Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced
financial results for the first quarter ended April 2, 2023.
First quarter financial
summary
- Revenues of $710.9 million, inclusive of five extra
shipping days year-over-year, up 10.8% compared to the prior year
period; up 13.2% on a constant currency basis
- GAAP diluted EPS from continuing operations of $1.63, compared
to $1.63 in the prior year period
- Adjusted diluted EPS from continuing operations of $3.09,
compared to $2.88 in the prior year period
2023 guidance summary
- Increasing GAAP revenue growth guidance to 4.65% to 5.90%
- Increasing constant currency revenue growth guidance to 5.00%
to 6.25%
- Lowering GAAP EPS from continuing operations guidance to $8.14
to $8.74
- Reiterating adjusted diluted EPS from continuing operations
guidance of $13.00 to $13.60
"We had a strong start to 2023 as our broad business momentum
exiting last year continued into the first quarter" said Liam
Kelly, Teleflex's Chairman, President and Chief Executive Officer.
"In the quarter, we drove revenue growth in all global product
categories and expanded our overall margins year-over-year. We also
executed against our new product launch objectives and continued
our integration of Standard Bariatrics. Our first quarter
performance keeps us well-positioned to deliver on our updated
financial guidance for 2023 and on our long-term durable growth
objectives."
NET REVENUE BY SEGMENTThe following table
provides information regarding net revenues in each of the
Company's reportable operating segments for the three months ended
April 2, 2023 and March 27, 2022 on both a GAAP and
constant currency basis.
|
Three Months Ended |
|
% Increase / (Decrease) |
|
April 2, 2023 |
|
March 27, 2022 |
|
Reported Revenue Growth |
|
Currency Impact |
|
Constant Currency Revenue Growth |
Americas |
$411.9 |
|
$378.0 |
|
9.0% |
|
(0.2)% |
|
9.2% |
EMEA |
143.3 |
|
136.9 |
|
4.7% |
|
(5.8)% |
|
10.5% |
Asia |
78.7 |
|
69.2 |
|
13.8% |
|
(9.0)% |
|
22.8% |
OEM |
77.0 |
|
57.6 |
|
33.5% |
|
(1.0)% |
|
34.5% |
Consolidated |
$710.9 |
|
$641.7 |
|
10.8% |
|
(2.4)% |
|
13.2% |
NET REVENUE BY GLOBAL PRODUCT CATEGORYThe
following table provides information regarding net revenues in each
of the Company's global product categories for the three months
ended April 2, 2023 and March 27, 2022 on both a GAAP and
constant currency basis.
|
Three Months Ended |
|
% Increase / (Decrease) |
|
April 2, 2023 |
|
March 27, 2022 |
|
Reported Revenue Growth |
|
Currency Impact |
|
Constant Currency Revenue Growth |
Vascular Access |
$177.7 |
|
$166.1 |
|
6.9% |
|
(2.3)% |
|
9.2% |
Interventional |
116.9 |
|
96.9 |
|
20.7% |
|
(2.6)% |
|
23.3% |
Anesthesia |
93.3 |
|
86.9 |
|
7.3% |
|
(2.6)% |
|
9.9% |
Surgical |
99.0 |
|
89.7 |
|
10.4% |
|
(3.9)% |
|
14.3% |
Interventional Urology |
75.4 |
|
74.9 |
|
0.6% |
|
(0.3)% |
|
0.9% |
OEM |
77.0 |
|
57.7 |
|
33.5% |
|
(1.0)% |
|
34.5% |
Other |
71.6 |
|
69.5 |
|
3.1% |
|
(3.3)% |
|
6.4% |
Consolidated |
$710.9 |
|
$641.7 |
|
10.8% |
|
(2.4)% |
|
13.2% |
OTHER FINANCIAL HIGHLIGHTS
- Depreciation
expense, amortization of intangible assets and deferred financing
charges for the three months ended April 2, 2023 totaled $60.7
million compared to $59.0 million for the prior year
period.
- Cash and cash equivalents at April 2, 2023 were $264.1
million compared to $292.0 million at December 31, 2022.
- Net accounts receivable at April 2, 2023 were $410.0
million compared to $408.8 million at December 31, 2022.
- Inventories at April 2, 2023 were $614.1 million compared
to $578.5 million at December 31, 2022.
2023 OUTLOOK The company
raised its full year 2023 GAAP revenue growth outlook to 4.65% to
5.90%, reflecting our estimate of an approximately 0.35% negative
impact of foreign exchange rate fluctuations. On a constant
currency basis, the Company raised its full year 2023 revenue
growth outlook to 5.00% to 6.25% year-over-year.
The Company lowered its full year 2023 GAAP diluted earnings per
share from continuing operations guidance to $8.14 to $8.74. The
Company maintained its 2023 adjusted diluted earnings per share
from continuing operations guidance of $13.00 to $13.60,
representing growth of (0.5)% to 4.1% year-over-year.
Forecasted 2023
Constant Currency Revenue Growth
Reconciliation
|
Low |
|
High |
Forecasted 2023 GAAP revenue growth |
4.65% |
|
5.90% |
Estimated impact of foreign
currency exchange rate fluctuations |
(0.35)% |
|
(0.35)% |
Forecasted 2023 constant
currency revenue growth |
5.00% |
|
6.25% |
Forecasted 2023
Adjusted Diluted Earnings Per Share From Continuing
Operations Reconciliation
|
Low |
|
High |
Forecasted GAAP diluted
earnings per share from continuing operations |
$8.14 |
|
$8.74 |
Restructuring, restructuring
related and impairment items, net of tax |
$0.60 |
|
$0.60 |
Acquisition, integration and
divestiture related items, net of tax |
$0.19 |
|
$0.19 |
Other items, net of tax |
$0.10 |
|
$0.10 |
ERP Implementation |
$0.05 |
|
$0.05 |
MDR |
$0.61 |
|
$0.61 |
Intangible amortization
expense, net of tax |
$3.31 |
|
$3.31 |
Forecasted adjusted diluted
earnings per share from continuing operations |
$13.00 |
|
$13.60 |
CONFERENCE CALL WEBCAST AND ADDITIONAL
INFORMATIONA webcast of Teleflex's first quarter 2023
investor conference call can be accessed live from a link on the
Company's website at teleflex.com. The call will begin at 8:00 am
ET on May 4, 2023.
An audio replay of the investor call will be available beginning
at 11:00 am ET on May 4, 2023, either on the Teleflex website
or by telephone. The call can be accessed by dialing 1 866 813 9403
(U.S.) or +44 204 525 0658 (all other locations). The confirmation
code is 650329.
ADDITIONAL NOTESReferences in this release to
the impact of foreign currency exchange rate fluctuations on
adjusted diluted earnings per share include both the impact of
translating foreign currencies into U.S. dollars and the impact of
foreign currency exchange rate fluctuations on foreign currency
denominated transactions.
In the discussion of segment results, "new products" refers to
products for which we initiated commercial sales within the past 36
months and "existing products" refers to products we have sold
commercially for more than 36 months.
Certain financial information is presented on a rounded basis,
which may cause minor differences. Segment results and commentary
exclude the impact of discontinued operations.
NOTES ON NON-GAAP FINANCIAL MEASURESWe report
our financial results in accordance with accounting principles
generally accepted in the United States, commonly referred to as
“GAAP.” In this press release, we provide supplemental information,
consisting of the following non-GAAP financial measures: constant
currency revenue growth and adjusted diluted earnings per share.
These non-GAAP measures are described in more detail below.
Management uses these financial measures to assess Teleflex’s
financial performance, make operating decisions, allocate financial
resources, provide guidance on possible future results, and assist
in its evaluation of period-to-period and peer comparisons. The
non-GAAP measures may be useful to investors because they provide
insight into management’s assessment of our business, and provide
supplemental information pertinent to a comparison of
period-to-period results of our ongoing operations. The non-GAAP
financial measures are presented in addition to results presented
in accordance with GAAP and should not be relied upon as a
substitute for GAAP financial measures. Moreover, our non-GAAP
financial measures may not be comparable to similarly titled
measures used by other companies.
Tables reconciling changes in historical constant currency net
revenues to historical GAAP net revenues are set forth above under
“Net Revenue by Segment" and "Net Revenue by Global Product
Category". Tables reconciling historical adjusted diluted earnings
per share from continuing operations to historical GAAP diluted
earnings per share from continuing operations are set forth
below.
Constant currency revenue growth: This non-GAAP
measure is based upon net revenues, adjusted to eliminate the
impact of translating the results of international subsidiaries at
different currency exchange rates from period to period. The impact
of changes in foreign currency may vary significantly from period
to period, and such changes generally are outside of the control of
our management. We believe that this measure facilitates a
comparison of our operating performance exclusive of currency
exchange rate fluctuations that do not reflect our underlying
performance or business trends.
Adjusted diluted earnings per share: This
non-GAAP measure is based upon diluted earnings per share from
continuing operations, the most directly comparable GAAP measure,
adjusted to exclude, depending on the period presented, the items
described below. Management does not believe that any of the
excluded items are indicative of our underlying core performance or
business trends.
Restructuring, restructuring related and impairment items -
Restructuring programs involve discrete initiatives designed to,
among other things, consolidate or relocate manufacturing,
administrative and other facilities, outsource distribution
operations, improve operating efficiencies and integrate acquired
businesses. Depending on the specific restructuring program
involved, our restructuring charges may include employee
termination, contract termination, facility closure, employee
relocation, equipment relocation, outplacement and other exit costs
associated with the restructuring program. Restructuring related
charges are directly related to our restructuring programs and
consist of facility consolidation costs, including accelerated
depreciation expense related to facility closures, costs to
transfer manufacturing operations between locations, and retention
bonuses offered to certain employees as an incentive for them to
remain with our company after completion of the restructuring
program. Impairment charges occur if, due to events or changes in
circumstances, we determine that the carrying value of an asset
exceeds its fair value. Impairment charges do not directly affect
our liquidity, but could have a material adverse effect on our
reported financial results.
Acquisition, integration and divestiture related items -
Acquisition and integration expenses are incremental charges, other
than restructuring or restructuring related expenses, that are
directly related to specific business or asset acquisition
transactions. These charges may include, among other things,
professional, consulting and other fees; systems integration costs;
legal entity restructuring expense; inventory step-up amortization
(amortization, through cost of goods sold, of the increase in fair
value of inventory resulting from a fair value calculation as of
the acquisition date); fair value adjustments to contingent
consideration liabilities; and bridge loan facility and backstop
financing fees in connection with loan facilities that ultimately
were not utilized. Divestiture related activities involve specific
business or asset sales. Depending primarily on the terms of a
divestiture transaction, the carrying value of the divested
business or assets on our financial statements and other costs we
incur as a direct result of the divestiture transaction, we may
recognize a gain or loss in connection with the divestiture related
activities.
Other - These are discrete items that occur sporadically and can
affect period-to-period comparisons. See footnote C to the
reconciliation tables set forth below for additional details.
European medical device regulation - The European Union (“EU”)
has adopted the EU Medical Device Regulation (“MDR”), which
replaces the existing Medical Devices Directive (“MDD”) and imposes
more stringent requirements for the marketing and sale of medical
devices in the EU, including requirements affecting clinical
evaluations, quality systems and post-market surveillance. The MDR
requirements became effective in May 2021, although certain devices
that previously satisfied MDD requirements can continue to be
marketed in the EU until May 2024, subject to certain limitations.
Significantly, the MDR will require the re-registration of
previously approved medical devices. As a result, Teleflex will
incur expenditures in connection with the new registration of
medical devices that previously had been registered under the MDD.
Therefore, these expenditures are not considered to be ordinary
course expenditures in connection with regulatory matters (in
contrast, no adjustment has been made to exclude expenditures
related to the registration of medical devices that were not
registered previously under the MDD).
Intangible amortization expense - Certain intangible assets,
including customer relationships, intellectual property,
distribution rights, trade names and non-competition agreements,
initially are recorded at historical cost and then amortized over
their respective estimated useful lives. The amount of such
amortization can vary from period to period as a result of, among
other things, business or asset acquisitions or dispositions.
ERP implementation - These adjustments represent direct and
incremental costs incurred in connection with our implementation of
a new global enterprise resource planning ("ERP") solution and
related IT transition costs. An implementation of this scale is a
significant undertaking and will require substantial time and
attention of management and key employees. The associated costs do
not represent normal and recurring operating expenses and will be
inconsistent in amounts and frequency making it difficult to
contribute to a meaningful evaluation of our operating
performance.
Tax adjustments - These adjustments represent the impact of the
expiration of applicable statutes of limitations for prior year
returns, the resolution of audits, the filing of amended returns
with respect to prior tax years and/or tax law or certain other
discrete changes affecting our deferred tax liability.
Reconciliation of Consolidated
Statement of Income Items (Dollars in millions, except per share
data)
Three
Months Ended April 2, 2023 |
|
Gross margin |
Selling, general and administrative
expenses(1) |
Research and development
expenses(1) |
Operating margin(2) |
Income before income taxes |
Income tax expense |
Effective income tax rate |
Diluted earnings per share from continuing
operations |
GAAP Basis |
55.1% |
32.7% |
5.8% |
16.2% |
$97.5 |
$20.2 |
20.7% |
$1.63 |
Adjustments |
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
1.2 |
— |
(0.2) |
1.7 |
12.0 |
1.8 |
|
0.22 |
Acquisition, integration and divestiture related items (B) |
— |
(0.4) |
— |
0.4 |
3.1 |
0.1 |
|
0.06 |
Other items |
— |
— |
— |
— |
— |
— |
|
0.00 |
ERP implementation |
— |
(0.2) |
— |
0.2 |
1.2 |
0.3 |
|
0.02 |
MDR |
— |
— |
(1.4) |
1.5 |
10.3 |
— |
|
0.22 |
Intangible amortization expense |
3.1 |
(2.6) |
— |
5.8 |
41.6 |
2.0 |
|
0.84 |
Tax adjustments |
— |
— |
— |
— |
— |
(4.8) |
|
0.10 |
Adjustments total |
4.3 |
(3.2) |
(1.6) |
9.6 |
68.2 |
(0.6) |
|
1.46 |
Adjusted basis |
59.4% |
29.5% |
4.2% |
25.8% |
$165.7 |
$19.6 |
11.8% |
$3.09 |
Three
Months Ended March 27, 2022 |
|
Gross margin |
Selling, general and administrative
expenses(1) |
Research and development
expenses(1) |
Operating margin(2) |
Income before income taxes |
Income tax expense |
Effective income tax rate |
Diluted earnings per share from continuing
operations |
GAAP Basis |
54.0% |
31.8% |
5.7% |
16.1% |
$93.3 |
$16.0 |
17.1% |
$1.63 |
Adjustments |
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
1.0 |
— |
— |
1.4 |
8.8 |
1.1 |
|
0.16 |
Acquisition, integration and divestiture related items (B) |
— |
— |
— |
— |
0.2 |
(0.1) |
|
0.01 |
Other items |
— |
— |
— |
— |
— |
— |
|
0.00 |
ERP Implementation |
— |
— |
— |
— |
— |
— |
|
0.00 |
MDR |
— |
— |
(1.9) |
1.9 |
12.1 |
— |
|
0.25 |
Intangible amortization expense |
3.4 |
(3.0) |
— |
6.3 |
40.6 |
1.4 |
|
0.83 |
Tax adjustments |
— |
— |
— |
— |
— |
— |
|
— |
Adjustments total |
4.4 |
(3.0) |
(1.9) |
9.6 |
61.7 |
2.4 |
|
1.25 |
Adjusted basis |
58.4% |
28.8% |
3.8% |
25.7% |
$155.0 |
$18.4 |
11.9% |
$2.88 |
Notes: (1) Selling, general and administrative expenses and
research and development expenses are shown as a percentage of net
revenues. (2) Operating margin defined as Income from continuing
operations before interest, loss on extinguishment of debt and
taxes as a percentage of net revenues.
Totals may not sum due to rounding.
Tickmarks to Reconciliation
Tables(A) Restructuring,
restructuring related and impairment items
– For the three months ended April 2, 2023, pre-tax
restructuring charges were $2.2 million and restructuring related
charges were $9.8 million. For the three months ended March 27,
2022, pre-tax restructuring charges were $0.9 million,
restructuring related charges were $6.4 million, and impairment
charges were $1.5 million.
(B) Acquisition, integration and
divestiture related items – For the three months ended
April 2, 2023, these charges related to the acquisition of Standard
Bariatrics, Inc. For the three months ended March 27, 2022, these
charges related to the acquisition of Z-Medica, LLC.
ABOUT TELEFLEX INCORPORATEDTeleflex is a global
provider of medical technologies designed to improve the health and
quality of people’s lives. We apply purpose driven innovation - a
relentless pursuit of identifying unmet clinical needs - to benefit
patients and healthcare providers. Our portfolio is diverse, with
solutions in the fields of vascular access, interventional
cardiology and radiology, anesthesia, emergency medicine, surgical,
urology and respiratory care. Teleflex employees worldwide are
united in the understanding that what we do every day makes a
difference. For more information, please visit teleflex.com.
Teleflex is the home of Arrow®, Deknatel®, LMA®, Pilling®,
QuikClot®, Rusch®, UroLift®, and Weck® - trusted brands united by a
common sense of purpose.
CAUTION CONCERNING FORWARD-LOOKING
INFORMATIONThis press release contains forward-looking
statements, including, but not limited to, statements regarding the
continued integration of Standard Bariatrics; forecasted 2023 GAAP
and constant currency revenue growth and GAAP and adjusted diluted
earnings per share; our estimates regarding the projected impact of
foreign currency exchange rate fluctuations on our 2023 financial
results; and our estimates with regard to the projected impacts of
the divestiture of a significant portion of our respiratory
business on our financial results. Actual results could differ
materially from those in the forward-looking statements due to,
among other things, delays or cancellations in shipments; demand
for and market acceptance of new and existing products; our
inability to provide products to our customers, which may be due
to, among other things, events that impact key distributors,
suppliers and third-party vendors that sterilize our products; our
inability to integrate acquired businesses into our operations,
realize planned synergies and operate such businesses profitably in
accordance with our expectations; the inability of acquired
businesses to generate revenues in accordance with our
expectations; our inability to effectively execute our
restructuring plans and programs; our inability to realize
anticipated savings from restructuring plans and programs; the
impact of healthcare reform legislation and proposals to amend,
replace or repeal the legislation; changes in Medicare, Medicaid
and third party coverage and reimbursements; the impact of enacted
tax legislation and related regulations; competitive market
conditions and resulting effects on revenues and pricing; increases
in raw material costs that cannot be recovered in product pricing;
global economic factors, including currency exchange rates,
interest rates, trade disputes, sovereign debt issues and
international conflicts and hostilities, such as the ongoing
geopolitical conflict between Russia and Ukraine; public health
epidemics, including COVID-19; difficulties in entering new
markets; general economic conditions; and other factors described
or incorporated in our filings with the Securities and Exchange
Commission, including our most recently filed Annual Report on Form
10-K. We expressly disclaim any obligation to update
forward-looking statements, except as otherwise specifically stated
by us or as required by law or regulation.
TELEFLEX INCORPORATEDCONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
|
Three Months Ended |
|
April 2, 2023 |
|
March 27, 2022 |
|
|
|
|
Net revenues |
$ |
710,932 |
|
|
$ |
641,715 |
|
Cost of goods sold |
|
319,552 |
|
|
|
295,482 |
|
Gross profit |
|
391,380 |
|
|
|
346,233 |
|
Selling, general and
administrative expenses |
|
232,716 |
|
|
|
203,932 |
|
Research and development
expenses |
|
41,469 |
|
|
|
36,360 |
|
Restructuring and impairment
charges |
|
2,221 |
|
|
|
2,405 |
|
Income from continuing
operations before interest and taxes |
|
114,974 |
|
|
|
103,536 |
|
Interest expense |
|
18,337 |
|
|
|
10,418 |
|
Interest income |
|
(843 |
) |
|
|
(222 |
) |
Income from continuing operations before taxes |
|
97,480 |
|
|
|
93,340 |
|
Taxes on income from
continuing operations |
|
20,184 |
|
|
|
15,973 |
|
Income from continuing operations |
|
77,296 |
|
|
|
77,367 |
|
Operating loss from discontinued operations |
|
(711 |
) |
|
|
(294 |
) |
Tax benefit on operating loss
from discontinued operations |
|
(163 |
) |
|
|
(68 |
) |
Loss from discontinued operations |
|
(548 |
) |
|
|
(226 |
) |
Net income |
$ |
76,748 |
|
|
$ |
77,141 |
|
Earnings per share: |
|
|
|
Basic: |
|
|
|
Income from continuing operations |
$ |
1.65 |
|
|
$ |
1.65 |
|
Loss from discontinued operations |
|
(0.02 |
) |
|
|
— |
|
Net income |
$ |
1.63 |
|
|
$ |
1.65 |
|
Diluted: |
|
|
|
Income from continuing operations |
$ |
1.63 |
|
|
$ |
1.63 |
|
Loss from discontinued operations |
|
(0.01 |
) |
|
|
— |
|
Net income |
$ |
1.62 |
|
|
$ |
1.63 |
|
Weighted average common shares
outstanding |
|
|
|
Basic |
|
46,949 |
|
|
|
46,876 |
|
Diluted |
|
47,285 |
|
|
|
47,402 |
|
TELEFLEX INCORPORATEDCONSOLIDATED BALANCE
SHEETS(Unaudited) |
|
April 2, 2023 |
|
December 31, 2022 |
|
(Dollars in thousands) |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
264,138 |
|
$ |
292,034 |
Accounts receivable, net |
|
410,020 |
|
|
408,834 |
Inventories |
|
614,106 |
|
|
578,507 |
Prepaid expenses and other current assets |
|
134,948 |
|
|
125,084 |
Prepaid taxes |
|
4,842 |
|
|
6,524 |
Total current assets |
|
1,428,054 |
|
|
1,410,983 |
Property, plant and equipment, net |
|
458,861 |
|
|
447,205 |
Operating lease assets |
|
126,773 |
|
|
131,211 |
Goodwill |
|
2,547,840 |
|
|
2,536,730 |
Intangible assets, net |
|
2,269,535 |
|
|
2,306,165 |
Deferred tax assets |
|
6,479 |
|
|
6,402 |
Other assets |
|
80,380 |
|
|
89,367 |
Total assets |
$ |
6,917,922 |
|
$ |
6,928,063 |
LIABILITIES AND
EQUITY |
|
|
|
Current liabilities |
|
|
|
Current borrowings |
$ |
87,500 |
|
$ |
87,500 |
Accounts payable |
|
136,239 |
|
|
126,807 |
Accrued expenses |
|
123,451 |
|
|
140,644 |
Payroll and benefit-related liabilities |
|
102,081 |
|
|
133,092 |
Accrued interest |
|
16,862 |
|
|
5,332 |
Income taxes payable |
|
30,176 |
|
|
24,736 |
Other current liabilities |
|
79,403 |
|
|
63,381 |
Total current liabilities |
|
575,712 |
|
|
581,492 |
Long-term borrowings |
|
1,549,474 |
|
|
1,624,023 |
Deferred tax liabilities |
|
388,185 |
|
|
388,886 |
Pension and postretirement
benefit liabilities |
|
30,924 |
|
|
31,394 |
Noncurrent liability for
uncertain tax positions |
|
6,464 |
|
|
5,805 |
Noncurrent operating lease
liabilities |
|
115,838 |
|
|
120,437 |
Other liabilities |
|
141,072 |
|
|
154,058 |
Total liabilities |
|
2,807,669 |
|
|
2,906,095 |
Commitments and
contingencies |
|
|
|
Total shareholders'
equity |
|
4,110,253 |
|
|
4,021,968 |
Total liabilities and shareholders' equity |
$ |
6,917,922 |
|
$ |
6,928,063 |
TELEFLEX INCORPORATEDCONSOLIDATED
STATEMENTS OF CASH
FLOWS(Unaudited) |
|
Three Months Ended |
|
April 2, 2023 |
|
March 27, 2022 |
|
(Dollars in thousands) |
Cash flows from operating
activities of continuing operations: |
|
|
|
Net income |
$ |
76,748 |
|
|
$ |
77,141 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Loss from discontinued operations |
|
548 |
|
|
|
226 |
|
Depreciation expense |
|
18,287 |
|
|
|
17,317 |
|
Intangible asset amortization expense |
|
41,540 |
|
|
|
40,597 |
|
Deferred financing costs and debt discount amortization
expense |
|
846 |
|
|
|
1,048 |
|
Changes in contingent consideration |
|
2,447 |
|
|
|
(30 |
) |
Assets impairment charges |
|
— |
|
|
|
1,497 |
|
Stock-based compensation |
|
7,015 |
|
|
|
5,302 |
|
Deferred income taxes, net |
|
2,092 |
|
|
|
409 |
|
Interest benefit on swaps designated as net investment hedges |
|
(5,108 |
) |
|
|
(4,848 |
) |
Other |
|
(427 |
) |
|
|
(2,093 |
) |
Changes in assets and liabilities, net of effects of acquisitions
and disposals: |
|
|
|
Accounts receivable |
|
1,339 |
|
|
|
(27,805 |
) |
Inventories |
|
(30,099 |
) |
|
|
(19,852 |
) |
Prepaid expenses and other assets |
|
2,752 |
|
|
|
4,830 |
|
Accounts payable, accrued expenses and other liabilities |
|
(40,856 |
) |
|
|
(36,978 |
) |
Income taxes receivable and payable, net |
|
7,225 |
|
|
|
5,341 |
|
Net cash provided by operating activities from continuing
operations |
|
84,349 |
|
|
|
62,102 |
|
Cash flows from investing
activities of continuing operations: |
|
|
|
Expenditures for property, plant and equipment |
|
(21,835 |
) |
|
|
(13,078 |
) |
Proceeds from sale of business and assets |
|
— |
|
|
|
262 |
|
Payments for businesses and intangibles acquired, net of cash
acquired |
|
(64 |
) |
|
|
— |
|
Net cash used in investing activities from continuing
operations |
|
(21,899 |
) |
|
|
(12,816 |
) |
Cash flows from financing
activities of continuing operations: |
|
|
|
Reduction in borrowings |
|
(75,125 |
) |
|
|
— |
|
Net payments from share based compensation plans and related tax
impacts |
|
(2,433 |
) |
|
|
(4,941 |
) |
Payments for contingent consideration |
|
(64 |
) |
|
|
(73 |
) |
Dividends paid |
|
(15,969 |
) |
|
|
(15,946 |
) |
Net cash used in financing activities from continuing
operations |
|
(93,591 |
) |
|
|
(20,960 |
) |
Cash flows from discontinued
operations: |
|
|
|
Net cash used in operating activities |
|
(285 |
) |
|
|
(119 |
) |
Net cash used in discontinued operations |
|
(285 |
) |
|
|
(119 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
3,530 |
|
|
|
(6,635 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(27,896 |
) |
|
|
21,572 |
|
Cash and cash equivalents at
the beginning of the period |
|
292,034 |
|
|
|
445,084 |
|
Cash and cash equivalents at
the end of the period |
$ |
264,138 |
|
|
$ |
466,656 |
|
Contacts:Teleflex Incorporated:Lawrence
KeuschVice President, Investor Relations and Strategy
Development
investors.teleflex.com 610-948-2836
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