Second Quarter Revenues of $473.6 million,
Up 4.8% Versus Prior Year Period; Up 5.0% on Constant Currency
Basis
Second Quarter GAAP Diluted EPS of $1.25, Up
34.4% Over the Prior Year Period
Second Quarter Adjusted Diluted EPS of
$1.89, up 33.1%
Reaffirmed 2016 Guidance Ranges for
As-Reported Revenue Growth of 3.0% to 4.0% and Constant Currency
Revenue Growth of 5.0% to 6.0%
Raised 2016 Guidance Range for GAAP Diluted
EPS from $5.32 to $5.37 to $5.34 to $5.41
Raised 2016 Guidance Range for Adjusted
Diluted EPS from $7.10 to $7.25 to $7.20 to $7.32
Teleflex Incorporated (NYSE: TFX) (the “Company”) today
announced financial results for the second quarter ended June 26,
2016.
Second quarter 2016 net revenues were $473.6 million, an
increase of 4.8% compared to the prior year period. Excluding the
impact of foreign currency exchange rate fluctuations, second
quarter 2016 net revenues increased 5.0% over the year ago
period.
Second quarter 2016 GAAP diluted earnings per share from
continuing operations increased 34.4% to $1.25, as compared to
$0.93 in the prior year period. Second quarter 2016 adjusted
diluted earnings per share from continuing operations increased
33.1% to $1.89, compared to $1.42 in the prior year period.
“As we anticipated, Teleflex's second quarter GAAP and constant
currency revenue growth reflected improving trends on both a
year-over-year and sequential basis, led by our key North American
strategic business units,” said Benson Smith, Chairman and Chief
Executive Officer. “The revenue growth performance in the quarter
positions the Company to achieve our previously provided full year
2016 GAAP and constant currency revenue growth guidance ranges. In
addition, we were particularly pleased with our strong earnings per
share performance for the quarter, which was primarily due to our
continued expansion of gross and operating margins."
Added Smith, "Based on this performance and our outlook for the
remainder of the year, we are increasing our full year GAAP
earnings per share guidance range from $5.32 to $5.37 to $5.34 to
$5.41 and our adjusted diluted earnings per share guidance range
from $7.10 to $7.25 to $7.20 to $7.32."
SECOND QUARTER NET REVENUE BY SEGMENT
The following table provides information regarding net revenues
in each of the Company's reportable operating segments and all of
its other operating segments for the three months ended June 26,
2016 and June 28, 2015 on both a GAAP and constant currency basis.
The discussion below the table of the principal factors behind
changes in net revenues for the three months ended June 26, 2016 as
compared to the prior year period applies to both GAAP revenue and
constant currency revenue, although GAAP revenue also was affected
by foreign currency exchange rate fluctuations, as indicated in the
"Foreign Currency" column of the table.
Three Months Ended %
Increase/ (Decrease) June 26, 2016 June
28, 2015
Constant
Currency
Foreign
Currency
Total
Change
(Dollars in millions) Vascular North America $ 88.2 $ 81.2 8.8 %
(0.2) % 8.6 % Surgical North America 43.1 40.5 6.8 % (0.3) % 6.5 %
Anesthesia North America 49.2 45.6 8.2 % (0.3) % 7.9 % EMEA 131.7
129.1 1.3 % 0.7 % 2.0 % Asia 63.2 62.1 3.6 % (1.7) % 1.9 % OEM 40.3
37.9 5.9 % 0.4 % 6.3 % All Other 57.9 55.7 5.4 %
(1.4) % 4.0 % Total $ 473.6 $ 452.1 5.0 % (0.2) % 4.8 %
Vascular North America second quarter 2016 net revenues were
$88.2 million, an increase of 8.6% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
second quarter 2016 net revenues increased 8.8% compared to the
prior year period. The increase in revenue was largely due to
higher sales volumes of existing products, price increases and an
increase in new product sales.
Surgical North America second quarter 2016 net revenues were
$43.1 million, an increase of 6.5% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
second quarter 2016 net revenues increased 6.8% compared to the
prior year period. The increase in revenue was largely due to an
increase in new product sales, higher sales volumes of existing
products and price increases.
Anesthesia North America second quarter 2016 net revenues were
$49.2 million, an increase of 7.9% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
second quarter 2016 net revenues increased 8.2% compared to the
prior year period. The increase in revenue was largely due to
higher sales volumes of existing products and an increase in new
product sales.
EMEA second quarter 2016 net revenues were $131.7 million, an
increase of 2.0% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, second quarter 2016 net
revenues increased 1.3% compared to the prior year period. The
increase in revenue was largely due to higher sales volumes of
existing products and an increase in new product sales, somewhat
offset by a decline in the average selling prices of products.
Asia second quarter 2016 net revenues were $63.2 million, an
increase of 1.9% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, second quarter 2016 net
revenues increased 3.6% compared to the prior year period. The
increase in revenue was largely due to higher sales volumes of
existing products.
OEM and Development Services (“OEM”) second quarter 2016 net
revenues were $40.3 million, an increase of 6.3% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, second quarter 2016 net revenues increased 5.9%
compared to the prior year period. The increase in revenue was
largely due to an increase in new product sales and higher sales
volumes of existing products.
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE
METRICS
Depreciation expense, amortization of intangible assets and
deferred financing charges for the first six months of 2016
aggregated $64.6 million compared to $60.6 million for the prior
year period.
Cash and cash equivalents at June 26, 2016 were $476.5 million
compared to $338.4 million at December 31, 2015.
Net accounts receivable at June 26, 2016 were $273.5 million
compared to $262.4 million at December 31, 2015.
Net inventories at June 26, 2016 were $338.5 million compared to
$330.3 million at December 31, 2015.
2016 OUTLOOK
The Company reaffirmed its estimates that revenues for full year
2016 are expected to increase 3.0% to 4.0% over prior year on a
GAAP basis, and 5.0% to 6.0% on a constant currency basis.
The Company increased its full year 2016 GAAP diluted earnings
per share from continuing operations guidance from a range of $5.32
to $5.37 to a range of $5.34 to $5.41. This new range represents an
increase of 8.8% to 10.2% over 2015. In addition, the Company
increased its full year 2016 adjusted diluted earnings per share
from continuing operations guidance from a range of $7.10 to $7.25
to a range of $7.20 to $7.32. This new range represents an increase
of 13.7% to 15.6% over 2015, which reflects our expectation that
foreign currencies will have an approximately neutral impact on
adjusted earnings per share.
FORECASTED 2016 CONSTANT CURRENCY
REVENUE GROWTH RECONCILIATION
Low High
Forecasted 2016 GAAP revenue growth 3.0 % 4.0 %
Estimated impact of foreign currency fluctuations 2.0 %
2.0 % Forecasted 2016 constant currency
revenue growth 5.0 % 6.0 %
FORECASTED 2016 ADJUSTED EARNINGS PER
SHARE RECONCILIATION
Low High Diluted earnings
per share attributable to common shareholders $ 5.34 $ 5.41
Restructuring, impairment charges and special items, net of tax $
0.83 $ 0.86 Intangible amortization expense, net of tax $
0.95 $ 0.97 Amortization of debt discount on convertible
notes, net of tax $ 0.08 $ 0.08
Adjusted diluted earnings per share $ 7.20 $
7.32
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 August 2, 2016 at 11:59pm (ET), by calling
855-859-2056 (U.S./Canada) or 404-537-3406 (International),
Passcode: 47983139.
ADDITIONAL NOTES
References in this release to the impact of foreign currency 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 we have sold for 36 months or less, and "existing
products" refers to products we have sold 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 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) restructuring and other
impairment charges; (ii) certain losses and other charges,
including charges related to facility consolidations and
acquisitions and integration costs, net of the gain on sale of an
asset and reversal of charges related to contingent consideration
and a litigation verdict against the Company with respect to a
non-operating joint venture; (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 primarily from the resolution of audits of
prior year returns and tax law changes affecting the Company's
deferred tax liability. 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 adjusted
diluted earnings per share to historical GAAP earnings per share
are set forth below. Tables reconciling constant currency net
revenues to GAAP net revenues and 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 – June 26, 2016
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense,
net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares
used in
calculation
of GAAP
and
adjusted
earnings
per share
GAAP Basis $217.2 $143.0 $15.5 ($0.1 ) ($0.4 ) $11.8 $19.3
$8.0 $59.1 $1.25 47,246 Adjustments
Restructuring and other impairment charges — — — (0.1 ) — — — 0.1
(0.2 ) — — Losses and other charges, net (A) 4.0 1.2 0.0 — (0.4 ) —
— 1.9 2.9 $0.07 — Amortization of debt discount on convertible
notes — — — — — 1.4 — 0.5 0.9 $0.02 — Intangible amortization
expense — 15.9 0.1 — — — — 4.3 11.8 $0.25 — Loss on extinguishment
of debt, net — — — — — — 19.3 7.0 12.2 $0.26 — Tax adjustment (B) —
— — — — — — 0.5 (0.5 ) ($0.01 ) — Shares due to Teleflex under note
hedge (C) — — — — — — — — — $0.07 (1,675 ) Adjusted basis $213.2
$125.9 $15.3 — — $10.3 — $22.4 $86.2 $1.89 45,571
Quarter
Ended – June 28, 2015
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense,
net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares
used in
calculation
of GAAP
and
adjusted
earnings
per share
GAAP Basis $218.8 $142.2 $13.4 $0.6 — $16.1 $10.5 $5.3 $44.8
$0.93 48,081 Adjustments Restructuring and other impairment charges
— — — 0.6 — — — 0.2 0.4 $0.01 — Losses and other charges, net (A)
3.1 (3.4 ) — — — — — 0.6 (0.9 ) ($0.03 ) — Amortization of debt
discount on convertible notes — — — — — 3.3 — 1.2 2.1 $0.04 —
Intangible amortization expense — 15.1 — — — — — 4.1 10.9 $0.23 —
Loss on extinguishment of debt, net — — — — — — 10.5 3.8 6.6 $0.14
— Tax adjustment (B) — — — — — — — 0.3 (0.3 ) ($0.01 ) — Shares due
to Teleflex under note hedge (C) — — — — — — — — — $0.10 (3,366 )
Adjusted basis $215.7 $130.6 $13.4 — — $12.8 — $15.5 $63.5 $1.42
44,715
(A) In 2016, losses and other charges, net related primarily to
facility consolidations. In 2015, adjustments to losses and other
charges, net resulted in a small decrease in adjusted net income
and diluted earnings per share because the GAAP financial
statements included reversals of charges related to contingent
consideration liabilities and a litigation verdict against the
Company with respect to a non-operating joint venture; the sum of
these reversals exceeded the sum of acquisition and integration
costs, and charges related to facility consolidations.
(B) The tax adjustment represents a net benefit resulting
primarily from (1) the resolution of audits of prior year returns
and (2) tax law changes affecting our deferred tax liability.
(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 the Company's 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
Year-to-date Ended – June 26, 2016
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense,
net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares
used in
calculation
of GAAP
and
adjusted
earnings
per share
GAAP Basis $416.9 $279.3 $27.8 $9.8 ($1.4 ) $25.5 $19.3
$10.6 $110.1 $2.29 48,014 Adjustments
Restructuring and other impairment charges — — — 9.8 — — — 2.4 7.4
$0.15 — Losses and other charges, net (A) 6.6 1.8 0.0 — (1.4 ) — —
2.8 4.4 $0.08 — Amortization of debt discount on convertible notes
— — — — — 4.9 — 1.8 3.1 $0.06 — Intangible amortization expense —
31.2 0.2 — — — — 8.4 23.0 $0.48 — Loss on extinguishment of debt,
net — — — — — — 19.3 7.0 12.2 $0.25 — Tax adjustment (B) — — — — —
— — 5.5 (5.5 ) ($0.11 ) — Shares due to Teleflex under note hedge
(C) — — — — — — — — — $0.19 (2,648 ) Adjusted basis $410.3 $246.3
$27.6 — — $20.6 — $38.5 $154.7 $3.41 45,366
Year-to-date
Ended – June 28, 2015
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense,
net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares
used in
calculation
of GAAP
and
adjusted
earnings
per share
GAAP Basis $425.6 $281.9 $26.3 $5.0 — $33.1 $10.5 $14.6
$83.8 $1.76 47,688 Adjustments Restructuring and other impairment
charges — — — 5.0 — — — 1.8 3.2 $0.07 — Losses and other charges,
net (A) 5.2 (2.5 ) — — — — — 1.4 1.3 $0.02 — Amortization of debt
discount on convertible notes — — — — — 6.5 — 2.4 4.1 $0.09 —
Intangible amortization expense — 29.8 — — — — — 7.9 21.9 $0.46 —
Loss on extinguishment of debt, net — — — — — — 10.5 3.8 6.6 $0.14
— Tax adjustment (B) — — — — — — — 0.2 (0.2 ) $0.00 — Shares due to
Teleflex under note hedge (C) — — — — — — — — — $0.19 (3,211 )
Adjusted basis $420.4 $254.6 $26.3 — — $26.6 — $32.1 $120.8 $2.72
44,477
(A) In 2016, losses and other charges, net related primarily to
facility consolidations. In 2015, losses and other charges, net
related primarily to acquisition and integration costs, and charges
related to facility consolidations, somewhat offset by reversals of
charges related to contingent consideration liabilities and a
litigation verdict against the Company with respect to a
non-operating joint venture.
(B) The tax adjustment represents a net benefit resulting
primarily from (1) the resolution of audits of prior year returns
and (2) tax law changes affecting our deferred tax liability.
(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 the Company's convertible
notes. Under GAAP, the anti-dilutive impact of the convertible note
hedge agreements is not reflected in diluted shares.
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 and interventional access, surgical, anesthesia,
cardiac care, urology, emergency medicine 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®, Hudson RCI®, LMA®,
Pilling®, Rusch® and Weck® - trusted brands united by a common
sense of purpose.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements,
including, but not limited to, forecasted 2016 GAAP and constant
currency revenue growth and GAAP and adjusted diluted earnings per
share. 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, including fluctuations in foreign currency
exchange rates and the impact of the United Kingdom's vote to leave
the European Union; 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,
2015.
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended
Six Months Ended June 26, 2016 June
28, 2015 June 26, 2016 June 28,
2015 (Dollars and shares in thousands, except per share)
Net revenues $ 473,553 $ 452,045 $ 898,446 $ 881,475 Cost of goods
sold 217,154 218,808 416,900
425,601 Gross profit 256,399 233,237 481,546
455,874 Selling, general and administrative expenses 142,983
142,228 279,331 281,925 Research and development expenses 15,472
13,443 27,825 26,327 Restructuring charges (119 ) 580 9,849 5,028
Gain on sale of assets (378 ) — (1,397
) — Income from continuing operations before interest
and taxes 98,441 76,986 165,938 142,594 Interest expense 11,907
16,207 25,691 33,379 Interest income (129 ) (154 ) (209 ) (323 )
Loss on extinguishment of debt 19,261 10,454
19,261 10,454 Income from
continuing operations before taxes 67,402 50,479 121,195 99,084
Taxes on income from continuing operations 8,007
5,280 10,620 14,612
Income from continuing operations 59,395
45,199 110,575 84,472 Operating
income (loss) from discontinued operations 6 (145 ) (376 ) (644 )
(Benefit) taxes on loss from discontinued operations (187 )
45 (257 ) 249 Income (loss) from
discontinued operations 193 (190 ) (119
) (893 ) Net income 59,588 45,009 110,456 83,579
Less: Income from continuing operations
attributable to noncontrolling interest
285 446 464 664
Net income attributable to common shareholders $ 59,303
$ 44,563 $ 109,992 $ 82,915 Earnings
per share available to common shareholders: Basic: Income from
continuing operations $ 1.36 $ 1.08 $ 2.58 $ 2.02 Income (loss)
from discontinued operations — (0.01 )
— (0.02 ) Net income $ 1.36 $ 1.07 $
2.58 $ 2.00 Diluted: Income from continuing
operations $ 1.25 $ 0.93 $ 2.29 $ 1.76 Income (loss) from
discontinued operations 0.01 — —
(0.02 ) Net income $ 1.26 $ 0.93 $ 2.29
$ 1.74 Dividends per share $ 0.34 $ 0.34 $ 0.68 $
0.68 Weighted average common shares outstanding Basic 43,549 41,560
42,598 41,514 Diluted 47,246 48,081 48,014 47,688 Amounts
attributable to common shareholders: Income from continuing
operations, net of tax $ 59,110 $ 44,753 $ 110,111 $ 83,808 Income
(Loss) from discontinued operations, net of tax 193
(190 ) (119 ) (893 ) Net income $ 59,303
$ 44,563 $ 109,992 $ 82,915
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
June 26, 2016 December 31, 2015
(Dollars in thousands) ASSETS Current assets Cash and
cash equivalents $ 476,490 $ 338,366 Accounts receivable, net
273,530 262,416 Inventories, net 338,465 330,275 Prepaid expenses
and other current assets 35,841 34,915 Prepaid taxes 30,369 30,895
Assets held for sale 7,026 6,972 Total current assets
1,161,721 1,003,839 Property, plant and equipment, net 314,665
316,123 Goodwill 1,301,348 1,295,852 Intangible assets, net
1,175,098 1,199,975 Investments in affiliates 244 152 Deferred tax
assets 1,985 2,341 Other assets 45,146 53,492 Total
assets $ 4,000,207 $ 3,871,774
LIABILITIES AND EQUITY
Current liabilities Current borrowings $ 173,952 $ 417,350 Accounts
payable 72,787 66,305 Accrued expenses 63,396 64,017 Current
portion of contingent consideration 7,453 7,291 Payroll and
benefit-related liabilities 71,059 84,658 Accrued interest 5,688
7,480 Income taxes payable 12,957 8,059 Other current liabilities
16,512 8,960 Total current liabilities 423,804
664,120 Long-term borrowings 907,930 641,850 Deferred tax
liabilities 317,327 315,983 Pension and postretirement benefit
liabilities 143,992 149,441 Noncurrent liability for uncertain tax
positions 26,415 40,400 Other liabilities 59,171
48,887 Total liabilities 1,878,639 1,860,681 Commitments and
contingencies Total common shareholders' equity 2,119,350 2,009,272
Noncontrolling interest 2,218 1,821 Total equity
2,121,568 2,011,093 Total liabilities and equity $
4,000,207 $ 3,871,774
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Six Months Ended June 26,
2016 June 28, 2015 (Dollars in
thousands) Cash flows from operating activities of continuing
operations: Net income $ 110,456 $ 83,579 Adjustments to reconcile
net income to net cash provided by operating activities: Loss from
discontinued operations 119 893 Depreciation expense 26,609 22,385
Amortization expense of intangible assets 31,397 29,826
Amortization expense of deferred financing costs and debt discount
6,554 8,421 Loss on extinguishment of debt 19,261 10,454 Gain on
sale of assets (1,397 ) — Changes in contingent consideration 1,242
(2,293 ) Stock-based compensation 7,949 7,126 Deferred income
taxes, net (1,292 ) 625 Other (1,970 ) (6,301 ) Changes in
operating assets and liabilities, net of effects of acquisitions
and disposals: Accounts receivable (10,237 ) (17,984 ) Inventories
(3,284 ) (16,895 ) Prepaid expenses and other current assets 238
921 Accounts payable and accrued expenses (3,500 ) (2,966 ) Income
taxes receivable and payable, net (657 ) (8,203 ) Net
cash provided by operating activities from continuing operations
181,488 109,588 Cash flows from
investing activities of continuing operations: Expenditures for
property, plant and equipment (19,535 ) (31,321 ) Proceeds from
sale of assets 3,985 — Payments for businesses and intangibles
acquired, net of cash acquired (3,117 ) (37,559 ) Investment in
affiliates — — Net cash used in
investing activities from continuing operations (18,667 )
(68,880 ) Cash flows from financing activities of continuing
operations: Proceeds from new borrowings 665,000 288,100 Reduction
in borrowings (656,479 ) (250,981 ) Debt extinguishment, issuance
and amendment fees (8,182 ) (8,746 ) Net proceeds from share based
compensation plans and the related tax impacts 6,593 4,843 Payments
to noncontrolling interest shareholders — (832 ) Payments for
contingent consideration (133 ) (3,989 ) Dividends paid
(28,998 ) (28,234 ) Net cash (used in) provided by financing
activities from continuing operations (22,199 ) 161
Cash flows from discontinued operations: Net cash used in
operating activities (1,183 ) (1,363 ) Net cash used
in discontinued operations (1,183 ) (1,363 ) Effect
of exchange rate changes on cash and cash equivalents (1,315
) (17,732 ) Net increase in cash and cash equivalents
138,124 21,774 Cash and cash equivalents at the beginning of the
period 338,366 303,236 Cash and cash
equivalents at the end of the period $ 476,490 $ 325,010
Non cash financing activities of
continuing operations:
Settlement and exchange of convertible
notes with common or treasury stock
35,197
38
Acquisition of treasury stock associated
with settlement and exchange of convertible note hedge and warrant
agreements
85,895
71
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160728005296/en/
Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
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