Fourth Quarter Revenues of $476.0 million,
up 5.7% over prior year period; up 9.0% on Constant Currency
Basis
Fourth Quarter GAAP Diluted EPS of $1.10, up
41.0% over the prior year period
Fourth Quarter Adjusted Diluted EPS of
$1.43, up 5.1% over the prior year period
Full Year 2014 Revenues of $1.84 billion, up
8.5% over the prior year period; up 8.8% on a Constant Currency
Basis
Full Year 2014 GAAP Diluted EPS of $4.10, up
18.5% over the prior year period
Full Year 2014 Adjusted Diluted EPS of
$5.74, up 14.1% over the prior year period
2015 Guidance Range for Constant Currency
Revenue Growth of 4% to 6%
2015 Guidance Range for Adjusted Diluted EPS
of $6.10 to $6.35, up 6.3% to 10.6%, which reflects our expectation
of a negative foreign currency headwind of approximately
14%
Teleflex Incorporated (NYSE: TFX) (the “Company”) today
announced financial results for the fourth quarter and full year
ended December 31, 2014.
Fourth quarter 2014 net revenues were $476.0 million, an
increase of 5.7% over the prior year period. Excluding the impact
of foreign currency fluctuations, fourth quarter 2014 net revenues
increased 9.0% over the prior year period.
Fourth quarter 2014 GAAP diluted earnings per share from
continuing operations were $1.10, as compared to $0.78 in the prior
year period, an increase of 41.0%. Fourth quarter 2014 adjusted
diluted earnings per share from continuing operations were $1.43,
as compared to $1.36 in the prior year period, an increase of
5.1%.
Full year 2014 net revenues were $1.84 billion, an increase of
8.5% over the prior year period. Excluding the impact of foreign
currency fluctuations, full year 2014 net revenues increased 8.8%
over the prior year period.
Full year 2014 GAAP diluted earnings per share from continuing
operations were $4.10, as compared to $3.46 in the prior year
period, an increase of 18.5%. Full year 2014 adjusted diluted
earnings per share from continuing operations were $5.74, as
compared to $5.03 in the prior year period, an increase of
14.1%.
“Teleflex’s full year 2014 results demonstrate another
successful year for the Company,” said Benson Smith, Chairman,
President and Chief Executive Officer. “We integrated Vidacare and
Mayo Healthcare Pty Ltd., delivered constant currency revenue
growth near the upper end of our guidance range, and generated
adjusted earnings per share well ahead of our initial
expectations.”
Added Mr. Smith, “During 2015, we expect to continue to produce
solid constant currency revenue growth and significant operating
leverage. While we anticipate that our 2015 results will be
negatively impacted by foreign exchange movements, we are committed
to implementing operational measures to, in part, mitigate the
earnings effect.”
FOURTH QUARTER NET REVENUE BY SEGMENT
Vascular North America fourth quarter 2014 net revenues were
$68.7 million, an increase of 9.7% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
fourth quarter 2014 net revenues increased 10.2% compared to the
prior year period. The increase in constant currency revenue was
largely due to product sales resulting from our acquisition of
Vidacare and higher sales volume of existing products.
Anesthesia/Respiratory North America fourth quarter 2014 net
revenues were $58.2 million, an increase of 0.4% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2014 net revenues increased 0.7%
compared to the prior year period. The increase in constant
currency revenue was largely due to new product sales, somewhat
offset by lower sales volume of existing products.
Surgical North America fourth quarter 2014 net revenues were
$40.8 million, an increase of 8.9% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
fourth quarter 2014 net revenues increased 9.7% compared to the
prior year period. The increase in constant currency revenue was
largely due to higher sales volume of existing products and price
increases.
EMEA fourth quarter 2014 net revenues were $146.9 million, an
increase of 1.5% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, fourth quarter 2014 net
revenues increased 8.9% compared to the prior year period. The
increase in constant currency revenue was largely due to higher
sales volume of existing products, Vidacare product sales, new
product sales and price increases.
Asia fourth quarter 2014 net revenues were $63.6 million, an
increase of 7.4% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, fourth quarter 2014 net
revenues increased 10.9% compared to the prior year period. The
increase in constant currency revenue was largely due to product
sales resulting from the acquisitions of Mayo Healthcare Pty Ltd.,
Vidacare and Ultimate Medical, price increases and new product
sales, somewhat offset by lower sales volume of existing
products.
OEM and Development Services (“OEM”) fourth quarter 2014 net
revenues were $35.0 million, an increase of 3.1% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2014 net revenues increased 4.8%
compared to the prior year period. The increase in constant
currency revenue was largely due to higher sales volume of existing
products and new product sales, somewhat offset by lower average
selling prices.
Three Months Ended % Increase/
(Decrease)
December 31,2014
December 31,2013
ConstantCurrency
ForeignCurrency
TotalChange
(Dollars in millions) Vascular North America $ 68.7 $ 62.6 10.2%
(0.5% ) 9.7% Anesthesia/Respiratory North America 58.2 57.8 0.7%
(0.3% ) 0.4% Surgical North America 40.8 37.5 9.7% (0.8% ) 8.9%
EMEA 146.9 144.9 8.9% (7.4% ) 1.5% Asia 63.6 59.1 10.9% (3.5% )
7.4% OEM 35.0 34.1 4.8% (1.7% ) 3.1% All Other 62.8
54.5 16.3% (1.1% ) 15.2% Total $ 476.0 $ 450.5 9.0% (3.3% ) 5.7%
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE
METRICS
Depreciation expense and amortization of intangible assets and
deferred financing costs for the full year of 2014 were $127.0
million compared to $107.9 million for the prior year period.
Cash and cash equivalents at December 31, 2014 were $303.2
million compared to $432.0 million at December 31, 2013. The
decline in cash and cash equivalents is primarily due to a $235
million repayment of a portion of the outstanding principal amount
of borrowings under the revolving credit facility, partially offset
by cash generated from operations.
Net accounts receivable at December 31, 2014 were $273.7 million
compared to $295.3 million at December 31, 2013.
Net inventories at December 31, 2014 were $335.6 million
compared to $333.6 million at December 31, 2013.
Net debt obligations at December 31, 2014 were $801.4 million
compared to $902.7 million at December 31, 2013.
2015 OUTLOOK
The Company estimates that revenues for full year 2015 will
increase 4% to 6% on a constant currency basis. On a GAAP basis,
revenues are expected to be flat to down 2% versus the prior year
due to the unfavorable impact of foreign currency.
The Company expects adjusted diluted earnings per share from
continuing operations to be between $6.10 and $6.35 for full year
2015, representing an increase of 6.3% to 10.6% over the prior
year, which reflects our expectation of a negative foreign currency
headwind of approximately 14%. The Company expects full year 2015
GAAP diluted earnings per share from continuing operations to be
between $4.22 and $4.37.
FORECASTED 2015 CONSTANT CURRENCY REVENUE GROWTH
RECONCILIATION
Low High
Forecasted 2015 GAAP revenue growth (2 %)
—
Estimated impact of foreign currency fluctuations 6 %
6 % Forecasted 2015 constant currency revenue growth
4 %
6
%
FORECASTED 2015 ADJUSTED EARNINGS PER SHARE
RECONCILIATION
Low High
Diluted earnings per share attributable to common shareholders
$4.22 $4.37 Restructuring, impairment charges and special
items, net of tax $0.75 $0.80 Intangible amortization
expense, net of tax $0.95 $1.00 Amortization of debt
discount on convertible notes, net of tax $0.18 $0.18
Adjusted diluted earnings per share $6.10
$6.35
CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
As previously announced, Teleflex will comment on its financial
results on a conference call to be held today at 8:00 a.m. (ET).
The call will be available live and archived on the company’s
website at www.teleflex.com and the accompanying
presentation will be posted prior to the call. An audio replay will
be available until February 27, 2015 at 11:59pm (ET), by calling
888-286-8010 (U.S./Canada) or 617-801-6888 (International),
Passcode: 82954645.
ADDITIONAL NOTES
Constant currency revenue growth excludes the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
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 MEASURES
This press release includes certain non-GAAP financial measures,
which include:
Adjusted diluted earnings per share. This measure excludes,
depending on the period presented (i) the effect of charges
associated with our restructuring programs, as well as goodwill and
other asset impairment charges; (ii) losses and other charges,
including acquisition and integration costs, charges related to
facility consolidations, the establishment of a litigation reserve
and a litigation verdict against the Company with respect to a
non-operating joint venture, net of, where applicable, specified
reversals, including a reversal of liabilities related to certain
contingent consideration arrangements and a reversal of a reserve
related to a previously announced stock keeping unit benefit
program; (iii) amortization of the debt discount on the Company’s
convertible notes; (iv) intangible amortization expense; (v) loss
on extinguishment of debt; and (vi) tax benefits resulting from the
resolution of, or expiration of the statute of limitations with
respect to, prior years’ tax matters. In addition, the calculation
of diluted shares within adjusted earnings per share gives effect
to the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of the Company’s senior
subordinated convertible notes (under GAAP, the anti-dilutive
impact of the convertible note hedge agreements is not reflected in
diluted shares).
Constant currency revenue growth. This measure excludes the
impact of translating the results of international subsidiaries at
different currency exchange rates from period to period.
Management believes these measures are useful to investors
because they eliminate items that do not reflect Teleflex’s
day-to-day operations. In addition, management believes that the
calculation of non-GAAP diluted shares is useful to investors
because it provides insight into the offsetting economic effect of
the convertible note hedge against conversions of the convertible
notes. Management uses these financial measures for internal
managerial purposes, when publicly providing guidance on possible
future results, and to assist in our evaluation of period-to-period
comparisons. These financial measures are presented in addition to
results presented in accordance with generally accepted accounting
principles (“GAAP”) and should not be relied upon as a substitute
for GAAP financial measures. Tables reconciling historical non-GAAP
measures to the most directly comparable historical GAAP measures
are set forth below. Tables reconciling forecasted non-GAAP
measures to the most directly comparable forecasted GAAP measures
are set forth above.
RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS
Dollars in millions, except per share amounts
Quarter Ended – December 31, 2014 Net
income Shares used in (loss) attributable
Diluted calculation of Cost Selling,
Restructuring Loss on to common earnings
per GAAP and of general and Research
and and other Interest extinguish-
shareholders share available adjusted
goods administrative development
impairment expense, ment of Income
from continuing to common earnings per
sold expenses expenses charges
net debt taxes operations
shareholders share GAAP Basis $235.0 $153.3 $17.2
$1.4 $16.6 — $0.4 $51.8 $1.10 47,112 Adjustments
Restructuring and other impairment
charges
— — — 1.4 —
—
0.5 0.8 $0.02 —
Losses and other charges (A)
2.1 1.0 0.0 — — — 1.1 2.0 $0.04 —
Amortization of debt discount on
convertible notes
— — — — 3.1 — 1.1 2.0 $0.04 — Intangible amortization expense —
13.9 — — — — 3.5 10.4 $0.22 — Tax adjustment (B) — — — — — — 3.8
(3.8) ($0.08) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — — $0.09 (2,990) Adjusted basis $232.9 $138.4 $17.2 —
$13.5 — $10.5 $63.3 $1.43 44,122
Quarter Ended – December 31, 2013
Net income Shares used in (loss)
attributable Diluted calculation of Cost
Selling, Restructuring Loss on to
common earnings per GAAP and of general
and Research and and other Interest
extinguish- shareholders share available
adjusted goods administrative
Development impairment expense, ment of
Income from continuing to common earnings
per sold expenses expenses charges
net debt taxes operations
shareholders share GAAP Basis $225.6 $143.8 $17.9
$9.2 $14.2 — $4.6 $35.1 $0.78 45,033 Adjustments
Restructuring and other impairment
charges
— — — 9.2 — — 1.7 7.6 $0.17 — Losses and other charges (A) 0.3 8.2
0.5 — — — 2.5 6.5 $0.14 —
Amortization of debt discount on
convertible notes
— — — — 2.9 — 1.1 1.8 $0.04 — Intangible amortization expense —
13.5 — — — — 4.5 9.0 $0.20 — Loss on extinguishment of debt — — — —
— — 0.0 0.0 $0.00 —
Tax adjustment (B)
— — — — — — 1.5 (1.5) ($0.03) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — — $0.06 (2,165) Adjusted basis $225.3 $122.0 $17.3 —
$11.3 — $15.8 $58.5 $1.36 42,868
(A) In 2014, losses and other charges include approximately $1.6
million, net of tax, or $0.03 per share, related to acquisition and
integration costs, and charges related to facility consolidations;
and approximately $0.4 million, net of tax, or $0.01 per share,
related to a litigation verdict against the Company with respect to
a non-operating joint venture. In 2013, losses and other charges
include approximately $4.5 million, net of tax, or $0.10 per share,
related to acquisition and integration costs; approximately $1.9
million, net of tax, or $0.04 per share, related to the
establishment of a litigation reserve; reversals included
approximately $0.1 million, net of tax, or $0.00 per share, related
to the reversal of contingent consideration liabilities.
(B) The tax adjustment represents a net benefit resulting from
the resolution of, or the expiration of statute of limitations with
respect to various prior years’ U.S. federal, state and foreign tax
matters.
(C) Adjusted diluted shares are calculated by giving effect to
the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of our senior subordinated
convertible notes. Under GAAP, the anti-dilutive impact of the
convertible note hedge agreements is not reflected in diluted
shares.
RECONCILIATION
OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in
millions, except per share amounts Twelve Months
Ended – December 31, 2014 Net
income Shares used in (loss) attributable
Diluted calculation of Cost Selling,
Restructuring Loss on to common earnings
per GAAP and of general and Research
and and other Interest extinguish-
shareholders share available adjusted
goods administrative development
impairment expense, ment of Income
from continuing to common earnings per
sold expenses expenses charges
net debt taxes operations
shareholders share GAAP Basis $897.4 $578.7 $61.0
$17.9 $64.8 — $28.7 $190.4 $4.10 46,470 Adjustments
Restructuring and other impairment
charges
— — — 17.9 — — 5.2 12.7 $0.27 —
Losses and other charges (A)
4.9 (1.1) 0.1 — — — 3.1 0.9 $0.02 —
Amortization of debt discount on
convertible notes
— — — — 12.2 — 4.5 7.7 $0.17 — Intangible amortization expense —
60.9 — — — — 17.4 43.5 $0.94 — Tax adjustment (B) — — — — — — 4.0
(4.0) ($0.09) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — — $0.33 (2,738) Adjusted basis $892.5 $518.8 $60.9 —
$52.5 — $62.8 $251.2 $5.74 43,732
Twelve Months Ended – December 31, 2013
Net income Shares used in
(loss) attributable Diluted calculation of
Cost Selling, Restructuring Loss on
to common earnings per GAAP and of
general and Research and and other
Interest extinguish- shareholders share
available adjusted goods administrative
Development impairment expense, ment of
Income from continuing to common earnings
per sold expenses expenses charges
net debt taxes operations
shareholders share GAAP Basis $857.3 $502.2 $65.0
$38.5 $56.3 $1.3 $23.5 $151.3 $3.46 43,693 Adjustments
Restructuring and other impairment
charges
— — — 38.5 — — 7.8 30.7 $0.71 — Losses and other charges (A) 2.3
1.5 0.5 — — — 4.9 (0.6) ($0.02) —
Amortization of debt discount on
convertible notes
— — — — 11.3 — 4.1 7.2 $0.16 — Intangible amortization expense —
50.6 — — — — 17.3 33.4 $0.76 — Loss on extinguishment of debt — — —
— — 1.3 0.5 0.8 $0.02 —
Tax adjustment (B)
— — — — — — 11.1 (11.1) ($0.25) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — — $0.19 (1,620) Adjusted basis $855.1 $450.1 $64.5 —
$45.0 — $69.2 $211.6 $5.03 42,073
(A) In 2014, losses and other charges include approximately $8.6
million, net of tax, or $0.19 per share, related to acquisition and
integration costs, and charges related to facility consolidations;
and approximately $0.4 million, net of tax, or $0.01 per share,
related to a litigation verdict against the Company with respect to
a non-operating joint venture; reversals include approximately
($8.1) million, net of tax, or ($0.18) per share, related to the
reversal of contingent consideration liabilities. In 2013, losses
and other charges include approximately $0.8 million, net of tax,
or $0.02 per share, related to a litigation verdict against the
Company with respect to a non-operating joint venture; $9.5
million, net of tax, or $0.21 per share, related to acquisition and
integration costs; and approximately $1.9 million, net of tax, or
$0.04 per share, related to the establishment of a litigation
reserve; reversals include approximately ($12.4) million, net of
tax, or ($0.28) per share, related to the reversal of contingent
consideration liabilities and ($0.4) million, net of tax, or
($0.01) per share, related to reversal of a reserve with respect to
a previously announced stock keeping unit (“SKU”) rationalization
charge.
(B) The tax adjustment represents a net benefit resulting from
the resolution of, or the expiration of statute of limitations with
respect to various prior years’ U.S. federal, state and foreign tax
matters.
(C) Adjusted diluted shares are calculated by giving effect to
the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of our senior subordinated
convertible notes. Under GAAP, the anti-dilutive impact of the
convertible note hedge agreements is not reflected in diluted
shares.
RECONCILIATION OF NET DEBT OBLIGATIONS
December 31, 2014 December 31, 2013
(Dollars in thousands) Note payable and current portion of
long term borrowings $ 368,401 $ 356,287 Long term
borrowings 700,000 930,000 Unamortized debt discount 36,197
48,413 Total debt obligations 1,104,598 1,334,700
Less: cash and cash equivalents 303,236 431,984 Net debt
obligations $ 801,362 $ 902,716
ABOUT TELEFLEX INCORPORATED
Teleflex is a leading global provider of specialty medical
devices for a range of procedures in critical care and surgery. Our
mission is to provide solutions that enable healthcare providers to
improve outcomes and enhance patient and provider safety.
Headquartered in Wayne, PA, Teleflex employs approximately 11,700
people and serves healthcare providers worldwide. For additional
information about Teleflex please refer to www.teleflex.com.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements,
including, but not limited to, forecasted 2015 GAAP and constant
currency revenue growth and GAAP and adjusted diluted earnings per
share, as well as expectations of significant operating leverage in
2015. Actual results could differ materially from those in the
forward-looking statements due to, among other things, conditions
in the end markets we serve, customer reaction to new products and
programs, our ability to achieve sales growth, price increases or
cost reductions; changes in the reimbursement practices of third
party payors; our ability to realize efficiencies and to execute on
our strategic initiatives; changes in material costs and
surcharges; market acceptance and unanticipated difficulties in
connection with the introduction of new products and product line
extensions; product recalls; unanticipated difficulties in
connection with the consolidation of manufacturing and
administrative functions, including as a result of difficulties
with various employees, labor representatives or regulators; the
loss of skilled employees in connection with such initiatives;
unanticipated difficulties, expenditures and delays in complying
with government regulations applicable to our businesses; the
impact of government healthcare reform legislation; our ability to
meet our debt obligations; changes in general and international
economic conditions; and other factors described or incorporated in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended December 31,
2014.
TELEFLEX INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
December 31,2014
December 31,2013
(Dollars and shares in
thousands,except per share)
Net revenues $ 476,008 $ 450,539 Cost of goods sold
234,993 225,596 Gross profit 241,015 224,943 Selling,
general and administrative expenses 153,265 143,756 Research and
development expenses 17,237 17,876 Restructuring and other
impairment charges 1,358 9,247 Income from continuing
operations before interest and taxes 69,155 54,064 Interest expense
16,808 14,339 Interest income (212 ) (166 ) Income
from continuing operations before taxes 52,559 39,891 Taxes on
income from continuing operations 426 4,589 Income
from continuing operations 52,133 35,302 Loss from
discontinued operations before taxes (1,541 ) (459 ) Tax benefit on
loss from discontinued operations (353 ) (223 ) Loss
from discontinued operations (1,188 ) (236 ) Net
income 50,945 35,066
Less: Income from continuing operations
attributable to noncontrolling interest
307 238 Net income attributable to common
shareholders $ 50,638 $ 34,828 Earnings per share available
to common shareholders: Basic: Income from continuing operations $
1.25 $ 0.85 Loss from discontinued operations (0.03 )
— Net income $ 1.22 $ 0.85 Diluted: Income from continuing
operations $ 1.10 $ 0.78 Loss from discontinued operations
(0.03 ) (0.01 ) Net income $ 1.07 $ 0.77 Dividends
per share $ 0.34 $ 0.34 Weighted average common shares
outstanding: Basic 41,425 41,161 Diluted 47,112 45,033
Amounts attributable to common shareholders: Income from continuing
operations, net of tax $ 51,826 $ 35,064 Loss from discontinued
operations, net of tax (1,188 ) (236 ) Net income $
50,638 $ 34,828
TELEFLEX INCORPORATED AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Year Ended
December 31,2014
December 31,2013
(Dollars and shares in
thousands,except per share)
Net revenues $ 1,839,832 $ 1,696,271 Cost of goods sold
897,404 857,326 Gross profit 942,428 838,945 Selling,
general and administrative expenses 578,657 502,187 Research and
development expenses 61,040 65,045 Restructuring and other
impairment charges 17,869 38,452 Income from
continuing operations before interest and taxes 284,862 233,261
Interest expense 65,458 56,905 Interest income (706 ) (624 ) Loss
on extinguishments of debt — 1,250 Income from
continuing operations before taxes 220,110 175,730 Taxes on income
from continuing operations 28,650 23,547 Income from
continuing operations 191,460 152,183 Loss from
discontinued operations before taxes (3,407 ) (2,205 ) Tax benefit
on loss from discontinued operations (698 ) (1,770 )
Loss from discontinued operations (2,709 ) (435 ) Net
income 188,751 151,748
Less: Income from continuing operations
attributable to noncontrolling interest
1,072 867 Net income attributable to common
shareholders $ 187,679 $ 150,881 Earnings per share
available to common shareholders: Basic: Income from continuing
operations $ 4.60 $ 3.68 Loss from discontinued operations
(0.06 ) (0.01 ) Net income $ 4.54 $ 3.67 Diluted:
Income from continuing operations $ 4.10 $ 3.46 Loss from
discontinued operations (0.06 ) (0.01 ) Net income $
4.04 $ 3.45 Dividends per share $ 1.36 $ 1.36
Weighted average common shares outstanding: Basic 41,366 41,105
Diluted 46,470 43,693 Amounts attributable to common
shareholders: Income from continuing operations, net of tax $
190,388 $ 151,316 Loss from discontinued operations, net of tax
(2,709 ) (435 ) Net income $ 187,679 $ 150,881
TELEFLEX INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31,2014
December 31,2013
(Dollars in thousands) ASSETS Current assets Cash and
cash equivalents $ 303,236 $ 431,984 Accounts receivable, net
273,704 295,290 Inventories, net 335,593 333,621 Prepaid expenses
and other current assets 35,697 39,810 Prepaid taxes 40,256 36,504
Deferred tax assets 57,301 52,917 Assets held for sale 7,422
10,428 Total current assets 1,053,209 1,200,554 Property,
plant and equipment, net 317,435 325,900 Goodwill 1,323,553
1,354,203 Intangible assets, net 1,216,720 1,255,597 Investments in
affiliates 1,150 1,715 Deferred tax assets 1,178 943 Other assets
64,010 70,095 Total assets $ 3,977,255 $ 4,209,007
LIABILITIES AND EQUITY Current liabilities Current
borrowings $ 368,401 $ 356,287 Accounts payable 64,100 71,967
Accrued expenses 72,383 74,868 Current portion of contingent
consideration 11,276 4,131 Payroll and benefit-related liabilities
85,442 73,090 Accrued interest 9,169 8,725 Income taxes payable
13,768 23,821 Other current liabilities 10,360 22,231
Total current liabilities 634,899 635,120 Long-term borrowings
700,000 930,000 Deferred tax liabilities 451,541 514,715 Pension
and postretirement benefit liabilities 167,241 109,498 Noncurrent
liability for uncertain tax provisions 50,884 55,152 Other
liabilities 58,991 48,506 Total liabilities 2,063,556
2,292,991 Commitments and contingencies Common shareholders’ equity
Common shares, $1 par value Issued: 2014 – 43,420 shares; 2013 –
43,243 shares 43,420 43,243 Additional paid-in capital 422,394
409,338 Retained earnings 1,827,845 1,696,424 Accumulated other
comprehensive loss (260,895 ) (110,855 ) 2,032,764
2,038,150 Less: Treasury stock, at cost 121,455
124,623 Total common shareholders’ equity 1,911,309
1,913,527 Noncontrolling interest 2,390 2,489 Total
equity 1,913,699 1,916,016 Total liabilities and
equity $ 3,977,255 $ 4,209,007
TELEFLEX
INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) Year Ended
December 31,2014
December 31,2013
(Dollars in thousands) Cash Flows from Operating Activities
of Continuing Operations: Net income $ 188,751 $ 151,748
Adjustments to reconcile net income to net cash provided by
operating activities: Loss from discontinued operations 2,709 435
Depreciation expense 50,207 42,368 Amortization expense of
intangible assets 60,926 50,608 Amortization expense of deferred
financing costs and debt discount 15,897 14,959 Loss on
extinguishments of debt — 1,250 Impairment of long-lived assets —
3,460 Changes in contingent consideration (7,418 ) (12,642 )
Stock-based compensation 12,227 11,871 Deferred income taxes, net
(14,153 ) (10,182 ) Other (8,968 ) (1,319 )
Changes in operating assets and
liabilities, net of effects of acquisitions and disposals:
Accounts receivable 9,394 (1,294 ) Inventories (15,531 ) (8,931 )
Prepaid expenses and other current assets 1,422 (5,926 ) Accounts
payable and accrued expenses 9,818 2,001 Income taxes receivable
and payable, net (15,040 ) (7,107 ) Net cash provided
by operating activities from continuing operations 290,241
231,299 Cash Flows from Investing Activities of
Continuing Operations: Expenditures for property, plant and
equipment (67,571 ) (63,580 ) Payments for businesses and
intangibles acquired, net of cash acquired (45,777 ) (309,008 )
Proceeds from sales of businesses and assets, net of cash sold
5,251 — Investment in affiliates (40 ) (50 ) Net cash
used in investing activities from continuing operations
(108,137 ) (372,638 ) Cash Flows from Financing
Activities of Continuing Operations: Proceeds from long-term
borrowings 250,000 680,000 Repayment of long-term borrowings
(480,102 ) (375,000 ) Debt extinguishment, issuance and amendment
fees (4,494 ) (6,400 ) Proceeds from share based compensation plans
and the related tax impacts 4,245 6,181 Payments to noncontrolling
interest shareholders (1,094 ) (736 ) Payments for contingent
consideration — (16,958 ) Dividends (56,258 ) (55,917
)
Net cash (used in) provided by financing
activities from continuing operations
(287,703 ) 231,170 Cash Flows from
Discontinued Operations: Net cash used in operating activities
(3,676 ) (3,327 ) Net cash used in discontinued
operations (3,676 ) (3,327 ) Effect of
exchange rate changes on cash and cash equivalents (19,473 )
8,441 Net (decrease) increase in cash and cash equivalents
(128,748 ) 94,945 Cash and cash equivalents at the beginning of the
period 431,984 337,039 Cash and cash equivalents at
the end of the period $ 303,236 $ 431,984
Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
Teleflex (NYSE:TFX)
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Teleflex (NYSE:TFX)
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