- just to be clear, we still collect the cash
at the same time we always have been. It's just that because of the increase in the amount of training,
because it's increasing over time, that's resulting in the actual disconnect from one period to another. If
training were flat, then you wouldn't see as much of an impact there.
Operator
[Operator Instructions] Our next question comes from the line of Vijay Kumar with Evercore.
Can you maybe address how, if it does change backlog conversion, right, that this -- I know you guys had
24 months in a conversion cycle. Any of those metrics like -- because some of these numbers are moving
away but the backlog, can you just talk about that?
Gary E. Bischoping
The absolute amount of backlog has changed, right? And so as you think about revenue relative to the
absolute amount of backlog, that will change. I just don't know what the exact definition you're using in
your conversion. There's many different ways to kind of capture the amount of the conversion rate.
Just maybe one more on, like, I guess, you're saying the revenues are being deferred because of training.
Would -- in theory, with Halcyon, which is being easier to install, operate, should -- would that come down
over time? Or is training going to step up? I mean just help us understand maybe product mix is going to
change some of these accounting rule change.
Gary E. Bischoping
Yes, we haven't changed any of the product mix underlying in this translation of our guidance from the
prior standard to the new standard. So there's no impact from that captured in here at all.
All right. Just maybe one last one, if I can sneak in. The -- I guess, the mid-year, 5-year growth targets
we had back last year, right, so we were looking at organic north of 5%, margins of 18 to 22. That's the 5-
year target. Does any of those sort of metrics change with the new accounting standard?
Gary E. Bischoping
No, I don't think there's a material change to those over time. Look, we think, as we stated in the last call,
that the market will grow around 4% over the next 5 years. We think we can take share in that market,
and we still endeavor to achieve the operating margin rate expansion that we had talked about.
Excellent. And cash flows like there's no -- absolutely no change, right, for '17 and '16, right?
Gary E. Bischoping
No change in cash. No -- actually, my -- and my banking accounts didn't go up or down from this at all.
Operator
Ladies and gentlemen, we have no further questions in queue at this time. I'd like to turn the floor back
over to management for any closing comments.
Gary E. Bischoping
Excellent. Thank you, operator. I'd like to thank everyone for joining today's call. I hope you understand
the changes driven by our adoption of this industry-wide and new accounting standard. I'll remind you
again that these changes will -- while impacting the timing and pattern of revenue recognition, do not
impact the underlying economics of our business, our cash balances and does not impact net operating
cash flows. We look forward to seeing you on our earnings call on January 24. Thank you very much. Have
a good afternoon.
Operator
Thank you, ladies and gentlemen. This does conclude our teleconference for today. You may now
disconnect your lines at this time. Thank you for participation and have a wonderful day.
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Varian Medical Systems,

QUESTION AND ANSWER 7

Steven Paul Reiman

Vijay Muniyappa Kumar

With all that said, I will now turn it over to Magnus.

And with that, I'll turn it over to Gary.

Question and Answer

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