Company Quick10K Filing
Teleflex
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 47 $15,750
10-Q 2019-10-31 Quarter: 2019-09-29
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-07-01
10-Q 2018-05-03 Quarter: 2018-04-01
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-02 Quarter: 2017-10-01
10-Q 2017-08-03 Quarter: 2017-07-02
10-Q 2017-05-04 Quarter: 2017-04-02
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-25
10-Q 2016-07-28 Quarter: 2016-06-26
10-Q 2016-04-28 Quarter: 2016-03-27
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-27
10-Q 2015-07-30 Quarter: 2015-06-28
10-Q 2015-04-30 Quarter: 2015-03-29
10-K 2015-02-20 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-28
10-Q 2014-07-30 Quarter: 2014-06-29
10-Q 2014-04-30 Quarter: 2014-03-30
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-29
10-Q 2013-07-31 Quarter: 2013-06-30
10-Q 2013-04-30 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-10-31 Quarter: 2012-09-30
10-Q 2012-07-31 Quarter: 2012-07-01
10-Q 2012-05-01 Quarter: 2012-04-01
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-10-25 Quarter: 2011-09-25
10-Q 2011-07-27 Quarter: 2011-06-26
10-Q 2011-04-26 Quarter: 2011-03-27
10-Q 2010-10-27 Quarter: 2010-09-26
10-Q 2010-07-23 Quarter: 2010-06-27
10-Q 2010-04-28 Quarter: 2010-03-28
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-11-15 Other Events, Exhibits
8-K 2019-10-31 Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-08-06 Other Events
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-03 Shareholder Vote
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2019-04-05 Enter Agreement, Exhibits
8-K 2019-02-26 Other Events
8-K 2019-02-21 Earnings, Regulation FD, Exhibits
8-K 2019-02-18 Other Events, Exhibits
8-K 2018-12-10 Officers
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-10-04 Off-BS Arrangement
8-K 2018-07-31 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-06-22 Officers, Exhibits
8-K 2018-05-31 Officers
8-K 2018-05-21 Other Events
8-K 2018-05-11 Regulation FD, Exhibits
8-K 2018-05-04 Shareholder Vote
8-K 2018-05-03 Earnings, Regulation FD, Exhibits
8-K 2018-03-13 Other Events
8-K 2018-02-22 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-02-19 Officers
TFX 2019-09-29
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Recently Issued Accounting Standards
Note 3 - Net Revenues
Note 4 - Divestitures
Note 5 - Restructuring and Impairment Charges
Note 6 - Inventories, Net
Note 7 - Goodwill and Other Intangible Assets, Net
Note 8 - Leases
Note 9 - Borrowings
Note 10 - Financial Instruments
Note 11 - Fair Value Measurement
Note 12 - Shareholders' Equity
Note 13 - Taxes on Income From Continuing Operations
Note 14 - Commitments and Contingent Liabilities
Note 15 - Segment Information
Note 16 - Condensed Consolidating Guarantor Financial Information
Note 17 - Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 tfx-2019930xex311.htm
EX-31.2 tfx-2019930xex312.htm
EX-32.1 tfx-2019930xex321.htm
EX-32.2 tfx-2019930xex322.htm

Teleflex Earnings 2019-09-29

TFX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RMD 17,425 4,108 2,035 2,607 1,537 405 848 18,540 59% 21.9 10%
TFX 15,750 6,314 3,650 2,521 1,426 271 600 17,595 57% 29.3 4%
XRAY 13,003 8,575 3,392 3,944 2,041 105 478 14,194 52% 29.7 1%
DXCM 12,908 2,066 1,378 1,222 767 -170 -87 12,198 63% -140.0 -8%
ABMD 11,806 1,125 122 797 661 258 327 11,705 83% 35.8 23%
PODD 7,136 978 728 661 435 17 47 7,624 66% 163.9 2%
HRC 7,067 4,575 2,951 2,884 1,415 215 335 8,663 49% 25.9 5%
HAE 6,085 1,260 669 977 450 49 176 6,331 46% 35.9 4%
PEN 6,047 585 131 495 332 15 23 5,969 67% 257.6 3%
NVCR 5,679 406 247 294 212 -41 -16 5,646 72% -357.0 -10%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                    .
Commission file number 1-5353
TELEFLEX INCORPORATED
(Exact name of registrant as specified in its charter)

Delaware 23-1147939
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. employer
identification no.)

550 E. Swedesford Rd., Suite 400Wayne,PA 19087
(Address of principal executive offices) (Zip Code)
(610) 225-6800
(Registrant’s telephone number, including area code)
(None)
(Former Name, Former Address and Former Fiscal Year,
If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareTFXNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
    
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
The registrant had 46,295,915 shares of common stock, par value $1.00 per share, outstanding as of October 29, 2019.



TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 29, 2019
TABLE OF CONTENTS
   Page
  
     
Item 1:   
    
    
    
    
    
    
Item 2:   
Item 3:   
Item 4:   
   
   
     
Item 1:   
Item 1A:   
Item 2:   
Item 3:   
Item 4:
Item 5:   
Item 6:   
   
  

1


PART I FINANCIAL INFORMATION
Item 1. Financial Statements
TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months EndedNine Months Ended
 September 29, 2019September 30, 2018September 29, 2019September 30, 2018
 (Dollars and shares in thousands, except per share)
Net revenues$648,319  $609,672  $1,914,410  $1,806,768  
Cost of goods sold272,639  267,099  821,064  788,147  
Gross profit375,680  342,573  1,093,346  1,018,621  
Selling, general and administrative expenses229,896  214,894  693,775  660,148  
Research and development expenses27,984  26,365  82,729  78,410  
Restructuring and impairment charges1,268  19,209  20,348  77,625  
(Gain) on sale of assets(1,089)   (3,828)   
Income from continuing operations before interest and taxes117,621  82,105  300,322  202,438  
Interest expense19,545  27,171  62,995  79,763  
Interest income(470) (320) (1,281) (776) 
Income from continuing operations before taxes98,546  55,254  238,608  123,451  
(Benefit) taxes on income from continuing operations(130,383) (1,286) (115,567) 14,532  
Income from continuing operations228,929  56,540  354,175  108,919  
Operating (loss) income from discontinued operations(9) (83) (1,291) 1,246  
Tax benefit on operating income (loss) from discontinued operations(9) (67) (317) (47) 
Loss from discontinued operations  (16) (974) 1,293  
Net income$228,929  $56,524  $353,201  $110,212  
Earnings per share:    
Basic:    
Income from continuing operations$4.95  $1.23  $7.67  $2.39  
(Loss) Income from discontinued operations    (0.02) 0.03  
Net income $4.95  $1.23  $7.65  $2.42  
Diluted:    
Income from continuing operations$4.85  $1.21  $7.53  $2.33  
Income (loss) from discontinued operations    (0.02) 0.03  
Net income$4.85  $1.21  $7.51  $2.36  
Weighted average common shares outstanding    
Basic46,248  45,851  46,156  45,587  
Diluted47,176  46,815  47,051  46,785  
The accompanying notes are an integral part of the condensed consolidated financial statements.
2


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three Months EndedNine Months Ended
 September 29, 2019September 30, 2018September 29, 2019September 30, 2018
(Dollars in thousands) 
Net income$228,929  $56,524  $353,201  $110,212  
Other comprehensive income (loss), net of tax:   
Foreign currency translation, net of tax of $(7,045), $(3,505), $(8,804), and $, for the three and nine months periods, respectively
(39,894) 14,387  (27,562) (30,130) 
Pension and other postretirement benefit plans adjustment, net of tax of $(494), $(363), $(1,330), and $(1,253) for the three and nine months periods, respectively
1,560  1,215  4,248  4,111  
Derivatives qualifying as hedges, net of tax of $64, $(308), $146, and $(419) for the three and nine months periods, respectively
(260) 1,651  (102) 1,943  
Other comprehensive (loss) income, net of tax:(38,594) 17,253  (23,416) (24,076) 
Comprehensive income$190,335  $73,777  $329,785  $86,136  
The accompanying notes are an integral part of the condensed consolidated financial statements.
3


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 September 29, 2019December 31, 2018
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$257,544  $357,161  
Accounts receivable, net396,663  366,286  
Inventories, net472,594  427,778  
Prepaid expenses and other current assets81,531  72,481  
Prepaid taxes29,278  12,463  
Total current assets1,237,610  1,236,169  
Property, plant and equipment, net429,568  432,766  
Operating lease assets115,193  —  
Goodwill2,231,330  2,246,579  
Intangible assets, net2,175,673  2,325,052  
Deferred tax assets2,952  2,446  
Other assets64,856  34,979  
Total assets$6,257,182  $6,277,991  
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$50,000  $86,625  
Accounts payable100,630  106,709  
Accrued expenses91,569  97,551  
Current portion of contingent consideration135,168  136,877  
Payroll and benefit-related liabilities99,831  104,670  
Accrued interest19,686  6,031  
Income taxes payable3,299  5,943  
Other current liabilities30,180  38,050  
Total current liabilities530,363  582,456  
Long-term borrowings1,949,068  2,072,200  
Deferred tax liabilities468,945  608,221  
Pension and postretirement benefit liabilities72,016  92,914  
Noncurrent liability for uncertain tax positions11,084  10,718  
Noncurrent contingent consideration71,712  167,370  
Noncurrent operating lease liabilities104,136  —  
Other liabilities196,882  204,134  
Total liabilities3,404,206  3,738,013  
Commitments and contingencies
Total shareholders' equity2,852,976  2,539,978  
Total liabilities and shareholders' equity$6,257,182  $6,277,991  
The accompanying notes are an integral part of the condensed consolidated financial statements.

4


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
September 29, 2019September 30, 2018
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$353,201  $110,212  
Adjustments to reconcile net income to net cash provided by operating activities:  
Loss (income) from discontinued operations974  (1,293) 
Depreciation expense47,286  44,517  
Amortization expense of intangible assets112,661  111,974  
Amortization expense of deferred financing costs and debt discount3,313  3,548  
Gain on sale of assets(3,828)   
Changes in contingent consideration40,894  47,344  
Impairment of long-lived assets6,911  19,110  
Stock-based compensation20,037  16,469  
Deferred income taxes, net(140,963) 8,664  
Payments for contingent consideration(26,092) (2,100) 
Interest benefit on swaps designated as net investment hedges(13,820)   
Other(7,142) (10,928) 
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable(41,221) (29,830) 
Inventories(53,259) (19,665) 
Prepaid expenses and other assets(13,184) (6,468) 
Accounts payable, accrued expenses and other liabilities31,631  54,581  
Income taxes receivable and payable, net(28,232) (43,191) 
   Net cash provided by operating activities from continuing operations289,167  302,944  
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(83,797) (55,751) 
Proceeds from sale of assets3,135    
Payments for businesses and intangibles acquired, net of cash acquired(1,265) (22,550) 
Net interest proceeds on swaps designated as net investment hedges8,330    
Net cash used in investing activities from continuing operations(73,597) (78,301) 
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings25,000    
Reduction in borrowings(185,500) (98,500) 
Debt extinguishment, issuance and amendment fees(4,964) (188) 
Net proceeds from share based compensation plans and the related tax impacts14,014  18,666  
Payments for contingent consideration(112,006) (73,152) 
Dividends paid(47,071) (46,526) 
Net cash used in financing activities from continuing operations(310,527) (199,700) 
Cash flows from discontinued operations:  
Net cash provided by (used in) operating activities2,651  (701) 
Net cash provided by (used in) discontinued operations2,651  (701) 
Effect of exchange rate changes on cash and cash equivalents(7,311) (1,524) 
Net (decrease) increase in cash and cash equivalents(99,617) 22,718  
Cash and cash equivalents at the beginning of the period357,161  333,558  
Cash and cash equivalents at the end of the period$257,544  $356,276  
Non cash investing activities of continuing operations:
Property, plant and equipment additions due to build-to-suit lease transaction$  $28,147  
Non cash financing activities of continuing operations:
Acquisition of treasury stock associated with settlement and exchange of convertible note hedge and warrant agreements                   $  $56,075  
The accompanying notes are an integral part of the condensed consolidated financial statements.
5


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Common StockAdditional
Paid In
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTreasury StockTotal
SharesDollarsSharesDollars
(Dollars and shares in thousands, except per share)
Balance at December 31, 2018
47,248  $47,248  $574,761  $2,427,599  $(341,085) 1,232  $(168,545) $2,539,978  
Cumulative effect adjustment resulting from the adoption of new accounting standards
(1,321) (1,321) 
Net income
40,897  40,897  
Cash dividends ($0.34 per share)
(15,650) (15,650) 
Other comprehensive income
396  396  
Shares issued under compensation plans
75  75  3,094  (40) 2,029  5,198  
Deferred compensation
127  (4) 253  380  
Balance at March 31, 2019
47,323  47,323  577,982  2,451,525  (340,689) 1,188  (166,263) 2,569,878  
Net income
83,375  83,375  
Cash dividends ($0.34 per share)
(15,697) (15,697) 
Other comprehensive income
14,782  14,782  
Shares issued under compensation plans
77  77  12,252  (2) 177  12,506  
Balance as of June 30, 201947,400  47,400  590,234  2,519,203  (325,907) 1,186  (166,086) 2,664,844  
Net income228,929  228,929  
Cash dividends ($0.34 per share)
(15,724) (15,724) 
Other comprehensive income(38,594) (38,594) 
Shares issued under compensation plans63  63  13,400  (2) 58  13,521  
Balance as of September 29, 201947,463  $47,463  $603,634  $2,732,408  $(364,501) 1,184  $(166,028) $2,852,976  

Common StockAdditional
Paid In
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTreasury StockTotal
SharesDollarsSharesDollars
(Dollars and shares in thousands, except per share)
Balance at December 31, 2017
46,871  $46,871  $591,721  $2,285,886  $(265,091) 1,704  $(228,856) $2,430,531  
Cumulative effect adjustment resulting from the adoption of new accounting standards
3,076  3,076  
Net income
56,184  56,184  
Cash dividends ($0.34 per share)
(15,447) (15,447) 
Other comprehensive income
82,690  82,690  
Settlements of warrants
(17,884) (132) 17,872  (12) 
Shares issued under compensation plans
97  97  992  (43) 3,033  4,122  
Deferred compensation
(8) 322  322  
Balance at April 1, 2018
46,968  46,968  574,829  2,329,699  (182,401) 1,521  (207,629) 2,561,466  
Net income
(2,496) (2,496) 
Cash dividends ($0.34 per share)
(15,491) (15,491) 
Other comprehensive loss