Company Quick10K Filing
Teleflex
Price342.74 EPS9
Shares47 P/E36
MCap16,169 P/FCF56
Net Debt1,758 EBIT391
TEV17,928 TEV/EBIT46
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-06-28 Filed 2020-07-30
10-Q 2020-03-29 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-29 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-07-01 Filed 2018-08-02
10-Q 2018-04-01 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-10-01 Filed 2017-11-02
10-Q 2017-07-02 Filed 2017-08-03
10-Q 2017-04-02 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-25 Filed 2016-10-27
10-Q 2016-06-26 Filed 2016-07-28
10-Q 2016-03-27 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-27 Filed 2015-10-29
10-Q 2015-06-28 Filed 2015-07-30
10-Q 2015-03-29 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-28 Filed 2014-10-29
10-Q 2014-06-29 Filed 2014-07-30
10-Q 2014-03-30 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-29 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-07-01 Filed 2012-07-31
10-Q 2012-04-01 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-25 Filed 2011-10-25
10-Q 2011-06-26 Filed 2011-07-27
10-Q 2011-03-27 Filed 2011-04-26
10-Q 2010-09-26 Filed 2010-10-27
10-Q 2010-06-27 Filed 2010-07-23
10-Q 2010-03-28 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-05-27
8-K 2020-05-21
8-K 2020-05-21
8-K 2020-05-01
8-K 2020-04-30
8-K 2020-02-20
8-K 2019-11-15
8-K 2019-10-31
8-K 2019-08-06
8-K 2019-08-01
8-K 2019-05-03
8-K 2019-05-02
8-K 2019-04-05
8-K 2019-02-26
8-K 2019-02-21
8-K 2019-02-18
8-K 2018-12-10
8-K 2018-11-01
8-K 2018-10-04
8-K 2018-07-31
8-K 2018-06-22
8-K 2018-05-31
8-K 2018-05-21
8-K 2018-05-11
8-K 2018-05-04
8-K 2018-05-03
8-K 2018-03-13
8-K 2018-02-22
8-K 2018-02-19

TFX 10Q Quarterly Report

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 - Acquisitions
Note 5 - Restructuring and Impairment Charges
Note 6 - Inventories
Note 7 - Goodwill and Other Intangible Assets
Note 8 - Borrowings
Note 9 - Financial Instruments
Note 10 - Fair Value Measurement
Note 11 - Shareholders' Equity
Note 12 - Taxes on Income From Continuing Operations
Note 13 - Commitments and Contingent Liabilities
Note 14 - Segment Information
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-2020628xex3111.htm
EX-31.2 tfx-2020628xex312.htm
EX-32.1 tfx-2020628xex321.htm
EX-32.2 tfx-2020628xex322.htm

Teleflex Earnings 2020-06-28

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.70.50.40.20.1-0.12012201420172020
Rev, G Profit, Net Income
1.10.70.3-0.2-0.6-1.02012201420172020
Ops, Inv, Fin

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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 June 28, 2020
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 400 Wayne, PA 19087
(Address of principal executive offices and 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 46,516,030 shares of common stock, par value $1.00 per share, outstanding as of July 28, 2020.



TELEFLEX INCORPORATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 28, 2020
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 EndedSix Months Ended
 June 28, 2020June 30, 2019June 28, 2020June 30, 2019
 (Dollars and shares in thousands, except per share)
Net revenues$567,034  $652,507  $1,197,676  $1,266,091  
Cost of goods sold288,662  300,269  585,680  589,883  
Gross profit278,372  352,238  611,996  676,208  
Selling, general and administrative expenses191,193  215,500  338,989  422,421  
Research and development expenses29,364  27,595  56,760  54,745  
Restructuring and impairment charges19,005  1,685  20,351  19,080  
Gain on sale of assets      (2,739) 
Income from continuing operations before interest and taxes38,810  107,458  195,896  182,701  
Interest expense15,682  20,758  31,121  43,450  
Interest income(163) (472) (742) (811) 
Income from continuing operations before taxes23,291  87,172  165,517  140,062  
Taxes on income from continuing operations11,848  3,844  22,922  14,816  
Income from continuing operations11,443  83,328  142,595  125,246  
Operating income (loss) from discontinued operations22  61  18  (1,282) 
Tax benefit (expense) on operating loss from discontinued operations9  14  7  (308) 
Income (loss) from discontinued operations13  47  11  (974) 
Net income$11,456  $83,375  $142,606  $124,272  
Earnings per share:  
Basic:  
Income from continuing operations$0.25  $1.80  $3.07  $2.72  
Income (loss) from discontinued operations  0.01    (0.02) 
Net income $0.25  $1.81  $3.07  $2.70  
Diluted:  
Income from continuing operations$0.24  $1.77  $3.02  $2.67  
Loss from discontinued operations      (0.03) 
Net income$0.24  $1.77  $3.02  $2.64  
Weighted average common shares outstanding  
Basic46,442  46,172  46,412  46,111  
Diluted47,242  47,036  47,237  46,989  
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 EndedSix Months Ended
 June 28, 2020June 30, 2019June 28, 2020June 30, 2019
(Dollars in thousands)
Net income$11,456  $83,375  $142,606  $124,272  
Other comprehensive income (loss), net of tax:  
Foreign currency translation, net of tax of $$2,295, $(298), $(5,286), and $(1,759) for the three and six months periods, respectively
17,654  12,568  (545) 12,332  
Pension and other postretirement benefit plans adjustment, net of tax of $(404), $(446), $(926), and $(836) for the three and six months periods, respectively
1,345  1,459  3,034  2,688  
Derivatives qualifying as hedges, net of tax of $64, $83, $436, and $82 for the three and six months periods, respectively
(1,095) 755  (4,912) 158  
Other comprehensive income (loss), net of tax:17,904  14,782  (2,423) 15,178  
Comprehensive income$29,360  $98,157  $140,183  $139,450  
The accompanying notes are an integral part of the condensed consolidated financial statements.
3


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 28, 2020December 31, 2019
 (Dollars in thousands)
ASSETS  
Current assets  
Cash and cash equivalents$553,535  $301,083  
Accounts receivable, net374,886  418,673  
Inventories514,755  476,557  
Prepaid expenses and other current assets94,381  97,943  
Prepaid taxes7,060  12,076  
Total current assets1,544,617  1,306,332  
Property, plant and equipment, net432,401  430,719  
Operating lease assets101,982  113,160  
Goodwill2,343,561  2,245,305  
Intangible assets, net2,260,863  2,156,285  
Deferred tax assets5,589  5,572  
Other assets76,117  52,447  
Total assets$6,765,130  $6,309,820  
LIABILITIES AND EQUITY  
Current liabilities  
Current borrowings$83,000  $50,000  
Accounts payable107,140  102,916  
Accrued expenses103,557  100,466  
Current portion of contingent consideration25,243  148,090  
Payroll and benefit-related liabilities80,602  115,981  
Accrued interest6,887  5,514  
Income taxes payable18,340  6,692  
Other current liabilities31,846  33,396  
Total current liabilities456,615  563,055  
Long-term borrowings2,328,791  1,858,943  
Deferred tax liabilities488,968  439,558  
Pension and postretirement benefit liabilities60,866  82,719  
Noncurrent liability for uncertain tax positions12,381  10,294  
Noncurrent contingent consideration24,036  71,818  
Noncurrent operating lease liabilities91,917  101,372  
Other liabilities204,154  202,741  
Total liabilities3,667,728  3,330,500  
Commitments and contingencies
Total shareholders' equity3,097,402  2,979,320  
Total liabilities and shareholders' equity$6,765,130  $6,309,820  
The accompanying notes are an integral part of the condensed consolidated financial statements.

4


TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
June 28, 2020June 30, 2019
(Dollars in thousands)
Cash flows from operating activities of continuing operations:  
Net income$142,606  $124,272  
Adjustments to reconcile net income to net cash provided by operating activities:  
(Income) loss from discontinued operations(11) 974  
Depreciation expense34,461  31,966  
Intangible asset amortization expense78,638  75,285  
Deferred financing costs and debt discount amortization expense1,984  2,249  
Gain on sale of assets  (2,739) 
Fair value step up of acquired inventory sold1,707    
Changes in contingent consideration(29,951) 25,456  
Impairment of long-lived assets  6,911  
Stock-based compensation8,482  12,700  
Deferred income taxes, net1,055  (5,495) 
Payments for contingent consideration(79,771) (26,092) 
Interest benefit on swaps designated as net investment hedges(9,805) (8,799) 
Other(18,981) 4,272  
Changes in assets and liabilities, net of effects of acquisitions and disposals:  
Accounts receivable45,843  (19,747) 
Inventories(34,875) (33,970) 
Prepaid expenses and other assets11,819  (6,381) 
Accounts payable, accrued expenses and other liabilities(26,449) (6,231) 
Income taxes receivable and payable, net7,257  (17,347) 
   Net cash provided by operating activities from continuing operations134,009  157,284  
Cash flows from investing activities of continuing operations:  
Expenditures for property, plant and equipment(39,052) (56,107) 
Proceeds from sale of assets400  1,178  
Payments for businesses and intangibles acquired, net of cash acquired(265,895) (1,025) 
Net interest proceeds on swaps designated as net investment hedges9,986  8,330  
Net cash used in investing activities from continuing operations(294,561) (47,624) 
Cash flows from financing activities of continuing operations:  
Proceeds from new borrowings1,010,000  25,000  
Reduction in borrowings(500,000) (52,500) 
Debt extinguishment, issuance and amendment fees(7,727) (4,703) 
Net proceeds from share based compensation plans and the related tax impacts2,668  7,829  
Payments for contingent consideration(60,947) (111,928) 
Dividends paid(31,558) (31,347) 
Net cash provided by (used in) financing activities from continuing operations412,436  (167,649) 
Cash flows from discontinued operations:  
Net cash (used in) provided by operating activities(317) 2,799  
Net cash (used in) provided by discontinued operations(317) 2,799  
Effect of exchange rate changes on cash and cash equivalents885  1,925  
Net increase (decrease) in cash and cash equivalents252,452  (53,265) 
Cash and cash equivalents at the beginning of the period301,083  357,161  
Cash and cash equivalents at the end of the period$553,535  $303,896  
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, 201947,536  $47,536  $616,980  $2,824,916  $(344,392) 1,182  $(165,720) $2,979,320  
Cumulative effect adjustment resulting from the adoption of new accounting standards(791) (791) 
Net income131,150  131,150  
Cash dividends ($0.34 per share)
(15,767) (15,767) 
Other comprehensive loss(20,327) (20,327) 
Shares issued under compensation plans24  24  (3,074) (37) 1,748  (1,302) 
Deferred compensation383  (5) 358  741  
Balance at March 29, 202047,560  47,560  614,289  2,939,508  (364,719) 1,140  (163,614) 3,073,024  
Net income11,456  11,456  
Cash dividends ($0.34 per share)
(15,791) (15,791) 
Other comprehensive income17,904  17,904  
Shares issued under compensation plans35  35  10,516  (3) 175  10,726  
Deferred compensation  (1) 83  83  
Balance at June 28, 202047,595  $47,595  $624,805  $2,935,173  $(346,815) 1,136  $(163,356) $3,097,402  
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)