Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced
financial results for the first quarter ended March 31, 2024.
First quarter financial
summary
- Revenues of $737.8 million, up
3.8% compared to the prior year period; up 3.8% on a constant
currency basis
- GAAP diluted EPS from continuing
operations of $0.33, compared to $1.63 in the prior year
period
- Adjusted diluted EPS from continuing
operations of $3.21, compared to $3.09 in the prior year
period
2024 guidance summary
- Lowering GAAP revenue growth guidance
range to 3.35% to 4.35%
- Reiterating constant currency revenue
growth guidance range of 3.75% to 4.75%
- Raising GAAP EPS from continuing
operations guidance range to $6.87 to $7.22
- Raising the low end of adjusted
diluted EPS from continuing operations guidance range to $13.60 to
$13.95
"We are pleased with our solid start to 2024," said
Liam Kelly, Teleflex's Chairman, President and Chief Executive
Officer. "In the quarter, we drove strong execution with constant
currency growth and margin expansion year-over-year, executed
against our new product launch objectives, and remained on track
with our integration of Palette Life Sciences AB. Our first quarter
performance, combined with an improving macro-environment, keeps us
well-positioned to deliver on our financial guidance for 2024."
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 March 31, 2024 and the comparable prior year period on
both a GAAP and constant currency basis.
| |
Three Months Ended |
|
% Increase / (Decrease) |
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Reported Revenue Growth |
|
Currency Impact |
|
Constant Currency Revenue Growth |
|
Americas |
$406.3 |
|
$411.9 |
|
(1.4)% |
|
0.1% |
|
(1.5)% |
|
EMEA |
159.6 |
|
143.3 |
|
11.4% |
|
1.7% |
|
9.7% |
|
Asia |
84.2 |
|
78.7 |
|
7.0% |
|
(4.2)% |
|
11.2% |
|
OEM |
87.7 |
|
77.0 |
|
13.9% |
|
0.3% |
|
13.6% |
|
Consolidated |
$737.8 |
|
$710.9 |
|
3.8% |
|
—% |
|
3.8% |
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2024 and the comparable prior
year period on both a GAAP and constant currency basis.
| |
Three Months Ended |
|
% Increase / (Decrease) |
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Reported Revenue Growth |
|
Currency Impact |
|
Constant Currency Revenue Growth |
|
Vascular Access |
$181.4 |
|
$177.7 |
|
2.1% |
|
0.1% |
|
2.0% |
|
Interventional |
134.7 |
|
116.9 |
|
15.2% |
|
(0.2)% |
|
15.4% |
|
Anesthesia |
96.4 |
|
93.3 |
|
3.2% |
|
—% |
|
3.2% |
|
Surgical |
105.5 |
|
99.0 |
|
6.6% |
|
(0.5)% |
|
7.1% |
|
Interventional Urology |
79.7 |
|
75.4 |
|
5.8% |
|
(0.3)% |
|
6.1% |
|
OEM |
87.7 |
|
77.0 |
|
13.9% |
|
0.3% |
|
13.6% |
|
Other |
52.4 |
|
71.6 |
|
(26.7)% |
|
0.4% |
|
(27.1)% |
|
Consolidated |
$737.8 |
|
$710.9 |
|
3.8% |
|
—% |
|
3.8% |
| |
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL
HIGHLIGHTS
-
Depreciation expense, amortization of intangible assets and
deferred financing charges for the three months ended
March 31, 2024 totaled $66.9 million compared to
$60.7 million for the prior year period.
- Cash and cash equivalents at
March 31, 2024 were $237.4 million compared to
$222.8 million at December 31, 2023.
- Net accounts receivable at
March 31, 2024 were $448.5 million compared to
$443.5 million at December 31, 2023.
- Inventories at March 31, 2024
were $627.9 million compared to $626.2 million at December 31,
2023.
2024 OUTLOOK The
Company lowered its full year 2024 revenue growth outlook on a GAAP
basis from a range of 3.60% to 4.60% to a range of 3.35% to 4.35%,
reflecting our estimate of an approximately 0.40% negative impact
of foreign exchange rate fluctuations. On a constant currency
basis, the Company maintained its full year 2024 revenue growth
outlook of 3.75% to 4.75% year-over-year.
The Company raised its full year 2024 GAAP diluted
earnings per share from continuing operations outlook from a range
of $5.69 to $6.09 to a range of $6.87 to $7.22, representing a
year-over-year decrease of 9.1% to 4.5%. The revised outlook
reflects a change in estimate related to the impact of a non-cash
pension settlement charge expected to be taken in 2024 in
connection with the planned termination of the Teleflex
Incorporated Retirement Income Plan. The Company raised the low end
of its full year 2024 adjusted diluted earnings per share from
continuing operations guidance from a range of $13.55 to $13.95 to
a range of $13.60 to $13.95, representing growth of 0.6% to 3.2%
year-over-year.
Forecasted 2024
Constant Currency Revenue Growth
Reconciliation
|
|
Low |
|
High |
|
Forecasted 2024 GAAP revenue growth |
3.35% |
|
4.35% |
|
Estimated impact of foreign currency exchange rate
fluctuations |
(0.40)% |
|
(0.40)% |
|
Forecasted 2024 constant currency revenue growth |
3.75% |
|
4.75% |
|
|
|
|
|
Forecasted 2024
Adjusted Diluted Earnings Per Share From Continuing
Operations Reconciliation
|
|
Low |
|
High |
|
Forecasted GAAP diluted earnings per share from continuing
operations |
$6.87 |
|
$7.22 |
|
Restructuring, restructuring related and impairment items, net of
tax |
$0.24 |
|
$0.24 |
|
Acquisition, integration and divestiture related items, net of
tax |
$0.33 |
|
$0.33 |
|
Other items, net of tax |
$— |
|
$— |
|
Pension termination and related charges, net of tax |
$1.69 |
|
$1.69 |
|
ERP Implementation, net of tax |
$0.31 |
|
$0.31 |
|
MDR, net of tax |
$0.26 |
|
$0.26 |
|
Intangible amortization expense, net of tax |
$3.90 |
|
$3.90 |
|
Forecasted adjusted diluted earnings per share from continuing
operations, net of tax |
$13.60 |
|
$13.95 |
|
|
|
|
|
Note: The prior full year 2024 EPS guidance assumed
$2.85 for the Pension termination and related charges, net of
tax.
CONFERENCE CALL WEBCAST AND ADDITIONAL
INFORMATIONA webcast of Teleflex's first quarter 2024
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 2, 2024.
An audio replay of the investor call will be
available beginning at 11:00 am ET on May 2, 2024, either on
the Teleflex website or by telephone. The call can be accessed by
dialing 1 800 770 2030 (U.S. and Canada) or 1 609 800 9909 (all
other locations). The confirmation code is 69028.
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; 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.
Pension termination and related charges - These
adjustments represent charges associated with the planned
termination of the Teleflex Incorporated Retirement Income Plan, a
frozen U.S. defined benefit pension plan, and related direct
incremental costs. These charges and costs do not represent normal
and recurring operating expenses, will be inconsistent in amounts
and frequency, and are not expected to recur once the plan
termination process has been completed. Accordingly, management has
excluded these amounts to facilitate an evaluation of our current
operating performance and a comparison to our past operating
performance.
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 December 2027 for highest-risk devices
and December 2028 for lower-risk devices, 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 March 31, 2024 |
|
|
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 |
56.4% |
51.6% |
5.1% |
(0.6)% |
$(25.8) |
$(41.6) |
161.0% |
$0.33 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
0.3 |
(0.1) |
— |
0.8 |
5.8 |
1.0 |
|
0.10 |
|
Acquisition, integration and divestiture related items (B) |
0.2 |
(0.2) |
— |
0.5 |
3.4 |
0.4 |
|
0.06 |
|
ERP implementation |
— |
— |
— |
— |
0.1 |
— |
|
— |
|
MDR |
— |
— |
(0.5) |
0.3 |
3.3 |
— |
|
0.07 |
|
Pension termination costs |
— |
(18.8) |
— |
18.8 |
138.5 |
58.2 |
|
1.70 |
|
Intangible amortization expense |
4.2 |
(2.7) |
— |
6.8 |
50.1 |
5.1 |
|
0.95 |
|
Adjustments total |
4.7 |
(21.8) |
(0.5) |
27.2 |
201.2 |
64.7 |
|
2.88 |
|
Adjusted basis |
61.1% |
29.8% |
4.6% |
26.6% |
$175.4 |
$23.1 |
13.2% |
$3.21 |
|
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 |
|
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 |
|
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 March
31, 2024, pre-tax restructuring charges were $0.5 million,
restructuring related charges were $3.2 million, and pre-tax
impairment charges were $2.1 million. For the three months ended
April 2, 2023, pre-tax restructuring charges were $2.2 million,
restructuring related charges were $9.8 million, and there were no
pre-tax impairment charges. |
| (B) |
Acquisition, integration
and divestiture related items – For the three months ended
March 31, 2024, these charges primarily related to the
acquisition of Palette Life Sciences AB. For the three months ended
April 2, 2023, these charges related to the acquisition of Standard
Bariatrics, Inc. |
| |
|
ABOUT TELEFLEX INCORPORATED
Teleflex 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
unitedby a common sense of purpose.
CAUTION CONCERNING FORWARD-LOOKING
INFORMATIONThis press release contains forward-looking
statements, including, but not limited to, the macro-economic
environment, our ability to deliver on our financial guidance for
2024 and our long-term durable growth objectives; forecasted 2024
GAAP and constant currency revenue growth and GAAP and adjusted
diluted earnings per share; and our estimates regarding the
projected impact of foreign currency exchange rate fluctuations on
our 2024 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 conflicts in the Ukraine and the Middle East; public health
epidemics; 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 |
| |
March 31, 2024 |
|
April 2, 2023 |
| |
(Dollars and shares in thousands, except per
share) |
|
Net revenues |
$ |
737,849 |
|
|
$ |
710,932 |
|
|
Cost of goods sold |
|
321,715 |
|
|
|
319,552 |
|
|
Gross profit |
|
416,134 |
|
|
|
391,380 |
|
|
Selling, general and administrative expenses |
|
242,830 |
|
|
|
232,716 |
|
|
Research and development expenses |
|
37,299 |
|
|
|
41,469 |
|
|
Pension settlement charge |
|
138,139 |
|
|
|
— |
|
|
Restructuring and impairment charges |
|
2,659 |
|
|
|
2,221 |
|
|
(Loss) income from continuing operations before interest and
taxes |
|
(4,793 |
) |
|
|
114,974 |
|
|
Interest expense |
|
22,683 |
|
|
|
18,337 |
|
|
Interest income |
|
(1,666 |
) |
|
|
(843 |
) |
|
(Loss) income from continuing operations before taxes |
|
(25,810 |
) |
|
|
97,480 |
|
|
(Benefit) taxes on income from continuing operations |
|
(41,551 |
) |
|
|
20,184 |
|
|
Income from continuing operations |
|
15,741 |
|
|
|
77,296 |
|
|
Operating loss from discontinued operations |
|
(587 |
) |
|
|
(711 |
) |
|
Tax benefit on operating loss from discontinued operations |
|
(135 |
) |
|
|
(163 |
) |
|
Loss from discontinued operations |
|
(452 |
) |
|
|
(548 |
) |
|
Net income |
$ |
15,289 |
|
|
$ |
76,748 |
|
|
Earnings per share: |
|
|
|
|
Basic: |
|
|
|
|
Income from continuing operations |
$ |
0.33 |
|
|
$ |
1.65 |
|
|
Loss from discontinued operations |
|
(0.01 |
) |
|
|
(0.02 |
) |
|
Net income |
$ |
0.32 |
|
|
$ |
1.63 |
|
|
Diluted: |
|
|
|
|
Income from continuing operations |
$ |
0.33 |
|
|
$ |
1.63 |
|
|
Loss from discontinued operations |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
Net income |
$ |
0.32 |
|
|
$ |
1.62 |
|
|
Weighted average common shares outstanding |
|
|
|
|
Basic |
|
47,068 |
|
|
|
46,949 |
|
|
Diluted |
|
47,394 |
|
|
|
47,285 |
|
| |
|
TELEFLEX INCORPORATEDCONSOLIDATED BALANCE
SHEETS(Unaudited) |
| |
| |
March 31, 2024 |
|
December 31, 2023 |
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
237,423 |
|
$ |
222,848 |
|
Accounts receivable, net |
|
448,532 |
|
|
443,467 |
|
Inventories |
|
627,866 |
|
|
626,216 |
|
Prepaid expenses and other current assets |
|
111,624 |
|
|
107,471 |
|
Prepaid taxes |
|
8,163 |
|
|
7,404 |
|
Total current assets |
|
1,433,608 |
|
|
1,407,406 |
|
Property, plant and equipment, net |
|
485,535 |
|
|
479,913 |
|
Operating lease assets |
|
112,560 |
|
|
123,521 |
|
Goodwill |
|
2,898,343 |
|
|
2,914,055 |
|
Intangible assets, net |
|
2,429,460 |
|
|
2,501,960 |
|
Deferred tax assets |
|
6,588 |
|
|
6,748 |
|
Other assets |
|
111,828 |
|
|
98,943 |
|
Total assets |
$ |
7,477,922 |
|
$ |
7,532,546 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current borrowings |
$ |
90,625 |
|
$ |
87,500 |
|
Accounts payable |
|
115,945 |
|
|
132,247 |
|
Accrued expenses |
|
136,614 |
|
|
146,880 |
|
Payroll and benefit-related liabilities |
|
106,055 |
|
|
146,535 |
|
Accrued interest |
|
16,999 |
|
|
5,583 |
|
Income taxes payable |
|
48,905 |
|
|
41,453 |
|
Other current liabilities |
|
55,871 |
|
|
46,547 |
|
Total current liabilities |
|
571,014 |
|
|
606,745 |
|
Long-term borrowings |
|
1,667,896 |
|
|
1,727,572 |
|
Deferred tax liabilities |
|
456,364 |
|
|
456,080 |
|
Pension and postretirement benefit liabilities |
|
23,170 |
|
|
23,989 |
|
Noncurrent liability for uncertain tax positions |
|
3,288 |
|
|
3,370 |
|
Noncurrent operating lease liabilities |
|
104,376 |
|
|
111,300 |
|
Other liabilities |
|
148,604 |
|
|
162,502 |
|
Total liabilities |
|
2,974,712 |
|
|
3,091,558 |
|
Commitments and contingencies |
|
|
|
|
Total shareholders' equity |
|
4,503,210 |
|
|
4,440,988 |
|
Total liabilities and shareholders' equity |
$ |
7,477,922 |
|
$ |
7,532,546 |
| |
|
TELEFLEX INCORPORATEDCONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited) |
| |
| |
Three Months Ended |
| |
March 31, 2024 |
|
April 2, 2023 |
|
|
(Dollars in thousands) |
|
Cash flows from operating activities of continuing operations: |
|
|
|
|
Net income |
$ |
15,289 |
|
|
$ |
76,748 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Loss from discontinued operations |
|
452 |
|
|
|
548 |
|
|
Depreciation expense |
|
15,928 |
|
|
|
18,287 |
|
|
Intangible asset amortization expense |
|
50,116 |
|
|
|
41,540 |
|
|
Deferred financing costs and debt discount amortization
expense |
|
853 |
|
|
|
846 |
|
|
Pension settlement charge |
|
138,139 |
|
|
|
— |
|
|
Fair value step up of acquired inventory sold |
|
1,722 |
|
|
|
— |
|
|
Changes in contingent consideration |
|
865 |
|
|
|
2,447 |
|
|
Assets impairment charge |
|
2,110 |
|
|
|
— |
|
|
Stock-based compensation |
|
7,129 |
|
|
|
7,015 |
|
|
Deferred income taxes, net |
|
(58,282 |
) |
|
|
2,092 |
|
|
Interest benefit on swaps designated as net investment hedges |
|
(3,720 |
) |
|
|
(5,108 |
) |
|
Other |
|
(118 |
) |
|
|
(427 |
) |
|
Changes in assets and liabilities, net of effects of acquisitions
and disposals: |
|
|
|
|
Accounts receivable |
|
(9,549 |
) |
|
|
1,339 |
|
|
Inventories |
|
(11,720 |
) |
|
|
(30,099 |
) |
|
Prepaid expenses and other assets |
|
7,352 |
|
|
|
2,752 |
|
|
Accounts payable, accrued expenses and other liabilities |
|
(50,610 |
) |
|
|
(40,856 |
) |
|
Income taxes receivable and payable, net |
|
6,888 |
|
|
|
7,225 |
|
|
Net cash provided by operating activities from continuing
operations |
|
112,844 |
|
|
|
84,349 |
|
|
Cash flows from investing activities of continuing operations: |
|
|
|
|
Expenditures for property, plant and equipment |
|
(38,432 |
) |
|
|
(21,835 |
) |
|
Payments for businesses and intangibles acquired, net of cash
acquired |
|
(70 |
) |
|
|
(64 |
) |
|
Net proceeds on swaps designated as net investment hedges |
|
13,695 |
|
|
|
— |
|
|
Net cash used in investing activities from continuing
operations |
|
(24,807 |
) |
|
|
(21,899 |
) |
|
Cash flows from financing activities of continuing operations: |
|
|
|
|
Reduction in borrowings |
|
(57,125 |
) |
|
|
(75,125 |
) |
|
Net proceeds (payments) from share based compensation plans and
related tax impacts |
|
1,750 |
|
|
|
(2,433 |
) |
|
Payments for contingent consideration |
|
(72 |
) |
|
|
(64 |
) |
|
Dividends paid |
|
(16,001 |
) |
|
|
(15,969 |
) |
|
Net cash used in financing activities from continuing
operations |
|
(71,448 |
) |
|
|
(93,591 |
) |
|
Cash flows from discontinued operations: |
|
|
|
|
Net cash used in operating activities |
|
(1,863 |
) |
|
|
(285 |
) |
|
Net cash used in discontinued operations |
|
(1,863 |
) |
|
|
(285 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(151 |
) |
|
|
3,530 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
14,575 |
|
|
|
(27,896 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
222,848 |
|
|
|
292,034 |
|
|
Cash and cash equivalents at the end of the period |
$ |
237,423 |
|
|
$ |
264,138 |
|
|
|
|
|
|
|
|
|
|
Contacts:Teleflex
Incorporated:Lawrence KeuschVice President, Investor Relations and
Strategy Development
investors.teleflex.com610-948-2836
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